Airbus cancels third A350 as Qatar dispute tops $1 bln - sources | Reuters
Airbus has revoked the contract for a third A350 ordered by Qatar Airways after the Gulf carrier rejected delivery in an ongoing dispute over damage to the surface of the long-haul jets, two people familiar with the matter said.
The number of A350s grounded by the airline in the dispute over exposed and damaged lightning protection has reached 23, bringing the value of compensation sought by the carrier to slightly over $1 billion, they said.
Neither company had any immediate comment.
The two sides have wrangled for more than a year over accelerated surface damage that the airline says raises questions over the safety of the planes, with Qatar's regulator grounding jets as the problem appears.
Airbus, backed by its own regulator, has denied any safety problems and responded to Qatar's refusal to take any more A350s until the problem is resolved by revoking deals for undelivered A350s, one by one, and axing a separate contract for A321neos.
Qatar will on Thursday ask a UK judge to extend a temporary order freezing the decision to cancel the A321neo order pending a final hearing on the A350 case, expected later this year.
Bloomberg News reported earlier that Airbus planned to delay a planned increase in A350 production because of the combined impact of the Ukraine war and the Qatar dispute.
Monday, 4 April 2022
GFH approves shares cross-listing on Tadawul, ADX
GFH approves shares cross-listing on Tadawul, ADX
The shareholders of GFH Financial Group gave the green light for cross-listing the entity’s shares on the Saudi Exchange (Tadawul) as well as Abu Dhabi Securities Exchange (ADX).
During the ordinary and extraordinary general meeting (OGM) and (EGM) on 3 April, the shareholders said the cross-listing process will be implemented after obtaining required approvals from the regulatory authorities for both Tadawul and ADX, according to a bourse filing on Monday.
GFH will further delegate its board to carry out and conclude the listing process.
It is worth noting that GFH is already listed and trading on Bahrain Bourse, Boursa Kuwait, and Dubai Financial Market (DFM).
Meanwhile, the shareholders have also approved a distribution of $60 million in the form of cash dividends and bonus shares for 2021.
The shareholders of GFH Financial Group gave the green light for cross-listing the entity’s shares on the Saudi Exchange (Tadawul) as well as Abu Dhabi Securities Exchange (ADX).
During the ordinary and extraordinary general meeting (OGM) and (EGM) on 3 April, the shareholders said the cross-listing process will be implemented after obtaining required approvals from the regulatory authorities for both Tadawul and ADX, according to a bourse filing on Monday.
GFH will further delegate its board to carry out and conclude the listing process.
It is worth noting that GFH is already listed and trading on Bahrain Bourse, Boursa Kuwait, and Dubai Financial Market (DFM).
Meanwhile, the shareholders have also approved a distribution of $60 million in the form of cash dividends and bonus shares for 2021.
Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions | Reuters
Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions | Reuters
Oil prices jumped over 3% on Monday, with investors worried about tighter supply as mounting civilian deaths in Ukraine increased pressure on European countries to impose sanctions on Russia's energy sector.
Global benchmark Brent crude jumped$3.14, or 3%, to settle at $107.53 a barrel. U.S. West Texas Intermediate crude rose $4.01, or 4%, to settle at $103.28 a barrel. Trading was volatile with both contracts rising after being down more than $1.
German Chancellor Olaf Scholz said Russian President Vladimir Putin and his supporters would "feel the consequences" of events in Bucha, outside the capital Kyiv, where a mass grave and tied bodies shot at close range were found. read more
Western allies would agree on further sanctions against Moscow in coming days, he said, though the timing and reach of the new package was not clear.
Oil prices jumped over 3% on Monday, with investors worried about tighter supply as mounting civilian deaths in Ukraine increased pressure on European countries to impose sanctions on Russia's energy sector.
Global benchmark Brent crude jumped$3.14, or 3%, to settle at $107.53 a barrel. U.S. West Texas Intermediate crude rose $4.01, or 4%, to settle at $103.28 a barrel. Trading was volatile with both contracts rising after being down more than $1.
German Chancellor Olaf Scholz said Russian President Vladimir Putin and his supporters would "feel the consequences" of events in Bucha, outside the capital Kyiv, where a mass grave and tied bodies shot at close range were found. read more
Western allies would agree on further sanctions against Moscow in coming days, he said, though the timing and reach of the new package was not clear.
