Oil settles shy of $120 a barrel on OPEC+ deal, Saudi pricing | Reuters
Oil prices settled slightly lower after choppy trade on Monday, buoyed by Saudi Arabia raising its July crude prices but amid doubts that a higher output target for OPEC+ oil producers would ease tight supply.
Brent crude fell 21 cents, or 0.2%, to settle at $119.51 a barrel after touching an intraday high of $121.95.
U.S. West Texas Intermediate (WTI) crude futures fell 37 cents, or 0.3%, to settle at $118.50 a barrel after hitting a three-month high of $120.99. The benchmark fell by $1 earlier in the session.
Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May when prices hit highs due to worries of disruptions in supplies from Russia. read more
Monday, 6 June 2022
Alvarez & Marsal Poaches Deloitte Mideast Turnaround Staff - Bloomberg
Alvarez & Marsal Poaches Deloitte Mideast Turnaround Staff - Bloomberg
Alvarez & Marsal Inc. is hiring half a dozen turnaround specialists from Deloitte as part of an aggressive push in the Middle East, people familiar with the matter said.
A&M recruited a partner, Waqas Ahmed, two directors, Tom Howitt and Ali Taher, as well as three other employees from Deloitte, the people said, asking not to be named because the information is private. The firm is looking to boost its presence in the United Arab Emirates and Saudi Arabia, the people said.
Deloitte and A&M declined to comment.
A&M is among a handful of international restructuring firms who’ve ramped up hiring in the oil-rich Gulf, which has seen a number of restructurings in recent years.
The New York-based company made its mark in the Middle East after being appointed as the administrator of scandal-hit NMC Health Plc in 2020. It has also worked on other high-profile cases, including Gulf Pharmaceutical Industries PSC and Finablr Plc.
Deloitte has also been expanding its restructuring presence in the Middle East, where it employs more than 70 people. The firm is advising creditors of Dubai developer Meydan, which is working on a $2.6 billion debt restructuring plan.
Deloitte sold its UK restructuring arm last year to Teneo. Teneo, which also acquired KPMG’s restructuring business in the Cayman and British Virgin Islands, hired two executives from AlixPartners LLC in Dubai this year, marking its entry into the fast-growing market.
Alvarez & Marsal Inc. is hiring half a dozen turnaround specialists from Deloitte as part of an aggressive push in the Middle East, people familiar with the matter said.
A&M recruited a partner, Waqas Ahmed, two directors, Tom Howitt and Ali Taher, as well as three other employees from Deloitte, the people said, asking not to be named because the information is private. The firm is looking to boost its presence in the United Arab Emirates and Saudi Arabia, the people said.
Deloitte and A&M declined to comment.
A&M is among a handful of international restructuring firms who’ve ramped up hiring in the oil-rich Gulf, which has seen a number of restructurings in recent years.
The New York-based company made its mark in the Middle East after being appointed as the administrator of scandal-hit NMC Health Plc in 2020. It has also worked on other high-profile cases, including Gulf Pharmaceutical Industries PSC and Finablr Plc.
Deloitte has also been expanding its restructuring presence in the Middle East, where it employs more than 70 people. The firm is advising creditors of Dubai developer Meydan, which is working on a $2.6 billion debt restructuring plan.
Deloitte sold its UK restructuring arm last year to Teneo. Teneo, which also acquired KPMG’s restructuring business in the Cayman and British Virgin Islands, hired two executives from AlixPartners LLC in Dubai this year, marking its entry into the fast-growing market.
#Saudi Wealth Fund’s $3 Billion Jordan Unit Aims to Ramp Up Deals - Bloomberg
Saudi Wealth Fund’s $3 Billion Jordan Unit Aims to Ramp Up Deals - Bloomberg
The Saudi Jordanian Investment Fund, controlled by Saudi Arabia’s sovereign wealth fund, is backing the development of a $400 million hospital in Amman as it looks to ramp up spending over the next few years.
The fund, which has committed capital of $3 billion, will be the only equity investor in a new 300-bed hospital in Jordan in a partnership with California’s UCLA Health and University College London’s medical school. The investment is expected to create more than 5,000 jobs and will be the first of several deals announced by the fund over the next year, chief executive officer Omar Alwir said in an interview.
“After this we’re going to be seeing a few investments in quick succession,” said Alwir. “In a year’s time we’re looking at having committed significantly more than the $400 million in this hospital.”
