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#UAE appoints Abdulhamid Saeed as new central bank governor - government office - Reuters

UAE appoints Abdulhamid Saeed as new central bank governor - government office - Reuters:The United Arab Emirates’ president appointed Abdulhamid Saeed as the new central bank governor, the government communication office said in a Twitter post on Thursday.Saeed is replacing Mubarak Rashid al-Mansouri who has been at the helm of the institution since 2014.The UAE’s monetary policy is closely linked to that of the U.S. Federal Reserve due to a long-standing dirham currency peg to the dollar. [...
Tags: Travel, United Arab Emirates, Uae, Reuters, U S Federal Reserve, Saeed, Rupert Neil Bumfrey, Abdulhamid Saeed, Mubarak Rashid Al Mansouri


#AbuDhabi Commercial Bank in talks with NMC Health over $981 million debt exposure - Reuters

Abu Dhabi Commercial Bank in talks with NMC Health over $981 million debt exposure - Reuters:Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is in talks with troubled UAE hospital operator NMC Health (NMC.L) to tackle the company’s financial defaults, the bank said on Thursday.ADCB has an exposure of about $981 million (792.02 million pounds) to NMC, which represents less than 1% of the bank’s total assets, it said.“The bank has initiated discussions with the NMC Health Group and other substantial cr...
Tags: Travel, London, Uae, Reuters, NMC, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, ADCB, NMC Health, Abu Dhabi Commercial Bank ADCB ADCB, AbuDhabi Commercial Bank, NMC Health NMC, NMC Health Group


#UAE's Fujairah oil storage tanks at full capacity- industry, trade sources | ZAWYA MENA Edition

UAE's Fujairah oil storage tanks at full capacity- industry, trade sources | ZAWYA MENA Edition:Storage tanks in the United Arab Emirates' Fujairah, a key bunkering and oil hub in the Middle East, have reached their full capacity for both crude and oil products, three industry and trading sources told Reuters on Wednesday.Located on the east coast of the UAE at the entrance to the Strait of Hormuz, Fujairah is one of two major ports in the region along with Oman’s Sohar and is a busy refueling p...
Tags: Travel, Middle East, Oman, Uae, Reuters, Strait, Sohar, Rupert Neil Bumfrey, United Arab Emirates Fujairah, Hormuz Fujairah


Coronavirus: Flydubai staff to take three-month pay cut - Arabianbusiness

Coronavirus: Flydubai staff to take three-month pay cut - Arabianbusiness:Staff at Flydubai are set to take a three-month pay cut from April.The Dubai-based low-cost carrier grounded all passenger flights earlier this month following orders from the UAE Government aimed at preventing the spread of the deadly coronavirus.The ban, enforced from March 24, is in place for 14 days, although it could be extended further.A spokesperson for the airline said the impact of Covid-19 has had a “significant ...
Tags: Travel, Dubai, Uae, Rupert Neil Bumfrey, Flydubai


#UAE's Dana Gas explores spin-off and listing of upstream business - Reuters

UAE's Dana Gas explores spin-off and listing of upstream business - Reuters:United Arab Emirates’ Dana Gas is considering spinning off its upstream business and listing the unit on the Abu Dhabi Securities Exchange, the Sharjah-based energy company said on Tuesday.Dana Gas, which operates concessions Iraq’s Kurdish region and Egypt, said it was studying a potential demerger of the business into a new company, according to a statement to the stock exchange.Should the transaction succeed, sharehol...
Tags: Travel, Iraq, Egypt, United Arab Emirates, Uae, Sharjah, Reuters, Dana Gas, Abu Dhabi Securities Exchange, Rupert Neil Bumfrey


#Dubai to inject fresh capital in Emirates airline: crown prince - Reuters

Dubai to inject fresh capital in Emirates airline: crown prince - Reuters:Dubai’s Crown Prince Sheikh Hamdan bin Mohammed said on Tuesday the emirate’s government was committed to fully support Emirates airline and will inject fresh equity into the company to help it overcome the coronavirus crisis.Emirates has a “strategic importance to the Dubai and UAE economy and the airlines (have a) key role in positioning Dubai as a major international aviation hub”, Sheikh Hamdan said in a Twitter post.“...
Tags: Travel, Emirates, Dubai, Uae, Reuters, Hamdan, Rupert Neil Bumfrey, Sheikh Hamdan bin Mohammed


