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Tuesday 12 April 2022
Oil Tops $100 as Putin Vows to Advance War, China Eases Lockdown - Bloomberg
Oil Tops $100 as Putin Vows to Advance War, China Eases Lockdown - Bloomberg
Foreign ownership in #Saudi listed companies crosses $108bln
Foreign ownership in Saudi listed companies crosses $108bln
The ownership of foreign investors in the Saudi stock market jumped to SR404.26 billion. Foreign investors own shares in 211 out of 215 companies listed on the main stock market Tadawul All Share Index (TASI).
There is no ownership for foreign investors in companies such as Knowledge City, Jabal Omar, Taiba, Makkah Construction, in addition to Bahri Company, in which the foreign investors own a paltry percentage of 0.02 since its establishment, according to monitoring by Okaz/Saudi Gazette.
Foreign ownership in the Saudi market is equivalent to 3.36 percent of the total market value of the listed companies.
The stakes of foreign investors in 11 strategically placed companies are as follows: Petro Rabigh 37.5 percent; Al-Sharq Pipes 35 percent, SABB 31 percent, Arab National Bank 40 percent, Allianz SF 51 percent, Walaa Insurance 7.32 percent, BUPA Insurance 43.25 percent, Chubb Arabia 30 percent, Gulf Union National 1.93 percent, and Al Wataniya Company 10 percent. The ownership of strategic foreign investors in Wafa Insurance Company, which was suspended from trading, amounted to 10.14 percent.
The highest value of shares owned by foreign investors is in the top five Saudi companies — Al-Rajhi Bank, Saudi National Bank (SNB), SABB, Saudi Aramco and SABIC. Foreign investment in these companies amounted to a total of SR188.76 billion.
The value of foreign investment in Al-Rajhi Bank was about SR54.47 billion, representing 13.19 percent of its shares, in SNB was SR41.42 billion (12.81 percent of the total shares), and in SABB was SR34.52 billion (40.43 percent). Foreigners own shares worth about SR29.96 billion in Saudi Aramco and SR28.39 billion in SABIC.
The ownership of foreign investors in the Saudi stock market jumped to SR404.26 billion. Foreign investors own shares in 211 out of 215 companies listed on the main stock market Tadawul All Share Index (TASI).
There is no ownership for foreign investors in companies such as Knowledge City, Jabal Omar, Taiba, Makkah Construction, in addition to Bahri Company, in which the foreign investors own a paltry percentage of 0.02 since its establishment, according to monitoring by Okaz/Saudi Gazette.
Foreign ownership in the Saudi market is equivalent to 3.36 percent of the total market value of the listed companies.
The stakes of foreign investors in 11 strategically placed companies are as follows: Petro Rabigh 37.5 percent; Al-Sharq Pipes 35 percent, SABB 31 percent, Arab National Bank 40 percent, Allianz SF 51 percent, Walaa Insurance 7.32 percent, BUPA Insurance 43.25 percent, Chubb Arabia 30 percent, Gulf Union National 1.93 percent, and Al Wataniya Company 10 percent. The ownership of strategic foreign investors in Wafa Insurance Company, which was suspended from trading, amounted to 10.14 percent.
The highest value of shares owned by foreign investors is in the top five Saudi companies — Al-Rajhi Bank, Saudi National Bank (SNB), SABB, Saudi Aramco and SABIC. Foreign investment in these companies amounted to a total of SR188.76 billion.
The value of foreign investment in Al-Rajhi Bank was about SR54.47 billion, representing 13.19 percent of its shares, in SNB was SR41.42 billion (12.81 percent of the total shares), and in SABB was SR34.52 billion (40.43 percent). Foreigners own shares worth about SR29.96 billion in Saudi Aramco and SR28.39 billion in SABIC.
#Dubai Breaks Into World’s Top Five Listing Venues With DEWA IPO - Bloomberg
Dubai Breaks Into World’s Top Five Listing Venues With DEWA IPO - Bloomberg
Dubai kicked off a string of planned privatizations on a positive note, with the blockbuster initial public offering of its utility catapulting the emirate into the world’s top five listing venues this year.
Dubai Electricity & Water Authority surged 16% in its debut after after a $6.1 billion IPO that’s the second-biggest this year globally. Dubai’s stock market is now in fifth place by listing proceeds, a turnaround for the bourse that’s barely seen any action since 2017.
DEWA’s IPO, which drew $86 billion in orders, is a watershed moment for Dubai, after the city missed out on a listing boom that swept through the Middle East last year. Investors have flocked to share sales in the Gulf, seen as a relative safe haven among emerging markets after Russia invaded Ukraine.
