Oil prices up 2% to near 3-month high on tight supply, China stimulus hopes | Reuters
Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying.
Brent futures rose $1.67, or 2.1%, to settle at $82.74 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.67, or 2.1%, to settle at $78.74.
Those were the highest closes for Brent since April 19 and for WTI since April 24, as both contracts were pushed into technically overbought territory above their 200-day moving averages.
Monday, 24 July 2023
Gulf telecom firms Ooredoo, Zain, TASC in talks to combine tower assets | Reuters
Gulf telecom firms Ooredoo, Zain, TASC in talks to combine tower assets | Reuters
Qatari telecoms company Ooredoo (ORDS.QA), Kuwait's Zain Group and the UAE's TASC Towers Holding have entered into exclusive talks to create the Middle East and North Africa's largest tower company, they said in a joint statement on Monday.
The negotiations are "to combine their approximately 30,000 telecommunication tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan into a jointly owned independent tower company in a cash and share deal," the statement said, adding they aimed to sign definitive agreements this quarter.
Qatari telecoms company Ooredoo (ORDS.QA), Kuwait's Zain Group and the UAE's TASC Towers Holding have entered into exclusive talks to create the Middle East and North Africa's largest tower company, they said in a joint statement on Monday.
The negotiations are "to combine their approximately 30,000 telecommunication tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan into a jointly owned independent tower company in a cash and share deal," the statement said, adding they aimed to sign definitive agreements this quarter.
#SaudiArabia's Rawabi Energy gets $1.9 billion loans | Reuters
Saudi Arabia's Rawabi Energy gets $1.9 billion loans | Reuters
Saudi Arabia's Rawabi Energy said on Monday it had secured 7.175 billion riyal ($1.9 billion) worth of syndicated loans, denominated in riyals and U.S. dollars, to speed up growth and refinance existing debt.
HSBC (HSBA.L) was sole structuring bank and, with Gulf International Bank, joint global coordinator.
Also on the deal were local lenders Saudi Awwal Bank (1060.SE), Saudi National Bank (1180.SE), Alinma Bank (1150.SE), Riyad Bank (1010.SE), Bank Al Jazira and Al Rajhi Bank (1120.SE).
The UAE's First Abu Dhabi Bank (FAB.AD) was also involved.
Rawabi Energy, a subsidiary of Rawabi Holding Group, said it was "one of the largest private sector syndicated financings in the Kingdom of Saudi Arabia."
Rawabi Energy was set up as a closed joint stock company in 2020 to consolidate Rawabi Holding's energy services operations. Its subsidiaries include Rawabi Vallianz Offshore Services (RVOS), Rawabi Oil & Gas (ROG) and United Safety Ltd in Canada.
"The transaction will accelerate (the company's) growth plans, underpinned by a full capital structure take-out and refinancing of existing indebtedness," Rawabi Energy said in a statement, adding it was 1.33 times oversubscribed.
Saudi Arabia's Rawabi Energy said on Monday it had secured 7.175 billion riyal ($1.9 billion) worth of syndicated loans, denominated in riyals and U.S. dollars, to speed up growth and refinance existing debt.
HSBC (HSBA.L) was sole structuring bank and, with Gulf International Bank, joint global coordinator.
Also on the deal were local lenders Saudi Awwal Bank (1060.SE), Saudi National Bank (1180.SE), Alinma Bank (1150.SE), Riyad Bank (1010.SE), Bank Al Jazira and Al Rajhi Bank (1120.SE).
The UAE's First Abu Dhabi Bank (FAB.AD) was also involved.
Rawabi Energy, a subsidiary of Rawabi Holding Group, said it was "one of the largest private sector syndicated financings in the Kingdom of Saudi Arabia."
Rawabi Energy was set up as a closed joint stock company in 2020 to consolidate Rawabi Holding's energy services operations. Its subsidiaries include Rawabi Vallianz Offshore Services (RVOS), Rawabi Oil & Gas (ROG) and United Safety Ltd in Canada.
