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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


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


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


#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 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


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


#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


#Saudi inflation inches up to 0.6% in September | Reuters

Saudi inflation inches up to 0.6% in September | Reuters Saudi Arabia's consumer price index increased 0.6% in September from a year earlier and was 0.2% higher month on month, government data showed on Thursday.The annual rate was marginally above a rise of 0.3% in August and 0.4% in July, data from Saudi Arabia's General Authority for Statistics showed. That compared with a rise of 6.2% in June, the last month affected by the tripling of value added tax (VAT) to 15% in July last year."Food a...
Tags: Travel, Saudi Arabia, Reuters, Rupert Neil Bumfrey, General Authority for Statistics


MIDEAST STOCKS Most Gulf indexes rise in early trade; #AbuDhabi falls | Reuters

MIDEAST STOCKS Most Gulf indexes rise in early trade; Abu Dhabi falls | Reuters Most major Gulf stock markets rose in early trade on Thursday amid rising oil prices, with the Saudi index on track for a third straight weekly gain.Oil prices reversed previous losses as a bigger-than-expected draw in U.S. gasoline and distillate stocks prompted buying.The uptick was also supported by expectations that soaring natural gas prices as winter approaches will drive a switch to oil to meet heating deman...
Tags: Travel, Saudi Arabia, Wam, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Fitch Ratings, Tasi, Rupert Neil Bumfrey, Abudhabi, First Abu Dhabi Bank FAB, Yanbu National Petrochemicals Co, Emirates NBD Bank ENBD, Qatar National Bank QNBK QA


MIDEAST STOCKS #Saudi outperforms major Gulf bourses after IMF forecast | Reuters

MIDEAST STOCKS Saudi outperforms major Gulf bourses after IMF forecast | Reuters Most major stock markets in the Gulf were little changed on Wednesday, amid inflation fears, while the Saudi index outperformed the region after the International Monetary Fund raised its economic growth forecast.Investors are worried about the economic slowdown and inflation, which is proving less temporary and could entail central banks to take action earlier than expected, said Wael Makarem, senior market s...
Tags: Travel, Saudi Arabia, Dubai, International Monetary Fund, Abu Dhabi, Imf, Gulf, Reuters, DP World, Emaar, Tasi, Rupert Neil Bumfrey, Industries Qatar, QSI, Gulf Egypt, Abu Dhabi Securities Exchange ADX


#Saudi energy minister to discuss energy cooperation with Britain - cabinet | Reuters

Saudi energy minister to discuss energy cooperation with Britain - cabinet | Reuters Saudi Arabia's energy minister will discuss with Britain a cooperation agreement in the energy field, a cabinet statement said on Tuesday without providing further details. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Britain, Reuters, Rupert Neil Bumfrey


IMF increases #Saudi 2021 growth forecast slightly | ZAWYA MENA Edition

IMF increases Saudi 2021 growth forecast slightly | ZAWYA MENA Edition The International Monetary Fund (IMF) expects Saudi Arabia, the biggest Arab economy, to post 2.8% economic growth this year, it said on Tuesday.In July it had forecast 2.4% gross domestic product growth for 2021. Saudi growth for next year is seen at 4.8%, the IMF said in its latest World Economic Outlook, keeping unchanged its previous forecast.Saudi Arabia's economy contracted by 4.8% last year amid the twin shocks of th...
Tags: Travel, Saudi Arabia, Imf, International Monetary Fund IMF, Rupert Neil Bumfrey


#Saudi Mining Plan Gets $3 Billion EV Boost From Australian Firm - Bloomberg

Saudi Mining Plan Gets $3 Billion EV Boost From Australian Firm - Bloomberg An Australian company plans to invest $3 billion in Saudi Arabia in a bet on the metals used in batteries for electric vehicles.EV Metals Group Plc’s spending will be on building plants to process minerals including lithium and nickel, and later expand into exploring for the battery metals, Managing Director and Chief Executive Officer Michael Naylor said. It would be one of the first major deals since Saudi Arabia pas...
Tags: Travel, Saudi Arabia, Bloomberg, Naylor, Rupert Neil Bumfrey, Michael Naylor, EV Metals Group Plc, EV Metals


#SaudiArabia to ask foreign energy companies to up domestic input to 70%- sources | Reuters

Saudi Arabia to ask foreign energy companies to up domestic input to 70%- sources | Reuters Saudi Arabia will require foreign firms working in the energy sector, including petrochemicals and water desalination, to boost local input to at least 70% in order to secure government contracts, three sources familiar with the matter said.Energy Minister Prince Abdulaziz bin Salman discussed the plan to increase domestic input with local and international energy executives at a gathering in the Easter...
Tags: Travel, Energy, Saudi Arabia, Reuters, Mohammed bin Salman, Reuters Saudi Arabia, Dammam, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman


ACWA Power IPO, Quote: Saudi Arabia IPO Stock Sinks on Riyadh Exchange - Bloomberg

ACWA Power IPO, Quote: Saudi Arabia IPO Stock Sinks on Riyadh Exchange - Bloomberg ACWA Power International slumped as much as 10% on its second day as a listed company, giving up some gains from a debut that saw the stock surge by the daily limit. Shares in the utility closed down 8.4% at 66.7 riyals ($17.78) on Tuesday. All six companies that have listed in the kingdom this year have surged on opening day, but ACWA is the first that hasn’t been able to carry the momentum into a se...
Tags: Travel, Saudi Arabia, Ipo, Aramco, Rupert Neil Bumfrey, ACWA, ACWA Power IPO, Riyadh Exchange Bloomberg, Riyadh Exchange Bloomberg ACWA Power International


#Saudi Arabian Islamic finance firm Nayifat plans Riyadh float | Reuters

Saudi Arabian Islamic finance firm Nayifat plans Riyadh float | Reuters Saudi Arabia's Nayifat Finance Company said on Tuesday it plans an initial public offering (IPO) on the Riyadh stock exchange with a free float of 35% of its shares.Nayifat, a consumer-focused Islamic finance firm, said in a statement that it plans a sale of 35 million shares to institutional and retail investors. The sale of existing shares will be made by its current shareholders, it said.Falcom Holding, a Saudi firm whi...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Rupert Neil Bumfrey, Nayifat, Nayifat Finance Company, Falcom Holding, Nayifat IPO


NEOM JV to secure billions in financing in early 2022, ACWA CEO says | Reuters

NEOM JV to secure billions in financing in early 2022, ACWA CEO says | Reuters ACWA Power, which debuted on Saudi Arabia's stock market on Monday, expects to finalise in the first quarter of next year billions of dollars in financing for a green hydrogen joint venture at the planned futuristic city NEOM, ACWA's CEO said.The project, which will be equally owned by Air Products, ACWA Power (2082.SE) and NEOM, will produce green ammonia for export to global markets, with the first shipment expect...
Tags: Travel, Saudi Arabia, Reuters, Rupert Neil Bumfrey, NEOM, Paddy Padmanathan, Reuters ACWA Power


New #Saudi investment strategy aims for $100 bln annual FDI flows - SPA | Reuters

New Saudi investment strategy aims for $100 bln annual FDI flows - SPA | Reuters Saudi Crown Prince Mohammed bin Salman gave details of a new investment strategy on Monday that aims to raise net foreign direct investment to 388 billon riyals ($103.45 billion) annually, the state news agency (SPA) reported.The new strategy also aims to increase local investments to 1.7 trillion riyals annually by 2030, SPA said.The crown prince said in March the kingdom was planning 12 trillion riyals worth of ...
Tags: Travel, Saudi Arabia, Spa, Reuters, Mohammed bin Salman, Rupert Neil Bumfrey, Public Investment Fund, National Investment Strategy


MIDEAST STOCKS Major Gulf bourses end mixed; ACWA Power surges on debut | Reuters

MIDEAST STOCKS Major Gulf bourses end mixed; ACWA Power surges on debut | Reuters Major stock markets in the Gulf ended mixed on Monday, with the Saudi index extending losses from the previous session.Saudi Arabia's benchmark index (.TASI) dropped 0.5%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) declining 1.1%, while Al Rajhi Bank (1120.SE) was down 0.2%.The Saudi stock market fell as traders took profits after the main index reached a new interim high, said Wael Makarem, senior ...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Gulf, Reuters, Saudi Aramco, ACWA Power, Reuters Major, QNB, Tasi, Rupert Neil Bumfrey, QSI, Qatar National Bank QNB, Al Rajhi Bank


#Qatar Says Rejoining OPEC Would Not Fit With Its Strategy - Bloomberg

Qatar Says Rejoining OPEC Would Not Fit With Its Strategy - Bloomberg Qatar will not rejoin OPEC because trying to sway global oil prices doesn’t fit with its strategy, said Energy Minister Saad Al-Kaabi at a press conference.Qatar decided to leave the cartel in late 2018, saying its exit was ‘technical’ and a matter of strategy as it shifted its focus to natural gas as its main export. It had been a member of the Organization of Petroleum Exporting Countries since 1961.But observers saw the m...
Tags: Travel, Energy, Saudi Arabia, Opec, Qatar, Egypt, United Arab Emirates, Bahrain, Persian Gulf, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Saad al Kaabi