“The Gulf region is in a sweet spot,” said Bassam Slim, senior portfolio manager at Aventicum Capital Management in Qatar, noting high commodity prices and the region’s increasing weight within the emerging markets universe. “We believe that the current conditions are conducive for Dubai’s IPO pipeline.”
Dubai Electricity & Water Authority surged 16% in its debut after after a $6.1 billion IPO that’s the second-biggest this year globally. Dubai’s stock market is now in fifth place by listing proceeds, a turnaround for the bourse that’s barely seen any action since 2017.
DEWA’s IPO, which drew $86 billion in orders, is a watershed moment for Dubai, after the city missed out on a listing boom that swept through the Middle East last year. Investors have flocked to share sales in the Gulf, seen as a relative safe haven among emerging markets after Russia invaded Ukraine.
“The Gulf region is in a sweet spot,” said Bassam Slim, senior portfolio manager at Aventicum Capital Management in Qatar, noting high commodity prices and the region’s increasing weight within the emerging markets universe. “We believe that the current conditions are conducive for Dubai’s IPO pipeline.”
#AbuDhabi's ADQ buys stakes worth $1.85 bln in Egyptian firms | Reuters
Abu Dhabi's ADQ buys stakes worth $1.85 bln in Egyptian firms | Reuters
Abu Dhabi's state holding company ADQ has bought shares worth $1.85 billion in five publicly traded Egyptian companies, two sources familiar with the transactions said on Tuesday, helping Egypt after the Ukraine crisis prompted foreign investors to flee.
The stock exchange said purchases for five companies were executed on Tuesday but did not say who the buyer was.
Egypt has been on the hunt for foreign exchange since Russia's invasion of Ukraine prompted investors to pull billions of dollars out of its treasury markets, leading the central bank to devalue the currency by 14% on March 21. read more
Ukraine and Russia are the main source of Egypt's wheat supplies and their tourists are a significant source of foreign exchange. Egypt has been negotiating with the International Monetary Fund for a financial support package.
Abu Dhabi's state holding company ADQ has bought shares worth $1.85 billion in five publicly traded Egyptian companies, two sources familiar with the transactions said on Tuesday, helping Egypt after the Ukraine crisis prompted foreign investors to flee.
The stock exchange said purchases for five companies were executed on Tuesday but did not say who the buyer was.
Egypt has been on the hunt for foreign exchange since Russia's invasion of Ukraine prompted investors to pull billions of dollars out of its treasury markets, leading the central bank to devalue the currency by 14% on March 21. read more
Ukraine and Russia are the main source of Egypt's wheat supplies and their tourists are a significant source of foreign exchange. Egypt has been negotiating with the International Monetary Fund for a financial support package.
Oil rises on OPEC warning and easing of Shanghai COVID curbs | Reuters
Oil rises on OPEC warning and easing of Shanghai COVID curbs | Reuters
Oil prices climbed on Tuesday as Shanghai's relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia.
Brent crude futures rose by $5.51, or 5.6%, to $103.99 a barrel by 1343 GMT while U.S. West Texas Intermediate was up $5.12, or 5.4%, at $99.41. Both contracts lost about 4% on Monday.
Shanghai said on Monday that more than 7,000 residential units had been classified as lower-risk areas after reporting no new infections for 14 days and districts have since been announcing which compounds can be opened up. read more
The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, warned that it would be impossible to replace 7 million barrels per day (bpd) of Russian oil and other liquids exports lost in the event of sanctions or voluntary actions. read more
Oil prices climbed on Tuesday as Shanghai's relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia.
Brent crude futures rose by $5.51, or 5.6%, to $103.99 a barrel by 1343 GMT while U.S. West Texas Intermediate was up $5.12, or 5.4%, at $99.41. Both contracts lost about 4% on Monday.
Shanghai said on Monday that more than 7,000 residential units had been classified as lower-risk areas after reporting no new infections for 14 days and districts have since been announcing which compounds can be opened up. read more
The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, warned that it would be impossible to replace 7 million barrels per day (bpd) of Russian oil and other liquids exports lost in the event of sanctions or voluntary actions. read more
#Qatar, #Dubai markets end lower, DEWA shares surge on debut | Reuters
Qatar, Dubai markets end lower, DEWA shares surge on debut | Reuters
Most markets in the Middle East ended lower on Tuesday, in tandem with global markets, while sentiment in Saudi Arabia and Egypt was boosted amid higher oil prices.
World stocks slipped and the dollar held firm with data expected to show annual U.S. inflation rising at its fastest pace in 40 years.
