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House prices jump 21% as rich flock to #Dubai, but 2021 could be peak of current property cycle | ZAWYA MENA Edition

House prices jump 21% as rich flock to Dubai, but 2021 could be peak of current property cycle | ZAWYA MENA EditionHouse prices in Dubai jumped 21 percent this year thanks to the government's response in arresting the spread of COVID-19, which triggered interest in the property market from rich investors outside the emirate, according to a study by global property consultant Knight Frank.While developers are responding by pushing the envelope and bringing AED 10,000 per square foot homes to the ...
Tags: Travel, United Arab Emirates, Dubai, Uae, Mena, Rupert Neil Bumfrey, COVID


#Qatar QNB closes $1.96bln 3-year term loan facility | ZAWYA MENA Edition

Qatar QNB closes $1.96bln 3-year term loan facility | ZAWYA MENA EditionQatar's QNB Group has closed a 1.75 billion euros ($1.96 billion) three-year senior unsecured term. The banking group said in a Qatar Stock Exchange filing that the financing saw a large oversubscription and was well supported in syndication by a group of 31 participating banks.The loan syndication was arranged by Credit Agricole CIB, ING Bank, Intesa Sanpaolo, Societe Generale and UniCredit as underwriters and initial manda...
Tags: Travel, Mena, Societe Generale, UniCredit, Rupert Neil Bumfrey, Qatar Stock Exchange, QNB Group, Qatar QNB


Fitch places Qatari banks' ratings on negative watch | ZAWYA MENA Edition

Fitch places Qatari banks' ratings on negative watch | ZAWYA MENA EditionFitch Ratings has placed all Qatari banks on ratings watch list citing concerns over the sector's increasing reliance on external funding.The credit ratings agency placed all banks’ long-term issuer default ratings (IDRs) on rating watch negative (RWN) in October as they are the most dependent among the Gulf Cooperation Council banks on non-domestic funding.Their increasing reliance on external funding makes them more vulne...
Tags: Travel, Qatar, Mena, Gulf Cooperation Council, Fitch, Rupert Neil Bumfrey, IMF Qatar the world


Emaar Malls, Emaar Properties merger completed  | ZAWYA MENA Edition

Emaar Malls, Emaar Properties merger completed  | ZAWYA MENA EditionDubai-based developer Emaar Properties on Monday announced the completion of its merger with its retail arm, Emaar Malls. Shares of the operator of Dubai’s largest shopping centre, Dubai Mall, have also been delisted from the Dubai Financial Market (DFM) as of Sunday, November 21, 2021, less than a decade after they were floated on the market. With the merger, all the rights and obligations of Emaar Malls have now been transferr...
Tags: Travel, Dubai, Mena, Dubai Mall, Emaar Properties, Emaar, Dubai Financial Market DFM, Rupert Neil Bumfrey, Emaar Malls, DFM, Emaar Malls Emaar Properties


Mideast Stocks: #Dubai snaps four-day winning streak; #Saudi edges up | ZAWYA MENA Edition

Mideast Stocks: Dubai snaps four-day winning streak; Saudi edges up | ZAWYA MENA EditionMost major stock markets in the Gulf ended lower on Wednesday, with the Dubai index snapping four days of gains, although the Saudi bourse bucked the trend to edge higher.Dubai's main share index dropped 0.8%, ending a four-day winning streak, weighed down by a 1.9% fall in blue-chip developer Emaar Properties and a 5.1% slide in Dubai Financial Market (DFM).Investors moved to take their profits after the sha...
Tags: Travel, Saudi Arabia, Dubai, Abu Dhabi, Gulf, Mena, Emaar Properties, Al Arabiya TV, Amlak Finance, Rupert Neil Bumfrey, Industries Qatar, Gulf Egypt, Masraf Al Rayan, Saudi Civil Aviation Authority, Egypt Kuwait Holding, International Holding


#Saudi Telecom Co. to Invest $400 Million Expanding Data Centers - Bloomberg

Saudi Telecom Co. to Invest $400 Million Expanding Data Centers - Bloomberg Saudi Telecom Co., the biggest telecommunications company in the Middle East, will invest 1.5 billion riyals ($400 million) to build the largest cloud-enabled data center in the region as the oil rich-kingdom seeks to become a center for digitalization, according to a spokesman for the company.STC, as the firm is known, is implementing the third phase of its data-center program with a facility that has an allocated lan...
Tags: Travel, Middle East, Mena, Riyadh, STC, Rupert Neil Bumfrey, Saudi Telecom Co, Million Expanding Data Centers Bloomberg, Haithem Alfaraj


