Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion


DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion
Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


Saudi Arabia's largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning.

Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh.

The price is just a hair above the retail giant’s initial pricing at 26 riyals per share, at the bottom of its indicative range, compared with a price range of 26 to 33 riyals per share for 95 million shares being sold.

The company had been aiming to raise 2.8 billion riyals ($747) million.

Arabian Centres Company — which operates, develops and owns 19 malls across 10 cities in Saudi Arabia — is owned by Fawaz Alhokair Group, whose majority shareholder is Saudi billionaire Fawaz Alhokair.

The 17-year-old shopping mall operator had a revenue of $576 million in 2018, up from $511 million in 2016. Its future plans include the opening of four more malls and one extension in the coming 12 months, according to the company.

Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion of his business.

“Vision 2030 presents a tremendous opportunity for us,” he told CNBC’s Dan Murphy in Abu Dhabi, referencing the economic diversification plan spearheaded by Crown Prince Mohammed bin Salman to reduce Saudi Arabia’s reliance on oil revenue.

“One of the vision policy objectives is to improve the quality of life for Saudi citizens and Saudi residents. This includes many entertainment initiatives. One example that directly helps our business is cinemas.”

Saudi Arabia legalized movie theaters in late 2017 for the first time in more than 35 years as part of a drive to open up notoriously conservative social norms in the Islamic monarchy.

“We’re launching 15 cinemas across our existing 19 assets and we’ll have more cinemas in our growth assets,” the CEO continued. “Many of these policy objectives allow us to add concepts that in the past we could not add, whether it’s across entertainment, or fine dining, so we’re excited that there is significant room for us to give a hungry Saudi consumer the product that they demand.”

—Reuters contributed to this story


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


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Saudi oil giant Aramco strikes deal to buy US natural gas from Sempra Energy

Saudi Aramco has signed an agreement to buy U.S. liquefied natural gas from San Diego-based utility Sempra Energy, advancing the state-owned oil giant’s goal of becoming a player in the growing international gas market. Subsidiaries of the two companies, Sempra LNG and Aramco Services Company, announced on Wednesday that they’ve signed a heads of agreement, which sets up a deal that would see Sempra sell Aramco 5 million tons per year of LNG for the next 20 years. The supplies would come from th


Saudi Aramco has signed an agreement to buy U.S. liquefied natural gas from San Diego-based utility Sempra Energy, advancing the state-owned oil giant’s goal of becoming a player in the growing international gas market. Subsidiaries of the two companies, Sempra LNG and Aramco Services Company, announced on Wednesday that they’ve signed a heads of agreement, which sets up a deal that would see Sempra sell Aramco 5 million tons per year of LNG for the next 20 years. The supplies would come from th
Saudi oil giant Aramco strikes deal to buy US natural gas from Sempra Energy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak tom dichristopher, natasha turak, tom dichristopher, sens mike crapo, r-idaho, sheldon whitehouse, d-rhode island
Keywords: news, cnbc, companies, deal, port, saudi, lng, sempra, buy, signed, aramco, oil, gas, agreement, tons, energy, strikes, natural, million, giant


Saudi oil giant Aramco strikes deal to buy US natural gas from Sempra Energy

Saudi Aramco has signed an agreement to buy U.S. liquefied natural gas from San Diego-based utility Sempra Energy, advancing the state-owned oil giant’s goal of becoming a player in the growing international gas market.

Subsidiaries of the two companies, Sempra LNG and Aramco Services Company, announced on Wednesday that they’ve signed a heads of agreement, which sets up a deal that would see Sempra sell Aramco 5 million tons per year of LNG for the next 20 years. The agreement is subject to negotiation and finalization.

“If converted to a sales and purchase agreement (SPA), this will be one of the largest LNG deals ever signed and the largest deal signed since 2013,” said Giles Farrer, research director at energy and minerals consultancy Wood Mackenzie.

