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MIDEAST STOCKS #Saudi outperforms major Gulf bourses after IMF forecast | Reuters

MIDEAST STOCKS Saudi outperforms major Gulf bourses after IMF forecast | Reuters Most major stock markets in the Gulf were little changed on Wednesday, amid inflation fears, while the Saudi index outperformed the region after the International Monetary Fund raised its economic growth forecast.Investors are worried about the economic slowdown and inflation, which is proving less temporary and could entail central banks to take action earlier than expected, said Wael Makarem, senior market s...
Tags: Travel, Saudi Arabia, Dubai, International Monetary Fund, Abu Dhabi, Imf, Gulf, Reuters, DP World, Emaar, Tasi, Rupert Neil Bumfrey, Industries Qatar, QSI, Gulf Egypt, Abu Dhabi Securities Exchange ADX


MIDEAST STOCKS Major stock markets track oil prices higher | Reuters

MIDEAST STOCKS Major stock markets track oil prices higher | Reuters Major stock markets in the Gulf rose on Tuesday with higher oil prices, with the Abu Dhabi index extending gains for a third consecutive session.Oil headed towards $84 a barrel and was within sight of a three-year high as a rebound in global demand contributes to energy shortages in big economies such as China.Saudi Arabia's benchmark index (.TASI) finished 0.3% higher, led by a 0.8% gain in Al Rajhi Bank (1120.SE) and a ...
Tags: Travel, Qatar, Abu Dhabi, Reuters, Riyadh, Aramco, China Saudi Arabia, Reuters Major, IHC, Emaar, Tasi, Rupert Neil Bumfrey, Al Rajhi Bank, Gulf Egypt, Acwa Power International, Emaar Properties EMAR DU


Shareholders of Emaar Properties approve merger with Emaar Malls | ZAWYA MENA Edition

Emaar Properties’ shareholders have approved the merger of the company with Emaar Malls, Dubai’s largest listed developer said in a bourse filing on Monday. Shareholders also approved during the General Assembly on Sunday the proposal to increase Emaar Properties’ share capital to 8.17 billion dirhams ($2.2 billion). The merger, announced earlier this year, had already obtained final approval from the Securities & Commodities Authority (SCA) last September. As part of the transaction, shareholde...
Tags: Travel, General Assembly, Emaar Properties, Emaar, Rupert Neil Bumfrey, Emaar Malls, Securities Commodities Authority SCA, Emaar Malls Dubai


MIDEAST STOCKS Major Gulf indexes rise, Aramco hits $2 trillion valuation | Reuters

MIDEAST STOCKS Major Gulf indexes rise, Aramco hits $2 trillion valuation | Reuters Major Gulf stock markets tracked Asian shares higher on Thursday, with banks leading gains and oil giant Saudi Aramco hitting a $2 trillion valuation.Asian shares rose, supported by a possible easing in U.S.-China tensions and weaker energy prices, as oil edged down from multi-year highs. read moreA rally in oil prices had been a major contributor to a selloff in equities this week.Saudi Arabia's benchmark inde...
Tags: Travel, Saudi Arabia, China, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Riyadh, Aramco, Saudi Aramco, U S Federal Reserve, Emaar, Tasi, Rupert Neil Bumfrey, Saudi Basic Industries


MIDEAST STOCKS Major Gulf bourses end mixed as global recovery concerns weigh | Reuters

MIDEAST STOCKS Major Gulf bourses end mixed as global recovery concerns weigh | Reuters Major stock markets in the Gulf region ended mixed on Monday, amid concerns about a recovery in the global economy, although rising oil prices provided some support.GCC stock markets moved in different directions as investors remain worried about the global economic slowdown and how more durable inflation will have an impact on monetary policy, said Wael Makarem, senior market strategist at Exness.World...
Tags: Travel, China, Opec, GCC, Oman, Abu Dhabi, Gulf, Reuters, Reuters Major, Qatar National Bank, Emaar, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Gulf Egypt