Middle Eastern Equities Rise With Banks Strengthening: Inside EM - Bloomberg

Middle Eastern Equities Rise With Banks Strengthening: Inside EM - Bloomberg Banks led gains across most Middle East stock markets with credit growth eyed across several markets. Equities in Saudi Arabia, Abu Dhabi, Kuwait, Qatar and Bahrain climbed, while shares in Dubai and Egypt slipped. MIDDLE EASTERN MARKETS:Saudi Arabia’s benchmark Tadawul All Share Index closes 0.8% upAl Rajhi Bank and Banque Saudi Fransi lead gainsThere is “immense” opportunity for Saudi banks over potential corporate ...
Tags: Travel, Saudi Arabia, Qatar, Bloomberg, Egypt, Middle East, Dubai, Bahrain, Kuwait, Mena, Bloomberg Intelligence, IHC, Qatar National Bank, Qatar Islamic Bank, Rupert Neil Bumfrey, National Bank of Kuwait


VIDEO: How did non-oil firms in top MENA economies perform in October? | ZAWYA MENA Edition

VIDEO: How did non-oil firms in top MENA economies perform in October? | ZAWYA MENA Edition [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Mena, Rupert Neil Bumfrey


#UAE, #Qatar, #Saudi lead MENA debt market activity totalling $90bln | ZAWYA MENA Edition

UAE, Qatar, Saudi lead MENA debt market activity totalling $90bln | ZAWYA MENA Edition Debt Capital Markets (DCM) in the MENA region totaled $90.9 billion during the first nine months of 2021, down 8 percent compared to the same period last year, according to Refinitiv. The UAE was the top nation in DCM activity, with $25.8 billion in related proceeds. Qatar came in second, with $20.1 billion in related proceeds followed, by Saudi Arabia, Egypt and Oman. Investment-grade corporate debt ...
Tags: Travel, Qatar, Uae, Mena, Saudi Aramco, Saudi Arabia Egypt, Rupert Neil Bumfrey, Qatar Petroleum Corp


IMF More Upbeat on Mideast Growth, Warns Against Uneven Recovery - Bloomberg

IMF More Upbeat on Mideast Growth, Warns Against Uneven Recovery - Bloomberg The International Monetary Fund has turned more optimistic on economic growth prospects in the Middle East and North Africa this year and next as an uneven recovery takes shape in the region. The Washington-based lender raised its economic growth projection for MENA to 4.1% this year from an earlier estimate of 4%. That’s mainly because of fast vaccine roll-outs in some parts of the region and financial measures take...
Tags: Travel, Asia, Washington, Bloomberg, Middle East, Imf, Mena, North Africa, Rupert Neil Bumfrey, Jihad Azour


#AbuDhabi's Azimut and Gellify launch $50mln VC fund for MENA start-ups | ZAWYA MENA Edition

Abu Dhabi's Azimut and Gellify launch $50mln VC fund for MENA start-ups | ZAWYA MENA Edition Azimut ME Limited, in partnership with innovation platform Gellify Middle East, is setting up a $50 million venture capital fund focused on business-to-business (B2B) start-ups in the MENA region.The Azimut Gellify Mena VC Fund will invest in seed-stage and market-phase start-ups, and those ready to scale up, the companies said on Monday.The Abu Dhabi-based Azimut is a subsidiary of European asset mana...
Tags: Travel, Europe, Abu Dhabi, Mena, Rupert Neil Bumfrey, Azimut, Gellify Middle East, Mena VC Fund, Massimo Cannizzo, Gellify


First nine months of 2021 show MENA M&A activity hitting $68.6bln: Refinitiv | ZAWYA MENA Edition

First nine months of 2021 show MENA M&A activity hitting $68.6bln: Refinitiv | ZAWYA MENA Edition Mergers and acquisitions (M&A) announced during the first nine months of 2021 with some degree of MENA involvement totaled $68.6 billion, a 17 percent increase from the same period last year and just $660 million short of the full-year total last year, according to global data provider, Refinitiv. M&A involving a MENA target reached $46.8 billion, up 2 percent compared to the same period last ...
Tags: Travel, US, Mena, Aramco, Rupert Neil Bumfrey, EIG Global Energy Partners, Aramco Oil Pipelines Company


