Saudi Arabia to invest about $266 bln for clean energy - minister | Reuters
Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate "cleaner energy", Saudi state TV reported on Monday, citing the kingdom's energy minister.
Prince Abdulaziz bin Salman added that the investments aim also to "add transport lines and distribution networks in order to eventually export the energy to the world and produce clean hydrogen."
Monday 30 January 2023
ADIB registers $980.1mln net profit in 2022
ADIB registers $980.1mln net profit in 2022
Abu Dhabi Islamic Bank (ADIB) announced a net profit of AED 3.62 billion in 2022, a 55% increase from the previous year. The bank also reported a 60% growth in Q4 2022 with a net profit of AED 1.2 billion, compared to AED 728 million in Q4 2021.
ADIB's revenue increased by 23% to AED 6,835 million in 2022, driven by a 43% increase in fees and commissions and a 24% growth in funded income.
The Chairman of ADIB, Jawaan Awaidah Al Khaili, said the results will allow the bank to invest and grow, while supporting the national economy and UAE's sustainability agenda.
The CEO, Nasser Al Awadhi, added that the bank will continue to invest in growth and transformation to deliver sustainable returns to shareholders.
Abu Dhabi Islamic Bank (ADIB) announced a net profit of AED 3.62 billion in 2022, a 55% increase from the previous year. The bank also reported a 60% growth in Q4 2022 with a net profit of AED 1.2 billion, compared to AED 728 million in Q4 2021.
ADIB's revenue increased by 23% to AED 6,835 million in 2022, driven by a 43% increase in fees and commissions and a 24% growth in funded income.
The Chairman of ADIB, Jawaan Awaidah Al Khaili, said the results will allow the bank to invest and grow, while supporting the national economy and UAE's sustainability agenda.
The CEO, Nasser Al Awadhi, added that the bank will continue to invest in growth and transformation to deliver sustainable returns to shareholders.
Putin and #Saudi crown prince discuss OPEC+ cooperation to maintain price stability -Kremlin | Reuters
Putin and Saudi crown prince discuss OPEC+ cooperation to maintain price stability -Kremlin | Reuters
Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meeting on Wednesday.
Two OPEC+ delegates told Reuters on Monday that the panel was likely to recommend keeping the group's current oil output policy.
Russian oil production has so far shown resilience in the face of Western sanctions imposed after Moscow sent troops into Ukraine on Feb. 24 and price caps introduced by Western countries in December.
Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meeting on Wednesday.
Two OPEC+ delegates told Reuters on Monday that the panel was likely to recommend keeping the group's current oil output policy.
Russian oil production has so far shown resilience in the face of Western sanctions imposed after Moscow sent troops into Ukraine on Feb. 24 and price caps introduced by Western countries in December.
Most Gulf markets fall, #AbuDhabi ends higher | Reuters
Most Gulf markets fall, Abu Dhabi ends higher | Reuters
Most Gulf stock markets closed lower on Monday,tracking global peers, as looming interest rate hikes by major central banks including the U.S. Federal Reserve weigh on investor sentiments, while Abu Dhabi bucked the trend.
Investors expect the Fed will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index (.TASI) in Saudi Arabia lost 0.3%, ending its seven sessions of gains. The index was weighed down by losses in financial and material sector stocks, with Al Rajhi Bank (1120.SE) falling 0.4% and Riyad Bank dropping 1.9%.
Among other stocks, Saudi National Bank (1180.SE) and Saudi Basic Industries fell 2.% and 0.6% respectively.
In Abu Dhabi, the index (.FTFADGI) ended 0.7% higher after tumbling more than 3% to hit a six-month low.
The index was lifted by a 4.2% gain in integrated utility firm Abu Dhabi National Energy (TAQA.AD) and a 5.2% rise in telecoms provider Emirates Telecommunications (EAND.AD).
