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Hospitality Investment Leaders meet at Morocco Tourism Investment Day at Expo Dubai 2020

On Monday, 11 October, the Moroccan Agency for Tourism Development (SMIT) hosted the Morocco Tourism Investment Day as part of Morocco: Global Investment Hub Week, which took place at the Morocco Pavilion at Expo Dubai 2020, in partnership with Bench, the organiser of the Africa Hotel Investment Forum (AHIF), which is the premier hotel investment conference in Africa.
Tags: Travel, Morocco, Dubai, Africa Hotel Investment Forum AHIF, Morocco Pavilion, Moroccan Agency for Tourism Development SMIT, Global Investment Hub Week


#AbuDhabi launches 'Virtual Licence' for non-resident foreign investors | ZAWYA MENA Edition

Abu Dhabi launches 'Virtual Licence' for non-resident foreign investors | ZAWYA MENA Edition The Abu Dhabi Department of Economic Development (ADDED) has launched the "Virtual Licence" allowing the non-resident foreign investors to obtain an economic licence for doing business in the Emirate of Abu Dhabi without any prior residence procedures and from any location outside the United Arab Emirates.This announcement was made on the sidelines of the Department’s participation in the Abu Dhabi gov...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Mohammed bin Rashid Al Maktoum, Rupert Neil Bumfrey, Abu Dhabi Department of Economic Development, Tech Mohamed Ali Al Shorafa


Ex-Google Executive Looks to Raise $1 Billion for Middle East Tech Fund - Bloomberg #SaudiArabia

Ex-Google Executive Looks to Raise $1 Billion for Middle East Tech Fund - Bloomberg STV, a venture capital firm started by ex-Google executive Abdulrahman Tarabzouni, is looking to raise at least $1 billion for its second Middle East technology investment fund, making it potentially the biggest fund of its kind in the region, according to people familiar with the matter.The company, formed in 2017 with $500 million for its first fund provided entirely by Saudi Telecom Co., has started talks wi...
Tags: Travel, Google, Bloomberg, Middle East, Dubai, Silicon Valley, Morgan Stanley, Careem, Oracle Corp, STV, Rupert Neil Bumfrey, Saudi Telecom Co, Abdulrahman Tarabzouni, SoftBank Group 's Vision Fund, Middle East Tech, Bloomberg STV


UBS eyes Mideast expansion with new wealth desk in #Dubai -memo | Reuters

UBS eyes Mideast expansion with new wealth desk in Dubai -memo | Reuters UBS (UBSG.S) will establish a new wealth desk in Dubai that will add coverage of Oman and Kuwait markets, and a dedicated sales team to capture business growth in the Middle East, according to an internal memo."The new desk will be in charge of markets onto which we will put increased focus out of this location going forward," said the note seen by Reuters.Former Credit Suisse banker Georges El Khoury will be desk head in...
Tags: Travel, Qatar, Barclays, Credit Suisse, Hsbc, Middle East, Dubai, Ubs, Oman, Kuwait, Doha, Reuters, Mideast, DIFC, Rupert Neil Bumfrey, Ross MacMillan


Aramex drives #Dubai bourse higher, #Saudi at 15-year high | Reuters

Aramex drives Dubai bourse higher, Saudi at 15-year high | Reuters Dubai's stock market ended higher on Wednesday, outperforming its Gulf peers, led by a surge in logistic firm Aramex, while the Saudi index extended gains a day after hitting a 15-year peak.Dubai's main share index (.DFMGI) finished 1.4% higher, with Aramex (ARMX.DU) soaring 14.9%, its biggest intraday gain since Jan. 2009, after a direct deal worth 1.41 billion dirhams ($383.90 million) for its 295 million shares.On Tues...
Tags: Travel, Saudi Arabia, Qatar, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Doha, Uae, Gulf, Reuters, Aramex, Adi, Tasi, Rupert Neil Bumfrey, Reuters Dubai


#Dubai Bourse CEO Rebukes Switzerland Over Letter on #UAE Gold - Bloomberg

Dubai Bourse CEO Rebukes Switzerland Over Letter on UAE Gold - Bloomberg The head of Dubai’s commodity exchange took a swipe at Swiss authorities for telling their refiners to tighten up audits on gold imports from the United Arab Emirates.Switzerland this month wrote to refineries urging that sufficient steps are taken to identify the true country of origin for all gold coming from the UAE. There have been concerns from non-governmental organizations in recent years that regulatory loopholes ...
Tags: Travel, Europe, Dubai, Switzerland, Uae, Organisation for Economic Co, DMCC, Rupert Neil Bumfrey, Ahmed bin Sulayem, Dubai Multi Commodities Centre, United Arab Emirates Switzerland, State Secretariat for Economic Affairs, UAE Gold Bloomberg


