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MENA fund managers increase investments in Egypt,# UAE: Poll | ZAWYA MENA Edition

MENA fund managers increase investments in Egypt, UAE: Poll | ZAWYA MENA Edition:Middle Eastern funds plan to increase their investments in Egypt and the United Arab Emirates over the next three months, while largely keeping their exposure to other countries in the region at current levels, according to a Reuters poll.Six of the 11 fund managers polled said they would increase their investments in Egypt."We see UAE and Egypt being structurally the most attractive markets in MENA," said Vrajesh B...
Tags: Travel, Egypt, United Arab Emirates, Uae, Mena, Reuters, Rupert Neil Bumfrey, Al Mal Capital, Vrajesh Bhandari


#AbuDhabi Crown Prince says #UAE to guarantee maritime freedom in the region: agency - Reuters

Abu Dhabi Crown Prince says UAE to guarantee maritime freedom in the region: agency - Reuters:Abu Dhabi’s Crown Prince said on Wednesday the United Arab Emirates is working with Arab countries to guarantee maritime freedom in the region, Emirates news agency (WAM) reported.Hosting Jordan’s King Abdullah, on an official visit to Emirates, Crown Prince Mohammed bin Zayed al-Nahyan said “UAE is working to coordinate with Arab countries, especially Jordan ... to preserve Arab interests, maintain reg...
Tags: Travel, Wam, United Arab Emirates, Jordan, Prince, Abu Dhabi, Uae, Arab, Reuters, Abdullah, Mohammed bin Zayed Al Nahyan, Rupert Neil Bumfrey, Abu Dhabi Crown Prince, AbuDhabi Crown Prince


Updated: #UAE launches permanent residency visas for investors and skilled expatriates- #Dubai ruler | ZAWYA MENA Edition

Updated: UAE launches permanent residency visas for investors and skilled expatriates- Dubai ruler | ZAWYA MENA Edition:The United Arab Emirates has launched today the permanent residency system for investors and exceptionally skilled foreigners, the ruler of Dubai and prime minister of the UAE announced today.The permanent residency visa named the ‘Golden Card’ will be granted to investors and exceptionally competent individuals in the fields of medicine, engineering, science, and all arts, acc...
Tags: Travel, United Arab Emirates, Dubai, Uae, Mohammed bin Rashid Al Maktoum, Rupert Neil Bumfrey


#UAE energy minister says oil stocks building up, OPEC job not done | ZAWYA MENA Edition

UAE energy minister says oil stocks building up, OPEC job not done | ZAWYA MENA Edition:United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday that global oil inventories are still building up particularly in the United States, and that the job by OPEC and its allies to balance the oil market is not complete yet.Mazrouei told reporters in Jeddah that conformity with the oil supply cuts are "excellent" and that he was happy with the UAE's compliance level.He was speaking ahead o...
Tags: Travel, Saudi Arabia, Russia, Opec, United States, Uae, Jeddah, United Arab Emirates Energy, Suhail Al Mazrouei, Rupert Neil Bumfrey, Mazrouei


#Qatar ships LNG to the #UAE after Dolphin pipeline outage: source - Reuters

Qatar ships LNG to the UAE after Dolphin pipeline outage: source - Reuters:A major gas pipeline from Qatar to the United Arab Emirates, Dolphin, experienced an outage for several days last month and Qatar filled the gap with additional liquefied gas supplies, a source familiar with the situation said. Qatar has been under a political and economic boycott by its neighbors, Saudi Arabia and the UAE, who accuse Doha of supporting extremism. Doha denies the claim.Qatar, the world’s biggest producer ...
Tags: Travel, Saudi Arabia, Qatar, Dolphin, Doha, Uae, Reuters, Rupert Neil Bumfrey, United Arab Emirates Dolphin


#UAE, keen to maintain safe-haven image, tempers tanker attack response - Reuters

