Middle East (UAE and GCC) Finance and Investment News


 

IMF: Mideast loses $270B oil income amid virus, recession

IMF: Mideast loses $270B oil income amid virus, recession:The Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund’s outlook released Monday.The international lender expects an overall economic contraction of 7.3% in Mideast oil exporting countries this year due to hits from the coronaviru...
Tags: Travel, Saudi Arabia, Middle East, International Monetary Fund, Associated Press, Imf, Central Asia, Mideast, Rupert Neil Bumfrey


#UAE wants to see a return of Libya's oil production with safeguards: minister - Reuters

UAE wants to see a return of Libya's oil production with safeguards: minister - Reuters:The United Arab Emirates wants to see a return of Libya’s oil production as soon as possible but with safeguards in place to prevent proceeds from fuelling further conflict in the north African country, a senior Emirati official tweeted on Monday.Libya has been divided since 2015 between areas held by an internationally recognised government in Tripoli, backed by Turkey, and a rival administration linked to t...
Tags: Travel, Turkey, Egypt, United Arab Emirates, Libya, Benghazi, Uae, Gulf, Central Bank, Reuters, Tripoli, Emirati, NOC, LNA, National Oil Corp NOC, Rupert Neil Bumfrey


OPEC chief sees oil market moving closer to balance before key meeting - Reuters

OPEC chief sees oil market moving closer to balance before key meeting - Reuters:The oil market is getting closer to balance as demand gradually rises, OPEC’s secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day after the coronavirus crisis destroyed a third of global dema...
Tags: Travel, Russia, Opec, Reuters, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey, Mohammad Barkindo, Joint Ministerial Monitoring Committee JMMC


Former Unaoil managers convicted in Britain of Iraq bribery - Reuters

Former Unaoil managers convicted in Britain of Iraq bribery - Reuters:The verdict marks a milestone in the British arm of a four-year, global inquiry into how Unaoil, once run by the prominent Ahsani family, helped major Western companies secure energy projects across the Middle East, Central Asia and Africa over two decades.A London jury found British-Lebanese Ziad Akle, Unaoil’s former Iraq territory manager, and Stephen Whiteley, a British former manager for Iraq, Kazakhstan and Angola, guilt...
Tags: Travel, UK, London, Iraq, Africa, Britain, Middle East, Angola, Reuters, Middle East Central Asia, Serious Fraud Office SFO, Rupert Neil Bumfrey, Unaoil, Ahsani, Paul Bond, Stephen Whiteley


Oil slips on surge in COVID-19 infections, U.S.-China tension - Reuters

Oil slips on surge in COVID-19 infections, U.S.-China tension - Reuters:Oil prices slipped about 1% on Monday after global coronavirus cases rose by a record daily amount, fanning fears of renewed government lockdowns, and on growing U.S. and European tension with China.Prices moved lower in post-settlement trade as California’s governor on Monday clamped new restrictions on businesses as coronavirus cases and hospitalizations soared.“The California news puts the demand recovery question back on...
Tags: Travel, Florida, California, China, United States, Latin America, Reuters, Western Hemisphere, The World Health Organization, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group in Chicago Equities


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

European, Middle Eastern & African Stocks - Bloomberg:Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Europe Middle East Africa, Rupert Neil Bumfrey, Europe UK Germany Russia, Bloomberg UAE SaudiArabia Qatar


IMF slashes Middle East and Central Asia growth forecasts - Reuters

IMF slashes Middle East and Central Asia growth forecasts - Reuters:The International Monetary Fund (IMF) has revised downwards its growth projections for the Middle East and Central Asia as economies were hurt worse than expected by the double blow of lower oil prices and the coronavirus crisis.The region, which includes around 30 countries spanning from Mauritania to Kazakhstan, will see real, or inflation-adjusted, gross domestic product (GDP) fall by 4.7% this year, 2 percentage points lower...
Tags: Travel, Middle East, Kazakhstan, Imf, Mauritania, Reuters, Central Asia, International Monetary Fund IMF, Rupert Neil Bumfrey


COVID-19 in #Kuwait: Private businesses, workers hit by economic downturn | ZAWYA MENA Edition

COVID-19 in Kuwait: Private businesses, workers hit by economic downturn | ZAWYA MENA Edition:Almost 80 percent of companies in Kuwait have been severely impacted by the plunge in business due to the pandemic, the country's financial and economic affairs committee said in a report submitted to the national assembly.Revenues have dropped by as much as 80 percent on average, the report said, pushing 26 percent of firms to the brink of collapse.According to the report, the number of customers dropp...
Tags: Travel, Kuwait, Assembly, Rupert Neil Bumfrey


