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JPMorgan Sees Virus Fallout Stoking Middle East Deals Into 2021 - Bloomberg

JPMorgan Sees Virus Fallout Stoking Middle East Deals Into 2021 - Bloomberg:The financial fallout from the coronavirus pandemic will keep fueling debt issuance from the Middle East into 2021, while also stoking mergers and acquisitions as companies seek to consolidate, according to JPMorgan Chase & Co.Growth in lending by the bank, coupled with fees from arranging bond and M&A deals, will drive the U.S. company’s operations in the region, Karim Tannir, JPMorgan’s joint-senior country officer for...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, United Arab Emirates, North Africa, JPMorgan Chase Co, Rupert Neil Bumfrey, Karim Tannir


Russia Slightly Raised July Oil Output Ahead of OPEC+ Tapering - Bloomberg

Russia Slightly Raised July Oil Output Ahead of OPEC+ Tapering - Bloomberg:Russia slightly increased its oil production in July, ahead of OPEC+ plans to start easing their record supply cuts starting this month.The nation’s producers pumped 39.63 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s an average daily of 9.371 million barrels, applying a 7.33 barrel-per-ton conversion rate, and is above June levels, when outp...
Tags: Travel, Asia, Europe, Saudi Arabia, Russia, Opec, Organization of Petroleum Exporting Countries, Energy Ministry, Rupert Neil Bumfrey, CDU TEK, OPEC Tapering Bloomberg


Column: U.S. shale supply chain will emerge smaller from price war, pandemic - Kemp - Reuters

Column: U.S. shale supply chain will emerge smaller from price war, pandemic - Kemp - Reuters:Slumping oil and gas prices as a result of the pandemic and the volume war earlier in the year between Saudi Arabia and Russia have slashed employment in the U.S. oil and gas fields at some of the fastest rates on record.Oil and gas-related employment is split across several different categories in the federal government’s statistical system, making it hard to track changes in total oilfield and gasfiel...
Tags: Travel, Saudi Arabia, Russia, U S Bureau of Labor Statistics, Rupert Neil Bumfrey, Kemp Reuters


OPEC July oil output surges as Gulf voluntary cuts end: survey - Reuters

OPEC July oil output surges as Gulf voluntary cuts end: survey - Reuters:OPEC oil output has risen by over 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance.The 13-member Organization of the Petroleum Exporting Countries pumped 23.32 million bpd on average in June, the survey found, up 970,000 bpd from June’s revised figure, which was the lowest ...
Tags: Travel, Saudi Arabia, Opec, Gulf, Reuters, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey


Saudis Seen Cutting Oil Price as Fresh Supply Meets Demand Slump - Bloomberg

Saudis Seen Cutting Oil Price as Fresh Supply Meets Demand Slump - Bloomberg:Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the value of physical supplies.Aramco is expected to cut the official selling price for its flagship Arab Light grade by 48 cents a barrel for September sales to Asia, the median estimate in a survey of eight traders and refiners across the region shows. It w...
Tags: Travel, Asia, Saudi Arabia, China, Opec, Bloomberg, Aramco, Rupert Neil Bumfrey


#SaudiArabia consortium withdraws interest in buying Newcastle Utd -statement - Reuters

Saudi Arabia consortium withdraws interest in buying Newcastle Utd -statement - Reuters:A consortium led by Saudi Arabia’s Public Investment Fund (PIF) has withdrawn its interest in acquiring Newcastle United football club, it said in a statement on Thursday.The group, which includes PCP Capital Partners and Reuben Brothers, said that the “prolonged process” and “global uncertainty” had “rendered the potential investment no longer commercially viable.” [Author: [email protected] (Rupert Nei...
Tags: Travel, Saudi Arabia, Newcastle United, Reuters, Newcastle Utd, Reuben Brothers, Rupert Neil Bumfrey, Public Investment Fund PIF, PCP Capital Partners


#Saudi Amlak International achieves 129% net income growth in H1 2020 | ZAWYA MENA Edition

Saudi Amlak International achieves 129% net income growth in H1 2020 | ZAWYA MENA Edition:Saudi Arabia’s leading non-bank real estate lender, Amlak International has announced its financial results for the period ended June 30, 2020. Net income grew by 20.9% y-o-y to SR23.8 million for the Q2 2020 period, and by 129% y-o-y to SR53.3 million for 1H 2020, with total revenues increasing by 6.2% y-o-y to reach SR73.2 million for Q2 2020 and 7.9% y-o-y to SR 148.4 million for 1H 2020. Earnings before...
Tags: Travel, Saudi Arabia, Tadawul, Saudi stock exchange, Amlak, Rupert Neil Bumfrey, ECL, Amlak International, Saudi Amlak International


