Mubadala buys medical schools in Brazil -report | Reuters
UAE's state investor Mubadala Investment Co PJSC has acquired two for-profit medical schools in Brazil, Brazilian newspaper Valor Economico reported.
Mubadala acquired two schools in the northeastern state of Bahia, UniFTC and UnesulBahia, with around 2,000 students, the paper reported. The deal value was not disclosed, it added.
Requests for comment sent to the group that owns both schools and Mubadala were not immediately replied to.
Thursday, 2 June 2022
Oil rises after U.S. crude drawdowns, supply tightness | Reuters
Oil rises after U.S. crude drawdowns, supply tightness | Reuters
Oil prices edged higher on Thursday after U.S. crude inventories fell more than expected amid high demand for fuel and OPEC+ agreed to boost crude output to compensate for a drop in Russian production.
U.S. crude oil stockpiles fell last week by 5.1 million barrels to 414.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.
Brent futures rose $1.16, or 1%, to $117.45 a barrel by 12:06 p.m. EDT (1606 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.51, or 1.3%, to $116.77.
Prices, however, were also supported by the European Union's sixth package of sanctions against Russia, approved on Thursday, which will include an immediate ban on new insurance contracts for ships carrying Russian oil and a six month phase-out on existing contracts.
Oil prices edged higher on Thursday after U.S. crude inventories fell more than expected amid high demand for fuel and OPEC+ agreed to boost crude output to compensate for a drop in Russian production.
U.S. crude oil stockpiles fell last week by 5.1 million barrels to 414.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.
Brent futures rose $1.16, or 1%, to $117.45 a barrel by 12:06 p.m. EDT (1606 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.51, or 1.3%, to $116.77.
Prices, however, were also supported by the European Union's sixth package of sanctions against Russia, approved on Thursday, which will include an immediate ban on new insurance contracts for ships carrying Russian oil and a six month phase-out on existing contracts.
EXCLUSIVE #UAE-Egypt consortium set to buy African renewables firm Lekela - sources | Reuters
EXCLUSIVE UAE-Egypt consortium set to buy African renewables firm Lekela - sources | Reuters
A consortium of Abu Dhabi's Masdar and Egypt's Infinity Energy is set to buy a majority stake in Lekela Power from private equity house Actis, three sources directly linked to the sale said, in a deal that could be worth close to $1 billion.
The sale, which would be one of southern Africa's biggest renewable energy deals, has attracted interest from across the world, including from Chinese state fund CNIC; Africa-focused power firm Globeleq, which is 70%-owned by UK development finance institution CDC Group; Chinese petroleum giant Sinopec; and South African coal firm Exxaro, among others. read more
The deal would give Masdar, owned by United Arab Emirates' sovereign investment company Mubadala, its first foothold in southern Africa, expected by analysts and bankers to be the next major hub of renewables development after Asia considering the many hours of sunlight, even during winter.
Masdar has so far largely been present in the Middle East, but had been looking more broadly for greenfield and brownfield acquisition opportunities, the first source said.
A consortium of Abu Dhabi's Masdar and Egypt's Infinity Energy is set to buy a majority stake in Lekela Power from private equity house Actis, three sources directly linked to the sale said, in a deal that could be worth close to $1 billion.
The sale, which would be one of southern Africa's biggest renewable energy deals, has attracted interest from across the world, including from Chinese state fund CNIC; Africa-focused power firm Globeleq, which is 70%-owned by UK development finance institution CDC Group; Chinese petroleum giant Sinopec; and South African coal firm Exxaro, among others. read more
The deal would give Masdar, owned by United Arab Emirates' sovereign investment company Mubadala, its first foothold in southern Africa, expected by analysts and bankers to be the next major hub of renewables development after Asia considering the many hours of sunlight, even during winter.
Masdar has so far largely been present in the Middle East, but had been looking more broadly for greenfield and brownfield acquisition opportunities, the first source said.
#SaudiArabia leads declines among Gulf bourses | Reuters
Saudi Arabia leads declines among Gulf bourses | Reuters
Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production.
Saudi Arabia's benchmark index (.TASI) finished 1.3% lower, hurt by a 2.1% fall in oil giant Saudi Aramco (2222.SE) and a 1.2% decline in country's biggest Islamic lender Al Rajhi Bank (1120.SE).
Crude, a key catalyst for the Gulf's financial market, fell as much as 3% ahead of an OPEC+ producers' meeting later in the day, and after the Financial Times reported the Saudis were prepared to raise production if Russia's output falls substantially because of Western sanctions.
The energy index (.TENI) in Saudi Arabia retreated more than 2%.
In Abu Dhabi, equities (.FTFADGI) slipped 0.5% with the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD) losing 1.3%.
