Google’s Aramco Deal Risks Irking Staff Over Oil, Politics - Bloomberg
Google will start selling its cloud-computing services in Saudi Arabia through a deal with oil producer Aramco, risking a backlash from staff who oppose doing business with the fossil fuel industry or regimes accused of human rights abuses.
The partnership gives Alphabet Inc.’s Google regulatory clearance to set up what it calls a “cloud region” in the Kingdom, the companies said on Monday. Employees at Google have called on the company to abstain from work in the oil and gas industry, citing environmental concerns, and work with authoritarian regimes.
Still, Thomas Kurian, chief executive officer of Google’s cloud unit, has pushed to service the energy industry. It’s one of a handful of fields where Google is trying to chase Microsoft Corp. and Amazon.com Inc. in the cloud-computing market.
“With this agreement, Google Cloud’s innovative technology and solutions will be available to global customers and enterprises in Saudi Arabia to enable them to better serve end consumers,” Kurian said in a statement on Monday. Aramco described the market for cloud services in the country as reaching $30 billion by 2030.
Monday, 21 December 2020
Oil tumbles as new virus strain revives demand fears | Reuters
Oil tumbles as new virus strain revives demand fears | Reuters
Oil prices tumbled nearly 3% on Monday as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.
Brent crude settled down $1.35, or 2.6%, at $50.91 a barrel, while U.S. West Texas Intermediate (WTI) crude for delivery in January ended the session $1.36, or 2.8%, lower at $47.74 ahead of expiry.
The more active February WTI contract fell $1.27, or 2.6%, to settle at $47.97 a barrel.
Both contracts had lost as much as $3 earlier in the session, their biggest daily drop in six months.
The strength in the U.S. dollar also weighed on oil markets. A strong greenback makes dollar-denominated commodities like crude oil more expensive to holders of other currencies.
“Reports of a new strain of the coronavirus have weighed on risk sentiment and oil. New mobility restrictions across Europe are also not helping as European oil demand will suffer,” said UBS oil analyst Giovanni Staunovo.
Oil prices tumbled nearly 3% on Monday as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.
Brent crude settled down $1.35, or 2.6%, at $50.91 a barrel, while U.S. West Texas Intermediate (WTI) crude for delivery in January ended the session $1.36, or 2.8%, lower at $47.74 ahead of expiry.
The more active February WTI contract fell $1.27, or 2.6%, to settle at $47.97 a barrel.
Both contracts had lost as much as $3 earlier in the session, their biggest daily drop in six months.
The strength in the U.S. dollar also weighed on oil markets. A strong greenback makes dollar-denominated commodities like crude oil more expensive to holders of other currencies.
“Reports of a new strain of the coronavirus have weighed on risk sentiment and oil. New mobility restrictions across Europe are also not helping as European oil demand will suffer,” said UBS oil analyst Giovanni Staunovo.
MIDEAST STOCKS-New COVID-19 strain trips Mideast markets | Nasdaq
MIDEAST STOCKS-New COVID-19 strain trips Mideast markets | Nasdaq
Most Middle Eastern stocks ended lower on Monday as a fast-spreading new coronavirus strain in Britain fuelled concerns that a resurgence of infections could stunt the pace of reopening economies.
The variant, which officials say is up to 70% more transmissible than the original, also prompted concerns about a wider spread.
Brent crude LCOc1 slid $3, or 5.7%, to $49.26 a barrel by 1028 GMT after rising 1.5% and touching its highest since March last Friday. O/R
Saudi Arabia's benchmark index .TASI concluded 1.7% lower, with petrochemical firm Saudi Basic Industries 2010.SE and Al Rajhi Bank 1120.SE dropping 2.8% and 0.8%, respectively.
The kingdom suspended late on Sunday all international commercial flights for a renewable week except for the foreign flights already in Saudi Arabia which will be allowed to leave, state news agency SPA reported quoting an interior ministry source.
Dubai's main share index .DFMGI closed 3.9% lower, with sharia-compliant lender Dubai Islamic Bank DISB.DU declining 4.5%, while blue-chip developer Emaar Properties EMAR.DU retreated 4.8%.
Elsewhere, DXB Entertainment DXBE.DU slid 5%.
Dubai property company Meraas, which owns more than half of DXB Entertainments, intends to make a conditional offer to acquire the remaining shares in the loss-making theme park group and take it private, stock exchange filings showed on Sunday.