#UAE economy to grow at 4.9% in 2022 - IIF | ZAWYA MENA Edition

UAE economy to grow at 4.9% in 2022 - IIF | ZAWYA MENA Edition The UAE economy is rebounding from its deepest downturn in decades as oil prices recover and the country’s accelerated vaccination policy has allowed a broad-based reopening of sectors.In a report on MENA economies, the Institute of International Finance (IIF) said it expects the real GDP growth to pick up to 2.2 percent in 2021 and 4.9 percent in 2022.In September the UAE Central Bank had forecast the economy will grow 2.1 percent...
Tags: Travel, Dubai, Uae, Mena, UAE Central Bank, Rupert Neil Bumfrey, Institute of International Finance IIF


#UAE, #Saudi Banks Well Positioned for Higher Rates - Bloomberg video

UAE, Saudi Banks Well Positioned for Higher Rates - Bloomberg Jaap Meijer, MD & Head of Equities Research, Arqaam Capital discusses his MENA-equities investment strategy, oil price fluctuations, and the UAE's net zero goal. (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Uae, Mena, Rupert Neil Bumfrey


The World Bank is More Upbeat on Mideast’s Post-Covid Recovery - Bloomberg

The World Bank is More Upbeat on Mideast’s Post-Covid Recovery - Bloomberg The World Bank has revised upward its economic growth projections for the Middle East and North Africa to 2.8% this year from an earlier estimate of 2.2%, as vaccine campaigns gather pace and pandemic restrictions ease. The Washington-based lender now calculates the total cost of the pandemic at around $200 billion in terms of gross domestic product losses, according to its latest regional economic review published on T...
Tags: Travel, Washington, Middle East, World Bank, Mena, North Africa, Mideast, Rupert Neil Bumfrey, Post Covid Recovery Bloomberg, Post Covid Recovery Bloomberg The World Bank, Roberta Gatti


Roomdex Partners With Cadd Emirates To Expand Global Reach

Santa Cruz, CA – September 30, 2021 – ROOMDEX, the leader in hotel upselling automation, is happy to announce a partnership with CADD Emirates. The partnership will focus on bringing ROOMDEX Upsell Automation to hotels across the MENA region. CADD Emirates will provide sales, local customer service and account management from its headquarters in UAE.
Tags: Travel, Mena, Santa Cruz CA, CADD Emirates


#AbuDhabi asset manager Al Dhabi Capital launches MENA-focused equities fund | Reuters

Abu Dhabi asset manager Al Dhabi Capital launches MENA-focused equities fund | Reuters Abu Dhabi-based asset manager Al Dhabi Capital (ADC) said on Thursday it has launched a Middle East and North Africa (MENA)-focused equities fund.The Al Dhabi Capital MENA Fund is seeded with $100 million from its United Arab Emirates-based parent company, Al Dhabi Investment.ADC, which manages over $600 million in public equities on behalf of institutional investors, said the new fund "follows a bottom-up s...
Tags: Travel, Middle East, United Arab Emirates, Abu Dhabi, Cayman Islands, Mena, North Africa, Reuters, Abu Dhabi Global Market, Reuters Abu Dhabi, Rupert Neil Bumfrey, Al Dhabi Capital, Al Dhabi Capital ADC, Al Dhabi Capital MENA Fund, Al Dhabi Investment ADC


Agility applies for licence to set up #Kuwait's first digital bank

Agility applies for licence to set up Kuwait's first digital bank Kuwait-based Agility, one of the largest logistics companies in the Mena region, has applied for a licence to establish a digital bank as it pivots towards digital banking services in response to changing customer behaviour.The move is part of the company's "ongoing focus on digital initiatives", vice chairman and chief executive Tarek Al Essa said on Tuesday in a statement to the Dubai Financial Market, where its shares are tra...
Tags: Travel, Fintech, Kuwait, Mena, Al Rai, Dubai Financial Market, Rupert Neil Bumfrey, Central Bank of Kuwait, Tarek Al Essa


MIDEAST STOCKS IHC boosts #AbuDhabi index; other markets little changed | Reuters