UAE, keen to maintain safe-haven image, tempers tanker attack response - Reuters:The United Arab Emirates, though a prominent foe of Iran in the Middle East’s power struggles, has tempered its reaction to attacks on oil tankers off its coast in an effort to protect its reputation as a safe and stable business hub.While its close ally Saudi Arabia unleashed a barrage of tweets accusing their mutual enemy of ordering drone strikes on its oil installations on Tuesday, the UAE held off blaming anyon...
Tags: Travel, Saudi Arabia, Iran, Middle East, United Arab Emirates, Abu Dhabi, Uae, Reuters, Rupert Neil Bumfrey


UAE's Dana Gas inclusion in MSCI Emerging Markets Small Cap Index | ZAWYA MENA Edition

UAE's Dana Gas inclusion in MSCI Emerging Markets Small Cap Index | ZAWYA MENA Edition:Dana Gas, a regional private sector natural gas company, has announced its inclusion in the Morgan Stanley Capital International, MSCI, for Global Small Cap Indexes, effective 27th May, 2019.The MSCI Emerging Markets Small Cap Index captures small-cap representation across 24 Emerging Markets countries. With 1,571 constituents, the index covers approximately 14% of the free float-adjusted market capitalisation...
Tags: Travel, United Arab Emirates, Uae, Dana Gas, Rupert Neil Bumfrey, Morgan Stanley Capital International MSCI


Don’t Waste the Effort, Let Air Italy Fail On Its Own

The big three US airlines (American, Delta, and United) have been hammering on the big three Middle East carriers (Emirates, Etihad, and Qatar) for illegal subsidies for many years now. I’ve written about this several times, and I’ve been semi-sympathetic to at least a part of the argument. But recently, the fight has shifted. It now seems to have centered on Qatar’s investment in Air Italy, and that hardly seems worth a fight at this point. The hard part is knowing when that changes. The...
Tags: Travel, Milan, US, Qatar, Italy, Middle East, Emirates, Delta, Athens, Newark, Jfk, Etihad, United, British Airways, Uae, American


#UAE Won't Be `Baited Into Crisis' With #Iran as Tensions Mount - Bloomberg

U.A.E. Won't Be `Baited Into Crisis' With Iran as Tensions Mount - Bloomberg:The United Arab Emirates “won’t jump the gun” to accuse Iran of sabotaging ships off its coast, a senior government official said, as rising tensions in the Gulf stoke concerns that the region is teetering on the brink of another war.In an hour-long briefing, the U.A.E.’s minister of state for foreign affairs, Anwar Gargash, struck a cautious tone, stressing his country is “very committed to deescalation” and would exer...
Tags: Travel, Bloomberg, Iran, United Arab Emirates, Uae, Gulf, Bloomberg Television, Rupert Neil Bumfrey, Anwar Gargash, Gargash


#UAE regulator refers listed firm to public prosecutor over acquisition - The National

UAE regulator refers listed firm to public prosecutor over acquisition - The National:The Securities and Commodities Authority, the UAE's capital markets regulator, referred a case of an unidentified listed company to public prosecution on suspicion that errors led to an inflated acquisition value, according to a statement on its website.Calls to SCA for further clarification were not immediately answered.The regulator was set up in 2000 and granted administrative independence by a federal decre...
Tags: Travel, Uae, SCA, Abu Dhabi Securities Exchange, Dubai Financial Market, Rupert Neil Bumfrey, Securities and Commodities Authority


#UAE announces 6-month interim visas for long-term residence visa seekers

UAE announces 6-month interim visas for long-term residence visa seekers:The UAE on Wednesday announced a six-month multiple entry visa for investors, talented individuals and outstanding students so that they can “explore opportunities” and “review facilities” for long-term residency in the country.The Federal Authority for Identity and Citizenship announced three new services: a six-month visa with several trips to complete the procedures for residency of an investor, a six-month visa with sev...
Tags: Travel, ICA, Uae, Rupert Neil Bumfrey, Federal Authority for Identity and Citizenship


Tanker attacks near #UAE expose weaknesses in Gulf Arab security - Reuters

Tanker attacks near UAE expose weaknesses in Gulf Arab security - Reuters:Attacks on Saudi tankers and other vessels off the coast of the United Arab Emirates this week expose vulnerabilities in the security of a key oil-shipping route amid rising tensions between the United States, Iran and Gulf Arab states.The operation near the Strait of Hormuz appeared designed to test the resolve of the United States and its Sunni Muslim allies without triggering a war, after Washington tightened sanctions ...
Tags: Travel, Washington, Iran, United States, United Arab Emirates, Tehran, Uae, Strait Of Hormuz, Reuters, Gulf Arab, Rupert Neil Bumfrey, United States Iran


