Indonesia Fund Lets UAE Invest in Its High-Yield Instruments - Bloomberg
Indonesia’s state wealth fund said it has inked a new agreement that will allow funds from the United Arab Emirates to be placed in a variety of its high-yielding financial instruments.
The investment framework deal was signed with the Abu Dhabi Growth Fund, which in March announced a $10 billion investment in the Southeast Asian nation’s wealth fund, according to a statement on Saturday from the Indonesia Investment Authority, or INA.
Southeast Asia’s biggest economy and the UAE have been intensifying political and economic ties, with President Joko Widodo’s recent visit to Abu Dhabi resulting in an investment commitment of $32.7 billion from UAE companies.
Saturday, 6 November 2021
Moody’s Raises #Saudi Outlook on Improved Fiscal Track Record - Bloomberg
Moody’s Raises Saudi Outlook on Improved Fiscal Track Record - Bloomberg
Saudi Arabia’s credit rating outlook was raised to stable from negative by Moody’s Investors Service, citing the kingdom’s ability to reverse much of last year’s debt increase.
Moody’s affirmed the sovereign at A1, its fifth-highest grade, according to a statement on Friday. That’s higher than Fitch Ratings and S&P Global Ratings. The last time Moody’s cut Saudi’s outlook, it highlighted weakening fiscal strength stemming from the severe shock to global oil demand and prices triggered by the Covid-19 pandemic.
The decision is based on the “assessment of the government’s improving track record of fiscal policy effectiveness, evidenced by policy responses in periods of both low and high oil prices, that consistently demonstrate a commitment to fiscal consolidation and longer-term fiscal sustainability,” analysts including Lucie Villa said.
“The expected fiscal improvement over the next several years will be facilitated by higher oil prices, although the stable outlook also takes into account the expectation that oil prices will remain volatile,” they said.
The Gulf kingdom, one of the world’s top oil exporter, has been trying for years to diversify its economy away from the fuel. That’s mostly reflected by Crown Prince Mohammed bin Salman’s ‘Vision 2030’ transformation plan, dependent mainly on mega projects aimed at inducing tourism. Still, more than two-thirds of Saudi Arabia’s exports come from oil.
This reliance will “remain an important feature of Saudi Arabia’s credit profile for many years to come, constraining the sovereign’s ratings,” according to Moody’s.
A ratings upgrade could come if oil diversification reforms happen at a faster pace than expected, Moody’s said.
Improvements would be reflected by a “declining government debt burden, independent of oil price cycles, increasing fiscal buffers and evidence of significant and steady progress in diversifying the economy and fiscal revenue streams,” the analysts said.
Saudi Arabia’s credit rating outlook was raised to stable from negative by Moody’s Investors Service, citing the kingdom’s ability to reverse much of last year’s debt increase.
Moody’s affirmed the sovereign at A1, its fifth-highest grade, according to a statement on Friday. That’s higher than Fitch Ratings and S&P Global Ratings. The last time Moody’s cut Saudi’s outlook, it highlighted weakening fiscal strength stemming from the severe shock to global oil demand and prices triggered by the Covid-19 pandemic.
The decision is based on the “assessment of the government’s improving track record of fiscal policy effectiveness, evidenced by policy responses in periods of both low and high oil prices, that consistently demonstrate a commitment to fiscal consolidation and longer-term fiscal sustainability,” analysts including Lucie Villa said.
“The expected fiscal improvement over the next several years will be facilitated by higher oil prices, although the stable outlook also takes into account the expectation that oil prices will remain volatile,” they said.
The Gulf kingdom, one of the world’s top oil exporter, has been trying for years to diversify its economy away from the fuel. That’s mostly reflected by Crown Prince Mohammed bin Salman’s ‘Vision 2030’ transformation plan, dependent mainly on mega projects aimed at inducing tourism. Still, more than two-thirds of Saudi Arabia’s exports come from oil.
