Middle East (UAE and GCC) Finance and Investment News


 

MIDEAST STOCKS #Saudi and #Qatar rise, other Gulf indexes muted | Reuters

MIDEAST STOCKS Saudi and Qatar rise, other Gulf indexes muted | Reuters The Saudi and Qatari indexes finished higher on Sunday, buoyed by petrochemical and financial stocks, while other major Gulf indexes declined.Saudi Arabia's benchmark index (.TASI) closed up 0.7%, ending four consecutive sessions of losses, with Saudi Basic Industries Corporation (2010.SE) rising 2.5% and Market Heavyweight Al Rajhi Bank (1120.SE) advancing 0.7%.The Qatari index (.QSI) added 0.7%, extending gains for a...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Mohammed, Gulf, Reuters, Sheikh Mohammed bin Rashid al Maktoum, Emaar Properties, Tasi, Rupert Neil Bumfrey, Emaar Malls, Gulf Egypt, Emaar Properties EMAR DU


Europe Energy Crisis: Oil’s Going to Have a Good Winter, Even If You and I Don’t - Bloomberg

Europe Energy Crisis: Oil’s Going to Have a Good Winter, Even If You and I Don’t - Bloomberg Fears of an oil glut are receding, as stronger demand and curtailed supply are set to tighten the market and lift prices. It’s going to be a good winter for oil producers, but a further hit to consumers who are already reeling from soaring gas and electricity costs.The surge in natural gas prices, which has seen the costs of both liquefied supplies and pipeline deliveries to European markets jump t...
Tags: Travel, Europe, Bloomberg, Organization of the Petroleum Exporting Countries, Vitol Group, Deutsche Bank AG, Rupert Neil Bumfrey, Consultants Facts Global Energy


OFFICIAL CORRECTION #UAE central bank approves Wizz Financial's acquisition of UAE Exchange | Reuters

OFFICIAL CORRECTION UAE central bank approves Wizz Financial's acquisition of UAE Exchange | Reuters Financial technology firm Wizz Financial said on Thursday the United Arab Emirates central bank had approved its acquisition of currency firm UAE Exchange, a unit of troubled London-listed payment firm Finablr which Wizz agreed to buy last year.UAE Exchange, which engages in money transfers, foreign exchange and payments services, was seized by the central bank in March last year after it ran i...
Tags: Travel, London, United Arab Emirates, Switzerland, Abu Dhabi, Uae, Gulf, Reuters, Wizz, UAE Exchange, Rupert Neil Bumfrey, Prism Group AG, Bahrain Financing Company BFC, OFFICIAL CORRECTION UAE, Wizz Financial


Bahrain could double value added tax - sources | Reuters

Bahrain could double value added tax - sources | Reuters Bahrain is considering doubling value added tax to 10% to boost state revenues and reduce its budget deficit, a Bahraini parliamentary source and a source close to the government told Reuters, confirming local media reports.The government's communications office did not immediately respond to a request for comment.Bahrain's economy contracted by 5.4% last year, the International Monetary Fund has said, as the pandemic hurt vital sectors ...
Tags: Travel, International Monetary Fund, Bahrain, Gulf, Reuters, Reuters Bahrain, Rupert Neil Bumfrey


Commercial Bank Of #Dubai’s Deepak Mehra on Global Market Risks - Bloomberg video

Commercial Bank Of Dubai’s Deepak Mehra on Global Market Risks - Bloomberg [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Commercial Bank of Dubai, Rupert Neil Bumfrey, Deepak Mehra


#UAE's ADNOC Drilling to list on ADX on October 3 | ZAWYA MENA Edition

UAE's ADNOC Drilling to list on ADX on October 3 | ZAWYA MENA Edition Abu Dhabi Securities Exchange said on Sunday that shares of ADNOC Drilling co. will list on its main market from 3 October, 2021 under the trading symbol ADNOCDRILL.In the first week of September, the ADNOC subsidiary floated 11 percent of its share capital in an initial public offering (IPO) at 2.3 dirhams ($0.6262) per share. While the company had planned a sale of 7.5 percent of stake, the issue size was increased due to ...
Tags: Travel, Ipo, Uae, ADNOC, Rupert Neil Bumfrey, MENA Edition Abu Dhabi Securities Exchange, ADNOC Drilling co


