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Emirates NBD Bank to sell controlling stake in #Dubai Bank to Eradah Capital | ZAWYA MENA Edition

Emirates NBD Bank to sell controlling stake in Dubai Bank to Eradah Capital | ZAWYA MENA EditionEmirates NBD Bank has entered into an agreement to sell a controlling interest in Dubai Bank to Eradah Capital, the lender confirmed in a statement to the Dubai Financial Market on Wednesday. The transfer, expected to complete in 2021, is subject to regulatory approval by the Central Bank of the UAE, it added.Eradah Capital, based in Abu Dhabi and operates in the investment services sector, according ...
Tags: Travel, Abu Dhabi, Dubai Financial Market, Rupert Neil Bumfrey, Central Bank of the UAE, Emirates NBD Bank, Dubai Bank to Eradah Capital, Eradah Capital


#Dubai's Gulf Navigation eyes 10% share buyback | ZAWYA MENA Edition

Dubai’s Gulf Navigation Holding plans to buy back 10 percent of its shares, even as it managed to narrow its 2020 net loss. In a bourse statement, the company said the buyback “will lead to more stability and improve the market profitability for the stock in the future.” It will use the insurance settlement (on its vessel “Gulf Livestock 1” which sank in September 2020 during its trip from New Zealand to China), and the liquidity resulting from the debt refinancing process, for buying back share...
Tags: Travel, China, Dubai, New Zealand, Dubai Financial Market, Rupert Neil Bumfrey, Gulf Navigation, Gulf Navigation Holding


#Dubai stocks snap their run of gains as #AbuDhabi moves little | Markets – Gulf News

Dubai stocks snap their run of gains as Abu Dhabi moves little | Markets – Gulf NewsDubai stocks headed lower and Abu Dhabi index closed the day little changed as the markets took a breather after three days of back-to-back gains lured investors into profit-booking.Dubai Financial Market traded 0.5 per cent higher at its peak during the session before moving downward to close the day lower by 0.3 per cent at 2,550 points. The drop comes after the last three consecutive days of gains coupled with...
Tags: Travel, Dubai, Abu Dhabi, Dubai Financial Market, Rupert Neil Bumfrey


#Dubai stocks claim back investors | Markets – Gulf News

Dubai stocks claim back investors | Markets – Gulf NewsDubai stocks rebounded after five days of trading in the red with key property stocks supporting the rally, while other GCC markets moved little in the absence of a clear direction to the investors.Dubai Financial Market traded 0.3 per cent higher at 2,503 points, bottoming out from a series of five-day losses. Real estate shares led the way with DAMAC Properties topping the list of gainers and Emaar Properties eking out 0.3 per cent.The ral...
Tags: Travel, GCC, Dubai, Emaar Properties, DAMAC Properties, Dubai Financial Market, Rupert Neil Bumfrey, Gulf NewsDubai


#Dubai Islamic Bank’s full year profit drops on higher impairment charges | The National

Dubai Islamic Bank’s full year profit drops on higher impairment charges | The National Dubai Islamic Bank (DIB), the largest Sharia-compliant lender in the UAE by assets, reported a 34 per cent drop in its full-year net profit as impairment charges and operating expenses rose amid the coronavirus pandemic.Net profit attributable to owners of the bank for the period ending December 31, 2020 declined to Dh3.29 billion ($895 million). Impairment charges more than doubled to Dh4.5bn as the lender t...
Tags: Travel, Dubai, Uae, Dubai Financial Market, Rupert Neil Bumfrey, Dubai Islamic Bank, Mohammed Al Shaibani, DIB Group, National Dubai Islamic Bank DIB


DXB Entertainments board recommends Meraas offer as 2020 loss widens | The National

DXB Entertainments board recommends Meraas offer as 2020 loss widens | The National DXB Entertainments (DXBE), the operator of Dubai Parks and Resorts, is recommending shareholders accept a takeover offer from its parent company, Meraas Leisure and Entertainment after its losses for 2020 widened.The theme park company needs new funding and without further support its current available liquidity is likely to be exhausted in the second quarter of 2021, DXBE said in a statement to the Dubai Financi...
Tags: Travel, Dubai Financial Market, Rupert Neil Bumfrey, Dubai Parks and Resorts, DXBE, Meraas, Meraas Leisure and Entertainment, DFM Meraas Leisure and Entertainment