While conglomerate International Holding Company (IHC.AD) recovered its early losses and ended flat, its subsidiaries Alpha Dhabi Holding (ALPHADHABI.AD) and Multiply Group (MULTIPLY.AD) recouped only partially, closing lower 2.9% and 4.2% respectively after they both plunged 10%.
Separately, IHC said on Monday it will invest 1.4 billion dirhams ($381.17 million) in India's Adani Enterprises' (ADEL.NS) follow-on public offer.
Dubai's benchmark index (.DFMGI) lost 0.8%, hurt by a decline in industrial and heavyweight real estate sectors with Emaar Properties (EMAR.DU) falling 2.1%, and toll operator Salik (SALIK.DU) declining 3.1%.
The Qatari Stock index (.QSI) fell 0.3%, with most of its constituent stocks were in negative territory.
The Gulf's biggest lender, Qatar National Bank (QNBK.QA), fell 0.5% and Masraf Al Rayan (MARK.QA) dropped 5.1% on weak earnings.
The lender posted a more than 22% slump in full-year net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2.2%, snapping its 12-session rally. The index was dragged down by losses in almost all its constituent stocks.
Telecom Egypt dropped 7.1% and Talaat Mostafa (TMGH.CA) and EFG Hermes(HRHO.CA) declined 3.3% and 2.9% respectively.
Most Gulf stock markets closed lower on Monday,tracking global peers, as looming interest rate hikes by major central banks including the U.S. Federal Reserve weigh on investor sentiments, while Abu Dhabi bucked the trend.
Investors expect the Fed will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index (.TASI) in Saudi Arabia lost 0.3%, ending its seven sessions of gains. The index was weighed down by losses in financial and material sector stocks, with Al Rajhi Bank (1120.SE) falling 0.4% and Riyad Bank dropping 1.9%.
Among other stocks, Saudi National Bank (1180.SE) and Saudi Basic Industries fell 2.% and 0.6% respectively.
In Abu Dhabi, the index (.FTFADGI) ended 0.7% higher after tumbling more than 3% to hit a six-month low.
The index was lifted by a 4.2% gain in integrated utility firm Abu Dhabi National Energy (TAQA.AD) and a 5.2% rise in telecoms provider Emirates Telecommunications (EAND.AD).
While conglomerate International Holding Company (IHC.AD) recovered its early losses and ended flat, its subsidiaries Alpha Dhabi Holding (ALPHADHABI.AD) and Multiply Group (MULTIPLY.AD) recouped only partially, closing lower 2.9% and 4.2% respectively after they both plunged 10%.
Separately, IHC said on Monday it will invest 1.4 billion dirhams ($381.17 million) in India's Adani Enterprises' (ADEL.NS) follow-on public offer.
Dubai's benchmark index (.DFMGI) lost 0.8%, hurt by a decline in industrial and heavyweight real estate sectors with Emaar Properties (EMAR.DU) falling 2.1%, and toll operator Salik (SALIK.DU) declining 3.1%.
The Qatari Stock index (.QSI) fell 0.3%, with most of its constituent stocks were in negative territory.
The Gulf's biggest lender, Qatar National Bank (QNBK.QA), fell 0.5% and Masraf Al Rayan (MARK.QA) dropped 5.1% on weak earnings.
The lender posted a more than 22% slump in full-year net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2.2%, snapping its 12-session rally. The index was dragged down by losses in almost all its constituent stocks.
Telecom Egypt dropped 7.1% and Talaat Mostafa (TMGH.CA) and EFG Hermes(HRHO.CA) declined 3.3% and 2.9% respectively.
#AbuDhabi's IHC plans to invest $381 mln in Adani Enterprises | Reuters
Abu Dhabi's IHC plans to invest $381 mln in Adani Enterprises | Reuters
Abu Dhabi conglomerate International Holding Company (IHC.AD) on Monday said it will invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises' (ADEL.NS) follow-on public offer.
The Indian conglomerate owned by Asia's richest man, Gautam Adani, has faced a deepening market rout that has led to losses of $65 billion in the group's stock values after Adani's rebuttal of a U.S. short-seller's criticism failed to pacify investors.
"Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders," IHC CEO Syed Basar Shueb said in a statement.
IHC invested $2 billion in Adani Group companies last year, including Adani Enterpsies.
Abu Dhabi conglomerate International Holding Company (IHC.AD) on Monday said it will invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises' (ADEL.NS) follow-on public offer.
The Indian conglomerate owned by Asia's richest man, Gautam Adani, has faced a deepening market rout that has led to losses of $65 billion in the group's stock values after Adani's rebuttal of a U.S. short-seller's criticism failed to pacify investors.
"Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders," IHC CEO Syed Basar Shueb said in a statement.
IHC invested $2 billion in Adani Group companies last year, including Adani Enterpsies.
Mashreq Bank posts 2022 profit of $1bln
Mashreq Bank posts 2022 profit of $1bln
Dubai-based Mashreq Bank has announced a 2022 net profit of 3.7 billion UAE dirhams ($1 billion), up 270% year-on-year in what its chairman described as “a transformative year”.
The bank announced net profit for the fourth quarter or 2022 up to 1.126 billion UAE dirhams, up from 1.181 billion UAE dirhams quarter-on-quarter and from 737million UAE dirhams YoY.
Operating profit for 2022 was 7.496 billion UAE dirhams, up from 5.806 billion UAE dirhams in 2021. Operating profit for the year was 4.43 billion UAE dirhams, up from 3.183 billion UAE dirhams for the year.
AbdulAziz Al Ghurair, chairman of Mashreq, said the bank had had a “transformative year”.
Group CEO Ahmed Abdelaal, said retail banking operations grew by 42% during the year while Mashreq’s digital solutions Neo and personal banking net profit grew by 43%.
Dubai-based Mashreq Bank has announced a 2022 net profit of 3.7 billion UAE dirhams ($1 billion), up 270% year-on-year in what its chairman described as “a transformative year”.
The bank announced net profit for the fourth quarter or 2022 up to 1.126 billion UAE dirhams, up from 1.181 billion UAE dirhams quarter-on-quarter and from 737million UAE dirhams YoY.
Operating profit for 2022 was 7.496 billion UAE dirhams, up from 5.806 billion UAE dirhams in 2021. Operating profit for the year was 4.43 billion UAE dirhams, up from 3.183 billion UAE dirhams for the year.
AbdulAziz Al Ghurair, chairman of Mashreq, said the bank had had a “transformative year”.
Group CEO Ahmed Abdelaal, said retail banking operations grew by 42% during the year while Mashreq’s digital solutions Neo and personal banking net profit grew by 43%.
National Bank of #Kuwait reports $1.7bln net profits for 2022
National Bank of Kuwait reports $1.7bln net profits for 2022
National Bank of Kuwait (NBK) released its results for the twelve months period ended December 31, 2022. The Bank recorded a net profit of KD 509.1 million (USD 1.7 billion), up 40.5% year-on-year from KD 362.2 million (USD 1.2 billion) in the corresponding period of 2021.
As of the end of December 2022, total assets grew by 9.3% year-on-year to reach KD 36.3 billion (USD 118.6 billion), whereas customer deposits surged by 10.4% to reach KD 20.2 billion (USD 65.9 billion). Meanwhile, total loans and advances stood at KD 21.0 billion (USD 68.6 billion), up by 6.5% year-on-year, while shareholders’ equity reached KD 3.4 billion (USD 11.2 billion), growing by 3.3% year-on-year.
In terms of distributions, the Board of Directors proposed a cash dividend of 25 fils per share for the second half of 2022, bringing the total cash dividends for the year to 35 fils, representing 52% of profits attributable. The Board of Directors also proposed the distribution of 5% bonus shares (5 shares for every 100 shares owned). The proposed cash dividend distribution and bonus shares are subject to approval by the Annual General Assembly, which will be scheduled during March 2023.
