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ACWA Power to announce financial closure for Jazan project this week | Reuters

ACWA Power to announce financial closure for Jazan project this week | Reuters ACWA Power will on Wednesday announce financial closure for a $12 billion gasification and power joint venture in Saudi Arabia's Jazan region, Chairman Mohammad Abunayyan said on Saturday.The Jazan IGCC Complex is a joint venture between Saudi Aramco, U.S.-based Air Products and ACWA Power. Oil giant Saudi Aramco will supply feedstock and the joint venture will produce power, hydrogen and other utilities for Aramco....
Tags: Travel, Saudi Arabia, Reuters, Saudi Aramco, ACWA Power, Jazan, Air Products, Rupert Neil Bumfrey, Reuters ACWA Power, Mohammad Abunayyan, Saudi Aramco U S, ACWA Power Oil


#Saudi SABIC targets carbon neutrality by 2050 - statement | Reuters

Saudi SABIC targets carbon neutrality by 2050 - statement | Reuters Petrochemicals giant Saudi Basic Industries Corp (SABIC) (2010.SE) announced plans on Saturday to meet carbon neutrality by 2050, the company said in a statement on the sidelines of the Saudi Green Initiative summit. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Reuters, SABIC, Saudi Basic Industries Corp, Rupert Neil Bumfrey, Reuters Petrochemicals


Oil hovers below recent highs; ends week up | Reuters

Oil hovers below recent highs; ends week up | Reuters Oil traded just below multi-year highs on Friday with bullish sentiment about low supplies tamped by concerns from world leaders that demand disruptions from the COVID-19 pandemic may not be over.Brent crude futures rose 92 cents, or 1.1%, to settle at $85.53 a barrel. The benchmark, which touched a three-year high of $86.10 on Thursday, was up 1% in the week, its seventh weekly gain.U.S. West Texas Intermediate (WTI) crude futures gained $...
Tags: Travel, Europe, Reuters, Reuters Oil, China India, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil rises above $85 a barrel, Brent set for seventh weekly gain | Reuters

Oil rises above $85 a barrel, Brent set for seventh weekly gain | Reuters Oil prices stayed near multi-year highs on Friday, erasing some earlier losses in Asian trading hours, with concerns about tight supply and stockpiles fuelling bullish sentiment.Brent crude futures rose 92 cents, or 1%, to $85.53 a barrel at 1335 GMT, after Thursday's three-year high of $86.10. The benchmark is set for its seventh weekly gain.U.S. West Texas Intermediate (WTI) crude futures gained $1.05, or 1.3%, to reac...
Tags: Travel, Europe, Reuters, Reuters Oil, China India, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil stays near $85 a barrel, Brent set for seventh weekly gain | Reuters

Oil stays near $85 a barrel, Brent set for seventh weekly gain | Reuters Oil prices stayed near multi-year highs on Friday, erasing some earlier losses in Asian trading hours, with concerns about tight supply and stockpiles fuelling bullish sentiment.Brent crude futures rose 23 cents, or 0.3%, to $84.84 a barrel at 0933 GMT, after Thursday's three-year high of $86.10. The benchmark is set for its seventh weekly gain.U.S. West Texas Intermediate (WTI) crude futures gained 20 cents, or 0.2%, to ...
Tags: Travel, Europe, United States, Reuters, National Oceanic And Atmospheric Administration, Reuters Oil, China India, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil prices drop; Brent on track for first weekly dip in seven | Reuters

Oil prices drop; Brent on track for first weekly dip in seven | Reuters Oil prices fell on Friday with Brent poised for its first weekly dip in seven weeks as demand for oil products in power generation cooled off amid easing coal and gas prices, while a forecast for a mild U.S. winter also weighed on the market.Brent crude futures dropped 50 cents, or 0.6%, to $84.11 a barrel at 0645 GMT, extending a $1.21 slump in the previous session.Brent touched a three-year high of $86.10 on Thursday, bu...
Tags: Travel, United States, Brent, Reuters, Reuters Oil, Rupert Neil Bumfrey, Ravindra Rao, Kotak Securities


Oil dives, forecast of mild U.S. winter spurs retreat from multi-year highs | Reuters

