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MIDEAST STOCKS-Major Gulf markets end mixed; #AbuDhabi snaps winning streak | Nasdaq

MIDEAST STOCKS-Major Gulf markets end mixed; Abu Dhabi snaps winning streak | NasdaqMajor stock markets in the Gulf ended mixed on Wednesday, with the Abu Dhabi index ending its run of gains, while Saudi Arabia was lifted by its financial shares.The Saudi benchmark index .TASI rose 0.3%, helped by a 5.7% gain in Banque Saudi Fransi 1050.SE and a 3.3% increase in Dr Sulaiman Al-Habib Medical Services 4013.SE.However, petrochemical firm Saudi Basic Industries Corp (SABIC) 2010.SE eased 0.3%.SABIC ...
Tags: Travel, Saudi Arabia, Wam, Qatar, Hsbc, United Arab Emirates, Dubai, Abu Dhabi, Morgan Stanley, Uae, Gulf, Reuters, Adi, SABIC, Tasi, Rupert Neil Bumfrey


Most major Gulf markets ease in early trade; #Saudi gains | Reuters

Most major Gulf markets ease in early trade; Saudi gains | ReutersMost major stock markets in the Gulf fell in early trade on Wednesday, although the Saudi index nudged higher.Saudi Arabia’s benchmark index rose 0.3%, bolstered by a 2.7% gain in Banque Saudi Fransi and a 1.4% increase in Riyad Bank.However, petrochemical firm Saudi Basic Industries Corp (SABIC) eased 0.3%.SABIC has selected HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its specialty chemicals bu...
Tags: Travel, Saudi Arabia, Hsbc, United Arab Emirates, Dubai, Abu Dhabi, Morgan Stanley, Gulf, Reuters, SABIC, Gulf Arab, Emaar Properties, Etisalat, Qatar Islamic Bank, Rupert Neil Bumfrey, Emaar Malls


#SaudiArabia's SABIC picks HSBC, Morgan Stanley for specialty unit IPO - sources | Reuters

Saudi Arabia's SABIC picks HSBC, Morgan Stanley for specialty unit IPO - sources | ReutersSaudi Basic Industries Corp (SABIC) has selected HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its specialty chemicals business, two sources familiar with the matter said.SABIC, the world’s fourth-biggest petrochemicals firm, hired Saudi investment bank NCB Capital earlier this year to work on the public share sale, which sources said could raise several hundred million dol...
Tags: Travel, Saudi Arabia, Ipo, Hsbc, Morgan Stanley, Reuters, Aramco, SABIC, NCB Capital, Rupert Neil Bumfrey, HSBC Morgan Stanley, ReutersSaudi Basic Industries Corp SABIC, SABIC HSBC


HSBC Is Said to Work on Possible IPO of #Saudi Arabian Cargo Firm - Bloomberg

HSBC Is Said to Work on Possible IPO of Saudi Arabian Cargo Firm - BloombergSaudi Arabian Logistics Co., spun off after more than seven decades as the cargo arm of the kingdom’s flagship airline, is working with HSBC Holdings Plc’s local unit on a potential share sale that could come as soon as this year, according to people familiar with the matter.No final decision has been made on the timing or size of an initial public offering but the listing would only be open to local and qualified invest...
Tags: Travel, Bloomberg, Hsbc, Sal, HSBC Holdings Plc, Rupert Neil Bumfrey


#SaudiArabia's bourse invites banks to pitch for roles in its upcoming IPO: sources | Reuters

Saudi Arabia's bourse invites banks to pitch for roles in its upcoming IPO: sources | Reuters Saudi Arabia’s bourse, Tadawul, has invited banks to pitch for roles in its highly-anticipated flotation, three sources told Reuters on Wednesday. With a market capitalisation of $2.5 trillion, Tadawul is the Arab world’s largest stock exchange. Tadawul hired HSBC in 2016 to manage an initial public offering (IPO) initially planned for 2018 but put that on hold due to oil giant Saudi...
Tags: Travel, Saudi Arabia, Hsbc, RFP, Reuters, Saudi Aramco, Tadawul, Reuters Saudi Arabia, Rupert Neil Bumfrey


