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Oil Hits 2019 High on Biggest U.S. Crude Storage Drop Since July - Bloomberg

Oil Hits 2019 High on Biggest U.S. Crude Storage Drop Since July - Bloomberg:Oil closed at a new high for the year in New York after the biggest withdrawal of crude in U.S. storage tanks since July signaled further tightening supplies.Futures gained 1.4 percent on Wednesday after a 9.59 million-barrel decline in American oil stockpiles reported by the government exceeded analysts’ expectations. U.S. crude exports were near a record high while imports from Saudi Arabia decreased by more than half...
Tags: Travel, New York, Saudi Arabia, Toronto, Venezuela, Rupert Neil Bumfrey, Bart Melek


#Dubai’s message to its people: be tolerant, or else | Financial Times

Dubai’s message to its people: be tolerant, or else | Financial Times:Dubai has a limitless ability to reinvent itself. Having run out of branding wonders — think of Burj Khalifa or its man-made islands — the Gulf emirate has now latched on to catchy concepts. Drive through the city’s boulevards and you’ll see of billboards celebrating the “year of tolerance”; you might even spot “Tolerance Bridge”. Talk to residents and you will learn that school children are assigned tolerance projects and art...
Tags: Travel, United Arab Emirates, Dubai, Francis, Uae, Financial Times, Burj Khalifa, Gulf, Rupert Neil Bumfrey


Oil majors rush to dominate U.S. shale as independents scale back | Reuters

Oil majors rush to dominate U.S. shale as independents scale back | Reuters:In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating fleets of hydraulic pumps and digging trenches for pipelines.The sprawling site reflects the massi...
Tags: Travel, Texas, New Mexico, Reuters, Carlsbad, Permian Basin, Rupert Neil Bumfrey, Chihuahuan Desert Exxon Mobil Corp, Drillinginfo Inc, Remuda


Mideast Stocks: Petrochemicals companies hold back #Saudi as rival markets firm | ZAWYA MENA Edition

Mideast Stocks: Petrochemicals companies hold back Saudi as rival markets firm | ZAWYA MENA Edition:Saudi Arabia's stock market dropped on Wednesday as petrochemical companies slid amid falling oil prices while rival markets were mostly lifted by financial stocks. The Saudi index eased 0.2 percent from the multi-year closing high hit after it entered FTSE Russell's emerging-market index on Monday.The Middle East's largest petrochemicals producer Saudi Basic Industries 2010.SE slipped 0.3 percent...
Tags: Travel, Saudi Arabia, Middle East, Russell, Riyad Bank, Rupert Neil Bumfrey, Saudi Basic Industries, MENA Edition


Oil's Rally Stalls Near $59 as U.S.-China Trade Jitters Return - Bloomberg

Oil's Rally Stalls Near $59 as U.S.-China Trade Jitters Return - Bloomberg:Oil’s rally stuttered as uncertainty over the status of trade negotiations between the U.S. and China stoked concerns over global economic growth.Futures for May were little changed in New York after dropping as much as 0.4 percent. China was said to be pushing back against American demands, raising speculation that trade tensions between the world’s biggest economies will persist. Still, the price drop was cushioned by a...
Tags: Travel, New York, China, Russia, Opec, Iran, Venezuela, American Petroleum Institute, Rupert Neil Bumfrey, U S China Trade Jitters Return Bloomberg


Mideast Stocks: Global mood pulls down most major Gulf markets | ZAWYA MENA Edition

Mideast Stocks: Global mood pulls down most major Gulf markets | ZAWYA MENA Edition:Saudi Arabia's stock market dropped on Wednesday as its banks fell, while most major Gulf markets also slid, mirroring global cues ahead of a decision by the U.S. Federal Reserve on its interest rate plans for the year.Major Gulf countries have their currencies pegged with the U.S. dollar and any decision by the Federal Reserve will directly impact currency performance of those countries.Saudi's index fell 0.4 pe...
Tags: Travel, Saudi Arabia, Federal Reserve, Gulf, U S Federal Reserve, Russell, Rupert Neil Bumfrey, Major Gulf