The supplies would come from the first phase of Sempra’s Port Arthur LNG facility in Texas, which is currently under development. The agreement will see Aramco make a 25% equity investment in the facility.

The agreement is a major boost for Sempra, one of several companies trying to develop U.S. facilities to export LNG, or natural gas chilled to liquid form for transport. LNG developers need to line up customers in order to finance the multi-billion dollar export terminals, so the agreement with Aramco makes it more likely that Sempra will green light the Port Arthur facility.

Sempra previously struck a 20-year deal to sell 2 million tons per year from Port Arthur to the Polish Oil and Gas Company. Once the Aramco deal is finalized, Sempra will have locked in buyers for 7 million tons of Port Arthur’s 11 million tons per year of capacity.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak tom dichristopher, natasha turak, tom dichristopher, sens mike crapo, r-idaho, sheldon whitehouse, d-rhode island
Keywords: news, cnbc, companies, deal, port, saudi, lng, sempra, buy, signed, aramco, oil, gas, agreement, tons, energy, strikes, natural, million, giant


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Oil prices jump as Saudi energy minister reports drone ‘terrorism’ against pipeline infrastructure

Saudi Arabia’s Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019. DUBAI — Oil prices rose sharply Tuesday morning on reports of a drone attack at oil pumping stations in Saudi Arabia. The incident is an “act of terrorism,” Saudi Energy Minister Khalid al-Falih said according to the Saudi state news agency SPA, describing attacks on two oil pumping


Saudi Arabia’s Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019. DUBAI — Oil prices rose sharply Tuesday morning on reports of a drone attack at oil pumping stations in Saudi Arabia. The incident is an “act of terrorism,” Saudi Energy Minister Khalid al-Falih said according to the Saudi state news agency SPA, describing attacks on two oil pumping
Oil prices jump as Saudi energy minister reports drone ‘terrorism’ against pipeline infrastructure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: natasha turak
Keywords: news, cnbc, companies, minister, jump, stations, infrastructure, spa, state, opec, alfalih, oil, supplies, pipeline, pumping, terrorism, prices, saudi, reports, energy


Oil prices jump as Saudi energy minister reports drone 'terrorism' against pipeline infrastructure

Saudi Arabia’s Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019.

DUBAI — Oil prices rose sharply Tuesday morning on reports of a drone attack at oil pumping stations in Saudi Arabia.

The incident is an “act of terrorism,” Saudi Energy Minister Khalid al-Falih said according to the Saudi state news agency SPA, describing attacks on two oil pumping stations near Riyadh for the country’s East-West pipeline carried out with bomb-laden drones.

Brent crude futures were up 1.6% at $71.38 a barrel, up $1.15. U.S. West Texas Intermediate (WTI) crude futures were at $61.95 per barrel at 11:26 a.m. New York time, up 1.4% for the session.

The fire has since been contained, according to the SPA. Al-Falih asserted that oil production was not interrupted. State oil company Saudi Aramco said that its oil and gas supplies to Europe have not been affected, and that no one was injured.

“This act of terrorism and sabotage in addition to recent acts in the Arabian Gulf do not only target the Kingdom but also the security of world oil supplies and the global economy,” the SPA described al-Falih as saying.

No one has yet been directly accused of carrying out the attack, but a Yemeni Houthi-run TV channel announced on Tuesday morning it had launched drone attacks on several Saudi installations.


Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: natasha turak
Keywords: news, cnbc, companies, minister, jump, stations, infrastructure, spa, state, opec, alfalih, oil, supplies, pipeline, pumping, terrorism, prices, saudi, reports, energy


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America’s Huawei fight is of no concern to the UAE, Dubai A.I. executive says

DUBAI — The U.S.’s concerted campaign against Chinese tech companies, particularly telecommunications giant Huawei, isn’t stopping allies like the United Arab Emirates from making use of their technology. This was evident during the country’s inaugural AI Everything summit held this week in Dubai, which hosted delegates from companies around the world including the American heavyweights Google, IBM, Microsoft as well as Chinese rivals Alibaba, SenseTime and Huawei. As the small Gulf nation striv