MENA fund managers to increase #Saudi investments with eye to recovery: Reuters poll - Reuters

MENA fund managers to increase Saudi investments with eye to recovery: Reuters poll - Reuters:Middle Eastern fund managers plan to increase investments in Saudi Arabia in the current quarter, according to a Reuters poll, betting on the kingdom’s ability to bounce back from the coronavirus and low oil price shocks.The region, which has imposed strict lockdown measures as it deals with the outbreak, is home to many oil producers, who have seen the price of their main resource tumble as they spend ...
Tags: Travel, Saudi Arabia, Gulf, Mena, Reuters, Tasi, Rupert Neil Bumfrey


Toll of Virus, Oil on #Saudi Budget Laid Bare With Revenue Plunge - Bloomberg

Toll of Virus, Oil on Saudi Budget Laid Bare With Revenue Plunge - Bloomberg:Saudi Arabia suffered a simultaneous decline in oil and non-oil revenue as the global pandemic combined with lower energy prices to jolt the kingdom’s public finances.Oil revenue was down 45% in the second quarter from the same period last year to 95.7 billion riyals ($25.5 billion), according to budget data released by the Finance Ministry on Tuesday. Non-oil revenue drawn from sources like taxes and fees declined by 5...
Tags: Travel, Saudi Arabia, Bloomberg, Finance Ministry, Rupert Neil Bumfrey


MIDEAST STOCKS- #Kuwait shares rise on broad-based gains; others little changed - Reuters

MIDEAST STOCKS-Kuwait shares rise on broad-based gains; others little changed - Reuters:Broad-based gains pushed Kuwaiti shareshigher on Tuesday, with financial stocks leading the pack, whileother major bourses in the Gulf were little changed ahead of EidAl-Azha.In Kuwait, the index leapt 2.6%, as most of thestocks on the index ended higher including National Bank ofKuwait, which was up 3.5%.    Kuwait's government has set a road map and a time frame toimprove the country's credit rating, a stat...
Tags: Travel, Saudi Arabia, Abu Dhabi, Kuwait, Gulf, Reuters, Emaar Properties, National Bank, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, National Commercial Bank Dubai


#SaudiArabia posts $29 billion deficit in second quarter as oil revenues slump - Reuters

Saudi Arabia posts $29 billion deficit in second quarter as oil revenues slump - Reuters:Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil prices hurt revenues, a finance ministry report published on Tuesday showed. The coronavirus crisis has hurt the non-oil sectors of the world’s largest oil exporter this year, adding to the impact of historic price lows on the economy.Second quarter oil revenues fell by 45% year-on-year to $25.5 ...
Tags: Travel, Saudi Arabia, Reuters, Rupert Neil Bumfrey


Exclusive: #Saudi banks may suspend dividend payouts for H1 2020 | ZAWYA MENA Edition

Exclusive: Saudi banks may suspend dividend payouts for H1 2020 | ZAWYA MENA Edition:Earnings calls this week revealed that Saudi Arabia’s listed banks may withhold dividends for the first half of 2020.Although some banks like Al Rajhi and Banque Saudi Fransi, which had their earnings calls on Monday, made no direct mention of withholding dividends, they indicated as much.“Banks stated that while they were not given direct instructions to hold H1 dividends, they were asked by SAMA [the Saudi Ara...
Tags: Travel, Saudi Arabia, Egypt, Rupert Neil Bumfrey, CI Capital, Al Rajhi, Banque Saudi Fransi, Saudi Arabian Monetary Authority


MIDEAST STOCKS- #Saudi dips on financials in quiet trade for major Gulf indexes - Reuters

MIDEAST STOCKS-Saudi dips on financials in quiet trade for major Gulf indexes - Reuters:The Saudi Arabian stock market slipped in early trade on Tuesday, due to dips in financial shares, while trade on other major bourses in the Gulf was uneventful.Saudi Arabia’s benchmark index eased 0.1%, hurt by a 0.2% fall in Al Rajhi Bank and a 0.3% decrease in the country’s biggest lender National Commercial Bank.Elsewhere, Rabigh Refining and Petrochemical Company dropped 2.6%, a day after it posted quart...
Tags: Travel, Saudi Arabia, Dubai, Gulf, Reuters, DP World, Emaar Properties, Rupert Neil Bumfrey, Al Rajhi Bank, Arabtec Holding


