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#Dubai Aerospace Enterprise grows fleet to 54 aircraft - The National

Dubai Aerospace Enterprise grows fleet to 54 aircraft - The National:Dubai Aerospace Enterprise, the Dubai aircraft lessor, added 19 jets to its portfolio over the course of 2018, taking its total managed fleet to 54, valued at more than $500 million (Dh1.83 billion).In December, DAE agreed to sell 18 jets to institutional investors as part of plans to divest certain assets in order to grow its managed aircraft portfolio. The Middle East’s biggest plane lessor is also working with investors thro...
Tags: Travel, Middle East, Dubai, Rupert Neil Bumfrey, Dubai Aerospace Enterprise, Firoz Tarapore, Aircraft Investor Services AIS


#Mashreq reports full year net profit of Dh2.1b

Mashreq reports full year net profit of Dh2.1b:Mashreq on Monday reported a full year net profit of Dh2.1 billion for 2018 posting a marginal increase of 0.4 per cent year on year.For the fourth quarter of the year the bank reported Dh312 million net profits, down 19 per cent year on year.For the full year, Mashreq posted significant decline in impairment allowance with total impairment charges declining by 17.3 per cent year on year. The results also marked a high proportion of non-interest inc...
Tags: Travel, Mashreq, Rupert Neil Bumfrey


QNB considers 1:10 stock split to enhance liquidity

QNB considers 1:10 stock split to enhance liquidity:QNB, the country’s largest lender, is considering a 1:10 stock split, whereby each share will be subdivided into 10 shares, a move that ought to enhance the liquidity of the scrip and thus help in price discovery.The face value of QNB shares now at QR10 per piece will be reduced to QR1 after the split, a proposal which will be taken up by the extraordinary general assembly of shareholders, scheduled to be held next month.QNB is the second entit...
Tags: Travel, QNB, Rupert Neil Bumfrey, Qatar Insurance


Oil Steadies Near Two-Month High as U.S. Drilling Slows Down - Bloomberg

Oil Steadies Near Two-Month High as U.S. Drilling Slows Down - Bloomberg:Oil steadied near a two-month high in New York amid a pullback in U.S. drilling activity, while ongoing U.S.-China trade talks left an uncertain outlook for demand.Futures were little changed after surging 3.3 percent on Friday. The number of rigs drilling for oil in the U.S. fell to the lowest since May, according to Baker Hughes data. China and America, the world’s biggest oil consumers, have made little progress in talks...
Tags: Travel, New York, China, America, Baker Hughes, Rupert Neil Bumfrey, Warren Patterson, ING Bank NV


#Saudi Stocks Enjoy Strong Start to Year as Oil, Indexes Eyed - Bloomberg

Saudi Stocks Enjoy Strong Start to Year as Oil, Indexes Eyed - Bloomberg:Saudi Arabian stocks are enjoying their best start to a year in more than two decades amid improving prospects for oil prices and ahead of their long-awaited inclusion in major global benchmarks.The main Saudi equities index climbed more than 7 percent in the first 20 days of the year, the best performance for the period since Bloomberg records began in 1995. The increase, more than that of any other major gauge in the Gulf...
Tags: Travel, Opec, Bloomberg, Brent, Gulf, Russell, Rupert Neil Bumfrey, MSCI Inc


#Saudi bonds index inclusion could pull in another $7bln: BAML | ZAWYA MENA Edition

Saudi bonds index inclusion could pull in another $7bln: BAML | ZAWYA MENA Edition:Saudi Arabia could see another $7 billion pour into its sovereign debt markets as investors prepare for the kingdom's bonds to be included in a key index starting this month, Bank of America Merrill Lynch (BAML) estimated.JP Morgan told investors in September that Saudi Arabia and four other Gulf states would join its emerging market government bond indexes - key performance benchmarks used by international invest...
Tags: Travel, Saudi Arabia, Jp Morgan, Kuwait, Gulf, Gulf Cooperation Council GCC, United Arab Emirates Bahrain, Saudi Arabia Qatar, Rupert Neil Bumfrey, Bank of America Merrill Lynch BAML


