Hedge Fund Sculptor Joins Rush of Financial Firms in Abu Dhabi - Bloomberg
Sculptor Capital Management received regulatory approval to operate in Abu Dhabi, joining a wave of financial firms that have recently set up in the oil-rich emirate.
Adrian Colberg, the hedge fund firm’s executive managing director and global co-head of the client partner group, is one of three directors listed for the unit in ADGM, according to the financial hub’s records. He recently relocated to the United Arab Emirates, and is currently based in Dubai.
Sculptor, which manages about $34 billion in assets, also maintains a representative office in the Dubai International Financial Centre, according to a March filing with the US Securities and Exchange Commission.
Representatives for Sculptor didn’t immediately respond to requests for comments outside of normal working hours.
The firm has a history in the region, having been involved in the restructuring of NMC Healthcare in 2020.
Abu Dhabi — home to three major sovereign wealth funds overseeing nearly $1.7 trillion in assets — is competing with Dubai and Riyadh to position itself as the Middle East’s main business hub. It has recently attracted financial heavyweights including BlackRock Inc. and Seviora, the $54 billion asset management arm of Temasek Holdings Pte.
In the broader Middle East, countries like Kuwait and Qatar too have also stepped up efforts to attract foreign firms.
Friday, 11 April 2025
Brent, WTI prices climb more $1 on possible Iran crude restriction | Reuters
Brent, WTI prices climb more $1 on possible Iran crude restriction | Reuters
Brent and West Texas Intermediate crude climbed more than $1 on Friday after U.S. Energy Secretary Chris Wright said the United States could end Iran's oil exports as part of an effort to bring the Islamic Republic to terms over its nuclear program.
Brent crude futures settled at $64.76 a barrel, up $1.43, or 2.26%. U.S. West Texas Intermediate crude finished at $61.50 a barrel, up $1.43 or 2.38%.
"Strict enforcement of restrictions on Iranian crude exports would reduce global supply," said Andrew Lipow, president of Lipow Oil Associates. "I suspect China will continue to buy oil from Iran."
Wright's comments provided upward momentum for oil prices, following volatile price swings this week as U.S. President Donald Trump's new tariff regime forced traders to reassess the geopolitical risks facing the crude market.
"The U.S. being a geopolitical risk is new for the market," said John Kilduff, partner with Again Capital. "We'll have this reordering of the chessboard like we did after Russia invaded Ukraine."
China announced on Friday it will impose a 125% tariff on U.S. goods starting on Saturday, up from the previously announced 84%, after Trump raised tariffs against China to 145% on Thursday.
Trump this week paused heavy tariffs against dozens of other trading partners, but a prolonged dispute between the world's two biggest economies is likely to reduce global trade volumes and disrupt trading routes, weighing on global economic growth and reducing demand for oil.
"Although the implementation of some tariffs, excluding those on China, was delayed by 90 days, the market damage had already been inflicted, leaving prices struggling to regain stability," said Ole Hansen, head of commodity strategy at Saxo Bank.
The U.S. Energy Information Administration on Thursday lowered its global economic growth forecasts and warned that tariffs could weigh heavily on oil prices. It reduced its U.S. and global oil demand forecasts for this year and next year.
China's 2025 economic growth is expected to fall relative to last year's pace, a Reuters poll showed, as U.S. tariffs raise pressure on the world's top oil importer.
The impact of tariffs could be "catastrophic" for developing countries, the director of the United Nations' trade agency said.
ANZ Bank analysts forecast oil consumption will decline by 1% if global economic growth falls below 3%, said senior commodity strategist Daniel Hynes.
Brent and West Texas Intermediate crude climbed more than $1 on Friday after U.S. Energy Secretary Chris Wright said the United States could end Iran's oil exports as part of an effort to bring the Islamic Republic to terms over its nuclear program.
Brent crude futures settled at $64.76 a barrel, up $1.43, or 2.26%. U.S. West Texas Intermediate crude finished at $61.50 a barrel, up $1.43 or 2.38%.
