Saudi Oil Billions Lure Neumann, Klein, Novogratz to Miami Beach - Bloomberg
It takes a lot to bring private equity billionaires, crypto titans, some of the most important people from the Trump administration and a fallen tech founder into one room.
But that’s the power and reach of Yasir Al-Rumayyan, gatekeeper to about $650 billion of Saudi Arabia’s sovereign money.
The governor of the Public Investment Fund spoke for just 10 minutes to more than 400 attendees in Miami Beach on Thursday, kicking off a two-day conference that serves to attract money to the kingdom as well those seeking to tap into its wealth.
Minutes before he started, Adam Neumann walked in the room in his usual white T-shirt and blazer. Michael Klein, dealmaker for the Saudis and other world leaders, SPAC maestro and ultimately one of the biggest losers of the Credit Suisse Group AG debacle, sat in the first row, quickly exiting as soon as Al-Rumayyan wrapped his talk.
Saudi Arabia, OPEC+ producers announce voluntary oil output cuts | Reuters
Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day (bpd) from May until the end of 2023, state media reported.
Russia's deputy prime minister also said Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. The United Arab Emirates, Kuwait, Iraq, Oman and Algeria said they would voluntarily cut output over the same time period.
The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Iraq said it would cut output by 211,000 bpd and Oman announced a cut of 40,000 bpd. Algeria said it would cut its output by 48,000 bpd.
The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market.
Most Middle Eastern bourses in black on US inflation data | Reuters
Saudi Arabia's stock market rose on Sunday as U.S. inflation data fuelled hopes the Federal Reserve may be reaching the end of its rate hiking cycle, although the Qatari index bucked the trend to close lower.
Most Gulf currencies are pegged to the U.S. dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Retal Urban Development Co (4322.SE) rising 0.5% and petrochemical maker Saudi Basic Industries Corp (2010.SE) closing 1.7% higher.
Unemployment in Saudi Arabia among citizens fell to 8% in the fourth quarter of 2022, down from 9.9% the previous quarter, while the labour force participation rate among Saudis was steady at 52.5%, data released on Thursday showed.
The country's overall employment rate, including non-citizens, fell to 4.8% from 5.8% in the third quarter, the General Authority for Statistics said in a statement.
Oil prices - a key catalyst for the Gulf's financial markets - rose by more than a dollar per barrel on Friday, on tightening supplies and cooling U.S. inflation.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.7%, with most of its constituent stocks in positive territory including Fawry For Banking Technology And Electronic Payment (FWRY.CA), which jumped more than 7%.
The Central Bank of Egypt (CBE) raised its overnight interest rate by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check.
In Qatar the index (.QSI) dropped 1.2% as natural gas prices remained under pressure.
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis - Bloomberg
OPEC+ is still finding that the best response to growing oil market uncertainty is to hold its ground.
When last month’s banking crisis dragged crude futures to a 15-month low near $70 a barrel in London, speculation swirled that Saudi Arabia and its partners might intervene with fresh production cuts to shore up the market.
But despite all the upheaval, OPEC+ shows every sign of sitting tight. The Saudis have said publicly that the 23-nation coalition should keep output levels steady all year. Delegates privately predict that, when key members hold a monitoring meeting on Monday, they won’t make any adjustments.
Fears over financial contagion are receding and the focus is returning once again to China’s resurgent oil demand, coupled with pressure on Russian output since its invasion of Ukraine. Crude futures have recovered sharply to almost $80 a barrel, buttressing revenue for Riyadh and its allies.
How Expensive Is Dubai for Expats? Rents, Groceries, School Fees Surge - Bloomberg
As billionaires snapped up villas in Dubai and the city bulged with new bankers and executives, Ghida was evicted. The landlord had seen a way of doubling the roughly $3,000-a-month rent she and her husband were paying.The couple were asked to leave their home after being told the owner wanted to move in with his family. He then advertised it for $6,000 a month. She’s now suing him for breaking rental rules. “I am hearing they have a staggering backlog of other tenants with similar situations to mine,” said Ghida, who wanted to be identified by her first name as the dispute continues.It’s a story similar to dozens of others in Facebook groups, cafes and workplaces, and reflects Dubai’s latest incarnation: an enduring land of opportunity, though with a barrier to entry that just got significantly higher.Key to Dubai’s brand has been a largely tax-free lifestyle that many incomers would be unable to access in their home country. But an influx of crypto millionaires, bankers relocating from Asia and some wealthy Russians seeking to shield assets is driving up rental prices and making the metropolis of more than 3 million people feel more like a playground reserved for the super-rich.
Dubai-listed Amanat to consider IPO for new healthcare platform
Dubai-listed investment company Amanat Holdings is considering a regional IPO for its newly-launched healthcare platform, Amanat Healthcare.
The newly launched platform will consolidate the company’s healthcare assets across the UAE, Saudi Arabia and Bahrain to create an expected capacity of 1,000 beds within three years, the company said in a statement t o Dubai Financial Market (DFM) today.
“Amanat also plans to consider further value creation options for Amanat Healthcare, including organic and inorganic growth opportunities, combinations with other synergistic assets and a potential initial public offering (IPO) on a regional exchange in the near-term ,” the statement said.
