UAE offers Dh12.5b support to Bahrain | GulfNews.com:
The UAE has signed a financial cooperation agreement worth Dh12.5 billion with the government of Bahrain to support the country’s financial stability and stimulate economic growth.
The contribution will be managed by the Abu Dhabi Fund for Development (ADFD).
The Dh12.5 billion from the UAE is within the framework of the Bahrain government’s approved fiscal balance programme, which aims to achieve a balance between government revenues and expenditure by 2022.
Friday 5 October 2018
Mohammed bin Salman Bloomberg Interview Transcript - Bloomberg
Mohammed bin Salman Bloomberg Interview Transcript - Bloomberg:
Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists spoke to Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud Wednesday night at a royal compound in Riyadh. In the wide-ranging interview, the prince spoke about his relationship with Donald Trump, his commitment to IPO Aramco, plans to invest a further $45 billion in Softbank, energy markets and the recent arrests in the kingdom.
Below is a full transcript of the interview.
Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists spoke to Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud Wednesday night at a royal compound in Riyadh. In the wide-ranging interview, the prince spoke about his relationship with Donald Trump, his commitment to IPO Aramco, plans to invest a further $45 billion in Softbank, energy markets and the recent arrests in the kingdom.
Below is a full transcript of the interview.
Mohammed bin Salman Bloomberg Interview: Vows Aramco IPO by 2021 - Bloomberg
Mohammed bin Salman Bloomberg Interview: Vows Aramco IPO by 2021 - Bloomberg:
Saudi Arabia’s crown prince insisted the stalled plan to sell shares in oil giant Aramco will go ahead, promising an initial public offering by 2021 and sticking to his ambitious view the state-run company is worth $2 trillion or more.
The comments show 33-year-old Mohammed bin Salman’s determination to press ahead with the IPO even after Riyadh’s original timetable was undone by skepticism over the company’s valuation and a plan for Aramco to buy a controlling stake in the country’s biggest chemical producer.
"I believe late 2020, early 2021," he said, discussing the timing of the IPO in an interview at the royal palace in Riyadh. "The investor will decide the price on the day. I believe it will be above $2 trillion. Because it will be huge."
Saudi Arabia’s crown prince insisted the stalled plan to sell shares in oil giant Aramco will go ahead, promising an initial public offering by 2021 and sticking to his ambitious view the state-run company is worth $2 trillion or more.
The comments show 33-year-old Mohammed bin Salman’s determination to press ahead with the IPO even after Riyadh’s original timetable was undone by skepticism over the company’s valuation and a plan for Aramco to buy a controlling stake in the country’s biggest chemical producer.
"I believe late 2020, early 2021," he said, discussing the timing of the IPO in an interview at the royal palace in Riyadh. "The investor will decide the price on the day. I believe it will be above $2 trillion. Because it will be huge."
Saudi crown prince says more than 20 companies to be privatized in 2019 | Reuters
Saudi crown prince says more than 20 companies to be privatized in 2019 | Reuters:
Saudi Arabia’s Crown Prince Mohammed bin Salman said his country will privatize more than 20 companies in 2019, helping the government’s strategy to diversify revenues away from oil.
“In 2019, we will have more than 20 services that will be privatized, most of them in water, agriculture, energy and some of it in sports”, the prince said in an interview with Bloomberg published on Friday.
In April, the Saudi government said it aims to generate 35 billion to 40 billion riyals ($9 billion to $11 billion) in non-oil revenues from its privatization program by 2020 and create up to 12,000 jobs.
Saudi Arabia’s Crown Prince Mohammed bin Salman said his country will privatize more than 20 companies in 2019, helping the government’s strategy to diversify revenues away from oil.
“In 2019, we will have more than 20 services that will be privatized, most of them in water, agriculture, energy and some of it in sports”, the prince said in an interview with Bloomberg published on Friday.
In April, the Saudi government said it aims to generate 35 billion to 40 billion riyals ($9 billion to $11 billion) in non-oil revenues from its privatization program by 2020 and create up to 12,000 jobs.
Eight people remain detained in Saudi corruption crackdown, crown prince says | Reuters
Eight people remain detained in Saudi corruption crackdown, crown prince says | Reuters:
Eight people detained in Saudi Arabia’s anti-corruption campaign remain in custody, the kingdom’s crown prince said, after scores were arrested in a purge launched last November.
Prince Mohammed bin Salman said $35 billion, split between 40 percent cash and 60 percent assets, had been transferred to the government so far out of an expected $100 billion.
