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#Saudi Non-Oil Economy Grows for First Time Since Pandemic - Bloomberg

Saudi Non-Oil Economy Grows for First Time Since Pandemic - Bloomberg Saudi Arabia’s non-oil economy -- the engine of job creation -- grew in the first quarter for the first time since the pandemic hit, even as the overall economy was dragged into contraction by oil production cuts.The non-oil sector grew 3.3% from a year earlier, according to a preliminary estimates released on Monday by the kingdom’s General Authority for Statistics. The oil sector shrank 12%, the most in at least a decade a...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, International Monetary Fund, General Authority, Rupert Neil Bumfrey, Pandemic Bloomberg


#Qatar finance minister arrested over alleged embezzlement -statement | Reuters

Qatar finance minister arrested over alleged embezzlement -statement | Reuters Qatar Finance Minister Ali Sherif al-Emadi was arrested for questioning over allegations of embezzlement, abuse of power and crimes related to the public sector, a statement carried by state news agency QNA said on Thursday. FILE PHOTO: Qatar's Minister of Finance Ali Sherif Al Emadi speaks at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall An investigation is un...
Tags: Travel, Qatar, Middle East, Qatar Investment Authority, International Monetary Fund, Gulf, Reuters, Emadi, Gulf Arab, London Britain, Qatar National Bank, Rupert Neil Bumfrey, QNA, Ali Sherif al Emadi, Reuters Qatar Finance, Qatar UK Business and Investment Forum


#SaudiArabia could ease fiscal adjustment to help recovery, IMF says | Reuters

Saudi Arabia could ease fiscal adjustment to help recovery, IMF says | Reuters Saudi Arabia's plans to balance its finances are making good progress but a slower pace of adjustment could be considered this year to support the recovery from the coronavirus crisis, the International Monetary Fund said on Monday.Saudi Arabia's economy, the largest in the Arab world, is expected to grow 2.1% in 2021 after shrinking 4.1% last year amid the twin shock of the pandemic and lower oil prices, the IMF sa...
Tags: Travel, Saudi Arabia, Opec, International Monetary Fund, Imf, Reuters, Reuters Saudi Arabia, Rupert Neil Bumfrey


IMF Sees #Saudi Non-Oil Growth Rebounding as Economy Recovers - Bloomberg

IMF Sees Saudi Non-Oil Growth Rebounding as Economy Recovers - Bloomberg The International Monetary Fund expects Saudi Arabia’s economic recovery to gather speed over the next two years but recommended increasing spending to support low-income households that have struggled to adapt to austerity measures.The fund expects the biggest Arab economy to grow 2.1% this year -- revised down from a recent projection of 2.9% -- gathering speed to reach 4.8% growth in 2022, according to a statement issu...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Imf, Rupert Neil Bumfrey, Mohammed al Jadaan, Economy Recovers Bloomberg


#SaudiArabia Names Former Aramco Dealmaker as Economy Minister - Bloomberg

Saudi Arabia Names Former Aramco Dealmaker as Economy Minister - Bloomberg Saudi Arabia appointed a former deal-maker for oil giant Saudi Aramco as economy and planning minister, as officials try to rally the biggest Arab economy from the dual shock of the coronavirus pandemic and last year’s oil price rout.The new minister, Faisal Alibrahim, was named Monday in a series of royal orders. He had been vice minister of economy and planning since 2018, and was formerly head of a mergers and acquis...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Mohammed, Saudi Aramco, Salman bin Abdulaziz, Rupert Neil Bumfrey, Prince Mohammed, Bloomberg Saudi Arabia, PrinceMohammed bin Salman, Aramco Dealmaker, Faisal Alibrahim, Alibrahim, Eiman Al Mutairi, Prince Sultan bin Salman


