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OPEC+ Clinches Compromise on Gradual Easing of Output Cuts - Bloomberg

OPEC+ Clinches Compromise on Gradual Easing of Output Cuts - Bloomberg OPEC+ agreed to ease oil-output cuts next year after almost a week of fraught negotiations that exposed a new rift at the heart of the cartel.The group will add 500,000 barrels a day of production to the market in January, and ministers will then hold monthly consultations to decide on the next steps.That’s a much shorter time frame than OPEC+ usually operates under, and before this week the expectation had been that the grou...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg OPEC


A Middle East Make-Up Proves Complicated - Bloomberg #Qatar #SaudiArabia #UAE

A Middle East Make-Up Proves Complicated - Bloomberg #Qatar #SaudiArabia #UAE The Saudi-led attempt to ostracize Qatar might now yield a foreign policy win for a U.S. president looking to embellish his legacy while maintaining he didn’t lose an election.But as talks brokered by the Trump administration edge closer toward a deal, the healing of the Saudi-Qatar rift has exposed strains in another relationship between Gulf neighbors that could have more lasting implications.Conspicuous by its abse...
Tags: Travel, Saudi Arabia, Israel, Qatar, United Arab Emirates, Yemen, Gulf, Trump, Rupert Neil Bumfrey


OPEC+ Said to Focus on Proposals for Gradual Taper of Cuts - Bloomberg

OPEC+ Said to Focus on Proposals for Gradual Taper of Cuts - Bloomberg OPEC+ is making headway in its negotiations on oil-output cuts, raising the odds that Thursday’s meeting can salvage a deal after failed talks earlier in the week.After days of direct negotiations between the group’s heavyweights -- Russia, Saudi Arabia and the United Arab Emirates -- discussions are now focusing on proposals for gradual easing of output cuts over several months, said a delegate. It’s unclear whether the tape...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Russia Saudi Arabia, Rupert Neil Bumfrey, Bloomberg OPEC


OPEC+ Makes Headway on Oil-Output Deal After Days of Talks - Bloomberg

OPEC+ Makes Headway on Oil-Output Deal After Days of Talks - Bloomberg OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.After days of direct negotiations between the group’s heavyweights -- Russia, Saudi Arabia and the United Arab Emirates -- details of any potential compromise still weren’t immediately clear. It was too early to say whether the progress would translate into a final deal, delegates said, asking not to be nam...
Tags: Travel, New York, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Russia Saudi Arabia, Rupert Neil Bumfrey


#UAE finds its voice within OPEC, complicating oil diplomacy | Reuters

UAE finds its voice within OPEC, complicating oil diplomacy | Reuters The United Arab Emirates came out of OPEC heavyweight Saudi Arabia’s shadow this week by demanding better adherence with oil supply cuts, effectively delaying the latest strategy decision by OPEC and its allies by a few days, sources told Reuters.The unusual move highlights the UAE’s growing role within OPEC as it seeks to boost production in the years ahead to gain market share.It also underscores Abu Dhabi’s growing politica...
Tags: Travel, Saudi Arabia, Russia, Opec, United Arab Emirates, Abu Dhabi, Uae, Gulf, Reuters, Riyadh, Rupert Neil Bumfrey, Israel OPEC


OPEC Splits at Its Core, Risking Deal That Underpins Oil Price - Bloomberg

OPEC Splits at Its Core, Risking Deal That Underpins Oil Price - Bloomberg The successful OPEC+ deal that’s supported the oil market since the price crash earlier this year is threatened by a new fissure at the heart of the cartel.Unusual tensions between Saudi Arabia and the United Arab Emirates -- longtime OPEC stalwarts and close allies -- have prevented what was widely expected to be a routine agreement to delay a production increase scheduled for January. Instead of a deal, a ministerial vi...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Bloomberg Television, Rupert Neil Bumfrey, Energy Aspects Ltd, Amrita Sen


Coronavirus Oil Quotas: OPEC's Lost Its Team Spirit - Bloomberg

Coronavirus Oil Quotas: OPEC's Lost Its Team Spirit - Bloomberg OPEC's historic output agreement may be teetering on the edge of collapse. It wouldn’t be in the interest of a single cartel member, but then nor was letting that last deal implode in March. Ignoring the risk of another breakdown seems blinkered.What was meant to be a pretty straightforward meeting of the Organization of Petroleum Exporting Countries broke up spectacularly on Monday. So they pushed back a gathering with their OPEC+ ...
Tags: Travel, Saudi Arabia, Opec, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


