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MIDEAST STOCKS #Saudi gains on banking boost; Etisalat drags #AbuDhabi lower | Reuters

MIDEAST STOCKS Saudi gains on banking boost; Etisalat drags Abu Dhabi lower | Reuters Most stock markets in the Gulf rose in early trade on Monday, with banks boosting the Saudi index, while the Abu Dhabi bourse was hit by declines in Etisalat shares.Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 1.9% and petrochemical firm Saudi Basic Industries (2010.SE) was up 1.2%.Al Rajhi Bank posted on Sunday a net profit of 3.6 billion riyals ($959.92 million) fo...
Tags: Travel, Saudi Arabia, China, United Arab Emirates, Dubai, Abu Dhabi, Uae, Reuters, Etisalat, Tasi, Rupert Neil Bumfrey, Saudi Basic Industries, Al Rajhi Bank, DFMGI, Qatar Aluminium Manufacturing Co, Mashreq Bank MASB


Economic revival boosts H1 revenues and profits of #UAE banks | Banking – Gulf News

Economic revival boosts H1 revenues and profits of UAE banks | Banking – Gulf News All leading banks in the UAE have reported strong growth in both revenues and net profits in the first half of 2021, clearly pointing to a sustained revival in the economic conditions in the country.Most banks have also reported loan growth, deposit growth and substantial gains in non-interest income that to a great extent mitigated slower growth in interest income due to the low interest rate environment.A subs...
Tags: Travel, Uae, Gulf News, Rupert Neil Bumfrey, Central Bank of UAE


Job Postings In The UAE Have Increased By 148% Since July 2020 Largely Driven By Dubai Expo, Finds GlobalData

The United Arab Emirates (UAE) has ramped up hiring activity across a number of different industry areas. The majority of this activity has occurred in the travel and tourism sector, largely coming from hotel chains and airline operators. Job postings have been increasing since January 2021, but has really picked up in July, finds GlobalData. According to the leading data and analytics company’s Job Analytics Database, job advertisements in the UAE have increased by 148% between July 2020...
Tags: Travel, Uae, United Arab Emirates UAE, GlobalData, Dubai Expo Finds GlobalData, Job Analytics Database


Etisalat’s second-quarter net profit rises on higher revenue

Etisalat’s second-quarter net profit rises on higher revenue Etisalat, the UAE’s biggest telecoms operator, reported a slight increase in second-quarter net profit on the back of higher revenue.The total net profit attributable to owners of the company for the three-month period ending June 30 climbed to Dh2.39 billion ($650 million) from Dh2.38bn during the same period last year, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares trade.Net profi...
Tags: Travel, Uae, Etisalat, Abu Dhabi Securities Exchange, Rupert Neil Bumfrey


Doha Bank CEO Says Reorganizing Program Boosted Results - Bloomberg video

Doha Bank CEO Says Reorganizing Program Boosted Results - Bloomberg Raghavan Seetharaman, Group CEO of Doha Bank discusses the lender's 2Q21 results and growth expectations in the UAE and Saudi markets. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Uae, Doha Bank, Rupert Neil Bumfrey, Bloomberg Daybreak, Yousef Gamal El Din


#UAE Opens 10-Year ‘Golden Visa’ Scheme to All Resident Doctors - Bloomberg

UAE Opens 10-Year ‘Golden Visa’ Scheme to All Resident Doctors - Bloomberg The United Arab Emirates will allow all resident doctors to apply for so-called “golden visas,” a 10-year permit covering specialized sectors including science, innovation and health care.Doctors licensed by UAE health regulators can apply before September 2022, state-run news agency WAM reported Wednesday.The long-term visa allows foreigners to work, live and study without needing an Emirati sponsor. Expat residents ma...
Tags: Travel, Wam, United Arab Emirates, Uae, Rupert Neil Bumfrey


#UAE News: Top Banks See Profits Surge as Impairments Drop on Recovery - Bloomberg

UAE News: Top Banks See Profits Surge as Impairments Drop on Recovery - Bloomberg The three largest banks in the United Arab Emirates reported a drop in impairment charges by nearly a third in the first half as they took advantage of an economic recovery from the Covid-19 pandemic.Emirates NBD PJSC, Dubai’s biggest lender, and its counterpart in the UAE capital, First Abu Dhabi Bank PJSC, posted an increase in profit in the first half, supported by higher fee income and a drop in the cost of r...
Tags: Travel, Opec, United Arab Emirates, Uae, Emirates NBD, Rupert Neil Bumfrey, Dubai Islamic Bank, Recovery Bloomberg, First Abu Dhabi Bank, Emirates NBD PJSC Dubai, First Abu Dhabi Bank PJSC, Shayne Nelson, Impairments


