Expatriate Executives Flee Saudi Arabia’s Bad Bosses - WSJ
In the summer of 2020, two videogame companies cancelled sponsorship deals with Saudi Arabia’s planned city-state of Neom following fan complaints about the country’s human-rights record. Neom Chief Executive Nadhmi al-Nasr called an emergency meeting on a weekend and asked his communications team why it hadn’t warned him this might happen.
“If you don’t tell me who is responsible,” Mr Nasr said, according to people with direct knowledge of the meeting, “I’m going to take a gun from under my desk and shoot you.”
Colleagues later consoled a woman who broke down crying, these people said. Most of the people in that meeting have since left Neom, part of an exodus of foreign staff, according to current and former employees.
Neom is Saudi Crown Prince Mohammed bin Salman’s most ambitious project, a group of futuristic technology-driven communities with its own laws across an area the size of Massachusetts that the 36-year-old leader hopes will one day feature flying cars, robot dinosaurs and a giant artificial moon.
Tuesday, 31 May 2022
OPEC Weighs Suspending Russia From Oil-Production Deal - WSJ
OPEC Weighs Suspending Russia From Oil-Production Deal - WSJ
Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more, OPEC delegates said.
Exempting Russia from its oil-production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates and other producers in the Organization of the Petroleum Exporting Countries to pump significantly more crude, something that the U.S. and European nations have pressed them to do as the invasion of Ukraine sent oil prices soaring above $100 a barrel.
Russia, one of the world’s three largest oil producers, agreed with OPEC and nine non-OPEC nations last year to pump more crude each month, but its output is now expected to fall about 8% this year. It couldn’t be determined whether Russia would agree to an exemption from the deal’s production targets.
So far, there is no formal push for OPEC to pump more oil to make up for any potential Russian shortfall, but some members in the Persian Gulf have begun planning for an output increase sometime in the next few months, delegates said.
Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more, OPEC delegates said.
Exempting Russia from its oil-production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates and other producers in the Organization of the Petroleum Exporting Countries to pump significantly more crude, something that the U.S. and European nations have pressed them to do as the invasion of Ukraine sent oil prices soaring above $100 a barrel.
Russia, one of the world’s three largest oil producers, agreed with OPEC and nine non-OPEC nations last year to pump more crude each month, but its output is now expected to fall about 8% this year. It couldn’t be determined whether Russia would agree to an exemption from the deal’s production targets.
So far, there is no formal push for OPEC to pump more oil to make up for any potential Russian shortfall, but some members in the Persian Gulf have begun planning for an output increase sometime in the next few months, delegates said.
Oil turns negative as OPEC eyes Russia suspension from output deal | Reuters
Oil turns negative as OPEC eyes Russia suspension from output deal | Reuters
Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.
While there was no formal push for Organization of the Petroleum Exporting Countries to pump more oil to make up for any potential Russian shortfall, some Gulf members had begun planning for an output increase sometime in the next few months, the Wall Street Journal reported, citing OPEC delegates.
Brent crude futures for August, the most actively traded contract, settled down $2, or 1.7%, at $115.60 a barrel, after rising to $120.80 earlier in the day. The front-month contract for July, which expired on Tuesday, closed up $1.17, or 1%, at $122.84.
U.S. West Texas Intermediate (WTI) crude settled at $114.67 a barrel, down 40 cents or 0.4% from Friday's close. Earlier in the session, it had touched $119.98, its highest since March 9. There was no settlement on Monday's U.S. Memorial Day holiday.
Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.
While there was no formal push for Organization of the Petroleum Exporting Countries to pump more oil to make up for any potential Russian shortfall, some Gulf members had begun planning for an output increase sometime in the next few months, the Wall Street Journal reported, citing OPEC delegates.
Brent crude futures for August, the most actively traded contract, settled down $2, or 1.7%, at $115.60 a barrel, after rising to $120.80 earlier in the day. The front-month contract for July, which expired on Tuesday, closed up $1.17, or 1%, at $122.84.