Blackstone-Backed GEMS Is Said to Bid for Top #Saudi School Chain - Bloomberg

Blackstone-Backed GEMS Is Said to Bid for Top Saudi School Chain - Bloomberg:GEMS Education, the Dubai-based school operator backed by Blackstone Group LP, is in advanced talks to invest in Saudi Arabia’s Maarif for Education & Training chain of schools, according to people with knowledge of the matter.The deal for the largest owner and operator of private schools in the kingdom could be worth about $400 million, the people said, asking not to be identified because the discussions are private. S...
Tags: Travel, Saudi Arabia, Dubai, Blackstone, Blackstone Group LP, Rupert Neil Bumfrey, Al Blehed, Samba Capital, Top Saudi School Chain Bloomberg, Maarif for Education Training, Maarif


OPEC Must Dig Deeper to Trim Stockpiles: Oil Strategy - Bloomberg

OPEC Must Dig Deeper to Trim Stockpiles: Oil Strategy - Bloomberg:OPEC members have done just about enough to bring oil production into line with the world’s need for their crude in 2019, but they will have to keep the restraint going throughout the year, just to prevent stockpiles from rising. To drain them further, as Saudi Energy Minister Khalid Al-Falih believes they must, they still need to do more.A committee of the most influential members in the 24-nation alliance of OPEC and non-OPEC co...
Tags: Travel, Opec, Baku, Organization of Petroleum Exporting Countries, Khalid al Falih, Rupert Neil Bumfrey, Oil Strategy Bloomberg


Alwaleed Promises More Details on Settlement to Calm Investors - Bloomberg

Alwaleed Promises More Details on Settlement to Calm Investors - Bloomberg:Prince Alwaleed bin Talal Al Saud, the Saudi billionaire whose wealth has more than halved since 2014, promised more transparency on his settlement with the government over alleged corruption in the hope the move would calm investors. The prince, who was detained in November 2017 in what the government called a corruption crackdown, said he may reveal more details on the terms of his release in the “coming weeks or months...
Tags: Travel, Bloomberg, Kingdom Holding Co, Alwaleed, Rupert Neil Bumfrey, Alwaleed bin Talal Al Saud, Rotana Khalijia


Money From London to New York Flocks to #Saudi-Focused ETFs - Bloomberg

Money From London to New York Flocks to Saudi-Focused ETFs - Bloomberg:Exchange-traded funds in the U.S. and the U.K. focused on Saudi Arabian equities are piling up new money this year, placing the Middle Eastern kingdom high in a global ranking.A London-based ETF and another that trades in New York together attracted around $327 million in new money since the beginning of January. The net flow as a percentage of assets for Saudi Arabia funds increased about 47 percent this year, more than any ...
Tags: Travel, New York, London, Saudi Arabia, Bloomberg, Croatia, Invesco, Russell, BlackRock Inc, Rupert Neil Bumfrey, MSCI Inc, New York Flocks


#Qatar to launch energy-focused Islamic bank with $10 billion capital | Reuters

Qatar to launch energy-focused Islamic bank with $10 billion capital | Reuters:Qatar will launch an energy-focused Islamic lender later this year with a targeted capital of $10 billion to finance both domestic and global projects, an executive said on Tuesday.Tiny but wealthy Qatar is one of the most influential players in the liquefied natural gas market with annual production of about 77 million tonnes, and it plans to increase this over 40 percent to 110 million by 2024.Speaking at an Islamic...
Tags: Travel, Qatar, Doha, Reuters, Islamic Finance, Rupert Neil Bumfrey, Energy Bank


Oil holds near 2019 highs ahead of official U.S weekly data | Reuters

Oil holds near 2019 highs ahead of official U.S weekly data | Reuters:Oil prices held close to four-month highs on Tuesday on expectations that OPEC would continue production cuts through the end of the year and ahead of official weekly U.S. crude inventory data.Brent crude oil futures settled 7 cents higher at $67.61 a barrel, the global benchmark’s highest settlement since November 2018.U.S. West Texas Intermediate (WTI) futures touched its highest since November at $59.57 a barrel but finishe...
Tags: Travel, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


