Oil flat as weaker dollar offsets surge in U.S. gasoline stocks | Reuters
Oil prices were little changed on Thursday as a falling dollar and rising stock markets offset earlier declines caused by a big increase in U.S. gasoline stockpiles and subdued demand compared with pre-pandemic levels.
Brent futures remained unchanged at $63.16 a barrel by 2:00 p.m. EDT (1800 GMT), while U.S. West Texas Intermediate (WTI) crude fell 27 cents, or 0.5%, to $59.50.
“Crude prices are struggling for direction as short-term COVID pressures are countered by a much weaker U.S. dollar,” said Edward Moya, senior market analyst at OANDA in New York.
The U.S. dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprise rise in U.S. weekly jobless claims.
A weaker dollar makes oil cheaper for holders of other currencies, which usually helps boost crude prices.
Thursday 8 April 2021
Creditor claims against #AbuDhabi's NMC Healthcare now at $6.4b, could add another $650m | Banking – Gulf News
Creditor claims against Abu Dhabi's NMC Healthcare now at $6.4b, could add another $650m | Banking – Gulf News
Total creditor claims against Abu Dhabi hospital operator NMC Healthcare is now at $6.4 billion, of which $6.3 billion are what it owes banks. Creditors have until end of this month to file their claims.
“We believe there are 10 main financial creditors who are yet to claim which might, if submitted, add a further $650 million to the claims total based on the companies’ records,” said a report from Alvarez & Marsal, which is overseeing the process.
“The ‘Bar Date’ for final submission of proof of debts has been set at 5pm (GST) on Friday, 30 April. The process of reviewing claims and supporting is ongoing.”
The adjudication process should play out between July to October.
NMC Healthcare, founded by Dr. B.R. Shetty in the mid-1970’s spectacularly imploded early last year after reports first came out that its financials were not transparent. That set off internal investigations that led to the ousting of the previous board of directors, including of Shetty.
Total creditor claims against Abu Dhabi hospital operator NMC Healthcare is now at $6.4 billion, of which $6.3 billion are what it owes banks. Creditors have until end of this month to file their claims.
“We believe there are 10 main financial creditors who are yet to claim which might, if submitted, add a further $650 million to the claims total based on the companies’ records,” said a report from Alvarez & Marsal, which is overseeing the process.
“The ‘Bar Date’ for final submission of proof of debts has been set at 5pm (GST) on Friday, 30 April. The process of reviewing claims and supporting is ongoing.”
The adjudication process should play out between July to October.
NMC Healthcare, founded by Dr. B.R. Shetty in the mid-1970’s spectacularly imploded early last year after reports first came out that its financials were not transparent. That set off internal investigations that led to the ousting of the previous board of directors, including of Shetty.
Murban crude futures register record trading volumes | The National
Murban crude futures register record trading volumes | The National
Murban crude futures, which began trading on March 29, registered the highest volume of trade on Wednesday, with a record 14,419 contracts exchanged.
The contracts are equivalent to 1,000 barrels each, and the volumes traded on Tuesday equate to nearly 14.4 million barrels of Murban crude, according to the Ice Futures Abu Dhabi exchange, on which the contracts trade.
Murban futures for June delivery were down 1.16 per cent at $61.18 per barrel at 6.58pm UAE time. Brent, the international marker, was down 0.5 per cent at $62.87 per barrel.
Adnoc switched from a retroactive pricing model to forward pricing last year as it sought to create a futures contract that allows oil from the emirate to become a freely-traded global commodity, filling a void in the trading and pricing of crude from the Middle East, which is the biggest supplier to global energy markets.
Murban crude futures, which began trading on March 29, registered the highest volume of trade on Wednesday, with a record 14,419 contracts exchanged.
The contracts are equivalent to 1,000 barrels each, and the volumes traded on Tuesday equate to nearly 14.4 million barrels of Murban crude, according to the Ice Futures Abu Dhabi exchange, on which the contracts trade.
