UAE President MBZ Buys £65 Million Mansion in London’s Chelsea District - Bloomberg
United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan has bought a mansion in Chelsea, one of London’s most expensive home deals in recent years.
A company tied to the UAE leader spent £65 million ($81.7 million) on the west London mansion in November, according to UK filings. The property was built in the 2000s when a group of businessmen developed three mansions on the site of a former telephone exchange.
Known as MBZ, the sheikh succeeded his late brother as UAE president and ruler of Abu Dhabi in 2022, which is home to one of the world’s richest wealth funds. The UAE is increasingly seen as a key partner for the UK and other Western governments — as geopolitical tensions with China rise and the war in Ukraine cuts off investment from Russia.
Abu Dhabi’s media office did not respond to an e-mail and calls requesting comment.
Wednesday 3 April 2024
Middle East Emerges as Key Region for FDI in Kearney Survey - Bloomberg
Middle East Emerges as Key Region for FDI in Kearney Survey - Bloomberg
The Middle East is increasingly emerging as one of the most desirable locations for foreign investors looking to deploy capital, according to a survey that ranks countries most likely to attract money over the next three years.
Efforts toward economic diversification and reforms to business policies have helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.
Among emerging markets, the two largest Gulf economies ranked second and third, respectively, behind China. Oman also made the emerging market list for the first time, helped by the launch of the Future Fund that will mostly focus on drawing in foreign direct investment.
Attracting FDI is a key priority for Saudi Arabia, which has a target of $100 billion in inflows annually by 2030 — roughly three times bigger than it has ever achieved. Between 2017-2022 annual FDI averaged just over $17 billion.
The Middle East is increasingly emerging as one of the most desirable locations for foreign investors looking to deploy capital, according to a survey that ranks countries most likely to attract money over the next three years.
Efforts toward economic diversification and reforms to business policies have helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.
Among emerging markets, the two largest Gulf economies ranked second and third, respectively, behind China. Oman also made the emerging market list for the first time, helped by the launch of the Future Fund that will mostly focus on drawing in foreign direct investment.
Attracting FDI is a key priority for Saudi Arabia, which has a target of $100 billion in inflows annually by 2030 — roughly three times bigger than it has ever achieved. Between 2017-2022 annual FDI averaged just over $17 billion.
Gulf markets slip on Fed rate worries; #Saudi climbs | Reuters
Gulf markets slip on Fed rate worries; Saudi climbs | Reuters
Most stock markets in the Gulf slipped on Wednesday as investors turned cautious after strong readings on the U.S. economy tempered bets on interest rate cuts by the Federal Reserve this year.
Investors' focus is now on Federal Reserve Chair Jerome Powell's speech and March private payrolls and services sector data later in the day to get more clues on the rate outlook.
Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates, and Qatar usually mimic any U.S. monetary policy change.
The Qatari benchmark index (.QSI), opens new tab dropped 1.1% and closed at 9,691.9, the lowest in five months, with most stocks posting losses, led by finance and communications.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, declined 1.4% and 1.8%, respectively, while Ooredoo (ORDS.QA), opens new tab slid 4.6%.
Dubai's benchmark index (.DFMGI), opens new tab fell 0.7% after four straight sessions of gains, with tolls operator Salik Company (SALIK.DU), opens new tab decreasing 1.9% and Commercial Bank of Dubai (CBD.DU), opens new tab dropping 5.3%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab retreated 0.5%, weighed down by a 1.8% drop in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and 1.9% slide in First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, while Abu Dhabi Commercial Bank (ADCB.AD), opens new tab and Aldar Properties (ALDAR.AD), opens new tab lost 1.7% and 2%, respectively.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a third straight session and advanced 1.2%, the highest intraday rise in three months, with most sectors in the green.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, rose 2.7% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, climbed 2%.
Among other gainers, the chemical manufacturer Saudi Basic Industries (2010.SE), opens new tab and Middle East Pharmaceutical Industries (4016.SE), opens new tab gained 3.7% and 5.2%, respectively.
