Kuwait to Send Europe Five Times More Diesel as Russia Ban Looms - Bloomberg
Kuwait plans to ramp up exports of diesel and airline fuel to Europe this year, going a small way to help the continent make up for a drop in flows from Russia.
The Middle Eastern country expects to raise diesel shipments to Europe fivefold from 2022 to 2.5 million tons, or roughly 50,000 barrels a day, according to a person familiar with the matter. It also wants to double sales of jet fuel to almost 5 million tons, the person said.
The European Union faces a potential fuel squeeze from Feb. 5, when it’s set to ban imports of refined oil products from Russia as punishment for the invasion of Ukraine. Diesel prices may spike to $200 barrel this quarter because the ban could trigger a global shortfall, according to Bank of America.
The EU was buying almost 1.3 million barrels a day of products from Russia as of late last year, analysts from JPMorgan Chase & Co. estimate. About half of that was diesel.
Monday 9 January 2023
#Dubai's $9 Trillion Goal, Suez Canal Scare, Eygpt's Pound (EGP) Pressure - Bloomberg
Dubai's $9 Trillion Goal, Suez Canal Scare, Eygpt's Pound (EGP) Pressure - Bloomberg
Dubai is aiming to lure trillions of dollars in trade and foreign direct investment over the next decade, and last week gave some initial clues as to how it will reach new lofty government targets.
The economic plan, dubbed "D33," comes as Dubai seeks to retain its role as the region's top finance and trade hub amid growing regional competition from Saudi Arabia and Qatar. It’s also seeking to compete with the likes of London and Paris as a global tourism and business destination.
In order to hit its overall target of 32 trillion dirhams ($8.7 trillion), Dubai aims to draw in billions of dollars by expanding trade ties with fast-growing economies in emerging markets, while mainly looking at old partners in the US and UK for foreign direct investment.
Dubai is aiming to lure trillions of dollars in trade and foreign direct investment over the next decade, and last week gave some initial clues as to how it will reach new lofty government targets.
The economic plan, dubbed "D33," comes as Dubai seeks to retain its role as the region's top finance and trade hub amid growing regional competition from Saudi Arabia and Qatar. It’s also seeking to compete with the likes of London and Paris as a global tourism and business destination.
In order to hit its overall target of 32 trillion dirhams ($8.7 trillion), Dubai aims to draw in billions of dollars by expanding trade ties with fast-growing economies in emerging markets, while mainly looking at old partners in the US and UK for foreign direct investment.
#UAE's Bank FAB launches $500mln 5-year Islamic bond
UAE's Bank FAB launches $500mln 5-year Islamic bond
First Abu Dhabi Bank, the largest lender in the United Arab Emirates (UAE), launched a $500 million Islamic bond, or sukuk, on Monday, a document reviewed by Reuters showed, pricing tighter than guidance on strong demand for the issue.
The issue is expected to price later on Monday.
The spread on the five-year sukuk was set at 90 basis points (bps) over U.S. Treasuries at launch, tightened from final guidance of around 95 bps earlier in the day after orders of over $1.35 billion, the document showed.
Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, Sharjah Islamic Bank, Standard Chartered Bank, and The Islamic Corporation for the Development of the Private Sector were mandated joint lead managers on the deal.
First Abu Dhabi Bank, the largest lender in the United Arab Emirates (UAE), launched a $500 million Islamic bond, or sukuk, on Monday, a document reviewed by Reuters showed, pricing tighter than guidance on strong demand for the issue.
The issue is expected to price later on Monday.
The spread on the five-year sukuk was set at 90 basis points (bps) over U.S. Treasuries at launch, tightened from final guidance of around 95 bps earlier in the day after orders of over $1.35 billion, the document showed.
Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, Sharjah Islamic Bank, Standard Chartered Bank, and The Islamic Corporation for the Development of the Private Sector were mandated joint lead managers on the deal.
#Saudi parallel market Nomu sees IPO momentum in 2023
Saudi parallel market Nomu sees IPO momentum in 2023
The Parallel Market (Nomu) of the Saudi Exchange (Tadawul) witnessed an unprecedented leap in new initial public offerings (IPOs) in 2022, welcoming 32 new companies to the market.
The number of Nomu-listed companies skyrocketed by 228.60% in 2022 to reach 46 companies, compared to 14 companies a year earlier, according to data collected by Mubasher based on official figures.
