UAE Minister of Climate Change and Environment Mariam Almheiri told Bloomberg TV's Yousef Gamal El-Din that “fossil fuels have a role to play, a much smaller role to play,” from the sidelines of COP28 talks in Dubai. The “phasing up” of renewables should be the focus, she emphasized, adding that the building of renewable energy systems itself required energy. (Source: Bloomberg)
Monday 4 December 2023
Watch #UAE Minister Mariam Almheiri: Fossil Fuels Have ‘Role to Play’ - Bloomberg video
Watch UAE Minister Mariam Almheiri: Fossil Fuels Have ‘Role to Play’ - Bloomberg
UAE Minister of Climate Change and Environment Mariam Almheiri told Bloomberg TV's Yousef Gamal El-Din that “fossil fuels have a role to play, a much smaller role to play,” from the sidelines of COP28 talks in Dubai. The “phasing up” of renewables should be the focus, she emphasized, adding that the building of renewable energy systems itself required energy. (Source: Bloomberg)
UAE Minister of Climate Change and Environment Mariam Almheiri told Bloomberg TV's Yousef Gamal El-Din that “fossil fuels have a role to play, a much smaller role to play,” from the sidelines of COP28 talks in Dubai. The “phasing up” of renewables should be the focus, she emphasized, adding that the building of renewable energy systems itself required energy. (Source: Bloomberg)
#Saudi bourse eases on falling oil prices, #Qatar extends losses | Reuters
Saudi bourse eases on falling oil prices, Qatar extends losses | Reuters
Saudi Arabia's stock market ended lower on Monday, snapping four sessions of gains, on falling oil prices, while the Qatari index extended losses from the previous session.
Oil prices - a catalyst for the Gulf's financial markets - extended declines, pressured by investor scepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses.
Geopolitical considerations were back in focus as fighting resumed in Gaza. Three commercial vessels came under attack in international waters in the southern Red Sea, the U.S. military said on Sunday.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, snapping four sessions of gains, weighed down by a 0.5% fall in oil giant Saudi Aramco (2222.SE).
The Qatari benchmark (.QSI) declined 0.8%, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.8%.
The Qatari stock market extended its price corrections, recording a second day in the red this week. The main index could continue to see declines after a rebound last month, said Abdelhadi Laabi, the chief marketing officer at KAMA Capital.
"Negative performances in energy markets could remain a detrimental force in the market which is seeing most individual stocks declining."
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.8%, ending a four-day losing streak, as most of its constituents were in positive territory, including Commercial International Bank (COMI.CA), which was up 2.8%.
** Markets in the United Arab Emirates were closed for a public holiday.
Saudi Arabia's stock market ended lower on Monday, snapping four sessions of gains, on falling oil prices, while the Qatari index extended losses from the previous session.
Oil prices - a catalyst for the Gulf's financial markets - extended declines, pressured by investor scepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses.
Geopolitical considerations were back in focus as fighting resumed in Gaza. Three commercial vessels came under attack in international waters in the southern Red Sea, the U.S. military said on Sunday.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, snapping four sessions of gains, weighed down by a 0.5% fall in oil giant Saudi Aramco (2222.SE).
The Qatari benchmark (.QSI) declined 0.8%, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.8%.
The Qatari stock market extended its price corrections, recording a second day in the red this week. The main index could continue to see declines after a rebound last month, said Abdelhadi Laabi, the chief marketing officer at KAMA Capital.
"Negative performances in energy markets could remain a detrimental force in the market which is seeing most individual stocks declining."
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.8%, ending a four-day losing streak, as most of its constituents were in positive territory, including Commercial International Bank (COMI.CA), which was up 2.8%.
** Markets in the United Arab Emirates were closed for a public holiday.
#UAE banks pledge $270 bln in green finance at COP28 climate talks | Reuters
UAE banks pledge $270 bln in green finance at COP28 climate talks | Reuters
Banks in the United Arab Emirates on Monday pledged to mobilise 1 trillion dirhams, or around $270 billion, in green finance, the chair of the country's banking federation told the COP28 climate talks.
Announced on the day dedicated to finance at the event in Dubai, it joins a growing list of pledges on everything from building renewable energy to helping farmers improve soil quality.
"At this pivotal moment it is my great honour to announce a landmark commitment that, fulfilling the UAE ambition, our UBF banking, national banks, have collectively pledged to mobilise over 1 trillion dirham," Abdul Aziz Al Ghurai said.
Banks in the United Arab Emirates on Monday pledged to mobilise 1 trillion dirhams, or around $270 billion, in green finance, the chair of the country's banking federation told the COP28 climate talks.
Announced on the day dedicated to finance at the event in Dubai, it joins a growing list of pledges on everything from building renewable energy to helping farmers improve soil quality.
