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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


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


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


#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


MIDEAST STOCKS-Major markets gain on vaccine optimism; #Saudi eases | Nasdaq

MIDEAST STOCKS-Major markets gain on vaccine optimism; Saudi eases | Nasdaq Most major Gulf markets traded in positive territory on Monday, as further encouraging news on the COVID-19 vaccine front boosted investor sentiment, although Saudi shares bucked the trend in early trade.In the fight against coronavirus infection, UK drugmaker AstraZeneca AZN.L said its vaccine, developed along with the University of Oxford, could be around 90% effective under one dosing regimen.Before AstraZeneca releas...
Tags: Travel, UK, Saudi Arabia, Qatar, Dubai, Astrazeneca, University of Oxford, Abu Dhabi, Gulf, Commercial Bank, Jabal Omar, Rupert Neil Bumfrey, QSI, Savola Group, Emirates NBD ENBD, Emaar Properties EMAR DU


#SaudiArabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg

Saudi Arabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg Saudi Arabia’s Acwa Power International, half-owned by the kingdom’s sovereign wealth fund, is planning to raise about $1 billion by selling Islamic bonds early next year, according to people familiar with the matter.The company, one of the largest developers of power plants in the Middle East, has appointed the Saudi unit of HSBC Holdings Plc and Samba Capital to advise on the issuance, the people said, asking not to be...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Samba, Riyadh, Jazan, HSBC Holdings Plc, Rupert Neil Bumfrey, Acwa Power International, ACWA, Samba Capital, Acwa Power Set, Sukuk Sale Bloomberg Saudi Arabia, Acwa HSBC


#Qatar leads most Gulf markets higher; Egypt falls | Reuters

Most stock markets in the Middle East ended higher on Sunday, with Qatar’s index leading the gains on a rise in financial shares, while Egypt closed lower.Financial markets globally have been buoyed over the past two weeks by U.S. drugmakers Pfizer and Moderna Inc releasing encouraging news on the effectiveness of their vaccine candidates against the coronavirus.Saudi Arabia’s benchmark index added 0.1%, with Dr Sulaiman Al-Habib Medical Services leaping 5.1% and real estate firm Jabal Omar Deve...
Tags: Travel, Saudi Arabia, Qatar, Egypt, Middle East, United Arab Emirates, Dubai, Pfizer, Gulf, Reuters, Qatar National Bank, Rupert Neil Bumfrey, Industries Qatar, Dubai Islamic Bank, Commercial International Bank, Jabal Omar Development


#SaudiArabia's Sulaiman Al Habib Medical Group enters MSCI Global Standard Index | ZAWYA MENA Edition

Saudi Arabia's Sulaiman Al Habib Medical Group enters MSCI Global Standard Index | ZAWYA MENA Edition Saudi Arabia’s largest private medical services provider, Dr. Sulaiman Al Habib Medical Group (HMG), will be included as a constituent of the MSCI Global Standard Index, effective 30 November 2020, according to the MSCI semi-annual Index Review.MSCI is the world’s provider of research-based indexes that cover securities from different countries and across cap sizes. The indices are a benchmark i...
Tags: Travel, Saudi Arabia, Dubai, Bahrain, MSCI, Rupert Neil Bumfrey, HMG, Sulaiman Al Habib Medical Group, MENA Edition Saudi Arabia, Dr Sulaiman Al Habib Medical Group HMG, Index Review MSCI, Nasser Al Haqbani CEO, MSCI Global Standard Index


