Western officials plan to warn UAE over trade with Russia -WSJ | Reuters
U.S., British and European Union officials are planning to jointly press the United Arab Emirates this week to halt shipments of goods to Russia that could help Moscow in its war against Ukraine, the Wall Street Journal reported on Monday citing U.S. and European officials.
A UAE official, in response to Reuters' request for comment, said the country "strictly abides by UN sanctions and has clear and robust processes in place to deal with sanctioned entities."
The UAE "is continuously monitoring the export of dual-use products," which have both civilian and military applications, under its export control legal framework, the official added.
Officials from Washington and European capitals were visiting the UAE from Monday as part of a collective global push to keep computer chips, electronic components and other so-called dual-use products out of Russian hands, the WSJ report said.
Monday 4 September 2023
Gulf markets end lower amid volatile oil prices; Egypt gains | Reuters
Gulf markets end lower amid volatile oil prices; Egypt gains | Reuters
Most stock markets in the Gulf ended lower on Monday as investors turned cautious amid volatile oil prices and awaiting the next monetary policy moves by the U.S Federal Reserve.
Crude prices — a key catalyst for the Gulf's financial markets — were volatile with Brent traded down 3 cents at $88.52 a barrel by 0648 GMT and inching up to $88.60 a barrel by 1300 GMT.
Dubai's benchmark index (.DFMGI) was down 0.5%, after rising in the previous two sessions with tolls operator Salik (SALIK.DU) losing 1.8% and Emirates Central Cooling (EMPOWER.DU) shedding 2.2%.
The Qatari index (.QSI) extended its losing streak to a fourth straight session, closing 0.5% lower, with most sectors in the red.
Qatar National Bank (QNBK.QA), the region's largest lender, dropped 1.1% and Qatar Islamic Bank (QISB.QA) lost 1.5%.
In Abu Dhabi, the index (.FTFADGI) fell for a second consecutive session, ending 0.4% lower, weighed down by a 3.4% drop in ADNOC Drilling (ADNOCDRILL.AD) and 1.2% decline in UAE's largest lender First Abu Dhabi Bank (FAB.AD).
Futures now imply a 93% chance of rates staying unchanged this month and a 67% probability that the entire tightening cycle is over.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) was down 0.2%, extending its losses to a third consecutive session. The index was dragged down by a 0.4% fall in oil giant Saudi Aramco (2222.SE) and 3.3% slump in Savola Group (2050.SE).
"Traders were reacting to the developments in oil markets while expectations on the Federal Reserve monetary policy and China also affected sentiment", said Daniel Takieddine, CEO MENA at BDSwiss.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1%, snapping its previous session losses, with Talaat Mostafa Group (TMGH.CA) surging 5% and Alexandria Container and Cargo Handling (ALCN.CA) rising 4.3%.
Most stock markets in the Gulf ended lower on Monday as investors turned cautious amid volatile oil prices and awaiting the next monetary policy moves by the U.S Federal Reserve.
Crude prices — a key catalyst for the Gulf's financial markets — were volatile with Brent traded down 3 cents at $88.52 a barrel by 0648 GMT and inching up to $88.60 a barrel by 1300 GMT.
Dubai's benchmark index (.DFMGI) was down 0.5%, after rising in the previous two sessions with tolls operator Salik (SALIK.DU) losing 1.8% and Emirates Central Cooling (EMPOWER.DU) shedding 2.2%.
The Qatari index (.QSI) extended its losing streak to a fourth straight session, closing 0.5% lower, with most sectors in the red.
Qatar National Bank (QNBK.QA), the region's largest lender, dropped 1.1% and Qatar Islamic Bank (QISB.QA) lost 1.5%.
In Abu Dhabi, the index (.FTFADGI) fell for a second consecutive session, ending 0.4% lower, weighed down by a 3.4% drop in ADNOC Drilling (ADNOCDRILL.AD) and 1.2% decline in UAE's largest lender First Abu Dhabi Bank (FAB.AD).
Futures now imply a 93% chance of rates staying unchanged this month and a 67% probability that the entire tightening cycle is over.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) was down 0.2%, extending its losses to a third consecutive session. The index was dragged down by a 0.4% fall in oil giant Saudi Aramco (2222.SE) and 3.3% slump in Savola Group (2050.SE).
"Traders were reacting to the developments in oil markets while expectations on the Federal Reserve monetary policy and China also affected sentiment", said Daniel Takieddine, CEO MENA at BDSwiss.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1%, snapping its previous session losses, with Talaat Mostafa Group (TMGH.CA) surging 5% and Alexandria Container and Cargo Handling (ALCN.CA) rising 4.3%.
