Where Will Saudi Aramco Spend Its Bumper Profits? - Bloomberg
After posting a record profit for 2022, Saudi Aramco says it will boost capital investment by as much as 45% this year. But it has yet to answer the question of how much, if any, of that increase will go toward lifting the country’s oil-production capacity, even as it warns of the risks of underinvestment globally.
The company reiterated plans to boost domestic production capacity to 13 million barrels a day by 2027, but that’s a long-held target and the projects to achieve it are well underway. They’re due to start contributing more volumes next year, with the biggest increments set to come in 2025 and 2026. But there’s no sign yet that Aramco’s looking beyond that goal.
Indeed, Crown Prince Mohammed bin Salman said in July that, beyond that, the kingdom “will not have any additional capacity to increase production.” But it's far from clear that's a geological limit.
With access to massive and (relatively) easy-to-exploit oil reserves in Saudi Arabia, Aramco has a huge advantage over other producers. While the world may hold more proven oil reserves than are needed as it transitions away from fossil fuels, much of that crude is unattractive or off-limits to investors.
Monday 13 March 2023
#Oman: State budget achieves $376.6mln surplus
Oman: State budget achieves $376.6mln surplus
The State Budget achieved a surplus of RO 145 million at the of January 2023, compared to a surplus of RO 18 million registered over the same period in 2022, according to the Fiscal Performance Monthly Bulletin published by the Ministry of Finance.
Public revenue at the end of January 2023 surged by 22% to reach RO 982 compared to RO 804 million registered over the same period in 2022. This is mainly due to an increase in oil and gas revenues, representing 88% of total public revenue.
Net oil revenue amounted to RO 602 million at the end of January 2023, up by 9% compared to RO 554 million achieved over the same period in 2022. This is driven by higher oil prices of USD 91 per barrel, as well as an increase in oil production to 1,063,000 barrels per day. Furthermore, gas revenue rose by RO 39 million, i.e., 18% compared to the same period in 2022.
Current revenue at the end of January 2023 amounted to RO 122 million, up by RO 91 million when compared to RO 31 million achieved over the same period in 2022.
Public spending at the end of January 2023 amounted to RO 837 million, increasing by RO 51 million, i.e. 7% when compared to the same period in 2022.
The State Budget achieved a surplus of RO 145 million at the of January 2023, compared to a surplus of RO 18 million registered over the same period in 2022, according to the Fiscal Performance Monthly Bulletin published by the Ministry of Finance.
Public revenue at the end of January 2023 surged by 22% to reach RO 982 compared to RO 804 million registered over the same period in 2022. This is mainly due to an increase in oil and gas revenues, representing 88% of total public revenue.
Net oil revenue amounted to RO 602 million at the end of January 2023, up by 9% compared to RO 554 million achieved over the same period in 2022. This is driven by higher oil prices of USD 91 per barrel, as well as an increase in oil production to 1,063,000 barrels per day. Furthermore, gas revenue rose by RO 39 million, i.e., 18% compared to the same period in 2022.
Current revenue at the end of January 2023 amounted to RO 122 million, up by RO 91 million when compared to RO 31 million achieved over the same period in 2022.
Public spending at the end of January 2023 amounted to RO 837 million, increasing by RO 51 million, i.e. 7% when compared to the same period in 2022.
ADNOC Gas gains $9.2bln on first day after IPO at ADX
ADNOC Gas gains $9.2bln on first day after IPO at ADX
ADNOC Gas stocks increased their gains and capital profits to more than AED33.8 billion on the first day of trading after the company’s initial public offering (IPO) at the Abu Dhabi Securities Exchange (ADX).
The company’s market capital rose from AED181.9 billion to AED215.6 billion by the end of today’s trading session, closing at AED2.81 per share, an increase of 18.6 percent compared to the final offering price.
In the first trading day, the stock saw active trades totalling 276.2 million shares worth AED781.9 million through 8,921 executed trades.
Today, the listing and trading of ADNOC Gas shares began at ADX after the successful completion of the largest-ever IPO in the market and the largest in the world so far this year.
The IPO, which raised total proceeds of AED9.1 billion through the Abu Dhabi National Oil Company, ADNOC, gaining a minority stake representing some five percent of the company’s total issued capital, witnessed the strongest demand ever for an IPO in the UAE, with total demand across all segments being more than AED450 billion, exceeding the target value by around 50-fold.
ADNOC Gas stocks increased their gains and capital profits to more than AED33.8 billion on the first day of trading after the company’s initial public offering (IPO) at the Abu Dhabi Securities Exchange (ADX).
The company’s market capital rose from AED181.9 billion to AED215.6 billion by the end of today’s trading session, closing at AED2.81 per share, an increase of 18.6 percent compared to the final offering price.
In the first trading day, the stock saw active trades totalling 276.2 million shares worth AED781.9 million through 8,921 executed trades.