#SaudiArabia’s NCB reports drop in second quarter profit on higher operating expenses - The National

Saudi Arabia’s NCB reports drop in second quarter profit on higher operating expenses - The National:Saudi Arabia’s National Commercial Bank (NCB), the kingdom's biggest lender by assets, reported a 22 per cent drop in its second-quarter profit as total operating expenses including impairments for bad loans climbed and operating income decreased.Net profit for the three months ending June 30 declined to 2.09 billion Saudi riyals (Dh2.05bn), the lender said in a statement to the Tadawul stock exc...
Tags: Travel, Saudi Arabia, Tadawul, National Commercial Bank NCB, NCB, Rupert Neil Bumfrey


Mideast Stocks - Major Gulf stocks gain; Aramco extends losses | ZAWYA MENA Edition

Mideast Stocks - Major Gulf stocks gain; Aramco extends losses | ZAWYA MENA Edition:United Arab Emirates stocks ended higher on Sunday, lifted by banks and property shares, while losses at oil giant Saudi Aramco limited Saudi Arabian gains.Dubai's main share index closed up 0.3%, led by a 6.1% surge in DAMAC Properties and a 0.5% gain in Emirates NBD Bank.DAMAC Properties confirmed that Port Investment Limited which transferred its shares to Omran Group is owned by DAMAC International Limited, a...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Abu Dhabi, Aramco, Saudi Aramco, DAMAC Properties, Rupert Neil Bumfrey, Damac, Al Rajhi Bank, First Abu Dhabi Bank, Bank Albilad, International Holding, Mideast Stocks Major Gulf, Emirates NBD Bank DAMAC Properties


Middle East Deals: #Saudi Car Rental Firm Theeb Hires IPO Advisers - Bloomberg

Middle East Deals: Saudi Car Rental Firm Theeb Hires IPO Advisers - Bloomberg:Saudi Arabia’s Theeb Rent-a-Car hired Saudi Fransi Capital to advise on a potential initial public offering, according to people with knowledge of the matter.The share sale and listing on the local stock exchange would allow Bahrain-based alternative investment firm Investcorp to reduce its stake in the care hire business, the people said, asking not to be identified because the information is private.The IPO could hap...
Tags: Travel, Saudi Arabia, Ipo, Bloomberg, Bahrain, Theeb, Investcorp, Bindawood Holding, Rupert Neil Bumfrey


MIDEAST STOCKS-Gulf markets little changed in early trade - Reuters

MIDEAST STOCKS-Gulf markets little changed in early trade - Reuters:Major Gulf stock markets were little changed early on Sunday, with the Saudi index slipping slightly on declines among energy companies.Saudi Arabia’s benchmark index dipped by 0.3%, driven down by a 0.9% fall for oil giant Saudi Aramco and a 1.8% drop for Rabigh Refining and Petrochemical Company.Al Rajhi Bank, however, firmed by 0.2% despite a fall in second-quarter profit.The value of kingdom’s oil exports dropped by 65% year...
Tags: Travel, Saudi Arabia, Dubai, Gulf, Reuters, Saudi Aramco, Emirates NBD, Emaar Properties, Rupert Neil Bumfrey, Major Gulf


OPEC and Oil: Saudis Sees No Gain From Ending Russia Price War - Bloomberg

OPEC and Oil: Saudis Sees No Gain From Ending Russia Price War - Bloomberg:Saudi Arabia gained no financial reward in the first full month after ending its oil-price war with Russia.The kingdom earned 23.9 billion riyals ($6.4 billion) from oil exports in May, the Riyadh-based General Authority for Statistics said Thursday. That was even less than the previous month, when the price war was at its height, and down more than 60% from last year’s monthly average of $16.8 billion.The government slas...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Donald Trump, Riyadh, Rupert Neil Bumfrey, General Authority for Statistics


