Saudi Arabia’s Wealth Fund Eyes Flynas Stake to Bolster Tourism, The Oil Industry’s Unhappy Marriage Is Starting To Face Facts, Egypt’s Doomsayers Pay More Than Ever for Default Protection.
Saudi Arabia’s Wealth Fund Eyes Flynas Stake to Bolster Tourism
Key Takeaways
Saudi Arabia’s sovereign wealth fund is in talks to buy a stake in low-cost carrier Flynas to boost the kingdom’s tourism sector.
Goldman Sachs is advising shareholders on the potential sale, which could delay Flynas’ planned IPO.
The Public Investment Fund is a key part of Saudi Arabia’s plan to diversify its economy away from fossil fuels through investments in the aviation industry.
UAE Says Escape From Gray Listing Hinges on Policy Effectiveness
Key Takeaways
The United Arab Emirates needs more time to demonstrate its effectiveness in implementing policies and regulations to tackle illicit finance and terrorist financing to be removed from the FATF’s “gray list.”
Even though the UAE has made progress in monitoring money inflows, it remains in the spotlight for serving as a haven for dubious money dealings, particularly with the arrival of rich Russians.
The UAE’s planned review by the FATF is scheduled in May, and the government cannot expedite the process of being removed from the “gray list.”
Wynn Set to Spend $3.9 Billion on First Mideast ‘Gaming’ Resort
Key Takeaways
Wynn Resorts has increased the number of rooms in its planned resort in the UAE by 50%, which will be one of the world’s largest gaming facilities with 1,500 rooms and villas.
The opening of the resort, which is being built in Ras Al Khaimah, will be delayed by a year and is set to be the first to include “gaming” in the Middle East.
While there has been speculation that the Wynn resort may signal an end to the ban on gambling, the government of Ras Al Khaimah has not clarified what “gaming areas” refer to.
The Oil Industry’s Unhappy Marriage Is Starting To Face Facts
Key Takeaways
OPEC and the IEA share a realistic fatalism about the future of oil production, but have conflicting interests when it comes to the transition away from fossil fuels.
The rise of electric vehicles poses a threat to current oilfield investments and highlights the differing perspectives of the IEA and OPEC.
As demand for petrochemical feedstocks, asphalt, lubricants, and waxes increases, OPEC and the IEA must accept that their “marriage of convenience” is coming to an end.
Egypt’s Doomsayers Pay More Than Ever for Default Protection
Key Takeaways
The threat of Egypt missing a payment on its bonds within a year is causing unease in the country’s debt markets.
The IMF has delayed its review of a $3 billion rescue program, and billions of dollars in promised funding from Gulf Arab nations have yet to materialize.
Moody’s has warned that risks for the government’s “debt affordability and debt sustainability profile” are on the rise after a slower-than-anticipated progress in asset sales and the resumed drawdown of foreign-exchange liquidity.
Iraq Says ‘Technical’ Matters Holding Back Oil From Turkey
Key Takeaways
Iraq is working with oil buyers and the Turkish government to resume half a million barrels a day of crude exports from a Mediterranean port.
The delay is due to technical procedures and a legal settlement of $1.5 billion is needed before reopening a pipeline running from northern Iraq to Ceyhan and restarting shipments.
The dispute has held back oil worth hundreds of millions of dollars and has exacerbated delays in KRG payments to international oil companies.