i am yousef gamal el-din in riyadh.uti arabia has rolled their big fund issuance for 2018. we break it down. with vat due to kick in, we ask and settions already for the january implementation date. i speak to the regions billionaires about their investment strategy for 2018. first off, a self-made billionaire, outspoken and unapologetic when it comes to critiquing his nation's neighbors to the u.s. administration. that is where i started my interview. i asked how he felt president trump has done so far on delivering on campaign promises. jerusalemask me about , this is a decision the most stupid and wrong decision that could be done. jerusalem is not part of the united states of america. muslims, the jews, christians, everybody. this is a decision taken by the palestinians, by the people, not america. it will not happen. yousef: do you think there is worse to come from the administration and the united states from the point of view of the arab world? you said from the beginning this individual is a loose cannon. moret

inm yousef gamal el-din dubai. ahead to central bank decisions from the fed and ecb.hat is determining the tone of a lot of trade at the moment. jump into the bloomberg with me for the global markets map for the pulse in the session. pressure, indices losing steam, especially the kos pi. the kiwi dollar, the spike we saw, resuming its charge, up .25%. overall an interesting picture developing ahead of key events. to some of over their asset classes as we warm up and prepare for these meetings. gold up. 10 year paper steady at 2.38%. note on cable. that is holding on to lows. .hat is the lows of the month a lot of the energy from the weekend dissipated quite a bit. the one we complied volatility is the highest in two years. looking ahead to the anc conference on sunday. a quick note on crude oil, big moves. it is because of damage to a north to see pipeline. the highest since 2015. the pipeline was shot after a , 400,000 discovered barrels a day. repairs are likely to take two weeks. data rent of the contract and helps to set half of the world's physical oil prices. fo

inm yousef gamal el-din riyadh. a lot to get to.e start off with the broader asian equity session. the handoff from the u.s. at record highs. boards, trades on the the thailand currency the big peso.and the chilean some other asset classes we are dollarg, a stronger u.s. , ever so slightly stronger on the back of optimism that this u.s. administration is inching closer to achieving its first major legislative victory. brent crude, take a look at that, currently higher for brent and wti. fell.stockpiles 10 year yields for paper at the upper end of the range. resilient in light of a testy brexit conversation. of the bigd one stories, the strongest since march. it has pared some gains, but still below the level against the u.s. dollar. let's check in on the first word headlines with debra mao. africa's ruling anc has elected its new leader after a bitter campaign to replace jacob zuma. the 65-year-old union veteran was part of the previous regime, but managed to events delegates he has become a performer. he is one of south africa's ri

yousef gamal el-din.es, theand new amc leader on track to become the next south african president. does he have answers for that troubled economy? we will discuss that next. later, michel barnier says there will be no referential arrangement for the british banking sector. this is bloomberg. ♪ anna: this is "bloomberg daybreak: europe." 1:46 in the morning. let's get that " bloomberg business flash." shareholders of mcdermott will control 53% of the combination of the two major engineering and construction companies catering to the engineering industry will have sales of about $10 billion, and a contract backlog valued at 14.5 billion. totaling $584 million from the trustee unwinding the con man's company. $11 would boost a out to billion. hedge fund professionals are expecting annual bonuses to climb 39% at the end of this year according to recruitment firm odyssey partners. bonuses looking for rising to $562,000. that view may be too optimistic set a partner at the firm. started china to develop a futur

i am yousef gamal el-din, join me then. this is bloomberg. ♪ retail.ever before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. announcer: "brilliant ideas," powered by hyundai motor. ♪ narrator: from enchanting miniature sculptures to large-scale models, takahiro iwasaki is a masterful japanese artist whose defining style is subverting traditional forms of architecture. known for his use of the most

i am yousef gamal el-din in dubai. tracy: i am tracy alloway in abu dhabi. good morning. usef: special coverage out of to us about what we can look forward to. tracy: sure. i am at our annual conference bloomberg invest abu dhabi, our seminal conference in the region and comes at a crucial time for abu dhabi and its gulf neighbors. , they're, saudi arabia are trying to attract foreign investment at a time of low oil prices. we will be hearing from that you ate he energy minister and hear from the deputy ceo as well. later on, we will talk to the ceo of investcorp. stake andtly sold a we will find out if there are more partnerships to come. thanks. cracking lineup. global markets, yes, the story around bitcoin continues to evolve. it is a big week for central banks. this is gmm . we have seen strengthen these equity markets, especially hong kong, the same for new zealand. we will get to that story in a minute. on the foreign exchange space, some interesting moves with the up .7%.lar in the role of the new governor. that is a one-month low for dollars again, extending tw

