Oil tumbles as recession fears spur worries of demand destruction | Reuters
Oil plummeted nearly $12 a barrel on Tuesday in the biggest daily drop since March and the decline spread to other energy sectors amid worries of a global recession.
Benchmark Brent crude was down $11.88, or 10.4%, at $101.83 a barrel by 1:53 p.m. EDT (1645 GMT). U.S. West Texas Intermediate (WTI) crude settled at $99.50 a barrel, falling 8.2%, or $8.93 a barrel. There was no WTI settlement on Monday because of a U.S. holiday.
Both benchmarks logged their biggest daily percentage decline since March 9 and hit share prices of major oil and gas companies. Prices hit the lowest since late-April.
"We're getting creamed and the only way you can explain that away is fear of recession," said Robert Yawger, director of energy futures at Mizuho. "You're feeling the pressure."
Oil futures sank along with natural gas, gasoline and equities, which often serve as demand indicator for crude.
Tuesday, 5 July 2022
Oil slumps $10/bbl as recession fears darken demand outlook | Reuters
Oil slumps $10/bbl as recession fears darken demand outlook | Reuters
Oil plummeted by about $10 a barrel on Tuesday on concerns of a looming global recession curtailing demand, even with expected supply disruptions as oil and gas workers in Norway began to strike.
Global benchmark Brent crude was down $10.77, or 9.5%, at $102.73 a barrel by 11:43 a.m. EDT (1543 GMT). U.S. West Texas Intermediate (WTI) crude fell $9.30, or 8.6%, to $99.13 a barrel from Friday's close. There was no WTI settlement on Monday because of a U.S. holiday.
"The market is getting tight, but still we're getting creamed and the only way you can explain that away is fear of recession in every risk asset," said Robert Yawger, director, energy futures at Mizuho, New York. "You're feeling the pressure."
Oil futures sank along with equities, which often serve as demand indicator for crude, as investors fretted about the possibility of an economic downturn as central banks across the world take aggressive actions to limit inflation.
Oil plummeted by about $10 a barrel on Tuesday on concerns of a looming global recession curtailing demand, even with expected supply disruptions as oil and gas workers in Norway began to strike.
Global benchmark Brent crude was down $10.77, or 9.5%, at $102.73 a barrel by 11:43 a.m. EDT (1543 GMT). U.S. West Texas Intermediate (WTI) crude fell $9.30, or 8.6%, to $99.13 a barrel from Friday's close. There was no WTI settlement on Monday because of a U.S. holiday.
"The market is getting tight, but still we're getting creamed and the only way you can explain that away is fear of recession in every risk asset," said Robert Yawger, director, energy futures at Mizuho, New York. "You're feeling the pressure."
Oil futures sank along with equities, which often serve as demand indicator for crude, as investors fretted about the possibility of an economic downturn as central banks across the world take aggressive actions to limit inflation.
Gulf oil cash becomes a magnet for global money managers | Financial Times
Gulf oil cash becomes a magnet for global money managers | Financial Times
Global asset managers have their sights set on the Gulf as the oil-rich region emerges as a rare source of spare capital in a market laid low by the war in Ukraine, Covid lockdowns and inflation.
Officials and executives said the United Arab Emirates was a prime target for money managers seeking to tap this liquidity. Many are looking to base themselves in the financial centres of Dubai and Abu Dhabi as a launch pad for fundraising across the region, where soaring crude prices are delivering huge government surpluses.
“Western funds are coming all summer long, which never happened before,” said Mohammed Afkhami, managing director of Dubai-based Magenta Capital Services, a regional adviser to some of the largest global fund managers. “They are worried about missing the boom.”
Sovereign wealth funds in Saudi Arabia, Kuwait, Qatar and the UAE are seen as some of the last bastions of available capital, with governments keen to invest their energy riches in global markets.
KPMG’s business in #UAE split by partner infighting and coup attempt | Financial Times
KPMG’s business in UAE split by partner infighting and coup attempt | Financial Times
KPMG’s business in the United Arab Emirates has been split by infighting, with the chief executive surviving an attempted coup after two senior partners raised governance concerns and were subsequently fired.
