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ADNOC Distribution to Join MSCI Emerging Index

ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).
ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).
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ADNOC Distribution to Join MSCI Emerging Index

ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).
ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).

ADNOC Distribution, the UAE's largest fuel retailer, said on Wednesday that it will join the Morgan Stanley Capital International (MSCI) Emerging Markets index from May 27.

The fuel retailer will join nine other UAE-listed companies that are part of the index.

ADNOC Distribution's inclusion is expected to increase the attractiveness of its shares to potential international investors and help diversify the company’s investor base, the company said.

"Being included on the MSCI Emerging Markets Index is an important milestone in ADNOC Distribution’s thriving equity narrative," said Ahmed Al Shamsi, acting chief executive of ADNOC Distribution.

The inclusion in the index also reflected "the company's ability to grow", he added.

Profit for the first three months of the year reached AED631 million ($171.8 million).

ADNOC Distribution has also expanded beyond its home market of the UAE in recent years. The company plans to accelerate delivery momentum and open a total of 70 to 80 new stations across the UAE and Saudi Arabia by year-end, it said earlier this month.

It plans to open another 30 to 45 units in the UAE. In Saudi Arabia, the company is building on earlier agreements to acquire fuel stations that will expand its portfolio in the country to 37 units.

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Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
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Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP

Oil prices dipped on Monday amid a strong US dollar ahead of key economic data by the US Federal Reserve and US payrolls later in the week.
Brent crude futures slid 28 cents, or 0.4%, to $76.23 a barrel by 0800 GMT after settling on Friday at its highest since Oct. 14.
US West Texas Intermediate crude was down 27 cents, or 0.4%, at $73.69 a barrel after closing on Friday at its highest since Oct. 11, Reuters reported.
Oil posted five-session gains previously with hopes of rising demand following colder weather in the Northern Hemisphere and more fiscal stimulus by China to revitalize its faltering economy.
However, the strength of the dollar is on investor's radar, Priyanka Sachdeva, a senior market analyst at Phillip Nova, wrote in a report on Monday.
The dollar stayed close to a two-year peak on Monday. A stronger dollar makes it more expensive to buy the greenback-priced commodity.
Investors are also awaiting economic news for more clues on the Federal Reserve's rate outlook and energy consumption.
Minutes of the Fed's last meeting are due on Wednesday and the December payrolls report will come on Friday.
There are some future concerns about Iranian and Russian oil shipments as the potential for stronger sanctions on both producers looms.
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, two sources with knowledge of the matter said on Sunday.
Goldman Sachs expects Iran's production and exports to fall by the second quarter as a result of expected policy changes and tighter sanctions from the administration of incoming US President Donald Trump.
Output at the OPEC producer could drop by 300,000 barrels per day to 3.25 million bpd by second quarter, they said.
The US oil rig count, an indicator of future output, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday.
Still, the global oil market is clouded by a supply surplus this year as a rise in non-OPEC supplies is projected by analysts to largely offset global demand increase, also with the possibility of more production in the US under Trump.