#Saudi state carrier Saudia raises $3 billion to fund aircraft orders | Reuters

Saudi state carrier Saudia raises $3 billion to fund aircraft orders | ReutersState-owned Saudi Arabian Airlines (Saudia) has signed a financing agreement worth 11.2 billion riyal ($3 billion) to partially finance requirements for aircraft it has ordered, the state airline said in a statement on Thursday.The amount covers the airline’s aircraft financing requirements until mid-2024, helping finance the purchases of 73 aircraft, previously ordered, it said in a statement.The agreements were signe...
Tags: Travel, Hsbc, Airbus, Boeing, Reuters, Rupert Neil Bumfrey, Saudi Arabian Airlines Saudia, Saudia, Bank Albilad, ReutersState


MIDEAST STOCKS- #Saudi index leads major Gulf markets lower | Nasdaq

Major stock markets in the Gulf fell in early trade on Wednesday, led by losses in financials, with Saudi index leading the way.Oil prices, a key catalyst for the Gulf's financial markets, retreated after industry data showed a surprise build in U.S. crude stocks. O/RSaudi's benchmark index .TASI dropped 0.8%, weighed down by a decline in Al Rajhi Bank 1120.SE and oil giant Saudi Aramco 2222.SE.However, HSBC said Aramco's prospects look more positive and promising for 2021, hinting at declining ...
Tags: Travel, Saudi Arabia, Joe Biden, Hsbc, Dubai, Biden, Abu Dhabi, Gulf, Aramco, Salman, Adi, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, First Abu Dhabi Bank


#SaudiArabia hires banks for euro-denominated bond sale -document | ZAWYA MENA Edition

Saudi Arabia hires banks for euro-denominated bond sale -document | ZAWYA MENA Edition Saudi Arabia has hired banks to arrange an investor call ahead of a planned sale of euro-denominated bonds split into tranches of three and nine years, a document showed on Tuesday.BNP Paribas, Goldman Sachs, and HSBC were mandated as global coordinators for the potential debt sale, which is subject to market conditions, according to the document issued by one of the banks leading the deal and seen by Reuters....
Tags: Travel, Saudi Arabia, Hsbc, Reuters, Rupert Neil Bumfrey, BNP Paribas Goldman Sachs, ZAWYA MENA Edition Saudi Arabia


#Qatar Islamic Bank, HSBC sign $100mln deal | ZAWYA MENA Edition

Qatar Islamic Bank, HSBC sign $100mln deal | ZAWYA MENA Edition Qatar Islamic Bank (QIB), the country’s largest sharia-compliant lender by assets, has signed an Islamic trade facility worth $100 million with HSBC Bank Middle East.“This is a first-of-its-kind transaction for HSBC Bank Middle East within the MENAT [Middle East, North Africa and Turkey] region and we are very proud that Qatar was the first country where it was executed,” said Abdul Hakeem Mostafawi, CEO of HSBC Qatar, in a statemen...
Tags: Travel, Qatar, Turkey, Hsbc, Fifa, Bank, Middle East North Africa, Rupert Neil Bumfrey, Qatar Stock Exchange, QIB, Qatar Islamic Bank HSBC, MENA Edition Qatar Islamic Bank QIB, HSBC Bank Middle East, Abdul Hakeem Mostafawi, HSBC Qatar, Bassel Gamal


