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#AbuDhabi Stocks Lead Mideast Gains After Global Rout: Inside EM - Bloomberg

Abu Dhabi Stocks Lead Mideast Gains After Global Rout: Inside EM - Bloomberg Stocks in Abu Dhabi rallied, leading gains among Middle Eastern markets rebounding from last week’s slump over the uncertainty about the spread of the omicron variant of Covid-19.“We are still in the market. We like the region,” specifically the United Arab Emirates and Saudi Arabia, Ali El Adou, head of asset management at Daman Investments in Dubai, said in an interview on Bloomberg TV. “High vaccination rates is an...
Tags: Travel, Saudi Arabia, Qatar, Bloomberg, United Arab Emirates, Dubai, Abu Dhabi, Kuwait, Tadawul, SABIC, Bloomberg TV, Etisalat, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, Al Rajhi Bank, First Abu Dhabi Bank


#Saudi bourse outperforms most Gulf markets | Reuters

Saudi bourse outperforms most Gulf markets | Reuters Saudi Arabia's stock market ended higher on Wednesday, buoyed by gains in financial shares, while the Dubai index snapped three sessions of losses.Saudi Arabia's benchmark index (.TASI) advanced 1%, extending gains from the previous day, boosted by a 2.9% rise in Al Rajhi Bank (1120.SE) and a 4.7% leap in SABIC Agri-Nutrients (2020.SE).On Tuesday, the index ended three sessions of declines triggered by tensions with Yemen's Iran-aligned ...
Tags: Travel, Saudi Arabia, Iran, Egypt, Dubai, Abu Dhabi, Yemen, Jeddah, Gulf, Reuters, Saudi Aramco, Adi, Sanaa, SABIC, Tasi, Rupert Neil Bumfrey


SABIC launches new portfolio of bio-based resins

In Saudi Arabia, SABIC launched a new portfolio of bio-based ULTEM resins that offer sustainability benefits while delivering exactly the same high performance and processability as incumbent ULTEM materials. These breakthrough polyetherimide (PEI) materials are the first certified renewable high-performance, amorphous polymers available in the industry. Using a mass balance approach, for every 100 kg of ULTEM resin produced, SABIC replaces 25.5 kg of fossil-based feedstocks with bio-based mater...
Tags: Saudi Arabia, SABIC, Fuels, ULTEM


Higher Oil Prices Hit Aramco’s Refining and Chemicals Business - Bloomberg

Higher Oil Prices Hit Aramco’s Refining and Chemicals Business - Bloomberg The surge in oil prices has been good for Saudi Aramco’s upstream business, but it’s hurting the refining and chemicals unit.Aramco’s downstream arm -- which includes refineries, retail operations, trading and the energy giant’s chemicals subsidiary, Sabic -- made a $4 billion profit before interest and tax in the third quarter. That was up from a loss of almost $800 million a year earlier, but down 13% from the previou...
Tags: Travel, Saudi Arabia, Opec, Aramco, Saudi Aramco, SABIC, Rupert Neil Bumfrey, Higher Oil Prices Hit Aramco, Chemicals Business Bloomberg


Most Gulf bourses in red; Aramco's Q3 profit surges | Reuters

Most Gulf bourses in red; Aramco's Q3 profit surges | Reuters Most stock markets in the Gulf ended lower on Sunday, with the Saudi index extending losses for a third session as profit-taking continued after the main index reached multi-year highs.Saudi Arabia's benchmark index (.TASI) fell 0.5%, weighed down by a 1.7% drop in petrochemical maker Saudi Basic Industries Corp (SABIC) (2010.SE), extending losses for a third session.On Thursday, SABIC reported a net profit of 5.6 billion ri...
Tags: Travel, Saudi Arabia, Egypt, Dubai, Abu Dhabi, MPC, Gulf, Reuters, Aramco, Mohammed bin Salman, Adi, SABIC, Saudi Basic Industries Corp, Tasi, Rupert Neil Bumfrey, Damac


