Dubai approves 2025-27 budget with $74bln in expenditures
Dubai approved a 2025-2027 budget on Tuesday with 272 billion dirham ($74.06 billion) of expenditure, the biggest in the emirate's history, against revenues of 302 billion dirhams, its ruler, Sheikh Mohammed bin Rashid al-Maktoum, said in a post on X.
Dubai, one of the seven emirates of the United Arab Emirates and a regional trade and tourism hub, allocated 46% of its spending to infrastructure projects, including roads, bridges, and water drainage networks.
The Gulf city said in June that it would spend 30 billion dirhams ($8.2 billion) to boost its rainwater drainage system, after it was hit in April by the heaviest downpours recorded in the UAE in 75 years.
The infrastructure spending also includes a new airport. Sheikh Mohammed approved in April the airport's new passenger terminal, which is worth 128 billion dirhams ($35 billion).
Al Maktoum International Airport will be the largest in the world with an annual capacity of up to 260 million passengers, and will be five times the size of Dubai International Airport, which is already one of the world's busiest, the sheikh said at the time.
Sheikh Mohammed said 30% of the budget would be spent on health, education, and other public services.
He added that next year's budget would achieve an operating surplus of 21% of total revenues for the first time.
Tuesday 29 October 2024
Aramco CEO says oil market balanced, sees average demand of 104.5 mln bpd in 2024 | Reuters
Aramco CEO says oil market balanced, sees average demand of 104.5 mln bpd in 2024 | Reuters
The oil market is currently balanced and demand is expected to average 104.5 million barrels per day this year, the CEO of Saudi Arabian oil giant Saudi Aramco (2222.SE), opens new tab said on Tuesday.
"I think the market is currently balanced today. Definitely the increase in interest rates, what happened in China, had an impact, but it is balanced in terms of demand-supply fundamentals," Amin Nasser told the Future Investment Initiative (FII) conference in Riyadh.
"We are looking at 104.5 an average for this year, the fourth quarter we are looking close to 106 million barrels," he added.
Nasser was speaking after oil prices fell 6% on Monday, their lowest since Oct. 1, after Israel's retaliatory strike on Iran at the weekend bypassed Tehran's oil infrastructure.
On Tuesday, prices were up over 1%.
Declining oil demand from China, the world's largest crude oil importer, has also been a drag on global oil consumption and prices.
Nasser said that in spite of a "small impact" on gasoline because of the build-up in electric vehicles and the economic situation, there was still growth in China.
"When people talk about China they are always trying to maximize the downside and ignoring the upside."
The oil market is currently balanced and demand is expected to average 104.5 million barrels per day this year, the CEO of Saudi Arabian oil giant Saudi Aramco (2222.SE), opens new tab said on Tuesday.
"I think the market is currently balanced today. Definitely the increase in interest rates, what happened in China, had an impact, but it is balanced in terms of demand-supply fundamentals," Amin Nasser told the Future Investment Initiative (FII) conference in Riyadh.
"We are looking at 104.5 an average for this year, the fourth quarter we are looking close to 106 million barrels," he added.
Nasser was speaking after oil prices fell 6% on Monday, their lowest since Oct. 1, after Israel's retaliatory strike on Iran at the weekend bypassed Tehran's oil infrastructure.
On Tuesday, prices were up over 1%.
Declining oil demand from China, the world's largest crude oil importer, has also been a drag on global oil consumption and prices.
Nasser said that in spite of a "small impact" on gasoline because of the build-up in electric vehicles and the economic situation, there was still growth in China.
"When people talk about China they are always trying to maximize the downside and ignoring the upside."
Most Gulf markets gain on earnings; geopolitics weigh | Reuters
Most Gulf markets gain on earnings; geopolitics weigh | Reuters
Most stock markets in the Gulf ended higher on Tuesday as a slew of corporate earnings lifted investor sentiment, although regional tensions limited gains.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 1.4% rise in Al Rajhi Bank (1120.SE), opens new tab and a 3.1% increase in Saudi Arabian Mining Company (1211.SE), opens new tab.
