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#Saudi index hits multi-year peak as Gulf bourses end higher | Reuters

Saudi index hits multi-year peak as Gulf bourses end higher | Reuters Major stock markets in the Gulf ended higher on Sunday amid strong oil prices, with the Saudi index hitting a multi-year peak as the country eased coronavirus curbs.The kingdom is rolling back COVID-19 restrictions from Oct. 17 in response to a sharp drop in daily infections and a considerable development in vaccinations. read moreSaudi Arabia has also lifted social distancing measures and will allow full-capacity attend...
Tags: Travel, Saudi Arabia, Dubai, Mecca, Abu Dhabi, Medina, Gulf, Reuters, Reuters Major, Grand Mosque, IHC, Suhail Al Mazrouei, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, QSI


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


Qatargas says it starts construction of four new LNG mega-trains | Reuters

Qatargas says it starts construction of four new LNG mega-trains | Reuters Qatargas started building four new liquefied natural gas mega-trains that will lift its production capacity to 110 million tons/year from 77 mt/year, the company said on Twitter on Sunday. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Reuters, Qatargas, Rupert Neil Bumfrey, Reuters Qatargas


Uber and its #Dubai Subsidiary Hit With Massive Tax Bills in #SaudiArabia - Bloomberg

Uber and its Dubai Subsidiary Hit With Massive Tax Bills in Saudi Arabia - Bloomberg Saudi Arabia has slapped several technology firms, including Uber Technologies Inc. and its Dubai-based subsidiary Careem, with tax bills worth tens of millions of dollars, according to people with knowledge the matter.Uber and Careem face a combined bill worth around $100 million, two of the people said. The claims are related to a dispute over how to calculate the value-added tax owed over the past few years...
Tags: Travel, Saudi Arabia, Dubai, Careem, Mohammed bin Salman, U K, Uber Technologies Inc, Customs Authority, Rupert Neil Bumfrey, SaudiArabia Bloomberg, Saudi Arabia Bloomberg Saudi Arabia


How Tata Motors' $1bn fundraising could supercharge India's EV sector

How Tata Motors' $1bn fundraising could supercharge India's EV sector India's electric vehicle industry has been slow to take off, despite a push by the government to transition away from internal combustion engine cars to reduce pollution levels and dependence on costly fuel imports.But the sector received a huge boost when US private equity firm TPG's Rise Climate Fund and Abu Dhabi holding company said on October 12 that they would inject $1 billion into Tata Motors' passenger electric ve...
Tags: Travel, India, US, Abu Dhabi, Mumbai, Tata, Tata Motors, TPG, Rupert Neil Bumfrey, TPG s Rise Climate Fund, Raghunandhan NL, Emkay Global Financial Services


Energy Crisis: Don’t Expect OPEC to Keep You Warm This Winter - Bloomberg

Energy Crisis: Don’t Expect OPEC to Keep You Warm This Winter - Bloomberg Skyrocketing prices for natural gas, coal and electricity are putting extra pressure on oil markets, boosting demand as industries and power generators seek to switch to liquid fuels to keep a lid on costs. But don’t expect the oil producers to boost supplies more rapidly over the coming winter — they’re more worried about what might happen next year.Fuel switching from gas and coal will boost global oil demand by 500,00...
Tags: Travel, Saudi Arabia, Russia, Opec, IEA, Rupert Neil Bumfrey, International Energy Agency Citigroup UBS


#UAE's Property Market Recovery - Bloomberg video

UAE's Property Market Recovery - Bloomberg Taimur Khan, CBRE Head of MENA Research, discusses his outlook for the property market recovery and price growths in UAE. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Uae, Rupert Neil Bumfrey, Bloomberg Daybreak, MENA Research, Property Market Recovery Bloomberg, Bloomberg Taimur Khan


FTSE adds Adnoc Drilling to three indices as board approves growth plans after IPO

FTSE adds Adnoc Drilling to three indices as board approves growth plans after IPO Index publisher FTSE Russell added Adnoc Drilling to three of its global equity indices as the company's board approved its growth plans following its 11 per cent share sale in a public offering.Its shares made their debut earlier this month on the Abu Dhabi Securities Exchange, surging 33 per cent during the first day of trading on October 3. The market value of the company, a subsidiary of the Adnoc Group, was...
Tags: Travel, Ipo, Russell, ADNOC, Abu Dhabi Securities Exchange, Advanced Technology, Rupert Neil Bumfrey, Adnoc Group, Sultan Al Jaber, ADNOC Drilling