#Dubai Misses Out on the IPO Boom Sweeping Abu Dhabi and Riyadh - Bloomberg

Dubai Misses Out on the IPO Boom Sweeping Abu Dhabi and Riyadh - Bloomberg Dubai may be the tourist gateway into the Middle East, but equity investors are flocking to its neighbors Abu Dhabi and Riyadh instead, as share sales worth billions of dollars heat up local markets.Initial public offerings from Saudi Arabia’s ACWA Power International and Saudi Telecom Co.’s internet-services unit, as well as Abu Dhabi Ports and Adnoc Drilling Company PJSC are livening up their home exchanges. Yet, the ...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, United Arab Emirates, Dubai, Abu Dhabi, North Africa, Riyadh, Saudi Basic Industries Corp, Emaar, ADNOC, Rupert Neil Bumfrey, Acwa Power International, Riyadh Bloomberg, Saudi Telecom Co


#Saudi PIF buys 25% stake in Emaar The Economic City | Reuters

Saudi PIF buys 25% stake in Emaar The Economic City | Reuters The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has completed the acquisition of a 25% stake in Emaar The Economic City (EEC) (4220.SE), it said on Monday.EEC, linked to Dubai property developer Emaar and working on Saudi Arabia's King Abdullah Economic City, issued new shares to PIF through a 2.833 billion riyals ($755 million) debt conversion. read more"PIF’s strategic investment will provide an opportunity...
Tags: Travel, Saudi Arabia, Dubai, Pif, Mohammed bin Salman, EEC, Emaar, King Abdullah Economic City, Rupert Neil Bumfrey, Emaar the Economic City, Economic City EEC


Saudi PIF Buys 25% Stake in Emaar the Economic City

DUBAI (Reuters) - The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has completed the acquisition of a 25% stake in Emaar The...
Tags: Saudi Arabia, Dubai, Reuters, Emaar, Economic City


MIDEAST STOCKS #AbuDhabi leads most Gulf markets lower in line with Asian shares | Reuters

Most stock markets in the Gulf region fell in early trade on Monday, with Abu Dhabi leading declines, following losses in Asian shares ahead of major U.S. and Chinese economic data.U.S. House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% as part of a sweeping plan that includes tax increases on the wealthy, corporations, and investors, according to two people familiar with the matter. read moreA Financial Times report about Beijing's plans to break up Alipay,...
Tags: Travel, Asia, Beijing, House, Abu Dhabi, Jack Ma, Uae, Gulf, Reuters, Emirates NBD, Emirati, Emaar, Tasi, Rupert Neil Bumfrey, Al Rajhi Bank, First Abu Dhabi Bank


UPDATE 1- #Dubai's Emaar hires Emirates NBD for sale of e-commerce business Namshi - sources | Reuters

UPDATE 1-Dubai's Emaar hires Emirates NBD for sale of e-commerce business Namshi - sources | Reuters Dubai’s Emaar has picked Emirates NBD to advise it on the sale of fashion e-commerce business Namshi, sources said.Emaar Malls, the retail arm of Dubai’s biggest developer, Emaar Properties, bought a 51% stake in Namshi from Global Fashion Group for $151 million in 2017 and the remaining 49% in 2019 for about $130 million.Emaar is now weighing options to sell the business either through an outr...
Tags: Travel, Dubai, Namshi, Reuters, Emirates NBD, SPAC, Emaar Properties, Global Fashion Group, Emaar, Rupert Neil Bumfrey, Emaar Malls, Reuters Dubai


MIDEAST STOCKS #AbuDhabi stocks at record highs as Etisalat extends gains | Reuters