Today, the listing and trading of ADNOC Gas shares began at ADX after the successful completion of the largest-ever IPO in the market and the largest in the world so far this year.
The IPO, which raised total proceeds of AED9.1 billion through the Abu Dhabi National Oil Company, ADNOC, gaining a minority stake representing some five percent of the company’s total issued capital, witnessed the strongest demand ever for an IPO in the UAE, with total demand across all segments being more than AED450 billion, exceeding the target value by around 50-fold.
Mideast Stocks: Most Gulf markets in red as banking fears rattle markets
Mideast Stocks: Most Gulf markets in red as banking fears rattle markets
Most stock markets in the Gulf ended lower on Monday, extending losses from the previous session as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis.
The failures in the U.S. banking sector continue to weigh on GCC stock markets and add to the uncertainties around U.S. monetary policy, said Fadi Reyad, Chief Market Analyst at CAPEX.com.
"Energy price movements remain under observation as well and could add to the pressures."
The Federal Reserve and U.S. Treasury on Sunday announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday. Despite their efforts, markets remained nervous.
Saudi Arabia's benchmark index dropped 0.8%, weighed down by a 1.5% fall in Al Rajhi Bank and a 0.8% decrease in Retal Urban Development Co. In the kingdom, all banking shares were in red including Arab National Bank, which was down 5.9%. Dubai's main share index closed 0.9% lower, with blue-chip developer Emaar Properties retreating 2.9%.
In Abu Dhabi, the index was down 1.6%.
Oil prices - a key catalyst for the Gulf's financial markets - fell $4 as the collapse of Silicon Valley Bank weighed, but a recovery in Chinese demand provided support. Elsewhere, the benchmark Qatar index declined 1.5%.
Outside the Gulf, Egypt's blue-chip index slid 3.1%, dragged down by a 3.9% tumble in top lender Commercial International Bank.
Most stock markets in the Gulf ended lower on Monday, extending losses from the previous session as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis.
The failures in the U.S. banking sector continue to weigh on GCC stock markets and add to the uncertainties around U.S. monetary policy, said Fadi Reyad, Chief Market Analyst at CAPEX.com.
"Energy price movements remain under observation as well and could add to the pressures."
The Federal Reserve and U.S. Treasury on Sunday announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday. Despite their efforts, markets remained nervous.
Saudi Arabia's benchmark index dropped 0.8%, weighed down by a 1.5% fall in Al Rajhi Bank and a 0.8% decrease in Retal Urban Development Co. In the kingdom, all banking shares were in red including Arab National Bank, which was down 5.9%. Dubai's main share index closed 0.9% lower, with blue-chip developer Emaar Properties retreating 2.9%.
In Abu Dhabi, the index was down 1.6%.
Oil prices - a key catalyst for the Gulf's financial markets - fell $4 as the collapse of Silicon Valley Bank weighed, but a recovery in Chinese demand provided support. Elsewhere, the benchmark Qatar index declined 1.5%.
Outside the Gulf, Egypt's blue-chip index slid 3.1%, dragged down by a 3.9% tumble in top lender Commercial International Bank.
Presight AI announces start of subscription period for IPO - #AbuDhabi #UAE
Presight AI announces start of subscription period for IPO
Presight AI Holding, a G42 company, today announced the opening of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX) First Market.
The Company has received approval confirming that the Offering remains in line with Sharia-compliant parameters.
The opening of the subscription period for the Offering commences on 13th March 2023 and will close on 17th March 2023. The shares are offered at a fixed price of AED1.34. The Sharia-compliant shares are expected to be listed on ADX on 27th March 2023.
On 3rd March 2023, the Securities and Commodities Authority (SCA) approved the Company’s application for an IPO of 1,359,680,000 shares (Offer Shares) representing 24.24% of the Company’s share capital as of the listing date. Following the Offering, Group 42 Holding Ltd will continue to be the majority shareholder.
The Offering is available to both Retail and Professional Investors with the completion of the subscription on 17th March 2023 and the expected listing of the shares on the ADX on 27th March 2023, subject to market conditions and obtaining the relevant regulatory approvals in the UAE.
Presight AI Holding, a G42 company, today announced the opening of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX) First Market.
The Company has received approval confirming that the Offering remains in line with Sharia-compliant parameters.
The opening of the subscription period for the Offering commences on 13th March 2023 and will close on 17th March 2023. The shares are offered at a fixed price of AED1.34. The Sharia-compliant shares are expected to be listed on ADX on 27th March 2023.
On 3rd March 2023, the Securities and Commodities Authority (SCA) approved the Company’s application for an IPO of 1,359,680,000 shares (Offer Shares) representing 24.24% of the Company’s share capital as of the listing date. Following the Offering, Group 42 Holding Ltd will continue to be the majority shareholder.
The Offering is available to both Retail and Professional Investors with the completion of the subscription on 17th March 2023 and the expected listing of the shares on the ADX on 27th March 2023, subject to market conditions and obtaining the relevant regulatory approvals in the UAE.