#UAE's Finablr shares down as much 5% after London market debut - Reuters

:Shares in payments and foreign exchange company Finablr slipped in early trading on Wednesday, falling by as much as 5% on its market debut.The United Arab Emirates-based firm had extended the closing of books for the London public offering by one day and cut its price on Tuesday, amid weak investor demand in jittery global markets.Finablr was priced at 175 pence per share but fell to a low of 166.16 pence on Wednesday. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, London, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, Finablr


#UAE's Finablr cuts IPO price in volatile markets - Reuters

UAE's Finablr cuts IPO price in volatile markets - Reuters:United Arab Emirates-based Finablr had to cut the price on its initial public offering as the payments and foreign exchange company faced weak investor demand in jittery markets which also rocked ride-hailing app Uber’s Wall Street debut.Finablr was priced at 175 pence per share, the bookrunner said on Tuesday, significantly below an initially anticipated 210-260 pence range, giving the company an implied market value of about 1.23 billi...
Tags: Travel, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, Finablr


#UAE's Finablr IPO priced at 175 pence per share- bookrunner - Reuters

:Finablr’s London market debut had a revised price tag of 175 pence per share, the bookrunner said, giving the United Arab Emirates-based payments and foreign exchange company an implied market value of about 1.23 billion pounds ($1.59 billion).The full deal size of 192.5 million for the initial public offering (IPO) includes a revised base deal size of 175 million shares and 17.5 million of over-allotment option shares, the bookrunner said on Tuesday.Finablr has extended the closing of books fo...
Tags: Travel, London, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, Finablr IPO


All countries must stop sabre-rattling in the Gulf | Financial Times

All countries must stop sabre-rattling in the Gulf | Financial Times:An attack on Saudi oil tankers in the Gulf would be a matter of serious concern at any time. But coming just at the moment when the Trump administration and Iran have been ramping up their rhetoric against each other, Riyadh’s claim that two of its vessels were targeted by “sabotage” that caused “significant damage” underlines the risk of a dangerous escalation in the region.Saudi Arabia said the tankers were attacked on Sunday...
Tags: Travel, Saudi Arabia, Iran, United Arab Emirates, Tehran, Donald Trump, Uae, Gulf, Trump, Riyadh, Rupert Neil Bumfrey


#Dubai index poised for turnaround as Expo 2020 nears

Dubai index poised for turnaround as Expo 2020 nears:In the medium term, Dubai Financial Market (DFM) general index look poised for a rebound on the back of strong economic fundamentals, according to Charles-Henry Monchau, managing director, chief investment officer and head of Investments at Al Mal Capital.The index has been one of the worst-performing regional equities over the last four years, losing about 50 per cent of its value since late 2014. Monchau spoke to Gulf News in an interview th...
Tags: Travel, Dubai, Uae, Gulf News, Dubai Financial Market DFM, Rupert Neil Bumfrey, Al Mal Capital, Charles Henry Monchau, Monchau


#UAE's Finablr extends IPO closing by a day to May 14: sources - Reuters

UAE's Finablr extends IPO closing by a day to May 14: sources - Reuters:United Arab Emirates-based payments and foreign exchange company Finablr has extended the closing of books for its initial public offering (IPO) to May 14 due to volatile market conditions, two sources familiar with the deal said on Monday.The books were supposed to close on Monday for a London public offering, which will now close on Tuesday, they said.The company, whose brands include UAE Exchange, Travelex Holdings and Xp...
Tags: Travel, London, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, London Stock Exchange LSE, Finablr, UAE Exchange Travelex Holdings


#UAE oil tanker attacks - what we know | Financial Times

UAE oil tanker attacks - what we know | Financial Times:Two Saudi tankers were among four vessels 'sabotaged' off a key port in the United Arab Emirates amid rising tensions between the US, its allies and Iran [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, US, Iran, United Arab Emirates, Uae, Financial Times, Rupert Neil Bumfrey