U.S. West Texas Intermediate (WTI) crude settled at $114.67 a barrel, down 40 cents or 0.4% from Friday's close. Earlier in the session, it had touched $119.98, its highest since March 9. There was no settlement on Monday's U.S. Memorial Day holiday.
Arada Developments set to raise $350 mln with debut sukuk | Reuters
Arada Developments set to raise $350 mln with debut sukuk | Reuters
Arada Developments, the largest developer in Sharjah in the United Arab Emirates, was set to raise $350 million in its debut foray in the debt markets, a document showed on Tuesday.
The yield was set at 8.125%, tightening from initial price guidance of around 8.25%. The Islamic bonds, or sukuk, received more than $720 million in orders, including $185 million in interest from joint lead managers, the document from one of the banks on the deal showed.
The company had said the sukuk would be of benchmark size, which usually means at least $500 million.
The issuance is the first public dollar bond sale out of the Gulf since late March, when the Sharjah government raised $750 million, also with sukuk.
The region has seen a dearth of bond sales this year amid enduring market volatility and as many issuers turn to loans.
Arada is 40% owned by Basma Group, which is owned by Sharjah's deputy ruler, and 60% by Corp KBW Investments, which is owned by Prince Khaled bin Alwaleed bin Talal Al Saud, a member of the Saudi royal family.
Arada Developments, the largest developer in Sharjah in the United Arab Emirates, was set to raise $350 million in its debut foray in the debt markets, a document showed on Tuesday.
The yield was set at 8.125%, tightening from initial price guidance of around 8.25%. The Islamic bonds, or sukuk, received more than $720 million in orders, including $185 million in interest from joint lead managers, the document from one of the banks on the deal showed.
The company had said the sukuk would be of benchmark size, which usually means at least $500 million.
The issuance is the first public dollar bond sale out of the Gulf since late March, when the Sharjah government raised $750 million, also with sukuk.
The region has seen a dearth of bond sales this year amid enduring market volatility and as many issuers turn to loans.
Arada is 40% owned by Basma Group, which is owned by Sharjah's deputy ruler, and 60% by Corp KBW Investments, which is owned by Prince Khaled bin Alwaleed bin Talal Al Saud, a member of the Saudi royal family.
#Dubai Billionaire Sajwani's Damac Group Buys Bankrupt Swiss Diamond Jeweler - Bloomberg
Dubai Billionaire Sajwani's Damac Group Buys Bankrupt Swiss Diamond Jeweler - Bloomberg
Billionaire Hussain Sajwani’s Damac Group has purchased De Grisogono SA, a Swiss luxury jeweler that filed for bankruptcy early 2020, as part of the Dubai firm’s expansion into high-end fashion.
Alongside the deal, Damac said it launched a property project called Safa One by de Grisogono in Dubai, featuring cascading waterfalls, hanging gardens and a manmade-beach on the podium level.
“Keeping in line with our ambitions to expand our business into the luxury and high-end fashion realm, bidding for de Grisogono came to us naturally,” Sajwani said in a statement on Tuesday. It didn’t provide financial details for the De Grisogono transaction.
The acquisition comes three years after the billionaire bought Italian fashion group Roberto Cavalli SpA through his private investment firm. Earlier this month, Damac said it won a $120 million bid to acquire land in the upscale Miami neighborhood of Surfside, where it plans to build a Cavalli-branded condominium project.
De Grisogono, known for extravagant diamond jewelry worn by the likes of Paris Hilton, filed for bankruptcy in 2020, ensnared in a corruption probe involving Isabel dos Santos, the daughter of Angola’s former president.
The company was founded in 1993 by former Bulgari SpA executive Fawaz Gruosi and is known for its signature black-diamond jewelry. De Grisogono, whose pieces have been worn by Naomi Campbell and Salma Hayek, has combined uncommonly used semi-precious stones such as rubellite and tourmalene with diamonds, sapphires and rubies.
Billionaire Hussain Sajwani’s Damac Group has purchased De Grisogono SA, a Swiss luxury jeweler that filed for bankruptcy early 2020, as part of the Dubai firm’s expansion into high-end fashion.
