U.S. oil settles below $100 a barrel on economic worries, strong dollar | Reuters
U.S. crude oil price settled below $100 a barrel on Tuesday to its lowest level in two weeks as the demand outlook was pressured by coronavirus lockdowns in China and growing recession risks, while a strong dollar made crude more expensive for buyers using other currencies.
U.S. West Texas Intermediate crude settled down $3.33, or 3.2%, to $99.76 a barrel, while Brent crude was down $3.48, or 3.28%, at $102.46 a barrel. Both benchmarks were down for a second straight day and fell by more than $4 a barrel earlier on Tuesday.
Wall Street's main indexes also turned lower in volatile trading on concerns over aggressive monetary policy tightening and slowing economic growth.
Early in the session, comments from the Saudi and UAE energy ministers boosted Brent and WTI up by more than $1 a barrel.
"These are volatile times, the daily price bars are outsized these days," said John Kilduff, a partner at Again Capital LLC.
"As the EU continues to dither over whether or not they are going to embargo that Russian oil, that changes the calculus very much as well in both directions," he added.
Tuesday, 10 May 2022
#Dubai says Q1 international visitors up 214% this year | Reuters
Dubai says Q1 international visitors up 214% this year | Reuters
Dubai hosted3.97 million overnight international visitors in the first quarter of 2022, up 214% from the same period last year, the emirate's government said on Tuesday.
The Expo 2020 Dubai world fair, which ran from October to March and which Dubai looked to as a to boost its economy, saw 24 million visits by domestic and international tourists, a report by Dubai's executive council said.
After travel curbs and curfews in the early days of the pandemic, Dubai, one of the United Arab Emirates seven emirates and a regional trade and tourism hub, was one of the few international tourism hubs which stayed open to visitors through repeated global lockdowns.
Dubai's Crown Prince Hamdan bin Mohammed said the growth in visitors was evidence that Dubai was at the forefront of a global tourism recovery.
Dubai topped global hotel occupancy rates in the first quarter of 2022, at 82%, the report said.
Dubai hosted3.97 million overnight international visitors in the first quarter of 2022, up 214% from the same period last year, the emirate's government said on Tuesday.
The Expo 2020 Dubai world fair, which ran from October to March and which Dubai looked to as a to boost its economy, saw 24 million visits by domestic and international tourists, a report by Dubai's executive council said.
After travel curbs and curfews in the early days of the pandemic, Dubai, one of the United Arab Emirates seven emirates and a regional trade and tourism hub, was one of the few international tourism hubs which stayed open to visitors through repeated global lockdowns.
Dubai's Crown Prince Hamdan bin Mohammed said the growth in visitors was evidence that Dubai was at the forefront of a global tourism recovery.
Dubai topped global hotel occupancy rates in the first quarter of 2022, at 82%, the report said.
Emirates hopes to start repaying Dubai $4.1 billion in COVID-19 aid soon | Reuters
Emirates hopes to start repaying Dubai $4.1 billion in COVID-19 aid soon | Reuters
Dubai's Emirates hopes that it will this fiscal year start paying back the 15 billion dirhams ($4.1 billion) in state assistance it receive from the government during the pandemic, its chairman said on Monday.
The Dubai government injected billions of dollar into its flagship airline via equity injections over the course of the pandemic that had at one stage crippled international travel.
Sheikh Ahmed said the government, the airline's sole shareholder, would be repaid through dividend payments starting in the current financial year which runs until March 31, 2023.
He did not say how much could be paid this year or when the entire amount would be repaid.
Dubai's Emirates hopes that it will this fiscal year start paying back the 15 billion dirhams ($4.1 billion) in state assistance it receive from the government during the pandemic, its chairman said on Monday.
The Dubai government injected billions of dollar into its flagship airline via equity injections over the course of the pandemic that had at one stage crippled international travel.
Sheikh Ahmed said the government, the airline's sole shareholder, would be repaid through dividend payments starting in the current financial year which runs until March 31, 2023.
He did not say how much could be paid this year or when the entire amount would be repaid.
U.S. oil dips below $100 a barrel on economic worries, strong dollar | Reuters
U.S. oil dips below $100 a barrel on economic worries, strong dollar | Reuters
The U.S. crude oil price dipped below $100 a barrel on Tuesday to its lowest level in two weeks as the demand outlook was pressured by coronavirus lockdowns in China and growing recession risks, while a strong dollar made crude more expensive for buyers using other currencies.
