Salik IPO: Dubai Road-Toll Operator Set to Hold Pre-IPO Investor Meetings - Bloomberg
Dubai’s road-toll collection system is planning to kick off first meetings with select top investors as soon as this month, ahead of a potential 2022 listing, people familiar with the matter said.
The Salik toll system, part of Dubai’s Roads and Transport Authority, is planning group and one-on-one investor meetings in mid-June, said the people, who asked to not be identified because the matter isn’t public. Investors from around the world will participate in the calls, they said.
The listing may come as soon as September, the people said. Details on valuation or the size of the offer weren’t immediately available.
Bank of America Corp., Emirates NBD Bank PJSC and Goldman Sachs Group Inc. are arranging the local stock exchange listing alongside Moelis & Co., the financial adviser for the IPO, Bloomberg News has reported.
Representatives for Salik weren’t available for comment.
Salik, Arabic for open, is an automated system introduced in 2007. Each time a vehicle passes through one of the city’s eight toll points, 4 dirhams ($1.09) is charged to a prepaid account, eliminating the need for cash or toll booths.
The planned listing is part of Dubai’s attempts to revive trading volumes by privatizing 10 state firms. The first of those share sales was the $6.1 billion IPO of the city’s main utility -- the second biggest listing of the year, which drew strong demand from regional and international investors. On Thursday, Dubai said it would sell a 12.5% stake in business park operator Tecom.
Listings on Gulf stock exchanges are on track for their best-ever first half as high oil prices and broad economic reforms draw investors to the region. IPOs in the Middle East have fetched more than $13 billion this year, already eclipsing the amount raised in any other first half, data compiled by Bloomberg show.
Thursday 9 June 2022
Aramco Executive Becomes First Woman on #Saudi Central Bank Board - Bloomberg
Aramco Executive Becomes First Woman on Saudi Central Bank Board - Bloomberg
Saudi Arabia appointed a former Saudi Aramco executive as the first female to join the board of its central bank, the latest sign that the kingdom is looking to name more women to senior roles in its financial industry.
Sheila Alrowaily, who worked for Saudi Aramco for more than 20 years in trading and investments positions, has been appointed as a board member for the Saudi Central Bank, according to a royal decree. She currently serves as the chief executive officer of Wisayah Investment Co., a firm that invests Saudi Aramco pension funds.
Alrowaily is among a growing number of women taking on leadership roles in finance across the Gulf region.
The kingdom has loosened many of its restrictions on women, which is part of Crown Prince Mohammed bin Salman’s plan to get more Saudis working in the private sector. Over the past few years, authorities have lifted a ban on women driving and allowed them to travel without the permission of a male guardian.
Other women in leadership positions in the kingdom include Sarah Al Suhaimi, chairwoman of Saudi Arabia’s stock exchange, and Rania Nashar, compliance and governance chief at the Public Investment Fund.
Saudi Arabia appointed a former Saudi Aramco executive as the first female to join the board of its central bank, the latest sign that the kingdom is looking to name more women to senior roles in its financial industry.
Sheila Alrowaily, who worked for Saudi Aramco for more than 20 years in trading and investments positions, has been appointed as a board member for the Saudi Central Bank, according to a royal decree. She currently serves as the chief executive officer of Wisayah Investment Co., a firm that invests Saudi Aramco pension funds.
Alrowaily is among a growing number of women taking on leadership roles in finance across the Gulf region.
The kingdom has loosened many of its restrictions on women, which is part of Crown Prince Mohammed bin Salman’s plan to get more Saudis working in the private sector. Over the past few years, authorities have lifted a ban on women driving and allowed them to travel without the permission of a male guardian.
Other women in leadership positions in the kingdom include Sarah Al Suhaimi, chairwoman of Saudi Arabia’s stock exchange, and Rania Nashar, compliance and governance chief at the Public Investment Fund.
Oil slips on China lockdowns, but bullish trends intact | Reuters
Oil slips on China lockdowns, but bullish trends intact | Reuters
Oil prices dipped on Thursday but still hovered near three-month highs after parts of Shanghai imposed new COVID-19 lockdown measures, as strong gains in refined products contributed to an ongoing bullish backdrop for crude oil.