#Saudi index leads way among little-changed Gulf markets | Reuters

Major stock markets in the Gulf were little changed on Sunday, though financial shares bolstered the Saudi index.Financial markets globally have been buoyed over the past two weeks by U.S. drugmakers Pfizer and Moderna Inc releasing encouraging news on the effectiveness of their vaccines against the coronavirus.Saudi Arabia’s benchmark index gained 0.5%, led by a 0.3% rise for Al Rajhi Bank and 1.1% increase for Saudi Telecom Company.Dubai’s main index eased 0.1, with Emaar Malls losing 2.2% and...
Tags: Travel, Saudi Arabia, Pfizer, Abu Dhabi, Gulf, Reuters, Rupert Neil Bumfrey, Emaar Malls, Aldar Properties, Al Rajhi Bank, Moderna Inc, Saudi Telecom Company Dubai, Etisalat Qatar


Goldman Says #Saudi Peg ‘Here to Stay,’ Though at Cost to Economy - Bloomberg

Goldman Says Saudi Peg ‘Here to Stay,’ Though at Cost to Economy - Bloomberg Saudi Arabia is sacrificing non-oil economic growth with fiscal policies designed to ensure its currency peg’s stability during a period of low crude prices, according to Goldman Sachs Group Inc.“Maintaining the riyal peg at current levels remains a key policy priority for the Saudi authorities,” Farouk Soussa, a London-based analyst at Goldman, said in a report to clients. “In a low oil price environment, however, this...
Tags: Travel, London, Saudi Arabia, Goldman, Goldman Sachs Group Inc, Rupert Neil Bumfrey, Economy Bloomberg, Soussa, Farouk Soussa, Goldman Says Saudi Peg ` Here, Economy Bloomberg Saudi Arabia, U S Federal Reserve Although


#SaudiArabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg

Saudi Arabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg Saudi Arabia has no plans to tap international debt markets again this year as the kingdom leans on domestic borrowing to cover its budget deficit, Finance Minister Mohammed Al-Jadaan said.“We went to the local market significantly this year, we are likely to go to the market next year,” Al-Jadaan said in an interview with Bloomberg TV on Friday. “There are no plans currently for an international issuance.”The world’s la...
Tags: Travel, Saudi Arabia, Bloomberg, Morgan Stanley, Bloomberg TV, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan, Bloomberg Saudi Arabia


COVID deals blow to #SaudiArabia's G20 summit ambitions | Reuters

COVID deals blow to Saudi Arabia's G20 summit ambitions | Reuters When Saudi Arabia, the world’s top oil exporter and a leading U.S. ally, took over the G20 presidency in December 2019, hopes in the kingdom were high.A global summit would help rehabilitate the country on the international stage and turn the world’s attentions to key reforms launched by de facto ruler Crown Prince Mohammed bin Salman to open up the kingdom and diversify the economy.But instead of hoped-for photo ops in opulent pa...
Tags: Travel, Saudi Arabia, G20, Yemen, Reuters, Mohammed bin Salman, Rupert Neil Bumfrey, Jamal Khashoggi, Robert Mogielnicki, COVID


#SaudiArabia to Review VAT Hike Once Economic Crisis Ends - Bloomberg

Saudi Arabia to Review VAT Hike Once Economic Crisis Ends - Bloomberg Saudi Arabia will review its controversial decision to triple the value-added tax once the current economic crisis is over, its acting media minister said.The VAT hike to 15%, implemented in July, is “like any decision, it will be reviewed once we’re finished with this crisis and things return to normal,” Majid Al-Qasabi said in a televised news conference on Thursday. Al-Qasabi, who also serves as minister of commerce, said h...
Tags: Travel, Saudi Arabia, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Majid Al Qasabi, Al Qasabi


Most markets retreat on lower oil prices, but post weekly gains | Reuters

Most markets retreat on lower oil prices, but post weekly gains | Reuters Major Gulf markets ended down on Thursday weighed by lower oil prices, but eked out gains for the week on optimism over a COVID-19 vaccine and hopes of a speedy global economic recovery.Over the past two weeks, financial markets globally were spurred by two U.S. drugmakers, Pfizer PFE.N and Moderna Inc MRNA.O, releasing encouraging news on the effectiveness of their vaccines against the coronavirus infection.The euphoria f...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Bahrain, Kuwait, Reuters, Adi, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, QSI, Al Rajhi Bank, First Abu Dhabi Bank, DFMGI, Qatar National Bank QNBK