#AbuDhabi Ports Group's first-half revenue surges 21% in 2021

Abu Dhabi Ports Group's first-half revenue surges 21% in 2021 Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, reported a 21 per cent increase in revenue during the first six months of the year on the back of organic growth, diversification into new businesses, new leases and partnerships.The company earned revenue of Dh1.8 billion ($490.1 million), compared with Dh1.52bn for the period ending June 30, 2020.The port operator's earnings before interest, ta...
Tags: Travel, EBITDA, Rupert Neil Bumfrey, Abu Dhabi Ports, AbuDhabi Ports Group, Abu Dhabi Ports Group, Mohamed Juma Al Shamsi


#Oman's economy to recover with overall growth of 2.2% in 2021: IIF | ZAWYA MENA Edition

Oman's economy to recover with overall growth of 2.2% in 2021: IIF | ZAWYA MENA Edition Oman's economy is set to recover with overall growth of 2.2 percent in 2021 and 3.3 percent in 2022, as higher natural gas production and progress in vaccination, which will gradually restore domestic activity, International Institute of Finance (IIF) said in a new report.This is lower than the 2.5 percent growth projected by the International Monetary in September. The economy contracted by 2.8 percent las...
Tags: Travel, Oman, IIF, Rupert Neil Bumfrey, International Monetary, IMF Oman, International Institute of Finance IIF


#SaudiArabia's PIF launches offshore platform tourism project | Reuters

Saudi Arabia's PIF launches offshore platform tourism project | Reuters Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced on Saturday the launch of "THE RIG", which it said would be the world's first tourism destination on offshore platforms.The fund, the engine of Crown Prince Mohammed bin Salman's economic transformation plans for Saudi Arabia, manages a portfolio worth $400 billion.It added in a statement that the project was located in the gulf and spanned an area...
Tags: Travel, Saudi Arabia, Reuters, Mohammed bin Salman, Rupert Neil Bumfrey, Public Investment Fund


#Saudi leads major Gulf markets higher | Reuters

Major stock markets in the Gulf rose in early trade on Sunday amid strong oil prices, with the Saudi index outperforming the region as the country eased coronavirus curbs.The kingdom is rolling back COVID-19 restrictions from Oct. 17 in response to a sharp drop in daily infections and a considerable development in vaccinations. read moreThe authorities also cancelled curbs on fully vaccinated people at closed venues, restaurants and cinemas, and on transportation.Saudi Arabia's benchmark index (...
Tags: Travel, Saudi Arabia, Dubai, Abu Dhabi, Spa, Gulf, Reuters, Adi, IHC, Suhail Al Mazrouei, Jabal Omar, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, Al Rajhi Bank, UAE Energy


Oil’s Leap Through $85 Shows Spillover Effect From Energy Crisis - Bloomberg

Oil’s Leap Through $85 Shows Spillover Effect From Energy Crisis - Bloomberg The global energy crisis is bleeding into the oil market.Brent crude surged as high as $85.10 a barrel on Friday, a price that would have seemed unthinkable just 18 months ago, when when Covid halted global mobility and trashed demand. An underlying recovery in consumption -- driven by road-fuel, freight activity, and latterly air travel -- is now being fired by the energy crisis. With natural gas trading at close to ...
Tags: Travel, Europe, Rupert Neil Bumfrey, COVID


Switzerland Urges Refiners to Tighten Audits of #UAE Gold - Bloomberg

Switzerland Urges Refiners to Tighten Audits of UAE Gold - Bloomberg Switzerland has told its gold refineries to tighten up audits on imports arriving from the United Arab Emirates to make sure illicit African bullion isn’t involved. In a letter dated Oct. 11 seen by Bloomberg, the State Secretariat for Economic Affairs said refineries should ensure sufficient steps are taken to identify the true country of origin for all gold coming from the UAE. He pointed to the high volume of imports comin...
Tags: Travel, United Arab Emirates, Switzerland, Uae, Bern, Rupert Neil Bumfrey, Guy Parmelin, Thani Al Zeyoudi, UAE Gold Bloomberg, UAE Gold Bloomberg Switzerland, Erwin Bollinger


Oil prices rise to three-year high on back of supply deficit forecasts | Reuters

Oil prices rise to three-year high on back of supply deficit forecasts | Reuters Oil prices settled at a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand.Brent crude futures settled up 86 cents, or 1%, at$84.86 a barrel. Front-month prices, which touched their highest level since October 2018 at $85.10, hit a weekly rise of 3%, its sixth straight weekly gain.U.S. W...
Tags: Travel, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


