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GCC Equities Review: #AbuDhabi ascends despite dramatic #Dubai downfall | ZAWYA MENA Edition

GCC Equities Review: Abu Dhabi ascends despite dramatic Dubai downfall | ZAWYA MENA Edition:Investing in two stock markets in the same country would not usually be considered a way of diversifying assets, but investors who had stakes in both of the United Arab Emirates’ main equities exchanges last year will have noted that that there was little in the way of correlation between them.The Abu Dhabi market index finished the year 10.7 percent higher but, as the head of research at Menacorp, Issam ...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Etisalat, Rupert Neil Bumfrey, Abudhabi, Abu Dhabi National Energy Co TAQA, First Abu Dhabi Bank, Watania, GCC Equities Review, Menacorp Issam Kassabieh


Saudis Plan To Link #UAE, #Kuwait, #Oman In Regional Gas Grid | OilPrice.com

Saudis Plan To Link UAE, Kuwait, Oman In Regional Gas Grid | OilPrice.com:Saudi Arabia is discussing the possibility to have one interconnected natural gas grid in the region that would exchange gas and export the Kingdom’s gas to the United Arab Emirates (UAE), Kuwait, and Oman, Saudi Arabia’s Energy Minister Khalid al-Falih said on Tuesday.“I am talking to my colleagues in Oman, Kuwait, UAE, about extending a gas grid in the region and we hope to exchange gas and we also have excess of gas whi...
Tags: Travel, Saudi Arabia, Kingdom, Abu Dhabi, Kuwait, Khalid al Falih, Rupert Neil Bumfrey, Falih, United Arab Emirates UAE Kuwait, Oman Saudi Arabia, Oman Kuwait UAE, World Future Energy


#AbuDhabi's Masdar to buy wind farm stakes from John Laing Group | Reuters

Abu Dhabi's Masdar to buy wind farm stakes from John Laing Group | Reuters:Abu Dhabi Future Energy Company (Masdar) said on Tuesday it was acquiring John Laing Group’s stakes in two wind farms in the United States, its first North American renewable energy investment.Masdar said it was buying stakes in the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico.The deal is expected to close in the first half of 2019, Masdar said. [Author: [email protected] (Rupert Neil Bumfr...
Tags: Travel, Texas, United States, New Mexico, Abu Dhabi, Masdar, Reuters, Rupert Neil Bumfrey, Rocksprings, Abu Dhabi Future Energy Company Masdar, John Laing Group


#Qatar Airways CEO: not interested in Jet Airways as backed by 'enemy' state | Reuters

Qatar Airways CEO: not interested in Jet Airways as backed by 'enemy' state | Reuters:Qatar Airways will not buy a stake in Jet Airways (JET.NS) as a substantial portion of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu Dhabi is an “enemy” of Qatar, its CEO Akbar al-Baker said on Tuesday.Abu Dhabi is part of the United Arab Emirates that cut ties with Qatar in 2017 over accusations of supporting terrorism. Doha denies the charges. The UAE, together with Saudi Arabia, Eg...
Tags: Travel, Qatar, United Arab Emirates, Abu Dhabi, Mumbai, Bahrain, Etihad, Doha, Uae, Jet Airways, Reuters, Qatar Airways, Etihad Airways, Saudi Arabia Egypt, Akbar Al Baker, Rupert Neil Bumfrey


Etihad to raise stake in cash-strapped Jet Airways: source | Reuters

Etihad to raise stake in cash-strapped Jet Airways: source | Reuters:Etihad Airways, which owns 24 percent of debt-laden company Jet Airways (JET.NS), plans to increase its stake in the Indian airline, a source close to the Abu Dhabi carrier told Reuters on Monday.Shares in India’s Jet Airways jumped over 18 percent on Monday after CNBC TV18 reported earlier on Monday that founder and chairman Naresh Goyal was likely to step down from the board and give up majority control. The report also said ...
Tags: Travel, India, Abu Dhabi, Etihad, Cnbc, Jet Airways, Reuters, Etihad Airways, Goyal, Rupert Neil Bumfrey, Naresh Goyal, Jet Airways JET NS


Saudis Say OPEC+ Oil Cuts Provided `Lifeline' to U.S. Shale - Bloomberg

Saudis Say OPEC+ Oil Cuts Provided `Lifeline' to U.S. Shale - Bloomberg:Saudi Arabia’s energy minister has no quarrels with U.S. shale and even sees output cuts by OPEC and its allies as directly aiding American drillers.“The action we have taken, quickly in December and that we’re seeing implemented as we speak, is a lifeline to U.S. shale producers,” Khalid Al-Falih said at a conference in Abu Dhabi.  The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed to cut oil out...
Tags: Travel, Saudi Arabia, Opec, Abu Dhabi, Organization of Petroleum Exporting Countries, Khalid al Falih, Rupert Neil Bumfrey, Al Falih, Shale Bloomberg


