November Third Week Newsletter of Middle East Business News
Abu Dhabi Expects IPO Boom to Continue, With 11 Deals Next Year - Bloomberg
– A 5 billion-dirham ($1.36 billion) fund launched a few months ago to boost public listings has helped, Abu Dhabi Department of Economic Development Chairman Mohamed Ali Al Shorafa said. The fund has seen an influx of private-sector and family-owned companies that have sought government support as they prepare to list
Mideast Bucks IPO Slump as Investors Flock to Saudi, UAE Deals - Bloomberg
– Middle Eastern IPOs have fetched $18 billion this year, representing 47% of the wider region’s $38.2 billion.
– Six of the 10 biggest offerings in Europe, the Middle East and Africa have taken place in the Gulf in 2022.
– GCC investors consider shares of well-known companies, especially from the public sector, as an excellent way to diversify their savings from real estate, hugely subject to swings in demand and supply, and bank deposits that yield low returns,” said Vijay Valecha, chief investment officer at Century Financial.
US Oil Dispute With Saudi Arabia Ahead of G20 Tests Biden Influence - Bloomberg
– The oil row exposes a broader shift, with countries willing to push back against or question US influence, even if that runs counter to their immediate economic interests.
– This comes ahead of the Group of 20 world leaders summit in Bali next week where Biden seeks to rally international support for the further isolation of Russia and how to tackle the effect on the global economy and energy markets.
– The crown prince “doesn’t envision his country as a second-tier player” Karen Young, a senior research scholar at Columbia University’s Center on Global Energy Policy wrote this month, describing Prince Mohammed’s vision of a “new non-aligned movement.”
– Two senior European diplomats in close contact with Gulf officials said 'Washington had become accustomed to having acquiescent allies in the Gulf Arab region and that has changed."
Climate Activists Are Wrong About Saudi Arabia, Energy Minister Says - Bloomberg
–?The world’s biggest oil exporter says climate activists are “more than wrong” to cast doubt on its ambitions to reduce carbon emissions.– The kingdom has laid out plans to neutralize planet-warming emissions within its borders by 2060.
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– At the same time, it’s spending billions of dollars to increase crude-production capacity to 13 million barrels a day from 12 million.
– That’s led to criticism from activists including Greta Thunberg, who’s said Saudi Arabia is playing down the need to move away from fossil fuels.
– The Saudi government regularly says companies and investors in the West are trying to transition too quickly.
– Prince Abdulaziz said that 'The Paris Climate Accords from 2015 were not about “getting rid of sources of energy, but about mitigating emissions,”.
After Twitter Exit, Egyptian Billionaire Investor Plans EV Push - Bloomberg
– Mansour, 74 said his almost 50 years of experience in the automotive sector helps him “understand what’s marketable and what’s not. We want to be a leader in that aspect.”
– The Mansours do much of their investing through a London-based family office, Man Capital.
– Mansour was an early investor in juggernauts like Airbnb Inc., Snowflake Inc. and Spotify Technology SA. He also invests in tech via San Francisco-based venture capital firm 1984 Ventures, which he helped found in 2017.
Turkey’s President Erdogan Finds Himself a Surprise G-20 Power Broker - Bloomberg
– As he arrives in Bali, Erdogan appears increasingly confident of his place at the table. He’s more sought after for his continued ties to Russia’s President Vladimir Putin.
– Erdogan succeeded —?against many predictions — in helping to navigate a July deal to permit Ukrainian grain exports by sea and, as a result, counter runaway global food price inflation. More recently he helped persuade Putin to rejoin the agreement just days after the Russian president suspended his country’s participation.
– Turkey has delayed accession to NATO by Finland and Sweden, over the latter’s ties to Kurdish groups. It continues to defy the US over its purchase of a Russian air defense system seen as a threat to NATO aircraft. And more recently Erdogan expressed an interest in joining the Shanghai Cooperation Organization, set up by Russia and China as a rival to NATO, which names both countries as security threats.