MIDEAST STOCKS Abu Dhabi stocks at record highs as Etisalat extends gains | Reuters Abu Dhabi stocks closed at an all-time high on Wednesday as telecoms giant Etisalat extended gains from the previous session when it announced securing required approvals to increase the foreign ownership limit to 49%.The Abu Dhabi index (.ADI) gained 0.9%, buoyed by a 2.6% rise in Emirates Telecommunications Group (Etisalat) (ETISALAT.AD).The market has also been rising thanks to the positive sentiment, dri...
Tags: Travel, Saudi Arabia, China, Qatar, Egypt, South Africa, Shanghai, Dubai, Abu Dhabi, Uae, Reuters, Kurdistan Region, Dana Gas, Iraq Saudi Arabia, Etisalat, Reuters Abu Dhabi


#Dubai's Emaar Properties, Emaar Malls merger gets regulatory approval | ZAWYA MENA Edition

Dubai's Emaar Properties, Emaar Malls merger gets regulatory approval | ZAWYA MENA Edition Emaar Properties and Emaar Malls on Monday said the capital market regulator, Securities & Commodities Authority, has given the go-ahead for the proposed merger of the two companies.As per the proposal, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties and will continue to develop and hold a portfolio of premium shopping malls and retail assets.Un...
Tags: Travel, Dubai, Emaar Properties, Emaar, Rupert Neil Bumfrey, Emaar Malls, Securities Commodities Authority, Emaar Properties Emaar Malls, MENA Edition Emaar Properties


Emaar's property sales could hit $5.8bn in 2021

Emaar's property sales could hit $5.8bn in 2021 Property sales at Emaar Development, the company behind the world's tallest tower Burj Khalifa and Downtown Dubai district, could hit Dh21.5 billion ($5.85bn), as activity picks up in the UAE’s real estate market amid a broader economic recovery, a note from EFG Hermes said.The development arm of Dubai's biggest listed developer Emaar Properties is poised to record the highest amount of sales in 10 years, the report added.“ED’s business model has...
Tags: Travel, Dubai, Uae, Burj Khalifa, Emaar Properties, Emaar, EFG Hermes, Rupert Neil Bumfrey, Emaar Development


Emaar The Economic City debt conversion gives #Saudi PIF 25% stake | Reuters

Emaar The Economic City debt conversion gives Saudi PIF 25% stake | Reuters Saudi Arabia's sovereign wealth fund PIF will hold a 25% stake in Emaar The Economic City (EEC) (4220.SE) after the company issues 283.3 million new ordinary shares to PIF in lieu of the fund repaying the Saudi finance ministry a loan for EEC, EEC said on Thursday.EEC, linked to Dubai property developer Emaar and working on Saudi Arabia's King Abdullah Economic City, will now owe the 2.833 billion riyal ($755.39 millio...
Tags: Travel, Saudi Arabia, Dubai, Reuters, EEC, Emaar, King Abdullah Economic City, Rupert Neil Bumfrey, Economic City, Economic City EEC, EEC EEC, PIF EEC


MIDEAST STOCKS #Dubai index at highest in over 2 years; #Saudi dips | Reuters

MIDEAST STOCKS Dubai index at highest in over 2 years; Saudi dips | Reuters Dubai's stocks closed at their highest level in over two years on Wednesday, bolstered by gains in real estate shares, while the Saudi index ended three sessions of gains ahead of the OPEC+ meet.Dubai's main share index (.DFMGI) gained 0.5%, with its biggest listed property firm Emaar properties (EMAR.DU) rising 1.4%, while its unit Emaar Malls (EMAA.DU), operator of glitzy Middle East shopping centers, advanced ...
Tags: Travel, Russia, Opec, Middle East, Dubai, Abu Dhabi, Uae, Namshi, Reuters, Tadawul, SPAC, Adi, Emaar Properties, Petroleum Exporting Countries OPEC, Emaar, Tasi


MIDEAST STOCKS Real estate stocks lift #Dubai shares higher; other markets mixed | Reuters

