Oil rises to 2-month high on tight supplies, EU seeks Russian crude ban | Reuters
Oil prices climbed about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.
Traders also noted oil prices followed a rise in equities and some weakening of the U.S. dollar against a basket of currencies, which makes oil cheaper when purchased in other currencies.
Brent futures rose $3.37, or 3.0%, to settle at $117.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.76, or 3.4%, to settle at $114.09.
After rising for six days in a row, Brent closed at its highest since March 25. WTI settled at its highest since May 16.
Thursday 26 May 2022
Oil jumps to 2-month high on tight supplies, EU seeks Russian crude ban | Reuters
Oil jumps to 2-month high on tight supplies, EU seeks Russian crude ban | Reuters
Oil prices climbed about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.
Brent futures rose $3.52, or 3.1%, to $117.55 a barrel by 1:34 p.m. EDT. U.S. West Texas Intermediate (WTI) crude rose $3.97, or 3.6%, to $114.30.
Brent was on track for its sixth straight daily gainand highest close since March 25. WTI was headed for its highest close since March 23.
"Crude prices rose as a tight oil market was going to remain in place given the start of the summer driving season was going to keep a downward trajectory for U.S. stockpiles," said Edward Moya, senior market analyst at data and analytics firm OANDA.
Oil prices climbed about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.
Brent futures rose $3.52, or 3.1%, to $117.55 a barrel by 1:34 p.m. EDT. U.S. West Texas Intermediate (WTI) crude rose $3.97, or 3.6%, to $114.30.
Brent was on track for its sixth straight daily gainand highest close since March 25. WTI was headed for its highest close since March 23.
"Crude prices rose as a tight oil market was going to remain in place given the start of the summer driving season was going to keep a downward trajectory for U.S. stockpiles," said Edward Moya, senior market analyst at data and analytics firm OANDA.
#SaudiArabia Tucks Away Billions in Oil Money For Next Year - Bloomberg
Saudi Arabia Tucks Away Billions in Oil Money For Next Year - Bloomberg
Saudi Arabia will hold billions of dollars from its oil windfall in a government current account until the end of the year and only then decide how to distribute the money, a shift in its strategy from previous boom periods.
In the past, higher oil prices and output would quickly translate into rising foreign reserves and deposits in local banks, and often lead to a swift boost in the government’s spending. But this time, it will wait until “after the surplus is realized, which means after the closing of the fiscal year” in December, according to Finance Minister Mohammed Al-Jadaan.
In a statement to Bloomberg, Al-Jadaan said the government won’t spend the money until it’s rebuilt reserves depleted during eight years of subdued oil prices. It could then use some of the cash to repay debts and pour it into state investment vehicles, including the powerful Public Investment Fund and the National Development Fund, which focuses on domestic infrastructure.
“The surplus achieved in the first quarter is shown in the government current account and has not yet been deposited to government reserves nor transferred to other groups,” he said.
Saudi Arabia will hold billions of dollars from its oil windfall in a government current account until the end of the year and only then decide how to distribute the money, a shift in its strategy from previous boom periods.
In the past, higher oil prices and output would quickly translate into rising foreign reserves and deposits in local banks, and often lead to a swift boost in the government’s spending. But this time, it will wait until “after the surplus is realized, which means after the closing of the fiscal year” in December, according to Finance Minister Mohammed Al-Jadaan.
In a statement to Bloomberg, Al-Jadaan said the government won’t spend the money until it’s rebuilt reserves depleted during eight years of subdued oil prices. It could then use some of the cash to repay debts and pour it into state investment vehicles, including the powerful Public Investment Fund and the National Development Fund, which focuses on domestic infrastructure.
“The surplus achieved in the first quarter is shown in the government current account and has not yet been deposited to government reserves nor transferred to other groups,” he said.
Oil climbs on tight supply, prospect of EU ban on Russian crude | Reuters
Oil climbs on tight supply, prospect of EU ban on Russian crude | Reuters
Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.
Brent crude futures were up $1.60 cents, or 1.4%, to $115.63 a barrel at 1352 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed $2.33, or 2.1%, to $112.66 a barrel.
A bigger-than-expected drawdown in U.S. crude inventories in the week to May 20, following soaring exports, buoyed the market on Wednesday. U.S. refiners picked up the pace of activity, boosting overall capacity use to the highest levels since before the pandemic.
