Exclusive: Qatar in talks to join TotalEnergies' $27 bln Iraqi energy project -sources | Reuters
Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country.
A major investment by a Gulf state would mark an important win for Iraqi Prime Minister Mohammed al-Sudani, who took office last October following more than a year of political turmoil, and would also be considered a step towards countering Iranian influence.
QatarEnergy is looking to acquire a stake of around 30% in the project, one source said. Energy companies rarely own 100% of projects and prefer partnerships to reduce risk.
After a flurry of deals after the U.S. invasion over a decade ago, international oil companies have been trying to leave Iraq due to poor returns from revenue sharing agreements.
When TotalEnergies and Baghdad in 2021 signed an agreement to build four giant solar, gas, power and water projects in southern Iraq over 25 years, hopes for an exodus reversal were high. Exxon Mobil (XOM.N), Shell (SHEL.L) and BP(BP.L) have all sought to scale back their operations in Iraq in recent years.
Wednesday 25 January 2023
#SaudiArabia sees borrowing around 45 billion riyals in 2023 | Reuters
Saudi Arabia sees borrowing around 45 billion riyals in 2023 | Reuters
Saudi Arabia, the world's top oil exporter, expects its financing needs to be around 45 billion riyals ($12 billion) this year after pre-funding a larger amount in 2022, the National Debt Management Center said on Wednesday.
Saudi Finance Minister Mohammed al-Jadaan approved the 2023 annual borrowing plan as well as a domestic sukuk issuance calendar, NDMC said in a statement. The kingdom raised about 48 billion riyals for 2023 financing needs in pre-funding transactions in 2022, it added.
Earlier this month, Saudi Arabia raised $10 billion in a multi-tranche bond sale, taking advantage of a window to tap global debt markets amid continuing market volatility.
High oil prices helped Saudi Arabia's fiscal balance tilt to its first surplus since 2013 last year, expected to be 2.6% of GDP. A consecutive, albeit narrower, surplus is forecast in 2023, clouded by global economic concerns and an uncertain oil price outlook.
Saudi Arabia, the world's top oil exporter, expects its financing needs to be around 45 billion riyals ($12 billion) this year after pre-funding a larger amount in 2022, the National Debt Management Center said on Wednesday.
Saudi Finance Minister Mohammed al-Jadaan approved the 2023 annual borrowing plan as well as a domestic sukuk issuance calendar, NDMC said in a statement. The kingdom raised about 48 billion riyals for 2023 financing needs in pre-funding transactions in 2022, it added.
Earlier this month, Saudi Arabia raised $10 billion in a multi-tranche bond sale, taking advantage of a window to tap global debt markets amid continuing market volatility.
High oil prices helped Saudi Arabia's fiscal balance tilt to its first surplus since 2013 last year, expected to be 2.6% of GDP. A consecutive, albeit narrower, surplus is forecast in 2023, clouded by global economic concerns and an uncertain oil price outlook.
#Qatar leads Gulf markets higher, #AbuDhabi shares fall | Reuters
Qatar leads Gulf markets higher, Abu Dhabi shares fall | Reuters
Qatar's stock market on Wednesday extended its winning streak to a fifth straight session to outperform the Gulf region on strong earnings, while Abu Dhabi stocks ended lower.
Qatari index (.QSI) rose 0.5% as financial and materials sectors gained.
Qatar's Commercial Bank (COMB.QA) surged 10% on upbeat fiscal year earnings and higher dividend.
The bank reported a more than 22% rise in annual net profit to 2.81 bln-riyal ($771.98 million), beating analyst expectations of a profit of 2.34 bln riyal. It also raised annual cash dividend by 56% to 0.25 riyal per share compared with 2021.
The benchmark index (.TASI) in Saudi Arabia added 0.1%, helped by gains in healthcare, financial and materials stocks with Dr Sulaiman Al-Habib Medical Services (4013.SE) surging 3% and Dallah Health (4004.SE) rising 5.3%.
The oil giant Saudi Aramco (2222.SE) ended its six-session rally, falling 0.3%, while the world's largest Islamic bank by market capitalization Al Rajhi Bank (1120.SE) rose 0.4%.
Crude prices, a key catalyst for Gulf financial markets, steadied on Wednesday after a decline in the previous session, with Brent crude up 7 cents, or 0.1%, at $86.06 a barrel by 1227 GMT after declining 2.3% in the previous session.