U.S. West Texas Intermediate crude was down $2.97, or 2.9%, to $100.11 a barrel by 12:35 p.m. EDT (1635 GMT). Brent crude was down $3.06, or 2.89%, at $102.89 a barrel. Both benchmarks were down for a second straight day and fell by more than $4 a barrel earlier on Tuesday.
Wall Street's main indexes also turned lower in volatile trading on concerns over aggressive monetary policy tightening and slowing economic growth.
Early in the session, comments from the Saudi and UAE energy ministers boosted Brent and WTI up by more than $1 a barrel.
The U.S. crude oil price dipped below $100 a barrel on Tuesday to its lowest level in two weeks as the demand outlook was pressured by coronavirus lockdowns in China and growing recession risks, while a strong dollar made crude more expensive for buyers using other currencies.
U.S. West Texas Intermediate crude was down $2.97, or 2.9%, to $100.11 a barrel by 12:35 p.m. EDT (1635 GMT). Brent crude was down $3.06, or 2.89%, at $102.89 a barrel. Both benchmarks were down for a second straight day and fell by more than $4 a barrel earlier on Tuesday.
Wall Street's main indexes also turned lower in volatile trading on concerns over aggressive monetary policy tightening and slowing economic growth.
Early in the session, comments from the Saudi and UAE energy ministers boosted Brent and WTI up by more than $1 a barrel.
SoftBank-Backed Unicorn Kitopi Has Appetite for Restaurant Deals - Bloomberg
SoftBank-Backed Unicorn Kitopi Has Appetite for Restaurant Deals - Bloomberg
In a world where virtual kitchens are mushrooming, the Middle East’s market leader in that sector is trying a different recipe. SoftBank Group Corp.-backed Kitopi in recent months has been investing in bricks-and-mortar restaurants, the company’s chief executive said.
The firm, whose name is a portmanteau of Kitchen Utopia, is betting that despite a global surge in ordering food online, about a fifth of fast-food and casual diners will continue to consume food on site, Mohamad Ballout said in an interview.
As a result, the Dubai-based startup has deployed “a few hundred millions of dollars” on nearly a dozen fast-food brands in its core Gulf markets, the United Arab Emirates, Kuwait and Saudi Arabia, in recent months, said Ballout. “There’s a world we see where consumers still want to go experience something in person.”
The spending spree comes after Kitopi received a big boost to its coffers. Last year it raised $415 million from a group of investors led by SoftBank’s Vision Fund 2 - its first in a business headquartered in the United Arab Emirates and one of the largest funding rounds to date in the Middle East. Among the other investors participating were Abu Dhabi’s Chimera, Turkey’s Dogus Group, and California-based Next Play Capital.
In a world where virtual kitchens are mushrooming, the Middle East’s market leader in that sector is trying a different recipe. SoftBank Group Corp.-backed Kitopi in recent months has been investing in bricks-and-mortar restaurants, the company’s chief executive said.
The firm, whose name is a portmanteau of Kitchen Utopia, is betting that despite a global surge in ordering food online, about a fifth of fast-food and casual diners will continue to consume food on site, Mohamad Ballout said in an interview.
As a result, the Dubai-based startup has deployed “a few hundred millions of dollars” on nearly a dozen fast-food brands in its core Gulf markets, the United Arab Emirates, Kuwait and Saudi Arabia, in recent months, said Ballout. “There’s a world we see where consumers still want to go experience something in person.”
The spending spree comes after Kitopi received a big boost to its coffers. Last year it raised $415 million from a group of investors led by SoftBank’s Vision Fund 2 - its first in a business headquartered in the United Arab Emirates and one of the largest funding rounds to date in the Middle East. Among the other investors participating were Abu Dhabi’s Chimera, Turkey’s Dogus Group, and California-based Next Play Capital.
MIDEAST STOCKS- #Saudi leads Gulf bourses lower on growth worries
MIDEAST STOCKS-Saudi leads Gulf bourses lower on growth worries
Saudi Arabia led Gulf stock markets lower on Tuesday as rising interest rates and lower economic growth rattled investors. Investors remained cautious, expecting an increased impact from tightening U.S. monetary policy while the conflict between Russia and Ukraine continues to fuel concerns, said Farah Mourad, senior market analyst at XTB MENA.
Saudi Arabia's benchmark index closed 2.2% lower after its biggest intraday fall since late November, with the country's largest Islamic lender Al Rajhi Bank tumbling 4.1%. Oil prices, a key driver of Gulf financial markets, fell in volatile trade as the market balanced impending European Union sanctions on Russian oil with demand concerns related to coronavirus lockdowns in China, a strong dollar and growing recession risks.
