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Coronavirus: #Dubai Stocks Show Harder Hit From Virus, Oil Prices - Bloomberg

Coronavirus: Dubai Stocks Show Harder Hit From Virus, Oil Prices - Bloomberg:Dubai is being battered harder than its Gulf peers by the twin menace of the pandemic and weak oil prices -- and it’s clear from the performance of the city’s stock market.The DFM General Index is down 26% since the global equities crash at the start of March. A slump in stock prices as the United Arab Emirates took steps to counter Covid-19, including shutting its borders, deepened as crude spiraled lower.But markets i...
Tags: Travel, Saudi Arabia, Qatar, Bloomberg, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Rupert Neil Bumfrey


#Dubai bailout would spark a complex quid-pro-quo Bailing close to the wind

Dubai could be headed for bailout Groundhog Day. In 2009, the emirate received a $20 billion lifeline from the United Arab Emirates’ central bank and its richer UAE neighbour, Abu Dhabi. Given the mess Covid-19 could make of Dubai’s open economy, a repeat is far from impossible. Dubai’s $135 billion total debt exceeds its gross domestic product, with over half owed by so-called Government Related Enterprises that were a key headache last time round. With $43 billion of the latter’s borrowings...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Capital Economics, Sheikh Mohammed bin Rashid al Maktoum, Rupert Neil Bumfrey, Government Related Enterprises, Mohammed bin Zayed al Nahyan MBZ Abu Dhabi


STR: Preliminary March data for Abu Dhabi hotels

Reflecting the circumstances around the COVID-19 pandemic, STR's preliminary March data for Abu Dhabi shows significant year-over-year declines in the three key performance metrics. Compared with March 2019 data:
Tags: Travel, Abu Dhabi


#UAE, Mideast News: #AbuDhabi Follows Qatar in Bond Sales - Bloomberg

UAE, Mideast News: Abu Dhabi Follows Qatar in Bond Sales - Bloomberg:Abu Dhabi joined other Middle Eastern states selling foreign bonds to bolster their finances in the face of falling energy prices and the coronavirus pandemic.The emirate attracted more than $25 billion of orders as it issued a $7 billion deal, comprising $2 billion of five-year bonds, $2 billion of 10-year debt and $3 billion of 30-year notes. It follows Qatar, which printed a $10 billion Eurobond on Tuesday, and Israel, which...
Tags: Travel, Israel, Qatar, Bloomberg, Dubai, Abu Dhabi, Emirates NBD Asset Management, Rupert Neil Bumfrey, Angad Rajpal, UAE Mideast, Abu Dhabi Follows Qatar


StanChart Arranges $272 Million Debt for Virus-Hit #Dubai Economy - Bloomberg

StanChart Arranges $272 Million Debt for Virus-Hit Dubai Economy - Bloomberg:Dubai raised 1 billion dirhams ($272 million) from the private placement of Islamic bonds as the emirate shores up its finances after the deadly coronavirus shut down much of the economy.The emirate placed an eight-year sukuk with a 4.71% rate of return, according to data compiled by Bloomberg. Standard Chartered Plc was the sole arranger.Dubai is among Middle Eastern governments bolstering their finances with debt sale...
Tags: Travel, Qatar, Dubai, Abu Dhabi, Rupert Neil Bumfrey, Dubai Economy Bloomberg, Bloomberg Standard Chartered Plc


Mideast Stocks: Major Gulf stocks gain ahead of OPEC+ meet | ZAWYA MENA Edition

Mideast Stocks: Major Gulf stocks gain ahead of OPEC+ meet | ZAWYA MENA Edition:Major bourses in the Gulf traded higher on Thursday as investors shifted focus to an OPEC+ meeting later in the day on expectations the world's largest oil producers will agree to cut production.Saudi Arabia's benchmark index added 0.7%, with Samba Financial Group 1090.SE up 3.4% and Al Rajhi Bank up 0.5%. Brent crude futures rose 2.9%, or 95 cents, to $33.79 a barrel by 0746 GMT. Major oil producers including Saudi ...
Tags: Travel, Saudi Arabia, Russia, Opec, United States, Dubai, Brent, Abu Dhabi, Uae, Gulf, Reuters, Emaar Properties, Qatar Islamic Bank, Rupert Neil Bumfrey, Samba Financial Group, Al Rajhi Bank


MIDEAST STOCKS-Gulf stocks end mixed, #Saudi edges up ahead of OPEC+ meet - Reuters