"The fundamental backdrop ... is getting price supportive as the driving season is approaching and will turn even more bullish once the EU sanctions on Russian oil sales are endorsed by all parties involved," PVM Oil's Tamas Varga said.
Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.
Brent crude futures were up $1.60 cents, or 1.4%, to $115.63 a barrel at 1352 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed $2.33, or 2.1%, to $112.66 a barrel.
A bigger-than-expected drawdown in U.S. crude inventories in the week to May 20, following soaring exports, buoyed the market on Wednesday. U.S. refiners picked up the pace of activity, boosting overall capacity use to the highest levels since before the pandemic.
"The fundamental backdrop ... is getting price supportive as the driving season is approaching and will turn even more bullish once the EU sanctions on Russian oil sales are endorsed by all parties involved," PVM Oil's Tamas Varga said.
Gulf markets close mixed on growth worries | Reuters
Gulf markets close mixed on growth worries | Reuters
Stock markets in the Gulf ended mixed on Thursday, on persistent concerns over slowing economic growth and after the latest U.S. Federal Reserve minutes confirmed its intent to tighten monetary policy quickly.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, with the kingdom's biggest lender Saudi National Bank (1180.SE) losing 1.6%, while Dr Sulaiman Al-Habib Medical Services (4013.SE) retreated 1.9%.
Shares of oil behemoth Saudi Aramco (2222.SE), which is at par with Apple Inc (AAPL.O) as the world's most valuable company, were down 0.7%.
Aramco has approached motor oil and lubricant maker Valvoline Inc (VVV.N) to buy its segment catering to commercial customers, Reuters reported on Wednesday, citing sources familiar with the matter. read more
However, the Saudi index recorded its first weekly gain in three weeks.
In Abu Dhabi, the index (.FTFADGI) lost 0.2%, hit by a 1.5%, fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).
However, the index's losses were limited by gains at telecoms firm e& (ETISALAT.AD), which advanced 1.1%, after it launched region's first telco non-fungible token (NFT) collection.
Dubai's main share index (.DFMGI) finished 1.2% higher, ending three sessions of losses, boosted by a 3.1% jump in Emirates NBD Bank (ENBD.DU).
Dubai's Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. read more
Sheikh Maktoum Bin Mohammed, Dubai's deputy ruler, in November announced plans to take 10 government-linked companies public to boost stock market activity. The ruler named Empower as part of those plans in December.
On the other hand, the Dubai index posted its seventh week of losses in eight.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.5%, with Abu Qir Fertilizers (ABUK.CA) falling 2.8%.
Investors reacted to the developments in the United States, while international investors remained cautious to a certain extent, affecting the Egyptian market's potential, said Fadi Reyad, market analyst at CAPEX.com.
Stock markets in the Gulf ended mixed on Thursday, on persistent concerns over slowing economic growth and after the latest U.S. Federal Reserve minutes confirmed its intent to tighten monetary policy quickly.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, with the kingdom's biggest lender Saudi National Bank (1180.SE) losing 1.6%, while Dr Sulaiman Al-Habib Medical Services (4013.SE) retreated 1.9%.
Shares of oil behemoth Saudi Aramco (2222.SE), which is at par with Apple Inc (AAPL.O) as the world's most valuable company, were down 0.7%.
Aramco has approached motor oil and lubricant maker Valvoline Inc (VVV.N) to buy its segment catering to commercial customers, Reuters reported on Wednesday, citing sources familiar with the matter. read more
However, the Saudi index recorded its first weekly gain in three weeks.
In Abu Dhabi, the index (.FTFADGI) lost 0.2%, hit by a 1.5%, fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).
However, the index's losses were limited by gains at telecoms firm e& (ETISALAT.AD), which advanced 1.1%, after it launched region's first telco non-fungible token (NFT) collection.
Dubai's main share index (.DFMGI) finished 1.2% higher, ending three sessions of losses, boosted by a 3.1% jump in Emirates NBD Bank (ENBD.DU).
Dubai's Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. read more
Sheikh Maktoum Bin Mohammed, Dubai's deputy ruler, in November announced plans to take 10 government-linked companies public to boost stock market activity. The ruler named Empower as part of those plans in December.
On the other hand, the Dubai index posted its seventh week of losses in eight.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.5%, with Abu Qir Fertilizers (ABUK.CA) falling 2.8%.
Investors reacted to the developments in the United States, while international investors remained cautious to a certain extent, affecting the Egyptian market's potential, said Fadi Reyad, market analyst at CAPEX.com.
