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Futures in London fell 1.1% on Tuesday after a Russian envoy in Vienna said significant progress has been made in efforts to broker an agreement between Iran and the U.S, the BBC Persian news channel reported. However, the same diplomat, Mikhail Ulyanov, subsequently took to Twitter to play down reports that a major announcement on the matter was likely on Wednesday. “I said that significant progress have been achieved, in my view,” Ulyanov said in the tweet. “That is true. But unresolved issues still remain and the negotiators need more time and efforts to finalise an agreement on restoration of JCPOA.” A return to the 2015 nuclear deal could allow for the removal of U.S. sanctions on the Persian Gulf country’s crude exports, raising the prospects of more crude coming back to the market. Iran has already been preparing to ramp up global oil sales, though the flow of additional crude may be gradual even if a deal is struck.  |
Tuesday 18 May 2021
Oil Slips Amid Prospects of Progress on Iran Nuclear Deal Talks - Bloomberg
Oil Slips Amid Prospects of Progress on Iran Nuclear Deal Talks - Bloomberg
#Dubai targets over 5.5 mln overseas tourists this year | Reuters
Dubai targets over 5.5 mln overseas tourists this year | Reuters
Dubai expects to attract over 5.5 million overseas visitors this year, hopeful that new markets can help make up for the loss of visitors from key places where travel is restricted.
Dubai had 5.5 million overseas visitors last year, when the tourism sector was pummelled by the coronavirus pandemic. In 2019, 16.7 million tourists visited.
Visitors from India, traditionally Dubai's top source market, are largely banned from the United Arab Emirates due to the latest outbreak in the South Asian nation.
Meanwhile, the United Kingdom, Dubai's third biggest source market in 2019, has barred direct flights and requires travellers from the UAE to hotel quarantine.
Dubai expects to attract over 5.5 million overseas visitors this year, hopeful that new markets can help make up for the loss of visitors from key places where travel is restricted.
Dubai had 5.5 million overseas visitors last year, when the tourism sector was pummelled by the coronavirus pandemic. In 2019, 16.7 million tourists visited.
Visitors from India, traditionally Dubai's top source market, are largely banned from the United Arab Emirates due to the latest outbreak in the South Asian nation.
Meanwhile, the United Kingdom, Dubai's third biggest source market in 2019, has barred direct flights and requires travellers from the UAE to hotel quarantine.
Mideast Stocks: #Dubai leads major Gulf markets higher | ZAWYA MENA Edition
Mideast Stocks: Dubai leads major Gulf markets higher | ZAWYA MENA Edition
Major stock markets in the Middle East rose on Tuesday, with the Dubai index outperforming the region following an upbeat assessment of its property market by Morgan Stanley.
In Dubai, the main share index closed 1.2% higher, with its top lender Emirates NBD rising 1.2%, while real estate firm Emaar Development jumped more than 8%.
Dubai property prices are rising for the first time in six years, Morgan Stanley said in a research note, amid higher demand and a slowdown of project launches since 2017.
The banker also upgraded Emaar Development to 'overweight', raising its price target 37% to 3.7 dirhams.
Air Arabia climbed 4.6%, a day after the budget airliner announced the launch of new flights to Sharm El Sheikh from Sharjah starting June 29.
Dubai on Monday eased COVID-19 restrictions, allowing hotels in the regional tourism hub to operate at full capacity and permitting concerts and sports events where all attendees and participants have been vaccinated.
In Abu Dhabi, the index gained 0.8%, led by a 1.4% rise in the country's largest lender First Abu Dhabi Bank and a 1.2% rise in telecoms firm Etisalat .
Elsewhere, Abu Dhabi Ship Building surged about 15% after the United Arab Emirates signed a 3.5 billion dirham ($952.95 million) contract with the firm to manufacture new patrol vessels for the Gulf Arab state's navy.
Saudi Arabia's benchmark index added 0.3%, extending gains for third consecutive session, with Al Rajhi Bank rising 1.4%.
