New Kuwait Oil Production Targets: Thank The Majors, Not Greta - Bloomberg:
The best way to avoid owning a stranded asset is to not have that asset in the first place.
Kuwait is considering cutting expansion plans for its oil production, as reported by Bloomberg News. This is apparently due to expectations that mounting concern about climate change will curb demand. Yet there are also more prosaic considerations of cost and competition at play here.
State-owned Kuwait Petroleum Corp. had a goal of getting production to 4 million barrels a day by 2020 and 4.75 million a day by 2040. As of now, capacity is pegged by the International Energy Agency at slightly below 3 million barrels a day. And production so far this year, which is subject to ongoing OPEC+ restrictions, has averaged about 2.7 million barrels a day.
Thursday, 24 October 2019
HSBC to Embark on Job Cuts Across Middle East, North Africa - Bloomberg
HSBC to Embark on Job Cuts Across Middle East, North Africa - Bloomberg:
HSBC Holdings Plc is embarking on a fresh round of job cuts, targeting hundreds of employees in the Middle East, North Africa and Turkey as the latest part of the lender’s ongoing cost-reduction program.
The global banking and markets and commercial banking units may bear the brunt of the reductions, which are due to start in November, according to people with knowledge of the firm’s plans. HSBC employs 4% of its total workforce in the region, according to its 2018 annual report, or about 9,600 full-time staff.
Noel Quinn, who took over as acting chief executive officer in August after the ouster of former CEO John Flint, has planned a series of retrenchments as he’s signaled he wants the top job on a permanent basis. The bank may partially exit stock trading in some developed Western markets, and will attempt to sell its French retail bank, a move that could remove as many as 8,000 staff from the payroll.
HSBC Holdings Plc is embarking on a fresh round of job cuts, targeting hundreds of employees in the Middle East, North Africa and Turkey as the latest part of the lender’s ongoing cost-reduction program.
The global banking and markets and commercial banking units may bear the brunt of the reductions, which are due to start in November, according to people with knowledge of the firm’s plans. HSBC employs 4% of its total workforce in the region, according to its 2018 annual report, or about 9,600 full-time staff.
Noel Quinn, who took over as acting chief executive officer in August after the ouster of former CEO John Flint, has planned a series of retrenchments as he’s signaled he wants the top job on a permanent basis. The bank may partially exit stock trading in some developed Western markets, and will attempt to sell its French retail bank, a move that could remove as many as 8,000 staff from the payroll.
Mysterious Private Jet From Israel to #SaudiArabia Gets Attention - Bloomberg
Mysterious Private Jet From Israel to Saudi Arabia Gets Attention - Bloomberg:
A private jet took off from Ben-Gurion International Airport near Tel Aviv on Tuesday evening, landed for a few minutes in Amman, then proceeded to the Saudi capital, Riyadh, leaving Israeli media guessing who was on the plane.
Yossi Melman, who writes for the Maariv daily, tweeted that Prime Minister Benjamin Netanyahu or Mossad spy chief Yossi Cohen may have been on board the flight to the Arab kingdom, which has no diplomatic ties with Israel, possibly to discuss the situation in Syria.
Haaretz’s Avi Scharf tweeted that the trip was “EXtra rare.” He noted that U.S. Secretary of Defense Mark Esper was in Riyadh around the same time and questioned whether the U.S.-registered jet had brought an official for a “snap trilateral.”
A private jet took off from Ben-Gurion International Airport near Tel Aviv on Tuesday evening, landed for a few minutes in Amman, then proceeded to the Saudi capital, Riyadh, leaving Israeli media guessing who was on the plane.
Yossi Melman, who writes for the Maariv daily, tweeted that Prime Minister Benjamin Netanyahu or Mossad spy chief Yossi Cohen may have been on board the flight to the Arab kingdom, which has no diplomatic ties with Israel, possibly to discuss the situation in Syria.
Haaretz’s Avi Scharf tweeted that the trip was “EXtra rare.” He noted that U.S. Secretary of Defense Mark Esper was in Riyadh around the same time and questioned whether the U.S.-registered jet had brought an official for a “snap trilateral.”