Dubai's main share index eased 0.7%, dragged down by a 3.1% fall in top lender Emirates NBD and a 1% decline in blue-chip developer Emaar Properties. In Abu Dhabi, the index fell 0.9%, while the Qatari benchmark eased 0.5%.
The United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition. Insured workers would receive money for a limited period of time if made unemployed, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum, who is also the ruler of trade hub Dubai, said on Twitter, citing a cabinet decision. Outside the Gulf, Egypt's blue-chip index closed 0.9% lower, with most of its stocks in negative territory including Abu Qir Fertilizers, which was down 3.8%.
The Egyptian market is also feeling the impact of strong inflation in particular as agricultural products like wheat remain difficult to import due to the ongoing conflict in Ukraine, according to Mourad.
SAUDI ARABIA down 2.2% to 13,509
Saudi Arabia led Gulf stock markets lower on Tuesday as rising interest rates and lower economic growth rattled investors. Investors remained cautious, expecting an increased impact from tightening U.S. monetary policy while the conflict between Russia and Ukraine continues to fuel concerns, said Farah Mourad, senior market analyst at XTB MENA.
Saudi Arabia's benchmark index closed 2.2% lower after its biggest intraday fall since late November, with the country's largest Islamic lender Al Rajhi Bank tumbling 4.1%. Oil prices, a key driver of Gulf financial markets, fell in volatile trade as the market balanced impending European Union sanctions on Russian oil with demand concerns related to coronavirus lockdowns in China, a strong dollar and growing recession risks.
Dubai's main share index eased 0.7%, dragged down by a 3.1% fall in top lender Emirates NBD and a 1% decline in blue-chip developer Emaar Properties. In Abu Dhabi, the index fell 0.9%, while the Qatari benchmark eased 0.5%.
The United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition. Insured workers would receive money for a limited period of time if made unemployed, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum, who is also the ruler of trade hub Dubai, said on Twitter, citing a cabinet decision. Outside the Gulf, Egypt's blue-chip index closed 0.9% lower, with most of its stocks in negative territory including Abu Qir Fertilizers, which was down 3.8%.
The Egyptian market is also feeling the impact of strong inflation in particular as agricultural products like wheat remain difficult to import due to the ongoing conflict in Ukraine, according to Mourad.
SAUDI ARABIA down 2.2% to 13,509
ABU DHABI lost 0.9% to 9,915
DUBAI dropped 0.7% to 3,598
QATAR declined 0.5% to 13,450
EGYPT fell 0.9% to 10,811
BAHRAIN retreated 2% to 1,988
OMAN fell 0.5% to 4,155
KUWAIT eased 1.1% to 9,233
#Saudi Oil Chief Says All Energy Sectors Running Out of Capacity - Bloomberg video
Saudi Oil Chief Says All Energy Sectors Running Out of Capacity - Bloomberg
The oil ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing in all energy sectors as producers slash investment, causing everything from crude to diesel and natural gas to trade at or near record highs.
“I am a dinosaur, but I have never seen these things,” Saudi minister Prince Abdulaziz bin Salman, who’s been attending OPEC meetings since the 1980s, said Tuesday at a conference in Abu Dhabi, referring to the surge in prices for refined products. “The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels.”
The comments came as U.S. gasoline pump prices rose to a record. Those for diesel did so in March.
The prince’s UAE counterpart, Suhail al Mazrouei, said that without more investment across the globe, OPEC+ wouldn’t be able to guarantee sufficient supplies of oil when demand fully recovers from the coronavirus pandemic.
The oil ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing in all energy sectors as producers slash investment, causing everything from crude to diesel and natural gas to trade at or near record highs.
“I am a dinosaur, but I have never seen these things,” Saudi minister Prince Abdulaziz bin Salman, who’s been attending OPEC meetings since the 1980s, said Tuesday at a conference in Abu Dhabi, referring to the surge in prices for refined products. “The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels.”
The comments came as U.S. gasoline pump prices rose to a record. Those for diesel did so in March.
The prince’s UAE counterpart, Suhail al Mazrouei, said that without more investment across the globe, OPEC+ wouldn’t be able to guarantee sufficient supplies of oil when demand fully recovers from the coronavirus pandemic.
