Emirates Gold working on return of UAE responsible sourcing accreditation | Reuters
Dubai-based Emirates Gold DMCC, one of the largest gold refineries in the Middle East, said on Monday that it was working on getting back to the "good delivery" list, certification scheme that sets responsible sourcing rules.
The United Arab Emirates temporary removed Emirates Gold, which has been operating for 30 years, from its "good delivery" list from July 7, the government website showed last week.
"The suspension of the UAE Good Delivery accreditation is merely a temporary suspension and management are working with the Emirates Bullion Committee to resolve their concerns and have the accreditation reinstated," the refinery said in a statement.
The London Bullion Market Association (LBMA) last week also suspended Emirates Gold's affiliate membership until further notice "due to the outcome of the recent LBMA due diligence review."
The LBMA suspension has been purely a reaction to the UAE's suspension, Emirates Gold said in the statement, adding that the refinery strictly follows the LBMA responsible sourcing requirements and the UAE Economy Ministry anti-money laundering rules.
Monday 17 July 2023
Most Gulf markets extend gains on dovish Fed bets | Reuters
Most Gulf markets extend gains on dovish Fed bets | Reuters
Most stock markets in the Gulf ended higher on Monday, extending gains as investors ramped up their bets for an imminent end to U.S. interest rate hikes.
A cooler reading of U.S. consumer inflation was enough to convince investors that the Federal Reserve could deliver the final rate hike of its monetary policy cycle this month.
Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the UAE, have their currencies pegged to the U.S. dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from any U.S. monetary policy move.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 2.1% increase in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 5.3% jump in Saudi Awwal Bank (1060.SE).
However, the kingdom's crude oil exports in May fell to a 19-month low, data from the Joint Organizations Data Initiative (JODI) showed on Monday, as cheap Russian oil lured some big Asian buyers.
Dubai's main share index (.DFMGI) gained 0.2%, extending gains for a fifth session, with Emirates Central Cooling Systems (EMPOWER.DU) finishing 1.6% higher.
In Abu Dhbai, the index (.FTFADGI) inched 0.1% higher.
On the other hand, oil - a key catalyst for the Gulf's financial markets - dropped by more than 1% on Monday after weaker than expected Chinese economic growth fuelled concerns over demand in the world's second-biggest oil consumer while a partial restart of halted Libyan output also pressured prices.
The Qatari index (.QSI) gained 0.5%, driven by a 2.4% increase in Qatar Islamic Bank (QISB.QA), a day after reporting a rise in first-half net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 1% higher, with top lender Commercial International Bank (COMI.CA) gaining 1%.
The Egyptian stock market continued its rebound but could record another round of price corrections with trading volumes declining and global investors adding to the selling pressure, said Farah Mourad, Senior Market Analyst of XTB MENA.
Most stock markets in the Gulf ended higher on Monday, extending gains as investors ramped up their bets for an imminent end to U.S. interest rate hikes.
A cooler reading of U.S. consumer inflation was enough to convince investors that the Federal Reserve could deliver the final rate hike of its monetary policy cycle this month.
Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the UAE, have their currencies pegged to the U.S. dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from any U.S. monetary policy move.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 2.1% increase in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 5.3% jump in Saudi Awwal Bank (1060.SE).
However, the kingdom's crude oil exports in May fell to a 19-month low, data from the Joint Organizations Data Initiative (JODI) showed on Monday, as cheap Russian oil lured some big Asian buyers.
Dubai's main share index (.DFMGI) gained 0.2%, extending gains for a fifth session, with Emirates Central Cooling Systems (EMPOWER.DU) finishing 1.6% higher.
In Abu Dhbai, the index (.FTFADGI) inched 0.1% higher.
On the other hand, oil - a key catalyst for the Gulf's financial markets - dropped by more than 1% on Monday after weaker than expected Chinese economic growth fuelled concerns over demand in the world's second-biggest oil consumer while a partial restart of halted Libyan output also pressured prices.
The Qatari index (.QSI) gained 0.5%, driven by a 2.4% increase in Qatar Islamic Bank (QISB.QA), a day after reporting a rise in first-half net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 1% higher, with top lender Commercial International Bank (COMI.CA) gaining 1%.
The Egyptian stock market continued its rebound but could record another round of price corrections with trading volumes declining and global investors adding to the selling pressure, said Farah Mourad, Senior Market Analyst of XTB MENA.
#UAE cable maker Ducab may consider IPO to support future expansion
UAE cable maker Ducab may consider IPO to support future expansion
UAE cable maker Ducab may consider an initial public offering to support future expansion, its group chief executive has said.
“This is a viable strategy going forward in order to basically fuel our expansion plans … it’s an option that is available for us,” Mohammed Al Mutawa told The National in an interview.
