Oil dives 4%, below $100 on China lockdowns, reserves release plan | Reuters
Oil prices fell about 4% on Monday, with Brent crude tumbling below $100 a barrel on worries that the COVID-19 pandemic will cut demand in China and as International Energy Agency (IEA) countries plan to release record volumes of oil from strategic stocks.
U.S. West Texas Intermediate (WTI) closed at its lowest since Feb. 25, the day after Russian forces invaded Ukraine, an action Moscow calls a "special military operation."
Brent futures fell $4.30, or 4.2%, to settle at $98.48 a barrel, while WTI crude fell $3.97, or 4.0%, to settle at $94.29. It was the lowest close for Brent since March 16.
Fuel consumption in China, the world's biggest oil importer, has stalled with COVID-19 lockdowns in Shanghai, analysts at the Eurasia Group consultancy said. Shanghai, China's financial center, started easing lockdowns in some areas on Monday despite reporting a record of more than 25,000 new COVID-19 infections. read more
Monday 11 April 2022
Oil dives 4%, below $100 on reserves release, China lockdowns | Reuters
Oil dives 4%, below $100 on reserves release, China lockdowns | Reuters
Oil prices fell about 4% on Monday, with Brent crude tumbling below $100 a barrel on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent futures fell $3.82, or 3.7%, to $98.96 a barrel by 11:44 a.m. EDT (1544 GMT). U.S. West Texas Intermediate (WTI) crude fell $3.50, or 3.6%, to $94.76.
WTI was on track for its lowest close since Feb. 25, the day after Russian forces invaded Ukraine, an action Moscow calls a "special military operation."
Brent was on track for its lowest close since March 16.
To offset a shortfall in Russian crude after Moscow was hit with sanctions, International Energy Agency (IEA) member nations will release 60 million barrels over the next six months in addition to the 180 million barrels the United States said it would release. read more
Oil prices fell about 4% on Monday, with Brent crude tumbling below $100 a barrel on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent futures fell $3.82, or 3.7%, to $98.96 a barrel by 11:44 a.m. EDT (1544 GMT). U.S. West Texas Intermediate (WTI) crude fell $3.50, or 3.6%, to $94.76.
WTI was on track for its lowest close since Feb. 25, the day after Russian forces invaded Ukraine, an action Moscow calls a "special military operation."
Brent was on track for its lowest close since March 16.
To offset a shortfall in Russian crude after Moscow was hit with sanctions, International Energy Agency (IEA) member nations will release 60 million barrels over the next six months in addition to the 180 million barrels the United States said it would release. read more
#Israel’s First Rate Hike Since 2018 Is Bigger Than Forecast - Bloomberg
Israel’s First Rate Hike Since 2018 Is Bigger Than Forecast - Bloomberg
The Bank of Israel delivered a bigger interest-rate increase than anticipated by most economists, tightening monetary policy for the first time since 2018 in response to above-target inflation at a time when the economy has been growing stronger than forecast.
The monetary committee lifted its key interest rate to 0.35% from 0.1% on Monday. Almost two-thirds of analysts surveyed by Bloomberg predicted a hike to 0.25%. Governor Amir Yaron has said the central bank may deliver more than one increase to stem the pace of price growth.
The shekel maintained gains after the announcement and traded 0.4% stronger against the dollar as of 4:17 p.m. local time.
“Conditions allow for the start of a gradual process of increasing the interest rate,” the central bank said in a statement. “The pace of raising the interest rate will be determined in accordance with activity data and the development of inflation, in order to continue supporting the attainment of the policy goals.”
The Bank of Israel delivered a bigger interest-rate increase than anticipated by most economists, tightening monetary policy for the first time since 2018 in response to above-target inflation at a time when the economy has been growing stronger than forecast.
The monetary committee lifted its key interest rate to 0.35% from 0.1% on Monday. Almost two-thirds of analysts surveyed by Bloomberg predicted a hike to 0.25%. Governor Amir Yaron has said the central bank may deliver more than one increase to stem the pace of price growth.
The shekel maintained gains after the announcement and traded 0.4% stronger against the dollar as of 4:17 p.m. local time.
“Conditions allow for the start of a gradual process of increasing the interest rate,” the central bank said in a statement. “The pace of raising the interest rate will be determined in accordance with activity data and the development of inflation, in order to continue supporting the attainment of the policy goals.”