French express parcel firm Geopost acquires 20.15% stake in Dubai's Aramex | Reuters

French express parcel firm Geopost acquires 20.15% stake in Dubai's Aramex | Reuters GeoPost, the express parcel arm of French Groupe La Poste (LAPST.UL), has acquired a 20.15% stake in Dubai-listed courier firm Aramex (ARMX.DU), according to a regulatory filing on Wednesday.The French express logistics firm acquired about 295 million shares in Aramex, valuing the deal at 1.4 billion dirhams ($381.18 million), a filing on the Dubai Financial Market showed. [Author: [email protected] (Rup...
Tags: Travel, Dubai, Reuters, Aramex, Rupert Neil Bumfrey, GeoPost, Aramex ARMX, Groupe La Poste LAPST UL


#Dubai’s Biggest Bank Still Waiting for Asset Quality to Improve - Bloomberg

Dubai’s Biggest Bank Still Waiting for Asset Quality to Improve - Bloomberg Emirates NBD PJSC reported a surge in earnings and said impairment charges dropped sharply even as asset quality barely improved.Dubai’s biggest bank said its nine-month profit rose an annual 29% to 7.3 billion dirhams ($2 billion), while impairment allowances dropped 42%. The ratio of non-performing loans was at 6.2% as of Sept. 30, unchanged from a year earlier, according to a statement on Wednesday.Dubai, which kick...
Tags: Travel, Saudi Arabia, India, Middle East, United Arab Emirates, Dubai, Uae, Emirates NBD, Sullivan, Patrick Sullivan, Rupert Neil Bumfrey, Shayne Nelson, Bloomberg Emirates NBD PJSC


Aramex buoys #Dubai bourse, #Saudi at 15-year high | Reuters

Aramex buoys Dubai bourse, Saudi at 15-year high | Reuters Dubai's stock market rose in early trade on Wednesday, outperforming its regional peers, while the Saudi index held on to a 15-year high.Dubai's main share index (.DFMGI) advanced 0.8%. Aramex (ARMX.DU) surged 14.9%, its biggest intraday gain since Jan. 2009, after a direct deal worth 1.41 billion dirhams ($383.90 million) was implemented on its 295 million shares.On Tuesday, the logistics firm also resumed deliveries to and from the U...
Tags: Travel, Saudi Arabia, China, Qatar, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Doha, Reuters, Aramex, Adi, Tasi, Rupert Neil Bumfrey, Al Rajhi, Abu Dhabi National Oil Co


S&P expects weak tourism to weigh on #Dubai economy until late 2022 | Reuters

S&P expects weak tourism to weigh on Dubai economy until late 2022 | Reuters Dubai is set for a "modest" recovery this year on the back of a high vaccination rate in the United Arab Emirates and limited COVID-19 restrictions, but weak international tourism will drag on the economy until late 2022, S&P Global Ratings said.The economy of the Middle East trade, finance, and tourism hub shrank 10.9% last year, with the coronavirus-driven drop in tourism contributing to 56% of the overall decline, ...
Tags: Travel, Middle East, United Arab Emirates, Dubai, Uae, Reuters, Rupert Neil Bumfrey, Reuters Dubai, COVID


#Saudi index hits 15-year peak; Egypt falls on profit-taking | Reuters

Saudi index hits 15-year peak; Egypt falls on profit-taking | Reuters Saudi Arabia closed at a more than 15-year high on Tuesday as crude prices resumed gains, while the Egyptian bourse retreated as investors booked profits following a recent rally.Brent crude was up 65 cents, or 0.8%, to $84.98 a barrel by 1206 GMT as a supply crunch in natural gas, electricity and coal continued across the globe while falling temperatures in China revived concerns.Saudi Arabia's benchmark index (.TASI) r...
Tags: Travel, Saudi Arabia, China, Qatar, Egypt, United Arab Emirates, Dubai, Oman, Abu Dhabi, Kashmir, Doha, Reuters, Adi, Jammu, Tasi, Etihad Etisalat


#Dubai Du's Q3 net profit plunges to $77mln on higher expenses | ZAWYA MENA Edition