DUBAI — The U.S.’s concerted campaign against Chinese tech companies, particularly telecommunications giant Huawei, isn’t stopping allies like the United Arab Emirates from making use of their technology. This was evident during the country’s inaugural AI Everything summit held this week in Dubai, which hosted delegates from companies around the world including the American heavyweights Google, IBM, Microsoft as well as Chinese rivals Alibaba, SenseTime and Huawei. As the small Gulf nation striv
America’s Huawei fight is of no concern to the UAE, Dubai A.I. executive says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: natasha turak
Keywords: news, cnbc, companies, business, companies, chinese, welcomed, executive, dubai, world, work, ai, americas, fight, week, uae, huawei, wide, concern


America's Huawei fight is of no concern to the UAE, Dubai A.I. executive says

DUBAI — The U.S.’s concerted campaign against Chinese tech companies, particularly telecommunications giant Huawei, isn’t stopping allies like the United Arab Emirates from making use of their technology.

This was evident during the country’s inaugural AI Everything summit held this week in Dubai, which hosted delegates from companies around the world including the American heavyweights Google, IBM, Microsoft as well as Chinese rivals Alibaba, SenseTime and Huawei.

As the small Gulf nation strives to diversify its economy and enhance ease of doing business, its government is pushing for the broad implementation of artificial intelligence into everyday life, governance and business operations. To that effect, it’s welcomed the partnership of a wide spectrum of companies and countries, decidedly declining to take sides in what many have described as the global AI race between China and the U.S.

“I don’t believe it’s a concern for our government, especially as we are managing that relationship very carefully,” Aisha bin Bishr, director general of Smart Dubai, the government body leading Dubai’s AI roadmap, told CNBC’s Dan Murphy during the event.

“You cannot stop implementing technologies just because of some negative flags flagged externally — you need to take that risk and calculate it, be ready for anything to happen during that journey, and we work very closely with our chief security officers,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: natasha turak
Keywords: news, cnbc, companies, business, companies, chinese, welcomed, executive, dubai, world, work, ai, americas, fight, week, uae, huawei, wide, concern


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Massive Saudi wealth fund zeros in on China, plans to open new Asia office

Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles. In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” I don’t mind growing the 6% if I’m entering now i


Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles. In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” I don’t mind growing the 6% if I’m entering now i
Massive Saudi wealth fund zeros in on China, plans to open new Asia office Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, told, massive, zeros, fund, office, im, alrumayyan, saudi, asia, plans, international, open, china, chinese


Massive Saudi wealth fund zeros in on China, plans to open new Asia office

Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. 1 target” remains the U.S., its managing director told CNBC on Tuesday.

The Saudi Public Investment Fund is one of the Middle East’s largest, with some $300 billion in assets under management and an aim to increase that to $2 trillion by 2030 as it aggressively invests in both domestic and international markets.

“We’re opening up in New York and London, San Francisco. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles.

In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” That follows Al-Rumayyan, who has served as the fund’s director since 2015, recently visiting Beijing for a forum on China’s Belt and Road Initiative, which culminated in billions of dollars worth of deals to expand the flagship Chinese project that seeks to invest across Asia, Africa and parts of Europe.

“This is the first time for me to go out and meet asset managers, companies, Chinese entrepreneurs, and they are really very impressive,” Al-Rumayyan said, speaking on the topic of China. “The GDP growth now is, I think, at 6.25% which is larger than most of the other countries around the world. But the concern is it came down from 11-plus percent. I don’t mind growing the 6% if I’m entering now in China. The Softbank Vision Fund also deployed big amounts of money in China and some of the Chinese companies. So we are OK in the longer term.”


