Saudi Arabia set to allow women to travel without male permission | Financial Times:
Saudi Arabia plans to grant women the right to travel without a male guardian’s permission as the government moves to relax social restrictions in the kingdom’s male-dominated society.
The move, confirmed by two well-placed Saudi figures including one close to the Royal Court, comes amid growing international scrutiny over women’s rights in the country after several young Saudi women fled the kingdom in recent months to escape family control or an overbearing government, seeking asylum abroad.
Women of any age and men under 21 currently need a guardian’s permission for international travel. A government committee has been instructed to reconsider the restrictions and is expected to change the rules to allow men and women to travel without the consent of a designated male family member after they reach 18.
Sunday 14 July 2019
Party Mood Wobbles in #Saudi Markets as a $20 Billion Wave Crests - Bloomberg
Party Mood Wobbles in Saudi Markets as a $20 Billion Wave Crests - Bloomberg:
Investors are starting to tune out the noise of the billions of dollars that flowed into Saudi bonds and stocks in the first half of the year after the kingdom’s upgrade to emerging-market status.
While the Saudi government has accelerated the pace of deregulating its capital markets, concerns about the economy’s reliance on oil and escalating tensions in the Persian Gulf are coming back to the fore.
The bulk of the estimated $20 billion in inflows from Saudi Arabia’s ascension to two key developing-nation equity indexes would materialize by end-August, according to EFG-Hermes. Meanwhile, the tailwind from its dollar bonds’ inclusion in JPMorgan Chase & Co.’s emerging-market gauges, happening gradually over nine months through September, has largely played out, said Arqaam Capital Ltd.’s Abdul Kadir Hussain.
Investors are starting to tune out the noise of the billions of dollars that flowed into Saudi bonds and stocks in the first half of the year after the kingdom’s upgrade to emerging-market status.
While the Saudi government has accelerated the pace of deregulating its capital markets, concerns about the economy’s reliance on oil and escalating tensions in the Persian Gulf are coming back to the fore.
The bulk of the estimated $20 billion in inflows from Saudi Arabia’s ascension to two key developing-nation equity indexes would materialize by end-August, according to EFG-Hermes. Meanwhile, the tailwind from its dollar bonds’ inclusion in JPMorgan Chase & Co.’s emerging-market gauges, happening gradually over nine months through September, has largely played out, said Arqaam Capital Ltd.’s Abdul Kadir Hussain.
#Saudi's new e-commerce law to accelerate $21bln market growth - analysts | ZAWYA MENA Edition
Saudi's new e-commerce law to accelerate $21bln market growth - analysts | ZAWYA MENA Edition:
The new electronic commerce law passed by the Saudi Cabinet last week is set to further accelerate the kingdom’s fast-growing online retail market, analysts told Zawya.
The Saudi Cabinet approved a new electronic commerce law to regulate the relationship between the different parties in the sector last Tuesday, in a move that could stimulate a market that has been named as one of the 10 fastest-growing worldwide.
It could also increase online retail’s contribution to the local economy, and help to drive down unemployment among internet-savvy Saudi youth, especially women.
The new electronic commerce law passed by the Saudi Cabinet last week is set to further accelerate the kingdom’s fast-growing online retail market, analysts told Zawya.
The Saudi Cabinet approved a new electronic commerce law to regulate the relationship between the different parties in the sector last Tuesday, in a move that could stimulate a market that has been named as one of the 10 fastest-growing worldwide.
It could also increase online retail’s contribution to the local economy, and help to drive down unemployment among internet-savvy Saudi youth, especially women.
MIDEAST STOCKS-Banks boost #Saudi, Aldar strong in #AbuDhabi - Reuters
MIDEAST STOCKS-Banks boost Saudi, Aldar strong in Abu Dhabi - Reuters:
Major Gulf stock markets closed
higher on Sunday, mirroring gains late last week in global
markets, and supported by some companies' positive
second-quarter results.
In Saudi Arabia, the Tadawul main index rose 0.5%,
with banks and petrochemical companies leading the gains.
Dubai's Arqaam Capital said in a research note last week it
expected Saudi Arabia to deliver the strongest second-quarter
earnings performance in the Gulf.