The Qatari benchmark edged up 0.1%, bolstered by a 0.7% gain in Qatar Islamic Bank.
Outside the Gulf, Egypt's blue-chip index rose 1%, with most of its stocks in positive territory, including El Sewedy Electric, which closed 7.8% higher.
On Monday, the firm reported a net profit of 700.1 million Egyptian pounds ($44.8 million) for the first-quarter, up from 400.1 million a year earlier.
Major stock markets in the Middle East rose on Tuesday, with the Dubai index outperforming the region following an upbeat assessment of its property market by Morgan Stanley.
In Dubai, the main share index closed 1.2% higher, with its top lender Emirates NBD rising 1.2%, while real estate firm Emaar Development jumped more than 8%.
Dubai property prices are rising for the first time in six years, Morgan Stanley said in a research note, amid higher demand and a slowdown of project launches since 2017.
The banker also upgraded Emaar Development to 'overweight', raising its price target 37% to 3.7 dirhams.
Air Arabia climbed 4.6%, a day after the budget airliner announced the launch of new flights to Sharm El Sheikh from Sharjah starting June 29.
Dubai on Monday eased COVID-19 restrictions, allowing hotels in the regional tourism hub to operate at full capacity and permitting concerts and sports events where all attendees and participants have been vaccinated.
In Abu Dhabi, the index gained 0.8%, led by a 1.4% rise in the country's largest lender First Abu Dhabi Bank and a 1.2% rise in telecoms firm Etisalat .
Elsewhere, Abu Dhabi Ship Building surged about 15% after the United Arab Emirates signed a 3.5 billion dirham ($952.95 million) contract with the firm to manufacture new patrol vessels for the Gulf Arab state's navy.
Saudi Arabia's benchmark index added 0.3%, extending gains for third consecutive session, with Al Rajhi Bank rising 1.4%.
The Qatari benchmark edged up 0.1%, bolstered by a 0.7% gain in Qatar Islamic Bank.
Outside the Gulf, Egypt's blue-chip index rose 1%, with most of its stocks in positive territory, including El Sewedy Electric, which closed 7.8% higher.
On Monday, the firm reported a net profit of 700.1 million Egyptian pounds ($44.8 million) for the first-quarter, up from 400.1 million a year earlier.
Averting Climate Crisis Means No New Oil or Gas Fields, IEA Says - Bloomberg
Averting Climate Crisis Means No New Oil or Gas Fields, IEA Says - Bloomberg
The world has a choice -- stop developing new oil, gas and coal fields today or face a dangerous rise in global temperatures.
That’s the bold assessment from the International Energy Agency, the organization that has spent four decades working to secure oil supplies for industrialized nations. In its new road map for achieving net-zero global carbon emissions by 2050, the IEA laid out in stark terms what the planet must do to avoid harmful the climate change -- and just how far that is from our current reality.
Annual gains in energy efficiency must be three times faster over the next decade. Installations of photovoltaic panels would have to rival the size of the world’s biggest solar park -- every single day until 2030. Within three decades, the role of fossil fuels should reverse entirely -- from 80% of global energy needs today to barely a fifth by mid-century.
“Our road map shows the priority actions that are needed today to ensure the opportunity of net-zero emissions by 2050 -- narrow but still achievable -- is not lost,” IEA Executive Director Fatih Birol said on Tuesday. It is “perhaps the greatest challenge humankind has ever faced.”
The world has a choice -- stop developing new oil, gas and coal fields today or face a dangerous rise in global temperatures.
That’s the bold assessment from the International Energy Agency, the organization that has spent four decades working to secure oil supplies for industrialized nations. In its new road map for achieving net-zero global carbon emissions by 2050, the IEA laid out in stark terms what the planet must do to avoid harmful the climate change -- and just how far that is from our current reality.
Annual gains in energy efficiency must be three times faster over the next decade. Installations of photovoltaic panels would have to rival the size of the world’s biggest solar park -- every single day until 2030. Within three decades, the role of fossil fuels should reverse entirely -- from 80% of global energy needs today to barely a fifth by mid-century.