#SaudiArabia faces reality check as Wall Street heads to Riyadh - Reuters
Saudi Arabia faces reality check as Wall Street heads to Riyadh - Reuters:
Wall Street’s heavy hitters are back in Saudi Arabia but the terms of engagement have changed.
The CEOs of Citigroup (C.N) and Credit Suisse (CSGN.S), as well as the heads of fund managers BlackRock (BLK.N) and BlackStone (BX.N) will be among those gathering in Riyadh next week for a glitzy investment conference, an event not attended by top financiers last year after the murder of Saudi journalist Jamal Khashoggi.
SoftBank (9984.T) founder and CEO Masayoshi Son will also attend the Oct 29-31 conference, two people familiar with the matter said, as the Japanese company seeks to raise funds for a second technology fund. The Saudi sovereign wealth fund contributed $40 billion to Softbank’s first technology fund.
Wall Street’s heavy hitters are back in Saudi Arabia but the terms of engagement have changed.
The CEOs of Citigroup (C.N) and Credit Suisse (CSGN.S), as well as the heads of fund managers BlackRock (BLK.N) and BlackStone (BX.N) will be among those gathering in Riyadh next week for a glitzy investment conference, an event not attended by top financiers last year after the murder of Saudi journalist Jamal Khashoggi.
SoftBank (9984.T) founder and CEO Masayoshi Son will also attend the Oct 29-31 conference, two people familiar with the matter said, as the Japanese company seeks to raise funds for a second technology fund. The Saudi sovereign wealth fund contributed $40 billion to Softbank’s first technology fund.
Rosneft's Sechin: #Saudi oil site attacks hit kingdom's status as a reliable supplier - Reuters
Rosneft's Sechin: Saudi oil site attacks hit kingdom's status as a reliable supplier - Reuters:
September attacks on Saudi oil assets have created doubts about Saudi Arabia’s status as a reliable oil supplier, Igor Sechin, Chief Executive of Russia’s Rosneft (ROSN.MM), said.
The attacks, which temporarily shut down around half of the kingdom’s oil output, gave “grounds to rethink Saudi Arabia’s role as an undoubtedly reliable oil supplier”, Sechin told a conference in Italy on Thursday.
The oil executive is a close ally of President Vladimir Putin and one of Moscow’s key players in the global oil production cut deal.
September attacks on Saudi oil assets have created doubts about Saudi Arabia’s status as a reliable oil supplier, Igor Sechin, Chief Executive of Russia’s Rosneft (ROSN.MM), said.
The attacks, which temporarily shut down around half of the kingdom’s oil output, gave “grounds to rethink Saudi Arabia’s role as an undoubtedly reliable oil supplier”, Sechin told a conference in Italy on Thursday.
The oil executive is a close ally of President Vladimir Putin and one of Moscow’s key players in the global oil production cut deal.
#SaudiArabia's new bankruptcy law faces key test in the courts - Reuters
Saudi Arabia's new bankruptcy law faces key test in the courts - Reuters:
The merit of Saudi Arabia’s new bankruptcy law, part of efforts to help the kingdom attract investors, should become clearer in about a year after courts handle initial cases, a World Bank representative and senior government official told Reuters.
A lack of modern bankruptcy regulations had created difficulties for struggling companies seeking to restructure debt with creditors since the 2009 global financial crisis and the more recent dip in oil prices.
Legislation introduced in 2018 is part of broader efforts to overhaul the economy of the world’s top oil exporter to entice foreign investment, create jobs for young Saudis and diversify into non-oil industries.
The merit of Saudi Arabia’s new bankruptcy law, part of efforts to help the kingdom attract investors, should become clearer in about a year after courts handle initial cases, a World Bank representative and senior government official told Reuters.
A lack of modern bankruptcy regulations had created difficulties for struggling companies seeking to restructure debt with creditors since the 2009 global financial crisis and the more recent dip in oil prices.
