Saudi Cinema Renaissance Put on Hold After Khashoggi's Death - Bloomberg:
Just six months ago, Saudi Arabia looked like the New World to Hollywood. Industry advisers and dealmakers crowded a Beverly Hills, California, hotel to rub shoulders with a visiting delegation from the kingdom, which was ending a 35-year ban on movie theaters.
But the murder of writer Jamal Khashoggi in Saudi Arabia’s consulate in Istanbul has put those plans in doubt. Vue, one of the world’s largest cinema chains, has put on hold plans to open as many as 30 locations, Chief Executive Officer Tim Richards told the Guardian newspaper Monday. He also won’t attend the economic forum dubbed “Davos in the Desert.”
Theater operators were one group that was going to benefit quickly from the Saudi Crown Prince Mohammed bin Salman’s liberalization plans. On April 18, the first commercial theater in Riyadh opened after a three-decade ban.
Monday 22 October 2018
Oil Closes Below $70 for Fourth Session as Stockpiles Accumulate - Bloomberg
Oil Closes Below $70 for Fourth Session as Stockpiles Accumulate - Bloomberg:
Crude settled below $70 a barrel for a fourth straight session as Saudi Arabia backed away from using its oil wealth as a diplomatic hammer and American inventories expanded at the fastest pace in more than a year and a half.
Futures added a nickel in New York on Monday. Saudi Arabian Energy Minister Khalid Al-Falih eased concern that the world’s biggest oil exporter would withhold supplies to counter any punishment over the killing of regime critic Jamal Khashoggi.
Any disruption to output from the Saudis or other major producers would be buffered by U.S. producers who have been pumping more than 10.5 million barrels a day since April. American crude stockpiles probably rose by 3 million barrels last week for the longest streak of weekly increases since March 2017, according to a Bloomberg survey.
Crude settled below $70 a barrel for a fourth straight session as Saudi Arabia backed away from using its oil wealth as a diplomatic hammer and American inventories expanded at the fastest pace in more than a year and a half.
Futures added a nickel in New York on Monday. Saudi Arabian Energy Minister Khalid Al-Falih eased concern that the world’s biggest oil exporter would withhold supplies to counter any punishment over the killing of regime critic Jamal Khashoggi.
Any disruption to output from the Saudis or other major producers would be buffered by U.S. producers who have been pumping more than 10.5 million barrels a day since April. American crude stockpiles probably rose by 3 million barrels last week for the longest streak of weekly increases since March 2017, according to a Bloomberg survey.
Oil slips below $80 after Saudi pledges rapid output rise | ZAWYA MENA Edition
Oil slips below $80 after Saudi pledges rapid output rise | ZAWYA MENA Edition:
Oil slipped below $80 a barrel on Monday as Saudi Arabia pledged to raise its crude production to a record, two weeks before U.S. sanctions potentially choke off Iranian crude supplies.
Saudi Energy Minister Khalid al-Falih told Russia's TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers, but rather was focused on raising output to compensate for supply losses elsewhere, such as Iran.
Falih said Saudi Arabia would soon raise output to 11 million barrels per day (bpd) from the current 10.7 million. He added that Riyadh had capacity to increase production to 12 million bpd.
Oil slipped below $80 a barrel on Monday as Saudi Arabia pledged to raise its crude production to a record, two weeks before U.S. sanctions potentially choke off Iranian crude supplies.
Saudi Energy Minister Khalid al-Falih told Russia's TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers, but rather was focused on raising output to compensate for supply losses elsewhere, such as Iran.
Falih said Saudi Arabia would soon raise output to 11 million barrels per day (bpd) from the current 10.7 million. He added that Riyadh had capacity to increase production to 12 million bpd.
Mashreq Bank net profit hit $462mln in 9 months | ZAWYA MENA Edition
Mashreq Bank net profit hit $462mln in 9 months | ZAWYA MENA Edition:
Mashreq, one of the leading financial institutions in the UAE, has reported its financial results for the first nine months ending 30th September 2018, with net profit increasing by 5.0% to AED1.7 billion from AED1.6 billion during the same period in 2017 According to a statement by the bank, the operating income is up by 3.6% and stands at AED4.6 billion. Net profit for the first nine months stood at AED1.7 billion - a 5.0% increase YoY.
Abdul Aziz Al Ghurair, Mashreq CEO said, "With a firm focus on fostering innovation in each aspect of our business, Mashreq’s third quarter results are testament to the continuing success of our transformation. We achieved solid growth in our balance sheet with a deposit growth of 8.1% year-to-date, well above market norms. This was complemented by our strong liquidity position with high liquid assets to total assets ratio of 28.4%." "As one of the most innovative bank in the region, we remain committed to investing in state-of-the-art technology including robotics, artificial intelligence and machine learning, ensuring our customers benefit from a modern, simplified and intuitive banking experience.
