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January Fourth Week Middle East Finance Newsletter

QatarEnergy, TotalEnergies SE, and Eni SpA to search for natural gas in Lebanese waters, The United Arab Emirates and India are discussing ways to boost non-oil commerce in rupees and other stories.

Happy New Year

May the New Year bring you new opportunities, new beginnings, and endless possibilities for growth and success

December Fourth Week Newsletter of Middle East Business News – Issue #89

Wishing you all the best that a holiday could bring. Merry Christmas and a happy New Year! Adnoc Is Said to Pick Lead Banks for Mega IPO of Gas Unit – Bloomberg – Adnoc announced last month it will combine its liquefied natural gas and gas-processing arms in a new unit. It said it will sell a minority share of the business, to be called Adnoc Gas, through an Abu Dhabi IPO in 2023. – Adnoc Gas will be one of the world’s largest gas-processing entities. Thanks for reading Weekly Newsletter of Middle East Business News! Subscribe for free to receive new posts and support my work. Read more. Saudi Arabia’s Stock Markets Slip From Outperformers to Stragglers on Oil Swoon – Bloomberg – Brent crude has retreated from a high of almost $140 barrel, erasing nearly all of its 2022 gains to trade at $79.14. – Riyadh’s main Tadawul All Share Index is the sixth-worst performing gauge among 92 tracked by Bloomberg in the second half of the year in dollar terms and on track for its biggest annual decline since 2015. – Funding constraints among banks, local bond issuance amid higher rates and the recovery in cyclical emerging markets are all headwinds, strategists including Marina Zavolock wrote in a note. Read more. Turkish President Erdogan Wants to Meet Russia’s Putin and Syria’s Assad – Bloomberg – I proposed this to Mr Putin. He also viewed it positively. We will start a series of negotiations,” Erdogan told reporters. – the two fell out in the early phase of the conflict over Turkey’s support for Syrian rebels. – Erdogan has long argued that a 1998 security agreement with Damascus gave Turkey the right to attack Kurdish forces in Syria if they posed a threat. Read more. Thanks for reading the Weekly Newsletter of Middle East Business News! Subscribe for free to receive new posts and support my work.

December Third Week Newsletter of Middle East Business News – Issue #88

Newsletter Sponsor THRIVE Consultancy FZE — thriveconsultancy-fzc.com THRIVE Consultancy FZE is a Third Party Marketing company for Asset Managers specialising in developing product offerings that provide investment diversification mainly to institutional investors Rolex Sales: Even Royal Family Members Can Struggle to Buy Watches in Dubai – Bloomberg — www.bloomberg.com – If a royal wants a watch for personal use, they’ll get it. But if they’re looking for watches to give as gifts — to dignitaries, perhaps royalty from other countries — the company may be more selective. – At the Rolex boutiques, most watches shown are for display only, not for sale. Any in the store remain in stock a day or two at most, say sales associates. – The company limits its waitlist for Rolexes to 4,000. The limit for Patek Philippes, which makes a fraction watches Rolex produces each year, is about 20 to 30. customers. – Roughly three-quarters of the company’s clients are UAE nationals and resident expatriates, including people from India, China, Germany and the UK. Read more. Saudi Arabia Says $50 Billion Investments Agreed With China – Bloomberg — www.bloomberg.com – The pacts included both the private and public sectors. – Saudi and Chinese companies signed more than 30 agreements covering green energy, logistics, cloud computing and housing, according to a statement. – Most of the agreements announced were memorandums of understanding and lacked firm timelines or commitments. Read more. China’s Xi Jinping Visit to Saudi Arabia Brings Pledge of More Oil Trade – Bloomberg — www.bloomberg.com – Saudi Arabia’s daily exports of crude to China have averaged 1.65 million barrels this year, according to data compiled by Bloomberg. That’s worth around $130 million at today’s prices. – There was no mention of the idea that Saudi Arabia may accept yuan payments for oil instead of the dollar, as was suggested earlier this year. Read more. Goldman Moves More Bankers to Dubai in Middle East Money Push – Bloomberg — www.bloomberg.com – Goldman’s net revenues in wealth management were $1.6 billion in the third quarter, roughly flat from a year earlier. – Global banks are vying to capture a bigger slice of the wealth management market and that battle is increasingly taking place in the Middle East, home to a sizable number of ultra-wealthy families, entrepreneurs and royals. Read more. Egypt Inflation Hits Near-Five-Year High After Pound Devalued – Bloomberg — www.bloomberg.com – One of the world’s biggest wheat importers, Egypt’s economy has been hit hard by the shockwaves of Russia’s invasion of Ukraine, prompting it to seek help from its Gulf allies and the Washington-based lender. – The increase was driven by a 29.9% surge in food and beverage costs, the largest single component of the inflation basket. Read more. Saudi Crown Prince MBS to Invest in Credit Suisse Unit, WSJ Reports – Bloomberg — www.bloomberg.com – Prince Mohammed may invest around $500 million in the lender’s CS First Boston spinout. – The kingdom is already backing Credit Suisse, with Saudi National Bank taking a 9.9% stake in the troubled Swiss lender. Read more. Saudi Mortgage Giant Sees Loan Boom Pushing Banks to Offload – Bloomberg — www.bloomberg.com – The Saudi Real Estate Refinance Co., the state-run equivalent of Fannie Mae and Freddie Mac in the US, is seeing increased interest from commercial banks about securitizing their fast-growing home loan portfolios, Chief Executive Officer Fabrice Susini said in an interview last week. – Saudi’s mortgage market has ballooned under the state’s plan to boost homeownership rates to 70% by 2030 from 47% in 2016. – SRC will also start issuing residential mortgage-backed securities within the kingdom from the third quarter of next year and will sell similar securities internationally in 2024. Read more.