CFA Wants to Expand in the Middle East, and is Bullish on Saudi Arabia - Bloomberg
The CFA Institute is working to expand its membership network in the Middle East, with Saudi Arabia a key focus as the country opens up its financial markets and looks to diversify its investment industry.
The non-profit educational organization for chartered financial analysts aims to double the number of members in the kingdom to about 1,000 over the next three years, while also growing the pool of candidates by 20% a year, said Marg Franklin, its president and chief executive officer.
The country has about 1,800 candidates planning to sit for CFA exams this year.
The push comes as Saudi Arabia reforms its financial system in an effort to advance the banking and insurance industries, evolve its capital markets, and encourage more startups.
Sunday, 25 February 2024
#Qatar Is Betting Big on LNG and Says Other Nations Should, Too - Bloomberg
Qatar Is Betting Big on LNG and Says Other Nations Should, Too - Bloomberg
Qatar is betting that demand for liquefied natural gas will continue to grow over the next few decades as it embarks on a new multibillion-dollar project to expand exports.
“We need more gas for the world, and we need more players,” Energy Minister Saad Al-Kaabi said in an interview Sunday.
The Middle Eastern nation — already one of the world’s largest exporters of LNG — plans to add 16 million tons of annual production capacity. That’s in addition to its previously-announced expansion of 49 million tons per year.
Population growth, particularly in Asia, will drive demand along with economic recovery across the world, according to Al-Kaabi. Qatar is also looking to lock-in more deals in Europe, he said.
The decision to plough yet more investment into gas production comes as projects elsewhere have stalled on the expectation of a glut while countries shift away from fossil fuels in favor of alternatives. Global gas demand could peak as soon as 2030, according to some analysts, including the International Energy Agency.
The US, which currently produces roughly the same amount of LNG as Qatar, has paused issuing new export licenses for as long as 14 months while it considers the impact of higher exports on the climate, the economy and national security.
That decision will hit small American producers that rely on securing long-term sales agreements to underpin investments in liquefaction projects, according to Al-Kaabi.
“Buyers will not go for these sellers if every day the government could stop the process,” he said. “It’s very difficult to have long-term planning when you have that.”
Natural gas prices have slumped in recent months, in part due to mild weather and muted demand, but also because Europe’s energy crisis has faded. As one of the world’s lowest-cost producers, Qatar is insulated from the full impact of global price swings, Al-Kaabi said. “If there’s a downturn, we will be able to cope with it more than others.”
Qatar is betting that demand for liquefied natural gas will continue to grow over the next few decades as it embarks on a new multibillion-dollar project to expand exports.
“We need more gas for the world, and we need more players,” Energy Minister Saad Al-Kaabi said in an interview Sunday.
The Middle Eastern nation — already one of the world’s largest exporters of LNG — plans to add 16 million tons of annual production capacity. That’s in addition to its previously-announced expansion of 49 million tons per year.
Population growth, particularly in Asia, will drive demand along with economic recovery across the world, according to Al-Kaabi. Qatar is also looking to lock-in more deals in Europe, he said.
The decision to plough yet more investment into gas production comes as projects elsewhere have stalled on the expectation of a glut while countries shift away from fossil fuels in favor of alternatives. Global gas demand could peak as soon as 2030, according to some analysts, including the International Energy Agency.
The US, which currently produces roughly the same amount of LNG as Qatar, has paused issuing new export licenses for as long as 14 months while it considers the impact of higher exports on the climate, the economy and national security.
That decision will hit small American producers that rely on securing long-term sales agreements to underpin investments in liquefaction projects, according to Al-Kaabi.
“Buyers will not go for these sellers if every day the government could stop the process,” he said. “It’s very difficult to have long-term planning when you have that.”
Natural gas prices have slumped in recent months, in part due to mild weather and muted demand, but also because Europe’s energy crisis has faded. As one of the world’s lowest-cost producers, Qatar is insulated from the full impact of global price swings, Al-Kaabi said. “If there’s a downturn, we will be able to cope with it more than others.”
