Middle East (UAE and GCC) Finance and Investment News


 

Sequoia Enters Mideast, Teams Up With Firm That Hired Mesut Ozil - Bloomberg

Sequoia Enters Mideast, Teams Up With Firm That Hired Mesut Ozil - Bloomberg Sequoia Capital has made its first investment in the Middle East by partnering with a venture capital fund that hired soccer star Mesut Ozil last year.The U.S. venture capital firm led an initial funding round for Egyptian digital banking app Telda, with participation from Berlin-based Global Founders Capital and Class 5 Global, which Ozil joined as a strategic adviser. Telda said it raised $5 million.Digital banks ha...
Tags: Travel, Berlin, Egypt, Middle East, Mesut Ozil, Global Founders Capital, Ozil, Rupert Neil Bumfrey, Telda, Mesut Ozil Bloomberg, Mesut Ozil Bloomberg Sequoia Capital


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

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #SaudiArabia #Qatar close [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Qatar, Rupert Neil Bumfrey, Bloomberg UAE Kuwait


#Dubai ruler dissolves tribunal for settling disputes with home lenders | Reuters

Dubai ruler dissolves tribunal for settling disputes with home lenders | Reuters Dubai's ruler dissolved by decree a special tribunal formed after the global financial crisis over a decade ago to settle disputes related to real estate lenders Amlak Finance and Tamweel, the government media office said on Twitter on Monday.Sheikh Mohammed Bin Rashid Al Maktoum ordered the creation of the special judicial committee in 2009 to protect creditors of mortgage lenders Amlak and Tamweel following the ...
Tags: Travel, Dubai, Mohammed, Reuters, Mohammed bin Rashid Al Maktoum, Court of First Instance, Special Tribunal, Tamweel, Amlak Finance, Rupert Neil Bumfrey, Reuters Dubai


#Dubai's Marina 101: Property owners willing to spend 'few millions' to finish much-delayed skyscraper | Property – Gulf News

Dubai's Marina 101: Property owners willing to spend 'few millions' to finish much-delayed skyscraper | Property – Gulf News Some of these property owners have already paid off the entire amounts on their multi-million homes.  But they still don't   have a clue as to when they can get a completion certificate for the 97.3% finished project. Image Credit: Clint Egbert/Gulf News Property buyers in Marina 101, the much-delayed skyscraper project at Dubai Marina, are willin...
Tags: Travel, Dubai, Dubai Marina, Gulf News, Rupert Neil Bumfrey, Marina 101, Clint Egbert Gulf News Property


#AbuDhabi's ADNOC in early talks with investors ahead of drilling unit IPO-sources | Reuters

Abu Dhabi's ADNOC in early talks with investors ahead of drilling unit IPO-sources | Reuters Abu Dhabi National Oil Company (ADNOC) has started virtual meetings with potential investors ahead of the planned initial public offering of its drilling unit, two sources told Reuters.Banks working on ADNOC Drilling are scheduling calls with local, regional and international institutional investors to sound out appetite for the potential sale, said the sources, declining to be named as the matter is n...
Tags: Travel, Ipo, Abu Dhabi, Reuters, OCI, ADNOC, Reuters Banks, Jaber, Rupert Neil Bumfrey, Reuters Abu Dhabi National Oil Company ADNOC, ADNOC Drilling


First #Saudi Tech Startup That Could Go Public Picks HSBC for IPO - Bloomberg

First Saudi Tech Startup That Could Go Public Picks HSBC for IPO - Bloomberg Jahez International Company for Information Technology picked HSBC Saudi Arabia as the sole financial adviser and global coordinator for its potential IPO on Nomu, the Saudi stock exchange’s secondary market, which imposes lighter listing requirements to encourage smaller businesses and startups to raise equity.Founded in 2016, the homegrown firm serves around 2 million customers in the kingdom, and processed about 20...
Tags: Travel, Saudi Arabia, Hsbc, Rupert Neil Bumfrey, IPO Bloomberg, Public Picks HSBC, Ghassab Al Mandeel, Jahez Food


