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Swiss-Belhotel International to Launch 4 New Brands in the Middle East in 2019

Swiss-Belhotel International has announced the launch of four new brands in the Middle East in 2019. Coming to the region for the first time are Grand Swiss-Belresort (Bahrain), Swiss-Belsuites (Bahrain), Swiss-Belboutique (Kuwait) and Swiss-Belinn (Oman and Qatar) with openings scheduled over the next few months.
Tags: Travel, Qatar, Middle East, Bahrain, Belhotel International, New Brands, Belboutique Kuwait, Belinn Oman


Mideast Stocks: #UAE markets down on regional geopolitical tensions | ZAWYA MENA Edition

Mideast Stocks: UAE markets down on regional geopolitical tensions | ZAWYA MENA Edition:Stocks in the United Arab Emirates fell sharply in early trade on Monday amid rising geopolitical tensions after the UAE said that four commercial vessels were hit by sabotage near the emirate of Fujairah on Sunday.The Dubai index was down 1.5% and Abu Dhabi's index was down 1.7% in early morning trade."Regional geopolitical tensions and the US-China trade row are affecting market sentiment," said Nishit Lakh...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Bahrain, Uae, US China, Rupert Neil Bumfrey, SiCo, Nishit Lakhotia


#Bahrain Is Set to Receive $2.3 Billion From Allies in 2019 - Bloomberg

Bahrain Is Set to Receive $2.3 Billion From Allies in 2019 - Bloomberg:Bahrain said it will receive about $2.3 billion this year from a five-year support package provided by its Gulf Arab allies as the island-kingdom seeks to reduce its budget deficit and debt.The sum is roughly in line with the amount received in 2018, according to Bahrain’s Finance Ministry. The $10 billion package was made available by Saudi Arabia, the United Arab Emirates and Kuwait in 2018 to help avert a currency devaluat...
Tags: Travel, Saudi Arabia, Bloomberg, United Arab Emirates, Bahrain, Kuwait, Finance Ministry, Gulf Arab, Rupert Neil Bumfrey


UPDATE 2-Bailed-out #Bahrain considers new debt sale; bonds drop - Reuters

UPDATE 2-Bailed-out Bahrain considers new debt sale; bonds drop - Reuters:Bahrain met investors to discuss a possible international bond sale this year, which would be its first since it got a $10 billion bailout from its Gulf allies last year to avert a potential credit crunch, sources familiar with the matter said.Saudi Arabia, Kuwait and the United Arab Emirates bailed out Bahrain last year when lower oil prices pushed its public debt to nearly 93 percent of annual economic output. Bahrain’s ...
Tags: Travel, United Arab Emirates, Bahrain, Gulf, Reuters, Saudi Arabia Kuwait, Rupert Neil Bumfrey


#Bahrain ditches subsidy reform plan as political tensions simmer - Reuters

Bahrain ditches subsidy reform plan as political tensions simmer - Reuters:Bahrain has scrapped a plan to reform its cumbersome subsidy system, officials said on Tuesday, as authorities worry it could trigger more unrest in the Gulf island and complicate government efforts to repair public finances.The plan, which has been under discussion between the government and parliament since last year, aimed to overhaul allowances paid to Bahrainis squeezed by years of austerity and rising prices.Bahrain...
Tags: Travel, Bahrain, Gulf, Reuters, Rupert Neil Bumfrey


Gulf Air Will Fly Non-Stop to the United States

The CEO of Bahrain-based Gulf Air says the carrier will launch direct flights to the U.S. within 3 years. We can expect that new Gulf Air service to the U.S. to be on Boeing 787-9 aircraft. The airline’s CEO describes himself as being on a mission to deliver a quality product as a path towards profits because his smaller airline can’t compete on network scale and it cannot compete on price either. Continue reading Gulf Air Will Fly Non-Stop to the United States...
Tags: Travel, Advice, United States, Bahrain, Boeing, Gulf Air