#Saudi, #UAE businesses battle cash crunch despite anti-coronavirus stimulus - Reuters

Saudi, UAE businesses battle cash crunch despite anti-coronavirus stimulus - Reuters:Saudi Arabia and the United Arab Emirates are spending tens of billions to prop up their economies during the coronavirus crisis and oil price slump but the scaling back of state projects is blunting the impact.The pain felt by the tourism, retail, hospitality and logistics sectors due to global travel disruptions and closure of most public venues is spreading to the contracting and oil services industries in th...
Tags: Travel, Saudi Arabia, United Arab Emirates, Mecca, Uae, Medina, Reuters, Riyadh, Saudi Binladin Group, Rupert Neil Bumfrey, MOBCO Civil Construction, Riyadh Mecca


S&P: Deteriorating conditions could put pressure on #UAE banks | ZAWYA MENA Edition

S&P: Deteriorating conditions could put pressure on UAE banks | ZAWYA MENA Edition:S&P Global Ratings has revised its outlooks for five UAE banks from stable to negative, citing a deteriorating operating environment.The ratings agency, which reviewed First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Mashreqbank, Sharjah Islamic Bank (SIB) and National Bank of Fujairah (NBF), warned that the weakening conditions could put pressure on banks’ profitability.In its latest analysis, S&P ex...
Tags: Travel, Uae, Rupert Neil Bumfrey, National Bank of Fujairah NBF


Mideast Stocks: Most major Gulf stocks decline, but banks boost #Saudi | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf stocks decline, but banks boost Saudi | ZAWYA MENA Edition:Most major Gulf shares lost steam on Thursday, ending a two-day rally triggered by the giant $2 trillion stimulus package in the United States to mitigate the economic blow from the fast-spreading coronavirus pandemic.In Abu Dhabi, the index sank 3.8%, with the country's largest lender First Abu Dhabi Bank (FAB) and telecoms firm Etisalat dropping 5% and 4.9%, respectively.Dubai's main share index slipped ...
Tags: Travel, United States, Dubai, Abu Dhabi, Uae, Gulf, Mideast, United Arab Emirates UAE, Etisalat, Qatar National Bank, Qatar Islamic Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, Emaar Malls, First Abu Dhabi Bank FAB


Coronavirus in #UAE: #Dubai announces work-from-home for private sector | ZAWYA MENA Edition

Coronavirus in UAE: Dubai announces work-from-home for private sector | ZAWYA MENA Edition:Dubai on Wednesday announced work-from-home regulations for the private sector."In view of the precautionary steps and preventive measures aimed to ensure public health and safety, and based on the circulars and decisions issued by the authorities concerned, Dubai Economy, as the authority regulating business in the emirate, directs all private sector companies and commercial establishments, excluding phar...
Tags: Travel, Dubai, Uae, Rupert Neil Bumfrey, Dubai Economy, MENA Edition


Mideast Stocks: Most major Gulf indexes rebound in line with oil, global stocks | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf indexes rebound in line with oil, global stocks | ZAWYA MENA Edition:Most major bourses in the Gulf rebounded on Tuesday, mirroring gains in oil and global equities, as investors pinned hopes on unprecedented stimulus steps by the U.S Federal Reserve to ease strains in financial markets amid the coronavirus pandemic.In its latest mould-breaking step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni...
Tags: Travel, United Arab Emirates, Abu Dhabi, Uae, Gulf, Fed, Mideast, U S Federal Reserve, Rupert Neil Bumfrey, First Abu Dhabi Bank


#UAE closing airports on Tuesday, a day earlier than first announced | ZAWYA MENA Edition