#Dubai to restrict cargo imports into airport to clear shipment backlog | Financial Times

Dubai to restrict cargo imports into airport to clear shipment backlog | Financial Times Dubai will restrict imports of cargo into its international airport for six days from Tuesday to clear a backlog caused by “extraordinarily high” volumes of inbound shipments.  Dnata, the cargo handling arm of government-owned airline group Emirates, said the restrictions would also include transit cargo en route to other destinations in the United Arab Emirates. Certain categories of essential ...
Tags: Travel, Emirates, Dubai, Financial Times, Dubai International Airport, Rupert Neil Bumfrey, Dnata, Financial Times Dubai, United Arab Emirates Certain


#AbuDhabi holding company ADQ acquires remaining shares in health insurer Daman

Abu Dhabi’s holding company ADQ signed a definitive agreement to acquire the remaining 20 per cent equity stake in the National Health Insurance Company, or Daman, as it is known, from Munich Re, as it continues to boost its healthcare portfolio.Munich Re will continue to be Daman’s reinsurer as part of the deal and will provide support in delivering healthcare insurance services during the next stage of Daman's growth, ADQ said on Thursday.It did not give the value of the transaction, which is ...
Tags: Travel, Munich, Abu Dhabi, Munich Re, Daman, Rupert Neil Bumfrey, Fahad Al Qassim, ADQ, National Health Insurance Company


Oil prices scale $85/bbl on back of supply deficit | Reuters

Oil prices scale $85/bbl on back of supply deficit | Reuters Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products.Brent crude futures were up 80 cents, or 0.95%, to $84.80 a barrel at 0930 GMT. Front-month prices, which earlier touched their highest since October 2018 at $85.10, are set to climb for the sixth straight week, heading for a 3% hike thi...
Tags: Travel, Atlantic, Reuters, Reuters Oil, Rupert Neil Bumfrey


#Dubai Court Tells Nissan to Pay $354 Million to Gulf Partner - Bloomberg

Dubai Court Tells Nissan to Pay $354 Million to Gulf Partner - Bloomberg Nissan Motor Co. was told by a court in the United Arab Emirates to pay 1.3 billion dirhams ($354 million) to a joint-venture partner that sued the Japanese automaker of breaching an agreement over the distribution of vehicles in the region. Al Dahana FZCO, a Dubai-based company established by people with links to former Nissan Chairman Carlos Ghosn, accused Nissan in 2019 of reneging on its contractual obligations. That ...
Tags: Travel, Japan, France, United Arab Emirates, Dubai, Tokyo, Nissan, Kelly, Ghosn, Carlos Ghosn, Yokohama, Greg Kelly, Rupert Neil Bumfrey, Azusa Momose, Dubai Court Tells Nissan, Gulf Partner Bloomberg


Oil prices climb more than 3%, set for multi-week gains | Reuters

Oil prices climb more than 3%, set for multi-week gains | Reuters Oil prices climbed on Friday, heading for gains of more than 3% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products.Brent crude futures touched their highest since October 2018, rising 84 cents, or 1%, to $84.84 a barrel by 0652 GMT. Front-month prices are set to climb for the sixth straight week, up 3% this week.U.S. Wes...
Tags: Travel, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil prices rise, as Saudis dismiss supply concerns as demand grows | Reuters

Oil prices rise, as Saudis dismiss supply concerns as demand grows | Reuters Oil prices rose 1% on Thursday after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators.The market largely shrugged off an unexpectedly large increase in U.S. crude inventories as refiners cut production in a generally slower period for those facilities.Brent crude futures settle...
Tags: Travel, Saudi Arabia, Opec, IEA, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey


Oil prices trim gains after big build in U.S. stocks | Reuters

Oil prices trim gains after big build in U.S. stocks | Reuters Oil prices rose on Thursday after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators.The market trimmed gains after U.S. crude inventories rose more than anticipated as refiners cut production in a generally slower period for those facilities.Brent crude futures gained 42 cents, or 0.5%, to $8...
Tags: Travel, Saudi Arabia, Opec, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey


MIDEAST STOCKS Most Gulf exchanges track oil prices higher | Reuters

MIDEAST STOCKS Most Gulf exchanges track oil prices higher | Reuters Most stock markets in the Gulf ended higher on Thursday amid rising oil prices, with oil behemoth Saudi Aramco nearing a $2 trillion valuation.Oil prices rose by about 1% after the International Energy Agency said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply.Saudi Arabia's benchmark index (.TASI) closed 0.6% higher, with Yanbu Natio...
Tags: Travel, Europe, Saudi Arabia, Opec, Egypt, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Saudi Aramco, International Energy Agency, Adi, Middle East Africa, Tasi, Rupert Neil Bumfrey


