Russia’s War in Ukraine: UAE Considers Trade Licenses for Sanctioned Tech - Bloomberg
The United Arab Emirates is considering introducing export licenses for a list of items including chips and other components that are sanctioned by the US and European Union and used by Russia’s military in Ukraine, according to people familiar with the matter.
If implemented as envisaged, the system could see permits withheld for dual-use goods destined for the battlefield, potentially hurting the Kremlin’s ability to feed its war machine. The people, who spoke on condition of anonymity to discuss private matters, cautioned that the Persian Gulf nation has yet to make a final decision.
Asked about the plan, a UAE official said the country takes its responsibilities as a business hub seriously: “The UAE has a legal export control framework in place and is continuously monitoring the export of dual-use products.”
Russia has so far been able to get around some of the trade restrictions imposed on it by the US, UK and Europe by routing banned goods via third countries such as the UAE, Turkey and some Central Asian nations that have not introduced sanctions themselves.
Already a global logistics and trade hub, the UAE has seen a surge in imports of technology such as semi-conductors and advanced electronics from Europe and the US over the past 18 months. Many of these items have been found in Russian weapons in Ukraine or are needed by Moscow to produce them.
Western officials have ramped up demands in recent months that the UAE stops acting as a gateway for Russia to get around the restrictions. Earlier this month, sanctions envoys from the US, UK and EU visited the UAE to raise their concerns, including that Dubai remains a key transshipment point for components supporting Moscow’s war effort, some of the people said.
Thursday 21 September 2023
Most Gulf markets gain despite hawkish Fed | Reuters
Most Gulf markets gain despite hawkish Fed | Reuters
Most stock markets in the Gulf ended higher on Thursday despite the U.S. Federal Reserve stiffening its hawkish monetary policy stance, although the Saudi index extended losses from the previous session.
The Fed held interest rates steady on Wednesday and projected an increase by year-end, saying monetary policy is likely to be significantly tighter through 2024 than previously thought.
The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI) advanced 1%, buoyed by a 6.4% rise in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) added 0.2%.
Higher interest rates are typically negative for economic growth, but the United Arab Emirates due to solid demographics, strategic location, diversification and thriving tourism is better positioned to absorb rate hikes than other major economies, said Vijay Valecha, chief investment officer, Century Financial.
The Qatari benchmark (.QSI) gained 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) rising 0.9% and Qatar Navigation (QNNC.QA) closing 3.3% higher.
Saudi Arabia's benchmark index (.TASI) declined 1%, dragged down by a 1.5% fall in Al Rajhi Bank (1120.SE) and a 0.5% decrease in oil giant Saudi Aramco (2222.SE).
Oil prices - a key catalyst for the Gulf's financial markets - fell after posting the largest decline in a month in the previous session, as the Fed rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.4%, hitting its highest, as most of its constituents were in the positive territory including Commercial International Bank (COMI.CA), which was up 1.4%.
Most stock markets in the Gulf ended higher on Thursday despite the U.S. Federal Reserve stiffening its hawkish monetary policy stance, although the Saudi index extended losses from the previous session.
The Fed held interest rates steady on Wednesday and projected an increase by year-end, saying monetary policy is likely to be significantly tighter through 2024 than previously thought.
The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI) advanced 1%, buoyed by a 6.4% rise in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) added 0.2%.
Higher interest rates are typically negative for economic growth, but the United Arab Emirates due to solid demographics, strategic location, diversification and thriving tourism is better positioned to absorb rate hikes than other major economies, said Vijay Valecha, chief investment officer, Century Financial.
The Qatari benchmark (.QSI) gained 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) rising 0.9% and Qatar Navigation (QNNC.QA) closing 3.3% higher.
Saudi Arabia's benchmark index (.TASI) declined 1%, dragged down by a 1.5% fall in Al Rajhi Bank (1120.SE) and a 0.5% decrease in oil giant Saudi Aramco (2222.SE).
Oil prices - a key catalyst for the Gulf's financial markets - fell after posting the largest decline in a month in the previous session, as the Fed rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.4%, hitting its highest, as most of its constituents were in the positive territory including Commercial International Bank (COMI.CA), which was up 1.4%.
