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ADNOC boosts size of drilling unit IPO to $1.1 billion | Reuters

ADNOC boosts size of drilling unit IPO to $1.1 billion | Reuters State oil giant Abu Dhabi National Oil Co (ADNOC) has increased to 11% of share capital the size of the initial public offering (IPO) of its drilling unit, ADNOC Drilling, because of oversubscription, the firm said on Wednesday.ADNOC had previously targeted a minimum stake of 7.5% in the IPO of ADNOC Drilling, at 2.3 dirhams ($0.6262) per share.In a statement it said the price had not changed but the number of ordinary shares off...
Tags: Travel, Reuters, Reuters State, Abu Dhabi National Oil Co ADNOC, ADNOC, Rupert Neil Bumfrey, ADNOC Drilling


#Saudi Telecom's tech business locks in $966 million from IPO | Reuters

Saudi Telecom's tech business locks in $966 million from IPO | Reuters Saudi Telecom Company (7010.SE) has completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion Saudi riyals ($966.35 million), STC said on Wednesday.The telecoms company last week priced the IPO at the top of an indicative range for its technology business, also known as Solutions by STC.The proceeds are before deducting fees, ...
Tags: Travel, Ipo, Reuters, STC, Rupert Neil Bumfrey, Saudi Telecom, Arabian Internet and Communications Services Co


Oil prices rise over $1 after report of big draw in U.S. crude stocks | Reuters

Oil prices rise over $1 after report of big draw in U.S. crude stocks | Reuters Oil prices climbed more than $1 on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.U.S. West Texas Intermediate (WTI) crude futures rose $1.08, or 1.5%, to $71.57 a barrel by 0643 GMT, adding to a 35- cent gain from Tuesday.Brent crude futures climbed $1.03, or 1.4%, to $75...
Tags: Travel, Reuters, Reuters Oil, Rupert Neil Bumfrey, China Evergrande Group


Oil edges up, as investors worry about global demand | Reuters

Oil edges up, as investors worry about global demand | Reuters Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to meet growing demand.Both benchmarks were at one point up by $1 per barrel, but Brent crude pared gains and settled just up 44 cents at $74.36 a barrel, after falling by almost 2% on Monday.The October West Texas Intermediate (WTI) contract , which expi...
Tags: Travel, Opec, Chicago, Reuters, Reuters Oil, Rupert Neil Bumfrey, Phil Flynn


As tensions ease, Turkey says talks to #UAE on energy investment | Reuters

As tensions ease, Turkey says talks to UAE on energy investment | Reuters Turkey is in talks with the United Arab Emirates over investment in its energy sector, Turkey's deputy energy minister said on Tuesday, after the sides called a truce on their bitter rivalry.After contacts between intelligence and government officials eased tensions, the UAE this month said it was seeking deeper trade and economic ties with Turkey and seven other countries as it looks to defend its global business hub st...
Tags: Travel, Turkey, United Arab Emirates, Dubai, Uae, Reuters, Suhail Al Mazrouei, Reuters Turkey, Rupert Neil Bumfrey, Bayraktar, Alparslan Bayraktar


MIDEAST STOCKS Most Gulf bourses in the red; #AbuDhabi edges up | Reuters

MIDEAST STOCKS Most Gulf bourses in the red; Abu Dhabi edges up | Reuters Most stock markets in the Gulf ended lower on Tuesday, extending losses from the previous session, amid concerns about contagion from the distress of debt-saddled Chinese developer Evergrande.The Chinese government is expected to step in to prevent any large shocks related to Evergrande, while worries about the economic slowdown and pandemic linger, said Wael Makarem, senior market strategist at Exness.Dubai's main s...
Tags: Travel, Saudi Arabia, Qatar, Abu Dhabi, Gulf, Reuters, Red Sea, IHC, Evergrande, Tasi, Rupert Neil Bumfrey, QSI, Gulf Egypt, Commercial International Bank COMI, Emaar Properties EMAR, Mesaieed Petrochemical MPHC


