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#UAE c.bank says monitoring job cuts in financial industry - Reuters

UAE c.bank says monitoring job cuts in financial industry - Reuters:United Arab Emirates’ (UAE) central bank said on Saturday it is closely following recent job cuts in the financial sector, after banks in the country shed hundreds of jobs in the last few months.“We are closely following the recent occurrences of downsizing amongst financial institutions in the country to ensure that downsizing is not adversely affecting regulatory compliance and market conduct,” the Central Bank of the UAE said...
Tags: Travel, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, Central Bank of the UAE


NMC founder Shetty appoints Houlihan Lokey to restructure debt - BBG - Reuters

NMC founder Shetty appoints Houlihan Lokey to restructure debt - BBG - Reuters:NMC Health's founder BR Shetty has appointed investment firm Houlihan Lokey to restructure the debt of his holding company, Bloomberg reported here on Thursday. BRS Ventures Investment, which is the holding company of about 30 firms, including payments companies Finablr and Travelex, will work with the investment firm to revamp its debt, according to the report.Shetty had resigned as co-chairman of NMC on Monday, crea...
Tags: Travel, Bloomberg, Uae, NMC, Houlihan Lokey, Shetty, Travelex, Rupert Neil Bumfrey, NMC Health, BR Shetty, BBG Reuters, BRS Ventures Investment


#SaudiArabia raises holdings of US Treasuries to $180bln in December | ZAWYA MENA Edition

Saudi Arabia raises holdings of US Treasuries to $180bln in December | ZAWYA MENA Edition:Saudi Arabia raised its holdings of US Treasuries by $7.6 billion or 4.41% year-on-year during December 2019, according to data released by the US Department of the Treasury on Wednesday.Total Saudi investments in US debt instruments climbed to $179.8 billion at the end of last December, compared to $172.2 billion at the end of 2018, data showed. Month-on-month, the kingdom’s holdings of US Treasuries edged...
Tags: Travel, UK, Saudi Arabia, US, Kuwait, Uae, Japan China, US Treasuries, Rupert Neil Bumfrey, US Department of the Treasury


DP World’s $5.15bn dividend to #Dubai World is credit positive for #UAE banks - The National

DP World’s $5.15bn dividend to Dubai World is credit positive for UAE banks - The National:The Port and Free Zone World (PFZW) and DP World’s planned $5.15 billion (Dh18.91bn) dividend to Dubai World will be credit positive for UAE banks, Moody’s Investors Service said.Dubai World is expected to use the money to repay around $5bn of the nearly $11bn in restructured debt it owes to UAE lenders and international investors.“We expect varying credit-positive effects among creditor banks depending on...
Tags: Travel, Uae, DP World, Moody, Dubai World, Rupert Neil Bumfrey, Moody 's Investors Service, Nasdaq Dubai, PFZW, Dubai World Group


#Sharjah's non-oil economy to remain 'below historical rates' | ZAWYA MENA Edition

Sharjah's non-oil economy to remain 'below historical rates' | ZAWYA MENA Edition:Sharjah will not see a significant deterioration in its fiscal position this year, but it will continue to accumulate debt, and its non-oil economy will remain weak.“Growth in the UAE’s and Sharjah’s non-oil economy [will]] remain materially below historical rates,” Moody’s Investors Service said on Tuesday.The ratings agency has changed the emirate’s outlook from “negative” to “stable” but downgraded the long-term...


Performance review: Impairment charges weigh heavily on top #UAE banks' Q4 profits | ZAWYA MENA Edition

Performance review: Impairment charges weigh heavily on top UAE banks' Q4 profits | ZAWYA MENA Edition:Asset quality weakness leading to higher impairment charges weighed on the financial performance of the UAE’s largest banks in the fourth quarter of 2019.Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Commercial Bank and Dubai Islamic Bank, accounting for nearly 70 per cent of total bank assets in the country altogether, all saw higher impairment charges.Poor balance sheet performance, deteriora...
Tags: Travel, Uae, Rupert Neil Bumfrey, Dubai Islamic Bank, CI Capital, First Abu Dhabi Bank, Zawya, Monsef Morsey