Elsewhere, Mobile Telecommunications Saudi Arabia (7030.SE), opens new tab, known as Zain KSA, added 0.4% following a rise in quarterly net profit.
Separately, the kingdom's investment minister said on Tuesday the number of companies in the kingdom with a regional headquarters had reached 540, ahead of a 2030 target of 500.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed 0.1% higher, supported by a 0.4% increase in diversified holding firm Borouge (BOROUGE.AD), opens new tab.
Dubai's main share index (.DFMGI), opens new tab advanced 1%, with toll operator Salik Co (SALIK.DU), opens new tab rising 1.3%, and Emirates Central Cooling Systems Corp (EMPOWER.DU), opens new tab putting on 1.8%.
Oil prices - a catalyst for the Gulf's financial markets - rose more than 1%, reversing some of the previous session's 6% tumble, as a U.S. plan to buy oil for the Strategic Petroleum Reserve (SPR) provided some support, though wider concerns about weaker future demand growth exerted pressure.
The Qatari index (.QSI), opens new tab gained 0.8%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab climbing 1.1%, while petrochemical maker Industries Qatar (IQCD.QA), opens new tab rose 0.7% ahead of its earnings announcement.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.5%, hit by a 1.1% fall in Commercial International Bank (COMI.CA), opens new tab.
Most stock markets in the Gulf ended higher on Tuesday as a slew of corporate earnings lifted investor sentiment, although regional tensions limited gains.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 1.4% rise in Al Rajhi Bank (1120.SE), opens new tab and a 3.1% increase in Saudi Arabian Mining Company (1211.SE), opens new tab.
Elsewhere, Mobile Telecommunications Saudi Arabia (7030.SE), opens new tab, known as Zain KSA, added 0.4% following a rise in quarterly net profit.
Separately, the kingdom's investment minister said on Tuesday the number of companies in the kingdom with a regional headquarters had reached 540, ahead of a 2030 target of 500.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed 0.1% higher, supported by a 0.4% increase in diversified holding firm Borouge (BOROUGE.AD), opens new tab.
Dubai's main share index (.DFMGI), opens new tab advanced 1%, with toll operator Salik Co (SALIK.DU), opens new tab rising 1.3%, and Emirates Central Cooling Systems Corp (EMPOWER.DU), opens new tab putting on 1.8%.
Oil prices - a catalyst for the Gulf's financial markets - rose more than 1%, reversing some of the previous session's 6% tumble, as a U.S. plan to buy oil for the Strategic Petroleum Reserve (SPR) provided some support, though wider concerns about weaker future demand growth exerted pressure.
The Qatari index (.QSI), opens new tab gained 0.8%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab climbing 1.1%, while petrochemical maker Industries Qatar (IQCD.QA), opens new tab rose 0.7% ahead of its earnings announcement.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.5%, hit by a 1.1% fall in Commercial International Bank (COMI.CA), opens new tab.
#Saudi's first China-focused ETF to become the largest in Middle East | Reuters
Saudi's first China-focused ETF to become the largest in Middle East | Reuters
Saudi Arabia's first exchange-traded funds (ETFs) that track Hong Kong-listed shares, mainly Chinese firms, are expected to be the largest such funds in the Middle East.
Trading of the product, which kicks off on Wednesday on the Saudi Stock Exchange, has raised more than $1.2 billion at the start, issuer Albilad Capital and its partner Hong Kong's CSOP Asset Management said.
The initial size will surpass the current largest Islamic ETF - Al Rayan Qatar ETF - listed on the Qatar Exchange, LSEG data shows.
As ties grow between Arab countries and Beijing and Hong Kong, the ETFs open doors for Middle East investors to gain easy access to capital markets in the world's second largest economy.