Oil dives, forecast of mild U.S. winter spurs retreat from multi-year highs | Reuters Oil tumbled on Thursday as a forecast for a warm U.S. winter put the brakes on a rally that drove prices to a three-year high above $86 a barrel early in the session on tight supply and a global energy crunch.Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration released Thursday morning."The report, indicating drier a...
Tags: Travel, United States, Reuters, National Oceanic And Atmospheric Administration, Reuters Oil, U S Energy Information Administration, Cushing Oklahoma, Rupert Neil Bumfrey, Bob Yawger, Mizuho Brent


#Saudi at its highest in over 15-years, #Qatar edges up | Reuters

Saudi at its highest in over 15-years, Qatar edges up | Reuters Saudi Arabia's stock market ended higher on Thursday, to remain at its highest in over 15 years, amid strong oil prices, while the Qatari index registered its twelfth weekly gain in thirteen.Investors remain optimistic in the region. Equities are buoyed by the good earnings season and the high level of energy prices, said Wael Makarem, senior market strategist at Exness."Additionally, the improved sanitary conditions should he...
Tags: Travel, Saudi Arabia, Qatar, Hsbc, Kuwait, Reuters, Reuters Saudi Arabia, Gulf Cooperation Council GCC, Tasi, UAE Egypt, Rupert Neil Bumfrey, Al Rajhi Bank, Dr Sulaiman Al Habib Medical Services Group, Wael Makarem, United Development Co UDCD QA


UBS eyes Mideast expansion with new wealth desk in #Dubai -memo | Reuters

UBS eyes Mideast expansion with new wealth desk in Dubai -memo | Reuters UBS (UBSG.S) will establish a new wealth desk in Dubai that will add coverage of Oman and Kuwait markets, and a dedicated sales team to capture business growth in the Middle East, according to an internal memo."The new desk will be in charge of markets onto which we will put increased focus out of this location going forward," said the note seen by Reuters.Former Credit Suisse banker Georges El Khoury will be desk head in...
Tags: Travel, Qatar, Barclays, Credit Suisse, Hsbc, Middle East, Dubai, Ubs, Oman, Kuwait, Doha, Reuters, Mideast, DIFC, Rupert Neil Bumfrey, Ross MacMillan


Oil hits multi-year high above $86, then pulls back | Reuters

Oil hits multi-year high above $86, then pulls back | Reuters Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched.Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration on Wednesday showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to a three-year l...
Tags: Travel, Reuters, Reuters Oil, U S Energy Information Administration, Cushing, Rupert Neil Bumfrey, Louise Dickson, Rystad Energy Oil


#Saudi holds at 15-year high, #Qatar extends gains | Reuters

Saudi holds at 15-year high, Qatar extends gains | Reuters Saudi Arabia's stock market rose in early trade on Thursday, holding on to a 15-year high, while the Qatari index extended gains to a second session.Saudi Arabia's benchmark index (.TASI) advanced 0.2%, with Al Rajhi Bank (1120.SE) rising 0.9%, while Dr Sulaiman Al-Habib Medical Services Group (4013.SE) leapt 3.3%.Among other gainers, oil giant Saudi Aramco (2222.SE) added 0.2% after HSBC raised its target price to 38.8 riyals from 37....
Tags: Travel, Saudi Arabia, Qatar, Hsbc, Uae, Reuters, Reuters Saudi Arabia, Gulf Cooperation Council GCC, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Dr Sulaiman Al Habib Medical Services Group


Gulf economies to pick up speed next year, with fall in oil prices biggest risk | Reuters

Gulf economies to pick up speed next year, with fall in oil prices biggest risk | Reuters Economies in the six-member Gulf Cooperation Council will grow faster next year than previously thought, according to a Reuters poll of economists who warned a decline in oil and gas prices was the biggest risk to their outlook.The oil-rich region will benefit from an increased COVID-19 vaccination rate, rising oil prices and easing of lockdown restrictions this year and next, the poll suggested.But while...
Tags: Travel, China, Reuters, Gulf Cooperation Council, Oct, Rupert Neil Bumfrey, Reuters Economies