Legislation introduced in 2018 is part of broader efforts to overhaul the economy of the world’s top oil exporter to entice foreign investment, create jobs for young Saudis and diversify into non-oil industries.
UPDATE 1- #UAE's First #AbuDhabi Bank third-quarter net profit up 3% - Reuters
UPDATE 1-UAE's First Abu Dhabi Bank third-quarter net profit up 3% - Reuters:
First Abu Dhabi Bank (FAB) , the largest lender in the United Arab Emirates, reported a 3% rise in third-quarter net profit, driven by higher non-interest income.
FAB made a net 3.11 billion dirhams ($847 million) in the three months ended Sept. 30, compared with 3.02 billion in the prior-year period, it said in a statement on Thursday.
The profit was broadly in line with analysts’ forecasts. EFG Hermes had forecast a net 3.12 billion dirhams while SICO Bahrain had forecast 3.21 billion.
First Abu Dhabi Bank (FAB) , the largest lender in the United Arab Emirates, reported a 3% rise in third-quarter net profit, driven by higher non-interest income.
FAB made a net 3.11 billion dirhams ($847 million) in the three months ended Sept. 30, compared with 3.02 billion in the prior-year period, it said in a statement on Thursday.
The profit was broadly in line with analysts’ forecasts. EFG Hermes had forecast a net 3.12 billion dirhams while SICO Bahrain had forecast 3.21 billion.
#Saudi lender NCB posts 20% profit jump - Reuters
Saudi lender NCB posts 20% profit jump - Reuters:
Saudi Arabia’s National Commercial Bank (1180.SE)(NCB), the kingdom’s largest lender, reported a 20% rise in third-quarter net profit on Thursday.
The bank made a net profit of 2.55 billion riyals ($680 million) in the three months to Sept. 30, up from 2.12 billion riyals in the same period of 2018, it said in a bourse statement.
Revenue from special income, an Islamic equivalent to net interest income, rose 4.9% to 4.93 billion riyals while fee income from banking and exchange services declined.
Saudi Arabia’s National Commercial Bank (1180.SE)(NCB), the kingdom’s largest lender, reported a 20% rise in third-quarter net profit on Thursday.
The bank made a net profit of 2.55 billion riyals ($680 million) in the three months to Sept. 30, up from 2.12 billion riyals in the same period of 2018, it said in a bourse statement.
Revenue from special income, an Islamic equivalent to net interest income, rose 4.9% to 4.93 billion riyals while fee income from banking and exchange services declined.
Oil extends gains despite weak demand outlook - Reuters
Oil extends gains despite weak demand outlook - Reuters:
Oil prices extended their gains on Thursday, with Brent rising above $61 a barrel as a surprise drop in U.S. crude inventories and the prospect of further market-supporting action by OPEC and its allies offset some concern over the outlook for demand.
Brent crude ended the session up 50 cents, or 0.8%, at $61.67 a barrel, having risen 2.5% on Wednesday.
West Texas Intermediate (WTI) crude settled 26 cents, or 0.5%, higher at $56.23, adding to the previous session’s 2.8% gain after data showed that U.S. inventories dropped by 1.7 million barrels last week.
“We feel that even minor supportive headlines on the trade front or geopolitical developments could prompt an exaggerated price response in a market in which net speculative WTI length had dropped into the red zone,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Oil prices extended their gains on Thursday, with Brent rising above $61 a barrel as a surprise drop in U.S. crude inventories and the prospect of further market-supporting action by OPEC and its allies offset some concern over the outlook for demand.
Brent crude ended the session up 50 cents, or 0.8%, at $61.67 a barrel, having risen 2.5% on Wednesday.
West Texas Intermediate (WTI) crude settled 26 cents, or 0.5%, higher at $56.23, adding to the previous session’s 2.8% gain after data showed that U.S. inventories dropped by 1.7 million barrels last week.
“We feel that even minor supportive headlines on the trade front or geopolitical developments could prompt an exaggerated price response in a market in which net speculative WTI length had dropped into the red zone,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
MIDEAST STOCKS-Financial stocks elevate Egypt, most of Gulf quiet - Reuters
MIDEAST STOCKS-Financial stocks elevate Egypt, most of Gulf quiet - Reuters:
The Egyptian stock market rebounded on
Thursday, getting a boost from financials, while most major Gulf
markets were little changed.