Mideast Stocks: #UAE markets down on regional geopolitical tensions | ZAWYA MENA Edition

Mideast Stocks: UAE markets down on regional geopolitical tensions | ZAWYA MENA Edition:Stocks in the United Arab Emirates fell sharply in early trade on Monday amid rising geopolitical tensions after the UAE said that four commercial vessels were hit by sabotage near the emirate of Fujairah on Sunday.The Dubai index was down 1.5% and Abu Dhabi's index was down 1.7% in early morning trade."Regional geopolitical tensions and the US-China trade row are affecting market sentiment," said Nishit Lakh...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Bahrain, Uae, US China, Rupert Neil Bumfrey, SiCo, Nishit Lakhotia


How will #Dubai's potential three-year rent freeze affect the property sector? - The National

How will Dubai's potential three-year rent freeze affect the property sector? - The National:News that the UAE government has started to issue five-year residency visas to entrepreneurs this month is music to the ears of property developers. So too the pronouncement from the International Monetary Fund that the local economy may have turned the corner and be recovering from a five-year slowdown precipitated by a sudden fall in oil prices.Last month Abu Dhabi introduced freehold rather than lease...
Tags: Travel, Dubai, International Monetary Fund, Uae, Ramadan, Institute of International Finance, Rupert Neil Bumfrey


ADNOC Distribution announces five-year expansion plan: Acting CEO | ZAWYA MENA Edition

ADNOC Distribution announces five-year expansion plan: Acting CEO | ZAWYA MENA Edition:The Abu Dhabi National Oil Company, ADNOC, Distribution, is planning to expand its facilities and investment services around the UAE, especially in Dubai, which currently serves only four stations, announced Saeed Mubarak Al Rashdi, Acting CEO of ADNOC Distribution.The company plans to increase the number of stations in Dubai over the next five years, by constructing a total of 75 new stations, equivalent to 1...
Tags: Travel, New York, London, Saudi Arabia, Dubai, Uae, ADNOC, Rupert Neil Bumfrey, Abu Dhabi National Oil Company Adnoc, Saeed Mubarak Al Rashdi, First Capital Markets Days, Al Rashdi


#UAE's Utico submits binding offer to invest in Singapore's Hyflux: CEO - Reuters

UAE's Utico submits binding offer to invest in Singapore's Hyflux: CEO - Reuters:Utico FZC has submitted a binding offer to invest S$400 million ($294 million) in Singapore’s indebted water treatment firm Hyflux Ltd, the chief executive of the United Arab Emirates-based utility said on Sunday.Utico had submitted a non-binding letter of intent this month to invest in the Singaporean firm.Utico would provide working capital and any urgent interim funding to Hyflux as part of the offer, Richard Men...
Tags: Travel, Singapore, United Arab Emirates, Uae, Reuters, Hyflux, Rupert Neil Bumfrey, Hyflux Ltd, Utico, Richard Menezes, Utico FZC


#UAE's TAQA Q1 profit sinks, hit by forex losses, U.S write down - Reuters

UAE's TAQA Q1 profit sinks, hit by forex losses, U.S write down - Reuters:Abu Dhabi National Energy Company (TAQA) on Thursday reported a nearly 95 percent drop in first quarter profit, hit by foreign exchange losses and revaluation of U.S power assets.The state-owned oil explorer and power producer made a net profit attributable to shareholders of 6 million dirhams ($1.63 million) for the period ending March 31, 2019, it said in a bourse filing. That compared with 110 million dirhams in the pri...
Tags: Travel, US, Uae, Reuters, Rupert Neil Bumfrey, Abu Dhabi National Energy Company Taqa, Taqa


#UAE's Amlak Finance to conclude debt renegotiations by Q2 | ZAWYA MENA Edition

UAE's Amlak Finance to conclude debt renegotiations by Q2 | ZAWYA MENA Edition:Islamic real estate financier Amlak Finance on Wednesday said its ongoing renegotiations with financiers on restructuring terms agreed in 2014 and subsequently revised in 2016 are progressing and would be concluded by second quarter 2019.The Shariah-complaint home financier said in a statement that it continued renegotiating the funding conditions with its financiers to allow it more flexibility in adapting to current...
Tags: Travel, Uae, Amlak Finance, Rupert Neil Bumfrey