Dubai shares rose in early trade on Wednesday, supported by gains in property stocks, while other major Gulf markets traded mixed.Dubai's main share index (.DFMGI) added 0.1%, with blue-chip developer Emaar properties (EMAR.DU) rising 1%, while its unit Emaar Malls (EMAA.DU), operator of glitzy Middle East shopping centers, advanced 1.5%.Emaar Properties is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC, Reuters reported on Tuesday, citin...
Tags: Travel, Opec, Qatar, Middle East, Dubai, Abu Dhabi, Energy Information Administration, Uae, Namshi, Gulf, Reuters, SPAC, Emaar Properties, Emaar, Tasi, Saudi Telecom Company


#Dubai's Emaar considers sale of e-commerce business Namshi -sources | Reuters

Dubai's Emaar considers sale of e-commerce business Namshi -sources | Reuters Dubai's Emaar (EMAR.DU) is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC, three sources familiar with the matter said.An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a special purpose acquisition company (SPAC) could be more lucrative, said one of the sources.Emaar, which declined to comment, has appro...
Tags: Travel, Amazon, Middle East, Dubai, Uae, Namshi, Reuters, SPAC, Emaar Properties, Global Fashion Group, Emaar, Rupert Neil Bumfrey, Emaar Malls, Souq, Reuters Dubai


MIDEAST STOCKS #Saudi market shrugs off China data as most Gulf bourses retreat | Reuters

MIDEAST STOCKS Saudi market shrugs off China data as most Gulf bourses retreat | Reuters Saudi Arabia's stock market outperformed its regional peers on Tuesday, while most other Gulf bourses remained pressured on worries about China's slowing economic growth.GCC bourses were under the weight of international economic concerns. The Chinese manufacturing index is softer than expected signalling a slowing economy and U.S. consumer confidence in the economy is expected to be a little lower, sa...
Tags: Travel, Saudi Arabia, China, Iraq, Qatar, Iran, GCC, Dubai, Abu Dhabi, Baghdad, Gulf, Reuters, Reuters Saudi Arabia, Emaar, Tasi, Saudi Telecom Company


MIDEAST STOCKS #Saudi drives most Gulf bourses higher; Qatar dips | Reuters

MIDEAST STOCKS Saudi drives most Gulf bourses higher; Qatar dips | Reuters Most stock markets in the Gulf ended higher on Sunday, with the Saudi index leading the gains, reflecting a positive tone following the annual central banks' symposium and a rise in oil prices."GCC markets should progress in positive territory this week as they react to the U.S. Federal Reserve chairman intervention at the Jackson Hole symposium on Friday," said Wael Makarem senior market strategist at Exness."Inves...
Tags: Travel, Saudi Arabia, Qatar, GCC, Dubai, Abu Dhabi, Gulf of Mexico, Jackson Hole, Gulf, Reuters, U S Federal Reserve, Adi, Emaar, Tasi, Rupert Neil Bumfrey, Al Rajhi Bank


MIDEAST STOCKS #Saudi index leads most Gulf bourses higher | Reuters

Most stocks in the Gulf region rose in early trade on Sunday, with the Saudi index leading the way while Qatar bucked the trend with a 0.2% decline.Saudi Arabia's benchmark index (.TASI) gained 0.3% as Al Rajhi Bank (1120.SE) rose by 0.8% and Saudi National Bank (1180.SE), the kingdom's biggest lender, adavnced by 0.3%.Brent crude oil futures rose $1.63, or 2.3%, to settle at $72.70 a barrel on Friday for the biggest weekly gain in more than a year as energy companies began shutting U.S. product...
Tags: Travel, Saudi Arabia, Wam, Qatar, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Gulf of Mexico, Gulf, Reuters, Qatar National Bank, Emaar, Tasi, Rupert Neil Bumfrey, Al Rajhi Bank