Brent crude futures for August settled down 51 cents at $123.07 a barrel, a 0.4% decline, while U.S. West Texas Intermediate crude for July lost 60 cents, or 0.5%, to $121.51 a barrel.
Oil prices have been rallying steadily over the last two months, led by big increases in prices of refined products due to tight refining supply and surging demand.
Worldwide, refiners have shut facilities, and capacity is tight as well because of reduced activity in Russia, the world's largest exporter of crude and fuel, following its invasion of Ukraine.
Oil prices dipped on Thursday but still hovered near three-month highs after parts of Shanghai imposed new COVID-19 lockdown measures, as strong gains in refined products contributed to an ongoing bullish backdrop for crude oil.
Brent crude futures for August settled down 51 cents at $123.07 a barrel, a 0.4% decline, while U.S. West Texas Intermediate crude for July lost 60 cents, or 0.5%, to $121.51 a barrel.
Oil prices have been rallying steadily over the last two months, led by big increases in prices of refined products due to tight refining supply and surging demand.
Worldwide, refiners have shut facilities, and capacity is tight as well because of reduced activity in Russia, the world's largest exporter of crude and fuel, following its invasion of Ukraine.
Carlyle Group to Sell Stake in Mideast’s Dominos Pizza Operator Alamar Foods - Bloomberg
Carlyle Group to Sell Stake in Mideast’s Dominos Pizza Operator Alamar Foods - Bloomberg
Carlyle Group is seeking to sell its stake in the owner of the Domino’s pizza franchise in the Middle East in an initial public offering on the Saudi stock exchange.
The US buyout firm, which has $325 billion in assets under management, is selling a 42% stake in Alamar Foods, or 10.6 million shares to retail and institutional investors, according to a statement. Carlyle acquired its stake from Saudi-based firm AlJammaz Group in 2011 for an undisclosed amount.
Carlyle bought its stake in Alamar through Carlyle MENA Partners, a fund focused on the Middle East, North Africa and Turkey. The Washington-based private equity firm dropped plans to raise a second Middle East fund in 2014, people familiar with the matter said at the time.
More details from the statement:
Carlyle Group is seeking to sell its stake in the owner of the Domino’s pizza franchise in the Middle East in an initial public offering on the Saudi stock exchange.
The US buyout firm, which has $325 billion in assets under management, is selling a 42% stake in Alamar Foods, or 10.6 million shares to retail and institutional investors, according to a statement. Carlyle acquired its stake from Saudi-based firm AlJammaz Group in 2011 for an undisclosed amount.
Carlyle bought its stake in Alamar through Carlyle MENA Partners, a fund focused on the Middle East, North Africa and Turkey. The Washington-based private equity firm dropped plans to raise a second Middle East fund in 2014, people familiar with the matter said at the time.
More details from the statement:
- Individual investor subscription period: July 20-21
- HSBC Saudi Arabia is the financial adviser, bookrunner, lead manager and underwriter
- Riyad Bank, Saudi National Bank and AlRajhi Bank are receiving entities for the individual investors tranche
#SaudiArabia Offers To Pay Airlines to Connect it to the World - Bloomberg
Saudi Arabia Offers To Pay Airlines to Connect it to the World - Bloomberg
Saudi Arabia is offering to subsidize airlines that fly unprofitable routes linking it to major global cities, as part of efforts to boost tourist arrivals and hit a goal of attracting 100 million visitors a year by 2030.
The government is offering the subsidy as part of its Air Connectivity Program and is in talks with airlines about the plan that’s open to any carrier to receive support, Tourism Minister Ahmed Al Khateeb said in an interview. The kingdom has already signed a deal with national carrier Saudia to fly to Zurich and Barcelona as part of the program.
“The main purpose is to create direct flights to our main target markets,” the minister said in Jeddah. “The program will compensate airlines to cover their losses from flying direct flights to these very important hubs for us.”
