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#SaudiArabia seeks to resolve #Qatar crisis as ‘gift’ to Joe Biden | Financial Times

Saudi Arabia seeks to resolve Qatar crisis as ‘gift’ to Joe Biden | Financial Times Saudi Arabia has stepped up its efforts to resolve its more than three-year dispute with Qatar after US president Donald Trump’s election defeat, according to people briefed on the talks.  The move to end the Gulf states’ blockade of their gas-rich neighbour is being perceived as an attempt by Crown Prince Mohammed bin Salman to curry favour with the incoming Biden administration and deliver a parting prese...
Tags: Travel, Washington, Saudi Arabia, US, Qatar, Joe Biden, Iran, Egypt, Middle East, Al Jazeera, Biden, Abu Dhabi, Tehran, Yemen, Donald Trump, Bahrain


Israel's Beitar Jerusalem says #AbuDhabi ruling family member looks to buy stake | Reuters

Israel's Beitar Jerusalem says Abu Dhabi ruling family member looks to buy stake | Reuters A member of Abu Dhabi’s ruling family is looking to buy a roughly 50% stake of Israeli Premier League soccer club Beitar Jerusalem, the club’s owner said on Friday.Beitar said in September it was negotiating a possible investment by a group in the United Arab Emirates (UAE) in a statement that followed the announcement that Israel and the UAE had agreed to normalize ties.Beitar owner Moshe Hogeg said in a ...
Tags: Travel, Israel, Abu Dhabi, Uae, Beitar Jerusalem, Reuters, United Arab Emirates UAE, Beitar, Al Nahyan, Rupert Neil Bumfrey, Abudhabi, Moshe Hogeg, Israeli Premier League, Hamad Bin Khalifa Al Nahyan


Research Reveals UAE Residents Have Ambitious Travel Plans for 2021

UAE residents are already gearing up for a busy year of travel in 2021, according to new research conducted by Hilton in the UAE.
Tags: Travel, Hilton, Uae


OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg

OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg Saudi Arabia and Russia summoned OPEC+ ministers who oversee their oil production cuts for last-minute talks on Saturday, as the cartel prepares for a decision on whether to delay January’s output increase.A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no mean...
Tags: Travel, Iraq, Russia, Nigeria, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Alexander Novak, Rupert Neil Bumfrey, JMMC, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Joint Ministerial Monitoring Committee, Algeria Kazakhstan Iraq Nigeria


BP to Invest More in Middle East’s ‘World-Leading’ Oil Fields - Bloomberg

BP to Invest More in Middle East’s ‘World-Leading’ Oil Fields - Bloomberg BP Plc said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the United Arab Emirates and Oman. It’s focusing on their low-cost oil, while also boosting output of gas, according to Stephen Willis, BP’s senio...
Tags: Travel, Iraq, Bloomberg, Middle East, United Arab Emirates, Oman, Bp, Abu Dhabi, Uae, Middle Eastern, Willis, Rumaila, Rupert Neil Bumfrey, Bloomberg BP Plc, Stephen Willis BP


#UAE's flydubai starts Dubai-Tel Aviv services after detente | Reuters

UAE's flydubai starts Dubai-Tel Aviv services after detente | Reuters United Arab Emirates airline flydubai started direct passenger flights to Israel on Thursday after the two countries normalised ties in a Washington-brokered deal.Israel and the UAE agreed in August to establish diplomatic relations, paving the way for economic cooperation. Bahrain and Sudan have also agreed to forge formal ties with Israel in deals brokered by the Trump administration and promoted as a strategic Middle East s...
Tags: Travel, Washington, Israel, Tel Aviv, Middle East, Dubai, Sudan, Bahrain, Uae, Trump, Reuters, Reuters United Arab Emirates, Rupert Neil Bumfrey, Dubai Tel Aviv, Iran Dubai


#Dubai real estate fund ENBD REIT faces 'significant pressure'; asset value falls | ZAWYA MENA Edition