#Saudi shares lead broader Gulf losses, Egypt weakens | Reuters

Saudi shares lead broader Gulf losses, Egypt weakens | Reuters The markets in the United Arab Emirates (UAE) fell on Wednesday after solid gains in the previous two days, while Saudi Arabia extended losses to a fourth straight session as it imposed further restrictions to curb the spread of the coronavirus.Dubai, which firmed more than 1% each in the past two sessions, weakened 0.4%, dragged mainly by financial stocks.The Dubai Stock Exchange operator Dubai Financial Market slipped nearly 5%, wh...
Tags: Travel, Saudi Arabia, Qatar, Egypt, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Emirates NBD, United Arab Emirates UAE, Qatar National Bank, Dubai Financial Market, Rupert Neil Bumfrey, Industries Qatar, National Commercial Bank


#UAE utilities firm Utico says in talks to IPO on #Dubai bourse | Reuters

UAE utilities firm Utico says in talks to IPO on Dubai bourse | Reuters United Arab Emirates (UAE) utility firm Utico said on Monday it intends to list on the Dubai Financial Market this year, seeking a valuation of 3 billion dirhams ($817 million).Dubai, the business and financial hub of the UAE, this week ordered local companies to sell shares in local stock markets before seeking listings in other emirates or abroad.Utico said it was seeking a primary listing and its advisers were in negotiat...
Tags: Travel, Ipo, Dubai, Uae, Reuters, Dubai Financial Market, Rupert Neil Bumfrey, Utico, Richard Menezes, Reuters United Arab Emirates UAE


Arabtec appoints advisers to sell subsidiaries ahead of liquidation | The National

Arabtec appoints advisers to sell subsidiaries ahead of liquidation | The National Arabtec is planning to sell its two subsidiaries Target Engineering and Arabtec Engineering Services (AES) as the construction giant faces liquidation.The move will help the company in “protecting the value of liquidation assets in the interest of all of its creditors", Arabtec said in a statement to the Dubai Financial Market on Wednesday.The company’s authorised the board to file for liquidation due to its unt...
Tags: Travel, AES, Arabtec, Dubai Financial Market, Target Engineering, Rupert Neil Bumfrey, National Arabtec, Arabtec Engineering Services AES, Lumina Capital


Major Gulf stocks little changed a day after Gulf row eases | Reuters

Major Gulf stocks little changed a day after Gulf row eases | Reuters Major Gulf stock markets where little changed early on Wednesday, a day after a breakthrough in the Gulf’s diplomatic rift, as a negative outlook for the Gulf Cooperation Council(GCC) sovereigns appeared to eclipse the positive sentiment.Moody’s sees a negative outlook for the GCC sovereigns in 2021, driven by lower oil revenues and reduced fiscal strength.Oil prices are unlikely to mount much of a recovery in 2021 as a new co...
Tags: Travel, Saudi Arabia, Qatar, Egypt, GCC, United Arab Emirates, Dubai, Abu Dhabi, Bahrain, Doha, Ooredoo, Gulf, Reuters, Moody, Gulf Cooperation Council GCC, Emaar Properties


Founder of #UAE healthcare major Aster mulls London, #Dubai listing - Arabianbusiness

Founder of UAE healthcare major Aster mulls London, Dubai listing - Arabianbusiness UAE-based healthcare major Aster is looking again at listing the company on either London Stock Exchange or Dubai Financial Market, its founder has told Arabian Business.The discussions come as management are keen to discover the true value of the company for its shareholders, said Dr Azad Moopen, founder chairman and managing director of Aster DM Healthcare.“About 80 percent of our business comes from the G...
Tags: Travel, London, India, London Stock Exchange, GCC, Dubai, Uae, London Dubai, Dubai Financial Market, Rupert Neil Bumfrey, Aster DM Healthcare, Aster, Arabianbusiness UAE, Azad Moopen, Moopen, Aster DH Healthcare


#Dubai's Drake & Scull says it's business as usual despite restructuring - Arabianbusiness

Dubai's Drake & Scull says it's business as usual despite restructuring - Arabianbusiness Troubled Dubai-based Drake & Scull (DSI) has insisted it is business as usual on its various projects, despite the company’s continued restructuring plans.Creditors of the company have been invited to attend the General Assembly Meeting next month where a restructuring plan will be presented and voted upon.In a filing to Dubai Financial Market, the company said: “We would like to inform the shareholder...
Tags: Travel, Dubai, Drake, Abu Dhabi, Dubai Financial Market, Rupert Neil Bumfrey, Drake Scull, Scull, DFM, Drake Scull DSI, Al Reem Mall