The fund will also look at leveraging the $3 billion capital it has. That will mean it can ultimately invest “a multiple at least three times that amount,” Alwir said. It’s looking to invest in infrastructure projects, healthcare, tourism and provide growth capital to Jordanian firms in industries including food and agriculture, energy and pharmaceuticals, he said.
The Saudi Jordanian Investment Fund, controlled by Saudi Arabia’s sovereign wealth fund, is backing the development of a $400 million hospital in Amman as it looks to ramp up spending over the next few years.
The fund, which has committed capital of $3 billion, will be the only equity investor in a new 300-bed hospital in Jordan in a partnership with California’s UCLA Health and University College London’s medical school. The investment is expected to create more than 5,000 jobs and will be the first of several deals announced by the fund over the next year, chief executive officer Omar Alwir said in an interview.
“After this we’re going to be seeing a few investments in quick succession,” said Alwir. “In a year’s time we’re looking at having committed significantly more than the $400 million in this hospital.”
The fund will also look at leveraging the $3 billion capital it has. That will mean it can ultimately invest “a multiple at least three times that amount,” Alwir said. It’s looking to invest in infrastructure projects, healthcare, tourism and provide growth capital to Jordanian firms in industries including food and agriculture, energy and pharmaceuticals, he said.
#SaudiArabia Moves Toward Eventual Ties With #Israel - WSJ
Saudi Arabia Moves Toward Eventual Ties With Israel - WSJ
Saudi Arabia is engaging in serious talks with Israel to build business ties and create new security arrangements as the conservative Islamic kingdom senses a shift among its public in favor of establishing official ties with the majority Jewish state.
Although Saudi Arabia doesn’t recognize Israel and has no diplomatic relations with its neighbor, the kingdom is expanding its secretive talks with Israeli leaders that could reshape Middle East politics and end decades of enmity between two of the region’s most influential nations.
With the Biden administration’s help, Saudi Arabia and Israel are trying to broker an agreement that could give commercial planes expanded rights to fly from Israel over the kingdom and pave the way for Saudi Arabia to take full control of two strategic Red Sea islands, according to people familiar with the efforts.
At the same time, Riyadh has allowed a series of Israeli businessmen to travel to Saudi Arabia as the two nations look to deepen their economic ties, according to people familiar with the visits.
Saudi Arabia is engaging in serious talks with Israel to build business ties and create new security arrangements as the conservative Islamic kingdom senses a shift among its public in favor of establishing official ties with the majority Jewish state.
Although Saudi Arabia doesn’t recognize Israel and has no diplomatic relations with its neighbor, the kingdom is expanding its secretive talks with Israeli leaders that could reshape Middle East politics and end decades of enmity between two of the region’s most influential nations.
With the Biden administration’s help, Saudi Arabia and Israel are trying to broker an agreement that could give commercial planes expanded rights to fly from Israel over the kingdom and pave the way for Saudi Arabia to take full control of two strategic Red Sea islands, according to people familiar with the efforts.
At the same time, Riyadh has allowed a series of Israeli businessmen to travel to Saudi Arabia as the two nations look to deepen their economic ties, according to people familiar with the visits.
Oil price rise boosts #Saudi index; #AbuDhabi extends losses | Reuters
Oil price rise boosts Saudi index; Abu Dhabi extends losses | Reuters
Saudi Arabian shares outperformed other Gulf markets to close higher on Monday after the kingdom hiked prices for its crude sales in July, while the Abu Dhabi index fell for a fourth straight session.
The kingdom raised the official selling price for its flagship Arab light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, from a $4.40 premium in June. The move lifted global prices of crude oil. read more
Saudi Arabia's benchmark index (.TASI) advanced 1.3%, boosted by a 3.4% jump in petrochemical maker Sabic (2010.SE) and a 1% hike in Al Rajhi Bank (1120.SE) as the two sectors were set to gain the most from surging oil prices.
Barclays raised its Brent crude price forecasts by $11 per barrel for 2022 and $23 for 2023, citing a larger and sustained disruption in Russian supply following sanctions by the European Union. read more
Insurer Bupa Arabia (8210.SE) gained 5.1% after the company announced an annual dividend of 4.50 riyals a share ($1.20), an increase of about 32% compared with a year earlier.
Separately, Saudi's sovereign wealth fund - the Public Investment Fund (PIF) - has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, two sources said. read more
The Qatari index (.QSI) gained 1.3%, led by a 2.7% increase in Qatar Islamic Bank (QISB.QA) and a 2.2% leap in Sharia lender Masraf Al Rayan (MARK.QA).
