United Arab Emirates

OPEC+ oil supply cuts and recent efforts to unwind them have increased volatility in energy markets and hampered financial investment in brand-new production, the CEO of Italian energy business Eni stated on Monday. Speaking at an industry occasion in Abu Dhabi, Claudio Descalzi said he expected high volatility in the energy markets experienced in recent years to extend into 2025. 8 members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies settled on Sunday to postpone a prepared December oil output increase by one month due to weak demand in China and rising...

UAE energy giant ADNOC will use extremely autonomous agentic expert system in the energy industry for the first time, in collaboration with G42, Microsoft and AIQ, its CEO Sultan Al Jaber said on Monday at a market event in Abu Dhabi. The UAE, a rich oil manufacturer and longtime security partner of the U.S., is expecting greater access to American technology to develop its own advanced tech market. The push is led by the government-backed G42, which in April got a $1.5 billion investment from Microsoft , which intends to diversify the UAE's economy away from oil. The rapid development...

India's Reliance Industries Ltd, operator of the world's greatest refining complex, is reorganizing its trading operations, including moving the majority of its Dubai crude oil trading team back to Mumbai, 2 sources familiar with the strategy said. The moving of its crude trading team by the end of this year comes after the private refiner protected long-lasting oil materials from Russia, reducing the requirement to purchase spot freights, said among the sources, who spoke on condition of anonymity as the information was private. Now Dependence has an unrefined import deal with Russia. It likewise has actually evergreen sort of crude...

Fertiglobe expects to more than double its net ammonia production capability as it incorporates ADNOC's portfolio of low carbon ammonia tasks following the energy giant's purchase of a majority stake in the fertiliser maker on Tuesday. Fertiglobe CEO Ahmed El-Hoshy told Reuters the offer conclusion, which saw ADNOC buy simply over a 50% stake in the business from European chemical manufacturer OCI for $3.62. billion, would speed up Fertiglobe's path towards ending up being a. low carbon ammonia powerhouse. The deal, which raises ADNOC's stake to 86.2%, is the most recent. relocation by the state-owned Abu Dhabi group to broaden...

Major stock exchange in the Gulf were mixed in early trade on Tuesday on weakening oil even as stress intensified in the area and as financiers braced for thirdquarter incomes. Saudi Arabia's benchmark index dropped 0.1%, struck by a 0.9% fall in ACWA Power and a 0.6% fall in the nation's most significant loan provider, Saudi National Bank. Somewhere else, oil giant Saudi Aramco relieved 0.4%. Oil costs - a catalyst for the Gulf's financial markets - slid as much as $3 to a near two-week low throughout Asian trade on the back of a weaker demand outlook and after...

Stateowned Abu Dhabi National Oil Co, or ADNOC, has been pursuing a series of merger and acquisition deals with European business, with an aim to diversify and develop its chemicals and renewable resource operations. Here are the offers and talks ADNOC is associated with: COVESTRO ADNOC stated on Oct. 1 it had actually accepted buy German chemicals manufacturer Covestro for 14.7 billion euros ($ 16.34 billion), one of the most significant foreign takeovers by a Gulf state which is aimed at diluting the nation's heavy reliance on oil in the energy shift. OMV Austrian oil and gas business OMV has...

Abu Dhabi's economy grew 4.1% in the second quarter of 2024, according to preliminary government price quotes, driven by nonoil sectors as the citystate accelerates efforts to diversify away from hydrocarbons. The United Arab Emirates capital's gross domestic product (GDP) in Q2 reached 297 billion dirhams ($ 80.87. billion), according to the government stats centre, and the. contribution of non-oil sectors stood at over 55%, the highest. in about ten years, at 164.2 billion dirhams. Non-oil GDP rose 6.6% in Q2, significantly outshining. in general GDP growth, led by increases in construction,. production, and finance and insurance coverage activities. The...

The United Arab Emirates intends to launch its new national environment strategy under the Paris environment contract, describing how it will cut its greenhouse gas emissions from 2025 to 2035, before the COP29 climate summit in November. That would make it among the very first major emitters to take that action ahead of the February 2025 due date. Sultan Al Jaber, president of last year's COP28 environment top in Dubai, said the oil-producing country will submit its new nationally identified contribution (NDC) to the UN in order to motivate other countries to come forward with their plans. WHY IS THIS...