Oil falls as investors take profits, but fuel switching caps losses | Reuters

Oil falls as investors take profits, but fuel switching caps losses | Reuters Oil prices fell on Thursday as some investors scooped up profits from the recent rally, though solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices capped losses.Brent crude futures fell 54 cents, or 0.6%, to $85.28 a barrel by 0649 GMT,turning down from earlier gains that took the benchmark to the highest since October 2018. It rose 0.9% the previous day.U.S. West Texas In...
Tags: Travel, Opec, United States, Reuters, Reuters Oil, Rupert Neil Bumfrey, Satoru Yoshida, Rakuten Securities


#Kuwait's efforts on political gridlock give hope for strained finances - IMF | Reuters

Kuwait's efforts on political gridlock give hope for strained finances - IMF | Reuters Kuwait's political gridlock has strained state coffers but new efforts to resolve the impasse could signal an acceleration in reform momentum, the International Monetary Fund said.A stand-off between the government and the elected parliament had paralysed legislative work, hindering efforts to boost state finances and enact measures including a debt law making it possible to tap global markets, a government ...
Tags: Travel, International Monetary Fund, Kuwait, Imf, Gulf, Reuters, Reuters Kuwait, Rupert Neil Bumfrey


Oil rallies as U.S. crude stocks decline in tight market | Reuters

Oil rallies as U.S. crude stocks decline in tight market | Reuters Oil prices rallied on Wednesday after U.S. crude inventories at the nation's largest storage site hit their lowest level in three years and nationwide fuel stocks fell sharply, a signal of rising demand.Brent crude futures settled at $85.82 a barrel, a gain of 0.9% or 74 cents and the highest since October 2018.November U.S. West Texas Intermediate (WTI) crude , which expires on Wednesday, settled at $83.87, up 91 cents, or 1.1...
Tags: Travel, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey


Oil rises modestly as U.S. crude stockpiles dwindle | Reuters

Oil rises modestly as U.S. crude stockpiles dwindle | Reuters Oil prices edged higher on Wednesday, rebounding from early losses after U.S. crude stockpiles unexpectedly fell and inventories at the nation's largest storage site hit their lowest level in three years.Brent crude futures rose 10 cents, or 0.1%, to $85.18 a barrel as of 11:58 a.m. EDT (1558 GMT), close to multi-year highs.November U.S. West Texas Intermediate (WTI) crude , which expires on Wednesday, rose 34 cents, or 0.4% to $83....
Tags: Travel, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Aramex drives #Dubai bourse higher, #Saudi at 15-year high | Reuters

Aramex drives Dubai bourse higher, Saudi at 15-year high | Reuters Dubai's stock market ended higher on Wednesday, outperforming its Gulf peers, led by a surge in logistic firm Aramex, while the Saudi index extended gains a day after hitting a 15-year peak.Dubai's main share index (.DFMGI) finished 1.4% higher, with Aramex (ARMX.DU) soaring 14.9%, its biggest intraday gain since Jan. 2009, after a direct deal worth 1.41 billion dirhams ($383.90 million) for its 295 million shares.On Tues...
Tags: Travel, Saudi Arabia, Qatar, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Doha, Uae, Gulf, Reuters, Aramex, Adi, Tasi, Rupert Neil Bumfrey, Reuters Dubai


Energy crisis is wake up call for more investment, forum hears | Reuters

Energy crisis is wake up call for more investment, forum hears | Reuters The current energy crisis is a wake-up call for the need to invest more in the sector to avoid another energy supply crunch, Abu Dhabi National Oil Company (ADNOC) Chief Executive Sultan al-Jaber told a conference on Wednesday.The oil minister of India, the world's third biggest oil consumer and importer, echoed Jaber's comments, while OPEC's secretary general said oil and gas needed to play a central role in the energy t...
Tags: Travel, India, Opec, Reuters, Jaber, Rupert Neil Bumfrey, Abu Dhabi National Oil Company Adnoc, Hardeep Singh Puri, CERA Week India Energy Forum India


Oil falls as China considers intervention to ease coal crunch | Reuters

Oil falls as China considers intervention to ease coal crunch | Reuters Oil prices fell on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage.Brent crude futures fell 85 cents, or 1%, to $84.23 a barrel at 1217 GMT, paring a 75 cent rise in the previous session, but still lingering close to multi-year highs.November U.S. West Texas Intermediate (WTI) crude , which exp...
Tags: Travel, China, Beijing, Reuters, Reuters Oil, Commerzbank, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil drops as China considers intervention to ease coal crunch | Reuters

