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MIDEAST STOCKS-Banks lift #Saudi index; blue-chip sell-off dents Egypt - Reuters

MIDEAST STOCKS-Banks lift Saudi index; blue-chip sell-off dents Egypt - Reuters:The Saudi Arabian stock market endedhigher on Wednesday, as the Organization of the PetroleumExporting Countries (OPEC) and its allies meet to discuss futureoil output cuts, but Egypt saw a sharp decline as all itsblue-chip stocks fell except one.Key members of OPEC and allies including Russia,collectively known as OPEC+, are set to decide whether to extendoutput cuts of 9.7 million barrels per day (bpd) that end inJ...
Tags: Travel, Saudi Arabia, Russia, Opec, Egypt, Egypt Reuters, EFG Hermes, Rupert Neil Bumfrey, Commercial International Bank, Samba Financial Group, Al Rajhi Bank, Gulf Egypt, PetroleumExporting Countries OPEC


MIDEAST STOCKS-Most Gulf stocks slip on downbeat IMF forecast; #Qatar ticks higher - Reuters

MIDEAST STOCKS-Most Gulf stocks slip on downbeat IMF forecast; Qatar ticks higher - Reuters:Most of the major Middle East stock markets eased on Tuesday, after International Monetary Fund revised its growth projections downwards for the region due to the double blows of lower oil prices and the coronavirus crisis.The COVID-19 pandemic has hit sectors such as tourism and trade, while low oil prices and crude production cuts have strained the finances of regional oil exporters and impacted remitta...
Tags: Travel, Saudi Arabia, Qatar, Middle East, International Monetary Fund, Imf, Gulf, Reuters, Rupert Neil Bumfrey, Samba Financial Group


Middle East Deals: Banks Talk Consolidation to Weather Oil, Virus - Bloomberg

Middle East Deals: Banks Talk Consolidation to Weather Oil, Virus - Bloomberg:The global pandemic and an oil price rout are prompting a new wave of consolidation talk among banks in the Middle East. In recent weeks, two potential tie-ups in Saudi Arabia and Qatar have been announced, adding momentum to an already unprecedented merger and acquisition spree. With about $440 billion of deals on the table, here’s what’s in the works:National Commercial Bank and Samba Saudi Arabia’s largest lender by...
Tags: Travel, Saudi Arabia, Qatar, Bloomberg, Middle East, Riyad Bank, NCB, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Samba Saudi Arabia


New M&A Wave Seen for Gulf Banks Trying to Outrun Virus Slowdown - Bloomberg

New M&A Wave Seen for Gulf Banks Trying to Outrun Virus Slowdown - Bloomberg:The coronavirus-induced economic slowdown is prompting a new wave of consolidation talk among banks in the Persian Gulf.In less than a week, two potential tie-ups have been announced, adding momentum to an already unprecedented merger and acquisition spree. Saudi Arabia’s biggest lender National Commercial Bank kicked off the most recent wave with an offer to buy rival Samba Financial Group in what could be the world’s ...
Tags: Travel, Saudi Arabia, Bloomberg, Dubai, Gulf Cooperation Council, Persian Gulf, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Rahul Shah, Tellimer Ltd


#Saudi Bank Merger Points to Trouble at Heart of the Economy - Bloomberg

Saudi Bank Merger Points to Trouble at Heart of the Economy - Bloomberg: The financial industry was supposed to be the linchpin of “Vision 2030,” Crown Prince Mohammed bin Salman’s masterplan to wean the economy off oil.   Photographer: Simon Dawson/Bloomberg When Saudi Arabia last saw a merger of two of its biggest banks, the oil price was recovering from a dramatic slump, the kingdom was in the midst of a deep recession and its debt exceeded the size of the economy.That was in 1...
Tags: Travel, Saudi Arabia, Samba, Mohammed bin Salman, Rupert Neil Bumfrey, Simon Dawson, Samba Financial Group, Economy Bloomberg, Saudi Bank Merger Points, Bloomberg When Saudi Arabia, United Saudi Bank


MIDEAST STOCKS-Banks weigh on #Saudi as most major Gulf markets ease - Agricultural Commodities - Reuters