MIDEAST STOCKS- #Saudi stocks weaken after stellar November | Nasdaq

MIDEAST STOCKS-Saudi stocks weaken after stellar November | Nasdaq Saudi shares started the month on a weaker note on Tuesday after the bourse's benchmark index nailed solid gains in November on global cheer over the progress of COVID-19 vaccine candidates.Investors worldwide are pinning their hopes on positive vaccine trial data, fuelling optimism about a faster than expected economic recovery.Oil prices, a key catalyst for the region's financial markets, were broadly steady on Tuesday as inves...
Tags: Travel, Saudi Arabia, Russia, Opec, Qatar, Healthcare, United Arab Emirates, Kuwait, Petroleum Exporting Countries OPEC, Qatar National Bank, Rupert Neil Bumfrey, QSI, National Commercial Bank, Qatar Islamic Bank QISB, BKP, Dr Sulaiman Al Habib Medical Services Group Co


OPEC+ Talks Delayed as Split Deepens Between Key Gulf Allies - Bloomberg

OPEC+ Talks Delayed as Split Deepens Between Key Gulf Allies - Bloomberg OPEC+ talks were delayed for two days to give ministers more time to reach a deal, after a long and tense meeting on oil production broke down without an agreement.The move, set out in a letter seen by Bloomberg, was the most dramatic sign yet of the deep division inside the cartel after hours of talks on Monday yielded no result. Oil prices, which have rallied on vaccine hopes as well as expectations that OPEC will maintai...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Bloomberg Television, Rupert Neil Bumfrey, Energy Aspects Ltd, Amrita Sen, Bloomberg OPEC


MIDEAST STOCKS- #Saudi starts last month of 2020 on wobbly footing after a stellar November | Nasdaq

MIDEAST STOCKS-Saudi starts last month of 2020 on wobbly footing after a stellar November | Nasdaq Saudi shares started the month on a weaker note on Tuesday, tracking lower oil prices, after the benchmark nailed solid gains in November on global cheer over the progress of COVID-19 vaccine candidates.Investors worldwide are pinning their hopes on positive vaccine trial data, fuelling optimism about an economic recovery at a pace faster than expected initially.But on Tuesday, oil prices fell due ...
Tags: Travel, Saudi Arabia, Russia, Qatar, United Arab Emirates, Kuwait, Riyad Bank, Qatar National Bank, Rupert Neil Bumfrey, QSI, Saudi British Bank, Al Rajhi Bank, Qatar Islamic Bank QISB, BKP, Wafrah For Industry Development Co, Shamal Az Zour Al Oula Power Water Co AZNOULA KW


MIDEAST STOCKS-Most log monthly gains on COVID-19 vaccine optimism | Nasdaq

MIDEAST STOCKS-Most log monthly gains on COVID-19 vaccine optimism | Nasdaq Saudi and Dubai shares ended higher on Monday, with most markets recording monthly gains thanks to optimism that the progress in COVID-19 vaccine development would help global economies recover at a quicker pace than initially anticipated.Financial markets worldwide have gained in most sessions after U.S. drugmakers Pfizer PFE.N and Moderna MRNA.O, and Britain's AstraZeneca AZN.L released positive trial data on their vac...
Tags: Travel, Saudi Arabia, Opec, Qatar, Britain, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Emirates NBD, Tasi, Rupert Neil Bumfrey, Pfizer PFE N, First Abu Dhabi Bank, DFMGI


#Saudi Central Bank Extends Pandemic Loan Support Into Next Year - Bloomberg

Saudi Central Bank Extends Pandemic Loan Support Into Next Year - Bloomberg The Saudi central bank has extended a loan deferral program to help small businesses cope with the fallout of the coronavirus pandemic until the end of the first quarter next year.The monetary authority said in a statement Sunday that the plan has impacted over 77 billion riyals ($20.5 billion) of loans and the extension was taken to help support economic growth. Announced in March as one of the kingdom’s first responses...
Tags: Travel, Bloomberg, United Arab Emirates, Rupert Neil Bumfrey, Saudi Central Bank


