BP to Invest $1.5 Billion in Egypt as Country’s Gas Output Falls - Bloomberg
BP Plc plans to invest about $1.5 billion in Egypt during the next few years as it seeks to develop gas projects and drilling in the North African country.
The spending, which will be net to BP, follows the London-based major’s announcement earlier this month it will form a gas-focused joint venture in Egypt with Abu Dhabi National Oil Co.
The new spending will occur during the next three to four years, a BP spokesperson said in an emailed response to questions. BP will continue to hold about 70% of its existing interests in Egypt outside the joint venture with Adnoc.
That partnership, expected to be completed in the second half of this year, will include interests in three of BP’s development concessions as well as exploration projects. Adnoc will provide a “proportionate cash contribution” to help fund future growth opportunities, the companies said at the time.
Egypt’s gas production has fallen to the lowest levels in years as domestic output has been hit by natural declines at fields, according to Bloomberg calculations.
At the same time, the country has been shipping excess liquefied natural gas to Europe outside the summer months as the continent seeks to cushion the blow from Russia choking supplies.
Wednesday, 28 February 2024
#Saudi's SNB Capital launches fund with focus on oil and gas | Reuters
Saudi's SNB Capital launches fund with focus on oil and gas | Reuters
Saudi investment bank and asset manager SNB Capital (1180.SE), opens new tab said on Wednesday it had launched a fund that has raised over $230 million and that will provide investors with exposure to the oil and gas sector under a shariah-compliant structure.
The SNB Capital Oil & Gas Fund I, established by SNB Capital's Dubai subsidiary, will invest directly in Repsol E&P, a joint venture (JV) between EIG and Spanish energy firm Repsol (REP.MC), opens new tab.
It will offer exposure to a global E&P (exploration and production) portfolio with a production capacity of around 600,000 barrels of oil equivalent per day, SNB Capital said in a statement.
Repsol will retain a majority stake in the JV while leveraging EIG's "long track record of investing across the capital structure in the global E&P sector to maximise value creation, enhancing the strengths of Repsol E&P", it said.
The SNB Capital Oil & Gas Fund I, established by SNB Capital's Dubai subsidiary, will invest directly in Repsol E&P, a joint venture (JV) between EIG and Spanish energy firm Repsol (REP.MC), opens new tab.
It will offer exposure to a global E&P (exploration and production) portfolio with a production capacity of around 600,000 barrels of oil equivalent per day, SNB Capital said in a statement.
Repsol will retain a majority stake in the JV while leveraging EIG's "long track record of investing across the capital structure in the global E&P sector to maximise value creation, enhancing the strengths of Repsol E&P", it said.
Mideast Stocks: Most Gulf markets in red ahead of US inflation data
Mideast Stocks: Most Gulf markets in red ahead of US inflation data
Most stock markets in the Gulf ended lower on Wednesday ahead of U.S. inflation data this week that may influence the timing of the Federal Reserve's monetary policy easing cycle. Investor focus is squarely on the personal consumption expenditures price index (PCE) for January, the Fed's preferred inflation measure, due on Thursday.
The PCE is expected to have risen 0.3% on a monthly basis in January, up slightly from the 0.2% increase seen in December, a Reuters poll showed.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually followed by Qatar, the United Arab Emirates and Saudi Arabia.
Most stock markets in the Gulf ended lower on Wednesday ahead of U.S. inflation data this week that may influence the timing of the Federal Reserve's monetary policy easing cycle. Investor focus is squarely on the personal consumption expenditures price index (PCE) for January, the Fed's preferred inflation measure, due on Thursday.
The PCE is expected to have risen 0.3% on a monthly basis in January, up slightly from the 0.2% increase seen in December, a Reuters poll showed.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually followed by Qatar, the United Arab Emirates and Saudi Arabia.
Saudi Arabia's benchmark index edged 0.1% up, helped by a 1.3% rise in ACWA Power.
