United Arab Emirates News
Updated 1 hour, 38 minutes ago
Naphtha stockpiles in independent storage in Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, advanced to the most in more than a year, according to PJK International BV.
Mercuria Energy Trading SA’s Dubai- based regional director and gasoline trader have resigned from the company, three people with knowledge of the departures said.
Dubai’s DFM General Index declined 0.4 percent to 1,547.86 at the 2 p.m. close in the emirate, taking the weekly drop to 0.6 percent. Abu Dhabi’s ADX General Index advanced 0.4 percent, while Bahrain’s gauge rose 0.1 percent. Saudi Arabia was closed for the weekend.
Dubai’s stocks snapped a two-day decline as oil advanced and China’s economic growth beat estimates, buoying demand for riskier assets amid Europe’s efforts to contain a debt crisis.
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
OPEC crude oil production jumped last month as Saudi Arabia, the group’s biggest exporter, pumped the most since 2008.
The Organization of Petroleum Exporting Countries forecast world oil demand will grow at a slower pace for a second year in 2012 as consumption declines in Europe and slows in other industrialized nations.
Dubai’s DFM General Index decreased 1.1 percent at 12:55 p.m. in the emirate. Abu Dhabi’s ADX General Index fell 0.4 percent and Saudi Arabia’s Tadawul All Share Index tumbled 1.3 percent.
First Gulf Bank PJSC, the United Arab Emirates’ lender controlled by Abu Dhabi’s ruling family, plans to sell its first Islamic bond under a $3.5 billion sukuk program as yields on Islamic debt reached a six-year low.
Abu Dhabi’s residential rents may drop by 10 percent in the next 12 months, extending a three-year decline, as rising home completions increase the amount of unoccupied properties, according to the sheikhdom’s second- largest real-estate developer.