Alongside the deal, Damac said it launched a property project called Safa One by de Grisogono in Dubai, featuring cascading waterfalls, hanging gardens and a manmade-beach on the podium level.
“Keeping in line with our ambitions to expand our business into the luxury and high-end fashion realm, bidding for de Grisogono came to us naturally,” Sajwani said in a statement on Tuesday. It didn’t provide financial details for the De Grisogono transaction.
The acquisition comes three years after the billionaire bought Italian fashion group Roberto Cavalli SpA through his private investment firm. Earlier this month, Damac said it won a $120 million bid to acquire land in the upscale Miami neighborhood of Surfside, where it plans to build a Cavalli-branded condominium project.
De Grisogono, known for extravagant diamond jewelry worn by the likes of Paris Hilton, filed for bankruptcy in 2020, ensnared in a corruption probe involving Isabel dos Santos, the daughter of Angola’s former president.
The company was founded in 1993 by former Bulgari SpA executive Fawaz Gruosi and is known for its signature black-diamond jewelry. De Grisogono, whose pieces have been worn by Naomi Campbell and Salma Hayek, has combined uncommonly used semi-precious stones such as rubellite and tourmalene with diamonds, sapphires and rubies.
Oil bull run continues as EU agrees to ban most Russian oil | Reuters
Oil bull run continues as EU agrees to ban most Russian oil | Reuters
Oil prices extended a bull run on Tuesday after the European Union agreed to a partial and phased ban on Russian oil and China decided to lift some COVID-19 restrictions amid rising demand before the peak U.S. and European summer driving season.
Brent crude for July, which expires on Tuesday, rose $2.31, or 1.9%, to $123.98 a barrel by 1338 GMT, after earlier rising to $124.64 - its highest since March 9. The August contract hit a high of $120.80.
The premium of August-loading Brent contracts over a six-month spread hit a nine-week high at close to $15 a barrel, indicating current supply tightness.
U.S. West Texas Intermediate (WTI) crude was trading at $119.18 a barrel, up $4.11 in a fourth consecutive session of gains, up 3.6% from Friday's close, hitting its highest since March 9. There was no settlement on Monday's U.S. holiday.
Oil prices extended a bull run on Tuesday after the European Union agreed to a partial and phased ban on Russian oil and China decided to lift some COVID-19 restrictions amid rising demand before the peak U.S. and European summer driving season.
Brent crude for July, which expires on Tuesday, rose $2.31, or 1.9%, to $123.98 a barrel by 1338 GMT, after earlier rising to $124.64 - its highest since March 9. The August contract hit a high of $120.80.
The premium of August-loading Brent contracts over a six-month spread hit a nine-week high at close to $15 a barrel, indicating current supply tightness.
U.S. West Texas Intermediate (WTI) crude was trading at $119.18 a barrel, up $4.11 in a fourth consecutive session of gains, up 3.6% from Friday's close, hitting its highest since March 9. There was no settlement on Monday's U.S. holiday.
Salt Bae Restaurant Owner May Sell Stake to #Qatar Wealth Fund - Bloomberg
Salt Bae Restaurant Owner May Sell Stake to Qatar Wealth Fund - Bloomberg
The owner of the Nusr-Et steakhouse, known by its founder’s Salt Bae meme, is in talks to sell a stake to Qatar’s $450 billion wealth fund.
D.ream Group, owned by Turkish billionaire Ferit Sahenk’s Dogus Holding AS, may sell a 20% stake to the Qatar Investment Authority for about $300 million, the people said, asking not to be identified as the information is private. A deal at that price would imply a valuation of $1.5 billion.
The talks were reported by Turkey’s Sozcu newspaper earlier on Tuesday. Dogus confirmed discussions with the QIA, but declined to provide further details. The Qatari fund wasn’t immediately available for comment.
Dogus has been trying to raise cash and deliver on pledges it made to banks as part of a debt restructuring. In 2020, the firm agreed to sell a 30% stake in a high-end Istanbul shopping center to an arm of the QIA.
D.ream Group owns stakes in restaurants including Nusr-Et, founded by butcher Nusret Gokce. Investors in the company include Singapore’s Temasek and London-based private equity firm Metric Capital Partners, who bought a 17% stake for $200 million in 2018, valuing the company at $1.18 billion.