EXCLUSIVE #AbuDhabi's IHC to IPO subsidiary Multiply this year, CEO says | Reuters

EXCLUSIVE Abu Dhabi's IHC to IPO subsidiary Multiply this year, CEO says | Reuters Abu Dhabi conglomerate International Holding Co (IHC) plans to list subsidiary Multiply, a holding company that invests in tech-focused businesses, on Abu Dhabi's main stock market this year, IHC's chief executive said.The planned transaction, which could value Multiply at 8 to 10 billion dirhams ($2.2-$2.7 billion), would be the latest in a string of listings and deals for IHC (IHC.AD), a firm with a market cap...
Tags: Travel, Ipo, Turkey, United Arab Emirates, Abu Dhabi, Reuters, Mohammed bin Zayed, Abu Dhabi National Oil Co ADNOC, IHC, Rupert Neil Bumfrey, Mubadala, Sheikh Tahnoon bin Zayed al Nahyan, Syed Basar Shueb, IHC IHC, Alpha Dhabi ALPHADHABI, Reuters IHC


OPEC+ Kingpins Say They Protected Oil From Chaos Seen With Gas - Bloomberg

OPEC+ Kingpins Say They Protected Oil From Chaos Seen With Gas - Bloomberg Oil’s stability relative to natural gas and coal underscore that OPEC+ is doing a good job balancing supply and demand, said the energy ministers of Saudi Arabia and Russia.While crude has jumped to a three-year high above $80 a barrel, the increase has been nothing compared to volatility seen with gas and coal prices, Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday. He reiterated that the OPEC+ c...
Tags: Travel, Asia, Europe, Saudi Arabia, White House, Russia, Opec, Moscow, Riyadh, Rupert Neil Bumfrey, Abdulaziz bin Salman, Saudi Energy, Gas Bloomberg, Bloomberg Oil, OPEC Kingpins


Oil prices climb on upgrade to IEA demand forecast | Reuters

Oil prices climb on upgrade to IEA demand forecast | Reuters Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply.Brent crude futures gained 89 cents, or 1.1%, to $84.07 a barrel by 1204 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 87 cents, or 1.1%, to $81.31, more than recouping t...
Tags: Travel, Saudi Arabia, Opec, IEA, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey


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


#Saudi energy minister dismisses calls for extra OPEC+ barrels | Reuters

Saudi energy minister dismisses calls for extra OPEC+ barrels | Reuters OPEC leader Saudi Arabia dismissed calls for speedier oil output increases on Thursday, saying its efforts with allies were enough and protecting the oil market from the wild price swings seen in natural gas and coal markets.“What we see in the oil market today is an incremental (price) increase of 29%, vis-à-vis 500% increases in (natural) gas prices, 300% increases in coal prices, 200% increases in NGLs (natural gas liqu...
Tags: Travel, Saudi Arabia, Russia, Opec, United States, Moscow, Reuters, Abdulaziz, Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman


#Saudi banks: Pressure on lenders easing with rising oil price, government support | ZAWYA MENA Edition

Saudi banks: Pressure on lenders easing with rising oil price, government support | ZAWYA MENA Edition The downside risk for banks in Saudi Arabia has reduced, as pressures from the COVID-19 pandemic and lower oil prices are easing, according to the latest analysis by Fitch. The ratings agency noted that the deterioration in asset quality and profitability in the kingdom’s banking sector has been contained, with the banks’ financial metrics stabilising. Various government support measures inc...
Tags: Travel, Saudi Arabia, Fitch, Rupert Neil Bumfrey, Saudi Central Bank SAMA, Gulf Cooperation Council However Fitch


#Dubai property market is undervalued - UBS | ZAWYA MENA Edition

Dubai property market is undervalued - UBS | ZAWYA MENA Edition While Frankfurt, Toronto, and Hong Kong exhibited the most elevated risk levels on housing markets, Dubai was the only undervalued market, and the only one to be classified in a lower category than it was last year, according to a report by UBS.In its Global Real Estate Bubble Index 2021, the bank said better affordability, easier mortgage regulations, higher oil prices, and an economic rebound seem to have started a recovery in D...
Tags: Travel, Hong Kong, Dubai, Ubs, Rupert Neil Bumfrey, MENA Edition While Frankfurt Toronto



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