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☆ Qatar, UAE energy ministers say gas will be needed for long time
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +1 min

ABU DHABI, Jan 14 (Reuters) - The world will need natural gas for a long time and more investment is required to ensure supply security and affordable prices during the global energy transition, energy ministers of Qatar and the United Arab Emirates said on Saturday. Saad al-Kaabi, Qatari state minister for energy, told the Global Energy Summit in Abu Dhabi that gas "is not a transition fuel" but a destination fuel, adding it was unfair for some in the West to say African countries should not be drilling for oil and gas. UAE Energy Minister Suhail al-Mazrouei, speaking on the same panel, agreed that "for a very long time, gas will be there" and that while more renewable energy would be installed, more investment was needed in gas as a base load. Reporting by Yousef Saba and Rachna Uppal; Writing by Ghaida Ghantous; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

ABU DHABI, Jan 14 (Reuters) - The United Arab Emirates wants the COP28 climate conference it is hosting this year to be practical and show solidarity between the global north and south that "leaves no one behind", the country's oil chief and designated COP28 president said. In a speech on Saturday to the Global Energy Forum, Sultan al-Jaber, head of state oil giant ADNOC and UAE climate envoy, called for scaling up renewables, nuclear energy, hydrogen, carbon capture, energy efficiency and new technologies, among others. The UAE, a major OPEC oil exporter, will be the second Arab state to host the climate conference after Egypt in 2022. "We need to ensure a just transition that leaves no one behind," he said, adding that low carbon growth was the future. Reporting by Rachna Uppal, Yousef Saba and Ghaida Ghantous Editing by Clarence Fernandez and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia weighs boosting Pakistan investment to $10 bln -report
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 10 (Reuters) - Saudi Arabia said it could increase its investments in the cash-strapped Pakistan economy to $10 billion, the Saudi state news agency reported on Tuesday, as well as increase the ceiling on deposits into the Pakistan central bank to $5 billion. He has also asked the Saudi Development Fund (SDF) to consider raising the ceiling for Saudi deposits into the Pakistan central bank as part of measures to support the struggling economy. Last month, the Saudis extended the terms of an existing $3 billion deposit in the central bank it made in 2021. read morePakistan's Prime Minister Shehbaz Sharif has sought to forge closer economic ties with Gulf states to secure bigger investments. Qatar's sovereign wealth fund the Qatar Investment Authority (QIA) aims to invest $3 billion in Pakistan, and in October, Sharif was invited to address delegates at Saudi's flagship investment conference, the Future Investment Initiative.

☆ Google Cloud to support Kuwait's digitisation drive
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 6 (Reuters) - Google Cloud (GOOGL.O) has formed a strategic alliance with the Kuwaiti government to support digitisation efforts across the country's public sector, the company said on Friday. Most Gulf states are investing significantly in digital technologies across the government sector to improve efficiency and make public services easier to access online, and as a way to diversify oil-dependent economies. Google Cloud did not provide a value for the agreement with the Kuwaiti government, but said it would encompass digitising government services, migrating and storing national data securely on the cloud and setting up a national digital skills programme. The company aims to invest in a cloud region in Kuwait, its third announced in the Middle East after Qatar and Saudi Arabia, and said it plans to open an office on the ground without specifying a timeframe. There is increasing competition for developing cloud services in the region among international players, with Chinese firms such as Huawei also vying for lucrative government contracts as part of Gulf national economic transformation plans.

☆ Saudi non-oil private sector activity eases in December
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Jan 3 (Reuters) - Growth in Saudi Arabia's non-oil business activity slowed to a three-month low in December, a survey showed on Tuesday, although higher sales and strong demand ensured firms remained confident about the outlook for the coming year. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 56.9 in December from 58.5 in November. However, the output subindex softened to 61 from November's 64.6 while the pace of growth in new orders also slowed. The Saudi government has estimated GDP growth of almost 9% in 2022, revised up from its earlier estimates, with the finance ministry attributing the adjustment largely to non-oil private sector activity. This made us comfortably project growth of non-oil GDP to exceed 4% in 2023."

☆ Dubai scraps 30% tax on alcohol sales amid economic rebound
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Fireworks explode from the Burj Khalifa, the tallest building in the world, during the New Year's Eve celebrations in Dubai, United Arab Emirates, January 1, 2023. REUTERS/Satish KumarDUBAI, Jan 2 (Reuters) - Dubai has suspended a tax of 30% on alcohol and dropped a licence fee previously needed to buy alcohol in the commercial and tourism hub, two major retailers said on social media. "With the removal of 30% municipality tax and a free alcohol licence, buying your favourite drinks is now easier and cheaper than ever," MMI, one of two major purveyors of alcohol in Dubai, said on its Instagram account. Another retailer, African+Eastern, confirmed the tax no longer applied, but prices would remain subject to a 5% value added tax (VAT). The Dubai Media Office did not immediately respond to a request for comment.

