Qatar, Saudi Arabia halt WTO efforts to resolve piracy broadcast dispute | Reuters
Qatar and Saudi Arabia have halted efforts at the World Trade Organization to resolve a dispute over the alleged piracy of content produced by Doha-owned sports and entertainment channel beIN.
The two countries notified the WTO they were "mutually" suspending their remaining requests before its dispute resolution body, notices published by the WTO on Friday show.
Saudi Arabia had appealed against the WTO panel's 2020 decision that Riyadh breached international rules on intellectual property rights by failing to prosecute beoutQ, the commercial-scale channel that carried the pirated broadcasts.
The WTO decision was made after Doha filed its complaint in 2018, saying Saudi Arabia was blocking Qatari-owned broadcaster beIN from broadcasting in the kingdom and refusing to take effective action against alleged piracy of beIN’s content by beoutQ.
Monday, 10 January 2022
Oil prices fall on demand concerns and rising Libyan output | Reuters
Oil prices fall on demand concerns and rising Libyan output | Reuters
Oil prices fell Monday as concerns about demand fears stoked by the rapid global rise in Omicron coronavirus infections overtook concerns about oil supply reduction from Kazakhstan.
Brent crude fell 88 cents, or 1.1%, to settle at $80.87 a barrel. U.S. West Texas Intermediate (WTI) crude was down 67 cents, or 0.9%, at $78.23.
In early trade, both contracts rose by about 50 cents.
"Oil prices are following the stock market lower on Omicron fears," said Phil Flynn, a senior analyst at Price Futures in Chicago. The market also pulled back from early-session gains as Libya said production output was increasing.
Oil prices fell Monday as concerns about demand fears stoked by the rapid global rise in Omicron coronavirus infections overtook concerns about oil supply reduction from Kazakhstan.
Brent crude fell 88 cents, or 1.1%, to settle at $80.87 a barrel. U.S. West Texas Intermediate (WTI) crude was down 67 cents, or 0.9%, at $78.23.
In early trade, both contracts rose by about 50 cents.
"Oil prices are following the stock market lower on Omicron fears," said Phil Flynn, a senior analyst at Price Futures in Chicago. The market also pulled back from early-session gains as Libya said production output was increasing.
Major Mena banks to post 29% jump in fourth- quarter earnings, EFG Hermes says
Major Mena banks to post 29% jump in fourth- quarter earnings, EFG Hermes says
Major banks in the Middle East and North Africa are expected to post a 29 per cent annual increase in their aggregate fourth-quarter income, led by lenders in Saudi Arabia and the UAE amid continued economic recovery, Egyptian investment bank EFG Hermes said.
Saudi Arabian banks included in the research by EFG Hermes are expected to report a 32 per cent growth in earnings for the last three months of 2021, the Egyptian bank said in a research note on Monday.
Lenders in the UAE are projected to post 36 per cent income growth, while Kuwait banks will be at 22 per cent, Egyptian lenders at 21 per cent, with Oman and Qatar institutions each growing by 16 per cent.
EFG Hermes, however, expects overall provisioning for bad loans to rise quarter-on-quarter in the last three months of 2021. This is driven partly by “seasonality” as banks tend to book higher credit costs in the fourth quarter after a review of credit portfolios with their respective regulators.
“The rapid spread of Omicron in the past few weeks ... may prompt banks to take a more cautious view on provisioning in the short term,” EFG Hermes analysts said.
Major banks in the Middle East and North Africa are expected to post a 29 per cent annual increase in their aggregate fourth-quarter income, led by lenders in Saudi Arabia and the UAE amid continued economic recovery, Egyptian investment bank EFG Hermes said.
Saudi Arabian banks included in the research by EFG Hermes are expected to report a 32 per cent growth in earnings for the last three months of 2021, the Egyptian bank said in a research note on Monday.
Lenders in the UAE are projected to post 36 per cent income growth, while Kuwait banks will be at 22 per cent, Egyptian lenders at 21 per cent, with Oman and Qatar institutions each growing by 16 per cent.
EFG Hermes, however, expects overall provisioning for bad loans to rise quarter-on-quarter in the last three months of 2021. This is driven partly by “seasonality” as banks tend to book higher credit costs in the fourth quarter after a review of credit portfolios with their respective regulators.
“The rapid spread of Omicron in the past few weeks ... may prompt banks to take a more cautious view on provisioning in the short term,” EFG Hermes analysts said.
#SaudiArabia's biggest lender hires banks for sustainable sukuk -document | Reuters
Saudi Arabia's biggest lender hires banks for sustainable sukuk -document | Reuters
Saudi National Bank, the kingdom's biggest lender, has mandated banks to arrange investor meetings ahead of a planned issuance of inaugural sustainable Islamic bonds or sukuk, a document seen by Reuters showed.
SNB has mandated HSBC as sole ESG structuring agent, and Citigroup, Emirates NBD Capital, Goldman Sachs, HSBC, Mizuho Securities and SNB Capital as joint lead managers and joint bookrunners to arrange investor meetings starting on Monday, the document said.
After the meetings, an offering of U.S. dollar-denominated benchmark size five-year sustainable senior unsecured sukuk will follow, subject to market conditions, it said.