This reliance will “remain an important feature of Saudi Arabia’s credit profile for many years to come, constraining the sovereign’s ratings,” according to Moody’s.
A ratings upgrade could come if oil diversification reforms happen at a faster pace than expected, Moody’s said.
Improvements would be reflected by a “declining government debt burden, independent of oil price cycles, increasing fiscal buffers and evidence of significant and steady progress in diversifying the economy and fiscal revenue streams,” the analysts said.
#Dubai aims to attract 25 million tourists in 2025 | Reuters
Dubai aims to attract 25 million tourists in 2025 | Reuters
Dubai plans to merge the departments of economy and tourism and hopes to attract 25 million tourists in 2025, Sheikh Hamdan bin Mohamed Bin Rashid Al Maktoum, Dubai's Crown Prince, said on Twitter on Saturday.
Sheikh Hamdan added that Helal Al Marri will be appointed as a general director of the new department.
Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum said the new department's main objectives include increasing the added value of the industrial sector by 150% over the next five years, expanding foreign export markets for local products by 50%, and increasing the number of tourists by 40%, his media office said.
He added that the Emirate also wants to attract 100,000 companies in 3 years, 400 global economic events annually by 2025, and encourage private sector companies and family businesses to list on the financial markets and stock exchanges in Dubai.
Dubai plans to merge the departments of economy and tourism and hopes to attract 25 million tourists in 2025, Sheikh Hamdan bin Mohamed Bin Rashid Al Maktoum, Dubai's Crown Prince, said on Twitter on Saturday.
Sheikh Hamdan added that Helal Al Marri will be appointed as a general director of the new department.
Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum said the new department's main objectives include increasing the added value of the industrial sector by 150% over the next five years, expanding foreign export markets for local products by 50%, and increasing the number of tourists by 40%, his media office said.
He added that the Emirate also wants to attract 100,000 companies in 3 years, 400 global economic events annually by 2025, and encourage private sector companies and family businesses to list on the financial markets and stock exchanges in Dubai.
#Dubai sets up judicial departments to settle securities-related disputes | Reuters
Dubai sets up judicial departments to settle securities-related disputes | Reuters
Dubai announced on Saturday the establishment of a law enforcement committee for its financial markets and two new courts within its Commercial Court to expedite the resolution of disputes related to securities.
The new courts will focus on dispute resolution in securities, shares, bonds, and other financial instruments, the emirate's media office said in a statement.
Dubai announced on Saturday the establishment of a law enforcement committee for its financial markets and two new courts within its Commercial Court to expedite the resolution of disputes related to securities.
The new courts will focus on dispute resolution in securities, shares, bonds, and other financial instruments, the emirate's media office said in a statement.
UK asks #Qatar to become gas ‘supplier of last resort’ | Financial Times
UK asks Qatar to become gas ‘supplier of last resort’ | Financial Times
The UK has held talks with Qatar over a long-term gas arrangement that would make the Gulf state a “supplier of last resort”, according to people briefed on the discussions.
Such a deal would help ensure a stable source of LNG from Qatar even when global supplies are tight. A worldwide gas supply shortage has caused a surge in prices in recent months, leaving energy intensive industries and suppliers in the UK struggling and many consumers facing a sharp rise in household bills.
Qatar, the world’s largest exporter of liquefied natural gas, has also rerouted four large tankers to the UK over the past two weeks. A person familiar with the talks said the shipments came after Boris Johnson, UK prime minister, asked Sheikh Tamim bin Hamad al-Thani, the Qatari emir, at a recent meeting for help.
The two leaders met at the UN General Assembly in September and agreed to “deepen” the relationship between the two countries, which already have strong business, diplomatic and military ties. The pair met again on the sidelines of the COP26 summit in Glasgow this week. Johnson also spoke to Saad al-Kaabi, Qatar’s energy minister, on the margins of a UK global investment summit last month.
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