Spain Weighs Placing Conditions on Saudi’s Telefonica Stake Bid - Bloomberg
The Spanish government is considering imposing conditions on Saudi Telecom Co.’s acquisition of a 9.9% stake in Telefonica SA similar to those placed on previous deals, such as limits on asset sales and dividend payments, according to a person familiar with the matter.
The provisions may include some of those applied in 2021 to the purchase of 23% of Naturgy Energy Group SA by Australian fund IFM Global Infrastructure, said the person, who asked not to be identified discussing confidential information.
Those conditions included backing for certain corporate policies, such as investment in projects deemed important for the nation, maintaining the legal registry and headquarters of Naturgy in Spain, a cautious dividend policy and an investment-grade leverage ratio. The buyer was also required to refrain from backing sales of critical assets or supporting any proposal to take the company private.
A final decision about the Telefonica stake has not been made and the government could decide to apply different conditions, the person added.
Tuesday, 26 September 2023
Mideast Oil Gets Tighter as Refineries in #Oman, #Bahrain Expand - Bloomberg
Mideast Oil Gets Tighter as Refineries in Oman, Bahrain Expand - Bloomberg
Oil supplies from the Persian Gulf are set to tighten further as Oman and Bahrain expand refining capacity, consuming more regional crude to produce fuels like diesel for export.
The new Duqm refinery, a joint venture between Oman and Kuwait, has begun exporting the first cargoes of refined products, according to people familiar with the matter. Traders expect the 230,000 barrel-a-day facility to be running at full capacity by the start of next year.
Bahrain is also expanding its Sitra refinery, boosting the 87-year-old crude processing plant’s capacity to about 400,000 barrels a day from 267,000 a day now. The project will modernize units capable of producing jet fuel and diesel that meet European specifications, according to people with knowledge of that plant’s operations. The expansion is set to be complete by the end of 2024, they said.
The operators of both facilities didn’t immediately respond to requests for comments.
Oil supplies from the Persian Gulf are set to tighten further as Oman and Bahrain expand refining capacity, consuming more regional crude to produce fuels like diesel for export.
The new Duqm refinery, a joint venture between Oman and Kuwait, has begun exporting the first cargoes of refined products, according to people familiar with the matter. Traders expect the 230,000 barrel-a-day facility to be running at full capacity by the start of next year.
Bahrain is also expanding its Sitra refinery, boosting the 87-year-old crude processing plant’s capacity to about 400,000 barrels a day from 267,000 a day now. The project will modernize units capable of producing jet fuel and diesel that meet European specifications, according to people with knowledge of that plant’s operations. The expansion is set to be complete by the end of 2024, they said.
The operators of both facilities didn’t immediately respond to requests for comments.
Gulf shares mixed amid Fed rate hike woes, weak oil | Reuters
Gulf shares mixed amid Fed rate hike woes, weak oil | Reuters
Major stock markets in the Gulf closed mixed on Tuesday, following declines in oil prices and global peers after top central banks hinted interest rates are likely to stay elevated for longer sapped investors' risk appetite.
Oil prices — a key catalyst for Gulf's financial markets — fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer.
Brent crude futures fell $1.16, or 1.24%, at $92.13 a barrel at 0844 GMT.
Dubai's main share index (.DFMGI) fell 0.7%, dragged by losses in almost all the sectors with property and banking shares leading the decline.
Blue-chip developer Emaar Properties (EMAR.DU) dropped 2.4% while Dubai Islamic Bank (DISB.DU) and Emirate's largest lender Emirates NBD (ENBD.DU) shares were down 1.5% and 1.1%, respectively.
In Abu Dhabi, the benchmark index (.FTFADGI) slipped 0.2%, led by a 0.3% slide in conglomerate International Holding Company (IHC.AD) and a 1.4% slump in Alpha Dhabi Holding (ALPHADHABI.AD).
Saudi Arabia's benchmark stock index (.TASI) rose 0.4%, after third consecutive negative day, with Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, increasing 1.4% and index heavyweight and oil major Saudi Aramco (2222.SE) gaining 0.9%.
The Qatari benchmark stock index (.QSI) gained 0.6%, after two consecutive sessions of decline, mostly led by solid gains in financial stocks. Shares in Qatar National Bank (QNBK.QA), the Gulf's biggest lender, and Qatar Islamic Bank (QISB.QA) were up 2.4% and 1.8% respectively.
Meanwhile, an aggressive rate hike by U.S. Federal Reserve may pose a challenge for the Gulf economy as most Gulf Cooperation Council countries (GCC) have their currencies pegged to the U.S. dollar and generally follow Fed policy moves, exposing them to direct impacts from any monetary tightening.