MIDEAST STOCKS IHC boosts Abu Dhabi index; other markets little changed | Reuters Major stock markets in the Gulf ended mixed on Monday, with the Abu Dhabi index outperforming the region as International Holding (IHC) continued its winning streak.Saudi Arabia's benchmark index (.TASI) added 0.1%, with Al Rajhi Bank (1120.SE) rising 0.5% and Riyad Bank (1010.SE) advancing 1.3%.On the other hand, oil giant Saudi Aramco (2222.SE) retreated 1%.Aramco is in advanced talks to acquire a roughly 2...
Tags: Travel, Saudi Arabia, Qatar, GCC, Abu Dhabi, Gulf, Mena, Reuters, Aramco, Bloomberg News, Adi, Reliance Industries Ltd, Reuters Major, Riyad Bank, IHC, Emaar


GCC economic recovery to accelerate in 2022 on oil income and private sector growth

GCC economic recovery to accelerate in 2022 on oil income and private sector growth The ongoing economic recovery of the Gulf region is expected to accelerate next year, with fiscal deficits narrowing, as oil income climbs and the number of Covid-19 infections fall amid wide-scale vaccination campaigns, according to the Institute of International Finance.Growth in the regional countries is forecast to at an average 1.7 per cent this year and 4.2 per cent in 2022, the IIF said.Hydrocarbon real ...
Tags: Travel, GCC, Gulf, Mena, IIF, Rupert Neil Bumfrey, Garbis Iradian, COVID, Institute of International Finance Growth, Samuel LaRussa


Oil and gas: MENA capital spending unlikely to reach pre-pandemic levels for years | ZAWYA MENA Edition

Oil and gas: MENA capital spending unlikely to reach pre-pandemic levels for years | ZAWYA MENA Edition Capital spending on oil and gas in the MENA region is set to rise, in line with the global recovery from COVID-19 and the unwinding of the OPEC+ deal, said Fitch Solutions in a report.However, it will be many years until capex can recover to its pre-pandemic highs.Few of the region’s national oil corporations report on capital expenditure (capex), but regional giant Saudi Aramco has indicate...
Tags: Travel, Saudi Arabia, Opec, Qatar, GCC, Mena, Saudi Aramco, UAE Kuwait, Rupert Neil Bumfrey, Fitch Solutions, COVID


#Saudi Wealth Fund Is Said to Hire Ex-HSBC Executive as Director - Bloomberg

Saudi Wealth Fund Is Said to Hire Ex-HSBC Executive as Director - Bloomberg Saudi Arabia’s wealth fund appointed Omar Jahidi as its director of investments in the Middle East and North Africa, according to people familiar with the matter, the latest in a string of appointments to help expand its reach. Jahidi, previously the director for investment banking advisory at HSBC Holdings Plc in Saudi Arabia, will be joining the Public Investment Fund in the coming weeks, the people said, asking not ...
Tags: Travel, Saudi Arabia, Softbank, Bloomberg, Hsbc, Middle East, Pif, Mena, North Africa, Mohammed bin Salman, Goldman Sachs Group Inc, Uber Technologies Inc, HSBC Holdings Plc, Rupert Neil Bumfrey, Public Investment Fund, Vision Fund


Finablr re-branded WizzFinancial, merged into leading payments group | Reuters

Finablr re-branded WizzFinancial, merged into leading payments group | Reuters The financial consortium that bought struggling payments company Finablr will rebrand it as WizzFinancial and merge it with a newly-purchased Bahraini company to create the largest money transfer group in the region, it said on Tuesday.Switzerland-headquartered Prism Group AG and Abu Dhabi's Royal Strategic Partners in December bought Abu Dhabi-headquartered payments company Finablr (FINF.L) for a nominal $1 after i...
Tags: Travel, Britain, GCC, United Arab Emirates, Switzerland, Abu Dhabi, Kuwait, Mena, Reuters, Bfc, Rupert Neil Bumfrey, Finablr, BR Shetty, Bahrain India, Guy Rothschild, Prism Group AG


Mena equity fund raising more than doubles in first half

Mena equity fund raising more than doubles in first half Adnoc Distribution's issue of new shares and convertible bonds were the main driver behind a doubling of equity capital market issuance in the Middle East and North Africa in the first half of 2021, according to Refinitiv data.The amount raised on the region’s capital markets increased 138 per cent to $2.1 billion, which was a three-year high, the financial data company's Mena Investment Banking Review showed. Issuance related to Abu Dha...
Tags: Travel, Saudi Arabia, Middle East, Abu Dhabi, Uae, Mena, North Africa, Tadawul, Abu Dhabi Securities Exchange, Rupert Neil Bumfrey, Abu Dhabi National Oil Company, Adnoc Distribution, Mena Investment Banking Review


