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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


Aramco Starts Fuel Trading From #UAE With Ex-BP, Pemex Hires - Bloomberg

Aramco Starts Fuel Trading From U.A.E. With Ex-BP, Pemex Hires - Bloomberg:Saudi Aramco hired two Singapore-based traders and began dealing in fuel at the Middle East’s main bunkering port as the world’s biggest oil exporter expands further into the trading business.Aramco’s trading unit started doing deals earlier this month at its new office in the United Arab Emirates port of Fujairah, according to people with knowledge of the situation. It hired five people, including Avyay Saxena who former...
Tags: Travel, Mexico, Singapore, Middle East, United Arab Emirates, Aramco, Saudi Aramco, BP Plc, Pemex, Rupert Neil Bumfrey, Trafigura Group, Pemex Hires Bloomberg, Avyay Saxena, Max Moran


#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


#Dubai Free Zone to Refund $354 Million in Fees to Spur Economy - Bloomberg

Dubai Free Zone to Refund $354 Million in Fees to Spur Economy - Bloomberg:Dubai’s main port and biggest free zone authority plans to return 1.3 billion dirhams ($354 million) in cash and bank guarantees to its clients in an effort to stimulate the broader economy.Jebel Ali Free Zone will start refunding companies operating in its jurisdiction in September. Jafza, as the economic zone is known, said in a statement the move will help companies invest in their operations and strengthen their busin...
Tags: Travel, United Arab Emirates, Dubai, Rupert Neil Bumfrey, Jebel Ali Free Zone, Dubai Free Zone, Spur Economy Bloomberg


#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


#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


Royal Family Stake in FAB Proves Obstacle to MSCI Reweighting - Bloomberg

Royal Family Stake in FAB Proves Obstacle to MSCI Reweighting - Bloomberg:A stake controlled by the royal family of Abu Dhabi is getting in the way of the United Arab Emirates’ largest bank earning a bigger weighting in MSCI Inc.’s benchmarks.Shares in First Abu Dhabi Bank PJSC, which unexpectedly failed to win an upgrade of its weighting in a May 13 review by MSCI, are heading for their worst week since the lender was created in a 2017 merger. MSCI considers strategic holdings, along with limit...
Tags: Travel, United Arab Emirates, Abu Dhabi, MSCI, Bloomberg TV, Rupert Neil Bumfrey, MSCI Inc, Henry Fernandez, First Abu Dhabi Bank PJSC, MSCI Reweighting Bloomberg


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


MIDEAST STOCKS-Banks bolster #Saudi; most major Gulf markets mixed - Reuters

MIDEAST STOCKS-Banks bolster Saudi; most major Gulf markets mixed - Reuters:Saudi Arabia’s stock market rose on Wednesday buoyed by its banking stocks recovering from recent losses, while major Gulf markets were mixed in subdued trading.Saudi Arabia’s index increased 2.4% as all its banking stocks rose. Al Rajhi Bank and National Commercial Bank were up 3.1% each, while Samba Financial Group rose 3.5%.The index fell as much as 2.1% on Tuesday after drone attacks but recovered to close flat at 0....
Tags: Travel, Saudi Arabia, United Arab Emirates, Gulf, Reuters, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Al Rajhi Bank


#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


#SaudiArabia Says Its Oil Infrastructure Attacked By Drones - Bloomberg

Saudi Arabia Says Its Oil Infrastructure Attacked By Drones - Bloomberg:Saudi Arabia said drones attacked one of its oil pipelines as other assaults targeted energy infrastructure elsewhere in the kingdom on Tuesday, shortly after Yemen's rebels claimed a coordinated drone attack on the Sunni power.The assaults marked the latest incidents challenging Mideast security after the alleged sabotage of oil tankers off the coast of the United Arab Emirates earlier this week amid heightened tensions bet...
Tags: Travel, Saudi Arabia, Iran, United Arab Emirates, Yemen, Red Sea, Mideast, Khalid al Falih, Eastern Province, Rupert Neil Bumfrey, Drones Bloomberg, Saudi Press Agency Energy, Yanbu Port


Oil Rises as #SaudiArabia Reports Drone Attacks on Pump Stations - Bloomberg

Oil Rises as Saudi Arabia Reports Drone Attacks on Pump Stations - Bloomberg:Oil rose as Saudi Arabia reported drone attacks on pumping stations, the latest escalation in Middle East tensions after tankers were hit by sabotage over the weekend.Futures rose 0.6% in New York after falling 1% on Monday in tandem with equity markets. Unidentified drones attacked two pumping stations belonging to Saudi Aramco, forcing the state oil company to suspend operations in the area to assess what the kingdom ...
Tags: Travel, New York, Saudi Arabia, Nigeria, Bloomberg, Middle East, United Arab Emirates, Norway, Saudi Aramco, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


MIDEAST STOCKS- #SaudiArabia rebounds following deep sell-off, FAB weighs on #AbuDhabi - Reuters

MIDEAST STOCKS-Saudi Arabia rebounds following deep sell-off, FAB weighs on Abu Dhabi - Reuters:Saudi Arabia’s stock index rose on Tuesday, rebounding after a sell-off triggered by news of oil tankers being attacked off the coast of the United Arab Emirates, while Abu Dhabi dropped to its worst day in more than three years, pressured by First Abu Dhabi Bank.Saudi Arabia’s stock market edged 1.5% higher a day after its shares fell nearly 3.6% after Riyadh said two of its oil tankers were among th...
Tags: Travel, Saudi Arabia, United Arab Emirates, Abu Dhabi, Riyadh, MSCI, ABU DHABI Reuters, Rupert Neil Bumfrey, First Abu Dhabi Bank Saudi Arabia, AbuDhabi Reuters


