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MIDEAST STOCKS-Oil surge lifts most Gulf stock markets; #AbuDhabi falls | Nasdaq

MIDEAST STOCKS-Oil surge lifts most Gulf stock markets; Abu Dhabi falls | Nasdaq:Most Gulf stock markets rose on Thursday, as crude oil futures surged on hopes for a deal to end the price war between Saudi Arabia and Russia, although mounting fears of a deep global recession due to the coronavirus outbreak weighed on sentiment.Brent crude LCOc1 futures jumped 11.36%, or $2.81, to $27.55 by 0701 GMT, after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon t...
Tags: Travel, Vladimir Putin, Saudi Arabia, Russia, Abu Dhabi, Donald Trump, Gulf, Tasi, Rupert Neil Bumfrey, SE Petrochemical


Gulf Economies So Hit by Crisis That Rebound May Be L-Shaped - Bloomberg

Gulf Economies So Hit by Crisis That Rebound May Be L-Shaped - Bloomberg: The main King Fahd road sits empty following a curfew in Riyadh, on March 26.    Photographer: Fayez Nureldine/AFP via Getty Images The non-oil economies of the energy-rich Gulf states are likely going in reverse this year, shrinking in the case of Saudi Arabia for the first time in more than three decades.Once they shift into higher gear, the bounceback will generate so little momentum that a creeping reco...
Tags: Travel, Saudi Arabia, Bloomberg, Gulf, Riyadh, Afp, Gulf Cooperation Council, Daoud, Rupert Neil Bumfrey, Fayez Nureldine, Ziad Daoud


MIDEAST STOCKS-Weak oil, recession fears pressure most Gulf stocks | Nasdaq

MIDEAST STOCKS-Weak oil, recession fears pressure most Gulf stocks | Nasdaq:Most Middle Eastern bourses fell on Wednesday, with Dubai leading the losses, hurt by plunging oil prices and the prospect of a deep global recession due to the coronavirus pandemic.Brent LCOc1 tumbled $1.45, or 5.5%, at $24.90 by 0830 GMT as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns. O/RPrices fell to $21.65 on Monday, the lowest since 2002 and the glo...
Tags: Travel, Opec, Dubai, Abu Dhabi, Gulf, Rupert Neil Bumfrey, First Abu Dhabi Bank, Emirates NBD Bank, Dubai Islamic Bank DISB, Etisalat ETISALAT


Gulf banks put brakes on lending as dollar liquidity crunch looms - Reuters

Gulf banks put brakes on lending as dollar liquidity crunch looms - Reuters:Gulf banks are limiting their lending to minimize potential losses from the coronavirus crisis and an expected squeeze in dollar liquidity in the oil reliant region, some bankers say.Like banks around the world, Gulf lenders face an expected drop in loan growth in crisis-affected industries such as retail, tourism and transport, but they must also navigate the impact of plunging crude prices on the region.Restricting len...
Tags: Travel, United Arab Emirates, Gulf, Reuters, Rupert Neil Bumfrey


MIDEAST STOCKS-Gulf markets fall on oil slide, recession fears | Nasdaq

MIDEAST STOCKS-Gulf markets fall on oil slide, recession fears | Nasdaq:Gulf stock markets fell on Wednesday as oil prices slipped and prospects of a deep global recession due to the fast-spreading coronavirus outbreak rattled investors.Brent crude LCOc1 declined $1.02, or 3.9%, to $25.33 a barrel by 0643 GMT.The Dubai stock index .DFMGI lost 1.9%, dragged by a 3.6% fall in Dubai Islamic Bank DISB.DU and a 4.1% slide in Emaar Properties EMAR.DU.The Abu Dhabi index .ADI lost 0.6%. Top lender Firs...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Interior Ministry, Emaar, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, First Abu Dhabi Bank, DFMGI, Dubai Islamic Bank DISB DU


#Kuwait props up coronavirus-hit economy amid low oil prices - Reuters

Kuwait props up coronavirus-hit economy amid low oil prices - Reuters:Kuwait announced measures early on Wednesday aimed at shoring up its economy against the coronavirus pandemic, including soft long-term loans from local banks, and the central bank asked banks to ease loan repayments for companies affected.Kuwait, which as of March 31 had registered 289 coronavirus cases, was the first Gulf state to halt passenger flights and impose a partial curfew to stem the spread of the highly infectious ...
Tags: Travel, Kuwait, Gulf, Reuters, Rupert Neil Bumfrey


