Transcripts For BLOOMBERG Bloomberg Markets Middle East 20170917

Provider is set to be added. About theo the ceo companys plan for european expansion. Dubai and a. M. In midday in hong kong. This is bloomberg this is Bloomberg Markets middle east. We are just under two hours away from the opening of the emirates markets, dubai and abu dhabi. Ahead of that, lets set lets set the Global Market turned. Take a look at how the u. S. Markets closed on friday. The big news was the s p 500 getting to an alltime record in the form of 2500 points. Quite an amazing performance. Just over a week ago we were worried about not just to hurricanes, but we also had geopolitical risks. In any case, the dow jones also closed at a record high of 22,275 points. As did the nasdaq. Look at them more macro moves in markets. We had the dollar falling on friday off the back of some weaker than expected retail sales data. Bloomberg dollar index down one quarter of a percent. The yield on 10 year your treasuries topping 2. 2 . Another psychologically important level in the market. Meanwhile, the pound gaining against the dollar on friday against the back of that hawkish than expected boe meeting on thursday. There is oil, take a look at the Global Benchmark brent. It was up more than 0. 5 . 0. 25 . Its best Weekly Performance since july. We will dig into the commodity rally since emirates later in the show. Lets check in on the first word headlines from around the world. U. K. Police have made with they are calling a significant arrest in connection with fridays detonation of improvised bomb on a train. 29 people were injured in the attack and the uks threat level remains at critical. Youre all men detained in the departure area at over. A section of the u. K. Terrorism act. Ferry between the u. K. And france. Japanese Prime Minister may reportedly call a snap election for the lower house of parliament. Abe appears increasingly inclined to call the election after recovery in public support. The paper reported last week that support for abes ruling correlation had climbed five points to 44 with the Approval Rating exceeding disapproval for the first time in three months. After an already devastating hurricane season, with damage from Hurricane Irma and harvey still being assessed, the National Hurricane systems is a new storm is bearing down on new york city. Developed into a category one hurricane on friday and could put it near new jersey and new york by wednesday morning. New york subscribers can follow the path of the storm using the function hurr go. Toshiba is aimed to finalize a deal to sell its memory chips. The company is said to have a , despitea Group Opposition from partner western digital. It is unhappy it is unhappy that it increased several competitors, including kingston technology. Has scrapped 82 flights on sunday, kicking off a six week program of cancellations. This is to reduce a backlog of crew vacation before the end of the year. Regulators. Irish the dublinbased carrier expects to cancel 4050 flights daily and will offer refunds or alternative flights to those affected. The cancellations will not affect earnings for september and october. Hours a day,4 powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Tracy. President trump will engage in a whirlwind series of diplomatic meetings this week at the u. N. General assembly. The president will appear just appeal to World Leaders to stand with the United States against north korea and hold the line against Irans Nuclear program. His appearance includes an address on tuesday to the general assembly, culminating in his biggest moment on the world stage since taking office. Lets dig into how the regions geopolitics are playing it playing out across gulf economies. Managing director of the brokerage media court. About hows curious you think investors are supposed to deal with this kind of Geopolitical Uncertainty in the world, because frankly, positioning your portfolio for the risk of Nuclear Annihilation seems like a big ask. Past few months, last couple of years i would say it has been getting more tough for investors to allocate money. All the geopolitical tensions we are have any test having, and Nuclear Issues with north korea. That is not the only challenge we have had recently. Even the Interest Rate environment is changing so the bond market could get hammered, Real Estate Investments could the cost of if funding increases. Currency fluctuations. Investors are having a really tough time in placing their money into assets and investments. Saying that, you still get a lot of good deals at the moment, globally because of the current situation. If things clear up in a few years time, it investors years time, investors will get rewarded. Tracy do you think people are positioning for a longerterm game . Short termourse, does not look great at the moment. If you want to position money it should be medium to longterm. Trump when it comes to and the United Nations meeting next week, he is expected to ont with the qatari amir tuesday. Do think anything followed could come out of that