#AbuDhabi Developer Aldar Names ADQ Chief, IHC’s Laksy to Board - Bloomberg
Abu Dhabi Developer Aldar Names ADQ Chief, IHC’s Laksy to Board - Bloomberg
Abu Dhabi wealth fund ADQ’s chief executive officer and a top executive at International Holding Co. will join the board of Aldar Properties’ as part of a reshuffle.
Shareholders of the biggest real-estate developer approved the appointment of ADQ’s Mohamed Hassan Alsuwaidi to the seven-member board along with Sofia Abdellatif Lasky, according to a statement. Lasky is already on the boards of IHC and Alpha Dhabi Holding, two of the biggest listed companies in the United Arab Emirates.
Lasky replaces Mariam Saeed Ghobash on Aldar’s board. Last year, the Gulf nation’s marker regulator stipulated that listed companies must have at least one woman on their boards.
About Lasky
Abu Dhabi wealth fund ADQ’s chief executive officer and a top executive at International Holding Co. will join the board of Aldar Properties’ as part of a reshuffle.
Shareholders of the biggest real-estate developer approved the appointment of ADQ’s Mohamed Hassan Alsuwaidi to the seven-member board along with Sofia Abdellatif Lasky, according to a statement. Lasky is already on the boards of IHC and Alpha Dhabi Holding, two of the biggest listed companies in the United Arab Emirates.
Lasky replaces Mariam Saeed Ghobash on Aldar’s board. Last year, the Gulf nation’s marker regulator stipulated that listed companies must have at least one woman on their boards.
About Lasky
- She had a tenure of 16 years at Royal Group, a firm led by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE’s national security adviser
- She oversaw acquisitions in several industries, including real estate, contracting, food processing, preventive healthcare and capital investments at Royal Group
- Lasky had also served as a board member of Macquarie Capital Middle East
- Click here for link to bio
Oil drops below $100 on reserves release and China lockdowns | Reuters
Oil drops below $100 on reserves release and China lockdowns | Reuters
Oil prices dropped by $4 a barrel on Monday, with Brent crude tumbling below $100 on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent crude for June delivery was down $4.29, or 4.2%, at $98.49 a barrel by 1341 GMT. U.S. West Texas Intermediate crude lost $4.33, or 4.4%, to $93.93.
Bank of America maintained its forecast for Brent crude to average $102 a barrel for 2022-23, but it cut its summer spike price to $120. Swiss investment bank UBS also lowered its June Brent forecast by $10 to $115 a barrel.
"The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction," said UBS analyst Giovanni Staunovo.
Oil prices dropped by $4 a barrel on Monday, with Brent crude tumbling below $100 on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent crude for June delivery was down $4.29, or 4.2%, at $98.49 a barrel by 1341 GMT. U.S. West Texas Intermediate crude lost $4.33, or 4.4%, to $93.93.
Bank of America maintained its forecast for Brent crude to average $102 a barrel for 2022-23, but it cut its summer spike price to $120. Swiss investment bank UBS also lowered its June Brent forecast by $10 to $115 a barrel.
"The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction," said UBS analyst Giovanni Staunovo.
#Dubai rises ahead of DEWA IPO, Egypt ends lower | Reuters
Dubai rises ahead of DEWA IPO, Egypt ends lower | Reuters
Dubai's main index surged over 1% on Monday amid high expectations for state utility Dubai Electricity and Water Authority's (DEWA) initial public offering, while sentiment was muted in Egypt after inflation surged.
DEWA, likely to begin trading on Tuesday, is set to raise 22.32 billion dirhams ($6.1 billion) in the Gulf's biggest IPO since Saudi Aramco's record deal in 2019. read more
"The launch could reinvigorate trading volumes as demand for the stock is still high," said Wael Makarem, senior market strategist – MENA at Exness.
Dubai's main share index (.DFMGI) ended up 1.3%, posting its best day in two weeks. Air Arabia (AIRA.DU) drove the gains and ended up nearly 9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 1.6% in its sixth straight session of losses.
Egypt's annual urban consumer price inflation accelerated in March to 10.5%, its highest in nearly three years, as commodity shortages drove price increases in the region. read more
Financials dragged the index, and only five stocks ended marginally higher.
The Qatari index (.QSI) extended gains to over 3% from the previous session to hit a record high, before paring the gains to end 0.1% higher.
Qatar National Bank (QNBK.QA) rose 3.4% after it posted a 9% rise in quarterly profit. read more
Saudi Arabia's benchmark index (.TASI) closed 0.7% up.