#UAE's biggest lender FAB posts 19% jump in Q2 net profit | Reuters

UAE's biggest lender FAB posts 19% jump in Q2 net profit | Reuters First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' biggest lender, posted on Wednesday a 19% rise in quarterly net profit, underpinned by sharp gains in its investments and derivatives and on higher fee income.FAB posted a net profit of 2.879 billion dirhams ($783.87 million) in the quarter ended June 30, up from 2.4 billion a year earlier.Arqaam Capital had forecast a net profit of 2.4 billion dirhams, while EFG Hermes h...
Tags: Travel, United Arab Emirates, Fab, Uae, Reuters, EFG Hermes, Rupert Neil Bumfrey, Arqaam Capital, Reuters First Abu Dhabi Bank


Will NMC Healthcare founder B.R. Shetty's high-stakes $7b legal gamble in the US pay-off? | Banking – Gulf News

Will NMC Healthcare founder B.R. Shetty's high-stakes $7b legal gamble in the US pay-off? | Banking – Gulf News Dr B.R. Shetty, founded NMC Healthcare in 1974. The company was listed on the FTSE in late 2012, and in 2017 relinquished the CEO position and became non-executive chairman. Image Credit: Gulf News Archive Will Dr. B.R. Shetty win it in the US? More specifically, in a New York court of law, where he has sought damages totalling more than $7 billion against his former ...
Tags: Travel, UK, New York, India, US, Abu Dhabi, Uae, NMC, Gulf News, Shetty, Rupert Neil Bumfrey, ADCB, NMC Healthcare, UAE Exchange Centre


Gulf rebound set as #SaudiArabia, #UAE seen topping 4% growth in 2022 | Reuters

Gulf rebound set as Saudi Arabia, UAE seen topping 4% growth in 2022 | Reuters The six economies in the Gulf Cooperation Council (GCC) are set to rebound and grow 2% to nearly 3% this year while the region's two largest economies, Saudi Arabia and the UAE, are forecast to grow over 4% next year, a quarterly Reuters survey showed.That outlook follows steep declines last year following an oil price crash and the impact of the COVID-19 pandemic, while analysts expected Saudi Arabia, the UAE and K...
Tags: Travel, Saudi Arabia, Opec, Kuwait, Uae, Reuters, Gulf Cooperation Council GCC, Saudi Arabia UAE, UAE Kuwait, Rupert Neil Bumfrey, Monica Malik, Abu Dhabi Commercial Bank Medians


CB #UAE issues new anti-money laundering guidance for financial institutions | ZAWYA MENA Edition

CBUAE issues new anti-money laundering guidance for financial institutions | ZAWYA MENA Edition The Central Bank of the UAE (CBUAE) on Monday issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for its licensed financial institutions (LFIs) on the implementation of targeted financial sanctions (TFS).The newly issued guidance is supplementary to the one on TFS for financial institutions and designated non-financial business and professions, issued ...
Tags: Travel, Uae, Central Bank, AML CFT, Executive Office, Rupert Neil Bumfrey, UAE CBUAE, CB UAE, United Nations Consolidated List, Khaled Mohamed Balama Governor of CBUAE


#Saudi telco Mobily reports 32% jump in second-quarter profit as revenue grows

Saudi telco Mobily reports 32% jump in second-quarter profit as revenue grows Saudi telecoms company Etihad Etisalat, better known as Mobily, has reported a 32 per cent increase in second-quarter profit on the back of higher revenue as the Arab world’s largest economy recovers from the coronavirus-induced slowdown.Net profit after zakat and tax for the period ending June 30 rose to 244 million Saudi riyals ($65m), the company said in a statement on Monday to the kingdom's Tadawul stock exchang...
Tags: Travel, Uae, Tadawul, Etisalat, Etihad Etisalat, Mobily, Rupert Neil Bumfrey


OPEC+ #Saudi-#UAE Split Won’t End Until the World Goes to Green Energy - Bloomberg