i am yousef gamal el-din in dubai.oming up, we speak to scott morrison after the government in australia forecast a never -- arrower budget deficit. some headlines out of india, the index down 1%. the indian rupee down .1%. that would be risk for the reforms the prime minister wants. the rest of the picture is largely positive. the handoff from the u.s. at record highs. midweek boats and the house and --ate and plans for -- folks senate. the new zealand dollar is firmer. the metals space, take a look at that, copper leading gains. other key asset classes, brent crude looking to updates on a pipeline. not the extent so much, but a possible restart date. watch out for that. downdownside pressure, .1%, 60 doing a historical volatility the low since 2001. a big week in emerging markets with dollar rand on the downside there. key here is the votes of the ruling party, the leadership votes scheduled for monday. i tried to stay up for that, but it was too late in the night for that. let's check in on first word headlines from

i'm yousef gamal el-din.hat a week we have had off the back of the fed decision, and a dozen central banks around the world. here is how the u.s. equity session closed off. the s&p index, dow jones, nasdaq. this is on optimism about the proposed u.s. tax overhaul. there's also a lot more volatility, 74% higher volumes than the daily average. there's another event feeding into this, quadruple switching. it happens every quarter, futures and options on indices and individual shares. then the bloomberg dollar index, a story of a stronger dollar, up .4%, a major move, a fresh session high-end the fifth day of gains. the u.s. dollar gaining compared to all of its peers save for the kiwi dollar, which led weekly gains. let's crossover in show you the other key asset classes, relatively. u.s. 10 year uninspiring. gold, up .3%. but look, the reality is you have traders dumping bullish bets at the fastest pace in five months. do people care about the dollar? that is another conversation for later in the program. brent

i'm yousef gamal el-din. here are the major headlines. landmark ipo, abu dhabi's biggest initial public offering in a decade. the fallout continues from donald trump's decision to recognize jerusalem as israel's capital. former french president francois hollande along calls it a brutal and harmful move. and coming to a cinema near you. why saudi arabia is set to outlaw movie theaters for the first ti i35

i am yousef gamal el-din.ith the saudi arabia story, the country unveiled a new spending plan to revive its plunging economy. we hear from the country's finance and economy minister. saudi arabia's energy minister says global stockpiles will not be anywhere near close to the targets by opec. he says he is waiting for the second half of

. ♪ yousef: welcome to the best of "bloomberg markets: middle east", i am yousef gamal el-din.ith the state owned giant lists its fuel retailing unit. it is one of the biggest offerings in a decade in upper darby. also, following president trump's decision to recognize jerusalem as the capital of israel, it is called a brutal and hard full move. also, why saudi arabia is set to

joining us now is our middle east anchor, yousef gamal el-din. does this set the stage in terms of what to expect from today's budget announcement? shows that the country is on track in terms of balancing its fiscal budget for 2020. that was the longer-term goal. it made progress on reforms when it comes to nonoil economy, taxation, tobacco, and of course soft drinks. but the problem with austerity is it weighs on growth, and that is what happened in 2017. economy willt the contract. means that they have more ability to navigate, to recalibrate, and to adjust according to those parameters. we could be looking at some additional spending, and that is why it is rallying, and he stocks on the saudi benchmarks are there as well. guy: so what does this mean for the reform program making the economy sustainable, something the crown prince is desperately trying to deliver? put the two things together. this feeds into the wider reform program, as you mentioned, with the national transformation program. mind, 2017 has been austerity driven. this one might