The owner of the Nusr-Et steakhouse, known by its founder’s Salt Bae meme, is in talks to sell a stake to Qatar’s $450 billion wealth fund.
D.ream Group, owned by Turkish billionaire Ferit Sahenk’s Dogus Holding AS, may sell a 20% stake to the Qatar Investment Authority for about $300 million, the people said, asking not to be identified as the information is private. A deal at that price would imply a valuation of $1.5 billion.
The talks were reported by Turkey’s Sozcu newspaper earlier on Tuesday. Dogus confirmed discussions with the QIA, but declined to provide further details. The Qatari fund wasn’t immediately available for comment.
Dogus has been trying to raise cash and deliver on pledges it made to banks as part of a debt restructuring. In 2020, the firm agreed to sell a 30% stake in a high-end Istanbul shopping center to an arm of the QIA.
D.ream Group owns stakes in restaurants including Nusr-Et, founded by butcher Nusret Gokce. Investors in the company include Singapore’s Temasek and London-based private equity firm Metric Capital Partners, who bought a 17% stake for $200 million in 2018, valuing the company at $1.18 billion.
#AbuDhabi outperforms Gulf peers ahead of Borouge's IPO | Reuters
Abu Dhabi outperforms Gulf peers ahead of Borouge's IPO | Reuters
Most Gulf markets ended higher on Tuesday, tracking oil prices, with the Abu Dhabi index outperforming the region ahead of its biggest-ever initial public offering (IPO) of Borouge.
In Abu Dhabi, the index (.FTFADGI) advanced 1.6%, nearing the peak hit in April, boosted by a 3.6% jump in First Abu Dhabi Bank (FAB.AD).
Abu Dhabi-based petrochemicals company Borouge, which is owned by Abu Dhabi National Oil Company (ADNOC) and Austria's Borealis, raised more than $2 billion on Tuesday after demand for its IPO topped $83.4 billion. read more
The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday.
The Abu Dhabi bourse was supported by stronger oil prices and the success of Borouge's fundraise, said Farah Mourad, senior market analyst of XTB MENA.
"The listing has attracted the interest of many investors and could help push the market higher in the coming days."
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 3.6% jump in Saudi National Bank (1180.SE) and a 1.1% increase in oil giant Saudi Aramco (2222.SE).
Crude prices, a key catalyst for the Gulf's financial market, extended a bull run after the EU agreed to a partial and phased ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of the peak U.S. and European summer driving season. read more
Dubai's main share index (.DFMGI) concluded 0.1% higher, with blue-chip developer Emaar Properties (EMAR.DU) advancing 2.5%.
Dubai house prices are set to mostly rise steadily over the next two years, driven by demand from foreign investors, according to a Reuters poll of analysts, who cautioned that higher interest rates and lack of affordable homes could curb activity.{nL2N2XJ08T]
The Qatari index (.QSI) firmed 0.2%, with Gulf's biggest lender Qatar National Bank (QNBK.QA) ending 2.7% higher.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.4%, led by a 0.9% rise in Commercial International Bank Egypt.
Egypt's M2 money supply rose by 23.7% year-on-year in April, data from the central bank showed on Tuesday.
Most Gulf markets ended higher on Tuesday, tracking oil prices, with the Abu Dhabi index outperforming the region ahead of its biggest-ever initial public offering (IPO) of Borouge.
In Abu Dhabi, the index (.FTFADGI) advanced 1.6%, nearing the peak hit in April, boosted by a 3.6% jump in First Abu Dhabi Bank (FAB.AD).
Abu Dhabi-based petrochemicals company Borouge, which is owned by Abu Dhabi National Oil Company (ADNOC) and Austria's Borealis, raised more than $2 billion on Tuesday after demand for its IPO topped $83.4 billion. read more
The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday.
The Abu Dhabi bourse was supported by stronger oil prices and the success of Borouge's fundraise, said Farah Mourad, senior market analyst of XTB MENA.
"The listing has attracted the interest of many investors and could help push the market higher in the coming days."