Dubai real estate fund ENBD REIT faces 'significant pressure'; asset value falls | ZAWYA MENA Edition Dubai’s ENBD REIT, a Shariah-compliant real estate investment trust, managed by the asset-management arm of Emirates NBD, has seen a further deterioration in the value of its portfolio due to the slowdown triggered by the coronavirus.Its net asset value (NAV) as of September 30, 2020 stood at $198 million, down by $32 million from the $230 million recorded in March 31. The fund’s property portfo...
Tags: Travel, Dubai, Uae, Emirates NBD, Rupert Neil Bumfrey, ENBD, MENA Edition Dubai, Oryx House


#UAE's Agthia makes 'strategic' move into Kuwait market | ZAWYA MENA Edition

UAE's Agthia makes 'strategic' move into Kuwait market | ZAWYA MENA Edition UAE’s food and beverages giant Agthia Group announced on Thursday a strategic acquisition to expand its footprint in the Gulf Cooperation Council (GCC) region.Part of the state-owned holding company ADQ, Agthia has signed a sales purchase agreement to acquire a homegrown Kuwaiti brand, Al Faysal Bakery and Sweets, which has an annual turnover of more than $25 million.“[The move will] build our regional F&B footprint, add...
Tags: Travel, Alan Smith, Kuwait, Uae, Gulf Cooperation Council GCC, Al Suwaidi, Rupert Neil Bumfrey, Agthia, Agthia Group, MENA Edition UAE, ADQ Agthia, Al Faysal Bakery, Agthia Group Agthia Group, Khalifa Sultan Al Suwaidi


#UAE's Ministry of Economy sets up anti-money laundering department | ZAWYA MENA Edition

UAE's Ministry of Economy sets up anti-money laundering department | ZAWYA MENA Edition The UAE’s Ministry of Economy (MoE) has developed a strategic plan to combat money laundering practices in the country by setting up a specialized department called the ‘Anti-Money Laundering Department’The new department, acting within the structure of the MoE, aims to create awareness, and to regulate all activities listed under the business sector and specific non-financial professions.Abdulla Bin Touq Al ...
Tags: Travel, Uae, Ministry of Economy, Rupert Neil Bumfrey, Abdulla Bin Touq Al Marri, Ministry of Economy MoE, Anti Money Laundering Department, Supreme Committee for Combating Money Laundering


#UAE's ADGM to sign MOU with Israel's securities authority on fintech | Reuters

UAE's ADGM to sign MOU with Israel's securities authority on fintech | Reuters Abu Dhabi’s financial centre, Abu Dhabi Global Market (ADGM), will sign a memorandum of understanding with Israel Securities Authority and Israel’s biggest lender, Bank Hapoalim, to support financial technology, ADGM chairman Ahmed Ali al-Sayegh said on Wednesday.After the United Arab Emirates (UAE) and Israel agreed to normalise relations in August, the two countries have signed a host of accords to boost economic an...
Tags: Travel, Israel, Uae, Reuters, United Arab Emirates UAE, Reuters Abu Dhabi, Rupert Neil Bumfrey, ADGM, Bank Hapoalim, Abu Dhabi Global Market ADGM, Central Bank of the UAE, Israel Securities Authority, Ahmed Ali Al Sayegh, Abdulhamid Saeed Alahmadi


Mubadala seeks Israeli partners on technology investment | Reuters

Mubadala seeks Israeli partners on technology investment | Reuters Abu Dhabi state investor Mubadala Investment Co plans to identify potential fund partners in Israel and find high-growth companies to co-invest in, the head of its ventures unit said on Wednesday.“There will be interesting opportunities with joint funds or joint ventures, but we are still early on in evaluating this,” Ibrahim Ajami told a financial technology conference in Abu Dhabi.He said Mubadala has co-invested with Israeli i...
Tags: Travel, Europe, China, India, Israel, United States, Middle East, Silicon Valley, Abu Dhabi, Uae, Reuters, United Arab Emirates UAE, Reuters Abu Dhabi, Rupert Neil Bumfrey, Mubadala, Mubadala Investment Co


Goldman voices concerns about OPEC+ future as decision on output curbs nears | Reuters

Goldman voices concerns about OPEC+ future as decision on output curbs nears | Reuters As the OPEC+ group’s decision on oil production cuts nears, there are renewed concerns about the future of the organization as it tries to rebalance the market while securing higher revenue and market share in the medium-term, Goldman Sachs said in a note.OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producers, is scheduled to meet on Nov. 30 and Dec. 1, and is likel...
Tags: Travel, Russia, Opec, Libya, Goldman Sachs, Goldman, Uae, Reuters, Rupert Neil Bumfrey