MIDEAST STOCKS Major Gulf bourses fall on virus worries | Reuters

MIDEAST STOCKS Major Gulf bourses fall on virus worries | Reuters Major stock markets in the Gulf ended lower on Thursday, with the Saudi index registering a second weekly loss, as Asian stocks fell on worries over rising cases of the Delta variant of the coronavirus.Fresh COVID-19 outbreaks fuelled by the Delta variant are raising concerns about the strength of the economic recovery globally. read moreSaudi Arabia's benchmark index (.TASI) fell 0.3%, hit by a 1.3% fall in Al Rajhi Bank (1...
Tags: Travel, Mexico, Delta, Dubai, Federal Reserve, Abu Dhabi, Gulf, Reuters, U S Federal Reserve, Reuters Major, Emaar, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Gulf Egypt


MIDEAST STOCKS IHC boosts #AbuDhabi index; other markets little changed | Reuters

MIDEAST STOCKS IHC boosts Abu Dhabi index; other markets little changed | Reuters Major stock markets in the Gulf ended mixed on Monday, with the Abu Dhabi index outperforming the region as International Holding (IHC) continued its winning streak.Saudi Arabia's benchmark index (.TASI) added 0.1%, with Al Rajhi Bank (1120.SE) rising 0.5% and Riyad Bank (1010.SE) advancing 1.3%.On the other hand, oil giant Saudi Aramco (2222.SE) retreated 1%.Aramco is in advanced talks to acquire a roughly 2...
Tags: Travel, Saudi Arabia, Qatar, GCC, Abu Dhabi, Gulf, Mena, Reuters, Aramco, Bloomberg News, Adi, Reliance Industries Ltd, Reuters Major, Riyad Bank, IHC, Emaar


MIDEAST STOCKS #AbuDhabi outperforms Gulf peers as IHC extends gains | Reuters

MIDEAST STOCKS Abu Dhabi outperforms Gulf peers as IHC extends gains | Reuters Abu Dhabi stocks rose in early trade on Monday, outperforming other Gulf peers, boosted by extended gains in International Holding (IHC) after the conglomerate delivered strong first-half numbers last week.Other major Gulf markets were little changed in absence of fresh factors.In Abu Dhabi, the index (.ADI) gained 0.6%, with International Holding (IHC.AD) leaping about 3%.Last week, IHC reported a net profit of 4.3...
Tags: Travel, Abu Dhabi, Gulf, Reuters, Aramco, Bloomberg News, Adi, Reliance Industries Ltd, Riyad Bank, IHC, Reuters Abu Dhabi, Emaar, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank


MIDEAST STOCKS #AbuDhabi hits record high as IHC extends gains | Reuters

MIDEAST STOCKS Abu Dhabi hits record high as IHC extends gains | Reuters Abu Dhabi stocks closed at a record high on Wednesday, lifted by extended gains in International Holding (IHC) after the conglomerate delivered strong first-half numbers earlier this week.In Abu Dhabi, the benchmark index (.ADI) gained 0.5%.IHC (IHC.AD) gained about 10% so far this week after the company reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dir...
Tags: Travel, Post, Saudi Arabia, Dubai, Abu Dhabi, Reuters, Adi, IHC, Reuters Abu Dhabi, Emaar, Rupert Neil Bumfrey, Abudhabi, Al Rajhi Bank, Gulf Egypt, Emirates NBD ENBD, DFMGI


#Dubai Property Developer Emaar’s Sales Surge as Market Recovers - Bloomberg

Dubai Property Developer Emaar’s Sales Surge as Market Recovers - Bloomberg Emaar Properties PJSC said sales surged to a record in the second quarter, helped by a recovery in Dubai’s real estate market and strength in its malls and hospitality businesses.Property sales surged to 9.73 billion dirhams ($2.65 billion) in the quarter, growing seven times over the year-ago period, the developer said.Revenue rose to 6.51 billion dirhams from 2.89 billion dirhams, while profit fell 17% to 903 million...
Tags: Travel, Bloomberg, Dubai, Morgan Stanley, HSBC Holdings Plc, Emaar, Knight Frank, Rupert Neil Bumfrey, Emaar Malls, Sara Boutros, Marlene Milad, International Securities However, Dubai Property Developer Emaar, Bloomberg Emaar Properties PJSC, Yawar Saeed