Reliance says retail venture completes fundraising, rakes in $6.4 billion | Reuters

Reliance says retail venture completes fundraising, rakes in $6.4 billion | Reuters India’s Reliance Industries Ltd on Thursday said its retail arm had completed its fundraising exercise as more than half a dozen investors poured 472.65 billion rupees ($6.37 billion) into a 10.09% stake in the company in two months.Reliance Retail Ventures Ltd (RRVL) began raising capital in September, with U.S.-based private equity firm Silver Lake Partners pumping 75 billion rupees for 1.6% of the venture.The ...
Tags: Travel, Saudi Arabia, Flipkart, Reliance, Reuters, Amazon com Inc, Silver Lake Partners, Rupert Neil Bumfrey, Abu Dhabi Investment Authority, Public Investment Fund, Reliance India, Mubadala Investment Co, Walmart Inc, Reliance Retail Ventures Ltd, Reuters India 's Reliance Industries Ltd, KKR Co Inc Abu Dhabi


#UAE Escalates OPEC Dispute as Tensions on Output Quotas Grow - Bloomberg

UAE Escalates OPEC Dispute as Tensions on Output Quotas Grow - Bloomberg The United Arab Emirates ratcheted up tension with oil allies in OPEC+, with officials privately questioning the benefits of being in the producers’ alliance and even considering whether to leave it.The UAE has not said publicly it’s debating its membership, let alone planning to exit. And officials briefed the media under condition they would not be named, allowing room for maneuver if they later want to distance themselve...
Tags: Travel, Saudi Arabia, Iraq, Russia, Opec, Bloomberg, United Arab Emirates, Abu Dhabi, Uae, Riyadh, Mohammed bin Zayed, Emirati, Rupert Neil Bumfrey


MIDEAST STOCKS-Gulf markets lose steam, but set for weekly gains | Nasdaq

MIDEAST STOCKS-Gulf markets lose steam, but set for weekly gains | Nasdaq Most major Gulf markets retreated on Thursday, drifting off gains logged in the recent sessions over optimism about COVID-19 vaccine and hopes of a speedier global economic recovery.Over the last two weeks, financial markets globally were spurred by encouraging news as two U.S. drugmakers Pfizer PFE.N and Moderna Inc MRNA.O released encouraging news on the effectiveness of vaccine against the infection.The euphoria fizzled...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Gulf, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, QSI, Pfizer PFE N, First Abu Dhabi Bank, Qatar National Bank QNBK, Moderna Inc, Qatar Islamic Bank QISB QA


#Saudi, #Dubai shares gain; #AbuDhabi declines | Reuters

Saudi, Dubai shares gain; Abu Dhabi declines | Reuters Saudi shares reversed course to end sharply higher on Wednesday as further positive news on COVID-19 vaccine development cheered investors, while the Abu Dhabi market posted losses on a day when most major Gulf markets logged gains.U.S. drugmaker Pfizer Inc PFE.N said final results from the late-stage trial of its COVID-19 vaccine showed it was 95% effective, adding it had the required two months of safety data and would apply for emergency ...
Tags: Travel, Saudi Arabia, Opec, Qatar, Dubai, Pfizer, Abu Dhabi, Gulf, Reuters, Tasi, Rupert Neil Bumfrey, Abudhabi, National Commercial Bank, Al Rajhi Bank, Saudi Dubai, Pfizer Inc PFE N


Struggling airline Saudia got $7 billion of state help in 2019-2020: documents | Reuters

