{"id":557061,"date":"2021-09-05T04:00:09","date_gmt":"2021-09-05T04:00:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/the-uae-israel-just-inked-their-biggest-commercial-agreement-since-normalizing-relations\/"},"modified":"2021-09-05T04:00:09","modified_gmt":"2021-09-05T04:00:09","slug":"the-uae-israel-just-inked-their-biggest-commercial-agreement-since-normalizing-relations","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/the-uae-israel-just-inked-their-biggest-commercial-agreement-since-normalizing-relations\/","title":{"rendered":"The UAE + Israel just inked their biggest commercial agreement since normalizing relations"},"content":{"rendered":"

<\/a> UAE sovereign fund Mubadala has bought a 22% stake in Israeli natural gas field Tamar <\/strong>for USD 1 bn<\/strong> in what Bloomberg<\/a> says is the biggest commercial agreement yet since the two countries normalized diplomatic relations last year.<\/p>\n

US stocks are booming: <\/strong>The average share price on the S&P 500 is up 24% this year to USD 209, off the back of gains by heavyweights such as Google parent company Alphabet, Bloomberg<\/a> reports. The fact that fewer companies are splitting their stocks \u2014 with only three splits this year compared to an average of nine over the decade preceding 2019 \u2014 is also contributing to soaring valuations.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,301<\/p>\n<\/td>\n

\n

+0.2% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,319<\/p>\n<\/td>\n

\n

+0.1% (YTD: +30.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,652<\/p>\n<\/td>\n

\n

+0.1% (YTD: +51.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,912<\/p>\n<\/td>\n

\n

-0.1% (YTD: +16.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,535<\/p>\n<\/td>\n

\n

-% (YTD: +20.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,138<\/p>\n<\/td>\n

\n

-0.4% (YTD: +10.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 72.61<\/p>\n<\/td>\n

\n

-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.71<\/p>\n<\/td>\n

\n

+1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,833.70<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 50,216<\/p>\n<\/td>\n

\n

+0.1% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.2% at Thursday\u2019s close<\/strong> on turnover of EGP 1.86 bn (20% above the 90-day average). Local investors were net sellers. The index is up 4.2% YTD.<\/p>\n

In the green: <\/strong>Pioneers Holding (+5.1%), GB Auto (+3.4%) and MM Group (+2.2%).<\/p>\n

In the red: <\/strong>Fawry (-2.3%), Speed Medical (-1.0%), and Orascom Development Egypt (-1.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

UAE sovereign fund Mubadala has bought a 22% stake in Israeli natural gas field Tamar for USD 1 bn in what Bloomberg says is the biggest commercial agreement yet since the two countries normalized diplomatic relations last year. US stocks are booming: The average share price on the S&P 500 is up 24% this year […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1054,72,164,119,89,1553,122,3418,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557061","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-delek-drilling","tag-enterpriseam","tag-equities","tag-financial-markets","tag-israel","tag-mubadala","tag-planet-finance","tag-tamar-gas-field","tag-uae","wpautop","entry"],"acf":{"mongo_id":"fb18d201-3c89-4279-86bb-14246501d1e1","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[557033],"teaser":"","voice_url":""},"yoast_head":"\nThe UAE + Israel just inked their biggest commercial agreement since normalizing relations - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/the-uae-israel-just-inked-their-biggest-commercial-agreement-since-normalizing-relations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The UAE + Israel just inked their biggest commercial agreement since normalizing relations\" \/>\n<meta property=\"og:description\" content=\"UAE sovereign fund Mubadala has bought a 22% stake in Israeli natural gas field Tamar for USD 1 bn in what Bloomberg says is the biggest commercial agreement yet since the two countries normalized diplomatic relations last year. 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The price of Brent fell 2.3% to USD 74.76 on the news, which could pave the way\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558515,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/wheat-shortages-could-push-bread-prices-higher-for-us-and-other-importers\/","url_meta":{"origin":557061,"position":2},"title":"Wheat shortages could push bread prices higher for us and other importers","author":"enterpriseam admin","date":"15 August 2021","format":false,"excerpt":"Bread prices could be about to rise as three of the world\u2019s biggest wheat exporters face shortages and quality concerns, Bloomberg reports. Wheat prices are already at multi-year highs, and with drought threatening harvests in Canada and the US and a harsh winter hurting the Russian crop, analysts expect consumer\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546907,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/","url_meta":{"origin":557061,"position":3},"title":"Israel and the UAE sign landmark trade agreement","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"Israel + UAE ink trade agreement: Following months of negotiations, Israel and the UAE have inked a bilateral trade agreement that they hope will boost the value of trade between them by more than USD 10 bn and add USD 1.9 bn to the UAE\u2019s GDP over the next five\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591895,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/19\/uae-encouraging-companies-to-invest-in-egypt-mubadala-cdo\/","url_meta":{"origin":557061,"position":4},"title":"UAE encouraging companies to invest in Egypt -Mubadala CDO","author":"enterpriseam admin","date":"19 December 2019","format":false,"excerpt":"UAE encouraging companies to invest in Egypt -Mubadala CDO: The Emirati government is encouraging companies to increase their investments in the Egyptian oil and gas, renewable energy, and construction sectors, Mubadala Chief Development Officer Sheikh Mansour Al Hamed told Investment Minister Sahar Nasr during talks yesterday, according to a ministry\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557322,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/uae-targetsusd-1-tn-trading-relationship-with-israel-by-2030\/","url_meta":{"origin":557061,"position":5},"title":"UAE targetsUSD 1 tn+ trading relationship with Israel by 2030","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"The UAE wants its business ties with Israel to be worth more than USD 1 tn by the end of the decade, the country\u2019s economy minister said Monday, according to Bloomberg. The trading relationship is already worth USD 600-700 mn while bns of USD of investment has already been announced,\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557061"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557061\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557033"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557061"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557061"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}