UAE’s MoE imposes fines worth $6.15mln on 29 DNFBP firms
The UAE Ministry of Economy (MoE) has imposed fines worth AED22.6 million ($6.15 million) on 29 companies operating in the UAE’s designated non-financial business or professions (DNFBP) sector.
The fines were for failure to comply with the anti-money laundering and combating the financing of terrorism (AML/CFT) legislation. The initiative falls in line with the Ministry’s efforts to ensure the sector’s full compliance with the provisions stipulated by Federal Decree-Law No 20 of 2018 on anti-money laundering and combating the financing of terrorism and illegal organisations and its executive regulations and related laws.
Adherence to the law is necessary to ensure the country’s full compliance with the international standards issued by the Financial Action Task Force (FATF).
Tuesday, 28 March 2023
Mideast Stocks: Most Gulf stocks end higher as oil prices firm; #Saudi retreats
Mideast Stocks: Most Gulf stocks end higher as oil prices firm; Saudi retreats
Most Gulf stock indexes closed higher on Tuesday, as fears of a banking contagion eased, while rise in oil prices amid supply disruption risks and strong demand recovery in China also lifted sentiment.
Oil prices - a key catalyst for Gulf's financial markets - extended gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained, with Brent crude futures gained 61 cents, 0.8%, to $78.73 a barrel by 1006 GMT.
"Improving sentiment has benefited GCC stock markets where performances were in the red lately as receding concerns over the US and European banking sectors have brought some relief for investors," said Ahmed Negm, head of market research MENA at XS.com.
The Qatari benchmark index climbed more than 2%, as 19 of the 20 constituent stocks ended higher. Sharia-compliant lender Masraf Al Rayan jumped over 6%, its biggest gain in more than 3 years, while chemical makers Industries Qatar was up 2.9%.
Dubai's main share index added 1.7%, after three days of losses, boosted by strong gains in banking and property stocks, with lender Dubai Islamic Bank rising 4.9% and blue-chip developer Emaar Properties increasing 4.8%.
Abu Dhabi's share index also rose 0.4% after three consecutive sessions of declines, led by a 0.9% rise in UAE's largest lender First Abu Dhabi Bank and a 3.4% jump in Aldar Properties.
Saudi Arabia's benchmark index closed flat, as gains in healthcare sectors were offset by losses in financials, with Dr. Sulaiman Al-Habib Medical Services gaining 3.8% but Al rajhi Bank falling 1.5%.
Outside the Gulf, Egypt's blue-chip index slipped for a second day to close 0.3% lower, with index heavyweight Commercial International Bank Egypt falling 3.9% and EFG Hermes dipping 1.7%.
Most Gulf stock indexes closed higher on Tuesday, as fears of a banking contagion eased, while rise in oil prices amid supply disruption risks and strong demand recovery in China also lifted sentiment.
Oil prices - a key catalyst for Gulf's financial markets - extended gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained, with Brent crude futures gained 61 cents, 0.8%, to $78.73 a barrel by 1006 GMT.
"Improving sentiment has benefited GCC stock markets where performances were in the red lately as receding concerns over the US and European banking sectors have brought some relief for investors," said Ahmed Negm, head of market research MENA at XS.com.
The Qatari benchmark index climbed more than 2%, as 19 of the 20 constituent stocks ended higher. Sharia-compliant lender Masraf Al Rayan jumped over 6%, its biggest gain in more than 3 years, while chemical makers Industries Qatar was up 2.9%.
Dubai's main share index added 1.7%, after three days of losses, boosted by strong gains in banking and property stocks, with lender Dubai Islamic Bank rising 4.9% and blue-chip developer Emaar Properties increasing 4.8%.
Abu Dhabi's share index also rose 0.4% after three consecutive sessions of declines, led by a 0.9% rise in UAE's largest lender First Abu Dhabi Bank and a 3.4% jump in Aldar Properties.
Saudi Arabia's benchmark index closed flat, as gains in healthcare sectors were offset by losses in financials, with Dr. Sulaiman Al-Habib Medical Services gaining 3.8% but Al rajhi Bank falling 1.5%.
Outside the Gulf, Egypt's blue-chip index slipped for a second day to close 0.3% lower, with index heavyweight Commercial International Bank Egypt falling 3.9% and EFG Hermes dipping 1.7%.
Middle East on ‘radar’ of global investors as it enjoys IPO boom | Financial Times
Middle East on ‘radar’ of global investors as it enjoys IPO boom | Financial Times
Shares in Presight AI, a data analytics company, soared on Monday, their first day of trading on the Abu Dhabi bourse after a $496mn initial public offering that was 136 times oversubscribed.
Shares in Presight AI, a data analytics company, soared on Monday, their first day of trading on the Abu Dhabi bourse after a $496mn initial public offering that was 136 times oversubscribed.
The demand is no one-off. It comes two weeks after Adnoc Gas raised $2.5bn in the emirate’s biggest listing. They are among the latest in a fast-flowing pipeline of offerings in the Middle East that contrasts sharply with Europe’s moribund market.