Proceeds raised through new IPOs on the Nomu parallel market totalled SAR 1.25 billion in 2022, down 33.80% from SAR 1.89 billion in 2021, whereas the number of shares offered for subscription soared by 207.80% to 26.47 million shares from 8.60 million.
The launch of the Saudi parallel market comes as part of the financial market’s development plans aimed at achieving the Kingdom’s Vision 2030, which reiterates the necessity of building an advanced, global financial market to increase financing opportunities and enhance the economic and investing capabilities of Saudi-based companies.
The Parallel Market (Nomu) of the Saudi Exchange (Tadawul) witnessed an unprecedented leap in new initial public offerings (IPOs) in 2022, welcoming 32 new companies to the market.
The number of Nomu-listed companies skyrocketed by 228.60% in 2022 to reach 46 companies, compared to 14 companies a year earlier, according to data collected by Mubasher based on official figures.
Proceeds raised through new IPOs on the Nomu parallel market totalled SAR 1.25 billion in 2022, down 33.80% from SAR 1.89 billion in 2021, whereas the number of shares offered for subscription soared by 207.80% to 26.47 million shares from 8.60 million.
The launch of the Saudi parallel market comes as part of the financial market’s development plans aimed at achieving the Kingdom’s Vision 2030, which reiterates the necessity of building an advanced, global financial market to increase financing opportunities and enhance the economic and investing capabilities of Saudi-based companies.
Gulf shares ride high on upbeat oil prices; FAB drags #AbuDhabi | Reuters
Gulf shares ride high on upbeat oil prices; FAB drags Abu Dhabi | Reuters
Most major Gulf stock markets closed higher on Monday, as risk appetite picked up and investors hoped rising oil prices would continue pumping more dollars into the region.
Oil, which fuels the region's growth, extended gains on Monday, rising about 3% after China's move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns.
Brent crude was up $2.29, or 2.9%, at $80.86 a barrel by 1150 GMT.
Fadi Reyad, chief market analyst at CAPEX.com MENA, said GCC stock markets were mostly seeing positive performances on back of improved sentiment as China continues its reopening.
The benchmark Qatari index (.QSI) jumped 1.5%, boosted by financial and petrochemical stocks, as the Gulf's largest lender Qatar National Bank (QNBK.QA) surged 2.5%, while Industries Qatar (IQCD.QA) was up 1.7%.
Qatari IT services firm MEEZA, part-owned by telecom operator Ooredoo (ORDS.QA), said it is selling 50% of its share capital in a public-share sale with a planned listing on the Qatar Stock Exchange.
Saudi Arabia's benchmark index (.TASI) rose 1.1%, led by a 1.3% hike in Al Rajhi Bank (1120.SE) while oil behemoth and index heavyweight Saudi Aramco (2222.SE) settled 0.6% up.
Among other active stocks, Zain KSA (7030.SE) ended up 3.3%, paring gains after rising as much as 7.3% in the session after saying it sold its stake in the tower's infrastructure to Golden Lattice Investment Company in a deal valued at 3.02 billion riyals ($803.94 million).
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Dubai's main share index (.DFMGI) edged up 0.6%, as its blue-chip developer Emaar Properties (EMAR.DU) and Sharia-compliant lender Dubai Islamic Bank (DISB.DU), were up 1.4%.
Abu Dhabi's index (.FTFADGI), however, slipped 0.3%, extending losses to the fourth session in a row, pressured by a 3% slump in its largest lender First Abu Dhabi Bank (FAB.AD).
FAB said on Thursday it had considered a bid for London-listed Standard Chartered (STAN.L), but was no longer doing so.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 0.6%, with Commercial International Bank Egypt (COMI.CA) rising 2.2%.
Most major Gulf stock markets closed higher on Monday, as risk appetite picked up and investors hoped rising oil prices would continue pumping more dollars into the region.
Oil, which fuels the region's growth, extended gains on Monday, rising about 3% after China's move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns.
Brent crude was up $2.29, or 2.9%, at $80.86 a barrel by 1150 GMT.
Fadi Reyad, chief market analyst at CAPEX.com MENA, said GCC stock markets were mostly seeing positive performances on back of improved sentiment as China continues its reopening.