The Abu Dhabi index .ADI fell 0.8%, weighed down by a 3.1% fall in Aldar Properties ALDAR.AD and a 4.6% decline in Abu Dhabi Islamic Bank ADIB.AD.
In Qatar, the index .QSI slipped 0.4%, with Qatar Fuel QFLS.QA shedding 2.6%.
Meanwhile, the Gulf state's Ministry of Public Health approved on Sunday the Pfizer and BioNTech COVID-19 vaccine for emergency use, Reuters reported, citing Qatar state news agency QNA's tweet.
Most Middle Eastern stocks ended lower on Monday as a fast-spreading new coronavirus strain in Britain fuelled concerns that a resurgence of infections could stunt the pace of reopening economies.
The variant, which officials say is up to 70% more transmissible than the original, also prompted concerns about a wider spread.
Brent crude LCOc1 slid $3, or 5.7%, to $49.26 a barrel by 1028 GMT after rising 1.5% and touching its highest since March last Friday. O/R
Saudi Arabia's benchmark index .TASI concluded 1.7% lower, with petrochemical firm Saudi Basic Industries 2010.SE and Al Rajhi Bank 1120.SE dropping 2.8% and 0.8%, respectively.
The kingdom suspended late on Sunday all international commercial flights for a renewable week except for the foreign flights already in Saudi Arabia which will be allowed to leave, state news agency SPA reported quoting an interior ministry source.
Dubai's main share index .DFMGI closed 3.9% lower, with sharia-compliant lender Dubai Islamic Bank DISB.DU declining 4.5%, while blue-chip developer Emaar Properties EMAR.DU retreated 4.8%.
Elsewhere, DXB Entertainment DXBE.DU slid 5%.
Dubai property company Meraas, which owns more than half of DXB Entertainments, intends to make a conditional offer to acquire the remaining shares in the loss-making theme park group and take it private, stock exchange filings showed on Sunday.
The Abu Dhabi index .ADI fell 0.8%, weighed down by a 3.1% fall in Aldar Properties ALDAR.AD and a 4.6% decline in Abu Dhabi Islamic Bank ADIB.AD.
In Qatar, the index .QSI slipped 0.4%, with Qatar Fuel QFLS.QA shedding 2.6%.
Meanwhile, the Gulf state's Ministry of Public Health approved on Sunday the Pfizer and BioNTech COVID-19 vaccine for emergency use, Reuters reported, citing Qatar state news agency QNA's tweet.
#Dubai Stocks Fall Most in Seven Months on Travel Worries: Chart - Bloomberg
Dubai Stocks Fall Most in Seven Months on Travel Worries: Chart - Bloomberg
Stocks in Dubai slumped the most since May on fears of further travel restrictions after a new variant of the coronavirus was found in the U.K. A travel corridor between Britain and Dubai was expected to help air traffic on the route to climb by a third this month. Any anticipated boost to the city’s struggling tourism sector could also be threatened by several countries including neighboring Saudi Arabia imposing fresh curbs.
NMC Health sells Spain fertility business to Fresenius Helios | Reuters
NMC Health sells Spain fertility business to Fresenius Helios | Reuters
Troubled hospital operator NMC Health said on Monday it agreed to sell its Spain-based fertility business Eugin Group to European hospital operator Fresenius Helios for an enterprise value of 430 million euros.
The transaction, which went through a competitive sale process, is expected to close by the end of the first half of next year, NMC Health said in a statement.
NMC went into administration in April following months of turmoil over its finances and the discovery that it had $6.6 billion in debt, well above earlier estimates.
NMC, which was founded by Indian businessman BR Shetty in the mid-1970s, became the largest private healthcare provider in the UAE but run into trouble after short-seller Muddy Waters questioned its financial reporting and doubts emerged over the size of stakes owned by its biggest shareholders.
Troubled hospital operator NMC Health said on Monday it agreed to sell its Spain-based fertility business Eugin Group to European hospital operator Fresenius Helios for an enterprise value of 430 million euros.
The transaction, which went through a competitive sale process, is expected to close by the end of the first half of next year, NMC Health said in a statement.
NMC went into administration in April following months of turmoil over its finances and the discovery that it had $6.6 billion in debt, well above earlier estimates.
