Guinea, Emirates Global Aluminum Agree on Alumina Plant Deal - Bloomberg
Guinea Alumina Corporation, a unit of Emirates Global Aluminum, signed a preliminary agreement with the Guinean government for the construction of an alumina refinery.
The plant is expected have a capacity of 1 million tons a year and be built in the region of Boke, where the company already extracts bauxite, according to a statement posted on Guineenews website.
Guinea’s ruling military junta has demanded clear alumina refinery projects from the main exporters of bauxite, the ore from which aluminum is derived. The move is aimed at promoting the processing of minerals on site, creating jobs and boosting mining revenues.
The government will own a 15% stake in GAC, according to the statement.
Sunday, 9 June 2024
#Saudi leads as Gulf bourses end higher; Egypt extends loss | Reuters
Saudi leads as Gulf bourses end higher; Egypt extends loss | Reuters
Most stock markets in the Gulf ended higher on Sunday, with the Saudi index hitting a near two-year high on the back of broad sectoral gains, while Egypt extended its losses to a third straight session.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 2.6%, the biggest intraday rise in about two years, with all of its constituents posting gains.
Al Rajhi Bank, the world's largest Islamic lender, climbed 3.7%, and Saudi Aramco (2222.SE), opens new tab gained 1.8% on the first day of trade after a secondary share offering expected to raise at least $11.2 billion. The oil major's shares jumped 5.7% compared with the offer price for the secondary sale.
Among other gainers, Miahona Holding (2084.SE), opens new tab surged 19.8% to 17.9 riyals per share. Shares in the water and wastewater infrastructure firm had started trading on Thursday following an initial public offering priced at 11.5 riyals.
The Qatari benchmark index (.QSI), opens new tab rose 0.4%, extending its gain to a seventh session, the longest rally in six months. The index was lifted by gains in almost all sectors, with Industries Qatar (IQCD.QA), opens new tab adding 0.7% and Qatar Gas Transport (QGTS.QA), opens new tab advancing 2.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab slipped for a third consecutive session to end 2.9% lower, with most sectors in the red.
Commercial International Bank (COMI.CA), opens new tab dropped 2.8% and Talaat Mostafa Group (TMGH.CA), opens new tab slid 4%.
Most stock markets in the Gulf ended higher on Sunday, with the Saudi index hitting a near two-year high on the back of broad sectoral gains, while Egypt extended its losses to a third straight session.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 2.6%, the biggest intraday rise in about two years, with all of its constituents posting gains.
Al Rajhi Bank, the world's largest Islamic lender, climbed 3.7%, and Saudi Aramco (2222.SE), opens new tab gained 1.8% on the first day of trade after a secondary share offering expected to raise at least $11.2 billion. The oil major's shares jumped 5.7% compared with the offer price for the secondary sale.
Among other gainers, Miahona Holding (2084.SE), opens new tab surged 19.8% to 17.9 riyals per share. Shares in the water and wastewater infrastructure firm had started trading on Thursday following an initial public offering priced at 11.5 riyals.
The Qatari benchmark index (.QSI), opens new tab rose 0.4%, extending its gain to a seventh session, the longest rally in six months. The index was lifted by gains in almost all sectors, with Industries Qatar (IQCD.QA), opens new tab adding 0.7% and Qatar Gas Transport (QGTS.QA), opens new tab advancing 2.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab slipped for a third consecutive session to end 2.9% lower, with most sectors in the red.
Commercial International Bank (COMI.CA), opens new tab dropped 2.8% and Talaat Mostafa Group (TMGH.CA), opens new tab slid 4%.
#SaudiArabia's Q1 GDP shrinks estimated 1.7% y/y | Reuters
Saudi Arabia's Q1 GDP shrinks estimated 1.7% y/y | Reuters
Saudi Arabia's real gross domestic product (GDP) in the first quarter shrank 1.7% from a year earlier, preliminary government data showed on Sunday, as a decline in oil activities continued to weigh on overall growth.
The kingdom's GDP shrank 3.7% in the fourth quarter of 2023. The decline in the first quarter was the third consecutive quarter of year-on-year contraction in the kingdom, hurt by cuts to oil production and lower crude prices.
Oil activities were down 11.2% in the first quarter versus the previous year, estimates from the General Authority for Statistics showed, while non-oil GDP grew 3.4% year on year and government activities increased 2%.
Saudi Arabia's real gross domestic product (GDP) in the first quarter shrank 1.7% from a year earlier, preliminary government data showed on Sunday, as a decline in oil activities continued to weigh on overall growth.
The kingdom's GDP shrank 3.7% in the fourth quarter of 2023. The decline in the first quarter was the third consecutive quarter of year-on-year contraction in the kingdom, hurt by cuts to oil production and lower crude prices.
Oil activities were down 11.2% in the first quarter versus the previous year, estimates from the General Authority for Statistics showed, while non-oil GDP grew 3.4% year on year and government activities increased 2%.
#Saudi Aramco shares trade higher after share offering | Reuters
Saudi Aramco shares trade higher after share offering | Reuters
Saudi Aramco's (2222.SE), opens new tab shares gained on Sunday, the first trading day after a secondary share offering expected to raise at least $11.2 billion.
The shares opened at 27.95 riyals a share, after closing the previous session on Thursday at 28.3 riyals, but climbed to 28.35 riyals by 0730 GMT. The secondary share sale's final price was set at 27.25 riyals, towards the lower end of the given price range.
Saudi Arabia placed over half of the Aramco share sale with foreign investors, two people with knowledge of the matter told Reuters on Saturday. One of them said multiple orders came from the United States, Britain, Hong Kong and Japan.
The world's top oil exporter has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet foreign investment has repeatedly missed targets.
Saudi de facto ruler Crown Prince Mohammed bin Salman's Vision 2030 is funding endeavours as diverse as electric vehicles to building futuristic cities in the desert, mainly via the Public Investment Fund (PIF).
The $925 billion sovereign fund, after scaling back some of its flagship giga-projects, aims to sharpen its focus to drive forward the vision.
Proceeds from the share sale are likely to be funnelled to the PIF, sources and analysts have said, though funds could also help plug the kingdom's budget deficit which has risen as the oil price has weakened.
Saudi Aramco's (2222.SE), opens new tab shares gained on Sunday, the first trading day after a secondary share offering expected to raise at least $11.2 billion.
The shares opened at 27.95 riyals a share, after closing the previous session on Thursday at 28.3 riyals, but climbed to 28.35 riyals by 0730 GMT. The secondary share sale's final price was set at 27.25 riyals, towards the lower end of the given price range.
Saudi Arabia placed over half of the Aramco share sale with foreign investors, two people with knowledge of the matter told Reuters on Saturday. One of them said multiple orders came from the United States, Britain, Hong Kong and Japan.
The world's top oil exporter has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet foreign investment has repeatedly missed targets.
Saudi de facto ruler Crown Prince Mohammed bin Salman's Vision 2030 is funding endeavours as diverse as electric vehicles to building futuristic cities in the desert, mainly via the Public Investment Fund (PIF).
The $925 billion sovereign fund, after scaling back some of its flagship giga-projects, aims to sharpen its focus to drive forward the vision.
Proceeds from the share sale are likely to be funnelled to the PIF, sources and analysts have said, though funds could also help plug the kingdom's budget deficit which has risen as the oil price has weakened.