Murban futures for June delivery were down 1.16 per cent at $61.18 per barrel at 6.58pm UAE time. Brent, the international marker, was down 0.5 per cent at $62.87 per barrel.
Adnoc switched from a retroactive pricing model to forward pricing last year as it sought to create a futures contract that allows oil from the emirate to become a freely-traded global commodity, filling a void in the trading and pricing of crude from the Middle East, which is the biggest supplier to global energy markets.
Analysis: #Saudi $7 trillion investment goal puts spotlight on oil prices | Reuters
Analysis: Saudi $7 trillion investment goal puts spotlight on oil prices | Reuters
In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices.
A multi-trillion dollar spending push designed to diversify the economy’s sources of income will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said.
It is not clear how much companies like oil group Saudi Aramco - whose $75 billion dividends last year were vital to support state revenues - would cut their dividends, but any reduction would likely need to be compensated by higher oil prices, analysts say.
“If dividends are lowered, a higher oil price would boost Aramco transfers to the sovereign through taxes and royalties instead,” Jean-Michel Saliba, MENA economist at Bank of America, said in a research note.
This leaves crude revenues at the centre of the kingdom’s strategy targeting 27 trillion riyals ($7.2 trillion) in domestic spending by 2030.
In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices.
A multi-trillion dollar spending push designed to diversify the economy’s sources of income will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said.
It is not clear how much companies like oil group Saudi Aramco - whose $75 billion dividends last year were vital to support state revenues - would cut their dividends, but any reduction would likely need to be compensated by higher oil prices, analysts say.
“If dividends are lowered, a higher oil price would boost Aramco transfers to the sovereign through taxes and royalties instead,” Jean-Michel Saliba, MENA economist at Bank of America, said in a research note.
This leaves crude revenues at the centre of the kingdom’s strategy targeting 27 trillion riyals ($7.2 trillion) in domestic spending by 2030.
NMC Health on track to exit ADGM administration in first half | Reuters
NMC Health on track to exit ADGM administration in first half | Reuters
United Arab Emirates hospital operator NMC Health said on Thursday it was on track to execute its restructuring in line with an initial target to exit administration under Abu Dhabi Global Market in the first half of this year.
Claims from NMC’s financial and trade creditors to date are at nearly $6.4 billion, a presentation for lenders published on the healthcare firm’s website showed.
Additional creditor claims, if submitted, are estimated to add a further $650 million to total claims, the document said.
NMC, the largest private healthcare provider in the UAE, ran into trouble last year after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
NMC said the recognition of the ADGM administration order was completed in Dubai International Financial Center (DIFC) offshore courts and that the enforcement of the order was ongoing in onshore courts.
“Recognition and enforcement of the ADGM Administrations and the subsequent stay of the DIFC and Onshore proceedings will assist the fair and efficient running of the ADGM Administrations by protecting and maximising the NMC Companies’ assets for the benefit of the creditors of the NMC Companies as a whole.”
There are currently 25 lender actions in onshore UAE courts as well as others like labour cases and supplier claims, it said.
United Arab Emirates hospital operator NMC Health said on Thursday it was on track to execute its restructuring in line with an initial target to exit administration under Abu Dhabi Global Market in the first half of this year.
Claims from NMC’s financial and trade creditors to date are at nearly $6.4 billion, a presentation for lenders published on the healthcare firm’s website showed.
Additional creditor claims, if submitted, are estimated to add a further $650 million to total claims, the document said.
NMC, the largest private healthcare provider in the UAE, ran into trouble last year after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
NMC said the recognition of the ADGM administration order was completed in Dubai International Financial Center (DIFC) offshore courts and that the enforcement of the order was ongoing in onshore courts.
“Recognition and enforcement of the ADGM Administrations and the subsequent stay of the DIFC and Onshore proceedings will assist the fair and efficient running of the ADGM Administrations by protecting and maximising the NMC Companies’ assets for the benefit of the creditors of the NMC Companies as a whole.”
There are currently 25 lender actions in onshore UAE courts as well as others like labour cases and supplier claims, it said.