The accounting group’s Lower Gulf business was pitched into turmoil last week as a group of partners planned a secret ballot to determine whether Nader Haffar, KPMG’s chief in the region since 2018, had lost their support, according to current and former insiders.
Haffar would have faced removal if three-quarters of the firm’s 60 partners had said they had lost confidence in him, the insiders said.
However, momentum for the uprising had stalled on Friday and the vote was called off, according to one of the people. “It looks like Nader has survived for now,” the person said.
Mixed Middle East markets amid rising recession fears | Reuters
Mixed Middle East markets amid rising recession fears | Reuters
The Saudi stock market extended losses for a third session on Tuesday amid mixed responses from Middle East stock markets to rising investor concerns of a possible global recession.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 4.6% slide in Sahara International Petrochemical (2310.SE).
The kingdom and the United Arab Emirates are boosting state spending on social welfare by billions of dollars as they seek to shield their citizens from rising living costs. read more
The UAE is doubling financial support to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help with soaring inflation in the Gulf state, while Saudi Arabia is set for a 20 billion riyal ($5.33 billion) allocation.
The main share index (.DFMGI) in Dubai, the Middle East's travel and tourism hub, dropped 1.1%, hitting its lowest since late-December and wiping out gains so far this year.
Blue-chip developer Emaar Properties (EMAR.DU) declined 2.8%, while utility firm Dubai Electricity and Water (DEWAA.DU) ended 1.6% lower. Elsewhere, shares of Tecom Group , which is owned by the investment vehicle of Dubai's ruler, fell 8.6% on their stock market debut.
Business activity in the United Arab Emirates non-oil private sector retreated to its slowest pace in five months in June, although growth remained positive for a 19th consecutive month, a survey showed on Tuesday. read more
In Abu Dhabi, the index (.FTFADGI) lost 0.4%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) off 1%.
Oil prices, a key catalyst for Gulf financial markets, slipped as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.
The Qatari benchmark (.QSI), however, added 0.4%, helped by a 3.5% rise in Qatar Islamic Bank (QISB.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.3%, at its lowest in more than 2 years, with Fawry For Banking Technology and Electronic Payment (FWRY.CA) sliding 7.8%.
However, the losses were limited by a 8% jump in Madinet Nasr For Housing and Development (MNHD.CA).
Egyptian property developer SODIC (OCDI.CA) said on Tuesday it had submitted an offer to buy up to 100% of Madinet Nasr.
The Saudi stock market extended losses for a third session on Tuesday amid mixed responses from Middle East stock markets to rising investor concerns of a possible global recession.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 4.6% slide in Sahara International Petrochemical (2310.SE).
The kingdom and the United Arab Emirates are boosting state spending on social welfare by billions of dollars as they seek to shield their citizens from rising living costs. read more
The UAE is doubling financial support to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help with soaring inflation in the Gulf state, while Saudi Arabia is set for a 20 billion riyal ($5.33 billion) allocation.
The main share index (.DFMGI) in Dubai, the Middle East's travel and tourism hub, dropped 1.1%, hitting its lowest since late-December and wiping out gains so far this year.
Blue-chip developer Emaar Properties (EMAR.DU) declined 2.8%, while utility firm Dubai Electricity and Water (DEWAA.DU) ended 1.6% lower. Elsewhere, shares of Tecom Group , which is owned by the investment vehicle of Dubai's ruler, fell 8.6% on their stock market debut.
Business activity in the United Arab Emirates non-oil private sector retreated to its slowest pace in five months in June, although growth remained positive for a 19th consecutive month, a survey showed on Tuesday. read more
In Abu Dhabi, the index (.FTFADGI) lost 0.4%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) off 1%.
Oil prices, a key catalyst for Gulf financial markets, slipped as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.
The Qatari benchmark (.QSI), however, added 0.4%, helped by a 3.5% rise in Qatar Islamic Bank (QISB.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.3%, at its lowest in more than 2 years, with Fawry For Banking Technology and Electronic Payment (FWRY.CA) sliding 7.8%.
However, the losses were limited by a 8% jump in Madinet Nasr For Housing and Development (MNHD.CA).
Egyptian property developer SODIC (OCDI.CA) said on Tuesday it had submitted an offer to buy up to 100% of Madinet Nasr.
