Saudi Arabia enters race for Manchester United - Telegraph | Reuters
Saudi Arabia has submitted a bid for British soccer club Manchester United PLC (MANU.N) ahead of Friday's deadline, the Telegraph reported on Thursday.
Multiple private groups in Riyadh have made formal inquiries, the report added.
British billionaire Jim Ratcliffe, a life-long supporter of the club and founder of chemicals firm INEOS, is a likely bidder, along with U.S. private equity firms, sources told Reuters.
Qatari Royals are readying an opening bid of roughly 5 billion pounds ($6.00 billion) for the club, according to a report by Bloomberg News on Thursday citing people with knowledge of the matter.
Thursday 16 February 2023
NBA Teams Become Investment Target for #Qatar, #AbuDhabi - Bloomberg
NBA Teams Become Investment Target for Qatar, Abu Dhabi - Bloomberg
Two of the world’s richest sovereign wealth funds are interested in buying minority stakes in National Basketball Association teams, according to people familiar with the matter, in the latest example of how oil money from the Persian Gulf is pumping up values in global sports.
Executives at Abu Dhabi’s Mubadala Investment Co. and Qatar Investment Authority have expressed their interest in NBA ownership and are actively hunting for a possible match, said the people, who requested anonymity as the discussions are private.
Representatives for Mubadala and QIA declined to comment.
Mubadala and QIA’s interest is preliminary and there is no certainty that either will buy a stake in an NBA team, the people said.
Two of the world’s richest sovereign wealth funds are interested in buying minority stakes in National Basketball Association teams, according to people familiar with the matter, in the latest example of how oil money from the Persian Gulf is pumping up values in global sports.
Executives at Abu Dhabi’s Mubadala Investment Co. and Qatar Investment Authority have expressed their interest in NBA ownership and are actively hunting for a possible match, said the people, who requested anonymity as the discussions are private.
Representatives for Mubadala and QIA declined to comment.
Mubadala and QIA’s interest is preliminary and there is no certainty that either will buy a stake in an NBA team, the people said.
OPEC+ Deal Will Remain in Place All Year, #Saudi Minister Says - Bloomberg
OPEC+ Deal Will Remain in Place All Year, Saudi Minister Says - Bloomberg
The OPEC+ alliance plans to stick with an oil deal agreed in late 2022 for the rest of the year, Saudi Arabia’s energy minister said, reinforcing earlier signals from the group.
In October, OPEC and its partners took the unusual step of assigning fixed production targets for a full year ahead. Key officials have indicated they intend to leave the quotas unchanged throughout 2023, and the comments from Prince Abdulaziz bin Salman are the most emphatic to date.
“The agreement that we struck in October is here to stay for the rest of the year, period,” the prince told Amrita Sen, director of research at Energy Aspects Ltd., during an interview in Riyadh on Feb. 14. “You need to make sure that the emergence of these positive signals in the market can be sustained.”
Prior to the interview — which was posted on Energy Aspects’ website — Prince Abdulaziz had already indicated that the bar for intervention by the Organization of Petroleum Exporting Countries will be high. He said earlier this month in Riyadh that — with respect to production adjustments — “I will believe it when I see it and then take action.”
The OPEC+ alliance plans to stick with an oil deal agreed in late 2022 for the rest of the year, Saudi Arabia’s energy minister said, reinforcing earlier signals from the group.
In October, OPEC and its partners took the unusual step of assigning fixed production targets for a full year ahead. Key officials have indicated they intend to leave the quotas unchanged throughout 2023, and the comments from Prince Abdulaziz bin Salman are the most emphatic to date.
“The agreement that we struck in October is here to stay for the rest of the year, period,” the prince told Amrita Sen, director of research at Energy Aspects Ltd., during an interview in Riyadh on Feb. 14. “You need to make sure that the emergence of these positive signals in the market can be sustained.”
Prior to the interview — which was posted on Energy Aspects’ website — Prince Abdulaziz had already indicated that the bar for intervention by the Organization of Petroleum Exporting Countries will be high. He said earlier this month in Riyadh that — with respect to production adjustments — “I will believe it when I see it and then take action.”