Adia-backed GoTo allocates $20m in shares to drivers before $1.1bn IPO
Adia-backed GoTo allocates $20m in shares to drivers before $1.1bn IPO
Indonesia's biggest technology company GoTo, which is backed by the Abu Dhabi Investment Authority, is allocating more than $20 million in shares to its driver-partners before its $1.1 billion initial public offering.
The driver-partners of Indonesia’s most valuable start-up, will receive the share grant under the Gotong Royong Share Programme, the company said on Monday.
GoTo Group, which went ahead with the listing plans despite global equities market volatility, last week priced its shares in the top half of its indicative IPO range. It will be one of Asia's biggest IPOs so far this year when it lists on the Indonesia Stock Exchange and the third largest in the region in 2022 after LG Energy Solution and Jinko Solar.
Almost all driver-partners in Indonesia – including GoRide, GoCar, GoSend, GoFood and GoBox – will have the opportunity to participate in IPO programme. The eligibility criteria are based on factors, including service category, the length of time they have been registered as a partner, and the driver-partner's active status, the company said.
Indonesia's biggest technology company GoTo, which is backed by the Abu Dhabi Investment Authority, is allocating more than $20 million in shares to its driver-partners before its $1.1 billion initial public offering.
The driver-partners of Indonesia’s most valuable start-up, will receive the share grant under the Gotong Royong Share Programme, the company said on Monday.
GoTo Group, which went ahead with the listing plans despite global equities market volatility, last week priced its shares in the top half of its indicative IPO range. It will be one of Asia's biggest IPOs so far this year when it lists on the Indonesia Stock Exchange and the third largest in the region in 2022 after LG Energy Solution and Jinko Solar.
Almost all driver-partners in Indonesia – including GoRide, GoCar, GoSend, GoFood and GoBox – will have the opportunity to participate in IPO programme. The eligibility criteria are based on factors, including service category, the length of time they have been registered as a partner, and the driver-partner's active status, the company said.
Gulf bourses mixed, #AbuDhabi set for best day in over a month | Reuters
Gulf bourses mixed, Abu Dhabi set for best day in over a month | Reuters
Gulf markets ended mixed on Monday, with Abu Dhabi's index marking its best day in over a month and as Dubai's main share index slipped.
Caution prevailed in global financial markets and oil prices rose amid talk of more sanctions being imposed on Russia over its actions of Ukraine, while a closely watched part of the U.S. yield curve continued to fuel recession worries.
Germany said the West would agree to impose more sanctions on Moscow in the coming days after Ukraine accused Russian forces of war crimes following civilian deaths near Kyiv. read more
Dubai's main share index (.DFMGI) slipped 0.5%. The index had gained 3.7% last week, its second consecutive weekly rise, after DEWA's initial public offering opened for subscription last month.
"The Dubai stock market could see some price corrections as investors move to secure their gains after the spikes that followed the success of DEWA's IPO subscriptions," said Wael Makarem, senior market strategist – MENA at Exness.
Abu Dhabi's main index (.FTFADGI) gained 1.3% in its biggest daily percentage rise since March 2.
Aldar Properties (ALDAR.AD) rose 0.4% after the company said it would buy a plot on Saadiyat Island.
Saudi Arabia's benchmark index (.TASI) ended 0.6% higher, boosted by material and consumer stocks.
Saudi Arabian Mining Co (Ma'aden) (1211.SE) rose 4%, a day after Saudi Arabia said the miner was among the eight companies that could bid for a mining licence in the kingdom.
Shares of Acwa Power (2082.SE) jumped 10% after the company said it signed deals for Neom Green Hydrogen Project.
Qatar's main index (.QSI) gained 0.4%, while Egypt ended 0.3% lower.
Gulf markets ended mixed on Monday, with Abu Dhabi's index marking its best day in over a month and as Dubai's main share index slipped.
Caution prevailed in global financial markets and oil prices rose amid talk of more sanctions being imposed on Russia over its actions of Ukraine, while a closely watched part of the U.S. yield curve continued to fuel recession worries.
Germany said the West would agree to impose more sanctions on Moscow in the coming days after Ukraine accused Russian forces of war crimes following civilian deaths near Kyiv. read more
Dubai's main share index (.DFMGI) slipped 0.5%. The index had gained 3.7% last week, its second consecutive weekly rise, after DEWA's initial public offering opened for subscription last month.