We have already accomplished several major milestones in transforming both our front and back-end processes, and will continue to showcase our agility and our thirst for disruption in our goal to be the region’s preferred banking partner," added Al Ghurair.
Mashreq, one of the leading financial institutions in the UAE, has reported its financial results for the first nine months ending 30th September 2018, with net profit increasing by 5.0% to AED1.7 billion from AED1.6 billion during the same period in 2017 According to a statement by the bank, the operating income is up by 3.6% and stands at AED4.6 billion. Net profit for the first nine months stood at AED1.7 billion - a 5.0% increase YoY.
Abdul Aziz Al Ghurair, Mashreq CEO said, "With a firm focus on fostering innovation in each aspect of our business, Mashreq’s third quarter results are testament to the continuing success of our transformation. We achieved solid growth in our balance sheet with a deposit growth of 8.1% year-to-date, well above market norms. This was complemented by our strong liquidity position with high liquid assets to total assets ratio of 28.4%." "As one of the most innovative bank in the region, we remain committed to investing in state-of-the-art technology including robotics, artificial intelligence and machine learning, ensuring our customers benefit from a modern, simplified and intuitive banking experience.
We have already accomplished several major milestones in transforming both our front and back-end processes, and will continue to showcase our agility and our thirst for disruption in our goal to be the region’s preferred banking partner," added Al Ghurair.
Saudi prince's future put to the test at investment forum
Saudi prince's future put to the test at investment forum:
Saudi Arabia is moving ahead with plans to hold a glitzy investment forum, despite some of its most important speakers pulling out in the global outcry over the killing of Saudi journalist Jamal Khashoggi.
The Future Investment Initiative, which kicks off Tuesday, was intended to draw leading investors who could help underwrite Crown Prince Mohammed bin Salman’s ambitious plans to revamp the economy. But after the wave of cancellations, it could instead highlight the kingdom’s growing isolation and the damage inflicted on the prince’s reputation — as well as potentially his political future.
The forum is the brainchild of the crown prince, whose lofty vision for the Saudi economy hinges on his ability to attract foreign investments and create enough jobs for the millions of young Saudis who will be entering the workforce in the coming years.
Saudi Arabia is moving ahead with plans to hold a glitzy investment forum, despite some of its most important speakers pulling out in the global outcry over the killing of Saudi journalist Jamal Khashoggi.
The Future Investment Initiative, which kicks off Tuesday, was intended to draw leading investors who could help underwrite Crown Prince Mohammed bin Salman’s ambitious plans to revamp the economy. But after the wave of cancellations, it could instead highlight the kingdom’s growing isolation and the damage inflicted on the prince’s reputation — as well as potentially his political future.
The forum is the brainchild of the crown prince, whose lofty vision for the Saudi economy hinges on his ability to attract foreign investments and create enough jobs for the millions of young Saudis who will be entering the workforce in the coming years.
UPDATE 1-First Abu Dhabi Bank to start commercial banking in Saudi this year | Reuters
UPDATE 1-First Abu Dhabi Bank to start commercial banking in Saudi this year | Reuters:
First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates by assets, said on Monday it will launch commercial banking operations in Saudi Arabia by the end of this year.
The bank, which was granted a commercial banking licence in Saudi Arabia earlier this year, has been expanding its staff in the kingdom as it seeks to benefit from the government’s drive to move the economy beyond oil revenues.
It appointed Abdullah Abubakr as head of private banking in Saudi Arabia as of this month, according to his LinkedIn page.
First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates by assets, said on Monday it will launch commercial banking operations in Saudi Arabia by the end of this year.
The bank, which was granted a commercial banking licence in Saudi Arabia earlier this year, has been expanding its staff in the kingdom as it seeks to benefit from the government’s drive to move the economy beyond oil revenues.
It appointed Abdullah Abubakr as head of private banking in Saudi Arabia as of this month, according to his LinkedIn page.
MIDEAST DEBT-Saudi debt underperforms lower-rated sovereigns on Khashoggi fallout | Reuters
MIDEAST DEBT-Saudi debt underperforms lower-rated sovereigns on Khashoggi fallout | Reuters:
Saudi Arabia’s international bonds are underperforming lower-rated emerging market sovereigns, in a sign of how deeply the killing of journalist Jamal Khashoggi has damaged sentiment toward the kingdom.
