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#Saudi Stock Euphoria Is Unwinding as the End of Catalyst Nears - Bloomberg

Saudi Stock Euphoria Is Unwinding as the End of Catalyst Nears - Bloomberg:This week could mark the beginning of the end for the biggest equities play in Middle Eastern markets: the upgrade of Saudi Arabia to emerging-markets gauges.As index compiler MSCI Inc. starts adding Saudi stocks to its EM benchmark as of the close of May 28, passive flows are expected to flock to Riyadh. But many active traders are already focusing on expensive valuations, falling earnings estimates and geopolitics.The m...


Mideast Stocks - #Saudi index falls on profit taking, other markets mixed | ZAWYA MENA Edition

Mideast Stocks - Saudi index falls on profit taking, other markets mixed | ZAWYA MENA Edition:The Saudi market slipped early on Sunday, while other Gulf markets were mixed, as investors monitored geopolitical tensions in the region and some liquidated positions ahead of a long public holiday next week.Saudi Arabia's King Salman will host two emergency summits on May 30 for Gulf and Arab leaders to discuss the implications of attacks against the kingdom and neighbouring United Arab Emirates earli...


#SaudiArabia Seeks Private Money to Transform Red Sea Beaches - Bloomberg

Saudi Arabia Seeks Private Money to Transform Red Sea Beaches - Bloomberg:Saudi Arabia is seeking private sector investment to turn an archipelago, desert and mountains -- an area about the size of Belgium -- on its Red Sea coast into a global tourism destination.The oil-rich kingdom’s sovereign wealth fund has committed financing for the project’s first phase, while the Red Sea Development Co. is in talks with banks to raise debt, according to the head of the firm managing the process. The proj...
Tags: Travel, Saudi Arabia, Belgium, Riyadh, Red Sea, Rupert Neil Bumfrey, John Pagano, Public Investment Fund, Red Sea Development Co, Red Sea Development, Red Sea Beaches Bloomberg


Appetite for #SaudiArabia tested by latest jumbo loan - Reuters

Appetite for Saudi Arabia tested by latest jumbo loan - Reuters:Saudi Arabia’s Public Investment Fund (PIF) has attracted only tepid interest in plans for its latest multibillion-dollar debt sale, banking sources say, suggesting the kingdom is losing its appeal for some lenders.International banks have flocked to join the efforts of the the Middle East’s largest economy to reduce its reliance on oil and have continued to seek Saudi business despite Riyadh’s relations with Western allies being te...
Tags: Travel, Saudi Arabia, Middle East, Reuters, Riyadh, Rupert Neil Bumfrey, Public Investment Fund PIF, Jamal Khashoggi


#SaudiArabia says it seeks to avert war, ball in #Iran's court - Reuters

Saudi Arabia says it seeks to avert war, ball in Iran's court - Reuters:Saudi Arabia said on Sunday that it wants to avert war in the region but stands ready to respond with “all strength” following last week’s attacks on Saudi oil assets, telling Iran that the ball was now in its court.Riyadh has accused Tehran of ordering Tuesday’s drone strikes on two oil pumping stations in the kingdom, claimed by Yemen’s Iran-aligned Houthi group. Two days earlier, four vessels, including two Saudi oil tank...
Tags: Travel, Washington, Saudi Arabia, Iran, Tehran, Yemen, Reuters, Riyadh, Islamic Republic, Rupert Neil Bumfrey, Saudiarabia, United Arab Emirates Iran


Citigroup to Expand #Saudi Arabian Teams on MSCI Trading Bet - Bloomberg

Citigroup to Expand Saudi Arabian Teams on MSCI Trading Bet - Bloomberg:Citigroup Inc. plans to hire about five more bankers in Saudi Arabia as it prepares for an expected increase in foreign investment in the kingdom’s stock exchange. The lender is expanding its team in Riyadh after getting regulatory approval last month to start cash-equities trading and custody services, Chief Country Officer Carmen Haddad said in an interview. MSCI Inc.’s move to include Saudi stocks in emerging-market index...
Tags: Travel, Saudi Arabia, Citigroup, Riyadh, Citigroup Inc, Haddad, Rupert Neil Bumfrey, MSCI Inc, Carmen Haddad, MSCI Trading Bet Bloomberg


MIDEAST STOCKS- #Saudi market edges higher in choppy trade after drone attacks - Reuters

MIDEAST STOCKS-Saudi market edges higher in choppy trade after drone attacks - Reuters:Saudi Arabia's stock market was choppy on Tuesday afteran announcement by the government on armed drones attacking oil pumping stationsin Riyadh wiped out early gains.Saudi stocks nudged higher, then went into reverse and closed upjust 0.1 percent. The index fell as much as 2.1% after Saudi Arabia said droneshad struck oil pumping stations two days after Saudi oil tankers were sabotagedoff the coast of the Uni...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Rupert Neil Bumfrey, United Arab Emirates Shares


All countries must stop sabre-rattling in the Gulf | Financial Times

All countries must stop sabre-rattling in the Gulf | Financial Times:An attack on Saudi oil tankers in the Gulf would be a matter of serious concern at any time. But coming just at the moment when the Trump administration and Iran have been ramping up their rhetoric against each other, Riyadh’s claim that two of its vessels were targeted by “sabotage” that caused “significant damage” underlines the risk of a dangerous escalation in the region.Saudi Arabia said the tankers were attacked on Sunday...
Tags: Travel, Saudi Arabia, Iran, United Arab Emirates, Tehran, Donald Trump, Uae, Gulf, Trump, Riyadh, Rupert Neil Bumfrey


MIDEAST STOCKS- #SaudiArabia rebounds following deep sell-off, FAB weighs on #AbuDhabi - Reuters

MIDEAST STOCKS-Saudi Arabia rebounds following deep sell-off, FAB weighs on Abu Dhabi - Reuters:Saudi Arabia’s stock index rose on Tuesday, rebounding after a sell-off triggered by news of oil tankers being attacked off the coast of the United Arab Emirates, while Abu Dhabi dropped to its worst day in more than three years, pressured by First Abu Dhabi Bank.Saudi Arabia’s stock market edged 1.5% higher a day after its shares fell nearly 3.6% after Riyadh said two of its oil tankers were among th...
Tags: Travel, Saudi Arabia, United Arab Emirates, Abu Dhabi, Riyadh, MSCI, ABU DHABI Reuters, Rupert Neil Bumfrey, First Abu Dhabi Bank Saudi Arabia, AbuDhabi Reuters


MIDEAST STOCKS-Trade tensions, tanker attacks darken mood in Gulf markets - Reuters

MIDEAST STOCKS-Trade tensions, tanker attacks darken mood in Gulf markets - Reuters:Dubai and Abu Dhabi stock markets suffered their biggestsingle-day decline in years on Monday after several commercial ships wereattacked off the coast of the United Arab Emirates.Saudi shares had their worst day since mid-October after Riyadh said two ofits oil tankers were among the vessels hit in the attacks.Saudi Arabia's index declined 3.6%, with Al Rajhi Bankdropping 4.6% and petrochemical group Saudi Basic...
Tags: Travel, Saudi Arabia, Dubai, Abu Dhabi, Gulf, Reuters, Riyadh, Rupert Neil Bumfrey, Saudi Basic Industries, United Arab Emirates Saudi, Al Rajhi Bankdropping


Feel-good factor suggests #Saudi economy has turned corner | Arab News

Feel-good factor suggests Saudi economy has turned corner | Arab News:Just how real is Saudi Arabia’s economic recovery? At the Financial Sector Conference in Riyadh a few weeks back, there was lots of optimism in the air, some positive news on the government budget, and some anecdotal evidence that a corner has been turned.The budget surplus in the first quarter this year was the first since 2014, and though it turned out that factored in a big dividend payment from Saudi Aramco, there was stil...
Tags: Travel, Saudi Arabia, Kingdom, Riyadh, Aramco, Saudi Aramco, Rupert Neil Bumfrey


Most Mideast Stocks Fall With Trade Tension Spreading: Inside EM - Bloomberg

Most Mideast Stocks Fall With Trade Tension Spreading: Inside EM - Bloomberg:Most stock markets in the Middle East retreated on Sunday as investors see more volatility spilling over from trade talks between the U.S. and China.President Donald Trump said in a tweet on Sunday it would be wise for China to “act now” to finish a trade deal with the U.S., warning that “far worse” terms would be on offer for them after what he predicted would be his certain re-election in 2020.The main equity indexes ...
Tags: Travel, Saudi Arabia, China, Bloomberg, Middle East, Donald Trump, Kuwait, Riyadh, Rupert Neil Bumfrey


Heatmap Shows #Saudi Economy Humming at Pre-Purge Clip: Graphic - Bloomberg

Heatmap Shows Saudi Economy Humming at Pre-Purge Clip: Graphic - Bloomberg:Saudi Arabia’s economy suffered after the detention of hundreds of royals, billionaires and government officials at the Ritz-Carlton hotel in Riyadh on corruption charges in 2017. But Bloomberg Economics’ heat map of economic activity shows non-oil growth bouncing back to pre-purge levels. BE expects non-oil growth to average 2.6% this year, up from 2.1% in 2018, helped by fiscal stimulus, a lower drag from monetary polic...
Tags: Travel, Saudi Arabia, Riyadh, Ritz Carlton, Rupert Neil Bumfrey, Bloomberg Economics, Graphic Bloomberg


#SaudiArabia's oil exports to stay below 7 million barrels per day in June: Gulf source - Reuters

Saudi Arabia's oil exports to stay below 7 million barrels per day in June: Gulf source - Reuters:Saudi Arabia is expected to keep its crude exports below 7 million barrels per day in June, while output will stay under its production quota under a global deal to cut oil supply, a Gulf source familiar with Saudi oil plans said on Wednesday.This shows how Riyadh is reluctant to boost oil supply too quickly and risk a price crash and a build-up in inventories, despite pressure from Washington to re...
Tags: Travel, Washington, Saudi Arabia, Opec, Donald Trump, Gulf, Reuters, Riyadh, Rupert Neil Bumfrey


Foreigners Keep Buying #Saudi Shares: Read This on a Loop - Bloomberg

:Qualified foreign investors from outside the Gulf were net buyers of Saudi shares by yet another record last week. It’s the third time that’s happened this year, and it probably won’t be the last.Foreigners were the main purchasers of shares in Riyadh in the five days ended May 2, during the second phase of FTSE Russell’s inclusion of the kingdom in its emerging-market benchmarks. Buying activity should escalate later this month, when MSCI Inc. follows suit, since its indexes reference a much b...
Tags: Travel, Turkey, Gulf, Riyadh, Russell, Rupert Neil Bumfrey, MSCI Inc, Jamal Khashoggi, Loop Bloomberg


Banks Drag #Saudi Stocks Down by Most This Year Ahead of Ramadan - Bloomberg

Banks Drag Saudi Stocks Down by Most This Year Ahead of Ramadan - Bloomberg:Saudi Arabian stocks fell the most since December as investors locked in gains ahead of the holy month of Ramadan, when trading volumes in the kingdom typically decline.Al Rajhi Bank and National Commercial Bank, which account for about a quarter of the index, were the biggest contributors to the Tadawul All Share Index’s 1.7 percent loss. About 160 stocks retreated as of 12:18 p.m. in Riyadh, the most on a closing basis...
Tags: Travel, Riyadh, Rupert Neil Bumfrey, Riyad Capital, Al Rajhi, National Commercial Bank, Al Rajhi Bank, Muhammad Faisal Potrik, Ramadan Bloomberg


#Saudi developer Raza plans projects for a more open society - Reuters

Saudi developer Raza plans projects for a more open society - Reuters:State-owned Saudi property developer Raza is planning more mixed-use projects that could combine offices, homes and leisure facilities in the latest sign of the conservative Islamic kingdom experimenting with a more open society.Under plans to transform Saudi Arabia’s economy and society, Crown Prince Mohammed bin Salman has sanctioned movies, music and sports once deemed un-Islamic to try to appeal to the country’s overwhelmi...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, State, Mohammed bin Salman, Raza, Rupert Neil Bumfrey


#Saudi Developer Raza Seeks to Grow Assets to $7 Billion by 2024 - Bloomberg

Saudi Developer Raza Seeks to Grow Assets to $7 Billion by 2024 - Bloomberg:Saudi Arabian property developer Raza plans to double the assets it manages to 26 billion riyals ($6.9 billion) by 2024 amid growing demand for mid- to high-end properties in the kingdom.The real estate management arm of the Public Pension Agency wants to manage assets belonging to third-party investors such as banks, real estate investment trusts and government entities, Chief Executive Officer Waleed Al Eisa said in an...
Tags: Travel, Bloomberg, Riyadh, Raza, Rupert Neil Bumfrey, Public Pension Agency, Waleed Al Eisa, Al Eisa


#SaudiArabia to open up bond market to retail investors | Financial Times

Saudi Arabia to open up bond market to retail investors | Financial Times:Saudi Arabia is seeking to open up its government bond market to retail investors as part of sweeping reforms intended to develop a savings culture.Officials said last week that the country’s government sukuk, or Islamic bonds, would be sold in chunks of SR1,000 ($267), rather than the typical SR1m, in a move that finance minister Mohammed al-Jadaan said was designed to make it easier for retail investors and investment fu...
Tags: Travel, Saudi Arabia, US, Financial Times, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Mohammed al Jadaan


ATM 2019: DAMAC Announces Partnership with Rotana

DAMAC Hotels and Resorts, the hospitality arm of DAMAC Properties, signed a key partnership agreement with Rotana Hotel Management Corporation, a leading regional name in hospitality, on the opening day of the 26th Arabian Travel Market, the region's premier international travel and tourism event. Under this agreement, DAMAC Towers Arjaan by Rotana, Riyadh, an architectural landmark in the heart of Riyadh, featuring luxury hotel apartments furnished by Fendi Casa, will be operated under t...
Tags: Travel, Riyadh, Rotana, Rotana Hotel Management Corporation, DAMAC Properties, Damac, Fendi Casa, Rotana Riyadh


#SaudiArabia considers relaxing ownership limits for foreign investors | Business | The Journal Pioneer

Saudi Arabia considers relaxing ownership limits for foreign investors | Business | The Journal Pioneer:Saudi Arabia’s Capital Market Authority (CMA) is considering relaxing a 49 percent limit for foreign strategic investors in shares of listed companies due to increased demand, its chairman said on Thursday. Foreigners currently own 5.5 percent of Saudi equities but that could nearly double by the end of 2020, Mohammed El Kuwaiz said in an interview on the sidelines of a financial conference in...
Tags: Travel, Saudi Arabia, Riyadh, Rupert Neil Bumfrey, Capital Market Authority CMA, Mohammed El Kuwaiz, Journal Pioneer, Kuwaiz


#Saudi Wealth Fund on Track to Manage $400 Billion Assets in 2020 - Bloomberg

Saudi Wealth Fund on Track to Manage $400 Billion Assets in 2020 - Bloomberg:Saudi Arabia’s sovereign wealth fund is on track to manage $400 billion of assets by the end of next year, its head of corporate finance and treasury said.“We are going to become one of the largest and most impactful sovereign wealth funds in the world," Alireza Zaimi said at a financial summit in Riyadh. “We are growing our assets faster on the international pool as we are trying to diversify, and increase the size and...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, SoftBank Group Corp, Uber Technologies Inc, Rupert Neil Bumfrey, Public Investment Fund, Tesla Inc, Alireza Zaimi


Aramco Cash Behind #Saudi Oil Revenue Rise That Puzzled Analysts - Bloomberg

Aramco Cash Behind Saudi Oil Revenue Rise That Puzzled Analysts - Bloomberg:Payments from oil giant Saudi Aramco were behind the surge in the kingdom’s oil revenue in the first quarter, Finance Minister Mohammed Al-Jadaan said, explaining an increase that puzzled economists.“We received royalties, tax, dividends and special dividends in the first quarter, like we did last year” from Aramco, Al-Jadaan told Bloomberg Television in an interview in Riyadh on Thursday. He also said the kingdom plans ...
Tags: Travel, Bloomberg, Riyadh, Bloomberg Television, Rupert Neil Bumfrey, Mohammed al Jadaan, Aramco Al Jadaan


#Saudi financial sector shows off wares to global audience | Arab News

Saudi financial sector shows off wares to global audience | Arab News:At lunchtime on Tuesday, the headcount of attendees for Saudi Arabia’s latest international financial extravaganza stood at 3,400, and rising. By the time you read this in print or online, it will probably have topped the 4,000 mark and still heading upward.Organizers at the Financial Sector Conference, which opens in the world-renowned Ritz-Carlton conference hall in Riyadh on Wednesday morning, said informally that some 3,40...
Tags: Travel, Saudi Arabia, Kingdom, Riyadh, Ritz Carlton, Rupert Neil Bumfrey


