Decoding the Future of MENA Financial Markets, MENA Market Lab

Denis Collot

Decoding the Future of MENA Financial Markets

MENA Market Lab

Decoding the future of Middle East and North Africa Financial markets

Cross Asset Strategy

<ul><li><p>IMF starts its mission in Cairo.                                                                     </p></li><li><p>Budget deficit widens, Growth accelerating.</p></li><li><p>Shipping companies plan full return through the canal.</p></li></ul>

IMF starts its mission in Cairo.                                                                     Budget deficit widens, Growth accelerating.Shipping companies plan full return through the canal.

<ul><li>OPEC+ confirms production hike’s pause.                                             </li><li>Moody’s upbeat on Saudi Arabia. S&amp;P downgraded Bahrain.</li><li>UAE, credit growth at record pace. SAR forward curve still pushing higher.</li></ul><div style="list-style-type: none;" aria-label="Post UFI"><div style="list-style-type: none;"><div style="list-style-type: none;"><div style="list-style-type: none;"><div style="list-style-type: none;"><div style="list-style-type: none;"><div><a href="https://substack.com/@deniscollot" target="_blank" aria-label="View Denis Collot's profile" rel="noopener"></a></div></div></div></div></div></div></div>

OPEC+ confirms production hike’s pause.                                             Moody’s upbeat on Saudi Arabia. S&amp;P downgraded Bahrain.UAE, credit growth at record pace. SAR forward curve still pushing higher.

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe).</li><li>This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation.</li><li>This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in December.</li></ul>

Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe).This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation.This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in December.

<ul><li>CBE left rates unchanged at its last meeting.                                                  </li><li>Will the 3.5bn $ from Qatar Diar motivate the IMF?</li><li>Remittances hit another record. The Pound weakens on repatriation . <div style="list-style-type: none;"><div style="list-style-type: none;"><div style="list-style-type: none;"></div></div></div></li></ul>

CBE left rates unchanged at its last meeting.                                                  Will the 3.5bn $ from Qatar Diar motivate the IMF?Remittances hit another record. The Pound weakens on repatriation . 

Asian Economist

Kok Peng Chan

<ul>
<li>By tracking chip sales, sector earnings and ICT profit margins our analysis point to an early-to-mid-cycle AI expansion, not an AI-bubble about to implode</li>
<li>WSTS data show AI demand in a de-synchronised mode, revealing a multi-speed chip cycle with AI in the fast lane and legacy end-markets still digesting past booms</li>
<li>Tech and communication stocks dominate the S&amp;P 500, but unlike 1999 their market and earnings share are broadly matched, suggesting elevated but not irrational pricing provided AI monetisation holds up</li>
</ul>


By tracking chip sales, sector earnings and ICT profit margins our analysis point to an early-to-mid-cycle AI expansion, not an AI-bubble about to implode
WSTS data show AI demand in a de-synchronised mode, revealing a multi-speed chip cycle with AI in the fast lane and legacy end-markets still digesting past booms
Tech and communication stocks dominate the S&amp;P 500, but unlike 1999 their market and earnings share are broadly matched, suggesting elevated but not irrational pricing provided AI monetisation holds up
