Saudi Arabia Expected to Prolong Oil Cut Again, Survey Shows - Bloomberg
Saudi Arabia is expected to extend a 1 million-barrel oil supply cut into September as it seeks to foster a tentative recovery in crude prices.
Riyadh introduced the additional cutback this month — on top of output curbs it’s already making with fellow OPEC+ producers — to shore up oil markets against a fragile economic backdrop.
The measure already has been extended into August, and 15 of 22 traders, analysts and refiners surveyed by Bloomberg predict it will continue into September. The two previous announcements about the kingdom’s voluntary production cuts came via state media in the first week of the month.
Oil prices have climbed about 12% in the past month to about $83 a barrel in London as recovering global fuel consumption and output restraint by the Organization of Petroleum Exporting Countries engineer a long-awaited tightening of world markets.
Wednesday, 26 July 2023
Most Gulf markets gain on corporate earnings | Reuters
Most Gulf markets gain on corporate earnings | Reuters
Most stock markets in the Gulf ended higher on Wednesday largely on the back of corporate earnings, although the gains were limited ahead of the Federal Reserve meet.
Saudi Arabia's benchmark index (.TASI) finished 0.2% higher in a choppy trade, with Al Rajhi Bank (1120.SE) gaining 1.5%.
The Saudi stock market stabilized to a certain extent but remained on a positive trend overall, said Ahmed Negm, head of market research MENA at XS.com.
"While the main index could be impacted by the volatility in oil prices as well as the outcome of the Federal Reserve's meeting, strong local fundamentals could help keep the market on a positive course."
Oil prices slipped with investors cautious ahead of an expected Fed rate hike later in the day and a possible increase in U.S. crude supplies.
Dubai's main share index (.DFMGI) advanced 0.6%, led by a 14.9% jump in Gulf Navigation (GNAV.DU).
Mashreq Bank (MASB.DU), which was flat, post trading hours reported quarterly net profit of 1.91 billion dirhams ($520.03 million), up from 796.4 million dirhams a year ago
In Abu Dhabi, the index (.FTFADGI) gained 0.4%.
National Marine Dredging (NMDC.AD) closed 1.8% higher, after posting a sharp rise in second-quarter earnings.
The Qatari index (.QSI) climbed 2.2%, as most of its constituents were in the positive territory including Qatar International Islamic Bank (QIIB.QA), which was up 2.4%.
The sharia-compliant lender reported first-half net profit of 615.1 million riyals compared with 571.1 million riyals a year ago.
Elsewhere, Vodafone Qatar (VFQS.QA) increased 1.1% following a rise in first-half earnings.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.5%.
Trading on the Egyptian stock market remained dim with limited performance and narrow volumes. The main index could be exposed to the downside if trading conditions do not improve, said Negm.
Most stock markets in the Gulf ended higher on Wednesday largely on the back of corporate earnings, although the gains were limited ahead of the Federal Reserve meet.
Saudi Arabia's benchmark index (.TASI) finished 0.2% higher in a choppy trade, with Al Rajhi Bank (1120.SE) gaining 1.5%.
The Saudi stock market stabilized to a certain extent but remained on a positive trend overall, said Ahmed Negm, head of market research MENA at XS.com.
"While the main index could be impacted by the volatility in oil prices as well as the outcome of the Federal Reserve's meeting, strong local fundamentals could help keep the market on a positive course."
Oil prices slipped with investors cautious ahead of an expected Fed rate hike later in the day and a possible increase in U.S. crude supplies.
Dubai's main share index (.DFMGI) advanced 0.6%, led by a 14.9% jump in Gulf Navigation (GNAV.DU).
Mashreq Bank (MASB.DU), which was flat, post trading hours reported quarterly net profit of 1.91 billion dirhams ($520.03 million), up from 796.4 million dirhams a year ago
In Abu Dhabi, the index (.FTFADGI) gained 0.4%.
National Marine Dredging (NMDC.AD) closed 1.8% higher, after posting a sharp rise in second-quarter earnings.
The Qatari index (.QSI) climbed 2.2%, as most of its constituents were in the positive territory including Qatar International Islamic Bank (QIIB.QA), which was up 2.4%.
The sharia-compliant lender reported first-half net profit of 615.1 million riyals compared with 571.1 million riyals a year ago.
Elsewhere, Vodafone Qatar (VFQS.QA) increased 1.1% following a rise in first-half earnings.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.5%.
Trading on the Egyptian stock market remained dim with limited performance and narrow volumes. The main index could be exposed to the downside if trading conditions do not improve, said Negm.
#Kuwait’s $21 Billion Budget Surplus Ends Nine Years of Deficits, Driven by Oil - Bloomberg
Kuwait’s $21 Billion Budget Surplus Ends Nine Years of Deficits, Driven by Oil - Bloomberg
Kuwait ended nine straight years of budget deficits as a boom in oil revenue and more controlled spending delivered a boost for one of the Middle East’s biggest crude producers.