#Saudi Wealth Fund Plans Green Bond, Works With BlackRock on ESG - Bloomberg

Saudi Wealth Fund Plans Green Bond, Works With BlackRock on ESG - Bloomberg Saudi Arabia’s $430 billion sovereign wealth fund plans to announce its first green debt issuance and is working with BlackRock Inc. on a framework incorporating environmental, social and governance principles.The Public Investment Fund will announce the green issuance “very soon,” Governor Yasir Al-Rumayyan said in a virtual event on Tuesday.“We’re working with many partners from all over the world, domestically and i...
Tags: Travel, ESG, Blackrock, Reuters, BlackRock Inc, JPMorgan Chase Co, HSBC Holdings Plc, Rupert Neil Bumfrey, Yasir al Rumayyan, Al Rumayyan, ESG Bloomberg, ESG Bloomberg Saudi Arabia


OPEC+ struggles to pump more oil to meet rising demand | Reuters

OPEC+ struggles to pump more oil to meet rising demand | Reuters OPEC and its allies struggled again to pump enough oil in August to meet global demand as it recovers from the coronavirus pandemic, potentially adding to upward pressures on oil prices.Several OPEC+ members such as Nigeria, Angola and Kazakhstan have struggled in recent months to raise output due to years of under-investment or large maintenance work that has been delayed by the COVID-19 pandemic.Cheating and producing above tar...
Tags: Travel, Saudi Arabia, Opec, Kazakhstan, Gulf, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Nigeria Angola


Oil rallies on tight supplies in aftermath of U.S. storm | Reuters

Oil rallies on tight supplies in aftermath of U.S. storm | Reuters Oil prices rose on Tuesday as tighter U.S. supplies helped to reverse days of losses triggered by concerns across global markets about the impact on China's economy of a crisis at heavily-indebted property group China Evergrande.Brent crude gained 52 cents, or 0.7%, to $74.44 a barrel by 1338 GMT, having fallen by almost 2% on Monday.The October West Texas Intermediate (WTI) contract , which expires later on Tuesday, was up 41 ...
Tags: Travel, China, Federal Reserve, Reuters, Reuters Oil, Rupert Neil Bumfrey, Ricardo Evangelista


European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Qatar, Rupert Neil Bumfrey, Bloomberg UAE Kuwait Israel


OPEC+ Can Proceed With Reviving Supply, Two Key Members Say - Bloomberg

OPEC+ Can Proceed With Reviving Supply, Two Key Members Say - Bloomberg OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike. “The plan is working, we’re gradually increasing and the market is absorbing it,” United Arab Emirates Oil Minister Suhail Al-Mazrouei said Tuesday at the Gastech conference in Dubai. “I don’t see any reason why we should deviate from that.” Mazrouei’s view echoes comment...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Middle East, Dubai, Suhail Al Mazrouei, Rupert Neil Bumfrey, Gastech, Mazrouei, Bloomberg OPEC


Oil rises as U.S. storm aftermath squeezes supply | Reuters

Oil rises as U.S. storm aftermath squeezes supply | Reuters Oil prices rose on Tuesday, after sharp losses the previous session, amid tighter U.S. supplies, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.Brent crude gained $1.01, or 1.4%, to $74.93 a barrel by 0941 GMT, having fallen by almost 2% on Monday. The October West Texas Intermediate (WTI) contract , which expires later o...
Tags: Travel, China, Royal Dutch Shell, Federal Reserve, Gulf of Mexico, Reuters, Reuters Oil, Evergrande, Rupert Neil Bumfrey, Ricardo Evangelista, China Evergrande Brent


Low gas prices were not sustainable, #UAE minister says | Reuters

Low gas prices were not sustainable, UAE minister says | Reuters The United Arab Emirates' energy minister said on Tuesday low gas prices were not sustainable and a recent hike reflected market fundamentals and a lack of investment in the sector."Gas prices were not sustainable (at) $2 or $3. New investments need to be there. I'm afraid it is not going to be magical. ..prices will go through ups and downs until the market realises the right price. The market will drive the price," Minister Suh...
Tags: Travel, Europe, United States, United Arab Emirates, Dubai, Uae, Reuters, Suhail Al Mazrouei, Rupert Neil Bumfrey