"The transaction will accelerate (the company's) growth plans, underpinned by a full capital structure take-out and refinancing of existing indebtedness," Rawabi Energy said in a statement, adding it was 1.33 times oversubscribed.
Most Gulf markets rise on solid corporate earnings; Egypt slips | Reuters
Most Gulf markets rise on solid corporate earnings; Egypt slips | Reuters
Most stock markets in the Gulf ended higher on Monday, largely on the back of corporate earnings, although traders' attention remained focused on the U.S. Federal Reserve and volatility in oil markets.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, buoyed by a 3.7% jump in Al Rajhi Bank (1120.SE) after the lender proposed a half-yearly dividend of 1.15 riyal per share.
The Saudi bourse continued to see a strong performance thanks to solid local fundamentals as well as positive results from the banking sector, said Daniel Takieddine, CEO MENA at BDSwiss.
"Volatility in energy prices could affect the market to a certain extent, however."
In Abu Dhabi, the benchmark stock index (.FTFADGI) rose 1.2%, boosted by a 5.8% surge in the country's biggest lender First Abu Dhabi Bank (FAB) (FAB.AD) following a sharp rise in quarterly earnings.
FAB said its second-quarter profit rose 61% from a year prior, as interest and non-interest income rose. The bank posted a net profit of 4.2 billion dirhams ($1.14 billion) for the quarter.
Dubai's main share index (.DFMGI) edged 0.2% higher, with Emirates Central Cooling Systems Corp (EMPOWER.DU) gaining 1.6%.
Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, Reuters reported last Thursday, citing two sources with knowledge of the matter.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.2%, weighed down by a 1.9% decline in Eastern Company (EAST.CA).
The Egyptian stock market dropped as trading volumes continue to fall and as international investors maintained selling pressure, said Takieddine.
Most stock markets in the Gulf ended higher on Monday, largely on the back of corporate earnings, although traders' attention remained focused on the U.S. Federal Reserve and volatility in oil markets.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, buoyed by a 3.7% jump in Al Rajhi Bank (1120.SE) after the lender proposed a half-yearly dividend of 1.15 riyal per share.
The Saudi bourse continued to see a strong performance thanks to solid local fundamentals as well as positive results from the banking sector, said Daniel Takieddine, CEO MENA at BDSwiss.
"Volatility in energy prices could affect the market to a certain extent, however."
In Abu Dhabi, the benchmark stock index (.FTFADGI) rose 1.2%, boosted by a 5.8% surge in the country's biggest lender First Abu Dhabi Bank (FAB) (FAB.AD) following a sharp rise in quarterly earnings.
FAB said its second-quarter profit rose 61% from a year prior, as interest and non-interest income rose. The bank posted a net profit of 4.2 billion dirhams ($1.14 billion) for the quarter.
Dubai's main share index (.DFMGI) edged 0.2% higher, with Emirates Central Cooling Systems Corp (EMPOWER.DU) gaining 1.6%.
Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, Reuters reported last Thursday, citing two sources with knowledge of the matter.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.2%, weighed down by a 1.9% decline in Eastern Company (EAST.CA).
The Egyptian stock market dropped as trading volumes continue to fall and as international investors maintained selling pressure, said Takieddine.
DIFC Courts sees cases with Dh15 billion in claims value in first six months of 2023 | Business – Gulf News
DIFC Courts sees cases with Dh15 billion in claims value in first six months of 2023 | Business – Gulf News
The Dubai International Financial Centre (DIFC) Courts released its figures for the first six months of 2023 on Monday, reflecting a surge in the overall value of claims.
The value of cases across all divisions recorded a 692 per cent increase in the first half of 2023, compared with the first six months of 2022, with a total value of Dh15 billion across 455 cases filed.
In the main Court of First Instance (CFI), 52 cases were filed, with the total value of Dh14.9 billion and an average case value of Dh427.2 million. Cases within the Arbitration Division under the CFI also recorded a significant increase in the first six months of 2023, with a total value of Dh12.9 billion and an average claim value of Dh1.6 billion.