Oil drops as economic worries, strong dollar weigh | Reuters
Oil drops as economic worries, strong dollar weigh | Reuters
Oil prices fell in volatile trade on Tuesday as the market balanced impending European Union sanctions on Russian oil with demand concerns related to coronavirus lockdowns in China, a strong dollar and growing recession risks.
Brent crude was down 69 cents, or 0.6%, at $105.25 a barrel at 1233 GMT, while U.S. West Texas Intermediate crude fell 45 cents, or 0.4%, to $102.64 a barrel.
Both contracts fell by more than $2 per barrel earlier in the session.
"The combination of COVID-related lockdowns in China and worldwide interest rate increases to battle inflation put equity investors on the back foot, strengthened the dollar and significantly raised concerns of economic slowdown," said Tamas Varga of oil broker PVM.
Oil prices fell in volatile trade on Tuesday as the market balanced impending European Union sanctions on Russian oil with demand concerns related to coronavirus lockdowns in China, a strong dollar and growing recession risks.
Brent crude was down 69 cents, or 0.6%, at $105.25 a barrel at 1233 GMT, while U.S. West Texas Intermediate crude fell 45 cents, or 0.4%, to $102.64 a barrel.
Both contracts fell by more than $2 per barrel earlier in the session.
"The combination of COVID-related lockdowns in China and worldwide interest rate increases to battle inflation put equity investors on the back foot, strengthened the dollar and significantly raised concerns of economic slowdown," said Tamas Varga of oil broker PVM.
Eros Investments partners with #Dubai's digital asset regulator | Reuters
Eros Investments partners with Dubai's digital asset regulator | Reuters
Eros Investments, run by India's Lulla family, plans to develop Web 3.0 and blockchain businesses out of Dubai as part of a partnership deal to operate under Dubai's new virtual assets regulator, the company said on Tuesday.
The deal is part of a push by the United Arab Emirates to become a global hub for the virtual asset sector and broaden its economy.
Dubai, one of the UAE's seven emirates and the region's trade hub, in March formed the Virtual Asset Regulatory Authority (VARA) to oversee the industry and is starting to bring companies such as cryptocurrency giant Binance under its purview. read more
Eros Investments, a media, sports, blockchain, digital commerce and gaming venture, wants to develop Web 3.0 and blockchain businesses from the Dubai World Trade Centre Authority (DWTCA). It plans an accelerator fund to support more than 100 start-ups by 2025, which will be regulated by VARA.
Eros Investments, run by India's Lulla family, plans to develop Web 3.0 and blockchain businesses out of Dubai as part of a partnership deal to operate under Dubai's new virtual assets regulator, the company said on Tuesday.
The deal is part of a push by the United Arab Emirates to become a global hub for the virtual asset sector and broaden its economy.
Dubai, one of the UAE's seven emirates and the region's trade hub, in March formed the Virtual Asset Regulatory Authority (VARA) to oversee the industry and is starting to bring companies such as cryptocurrency giant Binance under its purview. read more
Eros Investments, a media, sports, blockchain, digital commerce and gaming venture, wants to develop Web 3.0 and blockchain businesses from the Dubai World Trade Centre Authority (DWTCA). It plans an accelerator fund to support more than 100 start-ups by 2025, which will be regulated by VARA.
Oil drops as economic worries, strong dollar weigh | Reuters
Oil drops as economic worries, strong dollar weigh | Reuters
Oil prices fell in volatile trade on Tuesday as the market balanced impending European Union sanctions on Russian oil with demand concerns related to coronavirus lockdowns in China, a strong dollar and growing recession risks.
Brent crude was down 88 cents, or 0.8%, at $105.06 a barrel at 0924 GMT, while U.S. West Texas Intermediate crude fell 75 cents, or 0.7%, to $102.34 a barrel.
"The combination of COVID-related lockdowns in China and worldwide interest rate increases to battle inflation put equity investors on the back foot, strengthened the dollar and significantly raised concerns of economic slowdown," said Tamas Varga of oil broker PVM.
The dollar held near 20-year highs, making oil more expensive for holders of other currencies.
Oil prices fell in volatile trade on Tuesday as the market balanced impending European Union sanctions on Russian oil with demand concerns related to coronavirus lockdowns in China, a strong dollar and growing recession risks.
Brent crude was down 88 cents, or 0.8%, at $105.06 a barrel at 0924 GMT, while U.S. West Texas Intermediate crude fell 75 cents, or 0.7%, to $102.34 a barrel.