“Our road map shows the priority actions that are needed today to ensure the opportunity of net-zero emissions by 2050 -- narrow but still achievable -- is not lost,” IEA Executive Director Fatih Birol said on Tuesday. It is “perhaps the greatest challenge humankind has ever faced.”
#Dubai Airports CEO Hopes to Get Europe 'Green Light' - Bloomberg video
Dubai Airports CEO Hopes to Get Europe 'Green Light' - Bloomberg
Paul Griffiths, Dubai Airports CEO, expects to get Europe's 'green light' for travel by May 28. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Saudi Ultra-Luxury Project May Raise Up to $2.7 Billion in 2022 - Bloomberg
Saudi Ultra-Luxury Project May Raise Up to $2.7 Billion in 2022 - Bloomberg
Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) next year as the kingdom presses on with Crown Prince Mohammed bin Salman’s program to diversify the economy.
Amaala, on the northwestern coast of Saudi Arabia, won’t tap markets until next year, Chief Executive Officer John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.
The numbers haven’t yet been finalized, with the amount of debt likely to be in the “range” of 5-10 billion, he said. The company has awarded more than 3 billion riyals in contracts.
Opening up to tourism is one of the ways Saudi Arabia intends to diversify its economy away from oil. Its other ambitious projects include an entertainment hub near the capital, and a new city in the north-west called Neom that’s expected to cost $500 billion to build.
Another luxury project, The Red Sea Development Co., recently closed a 14 billion-riyal loan from domestic banks. Pagano, who is also the CEO of that developer, said proceeds will be used to fund the first phase scheduled for completion by the end of 2023.
Funding for the second phase hasn’t been determined yet but the developer could consider an initial public offering, asset sales, or tap debt markets, he said.
Owned by the kingdom’s sovereign wealth fund, the Red Sea Development will oversee a luxury tourism zone equivalent in size to Belgium and include a new international airport. When the entire project is completed in 2030, it will target 1 million visitors a year, split evenly between domestic and international tourists.
Pagano also said:
Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) next year as the kingdom presses on with Crown Prince Mohammed bin Salman’s program to diversify the economy.
Amaala, on the northwestern coast of Saudi Arabia, won’t tap markets until next year, Chief Executive Officer John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.
The numbers haven’t yet been finalized, with the amount of debt likely to be in the “range” of 5-10 billion, he said. The company has awarded more than 3 billion riyals in contracts.
Opening up to tourism is one of the ways Saudi Arabia intends to diversify its economy away from oil. Its other ambitious projects include an entertainment hub near the capital, and a new city in the north-west called Neom that’s expected to cost $500 billion to build.
Another luxury project, The Red Sea Development Co., recently closed a 14 billion-riyal loan from domestic banks. Pagano, who is also the CEO of that developer, said proceeds will be used to fund the first phase scheduled for completion by the end of 2023.
Funding for the second phase hasn’t been determined yet but the developer could consider an initial public offering, asset sales, or tap debt markets, he said.
Owned by the kingdom’s sovereign wealth fund, the Red Sea Development will oversee a luxury tourism zone equivalent in size to Belgium and include a new international airport. When the entire project is completed in 2030, it will target 1 million visitors a year, split evenly between domestic and international tourists.
Pagano also said:
- Capacity at Red Sea International Airport will stand at 300,000 passengers at the end of the first phase
- “Driving direct flights is going to be challenging but we’re going to look at a hub and spoke arrangement,”
- Airports in Riyadh, Jeddah and Dubai could feed traffic
- Red Sea airport started the process of engaging with airlines
Oil hits $70, two-month high, as Europe, U.S. reopen economies | Reuters
Oil hits $70, two-month high, as Europe, U.S. reopen economies | Reuters
Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and U.S. economies offset concern over spreading coronavirus cases in Asia.
The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. New cases in the United States continued to fall and New York lifted the mask requirement for vaccinated people.