The OPEC member reported a surplus of 6.4 billion dinars ($21 billion) for the year through March, after revenue gained 55% on the previous year. The figure compares with a shortfall of 4.3 billion dinars in 2021-2022.
The country’s accounts “have experienced a healthy recovery in terms of liquidity, driven mostly by rebounding crude-oil prices during the fiscal year and aided by controlled expenditure,” Acting Finance Minister Saad Al-Barrak said Wednesday.
Kuwait ended nine straight years of budget deficits as a boom in oil revenue and more controlled spending delivered a boost for one of the Middle East’s biggest crude producers.
The OPEC member reported a surplus of 6.4 billion dinars ($21 billion) for the year through March, after revenue gained 55% on the previous year. The figure compares with a shortfall of 4.3 billion dinars in 2021-2022.
The country’s accounts “have experienced a healthy recovery in terms of liquidity, driven mostly by rebounding crude-oil prices during the fiscal year and aided by controlled expenditure,” Acting Finance Minister Saad Al-Barrak said Wednesday.
#Dubai-listed Mashreq Bank reports Q2 net profit of $519mln
Dubai-listed Mashreq Bank reports Q2 net profit of $519mln
Dubai-listed Mashreq Bank has announced Q2 2023 net profit of 1.906 billion dirhams ($519 million), up from AED 796 million last year on higher net interest income and income from Islamic financing.
Total operating income reaching AED 2.607 billion, up from 1.695 billion, the lender said in a statement to Dubai Financial Market on Wednesday.
Net interest income and income from Islamic financing was AED 1.87 billion, up 84% versus the year-ago period.
The bank reported a profit of AED 3.516 billion for H1 2023, up 150% from H1 2022, with operating income reaching AED 5.127 billion, up from AED 3.198 billion last year.
Dubai-listed Mashreq Bank has announced Q2 2023 net profit of 1.906 billion dirhams ($519 million), up from AED 796 million last year on higher net interest income and income from Islamic financing.
Total operating income reaching AED 2.607 billion, up from 1.695 billion, the lender said in a statement to Dubai Financial Market on Wednesday.
Net interest income and income from Islamic financing was AED 1.87 billion, up 84% versus the year-ago period.
The bank reported a profit of AED 3.516 billion for H1 2023, up 150% from H1 2022, with operating income reaching AED 5.127 billion, up from AED 3.198 billion last year.
#Saudi FDI inflows reach 8.1 bln Riyals in Q1 2023 - ministry | Reuters
Saudi FDI inflows reach 8.1 bln Riyals in Q1 2023 - ministry | Reuters
Saudi Arabia's foreign direct investment inflows reached 8.1 billion Riyals ($2.16 billion) in the first quarter of 2023, up 10.2% from the same quarter a year prior, the economy ministry said on Wednesday.
Iberdrola sells 49% stake in Baltic Eagle wind farm to #AbuDhabi's Masdar | Reuters
Iberdrola sells 49% stake in Baltic Eagle wind farm to Abu Dhabi's Masdar | Reuters
Spanish utility Iberdrola (IBE.MC) has sold a 49% stake in its 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea to Abu Dhabi's Masdar for about 375 million euros ($414.5 million), it said on Wednesday.
Iberdrola said that the deal pegged the total value of the Baltic Eagle project - which is set to have 50 wind turbines off Germany's northeastern coast once they are built and ready to operate - at about 1.6 billion euros. Masdar will contribute proportionally to its stake to develop the project.
The Spanish power giant "will control and manage the asset, providing operation and maintenance services and other corporate services" by retaining a 51% majority stake, it added.
The deal is part of Iberdrola's strategy to sell stakes in its wind developments to raise cash to finance its 150 billion-euro 2020-2030 investment plan, mostly devoted to renewables and power grids.
Masdar is a renewable energy company that is 43% owned by Abu Dhabi energy and utility firm Taqa (TAQA.AD), 33% by sovereign wealth fund Mubadala and 24% by state oil giant ADNOC.
Spanish utility Iberdrola (IBE.MC) has sold a 49% stake in its 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea to Abu Dhabi's Masdar for about 375 million euros ($414.5 million), it said on Wednesday.
Iberdrola said that the deal pegged the total value of the Baltic Eagle project - which is set to have 50 wind turbines off Germany's northeastern coast once they are built and ready to operate - at about 1.6 billion euros. Masdar will contribute proportionally to its stake to develop the project.
The Spanish power giant "will control and manage the asset, providing operation and maintenance services and other corporate services" by retaining a 51% majority stake, it added.
The deal is part of Iberdrola's strategy to sell stakes in its wind developments to raise cash to finance its 150 billion-euro 2020-2030 investment plan, mostly devoted to renewables and power grids.
Masdar is a renewable energy company that is 43% owned by Abu Dhabi energy and utility firm Taqa (TAQA.AD), 33% by sovereign wealth fund Mubadala and 24% by state oil giant ADNOC.