Dubai Du's Q3 net profit plunges to $77mln on higher expenses | ZAWYA MENA Edition Emirates Integrated Telecommunications Co., or Du, saw its third-quarter net profit plunge nearly 66 percent to 283 million dirhams ($77.05 million) as operating expenses rose, offsetting a rise in revenue.Operating expenses during the period rose to 2.26 billion dirhams from 1.97 billion dirhams a year earlier, the company said in a statement on Tuesday on the Dubai Financial Market, where it is listed.Revenue ...
Tags: Travel, Dubai, EBITDA, Du, Dubai Financial Market, Rupert Neil Bumfrey, Dubai Du s Q3, Fahad Al Hassawi


#Saudi index hits 15-year peak as most Gulf bourses gain | Reuters

Saudi index hits 15-year peak as most Gulf bourses gain | Reuters Saudi stocks scaled a more than 15-year high on Tuesday, rising for a fifth session in six and leading gains in the Gulf as crude oil prices reversed earlier losses.Oil prices recouped earlier losses as falling temperatures in China, the world's biggest energy consumer, revived concerns about its ability to meet heating demand needs amid power and coal shortages.Saudi Arabia's benchmark stock index (.TASI) rebounded 0.4%, touchi...
Tags: Travel, Saudi Arabia, China, Dubai, Abu Dhabi, Kashmir, Gulf, Reuters, Jammu, Tasi, ADNOC, Etihad Etisalat, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Masraf Al Rayan


#AbuDhabi outperforms Gulf markets; Saudi retreats | Reuters

Abu Dhabi outperforms Gulf markets; Saudi retreats | Reuters Most stock markets in the Gulf ended higher on Monday, mirroring strong oil prices, although the Saudi index snapped a four-day winning streak on profit taking.Oil prices hit multi-year highs buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation.Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.5% fall in petrochemical maker Saudi Basic...
Tags: Travel, Saudi Arabia, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Bahrain, Gulf, Reuters, Qatar National Bank, Tasi, Rupert Neil Bumfrey, Saudi Basic Industries, First Abu Dhabi Bank FAB, Emirates Telecommunications Group Etisalat, Commercial International Bank COMI


Major Gulf bourses gain in early trade; #Saudi falls | Reuters

Major Gulf bourses gain in early trade; Saudi falls | Reuters Most major stock markets in the Gulf rose in early trade on Monday with higher oil prices, while the Saudi index retreated, threatening to end a four-day winning streak.Oil prices hit their highest level in years as demand recovers from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.Saudi Arabia's benchmark index (.TASI) fell 0.4%, weighed down by a...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Reuters, Adi, Tasi, Rupert Neil Bumfrey, Masraf Al Rayan, First Abu Dhabi Bank, Major Gulf, Emaar Properties EMAR DU, QIB, Qatar Islamic Bank QIB QISB QA, Aramex ARMX DU In Abu Dhabi


#Saudi index hits multi-year peak as Gulf bourses end higher | Reuters

Saudi index hits multi-year peak as Gulf bourses end higher | Reuters Major stock markets in the Gulf ended higher on Sunday amid strong oil prices, with the Saudi index hitting a multi-year peak as the country eased coronavirus curbs.The kingdom is rolling back COVID-19 restrictions from Oct. 17 in response to a sharp drop in daily infections and a considerable development in vaccinations. read moreSaudi Arabia has also lifted social distancing measures and will allow full-capacity attend...
Tags: Travel, Saudi Arabia, Dubai, Mecca, Abu Dhabi, Medina, Gulf, Reuters, Reuters Major, Grand Mosque, IHC, Suhail Al Mazrouei, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, QSI


Uber and its #Dubai Subsidiary Hit With Massive Tax Bills in #SaudiArabia - Bloomberg

Uber and its Dubai Subsidiary Hit With Massive Tax Bills in Saudi Arabia - Bloomberg Saudi Arabia has slapped several technology firms, including Uber Technologies Inc. and its Dubai-based subsidiary Careem, with tax bills worth tens of millions of dollars, according to people with knowledge the matter.Uber and Careem face a combined bill worth around $100 million, two of the people said. The claims are related to a dispute over how to calculate the value-added tax owed over the past few years...
Tags: Travel, Saudi Arabia, Dubai, Careem, Mohammed bin Salman, U K, Uber Technologies Inc, Customs Authority, Rupert Neil Bumfrey, SaudiArabia Bloomberg, Saudi Arabia Bloomberg Saudi Arabia