Saudi National Bank, the kingdom's biggest lender, has mandated banks to arrange investor meetings ahead of a planned issuance of inaugural sustainable Islamic bonds or sukuk, a document seen by Reuters showed.
SNB has mandated HSBC as sole ESG structuring agent, and Citigroup, Emirates NBD Capital, Goldman Sachs, HSBC, Mizuho Securities and SNB Capital as joint lead managers and joint bookrunners to arrange investor meetings starting on Monday, the document said.
After the meetings, an offering of U.S. dollar-denominated benchmark size five-year sustainable senior unsecured sukuk will follow, subject to market conditions, it said.
#AbuDhabi solar firm Sweihan aims to raise over $700 mln with green bond issue | Reuters
Abu Dhabi solar firm Sweihan aims to raise over $700 mln with green bond issue | Reuters
Abu Dhabi solar energy firm Sweihan PV Power Company aims to raise more than $700 million through the sale of amortising green bonds, an investor presentation reviewed by Reuters on Monday showed.
Sweihan owns the Noor Abu Dhabi solar plant, the largest such facility in the United Arab Emirates, which began commercial operations in 2019. The company is 60% indirectly owned by Abu Dhabi's TAQA (TAQA.AD), while Japan's Marubeni Corp and China's JinkoSolar own 20% each. TAQA is 98.6% owned by the Abu Dhabi government.
An offering of U.S. dollar-denominated fixed-rate amortising green bonds - debt designed specifically to support climate-related or environmental projects - with a final maturity on Jan. 31, 2049, and a 15-year weighted average life will follow, subject to market conditions, a document from one of the banks on the deal showed.
The proposed transaction is to issue $728 million, though the size could be between $710 million and $750 million, the investor presentation showed.
Abu Dhabi solar energy firm Sweihan PV Power Company aims to raise more than $700 million through the sale of amortising green bonds, an investor presentation reviewed by Reuters on Monday showed.
Sweihan owns the Noor Abu Dhabi solar plant, the largest such facility in the United Arab Emirates, which began commercial operations in 2019. The company is 60% indirectly owned by Abu Dhabi's TAQA (TAQA.AD), while Japan's Marubeni Corp and China's JinkoSolar own 20% each. TAQA is 98.6% owned by the Abu Dhabi government.
An offering of U.S. dollar-denominated fixed-rate amortising green bonds - debt designed specifically to support climate-related or environmental projects - with a final maturity on Jan. 31, 2049, and a 15-year weighted average life will follow, subject to market conditions, a document from one of the banks on the deal showed.
The proposed transaction is to issue $728 million, though the size could be between $710 million and $750 million, the investor presentation showed.
EIG-led investors in Aramco oil pipelines hire banks for dual-tranche bonds | Reuters
EIG-led investors in Aramco oil pipelines hire banks for dual-tranche bonds | Reuters
EIG Pearl Holdings, owned by investors in Saudi Aramco's oil pipelines network, has hired Citi (C.N) and JPMorgan (JPM.N) to arrange investor calls for the sale of dual-tranche U.S. dollar-denominated amortising bonds, a document showed on Monday.
EIG Pearl Holdings, the issuer, is 89.45% indirectly owned by an "aggregator vehicle" managed by EIG Management Company LLC and its affiliates and 10.55% owned by a subsidiary of Abu Dhabi sovereign wealth fund Mubadala Investment Company.
The issuer owns 49% of Aramco Oil Pipelines Company, a newly created entity in which Saudi Aramco holds the remaining 51% stake. In June, Aramco Oil Pipelines Company and Aramco entered into a 25-year lease and leaseback arrangement for Aramco's current and future network of pipelines used to transport stabilised crude in Saudi Arabia.
Other banks involved in the deal are: BNP Paribas (BNPP.PA), First Abu Dhabi Bank (FAB.AD), HSBC (HSBA.L), Mizuho (8411.T), MUFG (8306.T), SMBC Nikko (8316.T), Abu Dhabi Commercial Bank (ADCB.AD), Bank of China (601988.SS), Credit Agricole CIB (CAGR.PA), Standard Chartered (STAN.L), Agricultural Bank of China (601288.SS), BofA Securities (BAC.N), EIG Capital Markets, ICBC (601398.SS), IMI-Intesa Sanpaolo (ISP.MI), Natixis, Riyad Capital (1010.SE) and Societe Generale (SOGN.PA).
EIG Pearl Holdings, owned by investors in Saudi Aramco's oil pipelines network, has hired Citi (C.N) and JPMorgan (JPM.N) to arrange investor calls for the sale of dual-tranche U.S. dollar-denominated amortising bonds, a document showed on Monday.
EIG Pearl Holdings, the issuer, is 89.45% indirectly owned by an "aggregator vehicle" managed by EIG Management Company LLC and its affiliates and 10.55% owned by a subsidiary of Abu Dhabi sovereign wealth fund Mubadala Investment Company.
