Credit Agricole to Build Its Own Saudi Bank After Stake Sale - Bloomberg:
Credit Agricole SA plans to build its own corporate and investment bank in Saudi Arabia after selling the final portion of its stake in Banque Saudi Fransi.
The French lender sold its remaining 4% holding for 1.45 billion riyal ($387 million) to two Saudi government-related institutional investors, Credit Agricole said in a statement on Monday, without identifying the entities. The shares were sold at 30 riyals each and will help shore up Credit Agricole’s capital.
The disposal ends Credit Agricole’s decades-long investment in one of the kingdom’s largest corporate banks. The French firm is plotting its own path in a region awash with mega-bond deals as well as stake sales by state-owned entities.
Credit Agricole CIB started the process to obtain a license to operate on Saudi’s capital markets and plans to further develop its presence and activities in the country, the unit’s chief executive officer, Jacques Ripoll, said in the statement.
Monday 28 September 2020
#Saudi Tourism Development Fund, banks sign deal for up to $43 billion of projects | Reuters
Saudi Tourism Development Fund, banks sign deal for up to $43 billion of projects | Reuters:
Saudi Arabia's Tourism Development Fund on Monday signed an agreement with Riyadh Bank 1010.SE and Banque Saudi Fransi 1050.SE to finance up to 160 billion riyals ($43 billion) of tourism projects in the kingdom, state news agency SPA reported.
The agreement will set up mechanisms to finance tourism projects across the kingdom as part of the government’s efforts to develop the sector, a key pillar of Saudi Crown Prince Mohammed bin Salman’s ambitious reform strategy to reduce dependence on oil.
The fund, founded in June with an initial $4 billion investment, is part of plans to diversify the economy in the face of the coronavirus pandemic and low oil prices.
It is intended to launch investment vehicles to develop tourism in collaboration with private and investment banks.
Saudi Arabia's Tourism Development Fund on Monday signed an agreement with Riyadh Bank 1010.SE and Banque Saudi Fransi 1050.SE to finance up to 160 billion riyals ($43 billion) of tourism projects in the kingdom, state news agency SPA reported.
The agreement will set up mechanisms to finance tourism projects across the kingdom as part of the government’s efforts to develop the sector, a key pillar of Saudi Crown Prince Mohammed bin Salman’s ambitious reform strategy to reduce dependence on oil.
The fund, founded in June with an initial $4 billion investment, is part of plans to diversify the economy in the face of the coronavirus pandemic and low oil prices.
It is intended to launch investment vehicles to develop tourism in collaboration with private and investment banks.
Column: Hedge funds race to cover crude short positions: Kemp | Reuters
Column: Hedge funds race to cover crude short positions: Kemp | Reuters:
Hedge funds trimmed bearish positions in crude oil last week after Saudi Arabia threatened to punish short sellers and on signs that prices had found a floor after recent weakness.
Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week to Sept. 22.
Purchases occurred at the fastest rate since late April, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.
But buying was concentrated in crude rather than refined products, and involved buying back previous short positions rather than opening new long ones.
Hedge funds trimmed bearish positions in crude oil last week after Saudi Arabia threatened to punish short sellers and on signs that prices had found a floor after recent weakness.
Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week to Sept. 22.
Purchases occurred at the fastest rate since late April, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.
But buying was concentrated in crude rather than refined products, and involved buying back previous short positions rather than opening new long ones.
Oil up 1% on economic hope; virus fears check price gains | Reuters
Oil up 1% on economic hope; virus fears check price gains | Reuters:
Oil prices rose 1% on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher.
Brent crude LCOc1 settled at $42.43 a barrel, up 51 cents, or 1.22%. U.S. West Texas Intermediate CLc1 settled at $40.60 a barrel, rising 35 cents, or 0.87%.
“In my opinion, the most likely event capable of moving the crude oil market to the next level would be the passing of a coronavirus stimulus package,” said Bob Yawger, director of energy futures at Mizuho.
Oil followed Wall Street higher as American political talks continued for another COVID-19 relief bill after U.S. House Speaker Nancy Pelosi on Sunday said she thought a deal could be reached with the White House.
Oil prices rose 1% on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher.
Brent crude LCOc1 settled at $42.43 a barrel, up 51 cents, or 1.22%. U.S. West Texas Intermediate CLc1 settled at $40.60 a barrel, rising 35 cents, or 0.87%.