#SaudiAramco's bond will probably be in 10 billion range: energy minister | Reuters

Saudi Aramco's bond will probably be in 10 billion range: energy minister | Reuters:Saudi Aramco will issue bonds which will probably be in the 10 billion range, Saudi Arabia’s energy minister said on Sunday.Khalid al-Falih, speaking at a conference in Abu Dhabi, did not specify the currency of the planned debt issuance but last week he said at an event in Riyadh that the bonds - which would be Aramco’s debut in the international debt markets - are likely to be denominated in U.S. dollars.The Sa...
Tags: Travel, Saudi Arabia, Abu Dhabi, Reuters, Riyadh, Aramco, Saudi Aramco, Khalid al Falih, Rupert Neil Bumfrey


Eni, Thailand's PTTEP Win Oil Exploration Rights in #AbuDhabi - Bloomberg

Eni, Thailand's PTTEP Win Oil Exploration Rights in Abu Dhabi - Bloomberg:Eni SpA and Thailand’s PTT Exploration and Production Pcl secured rights to explore for oil and natural gas in Abu Dhabi, committing to invest at least $230 million to assess the offshore fields.The concession will be operated by Eni, and will be fully-owned by the Italian company and the government-owned Thai producer. Abu Dhabi National Oil Co. will have the option of retaining 60 percent of the fields once they reach th...
Tags: Travel, Thailand, Abu Dhabi, Eni, ADNOC, Sultan Ahmed Al Jaber, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, Eni SpA, Eni Thailand, PTTEP, AbuDhabi Bloomberg, Abu Dhabi Bloomberg, Production Pcl


OPEC is not the enemy of the U.S., #UAE energy minister says | Reuters

OPEC is not the enemy of the U.S., UAE energy minister says | Reuters:Oil producer group OPEC is not the enemy of the United States, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday in Abu Dhabi.“We are complementing each other, we are not enemies here,” Mazrouei told an industry conference in Abu Dhabi, addressing the relationship between the Organization of the Petroleum Exporting Countries and the U.S., a major oil consuming country.OPEC and other leading global oil pr...
Tags: Travel, Russia, Opec, United States, Abu Dhabi, Uae, Reuters, Petroleum Exporting Countries, United Arab Emirates Energy, Suhail Al Mazrouei, Rupert Neil Bumfrey, Mazrouei


Ailing Gulf Giant #Etihad Scraps Airbus Orders, Cuts Pilot Jobs - Bloomberg

Ailing Gulf Giant Etihad Scraps Airbus Orders, Cuts Pilot Jobs - Bloomberg:Etihad Airways scrapped orders for Airbus SE jetliners and revealed plans to cut 50 pilot posts as the Persian Gulf carrier seeks to slim down operations amid mounting losses.Abu Dhabi-based Etihad canceled the purchase of 10 A320neo single-aisle jets, based on the latest monthly order figures from Airbus, while a letter to staff indicates that the flight-crew jobs, representing about 2.4 percent of pilots, will be elimin...
Tags: Travel, Airbus, Abu Dhabi, Etihad, Qatar Airways, Etihad Airways, Persian Gulf, Rupert Neil Bumfrey, Tony Douglas


#AbuDhabi's Etihad to cut 50 pilots after big loss last year: sources | Reuters

Abu Dhabi's Etihad to cut 50 pilots after big loss last year: sources | Reuters:Etihad Airways plans to cut 50 pilot jobs by end of this month after a significant loss last year, two sources who have seen an internal memo by the airline told Reuters on Thursday. The state-owned Gulf carrier has been reviewing its business since 2016 after a strategy of investing billions of dollars in other airlines failed.Etihad has around 160 surplus pilots and will lay off 50 by the end of January, the airlin...
Tags: Travel, Abu Dhabi, Etihad, Gulf, Reuters, Etihad Airways, Rupert Neil Bumfrey, Abudhabi