NMC, which was founded by Indian businessman BR Shetty in the mid-1970s, became the largest private healthcare provider in the UAE but run into trouble after short-seller Muddy Waters questioned its financial reporting and doubts emerged over the size of stakes owned by its biggest shareholders.
At Banque Havilland, #AbuDhabi’s Crown Prince Was Known as ‘The Boss’ - Bloomberg #Qatar #UAE
At Banque Havilland, Abu Dhabi’s Crown Prince Was Known as ‘The Boss’ - Bloomberg
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| Abu Dhabi Crown Prince Mohammed bin Zayed Photographer: Michele Tantussi/Getty Images |
Financier David Rowland, who used Britain’s Prince Andrew as an unofficial door opener, has another close relationship with a member of royalty. This one lives in the Middle East, and executives at Rowland’s Banque Havilland referred to him as “the Boss.”
A trove of emails, documents and legal filings reviewed by Bloomberg News, as well as interviews with former insiders, reveal the extent of the services Rowland and his private bank provided to one of its biggest customers, Mohammed bin Zayed, better known as MBZ, the crown prince of Abu Dhabi and de facto ruler of the United Arab Emirates. Some of the work went beyond financial advice. It included scouting for deals in Zimbabwe, setting up a company to buy the image rights of players on the Abu Dhabi-owned Manchester City Football Club and helping place the bank’s chairman at the time on the board of Human Rights Watch after it published reports critical of the Persian Gulf country.
None was as brazen, though, as a 2017 plan devised by the bank for an assault on the financial markets of Qatar, a country that had just been blockaded by the UAE, Saudi Arabia, Egypt and Bahrain for allegedly sponsoring terrorism. “Control the yield curve, decide the future,” read one of five mission statements featured in a presentation prepared by a former Banque Havilland analyst that called for a coordinated attack to deplete Qatar’s foreign-exchange reserves and pauperize its government.
One of Rowland’s sons, a senior executive at the Luxembourg-based bank, emailed the plan to Will Tricks, who had swapped a career in the U.K.’s foreign intelligence service MI6 for a job advising MBZ. Tricks, who acted as a go-between for the Rowlands, was paid as a contractor by Banque Havilland. The presentation found its way to the UAE’s ambassador to the U.S., who stored it on his computer under “Rowland Banque Havilland.”
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A page from a 2017 presentation prepared by a former Banque Havilland analyst that is now part of a London lawsuit brought by the government of Qatar. |
#Dubai Developer Damac Warns Against Property ‘Dumping’ Next Year - Bloomberg
Dubai Developer Damac Warns Against Property ‘Dumping’ Next Year - Bloomberg
One of Dubai’s largest developers said 2021 would be another challenging year for the sector and warned against the risk of companies “dumping” property in a market already grappling with excess inventory.
“I hope the big developers don’t start dumping supply just because they can sell another few hundred villas or apartments,” Damac Properties PJSC Chairman Hussain Sajwani said in an interview with Bloomberg TV. “We very strongly believe that next year will be a challenging year.”
Damac’s chairman has been advocating for a moratorium on construction in Dubai, the Middle East’s tourism and financial hub, where a property glut has driven home prices down by more than 30% since 2014. The government was forced to set up a committee to manage supply and demand as some of the city’s largest developers continued to build.
Now, it seems many are coming around to accept the need to halt new building. After resisting calls to stop, the head of Dubai’s biggest developer Emaar Properties PJSC, Mohamed Alabbar, earlier this month said his company stopped all new construction temporarily.
One of Dubai’s largest developers said 2021 would be another challenging year for the sector and warned against the risk of companies “dumping” property in a market already grappling with excess inventory.
“I hope the big developers don’t start dumping supply just because they can sell another few hundred villas or apartments,” Damac Properties PJSC Chairman Hussain Sajwani said in an interview with Bloomberg TV. “We very strongly believe that next year will be a challenging year.”
Damac’s chairman has been advocating for a moratorium on construction in Dubai, the Middle East’s tourism and financial hub, where a property glut has driven home prices down by more than 30% since 2014. The government was forced to set up a committee to manage supply and demand as some of the city’s largest developers continued to build.
Now, it seems many are coming around to accept the need to halt new building. After resisting calls to stop, the head of Dubai’s biggest developer Emaar Properties PJSC, Mohamed Alabbar, earlier this month said his company stopped all new construction temporarily.