Oil drops $6 as recession fears deepen demand concerns | Reuters
Oil drops $6 as recession fears deepen demand concerns | Reuters
Oil prices dropped $6 on Tuesday as concerns about a possible global recession curtailing demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.
Brent crude was down $6.65, or 5.9%, at $106.85 a barrel by 1344 GMT, and U.S. West Texas Intermediate (WTI) crude fell $5.65, or 5.2%, to $102.78 a barrel from Friday's close. There was no WTI settlement on Monday because of a U.S. holiday.
Investors are becoming more concerned as the latest surge in gas and fuel prices adds to worries about recession.
"Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair," Stephen Innes of SPI Asset Management wrote.
In the euro zone, data showed business growth across the bloc slowed further last month, with forward-looking indicators suggesting the region could slip into decline this quarter as the cost of living crisis keeps consumers wary. read more
Oil prices dropped $6 on Tuesday as concerns about a possible global recession curtailing demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.
Brent crude was down $6.65, or 5.9%, at $106.85 a barrel by 1344 GMT, and U.S. West Texas Intermediate (WTI) crude fell $5.65, or 5.2%, to $102.78 a barrel from Friday's close. There was no WTI settlement on Monday because of a U.S. holiday.
Investors are becoming more concerned as the latest surge in gas and fuel prices adds to worries about recession.
"Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair," Stephen Innes of SPI Asset Management wrote.
In the euro zone, data showed business growth across the bloc slowed further last month, with forward-looking indicators suggesting the region could slip into decline this quarter as the cost of living crisis keeps consumers wary. read more
Growth of non-oil #UAE businesses slows amidst severe inflation – PMI
Growth of non-oil UAE businesses slows amidst severe inflation – PMI
A sharp rise in fuel prices in June resulted in a severe increase in business expenses and prompted non-oil businesses in the UAE to hire more staff as costs rose at the fastest pace in 11 years, according to a new business survey.
The headline seasonally adjusted S&P Global UAE Purchasing Managers' Index (PMI) posted firmly above the crucial 50.0 mark in June but dropped from 55.6 in May to 54.8.
Non-oil businesses in the Emirates faced intense inflationary pressures leading to a slowdown in purchases and reduced stockpiling efforts. "More than twice as many surveyed firms indicated a rise in their expenses compared to May, leading many to curb spending on inputs," David Owen, Economist at S&P Global Market Intelligence, said.
Nevertheless, helped in part by sustained efforts to lower output charges and offset competitive pressures, firms continued to see a robust increase in new orders in June driving a strong expansion in activity.
A sharp rise in fuel prices in June resulted in a severe increase in business expenses and prompted non-oil businesses in the UAE to hire more staff as costs rose at the fastest pace in 11 years, according to a new business survey.
The headline seasonally adjusted S&P Global UAE Purchasing Managers' Index (PMI) posted firmly above the crucial 50.0 mark in June but dropped from 55.6 in May to 54.8.
Non-oil businesses in the Emirates faced intense inflationary pressures leading to a slowdown in purchases and reduced stockpiling efforts. "More than twice as many surveyed firms indicated a rise in their expenses compared to May, leading many to curb spending on inputs," David Owen, Economist at S&P Global Market Intelligence, said.
Nevertheless, helped in part by sustained efforts to lower output charges and offset competitive pressures, firms continued to see a robust increase in new orders in June driving a strong expansion in activity.
Shell Invests in #Qatar’s $29 Billion Liquefied Gas Project - Bloomberg
Shell Invests in Qatar’s $29 Billion Liquefied Gas Project - Bloomberg
Shell Plc has become the latest international energy company to invest in Qatar’s $29 billion project to boost exports of liquefied natural gas, as Europe races to shore up new supplies of the fuel.
The London-based firm followed TotalEnergies SE, Exxon Mobil Corp., ConocoPhillips and Eni SpA in buying a stake in the North Field East plan. Shell will get a 6.25% holding in the project, which will increase Qatar’s LNG production capacity to 110 million tons annually by 2026 from 77 million.
Shell’s chief executive officer, Ben van Beurden, announced the deal alongside Qatar’s energy minister, Saad al Kaabi, in Doha on Tuesday.