Oil eases as Asia's COVID-19 restrictions dampen sentiment | Reuters

Oil eases as Asia's COVID-19 restrictions dampen sentiment | Reuters Oil prices drifted lower on Monday after the recovery of a major U.S. pipeline network eased concerns over supply, though fresh restrictions in Asia sparked by surging COVID-19 cases weighed on sentiment.Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline’s 5,500-mile (8,900-km) system recovered from a crippling cyberattack.Brent cru...
Tags: Travel, Asia, Reuters, Reuters Oil, U S East Coast, West Texas Intermediate WTI, Rupert Neil Bumfrey, Colonial Pipeline, Satoru Yoshida, Rakuten Securities


MIDEAST STOCKS Most major Gulf markets rise in early trade; #Qatar dips | Reuters

MIDEAST STOCKS Most major Gulf markets rise in early trade; Qatar dips | Reuters Most major stock markets in the Gulf rose in early trade on Monday, driven by gains in the financial sector, although Qatar bucked the trend to trade lower.Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Al Rajhi Bank (1120.SE) rising 0.9% and Saudi Telecom Company (7010.SE) up 0.8%.The kingdom announced on Sunday that foreign visitors arriving by air from most countries will no longer need to quarantine ...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, MSCI, Adi, Tasi, Saudi Telecom Company, Rupert Neil Bumfrey, Al Rajhi Bank, First Abu Dhabi Bank FAB, Dubai Islamic Bank DISB DU


Column: Global crude oil bulls are running past China, India bears | Reuters

Column: Global crude oil bulls are running past China, India bears | Reuters Asia may be a late arrival to the impending crude oil party.The oil market is largely convinced that a strong recovery in demand is imminent, based on the view that the world is recovering from the coronavirus pandemic and economies are rebounding.Although this may be true for North America and Europe, the top oil-consuming region of Asia is looking somewhat less optimistic, with crude demand in top importers China an...
Tags: Travel, Asia, Europe, China, India, North America, Reuters, China India, India Asia, Reuters Asia, Rupert Neil Bumfrey, Refinitiv Oil Research About


#Iran to Award $1.8 Billion Gas Field Contract to Local Company - Bloomberg

Iran to Award $1.8 Billion Gas Field Contract to Local Company - Bloomberg Iran’s Petropars Ltd. will be awarded a $1.78 billion contract by the National Iranian Oil Co. to develop the giant Farzad-B gas field that was previously intended to be tapped by a group of Indian companies.Petropars will produce 28 million cubic meters of gas a day from the offshore deposit within five years, according to the agreement, the Iranian oil ministry’s official Shana news service reported, with the contract...
Tags: Travel, Iran, Islamic Republic, Shana, China National Petroleum Corp, Rupert Neil Bumfrey, National Iranian Oil Co, ONGC Videsh Ltd, Petropars Ltd, Petropars, Local Company Bloomberg, Local Company Bloomberg Iran, Farzad B


Amanat 1Q Net Income 31.5M Dirhams - Bloomberg video

Amanat 1Q Net Income 31.5M Dirhams - Bloomberg Mohamed Hamade, CEO of Amanat, the Gulf Cooperation Council's largest healthcare and education investment company, discusses his company's reported first quarter net profit that more than quadrupled to 31.5 million dirhams. He says that profits rose on the back of a turnaround of its healthcare business. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumf...
Tags: Travel, Bloomberg, Gulf Cooperation Council, Rupert Neil Bumfrey, Amanat, Bloomberg Daybreak, Yousef Gamal El Din, Mohamed Hamade


#Saudi banks will maintain high deposit levels, strong liquidity despite COVID-19: S&P | ZAWYA MENA Edition

Saudi banks will maintain high deposit levels, strong liquidity despite COVID-19: S&P | ZAWYA MENA Edition Banks in Saudi Arabia will maintain high deposit levels and enjoy strong liquidity despite the current environment, S&P said in a report on Sunday. The global ratings agency also sees economic risk in the kingdom as stable despite a budget deficit and public debt accumulated over the past years. “We think the country still has sufficient fiscal and external buffers to weather periods of l...
Tags: Travel, Saudi Arabia, Taiwan, Rupert Neil Bumfrey


