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Friday, 12 May 2017

'Words and no facts' so far from foreign investors as Iran votes on Rouhani | Reuters

'Words and no facts' so far from foreign investors as Iran votes on Rouhani | Reuters:

"Desperate to show off the rewards of his landmark deal to get sanctions lifted from Iran, President Hassan Rouhani has rolled out the red carpet for global investors before he faces the voters in an election next week. But so far the executives jetting into town have made more speeches than deals. "If at the end of the day, it is only words and no facts, there's a problem," Stephane Michel, French oil major Total's president for exploration and production in North Africa and the Middle East said at an EU-Iran oil and gas forum last month."



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Fund led by Dubai billionaire Alabbar buys UAE website JadoPado | Reuters

Fund led by Dubai billionaire Alabbar buys UAE website JadoPado | Reuters:

"United Arab Emirates e-commerce and online marketplace website JadoPado has been acquired by a technology fund led by Dubai billionaire and Emaar Properties chairman Mohamed Alabbar, his spokesperson said in a statement to Reuters on Thursday. The transaction comes soon after Amazon's acquisition last month of regional e-commerce website Souq.com, described by advisor Goldman Sachs as "the biggest-ever technology M&A transaction in the Arab world". "JadoPado has been acquired by the tech-fund launched by Mohamed Alabbar, in the first of several acquisitions and partnerships as part of his digital/tech investments in the region," the spokesperson said, without disclosing a value for the transaction."



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Oil rises on expectations of extended OPEC-led production cut | Reuters

Oil rises on expectations of extended OPEC-led production cut | Reuters:

"Oil prices rose on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February.

International Brent crude futures LCOc1 were at $50.96 per barrel at 0646 GMT on Friday, up 19 cents, or 0.37 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.01 per barrel, up 18 cents, or 0.38 percent."



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Saudis Boost U.S. Ties With $40 Billion Investment - Bloomberg

Saudis Boost U.S. Ties With $40 Billion Investment - Bloomberg:

"Saudi Arabia is preparing to cement ties with President Donald Trump by committing to unprecedented investments in the U.S.

The kingdom’s sovereign wealth fund is set to announce plans to deploy as much as $40 billion into U.S. infrastructure, according to people familiar with the matter. The investment may be unveiled as early as next week to coincide with Trump’s visit to the kingdom, said the people, asking not to be identified as the information is private. No final decisions have been made and the announcement may still be delayed, they said.

Saudi Arabia is eager to reset relations with the new U.S. administration after feeling shunned by President Barack Obama, who crafted the 2015 nuclear deal with their Shiite rival Iran. The kingdom claimed a “historic turning point” in bilateral relations after President Trump met Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman in the White House earlier this year. On May 19, Trump will make his first foreign trip since taking office, visiting Saudi Arabia and Jerusalem before heading to Europe."



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MIDEAST STOCKS-Oil price lifts some Gulf stocks, mixed earnings hit Saudi index | Reuters

MIDEAST STOCKS-Oil price lifts some Gulf stocks, mixed earnings hit Saudi index | Reuters:

"Rising oil prices lifted energy company stocks in the Gulf on Thursday, but indices were mixed due to some negative earnings reports, especially in Saudi Arabia.

The Riyadh index lost 0.7 percent.

Savola Group, the kingdom’s largest food products company, reported a 96 percent drop in first-quarter net profit, sending its shares down 2.4 percent."



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