☆ Unemployment among Saudi citizens increases to 9.9% in Q3/22
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 29 (Reuters) - Unemployment in Saudi Arabia among citizens increased to 9.9% in the third quarter, up 0.2 percentage points from the previous quarter but the overall unemployment rate remained unchanged at 5.8 percent, data released on Thursday showed. Unemployment in this category fell to 20.5% in Q3 from 21.9% in the year-ago period, making up 37% of the Saudi labour force. Expansion of the private sector is a key pillar of the government strategy, with a wide-ranging programme of privatisations and other government-supported initiatives to spur growth. The latest data showed that 93.3% of unemployed Saudis would accept jobs in the private sector. Historically, the public sector has been the principal employer of citizens in Saudi Arabia.

☆ Fertiliser producer Fertiglobe refinances $900-mln loan
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 25 (Reuters) - Abu Dhabi-listed fertiliser maker Fertiglobe (FERTIGLOBE.AD), which counts state oil company ADNOC and OCI (OCI.AS) as major shareholders, has refinanced a $900-million bridge loan, originally due in 2024. Fertiglobe has also increased the size of its Revolving Credit Facility (RCF) to $600 million, from $300 million, at a reduced margin of 140 bps from 175 bps previously. The maturity of the RCF has been extended to 2027, from 2026. It raised $795 million from an initial public offering on the Abu Dhabi stock exchange last year. Reporting by Rachna Uppal; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Oman sees 2023 budget deficit at 3% of GDP
▼ + stars: | 2022-12-20 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

DUBAI, Dec 20 (Reuters) - Oman is forecasting a 1.3 billion rial ($3.39 billion) deficit in its 2023 budget, or 3% of gross domestic product, following an expected surplus this year after higher oil prices boosted revenues. State media reported the Gulf state expects revenues of 11.7 billion rials and expenditure at 13 billion rials next year, based on an average oil price assumption of $55 per barrel. Budgeted spending next year is 7% above the approved spending for 2022, state media reported, citing the finance ministry. Oman, one of the Gulf's weaker economies, swung to a budget surplus in the first half of 2022, easing pressure on public finances and improving its ability to meet debt obligations. While oil prices have softened in recent weeks after highs of over $100/barrel over the course of this year, Oman's oil price assumption for its 2023 budget appears conservative.

☆ Saudi Aramco's Luberef sets final IPO offer price at $26.3/shr
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 12 (Reuters) - Oil giant Saudi Aramco's (2222.SE) base oil subsidiary Luberef has set the final offer price for its upcoming initial public offering (IPO) at 99 riyals ($26.33) a share, at the top end of the price range amid strong demand. The pricing implies a market capitalisation of SAR 16.7 billion riyals ($4.44 billion), the company said in a statement. Saudi investment bank Jadwa, is the selling shareholder, offering its 30% share in the company to investors. Luberef received $30 billion in orders from institutional investors during the book building process, the company statement said, signalling continued strong demand for Gulf IPOs this year. SNB Capital Company, HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi Arabia are joint financial advisers on the IPO, with SNB Capital also acting as lead manager.

☆ Saudi Arabia's GDP grows 8.8% year-on-year in Q3 -statistics authority
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 11 (Reuters) - Saudi Arabia's economy grew by 8.8% in the third quarter of 2022 compared to the same period a year earlier, mainly due to a sharp increase in oil-related activity, according to official estimates released on Sunday. Oil activities grew by 14.2% year-on-year in the third quarter, but GDP growth was also boosted by 6% growth in non-oil activities, the General Authority of Statistics data showed, though non-oil activity fell 0.5% quarter-on-quarter. The statistics authority said GDP at current prices amounted to 1.036 trillion riyals ($275.53 billion) in the third quarter, with crude petroleum and natural gas activities contributing 35.2%. The non-oil private sector contributed 50.7% to overall GDP. ($1 = 3.7600 riyals)Reporting by Rachna Uppal; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

RIYADH, Dec 7 (Reuters) - Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter's revenues. Spending is slightly lower than 1.132 trillion riyals this year. Revenues are expected at 1.13 trillion riyals, down from 1.234 trillion riyals in 2022 as oil prices are seen falling from this year's high levels. Public debt is seen falling 3.5% to 951 billion riyals next year, or 24.6% of GDP. Government reserves at the Saudi Central Bank are estimated to reach 399 billion riyals at the end of next year, the finance ministry said.