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, told, massive, zeros, fund, office, im, alrumayyan, saudi, asia, plans, international, open, china, chinese


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Democratic presidential hopeful Beto O’Rourke proposes $5 trillion plan to combat climate change

Democratic presidential candidate Beto O’Rourke on Monday revealed a $5 trillion plan to address climate change that would be funded largely by changes to the tax code. “The greatest threat we face — which will test our country, our democracy, every single one of us — is climate change,” O’Rourke said in a statement. O’Rourke is the latest Democrat to introduce an overarching framework for combating climate change. O’Rourke said the first bill he would send to Congress as president would include


Democratic presidential candidate Beto O’Rourke on Monday revealed a $5 trillion plan to address climate change that would be funded largely by changes to the tax code. “The greatest threat we face — which will test our country, our democracy, every single one of us — is climate change,” O’Rourke said in a statement. O’Rourke is the latest Democrat to introduce an overarching framework for combating climate change. O’Rourke said the first bill he would send to Congress as president would include
Democratic presidential hopeful Beto O’Rourke proposes $5 trillion plan to combat climate change Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: tom dichristopher, natasha turak
Keywords: news, cnbc, companies, plan, combat, tax, presidential, proposes, orourke, spending, emissions, bill, change, communities, trillion, hopeful, democratic, climate, investment


Democratic presidential hopeful Beto O'Rourke proposes $5 trillion plan to combat climate change

Democratic 2020 presidential candidate Beto O’Rourke speaks during a campaign stop at The Beancounter Coffeehouse & Drinkery in Burlington, Iowa, U.S. March 14, 2019.

Democratic presidential candidate Beto O’Rourke on Monday revealed a $5 trillion plan to address climate change that would be funded largely by changes to the tax code.

The former U.S. congressman from Texas is pitching a 10-year plan that seeks to spur investment in clean technology and energy efficiency, achieve net-zero greenhouse gas emissions by 2050 and shore up communities vulnerable to the effects of climate change.

“The greatest threat we face — which will test our country, our democracy, every single one of us — is climate change,” O’Rourke said in a statement. “We have one last chance to unleash the ingenuity and political will of hundreds of millions of Americans to meet this moment before it’s too late.”

O’Rourke is the latest Democrat to introduce an overarching framework for combating climate change. The world’s top climate scientists say the nations of the world must take “unprecedented” and immediate action to prevent catastrophic impact from global warming in the coming years.

Parts of O’Rourke’s proposal dovetail with Rep. Alexandria Ocasio-Cortez’s Green New Deal, but O’Rourke’s proposal is fundamentally different because it seeks to leverage an initial government investment in order to spark private spending. Under Ocasio-Cortez’s plan, the U.S. government would entirely fund a radical transformation of the nation’s energy, transportation and building sectors over the course of a decade.

O’Rourke said the first bill he would send to Congress as president would include a $1.5 trillion investment in infrastructure, innovation and communities. The bill would make structural changes to the tax code that “ensure corporations and the wealthiest among us pay their fair share” and end billions of dollars in tax breaks to fossil fuel companies.

The bill would include $600 billion, split evenly between tax credits and direct investments in infrastructure. O’Rourke said that will mobilize at least $4 trillion in additional capital spending.

The campaign believes that will break down to about $1 trillion in spending to accelerate the development of new energy efficiency and alternative power technologies that slash emissions. It says another $3 trillion in spending would be underpinned by institutions like the Rural Utility Service and a new finance authority.

O’Rourke’s bill would also allocate $250 billion to encourage private investment in research and development and climate science. An additional $650 billion investment aims to spur $1.2 trillion in grants for housing, transportation, public health, job training and other benefits for Americans “on the front-lines of a changing climate and those disrupted by the forces of an economy in transition.”

The candidate also says he would sign a number of executive orders on his first day in office, including to reenter the Paris climate agreement. President Donald Trump, who questions climate science and downplays its impacts, withdrew the U.S. from the global framework for reducing emissions.

As president, O’Rourke said, he would develop a legally enforceable standard to make sure that by 2050 the U.S. achieves net zero emissions, meaning the nation offsets any greenhouse gas emissions with measures to offset an equal amount.

