Saudi Arabia still faces investor unease amid Aramco bond rush | Financial Times:
Saudi Arabia got the cold shoulder from global finance last year when the killing of journalist Jamal Khashoggi tarnished crown prince Mohammed bin Salman’s wish to be seen as a business-friendly reformer.
Scores of business names, including JPMorgan chief executive Jamie Dimon, pulled out of a Saudi-organised event dubbed “Davos in the desert” soon after Khashoggi’s death.
So Tuesday’s record-breaking order book for the debut $12bn bond issue from state-owned oil company Saudi Aramco — with JPMorgan as one of the co-ordinators — has been greeted in the kingdom as a waypoint in Riyadh’s route back to international credibility.
Wednesday 10 April 2019
#Sharjah’s robust FDI growth to continue until 2021
Sharjah’s robust FDI growth to continue until 2021:
Sharjah saw an increase of 40 per cent in the number of Foreign Direct Investment (FDI) projects, with the robust growth expected to continue until 2021, according to Mohammad Jama Al Musharrakh, CEO (Sharjah Office) for Invest in Sharjah, told delegates at the Annual Investment Meeting.
“Sharjah has great infrastructure facilities and geographical advantage, which makes it a good place for investors. We have six free zones, which serve as a great starting point for companies to start businesses. With a special focus on sectors like health care, tourism, education and technology, we are growing quite good,” Al Musharrakh said.
The AIM, whose theme was ‘Mapping the Future of FDI: Enriching World Economies through Digital Globalisation’ was attended by 20,000 delegates from 140 countries.
Sharjah saw an increase of 40 per cent in the number of Foreign Direct Investment (FDI) projects, with the robust growth expected to continue until 2021, according to Mohammad Jama Al Musharrakh, CEO (Sharjah Office) for Invest in Sharjah, told delegates at the Annual Investment Meeting.
“Sharjah has great infrastructure facilities and geographical advantage, which makes it a good place for investors. We have six free zones, which serve as a great starting point for companies to start businesses. With a special focus on sectors like health care, tourism, education and technology, we are growing quite good,” Al Musharrakh said.
The AIM, whose theme was ‘Mapping the Future of FDI: Enriching World Economies through Digital Globalisation’ was attended by 20,000 delegates from 140 countries.
#Dubai’s Vista Global agrees to buy Uber-style private jet booker
Dubai’s Vista Global agrees to buy Uber-style private jet booker:
Dubai-based Vista Global has agreed to buy JetSmarter which allows well-heeled travelers to book private jets on demand.
Vista Global, headquartered at the Dubai International Financial Center and run by the Swiss billionaire Thomas Flohr, is acquiring the US company for an undisclosed sum.
He said: “Customers today want speed, reliability and value, which in today’s world is only possible with technology.”
Dubai-based Vista Global has agreed to buy JetSmarter which allows well-heeled travelers to book private jets on demand.
Vista Global, headquartered at the Dubai International Financial Center and run by the Swiss billionaire Thomas Flohr, is acquiring the US company for an undisclosed sum.
He said: “Customers today want speed, reliability and value, which in today’s world is only possible with technology.”
Lessons learned in #Saudi Aramco’s monster bond offering | Arab News
Lessons learned in Saudi Aramco’s monster bond offering | Arab News:
As even The Washington Post grudgingly recognized, foreign investors did indeed “flock” to get a piece of the action in Saudi Aramco’s inaugural international bond sale.
The Saudi oil champion could have sold the issue more than eight times over, and were even rather conservative in the end, going for just $12 billion out of the $100 billion of interest that was shown by the global financial community in the record-breaking issue.
There are several lessons to be learned from the soaraway success of the issue. For all the talk last autumn, after the murder of Jamal Khashoggi, that global investors, and Americans in particular, would treat the Kingdom like some kind of pariah over the incident in Istanbul, when it came down to cold hard cash they talked with their wallets.