“In my opinion, the most likely event capable of moving the crude oil market to the next level would be the passing of a coronavirus stimulus package,” said Bob Yawger, director of energy futures at Mizuho.
Oil followed Wall Street higher as American political talks continued for another COVID-19 relief bill after U.S. House Speaker Nancy Pelosi on Sunday said she thought a deal could be reached with the White House.
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #SaudiArabia #Qatar close
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Tim Clark reflects on Emirates’ incredible journey | Interview | Flight Global
Tim Clark reflects on Emirates’ incredible journey | Interview | Flight Global:
As he nears his departure after more than three decades at the heart of Emirates Airline, Tim Clark tells FlightGlobal how the Middle Eastern operator went from minnow to global player.
Emirates is entering a brave new world as one of its most faithful stalwarts – the airline’s chief, Tim Clark – steps aside and makes way for the new leadership team to fully take the helm.
He is set to leave after over three decades in the “cockpit” of Dubai’s flag carrier – the last 17 of them as the airline’s president. That Clark is leaving the airline as it – and the rest of the industry – faces its worst crisis ever is not by design. His plan to step aside was disclosed last December, long before the world was being battered by coronavirus.
Clark will stick around at least until next year to support the transition – the details of which are still sketchy – but the reality is that his departure marks a key turning point for the business. As Clark says himself, he is about the last remnant of the Emirates founding fathers – many of whom were ex-Gulf Air.
As he nears his departure after more than three decades at the heart of Emirates Airline, Tim Clark tells FlightGlobal how the Middle Eastern operator went from minnow to global player.
Emirates is entering a brave new world as one of its most faithful stalwarts – the airline’s chief, Tim Clark – steps aside and makes way for the new leadership team to fully take the helm.
He is set to leave after over three decades in the “cockpit” of Dubai’s flag carrier – the last 17 of them as the airline’s president. That Clark is leaving the airline as it – and the rest of the industry – faces its worst crisis ever is not by design. His plan to step aside was disclosed last December, long before the world was being battered by coronavirus.
Clark will stick around at least until next year to support the transition – the details of which are still sketchy – but the reality is that his departure marks a key turning point for the business. As Clark says himself, he is about the last remnant of the Emirates founding fathers – many of whom were ex-Gulf Air.
Credit Agricole Exits #SaudiArabia With $386 Million Fransi Sale - Bloomberg
Credit Agricole Exits Saudi Arabia With $386 Million Fransi Sale - Bloomberg:
Credit Agricole has sold the final portion of its stake in Banque Saudi Fransi, bringing to an end the French lender’s decades long investment in one of the kingdom’s largest corporate banks, according to a person familiar with the deal.
The transaction was completed on Sunday and was valued at about 1.4 billion riyals ($386 million), according to information on the Saudi stock exchange’s website, which didn’t disclose the seller or the buyer of the stake. About 48.3 million shares were sold at 30 riyals each. The stock closed at 32.20 riyals on Sunday.
Credit Agricole declined to comment on the transaction. It has been gradually selling off its stake in Saudi Fransi over the past three years. It sold a stake of about 16%, about half of the total shares it held in the Saudi lender at the time, to billionaire Prince Alwaleed bin Talal in 2017. That was followed by a series of smaller deals with a consortium led by U.S.-based Ripplewood.
The bank has said previously that even as it sells off the stake in Saudi Fransi it wants keep a more limited presence in the country by obtaining a Saudi license for its investment banking unit.
Credit Agricole has sold the final portion of its stake in Banque Saudi Fransi, bringing to an end the French lender’s decades long investment in one of the kingdom’s largest corporate banks, according to a person familiar with the deal.
The transaction was completed on Sunday and was valued at about 1.4 billion riyals ($386 million), according to information on the Saudi stock exchange’s website, which didn’t disclose the seller or the buyer of the stake. About 48.3 million shares were sold at 30 riyals each. The stock closed at 32.20 riyals on Sunday.
Credit Agricole declined to comment on the transaction. It has been gradually selling off its stake in Saudi Fransi over the past three years. It sold a stake of about 16%, about half of the total shares it held in the Saudi lender at the time, to billionaire Prince Alwaleed bin Talal in 2017. That was followed by a series of smaller deals with a consortium led by U.S.-based Ripplewood.
The bank has said previously that even as it sells off the stake in Saudi Fransi it wants keep a more limited presence in the country by obtaining a Saudi license for its investment banking unit.