GCC real estate market will remain under pressure; developers to continue offering incentives | ZAWYA MENA Edition
GCC real estate market will remain under pressure; developers to continue offering incentives | ZAWYA MENA Edition
The residential market in the GCC is expected to remain under pressure until segment fundamentals such as number of households, employment rates improve, KAMCO Invest said in a report.
The Kuwait based investment and financial services company said developers will continue to offer a range of incentives such as fee waivers, discounts and rent-to-own agreements, combined with home finance options to attract new investors looking to take advantage of the lower prices.
“The signs of transactions bottoming out witnessed in 2019 will now be prolonged further into 2021, until normalised demand conditions arrive post-COVID-19.
“We do expect the supply-side to tighten cyclically in 2021, in terms of lower number of upcoming project announcements from developers, which should aid in arresting the ongoing steep declines of prices and rents,” the asset management company said in its December GCC real estate update.
The residential market in the GCC is expected to remain under pressure until segment fundamentals such as number of households, employment rates improve, KAMCO Invest said in a report.
The Kuwait based investment and financial services company said developers will continue to offer a range of incentives such as fee waivers, discounts and rent-to-own agreements, combined with home finance options to attract new investors looking to take advantage of the lower prices.
“The signs of transactions bottoming out witnessed in 2019 will now be prolonged further into 2021, until normalised demand conditions arrive post-COVID-19.
“We do expect the supply-side to tighten cyclically in 2021, in terms of lower number of upcoming project announcements from developers, which should aid in arresting the ongoing steep declines of prices and rents,” the asset management company said in its December GCC real estate update.
Vodafone ends talks to sell Egypt stake to #Saudi STC | Reuters
Vodafone ends talks to sell Egypt stake to Saudi STC | Reuters
Vodafone said on Monday it had ended talks with the Saudi Telecom Company on the $2.4 billion sale of its 55% shareholding in Vodafone Egypt after a series of missed deadlines to complete the deal.
STC, the kingdom’s biggest telecom operator, had struck a preliminary deal in January with the London-listed telecoms company to buy the stake as it sought growth in the Arab world’s most populous nation.
Vodafone had said in September that it remained in talks to finalise the deal in the near future despite the expiry of an initial memorandum of understanding.
STC cited coronavirus-driven logistical challenges to seek extension twices to the initial agreement, first in April and then in July.
Vodafone said on Monday it had ended talks with the Saudi Telecom Company on the $2.4 billion sale of its 55% shareholding in Vodafone Egypt after a series of missed deadlines to complete the deal.
STC, the kingdom’s biggest telecom operator, had struck a preliminary deal in January with the London-listed telecoms company to buy the stake as it sought growth in the Arab world’s most populous nation.
Vodafone had said in September that it remained in talks to finalise the deal in the near future despite the expiry of an initial memorandum of understanding.
STC cited coronavirus-driven logistical challenges to seek extension twices to the initial agreement, first in April and then in July.
Oil prices skid as new coronavirus strain fuels demand worries | Reuters
Oil prices skid as new coronavirus strain fuels demand worries | Reuters
Oil prices dropped more than 3% on Monday, as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe fuelled worries about a slower recovery in fuel demand.
Brent crude slid $1.74, or 3.3%, to $50.52 a barrel by 0745 GMT after rising 1.5% to its highest since March on Friday. U.S. West Texas Intermediate (WTI) crude was down $1.66, or 3.4%, to $47.44 a barrel after also climbing 1.5% on Friday to its highest since February.
Monday’s declines come after seven weeks of gains in prices amid optimism stemming from the rollout of COVID-19 vaccines.
“The oil market has been on a bull trend in the past month or so, ignoring negative factors, amid an optimism that a widening vaccine rollout would revive global growth,” said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
“But investors’ rosy expectations for 2021 have suddenly vanished due to a new variant of the virus.”
Oil prices dropped more than 3% on Monday, as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe fuelled worries about a slower recovery in fuel demand.
Brent crude slid $1.74, or 3.3%, to $50.52 a barrel by 0745 GMT after rising 1.5% to its highest since March on Friday. U.S. West Texas Intermediate (WTI) crude was down $1.66, or 3.4%, to $47.44 a barrel after also climbing 1.5% on Friday to its highest since February.
Monday’s declines come after seven weeks of gains in prices amid optimism stemming from the rollout of COVID-19 vaccines.
