Saudi Aramco Eyes Stake in Foreign LNG Plant as Demand for Fuel Surges - Bloomberg
Saudi Arabia’s Aramco is considering an investment in a liquefied natural gas facility outside the kingdom, as global demand for the fuel soars following Russia’s invasion of Ukraine.
The state energy company is in early discussions with LNG plant developers to procure a stake and secure supplies through an off-take agreement, according to people with knowledge of the matter.
LNG consumption is set to surge in the coming years as Europe rushes to replace piped gas from Russia and with nations such as China and India expected to increase imports. The value of global LNG trade doubled last year to more than $450 billion, according to the International Energy Agency.
Aramco is looking at projects in the US and Asia, one of the people said. Its preference would be for a facility that can easily ship the super-chilled fuel to Asia, the world’s biggest market, another person said.
Wednesday 1 March 2023
#Saudi Aramco Near Deal to Join Renault-Geely Car Venture - Bloomberg
Saudi Aramco Near Deal to Join Renault-Geely Car Venture - Bloomberg
Saudi Aramco is nearing a deal to acquire a stake in Renault SA and Zhejiang Geely Holding Group Co.’s planned combustion-engine venture to grow its footprint in transport, according to people familiar with the situation.
The world’s biggest oil company will take a minority stake, with Renault and China’s Geely planning to remain at parity, said the people, who asked not to be named as the negotiations are private. While a non-binding agreement could be announced as soon as this week, there’s no certainty it will be finalized, the people said.
Representatives for Saudi Aramco, Renault and Geely declined to comment.
The deal would help state-controlled Saudi Aramco grow in an industry shifting to battery power. While sales of fully electric vehicles are taking off, combustion-engine and plug-in hybrid autos will be in demand for years to come, especially in developing countries. The oil major is already working to develop technology that can reduce motor emissions and improve fuel efficiency.
Saudi Aramco is nearing a deal to acquire a stake in Renault SA and Zhejiang Geely Holding Group Co.’s planned combustion-engine venture to grow its footprint in transport, according to people familiar with the situation.
The world’s biggest oil company will take a minority stake, with Renault and China’s Geely planning to remain at parity, said the people, who asked not to be named as the negotiations are private. While a non-binding agreement could be announced as soon as this week, there’s no certainty it will be finalized, the people said.
Representatives for Saudi Aramco, Renault and Geely declined to comment.
The deal would help state-controlled Saudi Aramco grow in an industry shifting to battery power. While sales of fully electric vehicles are taking off, combustion-engine and plug-in hybrid autos will be in demand for years to come, especially in developing countries. The oil major is already working to develop technology that can reduce motor emissions and improve fuel efficiency.
TotalEnergies buys CEPSA’s upstream assets in #AbuDhabi | Reuters
TotalEnergies buys CEPSA’s upstream assets in Abu Dhabi | Reuters
French oil company TotalEnergies (TTEF.PA) said on Wednesday it had agreed to buy the upstream assets in the United Arab Emirates of Spanish energy company Cepsa (CPF.GQ).
Financial terms were not disclosed.
The deal covers the purchase of a 20% stake in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession, which includes two major offshore fields, the statement said.
It also covers the purchase of a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company Ltd (ADOC), which comprises four producing offshore fields.
Cepsa said that with this transaction, it achieved key objectives set out in its 2030 'Positive Motion' strategy regarding becoming a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal.
As part of this goal, Cepsa has committed to invest 8 billion euros ($8.5 billion) this decade.
French oil company TotalEnergies (TTEF.PA) said on Wednesday it had agreed to buy the upstream assets in the United Arab Emirates of Spanish energy company Cepsa (CPF.GQ).
Financial terms were not disclosed.
The deal covers the purchase of a 20% stake in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession, which includes two major offshore fields, the statement said.
It also covers the purchase of a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company Ltd (ADOC), which comprises four producing offshore fields.
Cepsa said that with this transaction, it achieved key objectives set out in its 2030 'Positive Motion' strategy regarding becoming a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal.
As part of this goal, Cepsa has committed to invest 8 billion euros ($8.5 billion) this decade.
Mideast Stocks: Gulf bourses rise on China demand optimism
Mideast Stocks: Gulf bourses rise on China demand optimism
Gulf stock markets ended higher on Wednesday, as solid growth in Chinese manufacturing activity revived investors' sentiment. China's manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, adding to hopes that a recovery in the world's top crude importer can offset a global slowdown and increase oil demand.
The benchmark index in Saudi Arabia ended 0.9% higher, extending its rally to a second session. The index was lifted by gains in financial and health care sectors, with the world's largest Islamic bank by assets, Al Rajhi Bank, climbing 2.6% and Riyad Bank surging 5.4%. Shares of petrochemical maker Methanol Chemicals fell 1.7% after it reported a 15% decrease in full-year profit.
