#Iran’s Booming Oil Flows Surge Above 2 Million Barrels a Day - Bloomberg

Iran’s Booming Oil Flows Surge Above 2 Million Barrels a Day - Bloomberg

Iran’s oil exports are surging this month, swelling global flows at a time when other producers are cutting back, according to a firm that monitors satellite imagery of individual tankers.

The boom is awkward for the US, which officially still has sanctions in place that should restrict Iran’s shipments. Even so, the extra cargoes will help to cushion the impact of reductions by Saudi Arabia, Russia and other nations in the OPEC+ alliance.

TankerTrackers.com Inc., which provides data on oil cargo shipments to governments, insurers and other institutions, estimates that the Persian Gulf state exported 2.2 million barrels a day of crude and condensates during the first 20 days of August. If maintained, it would far exceed any other month this year and is well above what other oil-shipping analytics firms say.

Most Gulf markets fall as China's rate cut disappoints | Reuters

Most Gulf markets fall as China's rate cut disappoints | Reuters

Most stock markets in the Gulf ended lower on Monday, as the latest stimulus measures from China disappointed investors, with the Qatari index falling the most.

China's central bank trimmed its one-year lending rate by 10 basis points and left its five-year rate unchanged, a surprise to analysts who had expected cuts of 15 basis points to both.

In Qatar, the index (.QSI) declined more than a 1%, as most of the stocks on the index were in negative territory including Qatar Islamic Bank (QISB.QA), which was down 2.1%.

The Qatari bourse continued to see downside risks with selling pressure on all market segments. The volatility in energy prices could also weigh on sentiment, said Daniel Takieddine, CEO MENA at BDSwiss.

Saudi Arabia's benchmark index (.TASI) gave up early gains to close 0.8% lower, with oil giant Saudi Aramco (2222.SE) losing 1.6%.

Separately, Japan is making preparations for a meeting of foreign ministers from Japan and the Gulf Cooperation Council (GCC) member states in Saudi Arabia in early September, Kyodo news agency said on Sunday, quoting unnamed diplomatic sources.

The Abu Dhabi index (.FTFADGI) lost 0.3%.

Dubai's main share index (.DFMGI), however, bucked the trend to close 0.1% higher, helped by a 1.2% rise in top lender Emirates NBD Bank (ENBD.DU) .

Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.6%, weighed down by a 1.9% slide in Commercial International Bank (COMI.CA).

The Egyptian stock market continued to see risks of losses as traders continue to sell, while trading volumes recede further. The main index's failure to rise above the previous peak could also weigh on sentiment, said Takieddine.

Watch Majid Al Futtaim CEO: Retail Growth in #SaudiArabia - Bloomberg video

Watch Majid Al Futtaim CEO: Retail Growth in Saudi Arabia - Bloomberg

Majid Al Futtaim is the leading shopping malls, retail, and leisure conglomerate across the Middle East, Africa, and Central Asia. The company's half-year financial results show that net profit rose 74% year on year, as the firm reported growth across all its businesses buoyed by what it describes as the UAE's thriving economy. Chief Executive Officer Ahmed Galal Ismail speaks exclusively with Bloomberg's Manus Cranny on "Bloomberg Daybreak: Middle East & Africa." (Source: Bloomberg)

Majid Al Futtaim first-half earnings soar 74% on robust momentum of #UAE economy

Majid Al Futtaim first-half earnings soar 74% on robust momentum of UAE economy

Majid Al Futtaim Holding, one of Dubai's biggest private sector companies and the Middle East's largest mall operator, reported a sharp rise in profit and revenue on the back of the robust economic momentum of its UAE home market.

Net profit for the six-month period to the end of the June soared an annual 74 per cent to Dh1.7 billion ($463 million) from the same period a year ago, while revenue for the reporting period climbed 5 per cent to Dh18.9 billion, Ahmed Ismail, chief executive at Majid Al Futtaim, said on Monday.

Earnings before interest, taxes, depreciation and amortisation for the first half of this year climbed 13 per cent to Dh2.1 billion.

“The year is off to a good start, revenue is up 5 per cent despite currency devaluations in several markets in which we operate,” Mr Ismail said in a Bloomberg TV interview.