i am yousef gamal el-din.icking off with the saudi arabia story, the country unveiled a new spending plan to revive its plunging economy. we hear from the country's finance and economy minister. saudi arabia's energy minister says global stockpiles will not be anywhere near close to the targets by opec. he says he is waiting for the second half of 2018 to get a real feel for supply and demand. and president trump's jerusalem decision continues to make waves. the united states uses it veto for the first time to block a u.n. security resolution on the issue. for expansionary budget 2018 for saudi arabia. a boost in spending in almost $300 billion. 2.7%, gdp to expand to after shrinking by .5% in the last year. here is how we covered the story. the chairman of the company, the minister of energy, the ceo and i thinkny, ideo --we expect the the ipo will attract people. that tadawul is one option and we are also looking at many s, going through a lot of discussion and assessment. this is not a normal ipo, it is an

i'm yousef gamal el-din. join me then. this is bloomberg. ♪ retail.e like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. >> from new york city, i am jonathan ferro with 30 minutes dedicated to fixed income. this is bloomberg "real yield." ♪ jonathan: no real change of the fed, why the old boss sounds like the new bus. -- why the new boss sounds like the old boss. the prospect of tax cuts. and a wall of demand meets a flow of supply. $46 billion in orders. we begin with a big issue, why the new boss sounds like the old one. >> the labor market and economy are not significantly ov

>> welcome to "the best of bloomberg markets: middle east," on yousef gamal el-din. here are the major headlines. standing off with the land known biggest abu dhabi's public offering in a decade. the fallout continues from donald trump's decision to recognize jerusalem as israel's capital. friends while holland -- france law along calls it a harmful move. to why saudi arabia is set outlaw movie theaters for the first time in 35 years. we start in the united states, where doug jones this week delivered a stunning upset by beating republican roy moore in alabama. that since the republican senate majority to just one. we were joined moments after the results came in. >> the roy moore campaign, his supporters -- we are hearing he will come out and address his supporters any moment now. but the republican majority in the senate is razor thin, down to one vote, the number of votes .epublican can lose issues,e hoste of that is the only vote they can lose. with tax reform coming, this is -- doug jones will likely take office a week after christmas and before january 3. tomor

i yousef gamal el-din, this is bloomberg. ♪ this is bloomberg. ♪ jonathan: from new york city, i am jonathanated the fixed income. this is "bloomberg real yield." ♪ jonathan: the president signs the tax bill and the treasury curve steepens. risk assets outperform a 2017. junk bonds get left behind. in europe, we end the year just the way we started it, worrying about politics. we begin with the big issue, the yield curve beginning to steepen. >> the reality is this curve showed stephen because of less foreign competition for treasuries. when you add in the $700 billion next year, we think that

i'm yousef gamal el-din. here are the major headlines.tarting off with the landmark ipo, abu dhabi's biggest initial public offering in a decade. the fallout continues from donald trump's decision to recognize jerusalem as israel's capital. former french president francois hollande along calls it a brutal and harmful move. and coming to a cinema near you. why saudi arabia is set to outlaw movie theaters for the first time in 35 years. we start in the united states, with a democrat doug jones this week delivered a stunning upset by beating republican roy moore in alabama. that since the republican senate majority to just one. kevin cirilli joint to myself as the results came in. we are hearing he will come out and address his supporters any moment now. but the republican majority in the senate is razor thin, down to one vote, the number of votes republican can lose. there are host of issues, that is the only vote they can lose. with tax reform coming, this is the bottom line. doug jones will likely take office sometime the week after chris

yousef gamal el-din in riyadh. we are back with richard and luca paolini. look at oil, know if this is a saudi story, oil story, supply and demand, or shale producers in the u.s., but what is the linkage between inflation and oil, but also the price of oil in 2018? richard: the key linkage is that the connection between oil demand and general inflation is much weaker than it used to be. rise, but itll won't rise as fast as world growth. stock, astill a lot of lot of reserves of oil around. i think it is difficult to foresee another oil bubble such as we've seen in the past unless the world economy starts to grow much faster than it is at the present time. i'm talking about doubling the growth rate. i think the oil price is going to remain relatively subdued. that is not just short-term. that is long-term as well. many alternative energy sources are going to come through. luca: we have a target for next year of 65. from one side, strong growth and a week dollar should be supported. when you look at u.s. production, a record high, then you really feel that th

