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☆ Oman's sovereign wealth fund eyes tech investments in UK
▼ + stars: | 2022-10-26 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

RIYADH, Oct 26 (Reuters) - Oman's sovereign wealth fund, the Oman Investment Authority, is considering investing in the United Kingdom's technology sector to take advantage of valuations hit by rising interest rates and the fall in sterling, an OIA executive said on Wednesday. Ibrahim Al Eisri, director general of private equity at OIA, told Reuters the wealth fund was looking at unlisted technology firms in the UK and expanding them. The UK's economy is experiencing a cost-of-living crisis as Rushi Sunak became its third prime minister in two months on Tuesday. The fund is focused on alternative energy technology, logistics and messenger-RNA technology used in some COVID-19 vaccines. Reporting by Hadeel Al Sayegh in Riyadh; Writing by Hadeel Al Sayegh and Yousef Saba in Dubai; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Saudia to buy up to 100 Lilium electric aircraft for domestic network
▼ + stars: | 2022-10-26 | by ( Hadeel Al Sayegh | Ron Bousso | ) www.reuters.com time to read: +2 min

RIYADH, Oct 26 (Reuters) - Saudi Arabian Airlines (Saudia) has signed an agreement with German air taxi developer Lilium to buy up to 100 of its aircraft for use on Saudia's domestic network, the state carrier's chief executive said on Wednesday. In an interview after the announcement, Koshy said "in the course of this year," Saudia will be looking at an operational commercial network. "We'll also be looking at the infrastructure that's required," adding because the aircraft are eVTOLs, they do not require airports. "It's more like a port with charging stations, passengers embarking, disembarking, and that's going to require a whole infrastructure." Public and private investors would have an opportunity to build such infrastructure, Koshy said, speaking at Saudi Arabia's flagship investment conference FII.

Companies Saudi Arabian Oil Co FollowRIYADH, Oct 26 (Reuters) - Saudi Aramco CEO Amin Nasser said on Wednesday planned European embargoes on Russian crude and products were adding to uncertainty in the global oil market. Nasser also said that market realignments were taking place with discounts being offered by Russia. The Group of seven countries agreed last month to cap Russian oil sales at an enforced low price by Dec. 5 but have faced consternation from main players in the global oil industry. Nasser said the market for blue hydrogen was "building up" but that it was so far costly at around $200-$300 per barrel of oil equivalent. Blue hydrogen is obtained through capturing carbon from crude oil, storing it underground and mixing it with ammonia.

☆ Wall Street bankers in Riyadh renew warnings over world economy
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Oct 25 (Reuters) - Top Wall Street bankers renewed their warnings about the world economy on Tuesday amid geopolitical tensions and steep interest rate hikes to tackle decades-high inflation. Goldman Sachs boss David Solomon said economic conditions would "tighten meaningfully from here" and the U.S. Federal Reserve could hike rates beyond 4.5-4.75% if it does not see real changes in behaviour. "If they don't see real changes – labour is still very, very tight – they're obviously just playing with the demand side by tightening. But if they don't see real changes in behaviour, my guess is they'll go further," he said. Dimon said the conflict between Russia and Ukraine, and tensions between the United States and China were more worrisome than a potential U.S. recession.

☆ Goldman's Solomon: Fed could raise beyond 4.5-4.75% if no 'real changes in behaviour'
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Oct 25 (Reuters) - Goldman Sachs CEO David Solomon said on Tuesday the U.S. Federal Reserve said economic conditions will "tighten meaningfully from here" and the U.S. Federal Reserve could hike rates beyond 4.5-4.75% if it does not see real changes in behaviour. "So I too am in the camp that we likely – likely have a recession in the U.S., going to have I think, most likely, a recession – we might be in a recession in Europe," he said, speaking at Saudi Arabia's flagship investment conference FII. Register now for FREE unlimited access to Reuters.com RegisterReporting by Hadeel Al Sayegh in Riyadh and Yousef Saba in Dubai, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies OPEC+ oil output cut led to U.S., Saudi spatSaudi Arabia and U.S. "solid allies" – ministerBig Wall St turnout at flagship Saudi investment summitRIYADH, Oct 25 (Reuters) - Saudi Arabia decided to be the "maturer guys" in a spat with the United States over oil supplies, the kingdom's energy minister Prince Abdulaziz bin Salman said on Tuesday. "We keep hearing you 'are with us or against us', is there any room for 'we are with the people of Saudi Arabia'?" Biden pledged that "there will be consequences" for U.S. relations with Saudi Arabia after the OPEC+ move. JPMorgan Chase & Co Chief Executive Jamie Dimon, speaking at the gathering, voiced confidence that Saudi Arabia and the United States would safeguard their 75-year-old alliance. It recovered the next year, attracting leaders and businesses with strategic interests in Saudi Arabia, after which the pandemic hit the world.