Oil prices edged higher after concerns over Chinese demand eased once Shanghai said that more than 7,000 residential units had been classified as lower-risk areas with no new infections reported for 14 days. read more
Shares of Dubai Electricity and Water Authority (DEWA) closed at 2.87 dirhams, up from the issue price of 2.48 dirhams per share in its $6.1 billion initial public offering (IPO), the region's biggest since Saudi Aramco (2222.SE). read more
Investors had been flocking to Dubai since the subscription began last month, but DEWA's stellar debut was not able to lift sentiment on Tuesday, with Dubai's main share index (.DFMGI) down 0.5%.
"Investors are reacting to the falls in international markets on one side and the enthusiasm for DEWA's trading debut on the other. In this regard, DEWA is recording double-digit growth," said Farah Mourad, senior market analyst of XTB MENA.
The Qatari index (.QSI) fell 2.6% after rising for the previous six sessions. The index posted its biggest daily percentage fall since Nov. 28.
Saudi Arabia's benchmark index (.TASI) ended up nearly 1% with state-run Saudi Aramco (2222.SE) up 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.6%, breaking its six-day streak of losses.
In Abu Dhabi, the index (.FTFADGI) closed 1.6% lower.
Most markets in the Middle East ended lower on Tuesday, in tandem with global markets, while sentiment in Saudi Arabia and Egypt was boosted amid higher oil prices.
World stocks slipped and the dollar held firm with data expected to show annual U.S. inflation rising at its fastest pace in 40 years.
Oil prices edged higher after concerns over Chinese demand eased once Shanghai said that more than 7,000 residential units had been classified as lower-risk areas with no new infections reported for 14 days. read more
Shares of Dubai Electricity and Water Authority (DEWA) closed at 2.87 dirhams, up from the issue price of 2.48 dirhams per share in its $6.1 billion initial public offering (IPO), the region's biggest since Saudi Aramco (2222.SE). read more
Investors had been flocking to Dubai since the subscription began last month, but DEWA's stellar debut was not able to lift sentiment on Tuesday, with Dubai's main share index (.DFMGI) down 0.5%.
"Investors are reacting to the falls in international markets on one side and the enthusiasm for DEWA's trading debut on the other. In this regard, DEWA is recording double-digit growth," said Farah Mourad, senior market analyst of XTB MENA.
The Qatari index (.QSI) fell 2.6% after rising for the previous six sessions. The index posted its biggest daily percentage fall since Nov. 28.
Saudi Arabia's benchmark index (.TASI) ended up nearly 1% with state-run Saudi Aramco (2222.SE) up 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.6%, breaking its six-day streak of losses.
In Abu Dhabi, the index (.FTFADGI) closed 1.6% lower.
Utility’s share pop turns on #Dubai’s IPO pipeline | Reuters
Utility’s share pop turns on Dubai’s IPO pipeline | Reuters
Interest rates might be rising but some utilities still look red hot. An initial public offering of Dubai Electricity and Water Authority (DEWAA.DU) (DEWA) jumped 20% on its first trading day on Tuesday, valuing the company at 149 billion dirhams ($40.6 billion). The deal, triple the original size and priced at the top end of its indicative price range, raised $6.1 billion for its owner, the Dubai government. There’s further room to run, too.
Even after the strong start, DEWA’s enterprise value looks cheap relative to regional and European rivals. At 12.7 times the EBITDA it is expected to generate in 2022, European and Gulf-based water and energy providers including Snam (SRG.MI), Elia (ELI.BR), National Grid (NG.L), United Utilities (UU.L), Tabreed (TABR.DU) and Qatar Fuel (QFLS.QA) trade on an average 14 times. What’s more, its 5% dividend yield is higher than the 3.6% average of those peers, and a heavy presence of foreigners amongst DEWA’s customers means it’s easier for it to raise prices as needed. The biggest public share sale for the region since Saudi Aramco’s (2222.SE) in 2019 is a win for the government looking to prime the Dubai Financial Market for more share sales, including its flag carrier Emirates.
Interest rates might be rising but some utilities still look red hot. An initial public offering of Dubai Electricity and Water Authority (DEWAA.DU) (DEWA) jumped 20% on its first trading day on Tuesday, valuing the company at 149 billion dirhams ($40.6 billion). The deal, triple the original size and priced at the top end of its indicative price range, raised $6.1 billion for its owner, the Dubai government. There’s further room to run, too.