MIDEAST STOCKS Top lender FAB boosts #AbuDhabi; #Dubai retreats | Reuters

MIDEAST STOCKS Top lender FAB boosts Abu Dhabi; Dubai retreats | Reuters The Abu Dhabi stock market ended higher on Sunday, buoyed by a surge in its top lender First Abu Dhabi Bank (FAB) (FAB.AD) on expectations that an upcoming review by MSCI of its emerging markets index will increase the bank's index weighting and spur foreign fund flows into its shares.The benchmark index (.ADI) jumped 3.5%, its biggest intraday gain since mid-January, with First Abu Dhabi bank surging more than 10%."The b...
Tags: Travel, Saudi Arabia, Dubai, Oman, Abu Dhabi, Reuters, Ibrahim, MSCI, Adi, Rupert Neil Bumfrey, MSCI Emerging Markets, Abudhabi, First Abu Dhabi Bank, Emaar Properties EMAR DU, First Abu Dhabi, Bank Audi Egypt


Conflict rattles Israeli rapprochement with Arab states | Financial Times

Conflict rattles Israeli rapprochement with Arab states | Financial Times When the United Arab Emirates shocked the Arab world by normalising relations with Israel it said the move would help ease the protracted Arab-Israeli conflict. But nine months later, the wealthy Gulf state finds itself in a difficult position as its newest ally bombards the impoverished Palestinian territory of Gaza.  Israeli warplanes and artillery have been pounding Gaza while Hamas, the group that cont...
Tags: Travel, Israel, Gaza, United Arab Emirates, Hamas, Financial Times, Arab, Gulf, Rupert Neil Bumfrey, Abraham Accords


FDI to the #UAE surges 44.2 per cent in 2020, backed by billion-dollar infrastructure investments | The National

FDI to the UAE surges 44.2 per cent in 2020, backed by billion-dollar infrastructure investments | The National Foreign direct investment to the UAE surged 44 per cent to reach nearly $20 billion (Dh73.45bn) in 2020, the government said on Saturday."Despite the UN's estimates that global foreign direct investment flows decreased by 42 per cent in 2020 over Covid-19, the UAE witnessed 44 per cent growth in FDI flows in 2020, compared to 2019, to reach Dh73bn," Sheikh Mohammed bin Rashid, Vice P...
Tags: Travel, Dubai, Un, Uae, Mohammed, ADNOC, Rupert Neil Bumfrey


Iran Gears Up for Return to Oil Market as U.S. Talks Advance - Bloomberg

Iran Gears Up for Return to Oil Market as U.S. Talks Advance - Bloomberg Iran is preparing to ramp up global oil sales as talks to lift sanctions show signs of progress. But even if a deal is struck, the flow of additional crude into the market may be gradual.State-controlled National Iranian Oil Co. has been priming oil fields -- and customer relationships -- so it can increase exports if an accord is clinched, officials said. In the most optimistic estimates, the country could return to pre-...
Tags: Travel, Iran, State, NIOC, Rupert Neil Bumfrey, National Iranian Oil Co, U S Talks Advance Bloomberg, U S Talks Advance Bloomberg Iran, Mohammad Ali Khatibi


European, Middle Eastern & African Stocks - Bloomberg #UAE mid-session

European, Middle Eastern & African Stocks - Bloomberg #UAE mid-session [Author: [email protected] (Rupert Neil Bumfrey)]
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#AbuDhabi Shares at Record, Shrug Off Mideast Tension: Inside EM - Bloomberg

Abu Dhabi’s main stock index rose to a record, even amid heightened tensions in the region, as the benchmark’s biggest member surged on hopes of foreign inflows.The ADX General Index climbed as much as 2.1% Sunday, boosted by gains for First Abu Dhabi Bank PJSC, the biggest lender in the United Arab Emirates. The stock surged as much as 5.8% after MSCI Inc. last week announced a quarterly review that could trigger about $500 million in flows from abroad. Shares in Oman also gained while those in...
Tags: Travel, Israel, Bloomberg, Middle East, United Arab Emirates, Dubai, Oman, Muscat, Abu Dhabi, Uae, Emirates NBD, Emaar Properties, DAMAC Properties, Rupert Neil Bumfrey, Emaar Malls, MSCI Inc