The Egyptian blue-chip index rose 0.6%, with 23 of
its 30 stocks in the black. Non-Arab foreigners were the net
buyers of the stocks during the session, while Egyptians were
the net sellers, according to data on the exchange website.
Tobacco products maker Eastern Company climbed
2.8%, while EFG Hermes leapt 3.1%.
Among other stocks, Egypt's Citadel Capital
climbed 3.8%. Earlier this week, the company's chairman told
Reuters that Citadel will raise its refinery production capacity
to 5.5 million tonnes of oil products per year in 2021 from 4.2
million now.
The Egyptian stock market rebounded on
Thursday, getting a boost from financials, while most major Gulf
markets were little changed.
The Egyptian blue-chip index rose 0.6%, with 23 of
its 30 stocks in the black. Non-Arab foreigners were the net
buyers of the stocks during the session, while Egyptians were
the net sellers, according to data on the exchange website.
Tobacco products maker Eastern Company climbed
2.8%, while EFG Hermes leapt 3.1%.
Among other stocks, Egypt's Citadel Capital
climbed 3.8%. Earlier this week, the company's chairman told
Reuters that Citadel will raise its refinery production capacity
to 5.5 million tonnes of oil products per year in 2021 from 4.2
million now.
Investors starve US shale drillers of capital | Financial Times
Investors starve US shale drillers of capital | Financial Times:
The money pipeline is running dry for large portions of the US shale oil sector, tipping drillers into bankruptcy and threatening the industry’s breathtaking growth in oil production.
Spooked by lower oil prices, equity and bond investors are now shunning the smaller, independent shale explorers that lifted the US to the top rank of global oil producers. Meanwhile, say analysts, banks have pulled in their horns, and are likely to further restrict companies’ capacity to borrow when they begin their twice-annual reviews of loans secured by oil and gas reserves.
Market-watchers expect this financing squeeze to trigger a wave of mergers among smaller companies in the Permian Basin and other shale-oil regions.
The money pipeline is running dry for large portions of the US shale oil sector, tipping drillers into bankruptcy and threatening the industry’s breathtaking growth in oil production.
Spooked by lower oil prices, equity and bond investors are now shunning the smaller, independent shale explorers that lifted the US to the top rank of global oil producers. Meanwhile, say analysts, banks have pulled in their horns, and are likely to further restrict companies’ capacity to borrow when they begin their twice-annual reviews of loans secured by oil and gas reserves.
Market-watchers expect this financing squeeze to trigger a wave of mergers among smaller companies in the Permian Basin and other shale-oil regions.
Bilal Khan, Senior Economist at Standard Chartered, on Oil, #SaudiArabia, Egypt - Bloomberg
Bilal Khan, Senior Economist at Standard Chartered, on Oil, Saudi Arabia, Egypt - Bloomberg:
Bilal Khan, senior economist for Middle East, North Africa and Pakistan at Standard Chartered Plc, talks about oil prices and the implications for Saudi Arabia's economy. He also discusses Egypt's monetary policy and currency. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Bilal Khan, senior economist for Middle East, North Africa and Pakistan at Standard Chartered Plc, talks about oil prices and the implications for Saudi Arabia's economy. He also discusses Egypt's monetary policy and currency. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Israel and Gulf States Are Going Public With Their Relationship - Bloomberg
Israel and Gulf States Are Going Public With Their Relationship - Bloomberg:
The Arab states of the Persian Gulf still don’t formally recognize Israel, and most have nominally maintained an economic boycott against it since before it was even a country. Even so, the business ties and warming diplomatic relations between the Jewish state and its neighbors in the Gulf have been an open secret for years.