#Saudi petrochemicals producer SABIC posts fivefold profit jump | Reuters

Saudi petrochemicals producer SABIC posts fivefold profit jump | Reuters Petrochemicals giant Saudi Basic Industries Corp (SABIC) (2010.SE) on Thursday reported a fivefold increase in third-quarter profit helped by higher average selling prices.SABIC reported a post-tax profit of 5.6 billion riyals ($1.5 billion), up from 1.1 billion riyals a year earlier but missing a 6.1 billion riyal consensus from estimates by four analysts compiled by Refinitiv.Revenue increased 49% to 43.7 billion riyals...
Tags: Travel, Reuters, Saudi Aramco, SABIC, Saudi Basic Industries Corp, Rupert Neil Bumfrey, COVID, Reuters Petrochemicals, Yousef Abdullah Al Benyan


Saudi Petrochemicals Producer SABIC Posts Fivefold Profit Jump

DUBAI (Reuters) - Petrochemicals giant Saudi Basic Industries Corp (SABIC) on Thursday reported a fivefold increase in third-quarter profit helped...
Tags: Dubai, SABIC, Saudi Basic Industries Corp SABIC, Reuters Petrochemicals


Saudi chemical giant to invest nearly £1bn in Teesside plant

Saudia Arabian firm Sabic confirms it is to decarbonise its plant in the north east of England.
Tags: Business, Teesside, SABIC, Saudia Arabian


Saudi Arabia's SABIC to Invest at Teesside Plant in Northeast England

(Reuters) - The British government said that Saudi petrochemical firm Saudi Basic Industries Corp (SABIC) would invest nearly 1 billion pounds (...
Tags: Saudi Arabia, Reuters, SABIC, Northeast England, Saudi Basic Industries Corp SABIC, Teesside Plant


#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


MIDEAST STOCKS Most Gulf stocks up in early trade, #Saudi extends gains on rising oil prices | Reuters

MIDEAST STOCKS Most Gulf stocks up in early trade, Saudi extends gains on rising oil prices | Reuters Most major Gulf stock markets rose in early trade on Tuesday, with petrochemical shares aiding the Saudi index as oil extends its gains to a sixth day, while a couple of corporate announcements pushed the Abu Dhabi index higher.Oil markets climbed for a sixth day on Tuesday, reversing earlier losses, on fears over tight supply while surging prices of liquefied natural gas (LNG) and coal also l...
Tags: Travel, Saudi Arabia, Dubai, Sudan, Abu Dhabi, Gulf, Reuters, SABIC, Dana Gas, Tasi, Rupert Neil Bumfrey, Saudi Basic Industries, SIIG, Petrochem, National Iranian Oil Co NIOC, Saudi Industrial Investment Group


MIDEAST STOCKS Most major Gulf bourses fall; #Saudi rises on petrochems | Reuters

MIDEAST STOCKS Most major Gulf bourses fall; Saudi rises on petrochems | Reuters Most major stock markets in the Gulf ended lower on Monday, while petrochems shares bolstered the Saudi bourse on back of rising oil prices.Oil prices rose on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions. read moreGCC stock markets opened in different directions as the impact of the...
Tags: Travel, Egypt, Dubai, Brent, Abu Dhabi, Gulf, Reuters, SABIC, Abu Dhabi National Oil Co ADNOC, Tasi, ADNOC, Rupert Neil Bumfrey, Saudi Basic Industries, Abu Dhabi Commercial Bank ADCB, Gulf Egypt, First Abu Dhabi Bank


SABIC, ExxonMobil JV in U.S. preparing for initial startup | Reuters

SABIC, ExxonMobil JV in U.S. preparing for initial startup | Reuters Saudi Basic Industries, the world's fourth-biggest petrochemicals firm, said on Sunday its joint venture project with ExxonMobil in the U.S. Gulf Coast has started commissioning activities and preparing for an initial startup.The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tonnes, which will feed two polyethylene units and a monoethylene glycol unit, it said in a...
Tags: Travel, ExxonMobil, North America, Reuters, SABIC, U S Gulf Coast, Rupert Neil Bumfrey, Reuters Saudi Basic Industries


SABIC, ExxonMobil JV in U.S. Preparing for Initial Startup

DUBAI (Reuters) - Saudi Basic Industries, the world's fourth-biggest petrochemicals firm, said on Sunday its joint venture project with ExxonMobil...
Tags: Dubai, SABIC, U S Preparing for Initial Startup, Reuters Saudi Basic Industries


