Masdar: UAE Green Energy Firm Seeks Europe and US Deals - Bloomberg
The biggest green energy company in the United Arab Emirates is targeting deals in Europe and the US to more than double gross generating capacity to 100 gigawatts by the end of the decade.
While the Middle East will remain Masdar’s largest market, the focus is on the more mature regions for solar and wind power, Chief Operating Officer Abdulaziz Alobaidli said in an interview this week. First on the list is a “transformative” acquisition in Europe, but he declined to say how much money the firm has allocated on growth.
“This is one of the largest markets,” Alobaidli said. “If you want to be a key player, you have to increase your portfolio.”
Masdar is leading the country’s push for renewables as the UAE became the first Middle Eastern oil producer to declare a target to reach net zero carbon emissions by 2050. Its chairman, Sultan Al Jaber, is also the president of the COP28 climate summit that kicks off in Dubai later this month. The appointment, however, has drawn criticism for Jaber’s other role as chief executive officer of Adnoc, which is investing heavily to boost oil and gas production.
Thursday 16 November 2023
US Sanctions #UAE Shippers Over Russian Oil Cap Violations - Bloomberg
US Sanctions UAE Shippers Over Russian Oil Cap Violations - Bloomberg
The US sanctioned three shipping companies located in the United Arab Emirates for allegedly violating the $60-per-barrel price cap on Russian oil in its second round of penalties for apparent breaches of the measure.
The Treasury Department said that three vessels — the Kazan, the Ligovsky Prospect and the NS Century — engaged in the export of Russian oil above the cap after it took effect last December. The ships used services provided by US persons while transporting the oil, a violation of the measure, Treasury said.
The companies that owned the ships, which are all based in the UAE, were sanctioned for their involvement and the vessels were identified as blocked property. The companies are Kazan Shipping Inc., Progress Shipping Company Ltd. and Gallion Navigation Inc., Treasury said.
The tankers are ultimately owned by Sovcomflot, the state-run Russian tanker company, according to data compiled by Bloomberg. As such, it’s hard to gauge how damaging the Treasury sanctions will be in practice.
The US sanctioned three shipping companies located in the United Arab Emirates for allegedly violating the $60-per-barrel price cap on Russian oil in its second round of penalties for apparent breaches of the measure.
The Treasury Department said that three vessels — the Kazan, the Ligovsky Prospect and the NS Century — engaged in the export of Russian oil above the cap after it took effect last December. The ships used services provided by US persons while transporting the oil, a violation of the measure, Treasury said.
The companies that owned the ships, which are all based in the UAE, were sanctioned for their involvement and the vessels were identified as blocked property. The companies are Kazan Shipping Inc., Progress Shipping Company Ltd. and Gallion Navigation Inc., Treasury said.
The tankers are ultimately owned by Sovcomflot, the state-run Russian tanker company, according to data compiled by Bloomberg. As such, it’s hard to gauge how damaging the Treasury sanctions will be in practice.
#Oman recovering, IMF says, though more reforms required | Reuters
Oman recovering, IMF says, though more reforms required | Reuters
Oman's economic recovery is continuing, the International Monetary Fund (IMF) said on Thursday, adding that while it expects growth to rebound in 2024 after a slowdown this year on the back of oil production cuts, reforms need to continue.
GDP growth in the wider Gulf region is expected to slow in 2023 to 1.5%, the IMF said in October in its latest regional update, as oil GDP declines on lower crude production and prices. But overall growth is forecast to reach 3.7% next year.
After a visit to Oman, the IMF forecast its GDP growth would be 1.3% this year, from 4.3% in 2022. Last month it forecast Oman's growth to recover to 2.7% in 2024, buoyed by higher hydrocarbon output and strong non-oil growth.
"Nevertheless, the outlook is subject to high uncertainty, including from oil price volatility, global economic and financial developments, and potential indirect spillovers from the ongoing conflict in Gaza," it said in a statement.
Oman's economic recovery is continuing, the International Monetary Fund (IMF) said on Thursday, adding that while it expects growth to rebound in 2024 after a slowdown this year on the back of oil production cuts, reforms need to continue.
GDP growth in the wider Gulf region is expected to slow in 2023 to 1.5%, the IMF said in October in its latest regional update, as oil GDP declines on lower crude production and prices. But overall growth is forecast to reach 3.7% next year.
After a visit to Oman, the IMF forecast its GDP growth would be 1.3% this year, from 4.3% in 2022. Last month it forecast Oman's growth to recover to 2.7% in 2024, buoyed by higher hydrocarbon output and strong non-oil growth.
"Nevertheless, the outlook is subject to high uncertainty, including from oil price volatility, global economic and financial developments, and potential indirect spillovers from the ongoing conflict in Gaza," it said in a statement.
Bourses end higher on bets for end of rate-hike cycle | Reuters
Bourses end higher on bets for end of rate-hike cycle | Reuters
Stock markets in the Gulf ended higher on Thursday, as rising expectations of an end to the U.S. Federal Reserve's rate hike cycle boosted risk appetite.
