US Envoy Confident Gulf Oil Producers Will Boost Production - Bloomberg
A US energy envoy said he is confident Gulf producers will increase oil output after President Joe Biden’s visit to Saudi Arabia, where he met with regional leaders.
“Based on what we heard on the trip, I’m pretty confident that we’ll see a few more steps in the coming weeks,” Amos Hochstein, the State Department’s senior adviser for energy security, said on CBS’s “Face the Nation” on Sunday.
Hochstein, who was part of Biden’s delegation on the visit, also cited Gulf oil producers Kuwait and the United Arab Emirates.
“It’s not just about Saudi,” he said. “There is additional spare capacity. There is room for increased production.”
Biden, under political pressure from the hottest US inflation in four decades including high gasoline prices, said during last week’s visit that he expects further oil supply increases by Saudi Arabia. Saudi officials stressed any decision to pump more would be made in the framework of OPEC+, which holds its next decision-making meeting on Aug. 3.
Sunday 17 July 2022
Most Gulf bourses track higher oil and global equities | Reuters
Most Gulf bourses track higher oil and global equities | Reuters
Most stock markets in the Gulf ended higher on Sunday in response to Friday's gains for oil prices and global shares on expectations that the U.S. Federal Reserve will raise interest rates less aggressively than previously anticipated.
Saudi Arabia's benchmark index (.TASI) advanced 1.2%, having hit its lowest in six months in the previous session, led by a 0.2% gain in Dr Sulaiman Al-Habib Medical Services (4013.SE).
Crude prices, a key catalyst for the Gulf's financial markets, gained 2.5% after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected and as investors question whether OPEC has the room to ramp up crude production. read more
Separately, the kingdom said it would open its airspace to all carriers, paving the way for more overflights to and from Israel, in a decision welcomed by U.S. President Joe Biden. read more
The Qatari index (.QSI) gained 0.9%, with Commercial Bank (COMB.QA) rising 3.2%, while the Gulf's biggest lender Qatar National Bank (QNBK.QA) finished 1.6% up.
Outside the Gulf, Egypt's blue-chip index (.EGX30) is trading around its lowest in nearly six years. On Sunday it edged up by 0.1%, helped by a 1.1% gain for top lender Commercial International Bank (COMI.CA).
Egypt has come under financial pressure because of a sharp slide in foreign portfolio investor holdings and rising costs for key commodity imports, especially since Russia's invasion of Ukraine. Headline inflation accelerated to 13.5% in May.
Most stock markets in the Gulf ended higher on Sunday in response to Friday's gains for oil prices and global shares on expectations that the U.S. Federal Reserve will raise interest rates less aggressively than previously anticipated.
Saudi Arabia's benchmark index (.TASI) advanced 1.2%, having hit its lowest in six months in the previous session, led by a 0.2% gain in Dr Sulaiman Al-Habib Medical Services (4013.SE).
Crude prices, a key catalyst for the Gulf's financial markets, gained 2.5% after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected and as investors question whether OPEC has the room to ramp up crude production. read more
Separately, the kingdom said it would open its airspace to all carriers, paving the way for more overflights to and from Israel, in a decision welcomed by U.S. President Joe Biden. read more
The Qatari index (.QSI) gained 0.9%, with Commercial Bank (COMB.QA) rising 3.2%, while the Gulf's biggest lender Qatar National Bank (QNBK.QA) finished 1.6% up.
Outside the Gulf, Egypt's blue-chip index (.EGX30) is trading around its lowest in nearly six years. On Sunday it edged up by 0.1%, helped by a 1.1% gain for top lender Commercial International Bank (COMI.CA).
Egypt has come under financial pressure because of a sharp slide in foreign portfolio investor holdings and rising costs for key commodity imports, especially since Russia's invasion of Ukraine. Headline inflation accelerated to 13.5% in May.
Tadawul launches first Shariah-compliant index
Tadawul launches first Shariah-compliant index
The Saudi Exchange (Tadawul) has launched its first Shariah-compliant index, the TASI Islamic Index, to track the performance of the listed Shariah-compliant companies.
This step comes in line with growing demand and interest from local and international investors for Shariah-compliant investment tools, according to a press release on Sunday.
The index will guide investors and market participants when considering Shariah-compliant investments and allow asset managers to benchmark the performance of their Shariah-compliant portfolios.
The CEO of Tadawul, Mohammed Al Rumaih, said: "The Index will facilitate the launch of new financial products in the market to satisfy the increasing demand for Shariah-compliant investment tools."
Meanwhile, Al Rumaih added: "It will also strengthen the Saudi Exchange’s position as the investors’ exchange of choice and an attractive investment destination in line with Vision 2030’s Financial Sector Development Program."
The Saudi Exchange (Tadawul) has launched its first Shariah-compliant index, the TASI Islamic Index, to track the performance of the listed Shariah-compliant companies.
This step comes in line with growing demand and interest from local and international investors for Shariah-compliant investment tools, according to a press release on Sunday.
The index will guide investors and market participants when considering Shariah-compliant investments and allow asset managers to benchmark the performance of their Shariah-compliant portfolios.
The CEO of Tadawul, Mohammed Al Rumaih, said: "The Index will facilitate the launch of new financial products in the market to satisfy the increasing demand for Shariah-compliant investment tools."
Meanwhile, Al Rumaih added: "It will also strengthen the Saudi Exchange’s position as the investors’ exchange of choice and an attractive investment destination in line with Vision 2030’s Financial Sector Development Program."
#UAE establishes $817 mln fund to support space sector | Reuters
UAE establishes $817 mln fund to support space sector | Reuters
The United Arab Emirates on Sunday launched a 3 billion UAE dirham ($816.84 million) fund to support its space programme and a new initiative to develop radar satellites, the Gulf country's president Sheikh Mohammed bin Zayed al-Nahyan said on Twitter.
Dubai ruler Sheikh Mohammed bin Rashed, meanwhile, said the fund aims to supporting the establishment of national companies in the space sector and boost national strategic and research projects.
The United Arab Emirates on Sunday launched a 3 billion UAE dirham ($816.84 million) fund to support its space programme and a new initiative to develop radar satellites, the Gulf country's president Sheikh Mohammed bin Zayed al-Nahyan said on Twitter.
Dubai ruler Sheikh Mohammed bin Rashed, meanwhile, said the fund aims to supporting the establishment of national companies in the space sector and boost national strategic and research projects.
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