Shares of Saudi Basic Industries (2010.SE), Northern Region Cement Company (3004.SE) and Saudi Cement Company (3030.SE) fell between 2% and 4% as these stocks began trading ex-dividend.
In Abu Dhabi, the index (.FTFADGI) rose 0.7%.
Dubai's main index surged over 1% on Monday amid high expectations for state utility Dubai Electricity and Water Authority's (DEWA) initial public offering, while sentiment was muted in Egypt after inflation surged.
DEWA, likely to begin trading on Tuesday, is set to raise 22.32 billion dirhams ($6.1 billion) in the Gulf's biggest IPO since Saudi Aramco's record deal in 2019. read more
"The launch could reinvigorate trading volumes as demand for the stock is still high," said Wael Makarem, senior market strategist – MENA at Exness.
Dubai's main share index (.DFMGI) ended up 1.3%, posting its best day in two weeks. Air Arabia (AIRA.DU) drove the gains and ended up nearly 9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 1.6% in its sixth straight session of losses.
Egypt's annual urban consumer price inflation accelerated in March to 10.5%, its highest in nearly three years, as commodity shortages drove price increases in the region. read more
Financials dragged the index, and only five stocks ended marginally higher.
The Qatari index (.QSI) extended gains to over 3% from the previous session to hit a record high, before paring the gains to end 0.1% higher.
Qatar National Bank (QNBK.QA) rose 3.4% after it posted a 9% rise in quarterly profit. read more
Saudi Arabia's benchmark index (.TASI) closed 0.7% up.
Shares of Saudi Basic Industries (2010.SE), Northern Region Cement Company (3004.SE) and Saudi Cement Company (3030.SE) fell between 2% and 4% as these stocks began trading ex-dividend.
In Abu Dhabi, the index (.FTFADGI) rose 0.7%.
Mideast Asset Manager Investcorp Seeks Cash for Blockchain Fund - Bloomberg
Mideast Asset Manager Investcorp Seeks Cash for Blockchain Fund - Bloomberg
Investcorp Holdings, the biggest alternative asset manager in the Middle East, started raising money for a new fund aimed at taking stakes in startups developing blockchain technology.
The eLydian Lion fund will be based in Abu Dhabi and plans to invest in firms operating blockchain infrastructure, platforms and exchanges, decentralized finance and data analytics, according to a statement. Investcorp didn’t comment on how much it planned to raise for the fund.
“We believe that blockchain technology and the ecosystem around it will transform every facet of our economy much like the Internet did in the 2000s,” said Gilbert Kamieniecky, head of Investcorp’s technology private equity business.
A blockchain is a digital database, or ledger, used to record information and transactions in a collaborative manner. It’s the technological backbone of digital currencies like Bitcoin.
Bahrain-based Investcorp, backed by Abu Dhabi’s Mubadala Investment Co., is also currently raising money for several other funds. It currently manages over $40 billion of assets and recently started expanding in Asia as part of the plan to more than double the size.
Investcorp delisted from the Bahrain stock exchange last year after almost four decades, in a move it said would give it the agility to expand faster. Mubadala in 2017 acquired a 20% stake in Investcorp, which previously backed companies including Tiffany & Co. and Gucci Ltd.
Investcorp Holdings, the biggest alternative asset manager in the Middle East, started raising money for a new fund aimed at taking stakes in startups developing blockchain technology.
The eLydian Lion fund will be based in Abu Dhabi and plans to invest in firms operating blockchain infrastructure, platforms and exchanges, decentralized finance and data analytics, according to a statement. Investcorp didn’t comment on how much it planned to raise for the fund.
“We believe that blockchain technology and the ecosystem around it will transform every facet of our economy much like the Internet did in the 2000s,” said Gilbert Kamieniecky, head of Investcorp’s technology private equity business.
A blockchain is a digital database, or ledger, used to record information and transactions in a collaborative manner. It’s the technological backbone of digital currencies like Bitcoin.
Bahrain-based Investcorp, backed by Abu Dhabi’s Mubadala Investment Co., is also currently raising money for several other funds. It currently manages over $40 billion of assets and recently started expanding in Asia as part of the plan to more than double the size.
Investcorp delisted from the Bahrain stock exchange last year after almost four decades, in a move it said would give it the agility to expand faster. Mubadala in 2017 acquired a 20% stake in Investcorp, which previously backed companies including Tiffany & Co. and Gucci Ltd.
