Business News United Arab Emirates

  • *Changes to JV contracts discussed at Boston Group meeting. While a similar move last year letting little-known companies operate some fields wholly-owned by PDVSA has not helped increase production, the sources said this proposal was more promising since the joint ventures with oil majors like Chevron Corp, Russia's Rosneft and state energy group China...

  • Dec 5- 1/ ELECTION NIGHT FEVER More than three years after Britons narrowly voted to leave the European Union, the Dec. 12 general election will effectively offer them another vote on how they want Brexit to proceed and if they still think it should go ahead. And focus will shift to the 11- month window for Britain to sign trade deals with the European Union.

  • LONDON, Dec 6- The Saudi Aramco IPO was supposed to be a cornerstone of Crown Prince Mohammed bin Salman's ambitious plan to open the gates to foreign investment in the kingdom. The offering will surpass Alibaba's 2014 New York flotation and value Aramco at $1.7 trillion- still short of the prince's $2 trillion goal. However many global investors focused on...

  • RIYADH/ DUBAI, Dec 5 Reuters- State-owned oil giant Saudi Aramco's initial public offering will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and...

  • Dec 2, 2019- Saudi Arabia discusses with OPEC and its allies a plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as the kingdom wants to deliver a positive surprise to the market before the listing of Saudi Aramco. Dec 2, 2019- Saudi Arabia's Tadawul introduces an equity index cap of 15% which is set to address concerns over the...

  • DUBAI/ RIYADH, Dec 5 Reuters)- State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ( $8.53) per share, the top of its indicative range, the company said in a...

  • DUBAI, Dec 5- Airbus booked orders for 222 aircraft in November, driven mainly by the Dubai Airshow, and formally recognised a cut in orders for the soon-to-be-axed A380 superjumbo following a major fleet review by Dubai's Emirates, company data showed on Thursday. It also delivered 77 aircraft in November to reach 725 for the year so far, leaving it 135 planes to...

  • *Russia says new cuts will last until Q1, OPEC wants more. VIENNA, Dec 5- OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to support crude prices and prevent a glut but were still debating how long the curbs would last next year. OPEC will then meet on Friday with Russia and other producers, a grouping known as OPEC+.

  • DUBAI/ RIYADH, Dec 5 Reuters)- State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ( $8.53) per share, the top of its indicative range, according to three sources...

  • *IMO 2020 fuel regulations take effect Jan 1. LONDON/ SINGAPORE, Dec 5- Disruption to shipping from the long-anticipated switch to more environmentally friendly marine fuels has finally arrived, exacerbated by logistical problems as much as any shortage of the cleaner fuel. New International Maritime Organization rules, referred to as IMO 2020, aim to stop...

  • DUBAI/ RIYADH, Dec 5 Reuters)- State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, three sources told Reuters, raising $25.6 billion and overtaking China's Alibaba to achieve the world's biggest stock market flotation. Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after...

  • DUBAI/ RIYADH, Dec 5 Reuters)- State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, three sources told Reuters, making it the world's biggest flotation as it will raise more than Alibaba's $25 billion deal in 2014.. Saudi Aramco's shares have been priced at 32 riyals ( $8.53) each against an earlier...

  • TOKYO, Dec 5- Japan is working on a plan to send about 270 seamen to the Middle East to guard ships supplying Japan under a law that allows military deployments for research and intelligence gathering, the Nikkei business daily said. Japan maintains friendly ties with both the United States and Iran, and has said it would not join any U.S. coalition to protect...

  • CAIRO, Dec 4- Dubai- based retail developer Majid Al Futtaim will invest 16 billion Egyptian pounds in Egypt over the next two to three years, 14 billion pounds of which will be for a single mall in Cairo, its CEO said on Wednesday. Majid Al Futtaim also plans to expand in Saudi Arabia, Uzbekistan and Uganda, chief executive Alain Bejjani told Reuters in an interview.

  • DUBAI, Dec 4- State-owned Oman Oil Co expects to list 20% to 25% of the company in an initial public offering by the end of next year, Oman's Oil Minister Mohammed al-Rumhi said on Wednesday. Oman plans to invest more than $20 billion in downstream operations in the next five years, he said. The listing plan comes as Oman seeks to raise cash from asset sales to contain a...

  • CHINA- China's central bank lowered as widely expected its lending benchmark rate on Nov. 20, to reduce company funding costs and shore up an economy hurt by slowing demand and U.S. trade tariffs. ZAMBIA- Policy makers raised the country's benchmark lending rate by 125 basis points to 11.5% on Nov. 20, citing rising consumer price inflation and the need to restore...

  • JOHANNESBURG, Dec 3- A leading South African trade union on Tuesday called on the government to drop a requirement that buyers of the country's arms exports agree to inspections, a measure that is holding up shipments to Saudi Arabia and the United Arab Emirates. Reuters reported last month that the two Gulf allies along with Algeria and Oman were refusing to...

  • Dec 3- Saudi Arabia's stock market rose in early trade on Tuesday on the back of rising oil prices, while Dubai and Abu Dhabi were shut for public holidays. Oil prices rose for a second day as the world's biggest oil exporter, Saudi Arabia, is pushing producers to deepen a supply cut agreement when OPEC and its allies meet this week. In Saudi Arabia, the benchmark index...

  • MOSCOW, Dec 2- Vitol, the world's biggest oil trader, will begin exporting fuel oil and diesel from Turkmenistan via the Russian port of Novorossiisk this month, five trading sources said, capitalizing on its recent success in restarting Turkmen crude oil exports via Russia. Turkmenistan has been selling most of its oil products to Azerbaijan or exporting it to...

  • RIYADH, Nov 29- Saudi Aramco has received bids for its shares totalling $44.3 billion so far, lead manager Samba Capital said on Friday, putting its initial public offering on track to be over-subscribed. The state-owned oil giant plans to sell 1.5% of the company's shares for as much as 96 billion riyals, a deal which would give it a market value of $1.7 trillion.