Qatari-Backed Maybourne Completes Montage Beverly Hills Deal - Bloomberg:
Maybourne Hotel Group, a Qatari-backed firm, bought the Montage Beverly Hills, a five-star hotel in the heart of the California city’s luxury shopping district.
Maybourne, which has the iconic London hotels of Claridge’s, the Connaught and the Berkeley in its portfolio, announced the acquisition in a statement Saturday, without disclosing financial details.
Bloomberg reported this week that Maybourne was closing in on a deal for the 201-room property, currently owned by Ohana Real Estate Investors, in a transaction that would value it at more than $400 million.
The transaction is the first in the U.S. by Knightsbridge, London-based Maybourne, which says it is pursuing a ‘global expansion strategy’ and that other hotels will be announced in due course. Constellation Hotels, linked to former Qatari prime minister Sheikh Hamad bin Jassim Al Thani’s family office, bought a 64% stake in Maybourne in 2015 from the billionaire Barclay brothers.
Saturday, 21 December 2019
The Great Decoupling of Energy Stocks From Oil Creates Carnage - Bloomberg
The Great Decoupling of Energy Stocks From Oil Creates Carnage - Bloomberg:
This year has been one of moderate gains for the price of oil, but it has been bleak for producers.
West Texas Intermediate crude is heading for an annual increase of more than 30%, but the best performance among the global oil majors has been Chevron Corp., which has posted a gain of just 10%. The S&P 500 Energy Index has almost entirely decoupled from oil in 2019 and is on course to underperform crude by the most since the shale revolution began a decade ago.
The malaise is largely attributable to the gush of supply from quick-to-drill shale wells. The shale revolution has made the U.S. the world’s biggest producer of oil and natural gas. In 2019 it became a net exporter of crude for the first full month in at least 70 years. Production was at a record 12.9 million barrels per day at the end of November, more than Iraq, Iran, Kuwait and United Arab Emirates combined.
But independent U.S. oil companies have become a victim of their own success, boosting production via debt-fueled drilling campaigns at the expense of their own shareholders, who have waited in vain for sustainable free cash flow. The message from investors to producers in 2020 is a simple one: Stop spending our money.
This year has been one of moderate gains for the price of oil, but it has been bleak for producers.
West Texas Intermediate crude is heading for an annual increase of more than 30%, but the best performance among the global oil majors has been Chevron Corp., which has posted a gain of just 10%. The S&P 500 Energy Index has almost entirely decoupled from oil in 2019 and is on course to underperform crude by the most since the shale revolution began a decade ago.
The malaise is largely attributable to the gush of supply from quick-to-drill shale wells. The shale revolution has made the U.S. the world’s biggest producer of oil and natural gas. In 2019 it became a net exporter of crude for the first full month in at least 70 years. Production was at a record 12.9 million barrels per day at the end of November, more than Iraq, Iran, Kuwait and United Arab Emirates combined.
But independent U.S. oil companies have become a victim of their own success, boosting production via debt-fueled drilling campaigns at the expense of their own shareholders, who have waited in vain for sustainable free cash flow. The message from investors to producers in 2020 is a simple one: Stop spending our money.
#Saudi SAGIA announces new joint venture in renewable energy sector | ZAWYA MENA Edition
Saudi SAGIA announces new joint venture in renewable energy sector | ZAWYA MENA Edition:
The General Investment Authority (SAGIA) announced the signing of a new joint venture agreement in the Kingdom’s emerging renewable energy sector. The signatories, Al Rushaid Group and the French-based Optimum Tracker, solidified their new partnership at a signing ceremony witnessed by SAGIA Governor Ibrahim Al-Omar, attending under Invest Saudi.
The new legal entity created by the two companies will combine their expertise into a Saudi-registered company providing design and engineering services in the field of solar energy, with a focus on the manufacturing of mounting system structures for solar PV panels.
Beginning the joint venture with an initial investment of SR200 million, Al Rushaid and Optimum Tracker, will base their main operations in the Kingdom’s Eastern Province and target a gradual capacity to no less than 150 megawatts (MW).
The plant constructed under the deal plans to export at least 30% of its products to countries across the region and create 1,000 direct jobs.
The General Investment Authority (SAGIA) announced the signing of a new joint venture agreement in the Kingdom’s emerging renewable energy sector. The signatories, Al Rushaid Group and the French-based Optimum Tracker, solidified their new partnership at a signing ceremony witnessed by SAGIA Governor Ibrahim Al-Omar, attending under Invest Saudi.
The new legal entity created by the two companies will combine their expertise into a Saudi-registered company providing design and engineering services in the field of solar energy, with a focus on the manufacturing of mounting system structures for solar PV panels.