Muscat Bourse Names Women to Board in Gender Diversity Push - Bloomberg
Muscat Bourse Names Women to Board in Gender Diversity Push - Bloomberg
Oman’s stock exchange appointed two women to its seven-member board amid a push to boost gender diversity within the Gulf’s business community.
Samra Sulaiman Alharthy is the director of investment and economic research at the Oman Investment Authority and sits on the boards of Oman LNG, Qalhat LNG and Dubai Mercantile Exchange. She has worked for over a decade at the state-owned wealth fund. Previously, she was a U.K. and eurozone economist at Standard Chartered in London, according to a statement from the investment authority, which owns the Muscat Securities Market.
Mathla Saleh Al Shaqsi is a senior associate of investments at the Oman Investment Authority. Before joining the fund, she was an assurance senior associate at PricewaterhouseCoopers, the statement said.
Oman’s stock exchange appointed two women to its seven-member board amid a push to boost gender diversity within the Gulf’s business community.
Samra Sulaiman Alharthy is the director of investment and economic research at the Oman Investment Authority and sits on the boards of Oman LNG, Qalhat LNG and Dubai Mercantile Exchange. She has worked for over a decade at the state-owned wealth fund. Previously, she was a U.K. and eurozone economist at Standard Chartered in London, according to a statement from the investment authority, which owns the Muscat Securities Market.
Mathla Saleh Al Shaqsi is a senior associate of investments at the Oman Investment Authority. Before joining the fund, she was an assurance senior associate at PricewaterhouseCoopers, the statement said.
#Saudi Expansion in Focus for Paymob After Record Egypt Fundraise - Bloomberg
Saudi Expansion in Focus for Paymob After Record Egypt Fundraise - Bloomberg
Egyptian digital payments provider Paymob will use fresh funding to enter Saudi Arabia and expand at home, as the pandemic spurs a surge in cashless transactions.
The Cairo-based firm, which provides mobile wallet products for companies including banks and phone operators and also helps process retail payments, sees “huge potential” in the two Arab nations, co-founder and Chief Operating Officer Alain El Hajj said in an interview.
Fueled by what it says is the biggest-ever Series A fund-raising by an Egyptian company, led by United Arab Emirates-based Global Ventures, Paymob is seeking to build on the 500% jump in monthly revenue it saw in Egypt in 2020.
The “pandemic accelerated digital transformation,” El Hajj said, as consumers in Egypt, the Middle East’s most populous nation, as well as Paymob’s Kenyan, Pakistani and Palestinian markets increasingly moved online. Dutch development bank FMO and tech investment fund A15 also contributed to the fund-raising of a total $15 million.
Egyptian digital payments provider Paymob will use fresh funding to enter Saudi Arabia and expand at home, as the pandemic spurs a surge in cashless transactions.
The Cairo-based firm, which provides mobile wallet products for companies including banks and phone operators and also helps process retail payments, sees “huge potential” in the two Arab nations, co-founder and Chief Operating Officer Alain El Hajj said in an interview.
Fueled by what it says is the biggest-ever Series A fund-raising by an Egyptian company, led by United Arab Emirates-based Global Ventures, Paymob is seeking to build on the 500% jump in monthly revenue it saw in Egypt in 2020.
The “pandemic accelerated digital transformation,” El Hajj said, as consumers in Egypt, the Middle East’s most populous nation, as well as Paymob’s Kenyan, Pakistani and Palestinian markets increasingly moved online. Dutch development bank FMO and tech investment fund A15 also contributed to the fund-raising of a total $15 million.
Most major Gulf markets gain after IMF lifts region's economic outlook | Reuters
Most major Gulf markets gain after IMF lifts region's economic outlook | Reuters
Most major Gulf stock markets ended higher on Thursday after the International Monetary Fund (IMF) raised its economic forecasts for the region, while the Saudi index closed flat as some stocks traded ex-dividend.
The IMF said on Wednesday it expected most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6% from 5.5%.
In Dubai, the main share index rose 0.9% on the back of a 2.2% rise in Emirates NBD Bank after the lender said on Wednesday that it would sell a controlling stake in Dubai Bank to Eradah Capital.