Those ties will be unveiled with fanfare next October when Israel opens its pavilion at the World Expo in Dubai, the United Arab Emirates’ largest city. Participating is like setting up an embassy that will last only six months: Close coordination between Israel and its host will be required on myriad and mundane tasks, including hiring builders and planning ancillary events. It may seem like a substance-free event, but Israel’s presence among the more than 190 other countries is a clear sign of the Middle East’s changing geopolitical picture.
Normalizing relations with Arab countries has been a priority for Israel since at least 1979, when Egypt and Israel signed a landmark peace treaty following the Camp David Accords. In October 2018, Prime Minister Benjamin Netanyahu made international headlines with his visit to Oman, a small country with strong links across the Gulf and past relations with Israel. Participating in the fair “reflects Israel’s growing position not only in the world but also in the region,” said Foreign Minister Israel Katz in a statement.
The Arab states of the Persian Gulf still don’t formally recognize Israel, and most have nominally maintained an economic boycott against it since before it was even a country. Even so, the business ties and warming diplomatic relations between the Jewish state and its neighbors in the Gulf have been an open secret for years.
Those ties will be unveiled with fanfare next October when Israel opens its pavilion at the World Expo in Dubai, the United Arab Emirates’ largest city. Participating is like setting up an embassy that will last only six months: Close coordination between Israel and its host will be required on myriad and mundane tasks, including hiring builders and planning ancillary events. It may seem like a substance-free event, but Israel’s presence among the more than 190 other countries is a clear sign of the Middle East’s changing geopolitical picture.
Normalizing relations with Arab countries has been a priority for Israel since at least 1979, when Egypt and Israel signed a landmark peace treaty following the Camp David Accords. In October 2018, Prime Minister Benjamin Netanyahu made international headlines with his visit to Oman, a small country with strong links across the Gulf and past relations with Israel. Participating in the fair “reflects Israel’s growing position not only in the world but also in the region,” said Foreign Minister Israel Katz in a statement.
Climate Risks Push #Kuwait to Reconsider Oil-Capacity Targets - Bloomberg
Climate Risks Push Kuwait to Reconsider Oil-Capacity Targets - Bloomberg:
Kuwait, OPEC’s fourth-biggest member, is considering cuts to its oil production capacity targets, in large part because mounting concern about climate change will constrict demand for fossil fuels.
Kuwait Petroleum Corp. may reduce its long-standing goal of reaching 4 million barrels of daily capacity by 2020 to 3.125 million barrels, according to a person with direct knowledge of the discussions. The state-owned producer’s current capacity is about 3 million.
Delays in Kuwaiti oil projects are also a factor in the target revision, the person said, asking not to be identified because the discussions are private. KPC has already pumped much of the country’s easily accessible oil, and it lacks the expertise to exploit hard-to-reach deposits, the person said.
Kuwait, OPEC’s fourth-biggest member, is considering cuts to its oil production capacity targets, in large part because mounting concern about climate change will constrict demand for fossil fuels.
Kuwait Petroleum Corp. may reduce its long-standing goal of reaching 4 million barrels of daily capacity by 2020 to 3.125 million barrels, according to a person with direct knowledge of the discussions. The state-owned producer’s current capacity is about 3 million.
Delays in Kuwaiti oil projects are also a factor in the target revision, the person said, asking not to be identified because the discussions are private. KPC has already pumped much of the country’s easily accessible oil, and it lacks the expertise to exploit hard-to-reach deposits, the person said.
Wall Street Heads to #SaudiArabia for Deals, Shrugging Off Risk - Bloomberg
Wall Street Heads to Saudi Arabia for Deals, Shrugging Off Risk - Bloomberg:
For the second straight year, the risks of doing business in Saudi Arabia are pushing their way onto the agenda of Saudi Crown Prince Mohammed bin Salman’s glittering investment showcase.
The elites of global finance are descending on Riyadh from Oct. 29, days after Saudi Aramco delayed its on-again off-again initial public offering in the wake of a missile attack that crippled its biggest oil processing facility. The company is pushing to complete the sale this year after international money managers’ skepticism at its touted $2 trillion valuation.
