Hinduja Group opens talks to pick up equity in UAE bank | GulfNews.com:
The UK’s Hinduja Group confirmed talks are on with two UAE banks to acquire a possible equity stake in one of them, part of a move to expand its already sizeable business operations in this country.
“We don’t do much of minority stakes — if the regulator allows it, we would like to pick up a significant portion,” said Gopichand Hinduja, Co-Chairman of the Group, which has interests spreading from financial services to automotive (the commercial vehicle maker Ashok Leyland), and more recently, in the digital technology realm as well.
“We had many options offered to us in the UAE financial services — we never know what will follow in your lap. You have to look for synergies, you have to do due diligence. The institutions we’re talking to are either not well managed or in need of fresh equity,” said Hinduja, who with his three brothers count themselves among the richest in the world, with a networth estimated at $17 billion (Dh62.44 billion) plus. He was here to helm a shareholders’ meet in Dubai late last week.
Friday 7 September 2018
Expanding oil services companies reach out to GCC partners
Expanding oil services companies reach out to GCC partners:
Oil services and equipment companies are courting GCC partners to bolster local job creation and investment as they seek an edge on competitors to secure new business in the region.
The oil price recovery means there are more opportunities in the oil and gas sector after years of stagnation, although the KSA market has been relatively strong.
Petrofac, the oil services company with a growing reach in the Middle East, has made it clear that having a social license to operate — shorthand for supporting local economies — was a critical factor that determined whether it won tenders or not.
Oil services and equipment companies are courting GCC partners to bolster local job creation and investment as they seek an edge on competitors to secure new business in the region.
The oil price recovery means there are more opportunities in the oil and gas sector after years of stagnation, although the KSA market has been relatively strong.
Petrofac, the oil services company with a growing reach in the Middle East, has made it clear that having a social license to operate — shorthand for supporting local economies — was a critical factor that determined whether it won tenders or not.
QFC looks to attract more German investments
QFC looks to attract more German investments:
Strongly pitching for foreign direct investments from Germany, the Qatar Financial Center (QFC) on Friday said Doha is a natural starting point for further co-operation with German firms looking to gain entry into the growing Arab economy.
"The QFC’s mandate of attracting more foreign direct investment is a natural starting point for further co-operation with German firms looking to gain entry into the growing Qatari economy," QFC chief executive Yousuf Mohamed al-Jaida told the Qatar German Business and Investment Forum in Berlin.
In its 2017-22 roadmap, the onshore centre seeks to triple FDI to more than QR200bn and hence undertook many roadshows across the capitals in the world.
Strongly pitching for foreign direct investments from Germany, the Qatar Financial Center (QFC) on Friday said Doha is a natural starting point for further co-operation with German firms looking to gain entry into the growing Arab economy.
"The QFC’s mandate of attracting more foreign direct investment is a natural starting point for further co-operation with German firms looking to gain entry into the growing Qatari economy," QFC chief executive Yousuf Mohamed al-Jaida told the Qatar German Business and Investment Forum in Berlin.
In its 2017-22 roadmap, the onshore centre seeks to triple FDI to more than QR200bn and hence undertook many roadshows across the capitals in the world.
Oil Posts Weekly Loss as Emerging-Market Rout Threatens Demand - Bloomberg
Oil Posts Weekly Loss as Emerging-Market Rout Threatens Demand - Bloomberg:
Oil posted the biggest weekly decline since July as a rout in emerging markets raised concerns about weakening energy demand.
Futures in New York fell for a third straight session on Friday after a week-long slide in developing markets around the globe. The dollar advanced after American employers added more jobs than expected, diminishing the appeal of commodities priced in the greenback.
“This whole emerging market situation is sapping a lot of energy from commodity markets,” Bart Melek, head of global commodity strategy at TD Securities in Toronto, said by phone. “Risk appetites have waned somewhat. That’s not particularly good.”
Oil posted the biggest weekly decline since July as a rout in emerging markets raised concerns about weakening energy demand.
Futures in New York fell for a third straight session on Friday after a week-long slide in developing markets around the globe. The dollar advanced after American employers added more jobs than expected, diminishing the appeal of commodities priced in the greenback.
“This whole emerging market situation is sapping a lot of energy from commodity markets,” Bart Melek, head of global commodity strategy at TD Securities in Toronto, said by phone. “Risk appetites have waned somewhat. That’s not particularly good.”
OPEC, non-OPEC panel to discuss sharing oil-output boost | Reuters
OPEC, non-OPEC panel to discuss sharing oil-output boost | Reuters:
An OPEC and non-OPEC technical committee will later this month discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs.
A panel called the Joint Technical Committee will on Sept. 17 consider proposals on distributing the agreed output increase of 1 million barrels per day, the sources said. The discussion had earlier been planned for next Tuesday.
“The talks will look at various mechanisms” to reach the required production level, a source said.
An OPEC and non-OPEC technical committee will later this month discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs.
A panel called the Joint Technical Committee will on Sept. 17 consider proposals on distributing the agreed output increase of 1 million barrels per day, the sources said. The discussion had earlier been planned for next Tuesday.
“The talks will look at various mechanisms” to reach the required production level, a source said.
Qatar Minister Says Neighbors' Embargo Is Boon for Economy - Bloomberg
Qatar Minister Says Neighbors' Embargo Is Boon for Economy - Bloomberg:
The 15-month embargo of Qatar by Saudi Arabia and three other Arab nations has been a “blessing” for the gas-rich nation’s economy, its economy minister said.
