Saudi king launches $23 billion entertainment projects in Riyadh: state TV | Reuters:
Saudi Arabia’s King Salman has launched four entertainment projects in the capital Riyadh, together worth 86 billion riyals ($23 billion), state television reported on Tuesday.
The projects include a park, sports track and an art center.
The King also ordered that one of the capital’s main roads should be named after Crown Prince Mohammed bin Salman.
Tuesday, 19 March 2019
#Saudi FTSE inclusion to attract up to $7bln of passive inflows by March 2020: index provider | ZAWYA MENA Edition
Saudi FTSE inclusion to attract up to $7bln of passive inflows by March 2020: index provider | ZAWYA MENA Edition:
The transition of Saudi Arabia to secondary emerging market status within FTSE Russell, which began on Monday, is expected to draw up to $7 billion of passive fund inflows into the kingdom, the global index provider told Zawya, noting a positive initial response.
The kingdom's stock exchange (Tadawul) is the Arab world’s largest bourse with a total market capitalisation of over half a trillion dollars.
“The transition of Saudi stocks into the FTSE global equity benchmarks is taking place in 5 tranches to ensure a smooth, orderly process for investors. At the end of this process, in March 2020, the projected passive inflows are around $6-7 billion,” FTSE Russell told Zawya in emailed response to questions.
The transition of Saudi Arabia to secondary emerging market status within FTSE Russell, which began on Monday, is expected to draw up to $7 billion of passive fund inflows into the kingdom, the global index provider told Zawya, noting a positive initial response.
The kingdom's stock exchange (Tadawul) is the Arab world’s largest bourse with a total market capitalisation of over half a trillion dollars.
“The transition of Saudi stocks into the FTSE global equity benchmarks is taking place in 5 tranches to ensure a smooth, orderly process for investors. At the end of this process, in March 2020, the projected passive inflows are around $6-7 billion,” FTSE Russell told Zawya in emailed response to questions.
Mideast Stocks: #Saudi eases back from multi-year closing high | ZAWYA MENA Edition
Mideast Stocks: Saudi eases back from multi-year closing high | ZAWYA MENA Edition:
Saudi Arabia's stock index edged down on Tuesday after closing at a near-four year high on Monday, which was its first day as a member of FTSE Russell's emerging-market index. Most other major Middle Eastern markets were mixed in muted trading.
Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is positioned for passive fund inflows of around $20 billion.
Saudi Arabia's listed companies could see holdings by foreign investors rise to 10 percent when shares are included in index providers MSCI and FTSE's emerging markets indices, Tadawul's Chief Executive told Reuters.
Saudi Arabia's stock index edged down on Tuesday after closing at a near-four year high on Monday, which was its first day as a member of FTSE Russell's emerging-market index. Most other major Middle Eastern markets were mixed in muted trading.
Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is positioned for passive fund inflows of around $20 billion.
Saudi Arabia's listed companies could see holdings by foreign investors rise to 10 percent when shares are included in index providers MSCI and FTSE's emerging markets indices, Tadawul's Chief Executive told Reuters.
#AbuDhabi Is Said to Revive Sale of 1MDB-Tarnished Falcon Assets - Bloomberg
Abu Dhabi Is Said to Revive Sale of 1MDB-Tarnished Falcon Assets - Bloomberg:
Abu Dhabi’s Mubadala Development Co. is reviving plans to sell Falcon Private Bank in Switzerland as it seeks to distance itself from the 1MDB money laundering scandal, according to people with knowledge of the matter.
The state-backed investment firm has invited bids for at least 5 billion francs ($5 billion) of assets managed by Zurich-based Falcon, the people said, asking not to be identified as the plans are private. The bank had held unsuccessful talks with potential buyers last year, people familiar with the matter said.
Mubadala is seeking to move past the 1MDB scandal after Falcon Bank’s Singapore unit was closed by regulators for failing to adequately flag $1.27 billion in suspicious deposits linked to the Malaysian government fund known as 1MDB. A branch manager in Singapore was also jailed as regulators and prosecutors investigated how banks were used to funnel corrupt money.
Abu Dhabi’s Mubadala Development Co. is reviving plans to sell Falcon Private Bank in Switzerland as it seeks to distance itself from the 1MDB money laundering scandal, according to people with knowledge of the matter.