"The combination of COVID-related lockdowns in China and worldwide interest rate increases to battle inflation put equity investors on the back foot, strengthened the dollar and significantly raised concerns of economic slowdown," said Tamas Varga of oil broker PVM.
The dollar held near 20-year highs, making oil more expensive for holders of other currencies.
BlackRock to Vanguard, Global Funds Rush to Middle East IPO Boom - Bloomberg
BlackRock to Vanguard, Global Funds Rush to Middle East IPO Boom - Bloomberg
Middle Eastern companies no longer have to go to London or New York in search of big-ticket investors, with the likes of BlackRock Inc. flocking to the initial public offering boom in local markets.
Dubai Electricity & Water Authority’s IPO raised $6.1 billion last month, with major global investors BlackRock, Vanguard Group and Fidelity Investments buying into the deal, Bloomberg News reported. Fertiglobe plc’s Abu Dhabi listing in October drew investment from Singapore’s GIC Pte and U.S. hedge fund manager Jeff Ubben.
Businesses from the Middle East have a long history of going public in the U.K. and the U.S. to tap a deeper and more liquid pool of investors. Now, the region’s thriving domestic markets and vibrant IPO scene, which has sidestepped a global slowdown in listings, is bringing a growing cohort of international funds to local exchanges instead.
“Over the past nine months, we have seen a steady increase in international investor interest in the region,” said Samer Deghaili, head of capital markets for the Middle East, North Africa and Turkey at HSBC Holdings Plc. Funds are spending considerably more time on IPOs to balance their portfolios as the Middle East’s index weightings ramp up, he said.
While Russia’s invasion of Ukraine, soaring inflation and hawkish central bank policies have put a lid on IPOs globally, high oil prices and significant equity inflows have supported the flurry of listings in the energy-rich Persian Gulf. Many of the world’s best-performing stock markets this year are in the Middle East.
Middle Eastern companies no longer have to go to London or New York in search of big-ticket investors, with the likes of BlackRock Inc. flocking to the initial public offering boom in local markets.
Dubai Electricity & Water Authority’s IPO raised $6.1 billion last month, with major global investors BlackRock, Vanguard Group and Fidelity Investments buying into the deal, Bloomberg News reported. Fertiglobe plc’s Abu Dhabi listing in October drew investment from Singapore’s GIC Pte and U.S. hedge fund manager Jeff Ubben.
Businesses from the Middle East have a long history of going public in the U.K. and the U.S. to tap a deeper and more liquid pool of investors. Now, the region’s thriving domestic markets and vibrant IPO scene, which has sidestepped a global slowdown in listings, is bringing a growing cohort of international funds to local exchanges instead.
“Over the past nine months, we have seen a steady increase in international investor interest in the region,” said Samer Deghaili, head of capital markets for the Middle East, North Africa and Turkey at HSBC Holdings Plc. Funds are spending considerably more time on IPOs to balance their portfolios as the Middle East’s index weightings ramp up, he said.
While Russia’s invasion of Ukraine, soaring inflation and hawkish central bank policies have put a lid on IPOs globally, high oil prices and significant equity inflows have supported the flurry of listings in the energy-rich Persian Gulf. Many of the world’s best-performing stock markets this year are in the Middle East.
#UAE's brand new digital bank Wio confirms Salem Al Nuaimi as Chairman, Jayesh Patel as CEO | Banking – Gulf News
UAE's brand new digital bank Wio confirms Salem Al Nuaimi as Chairman, Jayesh Patel as CEO | Banking – Gulf News
The UAE’s brand new digital only bank Wio has confirmed Salem Al Nuaimi as Chairman and Jayesh Patel as CEO. The appointments follow the license approval from the UAE Central Bank.
Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB) with an initial capital of Dh2.3 billion.
“In Wio, we have a highly evolved and adaptable digital platform that will open new paths for its customers and simplify the process of money management,” said Al Nuaimi. ”I am very happy to join the very strong and capable team that is working behind the scenes to bring this innovative digital banking journey to customers in the UAE.”
The UAE’s brand new digital only bank Wio has confirmed Salem Al Nuaimi as Chairman and Jayesh Patel as CEO. The appointments follow the license approval from the UAE Central Bank.
Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB) with an initial capital of Dh2.3 billion.
“In Wio, we have a highly evolved and adaptable digital platform that will open new paths for its customers and simplify the process of money management,” said Al Nuaimi. ”I am very happy to join the very strong and capable team that is working behind the scenes to bring this innovative digital banking journey to customers in the UAE.”