The timing of the three-day Future Investment Initiative -- an annual jamboree that showcases the kingdom’s ambitions -- is crucial for Saudi Arabia. It will be the most visible display that it’s business as usual after Wall Street boycotted the 2018 event following the murder of government critic Jamal Khashoggi. The A-list attendees this year include scores of chief executives, such as Citigroup Inc.’s Mike Corbat and BlackRock Inc.’s Larry Fink -- both no-shows last year.
For the second straight year, the risks of doing business in Saudi Arabia are pushing their way onto the agenda of Saudi Crown Prince Mohammed bin Salman’s glittering investment showcase.
The elites of global finance are descending on Riyadh from Oct. 29, days after Saudi Aramco delayed its on-again off-again initial public offering in the wake of a missile attack that crippled its biggest oil processing facility. The company is pushing to complete the sale this year after international money managers’ skepticism at its touted $2 trillion valuation.
The timing of the three-day Future Investment Initiative -- an annual jamboree that showcases the kingdom’s ambitions -- is crucial for Saudi Arabia. It will be the most visible display that it’s business as usual after Wall Street boycotted the 2018 event following the murder of government critic Jamal Khashoggi. The A-list attendees this year include scores of chief executives, such as Citigroup Inc.’s Mike Corbat and BlackRock Inc.’s Larry Fink -- both no-shows last year.
Japanese bank in deal with SAGIA to promote investments in #Saudi | ZAWYA MENA Edition
Japanese bank in deal with SAGIA to promote investments in Saudi | ZAWYA MENA Edition:
Japan’s MUFG Bank has signed an agreement with Saudi Arabian General Investment Authority (SAGIA) to promote Japanese investments in the kingdom.
Based on the new agreement, MUFG will focus on enhancing bilateral cooperation in new areas and support Japanese businesses and investors in the kingdom with a broader range of on-the-ground services, a statement from the bank said.
SAGIA’s focus is to oversee investment affairs in the kingdom, including foreign investments.
The Japanese seem to be keen on investing in Saudi Arabia’s tourism and entertainment sectors.
Japan’s MUFG Bank has signed an agreement with Saudi Arabian General Investment Authority (SAGIA) to promote Japanese investments in the kingdom.
Based on the new agreement, MUFG will focus on enhancing bilateral cooperation in new areas and support Japanese businesses and investors in the kingdom with a broader range of on-the-ground services, a statement from the bank said.
SAGIA’s focus is to oversee investment affairs in the kingdom, including foreign investments.
The Japanese seem to be keen on investing in Saudi Arabia’s tourism and entertainment sectors.
Oil slips below $61 as weak demand outlook weighs - Reuters
Oil slips below $61 as weak demand outlook weighs - Reuters:
Oil slipped below $61 a barrel on Thursday as concern over the demand outlook offset a surprise drop in U.S. crude inventories and the prospect of further action by OPEC and its allies to support the market.
In the latest sign of economic weakness that has prompted lower oil demand projections, employment in Germany’s private sector fell for the first time in six years in October, a survey showed on Thursday.
Brent crude LCOc1 fell 39 cents to $60.78 a barrel by 0844 GMT, having risen 2.5% on Wednesday and touched its highest since Sept. 30.
U.S. West Texas Intermediate (WTI) crude CLc1 was down 45 cents at $55.52.
Oil slipped below $61 a barrel on Thursday as concern over the demand outlook offset a surprise drop in U.S. crude inventories and the prospect of further action by OPEC and its allies to support the market.
In the latest sign of economic weakness that has prompted lower oil demand projections, employment in Germany’s private sector fell for the first time in six years in October, a survey showed on Thursday.
Brent crude LCOc1 fell 39 cents to $60.78 a barrel by 0844 GMT, having risen 2.5% on Wednesday and touched its highest since Sept. 30.
U.S. West Texas Intermediate (WTI) crude CLc1 was down 45 cents at $55.52.
#Dubai loosens liquor laws as #UAE alcohol sales suffer drop
Dubai loosens liquor laws as UAE alcohol sales suffer drop:
Dubai has loosened its liquor laws to allow tourists to purchase alcohol in state-controlled stores, previously only accessible to license-holding residents, as the United Arab Emirates saw the first drop in alcohol sales by volume in a decade.