Brent crude was up 55 cents, or 0.8%, at $70.01 by 0907 GMT, trading above $70 for the first time since March 15. U.S. West Texas Intermediate (WTI) crude was up 37 cents, or 0.6%, at $66.64.
"Economies are again switching a gear higher," said Tamas Varga of broker PVM. "The euphoria is reflected in the general belief that the economic revival will be soon coupled with oil demand recovery."
Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and U.S. economies offset concern over spreading coronavirus cases in Asia.
The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. New cases in the United States continued to fall and New York lifted the mask requirement for vaccinated people.
Brent crude was up 55 cents, or 0.8%, at $70.01 by 0907 GMT, trading above $70 for the first time since March 15. U.S. West Texas Intermediate (WTI) crude was up 37 cents, or 0.6%, at $66.64.
"Economies are again switching a gear higher," said Tamas Varga of broker PVM. "The euphoria is reflected in the general belief that the economic revival will be soon coupled with oil demand recovery."
Oil firm OQ to develop #Oman green fuels project with consortium | Reuters
Oil firm OQ to develop Oman green fuels project with consortium | Reuters
A consortium including Oman's state-owned oil firm OQ will develop a renewable energy project in the Gulf state capable of producing millions of tonnes of zero-carbon green hydrogen per year, the developers said on Tuesday.
At full capacity the project will consist of 25 gigawatts of renewable solar and wind energy to produce the hydrogen.
So-called green hydrogen, created by splitting water into its two components using electricity from renewable energy sources, is increasingly viewed as a fuel of the future to reduce carbon emissions from fossil fuels.
Other members of the consortium are Hong Kong-headquartered InterContinental Energy, a renewable energy project developer, and EnerTech, a clean energy investor and developer which is owned by the Kuwait Investment Authority.
"The project will help transform Oman’s skills base and technical expertise in renewable energy, providing a significant number of high value jobs during site construction and operation," the statement said.
Gulf oil-producing countries are trying to diversify their economies by creating new sectors and revenues, including through a big push in renewable energy.
Abu Dhabi plans to produce and export hydrogen as fuel and Saudi Arabia is working on a $5 billion hydrogen project in the NEOM high-tech business zone.
A consortium including Oman's state-owned oil firm OQ will develop a renewable energy project in the Gulf state capable of producing millions of tonnes of zero-carbon green hydrogen per year, the developers said on Tuesday.
At full capacity the project will consist of 25 gigawatts of renewable solar and wind energy to produce the hydrogen.
So-called green hydrogen, created by splitting water into its two components using electricity from renewable energy sources, is increasingly viewed as a fuel of the future to reduce carbon emissions from fossil fuels.
Other members of the consortium are Hong Kong-headquartered InterContinental Energy, a renewable energy project developer, and EnerTech, a clean energy investor and developer which is owned by the Kuwait Investment Authority.
"The project will help transform Oman’s skills base and technical expertise in renewable energy, providing a significant number of high value jobs during site construction and operation," the statement said.
Gulf oil-producing countries are trying to diversify their economies by creating new sectors and revenues, including through a big push in renewable energy.
Abu Dhabi plans to produce and export hydrogen as fuel and Saudi Arabia is working on a $5 billion hydrogen project in the NEOM high-tech business zone.
MIDEAST STOCKS #Saudi rises in early trade on oil boost; #Qatar flat | Reuters
MIDEAST STOCKS Saudi rises in early trade on oil boost; Qatar flat | Reuters
Most major stock markets in the Gulf rose in early trade on Tuesday, with the Saudi index leading gains on rising oil prices, while Qatar traded flat.
Oil, a key catalyst for the Gulf's financial markets, extended gains as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia.
Brent crude oil futures were up 33 cents, or 0.5%, at $69.79 a barrel by 0644 GMT.
Saudi Arabia's benchmark index (.TASI) gained 0.9%, with Al Rajhi Bank (1120.SE) advancing 2.2%, while Saudi National Bank (1180.SE), the kingdom's largest lender, climbed 1.5%.
