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Sunday, 5 November 2017

Prince Alwaleed: savvy investor dubbed the Saudi Warren Buffett

Prince Alwaleed: savvy investor dubbed the Saudi Warren Buffett:

"With his trademark tinted glasses and traditional ghutra head dress, Saudi Arabia’s Prince Alwaleed bin Talal has since the 1990s cultivated an image as his country’s most influential businessman. At home and abroad, the 62-year-old grandson of Abdulaziz ibn Saud, founder of Saudi, has gone from a relative outsider in the royal family to one of the world’s richest and most recognisable investors, with a fortune estimated to be worth about $18bn. Media-savvy and regularly spotted espousing his investment mantra on business television, most recently on cryptocurrencies, Prince Alwaleed cemented his reputation in recent years with large investments in companies such as Citigroup, Twitter and Lyft."



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Saudi anti-corruption purge triggers investor uncertainty

Saudi anti-corruption purge triggers investor uncertainty:

"The arrest of Prince Alwaleed bin Talal, the buccaneering face of Saudi capitalism, and dozens of other princes and technocrats as part of an anti-corruption drive has raised questions over the country’s attitude to business under Prince Mohammed bin Salman — even as Saudis lauded the move.

The purge led by the powerful Saudi crown prince has triggered uncertainty among investors who fear a campaign against established business leaders. It has alarmed executives working on Prince Mohammed’s ambitious transformation plan and sent shockwaves through a Saudi business community wondering whether they might be next in line.

Bankers say that while the economic downturn and regional geopolitical tumult has already sparked capital flight out of the kingdom over the past few years, these latest developments would speed up the pace of outflows."



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Mohammed bin Salman aims to win Saudi game of thrones

Mohammed bin Salman aims to win Saudi game of thrones:

"Mohammed bin Salman, the young crown prince and de facto ruler of Saudi Arabia, took another huge stride towards absolute power this weekend, with a round-up of leading figures in the kingdom’s political and business elite that includes 11 princes and more than three dozen current and former ministers.

The arrests, announced late Saturday by Al Arabiya, the Saudi-owned pan-Arab news channel, came only hours after King Salman set up an anti-corruption commission with wide powers, headed by the 32-year-old crown prince. If this is an Arabian game of thrones, the headstrong young prince, who seeks to embody the pent-up aspirations of a people two-thirds of whom are under 30, has left no one in doubt he means to win.

Among those caught in the crown prince’s net are Prince Alwaleed bin Talal, the flamboyant multi-billionaire tycoon, and Prince Miteb bin Abdullah, minister and former chief of Saudi Arabia’s powerful National Guard. Also reportedly under arrest is Sheikh Waleed al-Ibrahim, brother-in-law of the late King Fahd and media baron, whose MBC group owns Al Arabiya."



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UAE's Air Arabia reports 26.6% third quarter profit increase | ZAWYA MENA Edition

UAE's Air Arabia reports 26.6% third quarter profit increase | ZAWYA MENA Edition:

"Air Arabia , the United Arab Emirates' only publicly-listed airline, reported a 26.6 percent increase in third quarter profit on Sunday. The low cost airline said in an emailed statement it made a net profit of 376 million dirham ($102.4 million) in the three months to Sept. 30, compared with 297 million dirham in the same year-ago period. EFG Hermes and SICO Bahrain had forecast the airline, based in Sharjah, one of the emirates, would post a profit of 202.3 million dirhams and 285.5 million dirhams, respectively. "



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MIDEAST STOCKS-Saudi closes higher after steep fall on corruption inquiry | ZAWYA MENA Edition

MIDEAST STOCKS-Saudi closes higher after steep fall on corruption inquiry | ZAWYA MENA Edition:

"Saudi Arabia's stock index rebounded to close higher on Sunday after initially falling steeply in response to a crackdown on corruption that led to the detention of dozens of prominent political and business figures. A new anti-graft committee, headed by Crown Prince Mohammed bin Salman, detained 11 princes, four current ministers and tens of ex-ministers. Among them was Prince Alwaleed bin Talal, chairman of Kingdom Holding and, as a big investor in Western firms such as Citigroup , the country's most prominent international businessman. By strengthening Prince Mohammed's authority, the crackdown could make it easier for him to push through economic reforms that investors want to see. Many foreign analysts, however, described the strategy as risky. "