MIDEAST STOCKS- #Saudi inches up after index inclusion, Egypt hits 3-month low | Reuters

MIDEAST STOCKS-Saudi inches up after index inclusion, Egypt hits 3-month low | Reuters:Saudi Arabia's stock index edged up on Tuesday after touching a near-four year high on Monday, which was its first day as a member of FTSE Russell's emerging-market index.Egypt's blue-chip index, meanwhile, was pulled down by a wide sell-off to its biggest intra-day loss this year.Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSC...
Tags: Travel, Saudi Arabia, Egypt, Reuters, Tadawul, MSCI, Russell, Rupert Neil Bumfrey


#Saudi king launches $23 billion entertainment projects in Riyadh: state TV | Reuters

Saudi king launches $23 billion entertainment projects in Riyadh: state TV | Reuters:Saudi Arabia’s King Salman has launched four entertainment projects in the capital Riyadh, together worth 86 billion riyals ($23 billion), state television reported on Tuesday.The projects include a park, sports track and an art center.The King also ordered that one of the capital’s main roads should be named after Crown Prince Mohammed bin Salman. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Mohammed bin Salman, Salman, Rupert Neil Bumfrey


#Saudi FTSE inclusion to attract up to $7bln of passive inflows by March 2020: index provider | ZAWYA MENA Edition

Saudi FTSE inclusion to attract up to $7bln of passive inflows by March 2020: index provider | ZAWYA MENA Edition:The transition of Saudi Arabia to secondary emerging market status within FTSE Russell, which began on Monday, is expected to draw up to $7 billion of passive fund inflows into the kingdom, the global index provider told Zawya, noting a positive initial response.The kingdom's stock exchange (Tadawul) is the Arab world’s largest bourse with a total market capitalisation of over half a...
Tags: Travel, Saudi Arabia, Tadawul, Russell, Rupert Neil Bumfrey, Zawya


Mideast Stocks: #Saudi eases back from multi-year closing high | ZAWYA MENA Edition

Mideast Stocks: Saudi eases back from multi-year closing high | ZAWYA MENA Edition:Saudi Arabia's stock index edged down on Tuesday after closing at a near-four year high on Monday, which was its first day as a member of FTSE Russell's emerging-market index. Most other major Middle Eastern markets were mixed in muted trading.Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is...
Tags: Travel, Saudi Arabia, Reuters, Tadawul, Mideast, MSCI, Russell, Rupert Neil Bumfrey


#AbuDhabi Is Said to Revive Sale of 1MDB-Tarnished Falcon Assets - Bloomberg

Abu Dhabi Is Said to Revive Sale of 1MDB-Tarnished Falcon Assets - Bloomberg:Abu Dhabi’s Mubadala Development Co. is reviving plans to sell Falcon Private Bank in Switzerland as it seeks to distance itself from the 1MDB money laundering scandal, according to people with knowledge of the matter.The state-backed investment firm has invited bids for at least 5 billion francs ($5 billion) of assets managed by Zurich-based Falcon, the people said, asking not to be identified as the plans are private....
Tags: Travel, Singapore, Bloomberg, Switzerland, Abu Dhabi, Zurich, Falcon, Rupert Neil Bumfrey, Mubadala Development Co, Mubadala, Falcon Private Bank, Abu Dhabi Is Said, Falcon Bank


#Saudi appetite for U.S. Treasury holdings still high despite $9bln drop in January - analyst | ZAWYA MENA Edition

Saudi appetite for U.S. Treasury holdings still high despite $9bln drop in January - analyst | ZAWYA MENA Edition:Saudi Arabia’s holdings in United States government debt securities dropped by $9 billion in January from a month earlier, official data showed.Despite the drop, Saudi interest in U.S. holdings in still high, an analyst told Zawya, but could weaken if the U.S. dollar strengthens further in value, or if the kingdom needs additional cash to support the state’s sovereign wealth fund.The...
Tags: Travel, Saudi Arabia, United States, U S Treasury, Rupert Neil Bumfrey, Zawya, MENA Edition