meeting . Are we expecting any improvement when it comes to the qatari gcc stat . Nabil i dont think anything unless heup soon, comes and says we will do whatever we are asked to do. If you noticed in the past few days, or couple of weeks, there was an escalation that happened. Things are not going in the right direction. Takenk this is going to more time than anticipated to get the results. The issue is really deep and qatar is able to say, you know what, we will not do what you want. They are trying to get away with it. Tracy speaking of things not going in the right direction, i want to bring up this chart behind me. Is jesus the gcb 946 that shows the yield on qatars newest dollar bond. They have quite a significant spike in june after the announcement of this in bargo. They have recovered a little bit, but they seem to be growing again. We talked a lot about how qatar ofable to withstand pressure the embargo, but theres a chart like this were you . Il the situation glover a situation globally is not worrying. Spent 30 billion dollars supporting their economy in the past 100 days, and they are able to spend much more money going forward. It is a small, rich nation with lots of money. No, i would not be worried at the moment. You can see from the chart, this could keep on changing. The 100 days, you can see things are falling down. This is just a natural reaction to different things, it doesnt have to be specific to be current situation. Supply and demand plays a big goal in this. Tracy what about the qatari banks . That is what we have seen pressure emerge. Sure, butm not really 30 billion have probably left the qatari banks in the past 100 days. That is a lot of money in qatar, in this part of the world. Tracy even in this part of the world. Everywhere, 30 billion is a lot of money. It has left the qatari banks in the past 100 days. The central bank is trying to everything is ok, everything is great, everything is well. You cannot buy into that. People are scared of putting evs money in at the moment. Banks are under liquidity pressure at the moment. Tracy how can the qatar situation affect investors in this region in general . When you talk to your clients is or more of a reluctance to invest in the region . They are notecause comfortable. Qatar is 50 minutes away by flight. International investors look at this part of the world is the one region. Any turbulence, any attention in any part of it is tension across the area. Came after a series of issues in the region, that was not the first one so it added a lot of burden to this part of the world. Tracy you are staying with us, of course we will dig into some of the other issues currently affecting the middle east. After that, we will be speaking with the ceo of nmc health. The company is set to become one of the first middle eastern firms to be added to the ftse 100. Up next, the dollar is gaining against the emerging markets currencies. Last week we discussed what a stronger dollar means for regional markets. We will dig into the saudi story. This is bloomberg. Tracy this is Bloomberg Markets middle east. I am tracy alloway. Last week bloomberg revealed that saudi aramco was set to prepare contingency plans ahead of a possible delay of a much awaited ipo. Lets get more on that story. Managing director of the brokerage is still with us. Saudi aramco listing, usually important for the markets. What would it mean for investors here if the ipo was delayed . Abil this is going to be clear message that saudi is not able to deliver on what has been promising. Honestly, i think we start to see the beginning of that with revising many of the targets of the National Transformation land or program. That have beenny canceled. Investors are looking closely at the moment whether salvy will be able to do it or not. Saudi has never went into an and bp before. Dont really have experience. The targets, in my opinion, and many analysts said it was ambitious. I begin was kind of expected. You have to take in mind, it is very progressive. It is trying to change things. I am sure it is big opposition in what is being done. Not everybody is comfortable with change. People like their comfort zones. The could just resist for purpose of resisting and they dont want to move from their comfort zone. With saudi aramco specifically, we saw some grumbling, some discontent. On twitter we have a mohammed has sold the chicken trending. Nabil it is the chicken that sold eggs to the country. You can take other examples in the region. Many countries keep their jams as a private gems is a private asset. They are disclosing Sensitive Information and it could be a problem. At 2s the valuation trillion, which i think is a challenge on its own. Tracy do you think they will get to the valuation . Nabil the 55 oil, i dont think so. Tracy let me see if i can map out some of the challenges on the chart behind me. This is 38 24, a brakes down saudi arabias revenue in terms of oil. The white line there is everything they get from oil, the yellow line is basically all other revenue. That pace is pretty slow, right . From 170, 1 50p may be to 185 and to 1. 