#UAE regulator to investigate Pakistan bank for money laundering - Reuters

UAE regulator to investigate Pakistan bank for money laundering - Reuters:The United Arab Emirates’ central bank is investigating Pakistan’s largest bank to ascertain if it violated anti-money- laundering and terrorism-financing laws, the regulator said on Wednesday.The inquiry comes as Pakistan is under examination by a Paris unit of the Financial Action Task Force, a global financial watchdog, for not adequately complying with global regulations on money laundering and terrorism financing.The ...
Tags: Travel, Pakistan, Paris, United Arab Emirates, Uae, Reuters, FATF, Rupert Neil Bumfrey, Financial Action Task Force, Habib Bank Ltd, Central Bank of UAE CBAUE, CBAUE


Etisalat reveals $2.4bn annual profits for 2019 - Arabianbusiness

Etisalat reveals $2.4bn annual profits for 2019 - Arabianbusiness:UAE telecommunications giant Etisalat has announced an AED8.7bn ($2.4bn) profit for 2019.The one percent increase on the previous year has been attributed to exploring new growth opportunities and the company’s transition to digitalisation.Obaid Humaid Al Tayer, chairman, Etisalat Group, said: “It has become clear that the paradigm shift in the telecom industry is now in full force. Digital transformation is becoming present in mo...
Tags: Travel, Uae, EBITDA, Etisalat, Obaid Humaid Al Tayer, Rupert Neil Bumfrey, Etisalat Group


NMC Health says 'disappointed' in founder Shetty's ownership disclosures - Reuters

NMC Health says 'disappointed' in founder Shetty's ownership disclosures - Reuters:NMC Health (NMC.L) said on Tuesday it was ‘disappointed’ with the disclosures made by its founder B.R. Shetty and that it urgently sought clarity on his shareholding arrangements and holdings in the company.Shetty on Monday resigned as co-chairman, creating further uncertainty for the UAE healthcare company, which has seen its shares collapse in the past few weeks on doubts about the shareholdings of its major inv...
Tags: Travel, UK, Uae, Reuters, NMC, Shetty, Rupert Neil Bumfrey, NMC Health, B R Shetty, NMC Health NMC


Petrofac secures contracts worth $1.65 billion from state-owned ADNOC - Reuters

Petrofac secures contracts worth $1.65 billion from state-owned ADNOC - Reuters Oilfield services provider Petrofac said on Tuesday it has secured two contracts worth about $1.65 billion from state-owned Abu Dhabi National Oil Company [ADNOC.UL] for one of the biggest gas projects in the United Arab Emirates (UAE). The company's Emirati unit, Petrofac Emirates, will provide engineering and construction works for the Dalma gas development project, a part of the Ghasha ultra-sour gas concession, ...
Tags: Travel, Petrofac, Uae, Organization of the Petroleum Exporting Countries, United Arab Emirates UAE, Emirati, ADNOC, Rupert Neil Bumfrey, Abu Dhabi National Oil Company, Dalma, ADNOC Reuters, ADNOC Reuters Oilfield, Petrofac Emirates


S&P warns coronavirus travel restrictions could hurt #Dubai's hospitality industry - Reuters

S&P warns coronavirus travel restrictions could hurt Dubai's hospitality industry - Reuters:Dubai’s hospitality industry is most at risk in the Gulf Arab states region from being negatively impacted by travel restrictions associated with the new coronavirus outbreak, ratings agency S&P Global said in a research note.S&P said the travel restrictions could weigh on Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman and Kuwait.It said the UAE’s Dubai, which saw almost 1 million Chinese vi...
Tags: Travel, Saudi Arabia, Global, Dubai, Kuwait, Uae, Reuters, Gulf Arab, Rupert Neil Bumfrey, United Arab Emirates Bahrain Qatar Oman


#SaudiArabia’s Dar Al Arkan appoints banks for potential sukuk offering - The National

Saudi Arabia’s Dar Al Arkan appoints banks for potential sukuk offering - The National:Dar Al Arkan Real Estate Development, the biggest publicly-traded real estate developer in Saudi Arabia, appointed a group of local and international banks for a potential sukuk deal, just months after it raised funds from the debt capital market to meet its corporate requirements.The company mandated Alkhair Capital, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreq Bank, Nomura, Standard...
Tags: Travel, London, Saudi Arabia, US, Uae, Tadawul, Rupert Neil Bumfrey, Dar Al Arkan, Dar Al Arkan Real Estate Development, Warba Bank


