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Central bank stress test shows #UAE banking sector remains solid | Banking – Gulf News

Central bank stress test shows UAE banking sector remains solid | Banking – Gulf News The UAE banking system remains resilient despite challenging operating environment from the repercussions of the COVID-19 pandemic, according to results of the latest Financial Stability Report (FSR) of the Central Bank of UAE.Core banking indicators pointed towards adequate funding and liquidity positions and sustained lending capacity. However, vulnerability of the banking sector remained as the economic sl...
Tags: Travel, Uae, Rupert Neil Bumfrey, Central Bank of UAE Core


#Saudi listed company debt jumped by half in 2020 | ZAWYA MENA Edition

Saudi listed company debt jumped by half in 2020 | ZAWYA MENA Edition The debts of companies listed on Saudi Arabia’s Tadawul stock exchange, excluding real estate funds, increased by 45 percent last year as they borrowed to face down the pandemic and took advantage of low interest rates.Debt reached SR1.3 trillion ($346 billion) at the end of the fourth quarter of 2020, up from SR899.2 billion a year earlier, Al Eqtisadiah reported, citing data from the Tadawul and Saudi Capital Market A...
Tags: Travel, Saudi Arabia, Federal Reserve, Saudi Aramco, Tadawul, Al Eqtisadiah, Rupert Neil Bumfrey, Saudi Capital Market Authority


EIG-led consortium closes $12.4 bln Aramco pipelines deal | Reuters

EIG-led consortium closes $12.4 bln Aramco pipelines deal | Reuters U.S.-based EIG Global Energy Partners said on Friday a consortium it led has closed a deal to buy 49% of Saudi oil producer Aramco's (2222.SE) pipelines business for $12.4 billion.EIG said the co-investment process for the deal attracted a global group of investors from China, Saudi Arabia, Korea, the United Arab Emirates and the United States.It included Abu Dhabi's Mubadala Investment Company, Silk Road Fund, Hassana and Sam...
Tags: Travel, United States, United Arab Emirates, Abu Dhabi, Reuters, Aramco, Reuters U S, EIG, Rupert Neil Bumfrey, EIG Global Energy Partners, China Saudi Arabia Korea, Mubadala Investment Company Silk Road Fund Hassana, Samsung Asset Management


Oil gains on OPEC outlook that U.S. output growth will slow | Reuters

Oil gains on OPEC outlook that U.S. output growth will slow | Reuters Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices.Officials at the Organization of the Petroleum Exporting Countries got the U.S. production outlook from industry experts, OPEC sources said. This would give the producer group more power to manage the market before a potential ...
Tags: Travel, Opec, Chicago, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group


#SaudiArabia to auction mining licenses in 2022 | ZAWYA MENA Edition

Saudi Arabia to auction mining licenses in 2022 | ZAWYA MENA Edition Saudi Arabia plans to auction two major mining licenses in 2022 for commodities including gold, copper and zinc, as the Kingdom aims to triple the mining sector’s contribution to the national gross domestic product (GDP) to SR240 billion ($64 billion) and double the number of jobs to 470,000 by 2030.The auction was announced by Vice Minister for Saudi Mining Affairs Khalid Al-Mudaifer during an interview with S&P Global ...
Tags: Travel, Saudi Arabia, Kingdom, Dubai, Barrick Gold, Alcoa, Eastern Province, Rupert Neil Bumfrey, Saudi Arabian Mining Company Ma'aden, ZAWYA MENA Edition Saudi Arabia, Khalid Al Mudaifer, Al Mudaifer, Ma'aden Bauxite, Alumina, Ras al Khair Industrial City, Al Shamal Fertilizer Production Complex


Oil drops amid dollar strength; demand picture still bullish | Reuters

Oil drops amid dollar strength; demand picture still bullish | Reuters Oil prices fell for a second straight session on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States, but they were on track to finish the week little changed and only slightly off multi-year highs.Brent crude futures were down 45 cents, or 0.6%, at $72.63 a barrel as of 0700 GMT, extending a 1.8% decline on Thursday. The contract is on track to be flat for the week.U.S. West Texas I...
Tags: Travel, United States, Reuters, Reuters Oil, U S Federal Reserve, Rupert Neil Bumfrey