1 trillion dollars on the oil down to 333 billion. I was reading a report a couple of days back. Saudi arabia needs oil at 84 to bridge the current deficit. We are at 55. . Hat is like, what 70 increase from today. I dont think that is possible, at least in the very short very short term. Whenever you have geopolitical this time, no. What shows you that, the real actual demand for oil is not going to be there in the coming decade or two. People are not interested in it anymore. It is a speculation product. It could just be another speculation product. Tracy how patient do think investors will be when it comes to waiting for saudi arabia to really transform its economy . Nabil if you are allocated in this region and interested in this region that you have no option but to wait for saudi arabia. If they make a comeback, it will be really big. Saudi arabia is a rich country. They have lots of reserves, they have lots of sovereign money. Reserves, have oil they just have to figure out the yellow line over there, how will it go up to 400, 5 hundred, six hundred billion dollars to bridge expenses through alternate he revenue rather than all revenue. Tracy saudi aramcos listing is huge. For the regions market globally, i was speaking with the 80 gm chairman in upper darby and he talked about the listing expands the pie available to all Financial Centers in the region. Nabil of course. We are talking about 2 trillion listing, that will be the biggest in history of mankind. Saudi arabia, or this region. It will create a lot of opportunities, a lot of work, a lot of things around it that are beneficial. A big disappointment when it comes to saudi arabia. Eyey lets talk about an peeled is probably happening sooner than aramco. That is the real estate business. How much of a catalyst will that be for stocks in this region . I figure will be temporary at the moment. If the listing happens in the coming quarter i dont think. He effect in the region this situation is distressed at the moment, investors are not interested. If you take this as a standalone, it has shareholders with this ipo. It will be covered and people will run. On the Capital Markets in the region, i doubt that this could really affect that. Tracy more of a oneoff rather than a wider market story . Nabil yes, i would say that. Tracy what are you looking at in terms of catalyst . Nabil youre so many things that could change, qatar situation, dollar, oil, pick one. Tracy you glenn. Youl pick what tracy pick one. Nabil whatever you would like. The oil prices at 80. Money could cover up to a lot of things at the end of the day. I think with tension, lack of , wars around us, it makes it a more challenging environment. If you want my opinion, we want less people to die around us. The quick fix would be oil coming up to 8090 dollars a barrel were everybody makes more money and everybody is able to spend more money on making things better. Tracy it is a bit of a catch 22. Paper over the shortterm problem, but the reason is dependent on oil. Nabil we cannot deny that. Besides dubai and the uae, i dont think anybody else is not dependent on oil. Chart ofo your reliance on oil and you can easily see how the growth of other revenues have been in the last 30 years and saudi arabia. This is probably different inflation. Tracy always bringing us the optimistic view. Anaging director at menacorp thank you for joining us. Up next, we will hear what alibabas executive chairman had to say about the chances of another tech bubble. More of our interview next. This is bloomberg. Tracy this is Bloomberg Markets middle east. I am tracy alloway. Alibaba executive chairman says he does not believe we are headed for another tech bubble burst. The Company Shares have doubled this year, despite shortsellers saying it is poised for a fall. Our chief north asia correspondent Stephen Engle spoke exclusively with jack in heading south during alibabas 18th anniversary celebration. I think next 80 years, the globalization will be much better because of the internet. This is our mission. Said, the electronic world trader platform. We are making sure a Small Business of young people can benefit. Is enoughk 18 years to improve globalization instead of killing globalization. When trade stops, war stops. Steven what is the u. S. Strategy right now . Jack we want to help the u. S. And sell to china and asia. We do not want to go to u. S. Mp the local economist company. Amazon, ebay, so many nice, Interesting Companies are already over usa. Teven how about an entertainment, in hollywood . You had a partnership with Steven Spielberg a year and a half ago. You have been the tortoise there. What is your strategy . Jack weep. Ertainment, we discovered we discovered 30 years ago. Company or by this and buy that. When you buy all of the steps, you have to learn from them. You have to partner with them. I think a lot of things china entertainment can learn from the hollywood. We should partner with them, we should not big about lets buy it. N you touch about the coming winter