Emirates Seeks Faster Airbus A350 Deliveries Amid Boeing Delays - Bloomberg
Gulf carrier Emirates said it’s in talks to take delivery of A350 wide-body jets ordered from Airbus SE over a shorter period amid continuing uncertainty around the handover of Boeing Co.’s delayed 777X model.
With the American plane now not due to commence deliveries until 2025, Dubai-based Emirates is looking to accelerate A350 arrivals once the first example from a 50-strong order is shipped, most likely in late summer 2024, Tim Clark, the airline’s president, said Monday in Doha.
“We’re talking to Airbus about compressing the delivery scale so we probably get up to two a month,” Clark said in a briefing at the International Air Transport Association’s annual meeting in the Qatari capital. “We’re trying to get this whole lot done in two years to pick up this big capacity.”
Boeing in April put back 777X deliveries to 2025, five years later than originally planned, and said it won’t resume production until 2023, prompting some plane-leasing firms to suggest that the future of the re-winged and re-engined evolution of the popular long-haul model is in doubt.
Monday 20 June 2022
Oil swings higher as tight supplies overshadow demand destruction | Reuters
Oil swings higher as tight supplies overshadow demand destruction | Reuters
Oil prices swung higher in volatile trading on Monday, as traders focused on tight supplies over slowing global economic growth.
Brent crude futures settled up $1.01, or 0.9%, at $114.13 a barrel. The global benchmark tumbled 7.3% last week for its first weekly fall in five.
U.S. West Texas Intermediate crude last traded up 61 cents, or 0.56%, at $110.17 in subdued trade on the Juneteenth U.S. holiday. Front-month prices slumped 9.2% last week for the first decline in eight weeks.
"We've got two really competing narratives happening," said Houston oil consultant Andrew Lipow. "One is sanctions on Russian supplies (supporting prices). On the other hand, we see the high prices resulting in some demand destruction."
Brent prices on Monday touched their lowest in a month before recovering.
"Supplies will remain tight and continue supporting high oil prices. The norm for ICE Brent is still around the $120-mark," said PVM analyst Stephen Brennock.
Oil prices swung higher in volatile trading on Monday, as traders focused on tight supplies over slowing global economic growth.
Brent crude futures settled up $1.01, or 0.9%, at $114.13 a barrel. The global benchmark tumbled 7.3% last week for its first weekly fall in five.
U.S. West Texas Intermediate crude last traded up 61 cents, or 0.56%, at $110.17 in subdued trade on the Juneteenth U.S. holiday. Front-month prices slumped 9.2% last week for the first decline in eight weeks.
"We've got two really competing narratives happening," said Houston oil consultant Andrew Lipow. "One is sanctions on Russian supplies (supporting prices). On the other hand, we see the high prices resulting in some demand destruction."
Brent prices on Monday touched their lowest in a month before recovering.
"Supplies will remain tight and continue supporting high oil prices. The norm for ICE Brent is still around the $120-mark," said PVM analyst Stephen Brennock.
EXCLUSIVE #UAE to build Red Sea port in Sudan in $6 billion investment package | Reuters
EXCLUSIVE UAE to build Red Sea port in Sudan in $6 billion investment package | Reuters
The United Arab Emirates will build a new Red Sea port in Sudan, as part of a $6 billion investment package, said DAL group chairman Osama Daoud Abdellatif, a partner in the deal which marks the first major foreign investment since the military took power in an October coup.
Abdellatif said the package includes a free trade zone, a large agricultural project and an imminent $300 million deposit to Sudan's central bank.
Western donors suspended billions in aid and investment to Sudan after the coup, plunging an economy that was already struggling into further turmoil and depriving the government of much needed foreign currency.
Ibrahim told Reuters on Wednesday that a memorandum of understanding had been signed with the UAE for a port and agricultural project, but the details have not previously been reported.
The finance ministry did not immediately respond to a request for comment on details of the deal.