The issuer owns 49% of Aramco Oil Pipelines Company, a newly created entity in which Saudi Aramco holds the remaining 51% stake. In June, Aramco Oil Pipelines Company and Aramco entered into a 25-year lease and leaseback arrangement for Aramco's current and future network of pipelines used to transport stabilised crude in Saudi Arabia.
Other banks involved in the deal are: BNP Paribas (BNPP.PA), First Abu Dhabi Bank (FAB.AD), HSBC (HSBA.L), Mizuho (8411.T), MUFG (8306.T), SMBC Nikko (8316.T), Abu Dhabi Commercial Bank (ADCB.AD), Bank of China (601988.SS), Credit Agricole CIB (CAGR.PA), Standard Chartered (STAN.L), Agricultural Bank of China (601288.SS), BofA Securities (BAC.N), EIG Capital Markets, ICBC (601398.SS), IMI-Intesa Sanpaolo (ISP.MI), Natixis, Riyad Capital (1010.SE) and Societe Generale (SOGN.PA).
#Kuwait's KGOC signs MOU with #Saudi Chevron to export surplus gas from Wafra joint operations area - Kuwaiti state news agency | Reuters
Kuwait's KGOC signs MOU with Saudi chevron to export surplus gas from Wafra joint operations area - Kuwaiti state news agency | Reuters
Kuwait Gulf Oil Company (KGOC) signs a memorandum of understanding with Saudi Arabian Chevron to export surplus gas from Wafra joint operations area, Kuwait's state news agency KUNA reported on Monday.
Muhammad Salem Al-Haimer acting CEO of Kuwait Gulf Oil Company said in a statement that he expects the start of exporting with an estimated volume of 12 million cubic feet of gas, which will increase in the next five months to between 40 to 50 million cubic feet, and after four years it will be in the range of 80 and 100 million cubic feet.
Kuwait Gulf Oil Company (KGOC) signs a memorandum of understanding with Saudi Arabian Chevron to export surplus gas from Wafra joint operations area, Kuwait's state news agency KUNA reported on Monday.
Muhammad Salem Al-Haimer acting CEO of Kuwait Gulf Oil Company said in a statement that he expects the start of exporting with an estimated volume of 12 million cubic feet of gas, which will increase in the next five months to between 40 to 50 million cubic feet, and after four years it will be in the range of 80 and 100 million cubic feet.
Barclays (BARC) Wins $131 Million Legal Spat With NMC Founder - Bloomberg
Barclays (BARC) Wins $131 Million Legal Spat With NMC Founder - Bloomberg
Barclays Plc won a legal fight to enforce an award of around $131 million against the founder of troubled NMC Health Plc.
The lender turned to a London court after a Dubai judge ordered Bavaguthu Raghuram Shetty to pay the money after his foreign exchange business failed to meet a transaction agreement with Barclays in 2020.
Shetty’s lawyers said at a December hearing in the U.K. that he is “financially paralyzed” and asked for the suit to be adjourned so he could get proper legal representation. A London judge rejected that application on Monday.
Shetty, 79, is facing a number of freezing orders, including in India where he is currently stranded, his lawyers said. As part of this case, Barclays obtained a worldwide freezing order against Shetty, including against a London property.
A lawyer for Shetty said he will be appealing the judgment. Barclays didn’t immediately respond to a request for comment.
It’s not the only legal battle the Indian entrepreneur is facing. He filed a suit in New York last year against Ernst & Young over its auditing work for his NMC Health, in which he’s seeking $7 billion. NMC health was put into administration in 2020 amid allegations of fraud at the health-care provider.
The Barclays legal action against Shetty isn’t related to NMC Health.
Barclays Plc won a legal fight to enforce an award of around $131 million against the founder of troubled NMC Health Plc.
The lender turned to a London court after a Dubai judge ordered Bavaguthu Raghuram Shetty to pay the money after his foreign exchange business failed to meet a transaction agreement with Barclays in 2020.
Shetty’s lawyers said at a December hearing in the U.K. that he is “financially paralyzed” and asked for the suit to be adjourned so he could get proper legal representation. A London judge rejected that application on Monday.
Shetty, 79, is facing a number of freezing orders, including in India where he is currently stranded, his lawyers said. As part of this case, Barclays obtained a worldwide freezing order against Shetty, including against a London property.
A lawyer for Shetty said he will be appealing the judgment. Barclays didn’t immediately respond to a request for comment.
It’s not the only legal battle the Indian entrepreneur is facing. He filed a suit in New York last year against Ernst & Young over its auditing work for his NMC Health, in which he’s seeking $7 billion. NMC health was put into administration in 2020 amid allegations of fraud at the health-care provider.
The Barclays legal action against Shetty isn’t related to NMC Health.
Column: Oil bulls increasingly confident as Omicron risk fades | Reuters
Column: Oil bulls increasingly confident as Omicron risk fades | Reuters
Oil markets attracted a new wave of interest from investors at the end of 2021 and start of 2022, as the threat of widespread economic and aviation disruption from Omicron seemed to recede.
Hedge funds and other money managers purchased the equivalent of 31 million barrels in the six most important petroleum-related futures and options contracts in the week to Jan. 4.
Portfolio managers have purchased a total of 102 million barrels in the three most recent weeks, after selling 327 million barrels in the previous 10 weeks.
