#Dubai declines on profit-taking, #AbuDhabi marginally up | Reuters

Dubai declines on profit-taking, Abu Dhabi marginally up | Reuters

The Dubai index closed lower on Friday as investors moved to take profit from the previous session, while Abu Dhabi index ended marginally higher.

Dubai's main index (.DFMGI) retreated 0.3% after hitting an eight-year high on Thursday, dragged by blue-chip developer Emaar Properties (EMAR.DU) and Islamic lender MashreqBank (MASB.DU), which fell 2.9% and 6.1%, respectively.

However, the index posted its highest weekly gains in over two months, settling 3.1% higher, according to LSEG data.

Dubai's stock market witnessed a strong performance this week thanks to the positive sentiment and strong gains in banking and real estate, said George Pavel, General Manager at Capex.com Middle East.

Meanwhile, the Abu Dhabi benchmark index (.FTFADGI) edged 0.04% higher, supported by a 2.8% climb in state-run utility firm Abu Dhabi National Energy Company (TAQA.AD).

Among the winners, Mubadala-backed satellite firm Al Yah Satellite Communications (YAHSAT.AD) jumped 1.9% after the firm secured $5.1 billion satellite capacity and managed services mandate from the UAE government.

Crude prices, a key component of Gulf's economy, rose 1% on Friday, snapping three sessions of loss as Russia's ban on gasoline and diesel export to fight domestic shortages deepened supply concerns.

Brent crude was up 1% or $0.91 to $94.23 a barrel by 1120 GMT.

#UAE Energy Producer Masdar to Borrow Up to $1 Billion With Second Green Bond - Bloomberg

UAE Energy Producer Masdar to Borrow Up to $1 Billion With Second Green Bond - Bloomberg

Masdar, a major operator of solar power plants in the United Arab Emirates, is planning to raise as much as $1 billion through its second offering of green bonds, after borrowing $750 million earlier this year.

The company will likely issue more green bonds in the next six to nine months, potentially in the US, Chief Financial Officer Niall Hannigan said in an interview on Wednesday in New York. The prospective issuance is part of its plan to raise at least $3 billion to fund clean energy projects, he added.

“$750 million to $1 billion is probably where we’re looking,” said Hannigan. “We think that fits about right but that will be something that we will assess at that time.”

Ultimately, the size of future deals will depend on the pipeline of projects that it needs to fund and how much it can afford to borrow given its credit rating, Hannigan said. The company is rated A2 by Moody’s Investors Service and A+ by Fitch Ratings Inc.

#Saudi s Make a Splash at World Petroleum Congress Oil Event in Calgary - Bloomberg

Saudis Make a Splash at World Petroleum Congress Oil Event in Calgary - Bloomberg

Saudi Show of Strength

After missing the previous congress in Houston in 2021 as Covid scrambled countless travel plans, the Saudis were back this year, and in a big way. Energy Minister Prince Abdulaziz bin Salman was the star of the opening session on Monday. He said OPEC is targeting market stability and not higher prices, and sounded a note of caution on Chinese demand. Crude futures duly slipped back on his comments, but that only underlined the strength of Saudi influence on the oil market right now. Saudi Aramco boss Amin Nasser followed with a withering assessment of the idea of peak oil consumption.

The country’s sizable delegation was unmissable in the exhibition halls. Monday ended with a lavish roundtable dinner hosted by the Saudis and with guests including Alberta Premier Danielle Smith, investors, analysts, and officials from BP Plc and other companies.