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 3.6% jump in Saudi National Bank (1180.SE) and a 1.1% increase in oil giant Saudi Aramco (2222.SE).
Crude prices, a key catalyst for the Gulf's financial market, extended a bull run after the EU agreed to a partial and phased ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of the peak U.S. and European summer driving season. read more
Dubai's main share index (.DFMGI) concluded 0.1% higher, with blue-chip developer Emaar Properties (EMAR.DU) advancing 2.5%.
Dubai house prices are set to mostly rise steadily over the next two years, driven by demand from foreign investors, according to a Reuters poll of analysts, who cautioned that higher interest rates and lack of affordable homes could curb activity.{nL2N2XJ08T]
The Qatari index (.QSI) firmed 0.2%, with Gulf's biggest lender Qatar National Bank (QNBK.QA) ending 2.7% higher.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.4%, led by a 0.9% rise in Commercial International Bank Egypt.
Egypt's M2 money supply rose by 23.7% year-on-year in April, data from the central bank showed on Tuesday.
Borouge’s $2 Billion #AbuDhabi IPO Draws $83 Billion of Orders - Bloomberg
Borouge’s $2 Billion Abu Dhabi IPO Draws $83 Billion of Orders - Bloomberg
The United Arab Emirates’ main oil company and Borealis AG raised $2 billion in the initial public offering of their chemicals joint venture, drawing $83 billion of orders in the latest sign of strong demand for listings in the region.
Borouge’s IPO is Abu Dhabi’s biggest-ever listing and adds to a string of sizable offerings from the UAE and Saudi Arabia, where markets have largely bucked the volatility that’s put a lid on share sales globally.
Abu Dhabi National Oil Co. and Vienna-based Borealis sold 3 billion shares at 2.45 dirhams each in the deal, valuing Borouge at $20 billion. The demand amounted to an oversubscription level of almost 42 times.
Oil’s almost 60% surge this year to more than $120 a barrel has helped draw foreign flows to the region’s markets, which have been some of the world’s best performers this year. Many recent offerings in Dubai and Saudi Arabia have attract tens of billions of dollars of demand.
The United Arab Emirates’ main oil company and Borealis AG raised $2 billion in the initial public offering of their chemicals joint venture, drawing $83 billion of orders in the latest sign of strong demand for listings in the region.
Borouge’s IPO is Abu Dhabi’s biggest-ever listing and adds to a string of sizable offerings from the UAE and Saudi Arabia, where markets have largely bucked the volatility that’s put a lid on share sales globally.
Abu Dhabi National Oil Co. and Vienna-based Borealis sold 3 billion shares at 2.45 dirhams each in the deal, valuing Borouge at $20 billion. The demand amounted to an oversubscription level of almost 42 times.
Oil’s almost 60% surge this year to more than $120 a barrel has helped draw foreign flows to the region’s markets, which have been some of the world’s best performers this year. Many recent offerings in Dubai and Saudi Arabia have attract tens of billions of dollars of demand.
#Israel signs major trade pact with Gulf state #UAE | Reuters
Israel signs major trade pact with Gulf state UAE | Reuters
Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first big trade accord with an Arab state that reduces or removes tariffs and over time targets lifting annual bilateral trade to more than $10 billion.
The pact was signed in Dubai by Israel's Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, after months of negotiations.
Tariffs will be eliminated on 96% of goods with the UAE predicting the Comprehensive Economic Partnership Agreement would boost bilateral trade to more than $10 billion a year within five years.
Emirati trade minister Thani Al Zeyoudi said the trade deal wrote "a new chapter in the history of the Middle East."
Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first big trade accord with an Arab state that reduces or removes tariffs and over time targets lifting annual bilateral trade to more than $10 billion.
The pact was signed in Dubai by Israel's Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, after months of negotiations.
Tariffs will be eliminated on 96% of goods with the UAE predicting the Comprehensive Economic Partnership Agreement would boost bilateral trade to more than $10 billion a year within five years.
Emirati trade minister Thani Al Zeyoudi said the trade deal wrote "a new chapter in the history of the Middle East."