Rated A1 by Moody’s, A- by S&P and A+ by Fitch, Saudi Arabia has sold $52 billion in U.S. dollar-denominated bonds since its first international issue in 2016, becoming one of the biggest debt issuers in emerging markets.
But since early October, when Khashoggi died inside the Saudi consulate in Istanbul, the kingdom’s bonds have slowly been moving closer to those of triple-B rated governments.
Saudi Arabia’s international bonds are underperforming lower-rated emerging market sovereigns, in a sign of how deeply the killing of journalist Jamal Khashoggi has damaged sentiment toward the kingdom.
Rated A1 by Moody’s, A- by S&P and A+ by Fitch, Saudi Arabia has sold $52 billion in U.S. dollar-denominated bonds since its first international issue in 2016, becoming one of the biggest debt issuers in emerging markets.
But since early October, when Khashoggi died inside the Saudi consulate in Istanbul, the kingdom’s bonds have slowly been moving closer to those of triple-B rated governments.
MIDEAST STOCKS-Saudi institutions buy to arrest slide from Khashoggi death | Reuters
MIDEAST STOCKS-Saudi institutions buy to arrest slide from Khashoggi death | Reuters:
Saudi Arabia’s stock index recovered most of its earlier losses on Monday, with government-linked funds continuing to bolster the market as concerns about the killing of Saudi journalist Jamal Khashoggi weighed.
The main index recovered to trade down only 0.2 percent after falling as much as 3.3 percent, similar to the previous session where it closed in positive territory despite an early sell-off.
State-linked Saudi funds have been buying blue-chips in a support operation since the market plunged last week, according to analysts.
Saudi Arabia’s stock index recovered most of its earlier losses on Monday, with government-linked funds continuing to bolster the market as concerns about the killing of Saudi journalist Jamal Khashoggi weighed.
The main index recovered to trade down only 0.2 percent after falling as much as 3.3 percent, similar to the previous session where it closed in positive territory despite an early sell-off.
State-linked Saudi funds have been buying blue-chips in a support operation since the market plunged last week, according to analysts.
Saudi investment forum website defaced by hackers | Financial Times
Saudi investment forum website defaced by hackers | Financial Times:
A website for the upcoming Saudi investment forum is no longer accessible after an apparent cyber attack.
The Future Investment Initiative website was defaced and hackers left messages urging “all countries to put sanctions on the Saudi regime” over the death of journalist Jamal Khashoggi and the war in Yemen.
Other messages accused the Saudi government of financing terrorism, with a link to a file that purports to expose personal information of spies. There was no immediate claim of responsibility for the hack.
A website for the upcoming Saudi investment forum is no longer accessible after an apparent cyber attack.
The Future Investment Initiative website was defaced and hackers left messages urging “all countries to put sanctions on the Saudi regime” over the death of journalist Jamal Khashoggi and the war in Yemen.
Other messages accused the Saudi government of financing terrorism, with a link to a file that purports to expose personal information of spies. There was no immediate claim of responsibility for the hack.
Germany halts arms exports to Saudi Arabia after Khashoggi’s death | Financial Times
Germany halts arms exports to Saudi Arabia after Khashoggi’s death | Financial Times:
Germany has said it is stopping arms exports to Saudi Arabia following the killing of Jamal Khashoggi and urged other EU member states to do the same in a sign of the growing diplomatic firestorm over the journalist’s death.
Peter Altmaier, German economics minister, said on Monday that Riyadh’s explanation of the killing had not been satisfactory. “The government is in agreement that we will not approve further arms exports for the moment because we want to know what happened,” he told the broadcaster ZDF.
He also called for a united European stance on the issue. “Only when all European countries agree does that make an impression on the government in Riyadh,” he said.
Germany has said it is stopping arms exports to Saudi Arabia following the killing of Jamal Khashoggi and urged other EU member states to do the same in a sign of the growing diplomatic firestorm over the journalist’s death.
Peter Altmaier, German economics minister, said on Monday that Riyadh’s explanation of the killing had not been satisfactory. “The government is in agreement that we will not approve further arms exports for the moment because we want to know what happened,” he told the broadcaster ZDF.
He also called for a united European stance on the issue. “Only when all European countries agree does that make an impression on the government in Riyadh,” he said.
What Jamal Khashoggi’s death could mean for oil markets | Financial Times
What Jamal Khashoggi’s death could mean for oil markets | Financial Times:
The disappearance and death of Saudi journalist Jamal Khashoggi continues to produce unexpected consequences and to reshape relationships in the Middle East and beyond. Turkey has been surprisingly tough in its response, while US president Donald Trump has said that the affair will have “very serious consequences” for Saudi Arabia.