Aramco’s Giant Chemicals Deal Starts to Show Signs of Paying Off - Bloomberg

Aramco’s Giant Chemicals Deal Starts to Show Signs of Paying Off - Bloomberg Saudi Aramco’s decision to buy chemicals maker Sabic, which led its debt levels to burst through a self-imposed borrowing target, is now showing signs of paying off as prices for plastics, paint and packaging soar.Last year’s $69 billion acquisition of a stake in Saudi Basic Industries Corp., as the chemicals maker is formally known, has helped drive a turnaround in Aramco’s business of converting oil into plastics an...
Tags: Travel, Bloomberg, Aramco, SABIC, Saudi Basic Industries Corp, Rupert Neil Bumfrey, Amin Nasser, Bloomberg Saudi Aramco


#Saudi SABIC swings to $2bln profit on higher sales and selling prices | ZAWYA MENA Edition

Saudi SABIC swings to $2bln profit on higher sales and selling prices | ZAWYA MENA Edition Saudi Basic Industries Corp (SABIC) reported a second quarter net profit of 7.64 billion riyals ($2 billion), swinging from a net loss of 2.22 billion riyals in the year-earlier period, mainly on the back of higher product prices.The results beat most analysts estimates. NCB Capital had forecast a net profit of 6.41 billion riyals for Q2, while Al Rajhi Capital estimated 6.63 billion riyals.The petrochem...
Tags: Travel, Saudi Aramco, SABIC, NCB Capital, Rupert Neil Bumfrey, Al Rajhi Capital, MENA Edition Saudi Basic Industries Corp SABIC


#Saudi Q2 earnings preview: SABIC to post $1.76bln net profit; STC at $750mln | ZAWYA MENA Edition

Saudi Q2 earnings preview: SABIC to post $1.76bln net profit; STC at $750mln | ZAWYA MENA Edition Saudi Basic Industries Corporation (SABIC) is forecast to make a second quarter net profit of 6.63 billion Saudi riyals ($1.76 billion), on higher product prices and sales volumes, said Al Rajhi Capital (ARC) in a preview of financial results for Saudi equities.NCB Capital (NCBC) has forecast 6.41 billion riyals Q2 net profit for SABIC. For the same quarter in 2020, the petrochemicals giant made a...
Tags: Travel, Kingdom, SABIC, Arc, STC, Jarir Marketing Co, NCB Capital, Rupert Neil Bumfrey, Almarai, Zain KSA, Savola, Al Rajhi Capital, NCBC, Yamama Cement, NCB Capital NCBC, Yanbu National Petrochemical Company Yansab


MIDEAST STOCKS #AbuDhabi extends gains as #Dubai eases | Reuters

MIDEAST STOCKS Abu Dhabi extends gains as Dubai eases | Reuters Abu Dhabi's stock market ended higher on Sunday, extending gains for a fifth straight session as International Holding (IHC) continued its rise following the listing of a unit, while Dubai's main index slipped.IHC's market capitalisation hit 201.7 billion dirhams ($54.92 billion) last week, making it Abu Dhabi's most valuable listed company, after the market debut of Alpha Dhabi (ALPHADHABI.AD), in which IHC holds a 45% stake....
Tags: Travel, Saudi Arabia, India, Egypt, Dubai, Abu Dhabi, Uae, Reuters, SABIC, IHC, Reuters Abu Dhabi, Tasi, Rupert Neil Bumfrey, Al Rajhi Bank, Gulf Egypt, Commercial International Bank COMI


GCC earnings bounced back in Q1 as economic activity resumed | ZAWYA MENA Edition

GCC earnings bounced back in Q1 as economic activity resumed | ZAWYA MENA Edition Financial earnings of listed companies in the GCC bounced back in Q1 2021 due to a faster-than-expected economic recovery despite partial lockdowns where COVID-19 cases remerged, Kamo Invest said in a report.Quarterly net profits reached $40 billion during Q1, up 49 percent or $13.2 billion compared to $26.8 billion reported in Q1-2020.Earnings during the quarter also surpassed the comparative quarter in 2019 lev...
Tags: Travel, Energy, GCC, Uae, Saudi Aramco, SABIC, Rupert Neil Bumfrey, Consumer Services, DFM, Boursa Kuwait, MENA Edition Financial, Kamo Invest, Food Staples Retailing and Software Services, Abu Dhabi ADX


