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#Saudi banks: Pressure on lenders easing with rising oil price, government support | ZAWYA MENA Edition

Saudi banks: Pressure on lenders easing with rising oil price, government support | ZAWYA MENA Edition The downside risk for banks in Saudi Arabia has reduced, as pressures from the COVID-19 pandemic and lower oil prices are easing, according to the latest analysis by Fitch. The ratings agency noted that the deterioration in asset quality and profitability in the kingdom’s banking sector has been contained, with the banks’ financial metrics stabilising. Various government support measures inc...
Tags: Travel, Saudi Arabia, Fitch, Rupert Neil Bumfrey, Saudi Central Bank SAMA, Gulf Cooperation Council However Fitch


#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


#UAE Joins Bond Rush With Three-Part Debut Dollar Debt Sale - Bloomberg video

UAE Joins Bond Rush With Three-Part Debut Dollar Debt Sale - Bloomberg The United Arab Emirates priced its first ever dollar bonds as a combined federation, luring bids for more than five times the amount on offer.The federation, comprised of seven emirates including Abu Dhabi and Dubai, priced $4 billion in dollar-denominated debt due in 10, 20 and 40 years, according to a person familiar with the matter who isn’t authorized to speak publicly and asked not to be identified. Order books top...
Tags: Travel, New York, London, Singapore, Bloomberg, Hungary, United Arab Emirates, Dubai, Tokyo, Federal Reserve, Abu Dhabi, Uae, Fitch, Bloomberg TV, Ras Al Khaimah, Rupert Neil Bumfrey


Masdar assigned debut ratings by Moody’s and Fitch

Masdar assigned debut ratings by Moody’s and Fitch Masdar, a subsidiary of Mubadala Investment Company, received investment grade A2 and A+ ratings from Moody’s Investors Service and Fitch Ratings, respectively, marking the first time the Abu Dhabi renewable energy company is rated by global agencies.An A2 rating is sixth-highest credit rating of Moody's and indicates low credit risk, as does the A+ rating by Fitch. Masdar is wholly owned by Mamoura Diversified Global Holding.The ratings are a...
Tags: Travel, Abu Dhabi, Masdar, Moody, Fitch, Moody 's, Rupert Neil Bumfrey, Mubadala, Moody 's Investors Service, Mubadala Investment Company, Musabbeh Al Kaabi, UAE Investments, Fitch Masdar


#Kuwait wealth fund KIA appoints new board of directors | ZAWYA MENA Edition

Kuwait wealth fund KIA appoints new board of directors | ZAWYA MENA Edition The Kuwait Investment Authority (KIA), the Gulf state's sovereign wealth fund, has appointed a new board of directors, according to a government official on Tuesday, confirming media reports.The move was approved by Kuwait's cabinet on Monday, the newspaper al-Qabas said.The newly appointed board members are Khaled Ali Al-Fadil, Sheikh Mishaal Jaber Al-Ahmad, Fahd Muhammad Al-Rashed, Faisal Abdullatif Yousef Al-Hamad a...
Tags: Travel, Kia, Kuwait, Gulf, Fitch, Rupert Neil Bumfrey, MENA Edition The Kuwait Investment Authority KIA, Qabas, Ghanem Suleiman Saqr Al Ghunaiman al Qabas


MIDEAST STOCKS Most Gulf bourses gain on corporate earnings boost | Reuters

MIDEAST STOCKS Most Gulf bourses gain on corporate earnings boost | Reuters Most major stock markets in the Gulf ended higher on Wednesday, largely supported by strong corporate earnings, while the Dubai index closed lower and was the only laggard.Saudi Arabia's benchmark index (.TASI) rose 0.2%, helped by a 0.4% gain in Al Rajhi Bank (1120.SE) and a 0.6% increase in oil behemoth Saudi Aramco (2222.SE).Ratings firm Fitch raised Aramco's outlook to stable and affirmed its IDR at "A".In Abu ...
Tags: Travel, Saudi Arabia, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Aramco, Emirates NBD, Fitch, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Gulf Egypt


MIDEAST STOCKS #Saudi bourse underperforms major Gulf markets, #Qatar gains | Reuters