What does all this mean for the oil market?
November was already set to be a challenging month. On November 4, the US’s so-called secondary sanctions against Iran relating to the energy business will come into full effect, covering existing as well as new activity. The sanctions exclude any company that continues to do business with Iran from the US banking system — that is a problem for most major companies in the sector and makes any attempt by the EU to oppose US action irrelevant.
The disappearance and death of Saudi journalist Jamal Khashoggi continues to produce unexpected consequences and to reshape relationships in the Middle East and beyond. Turkey has been surprisingly tough in its response, while US president Donald Trump has said that the affair will have “very serious consequences” for Saudi Arabia.
What does all this mean for the oil market?
November was already set to be a challenging month. On November 4, the US’s so-called secondary sanctions against Iran relating to the energy business will come into full effect, covering existing as well as new activity. The sanctions exclude any company that continues to do business with Iran from the US banking system — that is a problem for most major companies in the sector and makes any attempt by the EU to oppose US action irrelevant.
Saudi Arabia: how the Khashoggi killing threatens to overturn the prince’s project | Financial Times
Saudi Arabia: how the Khashoggi killing threatens to overturn the prince’s project | Financial Times:
Just months after King Salman ascended to the throne, he presided over a cabinet meeting that would have a profound effect on the future of Saudi Arabia and the way the world’s top bankers view the conservative kingdom.
Yet the decision taken inside the al-Yamamah Palace garnered little attention either inside, or outside, the country. Buried near the bottom of a 1,400-word statement was the news that the Public Investment Fund would report to the newly-created Economic and Development Affairs Council instead of the finance ministry. And the president of that council, Prince Mohammed bin Salman, would take over as PIF chairman.
The meeting in March 2015 was an early indicator of the crown prince’s ambitions and the financial power the ageing monarch’s favoured son would soon come to wield. It marked the beginning of the radical transformation of the PIF from a near-dormant state holding company into arguably the world’s most active sovereign investment vehicle, likened by some to a “parallel state”.
Just months after King Salman ascended to the throne, he presided over a cabinet meeting that would have a profound effect on the future of Saudi Arabia and the way the world’s top bankers view the conservative kingdom.
Yet the decision taken inside the al-Yamamah Palace garnered little attention either inside, or outside, the country. Buried near the bottom of a 1,400-word statement was the news that the Public Investment Fund would report to the newly-created Economic and Development Affairs Council instead of the finance ministry. And the president of that council, Prince Mohammed bin Salman, would take over as PIF chairman.
The meeting in March 2015 was an early indicator of the crown prince’s ambitions and the financial power the ageing monarch’s favoured son would soon come to wield. It marked the beginning of the radical transformation of the PIF from a near-dormant state holding company into arguably the world’s most active sovereign investment vehicle, likened by some to a “parallel state”.
Saudi Summit Loses Its Swagger as Elites Question Kingdom - Bloomberg
Saudi Summit Loses Its Swagger as Elites Question Kingdom - Bloomberg:
It’s an investment summit in the shadow of a killing: stripped of the glitz and glamour of business titans who last year flew in to woo a young prince and be a part of his grand plans to transform his country’s economy.
Hosted by the kingdom’s sovereign wealth fund, the three-day conference that kicks off in Riyadh on Tuesday was meant to showcase the opportunities created by reform efforts to break the economy’s dependence on oil and unveil billion-dollar contracts in front of the world’s business elite. That was until the killing of government critic Jamal Khashoggi prompted dozens of finance and business leaders to pull out.
Saudi Arabia and Crown Prince Mohammed bin Salman -- who posed for selfies with hundreds of delegates at last year’s conference -- will be keen to show that it’s business as usual in the kingdom, even as European leaders and President Donald Trump demand more information on how the Washington Post columnist was killed at its consulate in Istanbul.
It’s an investment summit in the shadow of a killing: stripped of the glitz and glamour of business titans who last year flew in to woo a young prince and be a part of his grand plans to transform his country’s economy.
Hosted by the kingdom’s sovereign wealth fund, the three-day conference that kicks off in Riyadh on Tuesday was meant to showcase the opportunities created by reform efforts to break the economy’s dependence on oil and unveil billion-dollar contracts in front of the world’s business elite. That was until the killing of government critic Jamal Khashoggi prompted dozens of finance and business leaders to pull out.