OPEC+ Saudi-UAE Split Won’t End Until the World Goes to Green Energy - Bloomberg The friction between Saudi Arabia and the United Arab Emirates that had held oil markets hostage finally ended last week, with an announcement that the Emirati quota from which production cuts are calculated will be increased. Thus ends the latest drama within the ranks of OPEC+, but the curtain did not fall before giving us a preview of how that consortium is likely to ultimately unravel. The trigger won’t be the...
Tags: Travel, Saudi Arabia, Opec, Qatar, United Arab Emirates, Uae, Gulf, Emirati, Rupert Neil Bumfrey, Green Energy Bloomberg


Mena equity fund raising more than doubles in first half

Mena equity fund raising more than doubles in first half Adnoc Distribution's issue of new shares and convertible bonds were the main driver behind a doubling of equity capital market issuance in the Middle East and North Africa in the first half of 2021, according to Refinitiv data.The amount raised on the region’s capital markets increased 138 per cent to $2.1 billion, which was a three-year high, the financial data company's Mena Investment Banking Review showed. Issuance related to Abu Dha...
Tags: Travel, Saudi Arabia, Middle East, Abu Dhabi, Uae, Mena, North Africa, Tadawul, Abu Dhabi Securities Exchange, Rupert Neil Bumfrey, Abu Dhabi National Oil Company, Adnoc Distribution, Mena Investment Banking Review


#UAE institutional investors plan to increase exposure to cryptocurrencies, survey reveals

UAE institutional investors plan to increase exposure to cryptocurrencies, survey reveals Institutional investors and wealth managers in the UAE plan to increase their exposure to cryptocurrency assets between now and 2023, according to a new survey.Ten institutional investors, or half of those surveyed, said they plan to dramatically increase their exposure to cryptocurrency assets between now and 2023 and a further 10 said they will add the asset class to their portfolio, according to a surv...
Tags: Travel, London, Middle East, Uae, Rupert Neil Bumfrey, Nickel Digital Asset Management, Anatoly Crachilov, Nickel Digital


#UAE's first half bank 2021 results point to economic recovery gaining traction | Banking – Gulf News

UAE's first half bank 2021 results point to economic recovery gaining traction | Banking – Gulf News Financial results of UAE banks for the first six months of 2021 point to sustained improvement in profitability supported by gains in cost efficiency, improving asset quality and gains in non-interest income streams.The overall gains in the bank results for the first half of the current year compared to the same period last year confirms the improvement in the economic conditions supporting cre...
Tags: Travel, Uae, Mashreq, Khaldoon Al Mubarak, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, Abdulaziz al Ghurair, Mashreq Bank, ADCB Mashreq


Trump Ally’s #UAE Lobbying Struck Heart of Democracy, U.S. Says - Bloomberg video

Trump Ally’s UAE Lobbying Struck Heart of Democracy, U.S. Says - Bloomberg Even before Donald Trump was elected president in November 2016, a foreign government turned to one of his close associates in an effort to gain influence -- and this time it wasn’t Russia.Instead, according to an indictment of Trump’s former inaugural chairman Tom Barrack unveiled on Tuesday, the nation that sought such clout was the United Arab Emirates, a staunch U.S. ally in the Persian Gulf region. Prosecutors say ...
Tags: Travel, Russia, Emirates, United Arab Emirates, Donald Trump, Uae, Trump, Persian Gulf, Barrack, Rupert Neil Bumfrey, Tom Barrack, Herrington, Trump Ally, U S Barrack, Matthew Herrington Barrack


Trucks Stuck as #Saudi-#UAE Competition Spreads to Trade - Bloomberg

Trucks are lined up for hours at the border between Saudi Arabia and the United Arab Emirates as some international manufacturers find their goods snarled up in a deepening economic rivalry that’s raised the cost of doing business and complicated growth plans.Saudi Arabia, the UAE’s fifth-largest trading partner, has imposed new rules excluding items made in free zones from preferential tariff arrangements meant to facilitate the free flow of goods within the six-member Gulf Cooperation Council....
Tags: Travel, Saudi Arabia, Middle East, United Arab Emirates, Dubai, Uae, Gulf, Gulf Cooperation Council, Rupert Neil Bumfrey, Trade Bloomberg