#AbuDhabi's nominal GDP grows 14% in nine months | ZAWYA MENA Edition

Abu Dhabi's nominal GDP grows 14% in nine months | ZAWYA MENA Edition:The Abu Dhabi's nominal Gross Domestic Product amounted to AED692.8 billion in the first nine months of 2018, 14 percent up from AED608 billion during the corresponding period of 2017, according to the Statistics Centre- Abu Dhabi (SCAD).Driven by an economic upturn across oil and non-oil sectors alike, the nine-month GDP accounts for 83.3 percent of the emirate's total GDP for 2017 which stood at circa AED833 billion.The GDP'...
Tags: Travel, Abu Dhabi, Rupert Neil Bumfrey, Statistics Centre Abu Dhabi SCAD


Why Gulf Banks Are Merging Like Never Before: QuickTake - Bloomberg

Why Gulf Banks Are Merging Like Never Before: QuickTake - Bloomberg:Lenders in the Persian Gulf have been rapidly consolidating as they seek to stay competitive in an era of lower oil prices. Saudi Arabia’s biggest bank announced talks about a mega-merger with a domestic rival less than a year after the kingdom’s first such tie-up in 20 years. Abu Dhabi is working on a merger of three of its banks, potentially the emirate’s second in just over a year. And the wave continues: About a dozen other ...
Tags: Travel, Saudi Arabia, Bloomberg, Abu Dhabi, Bahrain, Persian Gulf, Rupert Neil Bumfrey, QuickTake Bloomberg


#AbuDhabi's Masdar to double renewables capacity in five years - CEO | Reuters

Abu Dhabi's Masdar to double renewables capacity in five years - CEO | Reuters:Abu Dhabi Future Energy Company (Masdar) plans to double its renewables energy capacity in five years with new projects in Asia and the Americas, its chief executive said on Monday.Masdar, wholly-owned by Abu Dhabi’s Mubadala Investment Company, has till now invested $8.5 billion to build capacity of 4 gigawatts (GW) in renewables projects in the United Arab Emirates, Britain, Seychelles, Spain and the Middle East.“We...
Tags: Travel, Asia, Middle East, Abu Dhabi, Masdar, Reuters, Rupert Neil Bumfrey, Mubadala Investment Company, Abu Dhabi Future Energy Company Masdar, United Arab Emirates Britain Seychelles Spain, Mohamed Jameel al Ramahi


Radisson Blu Opens Two New Hotels In Abu Dhabi

Radisson Blu, the upper upscale hotel brand that delivers a positive and personalized service in stylish spaces, is proud to announce the opening of two hotels in Abu Dhabi, United Arab Emirates (UAE). Both landmark hotels hold prominent locations, with the Radisson Blu Hotel & Resort, Abu Dhabi Corniche located on the vibrant and iconic sea walk of Abu Dhabi, while the Radisson Blu Hotel & Resort, Al Ain is situated in one of the UAE's cultural gems, known as the Garden City for its natu...
Tags: Travel, Abu Dhabi, Uae, Garden City, Radisson Blu, Abu Dhabi United Arab Emirates UAE, Radisson Blu Hotel Resort Abu Dhabi Corniche, Radisson Blu Hotel Resort Al Ain


Derivatives: Gulf's nascent futures market still needs to develop | ZAWYA MENA Edition

Derivatives: Gulf's nascent futures market still needs to develop | ZAWYA MENA Edition:With the Dubai and Abu Dhabi equity markets having lost ground in the second half of 2018, this should have provided fertile ground for investors to use equity shorts to hedge their portfolios.Indeed, in November, futures volumes on the Nasdaq Dubai jumped 119 percent compared with the previous month, to 20.48 million United Arab Emirates dirhams ($5.6 million). But given that the combined turnover of stocks o...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Dubai Financial Market DFM, Rupert Neil Bumfrey, Nasdaq Dubai, Abu Dhabi Securities Exchange ADX, Al Ramz Capital, Zawya, Marwan Shurrab, HNW


Tag 10 Fahrt von Al Ain ber Abu Dhabi nach Dubai

Vorgestern sind wir von Al Ain zuerst nach Abu Dhabi und dann weiter nach Dubai gefahren. In Abu Dhabi waren wir in der groen Moschee und danach im Heritage Village an der Kste. Von dort sind wir zu einer Mall gefahren und dort habe ich wieder in einem
Tags: Travel, Dubai, Abu Dhabi, Al Ain ber Abu Dhabi, Kste Von dort