Struggling airline Saudia got $7 billion of state help in 2019-2020: documents | Reuters The government has provided state-owned Saudi Arabian Airlines (Saudia) with at least $7 billion in direct payments and other financial support in 2019 and 2020, company documents show, as the carrier struggles with losses and the coronavirus pandemic.The finance ministry approved a payment of 13.6 billion riyals ($3.6 billion) for Saudia in 2019, and a further 6.4 billion riyals in the first half of this ye...
Tags: Travel, Saudi Arabia, Reuters, Rupert Neil Bumfrey, Public Investment Fund PIF, Reuters Saudia


#SaudiArabia News: Oil Giant Aims Next to Be Largest Hydrogen Exporter - Bloomberg

Saudi Arabia News: Oil Giant Aims Next to Be Largest Hydrogen Exporter - Bloomberg The world’s biggest oil exporter has set its sights on also becoming the largest supplier of hydrogen, a fuel seen as pivotal for curbing climate change.Saudi Arabia has “ambitious” plans and “will not be challenged in its record of being the biggest exporter of hydrogen on earth,” Energy Minister Prince Abdulaziz bin Salman said at a news briefing in Riyadh.The kingdom’s large natural gas reserves enable it to pr...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Red Sea, International Energy Agency, Rupert Neil Bumfrey, Abdulaziz bin Salman, NEOM


G20 nearing IMF funding boost for poorer nations, says #Saudi minister | Financial Times

G20 nearing IMF funding boost for poorer nations, says Saudi minister | Financial Times The world’s richest countries are edging towards a consensus on unlocking additional IMF funds for poorer nations whose economies have been battered by the coronavirus crisis, according to a leading G20 official.  Mohammed al-Jadaan, the finance minister of Saudi Arabia, which holds the G20 presidency this year, told the Financial Times that he was “optimistic” that the group of nations and the IMF could ...
Tags: Travel, Saudi Arabia, G20, Financial Times, Imf, Rupert Neil Bumfrey, Mohammed al Jadaan


Column: Vaccine trials temper hedge funds' oil pessimism | Reuters

Column: Vaccine trials temper hedge funds' oil pessimism | Reuters Hedge funds raced to buy back short positions in crude and products last week after Pfizer’s announcement of a successful coronavirus vaccine trial prompted hope for a recovery in consumption next year.Fund managers purchased the equivalent of 114 million barrels in the six most important petroleum futures and options contracts in the week to Nov. 10, position records from regulators and exchanges showed.Purchases were at the fas...
Tags: Travel, Saudi Arabia, Russia, Pfizer, Reuters, Reuters Hedge, Rupert Neil Bumfrey


Oil rises on hopes for delay in OPEC+ supply increase | Reuters

Oil rises on hopes for delay in OPEC+ supply increase | Reuters Oil prices edged higher on Wednesday as hopes that OPEC and its allies will delay a planned rise in oil output offset demand fears stoked by a bigger-than-expected build in U.S. crude stocks and weaker U.S. retail sales.Brent crude futures for January LCOc1 rose 22 cents, or 0.5%, to $43.97 a barrel by 0733 GMT, while U.S. West Texas Intermediate crude for December CLc1 climbed 6 cents, or 0.1%, to $41.49 a barrel.To tackle weaker e...
Tags: Travel, Saudi Arabia, Russia, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey, U S West Texas Intermediate, Hiroyuki Kikukawa, Nissan Securities


Most Gulf markets decline; #Dubai gains | Reuters

Most Gulf markets decline; Dubai gains | Reuters Most major Gulf shares struggled for momentum on Wednesday as euphoria in the markets over positive news on COVID-19 vaccine development fizzled out after a string of gaining sessions, while Dubai bucked the trend in morning trade.Two U.S. drugmakers - Pfizer Inc PFE.N and Moderna Inc MRNA.O - within a gap of a week came out with encouraging news on the effectiveness of the vaccine against the pandemic, boosting hopes of a faster-than-expected glo...
Tags: Travel, Saudi Arabia, Opec, Qatar, Dubai, Abu Dhabi, Gulf, Reuters, Emaar, Tasi, Rupert Neil Bumfrey, Samba Financial Group, Al Rajhi Bank, First Abu Dhabi Bank, Pfizer Inc PFE N, Abu Dhabi Islamic Bank ADIB


