#SaudiArabia’s ‘prickly prince’ of oil bristles as crude price slides | Financial Times

Saudi Arabia’s ‘prickly prince’ of oil bristles as crude price slides | Financial Times

Prince Abdulaziz bin Salman spent almost two decades as a relatively low-profile member of Saudi Arabia’s Opec delegation. But since becoming the first royal to serve as the kingdom’s oil minister in 2019, he has made a name for himself, though not one of his choosing: traders have recently taken to calling him the “prickly prince”. 

From starting oil price wars with Russia in 2020 to contributing to strained US-Saudi relations last year, Prince Abdulaziz has been an assertive steward of the kingdom’s oil policy, but one beset by a thin-skinned tendency to react to slights. 

To supporters, he is a symbol of a more confident Saudi Arabia under the de facto leadership of his half-brother, Crown Prince Mohammed bin Salman. They believe Prince Abdulaziz has got many of the big market calls right, reinforcing Saudi influence over the oil market and its Opec+ alliance with Moscow, which has endured despite Russia’s full-scale invasion of Ukraine. 

To the prince’s detractors, however, he has a tendency to overplay his hand and pick unnecessary fights that make his central role of managing the oil price, on which the kingdom’s economic hopes rest, more challenging.

#UAE stocks mostly higher as US debt deal revives confidence | Reuters

UAE stocks mostly higher as US debt deal revives confidence | Reuters

Stocks in the United Arab Emirates were mostly higher on Friday on the back of a U.S. debt deal that averted a catastrophic default and improved sentiment across most asset classes.

UAE stocks saw an improved performance as traders reacted positively to the U.S. debt ceiling deal, which had kept global markets on edge for some time, said Farah Mourad, senior market analyst at XTB MENA.

Dubai's main share index (.DFMGI) rose 0.6%, in its sixth consecutive positive day, led by strong gains in financial stocks.

Mashreqbank (MASB.DU) surged more than 9%, its biggest gain in nearly four months, and Emirates NBD Bank (ENBD.DU), Dubai's largest lender, climbed 1.1%

In Abu Dhabi, the benchmark index (.FTFADGI) gained 0.4% after two consecutive negative sessions, bolstered by a 1.6% hike in First Abu Dhabi Bank (FAB) (FAB.AD), the country's largest lender, after announcing two new appointments to its senior leadership team.

In a bid to sharpens its focus on growth and expansion, FAB appointed Sameh Al Qubaisi as group head of global markets and Eric Shehadeh as group head of mergers & acquisitions and corporate development, the lender said in a bourse statement.

Americana Restaurants included in MSCI #UAE Index

Americana Restaurants included in MSCI UAE Index

Americana Restaurants International announced that it had been included in the MSCI UAE Index, widely recognised as an important benchmark for investment decision-making by investors in emerging markets, including regional Middle East markets.

The MSCI UAE Index, which is a component of the MSCI EEMEA Index, is designed to measure the performance of large and mid-cap segments of the UAE equity market.

Index inclusion typically supports increased liquidity for a company’s shares and can help to attract more regional and global institutional and index-tracking investors, including those with a focus on Emerging Market equities.

As a constituent of the MSCI UAE Index, Americana Restaurants is now also a constituent of all regional and composite MSCI equity indices containing the UAE.

These indices include the MSCI Emerging Markets Index, MSCI Emerging Markets Investable Market Index (IMI) and MSCI All Country World Index (ACWI), the provider’s flagship global equity index, designed to represent the performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets.

Americana Restaurants’ inclusion in these indices follows its historic concurrent dual listing on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul), which raised $1.8 billion in gross proceeds.

As the region’s first concurrent dual listing, the offering generated significant local and international investor demand, resulting in an aggregate oversubscription level of 58x.

Aramco Taps Turkish Firms for $50 Billion Building Spree - Bloomberg

Aramco Taps Turkish Firms for $50 Billion Building Spree - Bloomberg

Saudi Aramco met with an army of Turkish contractors this week to discuss $50 billion of potential projects in the Gulf kingdom, underlining improving trade ties between the two countries after they buried a diplomatic spat over the killing of Jamal Khashoggi.

Representatives of the state-controlled oil firm met executives from about 80 building companies in workshops in the Turkish capital Ankara on Tuesday and Wednesday, and are seeking to pre-qualify them for projects planned through 2025, Erdal Eren, head of the Turkish Contractors Association, said in a phone interview.

“Aramco wants to see as many Turkish contractors as possible in its projects,” Eren said. “They are planning refinery, pipeline, management buildings and other infrastructure construction that will be worth $50 billion in investment.”

The company, the world’s third-most valuable after Apple Inc and Microsoft Corp, will soon draw up a list of contractors that can participate in tenders for the projects, he said, adding that the two sides will meet again soon in Saudi Arabia.

ICD Brookfield Considers Stake Sale in Iconic #Dubai Tower Amid Office Space Boom - Bloomberg

ICD Brookfield Considers Stake Sale in Iconic Dubai Tower Amid Office Space Boom - Bloomberg

Brookfield Asset Management and Investment Corp. of Dubai are exploring the possibility of selling a stake in the ICD Brookfield Place skyscraper amid a surge in demand for top-tier office space, people familiar with the matter said.

State-owned investment firm ICD and Brookfield have sent investment banks request for proposals in relation to a stake sale, the people said, asking not to be identified because the talks are private. The plan is in its early stages and could still change, they said.

A representative for Brookfield declined to comment, while ICD did not respond to a request for comment.

The sale talks come amid a rebound in the emirate’s property market, which has benefited from an influx of newcomers that’s helped end a multi-year slump and sent real estate prices and rents soaring. Office rents in Dubai are rising faster than in New York and London since last year as banks and businesses expand into the financial hub known for its love of glitzy construction.

ICD Brookfield Place is an equally-owned joint venture partnership between ICD and Brookfield Asset Management. The tower, which rises more than 900 feet (283 meters) over the city’s financial district, opened just as the pandemic spread globally.

Its tenants now include Bank of America Merrill Lynch, BNP Paribas SA, Clifford Chance, Freshfields Bruckhaus Deringer and JPMorgan. Roughly 95% of its 1.1 million square feet of office and retail space is now taken or under offer, with a long waitlist for the rest.

European, Middle Eastern & African Stocks - Bloomberg #UAE mid-session

European, Middle Eastern & African Stocks - Bloomberg