#Dubai raises a glass to social changes in the Gulf | Financial Times

Dubai raises a glass to social changes in the Gulf | Financial Times When Patrick went to a media launch for a new smartphone in Dubai, the Gulf’s tourism and commercial hub, the expatriate never imagined that the evening would end in a police station.  After an enthusiastic embrace of the free bar that so often graces such marketing events, a verbal altercation with a taxi driver led to his arrest.  His contrite response to police questioning over his non-existent liquor licence — th...
Tags: Travel, United Arab Emirates, Dubai, Gulf, Patrick, Rupert Neil Bumfrey


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


#Qatar Inks Deal for Minority Stake in Turkish Stock Exchange - Bloomberg

Qatar Inks Deal for Minority Stake in Turkish Stock Exchange - Bloomberg Qatar announced on Thursday a series of high-profile investments in Turkey, its biggest ally in a years-long rift with Gulf heavyweights Saudi Arabia and the United Arab Emirates, including the purchase of a stake in the country’s main bourse.Doha-based sovereign wealth fund Qatar Investment Authority signed a memorandum of understanding with its Turkish counterpart known as TWF to purchase a 10% stake in Borsa Istanbul AS....
Tags: Travel, Saudi Arabia, Qatar, Turkey, Middle East, United Arab Emirates, Qatar Investment Authority, Recep Tayyip Erdogan, Istanbul, Doha, Gulf, Ankara, Hamad al Thani, Rupert Neil Bumfrey, Bloomberg Qatar, Turkish Stock Exchange Bloomberg


#AbuDhabi to Expand Media Hub in Effort to Diversify Economy - Bloomberg

Abu Dhabi to Expand Media Hub in Effort to Diversify Economy - Bloomberg Abu Dhabi’s media free zone twofour54, home to the regional headquarters of Ubisoft Entertainment SA and CNN, is aiming to triple the size of the emirate’s media industry over the next decade, as part of ongoing efforts to diversify the oil-dependent economy.“Abu Dhabi is in the process of transforming itself from a resource-based economy to a knowledge-based economy,” twofour54’s Chief Executive Officer Michael Garin said ...
Tags: Travel, Cnn, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Rupert Neil Bumfrey, Garin, Michael Garin, Ubisoft Entertainment SA, Bloomberg Abu Dhabi, Expand Media Hub, Diversify Economy Bloomberg, Yas Creative Hub


#Saudi Exports Drop in September, With Oil Revenue Down 39% - Bloomberg

Saudi Exports Drop in September, With Oil Revenue Down 39% - Bloomberg Saudi Arabia’s exports fell by nearly a third in September from a year ago, driven largely by a slump in oil demand.Total revenue from exports was 53.3 billion riyals ($14.2 billion) compared with 77.3 billion riyals for the same month last year, according to a statement from the General Authority for Statistics. Oil exports slumped 38.7% to about 35 billion riyals.Non-oil exports declined 9.3% compared to a year ago to about...
Tags: Travel, Bloomberg, United Arab Emirates, Rupert Neil Bumfrey, Oil Revenue Down 39 Bloomberg Saudi Arabia, General Authority for Statistics Oil


Americans can now travel to 47 nations for vacation and tourism — here's the list of every open country and how to get there

The US passport has lost its strength significantly during the COVID-19 pandemic and Americans are left with few options on where to travel. ShutterLibrary/Shutterstock; Samantha Lee/Business Insider While many countries are not allowing US travelers during the coronavirus crisis, some nations are open to Americans. The United Kingdom, Caribbean countries, and select international locales are allowing tourists from the US. Many countries require you to show a negative COVID-19 test and air...
Tags: Transportation, BITranspo, Caribbean, Europe, Features, Travel, CT Visual Features, Air Travel, COVID-19, Novel Coronavirus, Coronavirus, Flying, Tourism, Airlines, Aviation, BI Graphics


#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


#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


#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


#Qatar leads most Gulf markets higher; Egypt falls | Reuters

Most stock markets in the Middle East ended higher on Sunday, with Qatar’s index leading the gains on a rise in financial shares, while Egypt closed lower.Financial markets globally have been buoyed over the past two weeks by U.S. drugmakers Pfizer and Moderna Inc releasing encouraging news on the effectiveness of their vaccine candidates against the coronavirus.Saudi Arabia’s benchmark index added 0.1%, with Dr Sulaiman Al-Habib Medical Services leaping 5.1% and real estate firm Jabal Omar Deve...
Tags: Travel, Saudi Arabia, Qatar, Egypt, Middle East, United Arab Emirates, Dubai, Pfizer, Gulf, Reuters, Qatar National Bank, Rupert Neil Bumfrey, Industries Qatar, Dubai Islamic Bank, Commercial International Bank, Jabal Omar Development


