United States

Hadeel Al Sayegh

Exxon evacuates foreign staff from Iraqi oilfield

May 18 2019

BASRA, Iraq/DUBAI Exxon Mobil has evacuated all of its foreign staff, around 60 people, from Iraq's West Qurna 1 oilfield and is flying them out to Dubai, a senior Iraqi official and three other sources told Reuters on Saturday.

MIDEAST STOCKS-Military tensions, weak oil pressure most major Gulf markets

May 12 2019

* Deployment of U.S. carrier weighs on Gulf equities * Saudi market down almost 7 percent month-to-date * Dubai, Doha and Kuwait markets down By Hadeel Al Sayegh May 12 Saudi Arabia's stock market fell on Sunday, in line with most Gulf markets, after the U.S. Pentagon approved the deployment of a warship and Patriot missiles to the Middle East. Sunday's decline was the sharpest one day drop since Nov. 18, 2018. The Tadawul All-Share Index fell two percent to close at 8,675 points, its lowest level since the end of March. The benchmark is down almost 7 percent this month. "The increased military tension between the U.S. and Iran are pressuring markets down," said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital in Abu Dhabi. The U.S. military said last week that a number of B-52 bombers would be part of additional forces being sent to the Middle East following indications of possible preparations for an attack by Iran. Talal Samhouri, head of asset management at Amwal in Doha said the Saudi drop was mostly due to bearish sentiment surrounding Iran and also China's trade dispute with the United States. "Negative sentiment is clouding the bullish expectations for foreign fund inflows coming from the MSCI inclusion," he said, referring to the incorporation of Saudi stocks into the index compiler's emerging index later this month. Dubai's index was down 1.6 percent, weighed by its largest lender Emirates NBD which lost 3.5 percent. Investment bank Shuaa Capital was down 8 percent. DXB Entertainments, the theme park operator for Legoland and Motiongate, was down 6 percent. "The U.S. navy is sending their ships towards the region which is a concern for any investors who are looking to trade in a low liquidity environment," Tariq Qaqish, managing director, asset management division, Mena Corp Financial Services said. For every stock that rose, eight declined on the Dubai Financial Market exchange. "Although the large caps are trying to hold the indices, the small companies are being hammered," Yasin said. And in Kuwait, the Premier market index was down 2.2 percent. The Abu Dhabi index rebounded with a rise of 0.9 percent, boosted by banking stocks. First Abu Dhabi Bank was up 1.9 percent. However, Waha Capital was down 8.4 percent after the investment firm reported a net loss of 57.8 million dirhams due to a revaluation of its investment in global aviation leasing firm Aercap. Dana Gas, a Sharjah-based gas explorer and producer, was down 5.3 percent. Qatar's index was down one percent with heavyweight stocks Qatar National Bank and Qatar Gas Transport Company falling 0.8 percent and 2.7 percent, respectively. Investors saw value in Egypt's market after a strong sell-off last week. Trading was very thin, with almost $12 million of shares changing hands. Private equity firm Citadel Capital led the gains, with a rise of 6.2 percent. Egypt's blue-chip EGX30 index rose 0.4 percent to 14,122 points. "Egypt was down five percent last week in line with other global emerging markets," said Mohamad Al Hajj, an equities strategist at EFG-Hermes in Dubai. "Today we saw a rebound in the market as some stocks are trading at very attractive levels." ($1 = 3.7503 riyals) ($1 = 3.7501 riyals) SAUDI The index was down two pct at 8,675 points ARABIA ABU DHABI The index rose 0.9 pct to 5,098 points DUBAI The index lost 1.6 pct to 2,630 points QATAR The index slid 1 pct to 9,928 points EGYPT The index was up 0.4 pct to 14,122 points BAHRAIN The index was down 0.6 pct at 1,428 points OMAN The index was flat at 3,866 points KUWAIT The index lost 2.2 pct to 6,163 points ($1 = 3.7502 riyals) (Additional reporting by Davide Barbuscia; Editing by Toby Chopra)

Saudi sovereign fund invests indirectly in Arabian Centers IPO: sources

May 10 2019

DUBAI Saudi Arabia's Public Investment Fund (PIF), the kingdom's sovereign wealth fund, has indirectly invested in the $747 million initial public offering of mall operator Arabian Centers, sources familiar with the matter said.

Arabian Centres to raise $747 million after pricing IPO at bottom of range

May 08 2019

DUBAI Saudi mall operator Arabian Centres is set to raise as much as 2.8 billion riyals ($747 million) after pricing its initial public offering (IPO) at the bottom of its indicative range, according to a company document.

Abu Dhabi's Gulf Capital, Waha Capital hold merger talks: sources

May 08 2019

DUBAI/ABU DHABI Abu Dhabi investment firms Gulf Capital and Waha Capital have held exploratory discussions regarding a merger, three sources familiar with the matter told Reuters.

Abu Dhabi's Gulf Capital, Waha Capital have held early merger talks -sources

May 08 2019

DUBAI/ABU DHABI, May 8 Abu Dhabi investment firms Gulf Capital and Waha Capital have held exploratory discussions regarding a merger, three sources familiar with the matter told Reuters.

Abu Dhabi lenders merge into ADCB Group as consolidation gathers pace

May 01 2019

DUBAI Abu Dhabi Commercial Bank and peers Union National Bank and Al Hilal Bank merged on Wednesday to create a banking heavyweight with 423 billion dirhams ($115 billion) in assets, the third biggest in the United Arab Emirates.

Saudi Arabia's Al Rajhi Bank to boost mortgage lending - CEO

Apr 21 2019

DUBAI, April 21 Al Rajhi Bank, Saudi Arabia’s biggest Islamic lender, aims to boost mortgage lending as more affordable housing comes on the market, its chief executive told Reuters.

Etihad Group CFO departs as carrier pursues turnaround plan

Apr 17 2019

DUBAI Etihad Airways Group Chief Financial Officer Mark Powers has stepped down after roughly a year in the job as the Abu Dhabi state-owned carrier overhauls its business after years of heavy losses.

Aramco sells $12 billion bonds out of record $100 billion demand

Apr 09 2019

DUBAI Saudi Aramco is set to raise $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking vote of market confidence for the oil giant which has faced investor concerns about government influence over the company. | Video

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