A Slump in #SaudiArabia’s Oil Revenue Has Probably Ended: Chart - Bloomberg
A Slump in Saudi Arabia’s Oil Revenue Has Probably Ended: Chart - Bloomberg
Saudi Arabia’s revenues from oil exports dropped to $18.7 billion in July as the kingdom enacted supply cuts of 1 million barrels per day. While that’s the lowest figure since September 2021, there will probably be a significant improvement for August and this month, if not longer. Those cuts, which the kingdom’s likely to prolong until at least the end of 2023, have pushed up prices, with Brent crude now above $90 a barrel.
Saudi Arabia’s revenues from oil exports dropped to $18.7 billion in July as the kingdom enacted supply cuts of 1 million barrels per day. While that’s the lowest figure since September 2021, there will probably be a significant improvement for August and this month, if not longer. Those cuts, which the kingdom’s likely to prolong until at least the end of 2023, have pushed up prices, with Brent crude now above $90 a barrel.
#Dubai Real Estate: Buyers Queue Up for $5 Million Homes in Palm Jebel Ali - Bloomberg
Dubai Real Estate: Buyers Queue Up for $5 Million Homes in Palm Jebel Ali - Bloomberg
Hundreds of buyers scrambled to snap up luxury homes on the largest of Dubai’s palm-shaped islands where villas are going for 10 times the price of when the project was launched — but never built — two decades ago.
Brokers and investors queued in 100° Fahrenheit (38° Celsius) heat from 6 a.m. on Wednesday outside Nakheel PJSC’s sales center where the government-backed developer is selling hundreds of five-to-seven bedroom villas on the undeveloped Palm Jebel Ali — about 50 kilometers from downtown Dubai. Homes start at 18.7 million dirhams ($5.1 million), while the cheapest plots of land are selling for about 40 million dirhams.
Armed with check-books, brokers — many representing buyers from Russia and India — pleaded with staff to let them into Nakheel’s heavily-guarded offices at the base of the city’s first and most famous man-made island, Palm Jumeirah. One employee handed out water and paper towels to the crowd.
Dubai is reviving the Palm Jebel Ali project years after it was halted as the emirate seeks to cash in on an influx of newcomers, which ended a seven-year property slump and pushed prices to record levels. The luxury end of the market, in particular, has seen a spectacular reversal with the city soaring to the top spot of global rankings in the second quarter for transactions of homes valued at $10 million or above, according to real estate consultancy Knight Frank.
Hundreds of buyers scrambled to snap up luxury homes on the largest of Dubai’s palm-shaped islands where villas are going for 10 times the price of when the project was launched — but never built — two decades ago.
Brokers and investors queued in 100° Fahrenheit (38° Celsius) heat from 6 a.m. on Wednesday outside Nakheel PJSC’s sales center where the government-backed developer is selling hundreds of five-to-seven bedroom villas on the undeveloped Palm Jebel Ali — about 50 kilometers from downtown Dubai. Homes start at 18.7 million dirhams ($5.1 million), while the cheapest plots of land are selling for about 40 million dirhams.
Armed with check-books, brokers — many representing buyers from Russia and India — pleaded with staff to let them into Nakheel’s heavily-guarded offices at the base of the city’s first and most famous man-made island, Palm Jumeirah. One employee handed out water and paper towels to the crowd.
Dubai is reviving the Palm Jebel Ali project years after it was halted as the emirate seeks to cash in on an influx of newcomers, which ended a seven-year property slump and pushed prices to record levels. The luxury end of the market, in particular, has seen a spectacular reversal with the city soaring to the top spot of global rankings in the second quarter for transactions of homes valued at $10 million or above, according to real estate consultancy Knight Frank.
#Qatar, #UAE, Other Gulf Central Banks Hold Interest Rates Unchanged Like Fed - Bloomberg
Qatar, UAE, Other Gulf Central Banks Hold Interest Rates Unchanged Like Fed - Bloomberg
Central banks in the Gulf including Qatar and the United Arab Emirates followed the Federal Reserve’s decision to keep interest rates unchanged in order to protect their currencies’ peg against the US dollar.
The majority of central banks in the GCC mimic the Fed’s rate moves due to the greenback-pegging policy, with Kuwait the only exception in the six-member economic bloc as its dinar is linked to a basket of currencies.