FAB issues bonds valued at over $860mln within 3 days | ZAWYA MENA Edition

FAB issues bonds valued at over $860mln within 3 days | ZAWYA MENA Edition:First Abu Dhabi Bank, FAB, has issued bonds worth over AED3 billion via two separate public issuances in three days, marking its first ever Sterling bond and first Kangaroo bond since 2014.FAB issued its inaugural three-year GBP450 million (AED2.15 billion) fixed rate bond, under its US$15 billion Euro Medium Term Note, EMTN, Programme. According to a statement released by the UAE's largest bank, "This marks the first and...
Tags: Travel, UK, Uae, Rupert Neil Bumfrey, First Abu Dhabi Bank FAB, London Stock Exchange The bank, BBSW


Equities investment outlook: More consistent returns possible in MENA | ZAWYA MENA Edition

Equities investment outlook: More consistent returns possible in MENA | ZAWYA MENA Edition:MENA equities should provide good investment opportunities as key merger and consolidation activities have increased the potential size of the market and more consistent returns seem possible going forward, an investment outlook by First Abu Dhabi Bank on Sunday noted. “Risk-adjusted returns are likely to be more consistent following a correction in the second and third quarter of 2019, given that valuatio...
Tags: Travel, Saudi Arabia, Uae, Gulf, Mena, Rupert Neil Bumfrey, First Abu Dhabi Bank


Cruise to UAE

After hearing so many people rave about their cruising adventures we decided to pull up the anchor set the main sail and steer a course for the Far East taking the plunge and booking our first cruise We'd decided on one around the middle eas
Tags: Travel, Uae


Oil storage firm Brooge plans major expansion of #Fujairah capacity - Arabianbusiness

Oil storage firm Brooge plans major expansion of Fujairah capacity - Arabianbusiness:Oil storage firm Brooge Holdings has signed a land lease agreement with the Fujairah Oil Industrial Zone (FOIZ) for an additional 450,000 sq m of space, as part of plans to expand its operations at the UAE’s East Coast hub. Brooge Holdings, which is listed on the US Nasdaq, operates in Fujairah through its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company (BPGIC).The agreement covers a prime pl...
Tags: Travel, Wam, East Coast, Uae, Rupert Neil Bumfrey, Fujairah, Brooge Petroleum and Gas Investment Company BPGIC, BPGIC, Brooge, Brooge Holdings, Fujairah Oil Industrial Zone FOIZ, US Nasdaq


#UAE retail giant says to open 20 more hypermarkets by 2022 - Arabianbusiness

UAE retail giant says to open 20 more hypermarkets by 2022 - Arabianbusiness:UAE retail giant Lulu Group has announced that it will open 20 hypermarkets within the next two years in the country.According to Yusuff Ali MA, chairman and managing director of Lulu Group International, the new stores will open in Khalifa City, Al Falah, Riyadh City in Abu Dhabi, Silicon Oasis, Dubai South Mall in Dubai, Muwaila, Saja, Umm Al Tarafa in Sharjah.He said: "[The] national economy in the UAE depends on sev...
Tags: Travel, Lulu, Uae, Sharjah, LuLu Group, LuLu Group International, Rupert Neil Bumfrey, Dubai South, Yusuff Ali MA, Khalifa City Al Falah Riyadh City, Abu Dhabi Silicon Oasis Dubai South Mall, Dubai Muwaila Saja Umm Al Tarafa


IMF note on Gulf's depleting wealth 'a call to action' - Mubadala official | ZAWYA MENA Edition

IMF note on Gulf's depleting wealth 'a call to action' - Mubadala official | ZAWYA MENA Edition:The International Monetary Fund’s (IMF) recent report noting that GCC states could see their financial wealth depleted in the next 15 years is an important call to action for the region, a senior officer at the Abu Dhabi state fund said.“The quest for economic diversification and the bridge that hydrocarbon has given us is something that we’ll continue to be looking at and focus on for the next 20 to ...
Tags: Travel, GCC, International Monetary Fund, Abu Dhabi, Uae, Imf, Gulf, Rupert Neil Bumfrey, Mubadala, Waleed Al Mokarrab Al Muhairi, Al Muhairi, Milken Institute Summit