UAE closing airports on Tuesday, a day earlier than first announced | ZAWYA MENA Edition:United Arab Emirates will suspend all passengers flights in and out of the Gulf Arab state on Tuesday night, Dubai Airports said on its website, indicating it would take place 24 hours earlier than initially announced."The decision has been made by the UAE authorities to suspend all inbound and outbound passenger flights, and the transit of airline passengers in the UAE,” the state operator said, adding the ...
Tags: Travel, United Arab Emirates, Uae, Gulf Arab, Rupert Neil Bumfrey, Dubai Airports


IMF warns of 'wide reverberations' as coronavirus risks job losses, bankruptcies in Middle East | ZAWYA MENA Edition

IMF warns of 'wide reverberations' as coronavirus risks job losses, bankruptcies in Middle East | ZAWYA MENA Edition:As  the coronavirus infections continue to spread at alarming levels, the International Monetary Fund (IMF) has called on governments in the Middle East for urgent economic policy actions and warned that the health crisis, coupled with the oil price plunge, could significantly drag growth and lead to job losses and bankruptcies.The key job-rich sectors in the region, including the...
Tags: Travel, Egypt, Middle East, United Arab Emirates, Uae, Imf, Central Asia, International Monetary Fund IMF, Rupert Neil Bumfrey, Azour, Jihad Azour IMF


#AbuDhabi evictions, car seizures, bank account freezing halted amid Covid-19 impact - Arabianbusiness

Abu Dhabi evictions, car seizures, bank account freezing halted amid Covid-19 impact - Arabianbusiness:Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Monday directed the Abu Dhabi Judicial Department to halt all rental property eviction cases currently underway.Executive procedures like imprisonment, blocking of bank accounts, seizure of vehicles, stocks and assets have also been halted for a period of two months as the coro...
Tags: Travel, Wam, Abu Dhabi, Uae, UAE Armed Forces, Rupert Neil Bumfrey, Abu Dhabi Judicial Department


#AbuDhabi’s Etihad says only #UAE citizens or diplomats to board its flights from overseas - tweet - Reuters

Abu Dhabi’s Etihad says only UAE citizens or diplomats to board its flights from overseas - tweet - Reuters:Abu Dhabi’s Etihad Airways said on Monday that effective immediately only citizens of the United Arab Emirates or diplomats will be able to board its flights from overseas destinations and only if their final destination is Abu Dhabi, the airline said on twitter.The UAE is suspending all passenger flights for two weeks from Wednesday to contain the spread of the coronavirus. [Author: no...
Tags: Travel, United Arab Emirates, Abu Dhabi, Etihad, Uae, Reuters, Etihad Airways, Rupert Neil Bumfrey


MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters

MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters:Most bourses in the Gulf extendedlosses on Monday, as a rising number of lockdowns in the regionand elsewhere to contain the spread of the coronavirusintensified fears of a deep global recession.In Dubai, the index declined 3.8%, pressured by a5% plunge in Emirates NBD Bank. Dubai Islamic Bank dropped 3.2%.The UAE, the region's tourism and business hub, said itwould suspend all passenger flights and airport t...
Tags: Travel, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Rupert Neil Bumfrey, First Abu Dhabi Bank, Emirates NBD Bank Dubai Islamic Bank


#UAE to suspend all passenger flights for two weeks - Arabianbusiness

UAE to suspend all passenger flights for two weeks - Arabianbusiness:The United Arab Emirates announced on Monday it will temporarily suspend all passenger and transit flights amid the novel coronavirus outbreak. The Emirati authorities "have decided to suspend all inbound and outbound passenger flights and the transit of airline passengers in the UAE for two weeks as part of the precautionary measures taken to curb the spread of the Covid-19", reported the official state news agency, WAM.It sai...
Tags: Travel, Wam, United Arab Emirates, Dubai, Abu Dhabi, Uae, Rupert Neil Bumfrey


From loan repayment holidays to credit card fees: how the new #Dubai bank measures will impact you - Arabianbusiness

From loan repayment holidays to credit card fees: how the new Dubai bank measures will impact you - Arabianbusiness:The measures to help customers will come into effect from April 1 and run until June 30 Retail loan customers who have been placed on unpaid leave by their employers can approach the bank for repayment holiday of up to three months with zero interest and fees. Customers who have availed personal loans, auto loans or mortgages can apply for a one-month repayment holiday with zero f...
Tags: Travel, Customers, Dubai, Uae, LTV, Rupert Neil Bumfrey, UAE Credit