The new laws, which also let visitors to skyscraper-studded Dubai obtain liquor permits themselves for the first time, come amid a widening economic downturn affecting this oil-rich nation on the Arabian Peninsula.
However, the laws also close a long-standing legal conundrum facing imbibing tourists who travel here. Throwing back shots, sipping a beer or indulging in a Champagne-soaked brunch in this city-state technically remains illegal without a drinker holding a permit, though no bartender ever asks to see one before pouring a drink.
Dubai has loosened its liquor laws to allow tourists to purchase alcohol in state-controlled stores, previously only accessible to license-holding residents, as the United Arab Emirates saw the first drop in alcohol sales by volume in a decade.
The new laws, which also let visitors to skyscraper-studded Dubai obtain liquor permits themselves for the first time, come amid a widening economic downturn affecting this oil-rich nation on the Arabian Peninsula.
However, the laws also close a long-standing legal conundrum facing imbibing tourists who travel here. Throwing back shots, sipping a beer or indulging in a Champagne-soaked brunch in this city-state technically remains illegal without a drinker holding a permit, though no bartender ever asks to see one before pouring a drink.
SoftBank CEO, planning new tech fund, to attend #Saudi forum: sources - Reuters
SoftBank CEO, planning new tech fund, to attend Saudi forum: sources - Reuters:
SoftBank Group Corp (9984.T) founder and CEO Masayoshi Son will attend an investment conference in Saudi Arabia next week, two people familiar with the matter said, as the Japanese company seeks to raise funds for a second technology fund.
Attending the Saudi Future Investment Initiative (FII) on Oct. 29-31 could offer Son a chance meet delegates from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, major investors in Softbank’s first $100 billion technology fund.
Riyadh’s Public Investment Fund (PIF) contributed $40 billion to the Softbank Vision fund and Abu Dhabi’s Mubadala committed $15 billion.
SoftBank Group Corp (9984.T) founder and CEO Masayoshi Son will attend an investment conference in Saudi Arabia next week, two people familiar with the matter said, as the Japanese company seeks to raise funds for a second technology fund.
Attending the Saudi Future Investment Initiative (FII) on Oct. 29-31 could offer Son a chance meet delegates from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, major investors in Softbank’s first $100 billion technology fund.
Riyadh’s Public Investment Fund (PIF) contributed $40 billion to the Softbank Vision fund and Abu Dhabi’s Mubadala committed $15 billion.
MIDEAST STOCKS-Earnings buoy #Saudi shares, property bolsters #Dubai - Agricultural Commodities - Reuters
MIDEAST STOCKS-Earnings buoy Saudi shares, property bolsters Dubai - Agricultural Commodities - Reuters:
Saudi Arabia’s stock market edged up on Thursday, extending gains for a third straight session supported by gains in financials, while Dubai was propped up by real estate firms.
In Saudi Arabia, the benchmark index was up 0.1% with Al Rajhi Bank increasing 0.8% and Bank Aljazira gaining 1.1%.
On Wednesday, the latter reported an increase in third-quarter net profit to 256.9 million riyals, compared with 247.4 million riyals a year earlier. The lender attributed the rise to increase in operating income by 13%.
National Commercial Bank posted a more than 20% rise in its third-quarter net profit as it saw an increase of 5.9% in its operating income.
Saudi Arabia’s stock market edged up on Thursday, extending gains for a third straight session supported by gains in financials, while Dubai was propped up by real estate firms.
In Saudi Arabia, the benchmark index was up 0.1% with Al Rajhi Bank increasing 0.8% and Bank Aljazira gaining 1.1%.
On Wednesday, the latter reported an increase in third-quarter net profit to 256.9 million riyals, compared with 247.4 million riyals a year earlier. The lender attributed the rise to increase in operating income by 13%.
National Commercial Bank posted a more than 20% rise in its third-quarter net profit as it saw an increase of 5.9% in its operating income.
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