Soaring gas prices not a crisis, reflect lack of investment - #Qatar minister | Reuters

Soaring gas prices not a crisis, reflect lack of investment -Qatar minister | Reuters Qatar’s energy minister said on Tuesday that he believes currently high gas prices reflect a lack of investment as well as a shortage of supply but added he did not regard the situation as a crisis."There is a huge demand from all our customers, and unfortunately we cannot cater for everybody. Unfortunately, in my view, this is due to the market not investing enough in the industry," Saad al-Kaabi said on the...
Tags: Travel, Qatar, Dubai, Reuters, Rupert Neil Bumfrey, Reuters Qatar, Saad al Kaabi


Saipem signs deal to set up newco with #Saudi Aramco | Reuters

Saipem signs deal to set up newco with Saudi Aramco | Reuters Italian energy services group Saipem (SPMI.MI) said it signed an agreement with Saudi Aramco to look into setting up a company to do engineering and construction (E&C) work in Saudi Arabia.In a statement Saipem said the new company would carry out E&C activity in the energy and infrastructure industrial sector.The agreement, signed on September 7, is part of Saudi Aramco's Namaat Investment Industrial Program. [Author: [email protected]
Tags: Travel, Saudi Arabia, Reuters, Saudi Aramco, Saipem, Rupert Neil Bumfrey, Saipem SPMI MI, Namaat Investment Industrial Program


#Saudi regulator authorises Natixis as underwriter, arranger | Reuters

Saudi regulator authorises Natixis as underwriter, arranger | Reuters Saudi Arabia's Capital Markets Authority has approved Natixis Saudi Arabia's request to change its business profile in the kingdom, allowing it to conduct dealings as an underwriter and arranging in the securities business, CMA said on Monday.The change also cancels Natixis Saudi Arabia's activity of conduct advising, CMA said.Natixis did not immediately respond to a Reuters request for comment.The French investment bank ope...
Tags: Travel, Saudi Arabia, Cma, Reuters, Riyadh, Natixis, Rupert Neil Bumfrey, Reuters Saudi Arabia s Capital Markets Authority, Natixis Saudi Arabia


#Dubai Airports Sees Doubling of Visitors in 2022 as Curbs Ease - Bloomberg video

Dubai Airports Sees Doubling of Visitors in 2022 as Curbs Ease - Bloomberg Dubai’s airports chief says the number of international visitors may more than double next year as the easing of Covid-19 restrictions boosts travel through one of the world’s busiest hubs.“We’re going to see a very sharp up-tick,” Dubai Airports Chief Executive Paul Griffiths said on Bloomberg Television on Tuesday. The lifting of curbs between Dubai and countries such as the U.K., U.S. and Saudi Arabia will have a “...
Tags: Travel, London, Saudi Arabia, Israel, Bloomberg, Britain, Middle East, United Arab Emirates, Dubai, Uae, Gulf, Griffiths, Bloomberg Television, Dubai International Airport, Paul Griffiths, Rupert Neil Bumfrey


OPEC, #Qatar Say Crisis Shows More Investment Needed: Gas Update - Bloomberg

OPEC, Qatar Say Crisis Shows More Investment Needed: Gas Update - Bloomberg Qatar Says Demand for LNG is Huge (11:50am UAE)“There is huge demand and we basically have a set capacity,” Qatar’s energy minister, Saad Al-Kaabi, said. The country is the world’s biggest exporter of liquefied natural gas and is investing billions of dollars to increase production, though the project will take years.“They are queuing up for LNG. We have huge demand from all our customers and unfortunately we can’t ...
Tags: Travel, Asia, Opec, Qatar, Bloomberg, Uae, Rupert Neil Bumfrey, Saad al Kaabi