In the most recent week, most of the buying came from the creation of new bullish long positions (+27 million barrels) rather than closure of old bearish short ones (-5 million).
Oil markets attracted a new wave of interest from investors at the end of 2021 and start of 2022, as the threat of widespread economic and aviation disruption from Omicron seemed to recede.
Hedge funds and other money managers purchased the equivalent of 31 million barrels in the six most important petroleum-related futures and options contracts in the week to Jan. 4.
Portfolio managers have purchased a total of 102 million barrels in the three most recent weeks, after selling 327 million barrels in the previous 10 weeks.
In the most recent week, most of the buying came from the creation of new bullish long positions (+27 million barrels) rather than closure of old bearish short ones (-5 million).
Oil steady as supply disruptions offset Omicron fears | Reuters
Oil steady as supply disruptions offset Omicron fears | Reuters
Oil prices were largely steady on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.
Brent crude fell 13 cents, or 0.2%, to $81.62 a barrel at 1136 GMT, and U.S. West Texas Intermediate (WTI) crude was down 17 cents, or 0.2%, at $78.73 a barrel.
Both contracts had risen around 50 cents earlier in the session.
Oil prices gained 5% last week after protests in Kazakhstan disrupted train lines and hit production at the country's top oilfield Tengiz, while pipeline maintenance in Libya pushed production down to 729,000 barrels per day from a high of 1.3 million bpd last year. read more
Oil prices were largely steady on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.
Brent crude fell 13 cents, or 0.2%, to $81.62 a barrel at 1136 GMT, and U.S. West Texas Intermediate (WTI) crude was down 17 cents, or 0.2%, at $78.73 a barrel.
Both contracts had risen around 50 cents earlier in the session.
Oil prices gained 5% last week after protests in Kazakhstan disrupted train lines and hit production at the country's top oilfield Tengiz, while pipeline maintenance in Libya pushed production down to 729,000 barrels per day from a high of 1.3 million bpd last year. read more
Most Gulf bourses gain; #AbuDhabi extends losses | Reuters
Most Gulf bourses gain; Abu Dhabi extends losses | Reuters
Most stock markets in the Gulf ended higher on Monday, with crude prices holding on to recent gains as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.
Saudi Arabia's benchmark index (.TASI) advanced 0.9%, boosted by a 1.5% rise in Al Rajhi Bank (1120.SE) and a 4.6% jump in Saudi British Bank (1060.SE).
Oil prices, a key catalyst for the Gulf's financial markets, eased but held on to recent gains, having climbed 5% last week.
However, Saudi Enaya Cooperative Insurance Company (8311.SE) slid 6.4% after its shareholders rejected an offer to merge the company with Amana Cooperative Insurance Company (8310.SE).
Shares of Amana fell 6.1%.
Dubai's main share index (.DFMGI) added 0.3%, supported by a 14.3% surge in Amlak Finance (AMLK.DU).
The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2% in 2022, accelerating from last year's 2.1% growth. read more
The Qatari index (.QSI) ended 0.4% higher, with petrochemical maker Industries Qatar (IQCD.QA) gaining 0.6%.
The Gulf markets have seen their main indices going up mostly thanks to strong oil prices, said Wael Makarem, senior market strategist at Exness.
"However, they remain exposed to some pressures deriving from the concerns around the spread of omicron in the region," added Makarem.
In Abu Dhabi, the index (.FTFADGI) retreated 1%, extending losses for a fifth session, hit by a 2.5% fall in telecoms giant Etisalat (ETISALAT.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.4%, with investment bank EFG Hermes (HRHO.CA) advancing 2.9%.
Egypt's central bank said on Monday it had approved a set of rules under which it would be able to provide emergency liquidity to local lenders. read more
Egypt's banks are facing a deterioration in asset quality due to the economic impact of the pandemic. However, the economy eked out growth in 2020 and 2021, with the help of government support packages for the hardest-hit sectors.
Most stock markets in the Gulf ended higher on Monday, with crude prices holding on to recent gains as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.
Saudi Arabia's benchmark index (.TASI) advanced 0.9%, boosted by a 1.5% rise in Al Rajhi Bank (1120.SE) and a 4.6% jump in Saudi British Bank (1060.SE).
Oil prices, a key catalyst for the Gulf's financial markets, eased but held on to recent gains, having climbed 5% last week.
However, Saudi Enaya Cooperative Insurance Company (8311.SE) slid 6.4% after its shareholders rejected an offer to merge the company with Amana Cooperative Insurance Company (8310.SE).
Shares of Amana fell 6.1%.
Dubai's main share index (.DFMGI) added 0.3%, supported by a 14.3% surge in Amlak Finance (AMLK.DU).
The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2% in 2022, accelerating from last year's 2.1% growth. read more
The Qatari index (.QSI) ended 0.4% higher, with petrochemical maker Industries Qatar (IQCD.QA) gaining 0.6%.
The Gulf markets have seen their main indices going up mostly thanks to strong oil prices, said Wael Makarem, senior market strategist at Exness.
"However, they remain exposed to some pressures deriving from the concerns around the spread of omicron in the region," added Makarem.