Separately, the United Arab Emirates has vaccinated all those who must be vaccinated against COVID-19 in the oil-rich Gulf Arab state, state news agency WAM reported on Thursday. read more
Dubai's main share index (.DFMGI) lost 0.3%, weighed down by a 1.3% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.6% drop in Dubai Electricity and Water Authority (DEWAA.DU).
Investors moved to secure their gains after the main index recorded a strong rebound during the last few trading sessions, said Daniel Takieddine, CEO MENA BDSwiss.
According to Takieddine, the market could find support in the real estate and banking sectors which could see positive developments.
The Qatari index (.QSI) eased 0.3%, with Qatar Islamic Bank (QISB.QA) concluding 2.6% lower.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.8%, with Commercial International Bank Egypt (COMI.CA) slipping 2.4%.
Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production.
Saudi Arabia's benchmark index (.TASI) finished 1.3% lower, hurt by a 2.1% fall in oil giant Saudi Aramco (2222.SE) and a 1.2% decline in country's biggest Islamic lender Al Rajhi Bank (1120.SE).
Crude, a key catalyst for the Gulf's financial market, fell as much as 3% ahead of an OPEC+ producers' meeting later in the day, and after the Financial Times reported the Saudis were prepared to raise production if Russia's output falls substantially because of Western sanctions.
The energy index (.TENI) in Saudi Arabia retreated more than 2%.
In Abu Dhabi, equities (.FTFADGI) slipped 0.5% with the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD) losing 1.3%.
Separately, the United Arab Emirates has vaccinated all those who must be vaccinated against COVID-19 in the oil-rich Gulf Arab state, state news agency WAM reported on Thursday. read more
Dubai's main share index (.DFMGI) lost 0.3%, weighed down by a 1.3% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.6% drop in Dubai Electricity and Water Authority (DEWAA.DU).
Investors moved to secure their gains after the main index recorded a strong rebound during the last few trading sessions, said Daniel Takieddine, CEO MENA BDSwiss.
According to Takieddine, the market could find support in the real estate and banking sectors which could see positive developments.
The Qatari index (.QSI) eased 0.3%, with Qatar Islamic Bank (QISB.QA) concluding 2.6% lower.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.8%, with Commercial International Bank Egypt (COMI.CA) slipping 2.4%.
Oil little changed after OPEC+ agrees to boost output | Reuters
Oil little changed after OPEC+ agrees to boost output | Reuters
Oil prices were little changed after erasing early losses on Thursday after OPEC+ agreed to boost crude output to compensate for a drop in Russian production.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July and 648,000 bpd in August, a source told Reuters.
Oil prices could get more support later on Thursday if analysts' forecasts are correct that U.S. crude inventories declined by around 1.4 million barrels last week.
The American Petroleum Institute (API), an industry group, said on Wednesday that U.S. crude stocks fell by 1.2 million barrels in the week ended May 27.
The U.S. Energy Information Administration (EIA) will issue the official report at 11:00 a.m. EDT (1500 GMT) on Thursday, a day later than usual following Monday's U.S. Memorial Day holiday.
Brent futures rose 40 cents, or 0.3%, to $116.69 a barrel by 9:36 a.m. EDT (1336 GMT), while U.S. West Texas Intermediate (WTI) crude rose 49 cents, or 0.4%, to $115.75.
Oil prices were little changed after erasing early losses on Thursday after OPEC+ agreed to boost crude output to compensate for a drop in Russian production.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July and 648,000 bpd in August, a source told Reuters.
Oil prices could get more support later on Thursday if analysts' forecasts are correct that U.S. crude inventories declined by around 1.4 million barrels last week.
The American Petroleum Institute (API), an industry group, said on Wednesday that U.S. crude stocks fell by 1.2 million barrels in the week ended May 27.
The U.S. Energy Information Administration (EIA) will issue the official report at 11:00 a.m. EDT (1500 GMT) on Thursday, a day later than usual following Monday's U.S. Memorial Day holiday.
Brent futures rose 40 cents, or 0.3%, to $116.69 a barrel by 9:36 a.m. EDT (1336 GMT), while U.S. West Texas Intermediate (WTI) crude rose 49 cents, or 0.4%, to $115.75.
#Saudi, OPEC may make up for Russian oil output loss as Biden visit looms | Reuters
Saudi, OPEC may make up for Russian oil output loss as Biden visit looms | Reuters
Saudi Arabia and other OPEC states may boost oil production to offset a drop in Russian output, a move that could ease sky-high oil prices and surging inflation and may also pave the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.
Two OPEC+ sources said the group was working on making up for a drop in Russian oil output as Russia's production has fallen by about 1 million barrels per day (bpd) as a result of Western sanctions on Moscow over its invasion of Ukraine.
Oil fell $3 to about $113 a barrel on news of the possible OPEC output boost, but was still near a more than decade high after a spike this year close to an all-time peak of $147.
