Oil prices sink $2/bbl on possible Iran oil exports, rising interest rates | Reuters
Oil prices slumped by about $2 a barrel on Thursday in volatile trade as investors braced for the possible return to global markets of sanctioned Iranian oil exports and on worries that rising U.S. interest rates would weaken fuel demand.
Brent crude settled at $99.34 a barrel, shedding $1.88, or 1.9%. U.S. West Texas Intermediate crude settled at $92.52 a barrel, losing $2.37, or 2.5%.
Talks between the European Union, the United States and Iran to revive the 2015 nuclear deal are continuing, with Iran saying it had received a response from the United States to the EU's "final" text to resurrect the agreement.
"Nobody wants to jump in here and commit to a size position when you can get ambushed by an Iranian headline at any given moment," said Bob Yawger, director of energy futures at Mizuho, citing thin trading volumes during the session.
Investors also were waiting for scheduled remarks on Friday by U.S. Federal Reserve Chair Jerome Powell at the Kansas City Fed’s Economic Policy Symposium in Jackson Hole, Wyoming. read more
Thursday, 25 August 2022
#Dubai's Emaar Properties to allow 100% foreign ownership | Markets – Gulf News
Dubai's Emaar Properties to allow 100% foreign ownership | Markets – Gulf News
Emaar has called a shareholder meet September 21, to get their sign-off on increasing the developer’s capital by issuing 659.05 million shares at Dh1 each. This will see the developer’s new capital at Dh8.83 billion.
There will also be a ‘special resolution’ for shareholder approval to do away with the minimum shareholding by UAE and GCC nationals in the company. The proposed resolution will allow all the company’s shares to be nominal, and 'there is no minimum shareholding for UAE nationals and GCC nationals in the company, and there is no shareholding limit for non-UAE nationals'.
Emaar shareholders seem to have given their full approval to the latest moves by the developer, with the stock shooting past Dh6 in a 4.18 per cent climb within the first few minutes of DFM opening Thursday.
The stock is now at Dh6.21, with volumes already at 12.37 million.
Emaar already has 40 per cent foreign investor representation. In the UAE, Aramex, the logistics company was the first to allow up to 100 per cent foreign ownership. There are also Bahrain-headquartered GFH and IFA that have no ceilings.
Emaar has called a shareholder meet September 21, to get their sign-off on increasing the developer’s capital by issuing 659.05 million shares at Dh1 each. This will see the developer’s new capital at Dh8.83 billion.
There will also be a ‘special resolution’ for shareholder approval to do away with the minimum shareholding by UAE and GCC nationals in the company. The proposed resolution will allow all the company’s shares to be nominal, and 'there is no minimum shareholding for UAE nationals and GCC nationals in the company, and there is no shareholding limit for non-UAE nationals'.
Emaar shareholders seem to have given their full approval to the latest moves by the developer, with the stock shooting past Dh6 in a 4.18 per cent climb within the first few minutes of DFM opening Thursday.
The stock is now at Dh6.21, with volumes already at 12.37 million.
Emaar already has 40 per cent foreign investor representation. In the UAE, Aramex, the logistics company was the first to allow up to 100 per cent foreign ownership. There are also Bahrain-headquartered GFH and IFA that have no ceilings.
Most Gulf bourses in black tracking oil prices, global shares | Reuters
Most Gulf bourses in black tracking oil prices, global shares | Reuters
Major stock markets in the Gulf ended higher on Thursday, tracking oil prices and global shares higher, with the Dubai index boosted by a surge in Emaar Properties.
MSCI's 47-country index of world shares up 0.3% (.MIWD00000PUS), as investors waited to hear the latest reaction of the world's top central bankers to soaring inflation.
The Federal Reserve's annual monetary policy conference in Jackson Hole, Wyoming is due to start on Thursday and of particular interest is Fed Chair Jerome Powell's speech on Friday.