Qatari Royals Said to Plan £5 Billion Opening Bid for Manchester United - Bloomberg
Qatari Royals Said to Plan £5 Billion Opening Bid for Manchester United - Bloomberg
Qatari investors are readying a roughly £5 billion ($6 billion) opening bid for Manchester United Plc, people with knowledge of the matter said, ahead of what’s expected to be a fierce bidding war for the English football giant.
A consortium including Hamad bin Jassim bin Jaber Al Thani, the country’s former prime minister and ex-head of the Qatar Investment Authority, is putting the final touches on a proposal to acquire the English Premier League club from the US Glazer family.
Deliberations are ongoing and no final decisions on the size or timing of any proposal have been taken, according to the people. A representative for Al Thani didn’t immediately respond to a request for comment.
Bloomberg News reported this week that the QIA has been helping with preparations for a bid alongside local family offices. Any offer is likely to face competition from British billionaire Jim Ratcliffe, who’s already lined up financing from banks including Goldman Sachs Group Inc. for a bid of his own.
Qatari investors are readying a roughly £5 billion ($6 billion) opening bid for Manchester United Plc, people with knowledge of the matter said, ahead of what’s expected to be a fierce bidding war for the English football giant.
A consortium including Hamad bin Jassim bin Jaber Al Thani, the country’s former prime minister and ex-head of the Qatar Investment Authority, is putting the final touches on a proposal to acquire the English Premier League club from the US Glazer family.
Deliberations are ongoing and no final decisions on the size or timing of any proposal have been taken, according to the people. A representative for Al Thani didn’t immediately respond to a request for comment.
Bloomberg News reported this week that the QIA has been helping with preparations for a bid alongside local family offices. Any offer is likely to face competition from British billionaire Jim Ratcliffe, who’s already lined up financing from banks including Goldman Sachs Group Inc. for a bid of his own.
#AbuDhabi's ADNOC to float 4% of gas business - sources | Reuters
Abu Dhabi's ADNOC to float 4% of gas business - sources | Reuters
Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday.
The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. ADNOC declined to comment.
Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.
ADNOC is keen on launching the deal ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins in late March, the sources said at the time.
The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity.
Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday.
The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. ADNOC declined to comment.
Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.
ADNOC is keen on launching the deal ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins in late March, the sources said at the time.
The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity.
Mideast Stocks: Major Gulf bourses mixed as oil prices fluctuate
Mideast Stocks: Major Gulf bourses mixed as oil prices fluctuate
Major Gulf bourses put in a mixed performance on Thursday as oil prices fluctuated, while the Qatar index jumped more than 1% as gas prices rebounded.
Oil prices - a key contributor to the Gulf's economies -oscillated as the market weighed a large build in U.S. crude inventories and hopes for a Chinese demand recovery. Brent crude futures were last up 20 cents, or 0.23%, to $85.59 a barrel.
The Qatari Stock index rose 1.8% buoyed by a 2.9% gain in petrochemical maker Industries Qatar and a 5.5% jump in Masraf Al Rayan, with almost all of its other constituent stocks also trading higher.
Fadi Reyad, Chief Market Analyst at CAPEX.com MENA, attributed the move higher, after a series of losses, to natural gas prices ending a losing streak. NYMEX Henry Hub Natural Gas futures were trading around 3% higher.
The global LNG market, in which Qatar is a major player, is expected to remain tight and exposed to supply and demand shocks in the near term, with limited new supply coming online, Shell said on Thursday, adding that more investment would be needed to meet future demand.
Gains in the industrial and utility sectors helped Dubai's benchmark index close 0.2% higher after a volatile session, while Saudi Arabia's index eased 0.2% with most sectors in the red and pressured by a 0.7% drop in Al Rajhi Bank , the world's largest Islamic lender.
Saudi ICT services provider Solutions By Stc also tumbled 9.1% after a 26.5% jump in full-year net profit nonetheless missed analysts' estimates.
In Abu Dhabi, the benchmark index dipped 0.3%, dragged down by a 1.8% drop in the UAE's largest lender First Abu Dhabi Bank and a 5.5% fall in Americana International Restaurants.
Abu Dhabi National Energy rose 3.2% after Japan's JERA said on Wednesday it had signed a memorandum of understanding with the company to explore opportunities to develop decarbonisation projects such as hydrogen and ammonia.