UPDATE 1- #Saudi bourse could go public within two years, says CEO | Reuters

UPDATE 1-Saudi bourse could go public within two years, says CEO | Reuters Saudi Arabia’s bourse, Tadawul, will announce plans to go public this year, its chief executive said on Thursday.A timeline for an initial public offering (IPO) will be provided this year, Tadawul CEO Khalid Alhussan told Reuters on the sidelines of the Future Investment Initiative conference, adding that the listing could take place within a two-year time frame.Tadawul hired HSBC in 2016 to manage an IPO initially planne...
Tags: Travel, Hsbc, Reuters, Saudi Aramco, Tadawul, Mohammed bin Salman, Reuters Saudi Arabia, Rupert Neil Bumfrey, Khalid Alhussan, Alhussan


#Saudi petrochemicals giant SABIC hires NCB for speciality chemicals unit IPO - sources | Reuters

Saudi petrochemicals giant SABIC hires NCB for speciality chemicals unit IPO - sources | Reuters Saudi Basic Industries Corp (SABIC) has hired NCB Capital to advise on a potential listing of its speciality chemicals business, an offering that could raise several hundred million dollars, three sources said.The company is also sounding out foreign banks for advisory roles and HSBC and JPMorgan are among those in the final phase of pitching for the deal, which could be launched later this year or e...
Tags: Travel, Saudi Arabia, Ipo, Hsbc, Middle East, Reuters, Aramco, Jpmorgan, SABIC, NCB, NCB Capital, Rupert Neil Bumfrey, Reuters Saudi Basic Industries Corp SABIC


HSBC increases stake in #Saudi British Bank to 31% - statement | Reuters

HSBC increases stake in Saudi British Bank to 31% - statement | Reuters HSBC, through its subsidiary HSBC Holdings B.V., has purchased shares in Saudi British Bank which will increase its shareholding in the Saudi lender to 31% from 29.2%, the bank said on Tuesday.It said the stake increase followed the participation in an accelerated book build process launched on Nov. 30 by NatWest Markets and Banco Santander. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Hsbc, Reuters, Reuters HSBC, Rupert Neil Bumfrey, Saudi British Bank, Natwest Markets and Banco Santander, HSBC Holdings B V


RPT- #SaudiArabia's Jadwa hires HSBC to advise on exiting UEMedical -sources | Reuters

RPT-Saudi Arabia's Jadwa hires HSBC to advise on exiting UEMedical -sources | Reuters Saudi Arabian investment bank Jadwa Investment’s private equity arm has hired HSBC to advise on the sale of its stake in Abu Dhabi healthcare group UEMedical, two sources familiar with the matter told Reuters.Jadwa, which has a 42% holding, is considering a sale of the stake either through an outright sale or an initial public offering (IPO), said the sources, declining to be identified as the matter is not pub...
Tags: Travel, Saudi Arabia, Ipo, Hsbc, Abu Dhabi, Reuters, Rupert Neil Bumfrey, Jadwa, Jadwa Investment, Reuters Jadwa, United Eastern Medical Services


UPDATE 2-S.Arabia's STC hires banks for IPO of subsidiary -sources | Reuters

UPDATE 2-S.Arabia's STC hires banks for IPO of subsidiary -sources | ReutersSaudi Telecom Co (STC) has hired banks to arrange a potential initial sale of shares in its product and services development arm, Solutions by STC, three sources familiar with the matter told Reuters.STC, Saudi Arabia’s largest telecoms operator, has appointed HSBC, Morgan Stanley and the investment banking arm of Saudi lender National Commercial Bank to advise on the sale, according to the sources, who declined to be id...
Tags: Travel, Saudi Arabia, Hsbc, Reuters, STC, NCB Capital, Rupert Neil Bumfrey, National Commercial Bank, HSBC Morgan Stanley, ReutersSaudi Telecom Co STC, Reuters STC, STC Morgan Stanley


ADNOC pipeline investor Galaxy mandates banks for planned bond sales - document | Reuters