Board of #Dubai's Arabtec to meet on Tuesday - Arabianbusiness

Board of Dubai's Arabtec to meet on Tuesday - Arabianbusiness The board of directors of UAE-based Arabtec has announced plans to hold a meeting on Tuesday afternoon.Arabtec Holding confirmed last month that it was to file an application for its insolvent liquidation at the competent courts "at the earliest opportunity".In accordance with the resolution of the company’s shareholders at the general assembly meeting held on September 30, the conclusion was reached following a two-month period of di...
Tags: Travel, Dubai, Uae, Arabtec, Dubai Financial Market, Rupert Neil Bumfrey, Arabtec Holding


#Dubai's Amanat Holding terminates sale of Middlesex University | ZAWYA MENA Edition

Dubai's Amanat Holding terminates sale of Middlesex University | ZAWYA MENA Edition: Dubai’s healthcare and education investment company Amanat Holdings has terminated its sale and purchase agreement for the Middlesex University Dubai campus.The company announced in July that it would sell the campus, based in Knowledge Park, but issued a statement to Dubai Financial Market today, saying its sale and purchase agreement (SPA) with SW Holding Limited and Study World Education Holding Limited, also...
Tags: Travel, Dubai, Middlesex University, Dubai Financial Market, Rupert Neil Bumfrey, Amanat, Amanat Holdings, Knowledge Park, Middlesex Associates, Amanat Holding, AHE Alpha Limited Dr Mohamad Hamade


#Dubai Islamic Bank's third-quarter profit slips on higher impairment charges - The National

Dubai Islamic Bank's third-quarter profit slips on higher impairment charges - The National:  Dubai Islamic Bank, the largest Sharia-compliant lender in the UAE by assets, reported a 19 per cent drop in its third-quarter net profit as impairment charges and operating expenses rose amid the coronavirus pandemic.  Net profit attributable to owners of the bank for the three month period ending September 30 declined to about Dh1 billion ($274 million), the lender said in a statement to the Dubai Fi...
Tags: Travel, Dubai, Uae, Dubai Financial Market, Rupert Neil Bumfrey, Dubai Islamic Bank, Mohammed Al Shaibani


#Dubai Financial Market rolls out equity futures platform | ZAWYA MENA Edition

Dubai Financial Market rolls out equity futures platform | ZAWYA MENA Edition:The Dubai Financial Market (DFM) on Sunday introduced equity futures trading as part of its new Futures Trading Platform.The debut platform has so far attracted 16 companies as launch partners and includes futures contracts on single stocks of some of the most liquid equities listed on DFM, including Emaar Properties, Dubai Islamic Bank, Emirates NBD, Emaar Development and Emaar Malls, with tenures of one, two and thre...
Tags: Travel, Essa Kazim, Dubai Financial Market DFM, Dubai Financial Market, Rupert Neil Bumfrey, Emaar Malls, DFM, Kazim


#Dubai Financial Market to launch derivatives platform in October | Markets – Gulf News

Dubai Financial Market to launch derivatives platform in October | Markets – Gulf News:UAE stock investors can trade on a new 'equity derivatives platform' on DFM from next month. The stock exchange operator, Dubai Financial Market, is in the final stages of preparation for the new platform, in tandem with Nasdaq Dubai, Dubai Clear and leading brokerage houses.The platform will introduce equity futures contracts on single stocks with tenures of one-, two- and three months. The inaugural contract...
Tags: Travel, Dubai, Uae, Emaar, Dubai Financial Market, Rupert Neil Bumfrey, DFM, Nasdaq Dubai Dubai Clear


#Dubai Financial Markets reports 21% growth in first half profit as it appoints new chief executive - The National

Dubai Financial Markets reports 21% growth in first half profit as it appoints new chief executive - The National:DFM company, the operator of the Dubai Financial Market, said net profit rose 21 per cent in the first half of the year as it benefitted from higher trading volumes during periods of market volatility.Net profit for the six-month period rose 21 per cent to Dh78.9m, and revenue rose 11 per cent to Dh181.1m.“During the first six months of 2020, the DFM’s trading value has exceeded Dh31...
Tags: Travel, Essa Kazim, Dubai Financial Market, Rupert Neil Bumfrey, DFM, Dubai Financial Markets