MIDEAST STOCKS-Major Gulf stocks subdued as banks weigh on #Dubai - Reuters

MIDEAST STOCKS-Major Gulf stocks subdued as banks weigh on Dubai - Reuters:Major stock markets in the Gulf weresubdued on Thursday, with Dubai hurt by losses in its bankingshares.Saudi Arabia's benchmark index was flat, with SaudiTelecom Company retreating 2.1% after it reported adecrease in second-quarter profit.The kingdom's finance minister said on Wednesday that Julydata is promising for an economic recovery, though manyuncertainties remain, and economic contraction will likely beless than t...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Gulf, Dubai Reuters, Rupert Neil Bumfrey, Major Gulf, Emirates NBD Bank, SaudiTelecom Company, Julydata, International Monetary Fund Dubai, Emaar Properties Elsewhere Dubai Islamic Bank


MIDEAST STOCKS-Most major Gulf markets slip in early trade - Reuters

MIDEAST STOCKS-Most major Gulf markets slip in early trade - Reuters:Major stock markets in the Gulf traded in negative territory early on Thursday, with Dubai and Saudi bourses hurt by weak earnings at their blue-chip stocks.Saudi Arabia’s benchmark index fell 0.2%, with Saudi Telecom Company losing 1.9% following a decrease in second-quarter net profit.Amongst others, oil company Saudi Aramco slipped 0.2%.The kingdom will look to sell assets in sectors not previously considered for privatisati...
Tags: Travel, Saudi Arabia, Dubai, Gulf, Reuters, Saudi Aramco, Emaar Properties, Saudi Telecom Company, Rupert Neil Bumfrey, Dubai Islamic Bank DIB


#Saudi oil exports down by nearly $12 billion year-on-year in May - Reuters

Saudi oil exports down by nearly $12 billion year-on-year in May - Reuters:The value of Saudi Arabia’s oil exports dropped by 65% year-on-year in May, or a fall of nearly $12 billion, official data showed on Thursday.Compared with April, total exports - including non-oil exports of goods such as chemicals and plastics - decreased by 1.6%, or about $160 million, the General Authority for Statistics said.Saudi Arabia, the world’s largest oil exporter, is facing a deep recession this year amid the ...
Tags: Travel, Saudi Arabia, Rupert Neil Bumfrey, General Authority for Statistics, May Reuters


#SaudiArabia to widen privatisation scope, finance minister says - Reuters

Saudi Arabia to widen privatisation scope, finance minister says - Reuters:Saudi Arabia will look to sell assets in sectors not previously considered for privatisation, the country’s finance minister said on Wednesday, as the country contends with the economic impact of sustained low oil prices.Saudi Arabia, the world’s largest oil exporter, is facing a sharp recession because of the coronavirus crisis and depleted oil revenues.The International Monetary Fund has forecast a 6.8% contraction this...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Reuters, Rupert Neil Bumfrey, Mohammed al Jadaan


#Qatar Airways seeks $5 billion compensation from Arab bloc over airspace ban - Reuters

Qatar Airways seeks $5 billion compensation from Arab bloc over airspace ban - Reuters:Qatar Airways is seeking at least $5 billion in compensation from Saudi Arabia, the United Arab Emirates, Egypt and Bahrain for blocking it from their airspace, the state-owned carrier said on Wednesday.The airline has been banned from the airspace of the four countries since June 2017 when they cut ties with Qatar over accusations it supports terrorism. Doha denies the charges and says the bloc aims to infrin...
Tags: Travel, Saudi Arabia, Qatar, Bahrain, Doha, Reuters, Qatar Airways, Rupert Neil Bumfrey, United Arab Emirates Egypt


Middle East Retail: #SaudiArabia's Jarir Sees Growth Opportunity - Bloomberg

Middle East Retail: Saudi Arabia's Jarir Sees Growth Opportunity - Bloomberg:Jarir Marketing Co., a stationary and electronics retailer in Saudi Arabia, sees an opportunity to open as many as five stores this year and raise market share despite the coronavirus pandemic.“Traffic has come down but basket size has come up,” Chairman Muhammad Al-Agil said in an interview on Bloomberg TV.Most retailers in Saudi Arabia had to shut shops following government guidelines to curb the spread of the coronav...
Tags: Travel, Saudi Arabia, Bloomberg, Jarir Marketing Co, Rupert Neil Bumfrey, Jarir Marketing, Muhammad Al Agil


