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☆ Most Gulf markets drop as cenbanks toe hawkish Fed line
  + stars: | 2022-11-03 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +3 min
read more read moreSaudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Saudi Arabia's benchmark index (<.TASI>) dropped 0.8%, hit by a 1.6% fall in Al Rajhi Bank (<1120.SE>) and a 2.1% drop in Riyad Bank (<1010.SE>). Since Oct. 27, SNB market-cap has shed 25.74 billion riyals ($6.85 billion), according Refinitiv Eikon Data. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) rose 0.2%, helped by a 1.2% gain in Commercial International Bank Egypt (<COMI.CA>).
☆ Dubai school operator Taaleem seeks to raise $204.21 mln in IPO - document
  + stars: | 2022-10-31 | by ( Hadeel Al Sayegh | ) www.reuters.com   time to read: +1 min
DUBAI, Oct 31 (Reuters) - Dubai school operator Taaleem said on Monday it planned to raise 750 million dirhams ($204.21 million) in an initial public offering (IPO) to expand its premium schools network. read moreTaaleem, one of the largest providers of early childhood, primary and secondary education in Dubai, was founded in 2004. In 2007, the school operator was backed by Investment Corporation of Dubai, an investment arm of the Dubai government. Over $15 billion has been raised in listings across the Gulf so far this year, according to Refinitiv data. Saudi Arabia had 24 IPOs that raised $4.75 billion, while the UAE had seven that raised more than $10 billion, the data showed.
☆ Dubai's BitOasis signs deal with Mastercard for crypto-linked cards
  + stars: | 2022-10-25 | by ( Neil Jerome Morales | ) www.reuters.com   time to read: +2 min
DUBAI, Oct 25 (Reuters) - BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, said on Tuesday it had signed an agreement with Mastercard (MA.N) to launch payment cards linked to cryptocurrencies, they said in a joint statement. "Currently, cryptocurrency payments and cash-outs are considered cumbersome, with the overwhelming majority of merchants not accepting such payments directly," the statement said. "The partnership will address these pain points and further drive customer awareness and crypto adoption in the region." BitOasis, founded in Dubai in 2015, said in June it laid off nine of its staff, as the crypto sector faced a steep downturn and market turmoil. Reporting by Yousef Saba; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.
☆ Dubai to offer 10% of Empower in fourth state-linked IPO this year -Gulf News
  + stars: | 2022-10-24 | by ( ) www.reuters.com   time to read: +1 min
DUBAI, Oct 24 (Reuters) - Dubai plans to offer 10% of Emirates Central Cooling Systems Corporation (Empower) in an initial public offering, according to an advertisement in Dubai-based daily Gulf News on Monday. Empower is the fourth state-linked entity to seek a listing this year in Dubai in a programme aimed at attracting investor interest in the domestic stock exchange. Dubai Electricity & Water Authority (DEWA) <DEWAA.DU> and Emirates Power Investment will offer the 10% stake, which is equivalent to 1 billion shares. Subscriptions begin on Oct. 31 and close on Nov. 7, according to the advertisement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Hadeel Al Sayegh; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.
☆ Most Gulf markets retreat on falling oil prices
  + stars: | 2022-10-24 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +3 min
Oct 24 (Reuters) - Most stock markets in the Gulf fell on Monday with lower oil prices, although the Saudi index erased early losses to close higher. Crude prices, a key catalyst for Gulf markets, slid after Chinese data showed that demand from the world's largest crude importer remained lacklustre in September as strict COVID-19 policies and fuel export curbs depressed consumption. In Abu Dhabi, the index (<.FTFADGI>) dropped 0.5% with the country's biggest lender First Abu Dhabi Bank (<FAB.AD>) down 0.6%. The Dubai stock market is seeing some volatility while global sentiment remains uncertain, said Wael Makarem, senior market strategist at Exness. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) gained 0.6%, led by a 2.5% rise in Commercial International Bank Egypt (<COMI.CA>).
