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.
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.
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.