As even The Washington Post grudgingly recognized, foreign investors did indeed “flock” to get a piece of the action in Saudi Aramco’s inaugural international bond sale.
The Saudi oil champion could have sold the issue more than eight times over, and were even rather conservative in the end, going for just $12 billion out of the $100 billion of interest that was shown by the global financial community in the record-breaking issue.
There are several lessons to be learned from the soaraway success of the issue. For all the talk last autumn, after the murder of Jamal Khashoggi, that global investors, and Americans in particular, would treat the Kingdom like some kind of pariah over the incident in Istanbul, when it came down to cold hard cash they talked with their wallets.
#Qatar is enhancing its global role as business destination: Sheikh Khalifa
Qatar is enhancing its global role as business destination: Sheikh Khalifa:
Qatar’s international presence plays a significant role in promoting the country as a destination for business, investment, and the source of Qatari-manufactured products abroad, a top Qatar Chamber official has said.
In an interview with Oxford Business Group’s The Report Qatar 2019, Chamber chairman Sheikh Khalifa bin Jassim al-Thani said promoting local products requires organising trade missions, participating in trade exhibitions, and cementing co-operation with other countries.
On how international investment can help promote growth in capital-intensive sectors, Sheikh Khalifa said, “International investments in any country can improve capital-intensive sectors and boost the economy. Sectors that require large amounts of capital to start and operate, such as construction and real estate development, are then able to access a global network of investors to enhance their financial standing and long-term sustainability. Inward investments help foreign capital inflow and push broader economic development.”
Qatar’s international presence plays a significant role in promoting the country as a destination for business, investment, and the source of Qatari-manufactured products abroad, a top Qatar Chamber official has said.
In an interview with Oxford Business Group’s The Report Qatar 2019, Chamber chairman Sheikh Khalifa bin Jassim al-Thani said promoting local products requires organising trade missions, participating in trade exhibitions, and cementing co-operation with other countries.
On how international investment can help promote growth in capital-intensive sectors, Sheikh Khalifa said, “International investments in any country can improve capital-intensive sectors and boost the economy. Sectors that require large amounts of capital to start and operate, such as construction and real estate development, are then able to access a global network of investors to enhance their financial standing and long-term sustainability. Inward investments help foreign capital inflow and push broader economic development.”
London to host #Qatar Day on April 26
London to host Qatar Day on April 26:
London will host Qatar Day on April 26 with special focus on developing fintech and Islamic finance on digital platforms, according to Peter Estlin, Lord Mayor of City of London.
Moreover, the event is expected to see some agreements being finalised in establishing tech incubators in Qatar not only in the field of financial services but also in health and energy sectors, possibly under the umbrella of the Qatar Financial Centre (QFC).
Qatar Day has been developed over the last several months, he said, adding about 160 delegates from the UK, including top asset managers, governor of the central bank and chief executive of the London Stock Exchange are expected to participate.
London will host Qatar Day on April 26 with special focus on developing fintech and Islamic finance on digital platforms, according to Peter Estlin, Lord Mayor of City of London.
Moreover, the event is expected to see some agreements being finalised in establishing tech incubators in Qatar not only in the field of financial services but also in health and energy sectors, possibly under the umbrella of the Qatar Financial Centre (QFC).
Qatar Day has been developed over the last several months, he said, adding about 160 delegates from the UK, including top asset managers, governor of the central bank and chief executive of the London Stock Exchange are expected to participate.
The $100 Billion Man: Aramco CEO Delivers Record-Breaking Bond - Bloomberg
The $100 Billion Man: Aramco CEO Delivers Record-Breaking Bond - Bloomberg:
When Amin Nasser met investors at the palatial St. Regis hotel in midtown Manhattan last week, the chief executive officer of the world’s biggest oil company had one clear message: we’re in a league of our own.
After a bruising two years of being buffeted by delays to an initial public offering, investor skepticism over the valuation and profound change within Saudi Arabia, the CEO was here to set Wall Street straight: “Saudi Aramco is no ordinary oil company,” the 60-year-old petroleum engineer told his audience, according to a person who was present.