#AbuDhabi's Khalifa Fund, Facebook to train female entrepreneurs in the #UAE - Gulf Business

Abu Dhabi's Khalifa Fund, Facebook to train female entrepreneurs in the UAE - Gulf Business:Abu Dhabi’s Khalifa Fund for Enterprise Development partnered with social networking company Facebook to train and mentor women entrepreneurs across the country, official news agency WAM reported.The collaboration will see Khalifa Fund supporting Facebook’s global initiative ‘She Means Business’, whose training sessions will be conducted in the UAE throughout 2020.Female entrepreneurs will be mentored alo...
Tags: Travel, Facebook, Wam, Abu Dhabi, Uae, Rupert Neil Bumfrey, UAE Gulf, Khalifa Fund, Khalifa Fund for Enterprise Development, Khalifa Fund Facebook


Etisalat’s 2019 net profit flat as revenue falls - The National

Etisalat’s 2019 net profit flat as revenue falls - The National:Etisalat, the UAE's biggest telecom operator, reported flat full-year net profit in 2019 due to a dip in revenues from international operations and mobile earnings in the UAE.Net profit attributable to equity holders in the 12 months ended December 31 rose 0.90 per cent year-on-year to Dh8.69 billion – only 78 million more from a year earlier, it said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares...
Tags: Travel, Uae, Etisalat, Abu Dhabi Securities Exchange, Rupert Neil Bumfrey


Foreign investors, first time buyers boost Emaar's $1.7bn net profit - Arabianbusiness

Foreign investors, first time buyers boost Emaar's $1.7bn net profit - Arabianbusiness:Emaar Properties on Wednesday reported net profit of AED6.2 billion ($1.7 billion) for 2019, up marginally from AED6.1 billion on the previous year.The Dubai-based developer also recorded revenue of AED24.6 billion and property sales in Dubai of AED14.9 billion.The company cited continued interest from foreign investors in both residential and commercial developments as well as new, first time home buyers ente...
Tags: Travel, Dubai, Uae, Emaar Properties, Emaar, Rupert Neil Bumfrey, Mohamed Alabbar


#UAE's Dana Gas receives bids for Egyptian assets - Reuters

UAE's Dana Gas receives bids for Egyptian assets - Reuters:United Arab Emirates-based Dana Gas (DANA.AD) said on Wednesday it has received bids from some companies for its assets in Egypt.“We have received a number of bids from a number of companies,” the company’s CEO Patrick Allman-Ward said on an earnings call, declining to say how many bids or from which companies.The CEO said a final decision had not been taken on whether the company will sell its Egyptian assets. He said offers would be su...
Tags: Travel, Egypt, United Arab Emirates, Uae, Reuters, Dana Gas, Rupert Neil Bumfrey, Patrick Allman Ward, Dana Gas DANA AD, Allman Ward


Middle East healthcare platform Vezeeta raises $40M Series D led by Gulf Capital

Vezeeta, a healthcare platform operating in the Middle East and Africa, has raised a $40 Million Series D funding round led by UAE-based Gulf Capital, alongside further investment from existing Riyadh-based investor Saudi Technology Ventures (STV), which previously led Vezeeta’s Series C round in September 2018. Vezeeta’s other investors include BECO Capital, Silicon Badia, Vostok New Ventures, Crescent Enterprises’ CE-Ventures and Endeavour Catalyst. Prior to this fund-raise, the company had ra...
Tags: Travel, TC, Uber, Europe, Saudi Arabia, Africa, US, Chief executive officer, Ceo, Egypt, Healthcare, Middle East, Healthcare Industry, Jordan, Lebanon, Director


Shuaa Capital completes sale of its securities and market-making businesses - The National

Shuaa Capital completes sale of its securities and market-making businesses - The National:Shuaa Capital completed the sale of its securities and market-making businesses for Dh100 million, the company said on Monday.The new deal comes as the group continues to implement its non-core exit strategy to focus on growing and expanding its asset management and investment banking platform.On January 15, 2020, Shuaa announced its agreement to sell its equities market-making business to Al Ramz Corporat...
Tags: Travel, Uae, IHC, Rupert Neil Bumfrey, Shuaa, Shuaa Capital, Al Ramz Corporation Investment Development, International Holdings Company