The company, jointly owned by Abu Dhabi holding company ADQ and the Investment Corporation of Dubai, has no plans to sell shares in the company at the moment, he said.
There has been an IPO boom in the Middle East, with a number of companies listing their shares on the regional stock markets such as the Abu Dhabi Securities Exchange, the Dubai Financial Market and Saudi Arabia’s Tadawul as economies recover from the coronavirus-induced slowdown on the back of higher oil prices and government reforms.
The recent listings include Adnoc Gas, Adnoc Logistics and Services and Al Ansari Financial Services.
Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion from 20 offerings in the previous year.
That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
Ducab, founded in 1979, produces copper and aluminium cables, as well as metal rods that are used in a number of sectors such as power, oil and gas, construction, renewables and rail.
UAE cable maker Ducab may consider an initial public offering to support future expansion, its group chief executive has said.
“This is a viable strategy going forward in order to basically fuel our expansion plans … it’s an option that is available for us,” Mohammed Al Mutawa told The National in an interview.
The company, jointly owned by Abu Dhabi holding company ADQ and the Investment Corporation of Dubai, has no plans to sell shares in the company at the moment, he said.
There has been an IPO boom in the Middle East, with a number of companies listing their shares on the regional stock markets such as the Abu Dhabi Securities Exchange, the Dubai Financial Market and Saudi Arabia’s Tadawul as economies recover from the coronavirus-induced slowdown on the back of higher oil prices and government reforms.
The recent listings include Adnoc Gas, Adnoc Logistics and Services and Al Ansari Financial Services.
Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion from 20 offerings in the previous year.
That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
Ducab, founded in 1979, produces copper and aluminium cables, as well as metal rods that are used in a number of sectors such as power, oil and gas, construction, renewables and rail.
#Turkey President Erdogan to Visit #SaudiArabia, #UAE, #Qatar to Attract Investment - Bloomberg
Turkey President Erdogan to Visit Saudi Arabia, UAE, Qatar to Attract Investment - Bloomberg
Turkey’s President Recep Tayyip Erdogan will visit Saudi Arabia and the United Arab Emirates this week as he looks to attract foreign investment to support the embattled economy.
Erdogan’s trip from Monday to Wednesday also includes Qatar. It follows his reelection victory in May to extend his rule into a third decade. Since then, he’s altered some economic policies in a bid to end a cost-of-living crisis and looked to improve relations with the Arab world’s petrostates.
Turkey is trying to attract $25 billion in investments from Gulf countries, Turkish officials familiar with the matter have previously said. Erdogan will be accompanied by more than 100 businessmen looking to secure cooperation deals, according to the Trade Ministry.
On Sunday, Erdogan’s government hiked fuel taxes by almost 200%. While the move may worsen inflation already at 38% and further hit households, it comes as Turkish officials seek to stabilize public finances and ease a record current-account deficit.
Turkey’s President Recep Tayyip Erdogan will visit Saudi Arabia and the United Arab Emirates this week as he looks to attract foreign investment to support the embattled economy.
Erdogan’s trip from Monday to Wednesday also includes Qatar. It follows his reelection victory in May to extend his rule into a third decade. Since then, he’s altered some economic policies in a bid to end a cost-of-living crisis and looked to improve relations with the Arab world’s petrostates.
Turkey is trying to attract $25 billion in investments from Gulf countries, Turkish officials familiar with the matter have previously said. Erdogan will be accompanied by more than 100 businessmen looking to secure cooperation deals, according to the Trade Ministry.
On Sunday, Erdogan’s government hiked fuel taxes by almost 200%. While the move may worsen inflation already at 38% and further hit households, it comes as Turkish officials seek to stabilize public finances and ease a record current-account deficit.
#SaudiArabia’s Neom Seeks $2.7 Billion Loan to Build Futuristic City - Bloomberg
Saudi Arabia’s Neom Seeks $2.7 Billion Loan to Build Futuristic City - Bloomberg
Saudi Arabia’s Neom, the company developing Crown Prince Mohammed bin Salman’s flagship megaproject, is looking to raise a 10 billion riyal ($2.7 billion) loan, according to people familiar with the matter.
Neom, a unit of the kingdom’s sovereign wealth fund, is talking to a group of mostly local lenders to raise money to help fund early stages of the $500 billion project, the people said, asking not to be identified as the information is private. Banks are negotiating terms with Neom and, if agreed, the loan could be completed in the next few months, the people said.
In addition, Neom is planning to raise up to 3 billion riyals from local banks to fund the development of Shushah Island, a luxury tourism development, the people said.
Neom declined to comment.
Spearheaded by the Crown Prince, Neom is the biggest project in his plan to diversify the country’s oil-dependent economy. He wants the city to be a showpiece that will transform Saudi Arabia’s economy and serve as a testbed for technologies that could revolutionize daily life.
