Saudi Arabia oil exports hit 21-month low in June | Reuters
Saudi Arabia's crude oil exports fell for a third straight month in June to their lowest since September 2021, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday, with big Asian buyers favouring cheaper Russian oil.
The kingdom's crude exports totalled 6.8 million barrels per day (bpd) in June, down about 1.8% from May's 6.93 million bpd.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the JODI, which publishes them on its website.
Saudi crude output in June was little changed from the previous month at 9.96 million bpd while inventories rose by 1.45 million barrels to 149.69 million.
Wednesday, 16 August 2023
Most Gulf markets in red as Chinese data disappoints | Reuters
Most Gulf markets in red as Chinese data disappoints | Reuters
Most stock markets in the Gulf ended lower on Wednesday as more disappointing Chinese economic data and the absence of meaningful stimulus from Beijing weighed on investor sentiment.
China's July new home prices fell for the first time this year, official data showed on Wednesday, as piecemeal policy support failed to shore up the embattled property sector, mounting pressure on authorities to deliver aggressive stimulus.
Saudi Arabia's benchmark index (.TASI) dropped 0.2%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 1.1% and Al Rajhi Bank (1120.SE) falling 0.4%.
Saudi crude oil exports fell for a third straight month in June to their lowest since September 2021, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday, with big Asian buyers favouring cheaper Russian oil.
Dubai's main share index (.DFMGI) lost 0.1%, falling for a third consecutive session, with sharia-compliant lender Dubai Islamic Bank (DISB.DU).
The Dubai stock market remained exposed to some price corrections after this year’s strong performance, said Daniel Takieddine, CEO MENA at BDSwiss.
"Sentiment could remain affected by weak Chinese data."
In Abu Dhabi, the index (.FTFADGI) declined 0.3%.
The Qatari benchmark (.QSI) gave up early gains to close 0.1% lower, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) retreating 0.5%.
Outside the Gulf, EGypt's blue-chip index (.EGX30) added 0.5%.
The Egyptian bourse resumed its rebound but could continue to find resistance near this year's highs as trading volumes decline again, said Takieddine.
Most stock markets in the Gulf ended lower on Wednesday as more disappointing Chinese economic data and the absence of meaningful stimulus from Beijing weighed on investor sentiment.
China's July new home prices fell for the first time this year, official data showed on Wednesday, as piecemeal policy support failed to shore up the embattled property sector, mounting pressure on authorities to deliver aggressive stimulus.
Saudi Arabia's benchmark index (.TASI) dropped 0.2%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 1.1% and Al Rajhi Bank (1120.SE) falling 0.4%.
Saudi crude oil exports fell for a third straight month in June to their lowest since September 2021, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday, with big Asian buyers favouring cheaper Russian oil.
Dubai's main share index (.DFMGI) lost 0.1%, falling for a third consecutive session, with sharia-compliant lender Dubai Islamic Bank (DISB.DU).
The Dubai stock market remained exposed to some price corrections after this year’s strong performance, said Daniel Takieddine, CEO MENA at BDSwiss.
"Sentiment could remain affected by weak Chinese data."
In Abu Dhabi, the index (.FTFADGI) declined 0.3%.
The Qatari benchmark (.QSI) gave up early gains to close 0.1% lower, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) retreating 0.5%.
Outside the Gulf, EGypt's blue-chip index (.EGX30) added 0.5%.
The Egyptian bourse resumed its rebound but could continue to find resistance near this year's highs as trading volumes decline again, said Takieddine.
Three Arrows Founders Zhu, Davies Fined by #Dubai Over Crypto Project - Bloomberg
Three Arrows Founders Zhu, Davies Fined by Dubai Over Crypto Project - Bloomberg
Dubai authorities fined the co-founders of failed crypto hedge fund Three Arrows Capital in their latest enforcement action against the duo’s new digital-asset exchange OPNX.
The Virtual Assets Regulatory Authority said it had issued the company a fine of 10 million dirhams ($2.7 million) in May that remains unpaid. The regulator said penalties of 200,000 dirhams ($54,451) for Su Zhu and Kyle Davies along with OPNX co-founder Mark Lamb and Chief Executive Officer Leslie Lamb for failures to abide by the rules for marketing, advertising and promotions have been paid.