State Department OKs nearly $6 billion in weapons sales to Gulf allies - Reuters

State Department OKs nearly $6 billion in weapons sales to Gulf allies - Reuters:The U.S. State Department has approved a possible $6 billion worth of weapons sales to Bahrain and the United Arab Emirates in three separate packages, the Pentagon said on Friday after notifying Congress of the certification.The United States depends on allies in the region, including Saudi Arabia, to counter Iranian influence. In April, the U.S. moved ahead with part of a THAAD missile defense system sale to the k...
Tags: Travel, Congress, Saudi Arabia, United States, United Arab Emirates, Pentagon, State Department, Bahrain, Gulf, Reuters, U S State Department, THAAD, Rupert Neil Bumfrey


Swiss-Belhotel International to Launch 4 New Brands in the Middle East in 2019

Swiss-Belhotel International announced today at the Arabian Travel Market the launch of four new brands in the Middle East in 2019. Coming to the region for the first time are Grand Swiss-Belresort (Bahrain), Swiss-Belsuites (Bahrain), Swiss-Belboutique (Kuwait) and Swiss-Belinn (Oman and Qatar) with openings scheduled over the next few months.
Tags: Travel, Qatar, Middle East, Bahrain, Belhotel International, New Brands, Belboutique Kuwait, Belinn Oman


Gulf Air in Talks With Etihad Airways to Deepen Partnership - Bloomberg

Gulf Air in Talks With Etihad Airways to Deepen Partnership - Bloomberg:Gulf Air is in talks with Abu Dhabi’s Etihad Airways to deepen an existing codeshare agreement, the Bahrain carrier’s chief commercial officer said, as the airline seeks to expand its network and become the region’s boutique airline.“The scope of a partnership with Etihad can include domains in which we might find strengths," Vincent Coste said on Sunday on the sidelines of the Arabian Travel Market in Dubai. The partnership...
Tags: Travel, Bloomberg, Dubai, Abu Dhabi, Bahrain, Boeing, Etihad, Gulf Air, Etihad Airways, Rupert Neil Bumfrey, Vincent Coste, Coste


Gulf's bond and sukuk markets set to grow after slow start | ZAWYA MENA Edition

Gulf's bond and sukuk markets set to grow after slow start | ZAWYA MENA Edition:Bond and sukuk issuance by corporate entities in the Gulf Cooperation Council (GCC) is likely to pick up in 2019 after a slow start to the year when global capital markets were weighed by uncertainty, according to ratings agency S&P Global.In a note published on Monday, the agency said that there had been "visibly lower issuances by GCC corporates" in the first three months of the year, with issuance to date standing...
Tags: Travel, GCC, Bahrain, Gulf Cooperation Council GCC, Rupert Neil Bumfrey, Almarai Company


Bailed-out #Bahrain has little room for maneuver in economy reboot | Reuters

Bailed-out Bahrain has little room for maneuver in economy reboot | Reuters:As the weekend kicks off in Bahrain, Saudi Arabian and Kuwaiti cars jam the capital’s roads and hotel lobbies fill with visitors looking for bars, restaurants and other night-time entertainment.A new sales tax introduced this year means government coffers will gain with every glass of wine sold and shisha pipe smoked, but that’s still not enough to plug a large gap in the island kingdom’s finances and wean it off aid fro...
Tags: Travel, Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Reuters, Rupert Neil Bumfrey, Bahrain Saudi Arabian


Moody’s Sees Downgraded #Oman Still Dodging #Bahrain-Like Bailout - Bloomberg

Moody’s Sees Downgraded Oman Still Dodging Bahrain-Like Bailout - Bloomberg:Moody’s Investors Service, which downgraded Oman’s credit rating to junk last week, said the cash-strapped sultanate won’t require a bailout similar to the one that Bahrain got in the next 12 to 18 months.Oman doesn’t have any significant debt redemption coming due and has sufficient buffers to get through an unlikely “period of impaired market access” in the next 12 to 18 months, said Alexander Perjessy, a senior analys...
Tags: Travel, Bloomberg, Dubai, Oman, Bahrain, Moody, Rupert Neil Bumfrey, Moody 's Investors Service, Alexander Perjessy, Perjessy