The Albilad CSOP MSCI Hong Kong China Equity ETF is sharia-compliant, CSOP said, adding that it invests in 30 stocks through a Hong Kong-listed ETF tracking the MSCI HK China Connect Select Index (3432.HK), opens new tab.
The top three holdings are delivery platform Meituan (3690.HK), opens new tab, power tools maker Techtronic Industries (0669.HK), opens new tab and sportswear maker Anta Sports (2020.HK), opens new tab.
The product "opens a new avenue for investors to engage with the dynamic growth of China through Hong Kong, all while adhering to Sharia principles," said Zaid AlMufarih, the chief executive of Albilad Capital.
Another ETF that tracks Hong Kong stocks, SAB Invest Hang Seng Hong Kong ETF, will be launched on Thursday by SAB Invest, an arm of Saudi Awwal Bank.
"At a time when Chinese markets have underperformed in recent years, this launch signals potential for value, particularly for investors in the MENA region, who are prepared to look past geopolitical friction," said Gary Dugan, chief executive of the Global CIO Office, based in Dubai.
Saudi Arabia's first exchange-traded funds (ETFs) that track Hong Kong-listed shares, mainly Chinese firms, are expected to be the largest such funds in the Middle East.
Trading of the product, which kicks off on Wednesday on the Saudi Stock Exchange, has raised more than $1.2 billion at the start, issuer Albilad Capital and its partner Hong Kong's CSOP Asset Management said.
The initial size will surpass the current largest Islamic ETF - Al Rayan Qatar ETF - listed on the Qatar Exchange, LSEG data shows.
As ties grow between Arab countries and Beijing and Hong Kong, the ETFs open doors for Middle East investors to gain easy access to capital markets in the world's second largest economy.
The Albilad CSOP MSCI Hong Kong China Equity ETF is sharia-compliant, CSOP said, adding that it invests in 30 stocks through a Hong Kong-listed ETF tracking the MSCI HK China Connect Select Index (3432.HK), opens new tab.
The top three holdings are delivery platform Meituan (3690.HK), opens new tab, power tools maker Techtronic Industries (0669.HK), opens new tab and sportswear maker Anta Sports (2020.HK), opens new tab.
The product "opens a new avenue for investors to engage with the dynamic growth of China through Hong Kong, all while adhering to Sharia principles," said Zaid AlMufarih, the chief executive of Albilad Capital.
Another ETF that tracks Hong Kong stocks, SAB Invest Hang Seng Hong Kong ETF, will be launched on Thursday by SAB Invest, an arm of Saudi Awwal Bank.
"At a time when Chinese markets have underperformed in recent years, this launch signals potential for value, particularly for investors in the MENA region, who are prepared to look past geopolitical friction," said Gary Dugan, chief executive of the Global CIO Office, based in Dubai.
#Saudi wealth fund to cut overseas investments | Reuters
Saudi wealth fund to cut overseas investments | Reuters
Saudi Arabia's sovereign wealth fund plans to cut its overseas investments by about a third, its governor told a conference in Riyadh on Tuesday, as the Kingdom taps into its resources to fund plans to wean the economy off oil.
Speaking on a panel of business, technology and finance leaders, Public Investment Fund Governor Yasir Al-Rumayyan said the sovereign wealth fund was more focused on the domestic economy and aiming to bring the fund's international investments down to between 18% and 20% of the total from 30%.
Global business, technology and financial leaders have converged on the Saudi capital for the annual Future Investment Initiative (FII) summit, an opportunity for attendees to forge relations with some of Saudi Arabia's biggest companies and its $925 billion sovereign wealth fund.
This year, the event may also test investor appetite in Saudi Arabia's economic transformation at a time when there are fears of widening conflict in the Middle East.
The sovereign wealth fund is the main vehicle for Crown Prince Mohammed bin Salman's plans to steer the Saudi economy away from oil, with investments of hundreds of billions of dollars to develop new sectors and create more sustainable revenue streams.
However, the fund has been scaling back some of its flagship "giga-projects" due to rising costs.