“More pleasing is the fact that our profitability is growing ahead of our revenue” on the back of “a buoyant economy in our home market of the UAE”, he said.

Exclusive: India cenbank nudges banks to settle #UAE trades in rupee, dirham -sources | Reuters

Exclusive: India cenbank nudges banks to settle UAE trades in rupee, dirham -sources | Reuters

India's central bank is nudging local banks to ask their clients to settle trade between the United Arab Emirates and India using the dirham (AED) or Indian rupee (INR) to reduce U.S.-dollar-based transactions, five sources told Reuters.

The move is part of the Reserve Bank of India's broader aim of promoting settlement in local currencies with countries with which India has a trade deficit, with the knock-on effect of boosting the rupee's global reach, three banking sources said.

India's trade deficit with the UAE was $21.62 billion in 2022/23, or 8.2% of its total deficit, government data shows. In July, the two countries agreed to facilitate trade in rupees instead of dollars.

The idea, a government source said, was to reduce the outflow of dollars on account of this trade deficit.

"The RBI has asked banks to encourage clients and corporates to initiate INR-AED trades gradually, instead of using the dollar," said a treasury official at a private bank.

#Dubai developer The First Group parent reaches standstill agreement with creditors | Reuters

Dubai developer The First Group parent reaches standstill agreement with creditors | Reuters

Aurum, the parent company of Dubai real estate developer The First Group, said on Monday it has reached an interim standstill agreement with an "ad hoc" group of creditors while discussions continue on restructuring Islamic bonds maturing next year.

Aurum said last week it received consent of holders of its $135 million amortising sukuk due Aug. 7, 2024, "to permanently amend the terms and conditions of the Certificates" to revise the scheduled dissolution distribution payments schedule and other aspects of the terms.

"The Standstill Agreement has been signed by Sukukholders who hold in excess of 75% of the outstanding aggregate amount of Sukuk, the required threshold to pass a consent solicitation," Aurum said in a regulatory filing on the London Stock Exchange.

The First Group is a property developer with a portfolio of hotels, residential properties, food & beverage brands and real estate asset management services, according to information on its website.

The standstill will be in force until Sept. 18 "or the completion of the amend and extend of the Sukuk," whichever comes first, Aurum said.

About $126.25 million is outstanding of the total sukuk, issued through TFG Sukuk I Limited, according to Refinitiv data. Aurum said it made a profit payment and $2 million in principal due under the sukuk on Aug. 7.

"The Company remains committed to working collaboratively with the Ad Hoc Committee to achieve a successful amend and extend that is fair and equitable to all stakeholders and will make further announcements in line with the progress of discussions," Aurum said.

Most markets in Gulf track oil prices higher | Reuters

Most markets in Gulf track oil prices higher | Reuters

Most major stock markets in the Gulf tracked oil prices higher on Monday, although the gains were limited after China, the second-biggest economy in the world, delivered a smaller cut to lending rates than markets had counted on.

Oil prices - which fuel the Gulf economy - rose as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates.

Saudi Arabia's benchmark index (.TASI) gained 0.2%, on course to climb for a fourth consecutive session, with Banque Saudi Fransi (1050.SE) rising 1.7% and Al Rajhi Bank (1120.SE) adding 0.4%.

Separately, Japan is making preparations for a meeting of foreign ministers from Japan and the Gulf Cooperation Council (GCC) member states in Saudi Arabia in early September, Kyodo news agency said on Sunday, quoting unnamed diplomatic sources.

In Abu Dhabi, the index (.FTFADGI) added 0.1%.

Dubai's main share index (.DFMGI) edged 0.1% higher, supported by a 0.6% gain in top lender Emirates NBD (ENBD.DU).

The Qatari benchmark (.QSI) dropped 0.4%, as most of the stocks in the index were in negative territory including Isalmic lender Masraf A Rayan (MARK.QA), which was down 1.6%.

China's central bank trimmed its one-year lending rate by 10 basis points and left its five-year rate unmoved, a surprise to analysts who had expected cuts of 15 basis points to both.