#Oman bonds weaken on Moody's review as other Gulf debt gains - Reuters

Oman bonds weaken on Moody's review as other Gulf debt gains - Reuters:Oman’s debt weakened on Tuesday after Moody’s placed its rating under review for a downgrade, while other Gulf bonds gained. The sultanate’s 30-year dollar bonds due in 2048 lost 1 cent to trade at around 65.3 cents on the dollar, Refinitiv data showed. Oman’s 10-year bonds maturing in 2028 lost 0.3 cents to trade at 71.7 cents on the dollar.Oman’s bonds suffered sharper losses than other Gulf states on Monday after it was do...
Tags: Travel, Saudi Arabia, Oman, Gulf, Reuters, Saudi Aramco, Moody, Rupert Neil Bumfrey


Mideast Stocks: Most Gulf stocks extend losses; #Saudi bucks the trend | ZAWYA MENA Edition

Mideast Stocks: Most Gulf stocks extend losses; Saudi bucks the trend | ZAWYA MENA Edition:Most Gulf stock markets declined on Tuesday, as investors remained worried by the chronic weakness of oil prices and lockdowns across much of the world, while Saudi Arabia bucked the trend.Brent crude was up 3.1% at $23.46 a barrel by 1206 GMT after closing on Monday at $22.76, its lowest finish since November 2002. Global oil refiners, meanwhile, have cut their throughput because of the slump in demand fo...
Tags: Travel, Saudi Arabia, Gulf, Emaar Properties, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, Reuters Dubai, Abu Dhbai


#Oman State Companies Told to Pause Capital Outlays, Cut Expenses - Bloomberg

Oman State Companies Told to Pause Capital Outlays, Cut Expenses - Bloomberg:Oman is extending austerity measures by telling government-owned companies to cut expenditure after the plunge in oil prices. All state-run companies will reduce their operational and administrative expenses in 2020 by 10%, the Finance Ministry said in a statement. It also asked government-owned firms to stop the implementation of any new projects or capital spending for this year.Oman, the Gulf country most exposed to ...
Tags: Travel, Bloomberg, Oman, Gulf, Finance Ministry, Rupert Neil Bumfrey


MIDEAST STOCKS-Most major Gulf markets extend losses; banks boost Saudi | Nasdaq

MIDEAST STOCKS-Most major Gulf markets extend losses; banks boost Saudi | Nasdaq:Most major Gulf stocks indexes fell on Tuesday, extending losses from the previous session, as nervous investors continued to sell due to weak oil prices, while bargain buying supported Saudi equities.Brent crude LCOc1 was up 42 cents, or 1.9%, at $23.18 a barrel at 0750 G5MT, after closing on Monday at $22.76, its lowest finish since November 2002.Meanwhile, global oil refiners have cut their throughput because of ...
Tags: Travel, Dubai, Gulf, Emaar, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, First Abu Dhabi Bank, Emaar Properties EMAR DU, Reuters In Abu Dhabi


Gulf countries set to face headwind from coronavirus, low oil prices, capital flight -S&P - Reuters

Gulf countries set to face headwind from coronavirus, low oil prices, capital flight -S&P - Reuters:Gulf oil exporting countries are expected to face headwinds this year from lower oil prices, economic pressures due to the coronavirus outbreak, and capital flight from emerging markets, S&P Global Ratings said.Saudi Arabia is likely to see a “sharp rise” in its fiscal deficit this year due to oil supply increases and a collapse in oil demand, S&P said in a webcast on Monday.But financially weaker...
Tags: Travel, Saudi Arabia, Oman, Bahrain, Gulf, Reuters, Rupert Neil Bumfrey


MIDEAST STOCKS-Most Gulf stocks retreat on fears of prolonged shutdowns - Reuters

MIDEAST STOCKS-Most Gulf stocks retreat on fears of prolonged shutdowns - Reuters:Most Gulf stock markets traded lower on Monday, driven down by banks, on heightened fears that the global coronavirus shutdown could last months.More than 720,000 people have been infected by the coronavirus across the world and nearly 34,000 have died, according to a Reuters tally.In Abu Dhabi, the index retreated 2%, as top lender First Abu Dhabi Bank slid 3.7%, while Abu Dhabi Commercial Bank declined 3.3%.Dubai...
Tags: Travel, Dubai, Abu Dhabi, Gulf, Reuters, Emirates NBD, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, First Abu Dhabi Bank