Elsewhere, strong demand helped drive non-oil business activity in Saudi Arabia in March, with output accelerating to a six-month high, a survey showed on Wednesday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was little changed with Eastern Company (EAST.CA), opens new tab falling 3.4% and Misr Fertilizers Production (MFPC.CA), opens new tab sliding 4.9%, while El Sewedy Electric(SWDY.CA), opens new tab rose 6.4% and Talaat Mostafa (TMGH.CA), opens new tab gained 0.9%.
Most stock markets in the Gulf slipped on Wednesday as investors turned cautious after strong readings on the U.S. economy tempered bets on interest rate cuts by the Federal Reserve this year.
Investors' focus is now on Federal Reserve Chair Jerome Powell's speech and March private payrolls and services sector data later in the day to get more clues on the rate outlook.
Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates, and Qatar usually mimic any U.S. monetary policy change.
The Qatari benchmark index (.QSI), opens new tab dropped 1.1% and closed at 9,691.9, the lowest in five months, with most stocks posting losses, led by finance and communications.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, declined 1.4% and 1.8%, respectively, while Ooredoo (ORDS.QA), opens new tab slid 4.6%.
Dubai's benchmark index (.DFMGI), opens new tab fell 0.7% after four straight sessions of gains, with tolls operator Salik Company (SALIK.DU), opens new tab decreasing 1.9% and Commercial Bank of Dubai (CBD.DU), opens new tab dropping 5.3%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab retreated 0.5%, weighed down by a 1.8% drop in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and 1.9% slide in First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, while Abu Dhabi Commercial Bank (ADCB.AD), opens new tab and Aldar Properties (ALDAR.AD), opens new tab lost 1.7% and 2%, respectively.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a third straight session and advanced 1.2%, the highest intraday rise in three months, with most sectors in the green.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, rose 2.7% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, climbed 2%.
Among other gainers, the chemical manufacturer Saudi Basic Industries (2010.SE), opens new tab and Middle East Pharmaceutical Industries (4016.SE), opens new tab gained 3.7% and 5.2%, respectively.
Elsewhere, strong demand helped drive non-oil business activity in Saudi Arabia in March, with output accelerating to a six-month high, a survey showed on Wednesday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was little changed with Eastern Company (EAST.CA), opens new tab falling 3.4% and Misr Fertilizers Production (MFPC.CA), opens new tab sliding 4.9%, while El Sewedy Electric(SWDY.CA), opens new tab rose 6.4% and Talaat Mostafa (TMGH.CA), opens new tab gained 0.9%.
#AbuDhabi's Lunate buys stake in ADNOC pipeline assets | Reuters
Abu Dhabi's Lunate buys stake in ADNOC pipeline assets | Reuters
Abu Dhabi investor Lunate said on Wednesday it had bought a 40% stake from private equity firms BlackRock (BLK.N), opens new tab and KKR (KKR.N), opens new tab in the entity that leases Abu Dhabi National Oil Company's (ADNOC) oil pipelines.
The terms of the deal were not disclosed. The transaction returns the stake to local hands after the two U.S funds bought it for $4 billion in 2019, becoming the first foreign investors to acquire infrastructure assets of a Gulf national oil company.
It highlights how Abu Dhabi, home to three wealth funds that collectively manage about $1.4 trillion of assets and positions itself as the "Capital of Capital", is creating a new national champion in the alternative investments sector with Lunate.
Alternative investments are in areas such as private equity and infrastructure, rather than traditional financial instruments such as equities and bonds.
Abu Dhabi investor Lunate said on Wednesday it had bought a 40% stake from private equity firms BlackRock (BLK.N), opens new tab and KKR (KKR.N), opens new tab in the entity that leases Abu Dhabi National Oil Company's (ADNOC) oil pipelines.
The terms of the deal were not disclosed. The transaction returns the stake to local hands after the two U.S funds bought it for $4 billion in 2019, becoming the first foreign investors to acquire infrastructure assets of a Gulf national oil company.
It highlights how Abu Dhabi, home to three wealth funds that collectively manage about $1.4 trillion of assets and positions itself as the "Capital of Capital", is creating a new national champion in the alternative investments sector with Lunate.
Alternative investments are in areas such as private equity and infrastructure, rather than traditional financial instruments such as equities and bonds.