“We think it will complete in the next maybe two years,” he said in a Bloomberg interview published on Friday.
Eight people detained in Saudi Arabia’s anti-corruption campaign remain in custody, the kingdom’s crown prince said, after scores were arrested in a purge launched last November.
Prince Mohammed bin Salman said $35 billion, split between 40 percent cash and 60 percent assets, had been transferred to the government so far out of an expected $100 billion.
“We think it will complete in the next maybe two years,” he said in a Bloomberg interview published on Friday.
Oil prices mark weekly gain ahead of Iran sanctions | Reuters
Oil prices mark weekly gain ahead of Iran sanctions | Reuters:
Crude futures steadied on Friday after climbing to four-year highs earlier this week, and both benchmarks marked weekly gains ahead of U.S. sanctions on Iranian oil exports.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 1 cent to settle at $74.34 a barrel.
Brent crude LCOc1 futures for December delivery fell 42 cents to settle at $84.16 a barrel. On Wednesday, the global benchmark hit its highest price since late 2014, at $86.74.
Crude futures steadied on Friday after climbing to four-year highs earlier this week, and both benchmarks marked weekly gains ahead of U.S. sanctions on Iranian oil exports.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 1 cent to settle at $74.34 a barrel.
Brent crude LCOc1 futures for December delivery fell 42 cents to settle at $84.16 a barrel. On Wednesday, the global benchmark hit its highest price since late 2014, at $86.74.
Bahrain wins $10bn financial lifeline from Gulf allies | Financial Times
Bahrain wins $10bn financial lifeline from Gulf allies | Financial Times:
Bahrain has received a much-anticipated $10bn financial aid package from its Gulf allies as the kingdom seeks to deal with a worsening fiscal crisis.
Saudi Arabia, the United Arab Emirates and Kuwait agreed the financial aid to help finance a raft of domestic reforms and cost-cutting measures seeking to deliver annual savings of 800m Bahraini dinars ($2.1bn) and balance the budget by 2022.
“Today’s announcement demonstrates our commitment to putting the government’s finances on a solid and sustainable footing,” said Khaled bin Abdulla Al Khalifa, chairman of the ministerial committee for financial affairs, in a statement late on Thursday.
Bahrain has received a much-anticipated $10bn financial aid package from its Gulf allies as the kingdom seeks to deal with a worsening fiscal crisis.
Saudi Arabia, the United Arab Emirates and Kuwait agreed the financial aid to help finance a raft of domestic reforms and cost-cutting measures seeking to deliver annual savings of 800m Bahraini dinars ($2.1bn) and balance the budget by 2022.
“Today’s announcement demonstrates our commitment to putting the government’s finances on a solid and sustainable footing,” said Khaled bin Abdulla Al Khalifa, chairman of the ministerial committee for financial affairs, in a statement late on Thursday.
Two Charts Signal U.S. Oil Isn't as Strong as It Appears to Be - Bloomberg
Two Charts Signal U.S. Oil Isn't as Strong as It Appears to Be - Bloomberg:
While U.S. oil has been swept up in a global rally for the past four weeks on growing fears of a supply crunch, a closer look at the futures market signals American crude is weakening.
West Texas Intermediate futures in New York are set for a fourth weekly gain -- the longest winning streak since January -- yet they’re trading near the biggest discount in almost four months to global benchmark Brent crude in London. Moreover, the premium of near-term WTI contracts over those for later has slid to the least since June -- indicating that a bullish market structure known as backwardation is fading.
While that may seem counter-intuitive at a time when concern is growing that higher Saudi and Russian output could reduce global emergency supplies, impending U.S. sanctions are taking out Iranian crude off the market and President Donald Trump is demanding lower prices, the futures are simply reflecting some situations specific to the American market.
While U.S. oil has been swept up in a global rally for the past four weeks on growing fears of a supply crunch, a closer look at the futures market signals American crude is weakening.
West Texas Intermediate futures in New York are set for a fourth weekly gain -- the longest winning streak since January -- yet they’re trading near the biggest discount in almost four months to global benchmark Brent crude in London. Moreover, the premium of near-term WTI contracts over those for later has slid to the least since June -- indicating that a bullish market structure known as backwardation is fading.
While that may seem counter-intuitive at a time when concern is growing that higher Saudi and Russian output could reduce global emergency supplies, impending U.S. sanctions are taking out Iranian crude off the market and President Donald Trump is demanding lower prices, the futures are simply reflecting some situations specific to the American market.