Nivea to introduce biobased polypropylene packaging

In Germany, skincare brand Beiersdorf has started using biobased polypropylene jars for its popular Nivea face cream. The jars are made from tall oil, a forestry industry byproduct. The material is being sourced from SABIC after a development deal was announced between the two companies late last year.   Beiersdorf was particularly adamant that the jars would be recyclable and the feedstock not compete with food or feed, like bioplastics based on sugarcane or corn.   “Our excellent skin care p...
Tags: Germany, SABIC, Beiersdorf, Nivea, Michael Becker, Chemicals & Materials, Global Packaging Development, Hannah Rasel


SABIC likely to see strong earnings in 2021 on higher petchem prices | ZAWYA MENA Edition

SABIC likely to see strong earnings in 2021 on higher petchem prices | ZAWYA MENA Edition Al Rajhi Capital has raised its target price on Saudi Basic Industries Corp (SABIC) to 120 Saudi riyals ($32) per share from the earlier 115 riyals per share following its robust first-quarter 2021 results and on potential synergies from the Aramco deal.In a report the Riyadh-based investment bank said given the upward movement in petrochemical prices over the past few quarters, the company is likely to w...
Tags: Travel, Riyadh, Aramco, Saudi Aramco, SABIC, Rupert Neil Bumfrey, Al Rajhi Capital, Saudi Basic Industries Corp SABIC, MENA Edition Al Rajhi Capital


#Saudi Crown Prince’s Latest Economic Plan Comes With Big Risks - Bloomberg

Saudi Crown Prince’s Latest Economic Plan Comes With Big Risks - BloombergSaudi Arabia’s latest economic plan comes with a big risk: while it might help boost investment, it could also hit the government’s finances.Crown Prince Mohammed bin Salman wants the kingdom’s biggest companies -- including oil giant Saudi Aramco and chemical maker Sabic -- to reduce their dividends, most of which are paid to the state, and spend the money locally.The idea is that their expenditure on new infrastructure a...
Tags: Travel, Washington, Saudi Aramco, Mohammed bin Salman, SABIC, American Enterprise Institute, Rupert Neil Bumfrey, Karen Young


Shareholders of #SaudiArabia's Sabic approve $2.4bn 2020 cash dividend | The National

Saudi Basic Industries Corporation, the Middle East's biggest petrochemicals producer, will pay out a total 2020 cash dividend of 9 billion Saudi riyals ($2.4bn) after shareholders approved a 4.5bn riyals dividend for the second half of last year.The second-half cash dividend of 1.5 riyals per share represents 15 per cent of the nominal share value of Sabic and will be distributed to eligible shareholders on May 3, the company said in a statement on Wednesday. The company’s board recommended a s...
Tags: Travel, Bloomberg, Middle East, SABIC, Rupert Neil Bumfrey, Saudi Basic Industries Corporation


MIDEAST STOCKS-Major Gulf markets end mixed; #AbuDhabi snaps winning streak | Nasdaq

MIDEAST STOCKS-Major Gulf markets end mixed; Abu Dhabi snaps winning streak | NasdaqMajor stock markets in the Gulf ended mixed on Wednesday, with the Abu Dhabi index ending its run of gains, while Saudi Arabia was lifted by its financial shares.The Saudi benchmark index .TASI rose 0.3%, helped by a 5.7% gain in Banque Saudi Fransi 1050.SE and a 3.3% increase in Dr Sulaiman Al-Habib Medical Services 4013.SE.However, petrochemical firm Saudi Basic Industries Corp (SABIC) 2010.SE eased 0.3%.SABIC ...
Tags: Travel, Saudi Arabia, Wam, Qatar, Hsbc, United Arab Emirates, Dubai, Abu Dhabi, Morgan Stanley, Uae, Gulf, Reuters, Adi, SABIC, Tasi, Rupert Neil Bumfrey


Most major Gulf markets ease in early trade; #Saudi gains | Reuters

Most major Gulf markets ease in early trade; Saudi gains | ReutersMost major stock markets in the Gulf fell in early trade on Wednesday, although the Saudi index nudged higher.Saudi Arabia’s benchmark index rose 0.3%, bolstered by a 2.7% gain in Banque Saudi Fransi and a 1.4% increase in Riyad Bank.However, petrochemical firm Saudi Basic Industries Corp (SABIC) eased 0.3%.SABIC has selected HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its specialty chemicals bu...
Tags: Travel, Saudi Arabia, Hsbc, United Arab Emirates, Dubai, Abu Dhabi, Morgan Stanley, Gulf, Reuters, SABIC, Gulf Arab, Emaar Properties, Etisalat, Qatar Islamic Bank, Rupert Neil Bumfrey, Emaar Malls


