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In Gulf’s Tug-of-War Over Multinationals, #UAE Looks to Keep Edge - Bloomberg

In Gulf’s Tug-of-War Over Multinationals, UAE Looks to Keep Edge - Bloomberg The United Arab Emirates can stand its ground against Saudi Arabia’s effort to redraw the Gulf’s corporate map by enticing multinationals to move their headquarters to Riyadh, according to Abu Dhabi’s Investment Office.Competition is heating up across the region as governments prepare for a post-pandemic world and race to diversify their economies away from oil.Saudi Crown Prince Mohammed bin Salman has said investment ...
Tags: Travel, Saudi Arabia, Bloomberg, United Arab Emirates, Uae, Financial Times, Gulf, Riyadh, Rupert Neil Bumfrey, Saudi Crown Prince Mohammed bin Salman, Abu Dhabi Investment Office, Tariq Bin Hendi, Abu Dhabi 's Investment Office Competition


Adnoc defies retreat from oil with push to pump up output | Financial Times

Adnoc defies retreat from oil with push to pump up output | Financial Times Sultan Al Jaber insists the UAE’s crude will be needed even in a world turning away from fossil fuels © FT montage; Bloomberg Some of the world’s biggest oil groups are increasingly on the defensive, as investor pressure over climate change forces them to retreat from dirtier businesses and funnel cash into greener energy.   But Sultan Al Jaber, head of the Abu Dhabi National Oil Company, is unapologet...
Tags: Travel, Opec, Bloomberg, United Arab Emirates, Uae, Financial Times, ADNOC, Jaber, Rupert Neil Bumfrey, Al Jaber, Abu Dhabi National Oil Company


#SaudiArabia steps up domestic investment as low oil prices and coronavirus bite | Financial Times

Saudi Arabia steps up domestic investment as low oil prices and coronavirus bite | Financial Times Saudi Arabia’s sovereign wealth fund has committed to spending at least $40bn annually in the domestic economy over the next five years as it prepares to break ground on its latest mega-project.   Yasir al-Rumayyan, governor of the Public Investment Fund, told the Financial Times that after 2025, “these amounts, maybe, will grow higher” as he described the investment vehicle becoming the “engi...
Tags: Travel, Saudi Arabia, Financial Times, Pif, Mohammed bin Salman, Rupert Neil Bumfrey, Public Investment Fund, Yasir al Rumayyan, Rumayyan


#Qatar’s rapprochement restores balance in the Middle East | Financial Times

Qatar’s rapprochement restores balance in the Middle East | Financial Times The embrace last week between Tamim bin Hamad al-Thani, the emir of Qatar, and Mohammed bin Salman, crown prince and de facto ruler of Saudi Arabia, ended the three-year blockade of the tiny gas-rich emirate by its powerful neighbours, led by the Saudis and the United Arab Emirates.  The terms of the deal will only become fully known as they are implemented. But already the agreement — a tactical rapprochement rathe...
Tags: Travel, Saudi Arabia, Qatar, Turkey, Iran, Afghanistan, Middle East, United Arab Emirates, Pentagon, Al Jazeera, Yemen, Donald Trump, Financial Times, Mohammed bin Salman, Trump White House, Rupert Neil Bumfrey


#SaudiArabia tries to lure multinationals from #Dubai | Financial Times

Saudi Arabia tries to lure multinationals from Dubai | Financial Times Saudi Arabia’s Crown Prince Mohammed bin Salman is spearheading a campaign to convince multinationals from Google to Siemens to relocate their regional headquarters from Dubai to Riyadh.  Under the initiative, dubbed “Programme HQ”, authorities are offering incentives to blue-chip companies in sectors such as IT, finance and oil services to move to Riyadh, according to consultants advising the government and executives...
Tags: Travel, Google, Saudi Arabia, United Arab Emirates, Dubai, Siemens, Financial Times, Mohammed, Gulf, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey


Party city #Dubai becomes escape hatch as Europe locks down | Financial Times

Party city Dubai becomes escape hatch as Europe locks down | Financial Times Fireworks explode from the Burj Khalifa, the world’s tallest building, during New Year’s Eve celebrations  in Dubai © Ahmed Jadallah/Reuters Soccer stars, actors and television personalities from Cristiano Ronaldo to Maya Jama were among those who enjoyed the holiday period in Dubai, working and playing in the Gulf tourist hotspot as Europe suffers under a strict coronavirus lockdown.  As 2021 began w...
Tags: Travel, Europe, Africa, Middle East, United Arab Emirates, Dubai, Cristiano Ronaldo, Four Seasons, Uae, Financial Times, Burj Khalifa, Gulf, Rupert Neil Bumfrey, Maya Jama, Ahmed Jadallah Reuters Soccer, Simon Casson