Funding will come directly from the government, though it wasn’t immediately clear how much it would cost. “We have to negotiate with every carrier to size it,” Al Khateeb said, adding that details on the program’s budget should be available next year.
Saudi Arabia is offering to subsidize airlines that fly unprofitable routes linking it to major global cities, as part of efforts to boost tourist arrivals and hit a goal of attracting 100 million visitors a year by 2030.
The government is offering the subsidy as part of its Air Connectivity Program and is in talks with airlines about the plan that’s open to any carrier to receive support, Tourism Minister Ahmed Al Khateeb said in an interview. The kingdom has already signed a deal with national carrier Saudia to fly to Zurich and Barcelona as part of the program.
“The main purpose is to create direct flights to our main target markets,” the minister said in Jeddah. “The program will compensate airlines to cover their losses from flying direct flights to these very important hubs for us.”
Funding will come directly from the government, though it wasn’t immediately clear how much it would cost. “We have to negotiate with every carrier to size it,” Al Khateeb said, adding that details on the program’s budget should be available next year.
Oil slips on China lockdowns but stays near three-month highs | Reuters
Oil slips on China lockdowns but stays near three-month highs | Reuters
Oil prices dipped on Thursday but still hovered near three-month highs after parts of Shanghai imposed new COVID-19 lockdown measures although China's stronger-than-expected exports in May offered a boost to the demand outlook.
Brent crude futures for August had dipped 57 cents or 0.5% to $123.01 a barrel by 1327 GMT, while U.S. West Texas Intermediate crude for July was at $121.26 a barrel, down 85 cents or 0.7%.
China's May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year and more than double analysts' expectations. read more
Oil prices dipped on Thursday but still hovered near three-month highs after parts of Shanghai imposed new COVID-19 lockdown measures although China's stronger-than-expected exports in May offered a boost to the demand outlook.
Brent crude futures for August had dipped 57 cents or 0.5% to $123.01 a barrel by 1327 GMT, while U.S. West Texas Intermediate crude for July was at $121.26 a barrel, down 85 cents or 0.7%.
China's May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year and more than double analysts' expectations. read more
Most Gulf markets end mixed, #Qatar rises | Reuters
Most Gulf markets end mixed, Qatar rises | Reuters
Most stock markets in Middle East ended mixed on Thursday with the UAE leading the losses, while Qatar saw its best day since January 2021 after closing flat in previous session.
Gulf Cooperation Council stock markets mostly fell under the weight of the global selling pressures as recession fears in the United States and Europe continued to be a negative factor, said Fadi Reyad, Market Analyst at CAPEX.com MENA.
In Abu Dhabi, the index (.FTFADGI) fell 0.7%, extending losses to a seventh session in a row, as largest lender First Abu Dhabi Bank (FAB.AD) dipped 0.7% and e& (formerly Etisalat Group) (ETISALAT.AD) declined 2.2%.
Dubai's main share index (.DFMGI) retreated 0.7%, weighed down by a 1.2% fall in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.1% drop for top lender Emirates NBD (ENBD.DU).
Separately, Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering (IPO), the company said in a statement. (nL1N2XW05S)
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, as financial stocks recovered from earlier losses, with Banque Saudi Fransi (1050.SE) and Al Rajhi Bank (1120.SE) leading the gains.
Alkhorayef Water And Power Technologies (2081.SE) closed 1.4% up after signing 1.86 billion riyals ($496 million) worth of contracts with the Ministry of Environment, Water and Agriculture.
The stock rose as much as 2.9% in Thursday's trading.
The Qatari index (.QSI) advanced 1%, however, its biggest intraday gain since January 11, 2021, boosted by financial stocks as Qatar Islamic Bank (QISB.QA) climbed 3.2%.
Outside the Gulf, the Egypt index (.EGX30) ended flat after surging 1.9% in previous session.
Egypt's annual urban consumer inflation accelerated to 13.5% year-on-year in May from 13.1% in April, data from the state statistics agency CAPMAS showed on Thursday. read more
Most stock markets in Middle East ended mixed on Thursday with the UAE leading the losses, while Qatar saw its best day since January 2021 after closing flat in previous session.
