BAGHDAD: Iraq’s total oil exports for July averaged 2.763 million barrels per day (bpd), the oil ministry said in a statement on Saturday.
The exports included 2.668 million bpd from its southern Basra oilfields, it said, adding that total exports generated $3.487 billion of revenue. The oil price per barrel averaged $40.70.
Iraq which relies almost entirely on oil for state revenue has been hit hard by low oil prices during the coronavirus crisis and has cut exports in line with OPEC production cuts.
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Iraq’s oil exports average 2.76 mln bpd in July, says ministry
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Iraq’s oil exports average 2.76 mln bpd in July, says ministry
- The exports included 2.668 million bpd from its southern Basra oilfields
- Iraq which relies almost entirely on oil for state revenue has been hit hard by low oil prices during the coronavirus crisis and has cut exports in line with OPEC production cuts
Abu Dhabi wealth fund seeks full ownership of Aramex
- ADQ, through its subsidiary Q Logistics, makes a conditional cash offer
JEDDAH: Abu Dhabi’s sovereign wealth fund has submitted a cash offer that will see it acquire 100 percent of Aramex’s shares, according to an announcement made by the logistics company on Monday.
The offer, which is conditional, comes from Q Logistics Holding LLC, a fully owned subsidiary of ADQ. It targets the portion of Aramex’s issued and paid-up share capital that is not already owned by Abu Dhabi Ports Co.
ADQ was established in 2018 and has a broad portfolio of domestic assets, including Abu Dhabi state carrier Etihad Airways and Abu Dhabi Ports Co., through which it holds a 22.69 percent stake in Aramex.
Aramex confirmed that the proposal will be presented to its board of directors. The company also stated that it will adhere to the required procedures in accordance with the decision of the chairman of the Securities and Commodities Authority regarding the Rules of Acquisition and Merger of Public Joint Stock Companies.
Following the acquisition offer, Aramex’s shares opened at 2.65 dirhams ($0.72), up from the previous close of 2.31 dirhams.
In its statement, Aramex noted that shareholders, excluding Abu Dhabi Ports Co., would receive 3 dirhams per share in cash. This offer represents a 33 percent premium over the closing share price of 2.25 dirhams as of Jan. 9. Furthermore, the offer price is a 35 percent premium over the one-month volume-weighted average price of 2.23 dirhams per share.
The company also stated that it would provide further updates on any material developments related to the offer.
In a separate announcement on Jan. 8, Aramex revealed a major step in its efforts to decarbonize logistics in the oil and gas sector.
The company launched its first commercial deployment of electric trucks and charging solutions in the UAE, in partnership with Admiral Mobility, a local electric vehicle solutions provider. The new fleet includes eight-tonne Farizon electric trucks, each equipped with a 162 kWh battery, certified for use in both the UAE and Saudi Arabia.
This initiative aligns with Aramex’s broader strategy to offer sustainable logistics solutions to its clients while reducing the environmental impact of industrial supply chains.
The company emphasized that the electric trucks will specifically benefit its oil and gas sector clients by offering efficient and eco-friendly transportation options. Aramex remains committed to achieving carbon neutrality by 2030 and net-zero emissions by 2050.
Saudi banking sector boosted by flurry of debt, sukuk issuances
- Al Rajhi Bank, Banque Saudi Fransi, and Arab National Bank are among the key players
- CMA’s strategy seeks to expand the debt instruments market to 24.1% of GDP by 2025
RIYADH: Saudi Arabia’s banking sector is experiencing a surge in activity in debt and sukuk markets as leading financial institutions move to strengthen their capital bases and fund strategic growth initiatives.
Al Rajhi Bank, Banque Saudi Fransi, and Arab National Bank are among the key players announcing substantial issuances to tap local and international investors.
This wave in activity supports the Capital Market Authority’s objective of transforming the Kingdom’s investment market into a key pillar of the its economy, as outlined in Vision 2030. The plan emphasizes expanding financing options, promoting funding opportunities, and attracting international investors.