MIDEAST STOCKS-Banks weigh on Saudi as most major Gulf markets ease - Agricultural Commodities - Reuters:Most major Gulf stock markets fell onTuesday, with Saudi leading losses on the back of declines infinancial shares.Saudi Arabia's benchmark index dropped 0.9%, with AlRajhi Bank down 1.1% while Samba Financial Group fell 2.7%, ending three sessions of gains spurred byan initial merger agreement with National Commercial Bank (NCB).NCB, the kingdom's biggest lender, was down 0.3%.A senior Inter...
Tags: Travel, Saudi Arabia, Dubai, International Monetary Fund, Gulf, Gulf Cooperation Council GCC, Emaar Properties, Rupert Neil Bumfrey, Samba Financial Group, Agricultural Commodities Reuters, DubaiIslamic Bank, AlRajhi Bank, National Commercial Bank NCB NCB


MIDEAST STOCKS-Banks aid #Saudi index; other major markets mixed - Agricultural Commodities - Reuters

MIDEAST STOCKS-Banks aid Saudi index; other major markets mixed - Agricultural Commodities - Reuters:Saudi Arabia’s stock market rose on Tuesday led by banking shares, as the kingdom is set to triple value-added tax (VAT) starting from July 1, while other major regional markets were mixed.Saudi Arabia’s benchmark index gained 0.5%, with Al Rajhi Bank rising 0.5% and petrochemical firm Saudi Basic Industries adding 0.8%.The kingdom will triple value-added tax to 15% from 5% as of July 1, seeking ...
Tags: Travel, Saudi Arabia, National Commercial Bank NCB, Rupert Neil Bumfrey, Saudi Basic Industries, Samba Financial Group, Al Rajhi Bank, Agricultural Commodities Reuters


Mideast Stocks: Major Gulf indexes slip in early trade | ZAWYA MENA Edition

Mideast Stocks: Major Gulf indexes slip in early trade | ZAWYA MENA Edition:Major bourses in the Gulf fell in early trade on Monday, with banking shares weighing on the Saudi index a day after it advanced after two lenders in the sector said they signed an initial merger agreement.The benchmark index of Saudi Arabia, which has reported the highest number of new coronavirus infections in the six countries of the Gulf Cooperation Council (GCC), slipped 0.3%.National Commercial Bank (NCB), which cl...
Tags: Travel, Saudi Arabia, Samba, Gulf Cooperation Council GCC, National Commercial Bank NCB, Riyad Bank, NCB, Rupert Neil Bumfrey, Samba Financial Group, Major Gulf


How #SaudiArabia’s $15.6 Billion Bank Merger Would Stack Up - Bloomberg

How Saudi Arabia’s $15.6 Billion Bank Merger Would Stack Up - Bloomberg:The combination of National Commercial Bank and rival Samba Financial Group would create the third-largest lender in the Gulf Cooperation Council and a national champion to compete with regional players.In what’s set to become the biggest banking takeover this year, Saudi Arabia’s largest lender by assets proposed to pay as much as $15.6 billion to acquire rival Samba.The merged lender would have total assets of about $210 b...
Tags: Travel, Saudi Arabia, Bloomberg, Gulf Cooperation Council, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Qatar National Bank QPSC, First Abu Dhabi Bank PJSC, Bloomberg Saudi Arabia


Mideast Stocks- #Saudi up as Samba-NCB surge on merger move; Egypt extends losses | ZAWYA MENA Edition

Mideast Stocks- Saudi up as Samba-NCB surge on merger move; Egypt extends losses | ZAWYA MENA Edition:Saudi Arabia's stock market ended higher on Sunday buoyed by National Commercial Bank and Samba Financial Group after they signed an initial merger agreement, while Egypt's index extended losses. The benchmark index in Saudi Arabia gained 0.8%, with Samba Financial Group rising 9.9% for its biggest intraday gain since June 2017, while National Commercial Bank (National Commercial Bank6) was up 5...
Tags: Travel, Saudi Arabia, Egypt, Samba, NCB, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Samba NCB, National Commercial Bank National Commercial Bank6