Gulf Cooperation Council stock markets mostly fell under the weight of the global selling pressures as recession fears in the United States and Europe continued to be a negative factor, said Fadi Reyad, Market Analyst at CAPEX.com MENA.
In Abu Dhabi, the index (.FTFADGI) fell 0.7%, extending losses to a seventh session in a row, as largest lender First Abu Dhabi Bank (FAB.AD) dipped 0.7% and e& (formerly Etisalat Group) (ETISALAT.AD) declined 2.2%.
Dubai's main share index (.DFMGI) retreated 0.7%, weighed down by a 1.2% fall in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.1% drop for top lender Emirates NBD (ENBD.DU).
Separately, Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering (IPO), the company said in a statement. (nL1N2XW05S)
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, as financial stocks recovered from earlier losses, with Banque Saudi Fransi (1050.SE) and Al Rajhi Bank (1120.SE) leading the gains.
Alkhorayef Water And Power Technologies (2081.SE) closed 1.4% up after signing 1.86 billion riyals ($496 million) worth of contracts with the Ministry of Environment, Water and Agriculture.
The stock rose as much as 2.9% in Thursday's trading.
The Qatari index (.QSI) advanced 1%, however, its biggest intraday gain since January 11, 2021, boosted by financial stocks as Qatar Islamic Bank (QISB.QA) climbed 3.2%.
Outside the Gulf, the Egypt index (.EGX30) ended flat after surging 1.9% in previous session.
Egypt's annual urban consumer inflation accelerated to 13.5% year-on-year in May from 13.1% in April, data from the state statistics agency CAPMAS showed on Thursday. read more
Oil sticks near three-month highs despite China lockdowns | Reuters
Oil sticks near three-month highs despite China lockdowns | Reuters
Oil prices hovered near three-month highs on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures, though news of China’s stronger-than-expected exports in May boosted the demand outlook.
Brent crude futures for August dipped 9 cents to $123.49 a barrel at 0853 GMT, while U.S. West Texas Intermediate crude for July was at $121.89 a barrel, down 22 cents.
Both benchmarks closed on Wednesday at their highest since March 8, matching levels seen in 2008.
China's May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year and more than double analysts' expectations. read more
"Of far greater importance is news that a district of Shanghai has been locked down today, reviving fears of another leg of China weakness due to its covid-zero policies. That is capping any gains in Asia today," said Jeffrey Halley, OANDA's senior market analyst for Asia Pacific.
Oil prices hovered near three-month highs on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures, though news of China’s stronger-than-expected exports in May boosted the demand outlook.
Brent crude futures for August dipped 9 cents to $123.49 a barrel at 0853 GMT, while U.S. West Texas Intermediate crude for July was at $121.89 a barrel, down 22 cents.
Both benchmarks closed on Wednesday at their highest since March 8, matching levels seen in 2008.
China's May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year and more than double analysts' expectations. read more
"Of far greater importance is news that a district of Shanghai has been locked down today, reviving fears of another leg of China weakness due to its covid-zero policies. That is capping any gains in Asia today," said Jeffrey Halley, OANDA's senior market analyst for Asia Pacific.
Israeli PM Bennett visits #AbuDhabi, to meet #UAE president | Reuters
Israeli PM Bennett visits Abu Dhabi, to meet UAE president | Reuters
Israeli Prime Minister Naftali Bennett arrived in the United Arab Emirates on Thursday and will meet its president, Sheikh Mohammed bin Zayed al-Nahyanan, an Israeli statement said.
Bennett's Abu Dhabi visit had not previously been announced.
The statement quoted Bennett as saying that he aimed to "build an additional level" in Israel-UAE ties founded two years ago.
Israeli Prime Minister Naftali Bennett arrived in the United Arab Emirates on Thursday and will meet its president, Sheikh Mohammed bin Zayed al-Nahyanan, an Israeli statement said.
Bennett's Abu Dhabi visit had not previously been announced.