The 51 IPOs across the Middle East and north Africa last year was a record, according to EY. They raised $22bn, a 179 per cent increase on 2021, the advisory firm said, adding that this year’s market looked “healthy”.
Miguel Azevedo, Citigroup’s chair of investment banking for the Middle East and Africa, said the region had “come on to the radar screen”.
#Bahrain’s Economic Growth Hits Fastest in Almost a Decade - Bloomberg
Bahrain’s Economic Growth Hits Fastest in Almost a Decade - Bloomberg
Bahrain’s economy grew at the fastest pace since 2013 last year, fueled by an acceleration in non-oil growth, according to preliminary government data.
Overall economic output grew nearly 5%, driven by 6.2% growth in the non-oil sector, higher than anticipated by the government’s recovery plan launched in 2021 in response to the coronavirus pandemic. Hotels and restaurants led growth in the non-oil sector, followed by government services and then real estate.
The oil economy shrunk 1.4% last year according to the finance ministry, as a result of a decline in production. Higher oil prices have helped neighboring Saudi Arabia become one of the world’s fastest growing economies.
This year, the Gulf state’s economy is seen growing nearly 3%, in line with estimates from the International Monetary Fund, with no growth seen in oil GDP.
Bahrain’s economy grew at the fastest pace since 2013 last year, fueled by an acceleration in non-oil growth, according to preliminary government data.
Overall economic output grew nearly 5%, driven by 6.2% growth in the non-oil sector, higher than anticipated by the government’s recovery plan launched in 2021 in response to the coronavirus pandemic. Hotels and restaurants led growth in the non-oil sector, followed by government services and then real estate.
The oil economy shrunk 1.4% last year according to the finance ministry, as a result of a decline in production. Higher oil prices have helped neighboring Saudi Arabia become one of the world’s fastest growing economies.
This year, the Gulf state’s economy is seen growing nearly 3%, in line with estimates from the International Monetary Fund, with no growth seen in oil GDP.
BP, ADNOC offer to buy 50% of Israel's NewMed Energy | Reuters
BP, ADNOC offer to buy 50% of Israel's NewMed Energy | Reuters
BP (BP.L) and Abu Dhabi's state oil giant on Tuesday offered to acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for around $2 billion, making their entry into Israel's growing energy sector.
The offer would involve acquiring NewMed's free floating shares and taking the company private. BP shares gained 2% by 0810 GMT while NewMed shares were up around 30%.
Abu Dhabi National Oil Co (ADNOC) and BP said they intend to form a new joint venture as part of the deal that will be "focused on gas development in international areas of mutual interest including the East Mediterranean."
NewMed is the largest stakeholder in the giant Leviathan offshore field, operated by Chevron (CVX.N), which produces 12 billion cubic metres (bcm) of gas that are supplied to Israel, Egypt and Jordan.
NewMed and its partners plan to nearly double Leviathan's production to 21 to 24 bcm by 2027 are also exploring plans for a liquefied natural gas (LNG) terminal to further boost exports, Chief Executive Officer Yossi Abu told Reuters.
BP (BP.L) and Abu Dhabi's state oil giant on Tuesday offered to acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for around $2 billion, making their entry into Israel's growing energy sector.
The offer would involve acquiring NewMed's free floating shares and taking the company private. BP shares gained 2% by 0810 GMT while NewMed shares were up around 30%.
Abu Dhabi National Oil Co (ADNOC) and BP said they intend to form a new joint venture as part of the deal that will be "focused on gas development in international areas of mutual interest including the East Mediterranean."
NewMed is the largest stakeholder in the giant Leviathan offshore field, operated by Chevron (CVX.N), which produces 12 billion cubic metres (bcm) of gas that are supplied to Israel, Egypt and Jordan.
NewMed and its partners plan to nearly double Leviathan's production to 21 to 24 bcm by 2027 are also exploring plans for a liquefied natural gas (LNG) terminal to further boost exports, Chief Executive Officer Yossi Abu told Reuters.
Real GDP growth projected to expand by 4.3% in 2024: #UAE Central Bank
Real GDP growth projected to expand by 4.3% in 2024: UAE Central Bank
The Central Bank of the United Arab Emirates has projected the country's annual real GDP growth to expand by 4.3 percent in 2024.
"After three quarters of high growth, the UAE’s economy maintained a solid footing in Q4 2022, reflecting a strong performance of both the oil and the non-oil sectors," the apex bank revealed in its 4th Quarterly Economic Review.
For the whole year, growth is estimated at 7.6%. In 2023, the CBUAE maintains its forecast unchanged at 3.9%. While oil production is expected to moderate in line with the OPEC+ agreements, the non-oil sector is expected to continue to support aggregate output, even if at a more modest pace.
“Oil production averaged 3.1 million barrels per day in Q4 and the UAE hydrocarbon GDP is estimated to have grown by 10% Y-o-Y, in line with the OPEC+ agreements (10.1% for 2022).”
In the meantime, and following the robust growth in the previous quarter, the non-oil sector is estimated to have grown at a similar pace in Q4 2022. The CBUAE estimates non-oil GDP growth for 2022 at 6.6%, according to the review.