when you listed alibaba. Com and winter came quickly with the collapse of Lehman Brothers and we saw collateral damage. I was watching your progress through the tech bubble, you have had these challenges i wiped familiar names off the board. Are we facing a similar kind of tech double right now with these billiondollar unicorns and inflated texting . Other any similarities . Jack no. Not that much. I think the challenge, at that time, a lot of people did not understand how powerful internet is. How to do internet, and whether internet can sustain. People are just jumping into it. I find a lot of people have crazy ideas but dont know how knowerate, and does not how to make their dream happen. Today, Everybody Knows internet is powerful and will change the human history. Also, i think the infrastructure of the internet, the infrastructure of technology is 1050 yearsthan ago. If you are not that greedy, if you are not that stupid and crazy, it is easy to survive today. And yesterday. Tracy that was alibabas founder and executive jack ma speaking exclusively with s Stephen Engle. We want to bring your attention to our active tb function. You can find a at tv and watch us live and see previous interviews and dive into any of the securities or bloomberg functions we talk about. You can become part of the conversation by sending instant messages during our show. We can discuss, for instance, your definition of a bubble. How do you define it . Jack ma has one way of putting it. My preferred definition is something i get fired for not owning. I broke that from citigroups matt king. Terminal function is for bloomberg subscribers only. You can check it out at tv. His is bloomberg still ahead, u. S. Refiners continue their postrv recovery, and helping oil to its best week since late july. What is ahead for opecs Production Cut . We will be asking emirates nbd ed, next. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Tracy this is Bloomberg Markets middle east. News have breaking crossing the bloomberg just now. We have headlines out saying that south korea and the u. S. Will meet ahead of the u. N. General Assembly Next Week to discuss the situation with north korea. South korea and the u. S. Are said to be planning to keep pressure on north korea with those sanctions in place. One of the more interesting angles when it comes to those sanctions in the region is the Trump Administration pressuring china to use its Oil Deliveries to north korea as leverage in the dispute. Hoping you more on that story as we get it. Lets head over to does lee humphrey for the first word headlines. President trump will engage in a series of diplomatic meetings this week at the u. N. General assembly. The president will appeal to World Leaders to stand with the United States against north korea. They will hold the line against Irans Nuclear program. Trumps appearance at the u. N. Includes an address on tuesday to the general assembly, culminatings biggest moment on the world stage since taking office. Has provided aup 10 billion credit line for iranian banks. Central Bank Governor told state media that the money will go towards funding infrastructure projects. Chinese investment in iran has so far said to have reached 35 billion. Iran also reportedly signed a deal worth 15 billion with china and develops bank for the financing of various projects. Egyptian president of the Muslim Brotherhood has been sentenced to 25 years behind bars. The case convicted the former president of spying for qatar by leaking state secrets and sensitive documents. The sentence was reduced from an original 40 years by an appeals court. He is already serving a 20 year sentence for the tilling of protesters during demonstrations in 2012. A 3. 9 billionded dollar solar power contract to a group comprised of saudibased aqua, power and shanghai electric. The groups price of 7. 3 four kilowatt hour was the lowest among bidders. 700 megawatt project is the Worlds Largest single file concentrated solar power facility. It could not provide further detail on the financing. Of fordsone million most popular suv models, the explorer, faced recall. Steps towards prompting the recall due to mounting reports of exhaust fumes leaking inside. Areaffected models 20112017 ford explores comic including been nor Explorer Police models. News 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries, this is bloomberg. Oil had its biggest weekly gain since late july as tech refineries recovering from Hurricane Harvey got more crude and forecast bright in. Middle east Energy Markets reporter Anthony Dipaola joins us now with more. I mention Hurricane Harvey there, i will bring up more hurricanes. If you go to the hurricane go function on the terminal, which is rapidly becoming one of the most useful functions on it, you could see we now have hurricane jose headed up the eastern seaboard for new york. We have norma that seems to be headed towards bar hot in mexico. We have maria developing in the caribbean. I have been selling in the title straits in new york, i know there are refineries there. What