MIDEAST STOCKS Saudi bourse underperforms major Gulf markets, Qatar gains | Reuters Most major stock markets in the Gulf ended lower on Sunday, with the Saudi index leading the losses, although Qatar bucked the trend to close higher. The benchmark index  (.TASI)  in Saudi Arabia, fell 0.6%, with Al Rajhi Bank  (1120.SE)  and petrochemical firm Saudi Basic Industries  (2010.SE)  dropping 1.8% each. The kingdom's April crude oil exports fell to their lowest level since June 2020, official ...
Tags: Travel, Saudi Arabia, Opec, Qatar, Dubai, Abu Dhabi, Gulf, Reuters, Fitch, Dubai International Airport, Tasi, Rupert Neil Bumfrey, Saudi Basic Industries, Al Rajhi Bank, Gulf Egypt, Qatar Islamic Bank QISB QA


MIDEAST STOCKS Major Gulf markets mixed in early trade | Reuters

MIDEAST STOCKS Major Gulf markets mixed in early trade | Reuters Major Gulf stock markets were mixed in early trade on Sunday with the Abu Dhabi index leading gains boosted by top lender First Abu Dhabi Bank.The benchmark index (.TASI) in Saudi Arabia, fell 0.3%, with Al Rajhi Bank (1120.SE) losing 0.9% and petrochemical firm Saudi Basic Industries (2010.SE) easing 0.7%.The kingdom's April crude oil exports fell to their lowest level since June 2020, official data showed on Thursday. OPEC and ...
Tags: Travel, Saudi Arabia, Opec, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Adi, Fitch, Tasi, Rupert Neil Bumfrey, Saudi Basic Industries, Al Rajhi Bank, First Abu Dhabi Bank


Al Rajhi Bank: Fitch boosts outlook to 'Stable' on resilient metrics | ZAWYA MENA Edition

Al Rajhi Bank: Fitch boosts outlook to 'Stable' on resilient metrics | ZAWYA MENA Edition Fitch Ratings agency has revised Saudi Arabia’s Al Rajhi Banking and Investment Corporation's outlook to ‘Stable’ from ‘Negative’, while affirming the bank's 'A-' Long-Term Issuer Default Ratings (IDR).The ratings agency assessed that pressures on the bank from the operating environment from the pandemic and lower oil prices have eased sufficiently, and that the financial metrics of the lander have been r...
Tags: Travel, Saudi Arabia, Fitch, Rupert Neil Bumfrey, Al Rajhi Bank, MENA Edition Fitch Ratings, Al Rajhi Banking and Investment Corporation


Fitch revises #Saudi National Bank's outlook on lender's resilience and improving environment | The National

Fitch revises Saudi National Bank's outlook on lender's resilience and improving environment | The National Fitch Ratings upgraded Saudi National Bank's outlook from negative to stable, citing its resilient financial metrics and an improving operating environment.The credit rating agency also affirmed the lender’s long-term issuer default rating at "A-". It assigned a national long-term investment grade rating of "AA+(sau)" with a stable outlook.“The revision of the outlook reflects our view t...
Tags: Travel, Fitch, Rupert Neil Bumfrey, Saudi National Bank, National Fitch Ratings


Fitch downgrades #Dubai's Emirates REIT after sukuk exchange offer | Reuters

Fitch downgrades Dubai's Emirates REIT after sukuk exchange offer | Reuters Ratings agency Fitch downgraded Emirates REIT, a Dubai-listed sharia-compliant real estate investment trust, by several notches after the company proposed to exchange its sukuk, or Islamic bonds, for new instruments.Fitch on Monday cut its rating to ‘C’ - the last rating before a borrower defaults on its debt - from ‘B+’, saying it viewed the proposed debt exchange as a “material reduction in terms for lenders”.Emirate...
Tags: Travel, Dubai, Reuters, Fitch, Rothschild, Rupert Neil Bumfrey, Reuters Ratings


COVID-19, subdued oil price to leave most of Gulf in the red this year: Fitch | Reuters

COVID-19, subdued oil price to leave most of Gulf in the red this year: Fitch | ReutersThe lingering impact of the COVID-19 pandemic and last year’s sharp drop in oil prices will leave most governments in the Gulf with deficits this year, ratings agency Fitch said.Countries in the region will see their finances improve thanks to a rebound in oil prices and the unwinding of production cuts.But deficits will remain high, particularly in Kuwait and Bahrain. “We expect only Abu Dhabi and Qatar to ek...
Tags: Travel, Saudi Arabia, Qatar, Oman, Abu Dhabi, Bahrain, Kuwait, Gulf, Reuters, Fitch, Rupert Neil Bumfrey


MENA sovereigns: Only #AbuDhabi, #Qatar will have fiscal surpluses in 2021 | ZAWYA MENA Edition