Earnings per share (EPS) stood at 65 fils per share at the end of the year, compared to 45 fils at the end of 2021.
National Bank of Kuwait (NBK) released its results for the twelve months period ended December 31, 2022. The Bank recorded a net profit of KD 509.1 million (USD 1.7 billion), up 40.5% year-on-year from KD 362.2 million (USD 1.2 billion) in the corresponding period of 2021.
As of the end of December 2022, total assets grew by 9.3% year-on-year to reach KD 36.3 billion (USD 118.6 billion), whereas customer deposits surged by 10.4% to reach KD 20.2 billion (USD 65.9 billion). Meanwhile, total loans and advances stood at KD 21.0 billion (USD 68.6 billion), up by 6.5% year-on-year, while shareholders’ equity reached KD 3.4 billion (USD 11.2 billion), growing by 3.3% year-on-year.
In terms of distributions, the Board of Directors proposed a cash dividend of 25 fils per share for the second half of 2022, bringing the total cash dividends for the year to 35 fils, representing 52% of profits attributable. The Board of Directors also proposed the distribution of 5% bonus shares (5 shares for every 100 shares owned). The proposed cash dividend distribution and bonus shares are subject to approval by the Annual General Assembly, which will be scheduled during March 2023.
Earnings per share (EPS) stood at 65 fils per share at the end of the year, compared to 45 fils at the end of 2021.
#Saudi's Al Rajhi Bank 2022 net profit rises 16% on higher operating income | Reuters
Saudi's Al Rajhi Bank 2022 net profit rises 16% on higher operating income | Reuters
Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, reported a 16% rise in its full-year net profit on Monday, beating analyst estimates as it registered higher operating income.
The bank made 17.15 billion riyals ($4.57 billion) in 2022, up from 14.75 billion riyals in 2021, it said in a bourse filing. Two analysts predicted a profit of 16.88 billion riyals for last year, according to Refinitiv.
Al Rajhi made 4.4 billion riyals in the fourth quarter, according to Reuters calculations, compared with 4 billion riyals in the same period last year.
The bank attributed its annual results on higher operating income - which rose 11% helped by net financing and investment income - fees from banking services, exchange income and other operating income.
Loans and advances last year stood at 568.34 billion riyals, gaining 25.5% over 2021, while deposits rose 10.3% to 564.93 billion riyals.
Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, reported a 16% rise in its full-year net profit on Monday, beating analyst estimates as it registered higher operating income.
The bank made 17.15 billion riyals ($4.57 billion) in 2022, up from 14.75 billion riyals in 2021, it said in a bourse filing. Two analysts predicted a profit of 16.88 billion riyals for last year, according to Refinitiv.
Al Rajhi made 4.4 billion riyals in the fourth quarter, according to Reuters calculations, compared with 4 billion riyals in the same period last year.
The bank attributed its annual results on higher operating income - which rose 11% helped by net financing and investment income - fees from banking services, exchange income and other operating income.
Loans and advances last year stood at 568.34 billion riyals, gaining 25.5% over 2021, while deposits rose 10.3% to 564.93 billion riyals.
ADNOC eyes valuation of at least $50 bln for its gas business - sources | Reuters
ADNOC eyes valuation of at least $50 bln for its gas business - sources | Reuters
The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year.
The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity.
ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public.
They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March.
The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year.
The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity.
ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public.
They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March.
#AbuDhabi leads losses in Gulf markets | Reuters
Abu Dhabi leads losses in Gulf markets | Reuters
Major bourses in the Gulf declined in early trade on Monday, with Abu Dhabi index tumbling more than 3% to hit a six-month low, overwhelmed by losses in conglomerate International Holding Company (IHC.AD) and its subsidiaries.
According to media report, IHC - which has an exposure in Adani Enterprises (ADEL.NS), Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) - was considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises' 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday. The deal closes on Tuesday.
In a statement to Bloomberg, IHC Spokesperson Ahmad Ibrahim said the conglomerate's business decisions are purely based on an analysis of objective facts.