U.S. retail sales fell in October, though by less than expected, after months of strong gains, pointing to slowing demand that could further strengthen expectations that the Federal Reserve is done hiking interest rates.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Etihad Atheeb Telecommunication (7040.SE) advancing 5.1% and oil behemoth Saudi Aramco (2222.SE) rising 0.5%.
The kingdom's crude oil exports in September rose 3% from the previous month to 5.75 million barrels per day (bpd), data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
Dubai's main share index (.DFMGI) added 0.6%, led by a 1.2% gain in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai stock market rebounded to a certain extent but continued to see significant volatility and uncertainty, said George Khoury, global head of education and research at CFI.
"While the main index remained within a range for most of this month, changing expectations regarding US monetary policy could support sentiment and could help the market see gains."
In Abu Dhabi, the index (.FTFADGI) added 0.4%.
The Qatari benchmark (.QSI) was up 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 1.7% and a 1.1% increase in Qatar Islamic Bank (QISB.QA).
The Qatari stock market recorded more gains, supported by the banking sector, and could extend its rebound after moving beyond its previous peak, said Khoury.
"However, the market could see some risks from the performance in natural gas markets where uncertainty could weigh on sentiment."
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1%.
U.S. retail sales fell in October, though by less than expected, after months of strong gains, pointing to slowing demand that could further strengthen expectations that the Federal Reserve is done hiking interest rates.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Etihad Atheeb Telecommunication (7040.SE) advancing 5.1% and oil behemoth Saudi Aramco (2222.SE) rising 0.5%.
The kingdom's crude oil exports in September rose 3% from the previous month to 5.75 million barrels per day (bpd), data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
Dubai's main share index (.DFMGI) added 0.6%, led by a 1.2% gain in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai stock market rebounded to a certain extent but continued to see significant volatility and uncertainty, said George Khoury, global head of education and research at CFI.
"While the main index remained within a range for most of this month, changing expectations regarding US monetary policy could support sentiment and could help the market see gains."
In Abu Dhabi, the index (.FTFADGI) added 0.4%.
The Qatari benchmark (.QSI) was up 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 1.7% and a 1.1% increase in Qatar Islamic Bank (QISB.QA).
The Qatari stock market recorded more gains, supported by the banking sector, and could extend its rebound after moving beyond its previous peak, said Khoury.
"However, the market could see some risks from the performance in natural gas markets where uncertainty could weigh on sentiment."
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1%.
#AbuDhabi Bourse Signs Pact With NYSE for Dual Listings - Bloomberg
Abu Dhabi Bourse Signs Pact With NYSE for Dual Listings - Bloomberg
Abu Dhabi Securities Exchange has signed a deal with the New York Stock Exchange to help the emirate’s stocks access a deeper pools of liquidity via dual listings.
The pact would also allow companies listed on the NYSE to expand their business and tap capital in Abu Dhabi, John Tuttle, the vice chairman of the NYSE, told Bloomberg News in an interview. “Giving ADX-listed companies access to the US marketplace we think will benefit them as well.”
The Middle East has seen a surge in initial public offerings, buoyed by high oil prices and investor inflows. The flurry of activity has prompted global banks to increase their presence by relocating staff or expanding.
Tuttle added that the agreement with ADX would provide “access to the world’s largest marketplace.” “We see myriad opportunities for collaboration from corporate equities to ETFs, ESG-related products as well.”
Abu Dhabi Securities Exchange has signed a deal with the New York Stock Exchange to help the emirate’s stocks access a deeper pools of liquidity via dual listings.
The pact would also allow companies listed on the NYSE to expand their business and tap capital in Abu Dhabi, John Tuttle, the vice chairman of the NYSE, told Bloomberg News in an interview. “Giving ADX-listed companies access to the US marketplace we think will benefit them as well.”
The Middle East has seen a surge in initial public offerings, buoyed by high oil prices and investor inflows. The flurry of activity has prompted global banks to increase their presence by relocating staff or expanding.
Tuttle added that the agreement with ADX would provide “access to the world’s largest marketplace.” “We see myriad opportunities for collaboration from corporate equities to ETFs, ESG-related products as well.”
#Dubai’s Top Crypto Official Set to Leave, Regulator Plans Fines - Bloomberg
Dubai’s Top Crypto Official Set to Leave, Regulator Plans Fines - Bloomberg
The head of Dubai’s crypto regulator is poised to depart after less than a year on the job, just as authorities prepare to impose sweeping fines on non-compliant digital-asset firms operating in the emirate.
Henson Orser, who’s run the Virtual Assets Regulatory Authority since January, will be replaced by Matthew White, a partner at PwC who has worked with VARA as a consultant, the regulator said in a statement to Bloomberg News on Thursday. Orser is stepping down for personal reasons, according to people with knowledge of the matter.
The leadership change comes just as the Dubai regulator prepares to levy fines on more than a dozen crypto companies that have failed to comply with its guidelines by a Nov. 17 deadline, some of the people said, asking not to be identified discussing a private matter. It wasn’t immediately clear which firms will be fined.