Shell Plc has become the latest international energy company to invest in Qatar’s $29 billion project to boost exports of liquefied natural gas, as Europe races to shore up new supplies of the fuel.
The London-based firm followed TotalEnergies SE, Exxon Mobil Corp., ConocoPhillips and Eni SpA in buying a stake in the North Field East plan. Shell will get a 6.25% holding in the project, which will increase Qatar’s LNG production capacity to 110 million tons annually by 2026 from 77 million.
Shell’s chief executive officer, Ben van Beurden, announced the deal alongside Qatar’s energy minister, Saad al Kaabi, in Doha on Tuesday.
Natural Gas Soars 700%, Becoming Driving Force in the New Cold War - Bloomberg
Natural Gas Soars 700%, Becoming Driving Force in the New Cold War - Bloomberg
One morning in early June, a fire broke out at an obscure facility in Texas that takes natural gas from US shale basins, chills it into a liquid and ships it overseas. It was extinguished in 40 minutes or so. No one was injured.
It sounds like a story for the local press, at most — except that more than three weeks later, financial and political shockwaves are still reverberating across Europe, Asia and beyond.
That’s because natural gas is the hottest commodity in the world right now. It’s a key driver of global inflation, posting price jumps that are extreme even by the standards of today’s turbulent markets — some 700% in Europe since the start of last year, pushing the continent to the brink of recession. It’s at the heart of a dawning era of confrontation between the great powers, one so intense that in capitals across the West, plans to fight climate change are getting relegated to the back-burner.
In short, natural gas now rivals oil as the fuel that shapes geopolitics. And there isn’t enough of it to go around.
It’s the war in Ukraine that catalyzed the gas crisis to a new level, by taking out a crucial chunk of supply. Russia is cutting back on pipeline deliveries to Europe — which says it wants to stop buying from Moscow anyway, if not quite yet. The scramble to fill that gap is turning into a worldwide stampede, as countries race to secure scarce cargoes of liquefied natural gas ahead of the northern-hemisphere winter.
One morning in early June, a fire broke out at an obscure facility in Texas that takes natural gas from US shale basins, chills it into a liquid and ships it overseas. It was extinguished in 40 minutes or so. No one was injured.
It sounds like a story for the local press, at most — except that more than three weeks later, financial and political shockwaves are still reverberating across Europe, Asia and beyond.
That’s because natural gas is the hottest commodity in the world right now. It’s a key driver of global inflation, posting price jumps that are extreme even by the standards of today’s turbulent markets — some 700% in Europe since the start of last year, pushing the continent to the brink of recession. It’s at the heart of a dawning era of confrontation between the great powers, one so intense that in capitals across the West, plans to fight climate change are getting relegated to the back-burner.
In short, natural gas now rivals oil as the fuel that shapes geopolitics. And there isn’t enough of it to go around.
It’s the war in Ukraine that catalyzed the gas crisis to a new level, by taking out a crucial chunk of supply. Russia is cutting back on pipeline deliveries to Europe — which says it wants to stop buying from Moscow anyway, if not quite yet. The scramble to fill that gap is turning into a worldwide stampede, as countries race to secure scarce cargoes of liquefied natural gas ahead of the northern-hemisphere winter.
#SaudiArabia, #UAE boost spending to shield citizens from inflation | Reuters
Saudi Arabia, UAE boost spending to shield citizens from inflation | Reuters
Saudi Arabia and the United Arab Emirates are boosting state spending on social welfare by billions of dollars as they seek to shield their citizens from rising living costs.
The UAE is doubling the financial support it provides to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring inflation in the Gulf state, while Saudi Arabia's King Salman ordered a 20 billion riyal ($5.33 billion) allocation.
The kingdom will reopen registration for the programme known as Citizens Account and allocate 8 billion riyals in additional funding for it through the end of the year.
Another 2 billion riyals will go to one-off payments to social insurance beneficiaries and 408 million riyals to a programme that supports small livestock breeders.
The UAE's expanded budget allocation, reported by state news agency WAM on Monday, includes increasing existing benefits and establishing new ones targeted at mitigating the impact of inflation on food prices, and rising fuel and household energy costs.
Saudi Arabia and the United Arab Emirates are boosting state spending on social welfare by billions of dollars as they seek to shield their citizens from rising living costs.