☆ Saudi Arabia approves 2023 budget, surplus seen shrinking - Saudi media
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Dec 7 (Reuters) - Saudi Arabia approved on Wednesday a 1.114 trillion-riyal ($296 billion) budget for 2023 expected to post a surplus of 16 billion riyals, Saudi media outlets reported. Saudi Arabia expects revenues of 1.13 trillion riyals next year, Saudi-owned Al Arabiya TV reported. Total revenues are forecast at 1.234 trillion riyals for 2022, while spending is 1.132 trillion riyals, meaning a surplus of 102 billion riyals, or 2.6% of GDP. GDP growth is forecast to slow to 3.1% in 2023 from 8.5% this year, an upwards revision of half a percentage point from a preliminary budget forecast. ($1 = 3.7600 riyals)Reporting by Aziz El Yaakoubi, Rachna Uppal, Nadine Awadalla, Alaa Swilam and Yousef Saba; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Gulf states, looking East, to reinforce economic ties with China as Xi visits Saudi
▼ + stars: | 2022-12-06 | by ( Rachna Uppal | ) www.reuters.com time to read: +5 min

Saudi Arabia is China's top oil supplier, making up 18% of China's total crude oil purchases, and state-run Saudi Aramco has annual supply deals with half a dozen Chinese refiners. Outside energy, Gulf Cooperation Council (GCC) states provide markets for Chinese goods, construction contracts and investment opportunities in infrastructure, manufacturing and digital economies that fit Beijing's Belt and Road Initiative. Saudi Arabia and the UAE are also investing in future technologies as a pillar of economic diversification, which has gained impetus in a global transition away from fossil fuels. Online giant Alibaba has partnered with STC Group for cloud services in Saudi Arabia. BALANCING ACTHow Saudi Arabia and other Gulf states handle both Chinese and Western supply chains in sensitive areas like critical national infrastructure is likely to remain a point of friction with key security partner the United States, analysts say.

☆ Factbox: Saudi-China energy, trade and investment ties
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +4 min

Below are some details about oil, trade and security relations between China and Saudi Arabia. OIL TRADEChina is Saudi Arabia's largest trading partner, with bilateral trade worth $87.3 billion in 2021. Chinese exports to Saudi Arabia reached $30.3 billion, while China's imports from the kingdom totalled $57 billion. REFINERIESAramco in early 2022 made a final investment decision to build a $10 billion refinery, petrochemical complex in northeast China, marking its single largest investment in China. Named Huajin Aramco Petrochemical Company, the joint venture groups Aramco, Huajin Chemical Industries Group Corporation (000059.SZ) -- a unit of defence conglomerate Norinco-- and Panjin Xincheng Industrial Group.

☆ Saudi non-oil private sector continues to expand in November
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 5 (Reuters) - Saudi Arabia's non-oil business activity expanded at the fastest rate in seven years in November, supported by a sharp rise in new orders and continued confidence in the growth outlook, a survey showed on Monday. The output sub-index rose to 64.6 in November from 61.3 the previous month while the new orders sub-index accelerated to 65.7 from 62.9 in October. The manufacturing, construction, wholesale & retail and services sectors all recorded strong growth, the survey said. Aside from strong domestic conditions, new export business also saw the fastest increase since November 2015. "The Saudi economy is continuing its expansion in the non-oil sector in November, business conditions have improved across the board in light of rising demand," said Naif Al-Ghaith, chief economist at Riyad Bank.

This has led to two IHC subsidiaries rounding out the three biggest companies on the Abu Dhabi Securities Exchange (ADX). ITH was expected to turn over half a billion dirhams ($136 million) and have $1 billion in assets by the second quarter, Shueb said. Pure Health, under Alpha Dhabi, aims to raise more than $1 billion in a first-quarter IPO delayed from this year. Its merger with state-owned Abu Dhabi Health Services (SEHA), which Shueb said has almost 24,000 employees, is taking longer than expected, delaying the IPO. IHC, which completed four IPOs this year and plans a similar number in 2023, has yet to appoint banks for the Pure Health IPO, Shueb said, adding it is considering a possible 2023 IPO of International Energy Holding.

☆ Binance CEO Zhao: Significant interest in crypto industry recovery fund
▼ + stars: | 2022-11-16 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

ABU DHABI, Nov 16 (Reuters) - Binance Chief Executive Changpeng Zhao said on Wednesday there was significant interest from industry players in a recovery fund his company plans to launch to help crypto projects facing a liquidity squeeze following the collapse of rival FTX. Speaking at a conference in Abu Dhabi, Zhao said he doesn't have an exact figure in mind for the size of the recovery fund. Zhao said Binance has healthy reserves but he did not say how much the company would contribute to the fund. The crypto industry is reckoning with the collapse of Sam Bankman-Fried's rival exchange FTX, which filed for bankruptcy on Friday after users rushed to withdraw $6 billion in crypto tokens in just 72 hours. "Obtaining this license is a pivotal step in the growth of Binance in Abu Dhabi, and a reflection of the city's progressive stance on virtual assets," Dominic Longman, senior executive officer at Binance Abu Dhabi, said in a statement.