Al Rajhi Bank unveiled plans to issue US dollar-denominated additional Tier 1 capital sustainable sukuk under its international sukuk program established in April.
The issuance, approved by the bank’s board in March, will be executed through a special purpose vehicle and offered to eligible investors both within Saudi Arabia and abroad, according to a statement on the Saudi stock exchange.
The bank has enlisted a consortium of leading financial institutions, including Citigroup, HSBC, and Goldman Sachs, as joint lead managers and bookrunners for the proposed issuance.
Banque Saudi Fransi similarly announced its intention to issue US dollar-denominated certificates under its Trust Certificate Issuance Program. The initiative follows a board resolution granting executive management the authority to oversee the program and carry out issuances as needed.
“The issuance is expected to be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally,” a statement said.
HSBC will serve as global coordinator, and several prominent institutions, including Japanese-based bank holding company Mizuho and Saudi Fransi Capital, acting as joint lead managers.
Meanwhile, Arab National Bank has opted for a Saudi Riyal-denominated additional Tier 1 capital sukuk.
The private placement, valued at SR11.25 billion ($2.9 billion), aims to bolster the bank’s capital base while supporting general corporate purposes. HSBC Saudi Arabia and ANB Capital Co. have been appointed as joint lead managers for the issuance.
The developments highlight the growing momentum in the Kingdom’s financial markets as banks look to diversify funding sources and enhance their capital adequacy.
By prioritizing sustainable finance and investor protection, Saudi Arabia is aligning with international standards and leveraging its leadership in Islamic finance to attract a broader range of investors.
The CMA’s strategy seeks to expand the debt instruments market to 24.1 percent of gross domestic product by 2025 by implementing regulatory reforms, improving market accessibility, and streamlining issuance processes.
Annual trade between Qatar and Jordan hits $248m
RIYADH: The trade exchange between Qatar and Jordan rose to 910 million Qatari riyals ($248.16 million) in 2024, a 5.81 percent increase from the previous year, driven by higher imports of Jordanian food and consumer goods.
Both countries saw their trade balance grow 5.6 percent year on year over the 12-month period, with total commerce rising from 800 million riyals in 2022 to 860 million riyals in 2023, according to data from Qatar’s Planning and Statistics Authority, as reported by Jordan News Agency.
This comes as the trade and economic relationship between Jordan and Qatar has been on an upward trajectory since the establishment of the Joint Business Council in 2015.
In November, Jordanian Prime Minister Jafar Hassan and Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani met to discuss ways to further enhance cooperation in various fields including economic development, trade, investment, and infrastructure.
Last year, Jordan’s major exports to Qatar included food and consumer products such as fresh and processed foods, vegetables, and fruits, as well as meats, dairy products, and grains.
Other significant food exports included fresh cheeses, poultry, sweets, and rice. Additionally, Jordan shipped juices, nuts, and oils, as well as pickles, herbs and honey.
Eggs and Jordanian coffee were also traded.
Conversely, Qatar’s exports to Jordan were largely comprised of chemicals and industrial products, including motor oils, sulfuric acid, aluminum molds, and paraffin.
Other key Qatari exports to Jordan were polyethylene, iron rods, and chemical fertilizers, as well as plastic bags, organic fertilizers, and medical solutions.
The growing trade ties between Qatar and Jordan are part of a broader trend of increasing regional trade.
Saudi Arabia also saw significant growth in its trade relationship with Jordan. In the third quarter of 2024, Saudi exports to Jordan reached SR3.78 billion ($1.01 billion), marking a 15.95 percent year-on-year increase.
Non-oil exports from the Kingdom to Jordan totaled SR2.26 billion, with rubber and plastic products accounting for SR766.7 million and chemicals contributing SR320.2 million. Jordan’s exports to Saudi Arabia during the same period were valued at SR1.49 billion.