The statement quoted Bennett as saying that he aimed to "build an additional level" in Israel-UAE ties founded two years ago.
Gas Prices Force Biden to Reconsider #SaudiArabia Stance - Bloomberg
Gas Prices Force Biden to Reconsider Saudi Arabia Stance - Bloomberg
When campaigning for president, Joe Biden vowed to turn Saudi Arabia into a “pariah” over the brutal killing of a newspaper columnist. Once in the White House, he temporarily froze weapons sales to the kingdom over its war in Yemen. He also outlined a vision to make the US a renewable energy powerhouse, less reliant on an oil market where the Saudis hold so much sway.
But with Russia’s invasion of Ukraine posing the biggest disruption to energy supplies in decades, Biden is having to take a different tack, recalibrating an alliance that is increasingly critical to the global economy—and the most strained it has been in years.
With the oil market in turmoil, the world’s biggest exporter of crude once again has the leverage to make demands. It is raking in $1 billion a day from oil, and Saudi Arabia’s economy, alongside India’s, is predicted to grow the fastest of any G-20 nation.
A glimmer of reconciliation came on June 2 when OPEC+, a group of major oil producers effectively led by the Saudis, agreed to accelerate output increases after months of rebuffing US entreaties. The unexpected move is an important first step in a global push to target Russian exports with sanctions. Biden is contemplating a visit to the kingdom in coming weeks as part of a wider trip to the Middle East.
When campaigning for president, Joe Biden vowed to turn Saudi Arabia into a “pariah” over the brutal killing of a newspaper columnist. Once in the White House, he temporarily froze weapons sales to the kingdom over its war in Yemen. He also outlined a vision to make the US a renewable energy powerhouse, less reliant on an oil market where the Saudis hold so much sway.
But with Russia’s invasion of Ukraine posing the biggest disruption to energy supplies in decades, Biden is having to take a different tack, recalibrating an alliance that is increasingly critical to the global economy—and the most strained it has been in years.
With the oil market in turmoil, the world’s biggest exporter of crude once again has the leverage to make demands. It is raking in $1 billion a day from oil, and Saudi Arabia’s economy, alongside India’s, is predicted to grow the fastest of any G-20 nation.
A glimmer of reconciliation came on June 2 when OPEC+, a group of major oil producers effectively led by the Saudis, agreed to accelerate output increases after months of rebuffing US entreaties. The unexpected move is an important first step in a global push to target Russian exports with sanctions. Biden is contemplating a visit to the kingdom in coming weeks as part of a wider trip to the Middle East.
Elon Musk’s Twitter (TWTR) Bid Includes Financier Linked to Russian Tycoon - Bloomberg
Elon Musk’s Twitter (TWTR) Bid Includes Financier Linked to Russian Tycoon - Bloomberg
Elon Musk’s bid for Twitter Inc., which has been upended by the billionaire’s threat to walk away, attracted a bevy of big-name backers and Silicon Valley mainstays. There were some notable exceptions.
High on that list is a Dubai-based investment firm whose assets have surged to more than $5 billion under its secretive founder Alexander Tamas, according to regulatory filings and people familiar with the matter. Vy Capital -- whose main website consists of one page, with no address and no contact details -- has committed $700 million to finance Musk’s bid for the social network, making it the third-biggest outside equity investor in the deal that’s drawn money from billionaire Larry Ellison and Sequoia Capital, securities filings show.
The ability of Vy to help finance one of the largest leveraged buyouts in history -- if it goes ahead despite a dispute over fake accounts -- is noteworthy for a firm with few public records showing its funding sources or the nature of its investments. Vy, whose equity commitment to the $44 billion deal topped those by Brookfield Asset Management and Qatar, has also backed companies such as Musk’s Boring Co. and crypto exchange ErisX, according to PitchBook data.
Tamas has a history of connecting himself to big-name investors. Before setting up Vy, he worked closely with Russian-Israeli billionaire Yuri Milner and now appears to be cultivating links to Musk. He’s also put money into the Tesla Inc. boss’s rocket company SpaceX and brain-machine maker Neuralink Corp. And according to LinkedIn, one of Vy’s summer analysts is currently Benjamin Birchall, a son of Musk’s key aide Jared Birchall.