☆ Engie CEO: Winter 'quite comfortable' from gas standpoint
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

Companies Engie SA FollowRIYADH, Oct 25 (Reuters) - The situation for this coming winter in terms of security of gas supply is "comfortable", the chief executive of France's leading gas importer Engie (ENGIE.PA) said on Tuesday. "Today the situation for this winter is actually quite comfortable from the gas standpoint," Catherine MacGregor told the annual Future Investment Initiative (FII) conference in the Saudi capital Riyadh. "The situation of the security of supply in Europe is something we've been working on extremely hard even before the war broke out." Register now for FREE unlimited access to Reuters.com RegisterReporting By Aziz El Yaakoubi and Hadeel Al Sayegh, writing by Nadine Awadalla and Maha El Dahan, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Dubai to offer 10% of Empower in fourth state-linked IPO this year -Gulf News
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Oct 24 (Reuters) - Dubai plans to offer 10% of Emirates Central Cooling Systems Corporation (Empower) in an initial public offering, according to an advertisement in Dubai-based daily Gulf News on Monday. Empower is the fourth state-linked entity to seek a listing this year in Dubai in a programme aimed at attracting investor interest in the domestic stock exchange. Dubai Electricity & Water Authority (DEWA) <DEWAA.DU> and Emirates Power Investment will offer the 10% stake, which is equivalent to 1 billion shares. Subscriptions begin on Oct. 31 and close on Nov. 7, according to the advertisement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Hadeel Al Sayegh; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ ADNOC invites banks to pitch for IPO of logistics unit- sources
▼ + stars: | 2022-10-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

LONDON, Oct 20 (Reuters) - State oil firm Abu Dhabi National Oil Company (ADNOC) has invited banks to pitch for roles in an initial public offering of its marine services and logistics unit, two sources with knowledge of the matter said on Thursday. Reuters reported last year that ADNOC was weighing a potential float of ADNOC Logistics & Services (ADNOC L&S) in 2022. Banks are pitching for roles this week on the latest IPO of an ADNOC subsidiary, planned for next year, the sources said. ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. ADNOC began floating units in late 2017, raising $851 million in an IPO of its fuel distribution unit.

A helicopter flies over the downtown skyline, amid the coronavirus disease (COVID-19) outbreak, as seen from the Cleveland Clinic hospital in Abu Dhabi, United Arab Emirates, April 20, 2020. ADQ, the smallest of Abu Dhabi's three main sovereign wealth funds, began in 2018 as a vehicle for holding state assets. ADQ and the UAE foreign ministry did not respond to emailed requests for comment. Among recent deals, ADQ launched a $300 million technology fund in March with Turkey's sovereign wealth fund to invest in venture capital funds and opportunities inside Turkey. "They are the ones that promote UAE economic diplomacy, its regional and global influence," he said.

☆ Toll-road operator Salik jumps 20% on market debut
▼ + stars: | 2022-09-29 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Sept 29 (Reuters) - Dubai toll-road operator Salik (SALIK.DU) rose 20% above its listing price on its market debut on Thursday in a sign that investors still have appetite for local flotations despite skittish global markets. The company, which has 3.6 million vehicles registered on its system, raised 3.735 billion dirhams ($1.02 billion) by selling a 24.9% stake in its initial public offering (IPO), giving the company a market value of 15 billion dirhams. Salik was priced at 2 dirhams per share but rose to a high of 2.40 dirhams at the market open on Thursday. Cornerstone investors UAE Strategic Investment Fund, Dubai Holding, Shamal Holding and the Abu Dhabi Pension Fund have committed about 606 million dirhams, Salik said on Sept. 13. ($1 = 3.6727 UAE dirham)Register now for FREE unlimited access to Reuters.com RegisterReporting by Hadeel Al Sayegh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

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