#Qatar Sees $20 Billion Bump to Economy From Soccer World Cup - Bloomberg

Qatar Sees $20 Billion Bump to Economy From Soccer World Cup - Bloomberg Tokyo’s 2020 Olympics may be a financial flop, but Qatar, host to one of the next big global sporting events since the start of the pandemic, expects its tournament late next year to provide an economic boost.“We anticipate the contribution to the economy essentially would be around about $20 billion,” said Hassan Al Thawadi, Secretary-General of the Committee for Delivery and Legacy that’s building the infrastructure beh...
Tags: Travel, Qatar, Bloomberg, Tokyo, Gulf, Bloomberg Intelligence, Rupert Neil Bumfrey, Hassan Al Thawadi, Al Thawadi, Committee for Delivery, Qatar Economic Forum Qatar


Oil falls from multi-year highs on firmer dollar, hike in UK COVID cases | Reuters

Oil falls from multi-year highs on firmer dollar, hike in UK COVID cases | Reuters Crude oil prices fell nearly 2% from their highest level in years on Thursday as the dollar strengthened after the U.S. Federal Reserve signaled it might raise interest rates as soon as 2023.Oil demand worries resurfaced after new coronavirus cases jumped in Britain, while supply concerns over the return of Iranian barrels also weighed on the market.Traders, however, said Friday'spresidential elections in Iran c...
Tags: Travel, UK, Washington, Iran, Britain, Tehran, Reuters, Reuters Crude, U S Federal Reserve, Rupert Neil Bumfrey


Creditors to Sell $463 Million of Air Berlin and Alitalia Claims - Bloomberg

Creditors to Sell $463 Million of Air Berlin and Alitalia Claims - Bloomberg A group of creditors that bought Etihad Airways PJSC-linked bonds are preparing to auction $463 million of claims against insolvent airlines Alitalia and Air Berlin to recover some of their investment.The trustee of bonds issued by EA Partners I and II -- two special purpose entities set up by the Abu Dhabi-based carrier -- hired Barclays Bank Plc to arrange the sale, according to a statement. Potential buyers will be...
Tags: Travel, India, Abu Dhabi, Etihad, Alitalia, Jet Airways, Goldman Sachs Group Inc, Barclays Bank PLC, Air Berlin, Air Seychelles, Rupert Neil Bumfrey, Etihad Airways PJSC, Lars Windhorst, EA Partners, Alitalia Claims Bloomberg, Air Berlin Alitalia


Bahrain's Batelco Telecom Considers #Saudi Dual Listing - Bloomberg

Bahrain's Batelco Telecom Considers Saudi Dual Listing - Bloomberg Bahrain’s biggest telecommunications firm is planning to become the first company to have a dual listing of shares on Saudi Arabia’s stock exchange, according to people familiar with the matter.Bahrain Telecommunications Co., also known as Batelco, has hired the investment arm of Samba Financial Group as an adviser on the deal, the people said, asking not to be identified as the information is private. No decision has been made...
Tags: Travel, Saudi Arabia, Bloomberg, Dubai, Abu Dhabi, Bahrain, Gulf, Abu Dhabi Securities Exchange, Rupert Neil Bumfrey, Samba Financial Group, Khalid Al Hussan, Samba Capital, Batelco, Batelco Telecom, Bloomberg Bahrain, Bahrain Telecommunications Co


#UAE central bank raises benchmark interest rate in step with Fed | Reuters

UAE central bank raises benchmark interest rate in step with Fed | Reuters The United Arab Emirates central bank raised its key overnight interest rate by 5 basis points on Thursday, in step with a similar move by the U.S. Federal Reserve a day earlier.The UAE's base rate for overnight deposits is anchored to the Fed's Interest on Excess Reserves (IOER), which the U.S. central bank raised by 5 basis points to 0.15% at the end of a two-day policy meeting on Wednesday.The UAE central bank said i...
Tags: Travel, United Arab Emirates, Uae, Fed, Reuters, U S Federal Reserve, US Federal Reserve Board, Rupert Neil Bumfrey


Oil tumbles 3% from multi-year highs on stronger dollar | Reuters

Oil tumbles 3% from multi-year highs on stronger dollar | Reuters Oil prices slumped nearly 3% from their highest level in years on Thursday as the U.S. dollar strengthened after the Federal Reserve signaled it might raise interest rates as soon as 2023 and hopes the United States and Iran could come to a nuclear agreement.But an upcoming election in Iran on Friday could scuttle the nuclear talks and leave U.S. sanction on Iran's oil exports in place.Brent futures fell $2.07, or 2.8%, to $72.3...
Tags: Travel, Iran, United States, Federal Reserve, Reuters, Reuters Oil, Rupert Neil Bumfrey