OPEC+ Compromise Deal Still Favors #SaudiArabia and #Russia - Bloomberg

OPEC+ Compromise Deal Still Favors Saudi Arabia and Russia - Bloomberg Saudi Arabia and Russia clinched a deal for an OPEC+ production increase by partly submitting to the United Arab Emirates’ demands for a more generous quota. But the compromise still leaves Riyadh and Moscow on top.Of all the adjustments agreed on Sunday to the cartel’s baselines -- the level from which each member’s cuts are measured -- the two largest OPEC+ members awarded themselves the biggest increases.While the UAE’s ...
Tags: Travel, Saudi Arabia, Russia, Opec, United Arab Emirates, Moscow, Uae, Riyadh, International Energy Agency, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Russia Bloomberg, Russia Bloomberg Saudi Arabia


De facto #UAE leader arrives in #SaudiArabia amid tensions | Reuters

De facto UAE leader arrives in Saudi Arabia amid tensions | Reuters The United Arab Emirates' de facto ruler arrived in Saudi Arabia on Monday, state media said, at a time of tensions between the two Gulf allies that led this month to an open standoff over oil policy.Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan was met by Saudi Crown Prince Mohammed bin Salman in the capital Riyadh.A public dispute this month between Riyadh and Abu Dhabi disrupted policy setting by OPEC+, an oil produce...
Tags: Travel, Saudi Arabia, Opec, United Arab Emirates, Abu Dhabi, Uae, Gulf, Reuters, Riyadh, Mohammed bin Salman, Emirati, Mohammed bin Zayed Al Nahyan, Rupert Neil Bumfrey, Saudiarabia


Column: OPEC+ deal should end $100 a barrel crude oil predictions | Reuters

Column: OPEC+ deal should end $100 a barrel crude oil predictions | Reuters The OPEC+ deal to boost crude oil output from August was always the most likely outcome to the producer group’s earlier impasse, and it should be enough to end market talk of $100 a barrel oil, at least for now.OPEC+ ministers agreed on Sunday to boost production by 400,000 barrels per day (bpd) from August to December, adding a total of 2 million bpd to global supply by the end of the year.Additionally the group, whic...
Tags: Travel, Saudi Arabia, Iraq, Russia, Opec, Kuwait, Uae, Reuters, United Arab Emirates UAE, Petroleum Exporting Countries, Rupert Neil Bumfrey


National Bank of Fujairah’s H1 profit up 17.1 per cent | Banking – Gulf News

National Bank of Fujairah’s H1 profit up 17.1 per cent | Banking – Gulf News National Bank of Fujairah (NBF) posted a net profit of Dh76.2 million for the first half of 2021, up 17.1 per cent year on year.The net profit was up 430.8 per cent for the three month period ended 30 June 2021 compared to the corresponding period of 2020.NBF achieved an operating profit growth of 11.3 per cent for the three month period ended 30 June 2021 over the corresponding period of 2020; and 2.3 per cent compar...
Tags: Travel, Group, Uae, Rupert Neil Bumfrey, NBF, National Bank of Fujairah, Gulf News National Bank of Fujairah NBF, Raja Al Gurg


#UAE's energy minister says it supports OPEC+ agreement | Reuters

UAE's energy minister says it supports OPEC+ agreement | Reuters The United Arab Emirates’ energy minister said on Sunday the Gulf state supports an agreement reached by the OPEC+ alliance.“We support strongly the agreement reached,” Minister Suhail al-Mazrouei, was quoted as saying by al-Sharq TV.OPEC+ agreed on Sunday to further ease oil supply cuts from August and to extend an overall supply management pact until the end of 2022. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Opec, United Arab Emirates, Uae, Gulf, Reuters, Suhail Al Mazrouei, Rupert Neil Bumfrey, Sharq TV OPEC


#UAE Stocks End Little Changed With OPEC+ Deal Eyed: Inside EM - Bloomberg

UAE Stocks End Little Changed With OPEC+ Deal Eyed: Inside EM - Bloomberg Equities in the United Arab Emirates’ finished Sunday little changed as investors focused on the outcome of a meeting between OPEC and its allies ahead of a long holiday.Abu Dhabi’s ADX General Index and Dubai’s DFM General Index slipped less than 0.1% each. The volume of trade in both exchanges was lower than the 30-day average before the four-day Eid holiday, which starts Monday.Markets in the oil-rich country closed b...
Tags: Travel, Saudi Arabia, Israel, Opec, Bloomberg, Egypt, United Arab Emirates, Dubai, Telecom, Abu Dhabi, Bahrain, Kuwait, Uae, Alexandria, Cairo, Etisalat