Outside the Gulf, Egypt's blue-chip index eased 0.2%, snapping two sessions of gains, as Commercial International Bank.
Major Gulf bourses put in a mixed performance on Thursday as oil prices fluctuated, while the Qatar index jumped more than 1% as gas prices rebounded.
Oil prices - a key contributor to the Gulf's economies -oscillated as the market weighed a large build in U.S. crude inventories and hopes for a Chinese demand recovery. Brent crude futures were last up 20 cents, or 0.23%, to $85.59 a barrel.
The Qatari Stock index rose 1.8% buoyed by a 2.9% gain in petrochemical maker Industries Qatar and a 5.5% jump in Masraf Al Rayan, with almost all of its other constituent stocks also trading higher.
Fadi Reyad, Chief Market Analyst at CAPEX.com MENA, attributed the move higher, after a series of losses, to natural gas prices ending a losing streak. NYMEX Henry Hub Natural Gas futures were trading around 3% higher.
The global LNG market, in which Qatar is a major player, is expected to remain tight and exposed to supply and demand shocks in the near term, with limited new supply coming online, Shell said on Thursday, adding that more investment would be needed to meet future demand.
Gains in the industrial and utility sectors helped Dubai's benchmark index close 0.2% higher after a volatile session, while Saudi Arabia's index eased 0.2% with most sectors in the red and pressured by a 0.7% drop in Al Rajhi Bank , the world's largest Islamic lender.
Saudi ICT services provider Solutions By Stc also tumbled 9.1% after a 26.5% jump in full-year net profit nonetheless missed analysts' estimates.
In Abu Dhabi, the benchmark index dipped 0.3%, dragged down by a 1.8% drop in the UAE's largest lender First Abu Dhabi Bank and a 5.5% fall in Americana International Restaurants.
Abu Dhabi National Energy rose 3.2% after Japan's JERA said on Wednesday it had signed a memorandum of understanding with the company to explore opportunities to develop decarbonisation projects such as hydrogen and ammonia.
Outside the Gulf, Egypt's blue-chip index eased 0.2%, snapping two sessions of gains, as Commercial International Bank.
Standard Chartered CFO Says ‘No Contact Whatsoever’ With FAB (LON:STAN) - Bloomberg
Standard Chartered CFO Says ‘No Contact Whatsoever’ With FAB (LON:STAN) - Bloomberg
Standard Chartered Plc’s chief financial officer said the bank has had no contact with First Abu Dhabi Bank PJSC despite continuing speculation about a potential takeover bid for the emerging markets-focused lender.
“There has been no contact whatsoever,” Andy Halford said in an interview with Bloomberg Television. “We’re not going to comment on speculation.”
Halford also said that the bank’s bigger-than-expected $1 billion share buyback announced Thursday alongside the London-based bank’s fourth-quarter results wasn’t a defensive move designed to shore up investor support against any bid.
“We would have done this whatever the speculation was out there,” he said.
Standard Chartered Plc’s chief financial officer said the bank has had no contact with First Abu Dhabi Bank PJSC despite continuing speculation about a potential takeover bid for the emerging markets-focused lender.
“There has been no contact whatsoever,” Andy Halford said in an interview with Bloomberg Television. “We’re not going to comment on speculation.”
Halford also said that the bank’s bigger-than-expected $1 billion share buyback announced Thursday alongside the London-based bank’s fourth-quarter results wasn’t a defensive move designed to shore up investor support against any bid.
“We would have done this whatever the speculation was out there,” he said.
#SaudiArabia PIF Funds Tencent-Backed VSPO in First China Games Bet - Bloomberg
Saudi Arabia PIF Funds Tencent-Backed VSPO in First China Games Bet - Bloomberg
Saudi Arabia’s wealth fund has made its first major foray into the Chinese games market, betting on a Tencent Holdings Ltd.-backed esports tournament organizer.
Savvy Games Group, a unit of the Public Investment Fund, invested $265 million in VSPO, which promotes and runs competitive gaming events for titles such as League of Legends and PUBG. The Shanghai outfit, formerly known as VSPN and also backed by Sequoia China and Susquehanna International Group, didn’t disclose its valuation in the Series C round. Savvy now becomes VSPO’s single largest equity holder, according to a statement Thursday.
