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#Qatar Sees $20 Billion Bump to Economy From Soccer World Cup - Bloomberg

Qatar Sees $20 Billion Bump to Economy From Soccer World Cup - Bloomberg Tokyo’s 2020 Olympics may be a financial flop, but Qatar, host to one of the next big global sporting events since the start of the pandemic, expects its tournament late next year to provide an economic boost.“We anticipate the contribution to the economy essentially would be around about $20 billion,” said Hassan Al Thawadi, Secretary-General of the Committee for Delivery and Legacy that’s building the infrastructure beh...
Tags: Travel, Qatar, Bloomberg, Tokyo, Gulf, Bloomberg Intelligence, Rupert Neil Bumfrey, Hassan Al Thawadi, Al Thawadi, Committee for Delivery, Qatar Economic Forum Qatar


Bahrain's Batelco Telecom Considers #Saudi Dual Listing - Bloomberg

Bahrain's Batelco Telecom Considers Saudi Dual Listing - Bloomberg Bahrain’s biggest telecommunications firm is planning to become the first company to have a dual listing of shares on Saudi Arabia’s stock exchange, according to people familiar with the matter.Bahrain Telecommunications Co., also known as Batelco, has hired the investment arm of Samba Financial Group as an adviser on the deal, the people said, asking not to be identified as the information is private. No decision has been made...
Tags: Travel, Saudi Arabia, Bloomberg, Dubai, Abu Dhabi, Bahrain, Gulf, Abu Dhabi Securities Exchange, Rupert Neil Bumfrey, Samba Financial Group, Khalid Al Hussan, Samba Capital, Batelco, Batelco Telecom, Bloomberg Bahrain, Bahrain Telecommunications Co


#SaudiArabia Pension, Unemployment Insurance Funds to Combine Into One Entity - Bloomberg

Saudi Arabia Pension, Unemployment Insurance Funds to Combine Into One Entity - Bloomberg Saudi Arabia will combine two state-run pension and unemployment insurance funds into an entity with almost $29 billion of local and foreign stocks.The cabinet approved the combination of the Public Pension Agency and the General Organization of Social Insurance, also known as GOSI. It’ll boost investment returns, reduce costs and help with their diversification, Finance Minister and GOSI Chairman Mohamme...
Tags: Travel, Saudi Arabia, Bloomberg, HSBC Holdings Plc, AstraZeneca PLC, Rupert Neil Bumfrey, Al Rajhi Bank, Mohammed al Jadaan, Public Pension Agency, GOSI, National Development Fund, Saudi National Bank, Combine Into One Entity Bloomberg Saudi Arabia, General Organization of Social Insurance


Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg

Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg Saudi Arabia’s cautious approach to reviving OPEC+ oil output has been proved correct, said Energy Minister Prince Abdulaziz bin Salman.After a year of oil market turmoil due to the coronavirus pandemic, fuel consumption is seeing robust growth and the International Energy Agency is calling for the cartel to boost supplies. Yet, in the minister’s view “we still are not out of the woods.”“Many claim that I’m excessively...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, International Energy Agency, Organization of Petroleum Exporting Countries, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia


Daman's El Adou: Top Pick in Banking Sector Remains Emirates NBD - Bloomberg video

Daman's El Adou: Top Pick in Banking Sector Remains Emirates NBD - Bloomberg Ali El Adou, Head of Asset Management at Daman Investments discusses his UAE and KSA banking sector investment calls. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Uae, Ksa, Daman, Rupert Neil Bumfrey, Manus Cranny, Bloomberg Daybreak, Daman Investments, Ali El Adou, El Adou, Banking Sector Remains Emirates NBD Bloomberg


Luxury Meets Thrift for #Dubai Startup Raising Funds to Go Abroad - Bloomberg

Luxury Meets Thrift for Dubai Startup Raising Funds to Go Abroad - Bloomberg Dubai may be better known as the Middle East’s capital of excess but a startup based in the city is raising funds for international expansion by marrying luxury with thrift.The Luxury Closet, an online platform for buying and selling used high-end goods, secured fresh financing led by regional investment firm GMP Capital, alongside international and local investors including Huda Beauty Investment, the private office ...
Tags: Travel, New York, Bloomberg, Middle East, United Arab Emirates, Dubai, Gucci, Gulf, Kunal Kapoor, Arab Gulf, Etsy Inc, Kering SA, Rupert Neil Bumfrey, Bain Co, Poshmark Inc, Bloomberg Dubai