One OPEC+ source familiar with the Russian position said Moscow could agree to other producers raising production to compensate for Russia's lower output, although not necessarily making up all the shortfall.
Saudi Arabia and other OPEC states may boost oil production to offset a drop in Russian output, a move that could ease sky-high oil prices and surging inflation and may also pave the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.
Two OPEC+ sources said the group was working on making up for a drop in Russian oil output as Russia's production has fallen by about 1 million barrels per day (bpd) as a result of Western sanctions on Moscow over its invasion of Ukraine.
Oil fell $3 to about $113 a barrel on news of the possible OPEC output boost, but was still near a more than decade high after a spike this year close to an all-time peak of $147.
One OPEC+ source familiar with the Russian position said Moscow could agree to other producers raising production to compensate for Russia's lower output, although not necessarily making up all the shortfall.
#SaudiArabia ready to pump more oil if Russian output sinks under ban | Financial Times
Saudi Arabia ready to pump more oil if Russian output sinks under ban | Financial Times
Saudi Arabia has indicated to western allies that it is prepared to raise oil production should Russia’s output fall substantially under the weight of sanctions, according to five people familiar with the discussions.
The kingdom has resisted calls from the White House to accelerate production increases despite oil prices trading near $120 a barrel, the highest level in a decade, arguing that the energy crunch could get significantly worse this year. Saudi Arabia believes it needs to keep spare production capacity in reserve.
But fears of outright supply shortages have risen after the EU launched another round of sanctions against Moscow, including a ban on importing seaborne cargoes of Russian oil into the bloc.
The EU has also agreed a deal with the UK to bar the insurance of ships carrying Russian oil later this year, a move analysts said was likely to severely curtail Moscow’s ability to redirect oil to other regions.
Saudi Arabia has indicated to western allies that it is prepared to raise oil production should Russia’s output fall substantially under the weight of sanctions, according to five people familiar with the discussions.
The kingdom has resisted calls from the White House to accelerate production increases despite oil prices trading near $120 a barrel, the highest level in a decade, arguing that the energy crunch could get significantly worse this year. Saudi Arabia believes it needs to keep spare production capacity in reserve.
But fears of outright supply shortages have risen after the EU launched another round of sanctions against Moscow, including a ban on importing seaborne cargoes of Russian oil into the bloc.
The EU has also agreed a deal with the UK to bar the insurance of ships carrying Russian oil later this year, a move analysts said was likely to severely curtail Moscow’s ability to redirect oil to other regions.
#UAE’s Al-Futtaim Group to invest up to $1 bln in Egypt -cabinet statement | Reuters
UAE’s Al-Futtaim Group to invest up to $1 bln in Egypt -cabinet statement | Reuters
Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday.
Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts watch for greater exchange rate flexibility to avert future crises.
Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday.
Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts watch for greater exchange rate flexibility to avert future crises.
Rivian’s #Saudi Backer ALJ Makes New Bet on Indian Two-Wheeled EVs - Bloomberg
Rivian’s Saudi Backer ALJ Makes New Bet on Indian Two-Wheeled EVs - Bloomberg
A Saudi family-owned group that reaped billions as an early backer of electric truck-maker Rivian Automotive Inc., has made a new bet on battery-powered vehicles, this time investing in two- and three-wheeler vehicles in India.More from
Abdul Latif Jameel, a Jeddah-based group named after its founder and now run by his sons, committed to invest up to $220 million in Greaves Electric Mobility, according to a statement. It will initially pay $150 million for a 35.8% stake in the electric vehicle maker, part of Greaves Cotton, an Indian manufacturing and engineering company.
The investment will help Greaves Electric grow its business locally, and potentially expand in regions including Latin America, Asia and Africa. Greaves Cotton shares jumped almost 14% on the news, before paring gains to around 1.2%.
India, the world’s fourth-largest automobile market, is pushing to decarbonize transport and achieve a goal of turning net carbon zero by 2070. BloombergNEF expects 53% of new automobile sales in India will be electric by 2040, compared with 77% in China.
ALJ, as the Saudi group is known, built its business on gasoline-fueled cars and has expanded into other industries in recent years, including backing start-ups like Rivian. The firm is the third-largest investor in Rivian, with a stake worth about $3.5 billion.
A Saudi family-owned group that reaped billions as an early backer of electric truck-maker Rivian Automotive Inc., has made a new bet on battery-powered vehicles, this time investing in two- and three-wheeler vehicles in India.More from
Abdul Latif Jameel, a Jeddah-based group named after its founder and now run by his sons, committed to invest up to $220 million in Greaves Electric Mobility, according to a statement. It will initially pay $150 million for a 35.8% stake in the electric vehicle maker, part of Greaves Cotton, an Indian manufacturing and engineering company.