Dubai's main share index (.DFMGI) advanced 1.2%, with Emaar Properties (EMAR.DU) finishing 4% higher, its biggest intraday gain in over a year, on plans to lift the foreign ownership limit.
Shareholders are to also vote on Sept. 21 on the acquisition of certain assets of Dubai Holding for a mandatory convertible bond of 3.75 billion dirhams ($1.02 billion).
The company also entered a definitive deal to divest 100% of its fashion e-commerce venture Namshi to Noon, an e-commerce firm, for $335.2 million.
Saudi Arabia's benchmark index (.TASI) gained 1.2%, buoyed by a 1.6% rise in Al Rajhi Bank (1120.SE) and a 0.8% increase in Retal Urban Development Co (4322.SE).
Oil prices, a key catalyst for the Gulf's financial markets, firmed on the prospect that the OPEC+ producer group could curb oil supplies, but the more bearish possibility of an agreement that would return sanctioned Iranian oil exports to the market capped gains.
Brent crude rebounded above $100 after Saudi Arabia floated the idea of OPEC+ output cuts to support prices.
The Qatari index (.QSI) gained 0.7%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 2.1%.
In Abu Dhabi, the index (.FTFADGI) added 0.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.8%, with 28 of thirty stocks on the index closing higher including top lender Commercial International Bank (COMI.CA), which was up 1%.
The Egyptian stock market returned to the positive side thanks to a strong buying trend from local investors which could support an uptrend, said Daniel Takieddine, CEO MENA BDSwiss.
The index, which is down more than 13% so far this year, has come under pressure because of a sharp slide in foreign portfolio investor holdings and rising costs of key commodity imports, especially since Russia's invasion of Ukraine.
Major stock markets in the Gulf ended higher on Thursday, tracking oil prices and global shares higher, with the Dubai index boosted by a surge in Emaar Properties.
MSCI's 47-country index of world shares up 0.3% (.MIWD00000PUS), as investors waited to hear the latest reaction of the world's top central bankers to soaring inflation.
The Federal Reserve's annual monetary policy conference in Jackson Hole, Wyoming is due to start on Thursday and of particular interest is Fed Chair Jerome Powell's speech on Friday.
Dubai's main share index (.DFMGI) advanced 1.2%, with Emaar Properties (EMAR.DU) finishing 4% higher, its biggest intraday gain in over a year, on plans to lift the foreign ownership limit.
Shareholders are to also vote on Sept. 21 on the acquisition of certain assets of Dubai Holding for a mandatory convertible bond of 3.75 billion dirhams ($1.02 billion).
The company also entered a definitive deal to divest 100% of its fashion e-commerce venture Namshi to Noon, an e-commerce firm, for $335.2 million.
Saudi Arabia's benchmark index (.TASI) gained 1.2%, buoyed by a 1.6% rise in Al Rajhi Bank (1120.SE) and a 0.8% increase in Retal Urban Development Co (4322.SE).
Oil prices, a key catalyst for the Gulf's financial markets, firmed on the prospect that the OPEC+ producer group could curb oil supplies, but the more bearish possibility of an agreement that would return sanctioned Iranian oil exports to the market capped gains.
Brent crude rebounded above $100 after Saudi Arabia floated the idea of OPEC+ output cuts to support prices.
The Qatari index (.QSI) gained 0.7%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 2.1%.
In Abu Dhabi, the index (.FTFADGI) added 0.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.8%, with 28 of thirty stocks on the index closing higher including top lender Commercial International Bank (COMI.CA), which was up 1%.
The Egyptian stock market returned to the positive side thanks to a strong buying trend from local investors which could support an uptrend, said Daniel Takieddine, CEO MENA BDSwiss.
The index, which is down more than 13% so far this year, has come under pressure because of a sharp slide in foreign portfolio investor holdings and rising costs of key commodity imports, especially since Russia's invasion of Ukraine.