Evergrande Not Enough to Deter Investcorp From China Expansion - Bloomberg video

Evergrande Not Enough to Deter Investcorp From China Expansion - Bloomberg   Investcorp Holdings BSC, one of the largest foreign buyers of U.S. real estate, remains bullish on the world’s biggest economy and expects the crisis enveloping China Evergrande Group to offer fresh opportunities for the biggest private equity and alternative asset manager as it seeks to expand in Asia.The top executive at the Bahrain-based firm described the problems at the Chinese developer as temporary and l...
Tags: Travel, Asia, China, Beijing, Bahrain, Bloomberg Television, Investcorp, Rupert Neil Bumfrey, Mohammed Alardhi, China Evergrande Group, Investcorp From China Expansion Bloomberg


MIDEAST STOCKS Chemical and banking stocks boost #Saudi index amid rising oil prices | Reuters

MIDEAST STOCKS Chemical and banking stocks boost Saudi index amid rising oil prices | Reuters Most major Gulf markets rose in early trade on Sunday, with Saudi shares leading gains as material and financial stocks offered a boost against a background of rising oil prices.Oil prices rose for a third week in a row to a near three-year high on Friday as global output disruptions force energy companies to pull large amounts of crude out of inventories. read moreBrent (.LCOc1) futures settled at $7...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Tasi, Rupert Neil Bumfrey, First Abu Dhabi Bank FAB, Dana Gas DANA, CBUAE, Emirates Telecommunications Group Etisalat, Dubai Islamic Bank DISB, Commercial Bank COMB QA


#UAE announces ministerial changes including finance, environment | Reuters

UAE announces ministerial changes including finance, environment | Reuters United Arab Emirates Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum announced ministerial changes on Saturday, including new finance and environment ministers.Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum -- Sheikh Mohammed's son and the current deputy ruler of Dubai -- has been appointed deputy prime minister and finance minister.Mohammed bin Hadi Al Husseini replaces long-serving Obaid Humaid...
Tags: Travel, Dubai, Uae, Reuters, Suhail Mohamed Al Mazrouei, Sheikh Mohammed bin Rashid al Maktoum, Reuters United Arab Emirates, Obaid Humaid Al Tayer, Rupert Neil Bumfrey, Mohammed bin Hadi Al Husseini, Maryam Al Muhairi


#AbuDhabi’s Wealth Funds Weigh Turkey Investments Worth Billions - Bloomberg

Abu Dhabi’s Wealth Funds Weigh Turkey Investments Worth Billions - Bloomberg Wealth funds in Abu Dhabi are on the prowl in Turkey, scouting for targets for billions of dollars in investments, according to people familiar with the matter.Talks between the funds from the oil-rich capital of the United Arab Emirates and companies in Turkey have been ongoing for months, the people said. The interest preceded a breakthrough phone conversation in August between Abu Dhabi Crown Prince Sheikh Mohammed...
Tags: Travel, Turkey, Syria, United Arab Emirates, Libya, Erdogan, Recep Tayyip Erdogan, Abu Dhabi, Muslim Brotherhood, Uae, Mohammed bin Zayed Al Nahyan, ADIA, Rupert Neil Bumfrey, Abu Dhabi Investment Authority, Abu Dhabi Crown Prince Sheikh, Mubadala Investment Co ADQ


What’s It Like to Visit #Dubai Now? Covid Comfort as Expo Arrives - Bloomberg

What’s It Like to Visit Dubai Now? Covid Comfort as Expo Arrives - Bloomberg High angle views of urban skyline and skyscrapers at sunset in Dubai UAE.   Photographer: Lu ShaoJi/Moment RF The buzz around lunch time in Dubai’s financial center paints a clear picture of how the city’s dealing with the coronavirus pandemic: Business people are back in full swing, many restaurants have to be booked in advance, and luxury sports cars swarm the entrances of the area’s five-star hot...
Tags: Travel, Bloomberg, Netherlands, United Arab Emirates, Dubai, Uae, Lu, Dubai UAE, Santiago Calatrava, Rupert Neil Bumfrey, Bloomberg High