Oil slips as surge in virus cases clouds demand recovery | Reuters
Oil slips as surge in virus cases clouds demand recovery | Reuters:
Oil prices dipped on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls in multiple months after slipping last week.
Brent crude LCOc1 fell 37 cents, or 0.9%, to $41.55 a barrel by 0652 GMT after dropping 2.9% last week. U.S. West Texas Intermediate CLc1 was at $39.86 a barrel, down 39 cents or 1%, following a 2.1% decline last week.
Brent is on track to fall for the first month in six while WTI is headed for its first monthly loss since April as the reimposition of mobility curbs in some countries clouds the outlook on fuel demand recovery.
Oil prices dipped on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls in multiple months after slipping last week.
Brent crude LCOc1 fell 37 cents, or 0.9%, to $41.55 a barrel by 0652 GMT after dropping 2.9% last week. U.S. West Texas Intermediate CLc1 was at $39.86 a barrel, down 39 cents or 1%, following a 2.1% decline last week.
Brent is on track to fall for the first month in six while WTI is headed for its first monthly loss since April as the reimposition of mobility curbs in some countries clouds the outlook on fuel demand recovery.
MIDEAST STOCKS- #Qatar leads major Gulf markets higher in early trade | Nasdaq
MIDEAST STOCKS-Qatar leads major Gulf markets higher in early trade | Nasdaq:
Major stock markets in the Gulf rose in early trade on Monday, led by gains in financial shares, with Qatar outperforming the region on broad based gains.
Saudi Arabia's benchmark index .TASI gained 0.6%, led by a 1.9% increase in Banque Saudi Fransi 1050.SE and a 0.3% gain in Al Rajhi Bnnk 1120.SE
French lender Credit Agricole CAGR.PA sold its stake in Banque Saudi Fransi for 1.4 billion riyals ($373.27 million), Bloomberg News reported on Sunday, citing an unnamed person familiar with the matter.
Saudi Arabia plans to resume tourist visas by early 2021 after months of suspension amid strict government measures to prevent the spread of coronavirus, the kingdom's tourism minister told Reuters.
In Qatar, the index .QSI climbed 1%, as most of the shares were in positive territory including the Gulf's largest lender Qatar National Bank QNBK.QA, which was up 2.4%.
On Thursday, ratings agency Moody's affirmed the Gulf state's Aa3 rating, while maintaining a stable outlook.
Dubai's main share index .DFMGI rose 0.8%, with Emirates NBD Bank ENBD.DU gaining 2.4% and sharia-compliant lender Dubai Islamic Bank DISB.DU was up 0.5%.
Elsewhere, Aramex ARMX.DU advanced 1.3%, on track to end two sessions of losses triggered after the logistics firm on Wednesday confirmed that a portion of its warehouse facility in Morocco had been damaged in a fire.
The Abu Dhabi index .ADI added 0.4%, supported by a 2.9% rise in aquaculture firm International Holding IHC.AD.
Major stock markets in the Gulf rose in early trade on Monday, led by gains in financial shares, with Qatar outperforming the region on broad based gains.
Saudi Arabia's benchmark index .TASI gained 0.6%, led by a 1.9% increase in Banque Saudi Fransi 1050.SE and a 0.3% gain in Al Rajhi Bnnk 1120.SE
French lender Credit Agricole CAGR.PA sold its stake in Banque Saudi Fransi for 1.4 billion riyals ($373.27 million), Bloomberg News reported on Sunday, citing an unnamed person familiar with the matter.
Saudi Arabia plans to resume tourist visas by early 2021 after months of suspension amid strict government measures to prevent the spread of coronavirus, the kingdom's tourism minister told Reuters.
In Qatar, the index .QSI climbed 1%, as most of the shares were in positive territory including the Gulf's largest lender Qatar National Bank QNBK.QA, which was up 2.4%.
On Thursday, ratings agency Moody's affirmed the Gulf state's Aa3 rating, while maintaining a stable outlook.
Dubai's main share index .DFMGI rose 0.8%, with Emirates NBD Bank ENBD.DU gaining 2.4% and sharia-compliant lender Dubai Islamic Bank DISB.DU was up 0.5%.
Elsewhere, Aramex ARMX.DU advanced 1.3%, on track to end two sessions of losses triggered after the logistics firm on Wednesday confirmed that a portion of its warehouse facility in Morocco had been damaged in a fire.
The Abu Dhabi index .ADI added 0.4%, supported by a 2.9% rise in aquaculture firm International Holding IHC.AD.