#Saudi bourse eases on profit-taking, #Qatar gains | Reuters
Saudi bourse eases on profit-taking, Qatar gains | Reuters
Saudi Arabia's stock market eased on Sunday as investors booked profits following recent gains, while the Qatari bourse advanced as the Gulf state plans to further expand gas production.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.2%, snapping a 15-day winning streak, with Al Rajhi Bank (1120.SE), opens new tab losing 0.9% and the country's biggest lender Saudi National Bank (1180.SE), opens new tab down 0.9%.
Separately, an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday.
Shares of Aramco were down 0.2%.
The Qatari benchmark (.QSI), opens new tab gained 1%, as most of its constituents were in positive territory including Gulf International Services (GISS.QA), opens new tab, which jumped 7.5%.
Qatar - among the world's top liquefied natural gas exporters - will further raise gas production despite a steep drop in global prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States.
QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its LNG production that will add 16 million tonnes per annum (mtpa) to existing expansion plans, bringing total capacity to 142 mtpa.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 5%, retreating from record highs it touched last week.
However, Talaat Mostafa Holding (TMGH.CA), opens new tab surged 20%, following an agreement with ADQ and Modon properties to collaborate on development of the Ras El-Hekma project along Egypt's Mediterranean coast.
Egypt said on Friday it had signed a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country over the next two months.
The deal with ADQ could eventually attract as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly told a press conference.
Saudi Arabia's stock market eased on Sunday as investors booked profits following recent gains, while the Qatari bourse advanced as the Gulf state plans to further expand gas production.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.2%, snapping a 15-day winning streak, with Al Rajhi Bank (1120.SE), opens new tab losing 0.9% and the country's biggest lender Saudi National Bank (1180.SE), opens new tab down 0.9%.
Separately, an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday.
Shares of Aramco were down 0.2%.
The Qatari benchmark (.QSI), opens new tab gained 1%, as most of its constituents were in positive territory including Gulf International Services (GISS.QA), opens new tab, which jumped 7.5%.
Qatar - among the world's top liquefied natural gas exporters - will further raise gas production despite a steep drop in global prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States.
QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its LNG production that will add 16 million tonnes per annum (mtpa) to existing expansion plans, bringing total capacity to 142 mtpa.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 5%, retreating from record highs it touched last week.
However, Talaat Mostafa Holding (TMGH.CA), opens new tab surged 20%, following an agreement with ADQ and Modon properties to collaborate on development of the Ras El-Hekma project along Egypt's Mediterranean coast.
Egypt said on Friday it had signed a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country over the next two months.
The deal with ADQ could eventually attract as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly told a press conference.
#Qatar plans new gas output boost amid global price collapse | Reuters
Qatar plans new gas output boost amid global price collapse | Reuters
Prices of gas in Europe also fell steeply despite a drop in Russian supplies after the U.S. and Qatar helped replace lost volumes.
Kaabi said gas markets in Asia would continue to grow and Europe would still need more gas for the foreseeable future.
Qatar will further raise gas production despite a steep drop in global gas prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States.
QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its liquefied natural gas production that will add a further 16 million tonnes per annum (mtpa) to existing expansion plans, bringing total capacity to 142 mtpa.
The Qatari announcement comes as U.S. gas prices trade near an all-time low if adjusted to inflation after a decade of meteoric rises in output which made the U.S. one of the top oil and gas exporters.
The Qatari announcement comes as U.S. gas prices trade near an all-time low if adjusted to inflation after a decade of meteoric rises in output which made the U.S. one of the top oil and gas exporters.
Prices of gas in Europe also fell steeply despite a drop in Russian supplies after the U.S. and Qatar helped replace lost volumes.
Kaabi said gas markets in Asia would continue to grow and Europe would still need more gas for the foreseeable future.