I’m delighted to announce we’ve signed an agreement in Cairo to build a new $7 bln private sector petrochemicals plant in Egypt, a development that could herald a new era of economic growth and the emergence of the future Middle Sea economy for the Middle East, Europe and North Africa.

The weekend’s events in Syria highlight dramatic and swift change at the core of the geopolitical instability that’s defined the last few years. The cost in blood from conflict has been horrendous, but from a market and stability perspective there is now more to be positive about. Russia and Iran’s defeat in Syria could even trigger global recovery!

China issued $2bln of Bonds via Saudi Arabia last week. Some think it’s part of a malign plan for China to disrupt the global dollar bond markets. It may be the trigger for a dramatic rethink and recalibration of how global markets finance future credit. As geopolitical flux deepens, how might a new bond markets evolve?

Compare and contrast Boeing and Aramco. Boeing – an extraordinary example of corporate failure. In the Middle East, soon to be King, Crown Prince Mohammed Bin Salman of Saudi Arabia is using Aramco’s wealth to shake the current regional order.

Events in Israel have been shocking. Its deliberate – Iran fermenting conflict to support its goal of Arab hegemony. It puts Saudi in an impossible position – and could move it closer to Russia and thus higher oil prices. Interesting times indeed. Hard Hats close.

Markets are at an inflection point: bonds are more attractive, but credit risks rise in a deflationary bust? Or should higher oil prices remind us what triggered inflation, and raise the risk of consequential Stagflation!