Dubai's main share index (.DFMGI) edged up 0.1%, helped by a 4.6% jump in Air Arabia (AIRA.DU), a day after the budget airliner announced launch of new flights to Sharm El Sheikh from Sharjah starting June 29.
Dubai on Monday eased COVID-19 restrictions, allowing hotels in the regional tourism hub to operate at full capacity and permitting concerts and sports events where all attendees and participants have been vaccinated. read more
The emirate has pushed to keep its economy, which relies on international trade and business, open through the pandemic after an initial lockdown. The emirate is due to host the Expo 2020 world fair in October, hoping to attract millions of overseas visitors.
However, the index's gains were capped by losses at Emirates NBD Bank (ENBD.DU), which was down 1.2%.
The lender has hired banks to arrange the sale of U.S. dollar-denominated Additional Tier 1 bonds that will be non-callable for six years, Reuters reported on Tuesday, citing a document. read more
In Abu Dhabi, the index (.ADI) lost 0.2%, hit by a 1.7% fall in aquaculture firm International Holding (IHC.AD).
The Qatari index (.QSI) traded flat, as gains in real estate shares were offset by declines in petrochemical stocks.
Most major stock markets in the Gulf rose in early trade on Tuesday, with the Saudi index leading gains on rising oil prices, while Qatar traded flat.
Oil, a key catalyst for the Gulf's financial markets, extended gains as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia.
Brent crude oil futures were up 33 cents, or 0.5%, at $69.79 a barrel by 0644 GMT.
Saudi Arabia's benchmark index (.TASI) gained 0.9%, with Al Rajhi Bank (1120.SE) advancing 2.2%, while Saudi National Bank (1180.SE), the kingdom's largest lender, climbed 1.5%.
Dubai's main share index (.DFMGI) edged up 0.1%, helped by a 4.6% jump in Air Arabia (AIRA.DU), a day after the budget airliner announced launch of new flights to Sharm El Sheikh from Sharjah starting June 29.
Dubai on Monday eased COVID-19 restrictions, allowing hotels in the regional tourism hub to operate at full capacity and permitting concerts and sports events where all attendees and participants have been vaccinated. read more
The emirate has pushed to keep its economy, which relies on international trade and business, open through the pandemic after an initial lockdown. The emirate is due to host the Expo 2020 world fair in October, hoping to attract millions of overseas visitors.
However, the index's gains were capped by losses at Emirates NBD Bank (ENBD.DU), which was down 1.2%.
The lender has hired banks to arrange the sale of U.S. dollar-denominated Additional Tier 1 bonds that will be non-callable for six years, Reuters reported on Tuesday, citing a document. read more
In Abu Dhabi, the index (.ADI) lost 0.2%, hit by a 1.7% fall in aquaculture firm International Holding (IHC.AD).
The Qatari index (.QSI) traded flat, as gains in real estate shares were offset by declines in petrochemical stocks.
Morgan Stanley Sees #Dubai Property Rally Lasting for Years - Bloomberg
Morgan Stanley Sees Dubai Property Rally Lasting for Years - Bloomberg
The rally in Dubai’s residential property prices isn’t stopping anytime soon, according to Morgan Stanley.
“Robust demand, peaking supply growth and long lead times for new projects could lead to a tighter-than-expected market over the next several years,” analysts Katherine Carpenter and Nida Iqbal wrote in a report.
Business activity in Dubai, the Middle East’s main financial hub, has risen to the highest level since late 2019 because of a rebound in tourism and a fast distribution of coronavirus vaccines. The United Arab Emirates, a federation of seven sheikdoms including Dubai, has one of the highest inoculation rates globally.
For properties worth at least 10 million dirhams ($2.7 million), a record 84 changed hands in March, according to data from real estate consultant Property Monitor.
Buying real estate is one of the fastest ways of getting a residency permit in Dubai, which further eased coronavirus-linked restrictions on Monday. Emaar Properties PJSC, the biggest listed developer in the emirate, posted a 65% jump in villas sales in the first quarter from the year-ago period.