Middle East hospital operator VPS hires banks for IPO, sources say | Reuters
Middle East hospital operator VPS hires banks for IPO, sources say | Reuters
Middle Eastern hospital operator VPS Healthcare has hired investment banks for an Abu Dhabi initial public offering (IPO) in the second half of the year, two sources close to the matter told Reuters.
VPS has appointed the investment banking arm of Dubai lender Emirates NBD (ENBD.DU) and J.P. Morgan (JPM.N) as global coordinators, the sources said without providing details on the size of the deal.
Sources told Reuters in February that VPS Healthcare was considering an IPO. read more
VPS Healthcare declined to comment on Monday. Emirates NBD and JP Morgan did not immediately respond to requests for comment.
The operator of the Burjeel hospitals in the United Arab Emirates (UAE) has a network of 24 hospitals and 125 clinics across the Middle East and India.
Middle Eastern hospital operator VPS Healthcare has hired investment banks for an Abu Dhabi initial public offering (IPO) in the second half of the year, two sources close to the matter told Reuters.
VPS has appointed the investment banking arm of Dubai lender Emirates NBD (ENBD.DU) and J.P. Morgan (JPM.N) as global coordinators, the sources said without providing details on the size of the deal.
Sources told Reuters in February that VPS Healthcare was considering an IPO. read more
VPS Healthcare declined to comment on Monday. Emirates NBD and JP Morgan did not immediately respond to requests for comment.
The operator of the Burjeel hospitals in the United Arab Emirates (UAE) has a network of 24 hospitals and 125 clinics across the Middle East and India.
Gulf lender QNB's quarterly profit climbs 9% on loan growth | Reuters
Gulf lender QNB's quarterly profit climbs 9% on loan growth | Reuters
Qatar National Bank (QNB) (QNBK.QA) posted a 9% rise in quarterly profit on Monday, helped by healthy loan growth and cost savings.
Gulf banks are recovering as pandemic-linked restrictions are eased and economic activity picks up, enjoying a boost from higher energy prices as oil is the region's biggest export.
The Gulf's biggest bank reported a net profit of 3.62 billion Qatar riyals ($989.6 million) for the three months to March 31, up from 3.31 billion riyals a year earlier.
EFG Hermes had predicted a net profit of 3.68 billion riyals in the first quarter.
QNB said in a statement that loans and advances grew 6% in the first quarter from a year earlier, as economic activity picked up.
Qatar National Bank (QNB) (QNBK.QA) posted a 9% rise in quarterly profit on Monday, helped by healthy loan growth and cost savings.
Gulf banks are recovering as pandemic-linked restrictions are eased and economic activity picks up, enjoying a boost from higher energy prices as oil is the region's biggest export.
The Gulf's biggest bank reported a net profit of 3.62 billion Qatar riyals ($989.6 million) for the three months to March 31, up from 3.31 billion riyals a year earlier.
EFG Hermes had predicted a net profit of 3.68 billion riyals in the first quarter.
QNB said in a statement that loans and advances grew 6% in the first quarter from a year earlier, as economic activity picked up.
Oil drops below $100 on reserves release and China lockdowns | Reuters
Oil drops below $100 on reserves release and China lockdowns | Reuters
Oil prices dropped by $4 a barrel on Monday, with Brent crude tumbling below $100 on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent crude for June delivery was down $3.93, or 3.8%, at $98.85 a barrel by 1130 GMT. U.S. West Texas Intermediate crude lost $4.19, or 4.3%, to $94.07.
Bank of America maintained its forecast for Brent crude to average $102 a barrel for 2022-23, but it cut its summer spike price to $120. Swiss investment bank UBS also lowered its June Brent forecast by $10 to $115 a barrel.
"The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction," said UBS analyst Giovanni Staunovo.
Oil prices dropped by $4 a barrel on Monday, with Brent crude tumbling below $100 on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent crude for June delivery was down $3.93, or 3.8%, at $98.85 a barrel by 1130 GMT. U.S. West Texas Intermediate crude lost $4.19, or 4.3%, to $94.07.
Bank of America maintained its forecast for Brent crude to average $102 a barrel for 2022-23, but it cut its summer spike price to $120. Swiss investment bank UBS also lowered its June Brent forecast by $10 to $115 a barrel.
"The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction," said UBS analyst Giovanni Staunovo.