Abu Dhabi stocks (.FTFADGI) fell 0.4%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) dropping 1.8% and International Holding (IHC.AD) sliding 0.2%.
UAE conglomerate IHC is considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises' (ADEL.NS) 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday, the company's spokesperson said.
Dubai's benchmark index (.DFMGI) lost 0.4%, dragged down by fall in utilities, financial and real estate sectors with Dubai Electric (DEWAA.DU) falling 0.8%, and Emirates Central Cooling Systems (EMPOWER.DU) dropping 1.3% while real estate heavyweight Emaar properties (EMAR.DU) lost 0.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 2.1%, continuing its rally since last Wednesday.
"The Egyptian stock market continued to surge while international investors maintained their buying trend. The market could continue to see benefits from the improving sentiment," said Fadi Reyad, chief market analyst at CAPEX.com MENA.
Egypt's economy will grow 4.8% in the current fiscal year, faster than predicted by the government but will not meet its targets over the medium term, a Reuters poll showed on Wednesday.
Qatar's stock market on Wednesday extended its winning streak to a fifth straight session to outperform the Gulf region on strong earnings, while Abu Dhabi stocks ended lower.
Qatari index (.QSI) rose 0.5% as financial and materials sectors gained.
Qatar's Commercial Bank (COMB.QA) surged 10% on upbeat fiscal year earnings and higher dividend.
The bank reported a more than 22% rise in annual net profit to 2.81 bln-riyal ($771.98 million), beating analyst expectations of a profit of 2.34 bln riyal. It also raised annual cash dividend by 56% to 0.25 riyal per share compared with 2021.
The benchmark index (.TASI) in Saudi Arabia added 0.1%, helped by gains in healthcare, financial and materials stocks with Dr Sulaiman Al-Habib Medical Services (4013.SE) surging 3% and Dallah Health (4004.SE) rising 5.3%.
The oil giant Saudi Aramco (2222.SE) ended its six-session rally, falling 0.3%, while the world's largest Islamic bank by market capitalization Al Rajhi Bank (1120.SE) rose 0.4%.
Crude prices, a key catalyst for Gulf financial markets, steadied on Wednesday after a decline in the previous session, with Brent crude up 7 cents, or 0.1%, at $86.06 a barrel by 1227 GMT after declining 2.3% in the previous session.
Abu Dhabi stocks (.FTFADGI) fell 0.4%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) dropping 1.8% and International Holding (IHC.AD) sliding 0.2%.
UAE conglomerate IHC is considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises' (ADEL.NS) 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday, the company's spokesperson said.
Dubai's benchmark index (.DFMGI) lost 0.4%, dragged down by fall in utilities, financial and real estate sectors with Dubai Electric (DEWAA.DU) falling 0.8%, and Emirates Central Cooling Systems (EMPOWER.DU) dropping 1.3% while real estate heavyweight Emaar properties (EMAR.DU) lost 0.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 2.1%, continuing its rally since last Wednesday.
"The Egyptian stock market continued to surge while international investors maintained their buying trend. The market could continue to see benefits from the improving sentiment," said Fadi Reyad, chief market analyst at CAPEX.com MENA.
Egypt's economy will grow 4.8% in the current fiscal year, faster than predicted by the government but will not meet its targets over the medium term, a Reuters poll showed on Wednesday.
Hindenburg’s Short Sell Call Shaves $12 Billion Off Adani Stocks - Bloomberg video
Hindenburg’s Short Sell Call Shaves $12 Billion Off Adani Stocks - Bloomberg
Shares in Adani Group companies lost $12 billion in market value after US investor Hindenburg Research said it was shorting the conglomerate’s stocks and accused firms owned by Asia’s richest man of “brazen” market manipulation and accounting fraud.
Bonds and shares of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following a two-year investigation into the tycoon’s companies.
Hindenburg’s Jan. 24 report, constituting the research firm’s opinions and investigative commentary where readers are advised that use of the report is at their own risk, details a web of Adani-family controlled offshore shell entities in tax havens, from the Caribbean, Mauritius and the United Arab Emirates. It claims these were used to facilitate corruption, money laundering and taxpayer theft, while siphoning money from the group’s listed companies.