MIDEAST STOCKS-Gulf stocks end mixed, Saudi edges up ahead of OPEC+ meet - Reuters:Stock markets in the United ArabEmirates backtracked from two sessions of gains on Wednesday asinvestors fled risk on coronavirus fears, while Saudi equitiesedged up ahead of an OPEC+ meeting on output cuts.Dubai's main share index dropped 1%, with blue chipdeveloper Emaar Properties declining 2.6% and DubaiIslamic Bank losing 1.9%.In Abu Dhabi, the index lost 1.6%. First Abu DhabiBank slid 2.9%, while Abu Dhabi C...
Tags: Travel, Opec, Qatar, Dubai, Abu Dhabi, Uae, Reuters, Moody, Emaar Properties, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, DubaiIslamic Bank, First Abu DhabiBank, United ArabEmirates, inQatar Fuel Co, InternationalIslamic Bank


#AbuDhabi gets more than $25 bln in orders for triple-tranche bonds - sources - Reuters

Abu Dhabi gets more than $25 bln in orders for triple-tranche bonds - sources - Reuters:Abu Dhabi has received more than $25 billion in combined orders for a planned issue of dollar-denominated bonds in tranches of five, 10 and 30 years, two sources said on Wednesday.The emirate has given initial price guidance of around 265 basis points over U.S. Treasuries for the five-year tranche, around 285 bps over the same benchmark for the 10-year tranche, and around 4.55% for the 30-year notes. The deal...
Tags: Travel, Abu Dhabi, Reuters, U S Treasuries, Rupert Neil Bumfrey, Abudhabi


Mideast Stocks: Emaar sends #Dubai higher, #Qatar outperforms | ZAWYA MENA Edition

Mideast Stocks: Emaar sends Dubai higher, Qatar outperforms | ZAWYA MENA Edition:Dubai's stock market rose on Monday, backed by solid gains by property developer Emaar, while Qatar outperformed the region as most of the stocks on the index traded higher.Dubai's main share index gained 0.8%, led by a 4.2% rise in Emaar Properties. The developer sold an 80% stake in its cooling business in the prime Dubai Downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675 million...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Saudi Aramco, Noor Bank, Emaar Properties, Emaar, Rupert Neil Bumfrey, Dubai Islamic Bank, NMC Health, Al Rajhi Bank, Qatar Navigation, First Abu Dhabi Bank, Tabreed


MIDEAST STOCKS-Most Gulf markets retreat on economic toll from virus - Reuters

MIDEAST STOCKS-Most Gulf markets retreat on economic toll from virus - Reuters:Most Middle Eastern stock markets endedlower on Sunday, with Dubai leading the losses, on mountingfears of a deep recession due to the coronavirus pandemic.The pandemic has brought the global economy to a standstilland plunged the world into a recession that will be "way worse"than the global financial crisis a decade ago, the head of theInternational Monetary Fund said on Friday.The index in Dubai, which has imposed ...
Tags: Travel, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Etisalat, Rupert Neil Bumfrey, NMC Health, First Abu Dhabi Bank, theInternational Monetary Fund, DubaiIslamic Bank


MIDEAST STOCKS-Oil surge lifts most Gulf stock markets; #AbuDhabi falls | Nasdaq

MIDEAST STOCKS-Oil surge lifts most Gulf stock markets; Abu Dhabi falls | Nasdaq:Most Gulf stock markets rose on Thursday, as crude oil futures surged on hopes for a deal to end the price war between Saudi Arabia and Russia, although mounting fears of a deep global recession due to the coronavirus outbreak weighed on sentiment.Brent crude LCOc1 futures jumped 11.36%, or $2.81, to $27.55 by 0701 GMT, after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon t...
Tags: Travel, Vladimir Putin, Saudi Arabia, Russia, Abu Dhabi, Donald Trump, Gulf, Tasi, Rupert Neil Bumfrey, SE Petrochemical


NMC Lenders Tally Losses as ADCB Taps Lazard to Recover Funds - Bloomberg

NMC Lenders Tally Losses as ADCB Taps Lazard to Recover Funds - Bloomberg:Collateral damage from the implosion of NMC Health Plc is piling up.UAE Exchange, set up by the founder of the embattled hospital operator, defaulted on a loan of about $300 million, to a group that includes Goldman Sachs Group Inc., JPMorgan Chase & Co., Barclays Plc and Commercial Bank of Dubai PSC, according to people familiar with the matter. At the same time, it emerged that Abu Dhabi Commercial Bank PJSC hired Lazard...
Tags: Travel, London, Bloomberg, Abu Dhabi, NMC, UAE Exchange, Lazard Ltd, Rupert Neil Bumfrey, ADCB, Bavaguthu Raghuram Shetty, NMC Health Plc, Abu Dhabi Commercial Bank PJSC, Commercial Bank of Dubai PSC