Mubadala to expand #UAE companies' operations to compete globally
Mubadala to expand UAE companies' operations to compete globally
Mubadala Investment Company aims to expand the operations of its UAE companies and help them to become “globally renowned competitors to the biggest companies out there in their sector”, a senior executive has said.
The UAE portfolio of the sovereign fund, which has an asset base of Dh1.04 trillion, includes aerospace manufacturer Strata, Sanad Group, Al Yah Satellite Company (Yahsat), Mubadala Health and clean energy company Masdar, among others.
“The time has come for us to expand beyond UAE and it is a natural growth strategy for all of UAE companies, especially the big ones,” Badr Al Olama, executive director of UAE clusters at Mubadala, told The National on the sidelines of the Global Aerospace Summit at Emirates Palace in Abu Dhabi on Wednesday.
“Even the industrial companies that you have in different emirates, I think the realisation is now you need to be global in your activities.”
Mubadala Investment Company aims to expand the operations of its UAE companies and help them to become “globally renowned competitors to the biggest companies out there in their sector”, a senior executive has said.
The UAE portfolio of the sovereign fund, which has an asset base of Dh1.04 trillion, includes aerospace manufacturer Strata, Sanad Group, Al Yah Satellite Company (Yahsat), Mubadala Health and clean energy company Masdar, among others.
“The time has come for us to expand beyond UAE and it is a natural growth strategy for all of UAE companies, especially the big ones,” Badr Al Olama, executive director of UAE clusters at Mubadala, told The National on the sidelines of the Global Aerospace Summit at Emirates Palace in Abu Dhabi on Wednesday.
“Even the industrial companies that you have in different emirates, I think the realisation is now you need to be global in your activities.”
#SaudiArabia’s Making $1 Billion From Oil Exports Every Day - Bloomberg
Saudi Arabia’s Making $1 Billion From Oil Exports Every Day - Bloomberg
Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.
The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said.
Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with Brent oil prices averaging $112 a barrel. Prices have jumped almost 50% this year, mostly due to the fallout of Russia’s invasion of Ukraine.
Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.
The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said.
Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with Brent oil prices averaging $112 a barrel. Prices have jumped almost 50% this year, mostly due to the fallout of Russia’s invasion of Ukraine.
Borouge IPO: Citi, FAB Among Banks Set to Share $30 Million - Bloomberg
Borouge IPO: Citi, FAB Among Banks Set to Share $30 Million - Bloomberg
Banks including Citigroup Inc., First Abu Dhabi Bank, HSBC Holdings Plc and Morgan Stanley are set to share up to $30 million in fees for working on the initial public offering of chemical producer Borouge Plc in Abu Dhabi.
The share sale is seeking to raise $2 billion, set to be the biggest listing in the United Arab Emirates’ capital. Borouge said the joint bookrunners would receive a 1.25% underwriting commission as well as a discretionary fee of up to 0.25% of the deal size.
That compares with a $97 million payout banks including Citigroup, HSBC and Emirates NBD were offered for underwriting the $6.1 billion IPO of Dubai Electricity & Water Authority in April. Underwriting fees in the Middle East tend to be lower than in other markets such as the U.S., where banks can earn around 5% of deal value for an IPO.
The joint global coordinators of the Borouge IPO are Citigroup, First Abu Dhabi Bank, HSBC and Morgan Stanley. Typically they receive most of the fee proceeds. The joint bookrunners are Abu Dhabi Commercial Bank, Arqaam Capital, EFG-Hermes, Goldman Sachs, and International Securities.
The IPO drew in investors including the family of Indian billionaire Gautam Adani, who committed $75 million to the deal. Investors including BlackRock Inc. and Fidelity are also bidding for Borouge shares, according to people with knowledge of the matter.
Banks including Citigroup Inc., First Abu Dhabi Bank, HSBC Holdings Plc and Morgan Stanley are set to share up to $30 million in fees for working on the initial public offering of chemical producer Borouge Plc in Abu Dhabi.
The share sale is seeking to raise $2 billion, set to be the biggest listing in the United Arab Emirates’ capital. Borouge said the joint bookrunners would receive a 1.25% underwriting commission as well as a discretionary fee of up to 0.25% of the deal size.
That compares with a $97 million payout banks including Citigroup, HSBC and Emirates NBD were offered for underwriting the $6.1 billion IPO of Dubai Electricity & Water Authority in April. Underwriting fees in the Middle East tend to be lower than in other markets such as the U.S., where banks can earn around 5% of deal value for an IPO.