Franklin Templeton's Eid on Tight Spreads in Fixed Income Markets - Bloomberg video

Sharif Eid, portfolio manager, Global Sukuk and MENA fixed income at Franklin Templeton discusses Saudi Arabia's surplus oil revenue and the impact of higher oil prices on sovereign debt. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Bloomberg, Mena, Rupert Neil Bumfrey, Franklin Templeton, Bloomberg Daybreak, Yousef Gamal El Din, Sharif Eid


VC funding soars across MENA amidst pandemic recovery | ZAWYA MENA Edition

VC funding soars across MENA amidst pandemic recovery | ZAWYA MENA Edition Venture capital funding in the MENA has soared year-on-year as the region recovers from the COVID-19 pandemic.MAGNiTT’s H1 2021 Middle East and North African (MENA) Venture Report showed a huge increase in the first half of the year compared with 2020, when funding activity was suppressed by the pandemic.In Turkey, funding reached $1.46 billion, increasing 858 percent, compared with the first half of 2020, across 124 tr...
Tags: Travel, Saudi Arabia, Turkey, Pakistan, Middle East, Uae, Mena, UAE Egypt, Rupert Neil Bumfrey, MENA Edition Venture, MENA Venture Report


Spotify Rival’s Nasdaq Listing May Herald Mideast SPAC Boom - Bloomberg

Spotify Rival’s Nasdaq Listing May Herald Mideast SPAC Boom - Bloomberg Spotify Technology SA rival Anghami’s listing via a merger with a blank-check company has triggered a flurry of interest from Middle-Eastern firms exploring similar deals in a region where they are a rarity.Anghami had announced plans to merge with special purpose acquisition vehicle Vistas Media Acquisition Company Inc. in March. Since then, Vistas says it has got “an overwhelming response” from venture capital, private e...
Tags: Travel, Singapore, Bloomberg, Dubai, Financial Times, Mena, SPAC, JPMorgan Chase Co, Gupta, Rupert Neil Bumfrey, Abhayanand Singh, Anghami, Shuaa Capital PSC, Mubadala Investment Co, Saurabh Gupta, Vistas


Why cybercrime continues to provide a prime threat to businesses in MENA region - Arabianbusiness

Why cybercrime continues to provide a prime threat to businesses in MENA region - Arabianbusiness Amazon Prime Day may have provided an opportunity for bargain hunters across the region to take advantage of discounted deals, but the two-day promotion also opened up another avenue for cyber-criminals to wreak their havoc.Cyber criminals established malicious domains in the month leading up to Amazon Prime Day, a Point Software study found, with 46 percent of new domains including the word Amazo...
Tags: Travel, Amazon, Morgan Stanley, Mena, Rupert Neil Bumfrey, Collinson, Steven Cunnington


Tabby Buy Now Pay Later #Dubai Fintech Gets Debt Financing for Expansion - Bloomberg

A Dubai-based buy-now, pay-later company secured one of the largest debt facilities for a fintech startup in the Middle East and North Africa.Underscoring the growing interest from international investors in the regional fintech sector, Silicon Valley-based Partners for Growth will provide $50 million in debt financing to tabby to help expand its business. The size of the facility may increase as the company becomes larger over time, according to a statement. “tabby is one of the faste...
Tags: Travel, Hong Kong, Australia, San Francisco, Adidas, Bloomberg, Middle East, Dubai, Ikea, Silicon Valley, Arbor Ventures, Tamara, Mena, North Africa, Rupert Neil Bumfrey, Hambrecht Quist


#Saudi Public Investment Fund bolsters MENA investments division | ZAWYA MENA Edition

Saudi Public Investment Fund bolsters MENA investments division | ZAWYA MENA Edition The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, on Sunday said it has appointed Eyas al-Dossari and Omar al-Madhi as senior directors to its MENA investments division.PIF, which manages $430 billion, has also appointed Abdullah Shaker as senior director to its global capital finance division.PIF earlier this month expanded its local holdings investments division to become the MENA inves...
Tags: Travel, Saudi Arabia, Goldman Sachs, Pif, Mena, Saudi Aramco, Madhi, Rupert Neil Bumfrey, Saudi Public Investment Fund, Dossari, Omar al Madhi, Abdullah Shaker



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