Europe's Wizz Air considering a #Saudi operating license | Reuters
Europe's Wizz Air considering a Saudi operating license | Reuters
European budget carrier Wizz Air (WIZZ.L) is considering basing an airline in Saudi Arabia as part an agreement signed with the government this year to develop the kingdom's aviation sector, its chief executive said in an interview on Thursday.
Wizz Air, which said in May it would explore opportunities in Saudi Arabia, announced on Thursday it was launching direct flights to Riyadh, Jeddah and Dammam from 11 European cities starting early next year, including from Rome, Milan and Vienna.
"The scope of ... exploring opportunities in the country may go beyond being an inbound carrier and may also involve making direct investments," CEO Jozsef Varadi told Reuters from Riyadh.
He said that included considering applying for an Air Operator's Certificate (AOC) in Saudi Arabia to base an airline there, without saying when a decision could be made on the AOC.
A Saudi license could allow a subsidiary or joint venture to operate domestic services in the kingdom, which has a population of about 36 million. It could also operate international flights that start in Saudi Arabia, opening up access to new markets.
European budget carrier Wizz Air (WIZZ.L) is considering basing an airline in Saudi Arabia as part an agreement signed with the government this year to develop the kingdom's aviation sector, its chief executive said in an interview on Thursday.
Wizz Air, which said in May it would explore opportunities in Saudi Arabia, announced on Thursday it was launching direct flights to Riyadh, Jeddah and Dammam from 11 European cities starting early next year, including from Rome, Milan and Vienna.
"The scope of ... exploring opportunities in the country may go beyond being an inbound carrier and may also involve making direct investments," CEO Jozsef Varadi told Reuters from Riyadh.
He said that included considering applying for an Air Operator's Certificate (AOC) in Saudi Arabia to base an airline there, without saying when a decision could be made on the AOC.
A Saudi license could allow a subsidiary or joint venture to operate domestic services in the kingdom, which has a population of about 36 million. It could also operate international flights that start in Saudi Arabia, opening up access to new markets.
Oil prices firm on possible OPEC+ supply cut | Reuters
Oil prices firm on possible OPEC+ supply cut | Reuters
Oil prices firmed on Thursday on the prospect that the OPEC+ producer group could curb oil supplies, but the more bearish possibility of an agreement that would return sanctioned Iranian oil exports to the market capped gains.
Brent crude rose 60 cents, or 0.6% to $101.82 a barrel by 1244 GMT, while U.S. West Texas Intermediate crude firmed 16 cents, or 0.2%, to $95.05 a barrel.
Comments on Monday by Saudi Energy Minister Prince Abdulaziz bin Salman about a disconnect between the futures and physical markets in which he flagged the possibility that OPEC+ could cut production helped to push oil prices to three-week highs.
"The suggestion that the price did not align with fundamentals and that OPEC+ could cut output has clearly had the desired effect," Oanda analyst Craig Erlam said.
"It may also make the chance of a move back below $90 in the near-term hard to come by unless a nuclear deal is agreed upon and OPEC+'s appetite for cuts put to the test," he added.
Oil prices firmed on Thursday on the prospect that the OPEC+ producer group could curb oil supplies, but the more bearish possibility of an agreement that would return sanctioned Iranian oil exports to the market capped gains.
Brent crude rose 60 cents, or 0.6% to $101.82 a barrel by 1244 GMT, while U.S. West Texas Intermediate crude firmed 16 cents, or 0.2%, to $95.05 a barrel.
Comments on Monday by Saudi Energy Minister Prince Abdulaziz bin Salman about a disconnect between the futures and physical markets in which he flagged the possibility that OPEC+ could cut production helped to push oil prices to three-week highs.
"The suggestion that the price did not align with fundamentals and that OPEC+ could cut output has clearly had the desired effect," Oanda analyst Craig Erlam said.
"It may also make the chance of a move back below $90 in the near-term hard to come by unless a nuclear deal is agreed upon and OPEC+'s appetite for cuts put to the test," he added.