The benchmark Qatari index (.QSI) jumped 1.5%, boosted by financial and petrochemical stocks, as the Gulf's largest lender Qatar National Bank (QNBK.QA) surged 2.5%, while Industries Qatar (IQCD.QA) was up 1.7%.
Qatari IT services firm MEEZA, part-owned by telecom operator Ooredoo (ORDS.QA), said it is selling 50% of its share capital in a public-share sale with a planned listing on the Qatar Stock Exchange.
Saudi Arabia's benchmark index (.TASI) rose 1.1%, led by a 1.3% hike in Al Rajhi Bank (1120.SE) while oil behemoth and index heavyweight Saudi Aramco (2222.SE) settled 0.6% up.
Among other active stocks, Zain KSA (7030.SE) ended up 3.3%, paring gains after rising as much as 7.3% in the session after saying it sold its stake in the tower's infrastructure to Golden Lattice Investment Company in a deal valued at 3.02 billion riyals ($803.94 million).
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Dubai's main share index (.DFMGI) edged up 0.6%, as its blue-chip developer Emaar Properties (EMAR.DU) and Sharia-compliant lender Dubai Islamic Bank (DISB.DU), were up 1.4%.
Abu Dhabi's index (.FTFADGI), however, slipped 0.3%, extending losses to the fourth session in a row, pressured by a 3% slump in its largest lender First Abu Dhabi Bank (FAB.AD).
FAB said on Thursday it had considered a bid for London-listed Standard Chartered (STAN.L), but was no longer doing so.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 0.6%, with Commercial International Bank Egypt (COMI.CA) rising 2.2%.
#SaudiArabia includes Diriyah tourism project in PIF's portfolio -SPA | Reuters
Saudi Arabia includes Diriyah tourism project in PIF's portfolio -SPA | Reuters
Saudi Arabia has included a Diriyah tourism project in the portfolio of its sovereign wealth fund, the Public Investment Fund (PIF), to improve investment efficiency and public-private cooperation, state news agency SPA reported on Monday.
The development of Diriyah, a UNESCO World Heritage Site, was previously under Diriyah Gate Development Authority (DGDA), which will continue its supervision, SPA said, citing an announcement by the Saudi crown prince.
Saudi Arabia has included a Diriyah tourism project in the portfolio of its sovereign wealth fund, the Public Investment Fund (PIF), to improve investment efficiency and public-private cooperation, state news agency SPA reported on Monday.
The development of Diriyah, a UNESCO World Heritage Site, was previously under Diriyah Gate Development Authority (DGDA), which will continue its supervision, SPA said, citing an announcement by the Saudi crown prince.
Gross bank assets up to $980bln by end of October: #UAE Central Bank
Gross bank assets up to $980bln by end of October: UAE Central Bank
Gross banks’ assets, including bankers’ acceptances, rose by 0.9%, from AED3.583 trillion at the end of September 2022 to AED3.615 trillion at the end of October 2022, according to the Central Bank of the UAE (CBUAE).
In its report on the monetary and banking developments in October 2022, the bank said that gross credit grew by 0.2%, rising from AED1.873 trillion at the end of September 2022 to AED1.878 trillion at the end of October 2022.
Gross Credit rose due to increase in Domestic Credit by 0.1% and Foreign Credit by 1.5%.
The Central Bank attributed the increase in Domestic Credit to the increase in credit granted to the Public Sector (Government-Related Entities) and the Private Sector by 0.7% and 0.1%, respectively.
Total bank deposits increased by 0.8%, climbing from AED2.187 trillion at the end of September 2022 to AED2.205 trillion at the end of October 2022.
The growth in total bank deposits was due to the rise in resident deposits by 0.4% and non-resident deposits by 4.2%.
Gross banks’ assets, including bankers’ acceptances, rose by 0.9%, from AED3.583 trillion at the end of September 2022 to AED3.615 trillion at the end of October 2022, according to the Central Bank of the UAE (CBUAE).
In its report on the monetary and banking developments in October 2022, the bank said that gross credit grew by 0.2%, rising from AED1.873 trillion at the end of September 2022 to AED1.878 trillion at the end of October 2022.
Gross Credit rose due to increase in Domestic Credit by 0.1% and Foreign Credit by 1.5%.
The Central Bank attributed the increase in Domestic Credit to the increase in credit granted to the Public Sector (Government-Related Entities) and the Private Sector by 0.7% and 0.1%, respectively.