#AbuDhabi’s three-way banking merger likely in 2019 first quarter

Abu Dhabi’s three-way banking merger likely in 2019 first quarter:Creating bigger banks would help with the industry’s medium-term progress, especially as fintech-related services are making a presence regionally, analysts said as news reports emerged that the merger of Abu Dhabi Commercial Bank (ADCB), Union National Bank and Al Hilal Bank is expected to be completed in the first quarter next year.The Arabic daily ‘Al Khaleej’ quoting sources reported that a committee consisting of financial an...
Tags: Travel, GCC, Abu Dhabi, Al Khaleej, Rupert Neil Bumfrey, ADCB, Abudhabi, Union National Bank, Al Hilal Bank, Abu Dhabi Commercial Bank ADCB Union National Bank


#AbuDhabi's Bank Merger Is Seen to Result in 1,000 Job Cuts - Bloomberg

Abu Dhabi's Bank Merger Is Seen to Result in 1,000 Job Cuts - Bloomberg:A proposed three-way bank merger in Abu Dhabi may lead to about a thousand jobs being cut, according to three people with knowledge of the matter.Talks among Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and privately-held Al Hilal Bank are at an advanced stage, the people said on condition of anonymity because the topic is private. The lenders are working on issues such as valuation and are conducting due diligen...
Tags: Travel, Bloomberg, Abu Dhabi, Gulf Cooperation Council, Rupert Neil Bumfrey, Al Hilal Bank


Interview: #UAE's biggest fuel retailer still has plenty left in the tank - deputy CEO of ADNOC Distribution | ZAWYA MENA Edition

Interview: UAE's biggest fuel retailer still has plenty left in the tank - deputy CEO of ADNOC Distribution | ZAWYA MENA Edition:In some ways, it was hardly surprising that the initial public offering of a 10 percent stake in Abu Dhabi National Oil Company’s fuel distribution arm this time last year was more than 20-times oversubscribed.The firm enjoys a 67 percent share of the fuel retail market in the United Arab Emirates. It has a monopoly on fuel stations in the emirates of Abu Dhabi and Sha...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Sharjah, John Carey, ADNOC, Rupert Neil Bumfrey, Abu Dhabi National Oil Company


#UAE's Al Jaber Group agrees to $1.6 billion debt restructuring: sources | Reuters

UAE's Al Jaber Group agrees to $1.6 billion debt restructuring: sources | Reuters:Abu Dhabi-based Al Jaber Group has agreed restructuring terms for 5.9 billion dirhams ($1.61 billion) in debt, sources familiar with the matter said, potentially ending a long-running dispute with its creditors.Under the deal likely to be implemented by the end of March, Al Jaber will reduce debt throught asset sales and a discounted debt buyback mechanism. It will also appoint a new board.The company did not immed...
Tags: Travel, Abu Dhabi, Uae, Reuters, Rupert Neil Bumfrey, Al Jaber, Al Jaber Group


Abu Dhabi, Dubai financial markets ban insider trading

Abu Dhabi, Dubai financial markets ban insider trading:The insider trading at public shareholding companies listed in the UAE capital markets will take effect on Monday, in compliance with the applicable regulations and rules.The Abu Dhabi and Dubai Financial Markets called on listed shareholding companies and brokerage companies to implement the ban until the announcement of the financial statements for 2018’s fourth quarter, due to start in early January 2019.The move comes in line with to the...
Tags: Travel, Abu Dhabi, Uae, Abu Dhabi Dubai, Rupert Neil Bumfrey, Dubai Financial Markets


INTERVIEW: Samir Chaturvedi, Chief Executive of Kizad, on the #UAE becoming a global logistics hub

INTERVIEW: Samir Chaturvedi, Chief Executive of Kizad, on the UAE becoming a global logistics hub:Samir Chaturvedi is the old hand on the block turned into the new kid in town. The chief executive of Kizad — the Khalifa Industrial Zone of Abu Dhabi — is former senior executive of Jafza — Jebel Ali Free Zone Authority.For 13 years, Chaturvedi helped Jafza to consolidate its place as the leading maritime-based industrial hub in the Middle East; now he is charged with developing a far more ambitiou...
Tags: Travel, Middle East, Dubai, Abu Dhabi, Uae, Jafza, Jebel Ali, Kizad, Rupert Neil Bumfrey, Chaturvedi, Samir Chaturvedi


Air Berlin’s administrator sues #Etihad for up to €2 billion

Air Berlin’s administrator sues Etihad for up to €2 billion:The administrator of German airline Air Berlin is suing Abu Dhabi-based Etihad for up to €2 billion in damages, a Berlin court heard on Friday.The administrator alleges that the Abu Dhabi airline did not meet its financial obligations to Air Berlin, in which it was the majority shareholder.“The claims are for payment of $500 million and the establishment that the defendant is obliged to pay further damages. The Chamber has provisionally...
Tags: Travel, Berlin, Abu Dhabi, Etihad, Reuters, Air Berlin, Rupert Neil Bumfrey