☆ Most Gulf markets subdued, Dubai set to snap four-day gaining streak
  + stars: | 2022-10-19 | by ( ) www.reuters.com   time to read: +2 min
Oct 19 (Reuters) - Major Gulf stock markets eased in early trade on Wednesday, tracking oil prices lower, with the Dubai index on course to snap four sessions of gains. Crude prices, a key catalyst for the Gulf's financial markets, turned negative and extended losses from the previous session. The United Arab Emirates is committed to increasing its oil production capacity, energy minister Suhail al-Mazrouei said on Tuesday. read moreState-owned Abu Dhabi National Oil Company (ADNOC) is aiming to produce the cleanest barrel on the planet, he told reporters. read more($1 = 3.7565 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in BengaluruOur Standards: The Thomson Reuters Trust Principles.
☆ Major Gulf bourses in red on volatile oil, global growth concerns
  + stars: | 2022-10-19 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Oct 19 (Reuters) - Major stock markets in the Gulf turned negative on Wednesday, amid volatile oil prices and concerns around global economic growth, with the Dubai index snapping four sessions of gains. The Dubai bourse was volatile as concerns about a global recession continued to weigh on traders' expectations, said Daniel Takieddine, CEO MENA BDSwiss. Register now for FREE unlimited access to Reuters.com Register"The market could see some price corrections if traders move to secure their gains." According to analyst Takieddine, the Qatari market fell on a slide in natural gas prices and remained exposed to more losses. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
☆ Emirates NBD sells $500 million in 5-year bonds
  + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com   time to read: +2 min
DUBAI, Oct 18 (Reuters) - Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year which received more than $1 billion in orders, a bank document showed on Tuesday. The bank tightened the final spread by 20 basis points to 155 bps over U.S. Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank. The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday. Emirates NBD, nearly 56% owned by the government's Investment Corporation of Dubai, last sold bonds in the public debt markets in May last year, raising $750 million with Additional Tier 1 bonds non-callable for six years after raising the same amount via five-year bonds in January 2021. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Clarence Fernandez and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
☆ Abu Dhabi leads Gulf markets higher, conglomerate IHC soars
  + stars: | 2022-10-18 | by ( ) www.reuters.com   time to read: +2 min
Oct 18 (Reuters) - Most stock markets in the Gulf rose in early trade on Tuesday, tracking strength in Asian shares and oil prices, with the Abu Dhabi index outperforming the region led by a surge in International Holding Co (IHC) (IHC.AD). Register now for FREE unlimited access to Reuters.com RegisterInternational Holding will acquire Infinity's shares in Alpha Dhabi Holding, Multiply Group and Al Seer Marine in exchange for issuing capital increase share in the company. Saudi Arabia's benchmark index (.TASI) advanced 1.5%, with Al Rajhi Bank (1120.SE) rising 2% and the kingdom's largest lender Saudi National Bank (1180.SE) climbing 3.4%. read moreDubai's main share index (.DFMGI) was up 0.4%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1.55%, as the dramatic U-turn in British fiscal policy bolstered investor sentiment.
☆ Saudi Arabia sells $5 bln in first bond deal in almost a year
  + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com   time to read: +3 min
DUBAI, Oct 18 (Reuters) - Saudi Arabia sold on Tuesday $5 billion in Islamic and conventional bonds for which demand topped $26.5 billion as it held its first international bond sale in almost a year. "Saudi is a fairly logical substitute for Russia and its weight in indices such as the JPMGBI (JPMorgan Government Bond Index) has been growing." Saudi Arabia's finance ministry on Tuesday also invited holders of its $3 billion bonds due in 2023, $4.5 billion notes due in April 2025, $2.5 billion bonds due in October 2025 and $5.5 billion notes maturing in 2026 to tender them for cash. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, raised $3 billion with green bonds in its debt markets debut earlier this month. Saudi Arabia raised $3.25 billion in bonds in November via sukuk and bonds, after issuing bonds worth 1.5 billion euros in February and $5 billion in January last year.