A week later, it’s clear the bankers believed him. Aramco sold $12 billion of bonds yesterday in what was one of the most oversubscribed offerings in history. In an incredibly rare turn, demand was so high that the company was able to borrow at a lower yield than its sovereign parent. More importantly, the sale demonstrated Saudi Arabia’s return to the global capitalist fold after being ostracized over the assassination of Jamal Khashoggi last year.
When Amin Nasser met investors at the palatial St. Regis hotel in midtown Manhattan last week, the chief executive officer of the world’s biggest oil company had one clear message: we’re in a league of our own.
After a bruising two years of being buffeted by delays to an initial public offering, investor skepticism over the valuation and profound change within Saudi Arabia, the CEO was here to set Wall Street straight: “Saudi Aramco is no ordinary oil company,” the 60-year-old petroleum engineer told his audience, according to a person who was present.
A week later, it’s clear the bankers believed him. Aramco sold $12 billion of bonds yesterday in what was one of the most oversubscribed offerings in history. In an incredibly rare turn, demand was so high that the company was able to borrow at a lower yield than its sovereign parent. More importantly, the sale demonstrated Saudi Arabia’s return to the global capitalist fold after being ostracized over the assassination of Jamal Khashoggi last year.
#Saudi's Kingdom Holding has raised $1bln in debt finance, to invest mainly in local market - CEO | ZAWYA MENA Edition
Saudi's Kingdom Holding has raised $1bln in debt finance, to invest mainly in local market - CEO | ZAWYA MENA Edition:
Saudi Arabia’s Kingdom Holding has just raised $1 billion through international and domestic banks, and the firm is planning to decide on how to monetise its local real estate assets, with a decision due within three months, its chief executive said at a conference held in Abu Dhabi today.
“We have just signed term sheets for $1 billion with three international banks and two local banks,” Talal Ibrahim Al-Maiman, CEO of Kingdom Holding Company, said.
“2019 has been great to us. We’ve done the Careem deal; Lyft is going public; so we’ve made huge returns… the full power is ready to be employed into the local market mainly, but we’ll also keep the door open for potential international investments,” he said.
Saudi Arabia’s Kingdom Holding has just raised $1 billion through international and domestic banks, and the firm is planning to decide on how to monetise its local real estate assets, with a decision due within three months, its chief executive said at a conference held in Abu Dhabi today.
“We have just signed term sheets for $1 billion with three international banks and two local banks,” Talal Ibrahim Al-Maiman, CEO of Kingdom Holding Company, said.
“2019 has been great to us. We’ve done the Careem deal; Lyft is going public; so we’ve made huge returns… the full power is ready to be employed into the local market mainly, but we’ll also keep the door open for potential international investments,” he said.
Company targeting #UAE real estate deals to list in London | ZAWYA MENA Edition
Company targeting UAE real estate deals to list in London | ZAWYA MENA Edition:
A company looking to raise an initial £1 million ($1.3 million) on the London Stock Exchange on Thursday has been created to target property deals in the United Arab Emirates with a value of up to 300 million dirhams ($81.7 million).
A prospectus document for MENA Land Plc published ahead of the shell company's planned flotation on Thursday said that once the costs of its listing is deducted, it will have £710,000 that it intends to use to target and do diligence on potential property deals worth between 30 million and 300 million dirhams.
The prospectus states that the firm is looking to “capitalise on the widespread opportunities for value creation which the directors believe currently exist in the real estate sector in the UAE".
A company looking to raise an initial £1 million ($1.3 million) on the London Stock Exchange on Thursday has been created to target property deals in the United Arab Emirates with a value of up to 300 million dirhams ($81.7 million).
A prospectus document for MENA Land Plc published ahead of the shell company's planned flotation on Thursday said that once the costs of its listing is deducted, it will have £710,000 that it intends to use to target and do diligence on potential property deals worth between 30 million and 300 million dirhams.