#UAE’s Non-Oil Economy Contracted First Since 2011 Last Year - Bloomberg

UAE’s Non-Oil Economy Contracted First Since 2011 Last Year - Bloomberg The United Arab Emirates’ non-oil economy shrank 6.2% last year on lower oil prices and the coronavirus pandemic, the first contraction since 2011 at least, according to preliminary government data.Overall gross domestic product in the Arab world’s second-largest economy is estimated to have contracted 6.1% in 2020, according to data cited in a statement by the Ministry of Economy. That’s slightly more than initial project...
Tags: Travel, Bloomberg, United Arab Emirates, International Monetary Fund, Uae, Ministry of Economy, Rupert Neil Bumfrey, Abdulla Bin Touq Al Marri, Ministry of Economy That


#Dubai's Emirates NBD quarterly profit rises as economy rebounds | Reuters

Dubai's Emirates NBD quarterly profit rises as economy rebounds | ReutersEmirates NBD, Dubai’s biggest lender, on Tuesday posted a 12% rise in first-quarter net profit, citing improving economic conditions from the COVID-19 pandemic fallout and a sharp drop in impairments.The International Monetary Fund expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast earlier this month.The bank reported a net profit of 2.32...
Tags: Travel, Saudi Arabia, Turkey, Dubai, International Monetary Fund, Mecca, Uae, Imf, Medina, Gulf, Reuters, Emirates NBD, Rupert Neil Bumfrey, Hesham Abdulla Al Qassim, Denizbank, ReutersEmirates NBD Dubai


Financials drag major Gulf markets lower | Reuters

Financials drag major Gulf markets lower | ReutersMajor stock markets in the Gulf ended lower on Tuesday, as financial shares dropped after the International Monetary Fund warned of rising debt risks in the coronavirus-hit Middle East.The IMF said on Sunday that countries in the Middle East and Central Asia need to curb their financing requirements, as a surge in government debt, exacerbated by the pandemic, threatens recovery prospects.Lower demand and a slump in commodity prices eroded state f...
Tags: Travel, Saudi Arabia, Qatar, Middle East, United Arab Emirates, Dubai, International Monetary Fund, Abu Dhabi, Imf, Gulf, North Africa, Reuters, Central Asia, Emirates NBD, Qatar Islamic Bank, Rupert Neil Bumfrey


Most Gulf markets ease in early trade | Reuters

Most Gulf markets ease in early trade | ReutersMost stock markets in the Gulf fell in early trade on Tuesday, pressured by losses in their banking shares as the International Monetary Fund warns on rising debt risks in virus-hit Middle East.The IMF said on Sunday countries in the Middle East and Central Asia need to curb their financing requirements, as a surge in government debt, exacerbated by the pandemic, threatens recovery prospects.Lower demand and a slump in commodity prices eroded state ...
Tags: Travel, Saudi Arabia, Qatar, Middle East, United Arab Emirates, Dubai, International Monetary Fund, Imf, Gulf, North Africa, Reuters, Central Asia, Rupert Neil Bumfrey, Abu Dhabi Islamic Bank, Al Rajhi Bank, First Abu Dhabi Bank


Most major Gulf markets gain as financials rise | Reuters

Most major Gulf markets gain as financials rise | ReutersMost major stock markets in the Gulf rose in early trade on Monday, supported by gains in their financial stocks, although Saudi bucked the trend to trade lower.The benchmark index in Saudi Arabia, the largest Arab economy, fell 0.9%, with Saudi National Bank, the kingdom’s top lender, declining 2%, while Banque Saudi Fransi retreated 3.2%.The International Monetary Fund said on Sunday countries in the Middle East and Central Asia need to ...
Tags: Travel, Saudi Arabia, Qatar, Middle East, Dubai, International Monetary Fund, Gulf, North Africa, Reuters, Central Asia, Etisalat, QNB, Rupert Neil Bumfrey, Banque Saudi Fransi, First Abu Dhabi Bank, Emirates NBD Bank