#Qatar says deal to end Gulf crisis will not change its ties with #Iran | Financial Times

Qatar says deal to end Gulf crisis will not change its ties with Iran | Financial Times Qatar will not alter its relations with Iran and Turkey in a sign that it has made few concessions after securing a deal with Saudi Arabia and its allies to end a bitter dispute between the rival Gulf states.  Sheikh Mohammed bin Abdulrahman al-Thani, the Qatari foreign minister, told the Financial Times that Doha had agreed to co-operate on counter-terrorism and “transnational security” with Saudi Arabi...
Tags: Travel, Saudi Arabia, Qatar, Turkey, Iran, Egypt, Doha, Financial Times, Gulf, United Arab Emirates Bahrain, Mohammed bin Abdulrahman Al Thani, Rupert Neil Bumfrey


#SaudiArabia to open borders with #Qatar to end bitter Gulf dispute | Financial Times

Saudi Arabia to open borders with Qatar to end bitter Gulf dispute | Financial Times Saudi Arabia has agreed to reopen its land, air and sea borders with Qatar in a move to end a dispute lasting more than three years that triggered an unprecedented crisis in the oil-rich Gulf and pitted US allies against each other. Kuwait, which has been mediating between the rivals, said the borders would be open from Monday evening. The rapprochement comes after Crown Prince Mohammed bin Salman, Saudi Arab...
Tags: Travel, Saudi Arabia, US, Qatar, Kuwait, Doha, | Financial Times, Gulf, Trump, Mohammed bin Salman, Rupert Neil Bumfrey, Tamim bin Hamad


Five things to watch in 2021 after oil’s wild ride this year | Financial Times

Five things to watch in 2021 after oil’s wild ride this year | Financial Times The oil sector was hit harder than almost any other by the pandemic.  Crude prices fell from near $70 a barrel at the beginning of the year to below $20 in April as lockdowns slashed fuel demand. Prices even briefly turned negative in the US.  After a short but highly damaging price war, Opec and Russia enacted record supply cuts to stabilise the market. But even then, companies were forced to rip up investmen...
Tags: Travel, Russia, US, Opec, Financial Times, Rupert Neil Bumfrey


Billions in the bank, yet #Kuwait is squeezed for cash | Financial Times

Billions in the bank, yet Kuwait is squeezed for cash | Financial Times A Kuwaiti woman casts her vote. As pressure builds on public services, many Kuwaitis have ratcheted up rhetoric against expatriates © Noufal Ibrahim/EPA-EFE/Shutterstock When Kuwait’s prime minister returns to office in the coming weeks, he faces an apparent paradox: the Gulf state with a $550bn sovereign wealth fund is running short on cash to pay ballooning public sector salaries.  Oil accounts for 9...
Tags: Travel, Iraq, Kuwait, Financial Times, Gulf, Rupert Neil Bumfrey, Nawaf al Ahmad al Sabah, Noufal Ibrahim EPA, Sheikh Sabah al Khaled al Sabah


Pandemic brings surge in business for Middle East’s fintechs | Financial Times

Pandemic brings surge in business for Middle East’s fintechs | Financial Times Some of the world’s strictest lockdowns and restrictions were imposed across the Gulf states to combat coronavirus. They caused havoc across oil-reliant economies already hit by low crude prices.  But, as elsewhere around the world, the region’s emerging technology firms were big beneficiaries from a surge in ecommerce activity as customers sheltered at home.  The payment platforms behind the shift from bricks...
Tags: Travel, Amazon, Saudi Arabia, US, Middle East, Dubai, Financial Times, Western Union, Gulf, Riyadh, STC, Saudi Telecom Company, Rupert Neil Bumfrey, Souq, Payfort


Investment banks stick with Gulf despite falling fees | Financial Times

Investment banks stick with Gulf despite falling fees | Financial Times Fees are falling, oil prices are low and the region’s economies are under threat. But top global investment banks say they have no intention of pulling back from the Gulf.  Regional fees from M&A, loans, debt and equity issuance fell 7 per cent in the 10 months to the end of October, Refinitiv data show. Globally, meanwhile, fees rose 17 per cent in the same period as companies in the US and Europe raised cash to deal ...
Tags: Travel, Europe, US, Financial Times, Gulf, Rupert Neil Bumfrey, Saudi Aramco IPO