Orser wasn’t immediately available for comment. VARA declined to comment on the planned fines.
The head of Dubai’s crypto regulator is poised to depart after less than a year on the job, just as authorities prepare to impose sweeping fines on non-compliant digital-asset firms operating in the emirate.
Henson Orser, who’s run the Virtual Assets Regulatory Authority since January, will be replaced by Matthew White, a partner at PwC who has worked with VARA as a consultant, the regulator said in a statement to Bloomberg News on Thursday. Orser is stepping down for personal reasons, according to people with knowledge of the matter.
The leadership change comes just as the Dubai regulator prepares to levy fines on more than a dozen crypto companies that have failed to comply with its guidelines by a Nov. 17 deadline, some of the people said, asking not to be identified discussing a private matter. It wasn’t immediately clear which firms will be fined.
Orser wasn’t immediately available for comment. VARA declined to comment on the planned fines.
Egypt sells stake in tobacco firm Eastern Co. to #UAE company | Reuters
Egypt sells stake in tobacco firm Eastern Co. to UAE company | Reuters
Egypt has sold a stake in tobacco products maker Eastern Co (EAST.CA) in its first foreign sale of a major state asset since it agreed to a privatisation programme with the IMF last December.
The buyer was the UAE's Global Investment Holding Co., Eastern CEO Hani Aman confirmed to Reuters on Thursday.
Global Investment bought 30% of Eastern, or 669 million shares, for 16.40 billion Egyptian pounds ($531.60 million), or 24.51 pounds per share. The stock was trading at about 27.60 pounds on Thursday.
Egypt has sold a stake in tobacco products maker Eastern Co (EAST.CA) in its first foreign sale of a major state asset since it agreed to a privatisation programme with the IMF last December.
The buyer was the UAE's Global Investment Holding Co., Eastern CEO Hani Aman confirmed to Reuters on Thursday.
Global Investment bought 30% of Eastern, or 669 million shares, for 16.40 billion Egyptian pounds ($531.60 million), or 24.51 pounds per share. The stock was trading at about 27.60 pounds on Thursday.
Most major Gulf markets gain on bets on end of rate-hike cycle | Reuters
Most major Gulf markets gain on bets on end of rate-hike cycle | Reuters
Most major stock markets in the Gulf edged higher in early trade on Thursday, as rising expectations of an end to the U.S. Federal Reserve's rate hike cycle boosted risk appetite.
U.S. retail sales fell in October, though by less than expected, after months of strong gains, pointing to slowing demand that could further strengthen expectations that the Federal Reserve is done hiking interest rates.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) rose 0.1%, helped by a 0.7% rise in Al Rajhi Bank (1120.SE).
However, oil giant Saudi Aramco (2222.SE) eased 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - fell, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from China.
Dubai's main share index (.DFMGI) added 0.3%, with toll operator Salik Co (SALIK.DU) gaining 1.7% and Emaar properties (EMAR.DU) rising 0.7%.
Dubai's main airport expects a surge in its Q4 traffic, due in part to a rebound in passengers from China, the CEO of operator Dubai Airports said on Wednesday, as the Gulf hub remains on track to surpass pre-pandemic numbers for the full year.
In Abu Dhabi, the index (.FTFADGI) was flat.
The Qatari benchmark (.QSI) increased 0.4%, driven by a 0.9% rise in petrochemical maker Industries Qatar (IQCD.QA).
Among other gainers, Qatar Islamic Bank (QISB.QA) was up 0.9%.
The lender is planning to issue U.S. dollar-denominated five-year Islamic bonds, fixed-income news service IFR reported on Wednesday.
Most major stock markets in the Gulf edged higher in early trade on Thursday, as rising expectations of an end to the U.S. Federal Reserve's rate hike cycle boosted risk appetite.
U.S. retail sales fell in October, though by less than expected, after months of strong gains, pointing to slowing demand that could further strengthen expectations that the Federal Reserve is done hiking interest rates.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) rose 0.1%, helped by a 0.7% rise in Al Rajhi Bank (1120.SE).
However, oil giant Saudi Aramco (2222.SE) eased 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - fell, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from China.
Dubai's main share index (.DFMGI) added 0.3%, with toll operator Salik Co (SALIK.DU) gaining 1.7% and Emaar properties (EMAR.DU) rising 0.7%.
Dubai's main airport expects a surge in its Q4 traffic, due in part to a rebound in passengers from China, the CEO of operator Dubai Airports said on Wednesday, as the Gulf hub remains on track to surpass pre-pandemic numbers for the full year.
In Abu Dhabi, the index (.FTFADGI) was flat.
The Qatari benchmark (.QSI) increased 0.4%, driven by a 0.9% rise in petrochemical maker Industries Qatar (IQCD.QA).
Among other gainers, Qatar Islamic Bank (QISB.QA) was up 0.9%.
The lender is planning to issue U.S. dollar-denominated five-year Islamic bonds, fixed-income news service IFR reported on Wednesday.