Oil hits highest in almost 3 years as supply tightens | Reuters

Oil hits highest in almost 3 years as supply tightens | Reuters Oil prices rose for a third week in a row to a near three-year high on Friday as global output disruptions have forced energy companies to pull large amounts of crude out of inventories.The rally was slightly dampened by China's first public sale of state crude reserves.Brent futures rose 84 cents, or 1.1%, to settle at $78.09 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 68 cents, or 0.9%, to settle at $73.98.That...
Tags: Travel, China, Reuters, Reuters Oil, U S Gulf Coast, Rupert Neil Bumfrey


Petrofac Jumps After Plea Deal With U.K. Fraud Cops - Bloomberg

Petrofac Jumps After Plea Deal With U.K. Fraud Cops - Bloomberg U.K. oil-service provider Petrofac Ltd. entered into a deal with the U.K. Serious Fraud Office and intends to plead guilty to seven counts of failing to prevent bribery between 2011 and 2017.Petrofac said it the charges relate to former employees offering or making payments to agents in relation to projects awarded between 2012 and 2015 in Iraq, Kingdom of Saudi Arabia and the United Arab Emirates. All employees involved in the ch...
Tags: Travel, London, Middle East, Southwark Crown Court, Sfo, Petrofac, North Africa, U K Serious Fraud Office, Rupert Neil Bumfrey, United Arab Emirates All, U K Fraud Cops Bloomberg, U K Fraud Cops Bloomberg U K, Petrofac Ltd, Iraq Kingdom of Saudi Arabia, Rene Medori, UAE David Lufkin


Column: Worldwide energy shortage shows up in surging coal, gas and oil prices | Reuters

Column: Worldwide energy shortage shows up in surging coal, gas and oil prices | Reuters Record gas and electricity prices in Europe, record coal prices in China, multiyear-high gas prices in the United States and oil prices well above their real long-term average are all manifestations of the same global energy shortage.In the aftermath of the coronavirus recession, energy production has failed to keep up with rapid growth in consumption as energy producers struggle to raise output while dema...
Tags: Travel, Europe, China, United States, Reuters, Rupert Neil Bumfrey, Reuters Record


Oil heads for third straight week of gains as supply tightens | Reuters

Oil heads for third straight week of gains as supply tightens | Reuters Oil prices rose to a near three-year high on Friday and headed for a third straight week of gains, supported by global output disruptions and inventory draws.The rally was slightly dampened by China's first public sale of state crude reserves.Brent climbed 53 cents, or 0.7%, to $77.78 a barrel by 10:40 a.m. EDT (1440 GMT), while U.S. West Texas Intermediate (WTI) crude rose 40 cents, or 0.6%, to $73.70.Brent is on track fo...
Tags: Travel, China, Reuters, Reuters Oil, U S Gulf Coast, Rupert Neil Bumfrey


Oil heads for third week of gains as output stumbles | Reuters

Oil heads for third week of gains as output stumbles | Reuters Oil prices steadied on Friday near a two-month high of $77.50 a barrel and were headed for a third straight week of gains, supported by global output disruptions and inventory draws.The rally was slightly dampened by China's first public sale of state crude reserves.Brent crude was up 222 cents, or 0.28%, at $77.47 a barrel by 0743 GMT, their highest since July 6, and close to their highest since October 2018.U.S. oil was up 7 cent...
Tags: Travel, China, Gulf Coast, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil prices rise, hit 2-month highs on supply worries | Reuters

Oil prices rise, hit 2-month highs on supply worries | Reuters Oil prices rose on Thursday, with Brent crude touching its highest level in more than two months, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.Supply concerns had funds taking longer positions, analysts said.Brent crude settled up $1.06, or 1.4%, at $77.25 a barrel, its highest price since mid-July. U.S. West Texas Intermediate (WTI)...
Tags: Travel, White House, Iran, Chicago, Brent, Gulf of Mexico, Reuters, Reuters Oil, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group


Mideast Stocks: Most Gulf markets close higher; #Dubai falls | ZAWYA MENA Edition

