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Investcorp, Standard Life to Raise $1 Billion for Gulf Fund - Bloomberg

Investcorp, Standard Life to Raise $1 Billion for Gulf Fund - Bloomberg:Bahrain’s Investcorp Bank BSC and Standard Life Aberdeen Plc plan to raise $800 million to $1 billion for a fund to invest in infrastructure in the Gulf Cooperation Council.The venture between the Bahrain-based alternative-assets manager and the Scottish firm’s Aberdeen Standard Investments unit will focus on healthcare, education and utilities. It may also invest in the wider Middle East and Levant.“The GCC region has alway...
Tags: Travel, GCC, Middle East, Abu Dhabi, Bahrain, Levant, Investcorp, Rupert Neil Bumfrey, Investcorp Bank BSC, Aberdeen Standard Investments, Hazem Ben Gacem, Standard Life Aberdeen Plc, Investcorp Standard Life, Gulf Fund Bloomberg


Aluminium #Bahrain the worst performer on the exchange after announcing drop in earnings and no dividends for 2018 | ZAWYA MENA Edition

Aluminium Bahrain the worst performer on the exchange after announcing drop in earnings and no dividends for 2018 | ZAWYA MENA Edition:Shares of Aluminium Bahrain (Alba) fell sharply on Monday after the company reported a drop in fourth quarter (Q4) 2018 earnings results and said that its board recommended not paying a dividend for 2018.The company announced a Q4 2018 net loss of 17.5 million Bahraini dinars ($46.5 million) compared to a net profit of 23.4 million Bahraini dinars in Q4 2017.For ...
Tags: Travel, Bahrain, Alba, Rupert Neil Bumfrey, Aluminium Bahrain Alba


Most Mideast Gauges Drop as 2018 Earnings Pressure: Inside EM - Bloomberg

Most Mideast Gauges Drop as 2018 Earnings Pressure: Inside EM - Bloomberg:Most stock gauges in the Middle East retreated on Sunday, with Bahrain’s index dropping after Aluminium Bahrain posted its first loss in 12 quarters.The Bahrain Bourse All Share Index fell 0.6 percent, the most since Jan. 28, dragged down by Aluminium Bahrain’s 9.5 percent loss. The company, which accounts for almost 10 percent of the index, was one of just nine stocks on the 39 member gauge to move in either direction. ...
Tags: Travel, Bloomberg, Middle East, Bahrain, Rupert Neil Bumfrey, Aluminium Bahrain


Bahraini Stocks Lead Middle Eastern Markets Lower: Inside EM - Bloomberg

Bahraini Stocks Lead Middle Eastern Markets Lower: Inside EM - Bloomberg:Bahrain’s main stock gauge declined the most in the Middle East after Aluminium Bahrain posted its first loss in 12 quarters.The Bahrain Bourse All Share Index fell 0.6 percent, the most since Jan. 28, dragged down by Aluminium Bahrain’s 9.5 percent loss. The company, which accounts for almost 10 percent of the index, was one of just five stocks on the 39 member gauge to move in either direction. [Author: [email protected]
Tags: Travel, Bloomberg, Middle East, Bahrain, Rupert Neil Bumfrey, Aluminium Bahrain


#Bahrain to Focus on `Stringent Cost Controls' to Balance Budget - Bloomberg

Bahrain to Focus on `Stringent Cost Controls' to Balance Budget - Bloomberg:Bahrain, one of the oil-rich Gulf’s most vulnerable economies, will focus on “stringent cost controls” as it seeks cut its budget deficit and reduce interest costs while using investment to stimulate growth, the country’s finance minister said.The government trimmed the deficit by 35 percent last year as part of a plan to balance the budget by 2022, said Sheikh Salman bin Khalifa Al-Khalifa, minister of finance and natio...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Bahrain, Gulf, Salman, Bloomberg TV, Rupert Neil Bumfrey, Balance Budget Bloomberg, Salman bin Khalifa Al Khalifa