The investment will help Greaves Electric grow its business locally, and potentially expand in regions including Latin America, Asia and Africa. Greaves Cotton shares jumped almost 14% on the news, before paring gains to around 1.2%.
India, the world’s fourth-largest automobile market, is pushing to decarbonize transport and achieve a goal of turning net carbon zero by 2070. BloombergNEF expects 53% of new automobile sales in India will be electric by 2040, compared with 77% in China.
ALJ, as the Saudi group is known, built its business on gasoline-fueled cars and has expanded into other industries in recent years, including backing start-ups like Rivian. The firm is the third-largest investor in Rivian, with a stake worth about $3.5 billion.
Major Gulf bourses track global shares, oil prices lower | Reuters
Major Gulf bourses track global shares, oil prices lower | Reuters
Major Gulf bourses fell in early trade on Thursday, tracking oil prices and global equities lower, with the Dubai index on course to snap four sessions of gains.
The MSCI world equity index (.MIWD00000PUS), which tracks shares in 50 countries, was down 0.81%, on widespread investor concern over high inflation and the threat of recession.
Saudi Arabia's benchmark index (.TASI) declined 0.5%, weighed down by a 1.2% dip in oil giant Saudi Aramco (2222.SE) and a 4% fall in Saudi Arabian Mining Company (1211.SE).
Elsewhere, Sahara International Petrochemical Company (2310.SE) slid 1.7% after the firm announced three weeks maintenance turnaround for unit International Acetyl Company.
Crude prices, a key catalyst for the Gulf's financial market, fell as investors cashed in on a recent rally ahead of a key producers meeting later in the day.
The fall in oil prices gathered pace after the Financial Times reported that Saudi Arabia may be prepared to raise oil production in the event of a sharp drop in Russia's output.
In Abu Dhabi, the equities (.FTFADGI) lost 0.2% with conglomerate International Holding Company (IHC.AD) slipping 0.4% and the United Arab Emirates' largest lender First Abu Dhabi Bank falling 0.7%.
Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 1% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.8% drop in Emirates Integrated Telecommunications (DU.DU).
The Qatari index (.QSI) dropped 0.2%, hit by a 1% fall in petrochemical maker Industries Qatar (IQCD.QA).
Major Gulf bourses fell in early trade on Thursday, tracking oil prices and global equities lower, with the Dubai index on course to snap four sessions of gains.
The MSCI world equity index (.MIWD00000PUS), which tracks shares in 50 countries, was down 0.81%, on widespread investor concern over high inflation and the threat of recession.
Saudi Arabia's benchmark index (.TASI) declined 0.5%, weighed down by a 1.2% dip in oil giant Saudi Aramco (2222.SE) and a 4% fall in Saudi Arabian Mining Company (1211.SE).
Elsewhere, Sahara International Petrochemical Company (2310.SE) slid 1.7% after the firm announced three weeks maintenance turnaround for unit International Acetyl Company.
Crude prices, a key catalyst for the Gulf's financial market, fell as investors cashed in on a recent rally ahead of a key producers meeting later in the day.
The fall in oil prices gathered pace after the Financial Times reported that Saudi Arabia may be prepared to raise oil production in the event of a sharp drop in Russia's output.
In Abu Dhabi, the equities (.FTFADGI) lost 0.2% with conglomerate International Holding Company (IHC.AD) slipping 0.4% and the United Arab Emirates' largest lender First Abu Dhabi Bank falling 0.7%.
Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 1% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.8% drop in Emirates Integrated Telecommunications (DU.DU).
The Qatari index (.QSI) dropped 0.2%, hit by a 1% fall in petrochemical maker Industries Qatar (IQCD.QA).
Oil prices fall as investors await OPEC+ policy, eye Saudis | Reuters
Oil prices fall as investors await OPEC+ policy, eye Saudis | Reuters
Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States.
Brent crude was down $2.07, or 1.8%, at $114.22 a barrel at 0649 GMT, having risen 0.6% the previous day.
U.S. West Texas Intermediate (WTI) crude dropped $2.21, or 1.9%, to $113.05 a barrel, after a 0.5% rise on Wednesday.
The benchmarks have marched higher for several weeks as Russian exports have been squeezed by EU and U.S. sanctions against Moscow over its invasion of Ukraine, actions that Russia calls a "special operation".
Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States.
Brent crude was down $2.07, or 1.8%, at $114.22 a barrel at 0649 GMT, having risen 0.6% the previous day.
U.S. West Texas Intermediate (WTI) crude dropped $2.21, or 1.9%, to $113.05 a barrel, after a 0.5% rise on Wednesday.
The benchmarks have marched higher for several weeks as Russian exports have been squeezed by EU and U.S. sanctions against Moscow over its invasion of Ukraine, actions that Russia calls a "special operation".