#Dubai Announces Economic Incentive Package for its Free Zones - Bloomberg

Dubai Announces Economic Incentive Package for its Free Zones - Bloomberg:Dubai announced an economic incentive package for its free zones on Saturday in the light of “exceptional circumstances” related to the coronavirus pandemic.The measure consists of five parts, including postponing rent payments for six months and cancellation of some fines for companies and individuals, the state-run Emirates News Agency reported. The city is home to a number of free zones, including the Dubai Internationa...
Tags: Travel, Bloomberg, Dubai, Gulf, Rupert Neil Bumfrey, Emirates News Agency, Dubai Announces Economic Incentive Package


Kool Kuwait

Kuwait reminds people of Gulf war and hot desert. Indeed that was my impression but it all changed.It was my first time in the Middle East. I took courage as I packed my personal belongings to take up a new assignment on my own in Kuwait
Tags: Travel, Middle East, Kuwait, Gulf


Virus Onslaught Deepens Gulf Disquiet Over #Saudi Oil-Price War - Bloomberg

Virus Onslaught Deepens Gulf Disquiet Over Saudi Oil-Price War - Bloomberg:Saudi Arabia’s oil-price war with fellow exporting giant Russia bewildered the kingdom’s Gulf allies, unexpectedly shattering their fiscal defenses just when they’re most needed to combat the coronavirus.The United Arab Emirates and Kuwait, along with smaller neighbors, want a return to talks among the OPEC+ cabal of oil powers but the central protagonists, including Crown Prince Mohammed bin Salman, are digging in.As the...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, United Arab Emirates, Kuwait, Gulf, Mohammed bin Salman, Rupert Neil Bumfrey


S&P affirms #SaudiArabia rating at 'A-/A-2' with stable outlook - Reuters

S&P affirms Saudi Arabia rating at 'A-/A-2' with stable outlook - Reuters:S&P Global on Thursday affirmed Saudi Arabia’s sovereign credit ratings at ‘A-/A-2’ with a stable outlook, saying its estimate of the Gulf nation’s strong net asset-stock position on its fiscal and external balances continues to be a key ratings support.However, prolonged low oil prices without a significant fiscal adjustment could lead to an erosion of the net asset stock position and put pressure on Saudi Arabia's rating...
Tags: Travel, Saudi Arabia, Gulf, Reuters, Rupert Neil Bumfrey


Gulf Sovereign Funds Seen Shedding $300 Billion in Market Mayhem - Bloomberg

Gulf Sovereign Funds Seen Shedding $300 Billion in Market Mayhem - Bloomberg:The Gulf region’s rainy day funds are bracing for the deluge.On top of the collapse of oil prices and meltdown in global markets, Gulf sovereign wealth funds are channeling some of their billions back to counter the recession triggered by the coronavirus pandemic. The decline in assets could exceed $300 billion this year, according to the Institute of International Finance, the industry’s global association.The impact w...
Tags: Travel, Saudi Arabia, Wall Street, Gulf, Institute of International Finance, Rupert Neil Bumfrey, Abu Dhabi Kuwait Qatar, Rachel Ziemba, Ziemba Insights


Mideast Stocks: Most major Gulf stocks decline, but banks boost #Saudi | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf stocks decline, but banks boost Saudi | ZAWYA MENA Edition:Most major Gulf shares lost steam on Thursday, ending a two-day rally triggered by the giant $2 trillion stimulus package in the United States to mitigate the economic blow from the fast-spreading coronavirus pandemic.In Abu Dhabi, the index sank 3.8%, with the country's largest lender First Abu Dhabi Bank (FAB) and telecoms firm Etisalat dropping 5% and 4.9%, respectively.Dubai's main share index slipped ...
Tags: Travel, United States, Dubai, Abu Dhabi, Uae, Gulf, Mideast, United Arab Emirates UAE, Etisalat, Qatar National Bank, Qatar Islamic Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, Emaar Malls, First Abu Dhabi Bank FAB


#Qatar Air CEO Warns There May be ‘Nothing Left to Consolidate’ - Bloomberg

Qatar Air CEO Warns There May be ‘Nothing Left to Consolidate’ - Bloomberg:Qatar Airways Chief Executive Officer Akbar Al Baker said many airlines will go bust as the coronavirus outbreak ravages demand for travel, limiting the scope for takeovers.While the Gulf carrier is open to acting on any investment opportunities that present themselves, the pandemic is likely to lead to the immediate collapse of some operators, Al Baker said Thursday on Bloomberg Television.“There will be nothing left for...
Tags: Travel, Qatar, Bloomberg, Gulf, Qatar Airways, Bloomberg Television, Akbar Al Baker, Rupert Neil Bumfrey, al Baker