sort of impact will then have a market . We are seeing some of the effects of the storms in the gulf, as well is in florida, which impact a lot of demand. It took a lot of refineries off the market. That hurt demanded to more refineries been a did crude oil production. We are seeing most of that go back on quickly. That will be increasing some demand in the immediate term. We will see a bump in the oil price because, as i said, there was that lack of supply, plus the perhaps quicker than return to demand. That may be a shortterm bump, we have to see what the fundamentals are. As to those fundamentals, opec and the ias say they see demand a little bit higher going forward. Increasing voices from within opec saying they will extend those cuts. Now extending those cuts may of balancing level that we have in the market without giving it a real life line. It really depends on what that demand picture is. Will the demand come on more quickly, and affectively mop up those extra stockpiles and use the demand we have in the market use the crude we have in the market. That remains to be seen. Tracy you mention the price bump in crude. We have wci of 5. 1 since last k pretty significant pretty significant given how range bound has been this year. What is driving that game . Is a demand or supply story . Anthony supply has been jiving the market going through because we have that excess supply and those cuts. Really, with the opec members have been trying to do is bring down the level of supply to a level where, the demand is able to increase that price. That thele have said cuts have not worked. Oilably, they have kept the price from falling lower than it might have otherwise. They have not been able to get it back up to what they wanted it. That is north of 60. That brings in more u. S. Shale production, which would add that supply and potentially depress the price. Last week we heard the qatari minister saying, they wanted fair prices. Talk aboute see opec extending the price, the prices are not fair enough for opec members. Theyre looking for something higher. Tracy funny to hear about an organization that has often been labeled a cartel, talk about their prices. I will bring in ed bell, the commodity analyst at emirates nbd. We were discussing with anthony the importance, the focus on the opec Production Cut agreement. Why do think we have this much focus when, if we look at what we have seen in terms of vices, may term structure of the curve, it suggests the market is tightening. Prettydoes look positive. We have seen price action and fundamental flows over august going into september. You mentioned the structure and the print curve has flooded back. It would usually be a good signal for opec that the demand is pretty good. We have also had relatively sizable draw down in u. S. Inventory from the peak earlier this year. What is the stake in talking up the idea of extending Production Cuts . A couple of reasons behind that. In the first case, when these cuts were announced, opec do not have a plan for when they would come to an end. You can have, lets say they decide that the market is as good as they wanted to be and they will go back to full production. As an action one Million Barrels a day more. If that comes back on in short order, that will derail all of the good work opec has done by removing barrels. They might still be trying to work out a strategy for how that gets put into place going into next year. There may also be an Awareness Among opec producers about how flexible in their opponents in the oil market are now. We saw a very sharp dropoff in u. S. Production in anticipation in anticipation of Hurricane Harvey. He came back very quickly the week later as well. Even as prices have not nudged that much higher, most of the big forecasting agencies are predicting projecting Oil Supply Growth next year. Somemay be trying to give space to allow that extra oil to come back into the markets. They have no control over. Anthony he talked about the structure of the market. Talk to us about the spread of debbie ti and brent. We have seen that whitening a bit widening out a bit. Opec crudet of the pricedo asia, that is off of the dubai benchmark, which has been increasingly expensive compared to brent. Brent is more expensive compared to debbie ti. Will this be a pull of increasing amounts of crude from the americas to asia . Will it create more competition for opec countries . Tracy great question. Ed it is a double edge sword. It is linked back to the brent market as well. For them, they get the benefit of the higher prices and short term, but at what at what risk does it become uncompetitive . If you look at the import data going into places like china, into south korea that the United States has made a big impact in getting its crude exports into the markets. The u. S. Has always been a pretty sizable exporter of refined products, but this year, i think most recently we have seeing crude exports have her around the 750,000 barrel a day mark. That is going out into asia and getting aers are taste for wti linked crudes. The