In Abu Dhabi, the index (.FTFADGI) retreated 1%, extending losses for a fifth session, hit by a 2.5% fall in telecoms giant Etisalat (ETISALAT.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.4%, with investment bank EFG Hermes (HRHO.CA) advancing 2.9%.
Egypt's central bank said on Monday it had approved a set of rules under which it would be able to provide emergency liquidity to local lenders. read more
Egypt's banks are facing a deterioration in asset quality due to the economic impact of the pandemic. However, the economy eked out growth in 2020 and 2021, with the help of government support packages for the hardest-hit sectors.
#Dubai property is looking at another standout performance in 2022 - and there is more than one reason | Property – Gulf News
Dubai property is looking at another standout performance in 2022 - and there is more than one reason | Property – Gulf News
It is no secret that the real estate market in Dubai is seeing a boom. There have been several headlines over the past 18 months talking about a V-shaped recovery and new transactional records being set.
Before 2021 was even over, total sales were sitting at a cosy Dh177.44 billion, up more than 88 per cent from the sales figures in the entirety of 2020. Sale prices are on an upward trajectory, and it has very much become a seller’s market with a much higher likelihood of a property transacting at its asking price and no room for negotiation or offers.
All projections point to this trend continuing in 2022 – and this could really be a year for the history books. The property market in Dubai was driven by three key factors last year – more international investors, lower supply (especially in prime neighbourhoods) and low interest rates.
The first of these factors is expected to be a contributor to market performance in 2022 as well. While the Omicron variant has sent ripples of uncertainty across the world again, the UAE continues to provide a safe haven for the global community. Even as case numbers had gone up at the tail end of 2021, carefully implemented government measures and a focused drive for booster shots help to provide a level of personal safety that is hard to find anywhere else.
It is no secret that the real estate market in Dubai is seeing a boom. There have been several headlines over the past 18 months talking about a V-shaped recovery and new transactional records being set.
Before 2021 was even over, total sales were sitting at a cosy Dh177.44 billion, up more than 88 per cent from the sales figures in the entirety of 2020. Sale prices are on an upward trajectory, and it has very much become a seller’s market with a much higher likelihood of a property transacting at its asking price and no room for negotiation or offers.
All projections point to this trend continuing in 2022 – and this could really be a year for the history books. The property market in Dubai was driven by three key factors last year – more international investors, lower supply (especially in prime neighbourhoods) and low interest rates.
The first of these factors is expected to be a contributor to market performance in 2022 as well. While the Omicron variant has sent ripples of uncertainty across the world again, the UAE continues to provide a safe haven for the global community. Even as case numbers had gone up at the tail end of 2021, carefully implemented government measures and a focused drive for booster shots help to provide a level of personal safety that is hard to find anywhere else.
#Sharjah's Bee’ah restructures to global investment holding group video
Sharjah's Bee’ah restructures to global investment holding group
Bee'ah, the environmental management company based in Sharjah, it is unifying its operations across the region to become an international holding group with various business verticals and a new brand identity.
As Beeah Group, the organisation will unify its operations across the UAE, Saudi Arabia and Egypt, alongside other global joint ventures as it seeks to capitalise on business opportunities across diverse industries and countries, the company said on Monday.
“This new structure and identity highlights our journey as an organisation over the past decade, while ushering in the next future-ready chapter," said Salim bin Mohamed Al Owais, chairman of Beeah Group's board of directors.
"We have now evolved from a business with operations across future-critical industries, into a holding group of businesses that are shaping the future of these industries in the Middle East and beyond.”
Bee'ah, the environmental management company based in Sharjah, it is unifying its operations across the region to become an international holding group with various business verticals and a new brand identity.
As Beeah Group, the organisation will unify its operations across the UAE, Saudi Arabia and Egypt, alongside other global joint ventures as it seeks to capitalise on business opportunities across diverse industries and countries, the company said on Monday.
“This new structure and identity highlights our journey as an organisation over the past decade, while ushering in the next future-ready chapter," said Salim bin Mohamed Al Owais, chairman of Beeah Group's board of directors.
"We have now evolved from a business with operations across future-critical industries, into a holding group of businesses that are shaping the future of these industries in the Middle East and beyond.”
Binance CEO CZ's Net Worth: Billionaire Holds World's Biggest Crypto Fortune - Bloomberg
Binance CEO CZ's Net Worth: Billionaire Holds World's Biggest Crypto Fortune - Bloomberg
The Abu Dhabi Grand Prix draws princes, movie stars and world-famous athletes every year to party on Yas Island, the entertainment hub about 30 minutes from the center of downtown.
Mingling among them last month was a figure charting an unlikely ascent: a former McDonald’s burger-flipper and software developer who, practically overnight, has vaulted into the ranks of the world’s wealthiest people — cryptocurrency pioneer Changpeng Zhao.
CZ, as he’s known to cryptophiles, is quickly becoming a fixture in the United Arab Emirates, meeting with royalty in Abu Dhabi who are eager to bring his Binance exchange to the country, according to people with knowledge of the situation. He has scooped up an apartment in Dubai and hosted dinners near the Burj Khalifa, the world’s tallest building, and on the city’s Palm Jumeirah island — making him the most prominent personality in the nation’s booming crypto scene.
