Oil falls for the week on supply concerns, rising COVID cases | Reuters
Oil prices were little changed on Friday and ended the week lower, sapped in volatile trade by expectations of growing supplies just when a rise in coronavirus cases could lead to lockdown restrictions and depressed demand.
Brent futures rose 12 cents, or 0.2%, to settle at $73.59 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 16 cents, or 0.2%, to settle at $71.81. Earlier in the volatile session, both benchmarks were down over $1 a barrel.
Despite the small gains, Brent fell almost 3% for the week, marking a decline for the third week in a row for the first time since April 2020. WTI fell almost 4% this week, which would be its biggest weekly percentage decline since March.
U.S. retail sales unexpectedly increased in June as demand for goods remained strong even as spending shifts back to services, bolstering expectations that economic growth accelerated in the second quarter.
With oil prices mostly rising over the last several months, the U.S. oil rig count continued its slow increase, gaining two rigs this week to 380 active units, their highest since April 2020, according to energy services firm Baker Hughes.
Friday 16 July 2021
More OPEC+ Crude is Needed, How Much Depends on Who You Believe - Bloomberg
More OPEC+ Crude is Needed, How Much Depends on Who You Believe - Bloomberg
The world needs the OPEC+ group to open the taps further to balance the oil market in the coming months, on that everyone agrees. But there’s less unanimity on just how much more crude they will have to pump.
The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all say that global oil demand will continue to recover through to at least the end of next year. By that point, all three see consumption exceeding comparable 2019 levels and hitting new highs. But there is still some disagreement on the paths it will take to get there.
The EIA is the most bullish of the three major forecasting agencies. Unlike the IEA and OPEC, it doesn’t see a significant seasonal dip in demand at the start of next year, with continuing economic recovery offsetting almost all of the seasonal effects that normally crimp oil demand in the first half.
As a result, the U.S. government agency sees global oil demand back above its comparable pre-Covid level as soon as the second quarter of 2022. OPEC sees it getting there the following quarter, with the IEA taking the most cautious view on the recovery and joining the consensus only in the final three months of next year.
All three forecasters see oil demand growth slowing back toward the sort of levels seen before 2020, as the initial impact of the Covid-19 pandemic recedes and ceases to influence year-on-year comparisons. None sees oil demand peaking on a global basis, but the IEA stands out as the only one of the three to forecast consumption in the developed nations of the OECD falling below year-earlier levels in the final quarter of next year, with Europe the first region to experience a drop.
The world needs the OPEC+ group to open the taps further to balance the oil market in the coming months, on that everyone agrees. But there’s less unanimity on just how much more crude they will have to pump.
The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all say that global oil demand will continue to recover through to at least the end of next year. By that point, all three see consumption exceeding comparable 2019 levels and hitting new highs. But there is still some disagreement on the paths it will take to get there.
The EIA is the most bullish of the three major forecasting agencies. Unlike the IEA and OPEC, it doesn’t see a significant seasonal dip in demand at the start of next year, with continuing economic recovery offsetting almost all of the seasonal effects that normally crimp oil demand in the first half.
As a result, the U.S. government agency sees global oil demand back above its comparable pre-Covid level as soon as the second quarter of 2022. OPEC sees it getting there the following quarter, with the IEA taking the most cautious view on the recovery and joining the consensus only in the final three months of next year.
All three forecasters see oil demand growth slowing back toward the sort of levels seen before 2020, as the initial impact of the Covid-19 pandemic recedes and ceases to influence year-on-year comparisons. None sees oil demand peaking on a global basis, but the IEA stands out as the only one of the three to forecast consumption in the developed nations of the OECD falling below year-earlier levels in the final quarter of next year, with Europe the first region to experience a drop.
Manchester City owner raises $650m in one of soccer’s biggest debt deals
Manchester City owner raises $650m in one of soccer’s biggest debt deals
Manchester City’s parent company has raised $650million (€550 million) in one of football’s biggest ever debt deals as it seeks to step up investment in its international network of football clubs.
City Football Group (CFG), the Abu Dhabi-controlled holding company that owns the English Premier League champions alongside clubs in the US, Australia and India, recently raised the loan, which will come due in July 2028, according to multiple people familiar with the transaction.
The debt deal beats the €525 million debt refinancing arrangement between Goldman Sachs and Spain’s FC Barcelona agreed in June. It is roughly the level of England’s Tottenham Hotspur, which borrowed £637 million in 2019 from several banks to build its new stadium.
