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Bloomberg Oil trimmed losses after Saudi Arabia said Iran sponsored recent attacks to its oil production facilities. Futures fell as much as 2.2% in New York before easing declines on Wednesday. The weekend attacks on the kingdom’s critical oil infrastructure were “unquestionably sponsored by Iran,” according to a spokesman for the Saudi defense ministry. West Texas Intermediate crude for October …

WAM / BLOOMBERG Saudi Arabia on Wednesday announced it has joined the International Maritime Security Construct to secure the Mideast’s waterways. The Saudi Press Agency (SPA), quoted a statement by the Ministry of Defence stating that, “The kingdom’s accession to this international alliance comes in support of regional and international efforts to deter and counter threats to maritime navigation and …

DUBAI / WAM Emaar Properties said on Tuesday it has signed final terms related to the issuance of a AED 1.84 billion ($500 million) Trust Certificates. Emaar said in a statement published on Dubai Financial Market website that the issuance is part of its $2 billion Trust Certificate Issuance Programme. The announcement of the 10-year sukuk carry an annual return …

Bloomberg Oil plunged more than 6% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production lost after this weekend’s attack. Brent crude dropped as low as $64.48 per barrel on the report, which cited an unidentified Saudi source saying it would return to full production in the next two to three weeks. Saudi …

Bloomberg Oil surged the most ever after a strike that wiped out about half of Saudi Arabia’s output capacity heightened concern about more destabilisation in the world’s most important crude-producing region. In an extraordinary start to trading on Monday, London’s Brent futures leaped almost $12 in the seconds after the open, the most in dollar terms since their launch in …

Bloomberg Despite European efforts to avoid an escalation in trade tensions with the US, a tit-for-tat tariff battle over illegal aircraft subsidies is in the offing, according to the European Union’s chief trade negotiator. “Our view is that we have enough tariffs in the world as it is, so imposing tariffs on each other, which strictly speaking we are allowed …

ABU DHABI / WAM The gross output of the water, wastewater and electricity sector grew 2.7 percent in 2018 to AED55.8 billion as compared to AED54.3 billion in the preceding year, according to the figures of the Federal Competitiveness and Statistics Authority. The growth is driven by the continuing population growth, with the government continuing to fine efficient alternatives through …

OSLO / WAM Oslo-listed RAK Petroleum has announced a consolidated net comprehensive income of $65.7 million for the half-year to June 30, compared to a net comprehensive income of $166.4 million for the full year 2018. RAK Petroleum’s main assets are holdings in DNO, also listed in Oslo, and privately-held Foxtrot International. RAK Petroleum owns 40.45 percent of DNO, a …

ABU DHABI / WAM The UAE’s largest ever delegation to the United Nations – led by HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation (MoFAIC) – will seek diplomatic solutions to address the most pressing challenges to regional stability and security, and assert against extremism and hate. In a media briefing on Sunday at …

Bloomberg Saudi Arabia is racing to restore oil production after a brazen drone strike on a key Aramco facility slashed its output by half, or about 5% of world supply, an assault that the US has blamed on Iran. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output after 10 unmanned aerial vehicles struck the …