Emaar Properties gained 1.7% as its managing director said the company achieved first-quarter sales of 6 billion dirhams ($1.63 billion), compared with 2.5 billion dirhams a year earlier.
Abu Dhabi’s index added 0.4%, bolstered by a 0.8% increase in the country’s largest lender First Abu Dhabi Bank%.
In Qatar, the benchmark gained 0.4% as Gulf’s largest lender Qatar National Bank rose 0.8% ahead of its first-quarter results on Sunday.
But Saudi Arabia’s benchmark index traded flat, with Banque Saudi Fransi falling 1.9%.
Saudi cement company and Alinma Bank fell 3.6% and 1.3%, respectively, as the duo traded ex-dividend.
Separately, Saudi Arabia’s stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of its initial public offering this year, Group CEO Khalid Al-Hussan said on Wednesday.
Most major Gulf stock markets ended higher on Thursday after the International Monetary Fund (IMF) raised its economic forecasts for the region, while the Saudi index closed flat as some stocks traded ex-dividend.
The IMF said on Wednesday it expected most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6% from 5.5%.
In Dubai, the main share index rose 0.9% on the back of a 2.2% rise in Emirates NBD Bank after the lender said on Wednesday that it would sell a controlling stake in Dubai Bank to Eradah Capital.
Emaar Properties gained 1.7% as its managing director said the company achieved first-quarter sales of 6 billion dirhams ($1.63 billion), compared with 2.5 billion dirhams a year earlier.
Abu Dhabi’s index added 0.4%, bolstered by a 0.8% increase in the country’s largest lender First Abu Dhabi Bank%.
In Qatar, the benchmark gained 0.4% as Gulf’s largest lender Qatar National Bank rose 0.8% ahead of its first-quarter results on Sunday.
But Saudi Arabia’s benchmark index traded flat, with Banque Saudi Fransi falling 1.9%.
Saudi cement company and Alinma Bank fell 3.6% and 1.3%, respectively, as the duo traded ex-dividend.
Separately, Saudi Arabia’s stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of its initial public offering this year, Group CEO Khalid Al-Hussan said on Wednesday.
Exclusive: #AbuDhabi oil giant ADNOC considers IPO of drilling business - sources | Reuters
Exclusive: Abu Dhabi oil giant ADNOC considers IPO of drilling business - sources | Reuters
Abu Dhabi National Oil Company (ADNOC) is considering listing its drilling business on the local stock market, according to three sources familiar with the matter.
The state oil giant says its drilling company is the largest in the Middle East.
ADNOC has held discussions with banks over the potential initial public offering (IPO), said the sources, who declined to be named as the matter is not public.
Two of the sources said ADNOC wanted the deal to happen this year. One of them said discussions were at an early stage but the IPO size could be more than $1 billion.
ADNOC declined to comment.
If the deal goes ahead, it would be the oil company’s second listing of a unit on the Abu Dhabi stock exchange after it listed ADNOC Distribution in late 2017, raising 3.1 billion dirhams ($844 million).
ADNOC, which supplies nearly 3% of global oil demand, has also sold stakes in its pipeline infrastructure and refining businesses to global companies and investors.
ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.
The business is critical for ADNOC’s upstream operations, helping the oil company reach its production targets.
The potential deal comes as the world’s top oil and gas companies scramble to control costs in response to the coronavirus crisis, which has hammered oil demand and prices.
CEO Sultan al-Jaber said in June that a transformation strategy embarked on four years ago had helped the company adapt more quickly to market changes, and that it would continue to work with strategic investors to attract foreign capital and maximise value from its resources.
Abu Dhabi National Oil Company (ADNOC) is considering listing its drilling business on the local stock market, according to three sources familiar with the matter.
The state oil giant says its drilling company is the largest in the Middle East.
ADNOC has held discussions with banks over the potential initial public offering (IPO), said the sources, who declined to be named as the matter is not public.