Major Gulf markets track oil, Asian shares higher | Reuters
Major Gulf markets track oil, Asian shares higher | Reuters
Major stock markets in the Gulf rose in early trade on Thursday, tracking gains in oil prices and Asian shares, with the Dubai index outperforming the region buoyed by Emaar Properties.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.7%, with investors awaiting the U.S. Federal Reserve's annual Jackson Hole conference for clues on how sharp future interest rate hikes might be.
The Federal Reserve's annual monetary policy conference in Jackson Hole, Wyoming is due to start on Friday.
Dubai's main share index (.DFMGI) advanced 1.1%, with Emaar Properties (EMAR.DU) leaping as much as 4.7% to 6.25 dirhams, hitting its highest level since early May, on plans to lift the foreign ownership limit.
Shareholders are to also vote on Sept. 21 on the acquisition of certain assets of Dubai Holding for a mandatory convertible bond of 3.75 billion dirhams ($1.02 billion).
The company also entered a definitive deal to divest 100% of its fashion e-commerce venture Namshi to Noon, an e-commerce firm, for $335.2 million.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 0.7% rise in Al Rajhi Bank (1120.SE) and a 2.7% jump in Saudi Arabian Mining Co (1211.SE).
Oil prices, a key catalyst for the Gulf's financial markets, rose on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery.
Brent crude rebounded above $100 after Saudi Arabia floated the idea of OPEC+ output cuts to support prices.
In Abu Dhabi, the index (.FTFADGI) added 0.2%, helped by a 0.3% gain in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) added 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) climbing 1.7%.
Major stock markets in the Gulf rose in early trade on Thursday, tracking gains in oil prices and Asian shares, with the Dubai index outperforming the region buoyed by Emaar Properties.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.7%, with investors awaiting the U.S. Federal Reserve's annual Jackson Hole conference for clues on how sharp future interest rate hikes might be.
The Federal Reserve's annual monetary policy conference in Jackson Hole, Wyoming is due to start on Friday.
Dubai's main share index (.DFMGI) advanced 1.1%, with Emaar Properties (EMAR.DU) leaping as much as 4.7% to 6.25 dirhams, hitting its highest level since early May, on plans to lift the foreign ownership limit.
Shareholders are to also vote on Sept. 21 on the acquisition of certain assets of Dubai Holding for a mandatory convertible bond of 3.75 billion dirhams ($1.02 billion).
The company also entered a definitive deal to divest 100% of its fashion e-commerce venture Namshi to Noon, an e-commerce firm, for $335.2 million.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 0.7% rise in Al Rajhi Bank (1120.SE) and a 2.7% jump in Saudi Arabian Mining Co (1211.SE).
Oil prices, a key catalyst for the Gulf's financial markets, rose on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery.
Brent crude rebounded above $100 after Saudi Arabia floated the idea of OPEC+ output cuts to support prices.
In Abu Dhabi, the index (.FTFADGI) added 0.2%, helped by a 0.3% gain in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) added 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) climbing 1.7%.
#Saudi Prince Alwaleed's Kingdom Holding posts 3.6% rise in Q2 2022 net profit
Saudi Prince Alwaleed's Kingdom Holding posts 3.6% rise in Q2 2022 net profit
Saudi Arabia conglomerate Kingdom Holding, which is controlled by billionaire Prince Alwaleed Bin Talal, posted a 3.6% rise in net profit for the second quarter of the year on the back of higher hotel and other operating revenues.
Total net profit for the three-month period ending June 30 reached SAR427.1 million ($113.6 million), compared to SAR412.2 million a year ago, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
Sales/revenue stood at SAR769.4 million, nearly doubling the SAR421.4 million recorded in the same period last year.
Higher dividend income also supported Kingdom Holding's earnings for the quarter.
"[The increase in net profit] is due to the increase in dividend income, hotel and other operating revenues, increase in other gains and decrease in Zakat expense," the company said.