MIDEAST STOCKS-Financials pressure #AbuDhabi and #Qatar, other Gulf markets down - Reuters

MIDEAST STOCKS-Financials pressure Abu Dhabi and Qatar, other Gulf markets down - Reuters:The Abu Dhabi and Qatar stock markets fell sharply in early trading on Wednesday, dragged down by financial shares as other major Gulf markets lost ground.Abu Dhabi’s index dropped 1.2 percent as First Abu Dhabi, the UAE’s largest bank, shed 1.7 percent. Methaq Takaful Insurance and Abu Dhabi Islamic Bank dropped 4.9 percent and 1.5 percent respectively.Abu Dhabi Commercial Bank dropped 1.6 percent after po...
Tags: Travel, Qatar, Abu Dhabi, Uae, Gulf, Reuters, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, Abu Dhabi Islamic Bank, First Abu Dhabi, Methaq Takaful Insurance


Drake & Scull chairman and board member resign amid investigation - The National

Drake & Scull chairman and board member resign amid investigation - The National:Drake & Scull International said its chairman and another board member resigned, as the UAE’s financial regulator investigates the ailing Dubai contractor’s finances after years of losses.Chairman Obaid Bin Touq – who was appointed to the post in December – and board member Khamid Buamim resigned from the company, according to a filing to the Dubai Financial Market, where its shares were traded.DSI thanked the chair...
Tags: Travel, Dubai, Drake, Uae, DSI, Dubai Financial Market, Rupert Neil Bumfrey, Drake Scull, Scull, Drake Scull International, Obaid Bin Touq, Khamid Buamim


What Souq-Amazon and Uber-Careem deals mean for Middle East’s online platforms

What Souq-Amazon and Uber-Careem deals mean for Middle East’s online platforms:A number of start-ups in the Middle East are being bought up by global giants, and while some might fear the loss of a home-grown identity, experts say the deals are recognition that local companies know their markets best.It all started in 2009 with Yahoo!’s acquisition of Jordanian company Maktoob.com. The Amman-based online services company, founded in 1998, was known for being the first Arabic-English email servic...
Tags: Travel, Amazon, Yahoo, Saudi Arabia, Egypt, Middle East, Uae, Amman, Maktoob, North Africa, Rupert Neil Bumfrey, Souq Amazon, Souq


Emaar Development's first quarter earnings drop, shares follow | ZAWYA MENA Edition

:Emaar Development, the United Arab Emirates based property development arm of Emaar Properties, reported a drop in first quarter earnings (Q1), triggering a retreat in the company’s shares on Tuesday.Emaar Development’s Q1 2019 net profit amounted to 751 million UAE dirhams, compared to 819 million dirhams in Q1 2018, an 8.3 percent drop, trailing SICO Bank’s estimate of 902 million dirhams.“While the earnings was a miss on our estimate; key takeaway for us is the surge in 1Q19 off-plan sales w...
Tags: Travel, United Arab Emirates, Uae, Emaar Properties, Rupert Neil Bumfrey, SiCo, Zawya, Emaar Development, Sico Bank, Ayub Ansari


UPDATE 1- #UAE's Majid Al Futtaim markets green dollar sukuk - Reuters

UPDATE 1-UAE's Majid Al Futtaim markets green dollar sukuk - Reuters:Majid Al Futtaim, a UAE-based developer and shopping mall operator, has started marketing 10-year U.S. dollar-denominated “green” Islamic bonds, or sukuk, at about 245 basis points over mid-swaps, a document showed on Tuesday.The proceeds of the sukuk will back environmentally-friendly projects in areas such as renewable energy and sustainable water management, according to the document drawn up by one of the banks leading the ...
Tags: Travel, Asia, Middle East, Uae, Reuters, Majid Al Futtaim, Rupert Neil Bumfrey



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