The funding could help VSPO reboot pro-gaming in China after a two-year lull, when pandemic restrictions and Beijing’s clampdown on the internet sector chilled the world’s biggest games arena. Close collaborator Tencent is planning to launch a Valorant esports league when the hit shooter debuts in China this year, which will likely add to VSPO’s event roster.
The six-year-old startup has been through a couple of faltering attempts at an initial public offering. It had considered a US IPO in 2021, and then filed in Hong Kong last year, during Beijing’s tightening scrutiny over offshore listings.
Saudi Arabia’s wealth fund has made its first major foray into the Chinese games market, betting on a Tencent Holdings Ltd.-backed esports tournament organizer.
Savvy Games Group, a unit of the Public Investment Fund, invested $265 million in VSPO, which promotes and runs competitive gaming events for titles such as League of Legends and PUBG. The Shanghai outfit, formerly known as VSPN and also backed by Sequoia China and Susquehanna International Group, didn’t disclose its valuation in the Series C round. Savvy now becomes VSPO’s single largest equity holder, according to a statement Thursday.
The funding could help VSPO reboot pro-gaming in China after a two-year lull, when pandemic restrictions and Beijing’s clampdown on the internet sector chilled the world’s biggest games arena. Close collaborator Tencent is planning to launch a Valorant esports league when the hit shooter debuts in China this year, which will likely add to VSPO’s event roster.
The six-year-old startup has been through a couple of faltering attempts at an initial public offering. It had considered a US IPO in 2021, and then filed in Hong Kong last year, during Beijing’s tightening scrutiny over offshore listings.
Most Gulf bourses track oil prices higher | Reuters
Most Gulf bourses track oil prices higher | Reuters
Most Gulf stock markets rose in early trade on Thursday, tracking gains in global peers and oil prices, although Abu Dhabi extended losses to a second session.
Crude prices- a key catalyst for the Gulf's financial markets - edged up after International Energy Agency (IEA) said oil demand would rise by 2 million barrels per day (bpd) in 2023, with China making up 900,000 bpd of the increase.
Brent was up 0.7%, to $85.92 per barrel by 0745 GMT.
The Qatari Stock index (.QSI) inched up 0.6%, bolstered by gains in banking and industrial sectors with Industries Qatar (IQCD.QA) rising 2% and Masraf Al Rayan (MARK.QA) gaining 2.4%.
The region's largest lender Qatar National Bank (QNBK.QA) and Qatar Islamic Bank (QISB.QA) rose 0.7% and 0.6%, respectively.
Mesaieed Petrochemical (MPHC.QA) declined 1.4% after it reported a drop in full-year net profit.
Dubai's benchmark stock index (.DFMGI) was up 0.1% in early trade, aided by gains in industry sector stocks, with toll operator Salik (SALIK.DU) rising 1.2%.
Dubai's real estate developer Deyaar Development (DEYR.DU) climbed 2.6% after it reported on Wednesday a 187% jump in full-year net profit.
Saudi Arabia's benchmark stock index (.TASI) inched up 0.1%, helped by gains in finance, materials and energy sectors, with world's largest Islamic bank by assets Al Rajhi Bank (1120.SE) gaining 0.4% and oil giant Saudi Aramco (2222.SE) rising 0.3%.
However, the Saudi's ICT services provider Solutions By Stc (7202.SE) slipped 4.7% after it posted a 26.5% jump in full year net profit that missed analysts' estimates.
In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 0.2%, dragged down by a 0.3% loss in Alpha Dhabi (ALPHADHABI.AD) and 0.4% fall in the largest lender by assets First Abu Dhabi Bank (FAB.AD) .
Among the losers, Americana Restaurants International (AMR.AD) dropped 2.3% after the firm missed a market estimate of 998.9 million riyals for annual net profit.
Americana posted a 27% jump in 2022 net profit to 972.1 million riyals ($259.23 million).
Most Gulf stock markets rose in early trade on Thursday, tracking gains in global peers and oil prices, although Abu Dhabi extended losses to a second session.
Crude prices- a key catalyst for the Gulf's financial markets - edged up after International Energy Agency (IEA) said oil demand would rise by 2 million barrels per day (bpd) in 2023, with China making up 900,000 bpd of the increase.