#Qatar starts legal proceedings against FAB in New York in market manipulation row | Reuters

Qatar starts legal proceedings against FAB in New York in market manipulation row | Reuters The Qatar Financial Centre Regulatory Authority (QFCRA) said on Tuesday it has started legal proceedings in New York to compel First Abu Dhabi Bank to pay $55 million in financial penalty imposed by a Qatari court.The Qatari regulator last year had fined United Arab Emirates’ biggest bank 200 million riyals ($55 million) for obstructing an ongoing investigation into suspected market manipulation, a charge...
Tags: Travel, New York, Qatar, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, QFC, First Abu Dhabi Bank, Qatar Financial Centre Regulatory Authority QFCRA, Civil and Commercial Court QFC Court


#Israel's El Al Airlines to fly 14 weekly flights to #Dubai | Reuters

Israel's El Al Airlines to fly 14 weekly flights to Dubai | Reuters El Al Israel Airlines will operate 14 weekly flights from Tel Aviv to Dubai from Dec. 13, it said on Monday, joining a handful of carriers launching routes between Israel and the United Arab Emirates (UAE).Israel and the UAE agreed in September to establish diplomatic relations, breaking a longstanding taboo and paving the way for economic cooperation.Subject to regulatory approvals, Israeli flag carrier El Al plans to operate t...
Tags: Travel, Israel, Tel Aviv, Dubai, Boeing, Uae, Reuters, EL AL, Rupert Neil Bumfrey, El Al Airlines, Reuters El Al Israel Airlines, United Arab Emirates UAE Israel


Seven key takeaways from #UAE's new commercial company ownership laws - The National

Seven key takeaways from UAE's new commercial company ownership laws - The National In a landmark move, the UAE on Monday executed sweeping reforms to its commercial company ownership laws.The move, which comes in the wake of recent changes to personal and family laws and reforms to visa rules, is aimed at attracting foreign capital and improving the ease of doing business in the country. Here are seven major takeaways from the reformed commercial company ownership law, according to law firm BSA...
Tags: Travel, GCC, Uae, Rupert Neil Bumfrey, BSA Ahmad Bin Hezeem Associates Companies, Department for Economic Development, Michael Kortbawi, BSA Ahmad Bin Hezeem Associates


#UAE Allows Full Foreign Ownership of Firms to Boost Economy - Bloomberg

UAE Allows Full Foreign Ownership of Firms to Boost Economy - Bloomberg The United Arab Emirates abolished the need for companies to have Emirati shareholders, local media reported, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices.The amendments to the 2015 commercial companies’ law remove key provisions requiring that a company be chaired by an Emirati national and for the board of directors to ...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Emirati, Rupert Neil Bumfrey, Tarek Fadlallah, Boost Economy Bloomberg, Nomura Asset Management 's Middle Eastern


#UAE oil discoveries bolster ADNOC bid to reach 5 million bpd capacity: minister | Reuters

UAE oil discoveries bolster ADNOC bid to reach 5 million bpd capacity: minister | Reuters United Arab Emirates’ Energy Minister Suhail al-Mazrouei said on Monday the latest oil discoveries are part of state-owned Abu Dhabi National Oil Co’s efforts to increase production capacity to 5 million barrels per day by 2030.The UAE on Sunday announced the discovery of two billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.The discoveries “reflect the const...
Tags: Travel, Uae, Reuters, Suhail Al Mazrouei, ADNOC, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, Mazrouei, Reuters United Arab Emirates ' Energy


#Dubai developer sees surge in property enquiries from Israeli buyers | ZAWYA MENA Edition

Dubai developer sees surge in property enquiries from Israeli buyers | ZAWYA MENA Edition Enquiries for properties in the UAE are pouring in from Israeli buyers following the normalisation of relations between the two countries, according to Ellington Properties.The real-estate developer announced on Monday that it has just signed a deal with international brokerage firm Keller Williams to market its real-estate assets in Dubai to buyers from Israel.“This is a historic moment for us as we focus ...
Tags: Travel, Israel, Dubai, Uae, Keller Williams, Rupert Neil Bumfrey, Paula Wehbeh, Ellington Properties With, Wehbeh


