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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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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar weakened broadly on Thursday, while the euro rallied after President Donald Trump announced harsher-than-expected tariffs on US trading partners, unsettling markets as investors flocked to safe havens such as the yen and Swiss franc.

The highly anticipated tariff announcement sent shockwaves through markets, with global stocks sinking and investors scrambling to the safety of bonds as well as gold.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.

The new levies ratchet up a trade war that Trump kicked off on his return to the White House, rattling markets as fears grow that a full-blown trade war could trigger a sharp global economic slowdown and fuel inflation, Reuters reported.

The dollar index, which measures the US currency against six others, fell 1.6% to 102.03, its lowest since early October.

The euro, the largest component in the index, gained 1.5% to a six-month high of $1.1021.

Trump has already imposed tariffs on aluminium, steel and autos, and has increased duties on all goods from China.

"Eye-watering tariffs on a country-by-country basis scream 'negotiation tactic', which will keep markets on edge for the foreseeable future," said Adam Hetts, global head of multi-asset and portfolio manager at Janus Henderson Investors.

The risk-sensitive Australian dollar added 0.56% to $0.63365, while the New Zealand dollar climbed 0.9% to $0.5796.

The yen strengthened to a three-week high against the dollar and was last up 1.7% at 146.76 per dollar, while the Swiss franc touched its strongest level in five months at 0.86555 per dollar.

"Negotiations are now going to be front of mind. This is probably the other big part of why we're seeing some of these currencies outperform," said Nicholas Rees, Head Of Macro Research at Monex Europe.

"It's very difficult actually to see how other countries make concessions that would encourage the US to lift these tariffs. And I think that's a big underpriced risk."

Investors are worried that some US trading partners could retaliate with measures of their own, leading to higher prices.

EU chief Ursula von der Leyen described the tariffs as a major blow to the world economy and said the 27-member bloc was prepared to respond with countermeasures if talks with Washington failed.

Worries about a global trade war have intensified since Trump stepped into the White House in January, combining with a slew of weaker-than-expected US data to stoke recession fears and undermine the dollar.

The dollar index is down more than 5.7% this year.

"These tariffs have certainly significantly increased the risks to the downside for global growth, so on balance we think that will eventually start to become more supportive again for the dollar," said Lee Hardman, senior currency analyst at MUFG.

In Asia currencies, China's onshore yuan slid to its weakest level against the dollar since February 13. China's offshore yuan also hit a two-month low.

The Vietnamese dong slumped to a record low.

Elsewhere, the Mexican peso and Canadian dollar strengthened.

Canada and Mexico, the two largest US trading partners, already face 25% tariffs on many goods and will not face additional levies from Wednesday's announcement.