Even after the strong start, DEWA’s enterprise value looks cheap relative to regional and European rivals. At 12.7 times the EBITDA it is expected to generate in 2022, European and Gulf-based water and energy providers including Snam (SRG.MI), Elia (ELI.BR), National Grid (NG.L), United Utilities (UU.L), Tabreed (TABR.DU) and Qatar Fuel (QFLS.QA) trade on an average 14 times. What’s more, its 5% dividend yield is higher than the 3.6% average of those peers, and a heavy presence of foreigners amongst DEWA’s customers means it’s easier for it to raise prices as needed. The biggest public share sale for the region since Saudi Aramco’s (2222.SE) in 2019 is a win for the government looking to prime the Dubai Financial Market for more share sales, including its flag carrier Emirates.
#SaudiArabia leads OPEC decision to drop IEA data as US ties fray | Reuters
Saudi Arabia leads OPEC decision to drop IEA data as US ties fray | Reuters
A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West's energy watchdog reflected concern about U.S. influence on the figures, sources close to the matter said, adding to strain on ties between Riyadh and Washington.
The Organization of the Petroleum Exporting Countries and allies including Russia, a group referred to as OPEC+, has so far ignored Western calls to increase output to try to lower oil prices of around $100 a barrel .
The issue is delicate as expensive energy, in part because of Russia's war with Ukraine, has stoked inflation and as U.S. President Joe Biden faces pressure to lower record U.S. gasoline prices ahead of mid-term elections in November.
Any willingness on the part of Riyadh and its allies to help the United States has been eroded as Washington has not addressed Gulf concerns about Iran at nuclear talks in Vienna, has ended its support for offensive operations by a Saudi-led coalition in Yemen and imposed conditions on U.S. weapons sales to Gulf states.
A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West's energy watchdog reflected concern about U.S. influence on the figures, sources close to the matter said, adding to strain on ties between Riyadh and Washington.
The Organization of the Petroleum Exporting Countries and allies including Russia, a group referred to as OPEC+, has so far ignored Western calls to increase output to try to lower oil prices of around $100 a barrel .
The issue is delicate as expensive energy, in part because of Russia's war with Ukraine, has stoked inflation and as U.S. President Joe Biden faces pressure to lower record U.S. gasoline prices ahead of mid-term elections in November.
Any willingness on the part of Riyadh and its allies to help the United States has been eroded as Washington has not addressed Gulf concerns about Iran at nuclear talks in Vienna, has ended its support for offensive operations by a Saudi-led coalition in Yemen and imposed conditions on U.S. weapons sales to Gulf states.
DEWA IPO: #Dubai Utility Company’s Shares Surge in Trading Debut - Bloomberg
DEWA IPO: Dubai Utility Company’s Shares Surge in Trading Debut - Bloomberg
Dubai Electricity & Water Authority jumped in its trading debut after raising $6.1 billion in the world’s second-biggest initial public offering this year, kick starting a flurry of listings out of the city.
Shares of Dubai’s main utility soared as much as 23% before closing up 16% at 2.87 dirhams, giving it a market value of $39 billion. The stock priced at 2.48 dirhams per share in the IPO, which was the top end of the marketed range.
The deal is the latest sign of feverish appetite for IPOs from the Gulf Arab region. DEWA almost tripled the size of its offer to an 18% stake in the face of huge demand, drawing orders worth $86 billion, excluding cornerstone and strategic investors.
“DEWA’s performance on the first day was expected given the strong oversubscription seen in the IPO,” said Faisal Hasan, chief investment officer at Al Mal Capital. “It is an attractive dividend play in the conservative utilities sector and will be part of portfolios as a defensive stock.”
Dubai Electricity & Water Authority jumped in its trading debut after raising $6.1 billion in the world’s second-biggest initial public offering this year, kick starting a flurry of listings out of the city.
Shares of Dubai’s main utility soared as much as 23% before closing up 16% at 2.87 dirhams, giving it a market value of $39 billion. The stock priced at 2.48 dirhams per share in the IPO, which was the top end of the marketed range.
The deal is the latest sign of feverish appetite for IPOs from the Gulf Arab region. DEWA almost tripled the size of its offer to an 18% stake in the face of huge demand, drawing orders worth $86 billion, excluding cornerstone and strategic investors.
“DEWA’s performance on the first day was expected given the strong oversubscription seen in the IPO,” said Faisal Hasan, chief investment officer at Al Mal Capital. “It is an attractive dividend play in the conservative utilities sector and will be part of portfolios as a defensive stock.”
Oil rises on OPEC warning and easing of Shanghai COVID curbs | Reuters
Oil rises on OPEC warning and easing of Shanghai COVID curbs | Reuters
Oil prices climbed on Tuesday as Shanghai's relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia.