Mideast Two-Year Financing Needs Rise to $919 Billion, IMF Says - Bloomberg

Mideast Two-Year Financing Needs Rise to $919 Billion, IMF Says - BloombergFinancing needs in the Middle East and North Africa are expected to reach $919 billion for this year and next as the region seeks to recover from the coronavirus pandemic, according to the International Monetary Fund.In an updated outlook published Sunday, it said public-financing requirements were likely to remain above 15% of gross domestic product in most parts of the region through the end of 2022.The global lender re...
Tags: Travel, Bloomberg, Middle East, International Monetary Fund, Imf, Mena, North Africa, Rupert Neil Bumfrey


Most Middle East markets fall; #Dubai gains over 1% | Reuters

Most Middle East markets fall; Dubai gains over 1% | ReutersMost Gulf stock markets were down on Thursday, with Saudi Arabia’s benchmark index nearly flat, but Dubai index rose over 1%.Crude prices fell after official data showed a big jump in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise. [O/R]Gains in the financial sector in Saudi Arabia were offset by losses in industrials and materials, with the inde...
Tags: Travel, Saudi Arabia, Middle East, Dubai, International Monetary Fund, Abu Dhabi, Gulf, Reuters, Emaar Properties, Rupert Neil Bumfrey, Al Rajhi Bank, First Abu Dhabi Bank, Emirates NBD Bank, ReutersMost Gulf, Saudi Cement, Dubai Bank Emaar Development


#UAE Appoints Veteran Al Tameemi as Central Bank Governor - Bloomberg

UAE Appoints Veteran Al Tameemi as Central Bank Governor - BloombergThe United Arab Emirates appointed financial services veteran Khaled Mohammed Al Tameemi as the Gulf nation’s central bank governor as it plots a way out of the pandemic-driven economic downturn.Al Tameemi, who has worked in banking and financial services for more than three decades, previously held the central bank’s vice chairman post. He was previously a board member at the General Pension and Social Security Authority, and a...
Tags: Travel, Wam, United Arab Emirates, International Monetary Fund, Uae, Gulf, Central Bank, U S Federal Reserve, Arab Gulf, Rupert Neil Bumfrey, BloombergThe, Abu Dhabi Investment Council, Abdulhamid Saeed Alahmadi, Al Tameemi, Central Bank Governor Bloomberg, Khaled Mohammed Al Tameemi


#Qatar's economy shrinks 3.9% in fourth quarter of 2020 | Reuters

Qatar's economy shrinks 3.9% in fourth quarter of 2020 | ReutersQatar’s economy contracted by 3.9% in the fourth quarter of 2020, government data showed, with transportation and storage activity plummeting 32.8% and construction down nearly 5%.Gross domestic product, based on constant prices, also fell on a quarterly basis, decreasing by 0.5% in the fourth quarter, the Planning and Statistics Authority said in a statement.GDP shrank 4.5% in the third quarter on annual basis but grew 5.6% compare...
Tags: Travel, Qatar, International Monetary Fund, Reuters, Rupert Neil Bumfrey, Statistics Authority


Why GCC economic recovery will be slow until 2023 | Special-reports – Gulf News

Why GCC economic recovery will be slow until 2023 | Special-reports – Gulf News The Gulf economies suffered in 2020. That’s true for the rest of the world too. How soon will the Gulf countries recover from the recession wrought by the perfect storm of the COVID-19 outbreak, sustained low oil prices and geopolitical challenges? This is the first of a four-part series on the health of the Gulf economy. What’s IMF's 2021 outlook? Sound policies and robust reserves are keeping GCC economi...
Tags: Travel, Saudi Arabia, GCC, International Monetary Fund, Uae, Imf, Gulf, World Economic Outlook, Rupert Neil Bumfrey, Gulf News The Gulf, Saudi Arabia GCC


Coronavirus News: #Dubai Bets on #UAE Vaccine Drive to Keep Economy Open - Bloomberg

