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UAE Cabinet Approves Trading Shares of Cooperatives on Financial Markets

The decision invests the financial markets with the power to establish and develop terms and conditions that determine procedures, standards, requirements, models and mechanisms on registration, trading and complaints. (WAM)
The decision invests the financial markets with the power to establish and develop terms and conditions that determine procedures, standards, requirements, models and mechanisms on registration, trading and complaints. (WAM)
TT
TT

UAE Cabinet Approves Trading Shares of Cooperatives on Financial Markets

The decision invests the financial markets with the power to establish and develop terms and conditions that determine procedures, standards, requirements, models and mechanisms on registration, trading and complaints. (WAM)
The decision invests the financial markets with the power to establish and develop terms and conditions that determine procedures, standards, requirements, models and mechanisms on registration, trading and complaints. (WAM)

The United Arab Emirates approved on Thursday a decision allowing cooperative associations to list shares on the local financial markets, state news agency (WAM) reported.

Headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the cabinet approved a decision on the trading of shares of cooperatives on the financial markets in a move conducive to strengthening the regulatory environment of the cooperatives sector and driving their economic returns.

The development, the first of its kind in the region, is aimed to grow the cooperatives' sector contributions to the national economy, enhance their competitiveness and help the sector benefit from the disruptive services provided by the UAE bourses in terms of transparency, resilience and swift management of services.

The decision allows the financial markets to establish special platforms for the registration, trading and transfer of the shares of cooperatives, so that they are independent of the IPO and public trading platforms on the bourses.

The decision invests the financial markets with the power to establish and develop terms and conditions that determine procedures, standards, requirements, models and mechanisms on registration, trading and complaints.

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Oil Up, Heads for 4th Weekly gain as US Sanctions Hit Supply

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
TT
TT

Oil Up, Heads for 4th Weekly gain as US Sanctions Hit Supply

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices rose on Friday and headed towards a fourth consecutive weekly gain as the latest US sanctions on Russian energy trade hit supply and pushed up spot trade prices and shipping rates.
Brent crude futures rose 44 cents, or 0.5%, to $81.73 per barrel by 0443 GMT, US West Texas Intermediate crude futures were up 62 cents, or 0.8%, to $79.3 a barrel.
Brent and WTI have gained 2.5% and 3.6% so far this week.
"Supply concerns from US sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential US interest rate cuts, are bolstering the crude market," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
"The anticipated increase in kerosene demand due to cold weather in the US is another supportive factor," he added.
The Biden administration last Friday announced widening sanctions targeting Russian oil producers and tankers, followed by more measures against Russia's military-industrial base and sanctions-evasion efforts.
Moscow's top customers China and India are now scouring the globe for replacement barrels, driving a surge in shipping rates.
Investors are also anxiously waiting to see any possible more supply disruptions as Donald Trump takes office next Monday.
"Mounting supply risks continue to provide broad support to oil prices," ING analysts wrote in a research note, adding the incoming Donald Trump administration is expected to take a tough stance on Iran and Venezuela, the two main suppliers of crude oil.
Better demand expectations also lent some support to the oil market with renewed hopes of interest rate cuts by the US Federal Reserve after data showed easing inflation in the world's biggest economy.
Inflation is likely to continue to ease and possibly allow the US central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday.
Meanwhile, China's economic data on Friday showed higher-than-expected economic growth for the fourth quarter and for the full year 2024, as a flurry of stimulus measures came into effect.
However, China's oil refinery throughput in 2024 fell for the first time in more than two decades barring the pandemic-hit year of 2022, government data showed on Friday, as plants pruned output in response to stagnant fuel demand and depressed margins.
Also weighing on the market was that Yemen's maritime security officials said the Houthi militia is expected to announce a halt in its attacks on ships in the Red Sea, after a ceasefire deal in the war in Gaza between Israel and the Palestinian group Hamas.
The attacks have disrupted global shipping, forcing firms to make longer and more expensive journeys around southern Africa for more than a year.