Mubadala 'will look' at BP assets
Source: BI-ME with Zawya Dow Jones , Author: Posted by BI-ME staff
Posted: Thu August 5, 2010 2:10 pm

UAE. Mubadala Oil and Gas, a business unit of Mubadala Development Company, will look at BP PLC assets going on sale but is not in direct talks, a senior company official said Thursday.

"Like most oil companies that are expanding, we will be looking at what's available," David Douglas, senior vice president at Mubadala's oil and gas unit, told Zawya Dow Jones on the sidelines of an event in Abu Dhabi.

Mibadala manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Its investment classes include sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services.

Mubadala’s sole shareholder is the Government of Abu Dhabi.

On July 7,  Rachel Ziemba, a senior analyst who tracks sovereign wealth funds at Nouriel Roubini’s New-York based Roubini Global Economics said BP would benefit from attracting new capital by easing the pressure for rapid sales, saiP

“Raising capital gives more room for maneuver by putting less pressure for asset sales,” she said. “Buyers may demand a discount.”

Qatar’s sovereign-wealth fund and Mubadala and the International Petroleum Investment Co. in Abu Dhabi are the most likely to be interested in acquiring a BP stake, Ziemba said.

Abu Dhabi’s sovereign funds hold a combined US$500 billion, according to Roubini Global Economics.

Sovereign funds traditionally “have invested in the European and western markets in large cap names, and when you can pick up BP at 50% cheaper than its recent highs, then it makes a lot of sense for both parties,” Masud at UBS said.

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MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
date:Posted: April 16, 2014
UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
dhgate