Saudi Arabia and Crown Prince Mohammed bin Salman -- who posed for selfies with hundreds of delegates at last year’s conference -- will be keen to show that it’s business as usual in the kingdom, even as European leaders and President Donald Trump demand more information on how the Washington Post columnist was killed at its consulate in Istanbul.
TABLE-Oman budget deficit shrinks 36 pct in first seven months | Reuters
TABLE-Oman budget deficit shrinks 36 pct in first seven months | Reuters:
Oman's state budget deficit for the first seven months of 2018 plunged 36.3 percent from a year earlier to 1.65 billion rials ($4.27 billion) as oil revenues rose sharply, data from the Finance Ministry showed on Monday.
Oman's state budget deficit for the first seven months of 2018 plunged 36.3 percent from a year earlier to 1.65 billion rials ($4.27 billion) as oil revenues rose sharply, data from the Finance Ministry showed on Monday.
Saudi Arabia has 'no intention' of 1973 oil embargo replay: TASS | Reuters
Saudi Arabia has 'no intention' of 1973 oil embargo replay: TASS | Reuters:
Saudi Arabia has no intention of unleashing a 1973-style oil embargo on Western consumers and will isolate oil from politics, the Saudi energy minister said on Monday amid a worsening crisis over the killing of Saudi journalist Jamal Khashoggi.
“There is no intention,” Khalid al-Falih told Russia’s TASS news agency when asked if there could be a repetition of the 1973-style oil embargo.
Top U.S. lawmakers turned their ire on Saudi Crown Prince Mohammed bin Salman on Sunday and said they believed he ordered the killing of Khashoggi, although the Trump administration maintained a more cautious stance.
Saudi Arabia has no intention of unleashing a 1973-style oil embargo on Western consumers and will isolate oil from politics, the Saudi energy minister said on Monday amid a worsening crisis over the killing of Saudi journalist Jamal Khashoggi.
“There is no intention,” Khalid al-Falih told Russia’s TASS news agency when asked if there could be a repetition of the 1973-style oil embargo.
Top U.S. lawmakers turned their ire on Saudi Crown Prince Mohammed bin Salman on Sunday and said they believed he ordered the killing of Khashoggi, although the Trump administration maintained a more cautious stance.
UPDATE 1-NMC Health raises full-year core earnings view | Reuters
UPDATE 1-NMC Health raises full-year core earnings view | Reuters:
United Arab Emirates-based healthcare provider NMC Health Plc on Monday raised its full-year core earnings and revenue forecasts, citing strong organic growth, and said it remained confident in achieving its longer-term margin guidance.
The company raised its core earnings forecast by 3.2 percent to $480 million for the year and said it expected revenue to grow 24 percent, 2 percentage points more than its previous expectation.
“2019 guidance will also point towards continuation of strong organic growth on the back of a sustained ramp-up at key facilities, integration and expansion of acquired entities, as well as a strong operational performance,” the company said.
United Arab Emirates-based healthcare provider NMC Health Plc on Monday raised its full-year core earnings and revenue forecasts, citing strong organic growth, and said it remained confident in achieving its longer-term margin guidance.
The company raised its core earnings forecast by 3.2 percent to $480 million for the year and said it expected revenue to grow 24 percent, 2 percentage points more than its previous expectation.
“2019 guidance will also point towards continuation of strong organic growth on the back of a sustained ramp-up at key facilities, integration and expansion of acquired entities, as well as a strong operational performance,” the company said.
MIDEAST STOCKS-Saudi falls as Khashoggi killing weighs on investors | Reuters
MIDEAST STOCKS-Saudi falls as Khashoggi killing weighs on investors | Reuters:
Saudi Arabia’s stock index tumbled in early trade on Monday amid continued investor concerns about consequences from the killing of Saudi journalist Jamal Khashoggi, following fresh data that showed heavy foreign selling last week.
The Saudi index fell 1.3 percent to 7,564.49 points within half an hour, after it closed in positive territory on Sunday after surviving an early sell-off.
Saudi Arabia on Sunday described the killing of Khashoggi at its Istanbul consulate a “huge and grave mistake,” but said its crown prince Mohammed bin Salman (MBS) had not been aware.
Saudi Arabia’s stock index tumbled in early trade on Monday amid continued investor concerns about consequences from the killing of Saudi journalist Jamal Khashoggi, following fresh data that showed heavy foreign selling last week.
The Saudi index fell 1.3 percent to 7,564.49 points within half an hour, after it closed in positive territory on Sunday after surviving an early sell-off.
Saudi Arabia on Sunday described the killing of Khashoggi at its Istanbul consulate a “huge and grave mistake,” but said its crown prince Mohammed bin Salman (MBS) had not been aware.
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