MIDEAST STOCKS- #Saudi, #Qatar extend gains on U.S. stimulus, others retreat | Nasdaq

MIDEAST STOCKS-Saudi, Qatar extend gains on U.S. stimulus, others retreat | Nasdaq:Major stock markets in the Gulf were mixed on Thursday, with Saudi Arabia and Qatar extending gains on hopes that a $2 trillion U.S. emergency stimulus package will shore up economic activity across the globe.On Wednesday, the U.S. Senate unanimously backed a $2 trillion bill aimed at helping unemployed workers and industries hurt by the pandemic.Saudi Arabia's benchmark index .TASI rose 1.5%, with Al Rajhi Bank 1...
Tags: Travel, Saudi Arabia, Qatar, Mecca, Medina, Gulf, Riyadh, U S Senate, Tasi, Rupert Neil Bumfrey, Al Rajhi Bank, Al Moammar Information Systems


Coronavirus: #Qatar Airways Still Operating a Third of Flights - Bloomberg

Coronavirus: Qatar Airways Still Operating a Third of Flights - Bloomberg:Qatar Airways said it’s continuing to operate a third of its normal schedule while bulking up on cargo flights as the Mideast carrier seeks to ride out the coronavirus outbreak.The second-biggest Gulf airline is still operating about 150 flights a day, serving European cities such as Frankfurt and Munich and more far-flung destinations in the U.S., Australia and parts of Asia, Thierry Antinori, its head of strategy, said W...
Tags: Travel, Asia, Europe, Australia, Qatar, Bloomberg, Frankfurt, Munich, Middle East, Emirates, Airbus, Gulf, Qatar Airways, Mideast, Boeing Co, Doha Qatar


#SaudiArabia News: Currency Pegs OK Despite Virus, Oil: IMF - Bloomberg

Saudi Arabia News: Currency Pegs OK Despite Virus, Oil: IMF - Bloomberg:Dollar pegs in the Gulf have proven effective even as the region now faces the coronavirus outbreak and the crash in oil prices, the International Monetary Fund said.Billions of dollars worth of stimulus packages were rolled out to cushion regional economies after the pandemic, but growth for the remainder of the year will depend on whether “the global economy will recover fast or not,” Jihad Azour, the IMF’s director for th...
Tags: Travel, Middle East, Oman, International Monetary Fund, Imf, Gulf, Central Asia, Gulf Cooperation Council, Rupert Neil Bumfrey, Jihad Azour, IMF Bloomberg, Bloomberg TV Dollar


MIDEAST STOCKS-Wall St surge boosts Gulf as investors pin hopes on U.S. stimulus | Nasdaq

MIDEAST STOCKS-Wall St surge boosts Gulf as investors pin hopes on U.S. stimulus | Nasdaq:Stock markets in the Gulf rose on Wednesday, following a sharp rebound on the Wall Street as the U.S. Congress reached an agreement on a massive economic stimulus package to mitigate the economic blow from the fast-spreading coronavirus pandemic.The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.Saudi Arabia's benchmark ind...
Tags: Travel, Congress, Saudi Arabia, Senate, House Of Representatives, Dubai, Abu Dhabi, Gulf, Emirates NBD, TAS, Rupert Neil Bumfrey, Al Rajhi Bank, Dar Al Arkan, First Abu Dhabi Bank, Emaar Properties EMAR DU, Emirates Telecommunications ETISALAT


Mideast Stocks: Most major Gulf indexes rebound in line with oil, global stocks | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf indexes rebound in line with oil, global stocks | ZAWYA MENA Edition:Most major bourses in the Gulf rebounded on Tuesday, mirroring gains in oil and global equities, as investors pinned hopes on unprecedented stimulus steps by the U.S Federal Reserve to ease strains in financial markets amid the coronavirus pandemic.In its latest mould-breaking step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni...
Tags: Travel, United Arab Emirates, Abu Dhabi, Uae, Gulf, Fed, Mideast, U S Federal Reserve, Rupert Neil Bumfrey, First Abu Dhabi Bank


MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters

MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters:Most bourses in the Gulf extendedlosses on Monday, as a rising number of lockdowns in the regionand elsewhere to contain the spread of the coronavirusintensified fears of a deep global recession.In Dubai, the index declined 3.8%, pressured by a5% plunge in Emirates NBD Bank. Dubai Islamic Bank dropped 3.2%.The UAE, the region's tourism and business hub, said itwould suspend all passenger flights and airport t...
Tags: Travel, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Rupert Neil Bumfrey, First Abu Dhabi Bank, Emirates NBD Bank Dubai Islamic Bank


MIDEAST STOCKS-Most Gulf stocks resume retreat; Egypt extends gains - Reuters

MIDEAST STOCKS-Most Gulf stocks resume retreat; Egypt extends gains - Reuters:Most stock indexes in the Gulf closedlower on Sunday, with Abu Dhabi leading the losses, as measuresby central banks to stem a coronavirus-induced financial routfaded, though Egypt extended gains.  More than 305,000 people have been infected by coronavirusacross the world and more than 13,000 have died, according to aReuters tally.In Abu Dhabi, the index declined 3.6%, dragged downby a 4.4% slide in top lender First...
Tags: Travel, Wam, Egypt, United Arab Emirates, Abu Dhabi, Uae, Gulf, Reuters, Rupert Neil Bumfrey, First Abu Dhabi Bank, Etisalat Dubai, Emaar Propertiestumbling


#Saudi-Russia Oil Price War Heralds End to Gulf Luxury Lifestyle - Bloomberg

Saudi-Russia Oil Price War Heralds End to Gulf Luxury Lifestyle - Bloomberg:For much of the world, oil wealth is a curse. Endowed with ample reserves of hydrocarbons, the likes of Nigeria, Angola, Kazakhstan, Mexico and Venezuela frittered the benefits away.Only in the Persian Gulf has oil been a nation-building blessing. The discoveries of petroleum in the mid-20th century turned an anarchic, desperately poor region into one of the most affluent places on the planet. Qatar, Kuwait and the Unite...
Tags: Travel, Japan, Saudi Arabia, Russia, United Arab Emirates, Oman, Venezuela, Kuwait, Gulf, Persian Gulf, Rupert Neil Bumfrey, Qatar Kuwait, Rystad Energy, Nigeria Angola Kazakhstan Mexico, Switzerland Even Saudi Arabia Bahrain


#Qatar bans gatherings, deploy patrols to contain coronavirus - Reuters

Qatar bans gatherings, deploy patrols to contain coronavirus - Reuters:Qatar said it would deploy mobile patrols and set up checkpoints after enacting a ban on Saturday on all gatherings to contain the spread of the coronavirus.The Supreme Committee for Crisis Management said a hotline would be opened for people to report breaches of the ban, and that violators would be arrested.The Gulf state also closed its parks and public beaches, but said food outlets, pharmacies and delivery services would...
Tags: Travel, Qatar, Gulf, Reuters, Rupert Neil Bumfrey, Supreme Committee for Crisis Management


Russia: Gulf nations, not us, to blame for oil prices fall -TASS - Reuters

Russia: Gulf nations, not us, to blame for oil prices fall -TASS - Reuters:Russia never sought a sharp oil price fall or an end to cooperation with Organization of Petroleum Exporting Countries (OPEC), and the Gulf nations are to blame for the crisis on the global oil markets, a senior Russian official said.In early March, Russia and OPEC failed to agree how their deal to cut oil production should work: OPEC wanted to deepen the cuts while Moscow proposed extending existing curbs. The disagreeme...
Tags: Travel, Saudi Arabia, Russia, Opec, Moscow, Gulf, Riyadh, TASS, Organization of Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey, Andrei Belousov, TASS Reuters


#Dubai, Middle Eastern News: Banks to Offer Relief Amid Virus - Bloomberg

Dubai, Middle Eastern News: Banks to Offer Relief Amid Virus - Bloomberg:Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum asked local banks to offer companies relief measures including refinancing and repayment referrals, amid measures aimed to stifle the impact of the coronavirus on the economy.Relief measures should prioritize key industries contributing to the Gulf nation’s economy and sectors most impacted by the coronavirus such as health care, aviation, hospitality and retail, according...
Tags: Travel, Bloomberg, Dubai, Gulf, Mohammed bin Rashid Al Maktoum, Commercial Bank of Dubai, Rupert Neil Bumfrey, Dubai Media Office Measures



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