Oil climbs 2% but still headed for seventh weekly drop | Reuters
Oil prices were on track for a seventh consecutive weekly decline for the first time in half a decade on Friday on concerns about surplus supply, but prices rose on the day after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts.
Brent crude futures were up $1.76, or 2.4%, at $75.81 a barrel at 2:06 p.m. ET [1906 GMT], while U.S. West Texas Intermediate crude futures were up $1.85, or 2.7%, at $71.19 a barrel.
Offering some support, data showed U.S. consumer sentiment perked up much more than expected in December, a development likely to be welcomed by Federal Reserve officials.
Meanwhile, Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts just days after a fractious meeting of the producers' club.
The Organization of the Petroleum Exporting Countries and its allies last week agreed to a combined 2.2 million barrels per day (bpd) in output cuts for the first quarter of next year. The market has been concerned, however, that some members may not adhere to their commitments.
Friday, 8 December 2023
#SaudiArabia: Northern Trust Picks Riyadh for Gulf Base, Boosting Kingdom's Push - Bloomberg
Saudi Arabia: Northern Trust Picks Riyadh for Gulf Base, Boosting Kingdom's Push - Bloomberg
Northern Trust Corp. has become one of the first major global financial institutions to set up its regional headquarters in Riyadh, bolstering the Saudi government’s drive to get international firms to run their Middle Eastern operations from the kingdom.
The firm, which has $1.3 trillion in assets under management, recently received a license from the Ministry of Investment of Saudi Arabia to set up its Middle East base in Riyadh. That comes ahead of a January 2024 deadline, when new rules kick in to restrict state entities from doing business with international companies that don’t have regional headquarters in the kingdom.
Northern Trust continues to experience “significant growth” across the region with offices in Abu Dhabi and Saudi Arabia, a spokesperson for the firm said. “The establishment of our MENA regional headquarters in Saudi Arabia reflects continued investment in infrastructure, capabilities, and expertise in the region.”
Lazard Ltd. also plans to make the Saudi capital its regional base and last year appointed Sarah Al Suhaimi — one of the kingdom’s most seasoned female bankers — to lead its Middle East and North Africa advisory business out of Riyadh.
Dubai, the Middle East’s main business and tourism hub, has long been the default option for businesses to set up their headquarters. While Saudi Arabia has announced a series of initiatives to make Riyadh a more attractive destination, challenges remain.
Northern Trust Corp. has become one of the first major global financial institutions to set up its regional headquarters in Riyadh, bolstering the Saudi government’s drive to get international firms to run their Middle Eastern operations from the kingdom.
The firm, which has $1.3 trillion in assets under management, recently received a license from the Ministry of Investment of Saudi Arabia to set up its Middle East base in Riyadh. That comes ahead of a January 2024 deadline, when new rules kick in to restrict state entities from doing business with international companies that don’t have regional headquarters in the kingdom.
Northern Trust continues to experience “significant growth” across the region with offices in Abu Dhabi and Saudi Arabia, a spokesperson for the firm said. “The establishment of our MENA regional headquarters in Saudi Arabia reflects continued investment in infrastructure, capabilities, and expertise in the region.”
Lazard Ltd. also plans to make the Saudi capital its regional base and last year appointed Sarah Al Suhaimi — one of the kingdom’s most seasoned female bankers — to lead its Middle East and North Africa advisory business out of Riyadh.
Dubai, the Middle East’s main business and tourism hub, has long been the default option for businesses to set up their headquarters. While Saudi Arabia has announced a series of initiatives to make Riyadh a more attractive destination, challenges remain.
Mideast Stocks: #UAE markets end lower on decline in financial, industrial stocks
Mideast Stocks: UAE markets end lower on decline in financial, industrial stocks
Stock exchanges in the United Arab Emirates closed in red on Friday, with industrial and financial stocks taking the biggest hit as investors were cautious ahead of the U.S. Federal Reserve's meeting next week.
Abu Dhabi's main index dropped 0.7%, extending losses to the third session, weighed down by a 4.4% fall in conglomerate IHC-controlled investment firm Multiply Group , while UAE's largest lender First Abu Dhabi Bank shed 1.2%. Among the losers, newly listed cryptocurrency mining hardware retailer Phoenix Group plunged 10% in its third session of trade.
Oil prices, a key contributor to the Gulf's economy, recovered slightly after Saudi Arabia and Russia called for more OPEC+ members to join output cuts, but still set for a 4% fall this week. Brent crude was up 1.7% or $1.29 to $75.34 a barrel by 1123 GMT.
The Abu Dhabi stock market could continue to see downside risks, while oil prices slide, said Ahmed Negm, head of market research MENA at XS.com.
Dubai's benchmark index continued its decline to the straight seventh session with a loss of 0.1%, pressured by a decline in banking and industrial sector stocks. Blue-chip developer Emaar properties and top lender Emirates NBD Bank lost 0.9% each. Abu Dhabi and Dubai indexes posted a weekly loss of 1.5% and 0.9%, respectively, according to LSEG data. Other Gulf markets were closed on Friday.