#Saudi leads major Gulf markets higher | Reuters

Major stock markets in the Gulf rose in early trade on Sunday amid strong oil prices, with the Saudi index outperforming the region as the country eased coronavirus curbs.The kingdom is rolling back COVID-19 restrictions from Oct. 17 in response to a sharp drop in daily infections and a considerable development in vaccinations. read moreThe authorities also cancelled curbs on fully vaccinated people at closed venues, restaurants and cinemas, and on transportation.Saudi Arabia's benchmark index (...
Tags: Travel, Saudi Arabia, Dubai, Abu Dhabi, Spa, Gulf, Reuters, Adi, IHC, Suhail Al Mazrouei, Jabal Omar, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, Al Rajhi Bank, UAE Energy


#Dubai to restrict cargo imports into airport to clear shipment backlog | Financial Times

Dubai to restrict cargo imports into airport to clear shipment backlog | Financial Times Dubai will restrict imports of cargo into its international airport for six days from Tuesday to clear a backlog caused by “extraordinarily high” volumes of inbound shipments.  Dnata, the cargo handling arm of government-owned airline group Emirates, said the restrictions would also include transit cargo en route to other destinations in the United Arab Emirates. Certain categories of essential ...
Tags: Travel, Emirates, Dubai, Financial Times, Dubai International Airport, Rupert Neil Bumfrey, Dnata, Financial Times Dubai, United Arab Emirates Certain


#Dubai Court Tells Nissan to Pay $354 Million to Gulf Partner - Bloomberg

Dubai Court Tells Nissan to Pay $354 Million to Gulf Partner - Bloomberg Nissan Motor Co. was told by a court in the United Arab Emirates to pay 1.3 billion dirhams ($354 million) to a joint-venture partner that sued the Japanese automaker of breaching an agreement over the distribution of vehicles in the region. Al Dahana FZCO, a Dubai-based company established by people with links to former Nissan Chairman Carlos Ghosn, accused Nissan in 2019 of reneging on its contractual obligations. That ...
Tags: Travel, Japan, France, United Arab Emirates, Dubai, Tokyo, Nissan, Kelly, Ghosn, Carlos Ghosn, Yokohama, Greg Kelly, Rupert Neil Bumfrey, Azusa Momose, Dubai Court Tells Nissan, Gulf Partner Bloomberg


MIDEAST STOCKS Most Gulf exchanges track oil prices higher | Reuters

MIDEAST STOCKS Most Gulf exchanges track oil prices higher | Reuters Most stock markets in the Gulf ended higher on Thursday amid rising oil prices, with oil behemoth Saudi Aramco nearing a $2 trillion valuation.Oil prices rose by about 1% after the International Energy Agency said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply.Saudi Arabia's benchmark index (.TASI) closed 0.6% higher, with Yanbu Natio...
Tags: Travel, Europe, Saudi Arabia, Opec, Egypt, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Saudi Aramco, International Energy Agency, Adi, Middle East Africa, Tasi, Rupert Neil Bumfrey


Resorts are on the Rise at Raffles Hotels & Resorts

With many markets seeing a robust return to leisure travel following more than a year of disruptions and pent-up demand, Raffles Hotels & Resorts enters an exciting phase of growth which will see the revered brand add several new resort destinations to its worldwide portfolio of hotels, resorts and residences. A heritage luxury brand known for creating landmark properties in key destinations around the world, Raffles plans to double its footprint of resorts over the next three to five ye...
Tags: Travel, Middle East, Dubai, Accor, Rajasthan, Palm Jumeirah, Aravalli, Udaipur, Raffles, Palm Dubai, Raffles Hotels amp, Raffles Udaipur, Stephen Alden, Macau China Sentosa Singapore Manama Bahrain, Jaipur India Resort, Raffles Orient Express


#Dubai property market is undervalued - UBS | ZAWYA MENA Edition

Dubai property market is undervalued - UBS | ZAWYA MENA Edition While Frankfurt, Toronto, and Hong Kong exhibited the most elevated risk levels on housing markets, Dubai was the only undervalued market, and the only one to be classified in a lower category than it was last year, according to a report by UBS.In its Global Real Estate Bubble Index 2021, the bank said better affordability, easier mortgage regulations, higher oil prices, and an economic rebound seem to have started a recovery in D...
Tags: Travel, Hong Kong, Dubai, Ubs, Rupert Neil Bumfrey, MENA Edition While Frankfurt Toronto