The UAE is doubling the financial support it provides to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring inflation in the Gulf state, while Saudi Arabia's King Salman ordered a 20 billion riyal ($5.33 billion) allocation.
The kingdom will reopen registration for the programme known as Citizens Account and allocate 8 billion riyals in additional funding for it through the end of the year.
Another 2 billion riyals will go to one-off payments to social insurance beneficiaries and 408 million riyals to a programme that supports small livestock breeders.
The UAE's expanded budget allocation, reported by state news agency WAM on Monday, includes increasing existing benefits and establishing new ones targeted at mitigating the impact of inflation on food prices, and rising fuel and household energy costs.
Citi Warns Oil May Collapse to $65 by the Year-End on Recession - Bloomberg
Citi Warns Oil May Collapse to $65 by the Year-End on Recession - Bloomberg
Crude oil could collapse to $65 a barrel by the end of this year and slump to $45 by end-2023 if a demand-crippling recession hits, Citigroup Inc. has warned.
That outlook is based on an absence of any intervention by OPEC+ producers and a decline in oil investments, analysts including Francesco Martoccia and Ed Morse said in a report. Brent, the global crude benchmark, last traded near $113 a barrel.
Oil has soared this year following the invasion of Ukraine, and banks are now trying to chart its course into 2023 as central banks raise interest rates and recessionary risks mount. Citi’s outlook compared the current energy market with crises of the 1970s. At present, the bank’s economists do not expect the US to dip into recession.
“For oil, the historical evidence suggests that oil demand goes negative only in the worst global recessions,” the Citi analysts said in the July 5 note. “But oil prices fall in all recessions to roughly the marginal cost.”
Crude oil could collapse to $65 a barrel by the end of this year and slump to $45 by end-2023 if a demand-crippling recession hits, Citigroup Inc. has warned.
That outlook is based on an absence of any intervention by OPEC+ producers and a decline in oil investments, analysts including Francesco Martoccia and Ed Morse said in a report. Brent, the global crude benchmark, last traded near $113 a barrel.
Oil has soared this year following the invasion of Ukraine, and banks are now trying to chart its course into 2023 as central banks raise interest rates and recessionary risks mount. Citi’s outlook compared the current energy market with crises of the 1970s. At present, the bank’s economists do not expect the US to dip into recession.
“For oil, the historical evidence suggests that oil demand goes negative only in the worst global recessions,” the Citi analysts said in the July 5 note. “But oil prices fall in all recessions to roughly the marginal cost.”
#AbuDhabi’s Taqa to Retain Most Oil and Gas Assets After Review - Bloomberg
Abu Dhabi’s Taqa to Retain Most Oil and Gas Assets After Review - Bloomberg
Abu Dhabi National Energy Co. said it will retain the vast majority of its oil and natural gas assets following a review, citing the strong contribution of those businesses to earnings.
The company spent more than a year mulling whether to sell the assets and its decision not to comes after a surge in oil and gas prices following Russia’s attack on Ukraine. Brent crude is up 45% in 2022 to around $113 a barrel, leading to a windfall for owners of oil-producing assets.
Oil and gas contributed 15% to revenue and earnings in 2021, Taqa said, adding that the trend had continued into this year. The state-owned utility will continue to seek a buyer for its upstream assets in the Netherlands, given their relatively small contribution to the business, it said in a statement on Tuesday.
Taqa also has gas operations in Canada, and runs oil fields in the North Sea and in the Kurdish region of Iraq.
“Our strategy remains to be a champion for low carbon power and water for Abu Dhabi and beyond and to continue to improve and expand our utility businesses, with a clear focus on renewables,” Chief Executive Officer Jasim Husain Thabet said. “As such, we remain committed to becoming a net zero company by 2050.”
Abu Dhabi National Energy Co. said it will retain the vast majority of its oil and natural gas assets following a review, citing the strong contribution of those businesses to earnings.
The company spent more than a year mulling whether to sell the assets and its decision not to comes after a surge in oil and gas prices following Russia’s attack on Ukraine. Brent crude is up 45% in 2022 to around $113 a barrel, leading to a windfall for owners of oil-producing assets.