Gulf states turn inward as they face diminishing resources | Financial Times

Gulf states turn inward as they face diminishing resources | Financial Times In the early weeks of the coronavirus pandemic, Saudi Arabia’s ambitious sovereign wealth fund scented an opportunity. As global markets plummeted, the Public Investment Fund went on a spending spree, buying stakes in a host of US and European blue-chip stocks in the first three months of the year, worth collectively at least $7.7bn. But Crown Prince Mohammed bin Salman, the kingdom’s de facto leader and the PIF’s c...
Tags: Travel, Saudi Arabia, US, Financial Times, Mohammed, Pif, Gulf, Mohammed bin Salman, Shura Council, Rupert Neil Bumfrey


Gulf regulators must clarify their cross-border responsibilities | Financial Times ht @governcenter

Gulf regulators must clarify their cross-border responsibilities | Financial Times In the past three years, some of the Gulf’s leading companies, including Abraaj, Drake & Scull, Arabtec, Al Mojel, and most recently NMC Healthcare, have been stung by problems that highlighted unaddressed governance risks.  These occurred after an increase in corporate governance regulations, introduced after a domestic equity-market crisis in 2005. Market manipulation had been prevalent and capital market r...
Tags: Travel, London, US, Uae, Gulf, NMC, Abraaj, Rupert Neil Bumfrey, NMC Healthcare, | Financial Times, Abraaj Drake Scull Arabtec Al Mojel


#SaudiArabia seeks to resolve #Qatar crisis as ‘gift’ to Joe Biden | Financial Times

Saudi Arabia seeks to resolve Qatar crisis as ‘gift’ to Joe Biden | Financial Times Saudi Arabia has stepped up its efforts to resolve its more than three-year dispute with Qatar after US president Donald Trump’s election defeat, according to people briefed on the talks.  The move to end the Gulf states’ blockade of their gas-rich neighbour is being perceived as an attempt by Crown Prince Mohammed bin Salman to curry favour with the incoming Biden administration and deliver a parting prese...
Tags: Travel, Washington, Saudi Arabia, US, Qatar, Joe Biden, Iran, Egypt, Middle East, Al Jazeera, Biden, Abu Dhabi, Tehran, Yemen, Donald Trump, Bahrain


France to levy digital service tax on tech giants: Report

The French government is planning to re-introduce a digital service tax (DST) on big tech companies from this year onward, reported Reuters. Though the policy to impose a 3% tax on revenue from digital services was introduced by the French government last year, tax collections were suspended as the Organization for Economic Cooperation and Development (OECD) had begun negotiating an overhaul of the global tax system. However, in a conversation with journalists on Wednesday, French Finance Minist...
Tags: Travel, Amazon, Facebook, Europe, News, France, India, US, Bloomberg, European Union, Czech Republic, United States, United Kingdom, WTO, OECD, Financial Times


Boosting Gulf’s economy leads to building more art districts, not museums | Financial Times

Boosting Gulf’s economy leads to building more art districts, not museums | Financial Times Is the era of the mega-museum in the Arabian Gulf coming to an end? Over the last 15 years, Qatar and the United Arab Emirates have spent vast amounts of money to erect headline-worthy museums such as the National Museum of Qatar and Louvre Abu Dhabi, both designed by French architect Jean Nouvel.  Now, however, there is a growing emphasis in the region on initiatives that encourage creativity and t...
Tags: Travel, Qatar, United Arab Emirates, Dubai, Financial Times, Jeddah, Gulf, Jean Nouvel, Arabian Gulf, Rupert Neil Bumfrey, Louvre Abu Dhabi, National Museum of Qatar, Antonia Carver, Jameel Arts Centre


‘There will be shocks’: Yngve Slyngstad, Norway’s $1tn man | Financial Times

‘There will be shocks’: Yngve Slyngstad, Norway’s $1tn man | Financial Times Norway’s sovereign wealth fund is a fairytale of global finance. In less than 25 years investing the energy riches of the North Sea, it has grown into a $1.2tn giant; it owns 1.5 per cent of the world’s publicly traded companies. Who more stimulating for me to have my first formal lunch with in six months, I think, than the man who for more than a decade presided over this behemoth — and used its heft to hold comp...
Tags: Travel, Norway, North Sea, Marylebone, Rupert Neil Bumfrey, Yngve Slyngstad, | Financial Times, FishWorks


G20 nearing IMF funding boost for poorer nations, says #Saudi minister | Financial Times