#UAE’s first SPAC sets IPO offer price at $2.72 per share
UAE’s first SPAC sets IPO offer price at $2.72 per share
ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), which plans to raise 367 million dirhams ($99.9 million) through an IPO listing, said on Tuesday it will float 36.7 million shares with an offer price of 10 dirhams ($2.72) per share.
ADC, which was set up last month by ADQ, an Abu Dhabi-based investment holding company, and Chimera Investments, said the subscription period will run from 12 May until 19 May 2022.
Shares are available for purchase to retail and professional investors and will be listed on the Abu Dhabi Securities Exchange (ADX), the company said in a statement.
SPACs, or blank-check firms, raise funds to acquire private companies with the purpose of taking them public by listing on stock markets rather than through traditional IPOs. For the past couple of years, SPACs were thought to be a game-changer and companies rushed into deals. But following new tighter guidelines set by the US Securities and Exchange Commission, and underperforming share prices, they have lost some of their sheen.
Early this year, the UAE's Securities and Commodities Authority (SCA) approved a regulatory framework for SPACs, becoming the first nation in the Gulf to do so.
Syed Basar Shueb, Chairman of Chimera Investments and Vice Chairman of ADC, said: “With the upcoming IPO on ADX, ADC becomes the first SPAC to be based and listed in the UAE. This will facilitate quicker access to capital and operational expertise, result in lower fees, more transparency and allow investors across the region the opportunity to tap into a highly dynamic and fast-growing new space within the UAE’s capital markets landscape.”
ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), which plans to raise 367 million dirhams ($99.9 million) through an IPO listing, said on Tuesday it will float 36.7 million shares with an offer price of 10 dirhams ($2.72) per share.
ADC, which was set up last month by ADQ, an Abu Dhabi-based investment holding company, and Chimera Investments, said the subscription period will run from 12 May until 19 May 2022.
Shares are available for purchase to retail and professional investors and will be listed on the Abu Dhabi Securities Exchange (ADX), the company said in a statement.
SPACs, or blank-check firms, raise funds to acquire private companies with the purpose of taking them public by listing on stock markets rather than through traditional IPOs. For the past couple of years, SPACs were thought to be a game-changer and companies rushed into deals. But following new tighter guidelines set by the US Securities and Exchange Commission, and underperforming share prices, they have lost some of their sheen.
Early this year, the UAE's Securities and Commodities Authority (SCA) approved a regulatory framework for SPACs, becoming the first nation in the Gulf to do so.
Syed Basar Shueb, Chairman of Chimera Investments and Vice Chairman of ADC, said: “With the upcoming IPO on ADX, ADC becomes the first SPAC to be based and listed in the UAE. This will facilitate quicker access to capital and operational expertise, result in lower fees, more transparency and allow investors across the region the opportunity to tap into a highly dynamic and fast-growing new space within the UAE’s capital markets landscape.”
AOIC announces IPO, listing on #Saudi Exchange’s Main Market
AOIC announces IPO, listing on Saudi Exchange’s Main Market
Abdullah Al Othaim Investment Company (AOIC), a leading mall, entertainment, fashion and F&B operator in KSA, will offer 30 million ordinary shares through an initial public offering (IPO) and list them on Saudi Exchange’s Main Market.
The Capital Market Authority (CMA) has approved on March 2022 the company’s application for the offering, representing 30% of its issued share capital, by way of sale of existing shares by the company’s current shareholders, Abdullah Al Othaim Markets Co and Abdullah Saleh Al Othaim (Current Shareholders or Selling Shareholders).
The final offer price of the offer will be determined at the end of the book-building period.
Abdullah Al Othaim Investment Company (AOIC), a leading mall, entertainment, fashion and F&B operator in KSA, will offer 30 million ordinary shares through an initial public offering (IPO) and list them on Saudi Exchange’s Main Market.
The Capital Market Authority (CMA) has approved on March 2022 the company’s application for the offering, representing 30% of its issued share capital, by way of sale of existing shares by the company’s current shareholders, Abdullah Al Othaim Markets Co and Abdullah Saleh Al Othaim (Current Shareholders or Selling Shareholders).
The final offer price of the offer will be determined at the end of the book-building period.
#UAE Invites Companies to Bid for 40% Stake in 1.5 GW Solar Plant - Bloomberg
UAE Invites Companies to Bid for 40% Stake in 1.5 GW Solar Plant - Bloomberg
Abu Dhabi is inviting companies to develop and bid for a stake of up to 40% in a new solar project, as the capital of the United Arab Emirates bolsters its renewable energy capacity and tries to neutralize carbon emissions by 2050.