India watchdog says DP World trying to halt possible adverse probe findings | ZAWYA MENA Edition

India watchdog says DP World trying to halt possible adverse probe findings | ZAWYA MENA Edition:India's antitrust regulator said in a court filing that a challenge by Dubai's DP World of a probe into its alleged anti-competitive practices at a Mumbai port is an effort to halt or delay possible adverse findings against the firm.The Competition Commission of India (CCI) told a Mumbai court that DP World's local unit had "prematurely" rushed to court to stall or delay the probe, according to a fil...
Tags: Travel, India, Dubai, Mumbai, Reuters, DP World, CCI, Competition Commission of India CCI, Rupert Neil Bumfrey


Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters

Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters:Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the pr...
Tags: Travel, Opec, Iran, Venezuela, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


RPT-COLUMN-Hedge funds pause oil buying as fresh doubts about the economy surface: Kemp | Reuters

RPT-COLUMN-Hedge funds pause oil buying as fresh doubts about the economy surface: Kemp | Reuters:Hedge fund managers have become more cautious about buying oil since the end of February as doubts about the global economy resurface, dampening expected price rises from OPEC-led production cuts and U.S. sanctions on Iran and Venezuela. Front-month Brent futures prices were steady in the last week of February and the first part of March, giving funds little incentive to continue buying in the short...
Tags: Travel, Opec, Iran, Reuters, Kemp, Rupert Neil Bumfrey, Venezuela Front


#SaudiArabia takes first step into foreign equity benchmarks | Financial Times

Saudi Arabia takes first step into foreign equity benchmarks | Financial Times:Saudi Arabia’s $536bn stock market took its first step into the world’s main equity benchmarks on Monday when it was admitted into indices run by FTSE Russell and S&P Dow Jones.The moves will be added to in June, when Saudi stocks will be added to the widely followed MSCI Emerging Markets index, which MSCI says is tracked by $1.9tn of assets.Saudi Arabia’s stock market, known as the Tadawul, is projected to be the eig...
Tags: Travel, Saudi Arabia, Poland, Tadawul, MSCI, Russell, Rupert Neil Bumfrey, | Financial Times, Mexico Indonesia


#Dubai property developer Damac on hunt for land in Saudi Arabia

Dubai property developer Damac on hunt for land in Saudi Arabia:The Dubai-listed developer Damac says it is scouting for additional plots of land in Saudi Arabia, both in established cities and the Kingdom’s emerging giga-projects such as Neom.Hussain Sajwani, chairman of Damac Properties, also said the company would look to invest up to £500 million ($660 million) on a second development in the UK, and that it is on track to deliver a record 7,000 or more units this year.Amid a slowing property...
Tags: Travel, UK, Saudi Arabia, Kingdom, Dubai, DAMAC Properties, Rupert Neil Bumfrey, Damac, Neom Hussain Sajwani, Dubai Damac


Fitch affirms Doha Bank ratings at ‘A’ with Stable Outlook - The Peninsula Qatar

Fitch affirms Doha Bank ratings at ‘A’ with Stable Outlook - The Peninsula Qatar:Fitch Ratings has affirmed Doha Bank’s (DB) Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. At the same time, the agency has affirmed DB’s Viability Rating at ‘bb+’.DB’s IDRs, Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch’s expectation of an extremely high probability of support from the Qatari authorities for domestic banks in case of need.This reflects the strong ability of Q...
Tags: Travel, Qatar, Fitch, SRF, Doha Bank, Rupert Neil Bumfrey, Peninsula Qatar


Foreigners Splurge on #Saudi Shares as FTSE Begins Upgrade - Bloomberg

:Foreign investors increased purchases of Saudi equities last week to the highest value on record as they positioned for the kingdom’s inclusion in major benchmarks. Foreigners were net buyers of about 1.6 billion riyals ($427 million) of stocks in the five days through March 14, more than any other week since the data were first disclosed in 2015. The inflows picked up as FTSE Russell begins to include the country in its emerging-market category on Monday, attracting fund managers that follow t...
Tags: Travel, Bloomberg, Rupert Neil Bumfrey, Jamal Khashoggi