The joint global coordinators of the Borouge IPO are Citigroup, First Abu Dhabi Bank, HSBC and Morgan Stanley. Typically they receive most of the fee proceeds. The joint bookrunners are Abu Dhabi Commercial Bank, Arqaam Capital, EFG-Hermes, Goldman Sachs, and International Securities.
The IPO drew in investors including the family of Indian billionaire Gautam Adani, who committed $75 million to the deal. Investors including BlackRock Inc. and Fidelity are also bidding for Borouge shares, according to people with knowledge of the matter.
#UAE'S Foreign Trade Minister on Supply Chain Challenges, Diversification - Bloomberg video
Watch UAE'S Foreign Trade Minister on Supply Chain Challenges, Diversification - Bloomberg
UAE Foreign Trade Minister Thani Bin Ahmed Al Zeyoudi says that supply chain woes are dominating the conversation in Davos. He speaks to Bloomberg's Francine Lacqua at the World Economic Forum in Davos. (Source: Bloomberg)
#Qatar wins speedy trial, loses procedural claims in Airbus clash | Reuters
Qatar wins speedy trial, loses procedural claims in Airbus clash | Reuters
A British judge on Thursday granted Qatar Airways a relatively quick trial against Airbus (AIR.PA) in a row over jetliner safety but dismissed several procedural claims including a bid by the airline to split the high-profile case into two parts.
The companies have been locked in a dispute for months over the airworthiness of Europe's newest long-haul jet after damage to its protective outer skin shattered one of aviation's closest commercial relationships. read more
The judge's decision means Airbus is free to attempt to keep delivering A350s to Qatar Airways, triggering payment clauses, or to try to sell rejected planes to carriers like Air India which industry sources say could step in as a buyer.
Qatar Airways asked Britain's High Court to split the trial and order Airbus to perform a deeper analysis of issues affecting a system for protecting the planes against lightning, which on average hits commercial jets once a year.
A British judge on Thursday granted Qatar Airways a relatively quick trial against Airbus (AIR.PA) in a row over jetliner safety but dismissed several procedural claims including a bid by the airline to split the high-profile case into two parts.
The companies have been locked in a dispute for months over the airworthiness of Europe's newest long-haul jet after damage to its protective outer skin shattered one of aviation's closest commercial relationships. read more
The judge's decision means Airbus is free to attempt to keep delivering A350s to Qatar Airways, triggering payment clauses, or to try to sell rejected planes to carriers like Air India which industry sources say could step in as a buyer.
Qatar Airways asked Britain's High Court to split the trial and order Airbus to perform a deeper analysis of issues affecting a system for protecting the planes against lightning, which on average hits commercial jets once a year.
#SaudiArabia’s Al Othaim Family Pulls IPO for Malls Unit - Bloomberg
Saudi Arabia’s Al Othaim Family Pulls IPO for Malls Unit - Bloomberg
Saudi Arabia’s Al Othaim family has shelved plans for an initial public offering of its malls business, people familiar with the matter said, in a sign the global IPO market malaise is spreading to the Middle East.
The family is delaying a listing of Abdullah Al Othaim Investment Co. over concerns about valuation and volatility in stocks, the people said, asking not to be identified discussing confidential information.
They’d been considering seeking about $400 million to $500 million from the offering in Saudi Arabia, though hadn’t set precise terms of the deal, the people said. An IPO of the malls unit could be revived at a later date, according to the people.
A representative for the company didn’t immediately respond to a request for comment. GIB Capital LLC had been advising on the listing.
The Middle East has been a rare bright spot for listings in 2022. But rising inflation, combined with higher interest rates, is weighing ever heavier on investor demand for IPOs, particularly for those of consumer-facing businesses.
Saudi Arabia’s Al Othaim family has shelved plans for an initial public offering of its malls business, people familiar with the matter said, in a sign the global IPO market malaise is spreading to the Middle East.
The family is delaying a listing of Abdullah Al Othaim Investment Co. over concerns about valuation and volatility in stocks, the people said, asking not to be identified discussing confidential information.
They’d been considering seeking about $400 million to $500 million from the offering in Saudi Arabia, though hadn’t set precise terms of the deal, the people said. An IPO of the malls unit could be revived at a later date, according to the people.
A representative for the company didn’t immediately respond to a request for comment. GIB Capital LLC had been advising on the listing.