The United Arab Emirates will build a new Red Sea port in Sudan, as part of a $6 billion investment package, said DAL group chairman Osama Daoud Abdellatif, a partner in the deal which marks the first major foreign investment since the military took power in an October coup.
Abdellatif said the package includes a free trade zone, a large agricultural project and an imminent $300 million deposit to Sudan's central bank.
Western donors suspended billions in aid and investment to Sudan after the coup, plunging an economy that was already struggling into further turmoil and depriving the government of much needed foreign currency.
Ibrahim told Reuters on Wednesday that a memorandum of understanding had been signed with the UAE for a port and agricultural project, but the details have not previously been reported.
The finance ministry did not immediately respond to a request for comment on details of the deal.
Oil prices fall as recession fears trump tight supply | Reuters
Oil prices fall as recession fears trump tight supply | Reuters
Oil prices fell on Monday, continuing last week's losses as concerns about slowing global economic growth overshadowed tight supply.
Brent crude futures were down 50 cents, or 0.44%, at $112.62 a barrel by 1429 GMT. Front-month prices tumbled 7.3% last week for their first weekly fall in five.
U.S. West Texas Intermediate crude was down 68 cents, or 0.62%, at $108.88. Front-month prices dropped 9.2% last week for the first decline in eight weeks.
"Friday’s steep price fall can be seen as a delayed reaction to the concerns about recession that have already been weighing on the prices of other commodities for some time," said Commerzbank analyst Carsten Fritsch.
Analysts and investors said they believe a recession is more likely after the U.S. Federal Reserve approved on Wednesday the largest interest rate increase in more than a quarter of a century in an effort to contain a surge in inflation.
Oil prices fell on Monday, continuing last week's losses as concerns about slowing global economic growth overshadowed tight supply.
Brent crude futures were down 50 cents, or 0.44%, at $112.62 a barrel by 1429 GMT. Front-month prices tumbled 7.3% last week for their first weekly fall in five.
U.S. West Texas Intermediate crude was down 68 cents, or 0.62%, at $108.88. Front-month prices dropped 9.2% last week for the first decline in eight weeks.
"Friday’s steep price fall can be seen as a delayed reaction to the concerns about recession that have already been weighing on the prices of other commodities for some time," said Commerzbank analyst Carsten Fritsch.
Analysts and investors said they believe a recession is more likely after the U.S. Federal Reserve approved on Wednesday the largest interest rate increase in more than a quarter of a century in an effort to contain a surge in inflation.
#Saudi IPO: Carlyle Seeks $325 Million From Alamar Foods Share Listing - Bloomberg
Saudi IPO: Carlyle Seeks $325 Million From Alamar Foods Share Listing - Bloomberg
The Saudi initial public offering of the Middle East Domino’s Pizza franchise has received orders for all shares on offer within hours of opening its books, according to people familiar with the matter.
Alamar Foods’ order book is fully covered, the people said, asking not to be identified as the information isn’t public. Private equity firm Carlyle Group is seeking to raise as much as $325 million from the listing of the fast-food company on the Saudi stock exchange.
An external representative for Alamar Foods wasn’t immediately available for comment.
Investor appetite for local listings remains strong, though a rally in Middle Eastern equities has faded over the past month as fears of recessions gripped global markets. Saudi Arabian stocks briefly erased this year’s gains on Monday, trading about 18% below a high in May, before rebounding as bargain hunters stepped in.
The Saudi initial public offering of the Middle East Domino’s Pizza franchise has received orders for all shares on offer within hours of opening its books, according to people familiar with the matter.
Alamar Foods’ order book is fully covered, the people said, asking not to be identified as the information isn’t public. Private equity firm Carlyle Group is seeking to raise as much as $325 million from the listing of the fast-food company on the Saudi stock exchange.
An external representative for Alamar Foods wasn’t immediately available for comment.
Investor appetite for local listings remains strong, though a rally in Middle Eastern equities has faded over the past month as fears of recessions gripped global markets. Saudi Arabian stocks briefly erased this year’s gains on Monday, trading about 18% below a high in May, before rebounding as bargain hunters stepped in.