Abu Dhabi's main index dropped 0.7%, extending losses to the third session, weighed down by a 4.4% fall in conglomerate IHC-controlled investment firm Multiply Group , while UAE's largest lender First Abu Dhabi Bank shed 1.2%. Among the losers, newly listed cryptocurrency mining hardware retailer Phoenix Group plunged 10% in its third session of trade.
Oil prices, a key contributor to the Gulf's economy, recovered slightly after Saudi Arabia and Russia called for more OPEC+ members to join output cuts, but still set for a 4% fall this week. Brent crude was up 1.7% or $1.29 to $75.34 a barrel by 1123 GMT.
The Abu Dhabi stock market could continue to see downside risks, while oil prices slide, said Ahmed Negm, head of market research MENA at XS.com.
Dubai's benchmark index continued its decline to the straight seventh session with a loss of 0.1%, pressured by a decline in banking and industrial sector stocks. Blue-chip developer Emaar properties and top lender Emirates NBD Bank lost 0.9% each. Abu Dhabi and Dubai indexes posted a weekly loss of 1.5% and 0.9%, respectively, according to LSEG data. Other Gulf markets were closed on Friday.
#SaudiArabia's PIF Pumps More Money Into Alibaba-Backed Tech Venture - Bloomberg
Saudi Arabia's PIF Pumps More Money Into Alibaba-Backed Tech Venture - Bloomberg
A unit of Saudi Arabia’s Public Investment Fund is pumping further capital into its technology venture with China’s Alibaba Group, taking its total investment into the entity to about $200 million.
Jada Fund of Funds, wholly owned by the Saudi PIF, is one of several regional and Asian funds participating in eWTP Arabia’s upcoming $1 billion funding round that’s set to conclude early next year. The vehicle will focus on investing in technology and energy startups, eWTP Founder and Managing Partner Jessica Wong said.
“We have a few funds from different pockets of the PIF,” Wong said in an interview. “We are a strategy partner with Saudi Aramco and we are working very closely.”
Founded in 2019, eWTP raised $400 million for deals that year. It is one of the investors behind SCCC Alibaba Cloud, which also counts Saudi Telecom Co., Alibaba Cloud, and the Saudi Company for Artificial Intelligence among its backers.
The fund has invested in 16 firms in Asia and the Middle East, and plans to list some portfolio companies on the Saudi stock exchange next year, Wong said.
For its part, the PIF has been plowing money into tech firms and startups as it seeks to build a venture capital industry and encourage young entrepreneurs to set up their own businesses to diversify the economy and create jobs.
It created a $1 billion fund of funds for venture capital firms, and also invests directly through its subsidiary, Sanabil.
A unit of Saudi Arabia’s Public Investment Fund is pumping further capital into its technology venture with China’s Alibaba Group, taking its total investment into the entity to about $200 million.
Jada Fund of Funds, wholly owned by the Saudi PIF, is one of several regional and Asian funds participating in eWTP Arabia’s upcoming $1 billion funding round that’s set to conclude early next year. The vehicle will focus on investing in technology and energy startups, eWTP Founder and Managing Partner Jessica Wong said.
“We have a few funds from different pockets of the PIF,” Wong said in an interview. “We are a strategy partner with Saudi Aramco and we are working very closely.”
Founded in 2019, eWTP raised $400 million for deals that year. It is one of the investors behind SCCC Alibaba Cloud, which also counts Saudi Telecom Co., Alibaba Cloud, and the Saudi Company for Artificial Intelligence among its backers.
The fund has invested in 16 firms in Asia and the Middle East, and plans to list some portfolio companies on the Saudi stock exchange next year, Wong said.
For its part, the PIF has been plowing money into tech firms and startups as it seeks to build a venture capital industry and encourage young entrepreneurs to set up their own businesses to diversify the economy and create jobs.
It created a $1 billion fund of funds for venture capital firms, and also invests directly through its subsidiary, Sanabil.
The 25 Richest Families in the World — 2023 #UAE #Qatar #SaudiArabia
The 25 Richest Families in the World — 2023
Move over, Waltons. Another family has emerged as the richest dynasty in the world.
For the first time, the House of Nahyan has joined Bloomberg’s annual ranking of family fortunes, and done so at the very top.
With a $305 billion fortune, the Al Nahyans of Abu Dhabi topped the Waltons of Walmart Inc. by a cool $45 billion. Another new entrant: the Al Thanis, the royal family of Qatar, at No. 5.
The petro-fortunes are reshaping global business as never before. Their flexing of personal — as well as sovereign — financial firepower adds multibillion-dollar exclamation points to the region’s growing influence. All three Gulf families on the ranking are likely far richer than these conservative estimates.
Move over, Waltons. Another family has emerged as the richest dynasty in the world.
For the first time, the House of Nahyan has joined Bloomberg’s annual ranking of family fortunes, and done so at the very top.
With a $305 billion fortune, the Al Nahyans of Abu Dhabi topped the Waltons of Walmart Inc. by a cool $45 billion. Another new entrant: the Al Thanis, the royal family of Qatar, at No. 5.
The petro-fortunes are reshaping global business as never before. Their flexing of personal — as well as sovereign — financial firepower adds multibillion-dollar exclamation points to the region’s growing influence. All three Gulf families on the ranking are likely far richer than these conservative estimates.