In a region known for dizzying wealth, Zhao, 44, fits right in: His net worth is $96 billion, according to the Bloomberg Billionaires Index. It’s the first time Bloomberg has estimated his fortune, which exceeds Asia’s richest person, Mukesh Ambani, and rivals tech titans including Mark Zuckerberg and Google founders Larry Page and Sergey Brin.
Zhao’s fortune could be significantly larger, as the wealth estimate doesn’t take into account his personal crypto holdings, which include Bitcoin and his firm’s own token. The so-called Binance Coin surged roughly 1,300% last year.
Binance’s success underscores the vast riches being created in the unshackled cryptoverse, even with recent declines, but controversy has swirled around the firm.
The Abu Dhabi Grand Prix draws princes, movie stars and world-famous athletes every year to party on Yas Island, the entertainment hub about 30 minutes from the center of downtown.
Mingling among them last month was a figure charting an unlikely ascent: a former McDonald’s burger-flipper and software developer who, practically overnight, has vaulted into the ranks of the world’s wealthiest people — cryptocurrency pioneer Changpeng Zhao.
CZ, as he’s known to cryptophiles, is quickly becoming a fixture in the United Arab Emirates, meeting with royalty in Abu Dhabi who are eager to bring his Binance exchange to the country, according to people with knowledge of the situation. He has scooped up an apartment in Dubai and hosted dinners near the Burj Khalifa, the world’s tallest building, and on the city’s Palm Jumeirah island — making him the most prominent personality in the nation’s booming crypto scene.
 |
Changpeng Zhao Photographer: Ore Huiying/The New York Times/Redux |
In a region known for dizzying wealth, Zhao, 44, fits right in: His net worth is $96 billion, according to the Bloomberg Billionaires Index. It’s the first time Bloomberg has estimated his fortune, which exceeds Asia’s richest person, Mukesh Ambani, and rivals tech titans including Mark Zuckerberg and Google founders Larry Page and Sergey Brin.
Zhao’s fortune could be significantly larger, as the wealth estimate doesn’t take into account his personal crypto holdings, which include Bitcoin and his firm’s own token. The so-called Binance Coin surged roughly 1,300% last year.
Binance’s success underscores the vast riches being created in the unshackled cryptoverse, even with recent declines, but controversy has swirled around the firm.
#Israel’s First Digital Bank One Zero Clears Final Regulatory Hurdle - Bloomberg
Israel’s First Digital Bank One Zero Clears Final Regulatory Hurdle - Bloomberg
Israel’s first digital bank, One Zero Digital Bank Ltd., has received final approval to begin operations after raising sufficient capital and passing the necessary regulatory checks, the Bank of Israel announced on Monday.
The country’s first new bank in 43 years is controlled by Amnon Shashua, the co-founder of Mobileye NV, Intel Corp.’s Israel-based autonomous vehicle unit. It will be managed by former Finance Ministry accountant-general Shuki Oren and Gal Bar Deah, who was vice president of products and services at Pepper, Bank Leumi Le-Israel Ltd.’s digital unit.
“After 43 years, a new bank is being established in Israel, and this is further good news for competition and innovation in the banking and financial industry,” Bank of Israel Governor Amir Yaron said, according to the statement.
Israel’s first digital bank, One Zero Digital Bank Ltd., has received final approval to begin operations after raising sufficient capital and passing the necessary regulatory checks, the Bank of Israel announced on Monday.
The country’s first new bank in 43 years is controlled by Amnon Shashua, the co-founder of Mobileye NV, Intel Corp.’s Israel-based autonomous vehicle unit. It will be managed by former Finance Ministry accountant-general Shuki Oren and Gal Bar Deah, who was vice president of products and services at Pepper, Bank Leumi Le-Israel Ltd.’s digital unit.
“After 43 years, a new bank is being established in Israel, and this is further good news for competition and innovation in the banking and financial industry,” Bank of Israel Governor Amir Yaron said, according to the statement.
#Saudi mineral wealth could top $1.3trln amid Kingdom’s aggressive exploration plan | ZAWYA MENA Edition
Saudi mineral wealth could top $1.3trln amid Kingdom’s aggressive exploration plan | ZAWYA MENA Edition
Saudi Arabia expects its mineral wealth to exceed earlier estimates of $1.3 trillion as the Kingdom plans to triple spending on the exploration of metals over the next three years, said the head of the organization responsible for assessing its geological potential.
Abdullah Al-Shamrani, CEO of the Saudi Geological Society, said that this prior estimate was made a few years ago when prices were lower.
“Now we have seen that the price is increasing, it is expected that the forecast of [...] prices is going increase because of the demand for those materials,” he said.
He added that the number of mining sites in the Kingdom could exceed 5,500.
The aim is now to almost treble exploration spending per square meter to SR220 ($58.7) within the next two to three years.
Abdullah Al-Shamrani, CEO of the Saudi Geological Society, said that this prior estimate was made a few years ago when prices were lower.