#UAE's Agthia looking at acquisitions in bid to hit 2020 revenue target, CEO says | ZAWYA MENA Edition

UAE's Agthia looking at acquisitions in bid to hit 2020 revenue target, CEO says | ZAWYA MENA Edition:Abu Dhabi-based food group Agthia is studying potential acquisition targets in order to help it meet a target set by its chairman of reaching $1 billion in revenue by the end of 2020, its CEO has said.The target, which was reiterated in the company’s 2017 annual report by chairman Dhafer Ayed Al Ahbabi, is some way off being met as things stand, with revenue for the first nine months of 2018 dec...
Tags: Travel, Abu Dhabi, Uae, Rupert Neil Bumfrey, Agthia, Zawya, Dhafer Ayed Al Ahbabi, Tariq Al Wahedi


#UAE, Saudi Arabia using fintech for cross-border settlements | Reuters

UAE, Saudi Arabia using fintech for cross-border settlements | Reuters:The United Arab Emirates and Saudi Arabia have started using fintech for cross-border settlements, including a digital currency which they jointly developed for that purpose, the UAE’s central bank governor said on Wednesday.Mubarak Rashed al-Mansouri, speaking at a financial technology conference in Abu Dhabi, also said the UAE central bank was working on a strategic plan to develop fintech which would be supported by a legi...
Tags: Travel, Saudi Arabia, United Arab Emirates, Abu Dhabi, Uae, Reuters, Mansouri, Rupert Neil Bumfrey, UAE Saudi Arabia, Mubarak Rashed al Mansouri


#AbuDhabi Plans Welfare System Linked to Jobs: National - Bloomberg

Abu Dhabi Plans Welfare System Linked to Jobs: National - Bloomberg:Abu Dhabi, the wealthiest of the United Arab Emirates, plans to offer its unemployed citizens a welfare program linked to job opportunities, the National newspaper reported.Jobless citizens, who can receive monthly unemployment payments starting at 6,000 dirhams ($1,634), will have to accept one of three job offers arranged by the state or risk losing the government’s financial support, the newspaper reported. It cited Mugheer A...
Tags: Travel, United Arab Emirates, National, Abu Dhabi, Rupert Neil Bumfrey, AbuDhabi Plans Welfare System Linked, National Bloomberg, Abu Dhabi Plans Welfare System Linked, Mugheer Al Khaili


UPDATE 1-UAE's Al Zorah project downsized in face of real estate slowdown | Reuters

UPDATE 1-UAE's Al Zorah project downsized in face of real estate slowdown | Reuters:Ambitions for the $60 billion Al Zorah real estate project have been scaled down as the United Arab Emirates experiences a widespread real estate slump, two executives involved in the project said on Tuesday.Al Zorah, located along the coastline of the UAE emirate of Ajman, will aim to accommodate some 50,000 people, down from an original goal of 200,000, Oussama Kabbani, the chief operating officer of Lebanese d...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Reuters, Ajman, Rupert Neil Bumfrey, Al Zorah, Oussama Kabbani, Solidere International Ltd, Solidere


China flags up UAE as Silk Road mega-hub with $300m port deal

China flags up UAE as Silk Road mega-hub with $300m port deal:China, the world largest trading nation, has thrown its weight behind Abu Dhabi as the Middle East hub for its Belt and Road Initiative (BRI) in an alliance with the UAE capital’s Khalifa Port.Cosco, the Shanghai-based, state-owned group that ranks among the biggest shipping companies in the world, has invested an initial $300 million in the CSP Abu Dhabi Terminal, the first step in an investment program that could help make it one of...
Tags: Travel, Silk Road, China, Middle East, Shanghai, Dubai, Abu Dhabi, Uae, Arabian Gulf, CSP, Jebel Ali, Rupert Neil Bumfrey, Khalifa Port Cosco


OPEC and non-OPEC cooperation deal to be signed in three months: UAE | Reuters

OPEC and non-OPEC cooperation deal to be signed in three months: UAE | Reuters:A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months’ time in Saudi Arabia, the UAE’s energy minister said on Monday.“By (the) end of March the document will be ready for signature,” Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a forum with frequent meetings to work together to achieve market balance.In a separate deal on Fri...
Tags: Travel, Saudi Arabia, Russia, Opec, Abu Dhabi, Uae, Reuters, Suhail Al Mazrouei, Rupert Neil Bumfrey



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