#Qatar Airways CEO Opens Door to Settling Airbus Row Out of Court - Bloomberg
Qatar Airways CEO Opens Door to Settling Airbus Row Out of Court - Bloomberg
Qatar Airways Chief Executive Officer Akbar Al Baker indicated that the Gulf carrier might be prepared to end its legal clash with planemaker Airbus SE if a settlement answering its contract concerns can be reached.
“We are always open to constructively resolve issues but we cannot accept somebody not following a contract that they’ve signed with us,” Al Baker said Monday during the International Air Transport Association’s annual gathering.
With his company hosting the IATA event in Doha, Al Baker has found himself thrown together with Airbus CEO Guillaume Faury at a low point in his decades-long relationship with the European manufacturer. Qatar Airways is suing over surface degradation issues afflicting its A350 wide-body jets, with Airbus having hit back by scrapping the carrier’s order for A320neo narrowbodies.
Faury struck a conciliatory tone on the dispute Sunday, saying in an interview that Airbus would like to resolve the falling out and doesn’t want to lose Qatar Airways as a customer. Al Baker and Faury later sat together at a dinner at the Doha Exhibition and Convention Center.
Speaking on Bloomberg Television Monday, Faury added that the matter is “complex” and “not easy” to manage but one that Airbus is working hard to try to resolve.
“I want to remain optimistic and think we’ll find a way forward,” he said. “The relationship is good between the persons, so the organizations need to find a solution.”
Al Baker declined to comment on his company’s willingness to move to full trial, saying only that litigation is underway and that a date has been set. The trial is due to begin in London next summer.
Qatar Airways Chief Executive Officer Akbar Al Baker indicated that the Gulf carrier might be prepared to end its legal clash with planemaker Airbus SE if a settlement answering its contract concerns can be reached.
“We are always open to constructively resolve issues but we cannot accept somebody not following a contract that they’ve signed with us,” Al Baker said Monday during the International Air Transport Association’s annual gathering.
With his company hosting the IATA event in Doha, Al Baker has found himself thrown together with Airbus CEO Guillaume Faury at a low point in his decades-long relationship with the European manufacturer. Qatar Airways is suing over surface degradation issues afflicting its A350 wide-body jets, with Airbus having hit back by scrapping the carrier’s order for A320neo narrowbodies.
Faury struck a conciliatory tone on the dispute Sunday, saying in an interview that Airbus would like to resolve the falling out and doesn’t want to lose Qatar Airways as a customer. Al Baker and Faury later sat together at a dinner at the Doha Exhibition and Convention Center.
Speaking on Bloomberg Television Monday, Faury added that the matter is “complex” and “not easy” to manage but one that Airbus is working hard to try to resolve.
“I want to remain optimistic and think we’ll find a way forward,” he said. “The relationship is good between the persons, so the organizations need to find a solution.”
Al Baker declined to comment on his company’s willingness to move to full trial, saying only that litigation is underway and that a date has been set. The trial is due to begin in London next summer.
Most Gulf bourses extend losses on economic growth fears | Reuters
Most Gulf bourses extend losses on economic growth fears | Reuters
Most stock markets in the Gulf extended losses on Monday, as investors remained worried about aggressive monetary tightening tipping the world into a recession.
The main share index (.DFMGI) in Dubai, the Middle East's travel and tourism hub, dropped 1.6%, as most of the stocks were in negative territory including blue-chip developer Emaar Properties (EMAR.DU), which was down 2.6%.
In Abu Dhabi, the index (.FTFADGI) declined 1.1%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) losing 1%.
Last week, the United Arab Emirates' central bank increased its base rate by three quarters of a percentage point to 3%, mirroring the U.S. Federal Reserve's biggest hike since 1994. Central banks in Qatar and Saudi Arabia also raised their rates.
The UAE dirham, like most Gulf currencies, is pegged to the dollar.
The Qatari index (.QSI) fell 0.4%, hit by a 4.5% fall in sharia-compliant lender Masraf Al Rayan (MARK.QA).