With ongoing efforts to bolster economic ties, the trade relationship between Qatar and Jordan is expected to continue its positive trajectory.
Saudi Arabia, Japan strengthen investment ties with strategic MoU
DUBAI: The Saudi Investment Promotion Authority on Monday signed a memorandum of understanding with Japan’s Mizuho Bank Ltd. in an effort to enhance investment opportunities between the two countries.
The MoU was signed by Assistant Minister of Investment Ibrahim bin Yousef Al-Mubarak and bank CEO Masahiko Kato.
The agreement means the Saudi Investment Promotion Authority will provide its expertise and information to help integrate support services to Japanese companies interested in investing in the Kingdom, according to the Saudi Press Agency.
The memorandum comes within the Vision 2030 framework, which aims to diversify the national economy by attracting foreign investments, supporting economic partnerships with international companies, strengthening bilateral investment relations and long-term partnerships, and opening new qualitative areas for cooperation in the investment and economic fields.
On Sunday, the Saudi Japanese Joint Business Council Meeting convened in Riyadh with Minister of Investment Khalid Al-Falih and Japanese Minister of Economy, Trade and Industry Muto Yoji.
Attending the meeting were more than 80 representatives of companies and entities from both nations.
The Japanese delegation included those from industrial and commercial companies, as well as financial institutions focusing on modern technologies with an interest in the Saudi market.
Oil Updates — crude jumps as new US sanctions to curb Russian supply to China, India
SINGAPORE: Oil prices extended gains for a third session on Monday, with Brent rising above $80 a barrel to its highest in more than four months, as wider US sanctions are expected to affect Russian crude exports to top buyers China and India.
Brent crude futures climbed $1.14, or 1.43 percent, to $80.90 a barrel by 10:41 a.m. Saudi time after hitting an intraday high of $81.49, the highest since Aug. 27.
US West Texas Intermediate crude rose $1.20, or 1.57 percent to $77.77 a barrel after touching a high of $78.39, the most since Oct. 8.
Brent and WTI have risen by more than 6 percent since Jan. 8, and both contracts surged after the US Treasury imposed wider sanctions on Russian oil on Friday.
The new sanctions included producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that have shipped Russian oil, targeting the revenue Moscow has used to fund its war with Ukraine.
Russian oil exports will be hurt severely by the new sanctions, pushing China and India, the world’s top and third-largest oil importers respectively, to source more crude from the Middle East, Africa and the Americas, which will boost prices and shipping costs, traders and analysts said.
“Friday’s announcement strengthens our view that the risks to our $70-85 Brent range forecast are skewed to the upside in the short term,” Goldman Sachs analysts said in a note.
“We estimate that the vessels targeted by the new sanctions transported 1.7mb/d of oil in 2024 or 25 percent of Russia’s exports, with the vast majority being crude oil.”
Expectations of tighter supplies have also pushed Brent and WTI monthly spreads to their widest backwardation since the third quarter of 2024. Prompt prices are higher than those in future months in backwardation, indicating tight supply.
RBC Capital Markets analysts said the doubling of tankers sanctioned for moving Russian barrels could serve as a major logistical headwind to crude flows.
Many of the tankers named in the latest sanctions have been used to ship oil to India and China as previous Western sanctions and a price cap imposed by the Group of Seven countries in 2022 shifted trade in Russian oil from Europe to Asia. Some of the ships have also moved oil from Iran, which is also under sanctions.
“The last round of OFAC (US Office of Foreign Assets Control) sanctions targeting Russian oil companies and a very large number of tankers will be consequential in particular for India,” said Harry Tchilinguirian, head of research at Onyx Capital Group.
JPMorgan analysts said Russia had some room to maneuver despite the new sanctions, but it would ultimately need to acquire non-sanctioned tankers or offer crude at or below $60 a barrel to use Western insurance as per the West’s price cap.
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