☆ How theme park operator Merlin is turning its Legoland parks into mini-break destinations
  + stars: | 2022-10-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow theme park operator Merlin is turning its Legoland parks into mini-break destinationsCNBC's Dan Murphy gets a tour of Dubai's Legoland Hotel and speaks to Merlin Entertainments executive team member John Jakobsen about the leisure attraction operator's vast portfolio, how the business has turned Legoland theme parks into mini-break destinations and the marketing strategy in the Middle East region where visitors are still getting to know the Lego brand.
☆ UAE president to meet Putin in Russia, a week after OPEC+'s deep output cuts
  + stars: | 2022-10-11 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +1 min
According to UAE state media WAM, UAE President Sheikh Mohamed bin Zayed al-Nahyan (pictured) and his Russian counterpart Vladimir Putin will be discussing the countries' "friendly relations," alongside "regional and international issues and developments of common interest." The president of the United Arab Emirates, Sheikh Mohamed bin Zayed al-Nahyan, will head to Russia on Tuesday to meet his counterpart Vladimir Putin. According to UAE state media WAM, both leaders will be discussing the countries' "friendly relations," alongside "regional and international issues and developments of common interest." The UAE ruler's visit comes a week after OPEC+, an alliance of oil producers which includes Russia and the UAE, agreed to impose deep output cuts to shore up crude prices despite calls from the U.S. to pump more to bolster the global economy. Following the announcement of the UAE leader's visit, Dubai's former finance chief said on Twitter that Mohamed was heading to Russia to "[defuse] a European war that exhausted the world."
☆ Gulf bourses track global shares, oil prices lower
  + stars: | 2022-10-10 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Oct 10 (Reuters) - Stock markets in the Gulf fell on Monday, tracking global shares and oil prices lower, with the Saudi index extending losses for a third session. Global shares dropped after Russian missiles pounded cities across Ukraine and as renewed concern about the economic outlook sent investors into safe-haven assets such as the dollar and bonds. Register now for FREE unlimited access to Reuters.com RegisterThe negative performance came after a volatile week during which investors continued to contemplate global economic conditions, said Wael Makarem, senior market strategist at Exness. In Abu Dhabi the index (<.FTFADGI>) dropped 0.8%, with the country's biggest lender First Abu Dhabi Bank (<FAB.AD>) losing 1.2%. The listing is the latest in a string of IPOs in the Gulf that have defied wider market trends.
☆ An $82 million mansion that's still under construction broke Dubai's real-estate record, and its design includes 18 bathrooms and a garage for 15 cars
  + stars: | 2022-10-03 | by ( Amanda Goh | ) www.businessinsider.com   time to read: +3 min
An $82 million Palm Jumeirah villa is now the most expensive home ever sold in Dubai. The previous record was set in early April by the sale of a $76.2 million villa, also in Palm Jumeirah. Known as Casa Del Sole, the villa is located on Frond G of the Palm Jumeirah, per Bloomberg. In the exclusive neighborhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, only eight new homes are expected to be completed between 2023 and 2025, per Knight Frank. Dubai's previous real-estate record was set in early April by the sale of a $76.2 million villa, also in Palm Jumeirah.
☆ Indian refiners pay dollars for Russian oil after dirham attempts fail
  + stars: | 2022-09-28 | by ( Nidhi Verma | ) www.reuters.com   time to read: +4 min
Traders supplying Russian oil in July had asked at least two Indian companies to settle in dirham. An invoice from one of the refiners seen by Reuters showed oil payments were calculated in dollars while payment was requested in dirhams. The three sources said the dirham payments did not go through because Mashreq declined to facilitate the trade. The U.S. Treasury, Mashreq Bank and Gazprombank did not immediately respond to requests for comment. That provided Indian refiners, which rarely bought Russian oil due to high freight costs, an opportunity to snap up exports at hefty discounts to Brent and Middle East staples.
☆ The UAE will now be able to enforce UK court rulings, changing Dubai's 'safe haven' status
  + stars: | 2022-09-22 | by ( Natasha Turak | ) www.cnbc.com   time to read: +1 min
The change applies to all court rulings for non-criminal civil, financial and marital cases and is already in affect. It represents a significant step-up in cooperation between the UAE and the U.K., longtime partners in trade, diplomacy and defense. This was due to what the UAE described as a lack of "reciprocity," as the U.K. generally did not enforce UAE court rulings. The new ruling announced Wednesday will, in principle, make it no longer possible for those sentenced in civil cases in the U.K. to flee to the UAE and avoid paying debts. Some legal experts predict a surge in cases by creditors pursuing debt repayments from people who have left the U.K. for the UAE.