Cash-Strapped Oman May Be Next Blowout After Bahrain Crisis - Bloomberg

Cash-Strapped Oman May Be Next Blowout After Bahrain Crisis - Bloomberg:Bond investors rattled by Bahrain’s fiscal woes last year are bracing for the next potential crisis in the Gulf region: Oman.The cash-strapped sultanate has been slow to implement reforms following the crash in oil prices in 2014 and is seeking to tap the debt market for a fourth year. Its budget deficit is among the largest of all the sovereigns tracked by Fitch Ratings, which downgraded its debt to junk in December. Concer...
Tags: Travel, Dubai, Oman, Bahrain, Gulf, Fitch Ratings, Rupert Neil Bumfrey, Arqaam Capital, Abdul Kadir Hussain


Eni keeps foot on the gas in high-speed Gulf drive | Reuters

Eni keeps foot on the gas in high-speed Gulf drive | Reuters:In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group’s future.In the latest deal on Sunday, Eni pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in...
Tags: Travel, Middle East, United Arab Emirates, Oman, Bahrain, Uae, Gulf, Reuters, Eni, Claudio Descalzi, Rupert Neil Bumfrey


Corporate profits will remain strong in 2019 - The Peninsula Qatar

Corporate profits will remain strong in 2019 - The Peninsula Qatar:Amidst muted growth expectations in global markets, economic outlook for the GCC region as a whole remains positive, as the surge in oil revenues and fiscal reforms will provide the necessary cushion for GCC countries to support economic growth through capital expenditure. With the exception of Bahrain, where there is weakness in government finances, economic factors remain largely favourable for the region.Markaz noted in its “G...
Tags: Travel, GCC, Bahrain, Rupert Neil Bumfrey, Markaz, Peninsula Qatar, Saudi Arabia Banks


M&A Bankers Wanted for Gulf Merger Boom - Bloomberg

M&A Bankers Wanted for Gulf Merger Boom - Bloomberg:It’s a good time to be an M&A banker in the Middle East.Just one month into the year, five banks are merging: a three-way merger in oil-rich Abu Dhabi and a cross-country combination in Kuwait and Bahrain. More deals are in the works.As oil prices settle at a new normal that’s barely enough to balance the budget of Gulf Arab monarchies, governments are engineering ways to stay competitive, prompting an unprecedented consolidation wave. Abu Dhab...
Tags: Travel, Abu Dhabi, Bahrain, Kuwait, Rupert Neil Bumfrey, Middle East Just, Bankers Wanted for Gulf Merger Boom Bloomberg


#UAE accuses #Qatar of banning its products, files WTO complaint | Reuters

UAE accuses Qatar of banning its products, files WTO complaint | Reuters:The United Arab Emirates has filed a complaint against Qatar at the World Trade Organization saying Doha has imposed a ban on Emirati products, UAE state news agency WAM said on Tuesday.The UAE, Saudi Arabia, Bahrain, and Egypt have imposed a diplomatic, trade and transport boycott of Qatar since June 2017 over allegations Doha supports terrorism, a charge Qatar denies.Qatar filed in July 2017 a wide-ranging legal complaint...
Tags: Travel, Wam, Qatar, Egypt, World Trade Organization, United Arab Emirates, WTO, Bahrain, Doha, Uae, Reuters, Rupert Neil Bumfrey, UAE Saudi Arabia, UAE Saudi Arabia Bahrain


Underwater scuba diving theme park

Sinking decommissioned jumbo jets into the Persian Gulf is an unusual way of attracting tourists, but that’s what Bahrain is going for. The Kingdom of Bahrain is planning to create the world’s largest underwater theme park, a 1,076,391-square-foot dive site, complete with a sunken Boeing 747, art sculptures, a replica Bahraini pearl merchant’s house, and artificial coral reefs. The dive park, set to open in summer 2019, is Bahrain’s latest attempt to grow its tourism economy, by making the c...
Tags: Travel, Turkey, Airbus, Theme Parks, Diving, Bahrain, Boeing, British Columbia, All, Aegean, Persian Gulf, CNN Travel, Kingdom of Bahrain, Chemainus, Mermet Springs Illinois, Stuart Channel