Avalon Pharma jumped 29.8% on the second day of its listing. During the first three days of trade, the Saudi Exchange allows 30% fluctuation limits.
However, Saudi Aramco Base Oil Co fell 1.7%, following a sharp decline in fourth-quarter profit.
Avalon Pharma jumped 29.8% on the second day of its listing. During the first three days of trade, the Saudi Exchange allows 30% fluctuation limits.
However, Saudi Aramco Base Oil Co fell 1.7%, following a sharp decline in fourth-quarter profit.
Dubai's main share index added 0.4%, with Union Properties surging 147%.
On Monday, Union Properties announced a sale of land worth over 500 million dirhams ($136 million). The developer is also studying additional offers on its assets, worth more than 12 billion dirhams.
The Dubai government is selling a 24.99% stake in Parkin, which oversees public parking operations in the emirate, through an initial public offering in the emirate's first privatisation deal this year, the company said in a statement on Tuesday.
In Abu Dhabi, the index eased 0.1%.
The Dubai government is selling a 24.99% stake in Parkin, which oversees public parking operations in the emirate, through an initial public offering in the emirate's first privatisation deal this year, the company said in a statement on Tuesday.
In Abu Dhabi, the index eased 0.1%.
The Qatari benchmark index slipped 0.1% following a 2.7% fall in Commercial Bank.
Outside the Gulf, Egypt's blue-chip index dropped 1.1%, as most of its constituents were in negative territory including Commercial International Bank, which was down 1.1%.
Outside the Gulf, Egypt's blue-chip index dropped 1.1%, as most of its constituents were in negative territory including Commercial International Bank, which was down 1.1%.
#Saudi Tadawul keeps trading hours unchanged for #Ramadan
Saudi Tadawul keeps trading hours unchanged for Ramadan
The Saudi Tadawul stock exchange said that trading hours will remain unchanged during the Arabic month of Ramadan.
The holy month is expected to begin on March 9, 2024 with Eid Al-Fitr set to fall on April 14.
Trading sessions on Tadawul and Nomu-Parallel Market will run from 10:00 am to 3:00 pm. The post-trade sessions will be from 3:20 pm to 4:00 pm.
In the ETF, sukuk and bond markets, trading session will run from 10:00 am to 3:00 pm, with the post-trade session between 3:00 pm and 4:00 pm.
In the derivatives market, the trading session will run from 9:30 am to 3:30 pm, followed by the post-trade session from 3:30 pm until 4:00 pm.
The exchange said it will be closed from end of trading on April 4 for the Eid Al-Fitr holiday, and will resume on April 14.
The Saudi Tadawul stock exchange said that trading hours will remain unchanged during the Arabic month of Ramadan.
The holy month is expected to begin on March 9, 2024 with Eid Al-Fitr set to fall on April 14.
Trading sessions on Tadawul and Nomu-Parallel Market will run from 10:00 am to 3:00 pm. The post-trade sessions will be from 3:20 pm to 4:00 pm.
In the ETF, sukuk and bond markets, trading session will run from 10:00 am to 3:00 pm, with the post-trade session between 3:00 pm and 4:00 pm.
In the derivatives market, the trading session will run from 9:30 am to 3:30 pm, followed by the post-trade session from 3:30 pm until 4:00 pm.
The exchange said it will be closed from end of trading on April 4 for the Eid Al-Fitr holiday, and will resume on April 14.
#AbuDhabi sovereign fund to invest space tech, AI this year | Reuters
Abu Dhabi sovereign fund to invest space tech, AI this year | Reuters
Abu Dhabi's Mubadala Investment Co will deploy significant capital into artificial intelligence and space technology this year, its managing director said on Wednesday, committing the sovereign wealth fund to investing more in the United States.
Khaldoon Mubarak told an investor conference in Abu Dhabi that sovereign wealth funds had an opportunity and responsibility to transform from asset investors to enablers of global progress.
"We plan to invest more in the U.S. market and deepen strategic and forward-looking investment products in the UK, Europe, France," he said.