#Qatar sovereign fund seeks stake in Mukesh Ambani’s retail arm | Financial Times
Qatar sovereign fund seeks stake in Mukesh Ambani’s retail arm | Financial Times
Qatar’s sovereign wealth fund is in talks to buy a stake in billionaire Mukesh Ambani’s retail unit, as oil-rich Gulf funds increase their bets on the fast-growing Indian market.
Qatar’s sovereign wealth fund is in talks to buy a stake in billionaire Mukesh Ambani’s retail unit, as oil-rich Gulf funds increase their bets on the fast-growing Indian market.
The Qatar Investment Authority (QIA) is considering a minority stake in Reliance Retail Ventures, according to three people with knowledge of the discussions. One of them said the fund is considering a $1bn investment giving it a stake of about 1 per cent and valuing the business at around $100bn.
The people, who asked not to be named as the deal is private, said the agreement has yet to be finalised and is subject to change. One person said the $450bn Qatari sovereign wealth fund had not yet approved it.
The talks come as Reliance Retail is spending heavily to expand its consumer businesses. India’s biggest shopping group by revenues, spanning luxury fashion to groceries, is a subsidiary of Ambani’s oil-to-data conglomerate Reliance Industries, India’s biggest company with a market capitalisation of $205bn.
Major Gulf bourses rise on strong earnings, China stimulus optimism | Reuters
Major Gulf bourses rise on strong earnings, China stimulus optimism | Reuters
Most stock markets in the Gulf rose on Wednesday as strong corporate earnings and pledges by Chinese authorities to shore up the economy lifted investor sentiment.
In China, the world's second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.
The Qatar benchmark index (.QSI) rose 0.8%, and all sectors traded in green with Commercial Bank (COMB.QA) climbing 1.5% and Doha Bank (DOBK.QA) gaining 1.8%.
Qatar National Bank (QNBK.QA), the Gulf's largest lender, added 0.8% and index heavyweight Qatar International Islamic Bank gained 0.3% after it posted a rise in half-yearly net profit.
Dubai's benchmark stock index (.DFMGI) rose 0.2%, lifted by gains in finance and industry sectors, with Gulf Navigation (GNAV.DU) surging 9.5% and Taaleem Holding (TAALEEM.DU) adding 3%.
The Emirate's largest lender Emirates NBD (ENBD.DU) climbed 1.2%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) added 0.1%, helped by a 1.5% increase in Fertiglobe (FERTIGLOBE.AD) and 0.4% rise in the UAE's largest bank First Abu Dhabi Bank (FAB.AD).
National Marine Dredging (NMDC.AD) advanced 5.4% in early trade after the firm recorded a more than 70% growth in its second-quarter net profit, while revenue jumped nearly 90% year-on-year.
Saudi Arabia's benchmark stock index (.TASI) inched up 0.1% with Dar Al Arkan Real Estate Development (4300.SE) surging 2% and Saudi Arabian Mining (1211.SE) gaining 1.6%.
Al Rajhi Bank (1120.SE), the world's largest Islamic bank by assets, added 0.3% and Saudi National Bank (1180.SE) rose 0.6% in early trade as the board proposed H1 cash dividend of SAR 0.85 per share.
The kingdom's biggest lender by assets reported on Tuesday a 9.3% jump in net profit for the second quarter.
Most stock markets in the Gulf rose on Wednesday as strong corporate earnings and pledges by Chinese authorities to shore up the economy lifted investor sentiment.
In China, the world's second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.
The Qatar benchmark index (.QSI) rose 0.8%, and all sectors traded in green with Commercial Bank (COMB.QA) climbing 1.5% and Doha Bank (DOBK.QA) gaining 1.8%.
Qatar National Bank (QNBK.QA), the Gulf's largest lender, added 0.8% and index heavyweight Qatar International Islamic Bank gained 0.3% after it posted a rise in half-yearly net profit.
Dubai's benchmark stock index (.DFMGI) rose 0.2%, lifted by gains in finance and industry sectors, with Gulf Navigation (GNAV.DU) surging 9.5% and Taaleem Holding (TAALEEM.DU) adding 3%.
The Emirate's largest lender Emirates NBD (ENBD.DU) climbed 1.2%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) added 0.1%, helped by a 1.5% increase in Fertiglobe (FERTIGLOBE.AD) and 0.4% rise in the UAE's largest bank First Abu Dhabi Bank (FAB.AD).
National Marine Dredging (NMDC.AD) advanced 5.4% in early trade after the firm recorded a more than 70% growth in its second-quarter net profit, while revenue jumped nearly 90% year-on-year.
Saudi Arabia's benchmark stock index (.TASI) inched up 0.1% with Dar Al Arkan Real Estate Development (4300.SE) surging 2% and Saudi Arabian Mining (1211.SE) gaining 1.6%.
Al Rajhi Bank (1120.SE), the world's largest Islamic bank by assets, added 0.3% and Saudi National Bank (1180.SE) rose 0.6% in early trade as the board proposed H1 cash dividend of SAR 0.85 per share.
The kingdom's biggest lender by assets reported on Tuesday a 9.3% jump in net profit for the second quarter.