The Middle East has been a rare bright spot for listings in 2022. But rising inflation, combined with higher interest rates, is weighing ever heavier on investor demand for IPOs, particularly for those of consumer-facing businesses.
Borouge’s $2 Billion IPO Attracts BlackRock, Fidelity - Bloomberg
Borouge’s $2 Billion IPO Attracts BlackRock, Fidelity - Bloomberg
UAE chemical producer Borouge Plc’s $2 billion initial public offering is attracting interest from BlackRock Inc. and Fidelity, as fund managers scramble for a slice of the latest hot Middle Eastern listing, people with knowledge of the matter said.
BlackRock and Fidelity are among international funds bidding to get stock in the offering, the people said, asking not to be identified because the information is private. Borouge had already attracted orders from institutional investors for at least 17 times the amount of stock on offer as of mid-day Wednesday, the third day of bookbuilding, according to the people.
Borouge makes specialty plastics for manufacturing and consumer goods at its production facilities in the emirate of Abu Dhabi. Its owners -- Abu Dhabi National Oil Co. and Austrian chemical maker Borealis AG -- are seeking to value Borouge at about $20 billion in what would be the emirate’s biggest-ever listing.
Adnoc and Borealis aren’t currently planning to boost the size of the deal to meet excess demand and will likely stick to their initial plan to list 10% of the company, the people said. Retail investors have until May 28 to place orders and institutional investors have until May 30, meaning the demand for shares is likely to rise.
UAE chemical producer Borouge Plc’s $2 billion initial public offering is attracting interest from BlackRock Inc. and Fidelity, as fund managers scramble for a slice of the latest hot Middle Eastern listing, people with knowledge of the matter said.
BlackRock and Fidelity are among international funds bidding to get stock in the offering, the people said, asking not to be identified because the information is private. Borouge had already attracted orders from institutional investors for at least 17 times the amount of stock on offer as of mid-day Wednesday, the third day of bookbuilding, according to the people.
Borouge makes specialty plastics for manufacturing and consumer goods at its production facilities in the emirate of Abu Dhabi. Its owners -- Abu Dhabi National Oil Co. and Austrian chemical maker Borealis AG -- are seeking to value Borouge at about $20 billion in what would be the emirate’s biggest-ever listing.
Adnoc and Borealis aren’t currently planning to boost the size of the deal to meet excess demand and will likely stick to their initial plan to list 10% of the company, the people said. Retail investors have until May 28 to place orders and institutional investors have until May 30, meaning the demand for shares is likely to rise.
#SaudiArabia’s Oil Exports Hit The Highest Level Since 2016 - Bloomberg
Saudi Arabia’s Oil Exports Hit The Highest Level Since 2016 - Bloomberg
Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.
The value of crude exports, the kingdom’s main source of income, rose by 123% year on year to reach the highest level since 2016, the earliest data available.
Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with oil prices averaging $112 a barrel. That helped The kingdom post a 57.5 billion riyal budget surplus in the first three months of the year and become one of the fastest growing large economies in the world this year.
Overall exports increased 93% in March to 142 billion riyals ($37.9 billion), mainly led by the jump in oil sales, according to data from the General Authority of Statistics. The share of oil exports in the total figure stood at 80% in March, up from 70% a year earlier.
Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.
The value of crude exports, the kingdom’s main source of income, rose by 123% year on year to reach the highest level since 2016, the earliest data available.
Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with oil prices averaging $112 a barrel. That helped The kingdom post a 57.5 billion riyal budget surplus in the first three months of the year and become one of the fastest growing large economies in the world this year.
Oil snaps inverse dollar link leaving little to check its bull run | Reuters
Oil snaps inverse dollar link leaving little to check its bull run | Reuters
Oil's bull run is taking little notice of the strong U.S. dollar, breaking crude's historical inverse link to the greenback and giving analysts confidence it has further to go based on current market fundamentals.
A strong dollar typically weighs on oil prices because it makes the commodity more expensive for holders of other currencies, potentially hurting demand for crude.
This time the dollar is being boosted by its safe-haven appeal as clouds gather over the economic outlook while oil is being driven higher by disruptions to Russian supplies linked to the conflict in Ukraine and strong demand, analysts say.
The dollar and oil have been moving in the same direction since late March, when the positive correlation hit its highest since May 2019, and analysts expect the link to persist given the tight oil market and broader risks to the global economy.