"Strict enforcement of restrictions on Iranian crude exports would reduce global supply," said Andrew Lipow, president of Lipow Oil Associates. "I suspect China will continue to buy oil from Iran."
Wright's comments provided upward momentum for oil prices, following volatile price swings this week as U.S. President Donald Trump's new tariff regime forced traders to reassess the geopolitical risks facing the crude market.
"The U.S. being a geopolitical risk is new for the market," said John Kilduff, partner with Again Capital. "We'll have this reordering of the chessboard like we did after Russia invaded Ukraine."
China announced on Friday it will impose a 125% tariff on U.S. goods starting on Saturday, up from the previously announced 84%, after Trump raised tariffs against China to 145% on Thursday.
Trump this week paused heavy tariffs against dozens of other trading partners, but a prolonged dispute between the world's two biggest economies is likely to reduce global trade volumes and disrupt trading routes, weighing on global economic growth and reducing demand for oil.
"Although the implementation of some tariffs, excluding those on China, was delayed by 90 days, the market damage had already been inflicted, leaving prices struggling to regain stability," said Ole Hansen, head of commodity strategy at Saxo Bank.
The U.S. Energy Information Administration on Thursday lowered its global economic growth forecasts and warned that tariffs could weigh heavily on oil prices. It reduced its U.S. and global oil demand forecasts for this year and next year.
China's 2025 economic growth is expected to fall relative to last year's pace, a Reuters poll showed, as U.S. tariffs raise pressure on the world's top oil importer.
The impact of tariffs could be "catastrophic" for developing countries, the director of the United Nations' trade agency said.
ANZ Bank analysts forecast oil consumption will decline by 1% if global economic growth falls below 3%, said senior commodity strategist Daniel Hynes.
#Dubai bourse eases amid US-China trade war; #AbuDhabi gains | Reuters
Dubai bourse eases amid US-China trade war; Abu Dhabi gains | Reuters
Dubai's stock market slipped on Friday, weighed down by investor concerns over the rapidly intensifying U.S.-China trade war and its potential economic impact, although the Abu Dhabi index finished higher.
Beijing on Friday increased its tariffs on U.S. imports to 125%, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods to 145% and raising the stakes in a trade war that threatens to upend global supply chains.
Dubai's main share index (.DFMGI), opens new tab fell 0.2%, hit by a 2.2% drop in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 4.8% slide in Commercial Bank of Dubai (CBD.DU), opens new tab.
However, the Dubai index managed to eke out a weekly gain of 0.3%.
Regionally, markets were significantly impacted this week by ongoing trade tensions between the U.S. and its economic partners, said Ahmed Negm, Head of Market Research MENA at XS.com.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.4%, helped by a 1.7% rise in Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - rose, but still headed for a second straight week in the red on concerns about a prolonged trade war between the United States and China.
According to Negm, persistently low oil prices continue to pose a risk to the market and investor sentiment.
Dubai's stock market slipped on Friday, weighed down by investor concerns over the rapidly intensifying U.S.-China trade war and its potential economic impact, although the Abu Dhabi index finished higher.
Beijing on Friday increased its tariffs on U.S. imports to 125%, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods to 145% and raising the stakes in a trade war that threatens to upend global supply chains.
Dubai's main share index (.DFMGI), opens new tab fell 0.2%, hit by a 2.2% drop in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 4.8% slide in Commercial Bank of Dubai (CBD.DU), opens new tab.
However, the Dubai index managed to eke out a weekly gain of 0.3%.
Regionally, markets were significantly impacted this week by ongoing trade tensions between the U.S. and its economic partners, said Ahmed Negm, Head of Market Research MENA at XS.com.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.4%, helped by a 1.7% rise in Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - rose, but still headed for a second straight week in the red on concerns about a prolonged trade war between the United States and China.
According to Negm, persistently low oil prices continue to pose a risk to the market and investor sentiment.
Subscribe to:
Posts (Atom)