“Now we have seen that the price is increasing, it is expected that the forecast of [...] prices is going increase because of the demand for those materials,” he said.
He added that the number of mining sites in the Kingdom could exceed 5,500.
The aim is now to almost treble exploration spending per square meter to SR220 ($58.7) within the next two to three years.
#AbuDhabi bourse partners with FTSE Russell to develop indices | ZAWYA MENA Edition
Abu Dhabi bourse partners with FTSE Russell to develop indices | ZAWYA MENA Edition
The Abu Dhabi Securities Exchange (ADX) has partnered with FTSE Russell to co-brand and co-develop indices for the ADX market.
In a statement on Monday, ADX said as of 10 January 2022, the FTSE ADX General Index will replace the ADX General Index, and FTSE ADX sector indices will take the place of the existing sector indices.
“Further new indices will be co-developed under the partnership to support ADX’s vision of introducing new tradable index products on its market,” it said.
One of two bourses in the UAE, ADX has been working on initiatives to expand and deepen the capital market.
In November, it introduced a derivatives market that allow trading in single stock futures, using marketplace technology delivered by Nasdaq.
The Abu Dhabi Securities Exchange (ADX) has partnered with FTSE Russell to co-brand and co-develop indices for the ADX market.
In a statement on Monday, ADX said as of 10 January 2022, the FTSE ADX General Index will replace the ADX General Index, and FTSE ADX sector indices will take the place of the existing sector indices.
“Further new indices will be co-developed under the partnership to support ADX’s vision of introducing new tradable index products on its market,” it said.
One of two bourses in the UAE, ADX has been working on initiatives to expand and deepen the capital market.
In November, it introduced a derivatives market that allow trading in single stock futures, using marketplace technology delivered by Nasdaq.
Analysis: Shrink to fit: the year Big Oil starts to become Small Oil | Reuters
Analysis: Shrink to fit: the year Big Oil starts to become Small Oil | Reuters
Europe's Big Oil companies are planning to spend their windfall from high energy prices on becoming Small Oil.
Surging oil and gas prices in 2021 delivered billions of dollars in profits to top oil companies, in stark contrast to the previous year when energy prices collapsed as the coronavirus pandemic hit travel and economic activity.
Typically, companies would invest the lion's share of that cash in long-term projects to boost oil and gas production and reserves after the previous year's deep cuts.
But unlike any other time in their history, BP, Royal Dutch Shell(RDSa.L), TotalEnergies , Equinor (EQNR.OL) and Italy's Eni are focusing on returning as much cash as possible to shareholders to keep them sweet as they begin a risky shift towards low-carbon and renewable energy.
Europe's Big Oil companies are planning to spend their windfall from high energy prices on becoming Small Oil.
Surging oil and gas prices in 2021 delivered billions of dollars in profits to top oil companies, in stark contrast to the previous year when energy prices collapsed as the coronavirus pandemic hit travel and economic activity.
Typically, companies would invest the lion's share of that cash in long-term projects to boost oil and gas production and reserves after the previous year's deep cuts.
But unlike any other time in their history, BP, Royal Dutch Shell(RDSa.L), TotalEnergies , Equinor (EQNR.OL) and Italy's Eni are focusing on returning as much cash as possible to shareholders to keep them sweet as they begin a risky shift towards low-carbon and renewable energy.
#Kuwait's Wealth Fund Targets Sustainable Finance for Life After Oil - Bloomberg
Kuwait's Wealth Fund Targets Sustainable Finance for Life After Oil - Bloomberg
Kuwait Investment Authority wants to make its entire portfolio compliant with environmental, social and governance standards, its managing director said, as Gulf nations reliant on crude move toward life after oil.
Kuwait has built up its riches thanks to vast crude exports -- something which puts the engine of its economy at odds with ESG principles. Unlike regional neighbors the United Arab Emirates and Saudi Arabia, Kuwait hasn’t set a net-zero carbon emissions goal despite recording some of the planet’s hottest temperatures.
Yet the KIA, which manages $700 billion according to the Sovereign Wealth Fund Institute and has its own governance structure, says ESG has become central to its outlook. The world’s oldest sovereign fund, and its third-largest, has long sought to guard itself from the nation’s tumultuous politics with a mandate to prepare the OPEC member state for a post-oil future.
“The process is ongoing with the KIA currently transitioning toward 100% ESG compliance for the entire portfolio while currently focusing on the E part of ESG,” Ghanem Al-Ghunaiman told Bloomberg News in an emailed reply to questions, offering a rare glimpse inside the fund.
Kuwait Investment Authority wants to make its entire portfolio compliant with environmental, social and governance standards, its managing director said, as Gulf nations reliant on crude move toward life after oil.
Kuwait has built up its riches thanks to vast crude exports -- something which puts the engine of its economy at odds with ESG principles. Unlike regional neighbors the United Arab Emirates and Saudi Arabia, Kuwait hasn’t set a net-zero carbon emissions goal despite recording some of the planet’s hottest temperatures.
Yet the KIA, which manages $700 billion according to the Sovereign Wealth Fund Institute and has its own governance structure, says ESG has become central to its outlook. The world’s oldest sovereign fund, and its third-largest, has long sought to guard itself from the nation’s tumultuous politics with a mandate to prepare the OPEC member state for a post-oil future.