A merged NCB-Samba bank would be #SaudiArabia's biggest lender 'by some way', says EFG Hermes - The National

A merged NCB-Samba bank would be Saudi Arabia's biggest lender 'by some way', says EFG Hermes - The National:A merger between Saudi Arabia’s National Commercial Bank and Samba Financial Group would create the biggest lender in the kingdom "by some way", with a 30 per cent share of the market, according to EFG Hermes.NCB is already the kingdom’s biggest bank in terms of assets, with a 21 per cent share of the market. Samba is the fourth-biggest, with an 11 per cent share.The combined bank will ha...
Tags: Travel, Saudi Arabia, Samba, NCB, EFG Hermes, Rupert Neil Bumfrey, Samba Financial, Samba Financial Group, National Commercial Bank, First Abu Dhabi Bank, NCB Samba, EFG Hermes NCB


#SaudiArabia Stock Market News: Samba and NCB Equities - Bloomberg

:Samba Financial Group jumped in Saudi Arabia after rival National Commercial Bank, the kingdom’s largest lender by assets, offered to acquire it for as much as $15.6 billion.The shares advanced 9.9% to 26.30 riyals as of 10:16 a.m. in Riyadh, while National Commercial Bank rose 7.3%. National Commercial Bank proposed paying as much as 29.32 riyals per share for Samba, a premium of about 27.5% to its closing price on Wednesday. Saudi Arabia has been taking steps to shore up its banking sector...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Samba, Riyadh, Rupert Neil Bumfrey, Samba Financial Group, Public Investment Fund, National Commercial Bank, Qatar National Bank QPSC, First Abu Dhabi Bank PJSC, NCB Equities Bloomberg


Israel Shares Lead Mideast Losses on U.S. Spillover: Inside EM - Bloomberg

:The main equities index in Israel dropped the most in the Middle East as investors catch up with a decline in Wall Street last week amid a resurgence in coronavirus infections in different parts of the U.S.The TA-35 declined 2% as of 11:45 a.m. in Tel Aviv, with Teva Pharmaceutical Industries pressuring the index the most. Israel’s stock market is highly correlated to the U.S., where many Israeli shares are cross-listed. The S&P 500 dropped 2.4% on Friday as Texas and Florida halted drinking at...
Tags: Travel, Florida, Texas, Saudi Arabia, Wall Street, Israel, Tel Aviv, Qatar, Bloomberg, Middle East, Arizona, United Arab Emirates, Kuwait, Teva Pharmaceutical Industries, Rupert Neil Bumfrey, Samba Financial Group


MIDEAST STOCKS-NCB, Samba jump on potential merger; #Qatar eases - Agricultural Commodities - Reuters

MIDEAST STOCKS-NCB, Samba jump on potential merger; Qatar eases - Agricultural Commodities - Reuters:Saudi Arabia’s stock market rose on Sunday, boosted by National Commercial Bank and Samba Financial Group Bank after they signed an initial merger agreement, while Qatar’s index retreated in early trade.The benchmark index in Saudi Arabia rose 0.9%, with Samba Financial Group jumping 9.9% and National commercial Bank (NCB) up 5.2%.NCB, the kingdom’s biggest lender, said on Thursday it had signed ...
Tags: Travel, Saudi Arabia, Qatar, Samba, National Commercial Bank NCB, NCB, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Agricultural Commodities Reuters, NCB Samba, Samba Financial Group Bank


#SaudiArabia's biggest lender NCB in merger talks with Samba - Reuters

Saudi Arabia's biggest lender NCB in merger talks with Samba - Reuters:National Commercial Bank (1180.SE), Saudi Arabia’s biggest lender, said on Thursday it had signed an initial agreement with smaller lender Samba Financial Group (1090.SE) to create a combined entity with almost $214 billion in assets.NCB’s offer would value each Samba share at 27.42 to 29.32 riyals ($7.82), giving it a maximum market value of $15.63 billion, 27.5% above its market value of nearly $12.3 billion based on Wednes...
Tags: Travel, Saudi Arabia, Uae, Gulf, Samba, Reuters, NCB, Rupert Neil Bumfrey, Samba Financial Group, Qatar National Bank QNB, First Abu Dhabi Bank, Samba Reuters