Beginning the joint venture with an initial investment of SR200 million, Al Rushaid and Optimum Tracker, will base their main operations in the Kingdom’s Eastern Province and target a gradual capacity to no less than 150 megawatts (MW).
The plant constructed under the deal plans to export at least 30% of its products to countries across the region and create 1,000 direct jobs.
MAG Development Considering IPO in #Dubai, Khaleej Times Says - Bloomberg
MAG Development Considering IPO in Dubai, Khaleej Times Says - Bloomberg:
United Arab Emirates property developer MAG Development plans to sell shares to the public and list in Dubai, Khaleej Times reported.
The company will announce its initial public offering plans soon, the paper said, citing Chief Executive Officer Sar Haffar. He said the sale was in a preparation phase and it could take more than a year, the paper reported.
The planned listing comes as MAG Development invests in a 2 billion dirham ($546 million) project known as MAG City, which will be made up of 5,100 villas and apartments, the report said.
Property prices in the U.A.E., the second-biggest Arab economy, have dropped more than 27% since October 2014 amid excess supply and sluggish economic growth. S&P Global Ratings expects prices in Dubai to fall by another 5% to 10% by the end of this year. Dubai’s ruler said in September he wanted to set up a committee to balance supply and demand in the market.
United Arab Emirates property developer MAG Development plans to sell shares to the public and list in Dubai, Khaleej Times reported.
The company will announce its initial public offering plans soon, the paper said, citing Chief Executive Officer Sar Haffar. He said the sale was in a preparation phase and it could take more than a year, the paper reported.
The planned listing comes as MAG Development invests in a 2 billion dirham ($546 million) project known as MAG City, which will be made up of 5,100 villas and apartments, the report said.
Property prices in the U.A.E., the second-biggest Arab economy, have dropped more than 27% since October 2014 amid excess supply and sluggish economic growth. S&P Global Ratings expects prices in Dubai to fall by another 5% to 10% by the end of this year. Dubai’s ruler said in September he wanted to set up a committee to balance supply and demand in the market.
Qatari Sheikh Cashes In With $333 Million London Hotel Sales - Bloomberg
Qatari Sheikh Cashes In With $333 Million London Hotel Sales - Bloomberg:
The family office of former Qatari Prime Minister Sheikh Hamad bin Jassim Al Thani has agreed to sell two London hotels for 255 million pounds ($333 million) to Vivion Investments, according to people with knowledge of the deal.
Vivion, a Luxembourg-based real estate firm backed by the family of Israeli tycoon Amir Dayan, is buying the Sanderson and St. Martins Lane hotels, said the people, who asked not to be identified because they’re not authorized to speak publicly. Sheikh Hamad acquired the hotels about eight years ago for 192 million pounds, the Times reported at the time.
“Vivion has agreed to purchase two hotel assets in a prime London location for a total consideration of 255 million pounds,” the company said in a statement on its website Friday, without naming the properties or the vendor. A representative of the company declined to comment further.
The family office of former Qatari Prime Minister Sheikh Hamad bin Jassim Al Thani has agreed to sell two London hotels for 255 million pounds ($333 million) to Vivion Investments, according to people with knowledge of the deal.
Vivion, a Luxembourg-based real estate firm backed by the family of Israeli tycoon Amir Dayan, is buying the Sanderson and St. Martins Lane hotels, said the people, who asked not to be identified because they’re not authorized to speak publicly. Sheikh Hamad acquired the hotels about eight years ago for 192 million pounds, the Times reported at the time.
“Vivion has agreed to purchase two hotel assets in a prime London location for a total consideration of 255 million pounds,” the company said in a statement on its website Friday, without naming the properties or the vendor. A representative of the company declined to comment further.
Can Lebanon's newly designated PM save the economy? - Reuters
Can Lebanon's newly designated PM save the economy? - Reuters:
After two months of political deadlock, Lebanon has finally designated a new prime minister to form a government.
Nominated with the support of Iran-backed Hezbollah and its allies, Prime Minister-designate Hassan Diab and the cabinet he has vowed to form quickly must win over investors and foreign donors.
What are the main concerns for investors as Lebanon grapples with a hard currency shortage, a huge public debt and a weakening currency?
After two months of political deadlock, Lebanon has finally designated a new prime minister to form a government.
Nominated with the support of Iran-backed Hezbollah and its allies, Prime Minister-designate Hassan Diab and the cabinet he has vowed to form quickly must win over investors and foreign donors.
What are the main concerns for investors as Lebanon grapples with a hard currency shortage, a huge public debt and a weakening currency?
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