UPDATE 1- #Kuwait to boost spending, eyes oil price at $55-$65/bbl | Reuters

UPDATE 1-Kuwait to boost spending, eyes oil price at $55-$65/bbl | Reuters:Kuwait on Monday projected a 4.7 percent rise in spending to 22.5 billion dinars ($74.15 billion) as part of its state budget for the year ending on March 31, 2020, as the major oil producer seeks to spur economic growth.The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel, higher than the projected $50 a barrel in its last budget.Brent crude oil future...
Tags: Travel, Kuwait, Reuters, Rupert Neil Bumfrey, Nayef al Hajraf


#Iran fails to find any buyers for crude offered on exchange | Reuters

Iran fails to find any buyers for crude offered on exchange | Reuters:Iran failed to find any buyers on Monday in its latest attempt to sell oil to private companies for export on the stock exchange, the ISNA news agency reported, in a setback to Tehran’s efforts to bypass U.S. sanctions.Crude oil trade is state-controlled in Iran, but to try to work round U.S. sanctions, the government last year started to sell crude to private buyers through the stock exchange.However, there were no buyers on ...
Tags: Travel, Iran, Tehran, Isna, Reuters, Rupert Neil Bumfrey


UPDATE 1- #Russia says Japan's Mitsubishi interested in Arctic LNG 2 project | Reuters

UPDATE 1-Russia says Japan's Mitsubishi interested in Arctic LNG 2 project | Reuters:Russia’s energy ministry said on Monday that Japan’s Mitsubishi Corp has expressed interest in participation in the Arctic LNG 2 project, which is due to start producing liquefied natural gas in the next decade.Novatek owns a 90 percent stake in the project, with France’s Total holding the other 10 percent. Novatek intends to keep a 60 percent stake in Arctic LNG 2, offering 30 percent to other investors.Energy ...
Tags: Travel, Japan, France, Russia, Arctic, Mitsubishi, Reuters, Mitsubishi Corp, Energy Ministry, Rupert Neil Bumfrey, Novatek, Arctic LNG


#Russia committed to oil output cuts | Reuters

Russia committed to oil output cuts | Reuters:Russia is committed to its pledges on oil output cuts, Energy Minister Alexander Novak said on Monday, after criticism from Saudi Arabia.Last week, Saudi Energy Minister Khalid al-Falih said Russia was cutting its oil production more slowly than expected.Novak also said he would meet his Saudi counterpart in Davos later this week if Falih attends the world economic forum in the Swiss resort. “It depends on his schedule,” Novak told reporters. [Aut...
Tags: Travel, Russia, Davos, Reuters, Novak, Khalid al Falih, Alexander Novak, Rupert Neil Bumfrey, Falih, Saudi Arabia Last


MIDEAST STOCKS-Financials buoy Egypt, #Saudi inches up on banks | Reuters

MIDEAST STOCKS-Financials buoy Egypt, Saudi inches up on banks | Reuters:Egypt's blue-chip shares rose on Monday, bolstered by financial stocks, while Saudi Arabia reversed early losses as most of its banks gained.Egypt's blue-chip index rose 0.9 percent with its largest bank, Commercial International Bank, gaining 2.2 percent. The bank has gained in the last few sessions after its board decided to increase its authorised capital to 50 billion Egyptian pounds ($2.79 billion) from 20 billion poun...
Tags: Travel, Saudi Arabia, Egypt, Reuters, State, Rupert Neil Bumfrey, Commercial International Bank, Abu Qir Fertilizers


UPDATE 1- #Dubai property developers put bond plans on hold -sources | Reuters

UPDATE 1-Dubai property developers put bond plans on hold -sources | Reuters:Dubai’s Emaar Properties and state-owned developer Nakheel have put on hold plans to issue U.S. dollar-denominated bonds, Emaar and sources familiar with the bond issues said, amid a real estate downturn and volatility in emerging markets.Emaar told Reuters that it had put on hold a planned bond issue, blaming rising interest rates but did not elaborate. Nakheel declined to comment.Three financial sources said the firms...
Tags: Travel, Dubai, Reuters, Nakheel, Emaar Properties, Emaar, Rupert Neil Bumfrey