Brent crude futures rose by $3.26, or 3.31%, to $101.74 a barrel at 1002 GMT while U.S. West Texas Intermediate was up $3.01, or 3.19%, at $97.30. Both contracts lost about 4% on Monday.
Shanghai said on Monday that more than 7,000 residential units had been classified as lower-risk areas after reporting no new infections for 14 days and districts have since been announcing which compounds can be opened up. read more
The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, warned that it would be impossible to replace 7 million barrels per day (bpd) of Russian oil and other liquids exports lost in the event of sanctions or voluntary actions. read more
Oil prices climbed on Tuesday as Shanghai's relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia.
Brent crude futures rose by $3.26, or 3.31%, to $101.74 a barrel at 1002 GMT while U.S. West Texas Intermediate was up $3.01, or 3.19%, at $97.30. Both contracts lost about 4% on Monday.
Shanghai said on Monday that more than 7,000 residential units had been classified as lower-risk areas after reporting no new infections for 14 days and districts have since been announcing which compounds can be opened up. read more
The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, warned that it would be impossible to replace 7 million barrels per day (bpd) of Russian oil and other liquids exports lost in the event of sanctions or voluntary actions. read more
ADQ and Chimera Capital set up #AbuDhabi's first SPAC | Reuters
ADQ and Chimera Capital set up Abu Dhabi's first SPAC | Reuters
Abu Dhabi state holding firm ADQ and investment firm Chimera Capital have set up a blank-check company that will raise 367 million dirhams ($99.93 million) and list in the capital, according to a statement on Tuesday.
The United Arab Emirates' Securities and Commodities Authority in January approved a regulatory framework for blank-check firms, more commonly known as special purpose acquisition companies (SPACs). read more
SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.
ADC Acquisition Corporation, the SPAC, will sell 36.7 million shares to investors at an offer price of 10 dirhams, which will be listed on the Abu Dhabi Securities Exchange, ADQ and Chimera Capital said in a statement. They did not provide information on the timing of the deal.
ADC will be tasked with identifying and combining one or more businesses, the statement said.
Abu Dhabi state holding firm ADQ and investment firm Chimera Capital have set up a blank-check company that will raise 367 million dirhams ($99.93 million) and list in the capital, according to a statement on Tuesday.
The United Arab Emirates' Securities and Commodities Authority in January approved a regulatory framework for blank-check firms, more commonly known as special purpose acquisition companies (SPACs). read more
SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.
ADC Acquisition Corporation, the SPAC, will sell 36.7 million shares to investors at an offer price of 10 dirhams, which will be listed on the Abu Dhabi Securities Exchange, ADQ and Chimera Capital said in a statement. They did not provide information on the timing of the deal.
ADC will be tasked with identifying and combining one or more businesses, the statement said.
#Israel’s ‘Abraham Accords’ 2021 Defense Exports Hit $791 Million - Bloomberg
Israel’s ‘Abraham Accords’ 2021 Defense Exports Hit $791 Million - Bloomberg
The value of Israeli defense exports to countries with which it normalized relations in 2020 reached almost $800 million last year, with the country’s defense industry seeing a 36% year-on-year rise in the value of exports around the world, fueled by air defense systems and training services.
Exports reached $11.3 billion last year, up from $8.3 billion in 2020, according to the Defense Ministry, with the majority of the revenues coming from Europe and the Asia Pacific region. Seven percent of exports, worth $791 million, went to “Abraham Accords” countries, the ministry said.
Almost 40% of the agreements struck last year were worth more than $100 million, according to the Defense Ministry.
Israel agreed to normalize diplomatic relations with the United Arab Emirates, Bahrain, Morocco and Sudan in a series of deals brokered by the Trump administration in 2020. Israel and the Emirates have since seen trade flourish in a range of areas, while Bahrain and Morocco have also committed to advancing trade and security ties, among other areas of cooperation. Israel’s diplomatic talks with Sudan stalled last year after an attempted military coup.
The Defense Ministry has “expanded its market by strengthening ties with the region as well as building new ties with countries around the world,” Defense Minister Benny Gantz said.
The value of Israeli defense exports to countries with which it normalized relations in 2020 reached almost $800 million last year, with the country’s defense industry seeing a 36% year-on-year rise in the value of exports around the world, fueled by air defense systems and training services.
Exports reached $11.3 billion last year, up from $8.3 billion in 2020, according to the Defense Ministry, with the majority of the revenues coming from Europe and the Asia Pacific region. Seven percent of exports, worth $791 million, went to “Abraham Accords” countries, the ministry said.
Almost 40% of the agreements struck last year were worth more than $100 million, according to the Defense Ministry.