MENA sovereigns: Only Abu Dhabi, Qatar will have fiscal surpluses in 2021 | ZAWYA MENA EditionGulf Cooperation Council (GCC) sovereigns will experience significant narrowing of fiscal deficits/GDP in 2021, said Fitch Ratings in a report on Tuesday.Nevertheless, fiscal deficits will remain high, particularly in Kuwait and Bahrain. “We expect only Abu Dhabi and Qatar to eke out fiscal surpluses. Persistent deficits elsewhere will lead to continued debt issuance and/or drawdowns of assets, although...
Tags: Travel, Opec, Qatar, Abu Dhabi, Tunisia, Bahrain, Kuwait, Mena, Fitch, Rupert Neil Bumfrey, Abu Dhabi Qatar, EditionGulf Cooperation Council GCC, Jordan Kuwait Oman Saudi Arabia


#Dubai Islamic Bank sells $500mln in perpetual sukuk | ZAWYA MENA Edition

Dubai Islamic Bank sells $500mln in perpetual sukuk | ZAWYA MENA EditionDubai Islamic Bank, the UAE’s largest Islamic lender, on Wednesday sold $500 million in perpetual non-call 5.5 years additional Tier 1 sukuk with a profit rate of 3.375 percent per annum.In a statement, the bank said despite the record low yield, the sukuk was 5.6x oversubscribed with an orderbook that peaked at $2.8 billion.The sukuk is issued under DIB Tier 1 Sukuk (5) Ltd. and is listed on Euronext Dublin and NASDAQ Dubai...
Tags: Travel, Uae, Standard Chartered Bank, Moody, Fitch, Ltd, Rupert Neil Bumfrey, Dubai Islamic Bank, Euronext Dublin, EditionDubai Islamic Bank, DIB Tier, Sukuk


Why retail lending will remain a key focus for #Saudi banks? | Banking – Gulf News

Why retail lending will remain a key focus for Saudi banks? | Banking – Gulf News The sustained growth in retail lending is a key source of strength for Saudi banks and that has largely mitigated the impact of the pandemic on their financial profiles, says rating agency Fitch.“The retail segment supported the sector’s asset-quality metrics in 2020, and we expect it will soften the impact of an adverse operating environment for Saudi banks. Austerity measures, rising unemployment and weaker consu...
Tags: Travel, Saudi Arabia, Fitch Ratings, Fitch, Gulf News, Rupert Neil Bumfrey, Amin Sakhri, Fitch Ratings Retail


GCC banks face risk of surge in loan impairments in 2021 | Banking – Gulf News

GCC banks face risk of surge in loan impairments in 2021 | Banking – Gulf News GCC banks are expected to face continued asset quality risks resulting in higher loan impairments and elevated provisions leading to strain on profitability in 2021, according to analysts and raging agencies.Rating agency Fitch says that asset-quality deterioration is the main risk for GCC banks following the economic shock due to the coronavirus pandemic and low oil prices.The rating agency believes the prolonged loa...
Tags: Travel, GCC, Fitch, Rupert Neil Bumfrey, Gulf News GCC


#Kuwait should accelerate reforms to be less tied to oil price fluctuations - IMF | Reuters

Kuwait should accelerate reforms to be less tied to oil price fluctuations - IMF | Reuters Kuwait needs to accelerate reforms to reduce the dependence of government policies on the rise and fall of oil prices, an International Monetary Fund (IMF) official said.The oil-rich Gulf state faces near-term liquidity risks largely due to the absence of parliamentary authorisation for the government to borrow.“Kuwait has high levels of buffers but they need to accelerate reforms,” said Jihad Azour, direc...
Tags: Travel, Middle East, Kuwait, Imf, Gulf, Reuters, International Monetary Fund IMF, Fitch, Reuters Kuwait, Rupert Neil Bumfrey, Central Asia Department, Jihad Azour, IMF Kuwait


#Kuwait Cashes Out of Key Assets to Stave Off Liquidity Crunch - Bloomberg

Kuwait Cashes Out of Key Assets to Stave Off Liquidity Crunch - Bloomberg Kuwait’s government has transferred the last of its performing assets to the country’s sovereign wealth fund in exchange for cash to plug a monthly budget deficit of $3.3 billion, a person familiar with the matter said, leaving one of the world’s richest nations with few options to pay its bills.Fitch on Wednesday cut Kuwait’s outlook to negative from stable, citing “the imminent depletion of liquid assets” in the absence ...
Tags: Travel, Bloomberg, Kuwait, State, Finance Ministry, Fitch, Zain, KPC, Kuwait Finance House, Rupert Neil Bumfrey, Kuwait Petroleum Corp, Liquidity Crunch Bloomberg Kuwait