In Abu Dhabi, the index rose 0.1%, extending its gains to a second session. The index was helped by a 2.4% rise in Abu Dhabi Islamic Bank and a 0.6% gain in Alpha Dhabi Holding. Emirates Insurance leaped nearly 15% after proposing 50 fils per share in annual dividend. Abu Dhabi Aviation surged 11%, the highest intraday rise since Oct. 20, after the helicopter operator said its board would discuss ADQ offer and seek shareholders' nod.
In October, Abu Dhabi sovereign wealth fund ADQ said it had made an offer to take a controlling stake in Abu Dhabi Aviation and merge it with ADQ stakes in Etihad Engineering, AMMROC and GAL to create a "globally competitive aviation business".
Dubai's benchmark index ended 0.3% higher, helped by gains in industry, real estate and financial sectors. Tolls operator Salik rose 3% and blue-chip developer Emaar Properties gained 0.9%.
The Qatari index ended flat, with Barwa Real Estate rising 2.6% and the Gulf's largest lender Qatar Islamic Bank declining 1.5%. Outside the Gulf, Egypt's blue-chip index added 0.7%, ending its two-session losses, with most sectors in the positive territory. Commercial International Bank and Misr Fertilizers climbed 2% and 3.5%, respectively.
Shares of El Sewedy Electric gained 2.4% after the cables and electricals maker reported a 79% rise in Q4 consolidated profit.
Gulf stock markets ended higher on Wednesday, as solid growth in Chinese manufacturing activity revived investors' sentiment. China's manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, adding to hopes that a recovery in the world's top crude importer can offset a global slowdown and increase oil demand.
The benchmark index in Saudi Arabia ended 0.9% higher, extending its rally to a second session. The index was lifted by gains in financial and health care sectors, with the world's largest Islamic bank by assets, Al Rajhi Bank, climbing 2.6% and Riyad Bank surging 5.4%. Shares of petrochemical maker Methanol Chemicals fell 1.7% after it reported a 15% decrease in full-year profit.
In Abu Dhabi, the index rose 0.1%, extending its gains to a second session. The index was helped by a 2.4% rise in Abu Dhabi Islamic Bank and a 0.6% gain in Alpha Dhabi Holding. Emirates Insurance leaped nearly 15% after proposing 50 fils per share in annual dividend. Abu Dhabi Aviation surged 11%, the highest intraday rise since Oct. 20, after the helicopter operator said its board would discuss ADQ offer and seek shareholders' nod.
In October, Abu Dhabi sovereign wealth fund ADQ said it had made an offer to take a controlling stake in Abu Dhabi Aviation and merge it with ADQ stakes in Etihad Engineering, AMMROC and GAL to create a "globally competitive aviation business".
Dubai's benchmark index ended 0.3% higher, helped by gains in industry, real estate and financial sectors. Tolls operator Salik rose 3% and blue-chip developer Emaar Properties gained 0.9%.
The Qatari index ended flat, with Barwa Real Estate rising 2.6% and the Gulf's largest lender Qatar Islamic Bank declining 1.5%. Outside the Gulf, Egypt's blue-chip index added 0.7%, ending its two-session losses, with most sectors in the positive territory. Commercial International Bank and Misr Fertilizers climbed 2% and 3.5%, respectively.
Shares of El Sewedy Electric gained 2.4% after the cables and electricals maker reported a 79% rise in Q4 consolidated profit.
#UAE's Masdar to invest $1.2 bln in British battery storage tech | Reuters
UAE's Masdar to invest $1.2 bln in British battery storage tech | Reuters
The United Arab Emirates' state-owned renewables developer Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, its chief executive said on Wednesday.
"We are committed... to deploy a billion pounds across the United Kingdom to accelerate the battery storage solutions," Jameel Al Ramahi told the International Energy Week conference.
Masdar bought UK-based battery company Arlington Energy last year.
Masdar is owned by the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC (TAQA).
The United Arab Emirates' state-owned renewables developer Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, its chief executive said on Wednesday.
"We are committed... to deploy a billion pounds across the United Kingdom to accelerate the battery storage solutions," Jameel Al Ramahi told the International Energy Week conference.
Masdar bought UK-based battery company Arlington Energy last year.
Masdar is owned by the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC (TAQA).
Qatari Sheikh Says He's No Football Fan as Son Chases Man United - Bloomberg video
Qatari Sheikh Says He's No Football Fan as Son Chases Man United - Bloomberg
In the decade since Sheikh Hamad bin Jassim bin Jaber Al Thani stepped down as Qatar’s prime minister and negotiator-in-chief for the country’s sovereign wealth fund, he’s retreated from geopolitics — but not from dealmaking, which is now a family affair.
