Saudi’s Dar Al Arkan Signs Oman Project Agreement with Trump’s Family
The family of former U.S. President Donald Trump's and Saudi Arabia's Dar Al Arkan have agreed to use the Trump Brand for their $4 billion project in the Gulf nation of Oman, which includes a golf course, hotel, and villas.
The financial details of the agreement with the Trump Organization were not made public in the regulatory statement released on Sunday. The join venture, coined as The Aida project, would take over a decade to complete according to a Dar Al Arkan filing.
MACROECONOMIC DATA ANALYSIS
Long lines of Nepali voters, including men and women in jeans and baseball caps, waited in line as voting began in a general election that few anticipate will result in significant change or a government able to quickly revive the economy. The first voter at the Phaimlamchuli voting center in a Kathmandu suburb, 52-year-old Rajesh Kumar Subedi, told Reuters, “I voted for economic development, ensuring jobs, food, clothes, education, and health services”.
According to a paper presented at a Boston Fed research conference, the U.S. labor markets have survived the coronavirus pandemic's turmoil and disruptions relatively close to the robust conditions that prevailed before the crisis. The majority of the damage COVID-19 caused to the U.S. labor market in 2020 was attributed to temporary layoffs that were swiftly reversed, according to the paper presented on Saturday.
The U.S. dollar has been in trouble since mid-October, but its shakiness can be put down to profit-taking and may be coming to an end as early as December, when the Federal Reserve is anticipated to once again squeeze the life out of the "pivoteers". The Dollar Index, which tracks the greenback against a basket of six other currencies, rose by 0.26% on Friday to 106.865.
Gold prices fell this week along with other risky assets like oil and stocks. Market momentum for the strategy to return inflation to 2% from the previous week appeared to be fading.
This resulted from James Bullard's assertion that the Federal Reserve can only raise interest rates by maintaining them higher for longer. Gold prices fell by 0.62% on Friday to $1,752 per ounce.
Oil tumbled by about 2% on Friday, marking the second weekly decline as investors worried about weakening Chinese demand and further increases in U.S. interest rates. Brent crude futures dropped by 2.27% to $87.74 a barrel, while West Texas Intermediate crude fell by 1.87% to $80.11 a barrel.
USA: S&P500 +0.48%, Dow Jones Industrial Average +0.59%, Nasdaq Composite +0.03%
Europe: FTSE 100 +0.53%, DAX +1.16%, CAC 40 +1.04%
Asia: Nikkei 225 -0.11%, Hang Seng -0.29%, CSI 300 -0.45%, Nifty 50 -0.20%
The base oil division of Saudi Arabia's Aramco expects to raise up to 4.95 billion riyals ($1.32 billion) from its IPO, according to a statement released on Sunday.
According to a statement from Luberef, the company will sell 50.045 million shares, or close to 30% of its issued share capital, for a price ranging between 91 and 99 riyals each.
In stark contrast to the United States and Europe where global banks have been reducing headcount in a dealmaking drought, state-led IPO programs in Saudi Arabia, Abu Dhabi, and Dubai have held equity capital markets in the gulf region.
According to a Platformer report, e-commerce giant Amazon intends to restart advertising on Twitter at a cost of about $100 million per year, subject to some security adjustments to the social media company's ad platform.
Elon Musk, the CEO of Twitter, also claimed that Apple has resumed running advertisements on the service, according to a Bloomberg report, which cited remarks made on Saturday during a Twitter Spaces conversation.