"The Dubai stock market could see some price corrections as investors move to secure their gains after the spikes that followed the success of DEWA's IPO subscriptions," said Wael Makarem, senior market strategist – MENA at Exness.
Abu Dhabi's main index (.FTFADGI) gained 1.3% in its biggest daily percentage rise since March 2.
Aldar Properties (ALDAR.AD) rose 0.4% after the company said it would buy a plot on Saadiyat Island.
Saudi Arabia's benchmark index (.TASI) ended 0.6% higher, boosted by material and consumer stocks.
Saudi Arabian Mining Co (Ma'aden) (1211.SE) rose 4%, a day after Saudi Arabia said the miner was among the eight companies that could bid for a mining licence in the kingdom.
Shares of Acwa Power (2082.SE) jumped 10% after the company said it signed deals for Neom Green Hydrogen Project.
Qatar's main index (.QSI) gained 0.4%, while Egypt ended 0.3% lower.
#Saudi Aramco’s Luberef Refinery Unit Plans $1 Billion IPO - Bloomberg
Saudi Aramco’s Luberef Refinery Unit Plans $1 Billion IPO - Bloomberg
Saudi Aramco Base Oil Co., a unit of the state-controlled oil producer, is planning an initial public offering that may raise over $1 billion, according to people familiar with the matter.
Luberef, as the refining company is also known, appointed the local unit of HSBC Holdings Plc and SNB Capital to advise on the offering, the people said, asking not to be identified as the information is private. The plan is to sell a 30% stake owned by Jadwa Investment, the people said.
Saudi Arabia’s stock market is one of the 10 best performing markets in the world this year. That’s attracting a slew of IPOs to the exchange, with its Chief Executive Officer Khalid Al-Hussan saying last month that more than 70 companies have applied to sell shares.
Luberef would be joining several Aramco subsidiaries already listed on the Saudi stock exchange, including chemicals maker Saudi Basic Industries Corp., and Rabigh Refining & Petrochemical Co. The firm produces 1.2 million tons a year of base oils such as lubricants, according to Aramco’s 2019 IPO prospectus.
Saudi Arabia-based investment firm Jadwa acquired the stake in Luberef in 2007 from Exxon Mobil Corp., which originally invested in the development of Luberef’s refinery in 1978.
Jadwa, Aramco, HSBC, and SNB Capital declined to comment, while Luberef didn’t respond to request for comment.
Saudi Aramco Base Oil Co., a unit of the state-controlled oil producer, is planning an initial public offering that may raise over $1 billion, according to people familiar with the matter.
Luberef, as the refining company is also known, appointed the local unit of HSBC Holdings Plc and SNB Capital to advise on the offering, the people said, asking not to be identified as the information is private. The plan is to sell a 30% stake owned by Jadwa Investment, the people said.
Saudi Arabia’s stock market is one of the 10 best performing markets in the world this year. That’s attracting a slew of IPOs to the exchange, with its Chief Executive Officer Khalid Al-Hussan saying last month that more than 70 companies have applied to sell shares.
Luberef would be joining several Aramco subsidiaries already listed on the Saudi stock exchange, including chemicals maker Saudi Basic Industries Corp., and Rabigh Refining & Petrochemical Co. The firm produces 1.2 million tons a year of base oils such as lubricants, according to Aramco’s 2019 IPO prospectus.
Saudi Arabia-based investment firm Jadwa acquired the stake in Luberef in 2007 from Exxon Mobil Corp., which originally invested in the development of Luberef’s refinery in 1978.
Jadwa, Aramco, HSBC, and SNB Capital declined to comment, while Luberef didn’t respond to request for comment.
Egypt gets Gulf help again as eyes turn to currency flexibility | Reuters
Egypt gets Gulf help again as eyes turn to currency flexibility | Reuters
Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts watch for greater exchange rate flexibility to avert future crises.
The central bank allowed Egypt's pound, which had been stable since November 2020, to drop by 14% against the dollar on March 21 after Russia's invasion of Ukraine prompted investors to withdraw billions of dollars from Egyptian treasury markets. read more
Last week Saudi Arabia said it had deposited $5 billion with Egypt's central bank and would make additional investments that could bring as much $10 billion in foreign currency into Egypt. read more
Qatar has pledged investment deals worth $5 billion, Egypt's cabinet said, and details on the purchase of stakes worth a reported $2 billion by Abu Dhabi sovereign fund ADQ are expected soon. read more
Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts watch for greater exchange rate flexibility to avert future crises.