Kuwait Finance Said to Offer 35% Premium in $8 Billion Deal - Bloomberg

Kuwait Finance Said to Offer 35% Premium in $8 Billion Deal - Bloomberg:Kuwait Finance House is considering offering a premium of about 35 percent to buy Bahrain’s Ahli United Bank BSC in a share swap deal that could create the Gulf’s sixth-biggest lender with $92 billion of assets, according to people familiar with the matter.The Kuwaiti lender may offer one share for every 2.1 in Ahli United Bank, the people said, asking not to be identified because the matter is private. That would value the ...
Tags: Travel, Bloomberg, Bahrain, Gulf, Kuwait Finance House, Rupert Neil Bumfrey, Ahli United Bank BSC, Ahli United Bank, Kuwait Finance Said, Wednesday Ahli United Bank


Sight of #Saudi Bailout Bazooka Enough for Record Bond Rally - Bloomberg

Sight of Saudi Bailout Bazooka Enough for Record Bond Rally - Bloomberg:When Saudi Arabia vows to go “all the way” for a country in need, the rest is just noise for investors.A day after Lebanon’s bonds sank following a credit rating downgrade by Moody’s Investors Service, a show of support by Saudi Arabia was enough to undo the damage. With the kingdom’s regional rival Qatar also agreeing to throw a $500 million lifeline to Lebanon earlier this week, its dollar bonds due 2028 jumped the most ev...
Tags: Travel, Saudi Arabia, Qatar, Bahrain, Lebanon, Cnbc, Persian Gulf, Rupert Neil Bumfrey, Moody 's Investors Service, Record Bond Rally Bloomberg


Kuwait Finance, Ahli United to Consider Merger Reports This Week - Bloomberg

Kuwait Finance, Ahli United to Consider Merger Reports This Week - Bloomberg:Kuwait Finance House and Bahrain’s Ahli United Bank BSC’s boards will meet this week to consider valuation reports on a potential merger, a deal that would create the Gulf’s sixth-biggest lender with $92 billion in assets.The boards will meet on Jan. 24 to consider the studies by HSBC Holdings Plc and Credit Suisse Group AG, the lenders said in separate statements. Kuwait Finance House said its meeting will take place a...
Tags: Travel, Bahrain, Gulf, HSBC Holdings Plc, Credit Suisse Group AG, Kuwait Finance House, Rupert Neil Bumfrey, Ahli United Bank BSC, Ahli United


Bahrain Received Part of Saudi-Led Financial Support, Al-Maraj Says – Bloomberg

Bahrain Received Part of Saudi-Led Financial Support, Al-Maraj Says – Bloomberg:Central Bank of Bahrain Governor Rasheed Al-Maraj discusses aiming for oil market balance, reforms in Saudi Arabia, and receiving a the first portion of a financial support package. He speaks at the World Economic Forum's annual meeting in Davos, Switzerland, on "Bloomberg Surveillance." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Bloomberg, Bahrain, Central Bank, Davos Switzerland, Rupert Neil Bumfrey, Rasheed Al Maraj


#Saudi Bonds to Join JPMorgan Index in $119 Billion Gulf Addition - Bloomberg

Saudi Bonds to Join JPMorgan Index in $119 Billion Gulf Addition - Bloomberg:Saudi Arabia and four other Gulf nations will join JPMorgan Chase & Co.’s emerging-market bond indexes this month, potentially paving the way for billions of dollars in inflows into the securities.The debt from the world’s biggest oil-exporting nation along with Qatar, the United Arab Emirates, Bahrain and Kuwait will represent about 11.8 percent of the EMBI Global Diversified Index and 12 percent of the EMBI Global beg...
Tags: Travel, New York, Saudi Arabia, Qatar, Bahrain, Kuwait, Gulf, JPMorgan Chase Co, United Arab Emirates Bahrain, Saudi Arabia Qatar, Rupert Neil Bumfrey, AllianceBernstein, Shamaila Khan, Billion Gulf Addition Bloomberg, JPMorgan Index, EMBI Global


GCC Equities Review: Inclusion stories will continue to drive #Kuwait's bourse in 2019 | ZAWYA MENA Edition

GCC Equities Review: Inclusion stories will continue to drive Kuwait's bourse in 2019 | ZAWYA MENA Edition:Like most other markets in the Gulf, Kuwait reported lower traded values on its stock market in 2018 than in the previous year, with research from Kuwait Asset Management Company (KAMCO) stating the values declined by 27.5 percent to $13.7 billion.Yet Faisal Hasan, the head of research at KAMCO, said there were mitigating factors - not least the announcement in September 2017 that the marke...
Tags: Travel, Bahrain, Kuwait, KAMCO, Rupert Neil Bumfrey, SiCo, GCC Equities Review, Gulf Kuwait, Faisal Hasan, Kuwait Asset Management Company KAMCO