The report is “a malicious combination of selective misinformation and stale, baseless and discredited allegations,” Adani Group Chief Financial Officer Jugeshinder Singh said in a statement.
Shares in Adani Group companies lost $12 billion in market value after US investor Hindenburg Research said it was shorting the conglomerate’s stocks and accused firms owned by Asia’s richest man of “brazen” market manipulation and accounting fraud.
Bonds and shares of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following a two-year investigation into the tycoon’s companies.
Hindenburg’s Jan. 24 report, constituting the research firm’s opinions and investigative commentary where readers are advised that use of the report is at their own risk, details a web of Adani-family controlled offshore shell entities in tax havens, from the Caribbean, Mauritius and the United Arab Emirates. It claims these were used to facilitate corruption, money laundering and taxpayer theft, while siphoning money from the group’s listed companies.
The report is “a malicious combination of selective misinformation and stale, baseless and discredited allegations,” Adani Group Chief Financial Officer Jugeshinder Singh said in a statement.
Luxury London Real Estate Draws Most Mideast Buyers in 4 Years - Bloomberg
Luxury London Real Estate Draws Most Mideast Buyers in 4 Years - Bloomberg
Middle Eastern buyers of prime real estate in central London hit a four-year high in the second half of 2022, when they took advantage of the weak pound and relaxed covid restrictions, according to property consultant Knight Frank LLP.
Buyers from the region accounted for 11% of property transactions in some of London’s most prestigious postcodes, putting them just behind investors from Europe and the UK. The last time buyers from the Middle East made up a higher proportion of sales in the area was in 2015, Knight Frank said.
“Compared to some parts of the world, buyers from the Middle East have been relatively free to travel to London and take advantage of the weak pound, which has resulted in discounts of more than 40% compared to 2014 when price and currency movements are combined,” Tom Bill, head of UK residential research at Knight Frank, said in a statement.
At the peak of the pandemic during the first half of 2020, investors from the Middle East accounted for just 2.2% of all of the sales in London’s top postcodes as the region — along with much of the world — enforced a series of strict social restrictions to limit the impact of the virus.
Middle Eastern buyers of prime real estate in central London hit a four-year high in the second half of 2022, when they took advantage of the weak pound and relaxed covid restrictions, according to property consultant Knight Frank LLP.
Buyers from the region accounted for 11% of property transactions in some of London’s most prestigious postcodes, putting them just behind investors from Europe and the UK. The last time buyers from the Middle East made up a higher proportion of sales in the area was in 2015, Knight Frank said.
“Compared to some parts of the world, buyers from the Middle East have been relatively free to travel to London and take advantage of the weak pound, which has resulted in discounts of more than 40% compared to 2014 when price and currency movements are combined,” Tom Bill, head of UK residential research at Knight Frank, said in a statement.
At the peak of the pandemic during the first half of 2020, investors from the Middle East accounted for just 2.2% of all of the sales in London’s top postcodes as the region — along with much of the world — enforced a series of strict social restrictions to limit the impact of the virus.
Adani Enterprises' $2.5 bln share offering oversubscribed by anchor investors, source says | Reuters
Adani Enterprises' $2.5 bln share offering oversubscribed by anchor investors, source says | Reuters
Adani Enterprises Ltd' (ADEL.NS) $2.45 billion secondary share offering was subscribed 1.5 times by anchor investors, with bids from high profile names such as Abu Dhabi Investment Authority (ADIA), a source told Reuters on Wednesday.
Anchor investors bid for shares worth 90 billion rupees ($1.10 billion) in India's largest follow-on public offering (FPO), compared to the 60 billion rupees allocated to them, the source said.
Adani did not immediately respond to Reuters' request for comment.
Maybank Asia, Citigroup Inc (C.N), Morgan Stanley (MS.N) and domestic insurer Life Insurance Corporation of India (LIFI.NS) were among the bidders for the share sale, the source said.
ADIA, Maybank Asia, Citigroup, Morgan Stanley and LIC did not immediately respond to Reuters' request for comment.
Adani Enterprises Ltd' (ADEL.NS) $2.45 billion secondary share offering was subscribed 1.5 times by anchor investors, with bids from high profile names such as Abu Dhabi Investment Authority (ADIA), a source told Reuters on Wednesday.