#UAE attracts foreign investments of $20 billion in 2020 | Reuters

UAE attracts foreign investments of $20 billion in 2020 | Reuters Foreign direct investment (FDI) into the United Arab Emirates rose to $19.88 billion in 2020, up 44.2% from the previous year, the government said on Saturday.Contributing to this figure were large deals carried out by the state-run Abu Dhabi National Oil Co (ADNOC), state news agency WAM said, without giving any further details.Economy minister Abdullah al-Marri said the UAE would move forward with initiatives to increase the e...
Tags: Travel, Wam, United Arab Emirates, Uae, Reuters, Abu Dhabi National Oil Co ADNOC, Rupert Neil Bumfrey, Abdullah al Marri


#UAE's GGICO to focus on business continuity as losses hit $459mln | ZAWYA MENA Edition

UAE's GGICO to focus on business continuity as losses hit $459mln | ZAWYA MENA Edition Dubai-listed Gulf General Investments Company (GGICO) is looking into business continuity, as accumulated losses hit 1.687 billion dirhams ($459 million) during the first three months of the year. In a bourse filing to the Dubai Financial Market (DFM), the company with investments in property, manufacturing, hospitality, retail and financial services sectors, said the losses incurred were a result of impairm...
Tags: Travel, Dubai Financial Market DFM, Rupert Neil Bumfrey, MENA Edition Dubai, Gulf General Investments Company GGICO


#Dubai's DAMAC Properties lifts sales but first-quarter loss widens | Reuters

Dubai's DAMAC Properties lifts sales but first-quarter loss widens | Reuters Dubai developer DAMAC Properties’ on Sunday posted a first-quarter net loss of 189.6 million dirhams ($51.6 million), widening from 106.1 million dirhams a year earlier despite a pick-up in sales.The owner of the Middle East’s only Trump-branded golf course, located in Dubai, said this was mainly because it had yet to account for revenue from projects about to be completed.Gross profit fell to 139 million dirhams from...
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Kuwaiti airline Jazeera sees Q1 loss shrink despite slump in passenger numbers - Arabianbusiness

Kuwaiti airline Jazeera sees Q1 loss shrink despite slump in passenger numbers - Arabianbusiness Kuwait-based Jazeera Airways has announced a narrowing of its first quarter net loss despite a big drop in the number of passengers carried compared to a year ago.The airline reported an operating revenue of KD8.1 million during Q1, adding that the number of passengers flown during the quarter reached 104,116, down from 496,484 in the first quarter of 2020, as restrictions continue at Kuwait Intern...
Tags: Travel, Kuwait, Jazeera, Kuwait International Airport, Jazeera Airways, Rupert Neil Bumfrey, Kuwaiti airline Jazeera, Marwan Boodai


Oil Sinks Toward Weekly Loss as Virus Makes Comeback in Asia - Bloomberg

Oil Sinks Toward Weekly Loss as Virus Makes Comeback in Asia - Bloomberg PRICES: WTI for June delivery fell 0.6% to $63.41 a barrel on the New York Mercantile Exchange at 7:05 a.m. in London.Brent for July settlement eased 0.7% to $66.61 a barrel on the ICE Futures Europe exchange.Prices are 2.4% lower this week. Oil headed for the biggest weekly drop since early April as countries in Asia continue to fight persistent Covid-19 outbreaks, highlighting the patchy recovery from the pa...
Tags: Travel, Asia, Europe, Japan, London, China, Southeast Asia, Singapore, India, Federal Reserve, Latin America, International Energy Agency, New York Mercantile Exchange, Rupert Neil Bumfrey, IHS Markit, Asia Bloomberg


#Saudi releases Bin Laden construction tycoon detained in 2017 corruption sweep | Reuters