#Saudi Banks Facing Triple Jeopardy: Samba Financial CEO - Bloomberg

Saudi Banks Facing Triple Jeopardy: Samba Financial CEO - Bloomberg:Rania Nashar, chief executive officer of Samba Financial Group, a Riyadh-based lender, talks about the state of the kingdom’s banks and the economy. She also discusses the need to empower women. She speaks with Bloomber's Yousef Gamal El-Din. (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Riyadh, Rupert Neil Bumfrey, Samba Financial Group, Rania Nashar, Yousef Gamal, Samba Financial CEO Bloomberg


#Saudi’s Samba CEO Sees U-Shaped Recovery After ‘Triple Jeopardy’ - Bloomberg

Saudi’s Samba CEO Sees U-Shaped Recovery After ‘Triple Jeopardy’- Bloomberg:Samba Financial Group expects the kingdom’s economy to have a slow U-shaped recovery after being hit by the “triple jeopardy” of low oil prices, reduced interest rates and the coronavirus pandemic. Recovery from the coronavirus shutdown is already underway, and “we see a full recovery toward the end of 2021,” Chief Executive Officer Rania Nashar said in an interview with Bloomberg TV on Thursday.In response to the crisis...
Tags: Travel, Bloomberg, Samba, Bloomberg TV, Rupert Neil Bumfrey, Samba Financial Group, Rania Nashar


Mideast Stocks: Most of Gulf in red as oil prices fall; banks aid #Qatar | ZAWYA MENA Edition

Mideast Stocks: Most of Gulf in red as oil prices fall; banks aid Qatar | ZAWYA MENA Edition:Most Middle Eastern stock markets ended lower on Thursday, amid falling oil prices, though the Qatari index bucked the trend on the back of gains for its banking shares.Brent crude futures erased Wednesday's gains, falling 6.1%, or $2.53, to $39.20 a barrel by 1246 GMT, hit by a record build-up in U.S. crude inventories and the U.S. Federal Reserve's projections that the world's biggest economy would shr...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Saudi Aramco, U S Federal Reserve, Qatar National Bank, Qatar Islamic Bank, Rupert Neil Bumfrey, Samba Financial Group, Dubai Investments, National Commercial Bank


Middle East News: HSBC Warns Against Buying #SaudiArabia's Banks - Bloomberg

Middle East News: HSBC Warns Against Buying Saudi Arabia's Banks - Bloomberg:Six Saudi lenders had their stock recommendations cut to reduce from hold by HSBC Holdings Plc, which said valuations have become too expensive given the negative risks to earnings.The downgrades for Riyad Bank, Arab National Bank, Banque Saudi Fransi, Al Rajhi Bank, National Commercial Bank and Samba Financial Group mean all seven banks covered by the broker now have the same rating, with Alinma Bank being kept at redu...
Tags: Travel, Saudi Arabia, Hsbc, HSBC Holdings Plc, Rupert Neil Bumfrey, Samba Financial Group, Alinma Bank, Banks Bloomberg, Aybek Islamov, Islamov


The Radical Shift That May Worsen #SaudiArabia’s Economic Crisis - Bloomberg

The Radical Shift That May Worsen Saudi Arabia’s Economic Crisis - Bloomberg:Saudi Arabia’s economic downturn is about to worsen. Already reeling from the slump in oil prices and lockdowns to halt the spread of the coronavirus, the kingdom has now increased taxes and cut spending.While the government says overall expenditure will remain broadly in-line with the 1 trillion riyals ($266 billion) outlined in the 2020 budget, tripling value-added tax and cutting bureaucrats’ allowances will damage c...
Tags: Travel, Saudi Arabia, Bloomberg, Gulf, Mohammed bin Salman, Rupert Neil Bumfrey, Samba Financial Group, James Reeve