G20 nearing IMF funding boost for poorer nations, says Saudi minister | Financial Times The world’s richest countries are edging towards a consensus on unlocking additional IMF funds for poorer nations whose economies have been battered by the coronavirus crisis, according to a leading G20 official.  Mohammed al-Jadaan, the finance minister of Saudi Arabia, which holds the G20 presidency this year, told the Financial Times that he was “optimistic” that the group of nations and the IMF could ...
Tags: Travel, Saudi Arabia, G20, Financial Times, Imf, Rupert Neil Bumfrey, Mohammed al Jadaan


EG Group’s owners cash out ahead of £6.8bn Asda deal | Financial Times

EG Group’s owners cash out ahead of £6.8bn Asda deal | Financial Times The owners of the petrol stations business EG Group have raised expensive debt-like financing from sovereign wealth and pension funds, handing them hundreds of millions of pounds in fresh cash that could help fund their buyout of the UK supermarket chain Asda.  Brothers Mohsin Issa and Zuber Issa, and the private equity firm TDR Capital, raised the fresh funds at the Jersey holding company through which they own the heavil...
Tags: Travel, UK, Asda, Financial Times, Jersey, Rupert Neil Bumfrey, Alberta Investment Management Corporation, Abu Dhabi Investment Authority Adia, TDR Capital, EG Group, Zuber Issa, Mohsin Issa, Asda Brothers, PSP Investments Holders


Louis Dreyfus sells stake to #AbuDhabi sovereign wealth fund | Financial Times

Louis Dreyfus sells stake to Abu Dhabi sovereign wealth fund | Financial Times     Margarita Louis-Dreyfus is the widow of Robert Louis-Dreyfus, whose family founded the company in 1851. She borrowed around $1bn in 2018 to take control of the business © Tolga Akmen / FT Commission Louis Dreyfus Company has agreed to sell a 45 per cent stake to Abu Dhabi state-owned holding company ADQ, opening the agricultural trader to a non-family shareholder for the first time in its 169-y...
Tags: Travel, Geneva, Abu Dhabi, Financial Times, Margarita Louis Dreyfus, Louis Dreyfus, Robert Louis Dreyfus, LDC, Rupert Neil Bumfrey, ADQ, Financial Times Margarita Louis Dreyfus, © Tolga Akmen FT Commission Louis Dreyfus Company, Mrs Louis Dreyfus


SoftBank’s Vision Fund unit considers move to #AbuDhabi from UK | Financial Times

SoftBank’s Vision Fund unit considers move to Abu Dhabi from UK | Financial Times SoftBank has been holding internal discussions on whether to relocate the unit that manages its $100bn Vision Fund from the UK to Abu Dhabi, according to multiple people with direct knowledge of the talks. The move has been under discussion for several weeks within the Japanese technology conglomerate, these people said. It would be driven by a number of reasons, including a desire to lower its taxes and be cl...
Tags: Travel, UK, London, Softbank, Mayfair, Abu Dhabi, Financial Times, Rupert Neil Bumfrey, Mubadala, Abudhabi, Vision Fund, SoftBank Investment Advisers, Financial Times Softbank, 100bn Vision Fund, Vision Fund Abu Dhabi


Middle East pact a chance for region’s diamond trade to shine globally | Financial Times

Middle East pact a chance for region’s diamond trade to shine globally | Financial Times The diamond industry rarely sees developments that feel like a turning point. Yet the normalisation agreement between Israel and the United Arab Emirates — and the subsequent direct trade deal between Israel and Dubai’s diamond bourses — has the markings of one.  After years of discreet collaboration, the pact permits direct flights, and therefore direct shipping of stones, between the two countries. The ...
Tags: Travel, New York, London, Israel, Middle East, United Arab Emirates, Dubai, Financial Times, Rupert Neil Bumfrey, Israel Diamond Exchange, Tobias Kormind, Paul Ziminsky, Yoram Dvash, World Federation of Diamond Bourses


#SaudiArabia media group to make play for elite global sports events | Financial Times

Saudi Arabia media group to make play for elite global sports events | Financial Times Saudi Arabia has launched a state-controlled sports media company to manage and secure broadcasting rights in a move that will shake up the multibillion-dollar bidding wars for the right to televise elite sporting events in the Middle East.  Prince Abdulaziz bin Turki al-Faisal, the sports minister, told the Financial Times that the Saudi Sports Company would create a “platform” for content development and ma...
Tags: Travel, Saudi Arabia, Middle East, Financial Times, Anthony Joshua, Mohammed bin Salman, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Turki Al Faisal, Saudi Sports Company