#Dubai's Alkhair Capital launches $100m fund for HealthTech investments
Dubai's Alkhair Capital launches $100m fund for HealthTech investments
Alkhair Capital, an asset management and investment banking company, has launched a $100 million fund to invest in healthcare technology ventures as it looks to boost the portfolio of its investments.
The Dubai International Financial Centre-domiciled Sharia-compliant investment fund will target companies that are “harnessing cutting-edge artificial intelligence to bolster healthcare providers”, it said in a statement on Monday.
Designed as an open-ended fund, the investment vehicle aims to provide liquidity to target companies to boost their growth.
“The healthcare sector is experiencing remarkable growth, propelled by the region's expanding senior citizen population, rising life expectancy and a surge in lifestyle diseases,” Naveed Aurakzai, chief executive of Alkhair Capital Dubai, said.
“This surge has led to significant challenges, including insufficient infrastructure, higher medical claim settlements and liquidity constraints due to extended working capital cycles.”
Alkhair Capital, an asset management and investment banking company, has launched a $100 million fund to invest in healthcare technology ventures as it looks to boost the portfolio of its investments.
The Dubai International Financial Centre-domiciled Sharia-compliant investment fund will target companies that are “harnessing cutting-edge artificial intelligence to bolster healthcare providers”, it said in a statement on Monday.
Designed as an open-ended fund, the investment vehicle aims to provide liquidity to target companies to boost their growth.
“The healthcare sector is experiencing remarkable growth, propelled by the region's expanding senior citizen population, rising life expectancy and a surge in lifestyle diseases,” Naveed Aurakzai, chief executive of Alkhair Capital Dubai, said.
“This surge has led to significant challenges, including insufficient infrastructure, higher medical claim settlements and liquidity constraints due to extended working capital cycles.”
#SaudiArabia’s Acwa Power to Enter China Next Year, CEO Says - Bloomberg
Saudi Arabia’s Acwa Power to Enter China Next Year, CEO Says - Bloomberg
Saudi Arabia’s Acwa Power Co plans to begin operations in China starting next year, as it eyes expansion into countries looking to boost exposure to renewable technologies, Chief Executive Officer Marco Piero Arcelli said in an interview.
The Riyadh-based water and power services specialist is setting up the move as part of a global expansion plan running through 2030, the CEO said at the Ambrosetti business forum in Cernobbio, Italy over the weekend.
The push into China and other Asian markets will focus on developing desalinization plants, along with power plants producing green hydrogen and renewable energy from solar and wind energy, he said.
“We’re planning to boost investments in the Asia-Pacific region, where our expertise is required,” Arcelli said. “In Europe we are looking at building partnerships and getting European companies to work with us, as well as setting up operations in Saudi Arabia,” he said.
Saudi Arabia’s Acwa Power Co plans to begin operations in China starting next year, as it eyes expansion into countries looking to boost exposure to renewable technologies, Chief Executive Officer Marco Piero Arcelli said in an interview.
The Riyadh-based water and power services specialist is setting up the move as part of a global expansion plan running through 2030, the CEO said at the Ambrosetti business forum in Cernobbio, Italy over the weekend.
The push into China and other Asian markets will focus on developing desalinization plants, along with power plants producing green hydrogen and renewable energy from solar and wind energy, he said.
“We’re planning to boost investments in the Asia-Pacific region, where our expertise is required,” Arcelli said. “In Europe we are looking at building partnerships and getting European companies to work with us, as well as setting up operations in Saudi Arabia,” he said.
Italy, #SaudiArabia sign deal to boost investments | Reuters
Italy, Saudi Arabia sign deal to boost investments | Reuters
Italy and Saudi Arabia signed an agreement on Monday to boost economic relations and investments deemed of strategic importance, with an initial focus on developing projects in the energy sector.
Since taking office last October, Prime Minister Giorgia Meloni has sought to forge closer ties with the Gulf countries, shrugging off the concerns of previous coalitions over human rights in the region. She has already lifted an embargo on arms sales to Saudi Arabia and United Arab Emirates.
The Memorandum of Understanding (MoU), seen by Reuters, lasts two years and will automatically be renewed for a further 24 months unless one of parties notifies the other of its intention to decline renewal six months before the expiry date.
Saudi Arabia will focus on energy, sustainability, supply chains and sport to expand its presence in Italy, Investment Minister Khalid al-Falih said on Monday at an event in Milan to promote the partnership.