Total bank deposits increased by 0.8%, climbing from AED2.187 trillion at the end of September 2022 to AED2.205 trillion at the end of October 2022.
The growth in total bank deposits was due to the rise in resident deposits by 0.4% and non-resident deposits by 4.2%.
Mideast Stocks-Gulf stocks rise on hopes of smaller rate hike, demand recovery
Mideast Stocks-Gulf stocks rise on hopes of smaller rate hike, demand recovery
Most major Gulf stock markets rose in early trade on Monday, as optimism over less aggressive U.S. rate hikes and economic reopening in China bolstered sentiment, although Abu Dhabi bucked the trend to trade lower.
Oil, which fuels the region's growth, climbed on Monday as the borders reopened in China, the world's top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns.
Brent crude futures were up $1.49, or 1.9%, at $80.06 a barrel as of 0745 GMT.
The benchmark Qatari index jumped 1%, helped by petrochemical and financial sector. Gulf's largest lender Qatar national Bank hiked 1.9%, while petrochemical maker Industries Qatar gained 1%.
Among other stocks, shares of telecom operator Ooredoo jumped 1.3% after its IT services subsidiary MEEZA announced offering its 50% share capital through an initial public offering (IPO) on the Qatar Stock Exchange.
MEEZA ,which is Qatar's first firm to use book building for IPO, announced price range between 2.61 riyals ($0.7135) and 2.81 riyals per share, which could raise between 846 million and 911 million riyals.
Separately, QatarEnergy chief Saad al-Kaabi announced on Sunday the final investment decision on the $6 billion Ras Laffan Petrochemicals Complex alongside its partner in the project Chevron Pillips Chemical
Saudi Arabia's benchmark index advanced 0.3%, led by a 2% hike in mining firm Saudi Arabian Mining Company, while oil giant Saudi Aramco rose 0.8%.
Among other stocks, telecom Operator Zain KSA surged 6.1% after it sold stake in the tower's infrastructure to Golden Lattice Investment Company in a deal valued at 3.02 billion riyals ($803.88 million).
Dubai's main share index edged up 0.1%, led by a 1.2% gain in blue-chip developer Emaar Properties and a 0.9% increase in Sharia-compliant lender Dubai Islamic Bank .
Abu Dhabi's index, however, eased 0.3%, extending losses to fourth straight sessions, as conglomerate International Holding Company lost 0.6% while its unit Multiply Group was down 0.8%.
Most major Gulf stock markets rose in early trade on Monday, as optimism over less aggressive U.S. rate hikes and economic reopening in China bolstered sentiment, although Abu Dhabi bucked the trend to trade lower.
Oil, which fuels the region's growth, climbed on Monday as the borders reopened in China, the world's top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns.
Brent crude futures were up $1.49, or 1.9%, at $80.06 a barrel as of 0745 GMT.
The benchmark Qatari index jumped 1%, helped by petrochemical and financial sector. Gulf's largest lender Qatar national Bank hiked 1.9%, while petrochemical maker Industries Qatar gained 1%.
Among other stocks, shares of telecom operator Ooredoo jumped 1.3% after its IT services subsidiary MEEZA announced offering its 50% share capital through an initial public offering (IPO) on the Qatar Stock Exchange.
MEEZA ,which is Qatar's first firm to use book building for IPO, announced price range between 2.61 riyals ($0.7135) and 2.81 riyals per share, which could raise between 846 million and 911 million riyals.
Separately, QatarEnergy chief Saad al-Kaabi announced on Sunday the final investment decision on the $6 billion Ras Laffan Petrochemicals Complex alongside its partner in the project Chevron Pillips Chemical
Saudi Arabia's benchmark index advanced 0.3%, led by a 2% hike in mining firm Saudi Arabian Mining Company, while oil giant Saudi Aramco rose 0.8%.
Among other stocks, telecom Operator Zain KSA surged 6.1% after it sold stake in the tower's infrastructure to Golden Lattice Investment Company in a deal valued at 3.02 billion riyals ($803.88 million).
Dubai's main share index edged up 0.1%, led by a 1.2% gain in blue-chip developer Emaar Properties and a 0.9% increase in Sharia-compliant lender Dubai Islamic Bank .
Abu Dhabi's index, however, eased 0.3%, extending losses to fourth straight sessions, as conglomerate International Holding Company lost 0.6% while its unit Multiply Group was down 0.8%.
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