Coronavirus News: Dubai Bets on UAE Vaccine Drive to Keep Economy Open - Bloomberg As other wealthy nations tightened Covid-19 restrictions over the winter, Dubai decided to take a risk, gradually reopening its economy while embarking on one of the world’s most extensive vaccination drives.How the Middle East’s business and travel hub fares could become a test case for other global cities as they weigh a return to normality. Economically, Dubai is already reaping some benefits. A gauge tracking ...
Tags: Travel, Middle East, United Arab Emirates, Dubai, International Monetary Fund, Rupert Neil Bumfrey


Race between vaccines and virus to shape uneven Middle East recovery - IMF | Reuters

Race between vaccines and virus to shape uneven Middle East recovery - IMF | Reuters The Middle East will see an uneven economic recovery from the COVID-19 pandemic, an International Monetary Fund official said, as countries move at different speeds to secure vaccines and fiscal policy responses differ across the region.Oil-rich Gulf Cooperation Council countries have secured bilateral agreements with several vaccine providers, but fragile and conflict-afflicted states with limited healthcare ca...
Tags: Travel, Middle East, World Health Organization, International Monetary Fund, Imf, Reuters, Gulf Cooperation Council, Rupert Neil Bumfrey, Central Asia Department, Jihad Azour


MIDEAST STOCKS-Lender FAB buoys #AbuDhabi as major Gulf markets rise | Nasdaq

MIDEAST STOCKS-Lender FAB buoys Abu Dhabi as major Gulf markets rise | Nasdaq Major stock markets in the Gulf traded higher on Wednesday, with the Abu Dhabi index leading the gains, boosted by top lender First Abu Dhabi Bank.In Abu Dhabi, the index .ADI advanced 1.1%, buoyed by a 1.5% gain in First Abu Dhabi Bank (FAB) FAB.AD and a 3.5% jump in Aldar Properties ALDAR.AD.FAB, the United Arab Emirates' largest lender, posted a net profit of 10.6 billion dirhams ($2.89 billion) in the year ended De...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, International Monetary Fund, Abu Dhabi, Gulf, Emirates NBD, Commercial Bank, Tasi, Rupert Neil Bumfrey, Abudhabi, Al Rajhi Bank, First Abu Dhabi Bank, Dubai Islamic Bank DISB


Bahrain Plans to Sell Dollar Bonds to Plug Budget Deficit - Bloomberg

Bahrain Plans to Sell Dollar Bonds to Plug Budget Deficit - Bloomberg Bahrain started marketing a three-tranche dollar bond to help plug one of the widest deficits in the region.The Gulf Arab kingdom is selling benchmark-size seven-year debt, 12-year securities and/or notes maturing in 30 years, according to a person familiar with the matter, who’s not authorized to speak publicly and asked not to be identified. Benchmark typically means the equivalent of at least $500 million.Despite a $10 bill...
Tags: Travel, Bloomberg, Dubai, International Monetary Fund, Bahrain, Rupert Neil Bumfrey, Arqaam Capital, Abdul Kadir Hussain, Plug Budget Deficit Bloomberg Bahrain


#Saudi gets a partial brand detox with #Qatar thaw – Breakingviews

Saudi gets a partial brand detox with Qatar thaw – Breakingviews Mohammed bin Salman has done himself a favour. Nearly four years after Saudi Arabia’s crown prince led the United Arab Emirates, Bahrain and Egypt to blockade Qatar, the two sides have buried the hatchet. It pushes the kingdom towards a timely brand detox.The quartet’s June 2017 gambit was certainly aggressive. Emboldened by U.S. President Donald Trump’s support, MbS and friends cut Qatar’s air and trade routes. Doha’s imports prom...
Tags: Travel, Saudi Arabia, Russia, Qatar, Turkey, Iran, Egypt, Dubai, Oman, International Monetary Fund, Biden, Yemen, Donald Trump, Muslim Brotherhood, Doha, Trump


