October First Week Newsletter of Middle East Business News
Germany Secures Just One Tanker of Gas During Scholz’s Gulf Tour - Bloomberg
– Securing additional supplies is crucial for Germany after the Kremlin shut down a key pipeline
– The deal announced Sunday shows how difficult it will be for the country to get more gas in the near-term.
– Germany and Qatar have been discussing LNG supplies for several months, with Germany being reluctant to commit to long-term contracts at record prices for LNG.
UAE’s Adnoc Considers Bid for Oil Trader Gunvor - Bloomberg
– Gunvor, which is controlled by Chief Executive Officer Torbjorn Tornqvist, is one of a handful of mostly privately-held companies that dominate the trade in physical commodities.
– Tornqvist, who owns over 88% of the company, spoke earlier this year about the potential for Gunvor to raise equity through partnerships while adding he was “not in the market to sell out.
– Gunvor was founded in 2000 by Tornqvist and Gennady Timchenko and grew rapidly in the mid-2000s as a major trader of Russian oil.
Saudi Wealth Fund Head Likens Dalio Market Views to Movie Critic - Bloomberg
– Dalio, who takes global macro views, “is like a movie critic.
– Before going there, he knows it’s going to be a bad story, bad production, bad cast. And he knows before he sits there, but he has to sit there to give his critique.”
– PIF, on the other hand, makes more targeted bets and “can bring the right production, we can bring the right cast, we can bring the right story and put it all together,” he said. “We control our own destiny.”
Abu Dhabi’s ADQ Backs $200 Million Fund for Tech Startups - Bloomberg
– Further Ventures, which is anchored by sovereign wealth fund ADQ, will focus on investments in digital assets, fintech and supply chain, it said in a statement.
– The new vehicle will partner with founders and provide “capital from pre-seed to growth, product, engineering, design, regulatory support and market access to teams who want to build lasting technology companies.”
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Egypt Seeks Up to $6 Billion by June From Sale of State Firms - Bloomberg
– Egypt aims to raise as much as $6 billion before the middle of next year by selling stakes in state-owned businesses, the country’s planning minister said.
– The program may include share offerings to the public or block sales to strategic investors, and will be supported by the country’s sovereign wealth fund, Hala Elsaid said in an interview in New York.
– The North African nation is promising a wider overhaul that will see the state play a smaller role in the economy, in line with IMF policy advice.
– Abu Dhabi wealth fund ADQ and a unit of Saudi Arabia’s Public Investment Fund have already pumped roughly $3 billion into Egypt.
– Egypt has set up a “pre-IPO” fund, which aims to restructure some state-owned assets and prepare them for stake sales.
Turkey Kept Milk Prices Unchanged to Fight Inflation. The Move May Backfire - Bloomberg
– Some dairy farmers are expected to send cows to the slaughterhouse rather than lose money.
– officials are turning to price caps. That usually means operating at a loss, something the family firms which make up the backbone of the milk sector can ill-afford, said Sencer Solakoglu, chairman of Tusedad, an association of dairy farmers.
– An alternative source of revenue for farmers used to be exports, now restricted as the government wants to rein in inflation.
Saudi Arabia Faces Challenges to Use Its Vast Copper Reserves - Bloomberg
– Perhaps the biggest hurdle -- especially for a country covered in large part by desert -- is water, which is essential in churning out the mineral from open-pit or underground mines.
– Another challenge may be attracting giant miners with global expertise and deep pocketbooks.
– The potential rewards are huge, with the estimated supply of copper worth $222 billion, at current prices.