The prospectus states that the firm is looking to “capitalise on the widespread opportunities for value creation which the directors believe currently exist in the real estate sector in the UAE".
U.S. looking 'very closely' at #Qatar-Air Italy deal: Pompeo - Reuters
U.S. looking 'very closely' at Qatar-Air Italy deal: Pompeo - Reuters:
The United States is scrutinizing state-owned Qatar Airways’ acquisition of a 49 percent stake in Air Italy, which has been flying to U.S. destinations since June in a move seen by U.S. lawmakers as flouting a deal not to add new flights to the domestic market.
Questioned repeatedly about the acquisition during a U.S. Senate hearing, Secretary of State Mike Pompeo said on Wednesday, “We’re looking very closely at this recent decision by Qatar to take on 49 percent of this airline.”
Both Republicans and Democrats at the Senate Foreign Relations Committee hearing said they were concerned that the deal with the Italian carrier violated an agreement Qatar Airways reached with the United States in early 2018.
The United States is scrutinizing state-owned Qatar Airways’ acquisition of a 49 percent stake in Air Italy, which has been flying to U.S. destinations since June in a move seen by U.S. lawmakers as flouting a deal not to add new flights to the domestic market.
Questioned repeatedly about the acquisition during a U.S. Senate hearing, Secretary of State Mike Pompeo said on Wednesday, “We’re looking very closely at this recent decision by Qatar to take on 49 percent of this airline.”
Both Republicans and Democrats at the Senate Foreign Relations Committee hearing said they were concerned that the deal with the Italian carrier violated an agreement Qatar Airways reached with the United States in early 2018.
Oil rallies as U.S. gasoline inventory draw offsets crude build - Reuters
Oil rallies as U.S. gasoline inventory draw offsets crude build - Reuters:
Oil futures climbed more than 1 percent on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela’s crude supply.
International benchmark Brent futures settled at $71.73 a barrel, gaining $1.12, or 1.59 percent, after hitting a five-month high of $71.78 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures settled at $64.61 a barrel, rising 63 cents, or 0.98 percent, holding just below its strongest level since mid-November.
“At the end of the day, that big gasoline stock draw was more important to the market than the build in crude stocks because I think the crude build could easily be largely reversed next week,” said Jim Ritterbusch, president of Ritterbusch and Associates. “We are overdue for a pop in exports.”
Oil futures climbed more than 1 percent on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela’s crude supply.
International benchmark Brent futures settled at $71.73 a barrel, gaining $1.12, or 1.59 percent, after hitting a five-month high of $71.78 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures settled at $64.61 a barrel, rising 63 cents, or 0.98 percent, holding just below its strongest level since mid-November.
“At the end of the day, that big gasoline stock draw was more important to the market than the build in crude stocks because I think the crude build could easily be largely reversed next week,” said Jim Ritterbusch, president of Ritterbusch and Associates. “We are overdue for a pop in exports.”
RPT-COLUMN-High oil supply disruptions set stage for next slump: Kemp - Reuters
RPT-COLUMN-High oil supply disruptions set stage for next slump: Kemp - Reuters:
Global oil output is being hit by expanding U.S. sanctions and other unplanned disruptions which, in an echo of market conditions around five years ago, are pushing prices higher in the short term but also setting the stage for the next slump.
Unplanned factors reduced global production by 2.8 million barrels per day in March, down from 3.3 million bpd in February, but up from 1.8 million bpd a year earlier, according to the U.S. Energy Information Administration (EIA).
Disruptions among members of the Organization of the Petroleum Exporting Countries (OPEC) reached 2.49 million bpd in March, double the same month last year.
Global oil output is being hit by expanding U.S. sanctions and other unplanned disruptions which, in an echo of market conditions around five years ago, are pushing prices higher in the short term but also setting the stage for the next slump.