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Saudi stocks rebound after initial drop on corruption probe

Saudi stocks rebound after initial drop on corruption probe:

"The Saudi stock market rebounded into positive territory on Sunday after initially dropping sharply in response to a corruption inquiry that led to a string of detentions of prominent political and business figures. The stock index was up 0.02 percent an hour before the close, after falling 2.2 percent at one stage. Some investors worry the investigation could force people implicated to sell equity holdings. But many think the purge will remove opposition to Crown Prince Mohammed bin Salman, helping him accelerate economic reforms such as privatisation and big development projects. "



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ADNOC expected to sign this week $6 billion loan with 13 banks: sources

ADNOC expected to sign this week $6 billion loan with 13 banks: sources:

"Abu Dhabi National Oil Co (ADNOC), the United Arab Emirates oil giant, is expected to sign by the end of this week a $6 billion loan which has received commitments from a group of 13 banks, sources close to the situation said on Sunday. ADNOC, which manages almost all of the proven oil reserves in the UAE, is raising the financing as part of an overhaul of its capital structure which involves, among other things, additional debt raising exercises and the initial public offering of minority stakes in some of its units. The club loan has been largely oversubscribed, having attracted commitments of $750 million each from a group of 13 banks. Commitments will be scaled down to reach the targeted size of $6 billion size, said the sources."



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Shakeup Stuns Analysts Who Say It Shows Saudis Mean Business - Bloomberg

Shakeup Stuns Analysts Who Say It Shows Saudis Mean Business - Bloomberg:

"Saudi Arabia’s unprecedented decision to arrest senior princes and billionaires shocked analysts across the region, but to some it’s a sign the kingdom is serious about change. The nation’s stocks declined. A newly formed anti-corruption committee, headed by Crown Prince Mohammed bin Salman, instructed police to arrest 11 princes, four ministers and dozens of former ministers, the Saudi-owned Al Arabiya television said. The decision comes about two weeks after the kingdom announced a series of projects, including a $500 billion city, as part of a plan to overhaul an economy that has been almost entirely dependent on oil revenue for decades. The Tadawul All Share Index fell 1.8 percent as of 10:04 a.m. in Riyadh."



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Saudi Finance Ministry says crackdown preserves investment climate

Saudi Finance Ministry says crackdown preserves investment climate:

"Saudi Arabia’s Finance Ministry said on Sunday that the kingdom’s decision to set up an anti-corruption committee and detain prominent figures enhanced confidence in the rule of law, Al Arabiya television reported.

The decisions preserve Saudi Arabia’s investment climate, the Saudi-owned television channel said.

Saudi Arabia announced the committee and the detentions late on Saturday."



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Kingdom Holding Tumbles After Arrest of Billionaire Chairman - Bloomberg

Kingdom Holding Tumbles After Arrest of Billionaire Chairman - Bloomberg:

"Shares of Kingdom Holding Co. plunged after billionaire Chairman Prince Alwaleed bin Talal was arrested as part of an anti-corruption purge in Saudi Arabia.

The stock fell as much as 9.9 percent, the most since 2014, at the open in Riyadh. The benchmark Tadawul All Share Index lost 1.7 percent at 10:05 a.m. in the Saudi capital.

Acting on orders from a newly established anti-corruption committee, headed by Crown Prince Mohammed bin Salman, police arrested 11 princes, four ministers and dozens of former ministers, the Saudi-owned Al Arabiya television reported. Alwaleed was among those detained, according to a senior Saudi official who spoke on condition of anonymity. The prince, who is valued at $19 billion in Bloomberg Billionaires Index, is a nephew of King Salman."



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Saudi stocks drop after corruption probe detains businessmen, officials | ZAWYA MENA Edition

Saudi stocks drop after corruption probe detains businessmen, officials | ZAWYA MENA Edition:

"Saudi Arabia's stock market fell in early trade on Sunday after Crown Prince Mohammed bin Salman moved to consolidate his power and crack down on corruption with a Cabinet reshuffle and a string of detentions of prominent figures. The Saudi equities index was down 1.5 percent after eight minutes of trade. Investment firm Kingdom Holding , owned by billionaire Prince Alwaleed bin Talal, who was one of those detained, plunged 9.9 percent. Saudi-owned Al Arabiya television reported a new anti-corruption committee chaired by Prince Mohammed had detained 11 princes, four current ministers and tens of former ministers."



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