The central bank allowed Egypt's pound, which had been stable since November 2020, to drop by 14% against the dollar on March 21 after Russia's invasion of Ukraine prompted investors to withdraw billions of dollars from Egyptian treasury markets. read more
Last week Saudi Arabia said it had deposited $5 billion with Egypt's central bank and would make additional investments that could bring as much $10 billion in foreign currency into Egypt. read more
Qatar has pledged investment deals worth $5 billion, Egypt's cabinet said, and details on the purchase of stakes worth a reported $2 billion by Abu Dhabi sovereign fund ADQ are expected soon. read more
Oil rises to $105 as supply fears perist despite reserves release | Reuters
Oil rises to $105 as supply fears perist despite reserves release | Reuters
Oil rose to $105 a barrel on Monday in volatile trade as the release of strategic reserves by consuming nations failed to eliminate supply fears arising from Russia's invasion of Ukraine and the lack of an Iranian nuclear deal.
The invasion in February heightened supply concerns that were already underpinning prices. Sanctions imposed on Russia and buyers' avoidance of Russian oil have already led to a drop in output and raised fears of larger losses. read more
"Will the release of barrels from strategic reserves fill a shortfall caused by sanctions and buyer aversion to Russian oil? In a word, no," said Stephen Brennock of oil broker PVM.
Brent crude was up 92 cents, or 0.9%, at $105.31 a barrel by 1140 GMT. U.S. West Texas Intermediate crude gained 63 cents, or 0.6%, to $99.90. Both contracts were down more than $1 earlier in the session.
Oil rose to $105 a barrel on Monday in volatile trade as the release of strategic reserves by consuming nations failed to eliminate supply fears arising from Russia's invasion of Ukraine and the lack of an Iranian nuclear deal.
The invasion in February heightened supply concerns that were already underpinning prices. Sanctions imposed on Russia and buyers' avoidance of Russian oil have already led to a drop in output and raised fears of larger losses. read more
"Will the release of barrels from strategic reserves fill a shortfall caused by sanctions and buyer aversion to Russian oil? In a word, no," said Stephen Brennock of oil broker PVM.
Brent crude was up 92 cents, or 0.9%, at $105.31 a barrel by 1140 GMT. U.S. West Texas Intermediate crude gained 63 cents, or 0.6%, to $99.90. Both contracts were down more than $1 earlier in the session.
#Israel institutions' high-tech investments jump in 2021 | Reuters
Israel institutions' high-tech investments jump in 2021 | Reuters
Israeli institutions invested $900 million in the country's high-tech sector in 2021, a five-fold jump over 2020, the Israel Innovation Authority said on Monday.
The rise came after the authority in 2020 sought to encourage more institutional investment in the country's robust tech industry, which is a key economic growth driver that accounts for 15% of Israel's gross domestic product.
Under its programme, the authority offered a government-backed safety net of 2 billion shekels ($623.5 million) for institutional investors’ investments in high-tech firms. They are compensated up to 40% of their investments in high-tech firms made after seven years in the event of a negative yield.
Burned by the tech bubble that burst in 2000 and hampered by regulatory constraints, Israeli pension funds and other institutions have since shied away from high-tech, during which billions of dollars have been generated by high-profile takeovers or flotations.
Israeli institutions invested $900 million in the country's high-tech sector in 2021, a five-fold jump over 2020, the Israel Innovation Authority said on Monday.
The rise came after the authority in 2020 sought to encourage more institutional investment in the country's robust tech industry, which is a key economic growth driver that accounts for 15% of Israel's gross domestic product.
Under its programme, the authority offered a government-backed safety net of 2 billion shekels ($623.5 million) for institutional investors’ investments in high-tech firms. They are compensated up to 40% of their investments in high-tech firms made after seven years in the event of a negative yield.
Burned by the tech bubble that burst in 2000 and hampered by regulatory constraints, Israeli pension funds and other institutions have since shied away from high-tech, during which billions of dollars have been generated by high-profile takeovers or flotations.
#UAE banks reap the DEWA IPO windfall, and there are more coming | Banking – Gulf News
UAE banks reap the DEWA IPO windfall, and there are more coming | Banking – Gulf News
UAE banks are witnessing a surge in lending and deposit growth following the opening of the DEWA IPO on March 24. The IPO subscriptions by both individual and institutional investors have seen a flood of liquidity flowing into the banking system and, at the same time, a surge in high-yield lending to investors who are keen on IPO subscriptions.