Mideast Stocks: Most Gulf markets close higher; Dubai falls | ZAWYA MENA Edition Most stock markets in the Gulf ended higher on Thursday, extending gains from the previous session, although the Dubai index bucked the trend to closer lower.Positive sentiment takes hold of the markets after the much-anticipated Federal Reserve meeting this week, said Wael Makarem, senior market strategist Exness. The Fed kept its monetary policy unchanged on Wednesday and hinted that the asset purchase program t...
Tags: Travel, Iraq, Opec, Egypt, United Arab Emirates, Dubai, Federal Reserve, Abu Dhabi, Gulf of Mexico, Uae, Gulf, Fed, Rupert Neil Bumfrey, Industries Qatar, Most Gulf, Gulf Egypt


Behind the smiles, competition heats up in the Gulf | Financial Times #SaudiArabia #Qatar #UAE

Behind the smiles, competition heats up in the Gulf | Financial Times Sheikh Tamim bin Hamad al-Thani, the emir of Qatar, Mohammed bin Salman bin Abdulaziz al-Saud, crown prince of Saudi Arabia, and Sheikh Tahnoun bin Zayed al-Nahyan, national security adviser for the UAE © Twitter/Bader Al Asaker On Thursday evening, the Burj Khalifa, the signature tower of Dubai, the brash commercial hub of the United Arab Emirates, will light up in the colours of the Saudi Arabian flag to cel...
Tags: Travel, Saudi Arabia, America, Qatar, Egypt, United Arab Emirates, Dubai, Donald Trump, Bahrain, Uae, Burj Khalifa, Gulf, Red Sea, Hamad, Rupert Neil Bumfrey, Qatar UAE


European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #Qatar close [Author: [email protected] (Rupert Neil Bumfrey)]
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#UAE central bank starts gradual curb of COVID-19 stimulus measures | Reuters

UAE central bank starts gradual curb of COVID-19 stimulus measures | Reuters The United Arab Emirates central bank (CBUAE) said on Thursday it was starting to gradually withdraw stimulus measures introduced last year to mitigate the economic impact of the COVID-19 pandemic.The bank launched a Targeted Economic Support Scheme (TESS) to help banks provide temporary relief to companies and individuals affected by the crisis and boost lending capacity through the relief of existing capital and liq...
Tags: Travel, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, CBUAE


Oil prices ease but remain near two-month highs on tight supplies | Reuters

Oil prices ease but remain near two-month highs on tight supplies | Reuters Oil prices eased but remained well above $75 a barrel on Thursday, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.Brent crude was down 24 cents, or 0.3%, to $75.95 a barrel at 1035 GMT. U.S. West Texas Intermediate (WTI) crude fell 28 cents, or 0.4%, to $71.95 a barrel.Earlier in the session, Brent rose to $76.53 a barrel,...
Tags: Travel, Gulf of Mexico, Reuters, Reuters Oil, U S Energy Information Administration, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


#UAE's Mubadala to sell stake in Spanish miner MATSA | ZAWYA MENA Edition

UAE's Mubadala to sell stake in Spanish miner MATSA | ZAWYA MENA Edition Sandfire Resources Ltd, an Australian copper mining company, said on Thursday it is set to buy the Minas De Aguas Teñidas (MATSA) mining complex in Spain from Abu Dhabi's sovereign investor Mubadala Investment Company and global commodities trader Trafigura Group for $1.87 billion.The acquisition is fully funded through a combination of cash, debt and equity, Sandfire which is listed on the Australian Securities Exchange,...
Tags: Travel, Spain, Colombia, Abu Dhabi, Uae, Magdalena, Australian Securities Exchange, Trafigura, Rupert Neil Bumfrey, Mubadala, Mubadala Investment Company, Trafigura Group, Sandfire, Matsa, MENA Edition Sandfire Resources Ltd, Minas De Aguas Teñidas MATSA


Moody's upgrades #Saudi Telecom's baseline credit assessment | ZAWYA MENA Edition

Moody's upgrades Saudi Telecom's baseline credit assessment | ZAWYA MENA Edition Moody’s Investor Service has upgraded Saudi Telecom Company’s (STC) baseline credit assessment from a2 to a1, citing that the firm has maintained its strong financial metrics despite the headwinds. The ratings agency also affirmed the long-term issuer rating of the state-controlled company, which is the biggest telecom provider in Saudi Arabia. “The upgrade… reflects STC’s conservative financial profile and the ab...
Tags: Travel, Saudi Arabia, Moody, STC, Saudi Telecom Company, Rupert Neil Bumfrey, Saudi Telecom, MENA Edition Moody 's Investor Service