#Dubai's Aramex posts flat 2019 net profit - Gulf Business

Dubai's Aramex posts flat 2019 net profit - Gulf Business:UAE-based logistics and transportation solutions provider, Aramex, has reported a marginal increase of 1 per cent in net profit for 2019, it announced on Monday.The logistics service provider posted net profit of Dhs497.4m in 2019, compared to Dhs492.6m in 2018. However, Aramex’s full year revenues for 2019 stood at Dhs5.2bn, up 3 per cent from Dhs5.0bn in 2018.At the end of 2019, Aramex’s total cash stood at Dhs1bn and free cash flow at ...
Tags: Travel, Dubai, Uae, Aramex, Rupert Neil Bumfrey


How the #UAE plans to give more protection to bank customers - Arabianbusiness

How the UAE plans to give more protection to bank customers - Arabianbusiness:The Central Bank of the UAE has launched a consultation process with key stakeholders, aimed at developing a new financial consumer protection regulatory framework.Officials said the framework will strengthen the protection of consumers in the UAE through more comprehensive requirements to be met by all financial institutions that are subject to central bank supervision.It will include enhancements to the quality of di...
Tags: Travel, Uae, Consumer Protection Department, Rupert Neil Bumfrey, Central Bank of the UAE, CBUAE


#UAE restores postal service to #Qatar despite protracted dispute - Reuters

UAE restores postal service to Qatar despite protracted dispute - Reuters:The United Arab Emirates has resumed postal services to Qatar nearly three years after they were suspended due to a Gulf Arab political dispute.The move followed a meeting of parties involved in the dispute with the United Nations postal agency.Indirect services began on Feb. 9 with mail transported via Oman, according to a notice from state-run Emirates Post sent to other postal firms and seen by Reuters. It was not immed...
Tags: Travel, Qatar, Egypt, United Nations, United Arab Emirates, Oman, Doha, Uae, Reuters, Rupert Neil Bumfrey, UAE Saudi Arabia Bahrain, Emirates Post


NMC Health gets preliminary offers, says co-chair's stake under legal review - Reuters

NMC Health gets preliminary offers, says co-chair's stake under legal review - Reuters:NMC Health (NMC.L) said on Monday it has received two preliminary approaches from private equity firms and that the shareholdings of its co-chair and two other major investors were under a review for inaccurate disclosures.The offers from U.S.-based KKR (KKR.N) and GK Investment for the UAE-based healthcare group sent its shares up 11% in early deals and came weeks after it faced a short-selling attack from Mu...
Tags: Travel, KKR, Uae, Reuters, NMC, Rupert Neil Bumfrey, KKR KKR, NMC Health, B R Shetty, NMC Health NMC, Khaleefa Al Muhairi, Saeed Al Qebaisi, GK Investment


Jebel Ali gas discovery could end #Dubai's LNG imports by 2025 - The National

Jebel Ali gas discovery could end Dubai's LNG imports by 2025 - The National:The recent discovery of 80 trillion cubic feet of gas reserves in Jebel Ali would be sufficient to end Dubai’s reliance on LNG imports by 2025 with the UAE looking at tighter integration of its gas infrastructure, analysts say.Dubai, which consumes around 1.5 billion standard cubic feet of gas a day, much of which is imported, could have a surplus when production begins on the discovered reserves.“Eighty tcf is plenty o...
Tags: Travel, Dubai, Uae, Jebel Ali, Facts Global Energy, Rupert Neil Bumfrey, Abu Dhabi National Oil Company, Siamak Adibi, London Dubai Supply Authority


#UAE banks gearing up to chase Indian defaulters | Banking – Gulf News

UAE banks gearing up to chase Indian defaulters | Banking – Gulf News:Leading UAE banks are understood to be initiating legal action against Indian borrowers who skipped their loan repayment and moved to India.During the last few years, starting 2016, a number of Indian businessmen and salary earners have left the country leaving behind a trail of loan defaults following stress in the small and medium enterprises (SME) sector which resulted in a domino effect in terms of business failures and jo...
Tags: Travel, India, Uae, NPL, Rupert Neil Bumfrey



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