“The oil market has been on a bull trend in the past month or so, ignoring negative factors, amid an optimism that a widening vaccine rollout would revive global growth,” said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
“But investors’ rosy expectations for 2021 have suddenly vanished due to a new variant of the virus.”
MIDEAST STOCKS-Gulf markets tumble over new strain of coronavirus | Nasdaq
MIDEAST STOCKS-Gulf markets tumble over new strain of coronavirus | Nasdaq
Stock markets in the Gulf fell sharply on Monday as a fast-spreading new coronavirus strain that has shut down much of the United Kingdom fuelled concerns that a resurgence of infections could stunt the pace of reopening economies.
The variant, which officials say is up to 70% more transmissible than the original, also prompted concerns about a wider spread.
Brent crude LCOc1 slid $1.54, or 3.0%, to $50.72 a barrel by 0510 GMT after rising 1.5% and touching its highest since March last Friday. O/R
Saudi Arabia's benchmark index .TASI traded 1.8% lower, with Al Rajhi Bank 1120.SE dropping 1.5%, while Dr Sulaiman Al-Habib Medical Services 4013.SE slid 3.2%.
The kingdom suspended late on Sunday all international commercial flights for a renewable week except for the foreign flights already in Saudi Arabia which will be allowed to leave, state news agency SPA reported quoting an interior ministry source.
Dubai's main share index .DFMGI tumbled 4.3%, its biggest intraday fall since March, as most of the stocks on the index were in red including sharia-compliant lender Dubai Islamic Bank DISB.DU, which retreated 4.9%.
Elsewhere, DXB Entertainment DXBE.DU declined 5%, to become the top loser on the index.
Dubai property company Meraas, which owns more than half of DXB Entertainments, intends to make a conditional offer to acquire the remaining shares in the loss-making theme park group and take it private, stock exchange filings showed on Sunday.
The Abu Dhabi index .ADI fell 1.7%, dragged down by a 1.1% fall in the country's largest lender First Abu Dhabi Bank FAB.AD and a 4.8% decline in Abu Dhabi Commercial Bank ADCB.AD.
In Qatar, the index .QSI eased 0.4%, hit by a 1.4% drop in utility firm Qatar Electricity and Water QEWC.QA.
Meanwhile, the Gulf state's Ministry of Public Health approved on Sunday the Pfizer and BioNTech COVID-19 vaccine for emergency use, Reuters reported, citing Qatar state news agency QNA's tweet.
Stock markets in the Gulf fell sharply on Monday as a fast-spreading new coronavirus strain that has shut down much of the United Kingdom fuelled concerns that a resurgence of infections could stunt the pace of reopening economies.
The variant, which officials say is up to 70% more transmissible than the original, also prompted concerns about a wider spread.
Brent crude LCOc1 slid $1.54, or 3.0%, to $50.72 a barrel by 0510 GMT after rising 1.5% and touching its highest since March last Friday. O/R
Saudi Arabia's benchmark index .TASI traded 1.8% lower, with Al Rajhi Bank 1120.SE dropping 1.5%, while Dr Sulaiman Al-Habib Medical Services 4013.SE slid 3.2%.
The kingdom suspended late on Sunday all international commercial flights for a renewable week except for the foreign flights already in Saudi Arabia which will be allowed to leave, state news agency SPA reported quoting an interior ministry source.
Dubai's main share index .DFMGI tumbled 4.3%, its biggest intraday fall since March, as most of the stocks on the index were in red including sharia-compliant lender Dubai Islamic Bank DISB.DU, which retreated 4.9%.
Elsewhere, DXB Entertainment DXBE.DU declined 5%, to become the top loser on the index.
Dubai property company Meraas, which owns more than half of DXB Entertainments, intends to make a conditional offer to acquire the remaining shares in the loss-making theme park group and take it private, stock exchange filings showed on Sunday.
The Abu Dhabi index .ADI fell 1.7%, dragged down by a 1.1% fall in the country's largest lender First Abu Dhabi Bank FAB.AD and a 4.8% decline in Abu Dhabi Commercial Bank ADCB.AD.
In Qatar, the index .QSI eased 0.4%, hit by a 1.4% drop in utility firm Qatar Electricity and Water QEWC.QA.
Meanwhile, the Gulf state's Ministry of Public Health approved on Sunday the Pfizer and BioNTech COVID-19 vaccine for emergency use, Reuters reported, citing Qatar state news agency QNA's tweet.