Dubai's main share index (.DFMGI) edged up 0.1%, helped by a 0.8% rise in Dubai Islamic Bank (DISB.DU) and a 0.8% increase in Emirates Integrated Telecommunications (DU.DU).
But the Abu Dhabi index (.FTFADGI) closed 0.7% lower, hit by a 2% slump in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 0.2% drop in conglomerate International Holding Company (IHC.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed flat.
Saudi Arabian shares outperformed other Gulf markets to close higher on Monday after the kingdom hiked prices for its crude sales in July, while the Abu Dhabi index fell for a fourth straight session.
The kingdom raised the official selling price for its flagship Arab light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, from a $4.40 premium in June. The move lifted global prices of crude oil. read more
Saudi Arabia's benchmark index (.TASI) advanced 1.3%, boosted by a 3.4% jump in petrochemical maker Sabic (2010.SE) and a 1% hike in Al Rajhi Bank (1120.SE) as the two sectors were set to gain the most from surging oil prices.
Barclays raised its Brent crude price forecasts by $11 per barrel for 2022 and $23 for 2023, citing a larger and sustained disruption in Russian supply following sanctions by the European Union. read more
Insurer Bupa Arabia (8210.SE) gained 5.1% after the company announced an annual dividend of 4.50 riyals a share ($1.20), an increase of about 32% compared with a year earlier.
Separately, Saudi's sovereign wealth fund - the Public Investment Fund (PIF) - has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, two sources said. read more
The Qatari index (.QSI) gained 1.3%, led by a 2.7% increase in Qatar Islamic Bank (QISB.QA) and a 2.2% leap in Sharia lender Masraf Al Rayan (MARK.QA).
Dubai's main share index (.DFMGI) edged up 0.1%, helped by a 0.8% rise in Dubai Islamic Bank (DISB.DU) and a 0.8% increase in Emirates Integrated Telecommunications (DU.DU).
But the Abu Dhabi index (.FTFADGI) closed 0.7% lower, hit by a 2% slump in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 0.2% drop in conglomerate International Holding Company (IHC.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed flat.
#Saudi PIF shortlisted as bidder for stake in Starbucks Mideast - sources | Reuters
Saudi PIF shortlisted as bidder for stake in Starbucks Mideast - sources | Reuters
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, two sources told Reuters.
The Starbucks franchise in the region has several hundred outlets in 14 countries across the Middle East, Russia, and central Asia.
Kuwait-based Alshaya Group, the region's leading brand franchise owner, last year hired JPMorgan (JPM.N) to sell a significant minority stake in the business. The sources said it could sell up to 30%, generating $4 billion-$5 billion.
The PIF, which manages over $600 billion of assets, declined to comment. Alshaya did not immediately respond to a request for comment. JPMorgan also declined to comment.
The PIF is among the bidders that have made it to the next round as the sale process nears its final stages, the source said.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, two sources told Reuters.
The Starbucks franchise in the region has several hundred outlets in 14 countries across the Middle East, Russia, and central Asia.
Kuwait-based Alshaya Group, the region's leading brand franchise owner, last year hired JPMorgan (JPM.N) to sell a significant minority stake in the business. The sources said it could sell up to 30%, generating $4 billion-$5 billion.
The PIF, which manages over $600 billion of assets, declined to comment. Alshaya did not immediately respond to a request for comment. JPMorgan also declined to comment.
The PIF is among the bidders that have made it to the next round as the sale process nears its final stages, the source said.
Oil prices dip but stay close to $120/bbl after OPEC+ supply deal | Reuters
Oil prices dip but stay close to $120/bbl after OPEC+ supply deal | Reuters
Oil prices dipped on Monday after topping $120 a barrel as Saudi Arabia raised crude prices for July.
Crude moved lower amid doubts that last week's decision by OPEC+ oil producers to boost their monthly output target would translate into a jump in output needed to ease tight supply.
Brent crude was down 52 cents, or 0.4%, to $119.20 a barrel at 1240 GMT after touching an intraday high of $121.95.
U.S. West Texas Intermediate (WTI) crude futures were down 54 cents, or 0.5%, at $118.33 a barrel after hitting a three-month high of $120.99.
Oil prices dipped on Monday after topping $120 a barrel as Saudi Arabia raised crude prices for July.