☆ Most Gulf bourses retreat as Russia threats add to Fed jitters
  + stars: | 2022-09-21 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterBahraini traders are pictured in Bahrain Bourse in Manama, Bahrain, November 5, 2020. REUTERS/Hamad I MohammedSept 21 (Reuters) - Most stock markets in the Gulf fell on Wednesday as investors braced for a hefty interest rate hike from the U.S. Federal Reserve, while escalating tension between Russia and Ukraine added to concerns. Saudi Arabia's benchmark index (.TASI) dropped 0.4%, hit by 0.6% falls in both Al Rajhi Bank (1120.SE) and oil giant Saudi Aramco (2222.SE). Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.6%, snapping two sessions of gains. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
☆ Gulf bourses slide on elevated interest rate worries
  + stars: | 2022-09-19 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterBahraini traders are pictured in Bahrain Bourse in Manama, Bahrain, November 5, 2020. Dubai's main share index (.DFMGI) lost 0.4%, while the Abu Dhabi index (.FTFADGI) retreated 1%. In Qatar, the benchmark index (.QSI) slid 1.7% as most of the stocks on the index were in the negative territory including Qatar Islamic Bank (QISB.QA), which declined 4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) rebounded 0.9% as investors traded into weakness after four consecutive days of decline tuned its stocks more attractive to buy in. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.
☆ 'French Spiderman' climbs Paris skyscraper to mark turning 60
  + stars: | 2022-09-17 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterPARIS, Sept 17 (Reuters) - Alain Robert, the free climber dubbed the "French Spiderman", scaled a 48-storey skyscraper in Paris on Saturday, fulfilling a goal he had set for himself once he reached the age of 60. 1/5 French "Spiderman", climber Alain Robert, climbs the TotalEnergies skyscraper in La Defense near Paris, France September 17, 2022. REUTERS/Lucien Libert TPX IMAGES OF THE DAY Read MoreRobert, who also wanted to use the climb to raise awareness about the need for climate change action, had already climbed the TotalEnergies tower on numerous occasions. He climbs without a harness, using only his bare hands, a pair of climbing shoes, and a bag of powdered chalk to wipe off the sweat. Register now for FREE unlimited access to Reuters.com RegisterReporting by Anthony Paone Writing by Dominique Vidalon Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.
☆ I help foreigners get settled in Dubai. There's been a surge in interest from Russians to move to the city — here's what they're looking for.
  + stars: | 2022-03-21 | by ( Mark Ellwood | ) www.businessinsider.com   time to read: +9 min
We offer all the services that come with starting up in Dubai: visas, taxes, accounting, relocation, real estate. Dubai has been working on its image for many years, and now it's up there with London or Monaco, in my opinion. Russian clients usually speak English, but they'll prefer to deal with Russian speakers. There's a feeling about Dubai that shady people can come here, set up, and get away with itIt's a real process here. In general, Russians prefer villas to apartmentsSince COVID-19, there's been a boom in villas — everyone wants them.
☆ See inside Dubai's ultra-luxurious floating homes that are on sale for $12 million
  + stars: | 2016-05-03 | by ( Chris Weller | ) www.businessinsider.com   time to read: 1 min
In the clear-blue waters off the coast of Dubai lies a chain of islands known as The Heart of Europe. They're manmade reconstructions of actual European nations, just on a smaller scale — part of an even larger chain of islands known as "The World." The Heart of Europe saw its very first $2.8 million floating home, the aptly named "Floating Seahorse," touch down earlier this year. Now they intend to build even larger homes that will cost a whopping $12 million. The giant fleet of Floating Seahorses are slated for completion later this fall.
Persons: Richard Branson Locations: Dubai, Europe, Great Britain
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