UAE banks that have a significant share of funding (more than 60 per cent) through current and savings account (CASA) deposits are reaping the benefits as investors park their savings in banks for subscribing to DEWA and other IPOs that are in the pipeline. Bankers said they have seen customers moving savings from their offshore and overseas accounts to local banks. In addition, the IPO demand from GCC and expatriate investors is also bringing in large inflows of deposits.
Low-cost funding
CASA deposits are the cheapest funding source after Islamic deposits for UAE banks. These deposits offer zero or marginal yields to depositors, while banks deploy these at rates ranging from 5 to 10 per cent in short-term IPO (leverage) financing. Although a part of these deposits are likely to flow out after the IPO share allotment and listing, bankers say a good portion will likely remain with the banks.
“Although deposited for a special purpose, we expect some of these deposits to be sticky as investors want to be prepared for future IPOs,” said the chief financial officer of a local bank.
UAE banks are witnessing a surge in lending and deposit growth following the opening of the DEWA IPO on March 24. The IPO subscriptions by both individual and institutional investors have seen a flood of liquidity flowing into the banking system and, at the same time, a surge in high-yield lending to investors who are keen on IPO subscriptions.
UAE banks that have a significant share of funding (more than 60 per cent) through current and savings account (CASA) deposits are reaping the benefits as investors park their savings in banks for subscribing to DEWA and other IPOs that are in the pipeline. Bankers said they have seen customers moving savings from their offshore and overseas accounts to local banks. In addition, the IPO demand from GCC and expatriate investors is also bringing in large inflows of deposits.
Low-cost funding
CASA deposits are the cheapest funding source after Islamic deposits for UAE banks. These deposits offer zero or marginal yields to depositors, while banks deploy these at rates ranging from 5 to 10 per cent in short-term IPO (leverage) financing. Although a part of these deposits are likely to flow out after the IPO share allotment and listing, bankers say a good portion will likely remain with the banks.
“Although deposited for a special purpose, we expect some of these deposits to be sticky as investors want to be prepared for future IPOs,” said the chief financial officer of a local bank.
GCC markets see biggest quarterly gain since global financial crisis
GCC markets see biggest quarterly gain since global financial crisis
A broad rally across regional GCC markets and higher oil prices led to the MSCI GCC aggregate index surging about 18 per cent in the first three months of 2022, its biggest quarterly gain since the second quarter of 2009 during the global financial crisis.
The rise was supported by four consecutive months of gains in the index, Kamco Invest said in a report.
All the regional markets were in the green during the quarter, with Abu Dhabi reporting the biggest gain of about 17 per cent, followed by Qatar and Saudi Arabia, with gains of around 16 per cent each, the report said.
The capital goods, materials and banking sectors had the biggest gains, at almost 20 per cent. Energy and health care followed, expanding 18 per cent and 15 per cent, respectively.
Consumer durables and apparels, and pharma were the only sectors that declined in the first quarter, the report found.
A broad rally across regional GCC markets and higher oil prices led to the MSCI GCC aggregate index surging about 18 per cent in the first three months of 2022, its biggest quarterly gain since the second quarter of 2009 during the global financial crisis.
The rise was supported by four consecutive months of gains in the index, Kamco Invest said in a report.
All the regional markets were in the green during the quarter, with Abu Dhabi reporting the biggest gain of about 17 per cent, followed by Qatar and Saudi Arabia, with gains of around 16 per cent each, the report said.
The capital goods, materials and banking sectors had the biggest gains, at almost 20 per cent. Energy and health care followed, expanding 18 per cent and 15 per cent, respectively.
Consumer durables and apparels, and pharma were the only sectors that declined in the first quarter, the report found.
Oil rises above $105 as supply concerns persist | Reuters
Oil rises above $105 as supply concerns persist | Reuters
Oil rose above $105 a barrel on Monday as concern about tight supply arising from Russia's invasion of Ukraine and the lack of an Iranian nuclear deal persisted despite countries releasing oil from strategic reserves.
The invasion of Ukraine in February sharply ramped up supply worries that were already underpinning oil prices. Sanctions imposed on Russia and buyers' avoidance of Russian oil have raised fears of larger supply losses from this month.
Brent crude was up 63 cents, or 0.6%, to $105.02 a barrel by 0805 GMT. U.S. West Texas Intermediate crude gained $1.08, or 1.1%, to $100.35. Both contracts slipped $1 when markets opened on Monday.