#Qatar Plans to Support #Lebanon with $500 Million Bond Purchase - Bloomberg

Qatar Plans to Support Lebanon with $500 Million Bond Purchase - Bloomberg:Qatar said on Monday it plans buy $500 million of Lebanese government bonds to help support one of the world’s most indebted countries. Eurobonds rallied by the most since September.Lebanon’s struggling economy needs a cash infusion to reassure bond holders still reeling from mixed remarks by officials about the possibility of debt restructuring this month.Lebanon’s Finance Minister Ali Hasan Khalil roiled bond markets wh...
Tags: Travel, Qatar, Bloomberg, Syria, Lebanon, Ali Hasan Khalil, Rupert Neil Bumfrey


Oil falls as slowing China economy dents markets | Reuters

Oil falls as slowing China economy dents markets | Reuters:Oil prices fell on Monday, in line with weaker stock markets after evidence that economic growth in China, the world’s second largest crude consumer, eased in 2018.Brent crude oil futures LCOc1 were last down 35 cents on the day at $62.35 a barrel by 0946 GMT, while U.S. crude futures CLc1 were down 23 cents at $53.57 a barrel.The broader financial markets were weaker after data showed China’s 2018 economic growth slowing to the weakest ...
Tags: Travel, China, Reuters, Rupert Neil Bumfrey


#Saudi Alhokair's mall unit files for IPO, offering in Q2 -sources | ZAWYA MENA Edition

Saudi Alhokair's mall unit files for IPO, offering in Q2 -sources | ZAWYA MENA Edition:Saudi Arabia's Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the second quarter of this year, sources told Reuters on Monday.Arabian Centres Company, which has applied for an IPO with the Capital Market Authority, is eyeing a listing between April and June, said four sources who declined to be named due to commercial sensitivities.Arabian Centres did not respond to requ...
Tags: Travel, Saudi Arabia, Ipo, Reuters, Riyadh, Rupert Neil Bumfrey, Capital Market Authority, Fawaz Alhokair Group, Arabian Centres Company, Arabian Centres


MENA private equity set for another slow year despite positive long-term outlook | ZAWYA MENA Edition

MENA private equity set for another slow year despite positive long-term outlook | ZAWYA MENA Edition:As the private equity industry in Middle East and North Africa region closes a year of consolidation and slow fundraising in 2018, the alternative investment asset class is not expected to record many transactions in 2019, either.Amidst rising interest rates and tough global macro-economic conditions, corporate governance-related concerns mean the industry is bracing for more scrutiny by investo...
Tags: Travel, Saudi Arabia, GCC, Middle East, Uae, Mena, North Africa, Rupert Neil Bumfrey


Mideast Stocks: Petrochemicals drag #Saudi shares down; major Gulf markets slide | ZAWYA MENA Edition

:Saudi Arabia's stock market fell sharply on Monday, bogged down by petrochemical shares, while all major Gulf markets slipped, mostly weighed down by financial stocks.Saudi Arabia's index fell 1.3 percent, in part due to a 7.3 percent plunge in petrochemical firm Saudi Kayan in heavy volume, despite posting a narrowed fourth-quarter net loss after zakat and tax of 110.9 million riyals ($29.57 million) from 220.3 million riyals a year ago.Saudi's largest petrochemical maker Saudi Basic Industrie...
Tags: Travel, Saudi Arabia, Gulf, Rupert Neil Bumfrey, Saudi Basic Industries, Saudi Kayan, Al Rajhi Bank


The Future Is Now for LNG as Derivatives Trading Takes Off - Bloomberg

The Future Is Now for LNG as Derivatives Trading Takes Off - Bloomberg:With natural gas demand growing faster than for any other fossil fuel, LNG futures may be finally taking off.Derivatives represented about 2 percent of global LNG production at the beginning of 2017 as an array of contracts around the world struggled to gain traction. But by the end of last year, volumes had grown to almost 23 percent, led by a burgeoning Intercontinental Exchange Inc. contract based on S&P Global Platts’ Jap...
Tags: Travel, Australia, Bloomberg, Japan Korea, Intercontinental Exchange Inc, Rupert Neil Bumfrey, Global Platts


#Lebanon Minister Hopes for Outside Cash, Can't Confirm #Qatar Aid - Bloomberg

Lebanon Minister Hopes for Outside Cash, Can't Confirm Qatar Aid - Bloomberg:Lebanon’s caretaker economy minister said his embattled country is hopeful of getting outside financial support, but couldn’t confirm that Qatar is prepared to deposit $1 billion with the central bank.Speaking on Sunday in Beirut on the sidelines of an Arab economic summit, Raed Khoury said other officials had told him of Qatar’s deposit with Lebanon’s central bank, which was reported by local media.“We hope that this i...
Tags: Travel, Qatar, Beirut, Lebanon, Rupert Neil Bumfrey, Khoury, Confirm Qatar Aid Bloomberg, Raed Khoury