#Dubai Investment Firm ICD Returns to Profit as Economy Rebounds - Bloomberg
Dubai Investment Firm ICD Returns to Profit as Economy Rebounds - Bloomberg
Dubai’s main state-owned investment firm swung to a full-year profit in 2021, rebounding from a pandemic-induced $5.15 billion loss.
Investment Corp. of Dubai posted a profit 5.5 billion dirhams ($1.5 billion) after a loss of 18.9 billion dirhams a year earlier, according to a statement. Revenue climbed about 25% to 169 billion dirhams.
“Our portfolio companies reaped the benefits of the steps taken earlier during the pandemic to protect their businesses, adapt their models, and enhance cost-effectiveness,” Managing Director Mohammed Ibrahim Al Shaibani said in a statement.
The firm owns Emirates Group, which reported a smaller annual loss and predicted a return to profit this year, tapping a recovery in travel demand.
Business activity in Dubai rebounded sharply last year alongside a jump in tourism, helped by the Expo 2020 exhibition -- one of the biggest in-person events since the pandemic started. The United Arab Emirates, of which Dubai is a part, had one of the world’s fastest vaccination rollouts.
“Whilst good progress was made during the earlier part of the year despite the virus variant disruptions, the second part of the year saw a much stronger recovery helped by the easing of global travel restrictions and the positive impact of the hosting of Expo 2020 Dubai,” Al Shaibani said.
Investment Corp. of Dubai also has holdings in lenders including Emirates NBD and Dubai Islamic Bank as well as real-estate developer Emaar Properties PJSC -- all of which reported higher profit last year.
Dubai’s main state-owned investment firm swung to a full-year profit in 2021, rebounding from a pandemic-induced $5.15 billion loss.
Investment Corp. of Dubai posted a profit 5.5 billion dirhams ($1.5 billion) after a loss of 18.9 billion dirhams a year earlier, according to a statement. Revenue climbed about 25% to 169 billion dirhams.
“Our portfolio companies reaped the benefits of the steps taken earlier during the pandemic to protect their businesses, adapt their models, and enhance cost-effectiveness,” Managing Director Mohammed Ibrahim Al Shaibani said in a statement.
The firm owns Emirates Group, which reported a smaller annual loss and predicted a return to profit this year, tapping a recovery in travel demand.
Business activity in Dubai rebounded sharply last year alongside a jump in tourism, helped by the Expo 2020 exhibition -- one of the biggest in-person events since the pandemic started. The United Arab Emirates, of which Dubai is a part, had one of the world’s fastest vaccination rollouts.
“Whilst good progress was made during the earlier part of the year despite the virus variant disruptions, the second part of the year saw a much stronger recovery helped by the easing of global travel restrictions and the positive impact of the hosting of Expo 2020 Dubai,” Al Shaibani said.
Investment Corp. of Dubai also has holdings in lenders including Emirates NBD and Dubai Islamic Bank as well as real-estate developer Emaar Properties PJSC -- all of which reported higher profit last year.
#AbuDhabi leads gains in Gulf markets; #Qatar falls | Reuters
Abu Dhabi leads gains in Gulf markets; Qatar falls | Reuters
Most stock markets in the Gulf rose in early trade on Tuesday, in line with oil prices, with the Abu Dhabi index nearing its peak ahead of Borouge's initial public offering (IPO).
In Abu Dhabi, the index (.FTFADGI) advanced 1.5%, nearing a high hit in April, with the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD) jumping 3.9%.
Abu Dhabi-based petrochemicals company Borouge raised more than $2 billion on Tuesday after demand for its IPO topped $83.4 billion.
The company is owned by Abu Dhabi National Oil Company (ADNOC) and Austria's Borealis. Following the IPO, ADNOC will continue to hold a 54% majority stake and Borealis will own 36%. read more
Among other gainers, Agthia Group (AGTHIA.AD) gained 1.9% after approving investment for construction of a manufacturing facility in Jeddah worth 90 million dirhams ($24.50 million).
Saudi Arabia's benchmark index (.TASI) added 0.5%, with oil-giant Saudi Aramco (2222.SE) rising 1.1%.