Unplanned factors reduced global production by 2.8 million barrels per day in March, down from 3.3 million bpd in February, but up from 1.8 million bpd a year earlier, according to the U.S. Energy Information Administration (EIA).
Disruptions among members of the Organization of the Petroleum Exporting Countries (OPEC) reached 2.49 million bpd in March, double the same month last year.
MIDEAST STOCKS- #Dubai nears 5-month high, most major Gulf markets rise - Reuters
MIDEAST STOCKS-Dubai nears 5-month high, most major Gulf markets rise - Reuters:
Dubai's stock market rose for the tenth straight session on Wednesday, lifted by its financial shares, while Abu Dhabi was pulled lower by its top lender First Abu Dhabi Bank.
The Dubai index gained 0.2 percent, hovering around five-month high, with Emaar Properties adding 1.2 percent and Mashreq Bank jumping 5.3 percent.
This month, the latter's retail banking head said it would close 12 of its branches by June as it shifts some of its business online.
Dubai's stock market rose for the tenth straight session on Wednesday, lifted by its financial shares, while Abu Dhabi was pulled lower by its top lender First Abu Dhabi Bank.
The Dubai index gained 0.2 percent, hovering around five-month high, with Emaar Properties adding 1.2 percent and Mashreq Bank jumping 5.3 percent.
This month, the latter's retail banking head said it would close 12 of its branches by June as it shifts some of its business online.
Network International Jumps After $1.4 Billion London IPO - Bloomberg
Network International Jumps After $1.4 Billion London IPO - Bloomberg:
Network International shares surged in London trading after the payments processor raised 1.1 billion pounds ($1.4 billion) in an initial public offering that’s the biggest listing in Europe so far this year.
Network International jumped 22 percent to 532.20 pence at 10 a.m. in London. The Dubai-based company sold 200 million shares for 435 pence each, according to a statement on Wednesday. Mastercard Inc. bought an additional 49.95 million shares as cornerstone investor. The IPO price gave the company a market value of 2.18 billion pounds.
The European IPO market is showing signs of life after a sluggish start to the year. Ten days into the second quarter, listings on European exchanges have already raised more than they did in the first three months of the year, according to data compiled by Bloomberg. First-quarter listings on European exchanges were the lowest since 2012, raising less than $1 billion, the data show.
Network International shares surged in London trading after the payments processor raised 1.1 billion pounds ($1.4 billion) in an initial public offering that’s the biggest listing in Europe so far this year.
Network International jumped 22 percent to 532.20 pence at 10 a.m. in London. The Dubai-based company sold 200 million shares for 435 pence each, according to a statement on Wednesday. Mastercard Inc. bought an additional 49.95 million shares as cornerstone investor. The IPO price gave the company a market value of 2.18 billion pounds.
The European IPO market is showing signs of life after a sluggish start to the year. Ten days into the second quarter, listings on European exchanges have already raised more than they did in the first three months of the year, according to data compiled by Bloomberg. First-quarter listings on European exchanges were the lowest since 2012, raising less than $1 billion, the data show.
Burj Khalifa Developer Rises Amid Gloom as Traders Get Picky - Bloomberg
Burj Khalifa Developer Rises Amid Gloom as Traders Get Picky - Bloomberg:
Investors in the United Arab Emirates’s stock markets are marking a clear distinction on how they see some of the biggest listed real estate companies weathering the stormy times ahead.
Emaar Properties PJSC, the developer of Dubai’s Burj Khalifa, and Aldar Properties PJSC in Abu Dhabi, have gained this year as better-than-expected results and appealing dividends attracted investors. Damac Properties PJSC, on the other hand, has extended its declines with more outflows on the radar.
U.A.E. real estate stocks have been battered in the past two years amid increasing supply and faltering demand as lower oil prices hurt economies across the Gulf. Dubai residential prices have dropped about 25 percent from a peak in 2014, according to Craig Plumb, head of Middle East research at broker Jones Lang LaSalle. He estimates a contraction in the single digits this year.