CFG intends to use the money to fund infrastructure projects such as a new stadium for its Major League Soccer franchise New York City FC, which has been mooted for years but still requires approval from local authorities.
But the group has shown an appetite for rapid growth, having either taken full ownership or bought minority shares in 10 clubs worldwide over the past decade.
The seven-year loan was underwritten by Barclays, with HSBC and KKR Capital Markets helping arrange and distribute the debt, according to people familiar with the deal.
Manchester City’s parent company has raised $650million (€550 million) in one of football’s biggest ever debt deals as it seeks to step up investment in its international network of football clubs.
City Football Group (CFG), the Abu Dhabi-controlled holding company that owns the English Premier League champions alongside clubs in the US, Australia and India, recently raised the loan, which will come due in July 2028, according to multiple people familiar with the transaction.
The debt deal beats the €525 million debt refinancing arrangement between Goldman Sachs and Spain’s FC Barcelona agreed in June. It is roughly the level of England’s Tottenham Hotspur, which borrowed £637 million in 2019 from several banks to build its new stadium.
CFG intends to use the money to fund infrastructure projects such as a new stadium for its Major League Soccer franchise New York City FC, which has been mooted for years but still requires approval from local authorities.
But the group has shown an appetite for rapid growth, having either taken full ownership or bought minority shares in 10 clubs worldwide over the past decade.
The seven-year loan was underwritten by Barclays, with HSBC and KKR Capital Markets helping arrange and distribute the debt, according to people familiar with the deal.
Mubadala Is Said to Seek Over $20 Billion Value for EGA in IPO - Bloomberg
Mubadala Is Said to Seek Over $20 Billion Value for EGA in IPO - Bloomberg
Mubadala Investment Co. is seeking a value of more than $20 billion including debt for Emirates Global Aluminium PJSC as it inches closer to listing the business, according to people familiar with the matter.
The Abu Dhabi sovereign wealth fund has asked banks to start pitching for roles on an initial public offering of EGA, the people said, asking not to be identified discussing confidential information.
EGA’s Chairman Khaldoon Khalifa Al Mubarak said in April that the company was very close to going public, having seen a previous plan to do so shelved in 2018 after then-U.S. President Donald Trump imposed tariffs on aluminum imports from the United Arab Emirates.
Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co. worked on the plans for the earlier share sale. It is unclear whether they’ll be picked again as Mubadala has reached out to several banks to ask for pitches, one of the people said.
EGA is the Middle East’s biggest aluminium producer and is equally owned by Mubadala and Investment Corp. of Dubai. It has smelters in Abu Dhabi and Dubai and a bauxite mine in Guinea. The company generated revenue of $5.1 billion in 2020 and made earnings before interest, taxes, depreciation and amortization of $1.1 billion.
Deliberations are ongoing, and any final decisions on the size and timing of EGA’s IPO will depend on investor demand and market conditions, according to the people. A representative for Mubadala declined to comment, while a spokesperson for ICD didn’t immediately respond to request for comment.
A listing of EGA could rank among the largest-ever share sales in the UAE and come at a time when state-owned entities are seeking to monetize their core assets. Mubadala raised $731 million in an IPO of satellite operator Yahsat this month, in what was Abu Dhabi’s second-largest listing.
Mubadala Investment Co. is seeking a value of more than $20 billion including debt for Emirates Global Aluminium PJSC as it inches closer to listing the business, according to people familiar with the matter.
The Abu Dhabi sovereign wealth fund has asked banks to start pitching for roles on an initial public offering of EGA, the people said, asking not to be identified discussing confidential information.
EGA’s Chairman Khaldoon Khalifa Al Mubarak said in April that the company was very close to going public, having seen a previous plan to do so shelved in 2018 after then-U.S. President Donald Trump imposed tariffs on aluminum imports from the United Arab Emirates.
Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co. worked on the plans for the earlier share sale. It is unclear whether they’ll be picked again as Mubadala has reached out to several banks to ask for pitches, one of the people said.
EGA is the Middle East’s biggest aluminium producer and is equally owned by Mubadala and Investment Corp. of Dubai. It has smelters in Abu Dhabi and Dubai and a bauxite mine in Guinea. The company generated revenue of $5.1 billion in 2020 and made earnings before interest, taxes, depreciation and amortization of $1.1 billion.
Deliberations are ongoing, and any final decisions on the size and timing of EGA’s IPO will depend on investor demand and market conditions, according to the people. A representative for Mubadala declined to comment, while a spokesperson for ICD didn’t immediately respond to request for comment.