yousef gamal el-din spoke about the outlook.w with the conducted in the ont few weeks focusing [indiscernible] we need to make sure we design it. some of this may be for 2018, some of the for 2019. why is the infrastructure -- first of all, thank you for coming on. why is the infrastructure such a focus here? yeare outlook for the next , and by region, apart from the u.s., and trying to see what will come next year, the middle east and particularly saudi arabia sends out a big budget and a commitment from the government to deliver this project. project, theterm vision 2030. yearis why for the next saudi arabia is so attractive to investors, and not only the public money. trying to bring private money, internal private money. and trying to attract investors into the region. for example, they're trying to develop more public-private partnerships. it is not only cash coming from the government, but the will to attract attention from international investors is key. how our international investors reacting? the budget was just releas

yousef gamal el-din. it is almost as if the russians and opec members got what they wanted.l hands the shale producers on a plate the opportunity to lock in at 60, 62. was it really that good of a deal? dealit might be the best you could do. the reality is, the global economy is doing as well as it can. it is improving on a global basis. the reality of it technological improvement of shale means that you do not squeeze them out of this price or a price below this. everybody has got to make do. there is plenty of supply of available if prices fall even marginally. rangeg prices in our might be all the big producers can aspire to do at this time. and make such hey as there is while the global economy is this strong. does this throw up opportunities in your fx universe? kit: not many because most people perceive this as temporary. there is not massive upside or downside. i think the canadian dollar is a bit cheap. anna: thank you very much. kit juckes, chief fx strategist, societe generale. he is staying with us. i deadline is looming. can the u.k. in the eu reach a deal on ire

for more on this, let's bring in yousef gamal el-din, joining us from opec.inal announcement. people didn't think russia would go along with this. the marketprise workers in vienna as well? -- the market watchers in vienna as well? yousef: we had a solid strength from russia and saudi arabia. -- we had a show of strength from russia and saudi arabia. inventories are coming down. they are holding on. with the inclusion of nigeria and libya. theyally what happens is have pledged to not produce be their 2017 highs. here is what i novak had to say about the latest deal. take a listen. all countries are pledging towards full conformity in accordance with the voluntary obligations, which is important. it gives an opportunity for us to meet at the june meeting in vienna and assess the progress towards rebalancing and take actions, which are needed, to achieve this. matt: they got that done. what are the issues opec and partners have to deal with now down the line? in my conversations yesterday with people on the ground at the event, a lot of concern there kicking th

i am yousef gamal el-din in riyadh. outi arabia has rolled their big fund issuance for 2018.e to kick in, we ask and settions already for the january implementation date. i speak to the regions billionaires about their investment strategy for 2018.

"bloomberg markets: asimiddle east," coming up at the top of the hour with yousef gamal el-din. nished up interviews with key decision-makers regarding the saudi budget announcement. you laid out the program for us, in terms of expectations for economic growth, and how he is looking to revitalize the domestic outlook for the saudi arabian perspective. we will put this all in perspective. course, no conversation will be complete without tapping into what is going on with the u.s. tax cut program. what iumpacmpact will that haven valuations? that's next on bloomberg. ♪ >> you are watching "bloomberg technology." the house of representatives will vote again on the tax bill. that is after it voted to pass the most sweeping rewrite of american tax law in more than three decades just this afternoon. gop leaders blamed senate procedural issues that must be resolved. the senate is still expected to vote tonight. house majority whip steve scalise says the chair of the house appropriations committee should keep his job. that is despite voting no against the tax overhaul, the most important

let's bring in yousef gamal el-din life on the ground in riyadh.the budget announcement we are expecting later on. >> it is a huge event. there is no way around that. facing theent is choice between austerity and stimulus, a choice a lot of governments have to make. saudi arabia has been in austerity mode since 2015. the latest numbers 8.9% of gdp, down from 13% of gdp a year earlier, in line with economists surveyed by bloomberg. the government more leeway to allow for stimulus. bloomberg economics expects the economy to contract 1.4% this year. the government has been trying to reinvigorate economic momentum because you had a stimulus package a couple of weeks ago to the tune of $19 billion for smaller private sector businesses, and a bigger stimulus announcement or recalibration of reform programs would definitely help accelerate some economic momentum, which has been lagging with the ambitious programs initiated. david: you brought up the word recalibration. does this indicate a recalibration in terms of implementing this wider national reform