Oil rises 1% as U.S. storm aftermath tightens supply | Reuters

Oil rises 1% as U.S. storm aftermath tightens supply | Reuters Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI) , which expires later on Tuesday, was ...
Tags: Travel, China, Gulf of Mexico, ANZ, Reuters, Reuters Oil, West Texas Intermediate WTI, U S Fed, Rupert Neil Bumfrey, ANZ Research, China Evergrande Brent


MIDEAST STOCKS Most Gulf indexes extend losses in line with Asian stocks | Reuters

MIDEAST STOCKS Most Gulf indexes extend losses in line with Asian stocks | Reuters Most stock markets in the Gulf region fell in ealry trade on Tuesday, extending losses from the previous session, mirroring weakness in Asian shares.Asian stocks struggled for traction in the wake of a sell-off that has shattered months of uneasy calm, as fears of contagion from the distress of debt-saddled developer China Evergrande triggered a global flight from risky assets.Saudi Arabia's benchmark index (.TA...
Tags: Travel, Saudi Arabia, Dubai, Abu Dhabi, Gulf, Reuters, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Reuters Most, China Evergrande, DFMGI, Emaar Properties EMAR DU, Emirates NBD Bank, Mesaieed Petrochemical MPHC


Oil falls 2% on risk aversion, dollar strength | Reuters

Oil falls 2% on risk aversion, dollar strength | Reuters Oil prices fell 2% on Monday as investors grew more risk averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currenciesBrent crude fell $1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. U.S. West Texas Intermediate (WTI) declined $1.68, or 2.3%, to end at $70.29 after falling to as low as $69.86.The dollar, seen as a safe haven, rose as worries ...
Tags: Travel, Federal Reserve, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Evergrande, Rupert Neil Bumfrey, Rystad Energy, Nishant Bhushan


Wall Street Flocked to #SaudiArabia But Still Awaits Fee Riches - Bloomberg

Wall Street Flocked to Saudi Arabia But Still Awaits Fee Riches - Bloomberg The latest crop of Saudi Arabia’s market newcomers is proving just as frugal when it comes to paying investment bankers.Despite attracting $125 billion in orders from investors for an initial public offering of Saudi Telecom Co.’s internet-services unit, banks including Morgan Stanley and HSBC Holdings Plc are set to share just about $12 million in fees, Arabian Internet and Communications Services Co., also known as s...
Tags: Travel, Saudi Arabia, Morgan Stanley, HSBC Holdings Plc, Europe Morgan Stanley, Rupert Neil Bumfrey, Saudi Telecom Co, UiPath Inc, Arabian Internet and Communications Services Co


MIDEAST STOCKS Most Gulf bourses decline as lower oil prices weigh | Reuters

MIDEAST STOCKS Most Gulf bourses decline as lower oil prices weigh | Reuters Dubai led declines among stock markets in the Gulf on Monday, as sentiment was weighed by a fall in global equities and oil prices.Global shares skidded as investors fretted about the spillover risk to the global economy from property group China Evergrande's troubles, while eyeing a week packed with global central bank meetings. read moreDubai's main share index (.DFMGI) retreated 1.2%, as most of the stocks on t...
Tags: Travel, Asia, Saudi Arabia, Global, Dubai, Abu Dhabi, Gulf, Reuters, Adi, Saudi Basic Industries Corp, Tasi, Rupert Neil Bumfrey, QSI, Reuters Dubai, Al Rajhi Bank, Gulf Egypt


#Saudi banks see robust growth in financing, deposits in Q2 | ZAWYA MENA Edition

Saudi banks see robust growth in financing, deposits in Q2 | ZAWYA MENA Edition The top 10 banks in Saudi Arabia have seen robust growth quarter-on-quarter in financing and deposits according to professional services firm Alvarez & Marsal.Core operating income increased by 8.4 percent from the first quarter to the second quarter of 2021, while L&A increased by 13.1 percent and deposits by 12.6 percent. The report said L&A and deposit growth was primarily supported by the merger of National Com...
Tags: Travel, Saudi Arabia, Sar, National Commercial Bank NCB, Rupert Neil Bumfrey, Saudi National Bank SNB, Alvarez Marsal Core, Kingdom Aggregate