Gulf markets ride on vaccine optimism | Reuters

Gulf markets ride on vaccine optimism | Reuters Most major Gulf markets ended higher for a third consecutive session on Tuesday as further positive news on COVID-19 vaccine development lifted optimism about a sooner-than-expected global economic recovery.Investor sentiment got a major fillip for a second time in as many weeks when Moderna Inc MRNA.O on Monday became the second U.S. drugmaker after Pfizer PFE.N to announce promising trial data in the development of a vaccine against the pandemic....
Tags: Travel, Saudi Arabia, Opec, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Emaar, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, QSI, Samba Financial Group, Al Rajhi Bank


Oil falls back on tightening restrictions despite OPEC+ hopes | Reuters

Oil falls back on tightening restrictions despite OPEC+ hopes | Reuters Oil prices eased on Tuesday as worries about the short-term impact on demand of a new surge in the coronavirus pandemic outweighed hopes for a vaccine and tighter OPEC+ supply policy.Brent was down 29 cents, or 0.6%, at $43.53 a barrel by 1444 GMT while U.S. crude was down 27 cents, or 0.6%, at $41.07. Both had been up 40 cents earlier in the session.“Developments with regards to a vaccine are constructive for oil demand in ...
Tags: Travel, Saudi Arabia, Opec, Reuters, Reuters Oil, ING, Rupert Neil Bumfrey, Abdulaziz bin Salman, Warren Patterson


#Saudi wealth fund cut U.S. stocks by $3 billion last quarter, reduced ETFs | Reuters

Saudi wealth fund cut U.S. stocks by $3 billion last quarter, reduced ETFs | Reuters Saudi Arabia's sovereign wealth fund cut its exposure to North American equities by $3 billion in the third quarter, offloading some exchange traded funds (ETF) and stocks including Berkshire Hathaway BRKa.N, a regulatory filing showed.The Public Investment Fund (PIF) was holding $7.05 billion worth of U.S. equities as of Sept. 30, compared with nearly $10.12 billion in the second quarter, the filing showed late...
Tags: Travel, Saudi Arabia, Qatar, Middle East, Abu Dhabi, Kuwait, Reuters, Rupert Neil Bumfrey, Berkshire Hathaway BRKa N, Rachna Uppal, Azure Strategy


MIDEAST STOCKS- #Dubai leads wide gains on vaccine optimism | Nasdaq

Major Gulf markets gained in early trade on Tuesday, in line with wider Asia shares, as further positive news on COVID-19 vaccine development kept the momentum going, lifting optimism about a sooner-than-expected global economic recovery.Investor sentiment got a major fillip for a second time in as many weeks when Moderna Inc MRNA.O on Monday became the second U.S. drugmaker after Pfizer PFE.N to announce promising trial data in the development of a vaccine against the pandemic.Markets in the Gu...
Tags: Travel, Asia, Saudi Arabia, Russia, Opec, Qatar, Dubai, Abu Dhabi, Gulf, Reuters, Commercial Bank, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, Savola Group, Al Rajhi Bank


Gulf social changes are in the global spotlight | Financial Times #UAE

Gulf social changes are in the global spotlight | Financial Times In the UAE the brash commercialism of Dubai has sometimes obscured Abu Dhabi’s harsh  response to  political Islam at home and abroad © Christopher Pike/Reuters Overshadowed by world events such as the US presidential election or the first breakthrough in developing a Covid-19 vaccine, the United Arab Emirates last week announced radical changes in its legal system. These are designed primarily to enhance t...
Tags: Travel, Saudi Arabia, US, Qatar, Turkey, Iran, Egypt, Pope Francis, Middle East, Islam, United Arab Emirates, Dubai, Muslim, Abu Dhabi, Muslim Brotherhood, Uae



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