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UAE’s Union Coop Prepares to List Shares on Dubai Financial Market

Union Coop on Friday announced its intention to list shares on the Dubai Financial Market. (Asharq Al-Awsat)
Union Coop on Friday announced its intention to list shares on the Dubai Financial Market. (Asharq Al-Awsat)
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UAE’s Union Coop Prepares to List Shares on Dubai Financial Market

Union Coop on Friday announced its intention to list shares on the Dubai Financial Market. (Asharq Al-Awsat)
Union Coop on Friday announced its intention to list shares on the Dubai Financial Market. (Asharq Al-Awsat)

The Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai Financial Market (DFM) on July 18, as the first retail cooperative in the UAE that takes this pioneering step.

The listing is a part of the Securities and Exchange Higher Commission’s strategy aimed at increasing stock market size in the emirate to AED3 trillion ($816.6 billion), raise competitiveness of bourses and encourage initial public offerings (IPOs).

The Union Coop also announced the suspension of trading on its shares through its portal as of July 1 and that trading will be resumed on July 18 through the DFM.

It said the Union will exercise a share split as per the equation of one to 10, where each Union Coop member will receive 10 shares against each currently-owned share. The share price will be determined on the first day of trading.

The Union Coop maintains a momentous record of operational and financial excellence since 1984, as its net profits recorded a compound annual growth rate of 20.5%, while its sales increased 16.85%.

It registered a 2.6% increase in net profits of Q1 2022 to AED116.5 million ($31.7 million), while net profits of the full year 2021 reached AED413 million ($112.4 million).

Khalid al- Falasi, CEO of the Union Coop, said this step represents a key milestone in the Coop’s development journey, as it provides its members with an efficient, regulated and transparent marketplace for trading of their shares.

“It also enables us, as a listed Union Coop, to leverage the numerous benefits of capital markets to implement our growth strategy and provide our members with the DFM innovative services, such as the seamless cash dividend distribution.”

CEO of DFM and Nasdaq Dubai Hamed Ali said the imminent listing underlines the joint efforts between the DFM and various economic sectors in Dubai to accelerate the implementation of the emirate’s strategy to develop its financial markets.

The Coop is persistently working under the direct supervision of the Supreme Committee for the Development of Financial Markets to achieve the strategic objectives and strengthen Dubai's leading position as a global capital markets hub by creating highly efficient, transparent, diversified and deep financial marketplace, he added.

The Union Coop witnessed remarkable expansion, starting with two branches in 1984 to 24 and four malls in 2021.

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Business

Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
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Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)

Saudi Arabia's largest telecoms operator STC on Thursday announced a joint venture with the kingdom's artificial intelligence company Humain to develop and operate data centers.

The companies signed a memorandum of understanding to establish the venture, in which Humain will hold a 51% stake, while STC will own 49%, Reuters reported.

Humain, an AI company backed by Saudi Arabia's sovereign wealth fund PIF, has secured several agreements including deals with Elon Musk's xAI and Blackstone-backed AirTrunk for data center projects in the country, and is targeting a capacity of about 6 gigawatts by 2034.
The joint venture will aim to develop infrastructure capable of supporting operations with a required load of up to 1 gigawatt, beginning with an initial deployment of up to 250 megawatts.

Business

Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose slightly on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

Brent crude rose 32 cents or 0.54% to $60 per barrel at 0910 GMT. US West Texas Intermediate crude was up 38 cents, or 0.68%, at $56.32 per barrel.

US intentions to impose more sanctions against Russia and its threatened blockade of tankers under sanctions and carrying Venezuelan oil pushed prices higher, PVM analyst John Evans said.

On Wednesday, Bloomberg reported that the US is preparing another round of sanctions on Russia's energy sector in the event Moscow does not agree to a peace deal with Ukraine, citing people familiar with the matter. A White House official told Reuters President Donald Trump had not made any decisions on Russian sanctions. Further measures targeting Russian oil could pose an even bigger supply risk to the market than Trump's announcement on Tuesday that the US would blockade tankers under sanctions entering and leaving Venezuela, ING analysts said in a note.

The Venezuela blockade could affect 600,000 barrels per day of Venezuelan oil exports, mostly to China, but 160,000 bpd of exports to the US would likely continue, ING said. Chevron vessels were continuing to depart for the US under a previous authorisation from the US government.

Most other Venezuelan exports remained on hold on Wednesday, although state oil company PDVSA restarted loading crude and fuel cargoes after suspending operations because of a cyberattack, sources and customs data indicated.

It was not clear how a US blockade would be enforced. The US Coast Guard last week took the unprecedented step of seizing a Venezuelan oil tanker and sources said the US was preparing for more such interdictions.

Venezuelan crude makes up around 1% of global supplies.

Business

European Gas Prices Lift on Colder Weather Demand

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
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European Gas Prices Lift on Colder Weather Demand

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium July 16, 2025. REUTERS/Yves Herman/File Photo

Dutch and British gas prices posted small gains on Thursday morning but are largely expected to trade sideways with rising demand from colder weather easily met by pipeline and liquefied natural gas deliveries.

The benchmark Dutch front-month contract at the TTF hub was up 0.19 euros at 27.57 euros per megawatt hour (MWh), or $9.48/mBtu, by 0907 GMT, LSEG data showed.

The Dutch day-ahead contract was up 0.41 euros at 27.36 euros/MWh.

The British day-ahead gas price was up 0.90 pence at 71.00 pence per therm, while the front-month gas contract was up by 0.62 pence at 72.90 p/therm, Reuters reported.

The weather will be mostly dry but slowly colder with below-normal temperatures towards the end of the next week, LSEG meteorologist Georg Mueller said.

"This pattern seems to be stable and will likely last into early January," he added.

Prices appeared to have exhausted their potential for further decline, but a comfortable LNG balance in particular prevented a real rebound, analysts at Engie EnergyScan said in a daily note.

Key US liquefied natural export plant Freeport LNG was on track to take in more gas on Wednesday in a sign that one of its three liquefaction trains has returned to service after shutting down on Tuesday.

Norwegian pipeline gas nominations to Europe hit 348.8 million cubic metres (mcm) per day on Wednesday, their highest level since August 2024, and are at 347.6 mcm/day on Thursday, data from infrastructure operator Gassco showed.

Latest positioning data indicated that speculators are increasingly bearish on the TTF, with investment funds building their largest net-short position since early 2020, analysts at ING said.

"It continues to pose a risk to the market should we see any supply disruptions or demand surges," they added.

EU gas storage sites were last 68.75% full, compared with 77.5% at the same time last year, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark contract was down 0.81 euro at 85.99 euros a metric ton.