Major Gulf stock markets closed
higher on Sunday, mirroring gains late last week in global
markets, and supported by some companies' positive
second-quarter results.
In Saudi Arabia, the Tadawul main index rose 0.5%,
with banks and petrochemical companies leading the gains.
Dubai's Arqaam Capital said in a research note last week it
expected Saudi Arabia to deliver the strongest second-quarter
earnings performance in the Gulf.
Kuwaiti Stocks End Longest Rising Run in Three Years: Inside EM - Bloomberg
Kuwaiti Stocks End Longest Rising Run in Three Years: Inside EM - Bloomberg:
Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East.
The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favorable deposit shift for lenders in the country may boost second quarter margins from lows in the previous quarter, they will stay below 2018 and might slow profits, said Edmond Christou, a financials analyst with Bloomberg Intelligence.
Still, “the implementation of the Kuwait government’s multiyear development plan, which has been essential for the acceleration of infrastructure projects and supporting the delivery of Vision 2035, will drive private-sector credit growth,” Christou wrote in a report. “The National Bank of Kuwait has gained the most from infrastructure financing thanks to its scale and capabilities.”
Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East.
The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favorable deposit shift for lenders in the country may boost second quarter margins from lows in the previous quarter, they will stay below 2018 and might slow profits, said Edmond Christou, a financials analyst with Bloomberg Intelligence.
Still, “the implementation of the Kuwait government’s multiyear development plan, which has been essential for the acceleration of infrastructure projects and supporting the delivery of Vision 2035, will drive private-sector credit growth,” Christou wrote in a report. “The National Bank of Kuwait has gained the most from infrastructure financing thanks to its scale and capabilities.”
#UAE realty check: #Dubai's house prices down 15% in June | ZAWYA MENA Edition
UAE realty check: Dubai's house prices down 15% in June | ZAWYA MENA Edition:
Dubai's house prices fell 15.3 per cent in June compared to last year and by 1.6 per cent on a month-on-month basis with the apartment and villa prices marginally declining m-o-m to Dh1.67 million and Dh4.35 million ($454,589 and $1.18 million), respectively, according to real estate data platform Property Monitor.
The average house price in the emirate last month was Dh2.46 million with the annual house price decline more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices fell by more than 16%, stated Property Monitor in its Dubai House Price Index for June 2019.
The Index has been tracking residential sales prices for the same selection of properties from September 2015. As of June 2019, apartment and villa/townhouse prices declined by 21.4% and 22.4% respectively, compared to average prices of Dh2.1 million and Dh5.6 million in September 2015.
Dubai's house prices fell 15.3 per cent in June compared to last year and by 1.6 per cent on a month-on-month basis with the apartment and villa prices marginally declining m-o-m to Dh1.67 million and Dh4.35 million ($454,589 and $1.18 million), respectively, according to real estate data platform Property Monitor.
The average house price in the emirate last month was Dh2.46 million with the annual house price decline more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices fell by more than 16%, stated Property Monitor in its Dubai House Price Index for June 2019.
The Index has been tracking residential sales prices for the same selection of properties from September 2015. As of June 2019, apartment and villa/townhouse prices declined by 21.4% and 22.4% respectively, compared to average prices of Dh2.1 million and Dh5.6 million in September 2015.
#Kuwait to issue virtual telecom operator licence | ZAWYA MENA Edition
Kuwait to issue virtual telecom operator licence | ZAWYA MENA Edition:
Kuwait is to issue a virtual telecom operator licence, effectively creating a fourth player in a market serving roughly four million people.
Virtual network operators do not own the networks they use to provide communications services but instead lease capacity from conventional operators, usually paying them a percentage of their revenue as well as fees.
Kuwait's Communications and Information Technology Regulatory Authority has issued a request for applications for the licence, according to a document seen by Reuters.
Kuwait is to issue a virtual telecom operator licence, effectively creating a fourth player in a market serving roughly four million people.
Virtual network operators do not own the networks they use to provide communications services but instead lease capacity from conventional operators, usually paying them a percentage of their revenue as well as fees.