Mubadala, which controls $276 billion of assets, would also invest in healthcare, digital infrastructure and financing this year, Mubarak said, and had increased long-term allocations for Asia.
"We are in the business of driving progress and investing in solutions to global challenges," he said.
Abu Dhabi's Mubadala Investment Co will deploy significant capital into artificial intelligence and space technology this year, its managing director said on Wednesday, committing the sovereign wealth fund to investing more in the United States.
Khaldoon Mubarak told an investor conference in Abu Dhabi that sovereign wealth funds had an opportunity and responsibility to transform from asset investors to enablers of global progress.
"We plan to invest more in the U.S. market and deepen strategic and forward-looking investment products in the UK, Europe, France," he said.
Mubadala, which controls $276 billion of assets, would also invest in healthcare, digital infrastructure and financing this year, Mubarak said, and had increased long-term allocations for Asia.
"We are in the business of driving progress and investing in solutions to global challenges," he said.
#SaudiArabia’s Modern Mills Gets $40 Billion in Orders for IPO - Bloomberg
Saudi Arabia’s Modern Mills Gets $40 Billion in Orders for IPO - Bloomberg
Investors put in about $40 billion of orders for Saudi Arabia’s Modern Mills for Food Products Co.’s initial public offering, as demand for share sales in the Middle East shows no signs of abating.
The demand for the institutional tranche of the 1.2 billion-riyal ($320 million) IPO amounted to a coverage of almost 127 times, according to a statement. The price was set at 48 riyals per share, the top end of a marketed range and implying a market capitalization of 3.9 billion riyals.
The selling shareholders Mada International Holding Co., Al Ghurair Foods, and Masafi Co. are offering 24.5 million shares in the IPO, or a 30% stake in the company. Retail investors will be able to bid for the offering between March 5 and 6.
The Gulf region has been a booming market for IPOs over the past two years, with high oil prices and increased international investor interest driving the sentiment even as share sales slumped globally amid high interest rates.
Drugmaker Avalon Pharma is a recent example of the strong appetite for IPOs in the region. The firm drew institutional investor orders worth 68.3 billion riyals for its 492 million-riyal offering. Its shares rose 30% to 106.60 riyals on its trading debut on the Saudi stock exchange yesterday.
Investors put in about $40 billion of orders for Saudi Arabia’s Modern Mills for Food Products Co.’s initial public offering, as demand for share sales in the Middle East shows no signs of abating.
The demand for the institutional tranche of the 1.2 billion-riyal ($320 million) IPO amounted to a coverage of almost 127 times, according to a statement. The price was set at 48 riyals per share, the top end of a marketed range and implying a market capitalization of 3.9 billion riyals.
The selling shareholders Mada International Holding Co., Al Ghurair Foods, and Masafi Co. are offering 24.5 million shares in the IPO, or a 30% stake in the company. Retail investors will be able to bid for the offering between March 5 and 6.
The Gulf region has been a booming market for IPOs over the past two years, with high oil prices and increased international investor interest driving the sentiment even as share sales slumped globally amid high interest rates.
Drugmaker Avalon Pharma is a recent example of the strong appetite for IPOs in the region. The firm drew institutional investor orders worth 68.3 billion riyals for its 492 million-riyal offering. Its shares rose 30% to 106.60 riyals on its trading debut on the Saudi stock exchange yesterday.
Global rich keep luxury property prices rising as Manila, #Dubai soar - Knight Frank | Reuters
Global rich keep luxury property prices rising as Manila, Dubai soar - Knight Frank | Reuters
Luxury residential property bucked the trend of falling prices in 2023 and rose 3.1%, as double-digit gains in the likes of Manila and Dubai offset falls in New York and London, Knight Frank said on Wednesday.
A jump in borrowing costs, inflation and economic uncertainty hit property markets last year, causing a significant drop in transaction volumes.
That helped support prices of luxury properties, along with a rise in the portfolios of the rich as stock markets rebounded, according to property agents Knight Frank.