#UAE stocks rise, #Dubai outperforms on first trading day of 2021 | Reuters

UAE stocks rise, Dubai outperforms on first trading day of 2021 | Reuters Stock markets in the United Arab Emirates rose in early trade on Sunday, starting 2021 on a positive note in line with the country’s economic forecast and eclipsing a recent record jump in COVID-19 cases.The International Monetary Fund expects the country’s economy to swing back to growth of 1.3% this year from a 6.6% contraction in 2020.The UAE recorded its fourth straight record number of daily coronavirus cases since th...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, International Monetary Fund, Abu Dhabi, Bahrain, Doha, Uae, Reuters, Emirates NBD, Reuters Stock, Gulf Cooperation Council GCC, Mathew, Emaar Properties


IMF Sees #Qatar’s Economy Return to Growth, Wider Deficit in 2021 - Bloomberg

IMF Sees Qatar’s Economy Return to Growth, Wider Deficit in 2021 - Bloomberg Growing natural gas production and a rebound in domestic demand will help Qatar return to economic growth next year, according to the International Monetary Fund’s latest assessment of the country’s financial health.Gross domestic product will grow 2.7% in 2021 following a contraction of 2.5% this year, the IMF said in a statement following virtual meetings held with Qatari officials Dec. 6-14. It added that risks to th...
Tags: Travel, Qatar, Bloomberg, International Monetary Fund, Imf, Rupert Neil Bumfrey, Bloomberg Growing


#UAE Looks to Domestic Tourism, Desert Winter to Boost Revenue - Bloomberg

UAE Looks to Domestic Tourism, Desert Winter to Boost Revenue - Bloomberg The United Arab Emirates started a campaign to encourage local tourism and promote its desert winters, as it looks to recover from the impact of the pandemic.“The Most Beautiful Winter in the World” program is part of an effort to double domestic tourism’s 41 billion dirhams ($11 billion) contribution to the economy, Vice President and Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum said in a tweet Saturday.The UAE, w...
Tags: Travel, China, United Arab Emirates, International Monetary Fund, Uae, Gulf, Mohammed bin Rashid Al Maktoum, Rupert Neil Bumfrey, UAE Looks, Boost Revenue Bloomberg


Aramco Said to Tap Moelis to Raise Billions From Asset Sales - Bloomberg

Aramco Said to Tap Moelis to Raise Billions From Asset Sales - Bloomberg Saudi Arabia is looking to emulate neighboring Abu Dhabi by using its state energy firm to raise billions of dollars from investors, as the kingdom seeks cash to counter a severe recession.Saudi Aramco, the world’s biggest oil company, has hired Moelis & Co. to devise a strategy for selling stakes in some subsidiaries, according to people familiar with the matter. The plan includes raising around $10 billion from a stake sa...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Abu Dhabi, Aramco, Moelis, Moelis Co, Aramco Said, Rupert Neil Bumfrey, Saudi Aramco the world, Tap Moelis, Asset Sales Bloomberg Saudi Arabia


Top #AbuDhabi Islamic Bank Is Undeterred by Damage From Pandemic - Bloomberg

Top Abu Dhabi Islamic Bank Is Undeterred by Damage From Pandemic - Bloomberg The biggest Islamic bank in Abu Dhabi is striking an upbeat tone despite emerging from the global pandemic with one of the highest shares of bad loans among its peers.Abu Dhabi Islamic Bank PJSC came out “fairly undamaged” from a program of loan deferrals rolled out as part of the UAE central bank’s relief effort during the outbreak, according to Mohamed Abdel Bary, the lender’s group chief financial officer. Known as A...
Tags: Travel, International Monetary Fund, Abu Dhabi, Uae, Bloomberg Intelligence, Rupert Neil Bumfrey, Abu Dhabi Islamic Bank, ADIB, Abu Dhabi Islamic Bank PJSC, AbuDhabi Islamic Bank, Damage From Pandemic Bloomberg, Mohamed Abdel Bary, Known as ADIB