Brent Oil Marches Toward $75 as Market Tightens Up, Curbs Ease - Bloomberg

Brent Oil Marches Toward $75 as Market Tightens Up, Curbs Ease - Bloomberg PRICES: Brent for August settlement added 0.7% to $74.49 a barrel on the ICE Futures Europe exchange at 7:15 a.m. in London.WTI for July delivery gained 0.6% to $72.55 a barrel on the New York Mercantile Exchange.Earlier, prices rose to $72.83, the highest since October 2018. [Author: [email protected]blogger.com (Rupert Neil Bumfrey)]
Tags: Travel, Europe, London, Bloomberg, New York Mercantile Exchange, Rupert Neil Bumfrey


Goldman Lifts #SaudiArabia’s Growth Forecasts as Oil Prices Rise - Bloomberg

Goldman Lifts Saudi Arabia’s Growth Forecasts as Oil Prices Rise - Bloomberg Goldman Sachs Group Inc. has raised its expectations for Saudi Arabia’s oil production and economic growth as crude prices rise well over $70 a barrel.The bank’s Middle East and North Africa economist Farouk Soussa lifted his assumptions for Saudi oil production by around 500,000 barrels per day, to reach 10 million barrels by the end of 2021 and 10.5 million in 2022. That -- combined with the release of favorable non...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, Middle East, Goldman, North Africa, Rupert Neil Bumfrey, Soussa, Farouk Soussa, Bloomberg Goldman Sachs Group Inc


Oil Rises to Highest Since 2018 as Traders Eye Further Rally - Bloomberg

Oil Rises to Highest Since 2018 as Traders Eye Further Rally - Bloomberg PRICES: West Texas Intermediate crude for July delivery advanced $1.24 to settle at $72.12 a barrel.Brent for August settlement gained $1.13 to end the session at $73.99 a barrel. Oil climbed as a chorus of prominent traders in the crude market said prices will continue to rise after a nearly 50% rally so far this year.Futures in New York advanced 1.8% on Tuesday to the highest level since October 2018. At the F...
Tags: Travel, New York, Bloomberg, Glencore Plc, Vitol Group, Trafigura, Rupert Neil Bumfrey, John Kilduff, Again Capital LLC, FT Commodities Global, Jeremy Weir


Emirates Gets Government Aid After Pandemic Leads to Huge Loss - Bloomberg

Emirates Gets Government Aid After Pandemic Leads to Huge Loss - Bloomberg Results Emirates airline reported a loss of 20.3 billion dirhams versus 1.1 billion dirhams profit in the previous yearDnata, the ground-handling unit, reported a loss of 1.8 billion dirhams versus a 618 million dirhams profit One-off  impairment charge of 710 million dirhams related to certain grounded aircraft which might not re-enter service before their scheduled retirement within the next financial yearLoad factor...
Tags: Travel, Bloomberg, Rupert Neil Bumfrey, Bloomberg Results Emirates


Omani Plastics Firm Octal Is Said to Weigh $800 Million Sale - Bloomberg

Omani Plastics Firm Octal Is Said to Weigh $800 Million Sale - Bloomberg Octal, an Omani plastics packaging manufacturer, is weighing a sale, according to people familiar with the matter.The Muscat-based company is working with JPMorgan Chase & Co. as it considers selling a majority stake, the people said, asking not to be identified discussing confidential information. A sale could value Octal at about $800 million, one of the people said.Octal has already drawn interest from strategic suitor...
Tags: Travel, Asia, Africa, Bloomberg, Middle East, Muscat, Jpmorgan, JPMorgan Chase Co, Rupert Neil Bumfrey, Oman Saudi Arabia, Octal


#Dubai Conglomerate’s Venture Said to Buy Palm’s Cooling Provider - Bloomberg

Dubai Conglomerate’s Venture Said to Buy Palm’s Cooling Provider - Bloomberg Dubai state developer Nakheel sold its business that supplies chilled air to such local landmarks as artificial palm-shaped islands, according to people familiar with the matter.Emirates Central Cooling Systems Corp, a joint venture between a unit of Dubai Holding and a state-owned utility, has acquired Nakheel’s cooling operations, the people said. The assets are worth around 1 billion dirhams ($272 million), they sa...
Tags: Travel, Bloomberg, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Dubai Electricity and Water Authority, Nakheel, Dubai Holding, TECOM GROUP, Rupert Neil Bumfrey, Aldar Properties PJSC, Tabreed, Emaar Properties PJSC Dubai, Bloomberg Dubai, Dubai Conglomerate