Israel agreed to normalize diplomatic relations with the United Arab Emirates, Bahrain, Morocco and Sudan in a series of deals brokered by the Trump administration in 2020. Israel and the Emirates have since seen trade flourish in a range of areas, while Bahrain and Morocco have also committed to advancing trade and security ties, among other areas of cooperation. Israel’s diplomatic talks with Sudan stalled last year after an attempted military coup.
The Defense Ministry has “expanded its market by strengthening ties with the region as well as building new ties with countries around the world,” Defense Minister Benny Gantz said.
Watch Chandrasekaran: We Remain Overweight on #Qatar - Bloomberg video
Watch Chandrasekaran: We Remain Overweight on Qatar - Bloomberg
Aarthi Chandrasekaran, Senior Vice President, Fund Manager at Shuaa Asset Management discusses her investment strategy for the MENA region as the 1Q earnings season gets underway. She speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#UAE’s Adnoc Buys Gas Tankers From China as Part of LNG Push - Bloomberg
UAE’s Adnoc Buys Gas Tankers From China as Part of LNG Push - Bloomberg
Abu Dhabi is increasing its fleet of liquefied natural gas tankers as the Persian Gulf producer raises output capacity amid a global shortage of the fuel.
State producer Abu Dhabi National Oil Co.’s shipping unit is buying two new LNG tankers from China that are expected to be delivered in 2025. They will be built at the Jiangnan Shipyard in Shanghai and bigger than any LNG vessels currently in Adnoc’s fleet, the company said.
Adnoc is spending billions of dollars to pump more crude and gas, believing demand will stay strong for decades. Markets for both have tightened since Russia’s attack on Ukraine, which has disrupted flows.
European buyers are looking to replace Russian gas supplies, indicating demand will remain elevated beyond an immediate supply crisis that hit the continent last year. Global LNG consumption will rise 60% through 2030, according to Morgan Stanley.
Adnoc’s acquired 16 ocean-going vessels over the past two years, including eight of the biggest class of crude tankers, it said.
The company aims to raise oil-production capacity by a quarter to 5 million barrels a day and to become self-sufficient in gas production by the end of the decade. The United Arab Emirates, of which Abu Dhabi is the capital, is evaluating plans to double production capacity of LNG to 12 million tons annually in the next five years.
Abu Dhabi is increasing its fleet of liquefied natural gas tankers as the Persian Gulf producer raises output capacity amid a global shortage of the fuel.
State producer Abu Dhabi National Oil Co.’s shipping unit is buying two new LNG tankers from China that are expected to be delivered in 2025. They will be built at the Jiangnan Shipyard in Shanghai and bigger than any LNG vessels currently in Adnoc’s fleet, the company said.
Adnoc is spending billions of dollars to pump more crude and gas, believing demand will stay strong for decades. Markets for both have tightened since Russia’s attack on Ukraine, which has disrupted flows.
European buyers are looking to replace Russian gas supplies, indicating demand will remain elevated beyond an immediate supply crisis that hit the continent last year. Global LNG consumption will rise 60% through 2030, according to Morgan Stanley.
Adnoc’s acquired 16 ocean-going vessels over the past two years, including eight of the biggest class of crude tankers, it said.
The company aims to raise oil-production capacity by a quarter to 5 million barrels a day and to become self-sufficient in gas production by the end of the decade. The United Arab Emirates, of which Abu Dhabi is the capital, is evaluating plans to double production capacity of LNG to 12 million tons annually in the next five years.
Uber Woes Highlight #SaudiArabia’s Struggles - Bloomberg
Uber Woes Highlight Saudi Arabia’s Struggles - Bloomberg
Businesses used to complaining about the sclerotic pace of Saudi Arabia's policymaking now struggle to keep up.
Ride-hailing apps are a case in point. The kingdom, with almost no public transport, appeared a dream destination for companies such as Uber, which even got a $3.5 billion investment from the Saudi sovereign wealth fund in 2016.
Yet contradictions inherent within Crown Prince Mohammed bin Salman’s plan to diversify the economy from oil have made life difficult for Uber and rivals like Bolt.
Wait times for cars have soared since the government enforced a rule last year that all drivers must be Saudis. While that’s part of a broad push to create jobs for citizens, it ruled out the millions of foreign migrants in the country.
Businesses used to complaining about the sclerotic pace of Saudi Arabia's policymaking now struggle to keep up.
Ride-hailing apps are a case in point. The kingdom, with almost no public transport, appeared a dream destination for companies such as Uber, which even got a $3.5 billion investment from the Saudi sovereign wealth fund in 2016.