OPEC+ Agrees to Boost Output After Saudis, UAE End Standoff - Bloomberg

OPEC+ Agrees to Boost Output After Saudis, UAE End Standoff - Bloomberg OPEC and its allies agreed to gradually add more oil supplies to the market after Saudi Arabia and the United Arab Emirates resolved a dispute.The cartel will boost output by as much as 400,000 barrels a day each month from August until all of its halted output has been revived. The deal will also give Saudi Arabia, the UAE, Iraq, Kuwait and Russia higher baselines against which their production cuts are measured from May ...
Tags: Travel, Hollywood, Saudi Arabia, Russia, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Abdulaziz bin Salman, Saudi Energy, Bloomberg OPEC, UAE Iraq Kuwait


#AbuDhabi Stocks Climb With OPEC+ Deal in Sight: Inside EM - Bloomberg

Abu Dhabi Stocks Climb With OPEC+ Deal in Sight: Inside EM - Bloomberg Equities in the United Arab Emirates’ capital rose as investors await a meeting between OPEC and its allies on Sunday and ahead of a long holiday.Abu Dhabi’s ADX General Index rose 0.2% as of 11:37 a.m. local time, while Dubai’s DFM Index slipped less than 0.1%. The volume of trade in both exchanges was lower than the 30-day average ahead of the four-day Eid holiday, which starts Monday.The meeting is the latest sign that a...
Tags: Travel, Saudi Arabia, Russia, Israel, Opec, Bloomberg, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Bahrain, Kuwait, Uae, Etisalat, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey


OPEC+ Calls Meeting for Sunday After Progress Toward Deal - Bloomberg

OPEC+ Calls Meeting for Sunday After Progress Toward Deal - Bloomberg OPEC+ has called a meeting on Sunday, delegates said, after the group made significant progress toward resolving a standoff with the United Arab Emirates that had blocked a deal to boost output.The online conference of ministers is scheduled for 12 p.m. Vienna time, although one delegate cautioned that not every minister had yet confirmed attendance. Ministers from Saudi Arabia, Kuwait, the UAE and Oman met online on Saturda...
Tags: Travel, New York, Iraq, Opec, Vienna, United Arab Emirates, Oman, Abu Dhabi, Uae, Gulf, Riyadh, International Energy Agency, Organization of Petroleum Exporting Countries, Saudi Arabia Kuwait, Rupert Neil Bumfrey, UAE Baghdad


Mubadala Is Said to Seek Over $20 Billion Value for EGA in IPO - Bloomberg

Mubadala Is Said to Seek Over $20 Billion Value for EGA in IPO - Bloomberg Mubadala Investment Co. is seeking a value of more than $20 billion including debt for Emirates Global Aluminium PJSC as it inches closer to listing the business, according to people familiar with the matter.The Abu Dhabi sovereign wealth fund has asked banks to start pitching for roles on an initial public offering of EGA, the people said, asking not to be identified discussing confidential information.EGA’s Chairman K...
Tags: Travel, Middle East, Guinea, Dubai, Abu Dhabi, Donald Trump, Uae, JPMorgan Chase Co, Rupert Neil Bumfrey, Mubadala, IPO Bloomberg, Khaldoon Khalifa al Mubarak, EGA, Investment Corp, Emirates Global Aluminium PJSC, Mubadala Is Said


Oil rises, but on track for biggest weekly drop in months | Reuters

Oil rises, but on track for biggest weekly drop in months | Reuters Oil prices rose on Friday but remained on track for their biggest weekly drop since at least May after expectations of more supply put pressure on the market.Brent crude was up 10 cents, or 0.1%, at $73.57 a barrel by 1152 GMT, heading for a 2.6% fall this week, marking its biggest weekly drop since May.U.S. crude for August rose 21 cents, or 0.3%, to $71.86 a barrel, on track for a 3.7% decline, its largest weekly drop since ...
Tags: Travel, Saudi Arabia, Russia, Opec, Uae, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey


Oil prices sink again, as investors look out for more supply | Reuters

Oil prices sink again, as investors look out for more supply | Reuters Oil prices fell by more than $1 a barrel on Thursday on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand.Brent crude settled at $73.47 a barrel, dropping $1.29, or 1.7%. U.S. West Texas Intermediate (WTI) crude settled at $71.65 a barrel, down $1.48, or 2.2%.The slide continued Wednesday’s losses, after Reuters rep...
Tags: Travel, Saudi Arabia, Opec, United Arab Emirates, Uae, Reuters, Reuters Oil, Rupert Neil Bumfrey, Phil Flynn



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