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


Boosting Gulf’s economy leads to building more art districts, not museums | Financial Times

Boosting Gulf’s economy leads to building more art districts, not museums | Financial Times Is the era of the mega-museum in the Arabian Gulf coming to an end? Over the last 15 years, Qatar and the United Arab Emirates have spent vast amounts of money to erect headline-worthy museums such as the National Museum of Qatar and Louvre Abu Dhabi, both designed by French architect Jean Nouvel.  Now, however, there is a growing emphasis in the region on initiatives that encourage creativity and t...
Tags: Travel, Qatar, United Arab Emirates, Dubai, Financial Times, Jeddah, Gulf, Jean Nouvel, Arabian Gulf, Rupert Neil Bumfrey, Louvre Abu Dhabi, National Museum of Qatar, Antonia Carver, Jameel Arts Centre


PM Modi launches Rupay card Phase-2 in Bhutan

Prime Minister Narendra Modi on Friday launched the second phase of domestic card network RuPay’s expansion in Bhutan during a virtual conference held with Bhutanese Prime Minister Lotay Tshering. In August 2019, during his state-visit to Bhutan, PM Modi announced that visitors from India could access ATMs and Point of Sale (PoS) terminals across Bhutan through RuPay cards. Under the Phase-2 roll-out, Bhutanese card holders can access the RuPay network in India, a government press release says. ...
Tags: Travel, South Korea, News, Australia, India, Narendra Modi, Middle East, United Arab Emirates, Myanmar, Bahrain, ISRO, Mastercard, Bhutan, Modi, Punjab, BSNL


#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


#Israel, #AbuDhabi markets regulators agree to cooperate on FinTech | Reuters

Israel, Abu Dhabi markets regulators agree to cooperate on FinTech | Reuters The securities regulators of Israel and Abu Dhabi said on Wednesday they would cooperate in innovation and financial technologies, the latest collaboration after Israel and the United Arab Emirates agreed to normalise relations in September.Under the memorandum of understanding, the Israel Securities Authority (ISA) and Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) said they would undertake...
Tags: Travel, Israel, United Arab Emirates, Abu Dhabi, Fintech, Reuters, Rupert Neil Bumfrey, Israel Securities Authority ISA, Israel Abu Dhabi


Gulf markets ride on vaccine optimism | Reuters

Gulf markets ride on vaccine optimism | Reuters Most major Gulf markets ended higher for a third consecutive session on Tuesday as further positive news on COVID-19 vaccine development lifted optimism about a sooner-than-expected global economic recovery.Investor sentiment got a major fillip for a second time in as many weeks when Moderna Inc MRNA.O on Monday became the second U.S. drugmaker after Pfizer PFE.N to announce promising trial data in the development of a vaccine against the pandemic....
Tags: Travel, Saudi Arabia, Opec, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Emaar, Tasi, Rupert Neil Bumfrey, Abu Dhabi Commercial Bank ADCB, QSI, Samba Financial Group, Al Rajhi Bank


Coronavirus News: Morgan Stanley Turns Bullish on #UAE Stocks Citing Vaccine Hope - Bloomberg

Coronavirus News: Morgan Stanley Turns Bullish on UAE Stocks Citing Vaccine Hope - Bloomberg Stocks in the United Arab Emirates are highly exposed to a broad recovery, with positive virus vaccine news “far from priced,” according to Morgan Stanley.Dubai and Abu Dhabi-listed shares, which are lagging emerging-market peers this year, got a double-upgrade to tactical overweight as their exposure to cyclical sectors including tourism, leisure and financials -- a burden during the pandemic so far --...
Tags: Travel, Europe, Bloomberg, Middle East, United Arab Emirates, Abu Dhabi, Morgan Stanley, Uae, Rupert Neil Bumfrey, Bloomberg Stocks, Morgan Stanley Dubai, Marina Zavolock, Regiane Yamanari, Zavolock, Yamanari, Africa EEMEA



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