MIDEAST STOCKS-Gulf stocks slide as virus-related lockdowns deepen recession fears - Reuters

MIDEAST STOCKS-Gulf stocks slide as virus-related lockdowns deepen recession fears - Reuters:Stock markets in the Middle East dropped on Monday as a rising number of lockdowns in the region and elsewhere worsened fears of a deep, coronavirus-driven global recession.In Abu Dhabi, the index declined 3.1%. Top lender First Abu Dhabi Bank fell 3.3%, while Emirates Telecommunications was down 4.3%.The United Arab Emirates suspended all passenger and transit flights to and from the country for two wee...
Tags: Travel, Wam, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Uae, Civil Aviation Authority, Reuters, Sheikh Mohammed bin Rashid al Maktoum, Rupert Neil Bumfrey, First Abu Dhabi Bank, National Emergency, Emirates Telecommunications


Emaar orders its employees to work from home amid coronavirus pandemic - Arabianbusiness

Emaar orders its employees to work from home amid coronavirus pandemic - Arabianbusiness:Emaar Group has mandated that its employees work from home as a precautionary measure amid the global coronavirus pandemic, the company has announced.In a statement, Emaar said that move would be effective from Monday, March 23.The statement added that it would continue to monitor global developments and prevention measures during the work-from-home period and update its actions based on how the situation ev...
Tags: Travel, Uae, Emaar Properties, Emaar, Rupert Neil Bumfrey, Mohammed Alabbar, Emaar Group, COVID


MIDEAST STOCKS-Most Gulf stocks resume retreat; Egypt extends gains - Reuters

MIDEAST STOCKS-Most Gulf stocks resume retreat; Egypt extends gains - Reuters:Most stock indexes in the Gulf closedlower on Sunday, with Abu Dhabi leading the losses, as measuresby central banks to stem a coronavirus-induced financial routfaded, though Egypt extended gains.  More than 305,000 people have been infected by coronavirusacross the world and more than 13,000 have died, according to aReuters tally.In Abu Dhabi, the index declined 3.6%, dragged downby a 4.4% slide in top lender First...
Tags: Travel, Wam, Egypt, United Arab Emirates, Abu Dhabi, Uae, Gulf, Reuters, Rupert Neil Bumfrey, First Abu Dhabi Bank, Etisalat Dubai, Emaar Propertiestumbling


#UAE close beaches, impose restaurant restrictions to curb coronavirus spread - Arabianbusiness

UAE close beaches, impose restaurant restrictions to curb coronavirus spread - Arabianbusiness:The UAE’s Ministry of Health and Prevention and the National Emergency Crisis and Disasters Management Authority announced it was temporarily closing beaches and other public areas, including parks, movie theatres and gyms, to contain the spread of the coronavirus.Restaurants and cafes, however, could remain open if they provide a home-delivery service and limit client capacity to 20%, the National Eme...
Tags: Travel, Uae, Rupert Neil Bumfrey, Ministry of Health and Prevention


UPDATE 1- #UAE banks ease pressure on core industries as social restrictions tighten - Reuters

UPDATE 1-UAE banks ease pressure on core industries as social restrictions tighten - Reuters:Banks in the United Arab Emirates announced a raft of measures on Saturday they said would benefit the biggest contributors to the economy as the country announced its first deaths linked to the coronavirus pandemic.Aviation, hospitality, healthcare, retail, event management, consumer goods and education would be prioritised by the banks, which will reschedule or delay loan payments, reduce instalments a...
Tags: Travel, Wam, United Arab Emirates, Dubai, Uae, Reuters, Mashreq, Rupert Neil Bumfrey, Abu Dhabi Islamic Bank ADIB


BRIEF- #UAE banks to ease pressure on customers hit by virus -WAM news agency - Reuters