Most Middle Eastern Stocks Climb as Oil Extends Gains: Inside EM - Bloomberg

Most Middle Eastern Stocks Climb as Oil Extends Gains: Inside EM - Bloomberg Most equities markets in the Middle East extended gains on Sunday, following another positive week for crude prices.Equities gauges in Saudi Arabia, Bahrain, Oman, Kuwait, Qatar and Israel advanced as much as 0.8%, while those in Dubai and Abu Dhabi slipped less than 0.1%.Oil, the main export for Gulf countries, posted its third straight weekly rise on improving demand, with the International Energy Agency warning the...
Tags: Travel, Saudi Arabia, Israel, Bloomberg, Middle East, Dubai, Mecca, Abu Dhabi, Uae, Gulf, Riyadh, International Energy Agency, Bloomberg Intelligence, Jabal Omar, Rupert Neil Bumfrey, Edmond Christou


#Saudi Arabian Hospitality Firms Weigh $2.4 Billion Merger - Bloomberg

Saudi Arabian Hospitality Firms Weigh $2.4 Billion Merger - Bloomberg Taiba Investment Co. and Dur Hospitality Co. are in talks to combine their businesses, potentially forming a company with a market value of about $2.4 billion in Saudi Arabia’s real estate, hospitality and investment industry.Taiba, which has a market capitalization of 5.5 billion riyals ($1.5 billion), operates as an investment company in sectors ranging from real estate and tourism. Dur, valued at 3.5 billion riyals, is ma...
Tags: Travel, Saudi Arabia, Bloomberg, Belgium, North West, Taiba, Riyad Bank, Rupert Neil Bumfrey, Samba Financial Group, Public Investment Fund, National Commercial Bank, NEOM, Dur, Red Sea Development, Saudi Fisheries Co, Saudi Arabian Hospitality Firms Weigh


Iraq Sees Oil Prices at $68 to $75 a Barrel in 2nd Half - Bloomberg

Iraq Sees Oil Prices at $68 to $75 a Barrel in 2nd Half - Bloomberg Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half.The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair.The Organization of Petroleum Exporting Countries had predicted earlier in the week that the recovery in global oil demand will gather streng...
Tags: Travel, Iraq, Opec, Bloomberg, Exxon, Exxon Mobil Corp, Organization of Petroleum Exporting Countries, West Qurna, Rupert Neil Bumfrey, Ihsan Abdul Jabbar, Bloomberg Iraq OPEC


Germany Gets Tax Documents From #Dubai in Anti-Evasion Campaign - Bloomberg

Germany Gets Tax Documents From Dubai in Anti-Evasion Campaign - Bloomberg German authorities secured a trove of tax data from Dubai, Finance Minister Olaf Scholz said, marking the first time the federal government has used the technique in efforts to stem tax crimes.The Central Federal Tax Office paid about 2 million euros ($2.4 million) to purchase the data from an anonymous source, Der Spiegel reported. German state governments have previously made such purchases to combat tax fraud.“Tax ev...
Tags: Travel, Germany, Berlin, Bloomberg, Dubai, Switzerland, Social Democratic Party, North Rhine Westphalia, Der Spiegel, Scholz, Olaf Scholz, Rupert Neil Bumfrey, Norbert Walter Borjans, Central Federal Tax Office


Oil Poised for Third Weekly Gain as IEA Sees Need for More Crude - Bloomberg

Oil Poised for Third Weekly Gain as IEA Sees Need for More Crude - Bloomberg PRICES West Texas Intermediate for July delivery rose 12 cents to $70.41 a barrel at 8:53 a.m. in New YorkPrices are up 1.2% this weekBrent for August settlement advanced 7 cents to $72.59, and are 1% higher for the week Oil headed for a third straight weekly gain on signs of improving demand, with the International Energy Agency warning that the market will need extra supply next year.Futures in New York h...
Tags: Travel, Asia, Europe, New York, Opec, Bloomberg, IEA, Latin America, International Energy Agency, Rupert Neil Bumfrey


BofA’s Yazhari: #Saudi British Bank Has Strong Growth Trajectory - Bloomberg video

BofA’s Yazhari: Saudi British Bank Has Strong Growth Trajectory - Bloomberg Hootan Yazhari, head of MENA & global frontier markets equity research at Bank of America Securities discusses his investment outlook for Saudi and Qatari banking shares. He speaks with Manus Cranny and Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Mena, BofA, Rupert Neil Bumfrey, Bloomberg Daybreak, Bank of America Securities, Yousef Gamal El Din, Hootan Yazhari


