Magic Leap in talks for $400m Saudi cash injection:
"Saudi Arabia’s sovereign wealth fund is in talks to invest as much as $400m in Magic Leap in a deal that would take the US tech start-up’s total fundraising to $2.3bn, even though its augmented reality glasses have yet to go on sale.
The deal between Saudi Arabia’s Public Investment Fund and Florida-based Magic Leap is expected to be unveiled in the coming weeks, according to people close to the discussions.
The new financing is an extension to Magic Leap’s $502m funding round, announced in October, which was led by Singaporean investment fund Temasek. "
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Saturday 24 February 2018
The week in energy: A new gas export hub?
The week in energy: A new gas export hub?:
"President Anwar Sadat of Egypt and Menachem Begin, Israel’s prime minister, shared the Nobel Peace Prize in 1978 for their contribution to the Camp David accords, intended to bring peace in the Middle East. Their agreement, formalised in the Israel-Egypt Peace Treaty of 1979, ended the state of war between their countries, but relations have often been strained during the subsequent four decades. In recent years, however, there have been signs that the “cold peace” has become a closer relationship, if not necessarily a warmer one, and this week the two countries’ strategic ties were deepened by a $15bn deal to sell Israeli gas to Egypt. Yuval Steinitz, Israel’s energy minister, hailed it as the most significant deal with Egypt since that 1979 treaty. The agreement opens up a new market for gas from Israel’s offshore gasfields Tamar and Leviathan, discovered in 2009-10, and also points to possible further co-operation in the future. Most of the 64bn cubic metres of gas that Delek Group of Israel has agreed to sell to Dolphinus Holdings of Egypt is intended for the domestic market. But Egypt has also had large gas discoveries of its own and has been bringing them into production, including the giant Zohr gasfield, with the result that it is poised to become a gas exporter again. Egypt has two LNG liquefaction plants, and was a gas exporter in the 2000s, but falling production ad rising demand meant it became a net importer in 2015, and the LNG plants have been idled. The intelligence group Stratfor argued that an attractive option for exporting gas from Israel and Cyprus would be to use those facilities, making Egypt “the centre of regional natural gas development”."
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"President Anwar Sadat of Egypt and Menachem Begin, Israel’s prime minister, shared the Nobel Peace Prize in 1978 for their contribution to the Camp David accords, intended to bring peace in the Middle East. Their agreement, formalised in the Israel-Egypt Peace Treaty of 1979, ended the state of war between their countries, but relations have often been strained during the subsequent four decades. In recent years, however, there have been signs that the “cold peace” has become a closer relationship, if not necessarily a warmer one, and this week the two countries’ strategic ties were deepened by a $15bn deal to sell Israeli gas to Egypt. Yuval Steinitz, Israel’s energy minister, hailed it as the most significant deal with Egypt since that 1979 treaty. The agreement opens up a new market for gas from Israel’s offshore gasfields Tamar and Leviathan, discovered in 2009-10, and also points to possible further co-operation in the future. Most of the 64bn cubic metres of gas that Delek Group of Israel has agreed to sell to Dolphinus Holdings of Egypt is intended for the domestic market. But Egypt has also had large gas discoveries of its own and has been bringing them into production, including the giant Zohr gasfield, with the result that it is poised to become a gas exporter again. Egypt has two LNG liquefaction plants, and was a gas exporter in the 2000s, but falling production ad rising demand meant it became a net importer in 2015, and the LNG plants have been idled. The intelligence group Stratfor argued that an attractive option for exporting gas from Israel and Cyprus would be to use those facilities, making Egypt “the centre of regional natural gas development”."
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UAE markets: No bullish reversal yet | GulfNews.com
UAE markets: No bullish reversal yet | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) dropped by 43.90 or 1.32 per cent to end at 3,286.54. There were 28 declining issues against nine advancing, while volume dipped to a 22-week low. The DFMGI has remained under pressure for the past five weeks. Each week has ended lower than it started except for one, last week. Nevertheless, last week was up only by 0.14 per cent. Is it time for some relief? Sorry to disappoint, but there’s no sign yet that the decline has ended. In addition, a new bear trend continuation signal was generated last week as the index fell below the prior swing low of 3,264.36 from June of last year. However, the signal was not confirmed just yet as there has not been a daily close below that low."
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"Last week the Dubai Financial Market General Index (DFMGI) dropped by 43.90 or 1.32 per cent to end at 3,286.54. There were 28 declining issues against nine advancing, while volume dipped to a 22-week low. The DFMGI has remained under pressure for the past five weeks. Each week has ended lower than it started except for one, last week. Nevertheless, last week was up only by 0.14 per cent. Is it time for some relief? Sorry to disappoint, but there’s no sign yet that the decline has ended. In addition, a new bear trend continuation signal was generated last week as the index fell below the prior swing low of 3,264.36 from June of last year. However, the signal was not confirmed just yet as there has not been a daily close below that low."
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Saudi Arabia’s energy minister hopes OPEC, allies will ease output cuts in 2019 | Arab News
Saudi Arabia’s energy minister hopes OPEC, allies will ease output cuts in 2019 | Arab News:
"Saudi Arabia Energy Minister Khalid Al-Falih said on Saturday that he hopes the production constraints under a deal between major OPEC and non-OPEC oil producers will ease in 2019. The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day as part of a deal with Russia and other non-OPEC producers. The pact will run until the end of 2018. He said the OPEC and non-OPEC members were committed to bringing stability and to balancing the market. “The next step may be easing of the production constraints. My estimation is that it will happen sometime in 2019. But we don’t know when and we don’t know how,” he said."
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"Saudi Arabia Energy Minister Khalid Al-Falih said on Saturday that he hopes the production constraints under a deal between major OPEC and non-OPEC oil producers will ease in 2019. The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day as part of a deal with Russia and other non-OPEC producers. The pact will run until the end of 2018. He said the OPEC and non-OPEC members were committed to bringing stability and to balancing the market. “The next step may be easing of the production constraints. My estimation is that it will happen sometime in 2019. But we don’t know when and we don’t know how,” he said."
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Turbulence signs flashing again over US-Gulf open skies | Arab News
Turbulence signs flashing again over US-Gulf open skies | Arab News:
"Return to your seats and keep your seatbelt fastened. Relations between the American and UAE airlines are about to hit another period of bumpiness and, with Donald Trump in the White House, who knows how they will emerge from the next bout of open skies confrontation. Aviation experts will need no reminding of the troubled state of relations between the Big Three in the US — United, American and Delta — and Gulf airlines, who have been accused of unfair commercial practices on their operations into the US. The charges were that Emirates, Etihad and Qatar (more of which later) subsidized their north American operations to such an extent that the Americans were losing business, and jobs, to the Gulf. Indeed, in apparent proof of these nefarious activities, the American trio pulled out of all their routes to the Arabian Gulf, claiming they had become uncommercial."
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"Return to your seats and keep your seatbelt fastened. Relations between the American and UAE airlines are about to hit another period of bumpiness and, with Donald Trump in the White House, who knows how they will emerge from the next bout of open skies confrontation. Aviation experts will need no reminding of the troubled state of relations between the Big Three in the US — United, American and Delta — and Gulf airlines, who have been accused of unfair commercial practices on their operations into the US. The charges were that Emirates, Etihad and Qatar (more of which later) subsidized their north American operations to such an extent that the Americans were losing business, and jobs, to the Gulf. Indeed, in apparent proof of these nefarious activities, the American trio pulled out of all their routes to the Arabian Gulf, claiming they had become uncommercial."
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