#AbuDhabi Plans $122 Billion in Oil Spending to Boost Output - Bloomberg

Abu Dhabi Plans $122 Billion in Oil Spending to Boost Output - Bloomberg Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity, even while OPEC restricts its output.The Gulf emirate’s top body for energy policy, the Supreme Petroleum Council, approved the budget for Abu Dhabi National Oil Co., the state-run WAM news agency reported on Sunday. The investment plan will contribute to growth and expansion “in...
Tags: Travel, Wam, Opec, Bloomberg, United Arab Emirates, Abu Dhabi, Uae, Gulf, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, Supreme Petroleum Council, Bloomberg Abu Dhabi


#UAE banks' profits deteriorate; bad loans likely to go up | ZAWYA MENA Edition

UAE banks' profits deteriorate; bad loans likely to go up | ZAWYA MENA Edition Profits of UAE’s top banks continued to deteriorate in the second quarter of the year as interest rates and credit uptake remained low and bad loans grew amid challenging economic conditions.Total interest income of the ten largest banks in the country continued to fall for the third consecutive time by 7.7 percent quarter over quarter, while net income dropped by 3 percent due to lower interest and other operating i...
Tags: Travel, Uae, NPL, Rupert Neil Bumfrey, Alvarez Marsal


Could the #UAE Prompt OPEC's House of Cards to Collapse? - Bloomberg

Could the UAE Prompt OPEC's House of Cards to Collapse? - Bloomberg All is not well in the house of OPEC.As the cartel’s oil ministers prepare to meet in just over a week to decide on the next step in their record-breaking output deal, officials in the United Arab Emirates, normally a loyal Saudi ally, are privately questioning the benefits of participating, and may even be considering whether to leave the Organization of Petroleum Exporting Counties.The deliberations, leaked to the press on W...
Tags: Travel, Opec, Bloomberg, United Arab Emirates, Uae, Persian Gulf, Rupert Neil Bumfrey, Organization of Petroleum


#‏AbuDhabi's ADGM, Israeli Bank Hapoalim collaborate on FinTech development and innovation | ZAWYA MENA Edition

‏ Abu Dhabi's ADGM, Israeli Bank Hapoalim collaborate on FinTech development and innovation | ZAWYA MENA Edition Abu Dhabi Global Market, ADGM, and Bank Hapoalim have signed a Memorandum of Understanding, MoU, to jointly promote and develop financial technology (FinTech) innovation, ecosystems, and market opportunities that will support the digital transformation of the financial services landscape and connect the economies in the UAE and Israel.Founded almost 100 years ago, Bank Hapoalim is Isr...
Tags: Travel, Israel, Middle East, Abu Dhabi, Fintech, Uae, Rupert Neil Bumfrey, Bank Hapoalim, ADGM Israeli Bank Hapoalim, ADGM Registration Authority, ADGM Abu Dhabi


NSO Group renews bid to get WhatsApp lawsuit dismissed

The NSO Group has made a fresh bid in an American appeals court to get WhatsApp’s lawsuit against it dismissed. The controversial cybersecurity firm has argued that it is entitled to “foreign sovereign immunity” as it “exclusively [original emphasis]” acts as an agent of foreign sovereigns. The district court, which had dismissed NSO’s appeal to dismiss WhatsApp’s lawsuit, had said that such immunity only extends to companies incorporated in the US, a ruling that the NSO Group has challenged. Wh...
Tags: Travel, Isis, London, News, Israel, US, Whatsapp, Surveillance, United States, Ministry Of Defence, San Diego, Amnesty International, Pegasus, Wall Street Journal, Ghana, Uae


#UAE is a committed member of OPEC: energy minister | Reuters

UAE is a committed member of OPEC: energy minister | Reuters UAE Energy Minister Suhail al-Mazrouei said on Thursday that his country has always been a committed member of OPEC and that it has demonstrated this commitment through its compliance to the current OPEC+ oil supply reduction agreement.“As a reliable and longstanding member of OPEC, we have always been open and transparent in all our decisions and strategies in support of OPEC,” Mazrouei said in a statement to Reuters.The minister’s co...
Tags: Travel, Opec, Uae, Reuters, Suhail Al Mazrouei, Rupert Neil Bumfrey, Mazrouei, Reuters UAE Energy