#SaudiArabia Pension, Unemployment Insurance Funds to Combine Into One Entity - Bloomberg

Saudi Arabia Pension, Unemployment Insurance Funds to Combine Into One Entity - Bloomberg Saudi Arabia will combine two state-run pension and unemployment insurance funds into an entity with almost $29 billion of local and foreign stocks.The cabinet approved the combination of the Public Pension Agency and the General Organization of Social Insurance, also known as GOSI. It’ll boost investment returns, reduce costs and help with their diversification, Finance Minister and GOSI Chairman Mohamme...
Tags: Travel, Saudi Arabia, Bloomberg, HSBC Holdings Plc, AstraZeneca PLC, Rupert Neil Bumfrey, Al Rajhi Bank, Mohammed al Jadaan, Public Pension Agency, GOSI, National Development Fund, Saudi National Bank, Combine Into One Entity Bloomberg Saudi Arabia, General Organization of Social Insurance


MIDEAST STOCKS #Dubai bourse gains, major Gulf markets fall | Reuters

MIDEAST STOCKS Dubai bourse gains, major Gulf markets fall | Reuters Most major stock markets in the Gulf ended lower on Thursday, although the Dubai index was boosted by gains in financial shares.Dubai's main share index (.DMFGI) finished 0.8% higher, buoyed by a 1.8% rise in Emirates NBD Bank (ENBD.DU) and a 0.8% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).The United Arab Emirates (UAE) central bank raised its key overnight interest rate by 5 basis points on Thursday...
Tags: Travel, Saudi Arabia, Dubai, Abu Dhabi, Uae, Gulf, Reuters, U S Federal Reserve, United Arab Emirates UAE, Qatar National Bank, Tasi, Rupert Neil Bumfrey, ADCB, Gulf Egypt, First Abu Dhabi Bank, Bank of America Securities


Investor sells $300 mln worth of shares in #UAE's ADCB -term sheet | Reuters

An undisclosed investor has sold 1.1 billion dirhams ($300 million) worth of shares in Abu Dhabi Commercial Bank (ADCB.AD), United Arab Emirates' third-biggest lender, a term sheet seen by Reuters showed.The investor sold 164 million shares at 6.70 dirhams a share through Bank of America Securities and Emirates NBD Capital, the term sheet said.ADCB shares were down nearly 1% in late morning trade at 7.02 dirhams, recovering from an early low of 6.95 dirhams. [Author: [email protected] (Rup...
Tags: Travel, United Arab Emirates, Uae, Reuters, Rupert Neil Bumfrey, ADCB, Abu Dhabi Commercial Bank ADCB, Bank of America Securities, Emirates NBD Capital


MIDEAST STOCKS Major Gulf indexes mixed, #Saudi market gains | Reuters

MIDEAST STOCKS Major Gulf indexes mixed, Saudi market gains | Reuters Major Gulf stock markets were mixed in early trade on Thursday with the Saudi index supported by gains in financial shares.Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 0.2% gain in Al Rajhi Bank (1120.SE) and 0.8% rise in Riyad Bank (1010.SE).Goldman Sachs raised its expectations for Saudi Arabian growth this year and in 2022 amid rising oil prices and an increase in oil output by the kingdom.Dubai's mai...
Tags: Travel, Saudi Arabia, Dubai, Abu Dhabi, Gulf, Reuters, Adi, Commercial Bank, Tasi, Rupert Neil Bumfrey, ADCB, QSI, Al Rajhi Bank, Qatar National Bank QNBK, Abu Dhabi Commercial Bank ADCB ADCB, Dubai Investments DINV


Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg

Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg Saudi Arabia’s cautious approach to reviving OPEC+ oil output has been proved correct, said Energy Minister Prince Abdulaziz bin Salman.After a year of oil market turmoil due to the coronavirus pandemic, fuel consumption is seeing robust growth and the International Energy Agency is calling for the cartel to boost supplies. Yet, in the minister’s view “we still are not out of the woods.”“Many claim that I’m excessively...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, International Energy Agency, Organization of Petroleum Exporting Countries, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia


Oil settles near $75, at multi-year highs | Reuters

Oil settles near $75, at multi-year highs | Reuters Oil prices rose for a fifth day on Wednesday, closing in on $75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand.Crude inventories fell by 7.4 million barrels in the week to June 11, the U.S. Energy Information Administration said, as refining utilization rose to 92.6%, highest since January 2020, before the pandemic hit.The inventory draw was stronger than expected, driven as well by export...
Tags: Travel, Reuters, Reuters Oil, U S Energy Information Administration, Matthew Smith, Rupert Neil Bumfrey, ClipperData


MIDEAST STOCKS Most major Gulf bourses in red; financials aid #Saudi | Reuters

MIDEAST STOCKS Most major Gulf bourses in red; financials aid Saudi | Reuters Most major stock markets in the Gulf ended lower on Wednesday, with the Dubai index leading the losses, while financial shares bolstered the Saudi bourse.Dubai's main share index (.DFMGI) declined 1%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) and blue-chip developer Emaar Properties (EMAR.DU) both losing 1.4%.Elsewhere, DAMAC Properties (DAMAC.DU) retreated 1.5%.Last week, United Arab Emirates prop...
Tags: Travel, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Riyad Bank, Tasi, Rupert Neil Bumfrey, ADCB, QSI, Hussain Sajwani, Gulf Egypt, DFMGI


Daman's El Adou: Top Pick in Banking Sector Remains Emirates NBD - Bloomberg video

Daman's El Adou: Top Pick in Banking Sector Remains Emirates NBD - Bloomberg Ali El Adou, Head of Asset Management at Daman Investments discusses his UAE and KSA banking sector investment calls. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Uae, Ksa, Daman, Rupert Neil Bumfrey, Manus Cranny, Bloomberg Daybreak, Daman Investments, Ali El Adou, El Adou, Banking Sector Remains Emirates NBD Bloomberg


ADCB Investor Seeks to Exit Lender With $300 Million Share Sale - Bloomberg

An investor in Abu Dhabi’s second-biggest bank is seeking to exit the lender by selling shares worth as much as $304 million.The accelerated book-build offering of 164 million shares in Abu Dhabi Commercial Bank PJSC has indicative interest in excess of the size of the deal, according to terms. The seller wasn’t identified in the termsheet.The shares are being offered at a discount of as much as 8.3% to Wednesday closing price.Details: Share on offer: 164m shares Price range: 6.5 dirhams to 6.8...
Tags: Travel, Abu Dhabi, Rupert Neil Bumfrey, ADCB, Abu Dhabi Investment Council, Abu Dhabi Commercial Bank PJSC


European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Qatar, Rupert Neil Bumfrey, Bloomberg UAE Kuwait Israel


#AbuDhabi's ADQ invests in Indian learning startup Byju's -exec | Reuters

Abu Dhabi's ADQ invests in Indian learning startup Byju's -exec | Reuters Abu Dhabi's state holding company ADQ has invested in India's online tutoring firm Byju's, which has emerged as one of the country's most valuable startups."We met Byju in 2020 and were floored by his story. Honored to now be a part of it!," said Mayank Singhal, head of venture capital and technology at ADQ said in a Linkedin post.ADQ has not commented on how much it has invested in the startup. Byju's declined to commen...
Tags: Travel, India, Linkedin, Abu Dhabi, Reuters, Reuters Abu Dhabi, Rupert Neil Bumfrey, Byju, India s Economic Times, Mayank Singhal, ADQ


Luxury Meets Thrift for #Dubai Startup Raising Funds to Go Abroad - Bloomberg

Luxury Meets Thrift for Dubai Startup Raising Funds to Go Abroad - Bloomberg Dubai may be better known as the Middle East’s capital of excess but a startup based in the city is raising funds for international expansion by marrying luxury with thrift.The Luxury Closet, an online platform for buying and selling used high-end goods, secured fresh financing led by regional investment firm GMP Capital, alongside international and local investors including Huda Beauty Investment, the private office ...
Tags: Travel, New York, Bloomberg, Middle East, United Arab Emirates, Dubai, Gucci, Gulf, Kunal Kapoor, Arab Gulf, Etsy Inc, Kering SA, Rupert Neil Bumfrey, Bain Co, Poshmark Inc, Bloomberg Dubai


#Dubai Aerospace taps into debt markets, sells $1 billion in bonds | Aviation – Gulf News