A listing of EGA could rank among the largest-ever share sales in the UAE and come at a time when state-owned entities are seeking to monetize their core assets. Mubadala raised $731 million in an IPO of satellite operator Yahsat this month, in what was Abu Dhabi’s second-largest listing.
#Russia's VTB says #AbuDhabi's ADIA now holds 1.2% voting stake in the bank | Reuters
Russia's VTB says Abu Dhabi's ADIA now holds 1.2% voting stake in the bank | Reuters
Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, has become a minority shareholder in Russia’s state-owned VTB Bank, holding a 1.2% voting stake, VTB said on Friday.
The market value of the stake is estimated at around 7.3 billion roubles ($98.34 million), VTB said.
Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, has become a minority shareholder in Russia’s state-owned VTB Bank, holding a 1.2% voting stake, VTB said on Friday.
The market value of the stake is estimated at around 7.3 billion roubles ($98.34 million), VTB said.
Intel in talks to buy GlobalFoundries for about $30 billion - WSJ | Reuters
Intel in talks to buy GlobalFoundries for about $30 billion - WSJ | Reuters
Intel Corp is in talks to buy semiconductor manufacturer GlobalFoundries Inc for about $30 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Any deal talks don't appear to include GlobalFoundries directly, as a spokesperson for the company told the Journal it was not in discussions with Intel, according to the report. (on.wsj.com/3yXFQLU)
Talks come as a semiconductor shortage is hobbling industries around the globe. A deal could help Intel ramp up production of chips at a time demand is at its peak and the company is looking to start producing chips for car makers that have struggled to keep operations running due to severe shortages.
Intel, one of the last companies in the semiconductor industry that both designs and manufactures its own chips, said earlier this year it would expand its advanced chip manufacturing capacity by spending as much as $20 billion to invest in factories in the U.S.
Intel said it intended to open its factories to outside chip designers, as it competes with Taiwan’s Semiconductor Manufacturing Co Ltd and Korea’s Samsung Electronics Co Ltd.
GlobalFoundries, which is owned by Abu Dhabi sovereign wealth fund Mubadala Investment Co, has a manufacturing footprint across the U.S., Europe and Asia.
Mubadala is looking at a potential listing of GlobalFoundries later in the year, Reuters reported in June, citing sources familiar with the matter. (reut.rs/2UQD0cK)
GlobalFoundries’ customers includes Advanced Micro Devices Inc, its parent company before it was spun off more than a decade earlier, a relationship that could spark antitrust questions about an Intel deal.
Intel declined to comment, while Mubadala and GlobalFoundries did not immediately respond to Reuters requests for comment.
Intel Corp is in talks to buy semiconductor manufacturer GlobalFoundries Inc for about $30 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Any deal talks don't appear to include GlobalFoundries directly, as a spokesperson for the company told the Journal it was not in discussions with Intel, according to the report. (on.wsj.com/3yXFQLU)
Talks come as a semiconductor shortage is hobbling industries around the globe. A deal could help Intel ramp up production of chips at a time demand is at its peak and the company is looking to start producing chips for car makers that have struggled to keep operations running due to severe shortages.
Intel, one of the last companies in the semiconductor industry that both designs and manufactures its own chips, said earlier this year it would expand its advanced chip manufacturing capacity by spending as much as $20 billion to invest in factories in the U.S.
Intel said it intended to open its factories to outside chip designers, as it competes with Taiwan’s Semiconductor Manufacturing Co Ltd and Korea’s Samsung Electronics Co Ltd.
GlobalFoundries, which is owned by Abu Dhabi sovereign wealth fund Mubadala Investment Co, has a manufacturing footprint across the U.S., Europe and Asia.
Mubadala is looking at a potential listing of GlobalFoundries later in the year, Reuters reported in June, citing sources familiar with the matter. (reut.rs/2UQD0cK)
GlobalFoundries’ customers includes Advanced Micro Devices Inc, its parent company before it was spun off more than a decade earlier, a relationship that could spark antitrust questions about an Intel deal.
Intel declined to comment, while Mubadala and GlobalFoundries did not immediately respond to Reuters requests for comment.
Oil edges up but on track for big weekly drop on supply concerns | Reuters
Oil edges up but on track for big weekly drop on supply concerns | Reuters
Oil edged up after turning positive in volatile trade on Friday following supportive U.S. economic news, but prices were on track to decline this week as expectations for more supply and a rise in coronavirus cases that raised demand concerns.