MIDEAST STOCKS-Weak oil, recession fears pressure most Gulf stocks | Nasdaq

MIDEAST STOCKS-Weak oil, recession fears pressure most Gulf stocks | Nasdaq:Most Middle Eastern bourses fell on Wednesday, with Dubai leading the losses, hurt by plunging oil prices and the prospect of a deep global recession due to the coronavirus pandemic.Brent LCOc1 tumbled $1.45, or 5.5%, at $24.90 by 0830 GMT as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns. O/RPrices fell to $21.65 on Monday, the lowest since 2002 and the glo...
Tags: Travel, Opec, Dubai, Abu Dhabi, Gulf, Rupert Neil Bumfrey, First Abu Dhabi Bank, Emirates NBD Bank, Dubai Islamic Bank DISB, Etisalat ETISALAT


MIDEAST STOCKS-Gulf markets fall on oil slide, recession fears | Nasdaq

MIDEAST STOCKS-Gulf markets fall on oil slide, recession fears | Nasdaq:Gulf stock markets fell on Wednesday as oil prices slipped and prospects of a deep global recession due to the fast-spreading coronavirus outbreak rattled investors.Brent crude LCOc1 declined $1.02, or 3.9%, to $25.33 a barrel by 0643 GMT.The Dubai stock index .DFMGI lost 1.9%, dragged by a 3.6% fall in Dubai Islamic Bank DISB.DU and a 4.1% slide in Emaar Properties EMAR.DU.The Abu Dhabi index .ADI lost 0.6%. Top lender Firs...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Interior Ministry, Emaar, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, First Abu Dhabi Bank, DFMGI, Dubai Islamic Bank DISB DU


#UAE News: NMC Health Owes #AbuDhabi Commercial Bank $1 Billion - Bloomberg

UAE News: NMC Health Owes Abu Dhabi Commercial Bank $1 Billion - Bloomberg:Abu Dhabi Commercial Bank PJSC has more than $1 billion of exposure to troubled hospital operator NMC Health Plc, potentially putting one of the Middle East’s biggest financial institutions on the hook for losses on the debt, people familiar with the matter said. The state-owned lender is currently seen as one of the biggest creditors to NMC, according to the people, who asked not to be identified because the information ...
Tags: Travel, Middle East, Abu Dhabi, NMC, Abu Dhabi Commercial Bank, Standard Chartered Plc, Rupert Neil Bumfrey, Billion Bloomberg, NMC Health Plc, Abu Dhabi Commercial Bank PJSC, UAE News, NMC Health Owes AbuDhabi Commercial Bank, NMC Health Owes Abu Dhabi Commercial Bank, HSBC Holdings Plc JPMorgan Chase Co


'Stay home, stay safe, stay curious'

Abu Dhabi promises its 'gates will open once more' in video message
Tags: Travel, Abu Dhabi


Shareholders of #AbuDhabi-listed CBI decline board proposal for capital hike - Reuters

:Shareholders of Abu Dhabi-listed Commercial Bank International, which is part owned by Qatar National Bank, have declined a proposed by the board to increase the capital of the company, according to a regulatory filing on Tuesday.The filing did not state the reasons for the shareholders decision.The shareholder meeting took place on Monday after CBI’s board on March 5 had invited shareholders to a meeting to approve a number of recommendations including a capital increase through an issuance of...
Tags: Travel, Cbi, Abu Dhabi, Reuters, Qatar National Bank, Rupert Neil Bumfrey, Abudhabi, Commercial Bank International


MIDEAST STOCKS-Weak oil, fears of prolonged lockdowns weigh on Mideast | Nasdaq

MIDEAST STOCKS-Weak oil, fears of prolonged lockdowns weigh on Mideast | Nasdaq:Most bourses in the Middle East fell on Monday, weakened by a combination of lower oil prices and intensified fears that the global coronavirus shutdown could last for months.Brent crude LCOc1, the international benchmark for oil prices, was down $1.92, or 7.7%, at $23.01 by 1027 GMT, after earlier dropping to $22.58, the lowest since November 2002.In Abu Dhabi, the index .ADI sank 3.5%, with its top lender First Abu...
Tags: Travel, Qatar, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Mideast, Qatar National Bank, Emaar, Rupert Neil Bumfrey, First Abu Dhabi Bank, Dubai Islamic Bank DISB DU, Etisalat ETISALAT, Qatar Islamic Bank QISB