Oil slides on release of strategic reserves and China lockdowns | Reuters
Oil slides on release of strategic reserves and China lockdowns | Reuters
Oil prices dropped BY more than $2 a barrel on Monday after a second straight weekly decline on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent crude for June delivery was down $2.12, or 2.1%, at $100.66 a barrel by 0756 GMT. U.S. West Texas Intermediate crude lost $2.21, or 2.3%, to $96.05.
Swiss investment bank UBS lowered its June Brent forecast by $10 to $115 a barrel.
"The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction," said UBS analyst Giovanni Staunovo.
Oil prices dropped BY more than $2 a barrel on Monday after a second straight weekly decline on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.
Brent crude for June delivery was down $2.12, or 2.1%, at $100.66 a barrel by 0756 GMT. U.S. West Texas Intermediate crude lost $2.21, or 2.3%, to $96.05.
Swiss investment bank UBS lowered its June Brent forecast by $10 to $115 a barrel.
"The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction," said UBS analyst Giovanni Staunovo.
Qatari index jumps over 2% ahead of QNB results | Reuters
Qatari index jumps over 2% ahead of QNB results | Reuters
Major Gulf indexes rose on Monday, with the Qatari index jumping more than 2% as investors awaited the results of Qatar National Bank due later in the day.
Meanwhile, global shares slid and oil prices fell as caution gripped markets ahead of central bank meetings and U.S. inflation data, and worries over the lockdowns in China continued.
Investors continued to flock markets in Dubai ahead of Dubai Electricity and Water Authority's (DEWA) 22.32 billion dirhams ($6.08 billion) initial public offering.
The index was up 0.7%, boosted by financial and communication services stocks.
Emirates Refreshments (ERC.DU) and Air Arabia (AIRA.DU), each up more than 3%, were the top percentage gainers.
The Qatari index (.QSI) rose for a second consecutive session as Qatar National Bank (QNBK.QA) jumped 6.4%.
Qatar International Islamic Bank (QIIB.QA) rose for a second session and was up 3.4% a day after the lender and Qatar Development Bank (QDB) concluded an update on the 'Al-Dhameen' Programme, following the elapse of 10 years.
Saudi Arabia's benchmark index (.TASI) was trading flat.
Shares of Saudi Basic Industries (2010.SE), Northern Region Cement Company (3004.SE) and Saudi Cement Company (3030.SE) fell between 2% and 4% as these stocks began trading ex-dividend.
In Abu Dhabi, the index (.FTFADGI) rose 0.5%.
Major Gulf indexes rose on Monday, with the Qatari index jumping more than 2% as investors awaited the results of Qatar National Bank due later in the day.
Meanwhile, global shares slid and oil prices fell as caution gripped markets ahead of central bank meetings and U.S. inflation data, and worries over the lockdowns in China continued.
Investors continued to flock markets in Dubai ahead of Dubai Electricity and Water Authority's (DEWA) 22.32 billion dirhams ($6.08 billion) initial public offering.
The index was up 0.7%, boosted by financial and communication services stocks.
Emirates Refreshments (ERC.DU) and Air Arabia (AIRA.DU), each up more than 3%, were the top percentage gainers.
The Qatari index (.QSI) rose for a second consecutive session as Qatar National Bank (QNBK.QA) jumped 6.4%.
Qatar International Islamic Bank (QIIB.QA) rose for a second session and was up 3.4% a day after the lender and Qatar Development Bank (QDB) concluded an update on the 'Al-Dhameen' Programme, following the elapse of 10 years.
Saudi Arabia's benchmark index (.TASI) was trading flat.
Shares of Saudi Basic Industries (2010.SE), Northern Region Cement Company (3004.SE) and Saudi Cement Company (3030.SE) fell between 2% and 4% as these stocks began trading ex-dividend.
In Abu Dhabi, the index (.FTFADGI) rose 0.5%.
Bank Of America Loses #Saudi Investment Bank Head to EFG Hermes - Bloomberg
Bank Of America Loses Saudi Investment Bank Head to EFG Hermes - Bloomberg
EFG Hermes hired Saud Altassan, who was the head of investment banking for Bank of America in Saudi Arabia, as its new chief executive officer in the country, as banks look to cash in on a boom in deals.
Altassan joined Bank of America in 2019. Before that, he served as chief executive officer of Swicorp, a financial services group specializing in private equity, asset management and investment banking in the Middle East and North Africa. He also worked at NCB Capital and Banque Saudi Fransi, according to a statement from EFG Hermes.