MIDEAST STOCKS Most Gulf indexes rise in early trade; #AbuDhabi falls | Reuters

MIDEAST STOCKS Most Gulf indexes rise in early trade; Abu Dhabi falls | Reuters Most major Gulf stock markets rose in early trade on Thursday amid rising oil prices, with the Saudi index on track for a third straight weekly gain.Oil prices reversed previous losses as a bigger-than-expected draw in U.S. gasoline and distillate stocks prompted buying.The uptick was also supported by expectations that soaring natural gas prices as winter approaches will drive a switch to oil to meet heating deman...
Tags: Travel, Saudi Arabia, Wam, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Fitch Ratings, Tasi, Rupert Neil Bumfrey, Abudhabi, First Abu Dhabi Bank FAB, Yanbu National Petrochemicals Co, Emirates NBD Bank ENBD, Qatar National Bank QNBK QA


#UAE economy to grow at 4.9% in 2022 - IIF | ZAWYA MENA Edition

UAE economy to grow at 4.9% in 2022 - IIF | ZAWYA MENA Edition The UAE economy is rebounding from its deepest downturn in decades as oil prices recover and the country’s accelerated vaccination policy has allowed a broad-based reopening of sectors.In a report on MENA economies, the Institute of International Finance (IIF) said it expects the real GDP growth to pick up to 2.2 percent in 2021 and 4.9 percent in 2022.In September the UAE Central Bank had forecast the economy will grow 2.1 percent...
Tags: Travel, Dubai, Uae, Mena, UAE Central Bank, Rupert Neil Bumfrey, Institute of International Finance IIF


MIDEAST STOCKS #Saudi outperforms major Gulf bourses after IMF forecast | Reuters

MIDEAST STOCKS Saudi outperforms major Gulf bourses after IMF forecast | Reuters Most major stock markets in the Gulf were little changed on Wednesday, amid inflation fears, while the Saudi index outperformed the region after the International Monetary Fund raised its economic growth forecast.Investors are worried about the economic slowdown and inflation, which is proving less temporary and could entail central banks to take action earlier than expected, said Wael Makarem, senior market s...
Tags: Travel, Saudi Arabia, Dubai, International Monetary Fund, Abu Dhabi, Imf, Gulf, Reuters, DP World, Emaar, Tasi, Rupert Neil Bumfrey, Industries Qatar, QSI, Gulf Egypt, Abu Dhabi Securities Exchange ADX


More #UAE dollar bonds expected next year, local currency issues to follow | Reuters

More UAE dollar bonds expected next year, local currency issues to follow | Reuters The United Arab Emirates federal government will be in the market next year for more dollar bond issuances and is working on plans to issue local currency debt, a finance ministry official said on Wednesday.The UAE made its debt capital markets debut a week ago to raise $4 billion. The UAE government had never issued bonds before but several of the seven emirates have, most notably the capital Abu Dhabi and com...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Reuters, Rupert Neil Bumfrey, Younis Al Khoori, Ministry of Finance Local, Khoori


#UAE Approves Four-Year Federal Budget Focused on Social Spending - Bloomberg

UAE Approves Four-Year Federal Budget Focused on Social Spending - Bloomberg The United Arab Emirates approved its federal budget to 2026 and focused most of next year’s spending on social benefits and development. The Gulf country approved a total of 58.9 billion dirhams ($16 billion) of spending in 2022, nearly the same as last year. Most of the spending is going to development and social benefits, according to the state-run WAM news agency. Nearly 16% will go to higher education, 6% to soc...
Tags: Travel, Wam, United Arab Emirates, Dubai, Uae, Gulf, Fitch, Rupert Neil Bumfrey, Moody 's Investors Service, Social Spending Bloomberg, Ras Al Khaimah During


Retail group Marka declared bankrupt by #Dubai court in landmark judgement | Business – Gulf News

Retail group Marka declared bankrupt by Dubai court in landmark judgement | Business – Gulf News The UAE retail and leisure company, Marka, has been declared bankrupt by a local court and all of its its assets brought into liquidation. The court order applies to all the Marka subsidiaries as well, and also requires board members to pay up Dh448 million to creditors.According to a ruling by a Dubai court, the company’s managers and directors were stripped of all rights to manage the company or ...
Tags: Travel, Dubai, Uae, Marka, Rupert Neil Bumfrey, DFM


#Dubai real estate recovery 'fragile' and uneven, S&P says | Reuters

Dubai real estate recovery 'fragile' and uneven, S&P says | Reuters Dubai real estate prices have rebounded strongly from a record low at the end of 2020, but demand is uneven and oversupply of residential properties will pressure prices in the long run, making the recovery fragile, S&P Global Ratings said.Real estate investment firm CBRE Group said last week that average residential property prices in Dubai rose 4.4% in the 12 months to August, the highest annual growth since February 2015, b...
Tags: Travel, Dubai, Reuters, CBRE Group, Rupert Neil Bumfrey, Reuters Dubai



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