In light of the company’s unpaid fine, “VARA shall determine consequential actions warranted against OPNX, which may include further fines, penalties, and/or taking any actions necessary to recover payment and definitively remedy the behavior,” VARA said.
Dubai has taken a stricter approach to crypto this year, launching a new regulatory regime requiring firms catering to retail investors to be licensed by VARA. That’s part of a broader effort by the United Arab Emirates to get off the Financial Action Task Force’s “gray list” of jurisdictions that don’t do enough to uncover illicit funds.
Dubai authorities fined the co-founders of failed crypto hedge fund Three Arrows Capital in their latest enforcement action against the duo’s new digital-asset exchange OPNX.
The Virtual Assets Regulatory Authority said it had issued the company a fine of 10 million dirhams ($2.7 million) in May that remains unpaid. The regulator said penalties of 200,000 dirhams ($54,451) for Su Zhu and Kyle Davies along with OPNX co-founder Mark Lamb and Chief Executive Officer Leslie Lamb for failures to abide by the rules for marketing, advertising and promotions have been paid.
In light of the company’s unpaid fine, “VARA shall determine consequential actions warranted against OPNX, which may include further fines, penalties, and/or taking any actions necessary to recover payment and definitively remedy the behavior,” VARA said.
Dubai has taken a stricter approach to crypto this year, launching a new regulatory regime requiring firms catering to retail investors to be licensed by VARA. That’s part of a broader effort by the United Arab Emirates to get off the Financial Action Task Force’s “gray list” of jurisdictions that don’t do enough to uncover illicit funds.
#SaudiArabia's Hoard of US Treasuries at Six-Year Low in Embrace of Risk - Bloomberg
Saudi Arabia's Hoard of US Treasuries at Six-Year Low in Embrace of Risk - Bloomberg
Saudi Arabia’s stockpile of US Treasuries fell to the lowest level in more than six years, as the kingdom allocates more of its oil wealth to riskier assets.
The Gulf country in June sold more than $3 billion in US government debt, offloading the securities for a third consecutive month to bring its holdings to $108.1 billion, according to Treasury Department data. The neighboring United Arab Emirates sold nearly $4 billion.
The Arab Gulf region’s petrostates are seeking out new avenues for investing to get higher returns in a world where a backlash is building against the hegemony of the US dollar. For Saudi Arabia, whose holdings of Treasuries are down over 41% since early 2020, the choice increasingly fell on assets including investments in Lucid Group Inc., Uber Technologies Inc. and Newcastle United.
The share of Saudi Arabia’s external wealth in risky assets stood at around 40% by the end of 2022, according to Bloomberg Economics. It’s more than doubled since 2016, when then-Deputy Crown Prince Mohammed bin Salman said he’d wanted to invest in sectors other than oil.
Saudi Arabia’s stockpile of US Treasuries fell to the lowest level in more than six years, as the kingdom allocates more of its oil wealth to riskier assets.
The Gulf country in June sold more than $3 billion in US government debt, offloading the securities for a third consecutive month to bring its holdings to $108.1 billion, according to Treasury Department data. The neighboring United Arab Emirates sold nearly $4 billion.
The Arab Gulf region’s petrostates are seeking out new avenues for investing to get higher returns in a world where a backlash is building against the hegemony of the US dollar. For Saudi Arabia, whose holdings of Treasuries are down over 41% since early 2020, the choice increasingly fell on assets including investments in Lucid Group Inc., Uber Technologies Inc. and Newcastle United.
The share of Saudi Arabia’s external wealth in risky assets stood at around 40% by the end of 2022, according to Bloomberg Economics. It’s more than doubled since 2016, when then-Deputy Crown Prince Mohammed bin Salman said he’d wanted to invest in sectors other than oil.
PIF's Lucid investment 'undermines' otherwise robust U.S. holdings - Global SWF | Reuters
PIF's Lucid investment 'undermines' otherwise robust U.S. holdings - Global SWF | Reuters
Saudi Arabia's Public Investment Fund reported 9.6% growth in its U.S. equity holdings in the second quarter to $38.9 billion but its investment in EV-maker Lucid "undermined" its otherwise successful holdings, sovereign wealth fund tracker Global SWF said.
Luxury electric vehicle maker Lucid (LCID.O) contributed "just 16% of the increase despite representing 24% of the portfolio," the fund tracker said on Tuesday.