Oil dips on surge in COVID-19 infections - Reuters

Oil dips on surge in COVID-19 infections - Reuters:Oil prices dropped on Monday on a record daily rise in global coronavirus cases with big spikes in infections over the weekend in the United States while traders await an OPEC technical meeting expected to recommend an easing of supply cuts.Brent crude fell 53 cents, or 1.2%, to $42.71 a barrel by 0946 GMT, though prices have been hovering around $42 for a couple of weeks. U.S. crude was down 64 cents, or 1.6%, at $39.91.“Pricing pressures are l...
Tags: Travel, Opec, United States, World Health Organization, Reuters, Rupert Neil Bumfrey, Stephen Brennock


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

European, Middle Eastern & African Stocks - Bloomberg:Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Europe Middle East Africa, Rupert Neil Bumfrey, Europe UK Germany Russia, Bloomberg UAE SaudiArabia Qatar


#AbuDhabi Commercial Bank's Luciano Jannelli Is Bullish on Tech Over 12 Month Horizon - Bloomberg

Abu Dhabi Commercial Bank's Luciano Jannelli Is Bullish on Tech Over 12 Month Horizon - Bloomberg:Luciano Jannelli, head of investment strategy at Abu Dhabi Commercial Bank PJSC, discusses market volatility and his investment strategy. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Middle East, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, Luciano Jannelli, Abu Dhabi Commercial Bank PJSC, AbuDhabi Commercial Bank, Month Horizon Bloomberg


Middle East Deals News: PJT Partners Hires #Dubai Firm deNovo - Bloomberg

Middle East Deals News: PJT Partners Hires Dubai Firm deNovo - Bloomberg:PJT Partners Inc. signed an accord with a Dubai-based boutique as the U.S. investment bank seeks to win a slice of Middle East deal-making and restructuring work.The advisory firm, founded by Paul J. Taubman, will work with deNovo Corporate Advisors on cross-border transactions for the region’s biggest companies, sovereign wealth funds and family offices, according to deNovo executive chairperson May Nasrallah.PJT and deNov...
Tags: Travel, Middle East, Dubai, North Africa, Rupert Neil Bumfrey, Denovo, PJT Partners Inc, Paul J Taubman, PJT Partners Hires Dubai Firm deNovo Bloomberg


GCC corporate earnings: Lower revenue, higher provisions to hit most sectors - experts | ZAWYA MENA Edition

GCC corporate earnings: Lower revenue, higher provisions to hit most sectors - experts | ZAWYA MENA Edition:GCC corporate earnings will take a hit in Q2 2020 as lockdown measures to stem the spread of the coronavirus hurt business activity during the quarter.“Given the breadth and depth of the restrictions we saw in April and May, we expect GCC Q2 earnings to reflect the full impact of the lockdown,” Salah Shamma, Head of Investment, MENA, Franklin Templeton Emerging Markets Equity told Zawya.“W...
Tags: Travel, GCC, Rupert Neil Bumfrey, Shamma, Zawya, Kamco Invest


UPDATE 1-Government of #Sharjah hires banks for 30-yr Formosa bonds - document - Reuters

UPDATE 1-Government of Sharjah hires banks for 30-yr Formosa bonds - document - Reuters:Sharjah, the third-largest emirate of the United Arab Emirates, has hired banks to arrange the issuance of U.S. dollar-denominated 30-year Formosa bonds, a document showed on Monday.Sharjah has hired Citi, Emirates NBD Capital, HSBC, Invest Bank, JPMorgan and Standard Chartered to arrange an investor call on Monday, to be followed by the issuance, subject to market conditions, the document from one of the ban...
Tags: Travel, Standard Chartered, United Arab Emirates, Sharjah, Reuters, Formosa, Rupert Neil Bumfrey


UPDATE 1- #SaudiArabia's Red Sea mega project awards contracts for international airport - Reuters

UPDATE 1-Saudi Arabia's Red Sea mega project awards contracts for international airport - Reuters:Saudi Arabia’s Red Sea Development Company said on Monday it had awarded infrastructure contracts for an international airport that is due to open in 2022.The company, which is developing a huge Red Sea tourism project, said the contracts were awarded to Nesma & Partners Contracting Co. Ltd and Almabani General Contractors.Saudi Arabia plans to develop resorts on 50 islands off the Red Sea coast, of...
Tags: Travel, Saudi Arabia, Reuters, Red Sea, Rupert Neil Bumfrey, Public Investment Fund PIF, Red Sea Development Co, Red Sea Development Company, Nesma Partners Contracting Co Ltd, Almabani General Contractors Saudi Arabia


MIDEAST STOCKS-Major Gulf markets ease in early trade as financial shares drag - Reuters