Bucking the trend, Saudi Arabia's benchmark index (.TASI) gained 0.6%, a day after it registered its biggest intraday fall in nearly seven months.
Al Rajhi Bank (1120.SE) rose 1.1%, while Sahara International Petrochemical Company (2310.SE) advanced 4.2%.
The Saudi market rebounded as traders moved to buy the dip after two weeks of price declines, said Wael Makarem, senior market strategist at Exness.
"Overall the market remains soft and could see an impact from the turbulent oil market."
Oil prices, a key catalyst for the Gulf's financial markets, were stable as tightening supplies offset concerns about slowing global economic growth.
Saudi Arabia's April crude exports rose to a two-year peak of 7.382 million barrels per day (bpd) in April, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) retreated for a seventh session in a row to close 0.5% lower.
According to Makarem, local and regional investors moved in to buy the dip, while the market is still witnessing selling pressure from international investors looking to cut their risks.
Most stock markets in the Gulf extended losses on Monday, as investors remained worried about aggressive monetary tightening tipping the world into a recession.
The main share index (.DFMGI) in Dubai, the Middle East's travel and tourism hub, dropped 1.6%, as most of the stocks were in negative territory including blue-chip developer Emaar Properties (EMAR.DU), which was down 2.6%.
In Abu Dhabi, the index (.FTFADGI) declined 1.1%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) losing 1%.
Last week, the United Arab Emirates' central bank increased its base rate by three quarters of a percentage point to 3%, mirroring the U.S. Federal Reserve's biggest hike since 1994. Central banks in Qatar and Saudi Arabia also raised their rates.
The UAE dirham, like most Gulf currencies, is pegged to the dollar.
The Qatari index (.QSI) fell 0.4%, hit by a 4.5% fall in sharia-compliant lender Masraf Al Rayan (MARK.QA).
Bucking the trend, Saudi Arabia's benchmark index (.TASI) gained 0.6%, a day after it registered its biggest intraday fall in nearly seven months.
Al Rajhi Bank (1120.SE) rose 1.1%, while Sahara International Petrochemical Company (2310.SE) advanced 4.2%.
The Saudi market rebounded as traders moved to buy the dip after two weeks of price declines, said Wael Makarem, senior market strategist at Exness.
"Overall the market remains soft and could see an impact from the turbulent oil market."
Oil prices, a key catalyst for the Gulf's financial markets, were stable as tightening supplies offset concerns about slowing global economic growth.
Saudi Arabia's April crude exports rose to a two-year peak of 7.382 million barrels per day (bpd) in April, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) retreated for a seventh session in a row to close 0.5% lower.
According to Makarem, local and regional investors moved in to buy the dip, while the market is still witnessing selling pressure from international investors looking to cut their risks.
Three Gulf, nine African sovereign funds sign deal to spur investment | Reuters
Three Gulf, nine African sovereign funds sign deal to spur investment | Reuters
Three Gulf sovereign funds signed a deal on Monday in Rabat with nine African peers to promote investment on the continent.
The deal was signed by Abu Dhabi's Investment Authority and holding firm ADQ in addition to Kuwait's Investment Authority on the sidelines of the first meeting of Africa Sovereign Investors Forum (ASIF), a platform bringing together sovereign funds of Angola, Djibouti, Egypt, Ethiopia, Gabon, Ghana, Morocco, Nigeria and Rwanda.
ASIF organizers gave no details on how exactly the Gulf funds will support their African counterparts.
ASIF "will enable us to explore new opportunities with potential partners in Africa for ADQ and its portfolio companies," said ADQ CEO Mohamed Hassan Alsuzaidi.
Three Gulf sovereign funds signed a deal on Monday in Rabat with nine African peers to promote investment on the continent.
The deal was signed by Abu Dhabi's Investment Authority and holding firm ADQ in addition to Kuwait's Investment Authority on the sidelines of the first meeting of Africa Sovereign Investors Forum (ASIF), a platform bringing together sovereign funds of Angola, Djibouti, Egypt, Ethiopia, Gabon, Ghana, Morocco, Nigeria and Rwanda.