O’Rourke also said he would take several measures to help communities deal with and recover from fires, floods, droughts and hurricanes linked to climate change. Those include increasing spending on mitigation projects before climate disasters strike and amending the law to make sure communities hit by these weather events are built back stronger.


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: tom dichristopher, natasha turak
Keywords: news, cnbc, companies, plan, combat, tax, presidential, proposes, orourke, spending, emissions, bill, change, communities, trillion, hopeful, democratic, climate, investment


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Turkey’s lira takes another dive as central bank scares investors over interest rate plans

Turkey’s troubled lira fell to its lowest level since October on Thursday after its central bank scrapped a pledge to raise interest rates if needed. The Turkish central bank’s move has further shaken investor confidence in the country of 80 million, whose currency crash last year set off a run on emerging markets worldwide. Turkey’s Monetary Policy Committee’s statement on Thursday dropped its previous pledge that “if needed, further monetary tightening will be delivered.” Investors remain perp


Turkey’s troubled lira fell to its lowest level since October on Thursday after its central bank scrapped a pledge to raise interest rates if needed. The Turkish central bank’s move has further shaken investor confidence in the country of 80 million, whose currency crash last year set off a run on emerging markets worldwide. Turkey’s Monetary Policy Committee’s statement on Thursday dropped its previous pledge that “if needed, further monetary tightening will be delivered.” Investors remain perp
Turkey’s lira takes another dive as central bank scares investors over interest rate plans Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: natasha turak, kerem uzel, bloomberg, getty images
Keywords: news, cnbc, companies, plans, interest, currency, markets, lira, scares, monetary, rate, foreign, turkeys, investors, inflation, turkish, takes, dive, bank, central, emerging


Turkey's lira takes another dive as central bank scares investors over interest rate plans

Turkey’s troubled lira fell to its lowest level since October on Thursday after its central bank scrapped a pledge to raise interest rates if needed.

The monetary tightening pause, now in its seventh month, is repelling investors already worried about double-digit inflation, unorthodox policy, political influence over the central bank’s independence, and dramatic yet unexplained moves in Turkey’s foreign currency reserves.

The lira was trading at 5.9502 to the dollar at 2:30 p.m. London time, and was down 1.5% at one point during the session. It is now down 7% on the greenback in the last month.

The Turkish central bank’s move has further shaken investor confidence in the country of 80 million, whose currency crash last year set off a run on emerging markets worldwide.

“No other way to say this, but pretty ridiculous move by the CBRT (Central Bank of the Republic of Turkey) … why on Earth would you do that when you are still in the market’s cross wires, you are losing FX (foreign exchange) reserves and the lira is un-anchored,” Timothy Ash, senior emerging markets strategist at Bluebay Asset Management, said in an emailed note.

“It’s like the CBRT has just made mistake, after mistake over the past couple of years.”

Turkey’s Monetary Policy Committee’s statement on Thursday dropped its previous pledge that “if needed, further monetary tightening will be delivered.” It said instead that its decisions “will be determined to keep inflation in line with the targeted path,” widely interpreted by investors as dovish.

The bank’s benchmark rate is currently 24%.

Turkey’s currency had lost 36% of its value against the dollar by the end of last year and the country fell into a recession amid mounting inflation, investor fears over Turkish President Recep Erdogan’s control over the central bank, diplomatic fights with the U.S. and a widening current account deficit.

Now, as Erdogan’s ruling AK Party reckons with bruising losses in local elections, in which it appears to have lost key cities that had long been under its control, many regional watchers worry that the government will double down on populist policies that seek to keep rates low, despite the official inflation rate at nearly 20%.

Analysts also warn of further pressure to the currency amid mounting tensions with the U.S. over a weapons purchase deal with Russia.

Investors remain perplexed over a lack of explanation from the government for rapid drops in foreign reserves and reports that the central bank is borrowing in order to bolster them.

The lira has been ranked by analysts as the worst-performing emerging markets currency this month. Ratings agency Moody’s expects the Turkish economy to contract by 2% in 2019.