Oil's bull run is taking little notice of the strong U.S. dollar, breaking crude's historical inverse link to the greenback and giving analysts confidence it has further to go based on current market fundamentals.
A strong dollar typically weighs on oil prices because it makes the commodity more expensive for holders of other currencies, potentially hurting demand for crude.
This time the dollar is being boosted by its safe-haven appeal as clouds gather over the economic outlook while oil is being driven higher by disruptions to Russian supplies linked to the conflict in Ukraine and strong demand, analysts say.
The dollar and oil have been moving in the same direction since late March, when the positive correlation hit its highest since May 2019, and analysts expect the link to persist given the tight oil market and broader risks to the global economy.
#Qatar Airways IPO will wait until decade end – CEO | Reuters
Qatar Airways IPO will wait until decade end – CEO | Reuters
Investors looking to buy a stake in state-owned Qatar Airways will have to wait until the end of the decade to buy it in an initial public offering, Chief Executive Akbar Al Baker told a news conference on Thursday in Doha.
"If you want to invest your money, you will have to wait until the end of the decade in order to be able to invest in a Qatar Airways IPO," he said, giving no further details.
Investors looking to buy a stake in state-owned Qatar Airways will have to wait until the end of the decade to buy it in an initial public offering, Chief Executive Akbar Al Baker told a news conference on Thursday in Doha.
"If you want to invest your money, you will have to wait until the end of the decade in order to be able to invest in a Qatar Airways IPO," he said, giving no further details.
Major Gulf bourses rise on oil strength, Dubai gains after 3 days | Reuters
Major Gulf bourses rise on oil strength, Dubai gains after 3 days | Reuters
Major Gulf stock markets rose in early trade on Thursday as oil prices firmed, with the Dubai index on track to end a three-session losing streak.
Oil prices, a key catalyst for the Gulf financial market, rose on signs of tight supply, while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.
Saudi Arabia's benchmark index (.TASI) added 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 1.4% and Saudi Arabian Mining Company (1211.SE) climbing 1.1%.
The kingdom's Ministry Of Industry And Mineral Resources announced start of receiving qualification offers for Umm Al-Damar site minerals exploration license.
Oil behemoth Saudi Aramco (2222.SE) has approached motor oil and lubricant maker Valvoline Inc (VVV.N) to buy its segment catering to commercial customers, Reuters reported on Wednesday, citing sources familiar with the matter. read more
Shares of Aramco, which is at par with Apple Inc (AAPL.O) as the world's most valuable company, were flat in early trade.
In Abu Dhabi, the index (.FTFADGI) gained 1%, buoyed by a 3.3% jump in e& (ETISALAT.AD) after the telecoms firm launched region's first telco non-fungible token (NFT) collection.
An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and who owns it.
Dubai's main share index (.DFMGI) rose 0.7%, led by top lender Emirates NBD (ENBD.DU) jumping 2.3%.
Dubai's Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. read more
The Qatari index (.QSI) edged up 0.3%, led by a 1.3% gain in petrochemical maker Industries Qatar (IQCD.QA).
Major Gulf stock markets rose in early trade on Thursday as oil prices firmed, with the Dubai index on track to end a three-session losing streak.
Oil prices, a key catalyst for the Gulf financial market, rose on signs of tight supply, while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.
Saudi Arabia's benchmark index (.TASI) added 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 1.4% and Saudi Arabian Mining Company (1211.SE) climbing 1.1%.
The kingdom's Ministry Of Industry And Mineral Resources announced start of receiving qualification offers for Umm Al-Damar site minerals exploration license.
Oil behemoth Saudi Aramco (2222.SE) has approached motor oil and lubricant maker Valvoline Inc (VVV.N) to buy its segment catering to commercial customers, Reuters reported on Wednesday, citing sources familiar with the matter. read more
Shares of Aramco, which is at par with Apple Inc (AAPL.O) as the world's most valuable company, were flat in early trade.
In Abu Dhabi, the index (.FTFADGI) gained 1%, buoyed by a 3.3% jump in e& (ETISALAT.AD) after the telecoms firm launched region's first telco non-fungible token (NFT) collection.
An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and who owns it.
Dubai's main share index (.DFMGI) rose 0.7%, led by top lender Emirates NBD (ENBD.DU) jumping 2.3%.
Dubai's Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. read more
The Qatari index (.QSI) edged up 0.3%, led by a 1.3% gain in petrochemical maker Industries Qatar (IQCD.QA).
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