Saudi releases Bin Laden construction tycoon detained in 2017 corruption sweep | Reuters Saudi Arabia has released construction tycoon Bakr Bin Laden after more than three years since he was detained as part of a corruption crackdown in 2017, two sources told Reuters on Thursday.The former chairman of Saudi Bin Ladin group and a half-brother of Osama bin Laden, was released a few days ago but is still barred from travel, the sources, who spoke on condition of anonymity, said.His brother, Saad,...
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The Day Oil Went Negative, These Unlikely Traders Made $660 Million - Bloomberg video

The Day Oil Went Negative, These Unlikely Traders Made $660 Million - Bloomberg Over the span of a few hours one day in April 2020, a guy called Cuddles and eight of his pals from the freewheeling world of London’s commodities markets rode oil’s crash to a $660 million profit. Now regulators are scrutinizing their once-in-a-lifetime trade. Video by Angus Bennett and Carla Howe (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
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Oil extends loss on India COVID-19 cases, U.S. pipeline restart | Reuters

Oil extends loss on India COVID-19 cases, U.S. pipeline restart | Reuters Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack.Brent crude oil futures were down 22 cents, or 0.3%, at $66.82 a barrel by 0653 GMT, while West Texas Intermediate (WTI) was down 14 cents, or 0.2%, at $63.68 a barrel. Both prices are headin...
Tags: Travel, India, United States, Reuters, Reuters Oil, Rupert Neil Bumfrey, Edward Moya, OANDA India


Oil drops 3% on India's COVID-19 crisis, U.S. pipeline restart | Reuters

Oil drops 3% on India's COVID-19 crisis, U.S. pipeline restart | Reuters Oil prices fell about 3% on Thursday as India's coronavirus crisis deepened and a key U.S. fuel pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after forecasts for a rebound in global demand later in the year.Brent crude ended the session down $2.27, or 3.3%, at $67.05 a barrel, after rising 1% on Wednesday. West Texas Intermediate (WTI) settled$2.26, or 3.4%, lower at $63.82 a bar...
Tags: Travel, India, Reuters, Reuters Oil, U S Federal Reserve, Rupert Neil Bumfrey


Oil drops on India's COVID-19 crisis, pipeline resumption | Reuters

Oil drops on India's COVID-19 crisis, pipeline resumption | Reuters Oil prices fell more than 2% on Thursday as India's coronavirus crisis deepened and a key U.S. pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after the IEA and OPEC forecast a rebound in global demand later in the year.Brent crude was down $1.65, or 2.3%, at $67.67 a barrel by 0948 GMT, after rising 1% on Wednesday. West Texas Intermediate (WTI) was down $1.66 cents, or 2.5%, to $64.42...
Tags: Travel, India, Opec, IEA, Reuters, Reuters Oil, Rupert Neil Bumfrey


BR Shetty vows again to overturn travel ban and return to #UAE to 'clear my name' | The National

BR Shetty vows again to overturn travel ban and return to UAE to 'clear my name' | The National Bavagauthu Raghuram Shetty, the founder of NMC Health and payments group Finablr, said he still intends to return to the UAE to clear his name despite a court in India upholding a ruling this week preventing him from leaving the country.Mr Shetty, who was originally stopped from boarding a flight to Abu Dhabi from Bengaluru airport in November last year, had appealed against a ruling in February tha...
Tags: Travel, Supreme Court, India, National, Abu Dhabi, Uae, Bengaluru, Shetty, Rupert Neil Bumfrey, NMC Health, Finablr, BR Shetty, UAE Abu Dhabi, Bavagauthu Raghuram Shetty


#Israel's Bank Hapoalim Q1 profit jumps on reversal of loan loss provision | Reuters

Israel's Bank Hapoalim Q1 profit jumps on reversal of loan loss provision | Reuters Bank Hapoalim, Israel’s largest lender, on Thursday posted a bigger-than-expected jump in quarterly profit, boosted by a reversal of provisions to protect against loan defaults.Hapoalim earned 1.354 billion shekels ($412 million) in the January-March period, compared with a 192 million shekel profit in the first quarter of 2020 and a profit of 898 million shekels forecast in a Reuters poll of analysts.Net inter...
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