"Will the release of barrels from strategic reserves fill a shortfall caused by sanctions and buyer aversion to Russian oil? In a word, no," said Stephen Brennock of oil broker PVM.
Oil rose above $105 a barrel on Monday as concern about tight supply arising from Russia's invasion of Ukraine and the lack of an Iranian nuclear deal persisted despite countries releasing oil from strategic reserves.
The invasion of Ukraine in February sharply ramped up supply worries that were already underpinning oil prices. Sanctions imposed on Russia and buyers' avoidance of Russian oil have raised fears of larger supply losses from this month.
Brent crude was up 63 cents, or 0.6%, to $105.02 a barrel by 0805 GMT. U.S. West Texas Intermediate crude gained $1.08, or 1.1%, to $100.35. Both contracts slipped $1 when markets opened on Monday.
"Will the release of barrels from strategic reserves fill a shortfall caused by sanctions and buyer aversion to Russian oil? In a word, no," said Stephen Brennock of oil broker PVM.
Gulf bourses rise, #Dubai pauses after recent rally | Reuters
Gulf bourses rise, Dubai pauses after recent rally | Reuters
Most Gulf indexes rose on Monday, tracking positive sentiment across the globe, while investors in Dubai took a breather after the region witnessed an influx of money on strong IPO prospects.
Global equities made cautious gains amid talk of more sanctions against Russia over its invasion of Ukraine, while bonds screamed the risk of a hard landing for the U.S. economy as short-term yields hit three-year highs.
While Russia-Ukraine peace talks dragged on, reports of Russian atrocities led Germany to say the West would agree to impose more sanctions in coming days. read more
Oil prices inched higher as worries about tight supply persisted, even as investors eyed the release of supplies from strategic reserves by consuming nations and a truce in Yemen.
Saudi Arabia's benchmark index (.TASI) gained 0.2%, boosted by financials and consumer stocks.
Shares of Acwa Power (2082.SE) climbed 3% after the company said it signed deals for Neom Green Hydrogen Project in the region.
Dubai's main share index (.DFMGI) snapped its gaining streak, which began after a 22.32 billion dirhams ($6.08 billion) initial public offering opened for subscription last month. The index was last down 0.3%.
The index had gained 3.7% last week, its second consecutive weekly rise.
In Abu Dhabi, the index (.FTFADGI) gained 0.5%, while the Qatari index (.QSI) added 0.2%.
Most Gulf indexes rose on Monday, tracking positive sentiment across the globe, while investors in Dubai took a breather after the region witnessed an influx of money on strong IPO prospects.
Global equities made cautious gains amid talk of more sanctions against Russia over its invasion of Ukraine, while bonds screamed the risk of a hard landing for the U.S. economy as short-term yields hit three-year highs.
While Russia-Ukraine peace talks dragged on, reports of Russian atrocities led Germany to say the West would agree to impose more sanctions in coming days. read more
Oil prices inched higher as worries about tight supply persisted, even as investors eyed the release of supplies from strategic reserves by consuming nations and a truce in Yemen.
Saudi Arabia's benchmark index (.TASI) gained 0.2%, boosted by financials and consumer stocks.
Shares of Acwa Power (2082.SE) climbed 3% after the company said it signed deals for Neom Green Hydrogen Project in the region.
Dubai's main share index (.DFMGI) snapped its gaining streak, which began after a 22.32 billion dirhams ($6.08 billion) initial public offering opened for subscription last month. The index was last down 0.3%.
The index had gained 3.7% last week, its second consecutive weekly rise.
In Abu Dhabi, the index (.FTFADGI) gained 0.5%, while the Qatari index (.QSI) added 0.2%.
Oil climbs on supply concerns as Iran talks stall | Reuters
Oil climbs on supply concerns as Iran talks stall | Reuters
Oil prices gained about $1 on Monday as worries over tight supplies persisted after Germany warned of more sanctions on Russia and talks to revive the Iran nuclear deal paused.
Brent crude futures were up 94 cents, or 0.9%, at $105.33 a barrel by 0728 GMT while U.S. West Texas Intermediate crude was up 92 cents, or 0.9%. at $100.19.
Both contracts slipped $1 when markets opened on Monday but rebounded after Iran blamed the United States for pausing talks aimed at reviving their 2015 nuclear deal, which would allow a lifting of sanctions on Iranian oil supplies. read more
This added to concerns about tight supplies. Russian crude and oil products exports have been hit by Western sanctions and buyer aversion after Russia's invasion of Ukraine.