A Tale of Two Gulf Bond Markets Lays Bare Rifts That Run Deep - Bloomberg

A Tale of Two Gulf Bond Markets Lays Bare Rifts That Run Deep - Bloomberg:Nations in the Gulf are attracting billions of dollars of inflows into their bond markets this year, but beneath the bonanza lies a geopolitical rift that sets the haves and have-nots of the region apart.Qatar sold a three-part dollar bond offering on Wednesday, a day after Oman was downgraded to junk by Moody’s Investors Service. Speculation is growing that the cash-strapped country will need a bailout package from its ne...
Tags: Travel, Qatar, Oman, Bahrain, Rupert Neil Bumfrey, Saudi Arabia Oman, Moody 's Investors Service Speculation


#Bahrain bailout tied to "general assessment" of rebalancing, not specific numbers: FinMin | ZAWYA MENA Edition

Bahrain bailout tied to "general assessment" of rebalancing, not specific numbers: FinMin | ZAWYA MENA Edition:A $10 billion bailout pledged to Bahrain – one of the Gulf's weakest economies – from Saudi Arabia, Kuwait and the United Arab Emirates is tied to a "general assessment" of its progress in rebalancing its fiscal position rather than to specific numbers, its finance minister said.Bahrain in October was promised the $10 billion in assistance over five years from the three Gulf allies afte...
Tags: Travel, United Arab Emirates, Bahrain, Gulf, Reuters, MANAMA, Saudi Arabia Kuwait, Rupert Neil Bumfrey, Salman bin Khalifa Al Khalifa


Bahrain Fund Open to McLaren IPO Even as It Grapples With Brexit - Bloomberg

Bahrain Fund Open to McLaren IPO Even as It Grapples With Brexit - Bloomberg:Bahrain’s sovereign wealth fund remains open to an initial public offering of McLaren Group Ltd., though it isn’t in a rush to sell its controlling stake in the supercar maker and Formula One racing team.“When we think it’s the right time, we’ll go” for an IPO, said Mahmood Al Kooheji, chief executive officer of Bahrain Mumtalakat Holding Co. “We’re a happy investor in McLaren.”While U.K.-based McLaren will be affected ...
Tags: Travel, Ipo, Mclaren, Bahrain, Brexit, MANAMA Bahrain, Bloomberg TV, Rupert Neil Bumfrey, Brexit Bloomberg, McLaren Group Ltd, Mahmood Al Kooheji, Bahrain Mumtalakat Holding Co, Al Kooheji


#Bahrain talking to U.S. oil companies about tight oil deal: minister | Reuters

Bahrain talking to U.S. oil companies about tight oil deal: minister | Reuters:Bahrain is talking to U.S. oil companies with shale oil expertise about developing a huge oil and gas field discovered last year, and hopes to have an interested company by the end of the year, the oil minister said on Tuesday.Last April Bahrain said it had discovered its largest oil and gas find since 1932 off its west coast, estimated to contain at least 80 billion barrels of tight oil.The first test well is being d...
Tags: Travel, Bahrain, Reuters, Rupert Neil Bumfrey, Sheikh Mohammed bin Khalifa al Khalifa


UPDATE 2- #Bahrain sees budget deficit falling to $1.6 bln in 2020 | Reuters

UPDATE 2-Bahrain sees budget deficit falling to $1.6 bln in 2020 | Reuters:Bahrain’s cabinet on Monday approved a draft state budget for the next two years that projects a further reduction in its deficit to reach $1.63 billion by 2020 as part of a fiscal reform programme.Bahrain, which does not have the vast oil wealth of other Gulf Arab states, last year released a plan to fix its debt-burdened finances after securing a $10 billion Gulf aid pledge. It aims to eliminate its budget deficit by 20...
Tags: Travel, Bahrain, Reuters, Rupert Neil Bumfrey