MIDEAST STOCKS-Major Gulf markets ease in early trade as financial shares drag - Reuters:Major Gulf stock markets were subdued in early trade on Monday, mostly hurt by losses in financial shares, while property shares weighed on Dubai’s index.Saudi Arabia’s benchmark index slipped 0.1%, with oil giant Saudi Aramco and National Commercial Bank both falling 0.3%.Amongst others, Saudi Real Estate retreated 0.9% a day after the company signed debt restructuring agreement of 2.07 billion riyals ($551...
Tags: Travel, Saudi Arabia, Dubai, Gulf, Reuters, Saudi Aramco, Emaar Properties, Rupert Neil Bumfrey, Dubai Islamic Bank, National Commercial Bank, Major Gulf, Saudi Real Estate


Oil slips as traders expect OPEC+ to ease supply cuts - Reuters

Oil slips as traders expect OPEC+ to ease supply cuts - Reuters:Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.Brent crude LCOc1 fell 32 cents, or 0.7%, to $42.92 a barrel by 0646 GMT while U.S. West Texas Intermediate crude CLc1 was at $40.22 a barrel, down 33 cents, or 0.8%.Oil was little changed last week as a resurgence of coronavirus cases prompted several U.S...
Tags: Travel, Opec, Reuters, International Energy Agency, Rupert Neil Bumfrey


Middle East News: #Qatar National Bank Boosts Bad Loan Reserve - Bloomberg

Middle East News: Qatar National Bank Boosts Bad Loan Reserve - Bloomberg:Qatar National Bank posted a 26% drop in quarterly profit after raising loan-loss provisions, a sign of things to come from Middle East companies during the current earnings season.The region’s biggest lender raised impairments to 1.5 billion riyals ($410 million) in the second quarter compared with 606 million riyals a year ago. Provisions were increased to “protect the group from any adverse shocks in the loan book,” aff...
Tags: Travel, Middle East, Gulf Cooperation Council, Qatar National Bank, Rupert Neil Bumfrey, Qatar Qatar National Bank


MIDEAST STOCKS-Most Gulf bourses end higher as DAMAC lifts #Dubai - Agricultural Commodities - Reuters

MIDEAST STOCKS-Most Gulf bourses end higher as DAMAC lifts Dubai - Agricultural Commodities - Reuters:Most major Gulf markets closed higher onSunday, as investor focus turned to corporate earnings startingthis week, while a surge in DAMAC Properties helped the Dubaibourse.Dubai's main share index ended 0.2% up, with DAMACProperties surging 11.6%, its biggest intraday gainsince March 25.On Thursday, Maple Invest said that on behalf of DAMACfounder and chairman Hussain Sajwani and his group, it wa...
Tags: Travel, United States, Gulf, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Dubai Agricultural Commodities Reuters, Dubaibourse Dubai, Kingdom Europe


#Kuwait asks parliament to approve debt law to help cover deficit: lawmaker - Reuters

Kuwait asks parliament to approve debt law to help cover deficit: lawmaker - Reuters:Kuwait’s government formally submitted a public debt law to parliament on Sunday which would allow it to borrow 20 billion dinars ($65 billion) over 30 years, including 8 billion dinars to help finance the current budget deficit, a legislator said.The government and parliament have long been at odds over the law which would allow Kuwait to tap international debt, but the issue has gained urgency in recent months...
Tags: Travel, Kuwait, Reuters, Kuwait Investment Authority KIA, Rupert Neil Bumfrey, Safaa al Hashem


Libya's NOC accuses #UAE of being behind oil blockade - Reuters

Libya's NOC accuses UAE of being behind oil blockade - Reuters:Libya’s National Oil Corp (NOC) on Sunday accused the United Arab Emirates of instructing eastern forces in Libya’s civil war to reimpose a blockade of oil exports after the departure of a first tanker in six months.The UAE, along with Russia and Egypt, supports the eastern-based Libyan National Army (LNA) of Khalifa Haftar, which on Saturday said the blockade would continue despite it having let a tanker load with oil from storage.“...
Tags: Travel, Russia, Egypt, United Arab Emirates, Libya, Uae, Reuters, NOC, LNA, Khalifa Haftar, National Oil Corp NOC, Rupert Neil Bumfrey, Libyan National Army LNA


NMC's #UAE entity weighing #AbuDhabi option for restructuring: sources - Reuters

NMC's UAE entity weighing Abu Dhabi option for restructuring: sources - Reuters:Troubled hospital operator NMC Health’s entity in the United Arab Emirates (UAE), NMC Healthcare LLC, is considering applying for restructuring and insolvency proceedings locally, two sources familiar with the matter said.The move comes three months after NMC Health Plc (NMMCF.PK), the London-listed holding company for the hospital group, went into administration in April after months of turmoil over its finances.The...
Tags: Travel, London, Abu Dhabi, Uae, Reuters, United Arab Emirates UAE, NMC, Rupert Neil Bumfrey, NMC Health, NMC Health Plc, Abu Dhabi Global Markets ADGM, NMC Healthcare LLC, NMC Health Plc NMMCF