#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


#UAE stocks get double-upgrade on broad recovery hopes | ZAWYA MENA Edition

UAE stocks get double-upgrade on broad recovery hopes | ZAWYA MENA Edition Stocks in the UAE have received a double-upgrade from Morgan Stanley on the ground that they are highly exposed to a broad recovery.The US multinational investment bank argues that the recovery of UAE bourse is possible as the positive virus vaccine news remains “far from priced.”Shares listed in Dubai and Abu Dhabi bourses, which are lagging emerging-market peers this year, got a double-upgrade to tactical overweight as ...
Tags: Travel, US, Dubai, Abu Dhabi, Morgan Stanley, Uae, Rupert Neil Bumfrey, Dubai Islamic Bank, Dubai Investments, Marina Zavolock, Regiane Yamanari


Emaar's founder Alabbar sees situation getting better in 9 to 12 months | ZAWYA MENA Edition

Emaar's founder Alabbar sees situation getting better in 9 to 12 months | ZAWYA MENA Edition Mohamed Alabbar, founder of Emaar Properties and e-commerce platform noon.com, hopes that the economic situation will be better in the next nine to 12 months as the world anxiously waits for the Covid-19 vaccine.“I believe life will go back to normal and we are not going to have big damage to shopping malls. There is damage to malls in America because there is an overbuilt situation… I truly believe that...
Tags: Travel, America, Atlanta, Bloomberg, Uae, Emaar Properties, Xin Zhang, Emaar, Rupert Neil Bumfrey, Mohamed Alabbar, Alabbar, SOHO China, Keisha Lance Bottoms


#UAE e-scooter start-up backed by Israeli venture capitalist - The National

UAE e-scooter start-up backed by Israeli venture capitalist - The National A new UAE-based micro-mobility business has landed $3.8 million in seed funding from an Israeli venture capitalist.Fenix, founded by former directors of e-scooter firm Circ Jaideep Dhanoa and IQ Sayed, will soon begin operations in Abu Dhabi. It is being backed by Maniv Mobility in what is the first venture investment into a UAE company by an Israel-based VC.“As a result of the new friendship that has emerged since normal...
Tags: Travel, China, Berlin, Singapore, Israel, US, Vc, Munich, Dubai, Bird, Abu Dhabi, Uae, Careem, US Europe, Fenix, CIRC


2021 to be 'toughest test for banks'; #UAE lenders face weaker profits, asset quality | ZAWYA MENA Edition

2021 to be 'toughest test for banks'; UAE lenders face weaker profits, asset quality | ZAWYA MENA Edition Next year may be more challenging for banks in the UAE, as their asset quality and profitability are forecast to weaken on the back of continued slowdown in the economy and real estate sector.Low oil prices, coupled with ongoing mitigating measures, such as the postponement of debt payments, could also result in more bad debts piling up, S&P said in its latest analysis.“The fall in oil price...
Tags: Travel, Low, Uae, Rupert Neil Bumfrey


#Kuwait’s Mezzan Looks for Acquisitions to Sustain Growth - Bloomberg

Kuwait’s Mezzan Looks for Acquisitions to Sustain Growth - Bloomberg Kuwait-based food and beverage firm Mezzan Holding Co. is on the lookout for acquisitions to help sustain double-digit growth, according to its chief executive officer.“We, like everybody else, would be actively on the lookout for the right bolt-on acquisitions,” Garry Walsh told Bloomberg TV in an interview. “We’re obviously more skewed toward manufacturing -- that has been our main driver over the last few years.”Mezzan, one ...
Tags: Travel, Qatar, Bloomberg, Afghanistan, Kuwait, Uae, Gulf, Walsh, Iraq Jordan, Bloomberg TV, Rupert Neil Bumfrey, Garry Walsh, Bloomberg Kuwait, Mezzan Looks for Acquisitions, Mezzan Holding Co, Mezzan



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