#Dubai logistics firm Tristar seeks Dubai listing, sources say | Nasdaq

Dubai logistics firm Tristar seeks Dubai listing, sources say | Nasdaq:Dubai logistics company Tristar has approached investment banks as it looks at a potential initial public offering in Dubai, two sources told Reuters, after a plans for a London listing did not proceed last year.The company contacted local and regional banks to bid for joint bookrunner roles for the listing on the Dubai Financial Market, the sources familiar with the matter said. They declined to be identified as the deal is ...
Tags: Travel, London, Dubai, Reuters, Tristar, Dubai Financial Market, Rupert Neil Bumfrey, Moelis Co MC N


Emirates NBD Bank clarifies: No acquisition of shares by US-based bank | ZAWYA MENA Edition

:Emirates NBD Bank has said that 101,731,408 shares were purchased by 254 unique investors on 28th May 2020, following a press clipping indicating that the US-based Bank of America, BofA, had acquired a 1.5 percent stake in Emirates NBD.In a statement published on the Dubai Financial Market website, the Dubai-based bank explained, "The largest purchase by one single investor was 10,116,892 shares on this date (28th May 2020)." It went on to note that, "This increase in purchase volume coincides ...
Tags: Travel, US, Dubai, Emirates NBD, BofA, Dubai Financial Market, Rupert Neil Bumfrey, Bank of America BofA, Emirates NBD Bank PJSC, Emirates NBD Bank, Index Tracking Funds Emirates NBD


#Saudi stocks lead Gulf bourses down after oil slump - Arabianbusiness

Saudi stocks lead Gulf bourses down after oil slump - Arabianbusiness:The Saudi stock market led Gulf bourses down on Tuesday, a day after US oil prices slumped to historic lows over sluggish demand, a supply glut and a lack of storage.The Saudi Tadawul stock market, the largest in the Arab world, was 1.6 percent lower at the close.Energy giant Saudi Aramco dropped 2.0 percent to stay well below its listing price of 32 riyals ($8.5) per share.The Dubai Financial Market dipped 3.3 percent, while ...
Tags: Travel, Energy, US, Qatar, Muscat, Abu Dhabi, Bahrain, Kuwait, Gulf, Saudi Aramco, Dubai Financial Market, Rupert Neil Bumfrey


#Dubai firm tied to Trump posts loss as virus downturn looms

Dubai firm tied to Trump posts loss as virus downturn looms:Dubai’s largest, fully private real estate developer posted on Sunday its first yearly loss since becoming a publicly traded company, a worrying sign for the sheikhdom’s already-reeling vital property market that’s been hit with the fallout from the coronavirus pandemic.DAMAC Properties, which has business ties to U.S. President Donald Trump and hosts the Mideast’s only Trump-branded golf course, reported a loss of 36.8 million dirhams ...
Tags: Travel, Dubai, Donald Trump, Trump, Mideast, Emirati, Dubai Financial Market, Rupert Neil Bumfrey, Damac, Hussain Sajwani


Gulf stocks tumble amid oil price, coronavirus impact - Arabianbusiness

Gulf stocks tumble amid oil price, coronavirus impact - Arabianbusiness:Stock markets in energy-rich Gulf states tumbled Thursday with Saudi shares down more than 4 percent following worldwide losses amid fears over the coronavirus pandemic and an oil price war. Dubai Financial Market dived more than 7 percent at the open on the last trading day of the week. Abu Dhabi shares dropped 6 percent.Stocks in gas-rich Qatar dropped 5.2 percent, while bourses in Bahrain and Oman were down 3.5 percent an...
Tags: Travel, Qatar, Oman, Abu Dhabi, Bahrain, Kuwait, Gulf, Dubai Financial Market, Rupert Neil Bumfrey


#Dubai developer Deyaar announces $416.6m losses - Arabianbusiness

Dubai developer Deyaar announces $416.6m losses - Arabianbusiness:Dubai-based developer Deyaar has announced accumulated losses of AED1.53 billion ($416.6m).As a result, the board has recommended capital reduction to offset the amount.  Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), the company reported revenues of AED603.7m ($164.4m) for 2019, a drop from AED643.7m ($175m) the previous year.Net profit for 2019 was reported as AED71.5m ($19.5m).Despite the l...
Tags: Travel, Dubai, Midtown, Dania, Dubai Financial Market, Rupert Neil Bumfrey, Deyaar, Dubai Islamic Bank DIB, Saeed Al Qatami