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: natasha turak, kerem uzel, bloomberg, getty images
Keywords: news, cnbc, companies, plans, interest, currency, markets, lira, scares, monetary, rate, foreign, turkeys, investors, inflation, turkish, takes, dive, bank, central, emerging


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Wall Street is ‘looking for opportunities’ in Saudi Arabia, the country’s finance minister says

The finance minister of Saudi Arabia told CNBC that a recent fall off in foreign investment to his country will end as Wall Street money was now “looking for opportunities.” Speaking to CNBC’s Hadley Gamble on Thursday, Mohammed Al-Jadaan, said the financial conference held in Riyadh this week which was attended by high-profile figures from HSBC, J.P. Morgan and BlackRock, showed that foreign investment was ready to make a return. “Money is looking for opportunities. Infrastructure is being buil


The finance minister of Saudi Arabia told CNBC that a recent fall off in foreign investment to his country will end as Wall Street money was now “looking for opportunities.” Speaking to CNBC’s Hadley Gamble on Thursday, Mohammed Al-Jadaan, said the financial conference held in Riyadh this week which was attended by high-profile figures from HSBC, J.P. Morgan and BlackRock, showed that foreign investment was ready to make a return. “Money is looking for opportunities. Infrastructure is being buil
Wall Street is ‘looking for opportunities’ in Saudi Arabia, the country’s finance minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: natasha turak, david reid
Keywords: news, cnbc, companies, street, looking, week, talking, money, wall, countrys, saudi, finance, minister, investment, built, told, increasing, arabia, opportunities, foreign


Wall Street is 'looking for opportunities' in Saudi Arabia, the country's finance minister says

The finance minister of Saudi Arabia told CNBC that a recent fall off in foreign investment to his country will end as Wall Street money was now “looking for opportunities.”

Speaking to CNBC’s Hadley Gamble on Thursday, Mohammed Al-Jadaan, said the financial conference held in Riyadh this week which was attended by high-profile figures from HSBC, J.P. Morgan and BlackRock, showed that foreign investment was ready to make a return.

“Money is looking for opportunities. We have mega projects being built around the kingdom. Infrastructure is being built, health care demand is increasing, and hospitality is significantly increasing,” he said.

“We have heard from top international investors and they are committing billions. We are not talking about a little money in the years to come.”


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: natasha turak, david reid
Keywords: news, cnbc, companies, street, looking, week, talking, money, wall, countrys, saudi, finance, minister, investment, built, told, increasing, arabia, opportunities, foreign


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Larry Fink isn’t concerned about Iran sanctions’ impact on the price of oil

BlackRock’s billionaire chief executive isn’t too worried about the oil price despite a recent spike brought on by Iran sanctions news. “Related to the sanctions on Iran … the delta is much smaller than people think,” Fink told CNBC’s Hadley Gamble during a panel at the inaugural Financial Sector Conference in Riyadh Wednesday. Iranian exports dropped to 1.4 million barrels per day (bpd) in March, according to the Energy Information Administration, down from 2.8 million bpd in May of the previ


BlackRock’s billionaire chief executive isn’t too worried about the oil price despite a recent spike brought on by Iran sanctions news. “Related to the sanctions on Iran … the delta is much smaller than people think,” Fink told CNBC’s Hadley Gamble during a panel at the inaugural Financial Sector Conference in Riyadh Wednesday. Iranian exports dropped to 1.4 million barrels per day (bpd) in March, according to the Energy Information Administration, down from 2.8 million bpd in May of the previ
Larry Fink isn’t concerned about Iran sanctions’ impact on the price of oil Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: natasha turak, anjali sundaram
Keywords: news, cnbc, companies, impact, concerned, region, larry, bpd, crude, million, saudi, fink, isnt, price, oil, iran, sanctions


Larry Fink isn't concerned about Iran sanctions' impact on the price of oil

BlackRock’s billionaire chief executive isn’t too worried about the oil price despite a recent spike brought on by Iran sanctions news.