Oil and gas contributed 15% to revenue and earnings in 2021, Taqa said, adding that the trend had continued into this year. The state-owned utility will continue to seek a buyer for its upstream assets in the Netherlands, given their relatively small contribution to the business, it said in a statement on Tuesday.
Taqa also has gas operations in Canada, and runs oil fields in the North Sea and in the Kurdish region of Iraq.
“Our strategy remains to be a champion for low carbon power and water for Abu Dhabi and beyond and to continue to improve and expand our utility businesses, with a clear focus on renewables,” Chief Executive Officer Jasim Husain Thabet said. “As such, we remain committed to becoming a net zero company by 2050.”
Tecom IPO: #Dubai Business Park Operator Opens Flat in Sign of Waning Demand - Bloomberg
Tecom IPO: Dubai Business Park Operator Opens Flat in Sign of Waning Demand - Bloomberg
Tecom Group fell 13% in its Dubai trading debut, the latest sign of waning investor appetite for new share sales in the Middle East.
Shares in the real estate company, whose tenants include Facebook and Google, slumped to 2.32 dirhams by 1:21 p.m. local time, after opening at the 2.67 dirhams offer price. The initial public offering was priced at the top end of the range, raising $454 million.
While the Middle East had so far been a bright spot in an otherwise gloomy market for new share sales, Tecom’s muted open adds to evidence that demand for risky assets has tapered. Saudi Arabia’s Al Othaim family on Sunday scrapped plans to sell shares in its malls business and developer Retal Urban Development Co. delivered a tepid debut last week.
Tecom’s IPO price implied a dividend yield of about 6%. That was lower than expected from a stock that was chiefly viewed as a potential dividend play, said Faisal Hasan, chief investment officer at Al Mal Capital.
Tecom Group fell 13% in its Dubai trading debut, the latest sign of waning investor appetite for new share sales in the Middle East.
Shares in the real estate company, whose tenants include Facebook and Google, slumped to 2.32 dirhams by 1:21 p.m. local time, after opening at the 2.67 dirhams offer price. The initial public offering was priced at the top end of the range, raising $454 million.
While the Middle East had so far been a bright spot in an otherwise gloomy market for new share sales, Tecom’s muted open adds to evidence that demand for risky assets has tapered. Saudi Arabia’s Al Othaim family on Sunday scrapped plans to sell shares in its malls business and developer Retal Urban Development Co. delivered a tepid debut last week.
Tecom’s IPO price implied a dividend yield of about 6%. That was lower than expected from a stock that was chiefly viewed as a potential dividend play, said Faisal Hasan, chief investment officer at Al Mal Capital.
Digital bank Zand receives #UAE banking licence | Reuters
Digital bank Zand receives UAE banking licence | Reuters
Emirati digital banking start-up Zand, which provides retail and corporate services, said on Tuesday it had been granted a banking licence from the Central Bank of the United Arab Emirates.
The licence, which authorises and regulates Zand to operate as a fully independent bank, was awarded on June 30, Chief Executive and co-founder Olivier Crespin said in a statement.
A growing number of digital banks are starting up in the UAE, the oil-rich Gulf state of around 10 million people.
Dubai-based YAP, which says it has signed up over 130,00 users, on Monday said it had raised $41 million and would seek roughly $20 million in additional funding as it expands into new markets.
Emirati digital banking start-up Zand, which provides retail and corporate services, said on Tuesday it had been granted a banking licence from the Central Bank of the United Arab Emirates.
The licence, which authorises and regulates Zand to operate as a fully independent bank, was awarded on June 30, Chief Executive and co-founder Olivier Crespin said in a statement.
A growing number of digital banks are starting up in the UAE, the oil-rich Gulf state of around 10 million people.
Dubai-based YAP, which says it has signed up over 130,00 users, on Monday said it had raised $41 million and would seek roughly $20 million in additional funding as it expands into new markets.
Major Gulf bourses ease in early trade on fuel demand concerns | Reuters
Major Gulf bourses ease in early trade on fuel demand concerns | Reuters
Major Gulf stock markets fell in early trade on Tuesday on a decline in oil prices as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears.
Dubai's main share index (.DFMGI) fell 0.5%, hitting its lowest since late January, as Dubai Electricity And Water Authority (DEWAA.DU) dropped 1.2% and Emirates Integrated Telecommunication (DU.DU) slipped 1%.