#SaudiArabia's SABIC picks HSBC, Morgan Stanley for specialty unit IPO - sources | Reuters

Saudi Arabia's SABIC picks HSBC, Morgan Stanley for specialty unit IPO - sources | ReutersSaudi Basic Industries Corp (SABIC) has selected HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its specialty chemicals business, two sources familiar with the matter said.SABIC, the world’s fourth-biggest petrochemicals firm, hired Saudi investment bank NCB Capital earlier this year to work on the public share sale, which sources said could raise several hundred million dol...
Tags: Travel, Saudi Arabia, Ipo, Hsbc, Morgan Stanley, Reuters, Aramco, SABIC, NCB Capital, Rupert Neil Bumfrey, HSBC Morgan Stanley, ReutersSaudi Basic Industries Corp SABIC, SABIC HSBC


Middle East Stocks: Jordanian Shares Slip, Bucking Gains in Mideast Peers - Bloomberg

Stocks in Jordan snapped a three-day advance, bucking gains in most Middle East markets, after several arrests were made following what may have been an attempt to destabilize the current government.The Amman Stock Exchange General Index fell as much as 0.6% Sunday, reversing an increase of 0.5% last week. Jordan Petroleum Refinery Co. and Jordan Phosphate Mines fell more than 1%, dragging the index down the most.Over the weekend, Hasan Bin Zeid, a member of the Jordanian royal family, was held ...
Tags: Travel, Saudi Arabia, Opec, Morocco, Middle East, Oman, Jordan, Kuwait, Saudi Aramco, Bloomberg Television, Abdullah, SABIC, Bloomberg Intelligence, Rupert Neil Bumfrey, Saudi Telecom, Arqaam Capital


Most major Gulf markets gain; #Saudi index dips | Reuters

Most major Gulf markets gain; Saudi index dips | ReutersMost major stock markets ended higher on Thursday, while the Saudi index eased a day after it registered sharp gains triggered after the kingdom announced a private investment push.Saudi Arabia’s crown prince said oil firm Aramco and petrochemical firm SABIC would lead 5 trillion riyals ($1.33 trillion) of investments by the local private sector by 2030 under a programme announced on Tuesday for economic diversification.The kingdom’s benchm...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Gulf, Reuters, Aramco, Saudi Aramco, SABIC, Gulf Arab, Emaar Properties, Etisalat, NCB, Rupert Neil Bumfrey, Industries Qatar


Most markets rise, #Saudi extends gains on large private investment push | Reuters

Most markets rise, Saudi extends gains on large private investment push | ReutersMost major stock markets rose in early trade on Thursday, with the Saudi index extending gains from the previous session following a behemoth private investment push by the kingdom.The kingdom’s crown prince said oil firm Aramco and petrochemical firm SABIC would lead 5 trillion riyals ($1.33 trillion) of investments by the local private sector by 2030 under a programme announced on Tuesday for economic diversificat...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Reuters, Riyadh, Aramco, Saudi Aramco, Tadawul, Mohammed bin Salman, SABIC, Gulf Arab, Qatar Islamic Bank, Emaar, Rupert Neil Bumfrey


#SaudiArabia’s crown prince looks to Aramco to lead investment plan | Financial Times

Saudi Arabia’s crown prince looks to Aramco to lead investment plan | Financial Times Crown Prince Mohammed bin Salman is banking on Saudi Arabia’s largest listed companies, including Saudi Aramco, to invest $1.3tn in the kingdom over the next decade and urging them to reduce dividends as he tries to accelerate plans to diversify the oil-dependent economy.  Prince Mohammed said more than 20 companies had agreed to be involved in his new initiative, with 60 per cent of the investment...
Tags: Travel, Saudi Arabia, Financial Times, Mohammed, Aramco, Saudi Aramco, Mohammed bin Salman, SABIC, Rupert Neil Bumfrey