Crude moved lower amid doubts that last week's decision by OPEC+ oil producers to boost their monthly output target would translate into a jump in output needed to ease tight supply.
Brent crude was down 52 cents, or 0.4%, to $119.20 a barrel at 1240 GMT after touching an intraday high of $121.95.
U.S. West Texas Intermediate (WTI) crude futures were down 54 cents, or 0.5%, at $118.33 a barrel after hitting a three-month high of $120.99.
#UAE real GDP growth jumped to 3.8% in 2021, to reach 5.4% in 2022, central bank says | Reuters
UAE real GDP growth jumped to 3.8% in 2021, to reach 5.4% in 2022, central bank says | Reuters
The United Arab Emirates' central bank said on Monday that real gross domestic product (GDP) growth jumped to 3.8% in 2021 and was expected to reach 5.4% in 2022, while non-oil GDP growth rose to 5.3% in 2021.
Oil prices hit $120 as #Saudi July price rise eclipses OPEC+ deal | Reuters
Oil prices hit $120 as Saudi July price rise eclipses OPEC+ deal | Reuters
Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.
Brent crude firmed 32 cents, or 0.3%, to $120.04 a barrel at 0858 GMT after touching an intraday high of $121.95.
U.S. West Texas Intermediate (WTI) crude futures were up 40 cents, or 0.3%, at $119.27 a barrel after hitting a three-month high of $120.99.
Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium, the highest since May, when prices hit all-time highs due to worries of disruption in supplies from Russia. read more
Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.
Brent crude firmed 32 cents, or 0.3%, to $120.04 a barrel at 0858 GMT after touching an intraday high of $121.95.
U.S. West Texas Intermediate (WTI) crude futures were up 40 cents, or 0.3%, at $119.27 a barrel after hitting a three-month high of $120.99.
Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium, the highest since May, when prices hit all-time highs due to worries of disruption in supplies from Russia. read more
Canada Fund CDPQ to Invest $5 Billion in DP World’s #Dubai Assets - Bloomberg
Canada Fund CDPQ to Invest $5 Billion in DP World’s Dubai Assets - Bloomberg
Caisse de Depot et Placement du Quebec agreed to invest $5 billion in DP World’s Dubai assets as the port operator looks at ways to reduce its debt.
As part of the deal, the Montreal-based pension manager will take a 22% stake in DP World’s Jebel Ali Port, Jebel Ali Free Zone and the National Industries Park, according to a statement. It will invest $2.5 billion through a new joint venture, with the remainder of the transaction being financed by debt.
The transaction “achieves our objective of reducing DP World’s net leverage” to below four-times net debt to earnings before interest, taxes, depreciation, and amortization, the port operator’s Chief Executive Officer Sultan Ahmed Bin Sulayem said. “We believe this new partnership will enhance our assets and allow us to capture the significant growth potential of the wider region.”
Other long-term investors will have the opportunity to acquire an additional stake of up to $3 billion in the three assets, according to the statement.
State-owned DP World had been exploring the sale of equity stakes in certain assets as it works to reduce leverage and maintain its investment-grade rating. It agreed to buy the operator of the free zone in a $2.6 billion deal in 2014.
Caisse de Depot et Placement du Quebec agreed to invest $5 billion in DP World’s Dubai assets as the port operator looks at ways to reduce its debt.
As part of the deal, the Montreal-based pension manager will take a 22% stake in DP World’s Jebel Ali Port, Jebel Ali Free Zone and the National Industries Park, according to a statement. It will invest $2.5 billion through a new joint venture, with the remainder of the transaction being financed by debt.
The transaction “achieves our objective of reducing DP World’s net leverage” to below four-times net debt to earnings before interest, taxes, depreciation, and amortization, the port operator’s Chief Executive Officer Sultan Ahmed Bin Sulayem said. “We believe this new partnership will enhance our assets and allow us to capture the significant growth potential of the wider region.”
Other long-term investors will have the opportunity to acquire an additional stake of up to $3 billion in the three assets, according to the statement.
State-owned DP World had been exploring the sale of equity stakes in certain assets as it works to reduce leverage and maintain its investment-grade rating. It agreed to buy the operator of the free zone in a $2.6 billion deal in 2014.
#Saudi stocks up on the back of rising oil prices | Reuters
Saudi stocks up on the back of rising oil prices | Reuters
Shares in Saudi Arabia rose in early trade on Monday, as oil prices bounced back after the country hiked prices for its crude sales in July.