Outside the Gulf, Egypt's blue-chip index (.EGX30), edged up 0.2%, extending gains to a third consecutive session, helped by a 6.4% surge in Misr Fertilizer Production (MFPC.CA) and a 0.7% lift in Commercial International Bank (CIB) (COMI.CA), the country's biggest private bank.
Major stock markets in the Gulf closed mixed on Tuesday, following declines in oil prices and global peers after top central banks hinted interest rates are likely to stay elevated for longer sapped investors' risk appetite.
Oil prices — a key catalyst for Gulf's financial markets — fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer.
Brent crude futures fell $1.16, or 1.24%, at $92.13 a barrel at 0844 GMT.
Dubai's main share index (.DFMGI) fell 0.7%, dragged by losses in almost all the sectors with property and banking shares leading the decline.
Blue-chip developer Emaar Properties (EMAR.DU) dropped 2.4% while Dubai Islamic Bank (DISB.DU) and Emirate's largest lender Emirates NBD (ENBD.DU) shares were down 1.5% and 1.1%, respectively.
In Abu Dhabi, the benchmark index (.FTFADGI) slipped 0.2%, led by a 0.3% slide in conglomerate International Holding Company (IHC.AD) and a 1.4% slump in Alpha Dhabi Holding (ALPHADHABI.AD).
Saudi Arabia's benchmark stock index (.TASI) rose 0.4%, after third consecutive negative day, with Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, increasing 1.4% and index heavyweight and oil major Saudi Aramco (2222.SE) gaining 0.9%.
The Qatari benchmark stock index (.QSI) gained 0.6%, after two consecutive sessions of decline, mostly led by solid gains in financial stocks. Shares in Qatar National Bank (QNBK.QA), the Gulf's biggest lender, and Qatar Islamic Bank (QISB.QA) were up 2.4% and 1.8% respectively.
Meanwhile, an aggressive rate hike by U.S. Federal Reserve may pose a challenge for the Gulf economy as most Gulf Cooperation Council countries (GCC) have their currencies pegged to the U.S. dollar and generally follow Fed policy moves, exposing them to direct impacts from any monetary tightening.
Outside the Gulf, Egypt's blue-chip index (.EGX30), edged up 0.2%, extending gains to a third consecutive session, helped by a 6.4% surge in Misr Fertilizer Production (MFPC.CA) and a 0.7% lift in Commercial International Bank (CIB) (COMI.CA), the country's biggest private bank.
Major Gulf bourses drop in early trade on weaker oil prices | Reuters
Major Gulf bourses drop in early trade on weaker oil prices | Reuters
Major Stock markets in the Gulf fell in early trade on Tuesday, tracking declines in oil prices, with the U.S. Federal Reserve's hawkish tone weighing on investor sentiment.
Oil prices - a key catalyst for the Gulf's financial markets - declined, with Brent crude down 1.2% at $92.16 a barrel by 0850 GMT.
Dubai's benchmark stock index (.DFMGI) was down 0.7%, dragged by a 1.6% fall in Emaar Properties (EMAR.DU) and 0.8% loss in Dubai Electricity and Water Authority (DEWAA.DU).
The emirate's largest lender Emirates NBD (ENBD.DU) and Dubai Islamic Bank (DISB.DU) slipped 1.1% and 0.8%, respectively.
Abu Dhabi's benchmark stock index (.FTFADGI) fell 0.4%, weighed by a 0.4% loss in International Holding Company (IHC.AD) and 1.2% drop in Alpha Dhabi Holding (ALPHADHABI.AD).
Saudi Arabia's benchmark stock index (.TASI) was down 0.3% with Dr Sulaiman Al Habib Medical Services (4013.SE) losing 1.1% and Saudi Awwal Bank(1060.SE) sliding 1.9%.
Among the losers, oil major Saudi Aramco (2222.SE) shed 0.8% and Riyad Bank (1010.SE) lost 1.1%.
In Qatar, the benchmark (.QSI) was little changed, with losses in finance and utilities sectors capping gains in industry and energy sectors.
Industries Qatar (IQCD.QA) and Qatar Navigation (QNNC.QA) added 0.6% and 1.2% respectively, while Gulf's largest lender Qatar National Bank (QNBK.QA) slipped 0.4% and Doha Bank (DOBK.QA) dropped 1.4%.
The U.S. Federal Reserve's hawkish tone last week drove a message to markets that the interest rates will stay elevated for longer.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions, as most regional currencies are pegged to the U.S. dollar.
Major Stock markets in the Gulf fell in early trade on Tuesday, tracking declines in oil prices, with the U.S. Federal Reserve's hawkish tone weighing on investor sentiment.
Oil prices - a key catalyst for the Gulf's financial markets - declined, with Brent crude down 1.2% at $92.16 a barrel by 0850 GMT.