Justice Omar Al Mheiri, Director, DIFC Courts, said: “The DIFC Courts is currently operating on a new roadmap for the years 2022-2024, which includes a strategic work plan that brings more national cohesion to the courts’ projects and initiatives in line with the “D33’ economic agenda and the Dubai Digital Strategy. This in turn is providing effective support for the federal and local strategic goals and the centre’s goals. The surge in uptake of the DIFC Courts’ public services in the first six months of 2023 reflects the growing awareness of, and trust in, our expertise, efficiency, and ease of process. Powered by the most cutting-edge digital infrastructure, it is our expectation that more domestic and international businesses will continue to look to the DIFC Courts for future certainty and expedient resolution.”
The Dubai International Financial Centre (DIFC) Courts released its figures for the first six months of 2023 on Monday, reflecting a surge in the overall value of claims.
The value of cases across all divisions recorded a 692 per cent increase in the first half of 2023, compared with the first six months of 2022, with a total value of Dh15 billion across 455 cases filed.
In the main Court of First Instance (CFI), 52 cases were filed, with the total value of Dh14.9 billion and an average case value of Dh427.2 million. Cases within the Arbitration Division under the CFI also recorded a significant increase in the first six months of 2023, with a total value of Dh12.9 billion and an average claim value of Dh1.6 billion.
Justice Omar Al Mheiri, Director, DIFC Courts, said: “The DIFC Courts is currently operating on a new roadmap for the years 2022-2024, which includes a strategic work plan that brings more national cohesion to the courts’ projects and initiatives in line with the “D33’ economic agenda and the Dubai Digital Strategy. This in turn is providing effective support for the federal and local strategic goals and the centre’s goals. The surge in uptake of the DIFC Courts’ public services in the first six months of 2023 reflects the growing awareness of, and trust in, our expertise, efficiency, and ease of process. Powered by the most cutting-edge digital infrastructure, it is our expectation that more domestic and international businesses will continue to look to the DIFC Courts for future certainty and expedient resolution.”
Major Gulf markets rise on strong corporate earnings | Reuters
Major Gulf markets rise on strong corporate earnings | Reuters
Major stock markets in the Gulf rose in early trade on Monday, largely supported by corporate earnings, with the Qatari index on course to gain for a ninth session.
Saudi Arabia's benchmark index (.TASI) edged 0.3% higher, helped by a 2% rise in Al Rajhi Bank (1120.SE) after the lender proposed a first-half dividend of 1.15 riyal per share.
On the other hand, oil behemoth Saudi Aramco (2222.SE) lost 0.5%.
Oil prices - a key catalyst for the Gulf's financial markets - eased as traders awaited more rate hike cues from the U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.
Dubai's main share index (.DFMGI) gained 0.4%, with top lender Emirates NBD (ENBD.DU) and sharia-compliant lender Dubai Islamic Bank (DISB.DU) up 0.9% each.
Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, Reuters reported on Thursday, citing two sources with knowledge of the matter.
In Abu Dhabi, the index (.FTFADGI) was up 0.6%, buoyed by a 2.7% jump in First Abu Dhabi Bank (FAB) (FAB.AD).
FAB, the United Arab Emirates' biggest lender, last week said its second-quarter profit rose 61% from a year ealier, as interest and non-interest income rose.
The Qatari index (.QSI) was up 0.4%, on course to gain for a ninth session, with petrochemical maker Industries Qatar (IQCD.QA) advancing 0.9%.
Major stock markets in the Gulf rose in early trade on Monday, largely supported by corporate earnings, with the Qatari index on course to gain for a ninth session.
Saudi Arabia's benchmark index (.TASI) edged 0.3% higher, helped by a 2% rise in Al Rajhi Bank (1120.SE) after the lender proposed a first-half dividend of 1.15 riyal per share.
On the other hand, oil behemoth Saudi Aramco (2222.SE) lost 0.5%.