MIDEAST STOCKS-Most Gulf stocks retreat on fears of prolonged shutdowns - Reuters

MIDEAST STOCKS-Most Gulf stocks retreat on fears of prolonged shutdowns - Reuters:Most Gulf stock markets traded lower on Monday, driven down by banks, on heightened fears that the global coronavirus shutdown could last months.More than 720,000 people have been infected by the coronavirus across the world and nearly 34,000 have died, according to a Reuters tally.In Abu Dhabi, the index retreated 2%, as top lender First Abu Dhabi Bank slid 3.7%, while Abu Dhabi Commercial Bank declined 3.3%.Dubai...
Tags: Travel, Dubai, Abu Dhabi, Gulf, Reuters, Emirates NBD, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, First Abu Dhabi Bank


Survival of the Fittest: Mideast airlines brace for Covid-19 impact - Arabianbusiness

Survival of the Fittest: Mideast airlines brace for Covid-19 impact - Arabianbusiness:As coronavirus grounds airlines, plunging the industry into unprecedented crisis, Middle East carriers that have been in the red for years must urgently tap assistance from governments facing their own revenue slump. Authorities across the region have taken draconian measures to curb the disease, closing airports and halting passenger flights, and bringing major hubs like Dubai and Abu Dhabi to a standstill.The...
Tags: Travel, Middle East, Dubai, Abu Dhabi, Mideast, IATA, International Air Transport Association IATA, Rupert Neil Bumfrey, Alexandre de Juniac, Arab Air Carriers ' Organization AACO


Mideast Stocks: Most major Gulf stocks decline, but banks boost #Saudi | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf stocks decline, but banks boost Saudi | ZAWYA MENA Edition:Most major Gulf shares lost steam on Thursday, ending a two-day rally triggered by the giant $2 trillion stimulus package in the United States to mitigate the economic blow from the fast-spreading coronavirus pandemic.In Abu Dhabi, the index sank 3.8%, with the country's largest lender First Abu Dhabi Bank (FAB) and telecoms firm Etisalat dropping 5% and 4.9%, respectively.Dubai's main share index slipped ...
Tags: Travel, United States, Dubai, Abu Dhabi, Uae, Gulf, Mideast, United Arab Emirates UAE, Etisalat, Qatar National Bank, Qatar Islamic Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, Emaar Malls, First Abu Dhabi Bank FAB


#AbuDhabi banks announce 17 financial initiatives for the community and businesses | ZAWYA MENA Edition

Abu Dhabi banks announce 17 financial initiatives for the community and businesses | ZAWYA MENA Edition:The Abu Dhabi Government has unveiled a comprehensive package of financial incentives, in line with the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council.A collective effort by Abu Dhabi banks - First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank (ADIB) and Ab...
Tags: Travel, Abu Dhabi, Abu Dhabi Executive Council, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, Abu Dhabi Department of Economic Development, Abu Dhabi Department of Finance, Mohamed bin Zayed Al Nahyan Crown Prince


Mideast Stocks: Middle East stocks advance on giant U.S. stimulus package | ZAWYA MENA Edition

Mideast Stocks: Middle East stocks advance on giant U.S. stimulus package | ZAWYA MENA Edition:Stock markets in the Middle East closed higher on Wednesday, as a mammoth stimulus in the United States to mitigate the economic blow from the fast-spreading coronavirus pandemic lifted investor sentiment across the globe.U.S. senators and Trump administration officials have reached agreement on a massive economic stimulus bill to alleviate the impact of the coronavirus outbreak, the negotiators said o...
Tags: Travel, Senate, United States, House Of Representatives, Middle East, Dubai, Abu Dhabi, Mideast, Emaar Properties, Rupert Neil Bumfrey, Trump Administration, Emirates NBD Bank, First Abu Dhabi BankFAB


Gulf dollar bonds rally as global markets rebound - Reuters

Gulf dollar bonds rally as global markets rebound - Reuters:Gulf bonds posted further gains on Wednesday as global markets rebounded on news of a $2 trillion U.S. fiscal stimulus package.Saudi Arabia’s 30-year dollar bonds due in 2049 were up 8.5 cents, while similar bonds by its oil giant Aramco gained 6 cents, Refinitiv data showed.Similar bonds by Qatar also rose 6.4 cents. Abu Dhabi 30-year bonds due in 2047 were up 6 cents, while similar Bahrain bonds gained 2.6 cents. Oman 30-year bonds du...
Tags: Travel, Saudi Arabia, Qatar, Oman, Abu Dhabi, Bahrain, Reuters, Aramco, Rupert Neil Bumfrey