Qatar said it would keep its repo rate unchanged 6%, its lending rate at 6.25% and its deposit rate at 5.75%
The UAE maintained its base rate applicable to the overnight deposit facility at 5.40%.
Central banks in the Gulf including Qatar and the United Arab Emirates followed the Federal Reserve’s decision to keep interest rates unchanged in order to protect their currencies’ peg against the US dollar.
The majority of central banks in the GCC mimic the Fed’s rate moves due to the greenback-pegging policy, with Kuwait the only exception in the six-member economic bloc as its dinar is linked to a basket of currencies.
Qatar said it would keep its repo rate unchanged 6%, its lending rate at 6.25% and its deposit rate at 5.75%
The UAE maintained its base rate applicable to the overnight deposit facility at 5.40%.
#UAE'S Fujairah Aug marine fuel sales hit eight-month highs | Reuters
UAE'S Fujairah Aug marine fuel sales hit eight-month highs | Reuters
Marine fuel sales at the UAE's Fujairah, the world's third-largest bunker hub, scaled eight-month highs in August, although volumes remained lower from a year-ago period, data showed.
Bunker sales at Fujairah provide a gauge of shipping market sentiment in the Middle East.
August bunker sales, excluding lubricants, were at 677,503 cubic metres, or about 671,000 metric tons, up 2.7% month-on-month but down 6.3% from the same month last year, according to the Fujairah Oil Industry Zone (FOIZ) data, which is published by S&P Global Commodity Insights.
The uptick in August was driven by a climb in high-sulphur bunker sales, which rose 12.7% month-on-month to 196,343 cubic meters, or about 195,000 metric tons.
Marine fuel sales at the UAE's Fujairah, the world's third-largest bunker hub, scaled eight-month highs in August, although volumes remained lower from a year-ago period, data showed.
Bunker sales at Fujairah provide a gauge of shipping market sentiment in the Middle East.
August bunker sales, excluding lubricants, were at 677,503 cubic metres, or about 671,000 metric tons, up 2.7% month-on-month but down 6.3% from the same month last year, according to the Fujairah Oil Industry Zone (FOIZ) data, which is published by S&P Global Commodity Insights.
The uptick in August was driven by a climb in high-sulphur bunker sales, which rose 12.7% month-on-month to 196,343 cubic meters, or about 195,000 metric tons.
Gulf stocks trade mixed on hawkish Fed stance | Reuters
Gulf stocks trade mixed on hawkish Fed stance | Reuters
Major stock markets in the Gulf were mixed in early trade on Thursday after the U.S. Federal Reserve signalled that interest rates could stay higher for longer.
The U.S. central bank held interest rates steady on Wednesday and projected an increase by year-end, saying monetary policy is likely to be significantly tighter through 2024 than previously thought.
The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 0.6%, on course to extend losses from the previous session, hit by a 1.2% fall in Saudi National Bank (1180.SE), the country's biggest lender.
Among other losers, oil giant Saudi Aramco (2222.SE) retreated 0.6%.
Separately, Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm.
Dubai's main share index (.DFMGI) gained 0.5%, led by a 4.5% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 0.9% increase in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%
Oil prices - a key catalyst for the Gulf's financial markets - fell in early Asian trade after posting the largest fall in a month in the previous session, as U.S. rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles.
The Qatari benchmark (.QSI) gained 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) adding 0.5%.
Major stock markets in the Gulf were mixed in early trade on Thursday after the U.S. Federal Reserve signalled that interest rates could stay higher for longer.
The U.S. central bank held interest rates steady on Wednesday and projected an increase by year-end, saying monetary policy is likely to be significantly tighter through 2024 than previously thought.
The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 0.6%, on course to extend losses from the previous session, hit by a 1.2% fall in Saudi National Bank (1180.SE), the country's biggest lender.
Among other losers, oil giant Saudi Aramco (2222.SE) retreated 0.6%.
Separately, Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm.
Dubai's main share index (.DFMGI) gained 0.5%, led by a 4.5% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 0.9% increase in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%
Oil prices - a key catalyst for the Gulf's financial markets - fell in early Asian trade after posting the largest fall in a month in the previous session, as U.S. rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles.
The Qatari benchmark (.QSI) gained 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) adding 0.5%.