gap between the prices at a sharp discount will make it that much more attractive. About the political will when it comes to extending the opec Production Cut agreement. Is that there, and how to saudi aramco play into it . If we have a delay of the listing, does that mean the urgency to boost prices delays a little . how far along the aramco price is, that is a separate saudi economy issue. Certainly, if you were listing a Big Oil Prices like that coming oil company like that, you want the price to be as high as possible. I dont buy into conspiracy theories about them trying to get the price up as much as possible to get close to this 2 trillion valuation of the company, but certainly, having even if thet prices are high, but the fundamental of the markets are in a stable footing for prices, we kind of ovoid any sharp fall off into the 30 a barrel range, that puts aramco and the saudi policy makers anymore constructive footing about doing it. As far as the political will goes, i think this will be a big a lot of leaders and opec countries to accept another year of decreased market share, of cutbacks in production. Our view is that that will be a hard challenge hard challenge to overcome. We expect to see increased production for most of the middle east producers next year. This continual ebbing away of market share is not a sustainable strategy for the economies. Interestingt is an point that they are looking at the market share and more production out of opec. How do you see the u. S. Producers reacting . We talked about the wti brent spread, opec is now able to enjoy a higher brent linked price. Debbie ti close to 50, but not quite there, is that a limit what we see more u. S. Crude coming back into the market . Patty see them reacting to the price . Edl with respect to the price for the u. S. Producers, it is maybe their concern of over 2018 and 2019 with the future market is saying, as far as averages are saying. When you look at the strip of futures for 2018, it looks like it is at a reasonable enough to take level for them advantage. The advantage that u. S. Producers are more independent producers, they could be quite flexible in adjusting their cost and facilities, or what feels they are using to take advantage of the price structure. To 50,ces are getting that is about as good as they are getting for wti. Focus on the ones rerun at the lowest cost. A 60 range seeing in the brent prices. Could be a bit more adventurous for. Tracy im sure we could go on for hours to come. Bloombergs Energy Reporter Anthony Dipaola, thank you for bringing us the latest in the commodities complex as always. Emirates nbd analyst. Uae grown and london listed Health Care Company has been rewarded. The stocks up 80 this year, and now has a bigger market cap. But, is the company immune to the regions regions geopolitical risks . This is bloomberg. The ftse 100 quarterly review has welcomed a new member today and ask uae grown Health Care Provider nmc health will officially be included in the index tomorrow. The Company Became the first emirates base Health Care Company to list on the London Exchange in 2012. Their shares have gone from an issue price of 210 pence to 27 pounds and 85 pence. They are up 80 this year alone. The chief now is executive officer of nmc health. Thank you for joining us today. Congrats on the ftse 100. Much are you expecting entrance of inflows. Will your share 5 share price pop now that you have funds rushing in . It is a great privilege for nmc and a great milestone that we could achieve. Nmc has been included in the city 100, that is enough to show our hard worth hard work. Nmc has been achieving a lot of that is put in the minds of wider stakeholders. There are also happy stakeholders. Today, from the capital point of view, nmc will be getting more index offrom the tracker funds. Definitely should help us to improve our stock prices. And of the day, we dont believe the stock price can go buy a new set of investors coming in. We have to deliver expectations of the market. Tracy i want to bring up a chart behind me. Two is the market value of stalwarts of the british market severn trent. You cannot get much more british than marks spencers. You have surpassed all those companies recently. That is obviously impressive, but it does put pressure on you to continue growing and continue maintaining that momentum. How will you do that . Do you have specific steps in mind . Prasanth definitely, it is very easy to start with 2012. Over time, every year we have grown at 100 yearround. Apecially the last one and half years from 2016 has been a stellar year for us. Do you believe the entire plan of action is based upon both capacity enhancement and capability enhancement. We have been acquiring assets from the global space on single assets and segments like ivf. We have been able to grow and markets like saudi arabia and him on. Iman. Markets have strong potential. Differentiate nmc to the market and help us grow in the future. Capacity and capability enhancements. You have more acquisition to are eyeing at the moment . We