Crude prices, a key catalyst for the Gulf's financial markets, extended gains after the EU agreed to slash oil imports from Russia, fuelling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season.
Dubai's main share index (.DFMGI) edged 0.1% higher, supported by a 0.5% rise in blue-chip developer Emaar Properties (EMAR.DU).
Dubai house prices are set to mostly rise steadily over the next two years, driven by demand from foreign investors, according to a Reuters poll of analysts, who cautioned that higher interest rates and lack of affordable homes could curb activity. read more
Elsewhere, Aramex (ARMX.DU) leapt 4.8% after the logistics firm increased its foreign ownership limit to 100% from 49% earlier.
Bucking the trend, the Qatari index (.QSI) dropped 0.6%, hit by a 1.6% fall in Qatar Islamic Bank (QISB.QA).
Most stock markets in the Gulf rose in early trade on Tuesday, in line with oil prices, with the Abu Dhabi index nearing its peak ahead of Borouge's initial public offering (IPO).
In Abu Dhabi, the index (.FTFADGI) advanced 1.5%, nearing a high hit in April, with the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD) jumping 3.9%.
Abu Dhabi-based petrochemicals company Borouge raised more than $2 billion on Tuesday after demand for its IPO topped $83.4 billion.
The company is owned by Abu Dhabi National Oil Company (ADNOC) and Austria's Borealis. Following the IPO, ADNOC will continue to hold a 54% majority stake and Borealis will own 36%. read more
Among other gainers, Agthia Group (AGTHIA.AD) gained 1.9% after approving investment for construction of a manufacturing facility in Jeddah worth 90 million dirhams ($24.50 million).
Saudi Arabia's benchmark index (.TASI) added 0.5%, with oil-giant Saudi Aramco (2222.SE) rising 1.1%.
Crude prices, a key catalyst for the Gulf's financial markets, extended gains after the EU agreed to slash oil imports from Russia, fuelling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season.
Dubai's main share index (.DFMGI) edged 0.1% higher, supported by a 0.5% rise in blue-chip developer Emaar Properties (EMAR.DU).
Dubai house prices are set to mostly rise steadily over the next two years, driven by demand from foreign investors, according to a Reuters poll of analysts, who cautioned that higher interest rates and lack of affordable homes could curb activity. read more
Elsewhere, Aramex (ARMX.DU) leapt 4.8% after the logistics firm increased its foreign ownership limit to 100% from 49% earlier.
Bucking the trend, the Qatari index (.QSI) dropped 0.6%, hit by a 1.6% fall in Qatar Islamic Bank (QISB.QA).
Oil bull run continues as EU agrees to ban most Russian oil | Reuters
Oil bull run continues as EU agrees to ban most Russian oil | Reuters
Oil prices extended a bull run on Tuesday after the EU agreed to a partial ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of peak U.S. and European summer driving season.
Brent crude for July, which expires on Tuesday, rose $2.31, or 1.9%, to $123.98 a barrel by 0823 GMT, after earlier rising to $124.10 - its highest since March 9. The more active August contract rose $2.44 to $120.04.
U.S. West Texas Intermediate (WTI) crude was trading at $119.34 a barrel, up $4.27 in a fourth session of gains in a row, or 3.7% from Friday's close, hitting its highest since March 9. There was no settlement on Monday due to a U.S. public holiday.
Both July-loading contracts are set to end May as the sixth straight month of rising prices.
Oil prices extended a bull run on Tuesday after the EU agreed to a partial ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of peak U.S. and European summer driving season.
Brent crude for July, which expires on Tuesday, rose $2.31, or 1.9%, to $123.98 a barrel by 0823 GMT, after earlier rising to $124.10 - its highest since March 9. The more active August contract rose $2.44 to $120.04.
U.S. West Texas Intermediate (WTI) crude was trading at $119.34 a barrel, up $4.27 in a fourth session of gains in a row, or 3.7% from Friday's close, hitting its highest since March 9. There was no settlement on Monday due to a U.S. public holiday.
Both July-loading contracts are set to end May as the sixth straight month of rising prices.