Kuwait's Communications and Information Technology Regulatory Authority has issued a request for applications for the licence, according to a document seen by Reuters.
#Dubai's GEMS to meet banks for $1.65 bln refinancing - LPC news service - Reuters
Dubai's GEMS to meet banks for $1.65 bln refinancing - LPC news service - Reuters:
Dubai-based GEMS Education is meeting banks in London and New York this week to discuss refinancing worth $1.65 billion, according to LPC, a fixed income news service that is part of Refinitiv.
GEMS, which owns and operates 49 schools in the UAE and Qatar, said last week that a consortium led by private equity firm CVC Capital Partners has agreed to acquire a 30% stake in the company from existing shareholders.
The company also said it had launched a refinancing plan which includes loans and bonds, without giving further details.
Dubai-based GEMS Education is meeting banks in London and New York this week to discuss refinancing worth $1.65 billion, according to LPC, a fixed income news service that is part of Refinitiv.
GEMS, which owns and operates 49 schools in the UAE and Qatar, said last week that a consortium led by private equity firm CVC Capital Partners has agreed to acquire a 30% stake in the company from existing shareholders.
The company also said it had launched a refinancing plan which includes loans and bonds, without giving further details.
MIDEAST STOCKS- #Saudi market strong on Q2 results, Aldar boosts #AbuDhabi - Reuters
MIDEAST STOCKS-Saudi market strong on Q2 results, Aldar boosts Abu Dhabi - Reuters:
Most Gulf stock markets rose in early Sunday trading, mirroring gains late last week in global markets, and supported by some companies’ positive second-quarter results.
In Saudi Arabia, the Tadawul main index was up 0.6%, with banks leading the gains.
Dubai’s Arqaam Capital said in a research note last week it expected Saudi Arabia to deliver the strongest second-quarter earnings performance in the Gulf.
Most Gulf stock markets rose in early Sunday trading, mirroring gains late last week in global markets, and supported by some companies’ positive second-quarter results.
In Saudi Arabia, the Tadawul main index was up 0.6%, with banks leading the gains.
Dubai’s Arqaam Capital said in a research note last week it expected Saudi Arabia to deliver the strongest second-quarter earnings performance in the Gulf.
Shuaa shareholders approve ADFG tie-up | ZAWYA MENA Edition
Shuaa shareholders approve ADFG tie-up | ZAWYA MENA Edition:
Shuaa Capital, the Dubai-based investment banking group, announced late on Thursday that shareholders had approved a reverse takeover deal that provides a stockmarket listing for its biggest investor, Abu Dhabi Financial Group.
In a press release, the firms said that 100% of the shareholders who attended the meeting approved the transaction, which will lead to the creation of an enlarged financial services group with $12.8 billion of assets under management and annual revenue of 568 million United Arab Emirates dirhams ($151.5 million) per year. Terms of the deal, which will see former Shuaa shareholders owning 42% of the enlarged entity, were announced late last month.
In the statement, ADFG CEO Jassim Alseddiqi said: "We are bringing together two market leaders, ADFG and Shuaa, to create the leading asset management and investment banking platform in the region. We believe there is an exciting opportunity to create significant value for all shareholders and I look forward to working with the enlarged team to deliver continued growth.”
Shuaa Capital, the Dubai-based investment banking group, announced late on Thursday that shareholders had approved a reverse takeover deal that provides a stockmarket listing for its biggest investor, Abu Dhabi Financial Group.
In a press release, the firms said that 100% of the shareholders who attended the meeting approved the transaction, which will lead to the creation of an enlarged financial services group with $12.8 billion of assets under management and annual revenue of 568 million United Arab Emirates dirhams ($151.5 million) per year. Terms of the deal, which will see former Shuaa shareholders owning 42% of the enlarged entity, were announced late last month.
In the statement, ADFG CEO Jassim Alseddiqi said: "We are bringing together two market leaders, ADFG and Shuaa, to create the leading asset management and investment banking platform in the region. We believe there is an exciting opportunity to create significant value for all shareholders and I look forward to working with the enlarged team to deliver continued growth.”
Subscribe to:
Posts (Atom)