MIDEAST STOCKS-Wall St surge boosts Gulf as investors pin hopes on U.S. stimulus | Nasdaq

MIDEAST STOCKS-Wall St surge boosts Gulf as investors pin hopes on U.S. stimulus | Nasdaq:Stock markets in the Gulf rose on Wednesday, following a sharp rebound on the Wall Street as the U.S. Congress reached an agreement on a massive economic stimulus package to mitigate the economic blow from the fast-spreading coronavirus pandemic.The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.Saudi Arabia's benchmark ind...
Tags: Travel, Congress, Saudi Arabia, Senate, House Of Representatives, Dubai, Abu Dhabi, Gulf, Emirates NBD, TAS, Rupert Neil Bumfrey, Al Rajhi Bank, Dar Al Arkan, First Abu Dhabi Bank, Emaar Properties EMAR DU, Emirates Telecommunications ETISALAT


Mideast Stocks: Most major Gulf indexes rebound in line with oil, global stocks | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf indexes rebound in line with oil, global stocks | ZAWYA MENA Edition:Most major bourses in the Gulf rebounded on Tuesday, mirroring gains in oil and global equities, as investors pinned hopes on unprecedented stimulus steps by the U.S Federal Reserve to ease strains in financial markets amid the coronavirus pandemic.In its latest mould-breaking step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni...
Tags: Travel, United Arab Emirates, Abu Dhabi, Uae, Gulf, Fed, Mideast, U S Federal Reserve, Rupert Neil Bumfrey, First Abu Dhabi Bank


Gulf bonds post gains on global market rally - Reuters

Gulf bonds post gains on global market rally - Reuters:Gulf government dollar bonds posted gains on Tuesday as global markets rallied as investors bet the U.S. Federal Reserve’s promise of unlimited dollar funding would ease strains on financial markets even if it could not stop the economic hit of the coronavirus epidemic.At 0940 GMT, Saudi 30-year dollar bonds due in 2049 were up 3 cents, Refinitiv data showed. Similar bonds by its oil giant Saudi Aramco were up 2.3 cents.Bonds by Abu Dhabi, s...
Tags: Travel, Qatar, Oman, Abu Dhabi, Reuters, Saudi Aramco, U S Federal Reserve, Rupert Neil Bumfrey


#AbuDhabi evictions, car seizures, bank account freezing halted amid Covid-19 impact - Arabianbusiness

Abu Dhabi evictions, car seizures, bank account freezing halted amid Covid-19 impact - Arabianbusiness:Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Monday directed the Abu Dhabi Judicial Department to halt all rental property eviction cases currently underway.Executive procedures like imprisonment, blocking of bank accounts, seizure of vehicles, stocks and assets have also been halted for a period of two months as the coro...
Tags: Travel, Wam, Abu Dhabi, Uae, UAE Armed Forces, Rupert Neil Bumfrey, Abu Dhabi Judicial Department


#AbuDhabi’s Etihad says only #UAE citizens or diplomats to board its flights from overseas - tweet - Reuters

Abu Dhabi’s Etihad says only UAE citizens or diplomats to board its flights from overseas - tweet - Reuters:Abu Dhabi’s Etihad Airways said on Monday that effective immediately only citizens of the United Arab Emirates or diplomats will be able to board its flights from overseas destinations and only if their final destination is Abu Dhabi, the airline said on twitter.The UAE is suspending all passenger flights for two weeks from Wednesday to contain the spread of the coronavirus. [Author: no...
Tags: Travel, United Arab Emirates, Abu Dhabi, Etihad, Uae, Reuters, Etihad Airways, Rupert Neil Bumfrey


MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters

MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters:Most bourses in the Gulf extendedlosses on Monday, as a rising number of lockdowns in the regionand elsewhere to contain the spread of the coronavirusintensified fears of a deep global recession.In Dubai, the index declined 3.8%, pressured by a5% plunge in Emirates NBD Bank. Dubai Islamic Bank dropped 3.2%.The UAE, the region's tourism and business hub, said itwould suspend all passenger flights and airport t...
Tags: Travel, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Rupert Neil Bumfrey, First Abu Dhabi Bank, Emirates NBD Bank Dubai Islamic Bank



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