ASIF organizers gave no details on how exactly the Gulf funds will support their African counterparts.
ASIF "will enable us to explore new opportunities with potential partners in Africa for ADQ and its portfolio companies," said ADQ CEO Mohamed Hassan Alsuzaidi.
Majid Al Futtaim to refinance $500 million perpetual bonds - document | Reuters
Majid Al Futtaim to refinance $500 million perpetual bonds - document | Reuters
Dubai's Majid Al Futtaim (MAF), which develops shopping malls across the Middle East, has hired banks to refinance its outstanding $500 million perpetual bonds, a bank document showed on Monday.
Citi (C.N), HSBC (HSBA.L) - the sole green structuring agent - and Standard Chartered (STAN.L) were hired as joint global coordinators, the document showed. They are joined Abu Dhabi Commercial Bank (ADCB.AD), Emirates NBD Capital (ENBD.DU) and First Abu Dhabi Bank (FAB.AD) as joint lead managers.
They will hold investor calls starting on Monday. An issuance of benchmark, U.S. dollar-denominated reset subordinated perpetual green hybrid bonds non-callable for 5-1/4-years may follow, subject to market conditions, the document said.
MAF has announced a tender offer for the outstanding perpetual notes that have a first reset date on Sept. 7 to purchase up to the amount of the new notes, subject to the completion of the new issuance.
Dubai's Majid Al Futtaim (MAF), which develops shopping malls across the Middle East, has hired banks to refinance its outstanding $500 million perpetual bonds, a bank document showed on Monday.
Citi (C.N), HSBC (HSBA.L) - the sole green structuring agent - and Standard Chartered (STAN.L) were hired as joint global coordinators, the document showed. They are joined Abu Dhabi Commercial Bank (ADCB.AD), Emirates NBD Capital (ENBD.DU) and First Abu Dhabi Bank (FAB.AD) as joint lead managers.
They will hold investor calls starting on Monday. An issuance of benchmark, U.S. dollar-denominated reset subordinated perpetual green hybrid bonds non-callable for 5-1/4-years may follow, subject to market conditions, the document said.
MAF has announced a tender offer for the outstanding perpetual notes that have a first reset date on Sept. 7 to purchase up to the amount of the new notes, subject to the completion of the new issuance.
Oil prices stable as market balances recession fears with tight supply | Reuters
Oil prices stable as market balances recession fears with tight supply | Reuters
Oil prices were stable on Monday, struggling to reverse last week's losses as the market balanced tightening supplies with concerns about slowing global economic growth.
Brent crude futures were down 38 cents, or 0.3%, at $112.74 a barrel by 1022 GMT. Front-month prices tumbled 7.3% last week, their first weekly fall in five.
U.S. West Texas Intermediate crude was at $109.38 a barrel, down 18 cents, or 0.2%. Front-month prices dropped 9.2% last week, the first decline in eight weeks.
"Friday’s steep price fall can be seen as a delayed reaction to the concerns about recession that have already been weighing on the prices of other commodities for some time," said Commerzbank analyst Carsten Fritsch.
Oil prices were stable on Monday, struggling to reverse last week's losses as the market balanced tightening supplies with concerns about slowing global economic growth.
Brent crude futures were down 38 cents, or 0.3%, at $112.74 a barrel by 1022 GMT. Front-month prices tumbled 7.3% last week, their first weekly fall in five.
U.S. West Texas Intermediate crude was at $109.38 a barrel, down 18 cents, or 0.2%. Front-month prices dropped 9.2% last week, the first decline in eight weeks.
"Friday’s steep price fall can be seen as a delayed reaction to the concerns about recession that have already been weighing on the prices of other commodities for some time," said Commerzbank analyst Carsten Fritsch.