OPEC+ ministers keep output policy steady as oil rallies | Reuters
OPEC+ ministers keep output policy steady as oil rallies | Reuters
A meeting of the top OPEC+ ministers kept oil output policy unchanged and pressed some countries to boost compliance with output cuts, a decision that spurred international crude prices to their highest in five months at nearly $90 a barrel.
A ministerial committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, met online to review the market and members' implementation of output cuts.
Oil has rallied this year, driven by tighter supply, attacks on Russian energy infrastructure and war in the Middle East. Brent crude rose to trade near $90 on Wednesday, its highest since late October 2023, after the meeting ended.
OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June to support the market.
A meeting of the top OPEC+ ministers kept oil output policy unchanged and pressed some countries to boost compliance with output cuts, a decision that spurred international crude prices to their highest in five months at nearly $90 a barrel.
A ministerial committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, met online to review the market and members' implementation of output cuts.
Oil has rallied this year, driven by tighter supply, attacks on Russian energy infrastructure and war in the Middle East. Brent crude rose to trade near $90 on Wednesday, its highest since late October 2023, after the meeting ended.
OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June to support the market.
Aramco Oil Traders Stage Walkout in Houston Over Bonus Pay - Bloomberg
Aramco Oil Traders Stage Walkout in Houston Over Bonus Pay - Bloomberg
Several oil traders in Saudi Aramco’s Houston office staged a brief walkout last week after receiving smaller bonuses than expected, according to people familiar with the matter.
While only a handful of people walked off the job, discontent about trader pay is roiling the company’s Houston crude desk, said the people, who asked not to be named discussing internal matters.
The dispute stems back to Aramco’s acquisition of Motiva Trading last year. At the time, traders were told their compensation would not change materially under the new ownership, said the people. But when bonuses paid out last month some traders received far less than they expected, the people added.
Aramco, which has been expanding its trading presence, declined to comment.
Bonuses have been a key point of contention for traders at integrated oil companies, such as Exxon Mobil Corp., that use trading as a way to bolster profits around the assets they own. Aramco Trading Americas, based in Houston, was set up last year to handle buying and selling for the company’s oil-refining business.
Merchant traders such as Vitol and Trafigura, by contrast, require traders to take on much higher risk and offer them a significant percentage of their book as a bonus.
Aramco Trading Americas is the sole supplier and ‘offtaker’ of Motiva Enterprises, which owns one of North America’s largest refineries with a crude refining capacity of 630,000 barrels a day, producing consumer and commercial grade fuels and base oils.
Several oil traders in Saudi Aramco’s Houston office staged a brief walkout last week after receiving smaller bonuses than expected, according to people familiar with the matter.
While only a handful of people walked off the job, discontent about trader pay is roiling the company’s Houston crude desk, said the people, who asked not to be named discussing internal matters.
The dispute stems back to Aramco’s acquisition of Motiva Trading last year. At the time, traders were told their compensation would not change materially under the new ownership, said the people. But when bonuses paid out last month some traders received far less than they expected, the people added.
Aramco, which has been expanding its trading presence, declined to comment.
Bonuses have been a key point of contention for traders at integrated oil companies, such as Exxon Mobil Corp., that use trading as a way to bolster profits around the assets they own. Aramco Trading Americas, based in Houston, was set up last year to handle buying and selling for the company’s oil-refining business.
Merchant traders such as Vitol and Trafigura, by contrast, require traders to take on much higher risk and offer them a significant percentage of their book as a bonus.
Aramco Trading Americas is the sole supplier and ‘offtaker’ of Motiva Enterprises, which owns one of North America’s largest refineries with a crude refining capacity of 630,000 barrels a day, producing consumer and commercial grade fuels and base oils.
Gulf Arab states test waters with Iraq investment | Reuters
Gulf Arab states test waters with Iraq investment | Reuters
In Baghdad's Green Zone, a heavily fortified legacy from Iraq's war-torn years, the glitzy Qatar-financed Rixos hotel is taking shape, highlighting growing investment interest from Gulf Arab states.
The government of Prime Minister Mohammed Shia' Al Sudani hopes to host Gulf Arab monarchs and other Middle Eastern emissaries in Rixos Baghdad's 470 luxury rooms and suites when they arrive for a planned Arab League summit next year.