#Saudi Aramco Is Said to Hire Morgan Stanley for Gas Pipeline Deal - Bloomberg

Aramco Is Said to Hire Morgan Stanley for Gas Pipeline Deal - Bloomberg Saudi Aramco has hired Morgan Stanley as the lead adviser to review a potential multibillion-dollar stake sale in its natural gas pipeline network, people familiar with the matter said.The state-owned energy producer is making early preparations for the sale, according to the people, who asked not to to be identified because the information is private. The company hasn’t yet started a formal process and could add more bank...
Tags: Travel, Bloomberg, Morgan Stanley, Aramco, Rupert Neil Bumfrey, EIG Global Energy Partners LLC, Morgan Stanley for Gas Pipeline Deal Bloomberg


#Dubai developer Damac's shareholders to know of opening and closing dates of buy offer in 21 days | Property – Gulf News

Damac's mintority shareholders will have 21 days and then some to make up their mind on the Dh2.2b offer to buy  them out. Image Credit: Bloomberg In another 21 days, the Hussain Sajwani owned Maple Invest will inform Damac’s Board of Directors and shareholders the opening and closing date for its open-ended offer to acquire the 27.285 per cent not held by it.Maple made the formal approach to Damac on June 9, a day after signaling its intention to acquire the balance stake. If al...
Tags: Travel, Bloomberg, Dubai, Gulf News, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Maple Invest, Damac 's Board of Directors


#Saudi PIF Commits Up to $160 Million to Gulf Infrastructure Fund - Bloomberg

Saudi PIF Commits Up to $160 Million to Gulf Infrastructure Fund - Bloomberg Saudi Arabia’s sovereign wealth fund has agreed to commit up to a fifth of a planned $800 million Middle East infrastructure fund being established by Aberdeen Standard Investments and Investcorp.The Aberdeen Standard Investcorp Infrastructure Partners fund has received the pledge from the PIF along with another $90 million commitment from the Asian Infrastructure Investment Bank, according to a statement Thursday. Th...
Tags: Travel, Bloomberg, Aberdeen, Middle East, Michael Fallon, Bahrain, Asian Infrastructure Investment Bank, Investcorp, Rupert Neil Bumfrey, U K Defense, Aberdeen Standard Investments, NBK Capital Partners, Hazem Ben Gacem, Gulf Infrastructure Fund Bloomberg, Gulf Infrastructure Fund Bloomberg Saudi Arabia


Soaring Mideast Heat May Roil Oil Market as Demand Surges - Bloomberg

Soaring Mideast Heat May Roil Oil Market as Demand Surges - Bloomberg Soaring temperatures in one of the world’s top energy-producing regions could drive fuel prices higher as countries there burn more oil and natural gas to keep homes cool.Saudi Arabia, the United Arab Emirates and Kuwait are all experiencing weather that’s hotter than normal. That has coincided with a tightened crude market, with the Organization of Petroleum Exporting Countries and its allies continuing to hold back million...
Tags: Travel, London, Saudi Arabia, Iraq, Opec, Bloomberg, Middle East, United Arab Emirates, Kuwait, Gulf, Persian Gulf, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Oxford Institute for Energy Studies, Ahmed Mehdi, Bloomberg Soaring


Israeli Startups Break Record With $10.5 Billion Raised in 2021 - Bloomberg

Israeli Startups Break Record With $10.5 Billion Raised in 2021 - Bloomberg Israeli startups have raised $10.5 billion so far this year, surpassing the record set in 2020, as investors continue to pour cash into technology firms emerging as winners from the pandemic.There have been 30 funding rounds of at least $100 million in the first half of this year, accounting for 53% of the total financing, according to a report from Start-Up Nation Central, a non-profit organization that tracks Israel’...
Tags: Travel, Israel, Bloomberg, Rupert Neil Bumfrey, Gabai, Start Up Nation Central, Uri Gabai


World’s Third-Biggest Wealth Fund Joins Medline Buyout Group - Bloomberg

World’s Third-Biggest Wealth Fund Joins Medline Buyout Group - Bloomberg Abu Dhabi Investment Authority is joining one of the biggest leveraged buyouts of all time by investing about $1 billion alongside a consortium acquiring medical supply company Medline Industries Inc.The world’s third-biggest wealth fund, known as ADIA, will back the takeover of Medline by Blackstone Group Inc., Carlyle Group Inc. and Hellman & Friedman, according to people familiar with the matter, who asked not to be id...
Tags: Travel, Singapore, Bloomberg, Abu Dhabi, Advent International, ThyssenKrupp AG, Nestle SA, MEDLINE, Brookfield Asset Management Inc, ADIA, Hellman Friedman, Rupert Neil Bumfrey, Cinven, Medline Industries Inc, GIC Pte, SWF Institute