Al-Rumayyan said there had been a shift in the way the fund deploys its investments towards establishing joint ventures with both international and local companies.
"Now we see a shift from people who want us to invest or take our money to invest from there to co-investments," he told the conference.
The country's investment minister, Khalid-al-Falih, said on Tuesday that the number of foreign companies with regional headquarters in Saudi Arabia had reached 540, ahead of a 2030 target of 500.
Oil remains the mainstay of the Saudi economy and Energy Minister Prince Abdulaziz bin Salman told the same event that the country was committed to maintaining crude capacity at 12.3 million barrels per day.
Saudi Arabia's sovereign wealth fund plans to cut its overseas investments by about a third, its governor told a conference in Riyadh on Tuesday, as the Kingdom taps into its resources to fund plans to wean the economy off oil.
Speaking on a panel of business, technology and finance leaders, Public Investment Fund Governor Yasir Al-Rumayyan said the sovereign wealth fund was more focused on the domestic economy and aiming to bring the fund's international investments down to between 18% and 20% of the total from 30%.
Global business, technology and financial leaders have converged on the Saudi capital for the annual Future Investment Initiative (FII) summit, an opportunity for attendees to forge relations with some of Saudi Arabia's biggest companies and its $925 billion sovereign wealth fund.
This year, the event may also test investor appetite in Saudi Arabia's economic transformation at a time when there are fears of widening conflict in the Middle East.
The sovereign wealth fund is the main vehicle for Crown Prince Mohammed bin Salman's plans to steer the Saudi economy away from oil, with investments of hundreds of billions of dollars to develop new sectors and create more sustainable revenue streams.
However, the fund has been scaling back some of its flagship "giga-projects" due to rising costs.
Al-Rumayyan said there had been a shift in the way the fund deploys its investments towards establishing joint ventures with both international and local companies.
"Now we see a shift from people who want us to invest or take our money to invest from there to co-investments," he told the conference.
The country's investment minister, Khalid-al-Falih, said on Tuesday that the number of foreign companies with regional headquarters in Saudi Arabia had reached 540, ahead of a 2030 target of 500.
Oil remains the mainstay of the Saudi economy and Energy Minister Prince Abdulaziz bin Salman told the same event that the country was committed to maintaining crude capacity at 12.3 million barrels per day.
#AbuDhabi's CYVN Holdings enters non-binding deal to buy McLaren's automotive business | Reuters
Abu Dhabi's CYVN Holdings enters non-binding deal to buy McLaren's automotive business | Reuters
Abu Dhabi-based investment vehicle CYVN Holdings has entered a non-binding agreement to buy 100% of carmaker McLaren's automotive business from Mumtalakat, the sovereign wealth fund of Bahrain, the two Gulf firms said on Tuesday.
Under the potential deal, CYVN Holdings would also acquire a non-controlling stake in McLaren Group," CYVN and Mumtalakat said in a statement, without providing further details.
McLaren said in April Mumtalakat had acquired full ownership of the group, which includes the British supercar maker and Formula One team McLaren Racing.
"This transformative investment by CYVN Holdings would bring access to additional capital, advanced engineering expertise and pioneering technology, particularly in the field of electric vehicles," the firms said in the joint statement.
Abu Dhabi-based investment vehicle CYVN Holdings has entered a non-binding agreement to buy 100% of carmaker McLaren's automotive business from Mumtalakat, the sovereign wealth fund of Bahrain, the two Gulf firms said on Tuesday.
Under the potential deal, CYVN Holdings would also acquire a non-controlling stake in McLaren Group," CYVN and Mumtalakat said in a statement, without providing further details.
McLaren said in April Mumtalakat had acquired full ownership of the group, which includes the British supercar maker and Formula One team McLaren Racing.
"This transformative investment by CYVN Holdings would bring access to additional capital, advanced engineering expertise and pioneering technology, particularly in the field of electric vehicles," the firms said in the joint statement.
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