#SaudiArabia pledges more rights for foreign workers | Financial Times

Saudi Arabia pledges more rights for foreign workers | Financial Times Saudi Arabia is to allow 10m expatriate workers to change jobs and leave the country without their employers’ permission, as it seeks to modernise its controversial kafala system, diversify the oil-reliant economy and create more jobs for Saudi nationals.  Since the kingdom discovered oil in the 1930s, it has been reliant on foreign labour, from western engineers who helped found the hydrocarbons industry to millions of lo...
Tags: Travel, Saudi Arabia, Financial Times, Rupert Neil Bumfrey, Ministry of Human Resources and Social Development


#Oman gets $1bn in aid from #Qatar | Financial Times

Oman gets $1bn in aid from Qatar | Financial Times Oman has received $1bn in direct financial support from Qatar as the cash-strapped sultanate seeks to stave off an economic crisis worsened by coronavirus and lower oil prices.   One of the poorer oil-dependent Gulf states, Oman is tapping richer neighbours for much-needed financial aid as it balances the need to plug a widening budget deficit against the potential threat to its much-prized neutrality.  Officials from the sultanate marketing...
Tags: Travel, Qatar, Oman, Financial Times, Investors, Gulf, Rupert Neil Bumfrey, Financial Times Oman


#AbuDhabi fund drops lawsuit against Goldman over 1MDB | Financial Times

Abu Dhabi fund drops lawsuit against Goldman over 1MDB | Financial Times:  One of Abu Dhabi’s sovereign wealth funds has dropped a lawsuit alleging Goldman Sachs bribed its officials as part of a “massive global conspiracy” that led to billions of dollars being embezzled from Malaysia’s 1MDB.  The news comes the day before the expected announcement of a long-awaited global regulatory settlement that includes more than $2bn of new fines for Goldman and a guilty plea from one of its Asian subsidi...
Tags: Travel, New York, Malaysia, Goldman Sachs, Abu Dhabi, Goldman, Financial Times, Rupert Neil Bumfrey, Ipic, International Petroleum Investment Company


Switzerland of the Middle East: Economic crisis threatens #Oman’s neutrality | Financial Times

Switzerland of the Middle East: Economic crisis threatens Oman’s neutrality | Financial Times:  Sandwiched between Saudi Arabia and Iran, Oman has long prized its neutrality, garnering a reputation as the Middle East’s Switzerland.  But the Gulf state’s ability to steer clear of regional power struggles has been put at risk by economic woes that have been exacerbated by the coronavirus pandemic and the slump in oil prices. The IMF forecasts an economic contraction of 10 per cent this year, f...
Tags: Travel, Saudi Arabia, Middle East, Switzerland, Oman, Financial Times, Imf, Gulf, Rupert Neil Bumfrey, Qaboos bin Said al Said, Sultan Haitham bin Tariq Al Said, Iran Oman


#Israel and #UAE sign visa and pipeline deals to cement alliance | Financial Times

Israel and UAE sign visa and pipeline deals to cement alliance | Financial Times:  Israel and the United Arab Emirates on Tuesday signed a flurry of deals, mediated by the US, to add heft to a normalisation agreement in which the Gulf state has pivoted towards Israel after decades of backing the Palestinians.  Under one of the agreements, Israelis will be allowed to travel to the Emirates visa-free, the first Arab nation to allow this, with Emiratis given the same right when travelling to the Je...
Tags: Travel, Israel, US, Iran, Emirates, United Arab Emirates, Uae, Financial Times, Mediterranean, Gulf, Red Sea, Ayatollah Khomeini, EL AL, Rupert Neil Bumfrey


Demise of Gulf wise men bodes ill for Middle East conflicts | Financial Times

Demise of Gulf wise men bodes ill for Middle East conflicts | Financial Times:The death of two Gulf peacemakers this year augurs ill for the war-torn Middle East, where conflict has defined the decade that followed the Arab spring.Sheikh Sabah, Kuwait’s emir from 2006 who died last month aged 91, sought to resolve regional conflicts over his half a century of shaping foreign policy in the most democratic state in the Gulf. When Saudi Arabia and the United Arab Emirates led a trade and travel emb...
Tags: Travel, Qatar, Middle East, United Arab Emirates, Sabah, Kuwait, Doha, | Financial Times, Gulf, Gulf Cooperation Council, Rupert Neil Bumfrey, Gulf When Saudi Arabia



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