Saudi Arabia conglomerate Kingdom Holding, which is controlled by billionaire Prince Alwaleed Bin Talal, posted a 3.6% rise in net profit for the second quarter of the year on the back of higher hotel and other operating revenues.
Total net profit for the three-month period ending June 30 reached SAR427.1 million ($113.6 million), compared to SAR412.2 million a year ago, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
Sales/revenue stood at SAR769.4 million, nearly doubling the SAR421.4 million recorded in the same period last year.
Higher dividend income also supported Kingdom Holding's earnings for the quarter.
"[The increase in net profit] is due to the increase in dividend income, hotel and other operating revenues, increase in other gains and decrease in Zakat expense," the company said.
#Dubai News: Emaar Board Recommends Removing Foreign Ownership Cap on Shares - Bloomberg
Dubai News: Emaar Board Recommends Removing Foreign Ownership Cap on Shares - Bloomberg
Emaar Properties PJSC’s shares rallied after its board recommended removing a cap on the amount of the Dubai developer’s shares that foreigners can own.
Shareholders will consider the proposal at a meeting on Sept. 21, according to a statement. The foreign-ownership limit is currently set at 49%. Shares in the firm advanced as much as 4.7% at the open before trimming gains to 3% by 10:12 a.m. local time.
JPMorgan Chase & Co, Goldman Sachs Group Inc. and BlackRock Inc. are among the firm’s foreign owners, according to data compiled by Bloomberg. The stock is included in major global benchmarks tracking developing-nation equities, including the widely-tracked MSCI Emerging Markets Index.
Emaar Properties PJSC’s shares rallied after its board recommended removing a cap on the amount of the Dubai developer’s shares that foreigners can own.
Shareholders will consider the proposal at a meeting on Sept. 21, according to a statement. The foreign-ownership limit is currently set at 49%. Shares in the firm advanced as much as 4.7% at the open before trimming gains to 3% by 10:12 a.m. local time.
JPMorgan Chase & Co, Goldman Sachs Group Inc. and BlackRock Inc. are among the firm’s foreign owners, according to data compiled by Bloomberg. The stock is included in major global benchmarks tracking developing-nation equities, including the widely-tracked MSCI Emerging Markets Index.
Oil prices rise on potential OPEC+ supply cuts; BP shuts U.S. refinery units | Reuters
Oil prices rise on potential OPEC+ supply cuts; BP shuts U.S. refinery units | Reuters
Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery.
Brent crude rose 45 cents, or 0.4%, to $101.67 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude was up 32 cents, or 0.3%, at $95.21 a barrel.
Both crude oil benchmark contracts touched three-week highs on Wednesday after the Saudi energy minister flagged the possibility that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will cut production to support prices.
"Brent crude oil prices rebounded above the $100/barrel mark following Saudi officials showing willingness to defend prices via an OPEC+ production cut if necessary," Citi analysts said in a note.
Discussions on an agreement on Iran's nuclear programme remain stalled, calling into question any resumption of its exports. read more
Talks between the European Union, the United States and Iran to revive the 2015 nuclear deal are continuing, with Iran saying it had received a response from the United States to the EU's "final" text to resurrect the agreement.
Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery.
Brent crude rose 45 cents, or 0.4%, to $101.67 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude was up 32 cents, or 0.3%, at $95.21 a barrel.
Both crude oil benchmark contracts touched three-week highs on Wednesday after the Saudi energy minister flagged the possibility that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will cut production to support prices.
"Brent crude oil prices rebounded above the $100/barrel mark following Saudi officials showing willingness to defend prices via an OPEC+ production cut if necessary," Citi analysts said in a note.
Discussions on an agreement on Iran's nuclear programme remain stalled, calling into question any resumption of its exports. read more
Talks between the European Union, the United States and Iran to revive the 2015 nuclear deal are continuing, with Iran saying it had received a response from the United States to the EU's "final" text to resurrect the agreement.