Anchor investors bid for shares worth 90 billion rupees ($1.10 billion) in India's largest follow-on public offering (FPO), compared to the 60 billion rupees allocated to them, the source said.
Adani did not immediately respond to Reuters' request for comment.
Maybank Asia, Citigroup Inc (C.N), Morgan Stanley (MS.N) and domestic insurer Life Insurance Corporation of India (LIFI.NS) were among the bidders for the share sale, the source said.
ADIA, Maybank Asia, Citigroup, Morgan Stanley and LIC did not immediately respond to Reuters' request for comment.
Commercial Bank leads #Qatar shares higher, #Saudi falls on profit-taking | Reuters
Commercial Bank leads Qatar shares higher, Saudi falls on profit-taking | Reuters
Most stock exchanges in the Gulf region rose in early trade on Wednesday, tracking firm global equities as stability in oil prices on expectations of fuel demand recovery in the world's top importer China boosted sentiment.
Crude prices - a key catalyst for Gulf financial markets - rebounded on Tuesday after falling 2.3% in the prior session.
Brent crude rose 34 cents, or 0.39%, to $86.47 per barrel by 0732 GMT.
Benchmark Qatari index (.QSI) advanced 0.7%, boosted by a 10% rise in Commercial Bank (COMB.QA), its biggest intraday gain since mid-April 2021.
The Commercial bank reported more than 22% increase in full- year net profit, beating market estimates. It also hiked annual cash dividend by 56% to 0.25 riyal ($0.0666) per share from 2021.
Vodafone Qatar (VFQS.QA), which is not part of Qatari index, surged more than 5% as the telecom operator's annual net profit grew more than 53% on account of jump in fan sim cards subcription during FIFA word cup.
Abu Dhabi's benchmark index (.FTFADGI) added 0.2%, extending gains to a second session, as Emirates Steel (EMSTEEL.AD) jumped 1.8% and UAE's most valued listed firm International Holding Company (IHC.AD) added 0.1%.
Dubai's main share index (.DFMGI) edged up 0.1% on a 0.9% gain in Islamic lender Dubai Islamic Bank (DISB.DU) on strong annual net profit.
Saudi Arabia's benchmark stock index (.TASI) dropped 0.2% and was set to snap a four-session rally as investors booked profits.
Index heavyweight oil giant Saudi Aramco (2222.SE) slipped 0.9% and Riyad Bank (1010.SE) fell 0.6%.
An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes of higher Chinese demand driving an oil price rally are balanced by worries over inflation and a global economic slowdown.
Most stock exchanges in the Gulf region rose in early trade on Wednesday, tracking firm global equities as stability in oil prices on expectations of fuel demand recovery in the world's top importer China boosted sentiment.
Crude prices - a key catalyst for Gulf financial markets - rebounded on Tuesday after falling 2.3% in the prior session.
Brent crude rose 34 cents, or 0.39%, to $86.47 per barrel by 0732 GMT.
Benchmark Qatari index (.QSI) advanced 0.7%, boosted by a 10% rise in Commercial Bank (COMB.QA), its biggest intraday gain since mid-April 2021.
The Commercial bank reported more than 22% increase in full- year net profit, beating market estimates. It also hiked annual cash dividend by 56% to 0.25 riyal ($0.0666) per share from 2021.
Vodafone Qatar (VFQS.QA), which is not part of Qatari index, surged more than 5% as the telecom operator's annual net profit grew more than 53% on account of jump in fan sim cards subcription during FIFA word cup.
Abu Dhabi's benchmark index (.FTFADGI) added 0.2%, extending gains to a second session, as Emirates Steel (EMSTEEL.AD) jumped 1.8% and UAE's most valued listed firm International Holding Company (IHC.AD) added 0.1%.
Dubai's main share index (.DFMGI) edged up 0.1% on a 0.9% gain in Islamic lender Dubai Islamic Bank (DISB.DU) on strong annual net profit.
Saudi Arabia's benchmark stock index (.TASI) dropped 0.2% and was set to snap a four-session rally as investors booked profits.
Index heavyweight oil giant Saudi Aramco (2222.SE) slipped 0.9% and Riyad Bank (1010.SE) fell 0.6%.
An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes of higher Chinese demand driving an oil price rally are balanced by worries over inflation and a global economic slowdown.