Brent was up 0.7%, to $85.92 per barrel by 0745 GMT.
The Qatari Stock index (.QSI) inched up 0.6%, bolstered by gains in banking and industrial sectors with Industries Qatar (IQCD.QA) rising 2% and Masraf Al Rayan (MARK.QA) gaining 2.4%.
The region's largest lender Qatar National Bank (QNBK.QA) and Qatar Islamic Bank (QISB.QA) rose 0.7% and 0.6%, respectively.
Mesaieed Petrochemical (MPHC.QA) declined 1.4% after it reported a drop in full-year net profit.
Dubai's benchmark stock index (.DFMGI) was up 0.1% in early trade, aided by gains in industry sector stocks, with toll operator Salik (SALIK.DU) rising 1.2%.
Dubai's real estate developer Deyaar Development (DEYR.DU) climbed 2.6% after it reported on Wednesday a 187% jump in full-year net profit.
Saudi Arabia's benchmark stock index (.TASI) inched up 0.1%, helped by gains in finance, materials and energy sectors, with world's largest Islamic bank by assets Al Rajhi Bank (1120.SE) gaining 0.4% and oil giant Saudi Aramco (2222.SE) rising 0.3%.
However, the Saudi's ICT services provider Solutions By Stc (7202.SE) slipped 4.7% after it posted a 26.5% jump in full year net profit that missed analysts' estimates.
In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 0.2%, dragged down by a 0.3% loss in Alpha Dhabi (ALPHADHABI.AD) and 0.4% fall in the largest lender by assets First Abu Dhabi Bank (FAB.AD) .
Among the losers, Americana Restaurants International (AMR.AD) dropped 2.3% after the firm missed a market estimate of 998.9 million riyals for annual net profit.
Americana posted a 27% jump in 2022 net profit to 972.1 million riyals ($259.23 million).
#Saudi Aramco Doesn’t Believe Its Own Rhetoric on Oil Demand - Bloomberg
Saudi Aramco Doesn’t Believe Its Own Rhetoric on Oil Demand - Bloomberg
Imagine if Sundar Pichai, Jeff Bezos or Mark Zuckerberg was to stand on a stage and lament that the world wasn’t building enough data centers.
Meeting our ever-growing demand for cloud storage (they might say) will require more and more racks of web servers; if we fail to produce them, the electronic systems on which modern society depends might break down. It’s hard to believe such a warning would be taken seriously if Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. weren’t spending the money to avert such a catastrophe. As some of the biggest players in the cloud, with the balance sheets to match, they should be treating the coming crisis as an opportunity.
That makes recent complaints from the Chief Executive Officer of Saudi Arabian Oil Co. a little baffling. “ESG-driven policies” and proponents of an energy transition away from fossil fuels are contributing to underinvestment in oil and gas, Amin Nasser told a forum in Riyadh on Feb. 12. That “will have serious implications. For the global economy. For energy affordability. And for energy security,” he added.
It’s a complaint Saudi Aramco has made before. Annual spending on oil and gas production is falling roughly $150 billion or so short of where it would need to be to meet levels of current and future demand, according to charts presented at half-year results last August:
Imagine if Sundar Pichai, Jeff Bezos or Mark Zuckerberg was to stand on a stage and lament that the world wasn’t building enough data centers.
Meeting our ever-growing demand for cloud storage (they might say) will require more and more racks of web servers; if we fail to produce them, the electronic systems on which modern society depends might break down. It’s hard to believe such a warning would be taken seriously if Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. weren’t spending the money to avert such a catastrophe. As some of the biggest players in the cloud, with the balance sheets to match, they should be treating the coming crisis as an opportunity.
That makes recent complaints from the Chief Executive Officer of Saudi Arabian Oil Co. a little baffling. “ESG-driven policies” and proponents of an energy transition away from fossil fuels are contributing to underinvestment in oil and gas, Amin Nasser told a forum in Riyadh on Feb. 12. That “will have serious implications. For the global economy. For energy affordability. And for energy security,” he added.
It’s a complaint Saudi Aramco has made before. Annual spending on oil and gas production is falling roughly $150 billion or so short of where it would need to be to meet levels of current and future demand, according to charts presented at half-year results last August: