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Israeli telecoms firm Partner eyes more cost cuts after third quarter loss | Reuters

Israeli telecoms firm Partner eyes more cost cuts after third quarter loss | Reuters Israeli telecoms group Partner Communications moved to a net loss in the third quarter, citing a loss of roaming revenue due to a steep decline in tourists caused by the coronavirus pandemic.Partner, Israel’s second-largest mobile operator, said on Wednesday it lost 5 million shekels ($1.5 million) in the July-September period, compared with a profit of 7 million shekels a year earlier.Revenue dropped 3% to 800 ...
Tags: Travel, Israel, Partner, Reuters, Partner Communications, Rupert Neil Bumfrey, Isaac Benbenisti


Rent relief hits profits at Israeli shopping mall operator Azrieli | Reuters

Rent relief hits profits at Israeli shopping mall operator Azrieli | Reuters Azrieli Group, one of Israel’s largest shopping mall operators, on Wednesday reported lower third-quarter profits, citing rent relief given to its retail tenants due to the coronavirus outbreak.Azrieli said it earned 192 million shekels ($58 million) in the third quarter, down from 289 million shekels a year earlier. It said profit was also impacted by higher financing expenses.The company said that excluding the lockdo...
Tags: Travel, Israel, Azrieli, Rupert Neil Bumfrey


#UAE's Ministry of Economy sets up anti-money laundering department | ZAWYA MENA Edition

UAE's Ministry of Economy sets up anti-money laundering department | ZAWYA MENA Edition The UAE’s Ministry of Economy (MoE) has developed a strategic plan to combat money laundering practices in the country by setting up a specialized department called the ‘Anti-Money Laundering Department’The new department, acting within the structure of the MoE, aims to create awareness, and to regulate all activities listed under the business sector and specific non-financial professions.Abdulla Bin Touq Al ...
Tags: Travel, Uae, Ministry of Economy, Rupert Neil Bumfrey, Abdulla Bin Touq Al Marri, Ministry of Economy MoE, Anti Money Laundering Department, Supreme Committee for Combating Money Laundering


#UAE's ADGM to sign MOU with Israel's securities authority on fintech | Reuters

UAE's ADGM to sign MOU with Israel's securities authority on fintech | Reuters Abu Dhabi’s financial centre, Abu Dhabi Global Market (ADGM), will sign a memorandum of understanding with Israel Securities Authority and Israel’s biggest lender, Bank Hapoalim, to support financial technology, ADGM chairman Ahmed Ali al-Sayegh said on Wednesday.After the United Arab Emirates (UAE) and Israel agreed to normalise relations in August, the two countries have signed a host of accords to boost economic an...
Tags: Travel, Israel, Uae, Reuters, United Arab Emirates UAE, Reuters Abu Dhabi, Rupert Neil Bumfrey, ADGM, Bank Hapoalim, Abu Dhabi Global Market ADGM, Central Bank of the UAE, Israel Securities Authority, Ahmed Ali Al Sayegh, Abdulhamid Saeed Alahmadi


Mubadala seeks Israeli partners on technology investment | Reuters

Mubadala seeks Israeli partners on technology investment | Reuters Abu Dhabi state investor Mubadala Investment Co plans to identify potential fund partners in Israel and find high-growth companies to co-invest in, the head of its ventures unit said on Wednesday.“There will be interesting opportunities with joint funds or joint ventures, but we are still early on in evaluating this,” Ibrahim Ajami told a financial technology conference in Abu Dhabi.He said Mubadala has co-invested with Israeli i...
Tags: Travel, Europe, China, India, Israel, United States, Middle East, Silicon Valley, Abu Dhabi, Uae, Reuters, United Arab Emirates UAE, Reuters Abu Dhabi, Rupert Neil Bumfrey, Mubadala, Mubadala Investment Co


#Saudi Aramco announces completion of $8bln international bond issuance | ZAWYA MENA Edition

Saudi Aramco announces completion of $8bln international bond issuance | ZAWYA MENA Edition The world’s largest oil producer Saudi Aramco confirmed on Wednesday it has just completed the issuance of $8 billion bonds that will help cover a multi-billion-dollar payout for its shareholders.The oil giant kicked off the international bond issuance on November 16, marking its first time to return to the debt markets since last year.The issuance of multi-year tranche bonds comes as the state-owned firm...
Tags: Travel, Saudi Aramco, Rupert Neil Bumfrey, Saudi Stock Exchange Tadawul Aramco


MIDEAST STOCKS-Gulf markets rally on upbeat global economic outlook | Nasdaq

MIDEAST STOCKS-Gulf markets rally on upbeat global economic outlook | Nasdaq Most major Gulf markets extended gains on Wednesday as investors cheered prospects of a faster-than-expected global economic recovery, driven mainly by encouraging news on the COVID-19 vaccine development front.Financial markets worldwide have gained in the past couple of weeks as U.S. drugmakers Pfizer Inc PFE.N and Moderna Inc MRNA.O and British firm AstraZeneca AZN.L released positive data on the effectiveness of the...
Tags: Travel, Qatar, Joe Biden, United States, Dubai, Abu Dhabi, Donald Trump, Gulf, Saudi Basic Industries Corp, Tasi, Rupert Neil Bumfrey, QSI, National Commercial Bank, First Abu Dhabi Bank, Pfizer Inc PFE N, Moderna Inc


Emirates Sees 2022 Return of Jumbo A380s as Travel Recovers - Bloomberg

Emirates Sees 2022 Return of Jumbo A380s as Travel Recovers - Bloomberg Emirates sees a sharp recovery in demand for air travel next year as coronavirus vaccines are distributed around the world, meaning the carrier’s full fleet of jumbo Airbus SE A380 jets could return to the skies by early 2022.Progress on the production and transportation of inoculations should be evident by the second quarter of next year, President Tim Clark said in an interview with Bloomberg TV on Wednesday. That will lea...
Tags: Travel, Tim Clark, Clark, Bloomberg TV, Rupert Neil Bumfrey, Travel Recovers Bloomberg, Travel Recovers Bloomberg Emirates


#Dubai Raises $1.5 Billion From Private Bond Placement - Bloomberg

Dubai Raises $1.5 Billion From Private Bond Placement - Bloomberg Dubai’s government raised $1.5 billion this week by reopening existing debt instruments, data compiled by Bloomberg show.Emirates NBD Capital, a unit of Dubai’s biggest bank, was the sole manager of the transactions on Nov. 23 and 24, according to the data.The transactions:$150 million and $100 million from reopening a September facility of $1 billion {DUGB 3.9 09/09/50 Govt DES }$300 million and $200 million from reopening a Janu...
Tags: Travel, Bloomberg, Dubai, Rupert Neil Bumfrey, Emirates NBD Capital, Bloomberg Dubai, DUGB


#Saudi Exports Drop in September, With Oil Revenue Down 39% - Bloomberg

Saudi Exports Drop in September, With Oil Revenue Down 39% - Bloomberg Saudi Arabia’s exports fell by nearly a third in September from a year ago, driven largely by a slump in oil demand.Total revenue from exports was 53.3 billion riyals ($14.2 billion) compared with 77.3 billion riyals for the same month last year, according to a statement from the General Authority for Statistics. Oil exports slumped 38.7% to about 35 billion riyals.Non-oil exports declined 9.3% compared to a year ago to about...
Tags: Travel, Bloomberg, United Arab Emirates, Rupert Neil Bumfrey, Oil Revenue Down 39 Bloomberg Saudi Arabia, General Authority for Statistics Oil


Oil shrugs off inventory gain amid sustained vaccine rally | Reuters

Oil shrugs off inventory gain amid sustained vaccine rally | Reuters Oil rose for the fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.Brent crude was up 44 cents, or 0.9%, at $48.30 a barrel by 0743 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 33 cents, or 0.7%, to $45.24, after risi...
Tags: Travel, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey, OANDA, Jeffrey Halley


Oil closes at highest level since March on vaccine trials, Biden transition | Reuters

Oil closes at highest level since March on vaccine trials, Biden transition | Reuters Oil rose about 4% on Tuesday to touch highs not seen since March as a third promising coronavirus vaccine raised hope for fuel- demand recovery and U.S. President-elect Joseph Biden began his transition to the White House.Brent crude settled at $47.86 a barrel, gaining $1.80, or 3.9%. U.S. West Texas Intermediate crude settled at $44.91 a barrel, rising $1.85, or 4.3%.Both benchmarks ended at their highest clos...
Tags: Travel, Astrazeneca, Biden, Reuters, Reuters Oil, Joseph Biden, Rupert Neil Bumfrey, Pfizer BioNTech, White House Brent


Oil hits highest since March collapse on vaccine, Biden transition | Reuters

Oil hits highest since March collapse on vaccine, Biden transition | Reuters Oil hit its highest since in March on Tuesday, rising towards $47 a barrel, as a third promising coronavirus vaccine spurred demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition.AstraZeneca said on Monday its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third vaccine. This follows positive results fro...
Tags: Travel, Joe Biden, Astrazeneca, Pfizer, Biden, Reuters, Reuters Oil, Rupert Neil Bumfrey, Tamas Varga, Moderna Brent


Sabic Is Said to Consider IPO of Specialty Chemicals Business - Bloomberg

Sabic Is Said to Consider IPO of Specialty Chemicals Business - Bloomberg Saudi Basic Industries Corp. is considering an initial public offering of its multibillion-dollar specialty chemicals unit, people familiar with the matter said.Sabic is speaking with advisers as it weighs a potential listing of the business as early as 2021, the people said, asking not to be identified as the matter is private. Specialty chemicals, which Sabic recently carved out as a separate unit, generate about $2 bill...
Tags: Travel, Saudi Arabia, SABIC, Rupert Neil Bumfrey, Clariant AG, Sabic Is Said, Specialty Chemicals Business Bloomberg


Most Middle East markets end higher as investors cheer Biden transition, vaccine progress | Reuters

Most markets end higher as investors cheer Biden transition, vaccine progress | Reuters Most major Gulf markets closed higher on Tuesday, tracking gains on global bourses, helped by a formal transition nod for U.S. President-elect Joe Biden and new coronavirus vaccine developments.U.S. President Donald Trump on Monday gave the head of the General Services Administration the go-ahead to proceed with a transition to a government led by Biden despite plans to continue with legal challenges.Global f...
Tags: Travel, Saudi Arabia, Opec, Qatar, Joe Biden, Middle East, Dubai, General Services Administration, Biden, Abu Dhabi, Yemen, Donald Trump, Jeddah, Gulf, Reuters, Aramco


Salt Bae Owner’s Qatari Deal Is Said to Value Mall at $1 Billion - Bloomberg

Salt Bae Owner’s Qatari Deal Is Said to Value Mall at $1 Billion - Bloomberg Billionaire Ferit Sahenk’s Dogus Holding AS agreed to sell a 30% stake in a high-end Istanbul shopping center to an arm of Qatar’s sovereign wealth fund, as the Turkish conglomerate raises cash to deliver on pledges it made to banks as part of a debt restructuring last year.Dogus, owner of a steakhouse known for its founder chef’s meme Salt Bae, will get around $300 million for the stake in IstinyePark, according to peo...
Tags: Travel, Qatar, BAE, Qatar Investment Authority, Istanbul, Rupert Neil Bumfrey, Qatar Holding, Dogus, Turkish Competition Board, Ferit Sahenk, Dogus Holding AS, Value Mall


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


Elbit Systems optimistic as it looks beyond third quarter one-off charges | Reuters

Elbit Systems optimistic as it looks beyond third quarter one-off charges | Reuters Israel’s Elbit Systems reported lower quarterly profit hit by one-time charges due to the coronavirus pandemic but the defence electronics firm said rising demand would drive future growth.Earnings per diluted share for the July-September quarter fell to 38 cents from $1.63 a year earlier, the maker of drones, pilot helmet displays and cyber security systems said on Tuesday. Revenue rose to $1.13 billion from $1....
Tags: Travel, Israel, Reuters, Elbit, Elbit Systems, Rupert Neil Bumfrey, Bezhalel Machlis


Goldman voices concerns about OPEC+ future as decision on output curbs nears | Reuters

Goldman voices concerns about OPEC+ future as decision on output curbs nears | Reuters As the OPEC+ group’s decision on oil production cuts nears, there are renewed concerns about the future of the organization as it tries to rebalance the market while securing higher revenue and market share in the medium-term, Goldman Sachs said in a note.OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producers, is scheduled to meet on Nov. 30 and Dec. 1, and is likel...
Tags: Travel, Russia, Opec, Libya, Goldman Sachs, Goldman, Uae, Reuters, Rupert Neil Bumfrey


#Qatar starts legal proceedings against FAB in New York in market manipulation row | Reuters

Qatar starts legal proceedings against FAB in New York in market manipulation row | Reuters The Qatar Financial Centre Regulatory Authority (QFCRA) said on Tuesday it has started legal proceedings in New York to compel First Abu Dhabi Bank to pay $55 million in financial penalty imposed by a Qatari court.The Qatari regulator last year had fined United Arab Emirates’ biggest bank 200 million riyals ($55 million) for obstructing an ongoing investigation into suspected market manipulation, a charge...
Tags: Travel, New York, Qatar, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, QFC, First Abu Dhabi Bank, Qatar Financial Centre Regulatory Authority QFCRA, Civil and Commercial Court QFC Court


Oil-rich #Kuwait faces reckoning as debt crisis looms

Oil-rich Kuwait faces reckoning as debt crisis looms When Kuwait emerged from a monthslong coronavirus lockdown, hundreds of Kuwaitis flocked to reopened stores, the lines clogging malls, snaking through hallways and spilling onto sidewalks.But unlike much of the world, where long lines formed for donated food, Kuwaitis were waiting to buy Cartier jewelry.The jewelry-store rush by Kuwait’s long-coddled citizens is a symptom of a looming disaster. Kuwait, one of the world’s wealthiest countries, ...
Tags: Travel, Kuwait, Gulf, Cartier, Moody 's, Rupert Neil Bumfrey, Bader al Saif, Kuwait University Like


Oil hits highest since March, spurred by vaccine hopes | Reuters

Oil hits highest since March, spurred by vaccine hopes | Reuters Oil hit its highest since March on Tuesday, rising towards $47 a barrel, as a third promising coronavirus vaccine spurred hopes of a quicker recovery in economic growth and oil demand next year.AstraZeneca said on Monday its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third vaccine. This follows positive results from Pfizer/BioNTech and Moderna.Brent crude rose...
Tags: Travel, Astrazeneca, Pfizer, Reuters, Reuters Oil, Rupert Neil Bumfrey, Tamas Varga, Moderna Brent


MIDEAST STOCKS-Most markets rise on Biden transition, vaccine optimism | Nasdaq

MIDEAST STOCKS-Most markets rise on Biden transition, vaccine optimism | Nasdaq Most major Gulf markets tracked broader Asia stocks higher on Tuesday, helped by a formal transition approval for U.S. President-elect Joe Biden and new coronavirus vaccine developments.U.S. President Donald Trump on Monday gave the head of the General Services Administration the go-ahead to proceed with a transition to a government led by Biden despite plans to continue with legal challenges.Saudi Arabia's benchmark...
Tags: Travel, Asia, Saudi Arabia, Russia, Qatar, Joe Biden, Dubai, General Services Administration, Biden, Abu Dhabi, Donald Trump, Gulf, Saudi Basic Industries Corp, Tasi, Rupert Neil Bumfrey, QSI


Oil prices settle up over 2% on COVID-19 vaccine news | Reuters

Oil prices settle up over 2% on COVID-19 vaccine news | Reuters   Oil prices settled up more than 2% on Monday, extending last week’s gains as the latest report of encouraging coronavirus vaccine trials had traders anticipating a recovery in demand.Brent crude settled up $1.10, or 2.45 % to $46.06 a barrel while U.S. West Texas Intermediate crude gained 64 cents to $43.06 a barrel, a 1.51% gain. Both benchmarks jumped 5% last week.British drugmaker AstraZeneca said on Monday its vaccine, devel...
Tags: Travel, Astrazeneca, University of Oxford, Reuters, Reuters Oil, Associates, Jim Ritterbusch, Galena Illinois, Rupert Neil Bumfrey, Ritterbusch


#Israel's El Al Airlines to fly 14 weekly flights to #Dubai | Reuters

Israel's El Al Airlines to fly 14 weekly flights to Dubai | Reuters El Al Israel Airlines will operate 14 weekly flights from Tel Aviv to Dubai from Dec. 13, it said on Monday, joining a handful of carriers launching routes between Israel and the United Arab Emirates (UAE).Israel and the UAE agreed in September to establish diplomatic relations, breaking a longstanding taboo and paving the way for economic cooperation.Subject to regulatory approvals, Israeli flag carrier El Al plans to operate t...
Tags: Travel, Israel, Tel Aviv, Dubai, Boeing, Uae, Reuters, EL AL, Rupert Neil Bumfrey, El Al Airlines, Reuters El Al Israel Airlines, United Arab Emirates UAE Israel


#Saudi Unicorn Looks Beyond Kingdom After Western Union Deal - Bloomberg

Saudi Unicorn Looks Beyond Kingdom After Western Union Deal - Bloomberg Saudi Arabian digital payments firm stc pay, which was valued at $1.3 billion in a funding agreement with Western Union this month, is set to become profitable “very soon” and is in talks with regulators to expand into neighboring countries.The company, launched by the kingdom’s biggest mobile operator Saudi Telecom Co. in late 2018, wants to offer digital payments across the six-nation Gulf Cooperation Council, Chief Execut...
Tags: Travel, Saudi Arabia, Digital, Middle East, Western Union, Mohammed bin Salman, Gulf Cooperation Council, STC, Rupert Neil Bumfrey, Saudi Telecom Co, Ahmed Alenazi, Alenazi


Seven key takeaways from #UAE's new commercial company ownership laws - The National

Seven key takeaways from UAE's new commercial company ownership laws - The National In a landmark move, the UAE on Monday executed sweeping reforms to its commercial company ownership laws.The move, which comes in the wake of recent changes to personal and family laws and reforms to visa rules, is aimed at attracting foreign capital and improving the ease of doing business in the country. Here are seven major takeaways from the reformed commercial company ownership law, according to law firm BSA...
Tags: Travel, GCC, Uae, Rupert Neil Bumfrey, BSA Ahmad Bin Hezeem Associates Companies, Department for Economic Development, Michael Kortbawi, BSA Ahmad Bin Hezeem Associates


#UAE Allows Full Foreign Ownership of Firms to Boost Economy - Bloomberg

UAE Allows Full Foreign Ownership of Firms to Boost Economy - Bloomberg The United Arab Emirates abolished the need for companies to have Emirati shareholders, local media reported, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices.The amendments to the 2015 commercial companies’ law remove key provisions requiring that a company be chaired by an Emirati national and for the board of directors to ...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Emirati, Rupert Neil Bumfrey, Tarek Fadlallah, Boost Economy Bloomberg, Nomura Asset Management 's Middle Eastern


European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Qatar, Rupert Neil Bumfrey, Bloomberg UAE Kuwait Israel


Insurer Inigo raises $800 million from investors including QIA, CDPQ | Reuters

Insurer Inigo raises $800 million from investors including QIA, CDPQ | Reuters Newly formed Lloyd’s of London insurer Inigo said on Monday it had raised $800 million from a group of investors including Qatar Investment Authority and Canada’s Caisse de dépôt et placement du Québec.Inigo, founded by a group of former Hiscox executives, said the funds would help it to open for business in 2021, subject to approval from Lloyd’s.The company said it had appointed Natwest Chairman Howard Davies as chai...
Tags: Travel, Canada, Qatar Investment Authority, Natwest, Reuters, Lloyd, Lloyd 's of London, Hiscox, Howard Davies, Inigo, Reuters Newly, Rupert Neil Bumfrey, Québec Inigo, Enstar Group



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