Two of the sources said ADNOC wanted the deal to happen this year. One of them said discussions were at an early stage but the IPO size could be more than $1 billion.
ADNOC declined to comment.
If the deal goes ahead, it would be the oil company’s second listing of a unit on the Abu Dhabi stock exchange after it listed ADNOC Distribution in late 2017, raising 3.1 billion dirhams ($844 million).
ADNOC, which supplies nearly 3% of global oil demand, has also sold stakes in its pipeline infrastructure and refining businesses to global companies and investors.
ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.
The business is critical for ADNOC’s upstream operations, helping the oil company reach its production targets.
The potential deal comes as the world’s top oil and gas companies scramble to control costs in response to the coronavirus crisis, which has hammered oil demand and prices.
CEO Sultan al-Jaber said in June that a transformation strategy embarked on four years ago had helped the company adapt more quickly to market changes, and that it would continue to work with strategic investors to attract foreign capital and maximise value from its resources.
Most Middle East markets fall; #Dubai gains over 1% | Reuters
Most Middle East markets fall; Dubai gains over 1% | Reuters
Most Gulf stock markets were down on Thursday, with Saudi Arabia’s benchmark index nearly flat, but Dubai index rose over 1%.
Crude prices fell after official data showed a big jump in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise. [O/R]
Gains in the financial sector in Saudi Arabia were offset by losses in industrials and materials, with the index trading up 0.14%.
Saudi Cement was the top drag, while Al-Rajhi Bank boosted sentiment the most.
In Dubai, the main share index rose over 1%, its biggest daily percentage gain in nearly 10 days.
Emirates NBD Bank rose 1.7%, a day after it entered an agreement to sell controlling interest in Dubai Bank.
Emaar Development rose 1.2% and Emaar Properties gained 1.7%.
The Qatari index was down 0.07% with financial stocks dropping the most.
In Abu Dhabi, the index rose 0.3%, with First Abu Dhabi Bank up 0.7%.
The International Monetary Fund has said it expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6% from 5.5% less than three months ago.
Most Gulf stock markets were down on Thursday, with Saudi Arabia’s benchmark index nearly flat, but Dubai index rose over 1%.
Crude prices fell after official data showed a big jump in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise. [O/R]
Gains in the financial sector in Saudi Arabia were offset by losses in industrials and materials, with the index trading up 0.14%.
Saudi Cement was the top drag, while Al-Rajhi Bank boosted sentiment the most.
In Dubai, the main share index rose over 1%, its biggest daily percentage gain in nearly 10 days.
Emirates NBD Bank rose 1.7%, a day after it entered an agreement to sell controlling interest in Dubai Bank.
Emaar Development rose 1.2% and Emaar Properties gained 1.7%.
The Qatari index was down 0.07% with financial stocks dropping the most.
In Abu Dhabi, the index rose 0.3%, with First Abu Dhabi Bank up 0.7%.
The International Monetary Fund has said it expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6% from 5.5% less than three months ago.
Oil Dips With Record India Virus Cases Imperiling Demand Revival - Bloomberg
Oil Dips With Record India Virus Cases Imperiling Demand Revival - Bloomberg
- WTI dropped 0.6% to $59.42 a barrel at 9:49 a.m. in London.
- Brent lost 0.4% to $62.94 a barrel
Oil fell as bearish virus news from India to Japan underpinned the outlook for a staggered recovery in consumption.
West Texas Intermediate slid 0.6%, though remains within the $5 range it has traded in since mid-March. India, the world’s No. 3 oil importer, reported a record number of daily coronavirus cases, with states facing a vaccine shortage. In Ontario, officials issued a stay-at-home advisory, while the Tokyo government is weighing stricter curbs as a more contagious variant spreads.
West Texas Intermediate slid 0.6%, though remains within the $5 range it has traded in since mid-March. India, the world’s No. 3 oil importer, reported a record number of daily coronavirus cases, with states facing a vaccine shortage. In Ontario, officials issued a stay-at-home advisory, while the Tokyo government is weighing stricter curbs as a more contagious variant spreads.