Since the boycott began, Qatari exports have risen 19 percent, while its global trade climbed 16 percent, Sheikh Ahmed Bin Jassim Bin Mohammed Al Thani told Bloomberg in a TV interview in Berlin. Economic growth this year is forecast to be the fastest in the Gulf, at around 2.9 percent, the minister said, citing World Bank estimates.
“The blockade on Qatar from an economic point of view is behind us,” the minister said. “We are doing excellent. In fact, from an economic point of view, it’s a blessing.”
The 15-month embargo of Qatar by Saudi Arabia and three other Arab nations has been a “blessing” for the gas-rich nation’s economy, its economy minister said.
Since the boycott began, Qatari exports have risen 19 percent, while its global trade climbed 16 percent, Sheikh Ahmed Bin Jassim Bin Mohammed Al Thani told Bloomberg in a TV interview in Berlin. Economic growth this year is forecast to be the fastest in the Gulf, at around 2.9 percent, the minister said, citing World Bank estimates.
“The blockade on Qatar from an economic point of view is behind us,” the minister said. “We are doing excellent. In fact, from an economic point of view, it’s a blessing.”
In Response to Trump, Saudis Ramp Up Oil Exports Into the U.S. - Bloomberg
In Response to Trump, Saudis Ramp Up Oil Exports Into the U.S. - Bloomberg:
Saudi Arabia has markedly increased oil exports to America, a sign OPEC’s leading producer is responding to pressure from U.S. President Donald Trump to cool down the energy market.
While the export boost started earlier this year, it accelerated over the past three months after Trump repeatedly -- both through private diplomacy and public Twitter harangues -- asked the Saudis to lift production to keep energy prices in check.
Saudi oil shipments into the U.S. reached a four-week average of one million barrels a day last week for the first time since late 2017, according to government data, and are up roughly 250,000 barrels a day since late May.
Saudi Arabia has markedly increased oil exports to America, a sign OPEC’s leading producer is responding to pressure from U.S. President Donald Trump to cool down the energy market.
While the export boost started earlier this year, it accelerated over the past three months after Trump repeatedly -- both through private diplomacy and public Twitter harangues -- asked the Saudis to lift production to keep energy prices in check.
Saudi oil shipments into the U.S. reached a four-week average of one million barrels a day last week for the first time since late 2017, according to government data, and are up roughly 250,000 barrels a day since late May.
Oil steady as U.S. crude inventories fall, but trade tensions weigh | Reuters
Oil steady as U.S. crude inventories fall, but trade tensions weigh | Reuters:
Oil prices held steady on Friday as a fall in U.S. crude inventories to the lowest levels since 2015 supported the market, although Sino-U.S. trade tensions and economic weakness from emerging markets remained a concern.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.93 per barrel at 0654 GMT, up 16 cent from their last settlement.
International Brent crude futures LCOc1 were up 8 cents at $76.58 a barrel.
Oil prices held steady on Friday as a fall in U.S. crude inventories to the lowest levels since 2015 supported the market, although Sino-U.S. trade tensions and economic weakness from emerging markets remained a concern.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.93 per barrel at 0654 GMT, up 16 cent from their last settlement.
International Brent crude futures LCOc1 were up 8 cents at $76.58 a barrel.
Merkel: Qatar's energy sector offers opportunity to cooperate more | Reuters
Merkel: Qatar's energy sector offers opportunity to cooperate more | Reuters:
German Chancellor Angela Merkel said on Friday that Qatar’s energy sector offered more opportunities for cooperation with Europe’s largest economy and added that Qatar’s liquid natural gas helped to diversify energy supply sources.
“From my point of view, the energy sector in particular offers considerable potential to expand our economic ties,” Merkel said at a conference in Berlin also attended by Qatari Emir Sheikh Tamim bin Hamad al-Thani.
German Chancellor Angela Merkel said on Friday that Qatar’s energy sector offered more opportunities for cooperation with Europe’s largest economy and added that Qatar’s liquid natural gas helped to diversify energy supply sources.
“From my point of view, the energy sector in particular offers considerable potential to expand our economic ties,” Merkel said at a conference in Berlin also attended by Qatari Emir Sheikh Tamim bin Hamad al-Thani.
Qatar's emir says to invest 10 billion euros in Germany | Reuters
Qatar's emir says to invest 10 billion euros in Germany | Reuters:
Qatar will make 10 billion euro ($11.64 billion) of direct investments into Germany in the next five years, Qatar’s Emir Tamim bin Hamad al Thani said in Berlin on Friday.
“To express our trust in the strength of the German economy and the importance of investing in it, I announce the intention of Qatar to pump investments that amount to 10 billion euros into the German economy in the next five years,” al Thani said.
In his opening speech at a German-Qatari investment conference in Berlin, the emir said trade between the two countries had doubled to around 2.8 billion euros, but the volume declined slightly in 2017.
Qatar will make 10 billion euro ($11.64 billion) of direct investments into Germany in the next five years, Qatar’s Emir Tamim bin Hamad al Thani said in Berlin on Friday.
“To express our trust in the strength of the German economy and the importance of investing in it, I announce the intention of Qatar to pump investments that amount to 10 billion euros into the German economy in the next five years,” al Thani said.
In his opening speech at a German-Qatari investment conference in Berlin, the emir said trade between the two countries had doubled to around 2.8 billion euros, but the volume declined slightly in 2017.
Subscribe to:
Posts (Atom)