Elon Musk’s bid for Twitter Inc., which has been upended by the billionaire’s threat to walk away, attracted a bevy of big-name backers and Silicon Valley mainstays. There were some notable exceptions.
High on that list is a Dubai-based investment firm whose assets have surged to more than $5 billion under its secretive founder Alexander Tamas, according to regulatory filings and people familiar with the matter. Vy Capital -- whose main website consists of one page, with no address and no contact details -- has committed $700 million to finance Musk’s bid for the social network, making it the third-biggest outside equity investor in the deal that’s drawn money from billionaire Larry Ellison and Sequoia Capital, securities filings show.
The ability of Vy to help finance one of the largest leveraged buyouts in history -- if it goes ahead despite a dispute over fake accounts -- is noteworthy for a firm with few public records showing its funding sources or the nature of its investments. Vy, whose equity commitment to the $44 billion deal topped those by Brookfield Asset Management and Qatar, has also backed companies such as Musk’s Boring Co. and crypto exchange ErisX, according to PitchBook data.
Tamas has a history of connecting himself to big-name investors. Before setting up Vy, he worked closely with Russian-Israeli billionaire Yuri Milner and now appears to be cultivating links to Musk. He’s also put money into the Tesla Inc. boss’s rocket company SpaceX and brain-machine maker Neuralink Corp. And according to LinkedIn, one of Vy’s summer analysts is currently Benjamin Birchall, a son of Musk’s key aide Jared Birchall.
$12 Billion #UAE IPO Rush: Fertiglobe Tops in Returns, DEWA Lags - Bloomberg
$12 Billion UAE IPO Rush: Fertiglobe Tops in Returns, DEWA Lags - Bloomberg
Another week, another IPO in Dubai and Abu Dhabi. State-owned Dubai Holding on Wednesday announced plans to sell shares in business park operator Tecom Group starting June 16.
Here are Abu Dhabi and Dubai IPOs in the past 12 months, which raised a combined $11.9 billion, and how the shares performed since their listing.
Fertiglobe in Abu Dhabi gave investors the highest return, while Al Yah Satellite went below its IPO price. Dubai Electricity & Water Authority, which surged 20% on its trading debut, trimmed the gains and is up 2.8% since its listing in April.
Here are Abu Dhabi and Dubai IPOs in the past 12 months, which raised a combined $11.9 billion, and how the shares performed since their listing.
Fertiglobe in Abu Dhabi gave investors the highest return, while Al Yah Satellite went below its IPO price. Dubai Electricity & Water Authority, which surged 20% on its trading debut, trimmed the gains and is up 2.8% since its listing in April.
#Dubai Offers 12.5% in Business Park Operator Amid IPO Push - Bloomberg
Dubai Offers 12.5% in Business Park Operator Amid IPO Push - Bloomberg
Dubai plans to sell a 12.5% stake in business park operator Tecom Group in an initial public offering, the second listing by the government this year to boost trading volumes and increase liquidity on the exchange.
State-owned Dubai Holding will sell 625 million shares in Tecom, according to a statement. The government is aiming to raise at least $500 million from the IPO, according to people familiar with the matter.
Dubai plans to sell a 12.5% stake in business park operator Tecom Group in an initial public offering, the second listing by the government this year to boost trading volumes and increase liquidity on the exchange.
State-owned Dubai Holding will sell 625 million shares in Tecom, according to a statement. The government is aiming to raise at least $500 million from the IPO, according to people familiar with the matter.