Dubai Aerospace taps into debt markets, sells $1 billion in bonds | Aviation – Gulf News Aircraft leasing firm Dubai Aerospace Enterprise (DAE) sold $1 billion (Dh3.67 billion) in bonds due in August 2024.In a statement released on Wednesday, DAE said the notes were sold to qualified institutional buyers and that the proceeds will be used for general corporate purposes including redemption of some outstanding debt securities.DAE reported a revenue of $307.5 million (Dh1.13 billion) in the firs...
Tags: Travel, Dae, Rupert Neil Bumfrey, Dubai Aerospace Enterprise DAE, Dubai Aerospace, Gulf News Aircraft


Air Arabia #AbuDhabi to grow fleet to 20 jets by 2025, CEO says | The National

Air Arabia Abu Dhabi to grow fleet to 20 jets by 2025, CEO says | The National Air Arabia Abu Dhabi plans to expand its fleet to 20 Airbus aircraft over the next five years amid optimism about future growth once air travel restrictions ease, its group chief executive said.The airline, which currently operates three Airbus A320s in the UAE capital, also expects annual passenger traffic to initially grow 20 to 25 per cent over the same period, Adel Ali told The National on Tuesday."With the cave...
Tags: Travel, Airbus, Abu Dhabi, Etihad, Uae, Ali, Alexandria, The National, Etihad Airways, Air Arabia, Rupert Neil Bumfrey, Adel Ali, Air Arabia Abu Dhabi, National Air Arabia Abu Dhabi, Abu Dhabi International Airport The UAE


Mubadala Health takes 60% stake in UEMedical in push for regional expansion | The National

Mubadala Health takes 60% stake in UEMedical in push for regional expansion | The National Mubadala Health, the healthcare unit of Abu Dhabi’s sovereign investment fund Mubadala Investment Company, is acquiring a majority stake in United Eastern Medical Services (UEMedical), as it expands its portfolio of healthcare assets beyond the UAE.The 60 per cent stake bought from Saudi Arabia’s Jadwa Investment and UAE-based United Eastern Group will add multiple hospitals and clinics that are owned an...
Tags: Travel, Saudi Arabia, GCC, Abu Dhabi, Uae, Rupert Neil Bumfrey, Mubadala Investment Company, Jadwa Investment, United Eastern Medical Services, Mubadala Health, National Mubadala Health, United Eastern Group, Hasan Jasem Al Nowais, Moorfields Eye Hospital Abu Dhabi, Al Meswak Dental Group


Mideast Stocks: Major Gulf bourses subdued in early trade | ZAWYA MENA Edition

Mideast Stocks: Major Gulf bourses subdued in early trade | ZAWYA MENA Edition Major stock markets in the Gulf were in negative territory early on Wednesday, with property shares weighing on the Dubai index.Dubai's main share index lost 0.5%, with blue-chip developer Emaar Properties dropping 1% and DAMAC Properties falling 0.8%.Last week, United Arab Emirates property tycoon Hussain Sajwani made an offer to buy out minority shareholders in DAMAC, which he has run for nearly two decades. The a...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Emaar Properties, Qatar National Bank, Rupert Neil Bumfrey, Hussain Sajwani, Masraf Al Rayan, Major Gulf, Qatar Financial Markets Authority, Sulaiman Al Habib Medical Services, First Abu Dhabi Bank Abu Dhabi


Brent Oil Marches Toward $75 as Market Tightens Up, Curbs Ease - Bloomberg

Brent Oil Marches Toward $75 as Market Tightens Up, Curbs Ease - Bloomberg PRICES: Brent for August settlement added 0.7% to $74.49 a barrel on the ICE Futures Europe exchange at 7:15 a.m. in London.WTI for July delivery gained 0.6% to $72.55 a barrel on the New York Mercantile Exchange.Earlier, prices rose to $72.83, the highest since October 2018. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Europe, London, Bloomberg, New York Mercantile Exchange, Rupert Neil Bumfrey


Oil likely to hit $100 a barrel, say top commodity traders | Financial Times

Oil likely to hit $100 a barrel, say top commodity traders | Financial Times The world’s top commodity traders have forecast a return to $100-a-barrel oil, as investment in new supplies slows down before demand has peaked and before green alternatives can take up the slack.  Executives from Vitol, Glencore and Trafigura and Goldman Sachs said on Tuesday that $100 crude was a real possibility, with prices already reaching their highest level in two years this week as Brent crude m...
Tags: Travel, Goldman Sachs, Financial Times, Trafigura, Rupert Neil Bumfrey, Vitol Glencore, Jeremy Weir, FT Commodities Global Summit