Fitch cuts outlook on #Kuwait's debt rating to 'negative' | Reuters

Fitch cuts outlook on Kuwait's debt rating to 'negative' | Reuters Rating agency Fitch said on Wednesday it downgraded the outlook on Kuwait’s sovereign debt rating to “negative” from “stable”, saying it saw near-term liquidity risks associated with the state treasury fund.Fitch affirmed Kuwait’s long-term rating at “AA”.The rating agency said the outlook change reflects near-term liquidity risk associated with the imminent depletion of liquid assets in the General Reserve Fund (GRF) in the abse...
Tags: Travel, Opec, Kuwait, Reuters, Fitch, Rupert Neil Bumfrey, General Reserve Fund GRF


Banks in #Qatar could see more consolidation: Fitch | ZAWYA MENA Edition

Banks in Qatar could see more consolidation: Fitch | ZAWYA MENA Edition Qatar's crowded banking sector could see more consolidation triggered by pressure on banks' profitability from the coronavirus pandemic, particularly those with weaker franchises and limited pricing power, according to Fitch Ratings.Common government ownership is also a key driver for consolidation to create better capitalised banks with enhanced competitive advantages to support the Qatar Vision 2030 development plan, the g...
Tags: Travel, Qatar, Fitch, MAR, Rupert Neil Bumfrey, Masraf Al Rayan, International Bank of Qatar IBQ, Al Khalij Commercial Bank, Fitch Ratings Common, Islamic bank Dukhan


#Dubai Aerospace Enterprise prices $300mln 1.625% notes due 2024 | ZAWYA MENA Edition

Dubai Aerospace Enterprise prices $300mln 1.625% notes due 2024 | ZAWYA MENA Edition Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, has priced $300 million aggregate principal amount of 1.625 percent notes due 2024, it said in a statement Monday.The notes represent senior unsecured obligations and will be issued under DAE’s $2.5 billion Global Medium-Term Note Program, which is rated ‘BBB-‘ by Fitch Ratings and ‘Baa3’ by Moody’s Investors.The notes, to b...
Tags: Travel, Fitch, Dae, Rupert Neil Bumfrey, Dubai Aerospace Enterprise, Investment Corporation of Dubai, MENA Edition Dubai Aerospace Enterprise DAE, Moody 's Investors


Stable outlook for GCC banks; but profits under pressure again: Fitch | ZAWYA MENA Edition

Stable outlook for GCC banks; but profits under pressure again: Fitch | ZAWYA MENA Edition Fitch Ratings expects to see positive real GDP growth in most GCC countries which should bring revenue opportunities for the region’s beleaguered banking sector currently reeling from the twin shocks of low oil prices and COVID-19 related economic slowdown.“Overall, we have a stable outlook on the banking sector despite the challenging environment,” said Raymond Ramsdale, Head of Middle East Banks & Islami...
Tags: Travel, Saudi Arabia, GCC, Middle East, Fitch, GRE, Rupert Neil Bumfrey


Bahrain will likely need further Gulf financial support - Fitch | Reuters

Bahrain will likely need further Gulf financial support - Fitch | Reuters Bahrain will likely need further financial support from its Gulf neighbours despite reform measures, Fitch Ratings’ lead Bahrain analyst Toby Iles said on Monday.Iles said Bahrain, a small oil producer, was likely to likely need the support from 2023 onwards and cited Fitch’s oil price assumption.In 2018, Saudi Arabia, the United Arab Emirates and Kuwait came to Bahrain’s aid with a five-year zero-interest $10.25 billion p...
Tags: Travel, Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Gulf, Fitch, Iles, Rupert Neil Bumfrey, Toby Iles


#Qatar News: Fitch Sees Banks Benefiting From #SaudiArabia Fund Inflows - Bloomberg

Qatar News: Fitch Sees Banks Benefiting From Saudi Arabia Fund Inflows - Bloomberg Saudi Arabian clients are expected to start shifting some of their funds back to Qatar after four Arab states agreed to restore ties with the gas-rich nation after a three-year regional split, according to Fitch Ratings.“This will provide Qatari banks with an additional pool of liquidity, which will diversify their funding base, reduce their reliance on price-sensitive government-related entity and corporate depos...
Tags: Travel, Saudi Arabia, Qatar, Bloomberg, Turkey, Iran, Egypt, United Arab Emirates, Uae, Fitch, Saudi Arabia Bahrain, Rupert Neil Bumfrey