The majority of significant stock markets in the Gulf climbed in early trade on Thursday, in line with Asian shares, supported by news of aggressive financial stimulus from China, although geopolitical stress in the area restricted the benefit. China's central bank on Tuesday unveiled its biggest stimulus considering that the pandemic to pull the economy out of its deflationary funk and back towards the government's growth target. Driving the optimism was a main readout from a meeting of China's politburo that said the country would deploy necessary fiscal costs to fulfill this year's economic development target of roughly 5%. Saudi...

Kenya's federal government is close to agreeing a $1.5 billion loan from the United Arab Emirates with an interest rate of 8.2% which will help bridge the East African country's financing gap, a source knowledgeable about the situation told Reuters. Kenya is diversifying its sources of spending plan support, said the source, including the offer is as great as done. The UAE ministry of financing and the UAE central bank did not instantly react to a request for comment. Kenya's Financing Minister John Mbadi and other senior officials at the ministry were not immediately readily available for remark. The nation's...

Vietnam's Binh Kid Refining and Petrochemical has purchased its very first freight of Murban crude oil produced in the United Arab Emirates as it diversifies import sources for its Dung Quat refinery, 2 sources knowledgeable about the matter said on Friday. The 300,000-barrel freight will be delivered in December, one of the sources stated. This will be the refinery's very first trial of a high-sulphur grade, he added. The plant typically processes low-sulphur, or sweet, unrefined. The seller and cost of the freight were not instantly known. The company, likewise called BSR, declined to comment. The Dung Quat refinery is...

Major stock markets in the Gulf increased in early Thursday trade after a lot of reserve banks in the region cut their essential interest rates following a larger than typical policy easing by the U.S. Federal Reserve. The Fed cut its benchmark rate by 50 basis points (bps) on Wednesday, with policymakers seeing another half a portion point fall by the end of this year. Saudi Arabia's benchmark index acquired 0.4%, with Al . Rajhi Bank rising 1.1%. The kingdom, the area's greatest economy, cut its. redeemed arrangement (Repo) rate and reverse repo rate by 50 bps. each to 5.5%...

Many significant stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output boost by one month. Eight members of OPEC+, which groups the Company of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to slowly loosen up the group's newest layer of output curbs - a cut of 2.2 million barrels each day (bpd). OPEC and Saudi Arabia have consistently stated they do not target a particular cost and make choices based on market...

The UAE's International Resources Holding (IRH) stated it prepares to establish a copper trading center in Abu Dhabi as the firm widens its push into vital minerals. IRH, an arm of the United Arab Emirates' International Holding Company, has a trading target of majority a million metric tons of copper each year from next year, it said in a Linkedin post. It has said it is seeking to expand in copper mining after purchasing a 51% stake in Mopani Copper Mines in Zambia in a $1.1 billion deal. We are set to introduce a copper trading center in Abu Dhabi,...

The United Arab Emirates has actually accepted check out issues raised by India over a sharp increase in UAE's exports of silver, platinum alloy and dry dates to the South Asian nation, India stated on Tuesday. India and the UAE signed a Comprehensive Economic Partnership Contract (CEPA) in 2022 after 88 days of settlements. The contract has actually ended up being a template for similar trade pacts the UAE has considering that signed with lots of other nations. The 2 nations held a meeting of the Joint Committee under CEPA on Monday, where authorities gone over growth in bilateral trade....

Abu Dhabibased International Resources Holding (IRH) has signed a contract with South Africa's Public Financial investment Corporation (PICTURE) to purchase rail infrastructure and green energy tasks, the 2 entities stated on Monday. IRH is a subsidiary of International Holding Business , the United Arab Emirates' (UAE) richest business, while the state-owned picture is Africa's largest possession manager. The PIC's. 2.89 trillion rand ($ 169 billion) properties under management. consist of mining, farming, production, property and. financial services financial investments. IRH and photo would work together on South Africa's planned. replacement of its coal-dominated power generation with cleaner. sources of energy,...