The Philippine capital, Manila, topped the list of 100 markets Knight Frank tracks, with prices jumping 26%, followed by Dubai at 15% and the Bahamas at 15%. Luxury prices in New York and London declined 2% in 2023 and are now 8% and 17% lower than their most recent peaks respectively, Knight Frank said in its flagship The Wealth Report.
Luxury residential property bucked the trend of falling prices in 2023 and rose 3.1%, as double-digit gains in the likes of Manila and Dubai offset falls in New York and London, Knight Frank said on Wednesday.
A jump in borrowing costs, inflation and economic uncertainty hit property markets last year, causing a significant drop in transaction volumes.
That helped support prices of luxury properties, along with a rise in the portfolios of the rich as stock markets rebounded, according to property agents Knight Frank.
The Philippine capital, Manila, topped the list of 100 markets Knight Frank tracks, with prices jumping 26%, followed by Dubai at 15% and the Bahamas at 15%. Luxury prices in New York and London declined 2% in 2023 and are now 8% and 17% lower than their most recent peaks respectively, Knight Frank said in its flagship The Wealth Report.
"As wealth portfolios recovered in 2023, affluent buyers targeted residential property in the world's luxury markets," Liam Bailey, global head of research at Knight Frank, said in a statement.
Most Gulf markets ease ahead of US inflation data | Reuters
Most Gulf markets ease ahead of US inflation data | Reuters
During the first three days of trade, the Saudi Exchange allows 30% fluctuation limits.
In Abu Dhabi, the index (.FTFADGI), opens new tab fell 0.1%.
Dubai's main share index (.DFMGI), opens new tab gained 0.4%, led by a 3.2% jump in Union Properties (UPRO.DU), opens new tab.
On Monday, Union Properties announced a sale of land worth over 500 million dirhams (about $136 million). The developer is also studying additional offers on its assets, worth more than 12 billion dirhams.
The Dubai government is selling a 24.99% stake in Parkin, which oversees public parking operations in the emirate, through an initial public offering in the emirate's first privatisation deal this year, the company said in a statement on Tuesday.
The Qatari benchmark (.QSI), opens new tab dropped 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1%.
Most major stock markets in the Gulf were subdued in early trade on Wednesday, ahead of a U.S. inflation reading this week that could influence the timing of the Federal Reserve's easing cycle.
Investor focus is squarely on the personal consumption expenditures price index (PCE) for January, the Fed's preferred inflation measure, due on Thursday. The PCE is expected to have risen 0.3% on a monthly basis in January, up slightly from the 0.2% increase seen in December, a Reuters poll showed.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually followed by Qatar, the United Arab Emirates and Saudi Arabia.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually followed by Qatar, the United Arab Emirates and Saudi Arabia.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, hit by a 0.4% fall in Al Rajhi Bank (1120.SE), opens new tab and a 2% decline in petrochemical maker Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab.
SABIC swung to a net loss of 2.77 billion riyals (about $739 million) in 2023, citing losses due to discontinued operations "driven mainly from the fair valuation of the Hadeed business".
However, Avalon Pharma (4016.SE), opens new tab jumped 29.8% on the second day of its listing.
However, Avalon Pharma (4016.SE), opens new tab jumped 29.8% on the second day of its listing.
During the first three days of trade, the Saudi Exchange allows 30% fluctuation limits.
In Abu Dhabi, the index (.FTFADGI), opens new tab fell 0.1%.
Dubai's main share index (.DFMGI), opens new tab gained 0.4%, led by a 3.2% jump in Union Properties (UPRO.DU), opens new tab.
On Monday, Union Properties announced a sale of land worth over 500 million dirhams (about $136 million). The developer is also studying additional offers on its assets, worth more than 12 billion dirhams.
The Dubai government is selling a 24.99% stake in Parkin, which oversees public parking operations in the emirate, through an initial public offering in the emirate's first privatisation deal this year, the company said in a statement on Tuesday.
The Qatari benchmark (.QSI), opens new tab dropped 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1%.