MIDEAST STOCKS-Most major gulf markets gain; QNB drags #Qatar lower - Reuters

MIDEAST STOCKS-Most major gulf markets gain; QNB drags Qatar lower - Reuters:Most major Gulf stock markets gained on Monday, withDubai leading the gains on corporate earnings, while Qatar slipped as its toplender traded ex-dividend.Dubai's main share index gained 0.5% as Dubai Islamic Bank, whichis due to report 2019 earnings on Wednesday, rose 1.1%. Emaar Properties was up 1.3%.Air Arabia closed up 4.7%, after rising as much as 8% during thesession. The budget airliner swung to a profit in 201...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Gulf, Reuters, Saudi Aramco, State, Emaar Properties, QNB, Dubai Financial Market, Air Arabia, Rupert Neil Bumfrey, Dubai Islamic Bank, Banque Saudi Fransi, National CommercialBank


Emaar denies plan to sell At The Top Burj Khalifa tourist attraction - Arabianbusiness

Emaar denies plan to sell At The Top Burj Khalifa tourist attraction - Arabianbusiness: The At The Top attraction is considered a 'must see' for a significant portion of the approximately 16 million overnight visitors to Dubai each year. Emaar Properties on Tuesday denied reports it is looking to sell the observation deck of Burj Khalifa, the world’s tallest tower.Earlier, unnamed sources quoted in a Reuters report claimed Standard Chartered bank had been appointed as advisors as par...
Tags: Travel, Standard Chartered, Dubai, Burj Khalifa, Reuters, Emaar Properties, Emaar, Dubai Financial Market, Rupert Neil Bumfrey, Top Burj Khalifa, Burj Khalifa Emaar


Investors, take note: Top five #UAE investment opportunities for 2020 | ZAWYA MENA Edition

Investors, take note: Top five UAE investment opportunities for 2020 | ZAWYA MENA Edition:In a wide-ranging interview Anita Yadav, CEO of Century Financial, picks the investment opportunities available in the UAE.What would be the top 5 investment opportunities for investors in UAE for 2020?Right now in the UAE there is no single asset class that really stands out, but there’s no asset class that is to be avoided either. Everything has its pluses and minuses and within those asset classes you ca...
Tags: Travel, Uae, Abu Dhabi Securities Exchange, Dubai Financial Market, Air Arabia, Rupert Neil Bumfrey, Anita Yadav


#UAE regulator refers listed firm to public prosecutor over acquisition - The National

UAE regulator refers listed firm to public prosecutor over acquisition - The National:The Securities and Commodities Authority, the UAE's capital markets regulator, referred a case of an unidentified listed company to public prosecution on suspicion that errors led to an inflated acquisition value, according to a statement on its website.Calls to SCA for further clarification were not immediately answered.The regulator was set up in 2000 and granted administrative independence by a federal decre...
Tags: Travel, Uae, SCA, Abu Dhabi Securities Exchange, Dubai Financial Market, Rupert Neil Bumfrey, Securities and Commodities Authority


Majority of Marka shareholders vote to liquidate company

:Following years of turmoil, the shareholders of embattled retailer Marka voted on Wednesday morning to liquidate the business, after a last ditch attempt at turning the company’s finances around failed.Around 90 per cent of shareholders in attendance voted to file for bankruptcy, according to Khalid Bin Kalban, chairman of board.The company, which listed on the Dubai Financial Market in 2014, has suffered consecutive quarterly losses since its IPO. [Author: [email protected] (Rupert Neil B...
Tags: Travel, Marka, Dubai Financial Market, Rupert Neil Bumfrey, Khalid Bin Kalban, Majority of Marka


Drake & Scull chairman and board member resign amid investigation - The National

Drake & Scull chairman and board member resign amid investigation - The National:Drake & Scull International said its chairman and another board member resigned, as the UAE’s financial regulator investigates the ailing Dubai contractor’s finances after years of losses.Chairman Obaid Bin Touq – who was appointed to the post in December – and board member Khamid Buamim resigned from the company, according to a filing to the Dubai Financial Market, where its shares were traded.DSI thanked the chair...
Tags: Travel, Dubai, Drake, Uae, DSI, Dubai Financial Market, Rupert Neil Bumfrey, Drake Scull, Scull, Drake Scull International, Obaid Bin Touq, Khamid Buamim



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