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Rothschild & Co Opens New Office in Riyadh

King Abdullah Financial District. (SPA)
King Abdullah Financial District. (SPA)
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Rothschild & Co Opens New Office in Riyadh

King Abdullah Financial District. (SPA)
King Abdullah Financial District. (SPA)

Rothschild & Co announced on Sunday the opening of its new office in Riyadh as part of its strategic expansion into the Kingdom of Saudi Arabia, further strengthening its presence in the Middle East.
This move reflects Rothschild & Co’s commitment and conviction to the growth potential in the Kingdom of Saudi Arabia, according to the company’s statement.
The new Riyadh office, located at the King Abdullah Financial District, will enable Rothschild & Co to deliver a comprehensive suite of advisory services including Mergers & Acquisitions, Debt Advisory & Restructuring, and Equity Markets Solutions.
Leveraging the region's rich talent pool and Rothschild & Co's accomplished leadership, its new Riyadh office will enhance the Group’s business by offering their growing client base greater local proximity for strategic advice, the statement added.
The new Riyadh office will be led by Nasser Al Issa, Managing Director and Head of Saudi Arabia, along with a team of expert bankers bringing a wealth of experience and knowledge to the region.
Having been at the center of the world's financial markets for over 200 years, the Company has a team of 4,200 talented financial services specialists on the ground in over 40 countries across the world.
Saeed Al Awar, Partner and Head of the Middle East at Rothschild & Co, said: "We are excited to establish our presence in Riyadh. The opening of our Riyadh office is a significant milestone in our ongoing efforts to expand our regional footprint in key and critical markets.”
“Saudi Arabia represents a fundamental pillar of our Middle East strategy,” he added, noting that seven bankers are relocating to the Kingdom “to support the continued economic growth and increased activity within the Kingdom."
Nasser Al Issa commented: “The Kingdom of Saudi Arabia is a key economic pillar of the Middle East region and Riyadh city is rapidly becoming a key financial and economic hub in the Middle East.”
He added, “I will be joined in Riyadh with a number of experienced bankers given our belief that clients are best served on the ground and from the Kingdom.”

 

 

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Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.