Investors in the United Arab Emirates’s stock markets are marking a clear distinction on how they see some of the biggest listed real estate companies weathering the stormy times ahead.
Emaar Properties PJSC, the developer of Dubai’s Burj Khalifa, and Aldar Properties PJSC in Abu Dhabi, have gained this year as better-than-expected results and appealing dividends attracted investors. Damac Properties PJSC, on the other hand, has extended its declines with more outflows on the radar.
U.A.E. real estate stocks have been battered in the past two years amid increasing supply and faltering demand as lower oil prices hurt economies across the Gulf. Dubai residential prices have dropped about 25 percent from a peak in 2014, according to Craig Plumb, head of Middle East research at broker Jones Lang LaSalle. He estimates a contraction in the single digits this year.
#Iraq Is Finally Pumping Enough Oil to Flex Its Muscles in OPEC - Bloomberg
Iraq Is Finally Pumping Enough Oil to Flex Its Muscles in OPEC - Bloomberg:
Yamani, al-Naimi, al-Falih. These three men, all Saudi Arabian energy ministers, moved global oil markets for the past 50 years, sometimes with just an utterance. But the kingdom may be about to lose some of its power. Lurking in the shadows are oil sages in Iraq, which has quietly emerged as the world’s fourth-biggest oil producer. They want a bigger say in OPEC and the global energy game.
Hardly filled with household names, the ever-changing cast of Iraqi oil ministers has basically been relegated to observers in OPEC, the cartel founded in Baghdad in 1960. Iraq was exempted from OPEC production quotas for almost two decades, a concession granted because the country had been mired in conflict since 1980. Its delegations to cartel meetings in Vienna had nothing to offer, unable to tweak output to help prop up prices or fill shortages.
Iraq’s doubling of crude output in the past decade has finally given the country a voice in oil debates and prompted its inclusion in the most recent round of cuts. It recently joined the committee that monitors compliance, though third-party data suggest that the country flouts the production curbs. (Iraqi officials say the country is complying wi
Yamani, al-Naimi, al-Falih. These three men, all Saudi Arabian energy ministers, moved global oil markets for the past 50 years, sometimes with just an utterance. But the kingdom may be about to lose some of its power. Lurking in the shadows are oil sages in Iraq, which has quietly emerged as the world’s fourth-biggest oil producer. They want a bigger say in OPEC and the global energy game.
Hardly filled with household names, the ever-changing cast of Iraqi oil ministers has basically been relegated to observers in OPEC, the cartel founded in Baghdad in 1960. Iraq was exempted from OPEC production quotas for almost two decades, a concession granted because the country had been mired in conflict since 1980. Its delegations to cartel meetings in Vienna had nothing to offer, unable to tweak output to help prop up prices or fill shortages.
Iraq’s doubling of crude output in the past decade has finally given the country a voice in oil debates and prompted its inclusion in the most recent round of cuts. It recently joined the committee that monitors compliance, though third-party data suggest that the country flouts the production curbs. (Iraqi officials say the country is complying wi
Invest Bank shareholders approve #Sharjah's majority stake - sources - Reuters
Invest Bank shareholders approve Sharjah's majority stake - sources - Reuters:
Shareholders of Sharjah-based Invest Bank have approved a proposal to let the government of Sharjah own more than a 50 percent stake in the bank, sources familiar with the matter said.
The government of Sharjah, the emirate where Invest Bank is based, stepped in late last year to promise to support the bank after it was hit by high levels of bad loans, partly due to its exposure to the troubled real estate and construction sectors.
The shareholders also approved a proposal to allow the bank to merge with one or more than one bank without a vote, they said.
Shareholders of Sharjah-based Invest Bank have approved a proposal to let the government of Sharjah own more than a 50 percent stake in the bank, sources familiar with the matter said.
The government of Sharjah, the emirate where Invest Bank is based, stepped in late last year to promise to support the bank after it was hit by high levels of bad loans, partly due to its exposure to the troubled real estate and construction sectors.