Emirates Water and Electricity Co. will seek bidders to build a 1.5-gigawatt plant in the Ajban area of the UAE’s desert, according to a statement. EWEC, a state-owned power procurement company, said the government will hold the other 60% of the equity.
Abu Dhabi already has two solar parks that will have a capacity of 3.2 GW when fully operational. The neighboring emirate of Dubai is building solar plants capable of generating 5 GW of power later this decade.
The oil-rich UAE is developing renewable power plants and nuclear reactors to help produce greener energy. It aims to have 20 GW of solar power by 2030 and 44 GW by 2050, energy minister Suhail Al Mazrouei said on Monday.
Abu Dhabi is inviting companies to develop and bid for a stake of up to 40% in a new solar project, as the capital of the United Arab Emirates bolsters its renewable energy capacity and tries to neutralize carbon emissions by 2050.
Emirates Water and Electricity Co. will seek bidders to build a 1.5-gigawatt plant in the Ajban area of the UAE’s desert, according to a statement. EWEC, a state-owned power procurement company, said the government will hold the other 60% of the equity.
Abu Dhabi already has two solar parks that will have a capacity of 3.2 GW when fully operational. The neighboring emirate of Dubai is building solar plants capable of generating 5 GW of power later this decade.
The oil-rich UAE is developing renewable power plants and nuclear reactors to help produce greener energy. It aims to have 20 GW of solar power by 2030 and 44 GW by 2050, energy minister Suhail Al Mazrouei said on Monday.
#Saudi Oil Chief Says All Energy Sectors Running Out of Capacity - Bloomberg
Saudi Oil Chief Says All Energy Sectors Running Out of Capacity - Bloomberg
Saudi Arabia’s oil minister warned that spare capacity is decreasing in all sectors of the energy market, as prices of products from crude to diesel and natural gas trade at or near multi-year highs in the wake of Russia’s invasion of Ukraine.
“I am a dinosaur, but I have never seen these things,” Prince Abdulaziz bin Salman said at a conference in Abu Dhabi, referring to the recent surge in prices for refined products.
His comments came on the same day that retail U.S. gasoline prices rose to a record.
The minister made similar remarks on Monday, when he said that a lack of global investment in refining was leading to costlier fuel.
Saudi Arabia’s oil minister warned that spare capacity is decreasing in all sectors of the energy market, as prices of products from crude to diesel and natural gas trade at or near multi-year highs in the wake of Russia’s invasion of Ukraine.
“I am a dinosaur, but I have never seen these things,” Prince Abdulaziz bin Salman said at a conference in Abu Dhabi, referring to the recent surge in prices for refined products.
His comments came on the same day that retail U.S. gasoline prices rose to a record.
The minister made similar remarks on Monday, when he said that a lack of global investment in refining was leading to costlier fuel.
EXCLUSIVE Germany, #Qatar at odds over terms in talks on LNG supply deal -sources | Reuters
EXCLUSIVE Germany, Qatar at odds over terms in talks on LNG supply deal -sources | Reuters
Germany and Qatar have hit difficulties in talks over long-term liquefied natural gas (LNG) supply deals amid differences over key conditions, including the duration of any contract, three people familiar with the discussions told Reuters.
Germany, which aims to cut its carbon emissions by 88% by 2040, is reluctant to commit to Qatar's conditions to sign deals of at least 20 years to secure the massive LNG volumes it needs to reduce its dependence on Russian gas, the people said.
Qatar, the world's largest LNG supplier, is also specifying terms such as a destination clause that would prevent Berlin from rerouting the gas to other areas in Europe, a condition which the European Union opposes. read more
The tough talks between Qatar Energy and German utilities highlight the challenges the EU faces in its ambition to diversify away from Russian gas as the German government struggles to balance any deal with its carbon reduction targets.
Germany and Qatar have hit difficulties in talks over long-term liquefied natural gas (LNG) supply deals amid differences over key conditions, including the duration of any contract, three people familiar with the discussions told Reuters.
Germany, which aims to cut its carbon emissions by 88% by 2040, is reluctant to commit to Qatar's conditions to sign deals of at least 20 years to secure the massive LNG volumes it needs to reduce its dependence on Russian gas, the people said.