☆ Saudi's SNB to hold Credit Suisse stake for at least two years, chairman says
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 2 (Reuters) - Saudi National Bank's (1180.SE) investment in Credit Suisse (CSGN.S) is tactical rather than strategic, its chairman said on Wednesday, adding that the Saudi lender expects to hold its stake in the Swiss bank for at least two years. SNB announced in October that it was taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion) to take a stake of up to 9.9%. Chairman Ammar Al Khudairy, speaking to Al Arabiya TV, said majority government-owned SNB would not consider selling its stake in the Swiss lender in the short-term. When asked whether the bank would raise its stake above 9.9%, Khudairy said there was no plan to do so. He also said the Saudi lender did not seek a seat on the Credit Suisse board.

☆ Most Gulf central banks raise interest rates after Fed's move
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Hamad I MohammedDUBAI, Nov 2 (Reuters) - Most Gulf states said on Wednesday they would increase their key interest rates after the Federal Reserve raised its key policy rate by three-quarters of a percentage point for the fourth straight time. Saudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Bahrain also raised its main rate by 75 basis points while Qatar increased rates by between 50 and 75 basis points. The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited.

☆ MENA, Central Asia economies show resilience but global headwinds loom -IMF
▼ + stars: | 2022-10-31 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

DUBAI, Oct 31 (Reuters) - Economic activity in the Middle East and Central Asia was resilient with recovery continuing in 2022 but the region must guard against growing global headwinds and push ahead with reforms, the International Monetary Fund said on Monday. Countries should be on alert as "headwinds are growing, vulnerabilities are growing" with a global economic slowdown, volatile food and energy prices and tightening financial conditions, IMF Middle East and Central Asia Director Jihad Azour told Reuters ahead of the October report's release. An urgent policy challenge was tackling the cost-of-living crisis by restoring price stability, protecting vulnerable groups through targeted support and ensuring food security. Economic growth in 2023 was forecast by the IMF at 4% percent and likely narrow to 3.5% in the medium term. "Spillovers from the war could put the CCA's progress toward reducing poverty and inequality at risk," the report said.

☆ Egypt interest rate hike step in right direction, IMF official says
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mohamed Abd El GhanyDUBAI, Oct 31 (Reuters) - Egypt's move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy from shocks at a time of tightening global financial conditions, an International Monetary Fund official said. Egyptian authorities pledged a "durably flexible" exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility. The central bank also raised interest rates by 200 basis points in an out-of-cycle meeting. "The measures that the central bank took last week in hiking interest rates. He said the $5 billion for FY2022-23 would be in addition to the extension of Gulf states' deposits in Egypt's central bank.

[1/3] A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/FilesRIYADH, Oct 26 (Reuters) - Oil giant Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition on Wednesday while Saudi officials said the switch from hydrocarbons could take decades, necessitating continued investment in conventional resources. What we need is an optimal, realistic transition plan," Aramco CEO Amin Nasser told a business forum, where he announced the new fund managed by Aramco Ventures. Saudi Finance Minister Mohammed al-Jadaan told the FII gathering that thinking around the global energy transition has "now became more realistic that actually transition will take... possibly 30 years", and that conventional resources remained important to ensure security of supply. Saudi sovereign wealth fund the Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, PIF said on Wednesday, following a similar move for an investment subsidiary in Egypt.

☆ Ex treasury secretary Mnuchin says U.S. in recession, will continue
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Oct 26 (Reuters) - Former U.S. treasury secretary Steve Mnuchin said on Wednesday he believed the United States was in a recession and said this would continue. Speaking at Riyadh's flagship investment conference FII, he said: "I think we'll probably see a peak of 4.5% 10-year rates." "I think you are going to see inflation in the U.S. begin to come under control, it will probably be a two-year period," he added. He added that the Middle East's economic issues need to be dealt with regionally. Reporting by Aziz El Yaakoubi and Rachna Uppal in Riyadh and Ghaida Ghantous in Dubai; Writing by Yousef Saba, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

Companies Saudi Arabian Oil Co FollowRIYADH, Oct 26 (Reuters) - Saudi Aramco CEO Amin Nasser said on Wednesday planned European embargoes on Russian crude and products were adding to uncertainty in the global oil market. Nasser also said that market realignments were taking place with discounts being offered by Russia. The Group of seven countries agreed last month to cap Russian oil sales at an enforced low price by Dec. 5 but have faced consternation from main players in the global oil industry. Nasser said the market for blue hydrogen was "building up" but that it was so far costly at around $200-$300 per barrel of oil equivalent. Blue hydrogen is obtained through capturing carbon from crude oil, storing it underground and mixing it with ammonia.

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