“The process is ongoing with the KIA currently transitioning toward 100% ESG compliance for the entire portfolio while currently focusing on the E part of ESG,” Ghanem Al-Ghunaiman told Bloomberg News in an emailed reply to questions, offering a rare glimpse inside the fund.
Most Gulf bourses track oil prices higher; #AbuDhabi falls | Reuters
Most Gulf bourses track oil prices higher; Abu Dhabi falls | Reuters
Most major stock markets in the Gulf rose in early trade on Monday, tracking gains in oil prices as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in COVID-19 cases caused by the Omicron variant.
Brent crude gained 16 cents, or 0.2%, to $81.91 a barrel by 0406 GMT, while U.S. West Texas Intermediate (WTI) crude was up 15 cents, or 0.2%, at $79.05 a barrel.
Saudi Arabia's benchmark index (.TASI) rose 0.3%, buoyed by financials. Saudi National Bank (1180.SE), the country's largest lender, advanced 0.6%, while Al Rajhi Bank (1120.SE) gained 1.1%.
In Dubai, the main share index (.DFMGI) added 0.5%, supported by a 1% rise in blue-chip developer Emaar properties (EMAR.DU) and a 0.8% increase in Emirates NBD Bank (ENBD.DU), Dubai's largest lender.
Emaar Properties said last week it would build a mall in Srinagar, the main city in Jammu and Kashmir. The investment is part of plans by the emirate to invest in the Indian territory.
The Qatari index (.QSI) edged up 0.1%, extending gains to a sixth session, helped by a 1.7% rise in Mesaieed Petrochemical (MPHC.QA) and a 0.3% increase in Industries Qatar (IQCD.QA).
The Abu Dhabi index (.FTFADGI) fell 1%, extending losses to a sixth session, weighed down by a 0.7% drop in First Abu Dhabi Bank (FAB.AD), the country's largest lender.
On Jan. 10, the FTSE ADX General Index replaced the ADX General Index, and FTSE ADX sector indexes took the place of existing sector indexes.
Most major stock markets in the Gulf rose in early trade on Monday, tracking gains in oil prices as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in COVID-19 cases caused by the Omicron variant.
Brent crude gained 16 cents, or 0.2%, to $81.91 a barrel by 0406 GMT, while U.S. West Texas Intermediate (WTI) crude was up 15 cents, or 0.2%, at $79.05 a barrel.
Saudi Arabia's benchmark index (.TASI) rose 0.3%, buoyed by financials. Saudi National Bank (1180.SE), the country's largest lender, advanced 0.6%, while Al Rajhi Bank (1120.SE) gained 1.1%.
In Dubai, the main share index (.DFMGI) added 0.5%, supported by a 1% rise in blue-chip developer Emaar properties (EMAR.DU) and a 0.8% increase in Emirates NBD Bank (ENBD.DU), Dubai's largest lender.
Emaar Properties said last week it would build a mall in Srinagar, the main city in Jammu and Kashmir. The investment is part of plans by the emirate to invest in the Indian territory.
The Qatari index (.QSI) edged up 0.1%, extending gains to a sixth session, helped by a 1.7% rise in Mesaieed Petrochemical (MPHC.QA) and a 0.3% increase in Industries Qatar (IQCD.QA).
The Abu Dhabi index (.FTFADGI) fell 1%, extending losses to a sixth session, weighed down by a 0.7% drop in First Abu Dhabi Bank (FAB.AD), the country's largest lender.
On Jan. 10, the FTSE ADX General Index replaced the ADX General Index, and FTSE ADX sector indexes took the place of existing sector indexes.
Oil prices edge up on Kazakhstan, Libyan supply worries | Reuters
Oil prices edge up on Kazakhstan, Libyan supply worries | Reuters
Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.
Brent crude rose 24 cents, or 0.3%, to $81.99 a barrel at 0730 GMT, while U.S. West Texas Intermediate (WTI) crude was up 22 cents, or 0.3%, at $79.12 a barrel.
Oil prices gained 5% last week after protests in Kazakhstan disrupted train lines and hit production at the country's top oilfield Tengiz, while pipeline maintenance in Libya pushed production down to 729,000 barrels per day from a high of 1.3 million bpd last year. read more
"It’s all supply issues at the moment," said Howie Lee, an economist at Singapore's OCBC bank, referring to the disruptions in Libya, Kazakhstan and falling crude inventories in the United States.
Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.
Brent crude rose 24 cents, or 0.3%, to $81.99 a barrel at 0730 GMT, while U.S. West Texas Intermediate (WTI) crude was up 22 cents, or 0.3%, at $79.12 a barrel.
Oil prices gained 5% last week after protests in Kazakhstan disrupted train lines and hit production at the country's top oilfield Tengiz, while pipeline maintenance in Libya pushed production down to 729,000 barrels per day from a high of 1.3 million bpd last year. read more
"It’s all supply issues at the moment," said Howie Lee, an economist at Singapore's OCBC bank, referring to the disruptions in Libya, Kazakhstan and falling crude inventories in the United States.