i am tracy alloway.apan'se in news today, softbank says it is close to reaching its $100 billion target for its abu dhabi technology fund. we'll have more free you on the iranian elections later in the show. in the meantime, we also have kevin cirilli. the rouhani victory comes at a time when donald trump is visiting saudi arabia and the saudi's are going out of their way to welcome him. walk us through what you've seen on the ground in riyadh. presidentnt -->> >> trump is on a dealmaking spree worth billions of dollars. he is met with top ceos and leaders here in saudi arabia. here is what you secretary wilbur ross told me. rosss. secretary wilbur told me. >> i could not imagine a business day mortgage for the united states and for the thedom -- more good for united states and for the kingdom. >> the investigations in the united states could risk ever shadowing his international trip. he is facing a lot of allegations about his international ties to russia. tracey: we did see u.s. markets take a tumble

i am tracy alloway.today, softbank says it is close to reaching its $100 billion target for its abu dhabi technology fund. we'll have more free you on the iranian elections later in the show. in the

anna: joining us now, tracy alloway anadolu dobby. greatest -- in abu dhabi. haven't actually cut anything today, half they? they said they are in favor of cutting. tracy: that's right. ultimately, everything will be decided that the egg opec meeting -- that's a big opec meeting. in the meantime, markets are interested in the language in timeframe. people used to compare opec to the central bank for oil. well, here is one of its biggest members taking a leaf out of the doingaybook in 2012, whatever it takes to bring down inventories to long-term goals. they are talking about extending the cut for nine months versus six months. that might be why we are getting the market reaction we have seen, even though at this point you would argue an extension has been largely baked in. does this do anything to solve the long-term problem in the oil market, which is really about glut, coming a lot from u.s. shale producers? arguably no. i have already seen analyst commentaries saying the risks to as were building, because have u.s. producers responding to the opec agreement,

for more, tracy alloway joins us from abu dhabi.what's on the agenda at this meeting ? tracy: there's really a laundry list of issues that we expect to be discussed. they range from the war in syria to the conflict in yemen to ongoing concerns about regional and global terrorism. we also have some potential business dealings in the form of the u.s. saudi arms deal, and the potential $40 billion investment from saudi arabia into u.s. infrastructure. supposedly that deal was put together by trumpson-in-law's, eric kushner, who was also charged with finding a solution to peace in the middle east. meanwhile, you have to figure that high up on the list will be iran, saudi arabia's traditional geopolitical rival in the region. if you think about it, trumps relationship with iran is the linchpin, allowing this new relationship between the u.s. and saudis to be formed. the is very critical of iran and the nuclear deal, and the hope from the saudi side is that there is a common ground on which they can come together. different is the relationship between washington and ryad under

let's get to tracy alloway in abu dhabi. how much hope will oil bulls be taking away. ering this month alone or over the last four weeks, we have seen a drop of 14% in crude? tracy: i guess every little bit helps at this point. we have seen the brunt price up about $.17 a barrel, now $48 48.90 eight dollars. it has not been anything on opec. the agreement is expected by the market at this point. we have seen verbal intervention from saudi arabia and russia in recent days, and that didn't have a big effect on oil price. is taking upgy because we had the release of data on u.s. stockpiles, the api data that comes out every week, that shows u.s. inventories drop by 5.79 barrels last week. out,ve the ea data coming inventories dropping by to million. it speaks to the catch-22 in energy markets right now and that is the idea that as opec manages to push up the price of oil, we see u.s. production coming back on stream? -- on stream. matt: i see your chart of the global benchmark. i typically look at the nymex trade as an american. year, look over the last here is the four we

we are joined by tracy alloway in abu dhabi, and mark cudmore who joins us from seou. tracy, walk us through the market reaction. i thought we had already baked in some sort of an extension from opec. tracy: yeah. you and a lot of other people. but that said, think about what it took to get the price action we saw this morning. oil was a bit slow to move off those headlines. now wti is up 1.5%. but this thing that has happened, saudi arabia and russia are making some strong statements here, including a joint statement that they will do whatever it takes to get to their long-term goal of reducing global inventories. meanwhile, they are talking about extending the production cut agreement for nine months instead of six months. that might be what is helping some of the oil price action this morning. i know you mentioned cftc. unwind alle funds bets on an opec driven rally, and that could mean there's extra money around this morning to deploy back into the oil price. it's important to really interpret the oil price movement in that context. matt: does that mean the bears st

tracy alloway joins us on the line from abu dhabi with more on this. morning, tracy. >> good morning, yousef. i know you are excited. there is a wealth of thertunities right now in gulf, penned to saudi arabia opening up its markets. tracy: who better to speak about that than the doctor, ceo of golf capital? he is a huge player. joining uso much for today. let us start with saudi arabia because we did have that rare interview from the deputy crown prince where he was talking about some of the country's economic plans, including domestic investment, the privatization drive. what does that mean for capital markets in the gulf region? >> it is what you mean a huge boom. it will open the markets again. there has not been much activity for the past two years. wereu look at 2014, there 12 ipo's, $10 billion. last year, only for ipo's him a $7 million trade. the ipo market are shot. ipo like saudi aramco to open the market again. tracy: what about the dip in oil prices? we saw another fall yesterday off of the back of some of the u.s. numbers. how do lower cr

family issaros royal said to -- let's get to tracy alloway in abu dhabi.imingugh this, someone say is confusing. importantright, the thing to remember about the timing is that this request happen several months ago, including the news they were looking to raise a brilliant dollars worth of capital. stake justraised its under 10%. that means a lot could've changed since the request was supposedly made, but the reason were all interested is because it speaks to control of deutsche bank and if the request was granted by the german regulator, it would mean we basically have unprecedented concentration of voting rights in china and the i royal family. that could mean potential management changes at a time when the ceo has been under pressure to prove that deutsche bank can withstand legal cost and adapt to a vastly changed banking environment since the financial crisis. much, tracyyou very alloway with the deutsche bank story as it relates to investors from the middle east. staley has apologized for trying to unmask a whistleblower. as he told erik schatzker, b