Demand picked up amid “a wave of government reforms over the past 12 months, attractive mortgage rates, and a shift in demand patterns due to Covid-19,” according to Morgan Stanley.
A gauge tracking real estate shares in Dubai has gained 7% this year, though it’s still down 74% from a peak in 2014.
The rally in Dubai’s residential property prices isn’t stopping anytime soon, according to Morgan Stanley.
“Robust demand, peaking supply growth and long lead times for new projects could lead to a tighter-than-expected market over the next several years,” analysts Katherine Carpenter and Nida Iqbal wrote in a report.
Business activity in Dubai, the Middle East’s main financial hub, has risen to the highest level since late 2019 because of a rebound in tourism and a fast distribution of coronavirus vaccines. The United Arab Emirates, a federation of seven sheikdoms including Dubai, has one of the highest inoculation rates globally.
For properties worth at least 10 million dirhams ($2.7 million), a record 84 changed hands in March, according to data from real estate consultant Property Monitor.
Buying real estate is one of the fastest ways of getting a residency permit in Dubai, which further eased coronavirus-linked restrictions on Monday. Emaar Properties PJSC, the biggest listed developer in the emirate, posted a 65% jump in villas sales in the first quarter from the year-ago period.
Demand picked up amid “a wave of government reforms over the past 12 months, attractive mortgage rates, and a shift in demand patterns due to Covid-19,” according to Morgan Stanley.
A gauge tracking real estate shares in Dubai has gained 7% this year, though it’s still down 74% from a peak in 2014.
Rare Middle East Push for Women on Boards Runs Into Culture Wall - Bloomberg
Rare Middle East Push for Women on Boards Runs Into Culture Wall - Bloomberg
Getting more women on corporate boards in the United Arab Emirates was never going to be easy, and the numbers after a new rule went into effect to boost their presence bears that out.
Since the country announced on March 15 that listed companies should have at least one female board member, only four of the 23 people added to such roles at firms on the UAE’s two major stock exchanges have been women, according to data compiled by Bloomberg. That barely moves the needle in a country where about 96% of such positions are held by men.
For Fatma Hussain, the only female on the board of Dubai-based logistics group Aramex PJSC, the sluggish progress is evidence of a cultural mindset that keeps women away from such roles. Women -- especially from conservative backgrounds -- shun posts that may require staying out late or interacting with male colleagues, said the UAE national, who’s also the chief human capital officer at TECOM Group, a unit of sovereign investment vehicle Dubai Holding.
“I interview a lot of people, and sometimes a female candidate has to ask permission from her parents to take on an offer because there are many males,” said Hussain, who joined Aramex’s board after the post was advertised in a local newspaper.
Getting more women on corporate boards in the United Arab Emirates was never going to be easy, and the numbers after a new rule went into effect to boost their presence bears that out.
Since the country announced on March 15 that listed companies should have at least one female board member, only four of the 23 people added to such roles at firms on the UAE’s two major stock exchanges have been women, according to data compiled by Bloomberg. That barely moves the needle in a country where about 96% of such positions are held by men.
For Fatma Hussain, the only female on the board of Dubai-based logistics group Aramex PJSC, the sluggish progress is evidence of a cultural mindset that keeps women away from such roles. Women -- especially from conservative backgrounds -- shun posts that may require staying out late or interacting with male colleagues, said the UAE national, who’s also the chief human capital officer at TECOM Group, a unit of sovereign investment vehicle Dubai Holding.
“I interview a lot of people, and sometimes a female candidate has to ask permission from her parents to take on an offer because there are many males,” said Hussain, who joined Aramex’s board after the post was advertised in a local newspaper.
#Saudi Wealth Fund Loads Up on Video-Game Makers and Exits Suncor - Bloomberg
Saudi Wealth Fund Loads Up on Video-Game Makers and Exits Suncor - Bloomberg
Saudi Arabia’s sovereign wealth fund doubled down on its pandemic-era investments in video-game makers and added new bets as it raised holdings of U.S. stocks by about a fifth to $15.4 billion.