Its developer has signed several deals this year to bring in investment into the project. Neom last month finalized a deal worth more than 21 billion riyals with a group of local investors to develop temporary housing and facilities for 95,000 people under a public-private partnership deal. Prior to that, it signed a 3 billion riyal loan with Riyad Bank to fund the development of an island-tourism resort called Sindalah.
Saudi Arabia’s Neom, the company developing Crown Prince Mohammed bin Salman’s flagship megaproject, is looking to raise a 10 billion riyal ($2.7 billion) loan, according to people familiar with the matter.
Neom, a unit of the kingdom’s sovereign wealth fund, is talking to a group of mostly local lenders to raise money to help fund early stages of the $500 billion project, the people said, asking not to be identified as the information is private. Banks are negotiating terms with Neom and, if agreed, the loan could be completed in the next few months, the people said.
In addition, Neom is planning to raise up to 3 billion riyals from local banks to fund the development of Shushah Island, a luxury tourism development, the people said.
Neom declined to comment.
Spearheaded by the Crown Prince, Neom is the biggest project in his plan to diversify the country’s oil-dependent economy. He wants the city to be a showpiece that will transform Saudi Arabia’s economy and serve as a testbed for technologies that could revolutionize daily life.
Its developer has signed several deals this year to bring in investment into the project. Neom last month finalized a deal worth more than 21 billion riyals with a group of local investors to develop temporary housing and facilities for 95,000 people under a public-private partnership deal. Prior to that, it signed a 3 billion riyal loan with Riyad Bank to fund the development of an island-tourism resort called Sindalah.
Major Gulf bourse in red on falling oil prices | Reuters
Major Gulf bourse in red on falling oil prices | Reuters
Major stock markets in the Gulf were subdued in early trade on Monday tracking oil prices lower, with the Dubai index on course to snap five sessions of gains.
Oil prices - a key catalyst for the Gulf's financial markets - extended their decline into a second session after China's second-quarter growth came in weaker than expected, fuelling concern about demand in the world's No. 2 oil consumer, while Libya resumed production during the weekend.
Saudi Arabia's benchmark index (.TASI) fell 0.3%, hit by a 0.4% drop in Al Rajhi Bank (1120.SE) and a 1% decrease in Riyad Bank (1010.SE).
The kingdom will continue its cooperation with Japan as a clean hydrogen and recycled carbon fuels provider, state TV reported the Saudi energy minister as saying on Sunday.
However, Almarai Co (2280.SE) advanced 2.6% after reporting a rise in quarterly net profit.
Also, the food and beverage company has hired banks to arrange the sale of U.S. dollar-denominated Islamic bonds.
Dubai's main share index (.DFMGI) eased 0.1%, on course to snap five sessions of gains, with utility firm Dubai Electricity and Water Authority (DEWAA.DU) losing 0.7%.
In Abu Dhabi, the index (.FTFADG) was down 0.1%.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.3% as lacklustre Chinese economic data were not as bad as the worst fears, but still stoked market impatience with the lack of major fiscal stimulus from Beijing.
The Qatari benchmark (.QSI) lost 0.1%, weighed down by a 0.8% decline in petrochemical maker Industries Qatar (IQCD.QA).
Major stock markets in the Gulf were subdued in early trade on Monday tracking oil prices lower, with the Dubai index on course to snap five sessions of gains.
Oil prices - a key catalyst for the Gulf's financial markets - extended their decline into a second session after China's second-quarter growth came in weaker than expected, fuelling concern about demand in the world's No. 2 oil consumer, while Libya resumed production during the weekend.
Saudi Arabia's benchmark index (.TASI) fell 0.3%, hit by a 0.4% drop in Al Rajhi Bank (1120.SE) and a 1% decrease in Riyad Bank (1010.SE).
The kingdom will continue its cooperation with Japan as a clean hydrogen and recycled carbon fuels provider, state TV reported the Saudi energy minister as saying on Sunday.
However, Almarai Co (2280.SE) advanced 2.6% after reporting a rise in quarterly net profit.
Also, the food and beverage company has hired banks to arrange the sale of U.S. dollar-denominated Islamic bonds.
Dubai's main share index (.DFMGI) eased 0.1%, on course to snap five sessions of gains, with utility firm Dubai Electricity and Water Authority (DEWAA.DU) losing 0.7%.
In Abu Dhabi, the index (.FTFADG) was down 0.1%.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.3% as lacklustre Chinese economic data were not as bad as the worst fears, but still stoked market impatience with the lack of major fiscal stimulus from Beijing.
The Qatari benchmark (.QSI) lost 0.1%, weighed down by a 0.8% decline in petrochemical maker Industries Qatar (IQCD.QA).
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