Sheikh Hamad’s son Jassim made a £5 billion ($6 billion) offer for Manchester United Plc football club less than two weeks ago, kicking off a bidding war for one of the biggest names in sports. Before the official offer, Bloomberg News reported that Sheikh Hamad — best known by his initials, HBJ — was helping pull together a Qatari consortium to bid for the English Premier League club.
It’s the type of trophy asset he pursued during his time heading the Qatar Investment Authority, when it scooped up stakes in famous brands like Volkswagen and Harrods as part of its mission to diversify the state’s oil wealth and raise its profile.
In the decade since Sheikh Hamad bin Jassim bin Jaber Al Thani stepped down as Qatar’s prime minister and negotiator-in-chief for the country’s sovereign wealth fund, he’s retreated from geopolitics — but not from dealmaking, which is now a family affair.
Sheikh Hamad’s son Jassim made a £5 billion ($6 billion) offer for Manchester United Plc football club less than two weeks ago, kicking off a bidding war for one of the biggest names in sports. Before the official offer, Bloomberg News reported that Sheikh Hamad — best known by his initials, HBJ — was helping pull together a Qatari consortium to bid for the English Premier League club.
It’s the type of trophy asset he pursued during his time heading the Qatar Investment Authority, when it scooped up stakes in famous brands like Volkswagen and Harrods as part of its mission to diversify the state’s oil wealth and raise its profile.
Top Luxury Property Markets: #Dubai Is Closing In on New York, LA, London - Bloomberg
Top Luxury Property Markets: Dubai Is Closing In on New York, LA, London - Bloomberg
Dubai is the world’s busiest luxury property market behind New York, Los Angeles and London after a deluge of wealthy investors flocked to the city when it emerged as a safe haven amid geopolitical and economic uncertainty elsewhere.
The Middle Eastern business hub racked up 219 sales of properties worth $10 million or more last year, according to property consultant Knight Frank LLP. By comparison, New York registered 244 deals worth $10 million or more, Los Angeles, 225 transactions and London, 223. Dubai was also the fifth most active city for sales worth $25 million and above with 26 transactions.
“Dubai has arrived,” said Faisal Durrani, head of Middle East research at Knight Frank. “The growing concentration of wealth in the city has been catalyzed by the confluence of factors, ranging from the government’s decisive response to the pandemic, to the roll-out of a range of new residency visa options.”
Demand for Dubai property is booming as the government’s handling of the pandemic and its liberal visa policies attract more foreign buyers. The luxury end of the emirate’s real-estate market — including waterfront villas on the city’s man-made palm-shaped islands — is benefitting from an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires, bankers fleeing strict Covid restrictions in Asia and rich Indians seeking second homes.
Dubai is the world’s busiest luxury property market behind New York, Los Angeles and London after a deluge of wealthy investors flocked to the city when it emerged as a safe haven amid geopolitical and economic uncertainty elsewhere.
The Middle Eastern business hub racked up 219 sales of properties worth $10 million or more last year, according to property consultant Knight Frank LLP. By comparison, New York registered 244 deals worth $10 million or more, Los Angeles, 225 transactions and London, 223. Dubai was also the fifth most active city for sales worth $25 million and above with 26 transactions.
“Dubai has arrived,” said Faisal Durrani, head of Middle East research at Knight Frank. “The growing concentration of wealth in the city has been catalyzed by the confluence of factors, ranging from the government’s decisive response to the pandemic, to the roll-out of a range of new residency visa options.”
Demand for Dubai property is booming as the government’s handling of the pandemic and its liberal visa policies attract more foreign buyers. The luxury end of the emirate’s real-estate market — including waterfront villas on the city’s man-made palm-shaped islands — is benefitting from an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires, bankers fleeing strict Covid restrictions in Asia and rich Indians seeking second homes.
Flydubai net profit soars 43% to $327mln
Flydubai net profit soars 43% to $327mln
Dubai-based carrier flydubai has reported a historic profit of AED1.2 billion ($327 million) for 2022, an increase of 43% compared to 2021, reflecting the carrier’s strong business model built on cost efficiency and agility.
Reporting the airline's annual results for the year ending December 31, it said total annual revenues hit AED9.1 billion ($2.5 billion) compared to AED5.3 billion ($1.4 billion) in 2021, an increase of 72%.
The airline carried 10.6 million passengers, an increase of 89% compared to 2021. It took delivery of 17 new aircraft, a record number of deliveries received in one year.
The airline also hired 1,300 employees, the airline’s biggest recruitment drive in any year.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said: “flydubai’s record performance for 2022 is a direct result of the carrier’s strong business model as well as its adaptability and agility during challenging times which has cemented its position as a key contributor to the success of Dubai’s aviation hub.