#Dubai developer Emaar Properties expects buyout of retail arm by year-end | Property – Gulf News

Dubai developer Emaar Properties expects buyout of retail arm by year-end | Property – Gulf News Emaar Properties expects to complete the planned merger with its retail arm Emaar Malls by year-end, adding that progress is being made to get the regulatory clearance from the UAE’s Securities & Commodities Authority.It was in March this year that the Dubai master-developer confirmed such a plan of action, which would give it considerably more clout in leveraging the potential of Emaar Malls in a ...
Tags: Travel, Dubai, Uae, SCA, Dubai Mall, Emaar Properties, Emaar, Rupert Neil Bumfrey, Damac, Emaar Malls, Hussain Sajwani, Securities Commodities Authority, Maple Invest, Gulf News Emaar Properties, Damac Properties Maple Invest


#Dubai's Emaar expects to delist malls unit by year-end | Reuters

Dubai's Emaar expects to delist malls unit by year-end | Reuters Dubai's largest listed developer Emaar Properties (EMAR.DU) expects to buy out minority shareholders of Emaar Malls (EMAA.DU) and delist the business by year-end, a spokesperson said on Tuesday.The all-share deal to make Emaar Malls a wholly-owned subsidiary of Emaar Properties was announced in March, less than a decade after shares in the malls unit were listed."We expect the entire merger process to complete before year end," a...
Tags: Travel, United Arab Emirates, Dubai, Reuters, SCA, Emaar Properties, Emaar, Rupert Neil Bumfrey, Emaar Malls, Hussain Sajwani, Reuters Dubai, Emaar Properties EMAR DU, Securities Commodities Authority SCA, Emaar Malls EMAA


Dubai's Emaar Expects to Delist Malls Unit by Year-End

DUBAI (Reuters) -Dubai's largest listed developer Emaar Properties expects to buy out minority shareholders of Emaar Malls and delist the business...
Tags: Dubai, Emaar Properties, Emaar, Emaar Malls, Reuters Dubai


#Dubai's Emaar Properties set for $500m debt offer with 3.7% annual return | Property – Gulf News

Dubai's Emaar Properties set for $500m debt offer with 3.7% annual return | Property – Gulf News Emaar Properties has finalized a 10-year $500 million debt offer, offering investors an annual return of 3.7 per cent. This forms part of the Dubai developer’s planned $2 billion Trust Certificate Issuance Programme, which it plans to use for project build up, including new ones being planned.It was this week that Emaar held a series of one-on-one meetings and made investor calls to test investor i...
Tags: Travel, Dubai, Emaar Properties, Emaar, Rupert Neil Bumfrey, Nasdaq Dubai, Dubai South, Trust Certificate Issuance Programme, Gulf News Emaar Properties


#Dubai's Emaar Properties secures $500 million via Islamic bonds | Reuters

Dubai's Emaar Properties secures $500 million via Islamic bonds | Reuters Emaar Properties (EMAR.DU), Dubai's largest listed property developer, sold $500 million in 10-year sukuk, or Islamic bonds, at 3.7% on Tuesday after they drew more than $3.3 billion in orders, a document showed.The sukuk were tightened from an initial price guidance of around 4.25%, a document from one of the banks in the deal showed.Dubai Islamic Bank (DISB.DU), Emirates NBD Capital (ENBD.DU), First Abu Dhabi Bank (FAB...
Tags: Travel, Dubai, Burj Khalifa, Reuters, Emaar Properties, Emaar, Rupert Neil Bumfrey, Mohamed Alabbar, Investment Corporation, Standard Chartered STAN L, Reuters Emaar Properties EMAR DU Dubai