Oil drops as China considers intervention to ease coal crunch | Reuters Oil prices fell on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage.Brent crude futures dropped 73 cents, or 0.9%, to $84.35 a barrel at 1003 GMT, paring a 75 cent rise in the previous session, but still lingering close to multi-year highs.U.S. West Texas Intermediate (WTI) crude futures for Nov...
Tags: Travel, China, Beijing, Reuters, Reuters Oil, Commerzbank, Rupert Neil Bumfrey


French express parcel firm Geopost acquires 20.15% stake in Dubai's Aramex | Reuters

French express parcel firm Geopost acquires 20.15% stake in Dubai's Aramex | Reuters GeoPost, the express parcel arm of French Groupe La Poste (LAPST.UL), has acquired a 20.15% stake in Dubai-listed courier firm Aramex (ARMX.DU), according to a regulatory filing on Wednesday.The French express logistics firm acquired about 295 million shares in Aramex, valuing the deal at 1.4 billion dirhams ($381.18 million), a filing on the Dubai Financial Market showed. [Author: [email protected] (Rup...
Tags: Travel, Dubai, Reuters, Aramex, Rupert Neil Bumfrey, GeoPost, Aramex ARMX, Groupe La Poste LAPST UL


#AbuDhabi wealth fund to lead GoTo's pre-IPO funding with $400 mln | Reuters

Abu Dhabi wealth fund to lead GoTo's pre-IPO funding with $400 mln | Reuters The Abu Dhabi Investment Authority (ADIA) will invest $400 million to lead a pre-IPO fundraising exercise by Indonesia's biggest tech group, GoTo, the firms said in a joint statement on Wednesday.Backed by investors such as Alibaba Group Holding (9988.HK), Softbank Vision Fund and Singapore wealth fund GIC, GoTo is among the firms to benefit from more people flocking to digital platforms during pandemic lockdowns that...
Tags: Travel, Indonesia, Southeast Asia, Singapore, Abu Dhabi, Gojek, Reuters, GIC, GOTO, ADIA, Tokopedia, Rupert Neil Bumfrey, Abu Dhabi Investment Authority Adia, Andre Soelistyo, Alibaba Group Holding 9988 HK Softbank Vision Fund, Hamad Shahwan Al Dhaheri


Fertiglobe sets mid-range IPO price, gross proceeds of around $795 mln | Reuters

Fertiglobe sets mid-range IPO price, gross proceeds of around $795 mln | Reuters Fertiglobe, a joint venture between Abu Dhabi National Oil Co and chemical producer OCI (OCI.AS), said its initial public offering was priced at 2.55 dirhams ($0.6943) a share, raising around $795 million for its shareholders.The price is in the middle of the 2.45-2.65 dirhams per share range the company had set out and gives it a market capitalisation of about $5.8 billion, Fertiglobe said in a statement on Wedne...
Tags: Travel, Abu Dhabi, Reuters, ADNOC, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, ADNOC Drilling, Fertiglobe, Reuters Fertiglobe


Aramex buoys #Dubai bourse, #Saudi at 15-year high | Reuters

Aramex buoys Dubai bourse, Saudi at 15-year high | Reuters Dubai's stock market rose in early trade on Wednesday, outperforming its regional peers, while the Saudi index held on to a 15-year high.Dubai's main share index (.DFMGI) advanced 0.8%. Aramex (ARMX.DU) surged 14.9%, its biggest intraday gain since Jan. 2009, after a direct deal worth 1.41 billion dirhams ($383.90 million) was implemented on its 295 million shares.On Tuesday, the logistics firm also resumed deliveries to and from the U...
Tags: Travel, Saudi Arabia, China, Qatar, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Doha, Reuters, Aramex, Adi, Tasi, Rupert Neil Bumfrey, Al Rajhi, Abu Dhabi National Oil Co