Oil prices - a key catalyst for the Gulf's financial markets - eased as traders awaited more rate hike cues from the U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.
Dubai's main share index (.DFMGI) gained 0.4%, with top lender Emirates NBD (ENBD.DU) and sharia-compliant lender Dubai Islamic Bank (DISB.DU) up 0.9% each.
Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, Reuters reported on Thursday, citing two sources with knowledge of the matter.
In Abu Dhabi, the index (.FTFADGI) was up 0.6%, buoyed by a 2.7% jump in First Abu Dhabi Bank (FAB) (FAB.AD).
FAB, the United Arab Emirates' biggest lender, last week said its second-quarter profit rose 61% from a year ealier, as interest and non-interest income rose.
The Qatari index (.QSI) was up 0.4%, on course to gain for a ninth session, with petrochemical maker Industries Qatar (IQCD.QA) advancing 0.9%.
#Dubai Inflation Slows as Global Food and Energy Prices Ease - Bloomberg
Dubai Inflation Slows as Global Food and Energy Prices Ease - Bloomberg
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Dubai’s inflation is accelerating at a much slower pace than last year, thanks in part to moderating food prices and a drop in transportation costs.
Inflation in the Middle East’s main business hub reached just over 2% in June, the lowest level since early 2022. A gauge tracking transportation costs dropped nearly 14% on an annual basis, according to the city’s statistics authority.
“The dis-inflationary momentum is being driven by the transport and food components, reflecting global food and oil prices are back to pre-Ukraine levels,” according to Carla Slim, an economist at Standard Chartered Plc. Still, she expects the city’s inflation to remain above its historical average and the pre-Covid base given prices pressures in the housing sector.
Wheat prices have dropped this year after surging in the wake of Russia’s invasion of Ukraine in 2022. Yet Russia’s decision to end an agreement that allowed for shipments of food from Ukrainian ports has increased concerns about rising grain costs globally. Ukraine is the third-largest exporter of corn and the sixth-largest wheat shipper.
Last year, a flock of crypto millionaires, bankers and some wealthy Russians seeking to shield their assets drove up rent in Dubai to record highs. Inflation reached 7%, the highest level ever recorded.
Housing makes up more than a third of the city’s consumer price index.
The drop in overall cost pressures has been helped by energy prices easing since mid-2022, according to Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC. The United Arab Emirates, of which Dubai is a part, increased fuel prices to record highs last summer.
“The drag from this sector will be particularly large in June as that’s when the oil price peaked last year,” she said.
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Dubai’s inflation is accelerating at a much slower pace than last year, thanks in part to moderating food prices and a drop in transportation costs.
Inflation in the Middle East’s main business hub reached just over 2% in June, the lowest level since early 2022. A gauge tracking transportation costs dropped nearly 14% on an annual basis, according to the city’s statistics authority.
“The dis-inflationary momentum is being driven by the transport and food components, reflecting global food and oil prices are back to pre-Ukraine levels,” according to Carla Slim, an economist at Standard Chartered Plc. Still, she expects the city’s inflation to remain above its historical average and the pre-Covid base given prices pressures in the housing sector.
Wheat prices have dropped this year after surging in the wake of Russia’s invasion of Ukraine in 2022. Yet Russia’s decision to end an agreement that allowed for shipments of food from Ukrainian ports has increased concerns about rising grain costs globally. Ukraine is the third-largest exporter of corn and the sixth-largest wheat shipper.
Last year, a flock of crypto millionaires, bankers and some wealthy Russians seeking to shield their assets drove up rent in Dubai to record highs. Inflation reached 7%, the highest level ever recorded.
Housing makes up more than a third of the city’s consumer price index.
The drop in overall cost pressures has been helped by energy prices easing since mid-2022, according to Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC. The United Arab Emirates, of which Dubai is a part, increased fuel prices to record highs last summer.
“The drag from this sector will be particularly large in June as that’s when the oil price peaked last year,” she said.