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Saudi Finance Minister: Aramco IPO in 2018 or 2019 depending on market

Tuesday, 10 April 2018

The hotly-awaited stock market debut of Saudi energy giant Aramco will be launched in 2018 if market conditions permit, otherwise in 2019, Saudi Arabia’s finance minister told AFP on Tuesday.“If the market is ready in 2018, we will go in 2018. If not, we will wait until 2019,” Mohammed al-Jadaan told AFP in an interview at a French-Saudi forum in Paris, referring to the planned initial public offering (IPO) of Aramco, tipped to be the world's biggest.“We are not desperate ...

Deals worth $18 bln signed during Saudi Crown Prince visit to Paris

Tuesday, 10 April 2018

On the sidelines of the Saudi Crown Prince Mohammed bin Salman’s visit to Saudi Arabia, 20 economic agreements were signed with the French side totaling $18 billion. The most important agreements were reached in the energy sector between Saudi Aramco and French petrochemiocal giant Total. The first deal is worth $7.2 billion to establish a new petrochemical complex in partnership with SATORP, and the second is a $3 billion trade agreement. In the aviation sector, an agreement was signed ...

Qatar withdraws $20 billion in foreign deposits to support its banks

Tuesday, 10 April 2018

The latest report on Qatar's bonds showed that Qatar Investment Authority (QIA) had brought $20 billion from abroad to support its local banks. These deposits are brought back to balance the repercussions of the quadrant boycott on domestic money flows and the liquidity crisis in the country's banks. Sources told Bloomberg News that $30 billion of non-resident deposits had left Doha after the boycott decision. This week, Qatari bankers are meeting with fixed-income investors to issue their first ...

Dubai court issues 500-year prison sentences for rogue traders

Tuesday, 10 April 2018

A Dubai court sentenced rogue traders in the $200 million Exential scam to more than 500 years each in prison, reported The National. According to the newspaper, Sydney Lemos and Ryan Fernandez, were sentenced on Sunday. The swindlers at the center of the Dh734.6m Ponzi scheme got a year in prison for each of more than 500 criminal cases. Any reduction in their sentence via appeal would still result in a life term at Dubai Central Prison in Al Awir. Evidence was submitted to the Virgin Islands ...

‘My mistake, I’m sorry,’ Facebook’s Zuckerberg to tell Congress

Monday, 9 April 2018

Facebook chief Mark Zuckerberg will accept responsibility for the social network’s failure to protect private data and prevent manipulation of the platform, according to testimony released on the eve of his first Congressional appearance.“We didn’t take a broad enough view of our responsibility, and that was a big mistake. It was my mistake, and I’m sorry,” Zuckerberg said in his written testimony released by a House of Representatives panel. “I started ...

Aramco CEO: Eight agreements worth $10 bln to be signed with French firms

Monday, 9 April 2018

Aramco CEO Amin Nasser said to Al Arabiya on Monday that Eight agreements worth $10 bln are to be signed tomorow with French firms. Saudi Crown Prince Mohammed bin Salman visited the Saudi Aramco Research Center in Houston on Saturday, as the third week of his tour of the United States comes to an end. The Aramco visit focused on the Saudi oil giant’s research agenda in the US. The Crown Prince was briefed by Saudi energy minister Khalid al-Falih as he watched a presentation on ...

Iran’s rial hits new record-low on Trump fears

Sunday, 8 April 2018

Iran’s currency fell more than six percent against the dollar on Sunday, hitting another record-low, as fears of a US withdrawal from the nuclear deal continued to drive speculation. The rial reached 55,200 to the dollar at the close on the open market -- a drop of nearly a third in the past six months -- according to the Financial Informing Network, considered the most reliable for fluctuations in the free rate. “There is a clearly an increase of people buying dollars because they ...

ADNOC Distribution to open three stations in Dubai this year, eyes Saudi

Sunday, 8 April 2018

Abu Dhabi’s ADNOC Distribution will make its debut in the Dubai market this year by opening three fuel retail stations, and is looking for a partnership to enter Saudi Arabia, a senior executive said on Sunday. “We don’t have a presence in Dubai, therefore if you are an ADNOC customer, you don’t have that optionality in Dubai,” deputy chief executive John Carey told Reuters after the company’s shareholder meeting. The new sites in Dubai will be among 13 that ...

Trump sees trade deal with ‘friend’ Xi

Sunday, 8 April 2018

US President Donald Trump on Sunday said he sees an end to the escalating trade dispute with China, after tit-for-tat retaliatory tariffs and threats that rattled markets. “China will take down its trade barriers because it is the right thing to do,” Trump said in a tweet. “Taxes will become reciprocal & deal will be made on Intellectual Property. Great future for both countries!” He added that he and China’s President Xi Jinping “will always be friends, ...

Dubai splashes billions on mega projects ahead of Expo 2020

Sunday, 8 April 2018

Dubai is splashing tens of billions of dollars on infrastructure and hospitality projects related to the international trade fair Expo 2020, Dubai-based BNC Network said in a report published Sunday. The value of Expo-related projects underway hit $42.5 billion in March, according to the Construction Intelligence Report. It said that $17.4 billion were invested in infrastructure and transport projects, $13.2 billion on housing and $11 billion for hotels and theme parks. The projects include an ...

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