#Dubai Tycoon Bets $545 Million on Tower to Show Cavalli Is Back - Bloomberg

Dubai Tycoon Bets $545 Million on Tower to Show Cavalli Is Back - Bloomberg The billionaire owner of Italian fashion house Cavalli is planning a lavish new tower in Dubai to showcase the brand’s return after a brush with bankruptcy and nearly two years of sluggish sales during the pandemic.Hussain Sajwani, founder and chairman of Dubai-based Damac Properties, told Bloomberg that he may even double down on the planned $545 million structure by building a similar one in Miami.The property tycoon...
Tags: Travel, Bloomberg, Dubai, Miami, Roberto Cavalli, Cavalli, DAMAC Properties, Rupert Neil Bumfrey, Hussain Sajwani, Sajwani


Saudi Arabia to Combine PIF-Backed Red Sea Coast Developers - Bloomberg

Saudi Arabia to Combine PIF-Backed Red Sea Coast Developers - Bloomberg Saudi Arabia plans to combine two state-controlled developers on the Red Sea coast as it pushes ahead with opening up the kingdom for more tourists. The Red Sea Development Co. will take over Amaala, both owned by the country’s Public Investment Fund and building adjacent tourist destinations, John Pagano, chief executive officer of both companies, said in an interview Monday. He declined to give financial details.Opening ...
Tags: Travel, Saudi Arabia, North West, Red Sea, ACWA Power, Pagano, Rupert Neil Bumfrey, John Pagano, NEOM, Amaala, Red Sea Development Co, PIF Backed Red Sea Coast Developers Bloomberg


Oil falls below $75 on risk-averse mood, dollar's gain | Reuters

Oil falls below $75 on risk-averse mood, dollar's gain | Reuters Oil fell below $75 a barrel on Monday as rising risk aversion weighed on stock markets and boosted the U.S. dollar, although crude pared earlier losses on signs that some U.S. Gulf output will stay offline for months due to storm damage.The dollar, seen as a safe haven, rose as worries about Chinese property developer Evergrande's solvency spooked equity markets and investors braced for the Federal Reserve to take another step to...
Tags: Travel, Federal Reserve, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Evergrande, Rupert Neil Bumfrey, U S Gulf, Tamas Varga


Oil falls to $74 on risk-averse mood, U.S. Gulf output | Reuters

Oil falls to $74 on risk-averse mood, U.S. Gulf output | Reuters Oil dropped more than $1 a barrel to around $74 on Monday as rising risk aversion weighed on stock markets and boosted the U.S. dollar, while more U.S. Gulf oil output came back online in the wake of two hurricanes.The U.S. dollar, seen as a safe haven, rose as worries about Chinese property developer Evergrande's solvency spooked equity markets and as investors braced for the Federal Reserve to take another step towards tapering...
Tags: Travel, Federal Reserve, Gulf, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Evergrande, Rupert Neil Bumfrey, Tamas Varga


European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar mid-session

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar mid-session [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Qatar, Rupert Neil Bumfrey, Bloomberg UAE Kuwait Israel


Most Gulf bourses fall in line with weaker oil, Asian stocks | Reuters

Most Gulf bourses fall in line with weaker oil, Asian stocks | Reuters Most stock markets in the Gulf region fell in early trade on Monday, mirroring weakness in Asian shares and oil prices, with Dubai leading declines.Asian shares skidded ahead of a week packed with global central bank meetings, with Evergrande’s troubles adding to growing concerns about the health of China’s economy after Beijing’s recent crackdown on tech firms had haunted the region.Oil prices extended losses from the prev...
Tags: Travel, Saudi Arabia, China, ExxonMobil, Beijing, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Emaar Properties, Evergrande, U S Gulf Coast, Qatar Islamic Bank, Rupert Neil Bumfrey, Al Rajhi Bank