BRIEF-UAE banks to ease pressure on customers hit by virus -WAM news agency - Reuters: State news agency WAM: * UAE’S EMIRATES NBD, DUBAI ISLAMIC, MASHREQBANK AND COMMERCIAL BANK OF DUBAI TAKE MEASURES TO EASE ECONOMIC PRESSURES ON CUSTOMERS DUE TO CORONAVIRUS FROM APRIL 1 TO JUNE 30 * PRIORITY IN GRANTING SUPPORT MEASURES FOR MAIN SECTORS THAT CONTRIBUTE TO STATE ECONOMY, INCLUDING HEALTHCARE, AVIATION, HOSPITALITY, RETAIL, EVENT MANAGEMENT, CONSUMER GOODS AND EDUCATION * MEASURES...
Tags: Travel, Wam, Dubai, Uae, Reuters, Rupert Neil Bumfrey


Stranded in Dubai?

These are testing times. Never have we been tested as a community like we are being test today. The Covid-19 situation will bring out the best and the worst from within us. We need to try and be the ones that support our communities. This too shall pass. One of the most vulnerable among us are the ones who may have entered UAE on a visit visa in the hope of landing a job but could not exit quickly. Lot of the countries have placed all international arrivals on hold and some of the vi...
Tags: Travel, Facebook, Post, Dubai, Uae


Etihad Airways adds India, Maldives, Russia, Sir Lanka flights to suspended list - Arabianbusiness

Etihad Airways adds India, Maldives, Russia, Sir Lanka flights to suspended list - Arabianbusiness:Etihad Airways on Friday added more routes to its list of suspended services as the coronavirus continued to hit the global aviation industry hard.The Abu Dhabi-based airline said services from the UAE capital to several cities in India, Kazakhstan, Russia, the Maldives and Sir Lanka are the latest to be grounded in a bid to prevent the spread of Covid-19."Due to the spread of the Covid-19 novel co...
Tags: Travel, Abu Dhabi, Maldives, Uae, Etihad Airways, Sir Lanka, Rupert Neil Bumfrey, India Maldives Russia Sir Lanka, India Kazakhstan Russia


Gulf stock markets hit multi-year lows as virus, oil weigh - Arabianbusiness

Gulf stock markets hit multi-year lows as virus, oil weigh - Arabianbusiness:Gulf stock markets have plunged to multi-year lows despite massive stimulus spending as the region has suffered the double blow of plummeting oil prices and sweeping coronavirus shutdowns.Since early March, all seven bourses in the Gulf region have suffered some of their most tumultuous performances, with UAE markets in Dubai and Abu Dhabi as well as in Kuwait shedding over a third of their value.The Saudi Tadawul marke...
Tags: Travel, Saudi Arabia, Dubai, Oman, Abu Dhabi, Kuwait, Uae, Gulf, United Arab Emirates Qatar, Rupert Neil Bumfrey


UPDATE 1-U.S. blacklists 5 #UAE-based companies over purchase of Iran oil - Reuters

UPDATE 1-U.S. blacklists 5 UAE-based companies over purchase of Iran oil - Reuters:The United States on Thursday imposed sanctions on five United Arab Emirates-based companies, accusing them of having collectively purchased in 2019 hundreds of thousands of metric tons of petroleum products from Iran.The U.S. Treasury Department said in a statement the blacklisted companies - Petro Grand FZE, Alphabet International DMCC, Swissol Trade DMCC, Alam Althrwa General Trading LLC and Alwaneo LLC Co - pu...
Tags: Travel, Washington, China, Iran, United States, United Arab Emirates, Tehran, Uae, Reuters, National Iranian Oil Company, U S Treasury Department, Rupert Neil Bumfrey, Alwaneo LLC Co


MIDEAST STOCKS-Most Gulf stocks end higher on stimulus, oil prices | Nasdaq

MIDEAST STOCKS-Most Gulf stocks end higher on stimulus, oil prices | Nasdaq:Most markets in the Middle East reversed losses to close higher on Thursday as measures by the region's central banks calmed investor nerves, while higher oil prices also aided sentiment.Oil prices bounced nearly 7% after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Brent crud...
Tags: Travel, Saudi Arabia, Russia, Middle East, Dubai, Abu Dhabi, Uae, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, First Abu Dhabi Bank, Emaar Properties EMAR



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