Brent futures rose 31 cents, or 0.4%, to $73.78 a barrel by 11:52 a.m. EDT (1552 GMT), while U.S. West Texas Intermediate (WTI) crude rose 38 cents, or 0.5%, to $72.03. Earlier in the session, both benchmarks were down over $1 a barrel.
Despite the small gains, Brent was on track to drop about 2% for the week, putting it down for a third week in a row for the first time since April 2020. WTI was set to fall about 3% this week, putting it down for a second week in a row.
U.S. retail sales unexpectedly increased in June as demand for goods remained strong even as spending is shifting back to services, bolstering expectations that economic growth accelerated in the second quarter.
Oil edged up after turning positive in volatile trade on Friday following supportive U.S. economic news, but prices were on track to decline this week as expectations for more supply and a rise in coronavirus cases that raised demand concerns.
Brent futures rose 31 cents, or 0.4%, to $73.78 a barrel by 11:52 a.m. EDT (1552 GMT), while U.S. West Texas Intermediate (WTI) crude rose 38 cents, or 0.5%, to $72.03. Earlier in the session, both benchmarks were down over $1 a barrel.
Despite the small gains, Brent was on track to drop about 2% for the week, putting it down for a third week in a row for the first time since April 2020. WTI was set to fall about 3% this week, putting it down for a second week in a row.
U.S. retail sales unexpectedly increased in June as demand for goods remained strong even as spending is shifting back to services, bolstering expectations that economic growth accelerated in the second quarter.
#Saudi PIF buys into McLaren as part of 550 mln pound equity raise | Reuters
Saudi PIF buys into McLaren as part of 550 mln pound equity raise | Reuters
The McLaren Group announced a 550 million pound ($758 million) equity investment on Friday with much of it coming from Saudi Arabia's Public Investment Fund (PIF) and global investment firm Ares Management.
McLaren Group includes the British supercar maker as well as McLaren Racing, which competes in Formula One and IndyCar in the United States and is also entering the Extreme E off-road electric series next year.
McLaren said PIF and Ares were providing 400 million of new capital, in the form of preference shares and equity warrants.
The rest will come from existing shareholders as convertible preference shares, allowing for repayment of a loan received in June last year from the National Bank of Bahrain.
Bahrain's Mumtalakat sovereign investment fund is McLaren's majority shareholder with a 62.55% stake according to its website.
"Following the strategic investment into Racing that we secured last year, this successful equity raise is a key element of our comprehensive financial strategy to support the Group’s sustainable growth plans," said McLaren Group's executive chairman Paul Walsh.
"With these strong foundations now in place, we are well positioned to achieve our ambitions as a global luxury supercar and elite motorsport business, with Automotive as McLaren’s core profit driver."
McLaren had a 300 million pound equity injection from existing shareholders in March 2020 and last April completed a 170 million pound sale and leaseback deal on its Woking headquarters.
U.S.-based investment group MSP Sports Capital also acquired a significant minority stake in McLaren Racing last December in a deal that brought in 185 million pounds and eased pressure from the COVID-19 pandemic.
Automotive revenues in the first quarter of this year were 170.5 million pounds, a rise of 145% on the same pandemic-affected period in 2020.
PIF were involved in a proposed takeover of Premier League soccer side Newcastle United by a Saudi Arabian-backed consortium last year.
That deal ultimately collapsed after being delayed by the Premier League's owners and directors test.
The McLaren Group announced a 550 million pound ($758 million) equity investment on Friday with much of it coming from Saudi Arabia's Public Investment Fund (PIF) and global investment firm Ares Management.
McLaren Group includes the British supercar maker as well as McLaren Racing, which competes in Formula One and IndyCar in the United States and is also entering the Extreme E off-road electric series next year.
McLaren said PIF and Ares were providing 400 million of new capital, in the form of preference shares and equity warrants.
The rest will come from existing shareholders as convertible preference shares, allowing for repayment of a loan received in June last year from the National Bank of Bahrain.
Bahrain's Mumtalakat sovereign investment fund is McLaren's majority shareholder with a 62.55% stake according to its website.
"Following the strategic investment into Racing that we secured last year, this successful equity raise is a key element of our comprehensive financial strategy to support the Group’s sustainable growth plans," said McLaren Group's executive chairman Paul Walsh.
"With these strong foundations now in place, we are well positioned to achieve our ambitions as a global luxury supercar and elite motorsport business, with Automotive as McLaren’s core profit driver."
McLaren had a 300 million pound equity injection from existing shareholders in March 2020 and last April completed a 170 million pound sale and leaseback deal on its Woking headquarters.