#Qatar Emir sees first half 2020 deficit at 1.5 billion riyals | Reuters

Qatar Emir sees first half 2020 deficit at 1.5 billion riyals | Reuters Early indications for Qatar’s first half deficit put the figure at 1.5 billion riyals ($412 million), much better than expectations, Qatar’s Emir said on Tuesday.The gas-rich Gulf state is expected to see its economy shrink by 4.5% this year, the International Monetary Fund has predicted, amid lower energy prices and the coronavirus crisis.That would be the smallest contraction among countries in the oil-producing Gulf, acco...
Tags: Travel, Qatar, International Monetary Fund, Gulf, Reuters, Tamim Bin Hamad Al Thani, Emir, Rupert Neil Bumfrey, Reuters Early, IMF Qatar


#Oman to Implement Unprecedented Measures to Curb Budget Deficit - Bloomberg

Oman to Implement Unprecedented Measures to Curb Budget Deficit - Bloomberg Cash-strapped Oman plans to take a step unheard of in the Persian Gulf region: It’s going to start taxing the income of wealthy individuals beginning in 2022, as part of a broader program to tackle a budget deficit that’s ballooned due to low oil prices and the coronavirus pandemic.By reducing government spending while spurring investments, the plan is projected to bring the budget deficit -- estimated to reach nearly 1...
Tags: Travel, Oman, International Monetary Fund, Persian Gulf, Ministry Of Finance, Rupert Neil Bumfrey, Bloomberg Economics, Ziad Daoud, Curb Budget Deficit Bloomberg, Curb Budget Deficit Bloomberg Cash


National Bank of #Kuwait's third-quarter net profit drops 38% on bad debt provisioning | Reuters

National Bank of Kuwait's third-quarter net profit drops 38% on bad debt provisioning | Reuters: National Bank of Kuwait NBKK.KW, the country's biggest lender, on Monday reported a 38% drop in third-quarter net profit, hit by higher provisioning for bad debt and the slowdown caused by the coronavirus pandemic.NBK’s posted a net profit of 57.6 million dinar ($188.54 million) for the period ended September 30, down from 93.1 million dinars in the same period a year earlier.The International Moneta...
Tags: Travel, International Monetary Fund, Kuwait, Reuters, Rupert Neil Bumfrey, National Bank of Kuwait, NBK, National Bank of Kuwait NBKK


#Dubai Plans $136 Million in Support for Virus-Hit Businesses - Bloomberg

Dubai Plans $136 Million in Support for Virus-Hit Businesses - BloombergDubai plans to offer 500 million dirhams ($136 million) of aid for businesses hit by the coronavirus crisis, Crown Prince Hamdan Bin Mohammed said on Twitter on Saturday.The package, which will consist of rent breaks and the elimination of government fees and fines for some businesses, will bring total government support to 6.8 billion dirhams, according to the prince.The emirate is known as the business hub of the Middle Ea...
Tags: Travel, Bloomberg, Middle East, United Arab Emirates, Dubai, International Monetary Fund, Rupert Neil Bumfrey, Hamdan bin Mohammed, COVID, BloombergDubai


COVID-19 may inflict a decade of economic pain to Mideast, Central Asia, IMF says | Reuters

COVID-19 may inflict a decade of economic pain to Mideast, Central Asia, IMF says | Reuters:  It might take countries in the Middle East and Central Asia a decade to return to the economic growth seen before the coronavirus crisis, the International Monetary Fund said, as long-standing regional vulnerabilities weigh on their recovery. Lack of diversification among oil-exporting countries and the reliance of oil importers on sectors like tourism, as well as their dependence on remittances, are l...
Tags: Travel, Middle East, International Monetary Fund, Kazakhstan, Imf, Mauritania, Reuters, Central Asia, Rupert Neil Bumfrey, Mideast Central Asia



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