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The dollar slipped on Monday and a gauge of global equity markets slid from record highs last week as investors wait to see whether an expected jump in U.S. earnings will justify stock prices already trading at very high premiums.
A $12.5 billion deal shows Saudi oil still eclipses all else
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Last Updated: Apr 14, 2021, 03:19 PM IST
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Synopsis
Last week’s sale of the stake to EIG Global Energy Partners LLC shows how reliant Saudi Arabia is on its traditional mainstay and the challenges Crown Prince Mohammed bin Salman faces in diversifying the country away from oil and gas to achieve his Vision 2030 goal.
Reuters
In selling assets of its main state-owned energy explorer, Saudi Arabia is following a model successfully implemented by neighbouring Abu Dhabi.
Saudi Arabia is celebrating one of the biggest foreign-investment windfalls in its history after netting more than $12 billion by selling off a stake in the oil pipelines that traverse the desert kingdom.
Just last year, the world’s most valuable startup, ByteDance Ltd., was being squeezed from all sides. The Trump administration wanted the Chinese firm, which owns the ubiquitous TikTok video-sharing platform, to get rid of assets. Beijing was cracking down on tech businesses, and India had blacklisted some of its social-media apps. For all the obstacles, ByteDance kept growing. Now its founder, 38-year-old Zhang Yiming, is among the world’s richest people a distinction that lately has carried increased risks in China. Shares of the company trade in the private market at a valuation of more than $250 billion, people familiar with the dealings have said. At that level, Zhang, who owns about a quarter of ByteDance, could be worth more than $60 billion, placing him alongside Tencent Holdings Ltd.’s Pony Ma, bottled-water king Zhong Shanshan and members of the Walton and Koch families in the U.S., according to the Bloomberg Billionaires Index.
Zhang Yiming owns about a quarter of ByteDance, could be worth more than $60 billion.
Just last year, the world s most valuable startup, ByteDance Ltd., was being squeezed from all sides.
The Trump administration wanted the Chinese firm, which owns the ubiquitous TikTok video-sharing platform, to get rid of assets. Beijing was cracking down on tech businesses, and India blacklisted some of its social-media apps.
For all the obstacles, ByteDance kept growing. Now its founder, 38-year-old Zhang Yiming, is among the world s richest people a distinction that lately has carried increased risks in China.
Shares of the company trade in the private market at a valuation of more than $250 billion, people familiar with the dealings have said. At that level, Zhang, who owns about a quarter of ByteDance, could be worth more than $60 billion, placing him alongside Tencent Holdings Ltd. s Pony Ma, bottled-water king Zhong Shanshan and members of the Walton and Koch families in the U.S., acco