"At this pivotal moment it is my great honour to announce a landmark commitment that, fulfilling the UAE ambition, our UBF banking, national banks, have collectively pledged to mobilise over 1 trillion dirham," Abdul Aziz Al Ghurai said.
#Saudi wealth fund to buy stake in luxury hotel chain Rocco Forte | Reuters
Saudi wealth fund to buy stake in luxury hotel chain Rocco Forte | Reuters
Saudi Arabia's sovereign wealth fund will buy a "significant" minority stake in luxury hotel group Rocco Forte Hotels and expand into various markets, the owner of the UK's Balmoral hotel said on Monday.
Founders Rocco Forte and his sister Olga Polizzi will remain as executive chairman and deputy chair, respectively, it said, adding that the Forte family will retain majority ownership and control.
PIF's purchase of a 49% stake in the hotel group valued it at about 1.2 billion pounds, the FT reported earlier, citing people familiar with the details.
"PIF is an excellent partner for us going forward... They share the same vision for the brand and the future strategy of the group with the same ambition to take a long-term view," Chairman Forte said in a statement.
A spokesperson for Rocco Forte Hotels declined to confirm the size of PIF's stake.
Rocco Forte Hotels, founded in 1996, and operator of some of Europe's most iconic properties has 14 individual hotels and resorts as well as 20 private villas across Italy, the United Kingdom, Germany, Belgium and Russia.
Italian investor CDPE Investimenti will sell its entire shareholding as part of the deal.
Saudi Arabia's sovereign wealth fund will buy a "significant" minority stake in luxury hotel group Rocco Forte Hotels and expand into various markets, the owner of the UK's Balmoral hotel said on Monday.
Founders Rocco Forte and his sister Olga Polizzi will remain as executive chairman and deputy chair, respectively, it said, adding that the Forte family will retain majority ownership and control.
PIF's purchase of a 49% stake in the hotel group valued it at about 1.2 billion pounds, the FT reported earlier, citing people familiar with the details.
"PIF is an excellent partner for us going forward... They share the same vision for the brand and the future strategy of the group with the same ambition to take a long-term view," Chairman Forte said in a statement.
A spokesperson for Rocco Forte Hotels declined to confirm the size of PIF's stake.
Rocco Forte Hotels, founded in 1996, and operator of some of Europe's most iconic properties has 14 individual hotels and resorts as well as 20 private villas across Italy, the United Kingdom, Germany, Belgium and Russia.
Italian investor CDPE Investimenti will sell its entire shareholding as part of the deal.
#Saudi bourse edges higher in early trade; #Qatar falls | Reuters
Saudi bourse edges higher in early trade; Qatar falls | Reuters
Saudi Arabia's stock market rose in early trade on Monday on expectations global interest rates would ease, although falling oil prices limited gains.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, with digital security firm Elm Company (7203.SE) rising 0.5%.
On the other hand, oil behemoth Saudi Aramo (2222.SE) eased 0.2%.
Oil futures reversed course after rising briefly amid persistent pressure from the OPEC+ decision and uncertainty over global fuel demand growth, although the risk of supply disruptions from the Middle East conflict limited the losses.
Geopolitical considerations were also front and centre of investors' minds as fighting resumed in Gaza. Three commercial vessels came under attack in international waters in the southern Red Sea, the U.S. military said on Sunday, as Yemen's Houthi group claimed drone and missile attacks on two Israeli vessels in the area.
The Qatari benchmark (.QSI) fell 0.3%, weighed down by a 1% fall in petrochemical maker Industries Qatar (IQCD.QA).
Qatar is demanding an "immediate, comprehensive and impartial international investigation" into what the Gulf country's prime minister described as Israeli crimes in Gaza, Qatar-based Al Jazeera TV reported on Sunday.
** Markets in the United Arab Emirates were closed for a public holiday.
Saudi Arabia's stock market rose in early trade on Monday on expectations global interest rates would ease, although falling oil prices limited gains.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, with digital security firm Elm Company (7203.SE) rising 0.5%.
On the other hand, oil behemoth Saudi Aramo (2222.SE) eased 0.2%.
Oil futures reversed course after rising briefly amid persistent pressure from the OPEC+ decision and uncertainty over global fuel demand growth, although the risk of supply disruptions from the Middle East conflict limited the losses.
Geopolitical considerations were also front and centre of investors' minds as fighting resumed in Gaza. Three commercial vessels came under attack in international waters in the southern Red Sea, the U.S. military said on Sunday, as Yemen's Houthi group claimed drone and missile attacks on two Israeli vessels in the area.
The Qatari benchmark (.QSI) fell 0.3%, weighed down by a 1% fall in petrochemical maker Industries Qatar (IQCD.QA).
Qatar is demanding an "immediate, comprehensive and impartial international investigation" into what the Gulf country's prime minister described as Israeli crimes in Gaza, Qatar-based Al Jazeera TV reported on Sunday.
** Markets in the United Arab Emirates were closed for a public holiday.