Finance World

Head of Commodity Strategy at Saxo Bank Ole Sloth Hansen

The rally in crude oil and related products continues, and during the week it helped offset losses in industrial and precious metals, leaving the BBG Commodity Index flat on the week. 

.

aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has approved a cash dividend of 30% during its recent regular general assembly. The company, which achieved a strong financial performance in 2014, said the amount is still subject to the final approval of the Central Bank of the UAE.

.

Al Hilal Bank’s ‘Al Hilal GCC Equity Fund’ has won the ‘Best Islamic Fund Award’ at the recently concluded 2015 Banker Middle East UAE Product Awards. This marks the second consecutive year that the open-ended fund has received the distinguished honor.

.

The Saudi Arabian General Investment Authority (SAGIA) has recently released a report showing that the Kingdom of Saudi Arabia’s (KSA) foreign investments have grown by five times over the last ten years, resulting in over SAR 1,050 billion worth of investments across various industry verticals in the country. The report has identified the energy sector as the one with the largest share of investments, with a total of SAR 296.35 billion (USD 79 billion) worth of projects for the private sector alone. SAGIA predicts that the backlog across all energy-related segments will continue to grow in line with the country's ongoing increase in energy consumption levels throughout the past years, on one hand, and the improved work environment and better investment incentives and benefits provided to foreign investors in the local market, on the other hand.

.

Ole Sloth Hansen, Head of Commodity Strategy at Saxo Bank

Commodities had the best week in more than two months, not least due to a strong rally across the energy sector, led by WTI and Brent crude oil.

The dollar continues to settle into a range, especially against the euro dollar between €1.05 and €1.10 and the 1.7% weakness seen this week was driven by a continued downward adjustment by the market as to when and by how much US official interest rates eventually will rise. 

.