The shareholders also approved a proposal to allow the bank to merge with one or more than one bank without a vote, they said.
Emirates Global Aluminium $3.3 bln refinery starts operations - Reuters
Emirates Global Aluminium $3.3 bln refinery starts operations - Reuters:
Emirates Global Aluminium (EGA) said on Wednesday its $3.3 billion Al Taweelah alumina refinery in Abu Dhabi had commenced operations.
The refinery is expected to produce 2 million tonnes of alumina a year once fully operational, EGA said in a statement.
The facility is located in the Khalifa Industrial Zone Abu Dhabi, which is next to the deepwater Khalifa Port.
Emirates Global Aluminium (EGA) said on Wednesday its $3.3 billion Al Taweelah alumina refinery in Abu Dhabi had commenced operations.
The refinery is expected to produce 2 million tonnes of alumina a year once fully operational, EGA said in a statement.
The facility is located in the Khalifa Industrial Zone Abu Dhabi, which is next to the deepwater Khalifa Port.
Mubadala opens NY office, focus on financial services, private equity - Reuters
Mubadala opens NY office, focus on financial services, private equity - Reuters:
Abu Dhabi state investor Mubadala has opened an office in New York its deputy chairman Waleed al-Muhairi said on Wednesday, marking the state fund’s second office in the United States.
Mubadala’s New York office, which opened on April 1, will have 10 people and will focus on financial services and private equity, a company spokesman separately told reporters.
The state fund opened an office in San Francisco in 2017 to focus on technology investments. The New York office will be headed by Kevin Kokko, director from Mubadala Capital’s team, a Mubadala spokesman said.
Abu Dhabi state investor Mubadala has opened an office in New York its deputy chairman Waleed al-Muhairi said on Wednesday, marking the state fund’s second office in the United States.
Mubadala’s New York office, which opened on April 1, will have 10 people and will focus on financial services and private equity, a company spokesman separately told reporters.
The state fund opened an office in San Francisco in 2017 to focus on technology investments. The New York office will be headed by Kevin Kokko, director from Mubadala Capital’s team, a Mubadala spokesman said.
Oil edges up amid tightening supply, but economic slowdown weighs - Reuters
Oil edges up amid tightening supply, but economic slowdown weighs - Reuters:
Oil prices inched up on Wednesday amid supply cuts by producer group OPEC and U.S. sanctions on oil exporters Iran and Venezuela, but pressured by expectations that an economic slowdown could soon dent fuel consumption.
International benchmark Brent futures were at $70.76 per barrel at 0652 GMT, up 15 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were at $64.20 per barrel, up 22 cents, or 0.3 percent, from their last settlement.
Oil prices inched up on Wednesday amid supply cuts by producer group OPEC and U.S. sanctions on oil exporters Iran and Venezuela, but pressured by expectations that an economic slowdown could soon dent fuel consumption.
International benchmark Brent futures were at $70.76 per barrel at 0652 GMT, up 15 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were at $64.20 per barrel, up 22 cents, or 0.3 percent, from their last settlement.
Column: Oil traders hail output cuts but wary on economic outlook - Reuters
Column: Oil traders hail output cuts but wary on economic outlook - Reuters:
Hedge fund managers are becoming progressively more bullish on the outlook for crude and gasoline prices, but they are turning increasingly against diesel, notwithstanding the IMO marine fuel deadline at the end of the year.
Hedge funds and other money managers were net buyers of 23 million barrels of futures and options linked to crude and refined products in the week to April, according to exchange and regulatory position records.
Fund managers have raised their overall bullish position in the six most important petroleum-linked futures and options contracts to a total of 745 million barrels, an increase of 444 million barrels in the last 12 weeks.
Hedge fund managers are becoming progressively more bullish on the outlook for crude and gasoline prices, but they are turning increasingly against diesel, notwithstanding the IMO marine fuel deadline at the end of the year.