MIDEAST STOCKS- #Saudi shares drop, property stocks weigh on #Dubai - Reuters

:Banks dragged Saudi Arabian shares lower on Monday and markets in the United Arab Emirates extended losses due to a fall in financials and real estate stocks.Saudi Arabia’s benchmark index dropped 0.9%, a day after it saw its biggest intraday fall in nearly two months, driven down by a 0.7% fall in oil giant Saudi Aramco and a 2.7% drop in Samba Financial Group.On Monday, Credit Suisse cut Aramco’s price target to 26.7 riyals ($7.11) from 28 riyals on lower crude oil production.Saudi Basic Indu...
Tags: Travel, Saudi Arabia, United Arab Emirates, Saudi Aramco, Dubai Reuters, Rupert Neil Bumfrey, Saudi Basic Industries, Samba Financial Group, Credit Suisse cut Aramco


Saudi Response to Fiscal Shock Centers on Record Debt Plan

(Bloomberg) -- Saudi Arabia will rely on the biggest debt program since its debut in international bond markets in 2016 to absorb the shock to the budget from collapsing energy prices and cuts in oil output.The kingdom could borrow 220 billion riyals ($58 billion) this year while keeping its drawdown from reserves at up to 120 billion riyals, as originally planned in the budget, Finance Minister Mohammed Al-Jadaan said at a news conference late Wednesday. The government is looking at additional ...
Tags: News, Saudi Arabia, Opec, Bloomberg, Imf, Samba, Finance Ministry, EFG Hermes, Samba Financial Group, Mohamed Abu Basha, Mohammed al Jadaan, Al Jadaan, James Reeve, Bloomberg Saudi Arabia, Bloomberg Economics, Bloomberg Barclays


Mideast Stocks: Major Gulf stocks gain ahead of OPEC+ meet | ZAWYA MENA Edition

Mideast Stocks: Major Gulf stocks gain ahead of OPEC+ meet | ZAWYA MENA Edition:Major bourses in the Gulf traded higher on Thursday as investors shifted focus to an OPEC+ meeting later in the day on expectations the world's largest oil producers will agree to cut production.Saudi Arabia's benchmark index added 0.7%, with Samba Financial Group 1090.SE up 3.4% and Al Rajhi Bank up 0.5%. Brent crude futures rose 2.9%, or 95 cents, to $33.79 a barrel by 0746 GMT. Major oil producers including Saudi ...
Tags: Travel, Saudi Arabia, Russia, Opec, United States, Dubai, Brent, Abu Dhabi, Uae, Gulf, Reuters, Emaar Properties, Qatar Islamic Bank, Rupert Neil Bumfrey, Samba Financial Group, Al Rajhi Bank


MIDEAST STOCKS-Most major Gulf stocks extend losses; Aramco touches low | Nasdaq

MIDEAST STOCKS-Most major Gulf stocks extend losses; Aramco touches low | Nasdaq:Most major Gulf stocks extended their declines on Monday in line with their global peers, amid fears the coronavirus epidemic would hit Chinese demand. Dubai bucked the trend, helped by its financial services.Qatar's index .QSI dropped 1.1%; all the stocks in its index fell except one. Mesaieed Petrochemical MPHC.QA plunged 5.2% and Commercial Bank COMB.QA lost 2.3%.Saudi Arabia's benchmark index .TASI retreated 0.6...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Gulf, Aramco, Tasi, Rupert Neil Bumfrey, QSI, Samba Financial Group, Commercial Bank COMB QA


#Saudi lender Samba posts 30% rise in 2019 net profit - Reuters

Saudi lender Samba posts 30% rise in 2019 net profit - Reuters:Saudi lender Samba Financial Group on Sunday posted a 30% rise in annual net profit, helped by a lower charge for an Islamic tax and a double-digit rise in revenue from special commissions, financing and investments.Samba said in a bourse filing its 2019 net profit was 3.99 billion riyals, up from 3.06 billion riyals a year earlier.Analysts had forecast the bank would make a net profit averaging 4.3 billion riyals, according to Refin...
Tags: Travel, Samba, Reuters, Rupert Neil Bumfrey, Samba Financial Group