strongly believe that properly identifying the right Capability Enhancement Program would only help the Health Care Business to grow. Especially in the market like uae, or the market like gcc, we definitely have to liquid a five. Use this as an opportunity to gladly inform that we have signed in the last and import in collaboration with cincinnati Childrens Hospital on the pediatric segment. Cincinnati Childrens Hospital is the top american pediatric hospital, which is one of the most sought out hospitals for many pediatric services, especially from the gcc. Considering we are in an economy more we believe by 2020, than 2 million pediatrics will come in uae, and 50 of abu dhabi local population is below 19 years. Andmedian age is around 30 40. A lot of pediatric complexities are out. With only one in abu dhabi. Ffering such complex care we also believe 40 of the population that goes out to the ipc program is for pediatrics. Ray andway test for orray will our f help us grow in that segment. This will be another entry into specialized segment. Pediatrics, clearly an opportunity for you. What other areas are you eyeing . Established have few from 2009. Has moved into ivf platform that we grew globally and also a health bill. Pediatrics is going into a new direction. Inalso started infesting oncology. Two areas that are going in a population where 20 is diabetes. We also have started infesting in oncology. We have medical and surgery oncology and trying to establish a Wider Network in the wider gcc region. You mentioned saudi arabia. You have been expanding in the market quite rapidly. What is next for you on the Saudi Arabian front, and how as a government been reacting to this kind of Foreign Investment coming into the country . Prasanth we have been very fortunate that our entry time is been perfect, we believe. We are taking very positive initiatives. Saudi license, which allows us to invest up to 100 in the market of saudi arabia. Is ready to open. Long pipeline with probability of closing those deals. It will be a combination of organic and nonorganic into in. Ew market like we have been constantly telling the markets we are not in aggregator. We will use it to enter the market, or to gain knowledge. We believe our responsibilities to create new sources in the market. A fantasticas been growth story. I cannot let you go without talking about challenges for the company. What keeps you up at night . Is the integration when it comes acquisitions. Is it Something Like geopolitical risks here in the gulf . What are your challenges . Prasanth when we acquired the integration, definitely a very high item. Fortunately we have a very strong management team, which i announced. Integration plans have been put across and we have been putting the proper numbers to that. We have been able to achieve. Emerging markets like uae, the biggest challenge will be that every time your facility you operate. Expanding, new suburbs are coming in, landscape is changing. We need to be relevant. Capital expenditure in a wisely spent manner, making it relevant at all times with a challenge for any health care operator. Chief executive officer of nmc health. Think you for joining us today. We are gearing up for the start of another trading week here in the uae, you will get you all the things you need to watch out for. This is bloomberg. Tracy we are counting down to the market open in the emirates in just over in our. Our markets reporter philippe vape shekel has brought us a chart to get us ready. What does the chart show . To qatar,en it comes it is exciting at the moment. Have the index down for nine straight days. That chart right there, we are seeing the start stash stocks of trading what we consider many analysts and technical investors 19y see 10 stocks out of within qatar index changing at oversold territory. We have seen the decline coming theythe political front were the worst performers in the region last week. This is the biggest percentage in the road of stocks trading at such technical levels. Expect a lot of excitement in qatar right now,. Ut it should be able big week tracy there should be shortterm gains. Ilipe if you are willing to take the risks, stocks could trade at an attractive level. Tracy we have five trading days to find out. Something on Bloomberg Television to also watch this weekend. Thenversation with billionaire founder and cochairman of bridgewater associates. He sits down with bloombergs eric at bridgewaters headquarters, that is that 5 00 p. M. Eastern time, 10 00 p. M. London on sunday. Jonathan from new york city for our viewers worldwide, im Jonathan Ferro with 30 minutes dedicated to fixed income. This is bloomberg real yield. Jonathan coming up, global reflation shows signs of life. Chinese ppi beats estimates, u. S. Price pressures grind higher. Central banks react. The bank of canada gives a surprised hike. The bank of england gives off its first in a decade. The reach for yields shows no sign of ending. Austria with a yield of just 2. 1 . We begin with a big issue. Global reflation showing signs of a comeback