#AbuDhabi's ADNOC Gas shares up 18% over IPO price | Reuters
Abu Dhabi's ADNOC Gas shares up 18% over IPO price | Reuters
Shares of ADNOC Gas jumped about 18% over its listing price in the Abu Dhabi market debut on Tuesday.
ADNOC Gas' shares traded at 2.8 dirhams ($0.7625) apiece, versus its initial public offering price of 2.37 dirhams.
State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had earlier this month, raised about $2.5 billion through a sale of roughly 5% of its gas business in an IPO.
Shares of ADNOC Gas jumped about 18% over its listing price in the Abu Dhabi market debut on Tuesday.
ADNOC Gas' shares traded at 2.8 dirhams ($0.7625) apiece, versus its initial public offering price of 2.37 dirhams.
State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had earlier this month, raised about $2.5 billion through a sale of roughly 5% of its gas business in an IPO.
Mideast Stocks: Major Gulf bourses subdued on SVB jitter; #Saudi edges up
Mideast Stocks: Major Gulf bourses subdued on SVB jitter; Saudi edges up
Most major Gulf stock markets fell on Monday, shrugging a slight gain in oil prices, as investors were a little cautious amid fears of fallout following collapse of Silicon Valley Bank (SVB), while Saudi Arabia's index edged up.
Crude oil prices, a major driver for Gulf economies, reversed a early losses to gain slightly, with Brent crude futures up 25 cents, or 0.30%, to $83.03 per barrel by 0700 GMT.
In Abu Dhabi, the benchmark index fell 0.4%, extending losses to a five consecutive session, with top lender First Abu Dhabi Bank decreasing 0.6% and Telecoms firm e& , formerly known as Emirates Telecommunications, shedding 1.2%.
Elsewhere, Shares of ADNOC Gas surged more than 18% over its listing price in the Abu Dhabi market debut on Tuesday.
State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had raised about $2.5 billion through a sale of roughly 5% of its gas business in an IPO earlier this month.
Dubai's main share index also extended decline to a five session in a row to open 0.7% lower.
The index was dragged down by losses in almost all sectors with real estate and financial shares leading the losses.
Blue-chip developer Emaar Properties dropped 2.4% while Emirates NBD Bank, Dubai's largest lender, lost 0.8%.
The benchmark stock index in Qatar eased 0.1% as gains in financials stocks were offset by heavy losses in material and energy stocks.
Qatar Islamic Bank was up 1.1% but Mesaieed Petrochemical, and Qatar Gas Transport Nakilat fell 6.4%, its biggest intraday fall in nearly 15 months, as stock goes ex-dividend.
Meanwhile, Saudi Arabia's benchmark stock index rose 0.7%, lifted by financial and healthcare stocks, with Al Rajhi Bank gaining nearly 1% and Dr Sulaiman Al-Habib Medical Services adding over 1.6%.
State oil giant and index heavyweight Saudi Aramco was up 0.6%.
Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the previous year on higher energy prices, increased volumes sold and improved margins for refined products.
Most major Gulf stock markets fell on Monday, shrugging a slight gain in oil prices, as investors were a little cautious amid fears of fallout following collapse of Silicon Valley Bank (SVB), while Saudi Arabia's index edged up.
Crude oil prices, a major driver for Gulf economies, reversed a early losses to gain slightly, with Brent crude futures up 25 cents, or 0.30%, to $83.03 per barrel by 0700 GMT.
In Abu Dhabi, the benchmark index fell 0.4%, extending losses to a five consecutive session, with top lender First Abu Dhabi Bank decreasing 0.6% and Telecoms firm e& , formerly known as Emirates Telecommunications, shedding 1.2%.
Elsewhere, Shares of ADNOC Gas surged more than 18% over its listing price in the Abu Dhabi market debut on Tuesday.
State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had raised about $2.5 billion through a sale of roughly 5% of its gas business in an IPO earlier this month.
Dubai's main share index also extended decline to a five session in a row to open 0.7% lower.
The index was dragged down by losses in almost all sectors with real estate and financial shares leading the losses.
Blue-chip developer Emaar Properties dropped 2.4% while Emirates NBD Bank, Dubai's largest lender, lost 0.8%.
The benchmark stock index in Qatar eased 0.1% as gains in financials stocks were offset by heavy losses in material and energy stocks.
Qatar Islamic Bank was up 1.1% but Mesaieed Petrochemical, and Qatar Gas Transport Nakilat fell 6.4%, its biggest intraday fall in nearly 15 months, as stock goes ex-dividend.
Meanwhile, Saudi Arabia's benchmark stock index rose 0.7%, lifted by financial and healthcare stocks, with Al Rajhi Bank gaining nearly 1% and Dr Sulaiman Al-Habib Medical Services adding over 1.6%.
State oil giant and index heavyweight Saudi Aramco was up 0.6%.
Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the previous year on higher energy prices, increased volumes sold and improved margins for refined products.