Most Adani Group shares extended their sharp losses on Monday as the Indian conglomerate's rebuttal of a U.S. short-seller's criticism failed to pacify investors, driving stock market losses for the companies to $66 billion over three days.
Stock markets in the region also dropped, tracking losses in oil prices as global producers are likely to keep production unchanged during a meeting this week and investors are cautious ahead of the U.S. Federal Reserve meeting.
Crude price - a key catalyst for Gulf's financial markets - fell 69 cents, or 0.8%, to $85.97 a barrel by 0738 GMT.
Abu Dhabi's benchmark index (.FTFADGI) plunged 3.4%, its steepest decline since November 2019, as shares of comglomerate IHC slipped 5.2%.
Among other losers, IHC's subsidiaries Alpha Dhabi Holding (ALPHADHABI.AD) and Multiply Group (MULTIPLY.AD) plunged 10% each, while state-controlled integrated utility firm Abu Dhabi National Energy Company (also known as TAQA) dropped 8.9%.
Dubai's benchmark index (.DFMGI) fell 1.1%, trading near its six-month low, as blue-chip developer Emaar Properties (EMAR.DU) dropped 1.9%.
Benchmark Qatari index (.QSI) retreated 1% as almost all of the index constituents were in negative territory, dragged down by a 5.1% decline in Islamic lender Masraf Al Rayan (MARK.QA).
The lender posted a more than 22% slump in full-year net profit.
Saudi Arabia's benchmark stock index (.TASI) dipped 0.8%, on course to snap a seven-day rally, with largest Islamic lender in the world Al Rajhi Bank (1120.SE) falling 2.2% after posting almost flat quarterly growth sequentially, although bank reported a 16% rise in its full-year net profit.
Major bourses in the Gulf declined in early trade on Monday, with Abu Dhabi index tumbling more than 3% to hit a six-month low, overwhelmed by losses in conglomerate International Holding Company (IHC.AD) and its subsidiaries.
According to media report, IHC - which has an exposure in Adani Enterprises (ADEL.NS), Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) - was considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises' 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday. The deal closes on Tuesday.
In a statement to Bloomberg, IHC Spokesperson Ahmad Ibrahim said the conglomerate's business decisions are purely based on an analysis of objective facts.
Most Adani Group shares extended their sharp losses on Monday as the Indian conglomerate's rebuttal of a U.S. short-seller's criticism failed to pacify investors, driving stock market losses for the companies to $66 billion over three days.
Stock markets in the region also dropped, tracking losses in oil prices as global producers are likely to keep production unchanged during a meeting this week and investors are cautious ahead of the U.S. Federal Reserve meeting.
Crude price - a key catalyst for Gulf's financial markets - fell 69 cents, or 0.8%, to $85.97 a barrel by 0738 GMT.
Abu Dhabi's benchmark index (.FTFADGI) plunged 3.4%, its steepest decline since November 2019, as shares of comglomerate IHC slipped 5.2%.
Among other losers, IHC's subsidiaries Alpha Dhabi Holding (ALPHADHABI.AD) and Multiply Group (MULTIPLY.AD) plunged 10% each, while state-controlled integrated utility firm Abu Dhabi National Energy Company (also known as TAQA) dropped 8.9%.
Dubai's benchmark index (.DFMGI) fell 1.1%, trading near its six-month low, as blue-chip developer Emaar Properties (EMAR.DU) dropped 1.9%.
Benchmark Qatari index (.QSI) retreated 1% as almost all of the index constituents were in negative territory, dragged down by a 5.1% decline in Islamic lender Masraf Al Rayan (MARK.QA).
The lender posted a more than 22% slump in full-year net profit.
Saudi Arabia's benchmark stock index (.TASI) dipped 0.8%, on course to snap a seven-day rally, with largest Islamic lender in the world Al Rajhi Bank (1120.SE) falling 2.2% after posting almost flat quarterly growth sequentially, although bank reported a 16% rise in its full-year net profit.