U.S.-based investment group MSP Sports Capital also acquired a significant minority stake in McLaren Racing last December in a deal that brought in 185 million pounds and eased pressure from the COVID-19 pandemic.
Automotive revenues in the first quarter of this year were 170.5 million pounds, a rise of 145% on the same pandemic-affected period in 2020.
PIF were involved in a proposed takeover of Premier League soccer side Newcastle United by a Saudi Arabian-backed consortium last year.
That deal ultimately collapsed after being delayed by the Premier League's owners and directors test.
Oil rises, but on track for biggest weekly drop in months | Reuters
Oil rises, but on track for biggest weekly drop in months | Reuters
Oil prices rose on Friday but remained on track for their biggest weekly drop since at least May after expectations of more supply put pressure on the market.
Brent crude was up 10 cents, or 0.1%, at $73.57 a barrel by 1152 GMT, heading for a 2.6% fall this week, marking its biggest weekly drop since May.
U.S. crude for August rose 21 cents, or 0.3%, to $71.86 a barrel, on track for a 3.7% decline, its largest weekly drop since March.
Saudi Arabia and the UAE reached a compromise this week, paving the way for OPEC+ producers to finalise a deal to increase production. read more
OPEC+ - which groups the Organization of the Petroleum Exporting Countries with Russia and other producers - had earlier failed to agree after the UAE sought a higher baseline for measuring its output cuts.
Oil prices rose on Friday but remained on track for their biggest weekly drop since at least May after expectations of more supply put pressure on the market.
Brent crude was up 10 cents, or 0.1%, at $73.57 a barrel by 1152 GMT, heading for a 2.6% fall this week, marking its biggest weekly drop since May.
U.S. crude for August rose 21 cents, or 0.3%, to $71.86 a barrel, on track for a 3.7% decline, its largest weekly drop since March.
Saudi Arabia and the UAE reached a compromise this week, paving the way for OPEC+ producers to finalise a deal to increase production. read more
OPEC+ - which groups the Organization of the Petroleum Exporting Countries with Russia and other producers - had earlier failed to agree after the UAE sought a higher baseline for measuring its output cuts.
#AbuDhabi's Mubadala teams up to pick minority stake in $1.5t asset manager Apex Group | Markets – Gulf News
Abu Dhabi's Mubadala teams up to pick minority stake in $1.5t asset manager Apex Group | Markets – Gulf News
Abu Dhabi wealth fund Mubadala has teamed up with investment firm Carlyle to take up minority stakes in the UK-based financial services provider Apex Group.
The two entities invested in the ordinary share capital alongside Apex’s founder and CEO Peter Hughes, majority investor Genstar and leading growth investor TA Associates. For Carlyle, the latest transaction builds on an existing relationship with Alex, after a preferred equity investment in November last.
Apex has grown “both organically and via strategic acquisitions”, raising the assets under administration from $50 billion to $1.5 trillion. It has a workforce of nearly 5,000 employees across its 50 offices. (The financial terms for the latest equity moves have not been disclosed.)
According to Luca Molinari, Head of Financial Services at Mubadala, “Apex is one of the leaders in an attractive sector and we look forward to participating in the next phase of its growth. As a global investor, we invest in businesses that operate in large and growing markets, led by management teams with a proven record of value creation.”
Earlier this week, Apex secured corporate ratings from Moody’s and S&P. Peter Hughes of Apex Group said: “We are proud to now have the equity backing of three highly reputable institutions, including our majority owner Genstar, and now joined by Mubadala. These investments further strengthen our position in the market and signal our intent to continue expanding and evolving our business over the coming months and years.”
Abu Dhabi wealth fund Mubadala has teamed up with investment firm Carlyle to take up minority stakes in the UK-based financial services provider Apex Group.
The two entities invested in the ordinary share capital alongside Apex’s founder and CEO Peter Hughes, majority investor Genstar and leading growth investor TA Associates. For Carlyle, the latest transaction builds on an existing relationship with Alex, after a preferred equity investment in November last.
Apex has grown “both organically and via strategic acquisitions”, raising the assets under administration from $50 billion to $1.5 trillion. It has a workforce of nearly 5,000 employees across its 50 offices. (The financial terms for the latest equity moves have not been disclosed.)
According to Luca Molinari, Head of Financial Services at Mubadala, “Apex is one of the leaders in an attractive sector and we look forward to participating in the next phase of its growth. As a global investor, we invest in businesses that operate in large and growing markets, led by management teams with a proven record of value creation.”