ADNOC pipeline investor Galaxy mandates banks for planned bond sales - document | ReutersGalaxy Pipeline Assets, which is owned by a consortium of investors that took a stake in ADNOC’s gas pipeline assets, has mandated banks for sale of triple-tranche dollar bonds, a document showed.Galaxy has mandated Citigroup and HSBC as global coordinators, while BNP Paribas, First Abu Dhabi Bank, Mizuho, MUFG and Standard Chartered Bank will be joint bookrunners to organise fixed-income investor calls acro...
Tags: Travel, Hsbc, Middle East, Citigroup, Reuters, Standard Chartered Bank, GIC, ADNOC, Rupert Neil Bumfrey, United States Europe Asia, SNAM, ReutersGalaxy Pipeline Assets, BNP Paribas First Abu Dhabi Bank Mizuho MUFG, Brookfield Singapore


Etihad Airways plans transition Islamic bonds | Reuters

Etihad Airways plans transition Islamic bonds | Reuters:  Etihad Airways, wholly owned by the Abu Dhabi government, is planning to sell U.S. dollar-denominated ‘transition’ sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.  Proceeds of so-called transition bonds are used by companies to gradually switch to more environmentally sustainable operations.  Etihad has hired HSBC and Standard Chartered as joint global coordinators and “joint sustainability struc...
Tags: Travel, Hsbc, Standard Chartered, Etihad, Reuters, Etihad Airways, Fitch, Rupert Neil Bumfrey, Abu Dhabi Government, Mashreq Bank


#Dubai's Majid Al Futtaim hires HSBC for sale of district cooling unit - sources | Reuters

Dubai's Majid Al Futtaim hires HSBC for sale of district cooling unit - sources | Reuters:Dubai’s Majid Al Futtaim (MAF), which develops shopping malls across the Middle East, is putting its district cooling unit up for sale, four sources with knowledge of the matter told Reuters.District cooling firms deliver chilled water via insulated pipes to cool offices, industrial and residential buildings.MAF has hired HSBC to tender the deal, said the sources, declining to be named as the matter is not ...
Tags: Travel, Hsbc, Middle East, Dubai, Reuters, Majid Al Futtaim, Rupert Neil Bumfrey, Reuters District, Carrefour CARR PA


#Qatar National Bank to raise $3.5 billion loan - sources | Reuters

Qatar National Bank to raise $3.5 billion loan - sources | Reuters:Qatar National Bank (QNB) QNBK.QA, the Gulf's biggest lender, plans to raise a $3.5 billion loan with a group of banks, said four sources familiar with the matter.The planned transaction would refinance an existing $3.5 billion debt facility the bank raised in 2017 and which is due in December this year.Two of the sources said HSBC will have a leading role in the deal. QNB did not immediately respond to a comment request while HS...
Tags: Travel, Hsbc, Gulf, Reuters, Qatar National Bank, QNB, Rupert Neil Bumfrey, Qatar National Bank QNB


Natwest Markets, Banco Santander sell #Saudi British Bank shares -term sheet | ZAWYA MENA Edition

:Natwest Markets and Banco Santander are selling around 25 million shares in Saudi British Bank (SABB), or about 1.25% of the company, according to a term sheet seen by Reuters.SABB last traded at 26.85 riyals on Wednesday, valuing the shares at 670 million Saudi riyals ($178.64 million).The shares may be sold to institutional investors inside and outside the Saudi Arabia, including to institutional investors outside the United States in accordance with Regulation S under the U.S. Securities Act...
Tags: Travel, Saudi Arabia, United States, Hsbc, Citigroup, Goldman Sachs, Banco Santander, Rupert Neil Bumfrey, Saudi British Bank, Saudi British Bank SABB, Natwest Markets, Natwest Markets Banco Santander, Reuters SABB, Natwest Markets and Banco Santander


The coronavirus outbreak has triggered unprecedented mass layoffs and furloughs. Here are the major companies that have announced they are downsizing their workforces.