#UAE and #SaudiArabia unveil seven point co-operation plan | ZAWYA MENA Edition

UAE and Saudi Arabia unveil seven point co-operation plan | ZAWYA MENA Edition:The Executive Committee of the Saudi-Emirati Coordination Council held its first meeting in Abu Dhabi with the participation of all 16 members from both sides to follow up on the execution of the joint initiatives outlined in the Strategy of Resolve.The strategy includes areas of collaborations and sets forth the joint vision of economic, social and military integration between the two countries.The committee, headed ...
Tags: Travel, Saudi Arabia, Abu Dhabi, Uae, Executive Committee, Rupert Neil Bumfrey, Saudi Emirati Coordination Council, Mohammad bin Abdullah Al Gergawi, Mohammed bin Mazyad Altwaijri


#Kuwait announces initiative for $200 million technology investment fund | Reuters

Kuwait announces initiative for $200 million technology investment fund | Reuters:Kuwait is launching an initiative to create a $200 million fund for investments in technology, its foreign minister said at an Arab economic summit in Beirut on Sunday.Sheikh Sabah al Khalid al Sabah said Kuwait would give $50 million to the fund to allow “investment in the fields of technology and digital economy” which the private sector will take part in. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Beirut, Kuwait, Reuters, Rupert Neil Bumfrey, Sabah al Khalid al Sabah


MIDEAST STOCKS-Banks hurt Saudi, most Gulf markets fall | Reuters

MIDEAST STOCKS-Banks hurt Saudi, most Gulf markets fall | Reuters:Bank shares led Saudi Arabia's stock market lower on Sunday as most regional bourses fell.In Saudi Arabia, the index lost 0.8 percent with Al Rajhi Bank and Samba Financial Group falling 1.1 percent and 3.3 percent respectively.The Gulf's largest dairy company Almarai shed 6 percent after reporting a 28 percent drop in fourth quarter profit. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Bank, Gulf, Reuters, Rupert Neil Bumfrey, Samba Financial Group, Almarai, Al Rajhi Bank


India's SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways: paper | Reuters

India's SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways: paper | Reuters:The State Bank of India (SBI.NS) (SBI)-led consortium of lenders is waiting for India’s capital markets regulator to decide on a bailout offer by Etihad Airways for the financially stressed Jet Airways (JET.NS), SBI Chairman Rajnish Kumar said, the Business Standard reported on Saturday.The UAE-based carrier, which is a major shareholder in Jet, is seeking an exemption from the Securities and Exchang...
Tags: Travel, India, Etihad, Uae, Jet Airways, Reuters, Etihad Airways, SEBI, Securities and Exchange Board of India SEBI, SBI, Kumar, Business Standard, Rupert Neil Bumfrey, Rajnish Kumar, State Bank of India SBI NS SBI, Jet Airways JET NS SBI


U.S. Will Be Net Exporter of Oil in 2020 Thanks In Part to OPEC - Bloomberg

U.S. Will Be Net Exporter of Oil in 2020 Thanks In Part to OPEC - Bloomberg:The U.S. Energy Information Administration has published its first detailed monthly oil forecast for 2020 and it shows something that should strike fear into the hearts of OPEC ministers — from the fourth quarter, America will export more oil than it imports.This won’t make the U.S. independent of the global supply chain. It doesn’t mean that it will stop shipping in crude from the Middle East and Latin America, or bring...
Tags: Travel, Asia, Europe, America, Opec, Middle East, Latin America, U S Energy Information Administration, Rupert Neil Bumfrey, OPEC Bloomberg


Israeli Stocks Extend Gains as Mideast Gauges Climb: Inside EM - Bloomberg

Israeli Stocks Extend Gains as Mideast Gauges Climb: Inside EM - Bloomberg:Shares in Tel Aviv gain for a fourth straight session, with the main gauge advancing as much as 1.7%, the most in the Middle East.Saudi Arabian stocks decline, after earlier adding 0.2%, as the main index trades in overbought territory for the longest period in over two years.Most markets in the Middle East advance after emerging-market equities rose for a fourth week as signs of easing trade tensions supported riskier as...
Tags: Travel, Tel Aviv, Bloomberg, Middle East, Rupert Neil Bumfrey, Mideast Gauges Climb, Middle East Saudi Arabian