UPDATE 1-QNB's Q2 profit falls after sharp rise in loan provisions - Reuters

UPDATE 1-QNB's Q2 profit falls after sharp rise in loan provisions - Reuters:#Qatar National Bank’s second-quarter profit fell after it booked sharply higher loan loss provisions due to the global economic conditions, the Gulf’s biggest lender said on Sunday.Fitch Ratings said last month that it expects Qatar’s non-hydrocarbon sector to contract by 5% this year and gross domestic product to shrink 3.8%.QNB posted 2.84 billion riyals ($779.90 million) in net profit in the second quarter, down fro...
Tags: Travel, Qatar, Turkey, Egypt, Gulf, Reuters, Fitch Ratings, Qatar National Bank, QNB, EFG Hermes, Rupert Neil Bumfrey


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

European, Middle Eastern & African Stocks - Bloomberg:Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Europe Middle East Africa, Rupert Neil Bumfrey, Europe UK Germany Russia, Bloomberg UAE SaudiArabia Qatar


#UAE real estate sector braced for tough recovery in wake of Covid-19 - Arabianbusiness

UAE real estate sector braced for tough recovery in wake of Covid-19 - Arabianbusiness:The UAE’s real estate sector faces unprecedented uncertainty amid the continued fallout from the Covid-19 pandemic, according to industry experts.Statistics from real estate consultancy JLL reveal more than 12,000 units were delivered in Q1, far below the previously expected 83,000 units.“In the UAE, particularly in Dubai, the market was already in the late downturn stage of the cycle for all asset classes,” s...
Tags: Travel, Dubai, Uae, Mena, JLL, Rupert Neil Bumfrey, Dana Salbak


Middle Eastern Markets Climb With Oil, Stimulus Eyed: Inside EM - Bloomberg

Middle Eastern Markets Climb With Oil, Stimulus Eyed: Inside EM - Bloomberg:Stocks across the Middle East advanced, taking their cue from Friday’s rally in oil prices and amid further signs that governments are ready to do more to stimulate their virus-battered economies.Israel’s TA-35 rose as much as 1.1% in Tel Aviv, heading for the first increase in four sessions. The government said after markets closed Thursday that unemployment benefits will remain in place through June 2021 while the jobl...
Tags: Travel, Israel, Tel Aviv, Bloomberg, Middle East, Dubai, Rupert Neil Bumfrey, Arqaam Capital, Jaap Meijer, Global Ratings


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

European, Middle Eastern & African Stocks - Bloomberg:Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Europe Middle East Africa, Rupert Neil Bumfrey, Europe UK Germany Russia, Bloomberg UAE SaudiArabia Qatar


#SaudiArabia’s mortgage lender Amlak to start trading on Tadawul from Monday - The National

Saudi Arabia’s mortgage lender Amlak to start trading on Tadawul from Monday - The National:Shares in Saudi Arabia’s mortgage lender Amlak International for Real Estate Finance will start trading on the Tadawul stock exchange on Monday as the company completes its IPO process.The company is floating 27.18 million shares, or 30 per cent of its total, with an indicative price range set at 15-17 Saudi riyals (Dh14.7-Dh16.6) per share. Proceeds of the offer are being used to repay selling shareholde...
Tags: Travel, Saudi Arabia, Tadawul, NCB Capital, Rupert Neil Bumfrey, Amlak International for Real Estate Finance, Amlak International, Abdullah Al Sudairy


OPEC Readies Next Move in Bid to Avoid Oil-Market Taper Tantrum - Bloomberg

OPEC Readies Next Move in Bid to Avoid Oil-Market Taper Tantrum - Bloomberg:Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve.The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: how to avoid a “taper tantrum,” the market panic that ensued when the institution proposed tightening monetary policy in 2013.  H...
Tags: Travel, Russia, Opec, Fed, U S Federal Reserve, Alan Greenspan, Greenspan, Rupert Neil Bumfrey, Abdulaziz bin Salman, Avoid Oil Market Taper Tantrum Bloomberg


Former NMC Health chairman claims he could have found 'better solution' for embattled firm - Arabianbusiness

Former NMC Health chairman claims he could have found 'better solution' for embattled firm - Arabianbusiness:Former executive chairman of NMC Health, Faisal Bin Juma Belhoul, believes he could have found a better deal for shareholders of the embattled UAE-based healthcare provider.Belhoul, a managing partner of Ithmar Capital, took on the role at the end of March after the Dubai-based private equity firm acquired a nine percent stake in the hospital operator.With the company in freefall, he call...
Tags: Travel, Dubai, Uae, NMC, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, NMC Health, Alvarez Marsal Europe, Ithmar Capital, Belhoul, Faisal bin Juma Belhoul