The bank highlighted the main drivers of this strong performance to be the real estate and construction sectors and a dynamic manufacturing sector, such as refineries and aluminum production.
“In addition, the FIFA World Cup in Qatar and other global events that took place in the region boosted travel and tourism to the UAE. For 2023 and 2024.”
For 2023 and 2024, the CBUAE projects the real non-oil GDP to expand by 4.2% and 4.6% respectively, in line with global growth trends.
The Central Bank of the United Arab Emirates has projected the country's annual real GDP growth to expand by 4.3 percent in 2024.
"After three quarters of high growth, the UAE’s economy maintained a solid footing in Q4 2022, reflecting a strong performance of both the oil and the non-oil sectors," the apex bank revealed in its 4th Quarterly Economic Review.
For the whole year, growth is estimated at 7.6%. In 2023, the CBUAE maintains its forecast unchanged at 3.9%. While oil production is expected to moderate in line with the OPEC+ agreements, the non-oil sector is expected to continue to support aggregate output, even if at a more modest pace.
“Oil production averaged 3.1 million barrels per day in Q4 and the UAE hydrocarbon GDP is estimated to have grown by 10% Y-o-Y, in line with the OPEC+ agreements (10.1% for 2022).”
In the meantime, and following the robust growth in the previous quarter, the non-oil sector is estimated to have grown at a similar pace in Q4 2022. The CBUAE estimates non-oil GDP growth for 2022 at 6.6%, according to the review.
The bank highlighted the main drivers of this strong performance to be the real estate and construction sectors and a dynamic manufacturing sector, such as refineries and aluminum production.
“In addition, the FIFA World Cup in Qatar and other global events that took place in the region boosted travel and tourism to the UAE. For 2023 and 2024.”
For 2023 and 2024, the CBUAE projects the real non-oil GDP to expand by 4.2% and 4.6% respectively, in line with global growth trends.
Mideast Stocks: Gulf stocks rise as sentiment improves amid easing banking fears
Mideast Stocks: Gulf stocks rise as sentiment improves amid easing banking fears
Most Gulf stock indexes rose in early trading on Tuesday, led by the gains in banking shares as worries of banking contagion eased and demand recovery in China improved investors' sentiment.
Oil prices - a major driver for Gulf economies - retreated on Tuesday after rallying in the previous session, with Brent crude futures falling 19 cents to $77.93 a barrel by 0651 GMT.
The prices are likely to draw support from indications of demand recovery as China's crude imports are expected to rise 6.2% to 540 million tonnes in 2023, according to an annual forecast by a research unit of China National Petroleum Corp on Monday.
Saudi Arabia's benchmark stock index added 0.6%, led by banking stocks, with Riyad Bank advancing 1.2% and Bank AlJazira gaining 0.7%.
State oil giant and index heavyweight Saudi Aramco was also up 0.5%.
Dubai's main share index advanced 1.1%, snapping a three-day losing streak, lifted by solid gains in banking and property stocks.
Emirates NBD Bank, Dubai's largest lender, climbed 1.6%, while blue-chip developer Emaar Properties was up 1.5%.
In Abu Dhabi, the benchmark index edged up 0.3% after three consecutive sessions of declines, led by a 1.7% boost in UAE's largest lender First Abu Dhabi Bank and a 2.5% jump in Abu Dhabi Commercial Bank .
The benchmark stock index in Qatar also gained 0.8%, with all the constituent stocks trading higher, led by financial and energy shares.
Masraf Al Rayan, the sharia-compliant lender, added 2.1%, while Qatar Gas Transport Nakilat was up 2.9%.
Most Gulf stock indexes rose in early trading on Tuesday, led by the gains in banking shares as worries of banking contagion eased and demand recovery in China improved investors' sentiment.
Oil prices - a major driver for Gulf economies - retreated on Tuesday after rallying in the previous session, with Brent crude futures falling 19 cents to $77.93 a barrel by 0651 GMT.
The prices are likely to draw support from indications of demand recovery as China's crude imports are expected to rise 6.2% to 540 million tonnes in 2023, according to an annual forecast by a research unit of China National Petroleum Corp on Monday.
Saudi Arabia's benchmark stock index added 0.6%, led by banking stocks, with Riyad Bank advancing 1.2% and Bank AlJazira gaining 0.7%.
State oil giant and index heavyweight Saudi Aramco was also up 0.5%.
Dubai's main share index advanced 1.1%, snapping a three-day losing streak, lifted by solid gains in banking and property stocks.
Emirates NBD Bank, Dubai's largest lender, climbed 1.6%, while blue-chip developer Emaar Properties was up 1.5%.
In Abu Dhabi, the benchmark index edged up 0.3% after three consecutive sessions of declines, led by a 1.7% boost in UAE's largest lender First Abu Dhabi Bank and a 2.5% jump in Abu Dhabi Commercial Bank .
The benchmark stock index in Qatar also gained 0.8%, with all the constituent stocks trading higher, led by financial and energy shares.
Masraf Al Rayan, the sharia-compliant lender, added 2.1%, while Qatar Gas Transport Nakilat was up 2.9%.
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