The Public Investment Fund brought its total commitment to video-game makers including Activision Blizzard Inc., Electronic Arts Inc. and Take-Two Interactive Software Inc. to $6 billion during the first quarter, according to regulatory filings on Monday. Those holdings were valued at $3.3 billion at the end of the fourth quarter.
The PIF also added to its roster by buying $141 million worth of stock in South Korean e-commerce giant Coupang Inc., whose biggest backer is Japanese conglomerate SoftBank Group Corp.
Saudi Arabia’s sovereign wealth fund doubled down on its pandemic-era investments in video-game makers and added new bets as it raised holdings of U.S. stocks by about a fifth to $15.4 billion.
The Public Investment Fund brought its total commitment to video-game makers including Activision Blizzard Inc., Electronic Arts Inc. and Take-Two Interactive Software Inc. to $6 billion during the first quarter, according to regulatory filings on Monday. Those holdings were valued at $3.3 billion at the end of the fourth quarter.
The PIF also added to its roster by buying $141 million worth of stock in South Korean e-commerce giant Coupang Inc., whose biggest backer is Japanese conglomerate SoftBank Group Corp.
HSBC #Saudi to move asset management, retail brokerage to Alawwal Invest | ZAWYA MENA Edition
HSBC Saudi to move asset management, retail brokerage to Alawwal Invest | ZAWYA MENA Edition
HSBC Saudi Arabia has agreed to transfer its asset management, retail brokerage and retail margin lending businesses to Alawwal Invest, a wholly owned subsidiary of the Saudi British Bank (SABB).
The HSBC Group owns 51 percent of HSBC Saudi Arabia and the rest is owned by SABB. The HSBC Group is the single largest investor in SABB with a 31 percent shareholding. The transfer is expected to complete during 2022, subject to necessary approvals.
“This transaction will allow HSBC Saudi Arabia to focus its resources on its market-leading investment banking, institutional brokerage and custody businesses, which serve domestic as well as international corporate and institutional clients in the Kingdom,” said Stephen Moss, HSBC Group’s chief executive for the Middle East, North Africa and Turkey (MENAT) region.
HSBC Saudi Arabia has agreed to transfer its asset management, retail brokerage and retail margin lending businesses to Alawwal Invest, a wholly owned subsidiary of the Saudi British Bank (SABB).
The HSBC Group owns 51 percent of HSBC Saudi Arabia and the rest is owned by SABB. The HSBC Group is the single largest investor in SABB with a 31 percent shareholding. The transfer is expected to complete during 2022, subject to necessary approvals.
“This transaction will allow HSBC Saudi Arabia to focus its resources on its market-leading investment banking, institutional brokerage and custody businesses, which serve domestic as well as international corporate and institutional clients in the Kingdom,” said Stephen Moss, HSBC Group’s chief executive for the Middle East, North Africa and Turkey (MENAT) region.
Oil prices rise as U.S., Europe reopen economies | Reuters
Oil prices rise as U.S., Europe reopen economies | Reuters
Oil prices extended gains on Tuesday as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia.
Brent crude oil futures were up 33 cents, or 0.5%, at $69.79 a barrel by 0644 GMT, while West Texas Intermediate (WTI) was up 30 cents, or 0.5%, at $66.57 a barrel.
Both contracts rose more than 1% on Monday.
“Behind the gain is growing optimism of strong recovery in gasoline and other fuels in the United States and Europe in light of easing of various pandemic-related restrictions,” said Chiyoki Chen, chief analyst at Sunward Trading.
Oil prices extended gains on Tuesday as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia.
Brent crude oil futures were up 33 cents, or 0.5%, at $69.79 a barrel by 0644 GMT, while West Texas Intermediate (WTI) was up 30 cents, or 0.5%, at $66.57 a barrel.
Both contracts rose more than 1% on Monday.
“Behind the gain is growing optimism of strong recovery in gasoline and other fuels in the United States and Europe in light of easing of various pandemic-related restrictions,” said Chiyoki Chen, chief analyst at Sunward Trading.
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