Earlier this week, Apex secured corporate ratings from Moody’s and S&P. Peter Hughes of Apex Group said: “We are proud to now have the equity backing of three highly reputable institutions, including our majority owner Genstar, and now joined by Mubadala. These investments further strengthen our position in the market and signal our intent to continue expanding and evolving our business over the coming months and years.”
ESG no longer a ‘niche’ approach, says #Saudi sovereign wealth fund executive | ZAWYA MENA Edition
ESG no longer a ‘niche’ approach, says Saudi sovereign wealth fund executive | ZAWYA MENA Edition
The focus on environmental, social, and governance (ESG) programs is no longer a “niche” approach, but it needs to be made easier for investors to embrace the right platforms, a senior executive from Saudi Arabia’s sovereign wealth fund said this week. “ESG is moving to a norm market, rather than a niche market, and we need to make it easier for investors to choose ESG platforms,” Fahad Al-Saif, head of corporate finance at the Public Investment Fund (PIF), told delegates at the UK/Saudi Sustainable Investment Forum 2021 this week.
The PIF in April launched the Sudair Solar Energy project in Sudair Industrial City, one of the largest solar parks in the country. The first phase of the project is expected to begin producing electricity during the second half of 2022 and Al-Saif said this was evidence of the Kingdom’s embracing of new forms of energy sources, in line with its wider ESG goals.
“Energy production is focused on green energy. Balance should be in every area and it is critical, consistency is important.”
PIF governor Yasir Al-Rumayyan said in April that he believed ESG programs made solid business sense. This became clear when it was reported earlier this month that the fund could sell bonds as soon as the fourth quarter as it seeks to develop a new ESG framework.
PIF has asked banks to help it develop an ESG framework, Reuters reported, citing four sources, in a move that could allow it to expand its funding base to attract ESG-focused investors.
ESG investing is set to become a major theme of this year’s Future Investment Initiative (FII), Saudi Arabia’s flagship investment forum planned for October.
“We have a moral responsibility as the FII Institute to own this global conversation about ESG, because it is becoming a very hot topic,” Richard Attias, the institute’s CEO, told Arab News in an interview this month.
The PIF in April launched the Sudair Solar Energy project in Sudair Industrial City, one of the largest solar parks in the country. The first phase of the project is expected to begin producing electricity during the second half of 2022 and Al-Saif said this was evidence of the Kingdom’s embracing of new forms of energy sources, in line with its wider ESG goals.
“Energy production is focused on green energy. Balance should be in every area and it is critical, consistency is important.”
PIF governor Yasir Al-Rumayyan said in April that he believed ESG programs made solid business sense. This became clear when it was reported earlier this month that the fund could sell bonds as soon as the fourth quarter as it seeks to develop a new ESG framework.
PIF has asked banks to help it develop an ESG framework, Reuters reported, citing four sources, in a move that could allow it to expand its funding base to attract ESG-focused investors.
ESG investing is set to become a major theme of this year’s Future Investment Initiative (FII), Saudi Arabia’s flagship investment forum planned for October.
“We have a moral responsibility as the FII Institute to own this global conversation about ESG, because it is becoming a very hot topic,” Richard Attias, the institute’s CEO, told Arab News in an interview this month.
Oil Set for Worst Week Since March on OPEC+ Anxiety and Delta - Bloomberg
Oil Set for Worst Week Since March on OPEC+ Anxiety and Delta - Bloomberg
Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an OPEC+ deal to increase supply clouded the short-term outlook.
Futures in New York fell 0.6% toward $71 a barrel after closing at the lowest in a month on Thursday. The fast-spreading delta variant is sweeping across the globe, leading to renewed restrictions and curbing fuel demand. The United Arab Emirates is nearing a deal that would give it better terms and allow OPEC+ to boost output in the coming months, although details remain scant.
A stronger dollar has also weighed on crude this week, making raw materials priced in the U.S. currency less attractive to investors. The Bloomberg Spot Dollar Index climbed to the highest level since early April on Tuesday.
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Futures in New York fell 0.6% toward $71 a barrel after closing at the lowest in a month on Thursday. The fast-spreading delta variant is sweeping across the globe, leading to renewed restrictions and curbing fuel demand. The United Arab Emirates is nearing a deal that would give it better terms and allow OPEC+ to boost output in the coming months, although details remain scant.
A stronger dollar has also weighed on crude this week, making raw materials priced in the U.S. currency less attractive to investors. The Bloomberg Spot Dollar Index climbed to the highest level since early April on Tuesday.