#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


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


#Kuwait KIA Sees No Conflict of Interest in KFH-AUB Merger: Qabas - Bloomberg

Kuwait KIA Sees No Conflict of Interest in KFH-AUB Merger: Qabas - Bloomberg:Kuwait Investment Authority, the country’s wealth fund, sees no conflict of interest in a potential merger between Kuwait Finance House KSCP and Bahrain’s Ahli United Bank BSC, Al Qabas newspaper reported.Kuwait’s Public Institution for Social Security owns 18.7 percent of Ahli United, while the KIA holds 24.1 percent of Kuwait Finance House, according to Bloomberg data. Kuwait’s finance minister is the chairman of both...
Tags: Travel, Bloomberg, Kia, Bahrain, Kuwait, Kuwait Investment Authority, Kuwait Finance House, Al Qabas, Rupert Neil Bumfrey, Kuwait Finance House KSCP, Ahli United, Public Institution for Social Security, Qabas Bloomberg, Ahli United Bank BSC Al Qabas


Gulf's REITs bring IPO receipts, but investor returns not so neat | ZAWYA MENA Edition

Gulf's REITs bring IPO receipts, but investor returns not so neat | ZAWYA MENA Edition:The Gulf’s REITs sector has tremendous potential but must overcome ambiguous regulations, a shortage of suitable property and downbeat investor sentiment in order to expand as an asset class.Dubai was the first Gulf jurisdiction to permit Real Estate Investment Trusts (REITs), which own and manage real estate portfolios, introducing a REITs law in 2006, while Abu Dhabi, Saudi Arabia, Oman and Bahrain did likew...
Tags: Travel, Saudi Arabia, Dubai, Bahrain, Gulf, Rupert Neil Bumfrey, Real Estate Investment Trusts, Abu Dhabi Saudi Arabia Oman


#UAE banks invest $24bln in #SaudiArabia, Egypt | ZAWYA MENA Edition

UAE banks invest $24bln in Saudi Arabia, Egypt | ZAWYA MENA Edition:The investment of UAE’s banks in Saudi Arabia and Egypt reached AED87.2 billion at the end of Q3 2018, representing 12.5 per cent of the total assets invested abroad, which amounted to about AED693 billion in September of the same year.Figures from the UAE Central Bank show that the value of investments by UAE banks, their subsidiaries and affiliates remain at their highest levels in the United Kingdom with a value of AED53 bill...
Tags: Travel, Saudi Arabia, India, United States, Egypt, United Kingdom, Middle East, Oman, Bahrain, Uae, Cayman Islands, North Africa, Saudi Arabia Egypt, UAE Central Bank, Rupert Neil Bumfrey, SaudiArabia Egypt


#Saudi Politics, Oil and Proxy Wars: Mideast Market Risks in 2019 - Bloomberg

Saudi Politics, Oil and Proxy Wars: Mideast Market Risks in 2019 - Bloomberg:The list of potential pitfalls for Middle East investors next year is long.With oil in a bear market, pressure on energy exporters is mounting. Saudi Arabia’s global standing is being questioned and Washington has turned its back on Iran, opening the way for increased -- and some say destabilizing -- Russian influence.The region has never been for the faint-hearted. Traders who snapped up Saudi assets in the first half ...
Tags: Travel, Washington, Saudi Arabia, Bloomberg, Iran, Middle East, Bahrain, Istanbul, Aramco, Rupert Neil Bumfrey, Jamal Khashoggi


GCC banks lenders unite to be leaner and efficient in tough conditions - The National

GCC banks lenders unite to be leaner and efficient in tough conditions - The National:Financial institutions in the region, home to one-third of the world’s proven oil reserves, are consolidating like never before. There is a banking merger transaction happening, or has recently been agreed upon in every GCC-member country.“The news is coming together so it looks like a wave of mergers and they are all related but they are not. There are different reasons at work,” said Chiro Ghosh, an analyst w...
Tags: Travel, GCC, Bahrain, Rupert Neil Bumfrey, Saudi British Bank, Chiro Ghosh, Sico Bank