Germany said on Sunday that the West would agree to impose more sanctions on Russia in the coming days after Ukraine accused Russian forces of war crimes near Kyiv. Russia has rejected allegations of war crimes in what it calls a "special military operation" aimed at demilitarising Ukraine. read more
Oil prices gained about $1 on Monday as worries over tight supplies persisted after Germany warned of more sanctions on Russia and talks to revive the Iran nuclear deal paused.
Brent crude futures were up 94 cents, or 0.9%, at $105.33 a barrel by 0728 GMT while U.S. West Texas Intermediate crude was up 92 cents, or 0.9%. at $100.19.
Both contracts slipped $1 when markets opened on Monday but rebounded after Iran blamed the United States for pausing talks aimed at reviving their 2015 nuclear deal, which would allow a lifting of sanctions on Iranian oil supplies. read more
This added to concerns about tight supplies. Russian crude and oil products exports have been hit by Western sanctions and buyer aversion after Russia's invasion of Ukraine.
Germany said on Sunday that the West would agree to impose more sanctions on Russia in the coming days after Ukraine accused Russian forces of war crimes near Kyiv. Russia has rejected allegations of war crimes in what it calls a "special military operation" aimed at demilitarising Ukraine. read more
Dana Gas included in blue chip FTSE ADX 15 Index
Dana Gas included in blue chip FTSE ADX 15 Index
Dana Gas, the Middle East’s largest regional private sector natural gas firm, has been included in the FTSE ADX 15 Index (FADX 15), the Abu Dhabi Securities Exchange (ADX)’s new blue chip equity index.
The FADX 15 comprises the 15 most liquid companies on the ADX, chosen on the basis of free float adjusted market capitalisation and median trading value.
The index is the first in a series of indices jointly created by ADX and FTSE Russell to promote the creation of index-tracking investment vehicles on the Abu Dhabi bourse.
Dana Gas, the Middle East’s largest regional private sector natural gas firm, has been included in the FTSE ADX 15 Index (FADX 15), the Abu Dhabi Securities Exchange (ADX)’s new blue chip equity index.
The FADX 15 comprises the 15 most liquid companies on the ADX, chosen on the basis of free float adjusted market capitalisation and median trading value.
The index is the first in a series of indices jointly created by ADX and FTSE Russell to promote the creation of index-tracking investment vehicles on the Abu Dhabi bourse.
Oil inches up as supply concerns weigh despite reserves release, Yemen truce | Reuters
Oil inches up as supply concerns weigh despite reserves release, Yemen truce | Reuters
Oil prices inched higher on Monday as worries about tight supply persisted even as investors eyed the release of supplies from strategic reserves from consuming nations and a truce in Yemen sparked hopes that supply issues in the Middle East could abate.
Brent crude futures were up 9 cents, or 0.09%, to $104.48 a barrel by 0427 GMT while U.S. West Texas Intermediate crude was at $99.30 a barrel, up 3 cents, or 0.03%. Both contracts slipped $1 when markets opened on Monday.
The United Nations has brokered a two-month truce between a Saudi-led coalition and the Houthi group aligned with Iran for the first time in the seven-year conflict. Saudi oil facilities have come under attack by the Houthis during the conflict, adding to supply disruption from Russia. read more
"Still, the fragile detente does little to alleviate the absence of Russian oil," said Stephen Innes, managing partner at SPI Asset Management in a note.
Oil prices inched higher on Monday as worries about tight supply persisted even as investors eyed the release of supplies from strategic reserves from consuming nations and a truce in Yemen sparked hopes that supply issues in the Middle East could abate.
Brent crude futures were up 9 cents, or 0.09%, to $104.48 a barrel by 0427 GMT while U.S. West Texas Intermediate crude was at $99.30 a barrel, up 3 cents, or 0.03%. Both contracts slipped $1 when markets opened on Monday.
The United Nations has brokered a two-month truce between a Saudi-led coalition and the Houthi group aligned with Iran for the first time in the seven-year conflict. Saudi oil facilities have come under attack by the Houthis during the conflict, adding to supply disruption from Russia. read more
"Still, the fragile detente does little to alleviate the absence of Russian oil," said Stephen Innes, managing partner at SPI Asset Management in a note.