State-related entity debt in Gulf to rise next year, Fitch says | Reuters

State-related entity debt in Gulf to rise next year, Fitch says | Reuters Government-related-entity (GRE) debt in the six Gulf Arab states, wihch include Saudi Arabia and the United Arab Emirates, will increase next year, ratings agency Fitch said on Thursday.The coronavirus pandemic has strained the economies of Gulf countries already under pressure from low oil prices, a key source of state revenue.“The economic contraction in 2020 will further exacerbate leverage ratios and magnify the risks ...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Oman, Gulf, Reuters, Fitch, Gulf Arab, Reuters Government, GRE, Rupert Neil Bumfrey


MIDEAST STOCKS-Major Gulf indexes off to mixed start | Nasdaq

MIDEAST STOCKS-Major Gulf indexes off to mixed start | Nasdaq Major Gulf stock markets were mixed in early trade on Thursday with the Abu Dhabi index leading gains boosted by top lender First Abu Dhabi Bank.Saudi Arabia's benchmark index .TASI edged up 0.1%, with petrochemical maker Saudi Basic Industries 2010.SE rising 0.5%.Dubai's main share index .DFMGI eased 0.1%, hurt by a 0.5% fall in Emirates NBD Bank ENBD.DU and a 0.6% decrease in blue-chip developer Emaar Properties EMAR.DU.Emaar, which...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Fitch, Abu Dhabi Media, Emaar, Tasi, Rupert Neil Bumfrey, Industries Qatar, Saudi Basic Industries, QSI, First Abu Dhabi Bank


Mideast fiscal regimes risk social backlash next year - Fitch | Reuters

Mideast fiscal regimes risk social backlash next year - Fitch | Reuters Middle East countries that have adopted painful fiscal measures to contain the impact of the coronavirus crisis on their finances risk political and social backlash next year in the absence of economic improvements, ratings agency Fitch said.After a severe contraction this year, most economies in the region are expected to bounce back to growth as oil prices recover and stimulus spending for the COVID-19 pandemic eases.Howev...
Tags: Travel, Saudi Arabia, Reuters, Mideast, Fitch, Gulf Cooperation Council GCC, Rupert Neil Bumfrey, COVID, Reuters Middle East


Stable 2021 outlook for GCC Islamic banks, except for those in #SaudiArabia - Fitch | ZAWYA MENA Edition

Stable 2021 outlook for GCC Islamic banks, except for those in Saudi Arabia - Fitch | ZAWYA MENA Edition Islamic banks in Gulf Cooperation Council (GCC) states have a stable outlook for 2021 with a modest economic recovery expected, except for in Saudi Arabia, where fiscal and balance sheet concerns have been accelerated by COVID-19.Fitch Ratings said there would be continued asset-quality and profitability pressures for Islamic banks across the GCC, but capital buffers and liquidity is expected...
Tags: Travel, Saudi Arabia, GCC, Fitch Ratings, Fitch, Gulf Cooperation Council GCC, Rupert Neil Bumfrey, GCC Islamic, COVID


#UAE Gets First Rating From Fitch Ahead of Federal Bond Sale - Bloomberg

UAE Gets First Rating From Fitch Ahead of Federal Bond Sale - Bloomberg The United Arab Emirates was assigned the fourth-highest investment grade at Fitch Ratings as the Gulf nation prepares to issue a federal bond for the first time.The company ranked the sovereign AA- with a stable outlook. It cited moderate consolidated public debt levels, a solid external asset position, and the likelihood of support from the nation’s capital Abu Dhabi if needed. Moody’s Investors Service rates the UAE at Aa...
Tags: Travel, Hong Kong, United Arab Emirates, Abu Dhabi, Uae, Gulf, Fitch Ratings, Fitch, Bloomberg TV, Rupert Neil Bumfrey, Moody 's Investors Service, Jan Friederich, Fitch Ahead of Federal Bond Sale Bloomberg


#SaudiArabia Outlook Cut to Negative by Fitch on Oil, Virus - Bloomberg

Saudi Arabia Outlook Cut to Negative by Fitch on Oil, Virus - Bloomberg Saudi Arabia’s outlook was cut to negative from stable by Fitch Ratings as the coronavirus pandemic and lower oil prices clobber the kingdom’s finances.A negative outlook means the next move on the credit rating may be a downgrade to the lowest level since Fitch began assessing the kingdom in 2004. The sovereign is still at A, its sixth highest rating, and on par with Japan and Iceland, according to a statement on Monday.Fit...
Tags: Travel, Japan, Saudi Arabia, Bloomberg, Iceland, Fitch Ratings, Fitch, Rupert Neil Bumfrey, Moody 's Investors Service, Krisjanis Krustins, Bloomberg Saudi Arabia



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