Qatar, the world's largest LNG supplier, is also specifying terms such as a destination clause that would prevent Berlin from rerouting the gas to other areas in Europe, a condition which the European Union opposes. read more
The tough talks between Qatar Energy and German utilities highlight the challenges the EU faces in its ambition to diversify away from Russian gas as the German government struggles to balance any deal with its carbon reduction targets.
Low-cost carrier Wizz Air explores opportunities in #SaudiArabia | Reuters
Low-cost carrier Wizz Air explores opportunities in Saudi Arabia | Reuters
Hungarian low-cost airline Wizz Air (WIZZ.L) said on Tuesday it had agreed to work with Saudi Arabia to explore opportunities to develop the air market in the kingdom, which wants to triple passenger traffic by 2030.
Wizz Air said it had signed a Memorandum of Understanding with Saudi Arabia's Ministry of Investment to work together on potential investment and operating models to boost the country's tourism industry and significantly increase its connectivity.
Hungarian low-cost airline Wizz Air (WIZZ.L) said on Tuesday it had agreed to work with Saudi Arabia to explore opportunities to develop the air market in the kingdom, which wants to triple passenger traffic by 2030.
Wizz Air said it had signed a Memorandum of Understanding with Saudi Arabia's Ministry of Investment to work together on potential investment and operating models to boost the country's tourism industry and significantly increase its connectivity.
Most Gulf bourses track oil prices, Asian stocks lower | Reuters
Most Gulf bourses track oil prices, Asian stocks lower | Reuters
Most stock markets in the Gulf fell in early trade on Tuesday, mirroring weakness in global shares and oil prices, with the Saudi index leading declines.
Asian equities slipped to the lowest in nearly two years, as investors fretted about the toxic cocktail of rising interest rates and weaker economic growth. read more
Saudi Arabia's benchmark index (.TASI) declined 1.1%, with Al Rajhi Bank (1120.SE) losing 1.6% and Riyad Bank (1010.SE) sliding 4.5%.
Among other losers, Al ELM Information Security Company (7203.SE) fell more than 1% as the stock traded ex-dividend.
Oil prices dropped more than 1%, extending the previous day's steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
The Dubai index (.DFMGI) lost 0.2%, hit by a 1% fall in top lender Emirates NBD (ENBD.DU) and a 0.3% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%, while Qatar's benchmark index (.QSI) was down 0.2%.
Separately, the United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition. read more
Insured workers would receive money for a limited time period if made unemployed, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum, who is also the ruler of trade hub Dubai, said on Twitter, citing a cabinet decision.
Most stock markets in the Gulf fell in early trade on Tuesday, mirroring weakness in global shares and oil prices, with the Saudi index leading declines.
Asian equities slipped to the lowest in nearly two years, as investors fretted about the toxic cocktail of rising interest rates and weaker economic growth. read more
Saudi Arabia's benchmark index (.TASI) declined 1.1%, with Al Rajhi Bank (1120.SE) losing 1.6% and Riyad Bank (1010.SE) sliding 4.5%.
Among other losers, Al ELM Information Security Company (7203.SE) fell more than 1% as the stock traded ex-dividend.
Oil prices dropped more than 1%, extending the previous day's steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
The Dubai index (.DFMGI) lost 0.2%, hit by a 1% fall in top lender Emirates NBD (ENBD.DU) and a 0.3% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%, while Qatar's benchmark index (.QSI) was down 0.2%.
Separately, the United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition. read more
Insured workers would receive money for a limited time period if made unemployed, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum, who is also the ruler of trade hub Dubai, said on Twitter, citing a cabinet decision.
Oil drops as economic worries, strong dollar weigh | Reuters
Oil drops as economic worries, strong dollar weigh | Reuters
Oil prices dropped more than 1% on Tuesday, extending the previous day's steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
Brent crude was down $1.19, or 1.1%, at $104.75 a barrel at 0607 GMT after slipping to as low as $103.19.
U.S. West Texas Intermediate crude fell $1.07, or 1%, to $102.02 a barrel after hitting an intraday low of $100.44.
On Monday, both benchmarks posted their biggest daily percentage falls since March, dropping by 5% to 6%.
Oil prices dropped more than 1% on Tuesday, extending the previous day's steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
Brent crude was down $1.19, or 1.1%, at $104.75 a barrel at 0607 GMT after slipping to as low as $103.19.
U.S. West Texas Intermediate crude fell $1.07, or 1%, to $102.02 a barrel after hitting an intraday low of $100.44.
On Monday, both benchmarks posted their biggest daily percentage falls since March, dropping by 5% to 6%.