Qatar Investment Authority commits $1.5bln to Bodhi Tree for Southeast Asia investments | ZAWYA MENA Edition
The Qatar Investment Authority (QIA), the country's sovereign wealth fund, will financially support Bodhi Tree, an investment platform launched by James Murdoch, the founder and CEO of Lupa Systems, and Uday Shankar, a former president of Walt Disney Asia Pacific.
Bodhi Tree will invest in media and consumer technology opportunities in Southeast Asia, with a particular focus on India.
According to a joint statement from the QIA and Lupa Systems, Bodhi Tree will leverage technology to provide disruptive solutions that drive transformational outcomes in sectors with deep consumer engagement, including media, education and healthcare.
The QIA investment comes at a time when Lupa India is in the final stages of picking up a 39 percent stake in Viacom 18, a joint venture in which TV-18, controlled by Reliance Industries Limited (RIL), has a 51 percent stake. Viacom 18, which runs digital entertainment and television channels, has plans to enter the sports business.
Thursday, 10 February 2022
#Saudi GDP grows by 6.8% in fourth quarter - flash estimates | Reuters
Saudi GDP grows by 6.8% in fourth quarter - flash estimates | Reuters
Saudi Arabia's gross domestic product grew by 6.8% in the fourth quarter, bringing overall growth last year to 3.3%, official flash estimates showed on Thursday.
The quarter's growth was driven by a 10.8% rise in oil activities and a 5% increase in non-oil activities, the General Authority for Statistics said. Government services increased by 2.4%.
"The increase in oil production is being reflected in the 4Q GDP data, and is supporting real oil sector growth. We see this trend continuing in 2022 as oil output rises further," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
Quarter-on-quarter, seasonally adjusted real GDP grew by 1.6% in the fourth quarter, the authority said.
Saudi Arabia's gross domestic product grew by 6.8% in the fourth quarter, bringing overall growth last year to 3.3%, official flash estimates showed on Thursday.
The quarter's growth was driven by a 10.8% rise in oil activities and a 5% increase in non-oil activities, the General Authority for Statistics said. Government services increased by 2.4%.
"The increase in oil production is being reflected in the 4Q GDP data, and is supporting real oil sector growth. We see this trend continuing in 2022 as oil output rises further," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
Quarter-on-quarter, seasonally adjusted real GDP grew by 1.6% in the fourth quarter, the authority said.
Major Gulf markets mixed; Dubai gains | Reuters
Major Gulf markets mixed; Dubai gains | Reuters
Major Gulf bourses were mixed on Thursday as oil prices continued to hover around $91, and investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.
U.S. President Joe Biden and King Salman of Saudi Arabia discussed energy supplies in the face of soaring fuel prices and developments in the Middle East, including Iran and Yemen, in a telephone call on Wednesday. read more
Global crude prices, which have rallied about 20% this year, are likely to surpass $100 a barrel because of a weaker-than- expected hit to demand from the Omicron variant of coronavirus, analysts have said.
Meanwhile, Saudi Arabia's benchmark index (.TASI) was trading flat.
Bank Aljazira was up 3.4%, with the share scheduled to trade ex-dividend from Monday.
Shares of media company Tihama (4070.SE) rose 3.4% after the company posted a narrower quarterly loss on Wednesday.
The United Arab Emirates will gradually lift restrictions imposed to check the spread of the COVID-19 pandemic, as the number of infections and hospitalisations has gone down, the state news agency WAM reported on Wednesday. Tourism remains a big boost for the oil-rich federation. read more
Dubai's main share index (.DFMGI) was up for the fifth straight day, gaining 0.4%. Financials were the top contributors.
The Qatari index (.QSI) dropped marginally, a day after clocking its best session in nearly a month.
In Abu Dhabi, the index (.FTFADGI) rose 0.6% in its fifth consecutive session of gains.
Major Gulf bourses were mixed on Thursday as oil prices continued to hover around $91, and investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.
U.S. President Joe Biden and King Salman of Saudi Arabia discussed energy supplies in the face of soaring fuel prices and developments in the Middle East, including Iran and Yemen, in a telephone call on Wednesday. read more
Global crude prices, which have rallied about 20% this year, are likely to surpass $100 a barrel because of a weaker-than- expected hit to demand from the Omicron variant of coronavirus, analysts have said.
Meanwhile, Saudi Arabia's benchmark index (.TASI) was trading flat.
Bank Aljazira was up 3.4%, with the share scheduled to trade ex-dividend from Monday.
Shares of media company Tihama (4070.SE) rose 3.4% after the company posted a narrower quarterly loss on Wednesday.
The United Arab Emirates will gradually lift restrictions imposed to check the spread of the COVID-19 pandemic, as the number of infections and hospitalisations has gone down, the state news agency WAM reported on Wednesday. Tourism remains a big boost for the oil-rich federation. read more
Dubai's main share index (.DFMGI) was up for the fifth straight day, gaining 0.4%. Financials were the top contributors.
The Qatari index (.QSI) dropped marginally, a day after clocking its best session in nearly a month.
In Abu Dhabi, the index (.FTFADGI) rose 0.6% in its fifth consecutive session of gains.
Oil drops on potential for U.S.-Iran talks to add crude supplies | Reuters
Oil drops on potential for U.S.-Iran talks to add crude supplies | Reuters
Oil prices fell on Thursday, after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.
Brent crude futures slid 28 cents, or 0.3%, to $91.27 a barrel at 0714 GMT, while U.S. West Texas Intermediate crude was at $89.47 a barrel, down 19 cents.
Robust demand recovery from the coronavirus pandemic has kept global oil supplies snug, with inventories at key fuel hubs globally hovering at multi-year lows. read more
U.S. crude inventories (USOILC=ECI) fell 4.8 million barrels in the week to Feb. 4, dropping to 410.4 million barrels - their lowest for commercial inventories since October 2018, the Energy Information Administration said. Analysts in a Reuters poll had forecast a 369,000-barrel rise. read more
Oil prices fell on Thursday, after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.
Brent crude futures slid 28 cents, or 0.3%, to $91.27 a barrel at 0714 GMT, while U.S. West Texas Intermediate crude was at $89.47 a barrel, down 19 cents.
Robust demand recovery from the coronavirus pandemic has kept global oil supplies snug, with inventories at key fuel hubs globally hovering at multi-year lows. read more
U.S. crude inventories (USOILC=ECI) fell 4.8 million barrels in the week to Feb. 4, dropping to 410.4 million barrels - their lowest for commercial inventories since October 2018, the Energy Information Administration said. Analysts in a Reuters poll had forecast a 369,000-barrel rise. read more
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