JPMorgan Sees Gulf Bond Sales Slipping as Rates, Volatility Rise - Bloomberg

JPMorgan Sees Gulf Bond Sales Slipping as Rates, Volatility Rise - Bloomberg:JPMorgan Chase & Co., one of the biggest arrangers of Gulf bond deals, expects sales to slip in 2019 from last year’s $78 billion as issuers turn cautious amid rising interest rates and market volatility.In the past, when there has been uncertainty either “in rates or in spreads, regional issuers tended to become more careful and price sensitive,” Hani Deaibes, the U.S. bank’s regional head of debt capital markets, said...
Tags: Travel, Europe, Saudi Arabia, China, United Arab Emirates, Dubai, Gulf, Gulf Cooperation Council, JPMorgan Chase Co, Rupert Neil Bumfrey, Hani Deaibes


#Saudi Crown Prince Shows a `Chilling' Instability, Graham Says - Bloomberg

Saudi Crown Prince Shows a `Chilling' Instability, Graham Says - Bloomberg:Saudi Arabia’s Mohammed bin Salman has shown “a level of instability that is chilling,” and U.S. lawmakers will take action against the crown prince for his role in the murder of journalist Jamal Khashoggi, Senator Lindsey Graham said. Sanctions are forthcoming, likely in the next few days or weeks, the Republican senator said in an interview on Saturday in Ankara, without providing any specific details on the penalties t...
Tags: Travel, Congress, Saudi Arabia, Bloomberg, Donald Trump, Lindsey Graham, Trump, Ankara, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Jamal Khashoggi


#Abraaj to 'vigorously' fight Air Arabia suit | ZAWYA MENA Edition

Abraaj to 'vigorously' fight Air Arabia suit | ZAWYA MENA Edition:Abraaj Holdings will "vigorously" fight the case filed by Sharjah-based carrier Air Arabia last week against the private equity firm and its founder Arif Naqvi, said Habib Al Mulla, executive chairman and managing partner of Baker McKenzie Habib Al Mulla, who is representing the equity group and its founder.The low-cost carrier last week announced that it had filed a misdemeanor case against Naqvi.In July 2018, Air Arabia had anno...
Tags: Travel, Sharjah, Naqvi, Abraaj, Air Arabia, Rupert Neil Bumfrey, Arif Naqvi, Baker McKenzie Habib Al Mulla, Abraaj Holdings, Habib Al Mulla


MIDEAST STOCKS- #Dubai lifts on blue chips, rest of Gulf mixed | Reuters

MIDEAST STOCKS-Dubai lifts on blue chips, rest of Gulf mixed | Reuters:Dubai’s stock market rose in early trading on Sunday, supported by property and banking shares, while trading was mixed in other parts of the Gulf.Dubai’s index gained 0.4 percent as blue chip developer Emaar Properties added 1.0 percent and major bank Emirates NBD rose 0.5 percent after reporting a 10 percent rise in fourth quarter profit last week.Emaar’s retail unit Emaar Malls jumped 1.2 percent and Dubai Islamic Bank ros...
Tags: Travel, Dubai, Gulf, Reuters, Emirates NBD, Emaar Properties, Emaar, Rupert Neil Bumfrey, Dubai Islamic Bank, Emaar Malls, Gulf Dubai


Geopolitical dangers abound for global oil supply | Financial Times

Geopolitical dangers abound for global oil supply | Financial Times:As crude prices collapsed in the fourth quarter last year, traders questioned the effectiveness of supply cuts led by Saudi Arabia and Russia, as US shale output boomed while uncertainty mounted over the effects of the US-China trade spat on global demand.Brent crude has since recovered but that negative narrative remains, capping the price at about $60 a barrel. However, traders should not forget that volatile production from O...
Tags: Travel, Saudi Arabia, Russia, US, Opec, Iran, Venezuela, Tehran, Financial Times, US China, Rupert Neil Bumfrey, Iran Libya Nigeria