His government has been pushing for more investment from the region for an economy ravaged by decades of war and instability, but which is benefiting from record oil revenues, helping to spur demand for consumer goods from its rapidly growing population of at least 43 million.
OPEC member Iraq has seen relative calm since defeating Islamic State in 2017, although there has been sporadic violence, including among ruling Shi'ite Muslim factions and more recently attacks from Iran-aligned groups.
The country's top trade partners are currently China, Iran and Turkey.
However, Gulf Arab states, which have had a complicated relationship with Iraq, have pledged a string of investments as they seek to grow soft power in a country where regional rival Iran has unparalleled influence via a powerful network of allies. This has been partially enabled by a detente in ties between Iran and Saudi Arabia.
In Baghdad's Green Zone, a heavily fortified legacy from Iraq's war-torn years, the glitzy Qatar-financed Rixos hotel is taking shape, highlighting growing investment interest from Gulf Arab states.
The government of Prime Minister Mohammed Shia' Al Sudani hopes to host Gulf Arab monarchs and other Middle Eastern emissaries in Rixos Baghdad's 470 luxury rooms and suites when they arrive for a planned Arab League summit next year.
His government has been pushing for more investment from the region for an economy ravaged by decades of war and instability, but which is benefiting from record oil revenues, helping to spur demand for consumer goods from its rapidly growing population of at least 43 million.
OPEC member Iraq has seen relative calm since defeating Islamic State in 2017, although there has been sporadic violence, including among ruling Shi'ite Muslim factions and more recently attacks from Iran-aligned groups.
The country's top trade partners are currently China, Iran and Turkey.
However, Gulf Arab states, which have had a complicated relationship with Iraq, have pledged a string of investments as they seek to grow soft power in a country where regional rival Iran has unparalleled influence via a powerful network of allies. This has been partially enabled by a detente in ties between Iran and Saudi Arabia.
Gulf markets dip in early trade; #Saudi gains | Reuters
Gulf markets dip in early trade; Saudi gains | Reuters
Most Gulf stock markets were down in early trade on Wednesday, as investors weighed chances that the U.S. Federal Reserve could delay cutting interest rates, while the Saudi index rose.
Recent solid U.S. economic reports have raised doubts about whether the Fed could deliver the three rate cuts outlined in its latest forecast.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.2%, dragged down by a 0.5% dip in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 4.2% drop in Commercial Bank of Dubai(CBD.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab fell 0.2%, weighed down by losses in most sectors, with Commercial Bank (COMB.QA), opens new tab slipping 3% and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, shedding 0.4%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed with Aldar Properties (ALDAR.AD), opens new tab falling 0.7% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab losing 0.3%, while Presight (PRESIGHT.AD), opens new tab rose 6.2% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab gained 0.8%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.6%, supported by gains in almost all sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, rising 0.9% and Saudi National Bank (1180.SE), opens new tab, the kingdom's biggest lender, climbing 1.1%.
Among other gainers, Middle East Pharmaceutical (4016.SE), opens new tab and Saudi Telecom(7010.SE), opens new tab, the country's largest mobile operator, added 2.9% and 1%, respectively.
Most Gulf stock markets were down in early trade on Wednesday, as investors weighed chances that the U.S. Federal Reserve could delay cutting interest rates, while the Saudi index rose.
Recent solid U.S. economic reports have raised doubts about whether the Fed could deliver the three rate cuts outlined in its latest forecast.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.2%, dragged down by a 0.5% dip in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 4.2% drop in Commercial Bank of Dubai(CBD.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab fell 0.2%, weighed down by losses in most sectors, with Commercial Bank (COMB.QA), opens new tab slipping 3% and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, shedding 0.4%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed with Aldar Properties (ALDAR.AD), opens new tab falling 0.7% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab losing 0.3%, while Presight (PRESIGHT.AD), opens new tab rose 6.2% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab gained 0.8%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.6%, supported by gains in almost all sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, rising 0.9% and Saudi National Bank (1180.SE), opens new tab, the kingdom's biggest lender, climbing 1.1%.
Among other gainers, Middle East Pharmaceutical (4016.SE), opens new tab and Saudi Telecom(7010.SE), opens new tab, the country's largest mobile operator, added 2.9% and 1%, respectively.
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