MIDEAST STOCKS #Saudi snaps 4-day winning streak as Gulf bourses end mixed | Reuters

MIDEAST STOCKS Saudi snaps 4-day winning streak as Gulf bourses end mixed | Reuters Major stock markets in the Gulf ended mixed on Sunday, with the Saudi index giving up early gains to close 0.2% lower, snapping a four-session winning streak.On Saudi Arabia's benchmark index (.TASI), Saudi Telecom Company (7010.SE) fell 1.3%, while SABIC Agri-Nutrients Co (2020.SE) retreated 2.2%.Among other losers, Almarai (2280.SE) declined 2.2% after the Gulf's largest dairy company reported a quarterly...
Tags: Travel, Saudi Arabia, Egypt, Dubai, Abu Dhabi, Cbre, Gulf, Reuters, Adi, Reuters Major, IHC, Qatar National Bank, CBRE Group, Rupert Neil Bumfrey, QSI, Gulf Egypt


#UAE Markets Regulator Gets Female CEO as Al Suwaidi Takes Charge - Bloomberg

UAE Markets Regulator Gets Female CEO as Al Suwaidi Takes Charge - Bloomberg The United Arab Emirates named Maryam Butti Al Suwaidi as chief executive of the nation’s markets regulator, in another senior appointment for a woman in the region.The appointment to lead the Securities and Commodities Authority was made in a presidential decree on Sunday. Al Suwaidi was previously the regulator’s acting CEO. The markets regulator announced earlier this year that the UAE, home to Dubai and ...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Abu Dhabi, Uae, Tadawul, Al Suwaidi, Rupert Neil Bumfrey, Securities and Commodities Authority, Sarah Al Suhaimi, First Abu Dhabi Bank PJSC, Rania Nashar, Hana Al Rostamani, Al Suwaidi Takes Charge Bloomberg, Maryam Butti Al Suwaidi


Bahrain's GIB gets $625 million sustainability-linked loan | Reuters

Bahrain's GIB gets $625 million sustainability-linked loan | Reuters Bahrain's Gulf International Bank (GIB) said on Sunday it has secured a $625 million sustainability-linked syndicated loan, which increased from an original $500 million due to strong demand.The bond attracted orders worth $1.1 billion.It was the first Bahrain-headquartered bank and the first majority Saudi-owned lender to close financing linked to sustainability."A diversified group of more than 20 global investors from the ...
Tags: Travel, Asia, Europe, Saudi Arabia, Hsbc, Middle East, United Arab Emirates, Bahrain, Reuters, Gulf Cooperation Council, GIB, Rupert Neil Bumfrey, Public Investment Fund, Societe Generale SOGN PA, Environmental Social and Governance ESG, Citi C N First Abu Dhabi Bank


U.K. Starts Trade Deal Process With #SaudiArabia, Gulf - Bloomberg

U.K. Starts Trade Deal Process With Saudi Arabia, Gulf - Bloomberg The U.K. kicked off the process to sign a trade deal with Saudi Arabia and a group of other Gulf states, its latest post-Brexit target as it seeks deeper economic ties beyond the European Union.Negotiations for a pact between Britain and the Gulf Cooperation Council, whose members also include Qatar, Bahrain and Oman, aim to start in 2022 following a 14-week consultation with the public and businesses, the U.K.’s Department for...
Tags: Travel, Australia, Saudi Arabia, International Trade, Eu, Joe Biden, Britain, GCC, Premier League, New Zealand, Mike Ashley, Oman, Boris Johnson, Johnson, Gulf, Liz Truss


MIDEAST STOCKS Most Gulf bourses end higher; #Qatar falls | Reuters

MIDEAST STOCKS Most Gulf bourses end higher; Qatar falls | Reuters Most stock markets in the Gulf ended higher on Thursday, in line with global equities, although the Qatari index bucked the trend to close lower.World stock markets got their foot back on the gas as hopes grew that Washington could resolve its debt-ceiling squabbles and a global drop in energy prices tempered deepening fears of "stagflation".Saudi Arabia's benchmark index (.TASI) added 0.2%, helped by a 0.9% gain in Al Rajh...
Tags: Travel, Washington, Saudi Arabia, Qatar, Iran, United Arab Emirates, Dubai, Abu Dhabi, Beirut, Cbre, Gulf, Reuters, Riyadh, U S Federal Reserve, Adi, Hossein Amirabdollahian



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