STR: Middle East up, Africa down in hotel construction

STR's April 2019 pipeline data showed 424 hotel projects accounting for 125,052 rooms in construction in the Middle East and 141 projects and 25,056 rooms in construction in Africa. The Middle East total represented a 9.3% year-over-year increase in the number of rooms in the final phase of the development pipeline. The Middle East reported an additional 30,203 rooms in the final planning stage and 45,991 rooms in planning. The Africa total room construction total was down 7.1% year over ...
Tags: Travel, Saudi Arabia, Africa, Qatar, Middle East, United Arab Emirates, Oman, Africa The Middle East


#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


#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


Cashing out in Uber's IPO: China, Russia and the Middle East - Reuters

Cashing out in Uber's IPO: China, Russia and the Middle East - Reuters:In 2015, Uber Technologies Inc went on a fundraising spree in China, tapping venture capitalists and state-backed corporations for cash and connections to try and navigate the Chinese regulatory environment.Uber ultimately pulled out of China, but the investors it gained in the country became part of a gallery of far-flung Uber financiers that include U.S. geopolitical rivals under intense regulatory scrutiny by the U.S. gove...
Tags: Travel, Europe, Saudi Arabia, China, Russia, Middle East, United Arab Emirates, Reuters, China Russia, U S, Uber Technologies Inc, Rupert Neil Bumfrey, Middle East Reuters, U S government Uber, Qatar Singapore


GCC real estate slump continues, but there is light at end of the tunnel, says IIF | ZAWYA MENA Edition

GCC real estate slump continues, but there is light at end of the tunnel, says IIF | ZAWYA MENA Edition:Price declines in real estate markets in Saudi Arabia, the United Arab Emirates and Qatar are likely to persist given an oversupply in the market and regional tensions, but there are country-specific reasons for optimism in each market, according to a new paper from the Institute of International Finance (IIF).The paper states that real estate in the region "has often operated on a model that ...
Tags: Travel, Saudi Arabia, Qatar, GCC, United Arab Emirates, Dubai, Mena, IIF, Rupert Neil Bumfrey, Institute of International Finance IIF, JLL Mena


#Bahrain Is Set to Receive $2.3 Billion From Allies in 2019 - Bloomberg

Bahrain Is Set to Receive $2.3 Billion From Allies in 2019 - Bloomberg:Bahrain said it will receive about $2.3 billion this year from a five-year support package provided by its Gulf Arab allies as the island-kingdom seeks to reduce its budget deficit and debt.The sum is roughly in line with the amount received in 2018, according to Bahrain’s Finance Ministry. The $10 billion package was made available by Saudi Arabia, the United Arab Emirates and Kuwait in 2018 to help avert a currency devaluat...
Tags: Travel, Saudi Arabia, Bloomberg, United Arab Emirates, Bahrain, Kuwait, Finance Ministry, Gulf Arab, Rupert Neil Bumfrey


Australia's Macquarie Capital downsizes in the Gulf: sources - Reuters

Australia's Macquarie Capital downsizes in the Gulf: sources - Reuters:Macquarie is scaling back in the Middle East by downsizing its operations in the United Arab Emirates, three sources familiar with the matter said and is giving up an operating license in Saudi Arabia.Saudi Arabia’s Capital Market Authority said on Tuesday that Macquarie Capital, the lender’s investment banking unit, had relinquished its operating license in the country, which it had acquired in 2017.“Macquarie Capital Saudi ...
Tags: Travel, Australia, Middle East, United Arab Emirates, Reuters, Saudi Arabia Saudi Arabia, Macquarie Capital, Rupert Neil Bumfrey, Capital Market Authority, Macquarie Capital Saudi Arabia LLC


UPDATE 2-Bailed-out #Bahrain considers new debt sale; bonds drop - Reuters

UPDATE 2-Bailed-out Bahrain considers new debt sale; bonds drop - Reuters:Bahrain met investors to discuss a possible international bond sale this year, which would be its first since it got a $10 billion bailout from its Gulf allies last year to avert a potential credit crunch, sources familiar with the matter said.Saudi Arabia, Kuwait and the United Arab Emirates bailed out Bahrain last year when lower oil prices pushed its public debt to nearly 93 percent of annual economic output. Bahrain’s ...
Tags: Travel, United Arab Emirates, Bahrain, Gulf, Reuters, Saudi Arabia Kuwait, Rupert Neil Bumfrey


#UAE Token Sales Make It a Global Crypto Capital - Bloomberg

U.A.E. Token Sales Make It a Global Crypto Capital - Bloomberg:Coming from way behind, the United Arab Emirates has just emerged as the world’s capital for sales of digital tokens, accounting for more than a fourth of all funds raised in offerings this year through early April, according to CoinSchedule.Sales in U.A.E. amassed more than $210 million to take the crown from the market’s longtime leader, the U.S., which tumbled from first place for 2018 to seventh in recent months, according to dat...
Tags: Travel, Usa, United Arab Emirates, Rupert Neil Bumfrey, Global Crypto Capital Bloomberg, Alex Buelau, CoinSchedule


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



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