- The price range will be announced on June 16, the same day when the IPO starts
- UAE retail offering: June 16 to June 23; qualified institutional offering: June 16 to June 24
- The selling shareholder reserves the right to amend the offering and size
- Expected date of listing on Dubai stock exchange: July 5
- Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley and UBS are the joint global coordinators and joint bookrunners
Most Gulf markets fall in line with Asia; #Qatar edges up | Reuters
Most Gulf markets fall in line with Asia; Qatar edges up | Reuters
Most major Gulf stock markets fell in early trade on Thursday, mirroring weakness in Asian shares as investors worried about the economic impact of rate hikes ahead of a European Central Bank meeting later in the day.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.65%, while Australian shares (.AXJO) closed 1.4% lower and Seoul's KOSPI (.KS11) finished almost flat. read more
In Abu Dhabi, the index (.FTFADGI) eased 0.7%, extending losses to a seventh session, as largest lender First Abu Dhabi Bank (FAB.AD) declined 0.6% and conglomerate International Holding Company (IHC.AD) fell 0.6%.
Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 1.2% dip in blue-chip developer Emaar Properties (EMAR.DU) and a 0.7% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Separately, Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering (IPO), the company said in a statement. read more
Saudi Arabia's benchmark index (.TASI) edged down 0.1%, pressured by banking and energy stocks. Index heavyweights Banque Saudi Fransi (1050.SE) and Saudi Basic Industries (2010.SE) slipped 1.3% and 0.4%, respectively.
However, Alkhorayef Water And Power Technologies (2081.SE) rose as much as 2.9% after signing 1.86 billion riyals ($495.83 million) worth of contracts with the Ministry of Environment, Water and Agriculture.
The Qatari index (.QSI), however, edged 0.2% higher, with Commercial Bank (COMB.QA) adding 1.5%.
Italian producer Eni (ENI.MI) has been picked, along with another four oil majors, by Qatar as partners in the near $30 billion expansion of the world's largest liquefied natural gas project, people with knowledge of the matter said on Wednesday. read more
Most major Gulf stock markets fell in early trade on Thursday, mirroring weakness in Asian shares as investors worried about the economic impact of rate hikes ahead of a European Central Bank meeting later in the day.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.65%, while Australian shares (.AXJO) closed 1.4% lower and Seoul's KOSPI (.KS11) finished almost flat. read more
In Abu Dhabi, the index (.FTFADGI) eased 0.7%, extending losses to a seventh session, as largest lender First Abu Dhabi Bank (FAB.AD) declined 0.6% and conglomerate International Holding Company (IHC.AD) fell 0.6%.
Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 1.2% dip in blue-chip developer Emaar Properties (EMAR.DU) and a 0.7% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Separately, Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering (IPO), the company said in a statement. read more
Saudi Arabia's benchmark index (.TASI) edged down 0.1%, pressured by banking and energy stocks. Index heavyweights Banque Saudi Fransi (1050.SE) and Saudi Basic Industries (2010.SE) slipped 1.3% and 0.4%, respectively.
However, Alkhorayef Water And Power Technologies (2081.SE) rose as much as 2.9% after signing 1.86 billion riyals ($495.83 million) worth of contracts with the Ministry of Environment, Water and Agriculture.
The Qatari index (.QSI), however, edged 0.2% higher, with Commercial Bank (COMB.QA) adding 1.5%.
Italian producer Eni (ENI.MI) has been picked, along with another four oil majors, by Qatar as partners in the near $30 billion expansion of the world's largest liquefied natural gas project, people with knowledge of the matter said on Wednesday. read more
Oil pares gains as new China lockdown measures emerge | Reuters
Oil pares gains as new China lockdown measures emerge | Reuters
Oil prices gave up early gains on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures, outweighing news of China’s stronger-than-expected exports in May.
Brent crude futures for August dipped 15 cents, or 0.1%, to $123.43 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude for July was at $121.91 a barrel, down20 cents, or 0.2%.
Both benchmarks closed on Wednesday at their highest since March 8, matching levels seen in 2008.
China's May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year and more than double analysts' expectations. read more
Oil prices gave up early gains on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures, outweighing news of China’s stronger-than-expected exports in May.
Brent crude futures for August dipped 15 cents, or 0.1%, to $123.43 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude for July was at $121.91 a barrel, down20 cents, or 0.2%.
Both benchmarks closed on Wednesday at their highest since March 8, matching levels seen in 2008.
China's May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year and more than double analysts' expectations. read more