OPEC's Missing Meeting Shows Strain in Saudi-Russia Alliance - Bloomberg

OPEC's Missing Meeting Shows Strain in Saudi-Russia Alliance - Bloomberg:The partnership at the heart of the OPEC+ alliance showed further signs of strain after Russia pressured the Saudi-led group to delay a decision on the future of their production cuts.The unusual recommendation to cancel next month’s scheduled meeting means the group probably won’t decide whether to prolong its supply curbs until late June, just days before they expire.At talks in Baku, Azerbaijan on Monday, Russian Energy ...
Tags: Travel, Russia, Opec, Baku Azerbaijan, Khalid al Falih, Alexander Novak, Rupert Neil Bumfrey, Saudi Russia Alliance Bloomberg


#Israel's Delek Mulls London Listing for Major Gas Holdings - Bloomberg

Israel's Delek Mulls London Listing for Major Gas Holdings - Bloomberg:Delek Drilling LP may create a separate company from its holdings in major Israeli and Cypriot natural gas fields and then list shares in the new business on the London Stock Exchange.The new company would hold stakes in Leviathan, Israel’s largest gas deposit, and Aphrodite, a reservoir in nearby Cyprus, Delek said in an emailed statement. The Israeli energy explorer is seeking to combine supplies from both fields and sell t...
Tags: Travel, London, Israel, London Stock Exchange, Egypt, Delek, Cypriot, Rupert Neil Bumfrey, Delek Group, Delek Drilling, Delek Drilling LP, Leviathan Israel, Noam Pincu, Psagot Investment House Ltd, Delek Group Ltd


#UAE banks' net interest margins expected to remain under pressure | ZAWYA MENA Edition

UAE banks' net interest margins expected to remain under pressure | ZAWYA MENA Edition:Net interest margins (NIMs) for nine of the ten biggest listed banks in the United Arab Emirates dropped during the fourth quarter (Q4) of last year, according to Alvarez and Marsal.In its UAE Banking Pulse report, the professional services firm stated that NIMs for the UAE’s biggest banks dropped by six basis points quarter-on-quarter, to 2.52 percent in Q4 2018, from 2.58 percent in Q3 2018 .“We will probabl...
Tags: Travel, United Arab Emirates, Uae, Alvarez, Rupert Neil Bumfrey, Saeeda Jaffar, UAE Banking Pulse, Marsal, NIMs for the UAE, Alvarez and Marsal


Rouhani says #Iran will file legal case against U.S. for sanctions | Reuters

Rouhani says Iran will file legal case against U.S. for sanctions | Reuters:Iranian President Hassan Rouhani said on Monday that the government would file a legal case in Iran against U.S. officials who imposed sanctions on the country as a precursor to action in international courts.Rouhani said in a speech broadcast live on state television that U.S. sanctions had created difficulties including a weaker rial currency that has fed into higher inflation.The United States reimposed sanctions on T...
Tags: Travel, Iran, United States, Hassan Rouhani, Tehran, Donald Trump, Rouhani, Rupert Neil Bumfrey, U S for sanctions


Exclusive: #SaudiArabia curbs family influence in Binladin group shake-up | Reuters

Exclusive: Saudi Arabia curbs family influence in Binladin group shake-up | Reuters:The influence of Saudi Arabia’s Bin Laden family on its eponymous construction business has been curtailed in a restructuring that follows an anti-corruption crackdown by Riyadh, a document seen by Reuters shows.Saudi businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Holding Company, which is 36.22 percent owned by Istidama, a finance ministry subsidiary, and 63.78 pe...
Tags: Travel, Saudi Arabia, Bin Laden, Reuters, Riyadh, Abdullah, Finance Ministry, Saad, Rupert Neil Bumfrey, Binladin, Saudi Binladin Group SBG, Khalid Nahas, Binladin Group Global Holding Company, Istidama



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