And Just Like That, #Oman's Bond Yields Are Back Below #Bahrain's - Bloomberg

And Just Like That, Oman's Bond Yields Are Back Below Bahrain's - Bloomberg:The hefty premium investors demanded to hold Oman’s Eurobonds rather than those of lower-rated Bahrain has just vanished.The sultanate’s plans to slash its borrowing requirements and rely on asset sales for funding lifted Eurobonds due 2028 by the most on record, driving the yield down 37 basis points to 6.43 percent as of 8:42 a.m. in London. Bahrain’s similar-maturity debt now yields one basis point more than Oman’s, a...
Tags: Travel, Bloomberg, Oman, Bahrain, Rupert Neil Bumfrey, London Bahrain, Bloomberg Oman


#Bahrain to Allow Crypto to Regain Middle East Finance Hub Status - Bloomberg

Bahrain to Allow Crypto to Regain Middle East Finance Hub Status - Bloomberg:Bahrain, once the Middle East’s hub for financial industries, is attempting to regain its footing by allowing companies using cryptocurrency to work in the country on a trial basis, as it considers how to regulate them.Dalal Buhejji, business manager at Bahrain’s Economic Development Board, said she is confident that the central bank will issue regulation, without specifying a timeline. The central bank said it previous...
Tags: Travel, Middle East, Bahrain, Economic Development Board, Rupert Neil Bumfrey, Regain Middle East Finance Hub Status Bloomberg, Dalal Buhejji, Malta Liechtenstein Gibraltar


#UAE eases #Qatar shipping ban amid continuing dispute | Reuters

UAE eases Qatar shipping ban amid continuing dispute | Reuters:The United Arab Emirates has eased a ban on the shipping of goods between it and Qatar enforced under a political and economic boycott of Doha, according to port circulars and an industry source.The UAE, Saudi Arabia, Egypt and Bahrain severed diplomatic, trade and transport ties with Qatar in June 2017 over allegations it supports terrorism, a charge Doha denies.An Abu Dhabi Ports circular dated Feb. 12 canceled previous directives ...
Tags: Travel, Qatar, United Arab Emirates, Bahrain, Doha, Uae, Reuters, Rupert Neil Bumfrey, UAE Saudi Arabia Egypt


$10 Billion Bailout Makes #Bahrain Debt Best in Gulf as #Oman Lags - Bloomberg

$10 Billion Bailout Makes Bahrain Debt Best in Gulf as Oman Lags - Bloomberg:Bonds of Bahrain, the smallest member of the Gulf Cooperation Council, have handed investors the biggest return since the island nation’s $10 billion bailout last year. For those holding Oman’s debt, the losses have piled up.Corporate and sovereign notes from Bahrain delivered an average return of almost 5 percent since the aid was pledged at the start of October, data compiled by Bloomberg show. The tiny Gulf kingdom, ...
Tags: Travel, Saudi Arabia, Bloomberg, Oman, Bahrain, Gulf, Gulf Cooperation Council, JPMorgan Chase Co, Rupert Neil Bumfrey, Bahrain Debt Best


DXB Entertainment's stock drops as theme park owner announces earnings loss | ZAWYA MENA Edition

DXB Entertainment's stock drops as theme park owner announces earnings loss | ZAWYA MENA Edition:Shares of DXB Entertainments (DXBE) dropped on Monday, after the company announced prelimnary results showing a net loss of one billion dirhams for 2018, which was 11 percent lower than the 1.12 billion dirhams loss declared for 2017.The company recorded a fourth quarter (Q4) 2018 net loss of 268 million dirhams, a 5.1 percent year-on-year increase on the net loss of 255 million dirhams for Q4 2017.“...
Tags: Travel, Bahrain, Rupert Neil Bumfrey, SiCo, Zawya, Ayub Ansari


Eni's Gulf expansion has just started: CEO | Reuters

Eni's Gulf expansion has just started: CEO | Reuters:Italian major Eni said it intends to expand in the Middle East after a spree of deals in the Gulf last year, pressing ahead with plans to reduce its reliance on Africa and oil and gas exploration.Since last March Eni has secured nine deals in the United Arab Emirates, gained a foothold in Bahrain and expanded in Oman to underpin its future growth. Last month it pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE,...
Tags: Travel, Africa, Middle East, United Arab Emirates, Oman, Bahrain, Uae, Gulf, Reuters, Eni, Rupert Neil Bumfrey


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



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