Aramco's bond is 'only the beginning', #Saudi energy minister says - Reuters

Aramco's bond is 'only the beginning', Saudi energy minister says - Reuters:Saudi Aramco, the world’s biggest oil producer, will remain active in the debt markets after its debut $12 billion bond earlier this month, which was “only the beginning”, Saudi Energy Minister Khalid al-Falih said on Wednesday.Falih, speaking at a financial conference in Riyadh, also said Aramco would access the equity markets earlier than expected after the company gained exposure among investors through the bond sale....
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Aramco, Saudi Aramco, Khalid al Falih, Rupert Neil Bumfrey, Falih


#Saudi Bourse Chief Sees Foreign Bets in Market Soaring - Bloomberg

Saudi Bourse Chief Sees Foreign Bets in Market Soaring - Bloomberg:The chief of Saudi Arabia’s stock exchange predicts ownership of equities by foreigners will triple by 2022, driven by flows from index trackers, as the country awaits the listing of its crown-jewel, Saudi Aramco.“Since we opened up the market, we wanted to make sure we have enough companies, diversified sectors and industries,” Khalid Al Hussan, chief executive officer of the $573 billion Saudi stock exchange, said in an intervi...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Saudi Aramco, Aramco IPO, Rupert Neil Bumfrey, MSCI Inc, Khalid Al Hussan, HUSSAN


Undeterred by Khashoggi murder, global executives return to #SaudiArabia - Reuters

Undeterred by Khashoggi murder, global executives return to Saudi Arabia - Reuters:Global finance chiefs who boycotted a Saudi investment summit last year following the murder of journalist Jamal Khashoggi returned to Riyadh this week as the Gulf kingdom gets business back on track.Dozens of Western politicians and business executives pulled out of Saudi Arabia’s showcase summit in October amid global uproar over Khashoggi’s killing at the hands of Saudi agents inside the kingdom’s Istanbul cons...
Tags: Travel, Saudi Arabia, Istanbul, Gulf, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Khashoggi, Jamal Khashoggi, SaudiArabia Reuters


BlackRock to Open #Saudi Office as Fink Scouts for Mideast Deals - Bloomberg

BlackRock to Open Saudi Office as Fink Scouts for Mideast Deals - Bloomberg:BlackRock Inc. plans to open an office in Saudi Arabia as the world’s largest asset manager seeks investment opportunities in the kingdom and wider Middle East. “The changes in Saudi Arabia are pretty amazing,” Chief Executive Officer Larry Fink said at a financial summit in Riyadh on Wednesday. “We are looking at many different opportunities as an investor and we are working with the region in terms of helping them dive...
Tags: Travel, Saudi Arabia, Middle East, Blackrock, Riyadh, BlackRock Inc, Larry Fink, Rupert Neil Bumfrey


Saudis Start Year With Budget Surplus for First Time Since 2014 - Bloomberg

Saudis Start Year With Budget Surplus for First Time Since 2014 - Bloomberg:Saudi Arabia started the year with a quarterly budget surplus for the first time since the 2014 collapse in oil prices.The biggest Arab economy posted a surplus of 27.8 billion riyals ($7.4 billion) in the first quarter, helped by an increase in non-oil revenue as well as income from crude exports, Finance Minister Mohammed Al-Jadaan told an audience of Saudi and international bankers gathered in Riyadh on Wednesday. ...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Rupert Neil Bumfrey, Mohammed al Jadaan


Credit Suisse will receive #Saudi banking license, finance minister says - Reuters

Credit Suisse will receive Saudi banking license, finance minister says - Reuters:A banking license to operate in Saudi Arabia will be issued to Credit Suisse, Mohammed al-Jadaan, the kingdom’s finance minister said on Wednesday.The Swiss bank has been seeking to obtain a full banking license in the Middle East’s largest economy and in July last year the bank’s Chief Executive, Tidjane Thiam, said he traveled personally to the country to file the application.However, in October Thiam - who had b...
Tags: Travel, Saudi Arabia, Credit Suisse, Middle East, Tidjane Thiam, Reuters, Riyadh, Rupert Neil Bumfrey, Mohammed al Jadaan, Jamal Khashoggi



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