Dubai-based carrier flydubai has reported a historic profit of AED1.2 billion ($327 million) for 2022, an increase of 43% compared to 2021, reflecting the carrier’s strong business model built on cost efficiency and agility.
Reporting the airline's annual results for the year ending December 31, it said total annual revenues hit AED9.1 billion ($2.5 billion) compared to AED5.3 billion ($1.4 billion) in 2021, an increase of 72%.
The airline carried 10.6 million passengers, an increase of 89% compared to 2021. It took delivery of 17 new aircraft, a record number of deliveries received in one year.
The airline also hired 1,300 employees, the airline’s biggest recruitment drive in any year.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said: “flydubai’s record performance for 2022 is a direct result of the carrier’s strong business model as well as its adaptability and agility during challenging times which has cemented its position as a key contributor to the success of Dubai’s aviation hub.
Mideast Stocks: Gulf stocks firm as oil prices gain on China factory bounce
Mideast Stocks: Gulf stocks firm as oil prices gain on China factory bounce
Gulf stocks inched higher on Wednesday, as oil prices extended gains after strong China manufacturing activity data boosted the outlook for global fuel demand.
China's manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed, smashing expectations as production zoomed after the lifting of COVID-19 restrictions late last year.
Oil prices, a major driver for Gulf economies, rose 0.5% by 0800 GMT.
Saudi Arabia's benchmark stock index climbed 0.7%, starting March on a strong note after a 6.6% decline last month.
Financials were among the top boosts, with most banks trading in positive territory. Al Rajhi Bank, the world's largest Islamic bank by market value, and Riyad Bank gained 1% and 2.9%, respectively.
Dubai's benchmark stock index edged up 0.1%, lifted by real estate and industrial stocks. Blue-chip developer Emaar Properties advanced 1.7% and tolls operator Salik added 2.3%.
In Abu Dhabi, the benchmark stock index climbed 0.1%, led by a 0.3% gain in First Abu Dhabi Bank, the United Arab Emirates' biggest lender, and a 0.6% lift in Alpha Dhabi Holding.
Emirates Insurance surged nearly 15% after proposing 50 fils per share in annual dividend.
Abu Dhabi Aviation jumped more than 8% after the helicopter operator said its board would discuss ADQ offer and seek shareholders' nod for the same.
In October, Abu Dhabi sovereign wealth fund ADQ said it had made an offer to take a controlling stake in Abu Dhabi Aviation and merge it with ADQ stakes in Etihad Engineering, AMMROC and GAL to create a "globally competitive aviation business".
The Qatari Stock index was up 0.1%, helped by industrial and energy stocks.
Petrochemical maker Industries Qatar jumped 1.2%, while Qatar Gas transport Nakilat was up 1.2%.
Utility firm Qatar Electricity And Water gained almost 1% after saying it had agreed in principle with KAHRAMAA to extend an agreement for the sale and purchase of electricity from RAF B1 station until the end of 2029.
Gulf stocks inched higher on Wednesday, as oil prices extended gains after strong China manufacturing activity data boosted the outlook for global fuel demand.
China's manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed, smashing expectations as production zoomed after the lifting of COVID-19 restrictions late last year.
Oil prices, a major driver for Gulf economies, rose 0.5% by 0800 GMT.
Saudi Arabia's benchmark stock index climbed 0.7%, starting March on a strong note after a 6.6% decline last month.
Financials were among the top boosts, with most banks trading in positive territory. Al Rajhi Bank, the world's largest Islamic bank by market value, and Riyad Bank gained 1% and 2.9%, respectively.
Dubai's benchmark stock index edged up 0.1%, lifted by real estate and industrial stocks. Blue-chip developer Emaar Properties advanced 1.7% and tolls operator Salik added 2.3%.
In Abu Dhabi, the benchmark stock index climbed 0.1%, led by a 0.3% gain in First Abu Dhabi Bank, the United Arab Emirates' biggest lender, and a 0.6% lift in Alpha Dhabi Holding.
Emirates Insurance surged nearly 15% after proposing 50 fils per share in annual dividend.
Abu Dhabi Aviation jumped more than 8% after the helicopter operator said its board would discuss ADQ offer and seek shareholders' nod for the same.
In October, Abu Dhabi sovereign wealth fund ADQ said it had made an offer to take a controlling stake in Abu Dhabi Aviation and merge it with ADQ stakes in Etihad Engineering, AMMROC and GAL to create a "globally competitive aviation business".
The Qatari Stock index was up 0.1%, helped by industrial and energy stocks.
Petrochemical maker Industries Qatar jumped 1.2%, while Qatar Gas transport Nakilat was up 1.2%.
Utility firm Qatar Electricity And Water gained almost 1% after saying it had agreed in principle with KAHRAMAA to extend an agreement for the sale and purchase of electricity from RAF B1 station until the end of 2029.
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