Shares of Tecom Group , which is owned by the investment vehicle of Dubai's ruler, declined 6.4% in their stock market debut.
The company had raised 1.7 billion dirhams ($462.87 million) from investors by offering 625 million ordinary shares in its IPO at 2.67 dirhams a share. read more
However, Dar Al Takaful (DTKF.DU) surged 6.1% a day after the firm announced completion of legal procedures to merge with National Takaful Company .
The Qatari index (.QSI) lost 0.4%, with Gulf's largest lender falling 1.2%.
Separately, Qatar's economy grew 2.5% in the first quarter from a year earlier, although the growth fell slightly from the previous quarter, official estimates showed on Tuesday.
Saudi Arabia's benchmark index (.TASI) dropped 0.2%, on course to extend losses to straight fourth session, hit by a 1.5% fall in Riyad Bank (1010.SE) and a 0.8% decrease in Retal Urban Development Company (4322.SE).
Separately, the Saudi king has ordered the allocation of 20 billion riyals ($5.33 billion) to tackle the effects of rising global prices, state news agency SPA reported on Monday. read more
In Abu Dhabi, the equities index edged up 0.1%, boosted by a 0.7% gain in conglomerate International Holding Company(IHC.AD) and a 1.5% rise in Abu Dhabi Islamic Bank (ADIB.AD).
Major Gulf stock markets fell in early trade on Tuesday on a decline in oil prices as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears.
Dubai's main share index (.DFMGI) fell 0.5%, hitting its lowest since late January, as Dubai Electricity And Water Authority (DEWAA.DU) dropped 1.2% and Emirates Integrated Telecommunication (DU.DU) slipped 1%.
Shares of Tecom Group , which is owned by the investment vehicle of Dubai's ruler, declined 6.4% in their stock market debut.
The company had raised 1.7 billion dirhams ($462.87 million) from investors by offering 625 million ordinary shares in its IPO at 2.67 dirhams a share. read more
However, Dar Al Takaful (DTKF.DU) surged 6.1% a day after the firm announced completion of legal procedures to merge with National Takaful Company .
The Qatari index (.QSI) lost 0.4%, with Gulf's largest lender falling 1.2%.
Separately, Qatar's economy grew 2.5% in the first quarter from a year earlier, although the growth fell slightly from the previous quarter, official estimates showed on Tuesday.
Saudi Arabia's benchmark index (.TASI) dropped 0.2%, on course to extend losses to straight fourth session, hit by a 1.5% fall in Riyad Bank (1010.SE) and a 0.8% decrease in Retal Urban Development Company (4322.SE).
Separately, the Saudi king has ordered the allocation of 20 billion riyals ($5.33 billion) to tackle the effects of rising global prices, state news agency SPA reported on Monday. read more
In Abu Dhabi, the equities index edged up 0.1%, boosted by a 0.7% gain in conglomerate International Holding Company(IHC.AD) and a 1.5% rise in Abu Dhabi Islamic Bank (ADIB.AD).
Brent oil falls as recession fears boost demand concerns | Reuters
Brent oil falls as recession fears boost demand concerns | Reuters
Brent oil prices slipped on Tuesday, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.
Brent crude fell 38 cents, or 0.3%, to $113.12 a barrel by 0914 GMT.
U.S. West Texas Intermediate (WTI) crude climbed 84 cents, or 0.8%, to $109.27 a barrel, from Friday's close. There was no settlement for WTI on Monday because of the Independence Day public holiday in the United States.
"Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair," Stephen Innes of SPI Asset Management said in a note.
Investors are becoming more concerned about high inflation and a potential recession amid high prices of energy.
Brent oil prices slipped on Tuesday, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.
Brent crude fell 38 cents, or 0.3%, to $113.12 a barrel by 0914 GMT.
U.S. West Texas Intermediate (WTI) crude climbed 84 cents, or 0.8%, to $109.27 a barrel, from Friday's close. There was no settlement for WTI on Monday because of the Independence Day public holiday in the United States.
"Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair," Stephen Innes of SPI Asset Management said in a note.
Investors are becoming more concerned about high inflation and a potential recession amid high prices of energy.