Hedge funds and other money managers were net buyers of 23 million barrels of futures and options linked to crude and refined products in the week to April, according to exchange and regulatory position records.
Fund managers have raised their overall bullish position in the six most important petroleum-linked futures and options contracts to a total of 745 million barrels, an increase of 444 million barrels in the last 12 weeks.
Updated: Two #UAE firms' IPOs set to drive M&A deals in Europe's payment solutions industry - analyst | ZAWYA MENA Edition
Updated: Two UAE firms' IPOs set to drive M&A deals in Europe's payment solutions industry - analyst | ZAWYA MENA Edition:
The potential listing of two United Arab Emirates payment firms on the London Stock Exchange could lead to them making consolidation moves into the European marketplace, an analyst has told Zawya.
Payments firm Finablr announced on Tuesday that it is considering an initial public offering on the London Stock Exchange, while an IPO of Network International took place on Wednesday, with the firm announcing that it had raised £555.4 million ($725.7 million) from investors.
“It is a bit of a shock for existing firms within that sector in Europe and it’ll drive more M&A deals,” Issam Kassabieh, a senior financial analyst at Menacorp told Zawya in a telephone interview.
The potential listing of two United Arab Emirates payment firms on the London Stock Exchange could lead to them making consolidation moves into the European marketplace, an analyst has told Zawya.
Payments firm Finablr announced on Tuesday that it is considering an initial public offering on the London Stock Exchange, while an IPO of Network International took place on Wednesday, with the firm announcing that it had raised £555.4 million ($725.7 million) from investors.
“It is a bit of a shock for existing firms within that sector in Europe and it’ll drive more M&A deals,” Issam Kassabieh, a senior financial analyst at Menacorp told Zawya in a telephone interview.
#Saudi Aramco's new bonds inch up in early trade - sources | ZAWYA MENA Edition
Saudi Aramco's new bonds inch up in early trade - sources | ZAWYA MENA Edition:
Saudi Aramco's newly issued dollar-denominated bonds inched up on Wednesday, with longer-dated paper outperforming, sources familiar with the matter said.
The company on Tuesday issued $12 billion worth of paper, disappointing much of the over $100 billion in demand.
Of the five tranches, the $3 billion 30-year bonds were the best performers, up by slightly over 1 cent, the sources said, while shorter-dated paper made more modest gains.
Saudi Aramco's newly issued dollar-denominated bonds inched up on Wednesday, with longer-dated paper outperforming, sources familiar with the matter said.
The company on Tuesday issued $12 billion worth of paper, disappointing much of the over $100 billion in demand.
Of the five tranches, the $3 billion 30-year bonds were the best performers, up by slightly over 1 cent, the sources said, while shorter-dated paper made more modest gains.
Mideast Stocks: #Dubai snaps winning streak, ex-dividend stocks hurt #Saudi | ZAWYA MENA Edition
Mideast Stocks: Dubai snaps winning streak, ex-dividend stocks hurt Saudi | ZAWYA MENA Edition:
The Dubai stock market slid in early trading on Wednesday, snapping nine days of gains, while Saudi Arabia dropped as some of its stocks traded ex-dividend.
The Dubai index slipped 0.2 percent, with Emirates Integrated Telecommunications sliding 1.2 percent and Ajman Bank losing 3.6 percent.
Emirates NBD said it would sell 127.5 million shares in Network International for proceeds of 554.5 million pounds ($724.95 million) through a secondary listing of the shares on the London Stock Exchange and to Mastercard.
The Dubai stock market slid in early trading on Wednesday, snapping nine days of gains, while Saudi Arabia dropped as some of its stocks traded ex-dividend.
The Dubai index slipped 0.2 percent, with Emirates Integrated Telecommunications sliding 1.2 percent and Ajman Bank losing 3.6 percent.
Emirates NBD said it would sell 127.5 million shares in Network International for proceeds of 554.5 million pounds ($724.95 million) through a secondary listing of the shares on the London Stock Exchange and to Mastercard.
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