Citing robust crude inventories beyond hotspots like Venezuela and Iran, where civil conflict and U.S. sanctions have taken millions of barrels of oil off the market, Larry Fink espoused an optimistic approach to markets and the Gulf region in the medium and long term.

“Related to the sanctions on Iran … the delta is much smaller than people think,” Fink told CNBC’s Hadley Gamble during a panel at the inaugural Financial Sector Conference in Riyadh Wednesday.

The asset manager was likely referencing the now four-year low in the Islamic Republic’s crude exports, hit by U.S. sanctions as a result of the President Donald Trump administration’s withdrawal from the 2015 Iran nuclear deal in May last year.

Iranian exports dropped to 1.4 million barrels per day (bpd) in March, according to the Energy Information Administration, down from 2.8 million bpd in May of the previous year. The figure represents just over half of the country’s current total production, which OPEC reports sat at 2.6 million bpd in March, down from 3.6 million bpd in the third quarter of last year.

The State Department announced on Monday its intention to deny further sanctions waivers to countries that import Iranian crude, immediately sending the oil price up about 3%. In response, Iranian officials threatened to close the Strait of Hormuz, the conduit route for about 20% of all seaborne trade in crude and condensates.

But Fink, as well as Saudi Energy Minister Khalid al Falih, pointed to a rise in inventories in the Arab Gulf states as well as in the U.S. that they believe will offset the tightening supply from Iran.

“As the (Saudi) oil minister suggested, there is greater inventory, so if there’s a time to be moving forward and make the region even more secure, it looks like this is probably a very good time to do that,” Fink said.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: natasha turak, anjali sundaram
Keywords: news, cnbc, companies, impact, concerned, region, larry, bpd, crude, million, saudi, fink, isnt, price, oil, iran, sanctions


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Turkey’s economy is spiraling — and a new election will make things worse

Turkey’s lira fell to a six-month low against the dollar this week as President Recep Erdogan’s ruling AK Party formally requested a new election for the city of Istanbul, where current tallies show it lost by a slim margin in local elections last month. The move spells more trouble ahead for a massive economy already rocked by volatility, political tensions and diplomatic standoffs and whose currency crash last year set off a run on emerging markets. “The market will not like months of uncertai


Turkey’s lira fell to a six-month low against the dollar this week as President Recep Erdogan’s ruling AK Party formally requested a new election for the city of Istanbul, where current tallies show it lost by a slim margin in local elections last month. The move spells more trouble ahead for a massive economy already rocked by volatility, political tensions and diplomatic standoffs and whose currency crash last year set off a run on emerging markets. “The market will not like months of uncertai
Turkey’s economy is spiraling — and a new election will make things worse Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: natasha turak, murad sezer, lockheed martin, -timothy ash, senior emerging markets strategist, bluebay asset management
Keywords: news, cnbc, companies, uncertainty, things, economy, volatility, trouble, week, turkey, emerging, turkeys, vote, worse, tuesdayat, spiraling, election


Turkey's economy is spiraling — and a new election will make things worse

Turkey’s lira fell to a six-month low against the dollar this week as President Recep Erdogan’s ruling AK Party formally requested a new election for the city of Istanbul, where current tallies show it lost by a slim margin in local elections last month.

The move spells more trouble ahead for a massive economy already rocked by volatility, political tensions and diplomatic standoffs and whose currency crash last year set off a run on emerging markets.

“The market will not like months of uncertainty, if indeed the vote is repeated,” Timothy Ash, senior emerging markets strategist at Bluebay Asset Management, said in a note Tuesday.

“At this stage, whatever the result of the re-vote, the impression has been left that the election process in Turkey is not secure,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: natasha turak, murad sezer, lockheed martin, -timothy ash, senior emerging markets strategist, bluebay asset management
Keywords: news, cnbc, companies, uncertainty, things, economy, volatility, trouble, week, turkey, emerging, turkeys, vote, worse, tuesdayat, spiraling, election


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