People gather at the entrance for the New York State Department of Labor offices on March 20, which closed to the public due to the coronavirus outbreak in the Brooklyn borough of New York City. Andrew Kelly/Reuters The spread of the coronavirus is projected to impact millions of jobs worldwide.In just 22 weeks, more than 57 million Americans have filed for unemployment insurance — that's more than the number of claims filed during the Great Recession.The travel and hospitality industries h...
Tags: Lyft, Europe, London, Ge, Instagram, Washington Post, Air Canada, New York City, US, Los Angeles, San Francisco, Trends, Tesla, Cnn, Walgreens, Chicago


Middle East News: HSBC Warns Against Buying #SaudiArabia's Banks - Bloomberg

Middle East News: HSBC Warns Against Buying Saudi Arabia's Banks - Bloomberg:Six Saudi lenders had their stock recommendations cut to reduce from hold by HSBC Holdings Plc, which said valuations have become too expensive given the negative risks to earnings.The downgrades for Riyad Bank, Arab National Bank, Banque Saudi Fransi, Al Rajhi Bank, National Commercial Bank and Samba Financial Group mean all seven banks covered by the broker now have the same rating, with Alinma Bank being kept at redu...
Tags: Travel, Saudi Arabia, Hsbc, HSBC Holdings Plc, Rupert Neil Bumfrey, Samba Financial Group, Alinma Bank, Banks Bloomberg, Aybek Islamov, Islamov


HSBC Sees Oil and Virus Turmoil Boosting Middle East Deals - Bloomberg

HSBC Sees Oil and Virus Turmoil Boosting Middle East Deals - Bloomberg:A historic crash in oil prices and fallout from the coronavirus pandemic will accelerate asset sales in the Middle East and open up a gap for sovereign wealth funds to make “opportunistic investments,” according to HSBC Holdings Plc.“Corporates and sovereign entities will need to look at their portfolios more closely during challenging times and see what is core to them,” Nabil Lahham, head of advisory and corporate finance c...


#Saudi Aramco picks HSBC, Japan's SMBC for $10 billion loan: sources - Reuters

Saudi Aramco picks HSBC, Japan's SMBC for $10 billion loan: sources - Reuters:Saudi Aramco has chosen HSBC and Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to coordinate talks with other banks for a loan of about $10 billion the oil giant plans to raise, sources said.The jumbo financing would help the company back its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC) from Saudi Arabia’s Public Investment Fund, a deal worth almost $70 billion, sources told Reuters last week....
Tags: Travel, Japan, Saudi Arabia, Hsbc, Reuters, Aramco, Saudi Aramco, SMBC, Rupert Neil Bumfrey, Public Investment Fund, Saudi Basic Industries Corp SABIC, HSBC Japan, Sumitomo Mitsui Banking Corporation SMBC


Zoom creates information security council, appoints Alex Stamos in advisory role

After a series of security and privacy mishaps, Zoom has taken further steps to allay fears of its privacy and security, the company announced in a blog post yesterday. To start with, the company has created a Chief Information Security Officers Council (CISO Council) to advise it, with CISOs from HSBC and NTT Data, among […] ...
Tags: Travel, News, Privacy, Hsbc, Zoom, NTT, Alex Stamos, CISO Council


HSBC’s #SaudiArabia Affiliate Seeks to Boost Corporate Lending - Bloomberg

HSBC’s Saudi Arabia Affiliate Seeks to Boost Corporate Lending - Bloomberg:HSBC Holdings Plc’s affiliate in Saudi Arabia is ready to “compete aggressively” to regain market share in corporate lending after acquiring Alawwal Bank.“We have no appetite whatsoever to continue to lose market share,” Saudi British Bank’s Managing Director David Dew said in an interview in Riyadh. “For SABB, margins as a whole have peaked for this particular interest rate cycle and are now on a downward trend.”The lend...
Tags: Travel, Saudi Arabia, Hsbc, Riyadh, HSBC Holdings Plc, Dew, Rupert Neil Bumfrey, Sabb, Saudi British Bank, Alawwal Bank, David Dew, Boost Corporate Lending Bloomberg


UPDATE 2- #Saudi Arabia's Riyad Bank sells $1.5 billion 10-yr Islamic bonds - Reuters