Yet contradictions inherent within Crown Prince Mohammed bin Salman’s plan to diversify the economy from oil have made life difficult for Uber and rivals like Bolt.
Wait times for cars have soared since the government enforced a rule last year that all drivers must be Saudis. While that’s part of a broad push to create jobs for citizens, it ruled out the millions of foreign migrants in the country.
Global Oil Market Swings From Chaos to Calm as War Shock Ebbs - Bloomberg
Global Oil Market Swings From Chaos to Calm as War Shock Ebbs - Bloomberg
Global crude markets have swung from chaos to calm in just a few weeks as frenzied trading and a run-up in prices triggered by Russia’s invasion of Ukraine gives way to a return to more normal conditions.
The shift can be seen in everything from a roller-coaster ride in futures to big fluctuations in spot differentials, which ballooned when the crisis erupted, then narrowed. The premiums for varieties from the Middle East to West Africa have come back down as some Russian flows continue, a virus outbreak hurts Chinese demand, and the U.S. and allies tapped stockpiles, traders said.
The world’s most important commodity hit almost $140 a barrel in early March as the war stoked concern the OPEC+ producer would be unable to deliver any cargoes. That didn’t happen as a dependent Europe continued to take barrels of Russia’s Urals crude, and more flows got snapped up in Asia. At the same time, the U.S. and its allies agreed to deliver an unprecedented release of strategic reserves, dragging prices back toward $100.
“Physical prices have suffered,” said Giovanni Staunovo, a commodity analyst at UBS Group AG’s global wealth-management unit, citing Russian exports not falling as some expected and releases of reserves. In addition, there’s been weaker demand in China and Russia on mobility curbs and sanctions, he said.
Global crude markets have swung from chaos to calm in just a few weeks as frenzied trading and a run-up in prices triggered by Russia’s invasion of Ukraine gives way to a return to more normal conditions.
The shift can be seen in everything from a roller-coaster ride in futures to big fluctuations in spot differentials, which ballooned when the crisis erupted, then narrowed. The premiums for varieties from the Middle East to West Africa have come back down as some Russian flows continue, a virus outbreak hurts Chinese demand, and the U.S. and allies tapped stockpiles, traders said.
The world’s most important commodity hit almost $140 a barrel in early March as the war stoked concern the OPEC+ producer would be unable to deliver any cargoes. That didn’t happen as a dependent Europe continued to take barrels of Russia’s Urals crude, and more flows got snapped up in Asia. At the same time, the U.S. and its allies agreed to deliver an unprecedented release of strategic reserves, dragging prices back toward $100.
“Physical prices have suffered,” said Giovanni Staunovo, a commodity analyst at UBS Group AG’s global wealth-management unit, citing Russian exports not falling as some expected and releases of reserves. In addition, there’s been weaker demand in China and Russia on mobility curbs and sanctions, he said.
Oil rises as Shanghai eases some COVID curbs, OPEC warns of tight supply | Reuters
Oil rises as Shanghai eases some COVID curbs, OPEC warns of tight supply | Reuters
Oil prices climbed on Tuesday on easing concerns about demand in China after Shanghai relaxed some COVID-19-related restrictions and OPEC warned it would be impossible to increase output enough to offset lost Russian supply.
Brent crude futures were up $2.98 or 3.03% to $101.46 a barrel, and U.S. West Texas Intermediate was up $3 or 3.18% to $97.29 a barrel at 0640 GMT. Both contracts had settled down around 4% on Monday.
Shanghai said on Monday that more than 7,000 residential units had been classified as lower-risk areas after reporting no new infections for 14 days, and districts have since been announcing which compounds can be opened up. read more
"Market sentiment is in see-saw mode, both on the supply and the demand front," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Oil prices climbed on Tuesday on easing concerns about demand in China after Shanghai relaxed some COVID-19-related restrictions and OPEC warned it would be impossible to increase output enough to offset lost Russian supply.
Brent crude futures were up $2.98 or 3.03% to $101.46 a barrel, and U.S. West Texas Intermediate was up $3 or 3.18% to $97.29 a barrel at 0640 GMT. Both contracts had settled down around 4% on Monday.
Shanghai said on Monday that more than 7,000 residential units had been classified as lower-risk areas after reporting no new infections for 14 days, and districts have since been announcing which compounds can be opened up. read more
"Market sentiment is in see-saw mode, both on the supply and the demand front," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
DEWA IPO: #Dubai Utility Company’s Shares Surge in Trading Debut - Bloomberg
DEWA IPO: Dubai Utility Company’s Shares Surge in Trading Debut - Bloomberg
Dubai Electricity & Water Authority jumped in its trading debut after raising $6.1 billion in the world’s second-biggest initial public offering this year, kick-starting a flurry of listings out of the city.