DAMAC founder gets regulatory approval to go private | Reuters

DAMAC founder gets regulatory approval to go private | Reuters The founder of DAMAC Properties (DAMAC.DU) is relaunching a partial offer to take the firm private after the securities regulator of the United Arab Emirates granted approval, according to a statement on Thursday.Maple Invest Co Limited, the vehicle backed by DAMAC founder Hussain Sajwani, said in a statement disclosed in a DAMAC exchange filing that an update to the original $595 million offer made in June is expected within two w...
Tags: Travel, United Arab Emirates, Reuters, AED, Rupert Neil Bumfrey, Damac, Securities and Commodities Authority SCA, Hussain Sajwani, Maple Invest, Maple Invest Co Limited, June Sajwani


Oil prices rise on tight supply, renewed risk appetite | Reuters

Oil prices rise on tight supply, renewed risk appetite | Reuters Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes.Brent crude rose 9 cents, or 0.1%, to $76.28 a barrel at 0856 GMT. U.S. West Texas Intermediate (WTI) crude was up 4 cents, or 0.1%, to $72.27 a barrel.Both contracts jumped 2.5% on Wednesday after data from the U.S. Energy I...
Tags: Travel, Opec, Gulf of Mexico, Reuters, U S Energy Information Administration, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, OANDA, Jeffrey Halley


MIDEAST STOCKS Most Gulf bourses rise as oil prices gain on tight supply | Reuters

MIDEAST STOCKS Most Gulf bourses rise as oil prices gain on tight supply | Reuters Most stock markets in the Gulf rose on Thursday as oil prices gained on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories, although the Abu Dhabi index bucked the trend to trade lower.The oil market was also supported by a return of appetite for risk assets as concerns eased over a potential default by property developer China Evergrande (3333.HK) and its possible fallout on the world...
Tags: Travel, China, Wam, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Adi, DAMAC Properties, Rupert Neil Bumfrey, Industries Qatar, QSI, Reuters Most, China Evergrande, Emaar Properties EMAR


#Dubai Turns Page on Covid With Hottest Jobs Market in Two Years - Bloomberg

Dubai Turns Page on Covid With Hottest Jobs Market in Two Years - Bloomberg What may have been the steepest population decline in the Gulf region is giving way to the hottest jobs market Dubai has seen since China detected its first coronavirus case in December 2019.A turnaround in employment took hold this summer and spread as looser travel restrictions revived business. But while headcounts are swelling with freshly recruited cooks and cabin crew, the economy of the Middle East’s commerc...
Tags: Travel, China, Middle East, United Arab Emirates, Dubai, Gulf, Emaar Hospitality Group, Rupert Neil Bumfrey, Mark Kirby


Oil prices settle up on U.S. stocks draw, rising fuel demand | Reuters

Oil prices settle up on U.S. stocks draw, rising fuel demand | Reuters Oil prices settled higher on Wednesday after U.S. crude stocks fell to their lowest levels in three years as refining activity recovered from recent storms.Despite recent wobbles from U.S. economic figures, overall demand for fuel has rebounded to pre-pandemic levels. Product supplied over the last four weeks has come in at nearly 21 million barrels per day, not far from 2019's peak.U.S. crude inventories last week fell by ...
Tags: Travel, Houston, Reuters, Reuters Oil, U S Energy Information Administration, Rupert Neil Bumfrey, Andrew Lipow, Lipow Oil Associates


Oil prices rise on U.S. stocks draw, rising fuel demand | Reuters

Oil prices rise on U.S. stocks draw, rising fuel demand | Reuters Oil prices climbed more than $1 on Wednesday after U.S. crude stocks fell to their lowest levels in three years as refining activity recovered from recent storms.Despite recent wobbles from U.S. economic figures, overall demand for fuel has rebounded to pre-pandemic levels. Product supplied over the last four weeks has come in at nearly 21 million barrels per day, not far from 2019's peak.U.S. crude inventories last week fell by...
Tags: Travel, Houston, Reuters, Reuters Oil, U S Energy Information Administration, Rupert Neil Bumfrey, Andrew Lipow, Lipow Oil Associates