UPDATE 2-Saudi Arabia's Riyad Bank sells $1.5 billion 10-yr Islamic bonds - Reuters:Saudi Arabia’s Riyad Bank has sold $1.5 billion in 10-year dollar sukuk, callable after five years, at 180 basis points (bps) over five-year mid-swaps, a document showed on Tuesday.The bank garnered more than $7.8 billion in orders for the sukuk, or Islamic bonds, the document said. It tightened the spreads after it had initially started marketing the bonds at around 225 bps over mid-swaps earlier on Tuesday.Riya...
Tags: Travel, Saudi Arabia, Hsbc, Reuters, Riyad Bank, Rupert Neil Bumfrey, First Abu Dhabi Bank, JPMorgan Riyad Capital and Standard Chartered


#Saudi Arabia's Riyad Bank starts marketing 10-yr dollar sukuk - Reuters

Saudi Arabia's Riyad Bank starts marketing 10-yr dollar sukuk - Reuters:Saudi Arabia’s Riyad Bank has started marketing 10-year dollar sukuk, or Islamic bonds, at around 225 basis points (bps) over mid-swaps, a document showed on Tuesday. The bank hired JPMorgan, Riyad Capital and Standard Chartered to lead the deal. First Abu Dhabi Bank and HSBC are also involved in arranging the potential debt sale, which is expected to close later on Tuesday.The Tier 2 subordinated sukuk sale is part of a $3 ...
Tags: Travel, Saudi Arabia, Hsbc, Reuters, Riyad Bank, Rupert Neil Bumfrey, First Abu Dhabi Bank, JPMorgan Riyad Capital and Standard Chartered


Tradeshift cuts headcount by three figures in effort to turn towards profitability

Last month Tradeshift, a platform for supply chain payments which has achieved unicorn startups in recent years, had some good news and some bad news. It announced a Series F funding round of $240 million in equity and debt, raised from a combination of existing and new investors. It’s now raised a total of $661M since it started in 2008 and investors include Goldman Sachs, Principal Strategic Investments and Wipro Ventures among others. The new funding came, despite talk of a possible IPO last ...
Tags: Travel, TC, Europe, Microsoft, Finance, San Francisco, Unilever, Hsbc, Goldman Sachs, Computerworld, WeWork, Siemens, Financial Services, Copenhagen, DHL, Volvo


#Kuwait's Boubyan Bank starts marketing 5-yr dollar sukuk - Reuters

Kuwait's Boubyan Bank starts marketing 5-yr dollar sukuk - Reuters:Kuwait’s Boubyan Bank has started marketing five-year U.S. dollar-denominated sukuk, or Islamic bonds, at around 150 basis points (bps) over mid-swaps, a document showed.HSBC and Standard Chartered were hired as joint global coordinators for the deal. Bank ABC, Boubyan Capital, First Abu Dhabi Bank, Islamic Corporation for the Development of the Private Sector, KFH Capital, Kuwait International Bank and Warba Bank are also involv...
Tags: Travel, London, Hsbc, Standard Chartered, Dubai, Kuwait, Reuters, Rupert Neil Bumfrey, Boubyan Bank, Warba Bank, KFH Capital Kuwait International Bank


Riyad Bank hires banks for dollar sukuk issue - Reuters

Riyad Bank hires banks for dollar sukuk issue - Reuters:Saudi Arabia’s Riyad Bank has hired international and regional banks to arrange the potential issuance of dollar-denominated sukuk, it said in a stock exchange filing on Tuesday.The country’s fourth-largest bank has hired JPMorgan , Riyad Capital, Standard Chartered, First Abu Dhabi Bank and HSBC to lead the deal, the filing said.The tier 2 sukuk sale would be the first debt issuance under the bank’s programme to issue primary and secondary...
Tags: Travel, Saudi Arabia, Hsbc, Reuters, Riyad Bank, Rupert Neil Bumfrey



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