QatarEnergy, ConocoPhillips tie up for LNG expansion project | Reuters
QatarEnergy, ConocoPhillips tie up for LNG expansion project | Reuters
QatarEnergy [RIC:RIC:QATPE.UL] on Monday signed a deal with ConocoPhillips (COP.N) for the Gulf state's North Field East expansion, the world's largest liquefied natural gas (LNG) project, following agreements with TotalEnergies and Eni (ENI.MI).
Qatar is partnering with international companies in the first and largest phase of the nearly $30 billion expansion that will boost Qatar's position as the world's top LNG exporter. read more
The companies will form a joint venture that will take a 12.5% stake in North Field East and ConocoPhillips will have a 25% stake in that joint venture.
The arrangement is similar to that announced with Eni on Sunday and implies a 3.12% stake in the overall North Field East project for ConocoPhillips.
QatarEnergy CEO Saad al-Kaabi said the partnerships with international companies would be for a period of 27 years.
QatarEnergy [RIC:RIC:QATPE.UL] on Monday signed a deal with ConocoPhillips (COP.N) for the Gulf state's North Field East expansion, the world's largest liquefied natural gas (LNG) project, following agreements with TotalEnergies and Eni (ENI.MI).
Qatar is partnering with international companies in the first and largest phase of the nearly $30 billion expansion that will boost Qatar's position as the world's top LNG exporter. read more
The companies will form a joint venture that will take a 12.5% stake in North Field East and ConocoPhillips will have a 25% stake in that joint venture.
The arrangement is similar to that announced with Eni on Sunday and implies a 3.12% stake in the overall North Field East project for ConocoPhillips.
QatarEnergy CEO Saad al-Kaabi said the partnerships with international companies would be for a period of 27 years.
Alamar Foods IPO: Carlyle Seeks $325 Million From Gulf Domino’s Pizza Owner IPO - Bloomberg
Alamar Foods IPO: Carlyle Seeks $325 Million From Gulf Domino’s Pizza Owner IPO - Bloomberg
Carlyle Group is seeking to raise as much as $325 million by listing shares in the owner of the Middle East Domino’s Pizza franchise on the Saudi stock exchange.
Alamar Foods set price range for its initial public offering at 103 riyals to 115 riyals per share, implying a market value of as much as 2.9 billion riyals ($773 million.) The IPO opens on Monday for institutional investors.
Saudi Arabia’s stock market is one of the most active in the Middle East and since allowing foreigners to directly buy stocks in 2015 has attracted some of the biggest global investors. The Saudi exchange has been working for several years to attract listings from companies in the region as it tries to position itself as the main venue for stock trading in Middle East.
Carlyle is selling a 41.7% stake in Alamar, or 10.6 million shares, to institutional and retail investors. The US buyout firm acquired its stake from Saudi-based firm AlJammaz Group in 2011 for an undisclosed amount.
Carlyle Group is seeking to raise as much as $325 million by listing shares in the owner of the Middle East Domino’s Pizza franchise on the Saudi stock exchange.
Alamar Foods set price range for its initial public offering at 103 riyals to 115 riyals per share, implying a market value of as much as 2.9 billion riyals ($773 million.) The IPO opens on Monday for institutional investors.
Saudi Arabia’s stock market is one of the most active in the Middle East and since allowing foreigners to directly buy stocks in 2015 has attracted some of the biggest global investors. The Saudi exchange has been working for several years to attract listings from companies in the region as it tries to position itself as the main venue for stock trading in Middle East.
Carlyle is selling a 41.7% stake in Alamar, or 10.6 million shares, to institutional and retail investors. The US buyout firm acquired its stake from Saudi-based firm AlJammaz Group in 2011 for an undisclosed amount.
Major Gulf bourses extend losses on economic slowdown worries | Reuters
Major Gulf bourses extend losses on economic slowdown worries | Reuters
Major stock markets in the Gulf declined in early trade on Monday, in line with global equities and oil prices as concerns over slowing economic growth and shrinking fuel demand weighed on investor sentiment.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) lost 0.4%, while Tokyo's Nikkei (.N225) fell 0.7%.