MIDEAST STOCKS-Most major Gulf markets gain; Emirates NBD drags #Dubai - Reuters

MIDEAST STOCKS-Most major Gulf markets gain; Emirates NBD drags Dubai - Reuters:Most major Gulf stock markets traded in positive territory early on Wednesday, supported by their respective financial shares, but Dubai’s top lender weighed on the index.Saudi Arabia’s benchmark index added 0.2%, with Saudi Telecom Company rising 0.2% and Al Rajhi Bank gaining 0.2%.Saudi King Salman held a cabinet meeting via video call from hospital in the capital Riyadh on Tuesday, a day after the 84-year-old mona...
Tags: Travel, Saudi Arabia, Dubai, Gulf, Riyadh, Emirates NBD, Salman, Emaar Properties, Dubai Reuters, Saudi Telecom Company, Rupert Neil Bumfrey, Al Rajhi Bank


#SaudiArabia’s Al Othaim Family Said to Plan IPO for Malls Unit - Bloomberg

Saudi Arabia’s Al Othaim Family Said to Plan IPO for Malls Unit - Bloomberg:Saudi Arabia’s Al Othaim family plans to sell shares in its malls business in a deal that could value the company at between $1.5 billion and $2 billion, according to people familiar with the matter.Othaim Investment Co., which operates malls and entertainment centers in the kingdom, appointed GIB Capital LLC to advise on the local initial public offering, the people said, asking not to be identified as the information i...
Tags: Travel, Saudi Arabia, Bloomberg, GIB, Rupert Neil Bumfrey, Al Othaim, Abdullah Al Othaim Markets, Malls Unit Bloomberg, Othaim Investment Co, GIB Capital LLC, Al Othaim Holding


Gulf Arabs Set to Borrow at Record Rates as Economies Weaken: S&P - Bloomberg

Gulf Arabs Set to Borrow at Record Rates as Economies Weaken: S&P - Bloomberg:Gulf Arab economies will borrow a record amount this year to help cover budget deficits expected to add up to about $490 billion over the next three years, according to S&P Global Ratings.For the five oil-reliant members of the Gulf Cooperation Council, the dual shock of the coronavirus pandemic and lower crude prices means sovereign balance sheets may “continue to deteriorate up until 2023,” analysts including Trevor ...
Tags: Travel, Saudi Arabia, Bloomberg, GCC, Oman, Gulf Cooperation Council, Rupert Neil Bumfrey, Trevor Cullinan, United Arab Emirates Kuwait Qatar Bahrain


#UAE Asset Manager to Start ETF Trading in #Dubai and #AbuDhabi - Bloomberg

UAE Asset Manager to Start ETF Trading in Dubai and Abu Dhabi - Bloomberg:The first exchange-traded fund in the United Arab Emirates accessible to investors both in Dubai and Abu Dhabi is expected to list next month.The Chimera Umbrella Fund -- Chimera S&P UAE Shariah ETF will have two different share classes that will track a Shariah-compliant index compiled from stocks listed on the main exchanges in both emirates. It will be managed by Abu Dhabi-based Chimera Capital LLC.While Gulf investors ...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Uae, Rupert Neil Bumfrey, AbuDhabi Bloomberg, Abu Dhabi Bloomberg, Chimera Capital LLC, Seif Fikry, Chimera Capital It


MIDEAST STOCKS- #Dubai shares rise on Emirates NBD boost; other markets mixed | Nasdaq

:The Dubai stock market rose sharply on Tuesday, buoyed by gains in its top bank Emirates NBD's ENBD.DU shares after receiving regulatory nod to increase foreign ownership limit.Dubai's main share index .DFMGI advanced 1.2%, with Emirates NBD Bank jumping 4.4%, a day after it received regulatory approvals to increase foreign ownership limit to 40% from 20%.In the previous session, the lender retreated 1.9% following a 58% slide in second-quarter profit to 2 billion dirhams ($544.54 million), com...
Tags: Travel, Saudi Arabia, Dubai, Emirates NBD, Tasi, Etihad Etisalat, Rupert Neil Bumfrey, Al Rajhi Bank, Emirates NBD Bank


Gulf economies seen shrinking sharply in 2020, to pick up in 2021: Reuters poll - Reuters

Gulf economies seen shrinking sharply in 2020, to pick up in 2021: Reuters poll - Reuters:Economic activity in the Gulf will contract sharply this year before recovering in 2021, hit by the double shock of the coronavirus pandemic and an oil price crash, a quarterly Reuters poll showed on Tuesday.Analysts in the July 7-20 poll see a deep economic contraction in the hydrocarbon-producing region this year as oil prices were hit on the supply and demand sides simultaneously.Saudi Arabia’s GDP was s...
Tags: Travel, Saudi Arabia, Reuters, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey



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