Italy and Saudi Arabia signed an agreement on Monday to boost economic relations and investments deemed of strategic importance, with an initial focus on developing projects in the energy sector.
Since taking office last October, Prime Minister Giorgia Meloni has sought to forge closer ties with the Gulf countries, shrugging off the concerns of previous coalitions over human rights in the region. She has already lifted an embargo on arms sales to Saudi Arabia and United Arab Emirates.
The Memorandum of Understanding (MoU), seen by Reuters, lasts two years and will automatically be renewed for a further 24 months unless one of parties notifies the other of its intention to decline renewal six months before the expiry date.
Saudi Arabia will focus on energy, sustainability, supply chains and sport to expand its presence in Italy, Investment Minister Khalid al-Falih said on Monday at an event in Milan to promote the partnership.
#Oman's OQ Gas Networks plans Muscat's biggest IPO in almost two decades | Reuters
Oman's OQ Gas Networks plans Muscat's biggest IPO in almost two decades | Reuters
Oman's OQ Gas Networks (OQGN), the pipelines business of state oil giant OQ, said on Monday it planned to float up to 49% of its shares, in what is expected to be the biggest initial public offering in the sultanate in almost two decades.
The offering, which begins this month, will give investors with access to growth in the company that holds a natural monopoly over essential gas transport in the country, the company said in a statement.
As the exclusive operator of Oman's gas transport system, OQGN supplies natural gas to power plants, free zones, industrial clusters, LNG complexes and other customers.
The IPO could raise between $700 million and $800 million, a source with knowledge of the matter told Reuters, which would make it the largest since Oman Telecommunications (Omantel) raised 288 million rials ($748 million) by selling a 30% stake in 2005.
Oman's OQ Gas Networks (OQGN), the pipelines business of state oil giant OQ, said on Monday it planned to float up to 49% of its shares, in what is expected to be the biggest initial public offering in the sultanate in almost two decades.
The offering, which begins this month, will give investors with access to growth in the company that holds a natural monopoly over essential gas transport in the country, the company said in a statement.
As the exclusive operator of Oman's gas transport system, OQGN supplies natural gas to power plants, free zones, industrial clusters, LNG complexes and other customers.
The IPO could raise between $700 million and $800 million, a source with knowledge of the matter told Reuters, which would make it the largest since Oman Telecommunications (Omantel) raised 288 million rials ($748 million) by selling a 30% stake in 2005.
#UAE Sets Up Gaming Regulator, Potentially Paving Way for Casinos, Gambling - Bloomberg
UAE Sets Up Gaming Regulator, Potentially Paving Way for Casinos, Gambling - Bloomberg
The United Arab Emirates has established a federal body to regulate the gaming industry, paving the way for the country to potentially become the first Gulf state to legalize casinos.
The new authority is being set up to introduce a “world-leading regulatory framework” for a national lottery and commercial gaming, state media reported late on Sunday. The move comes about a month after Wynn Resorts Ltd., which is building a $3.9 billion gaming resort in the UAE, said it expects to “soon” obtain a license.
The regulator’s board will be chaired by Jim Murren, the former chief executive officer of MGM Resorts International, WAM said. Kevin Mullally, who has close to three decades of experience in the gaming industry, will be the chief executive officer of the new entity, which will coordinate regulatory activities and manage licensing nationally.
Earlier this year, senior government officials told Bloomberg there are no imminent plans to allow gambling, but casino operators, consultants and lawyers familiar with the matter say there have been early discussions and a change is being considered.
The United Arab Emirates has established a federal body to regulate the gaming industry, paving the way for the country to potentially become the first Gulf state to legalize casinos.
The new authority is being set up to introduce a “world-leading regulatory framework” for a national lottery and commercial gaming, state media reported late on Sunday. The move comes about a month after Wynn Resorts Ltd., which is building a $3.9 billion gaming resort in the UAE, said it expects to “soon” obtain a license.
The regulator’s board will be chaired by Jim Murren, the former chief executive officer of MGM Resorts International, WAM said. Kevin Mullally, who has close to three decades of experience in the gaming industry, will be the chief executive officer of the new entity, which will coordinate regulatory activities and manage licensing nationally.
Earlier this year, senior government officials told Bloomberg there are no imminent plans to allow gambling, but casino operators, consultants and lawyers familiar with the matter say there have been early discussions and a change is being considered.
Most Gulf markets fall in early trade; #Saudi, #Qatar rise | Reuters
Most Gulf markets fall in early trade; Saudi, Qatar rise | Reuters
Most Stock markets in the Gulf dropped in early trade on Monday amid volatile oil prices, while Qatar and Saudi bucked the trend.