Dubai's main share index (.DFMGI) declined 2%, dragged down by a 3% slide in blue-chip developer Emaar properties (EMAR.DU) and a 2.1% fall in Sharia lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, equities (.FTFADGI) dropped 1.4%, pressured by a 1.3% fall in First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, and a 5.3% decline in investment firm Multiply Group (MULTIPLY.AD).
The Qatari index (.QSI) fell 0.9%, hit by a 3.6% decline in petrochemical maker Industries Qatar (IQCD.QA).
Saudi Arabia's benchmark index (.TASI) slipped 0.2%, wiping out gains for the year with oil giant Saudi Aramco (2222.SE) retreating 0.4%, while Riyad Bank (1010.SE) eased 0.2%.
However, Alkhorayef Water And Power Technologies (2081.SE) surged 4.1% after the company secured a contract worth 228.2 million riyals ($60.82 million) for operation and maintenance of Jeddah city's water sector.
Separately, Alamar Foods set the price range for its initial public offering between 103 and 115 riyals per share.
In Oman, the index (.MSX30) edged up 0.1%, supported by a 1.6% jump in HSBC Oman Bank (HBMO.OM).
The bank said it would hold preliminary talks with local rival Sohar International Bank (BKSB.OM) on possibility of a cash-and-shares deal to merge the two lenders. read more
Major stock markets in the Gulf declined in early trade on Monday, in line with global equities and oil prices as concerns over slowing economic growth and shrinking fuel demand weighed on investor sentiment.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) lost 0.4%, while Tokyo's Nikkei (.N225) fell 0.7%.
Dubai's main share index (.DFMGI) declined 2%, dragged down by a 3% slide in blue-chip developer Emaar properties (EMAR.DU) and a 2.1% fall in Sharia lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, equities (.FTFADGI) dropped 1.4%, pressured by a 1.3% fall in First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, and a 5.3% decline in investment firm Multiply Group (MULTIPLY.AD).
The Qatari index (.QSI) fell 0.9%, hit by a 3.6% decline in petrochemical maker Industries Qatar (IQCD.QA).
Saudi Arabia's benchmark index (.TASI) slipped 0.2%, wiping out gains for the year with oil giant Saudi Aramco (2222.SE) retreating 0.4%, while Riyad Bank (1010.SE) eased 0.2%.
However, Alkhorayef Water And Power Technologies (2081.SE) surged 4.1% after the company secured a contract worth 228.2 million riyals ($60.82 million) for operation and maintenance of Jeddah city's water sector.
Separately, Alamar Foods set the price range for its initial public offering between 103 and 115 riyals per share.
In Oman, the index (.MSX30) edged up 0.1%, supported by a 1.6% jump in HSBC Oman Bank (HBMO.OM).
The bank said it would hold preliminary talks with local rival Sohar International Bank (BKSB.OM) on possibility of a cash-and-shares deal to merge the two lenders. read more
Oil prices rise as tightening supply offsets global economic concerns | Reuters
Oil prices rise as tightening supply offsets global economic concerns | Reuters
Oil prices rose on Monday in volatile trade, reversing earlier losses, as tightening supplies outweighed concerns about slowing global economic growth and fuel demand.
Brent crude futures rose 42 cents, or 0.4%, to $113.54 a barrel by 0633 GMT. Front-month prices tumbled 7.3% last week, their first weekly fall in five.
U.S. West Texas Intermediate crude was at $109.85 a barrel, up 29 cents, or 0.3%. Front-month prices dropped 9.2% last week, the first decline in eight weeks.
Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a "special operation".
Oil prices rose on Monday in volatile trade, reversing earlier losses, as tightening supplies outweighed concerns about slowing global economic growth and fuel demand.
Brent crude futures rose 42 cents, or 0.4%, to $113.54 a barrel by 0633 GMT. Front-month prices tumbled 7.3% last week, their first weekly fall in five.
U.S. West Texas Intermediate crude was at $109.85 a barrel, up 29 cents, or 0.3%. Front-month prices dropped 9.2% last week, the first decline in eight weeks.
Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a "special operation".
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