"Lucid continued to drag down the fund's US public holdings with q-o-q growth of 6.2% to US$9.47 billion – a level that was still 45.6% down on end-June 2022."
The remainder of its holdings were up 10.7% from the previous quarter to $29.46 billion, beating the S&P 500 Index's 8.3% rise over the same period, Global SWF said. The holdings ex-Lucid were 25.9% higher year-on-year.
PIF, which manages about $700 billion in assets, boosted its Lucid stake by 24% after it contributed nearly two-thirds of a $3 billion capital raise. There were otherwise minor changes to its portfolio.
Saudi Arabia's Public Investment Fund reported 9.6% growth in its U.S. equity holdings in the second quarter to $38.9 billion but its investment in EV-maker Lucid "undermined" its otherwise successful holdings, sovereign wealth fund tracker Global SWF said.
Luxury electric vehicle maker Lucid (LCID.O) contributed "just 16% of the increase despite representing 24% of the portfolio," the fund tracker said on Tuesday.
"Lucid continued to drag down the fund's US public holdings with q-o-q growth of 6.2% to US$9.47 billion – a level that was still 45.6% down on end-June 2022."
The remainder of its holdings were up 10.7% from the previous quarter to $29.46 billion, beating the S&P 500 Index's 8.3% rise over the same period, Global SWF said. The holdings ex-Lucid were 25.9% higher year-on-year.
PIF, which manages about $700 billion in assets, boosted its Lucid stake by 24% after it contributed nearly two-thirds of a $3 billion capital raise. There were otherwise minor changes to its portfolio.
Most Gulf markets fall as Chinese data disappoints | Reuters
Most Gulf markets fall as Chinese data disappoints | Reuters
Most stock markets in the Gulf fell in early trading on Wednesday, tracking oil prices and Asian shares lower as more disappointing Chinese economic data and the absence of meaningful stimulus from Beijing continued to weigh on investor sentiment.
China's July new home prices fell for the first time this year, official data showed on Wednesday, as piecemeal policy support failed to shore up the embattled property sector, mounting pressure on authorities to deliver aggressive stimulus.
Saudi Arabia's benchmark index (.TASI) slipped 0.1%, weighed by a 1.1% drop in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.6% decline in oil giant Saudi Aramco (2222.SE).
Oil prices - a catalyst for the Gulf's financial markets - edged down, extending a 1% drop in the previous session, as worries over China's struggling economy outweighed declining U.S. stockpiles.
Dubai's main share index (.DFMGI) retreated 0.5%, with toll operator Salik Company (SALIK.DU) losing 0.9% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) falling 0.8%.
In Abu Dhabi, the index (.FTFADGI) eased 0.3%.
Separately, in Abu Dhabi, new industrial licences granted in the year to June increased 16.6% from a year ago, the government's media office said on Tuesday.
The Qatari index (.QSI), however, bucked the trend to trade 0.1% higher, helped by a 0.8% increase in petrochemical maker Industries Qatar (IQCD.QA).
Most stock markets in the Gulf fell in early trading on Wednesday, tracking oil prices and Asian shares lower as more disappointing Chinese economic data and the absence of meaningful stimulus from Beijing continued to weigh on investor sentiment.
China's July new home prices fell for the first time this year, official data showed on Wednesday, as piecemeal policy support failed to shore up the embattled property sector, mounting pressure on authorities to deliver aggressive stimulus.
Saudi Arabia's benchmark index (.TASI) slipped 0.1%, weighed by a 1.1% drop in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.6% decline in oil giant Saudi Aramco (2222.SE).
Oil prices - a catalyst for the Gulf's financial markets - edged down, extending a 1% drop in the previous session, as worries over China's struggling economy outweighed declining U.S. stockpiles.
Dubai's main share index (.DFMGI) retreated 0.5%, with toll operator Salik Company (SALIK.DU) losing 0.9% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) falling 0.8%.
In Abu Dhabi, the index (.FTFADGI) eased 0.3%.
Separately, in Abu Dhabi, new industrial licences granted in the year to June increased 16.6% from a year ago, the government's media office said on Tuesday.
The Qatari index (.QSI), however, bucked the trend to trade 0.1% higher, helped by a 0.8% increase in petrochemical maker Industries Qatar (IQCD.QA).