The kingdom raised the official selling price (OSP) for its flagship Arab light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, from a $4.40 premium in June. read more
Saudi Arabia's benchmark index (.TASI) advanced 1.1% led by financial stocks, with Al Rajhi Bank (1120.SE) adding 1.6%, while Riyad Bank (1010.SE) was up 3.9%.
Anaam International Holding Group (4061.SE) topped the gainers with a 9.9% surge, extending the rally to a third consecutive session after it acquired 55% stake in ARW Industry Company.
Bupa Arabia (8210.SE) also gained 5.1% after the company announced annual dividend of 4.50 riyals a share ($1.20), an increase of about 32% compared with last year.
Brent crude firmed 68 cents, or 0.6%, to $120.40 a barrel at 0640 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday.
The Qatari index (.QSI) gained 0.6%, led by a 1.2% increase in the Qatar Islamic Bank (QISB.QA) and a 1.6% jump in Sharia lender Masraf Al Rayan (MARK.QA).
In Abu Dhabi, the index (.FTFADGI) dropped 0.4%, weighed down by a 1.8% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 0.4% drop in conglomerate International Holding Company (IHC.AD).
Dubai's main share index (.DFMGI) eased 0.1%, with the blue-chip developer Emaar Properties (EMAR.DU) losing 0.5% and top lender Emirates NBD (ENBD.DU) falling 0.4%.
Shares in Saudi Arabia rose in early trade on Monday, as oil prices bounced back after the country hiked prices for its crude sales in July.
The kingdom raised the official selling price (OSP) for its flagship Arab light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, from a $4.40 premium in June. read more
Saudi Arabia's benchmark index (.TASI) advanced 1.1% led by financial stocks, with Al Rajhi Bank (1120.SE) adding 1.6%, while Riyad Bank (1010.SE) was up 3.9%.
Anaam International Holding Group (4061.SE) topped the gainers with a 9.9% surge, extending the rally to a third consecutive session after it acquired 55% stake in ARW Industry Company.
Bupa Arabia (8210.SE) also gained 5.1% after the company announced annual dividend of 4.50 riyals a share ($1.20), an increase of about 32% compared with last year.
Brent crude firmed 68 cents, or 0.6%, to $120.40 a barrel at 0640 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday.
The Qatari index (.QSI) gained 0.6%, led by a 1.2% increase in the Qatar Islamic Bank (QISB.QA) and a 1.6% jump in Sharia lender Masraf Al Rayan (MARK.QA).
In Abu Dhabi, the index (.FTFADGI) dropped 0.4%, weighed down by a 1.8% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 0.4% drop in conglomerate International Holding Company (IHC.AD).
Dubai's main share index (.DFMGI) eased 0.1%, with the blue-chip developer Emaar Properties (EMAR.DU) losing 0.5% and top lender Emirates NBD (ENBD.DU) falling 0.4%.
Brent climbs over $120/bbl after #SaudiArabia raises crude prices | Reuters
Brent climbs over $120/bbl after Saudi Arabia raises crude prices | Reuters
Oil futures gained on Monday, with Brent rising above $120 a barrel after Saudi Arabia raised prices for its crude sales in July, signalling tight supply even after OPEC+ producers agreed to accelerate output increases over the next two months.
Brent crude firmed 68 cents, or 0.6%, to $120.40 a barrel at 0640 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday.
U.S. West Texas Intermediate (WTI) crude futures were up 61 cents, or 0.5%, at $119.48 a barrel after earlier hitting a three-month high of $120.99. It gained 1.7% on Friday.
Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to $6.50 premium versus the average of the Oman and Dubai benchmarks, state oil producer Aramco (2222.SE) said on Sunday.
Oil futures gained on Monday, with Brent rising above $120 a barrel after Saudi Arabia raised prices for its crude sales in July, signalling tight supply even after OPEC+ producers agreed to accelerate output increases over the next two months.
Brent crude firmed 68 cents, or 0.6%, to $120.40 a barrel at 0640 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday.
U.S. West Texas Intermediate (WTI) crude futures were up 61 cents, or 0.5%, at $119.48 a barrel after earlier hitting a three-month high of $120.99. It gained 1.7% on Friday.
Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to $6.50 premium versus the average of the Oman and Dubai benchmarks, state oil producer Aramco (2222.SE) said on Sunday.