Aramco Starts Debut Sale of Dollar-Denominated Islamic Bonds - Bloomberg

Aramco Starts Debut Sale of Dollar-Denominated Islamic Bonds - Bloomberg Saudi Aramco, the world’s biggest energy company, started marketing its first dollar-denominated Islamic bond sale.The state-controlled company is offering sukuk due in three, five and 10 years, according to a person familiar with the matter, who asked not to be identified as the details are private.The firm is raising cash to help finance its plans to pay out $75 billion in dividends, a commitment that the oil company ma...
Tags: Travel, Saudi Arabia, Bloomberg, Aramco, Bloomberg Intelligence, Rupert Neil Bumfrey, Bloomberg Saudi Aramco, Jaimin Patel, Damian Sassower


Gen Z and millennials are leading America's economic recovery

Gen Z and millennials are spending more than they were pre-pandemic. Noam Galai/Getty Images Millennials and Gen Z are spending more than they did pre-pandemic, American Express CEO Steve Squeri said. Younger workers are piling into jobs on offer amid claims of a widespread labor shortage. It's good for the economy, which needs Americans to spend to fuel an economic boom. See more stories on Insider's business page. Millennials and Gen Z are going on a spending spree. They're a...
Tags: US, America, Trends, Bloomberg, American Express, Tripadvisor, Accenture, McKinsey Company, Hillary Hoffower, Noam Galai Getty, Conor Sen, Squeri, Steve Squeri, Bank of America Research


#Saudi Stocks Whipsawed as Global Website Outage Sparks Selling - Bloomberg

Saudi Stocks Whipsawed as Global Website Outage Sparks Selling - Bloomberg Saudi stocks plunged the most in weeks before recovering as a global outage in websites across the internet fueled volatility.The Tadawul All Share Index fell as much as 1.1% in Riyadh, the most intraday since April 29, before erasing the slump to close up 0.1%. “People are panic-selling because of the global outage we just witnessed -- there is a global concern,” Abdulmalik Alsalem, an analyst at Samba Capital in...
Tags: Travel, Bloomberg, Riyadh, Rupert Neil Bumfrey, Samba Capital, Fastly Inc, Pritish Devassy, Abdulmalik Alsalem, New York Times Bloomberg News Reddit Inc, Al Rajhi Capital The Tadawul


Oil Extends Decline as Rally Falters After Hitting 2018 High - Bloomberg

Oil Extends Decline as Rally Falters After Hitting 2018 High - Bloomberg PRICES West Texas Intermediate for July delivery fell 0.7% to $68.74 a barrel at 9:56 a.m. London timeBrent for August settlement was down 0.7% at $70.99 Oil fell for a second session after a rally that saw prices hit $70 a barrel in New York for the first time since October 2018 faltered.Futures dropped back below $69 a barrel on Tuesday. That mirrored wider markets where the dollar rose and U.S. equity futures pa...
Tags: Travel, New York, London, Bloomberg, Dubai, Rupert Neil Bumfrey


Oil Market: Prices Near 2018 High as Investors Assess Demand Outlook - Bloomberg

Oil Market: Prices Near 2018 High as Investors Assess Demand Outlook - Bloomberg PRICES West Texas Intermediate for July delivery fell 49 cents to $69.13 a barrel at 11:22 a.m. in New YorkBrent for August slipped 50 cents to $71.39 a barrel PRICES Oil declined alongside a broader market sell-off, with prices losing some momentum after hitting $70 a barrel in New York for the first time in over two years.U.S. benchmark crude futures were largely weaker on Monday after fai...
Tags: Travel, New York, China, Bloomberg, BP Plc, U S Equities, Rupert Neil Bumfrey, Europe Europe, Bart Melek, New YorkBrent


Meijer: Emaar Development is the Perfect Beta Play - Bloomberg video

Meijer: Emaar Development is the Perfect Beta Play - Bloomberg Managing Director and Head of Equities Research at Arqaam Capital, Jaap Meijer, discusses the pickup in Dubai’s real-estate market, which took a hit due to the coronavirus pandemic. He speaks with Manus Cranny and Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Dubai, Meijer, Rupert Neil Bumfrey, Bloomberg Daybreak, Emaar Development, Yousef Gamal El Din, Equities Research, Arqaam Capital Jaap Meijer



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