UAE’s sovereign assets to hit $785.6bln in 2018 – IIF | ZAWYA MENA Edition
UAE’s sovereign assets to hit $785.6bln in 2018 – IIF | ZAWYA MENA Edition:
Assets of the UAE’s foreign sovereign wealth funds are expected to increase by 8.3% to $785.6 billion in 2018 from $725.4 billion, the Institute for International Finance (IIF) said in a report
The report projected that the GCC nation’s foreign sovereign assets to total $ 807.5 billion (AED 2.96 trillion) in 2019.
For its part, the World Bank also has forecasted that the UAE’s economy will grow at a robust pace this year to hit 2% increase, 3% in 2019 and 3.2% by 2022.
Assets of the UAE’s foreign sovereign wealth funds are expected to increase by 8.3% to $785.6 billion in 2018 from $725.4 billion, the Institute for International Finance (IIF) said in a report
The report projected that the GCC nation’s foreign sovereign assets to total $ 807.5 billion (AED 2.96 trillion) in 2019.
For its part, the World Bank also has forecasted that the UAE’s economy will grow at a robust pace this year to hit 2% increase, 3% in 2019 and 3.2% by 2022.
Saudi Tadawul to attract $40.8bln investments | ZAWYA MENA Edition
Saudi Tadawul to attract $40.8bln investments | ZAWYA MENA Edition:
The Saudi Stock Exchange (Tadawul) is expected to attract foreign investments ranging between SAR 100 billion and SAR 150 billion in the coming period, especially after listing on the global indices, public relations manager Sulaiman Al-Askar said.
Foreign investors’ trading volume amounted to SAR 18.5 billion by the end of May, Al-Askar told Okaz newspaper.
The official further noted that the number of foreign investors in the Saudi bourse reached 191, expecting to increase by 28% soon, especially after adding Tadawul to the indices of MSCI Emerging Markets (EM) and FTSE Russell Emerging Market (EM).
The Saudi Stock Exchange (Tadawul) is expected to attract foreign investments ranging between SAR 100 billion and SAR 150 billion in the coming period, especially after listing on the global indices, public relations manager Sulaiman Al-Askar said.
Foreign investors’ trading volume amounted to SAR 18.5 billion by the end of May, Al-Askar told Okaz newspaper.
The official further noted that the number of foreign investors in the Saudi bourse reached 191, expecting to increase by 28% soon, especially after adding Tadawul to the indices of MSCI Emerging Markets (EM) and FTSE Russell Emerging Market (EM).
Oil markets could witness modest surplus into early 2019: Goldman Sachs | Reuters
Oil markets could witness modest surplus into early 2019: Goldman Sachs | Reuters:
Global oil markets could witness a modest surplus into early 2019 as new spare capacity comes online, despite strong demand and uncertainty on the size of supply losses from Iran due to U.S. sanctions set to start next month, Goldman Sachs said.
“While upside price risks will prevail for now, fundamental data outside of Iran has not turned bullish in our view,” the bank said in a note dated Thursday.
“We expect fundamentals to gradually become binding by early 2019 as new spare capacity comes online.”
Global oil markets could witness a modest surplus into early 2019 as new spare capacity comes online, despite strong demand and uncertainty on the size of supply losses from Iran due to U.S. sanctions set to start next month, Goldman Sachs said.
“While upside price risks will prevail for now, fundamental data outside of Iran has not turned bullish in our view,” the bank said in a note dated Thursday.
“We expect fundamentals to gradually become binding by early 2019 as new spare capacity comes online.”
Oil prices rise on Iran sanctions, outlook uncertain | Reuters
Oil prices rise on Iran sanctions, outlook uncertain | Reuters:
Oil prices crept back towards four-year highs on Friday as traders anticipated a tighter market due to U.S. sanctions on Iran’s crude exports.
Benchmark Brent crude oil was up 10 cents a barrel at $84.68 by 0820 GMT. On Thursday, Brent fell by $1.34 a barrel or 1.6 percent. The contract is on course for a gain of around 2.5 percent for the week.
Oil prices crept back towards four-year highs on Friday as traders anticipated a tighter market due to U.S. sanctions on Iran’s crude exports.
Benchmark Brent crude oil was up 10 cents a barrel at $84.68 by 0820 GMT. On Thursday, Brent fell by $1.34 a barrel or 1.6 percent. The contract is on course for a gain of around 2.5 percent for the week.
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