Dubai's benchmark stock index (.DFMGI) was down 0.7%, dragged by a 1.6% fall in Emaar Properties (EMAR.DU) and 0.8% loss in Dubai Electricity and Water Authority (DEWAA.DU).
The emirate's largest lender Emirates NBD (ENBD.DU) and Dubai Islamic Bank (DISB.DU) slipped 1.1% and 0.8%, respectively.
Abu Dhabi's benchmark stock index (.FTFADGI) fell 0.4%, weighed by a 0.4% loss in International Holding Company (IHC.AD) and 1.2% drop in Alpha Dhabi Holding (ALPHADHABI.AD).
Saudi Arabia's benchmark stock index (.TASI) was down 0.3% with Dr Sulaiman Al Habib Medical Services (4013.SE) losing 1.1% and Saudi Awwal Bank(1060.SE) sliding 1.9%.
Among the losers, oil major Saudi Aramco (2222.SE) shed 0.8% and Riyad Bank (1010.SE) lost 1.1%.
In Qatar, the benchmark (.QSI) was little changed, with losses in finance and utilities sectors capping gains in industry and energy sectors.
Industries Qatar (IQCD.QA) and Qatar Navigation (QNNC.QA) added 0.6% and 1.2% respectively, while Gulf's largest lender Qatar National Bank (QNBK.QA) slipped 0.4% and Doha Bank (DOBK.QA) dropped 1.4%.
The U.S. Federal Reserve's hawkish tone last week drove a message to markets that the interest rates will stay elevated for longer.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions, as most regional currencies are pegged to the U.S. dollar.
#SaudiArabia Takes a Step Closer to Achieving Nuclear Power - Bloomberg
Saudi Arabia Takes a Step Closer to Achieving Nuclear Power - Bloomberg
Saudi Arabia took a key step toward advancing its nascent nuclear power program, telling international inspectors they’ll have wider access to facilities in order to account for atomic materials.
The Gulf Arab power is implementing broader monitoring guidelines with the International Atomic Energy Agency and rescinding an outdated set of rules that have hindered its nuclear program, Energy Minister Prince Abdulaziz Bin Salman Al Saud said Monday in Vienna.
“The kingdom is committed through its policy on atomic energy to the highest standards on transparency and reliability,” Prince Abdulaziz said in prepared remarks at the IAEA’s annual general conference.
The move means that Saudi Arabia will be able to access supplies of fissile material and begin operating its first reactor, a small research unit built with the assistance of Argentina. The change will also support the Gulf Arab nation’s first tender for nuclear power plants.
Saudi Arabia took a key step toward advancing its nascent nuclear power program, telling international inspectors they’ll have wider access to facilities in order to account for atomic materials.
The Gulf Arab power is implementing broader monitoring guidelines with the International Atomic Energy Agency and rescinding an outdated set of rules that have hindered its nuclear program, Energy Minister Prince Abdulaziz Bin Salman Al Saud said Monday in Vienna.
“The kingdom is committed through its policy on atomic energy to the highest standards on transparency and reliability,” Prince Abdulaziz said in prepared remarks at the IAEA’s annual general conference.
The move means that Saudi Arabia will be able to access supplies of fissile material and begin operating its first reactor, a small research unit built with the assistance of Argentina. The change will also support the Gulf Arab nation’s first tender for nuclear power plants.
#Saudi investment firm Osool & Bakheet to proceed with IPO
Saudi investment firm Osool & Bakheet to proceed with IPO
Saudi Arabia’s Osool & Bakheet Investment Company (OBIC) will proceed with its IPO and list its shares on Nomu, the parallel market of the Saudi Stock Exchange (Tadawul).
The company will offer 1.6 million ordinary shares, representing 25% stake. The total offered shares will represent 18.5% of the capital after the IPO and planned capital increase, according to a bourse filing on Monday.
The share offering will run from October 15 to October 19. Pricing for the IPO will be announced prior to October 15.
The company, which deals with investment fund and discretionary portfolio management, has a paid-up capital of 60 million riyals ($16 million), according to its website.
Last June, OBIC received approvals from Tadawul and the Capital Market Authority to proceed with the share offering and listing.
Saudi Arabia’s Osool & Bakheet Investment Company (OBIC) will proceed with its IPO and list its shares on Nomu, the parallel market of the Saudi Stock Exchange (Tadawul).
The company will offer 1.6 million ordinary shares, representing 25% stake. The total offered shares will represent 18.5% of the capital after the IPO and planned capital increase, according to a bourse filing on Monday.
The share offering will run from October 15 to October 19. Pricing for the IPO will be announced prior to October 15.
The company, which deals with investment fund and discretionary portfolio management, has a paid-up capital of 60 million riyals ($16 million), according to its website.
Last June, OBIC received approvals from Tadawul and the Capital Market Authority to proceed with the share offering and listing.