Shares of Dubai’s main utility soared as much as 23% before paring gains to 17% at 11:54 a.m. local time. The stock is trading at 2.89 dirhams after an offer price of 2.48 dirhams, which was the top end of the marketed range. The IPO valued DEWA at $33.8 billion.
The deal is the latest sign of feverish appetite for IPOs from the Gulf Arab region. DEWA almost tripled the size of its offer to 18% in the face of huge demand, drawing orders worth $86 billion, excluding cornerstone and strategic investors.
“DEWA’s performance on the first day was expected given the strong oversubscription seen in the IPO,” said Faisal Hasan, chief investment officer at Al Mal Capital. “It is an attractive dividend play in the conservative utilities sector and will be part of portfolios as a defensive stock.”
Dubai Electricity & Water Authority jumped in its trading debut after raising $6.1 billion in the world’s second-biggest initial public offering this year, kick-starting a flurry of listings out of the city.
Shares of Dubai’s main utility soared as much as 23% before paring gains to 17% at 11:54 a.m. local time. The stock is trading at 2.89 dirhams after an offer price of 2.48 dirhams, which was the top end of the marketed range. The IPO valued DEWA at $33.8 billion.
The deal is the latest sign of feverish appetite for IPOs from the Gulf Arab region. DEWA almost tripled the size of its offer to 18% in the face of huge demand, drawing orders worth $86 billion, excluding cornerstone and strategic investors.
“DEWA’s performance on the first day was expected given the strong oversubscription seen in the IPO,” said Faisal Hasan, chief investment officer at Al Mal Capital. “It is an attractive dividend play in the conservative utilities sector and will be part of portfolios as a defensive stock.”
Major Gulf shares fall, DEWA rises 20% on debut | Reuters
Major Gulf shares fall, DEWA rises 20% on debut | Reuters
Major Gulf bourses fell on Tuesday, tracking muted global sentiment, while shares in Dubai Electricity and Water Authority (DEWA) jumped about 20% on their market debut.
Oil prices edged higher after concerns over demand pressure in China eased once Shanghai said that more than 7,000 residential units had been classified as lower-risk areas with no new infections reported for 14 days. read more
Asian shares were mostly weak, while the U.S. dollar held strong ahead of U.S. inflation data which could foreshadow even more aggressive interest rate hikes from the Federal Reserve.
DEWA shares rose to 2.98 dirhams ($0.8114), up from the issue price of 2.48 dirhams per share in its $6.1 billion initial public offering (IPO), the region's biggest since Saudi Aramco (2222.SE). read more
Investors had been flocking to Dubai since the subscription began last month, but DEWA's stellar debut was not able to lift sentiment on Tuesday, with Dubai's main share index (.DFMGI) down 0.7%.
Real estate giant Emaar Properties (EMAR.DU) was the top drag, with its 1.5% fall.
In Abu Dhabi, the index (.FTFADGI) was down 0.3%.
Saudi Arabia's benchmark index (.TASI) rose 0.3%, with state-run Saudi Aramco (2222.SE) trading flat.
The Qatari index (.QSI) fell 1.1% after rising for the previous six sessions.
Major Gulf bourses fell on Tuesday, tracking muted global sentiment, while shares in Dubai Electricity and Water Authority (DEWA) jumped about 20% on their market debut.
Oil prices edged higher after concerns over demand pressure in China eased once Shanghai said that more than 7,000 residential units had been classified as lower-risk areas with no new infections reported for 14 days. read more
Asian shares were mostly weak, while the U.S. dollar held strong ahead of U.S. inflation data which could foreshadow even more aggressive interest rate hikes from the Federal Reserve.
DEWA shares rose to 2.98 dirhams ($0.8114), up from the issue price of 2.48 dirhams per share in its $6.1 billion initial public offering (IPO), the region's biggest since Saudi Aramco (2222.SE). read more
Investors had been flocking to Dubai since the subscription began last month, but DEWA's stellar debut was not able to lift sentiment on Tuesday, with Dubai's main share index (.DFMGI) down 0.7%.
Real estate giant Emaar Properties (EMAR.DU) was the top drag, with its 1.5% fall.
In Abu Dhabi, the index (.FTFADGI) was down 0.3%.
Saudi Arabia's benchmark index (.TASI) rose 0.3%, with state-run Saudi Aramco (2222.SE) trading flat.
The Qatari index (.QSI) fell 1.1% after rising for the previous six sessions.
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