Crude prices — a key catalyst for the Gulf's financial markets — were volatile with Brent traded down 3 cents at $88.52 a barrel by 0648 GMT and inching up to $88.57 a barrel by 0730 GMT.
Dubai's benchmark stock index (.DFMGI) dropped 0.2% in early trade, weighed down by losses in industry and utilities sectors, with National Central Cooling (TABR.DU) slipping 2.2% and the tolls operator Salik (SALIK.DU) dropping 0.6%.
The emirate's largest lender Emirates NBD (ENBD.DU) lost 0.6%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.3%, dragged down by a 1.2% loss in ADNOC Drilling (ADNOCDRILL.AD) and 1.2% decline in ADNOC Gas (ADNOCGAS.AD).
First Abu Dhabi Bank (FAB.AD), largest lender in the United Arab Emirates, slipped 0.4%.
In Qatar, the benchmark (.QSI) added 0.4%, with Industries Qatar (IQCD.QA) gaining 1.6% and Commercial Bank (COMB.QA) trading 1.9% higher.
Saudi Arabia's benchmark stock index (.TASI) was up 0.1%, aided by gains in finance, health and materials sectors with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 1.4% and Saudi Basic Industries (2010.SE) gaining 1%.
Most Stock markets in the Gulf dropped in early trade on Monday amid volatile oil prices, while Qatar and Saudi bucked the trend.
Crude prices — a key catalyst for the Gulf's financial markets — were volatile with Brent traded down 3 cents at $88.52 a barrel by 0648 GMT and inching up to $88.57 a barrel by 0730 GMT.
Dubai's benchmark stock index (.DFMGI) dropped 0.2% in early trade, weighed down by losses in industry and utilities sectors, with National Central Cooling (TABR.DU) slipping 2.2% and the tolls operator Salik (SALIK.DU) dropping 0.6%.
The emirate's largest lender Emirates NBD (ENBD.DU) lost 0.6%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.3%, dragged down by a 1.2% loss in ADNOC Drilling (ADNOCDRILL.AD) and 1.2% decline in ADNOC Gas (ADNOCGAS.AD).
First Abu Dhabi Bank (FAB.AD), largest lender in the United Arab Emirates, slipped 0.4%.
In Qatar, the benchmark (.QSI) added 0.4%, with Industries Qatar (IQCD.QA) gaining 1.6% and Commercial Bank (COMB.QA) trading 1.9% higher.
Saudi Arabia's benchmark stock index (.TASI) was up 0.1%, aided by gains in finance, health and materials sectors with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 1.4% and Saudi Basic Industries (2010.SE) gaining 1%.
Emirati company buys 30% stake in Egypt tobacco firm Eastern Co. | Reuters
Emirati company buys 30% stake in Egypt tobacco firm Eastern Co. | Reuters
UAE's Global Investment Holding Co. has agreed to buy a 30% stake in Eastern Co. (EAST.CA), Egypt's main tobacco products maker, for $625 million, a measure that will widen private participation in the economy, Egypt's cabinet said on Sunday.
Last month, Egypt state-owned Holding Company for Chemical Industries, which held 50.95% of Eastern's shares, said in a stock market disclosure it had received offers from foreign investors to buy up to half of its shares.
The sale will reduce Chemical Industries' stake to 20.95%, giving impetus to Egypt's floundering privatisation programme.
Global Investment will provide $150 million to buy the tobacco necessary for production as part of the agreement. It was not clear from the statement if this was an additional amount or was included in the $625 million purchase price.
Egyptian Prime Minister Mostafa Madbouly and the finance and public enterprise ministers attended a signing ceremony for the purchase.
UAE's Global Investment Holding Co. has agreed to buy a 30% stake in Eastern Co. (EAST.CA), Egypt's main tobacco products maker, for $625 million, a measure that will widen private participation in the economy, Egypt's cabinet said on Sunday.
Last month, Egypt state-owned Holding Company for Chemical Industries, which held 50.95% of Eastern's shares, said in a stock market disclosure it had received offers from foreign investors to buy up to half of its shares.
The sale will reduce Chemical Industries' stake to 20.95%, giving impetus to Egypt's floundering privatisation programme.
Global Investment will provide $150 million to buy the tobacco necessary for production as part of the agreement. It was not clear from the statement if this was an additional amount or was included in the $625 million purchase price.
Egyptian Prime Minister Mostafa Madbouly and the finance and public enterprise ministers attended a signing ceremony for the purchase.