“The Kingdom of Saudi represents one of the investment banking division’s most important avenues for growth,” Karim Awad, EFG Hermes chief executive officer, said in a statement. “It is exciting to have someone with Altassan’s depth and breadth of experience leading this increasingly important part of EFG Hermes’ franchise. In his new role, Altassan will lead on expansion strategies in the dynamic and ever-growing Saudi market.”
Foreign banks have been trying to build up their Saudi units as initial public offerings and buyouts surge.
EFG Hermes hired Saud Altassan, who was the head of investment banking for Bank of America in Saudi Arabia, as its new chief executive officer in the country, as banks look to cash in on a boom in deals.
Altassan joined Bank of America in 2019. Before that, he served as chief executive officer of Swicorp, a financial services group specializing in private equity, asset management and investment banking in the Middle East and North Africa. He also worked at NCB Capital and Banque Saudi Fransi, according to a statement from EFG Hermes.
“The Kingdom of Saudi represents one of the investment banking division’s most important avenues for growth,” Karim Awad, EFG Hermes chief executive officer, said in a statement. “It is exciting to have someone with Altassan’s depth and breadth of experience leading this increasingly important part of EFG Hermes’ franchise. In his new role, Altassan will lead on expansion strategies in the dynamic and ever-growing Saudi market.”
Foreign banks have been trying to build up their Saudi units as initial public offerings and buyouts surge.
#UAE agtech Right Farm raises $2.8 million from investors | Reuters
UAE agtech Right Farm raises $2.8 million from investors | Reuters
Right Farm, a United Arab Emirates agriculture technology firm, said on Monday it raised $2.8 million from investors including Abu Dhabi state holding company ADQ's venture platform.
The company is a business to business digital platform which sources fresh produce from local and international farms for the food and retail sector.
Right Farm said in a statement that the funding round was led by DisruptAD, ADQ's venture platform, and Enhance Ventures, a venture builder for the Middle East, North Africa, Pakistan, and Turkey market.
The company said the proceeds will be used to support the firm's technology development and growth plans.
Right Farm, a United Arab Emirates agriculture technology firm, said on Monday it raised $2.8 million from investors including Abu Dhabi state holding company ADQ's venture platform.
The company is a business to business digital platform which sources fresh produce from local and international farms for the food and retail sector.
Right Farm said in a statement that the funding round was led by DisruptAD, ADQ's venture platform, and Enhance Ventures, a venture builder for the Middle East, North Africa, Pakistan, and Turkey market.
The company said the proceeds will be used to support the firm's technology development and growth plans.
Oil drops on worries about lockdowns in China, release of reserves | Reuters
Oil drops on worries about lockdowns in China, release of reserves | Reuters
Oil prices dropped more than $2 a barrel on Monday, following a second straight weekly decline after world consumers announced plans to release a record volume of crude and oil products from strategic stocks and as China's lockdowns continued.
Brent crude was down $2.05, or 2.0%, at $100.73 a barrel by 0620 GMT, while U.S. West Texas Intermediate crude lost $2.17, or 2.2%, to $96.09. Last week, Brent dropped 1.5% while U.S. oil slid 1%. For several weeks, the benchmarks have been at their most volatile since June 2020.
The market has been watching developments in China, where authorities have kept Shanghai, a city of 26 million people, locked down under its "zero tolerance" policy for COVID-19. China is the world's biggest oil importer.
Anxiety about China's growth was the main reason for the fall in oil prices on the day with Shanghai's lockdown showing no signs of being lifted and Guangzhou looking to start mass virus testing, said Jeffrey Halley, senior market analyst at OANDA.
Oil prices dropped more than $2 a barrel on Monday, following a second straight weekly decline after world consumers announced plans to release a record volume of crude and oil products from strategic stocks and as China's lockdowns continued.
Brent crude was down $2.05, or 2.0%, at $100.73 a barrel by 0620 GMT, while U.S. West Texas Intermediate crude lost $2.17, or 2.2%, to $96.09. Last week, Brent dropped 1.5% while U.S. oil slid 1%. For several weeks, the benchmarks have been at their most volatile since June 2020.
The market has been watching developments in China, where authorities have kept Shanghai, a city of 26 million people, locked down under its "zero tolerance" policy for COVID-19. China is the world's biggest oil importer.
Anxiety about China's growth was the main reason for the fall in oil prices on the day with Shanghai's lockdown showing no signs of being lifted and Guangzhou looking to start mass virus testing, said Jeffrey Halley, senior market analyst at OANDA.