#Bahrain's annual GDP growth slows to 1.6 pct in Q3 | Reuters

Bahrain's annual GDP growth slows to 1.6 pct in Q3 | Reuters:Bahrain’s annual growth in gross domestic product, adjusted for inflation, slowed in the third quarter of this year as both the oil and non-oil sectors lost momentum, the government’s statistics website showed on Sunday.GDP grew 1.6 percent from a year earlier in the third quarter, slowing from 2.5 percent in the second quarter. The oil sector shrank 1.5 percent in the third quarter, while the non-oil sector grew 2.4 percent. [Autho...
Tags: Travel, Bahrain, Reuters, Rupert Neil Bumfrey


How To Ensure You’ll Always Find A Parking Spot In America’s Busiest Cities

  The only thing worse than bad traffic is having to look for parking in a busy city but some destinations are just close enough that it’s faster to drive than deal with airports or you’ve got an occasion bringing you to downtown. Whatever the reason, searching for parking can be a frustrating, stressful, and time-consuming quest but there is an app that solves all those problems. One Day Before The free app SpotHero (available for Android and iOS) let’s you search and reserve a parking s...
Tags: Travel, Money, New York City, America, Tech, Spain, Car, United States, Serbia, Bahrain, Andorra, Spothero, Pictures And Video, Times Square


Middle East Market Risks for 2019: Saudi Politics, Oil, and Wars - Bloomberg

Middle East Market Risks for 2019: Saudi Politics, Oil, and Wars - Bloomberg:The list of potential pitfalls for Middle East investors next year is long.With oil in a bear market, pressure on energy exporters is mounting. Saudi Arabia’s global standing is being questioned and Washington has turned its back on Iran, opening the way for increased -- and some say destabilizing -- Russian influence.The region has never been for the faint-hearted. Traders who snapped up Saudi assets in the first half ...
Tags: Travel, Washington, Saudi Arabia, Bloomberg, Iran, Middle East, Bahrain, Istanbul, Aramco, Rupert Neil Bumfrey, Jamal Khashoggi


What a Difference $10 Billion Aid Makes to Gulf's Weakest Link - Bloomberg

What a Difference $10 Billion Aid Makes to Gulf's Weakest Link - Bloomberg:Bahrain and Oman are the most vulnerable economies in the Gulf, but one has a $10 billion bailout package and the other is on its own.That’s why the bonds of Bahrain, whose dwindling foreign-currency reserves fueled concern this year that its currency’s peg to the dollar may be at risk, became 2018’s best performers in the six-nation Gulf Cooperation Council after Saudi Arabia and other rich allies came to the rescue in O...
Tags: Travel, Saudi Arabia, Bloomberg, Oman, Bahrain, Gulf, Gulf Cooperation Council, JPMorgan Chase Co, Rupert Neil Bumfrey


#Qatar considers selling dollar bonds for benchmark purposes only | Reuters

Qatar considers selling dollar bonds for benchmark purposes only | Reuters:Qatar does not need to raise debt through international bonds next year because its budget forecasts an economic surplus, but it might issue dollar debt to provide a pricing benchmark to government-related entities that plan to sell bonds, a finance ministry official said.Qatar raised $12 billion in a jumbo bond issue in April, one of the largest debt placements by an emerging-market sovereign this year, marking a success...
Tags: Travel, Saudi Arabia, Qatar, Bahrain, Doha, Gulf, Reuters, Rupert Neil Bumfrey, United Arab Emirates Egypt


UPDATE 1- #Qatar's economy stronger than before, central bank governor says | Reuters

UPDATE 1-Qatar's economy stronger than before, central bank governor says | Reuters:Qatar’s economy has shown resilience in the face of a boycott imposed by some Arab countries, Qatar’s central bank governor said on Monday.Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in June last year.“We have surmounted this crisis, we’ve become even stronger than before,” Qatar central bank governor Sheikh Abdullah bin Saud al-Thani said at a financ...
Tags: Travel, Saudi Arabia, Qatar, Bahrain, Doha, Reuters, Rupert Neil Bumfrey, United Arab Emirates Egypt, Sheikh Abdullah bin Saud al Thani



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