The state-backed investment firm has invited bids for at least 5 billion francs ($5 billion) of assets managed by Zurich-based Falcon, the people said, asking not to be identified as the plans are private. The bank had held unsuccessful talks with potential buyers last year, people familiar with the matter said.
Mubadala is seeking to move past the 1MDB scandal after Falcon Bank’s Singapore unit was closed by regulators for failing to adequately flag $1.27 billion in suspicious deposits linked to the Malaysian government fund known as 1MDB. A branch manager in Singapore was also jailed as regulators and prosecutors investigated how banks were used to funnel corrupt money.
#Saudi appetite for U.S. Treasury holdings still high despite $9bln drop in January - analyst | ZAWYA MENA Edition
Saudi appetite for U.S. Treasury holdings still high despite $9bln drop in January - analyst | ZAWYA MENA Edition:
Saudi Arabia’s holdings in United States government debt securities dropped by $9 billion in January from a month earlier, official data showed.
Despite the drop, Saudi interest in U.S. holdings in still high, an analyst told Zawya, but could weaken if the U.S. dollar strengthens further in value, or if the kingdom needs additional cash to support the state’s sovereign wealth fund.
The total holdings of Saudi Arabia in U.S. Treasury securities decreased to $162.6 billion at the end of January, from $171.6 billion in December, the latest data from U.S. Treasury showed.
Saudi Arabia’s holdings in United States government debt securities dropped by $9 billion in January from a month earlier, official data showed.
Despite the drop, Saudi interest in U.S. holdings in still high, an analyst told Zawya, but could weaken if the U.S. dollar strengthens further in value, or if the kingdom needs additional cash to support the state’s sovereign wealth fund.
The total holdings of Saudi Arabia in U.S. Treasury securities decreased to $162.6 billion at the end of January, from $171.6 billion in December, the latest data from U.S. Treasury showed.
India watchdog says DP World trying to halt possible adverse probe findings | ZAWYA MENA Edition
India watchdog says DP World trying to halt possible adverse probe findings | ZAWYA MENA Edition:
India's antitrust regulator said in a court filing that a challenge by Dubai's DP World of a probe into its alleged anti-competitive practices at a Mumbai port is an effort to halt or delay possible adverse findings against the firm.
The Competition Commission of India (CCI) told a Mumbai court that DP World's local unit had "prematurely" rushed to court to stall or delay the probe, according to a filing by the watchdog dated Jan. 30 and seen by Reuters.
The CCI filing has not been previously reported, and DP World did not respond immediately to an email requesting comment.
India's antitrust regulator said in a court filing that a challenge by Dubai's DP World of a probe into its alleged anti-competitive practices at a Mumbai port is an effort to halt or delay possible adverse findings against the firm.
The Competition Commission of India (CCI) told a Mumbai court that DP World's local unit had "prematurely" rushed to court to stall or delay the probe, according to a filing by the watchdog dated Jan. 30 and seen by Reuters.
The CCI filing has not been previously reported, and DP World did not respond immediately to an email requesting comment.
Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters
Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters:
Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.
U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.
U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the previous day.
Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.
U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.
U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the previous day.
RPT-COLUMN-Hedge funds pause oil buying as fresh doubts about the economy surface: Kemp | Reuters
RPT-COLUMN-Hedge funds pause oil buying as fresh doubts about the economy surface: Kemp | Reuters:
Hedge fund managers have become more cautious about buying oil since the end of February as doubts about the global economy resurface, dampening expected price rises from OPEC-led production cuts and U.S. sanctions on Iran and Venezuela.
Front-month Brent futures prices were steady in the last week of February and the first part of March, giving funds little incentive to continue buying in the short term.
Although hedge funds and other money managers were net buyers of 5 million barrels of Brent crude futures and options in the week to March 12, that mostly only reversed the 4 million barrels of net sales seen the previous week.
Hedge fund managers have become more cautious about buying oil since the end of February as doubts about the global economy resurface, dampening expected price rises from OPEC-led production cuts and U.S. sanctions on Iran and Venezuela.
Front-month Brent futures prices were steady in the last week of February and the first part of March, giving funds little incentive to continue buying in the short term.
Although hedge funds and other money managers were net buyers of 5 million barrels of Brent crude futures and options in the week to March 12, that mostly only reversed the 4 million barrels of net sales seen the previous week.
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