MIDEAST STOCKS-Banks hold back most of Gulf; lender FAB boosts #AbuDhabi - Reuters

MIDEAST STOCKS-Banks hold back most of Gulf; lender FAB boosts Abu Dhabi - Reuters:Most major Gulf stock markets weakened onWednesday, largely pulled down by losses in banks, but Abu Dhabibucked the trend on the back of top lender First Abu Dhabi Bank(FAB).Saudi Arabia's benchmark index retreated 0.2%,offsetting earlier gains in the day. Samba Financial Group declined 1.6%, while Saudi British Bank wasdown 1.7%.  State-owned oil giant Saudi Aramco slipped 0.3% to34.5 riyals. EFG Hermes on Wed...
Tags: Travel, Saudi Arabia, Abu Dhabi, Gulf, Aramco, Saudi Aramco, State, ABU DHABI Reuters, Rupert Neil Bumfrey, Samba Financial Group, Saudi British Bank, First Abu Dhabi Bank, AbuDhabi Reuters, Abu Dhabibucked, First Abu DhabiBank, International Holdingsoaring


#Saudi lender Samba to raise $500 mln in bonds - Reuters

Saudi lender Samba to raise $500 mln in bonds - Reuters:Saudi lender Samba Financial Group plans to raise $500 million in seven-year bonds, a document seen by Reuters showed on Wednesday.The bank, which ranks behind National Commercial Bank and Al Rajhi Bank, among the biggest Saudi lenders by total assets, has hired Citigroup and Standard Chartered to arrange the debt sale, which is expected to close later on Wednesday. The notes were marketed with an initial price guidance of 160 basis points ...
Tags: Travel, Saudi Arabia, Standard Chartered, Citigroup, Samba, Reuters, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Al Rajhi Bank


MIDEAST STOCKS-Financials buoy most of Gulf; #Qatar trades flat | Nasdaq

MIDEAST STOCKS-Financials buoy most of Gulf; Qatar trades flat | Nasdaq:Most major Gulf markets were up in early trading on Thursday, led by their financial stocks amid rising oil prices, while the Qatar market traded flat as bank and industrial shares moved sideways.Oil prices rose on Thursday after the signing of an initial Sino-U.S. trade deal that sets the stage for a surge in Chinese purchases of American energy products, while U.S. crude inventories fell more than expected. Saudi Arabia's ...
Tags: Travel, Saudi Arabia, Qatar, Gulf, Reuters, Tasi, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank


MIDEAST STOCKS-Gulf stocks fall after Iranian missile strike - Reuters

MIDEAST STOCKS-Gulf stocks fall after Iranian missile strike - Reuters:Gulf stock markets retreated on Wednesday after Iran fired missiles at U.S.-led forces in Iraq in retaliation for the killing of an Iranian military commander last week.Iranian state television said Iran had fired 15 missiles at U.S. targets. The U.S. military said at least two Iraqi facilities hosting U.S.-led coalition personnel were targeted. Iraq said 22 missiles were fired.Iranian Foreign Minister Jawad Zarif called the ...
Tags: Travel, Saudi Arabia, Iraq, Iran, Reuters, Saudi Aramco, State, Rupert Neil Bumfrey, Samba Financial Group, Al Rajhi Bank, Jawad Zarif


MIDEAST STOCKS-Most Gulf markets stabilise after steep falls over Iran - Reuters

MIDEAST STOCKS-Most Gulf markets stabilise after steep falls over Iran - Reuters:Most major markets in the Middle Eaststabilised on Monday after steep declines in the previoussession on U.S.-Iran tensions, with some eking out small gainson the day.Tehran promised vengeance after a U.S. air strike in Baghdadon Friday killed Iranian military commander Qassem Soleimani.U.S. President Donald Trump said the United States wouldretaliate if Tehran struck back after the killing."Escalation encourages mo...
Tags: Travel, Saudi Arabia, United States, Middle East, Tehran, Donald Trump, Baghdad, U S Iran, Qassem Soleimani, Northafrica, Rupert Neil Bumfrey, Samba Financial Group, Iran Reuters, Middle Eaststabilised, Baghdadon, Firas Modad