Major stock exchange in the Gulf rose in early trade on Monday as investor belief stayed upbeat on hopes of a September rate cut in the United States. The Federal Reserve is anticipated to begin a rate-cutting cycle at its monetary policy conference on Sept. 17-18. Traders presently see a 67% opportunity of a 25 basis-point (bp). decrease by the U.S central bank this month and a 33% opportunity of. a 50-bp cut, according to the CME FedWatch tool. Financiers await the U.S. ISM production and services. prints, in addition to the JOLTS task openings, ADP private payrolls. and the...

Democratic Republic of Congo is searching for new purchasers of gold from its eastern areas after taking complete control of Primera Gold which had an exclusive agreement to buy and offer gold mined in the east, the business's head stated. UAE-based Primera Group recently sold its stake in Congo-based Primera Gold, which had been a joint endeavor with the government, ending a questionable plan where it had been granted sole rights to trade gold dug by small manufacturers or so-called artisanal miners in eastern Congo. Primera Gold, now wholly owned by the federal government, is eager to invite other financiers...

Emirates Global Aluminium ( EGA) on Thursday reported an increase in adjusted core profit for the first half of the year, mentioning continual worldwide demand for premium aluminium. EGA, one of the world's biggest aluminium manufacturers, published adjusted EBITDA of 4.20 billion dirhams ($ 1.14 billion) for the 6 months to June, up from 4.15 billion a year previously. In basic, the (worldwide) outlook for the demand of aluminium is extremely strong, CEO Abdulnasser Bin Kalban informed Reuters in an interview. We anticipate the (global) aluminium demand to grow from 97 million lots in 2022 to around 143 million heaps...

Significant stock exchange in the Gulf tumbled on Monday, tracking Asian shares lower on worries that the United States could be heading for recession, while concerns about a widening dispute in the region contributed to the worries. The U.S. joblessness rate jumped to near a three-year high of 4.3% in July amid a substantial downturn in hiring, heightening fears the labor market was deteriorating and potentially making the economy susceptible to a recession. The worryingly weak July payrolls report saw markets price in a 78% chance the Federal Reserve will not just cut rates in September, however ease by a...

The majority of major stock markets in the Gulf alleviated in early trade on Tuesday following a decrease in oil prices as investors waited for the result of the U.S. main bank's meeting. Oil costs-- a driver for the Gulf's monetary markets-- extended losses from the previous session in the middle of concerns about need in China, while the marketplace shook off the risk of dispute escalating in the Middle East. Saudi Arabia's benchmark index dropped 0.3%, with aluminium products maker Al Taiseer Group losing 0.9% and Al Rajhi Bank down 0.4%. Separately, the kingdom's Manara Minerals is taking a...

India's gold need in the June quarter fell 5% from a year ago, but intake in the second half of 2024 is set to enhance due to a correction in regional rate following a steep decrease in import taxes, the World Gold Council (WGC) stated on Tuesday. Higher purchases on the planet's second-biggest gold consumer could support worldwide benchmark rates, which are trading near record highs. The current 9 portion point reduction in import duty on gold, carried out before the primary festival season beginning in September, is anticipated to revive gold need, additional supported by excellent monsoon rains, said...

India's silver and platinum imports from the UAE, previously benefiting from concessionary responsibilities under a trade arrangement, have ceased as New Delhi's move to lower import taxes eliminated the duty arbitrage that bullion dealers were making use of, trade and government officials informed . The world's second-biggest bullion customer slashed import responsibilities on gold and silver on Tuesday to 6% from 15%. After the reduction, there is no reward to bring silver or platinum into India under the Comprehensive Economic Collaboration Contract (CEPA) signed in between India and the UAE, stated Prithviraj Kothari, president of the India Bullion and Jewellers...

India slashed import tasks on gold and silver on Tuesday in a move market officials said could lift retail demand and aid cut smuggling in the world's. secondbiggest bullion consumer. Higher need for gold from India could increase worldwide rates,. which struck a record high this year, although that might expand. India's trade deficit and put pressure on its ailing rupee. It's a massive step in (the) right instructions, as it will. minimize the rewards for smuggling of gold. It will create a. level playing field for truthful market stakeholders, said. Sachin Jain, CEO of World Gold Council's Indian operations....