Daman's Ali El Adou on #Dubai, #AbuDhabi Futures Contracts - Bloomberg
Daman's Ali El Adou on Dubai, Abu-Dhabi Futures Contracts - Bloomberg
Ali El Adou, Daman Investments Head of Asset Management, discusses Dubai, Abu-Dhabi futures contracts. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#UAE to Grow More Food in the Desert as Pandemic Disrupts Imports - Bloomberg
UAE to Grow More Food in the Desert as Pandemic Disrupts Imports - Bloomberg
The United Arab Emirates, most of which is desert, said it should be able to triple the proportion of its food that’s local within a decade.
A surge in food prices globally and the disruption to supply chains caused by the coronavirus pandemic have caused the oil-rich UAE to accelerate schemes to grow more crops and farm more livestock. The country, which includes Abu Dhabi and the business hub of Dubai, currently imports about 90% of its needs.
The government has stepped up plans in the past year for everything from growing rice in the desert to importing dairy cows and researching how to make food in space and other extreme climates. In November, ADQ, one of Abu Dhabi’s sovereign wealth funds, bought a 45% stake in agricultural trader Louis Dreyfus Company BV.
“Realistically, we’re looking at maybe increasing our domestic production going toward 30%-40% in the next 10 years,” Mariam Almheiri, the minister of state for food and water security, said on Bloomberg TV. “We all know that being dependent on global food supplies is not a good thing.”
The United Arab Emirates, most of which is desert, said it should be able to triple the proportion of its food that’s local within a decade.
A surge in food prices globally and the disruption to supply chains caused by the coronavirus pandemic have caused the oil-rich UAE to accelerate schemes to grow more crops and farm more livestock. The country, which includes Abu Dhabi and the business hub of Dubai, currently imports about 90% of its needs.
The government has stepped up plans in the past year for everything from growing rice in the desert to importing dairy cows and researching how to make food in space and other extreme climates. In November, ADQ, one of Abu Dhabi’s sovereign wealth funds, bought a 45% stake in agricultural trader Louis Dreyfus Company BV.
“Realistically, we’re looking at maybe increasing our domestic production going toward 30%-40% in the next 10 years,” Mariam Almheiri, the minister of state for food and water security, said on Bloomberg TV. “We all know that being dependent on global food supplies is not a good thing.”
Oil falls after U.S. gasoline stocks surge against expectations | Reuters
Oil falls after U.S. gasoline stocks surge against expectations | Reuters
Crude prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise.
Brent crude fell 51 cents, or 0.8%, to $62.65 a barrel by 0648 GMT. U.S. oil fell 53 cents, or 0.9%, to $59.24 a barrel.
While crude oil stocks in the United States fell more than forecast by analysts, gasoline inventories jumped sharply, also against expectations, the U.S. Department of Energy said on Wednesday.
Oil inventories dropped by 3.5 million barrels last week to nearly 502 million barrels, and gasoline stocks increased by 4 million barrels, against expectations of a decline, to just over 230 million barrels, as refiners ramped up production before the summer driving season.
Crude prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise.
Brent crude fell 51 cents, or 0.8%, to $62.65 a barrel by 0648 GMT. U.S. oil fell 53 cents, or 0.9%, to $59.24 a barrel.
While crude oil stocks in the United States fell more than forecast by analysts, gasoline inventories jumped sharply, also against expectations, the U.S. Department of Energy said on Wednesday.
Oil inventories dropped by 3.5 million barrels last week to nearly 502 million barrels, and gasoline stocks increased by 4 million barrels, against expectations of a decline, to just over 230 million barrels, as refiners ramped up production before the summer driving season.
Mohammed bin Salman’s Reputation Taints Plan to Open #SaudiArabia’s Economy - Bloomberg
Mohammed bin Salman’s Reputation Taints Plan to Open Saudi Arabia’s Economy - Bloomberg
On Tahlia Street, a busy commercial boulevard in central Riyadh, a rotating digital billboard shows ads for oud fragrance, white boxer shorts, and a glittering diamond watch. Then comes an image of Crown Prince Mohammed bin Salman seated at a desk, with one of his latest soundbites: “Saudi Arabia plans to spend more in the next 10 years than it has in the past 300.”