Oil remains near multi-year highs as energy crunch persists | Reuters

Oil remains near multi-year highs as energy crunch persists | Reuters Oil futures rose on Tuesday and were near multi-year highs as an energy supply crunch continued across the globe, while falling temperatures in China revived concerns over whether the world's biggest energy consumer can meet domestic heating needs.The Brent crude benchmark rose 75 cents to settle at $85.08 a barrel. U.S. West Texas Intermediate (WTI) futures rose 52 cents to settle at $82.96 a barrel.Prices have been climbin...
Tags: Travel, China, Reuters, Reuters Oil, Rupert Neil Bumfrey, Rystad Energy, Louise Dickson


#AbuDhabi's tech hub sees surge of interest from start-ups | Reuters

Abu Dhabi's tech hub sees surge of interest from start-ups | Reuters Abu Dhabi’s new technology hub says it has seen a surge in interest from start-up firms in the United Arab Emirates and abroad despite the economic impact of the coronavirus pandemic last year, amid increased optimism from the sector.Hub71, backed by Abu Dhabi state fund Mubadala Investment Co, the SoftBank Vision Fund, and Microsoft (MSFT.O), has accepted 100 start-up firms since its inception in 2019 after a selection proce...
Tags: Travel, Microsoft, Middle East, United Arab Emirates, Abu Dhabi, Uae, Reuters, Reuters Abu Dhabi, Rupert Neil Bumfrey, Itani, Mubadala Investment Co, SoftBank Vision Fund, Jida Itani


Oil remains near multi-year highs as energy crunch continues | Reuters

Oil remains near multi-year highs as energy crunch continues | Reuters Oil rose on Tuesday and was near multi-year highs as an energy supply crunch continued across the globe, while falling temperatures in China revived concerns over whether the world's biggest energy consumer can meet domestic heating needs.The Brent crude benchmark was up 99 cents, or 1.2%, to $85.32 a barrel by 12:59 p.m. EDT (1659 GMT). U.S. West Texas Intermediate (WTI) futures rose $1.27, or 1.5%, to $83.71 a barrel.Pric...
Tags: Travel, China, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Rystad Energy, Louise Dickson


Chipmaker GlobalFoundries targets valuation of about $25 bln in U.S. IPO | Reuters

Chipmaker GlobalFoundries targets valuation of about $25 bln in U.S. IPO | Reuters Chipmaker GlobalFoundries, owned by Abu Dhabi's sovereign wealth fund Mubadala Investment Co, is aiming for a valuation of about $25 billion in its initial public offering in the United States.The IPO, one of the most hotly anticipated listings, is expected to cap a record year for flotations, after several big names such as Robinhood Markets Inc (HOOD.O), Coinbase Global Inc (COIN.O) and Roblox Corp (RBLX.N) ca...
Tags: Travel, United States, Abu Dhabi, Reuters, Rupert Neil Bumfrey, Mubadala Investment Co, Rivian, Roblox Corp, Reuters Chipmaker GlobalFoundries, Robinhood Markets Inc HOOD O Coinbase Global Inc


S&P expects weak tourism to weigh on #Dubai economy until late 2022 | Reuters

S&P expects weak tourism to weigh on Dubai economy until late 2022 | Reuters Dubai is set for a "modest" recovery this year on the back of a high vaccination rate in the United Arab Emirates and limited COVID-19 restrictions, but weak international tourism will drag on the economy until late 2022, S&P Global Ratings said.The economy of the Middle East trade, finance, and tourism hub shrank 10.9% last year, with the coronavirus-driven drop in tourism contributing to 56% of the overall decline, ...
Tags: Travel, Middle East, United Arab Emirates, Dubai, Uae, Reuters, Rupert Neil Bumfrey, Reuters Dubai, COVID


#Saudi index hits 15-year peak; Egypt falls on profit-taking | Reuters

Saudi index hits 15-year peak; Egypt falls on profit-taking | Reuters Saudi Arabia closed at a more than 15-year high on Tuesday as crude prices resumed gains, while the Egyptian bourse retreated as investors booked profits following a recent rally.Brent crude was up 65 cents, or 0.8%, to $84.98 a barrel by 1206 GMT as a supply crunch in natural gas, electricity and coal continued across the globe while falling temperatures in China revived concerns.Saudi Arabia's benchmark index (.TASI) r...
Tags: Travel, Saudi Arabia, China, Qatar, Egypt, United Arab Emirates, Dubai, Oman, Abu Dhabi, Kashmir, Doha, Reuters, Adi, Jammu, Tasi, Etihad Etisalat



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