The poster went up hours after the prince unveiled new steps to bolster the economy on March 30. These were the latest in a series of initiatives since the beginning of the year that have reminded Saudis who’s in charge of the kingdom. The subliminal message is that any mistakes from the past five years are firmly behind the 35-year-old prince.
Yet internationally, the Saudi heir has two stains on his record that he can’t seem to make go away: the war in Yemen and the 2018 murder and dismemberment of critic and Washington Post columnist Jamal Khashoggi by Saudi agents at the Saudi consulate in Istanbul. With a less pro-Saudi White House, these threaten to undermine Prince Mohammed’s economic transformation plan, which relies at least partly on Western money.
According to government figures published on March 31, foreign investment in Saudi Arabia reached a new high in the last quarter of 2020. Yet it was Egypt and India that topped the list of 10 countries awarded projects there, followed by the U.S. and U.K., the only Western nations on the list.
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| Prince Mohammed PHOTOGRAPHER: VALERY SHARIFULIN/TASS/GETTY IMAGES |
The poster went up hours after the prince unveiled new steps to bolster the economy on March 30. These were the latest in a series of initiatives since the beginning of the year that have reminded Saudis who’s in charge of the kingdom. The subliminal message is that any mistakes from the past five years are firmly behind the 35-year-old prince.
Yet internationally, the Saudi heir has two stains on his record that he can’t seem to make go away: the war in Yemen and the 2018 murder and dismemberment of critic and Washington Post columnist Jamal Khashoggi by Saudi agents at the Saudi consulate in Istanbul. With a less pro-Saudi White House, these threaten to undermine Prince Mohammed’s economic transformation plan, which relies at least partly on Western money.
According to government figures published on March 31, foreign investment in Saudi Arabia reached a new high in the last quarter of 2020. Yet it was Egypt and India that topped the list of 10 countries awarded projects there, followed by the U.S. and U.K., the only Western nations on the list.
This #UAE Stock Is Up 70% in Three Weeks and Nobody Knows Why - Bloomberg
This UAE Stock Is Up 70% in Three Weeks and Nobody Knows Why - Bloomberg
By most standards, the recent performance of International Holdings Co. PJSC has been an investor’s dream.
Shares in the Abu Dhabi-based group have jumped more than 70% since March 22 in an uninterrupted 13-day winning streak that’s propelled the company’s value past the $40 billion mark for the first time, higher even than the United Arab Emirates’ biggest bank.
Yet IHC, which enjoys the backing of Abu Dhabi’s ruling family and has investments ranging from Elon Musk’s SpaceX to a local fishery company, isn’t for the timid. All but a fraction of the shares are concentrated among Emiratis, not a single analyst covers the company and few observers want to guess at what’s behind the ballooning share price.
“IHC isn’t any other company,” said Vijay Valecha, chief investment officer at Century Financial, a Dubai-based consultancy. “The shares aren’t for the faint-hearted, as any management misstep can be costly. The stock is suited for growth investors who understand the risk.”
By most standards, the recent performance of International Holdings Co. PJSC has been an investor’s dream.
Shares in the Abu Dhabi-based group have jumped more than 70% since March 22 in an uninterrupted 13-day winning streak that’s propelled the company’s value past the $40 billion mark for the first time, higher even than the United Arab Emirates’ biggest bank.
Yet IHC, which enjoys the backing of Abu Dhabi’s ruling family and has investments ranging from Elon Musk’s SpaceX to a local fishery company, isn’t for the timid. All but a fraction of the shares are concentrated among Emiratis, not a single analyst covers the company and few observers want to guess at what’s behind the ballooning share price.
“IHC isn’t any other company,” said Vijay Valecha, chief investment officer at Century Financial, a Dubai-based consultancy. “The shares aren’t for the faint-hearted, as any management misstep can be costly. The stock is suited for growth investors who understand the risk.”
