UAE scraps Israel boycott in new step towards normal ties - Reuters:
The president of the United Arab Emirates scrapped an economic boycott against Israel, allowing trade and financial agreements between the countries in another key step towards normal ties, the UAE’s state news agency reported on Saturday.
Israel and the UAE said on Aug. 13 they would normalise diplomatic relations in a deal brokered by U.S. President Donald Trump that reshapes the order of Middle East politics from the Palestinian issue to the fight against Iran.
President Khalifa bin Zayed Al Nahyan issued a decree abolishing a boycott law as part of “the UAE’s efforts to expand diplomatic and commercial cooperation with Israel, leading to bilateral relations by stimulating economic growth and promoting technological innovation,” the WAM news agency said.
Israeli Foreign Minister Gabi Ashkenazi said the UAE had taken “an important step towards peace, which will yield substantial economic and commercial achievements for both people while strengthening the stability in the region.”
The announcement came as Israeli flag carrier El Al Israel Airlines Ltd (ELAL.TA) prepared to operate the country’s first direct flight between Tel Aviv’s Ben Gurion Airport and the UAE’s capital, Abu Dhabi.
Saturday, 29 August 2020
#Emirates, #Etihad and #Qatar: graphing return to normality
Emirates, Etihad and Qatar: graphing return to normality:
Big three of the Middle East – Emirates, Etihad Airways and Qatar Airways – are amongst the best known airlines in the world and amongst the biggest rivals. COVID-19 epidemic only exemplified this rivalry, as each airline strived to announce a return to their pre-pandemic destinations. But how did their efforts fare against each other?
On March 25, 2020, Etihad Airways announced the suspension of their passenger services. A day later, Emirates airline operated their last pre-lockdown flight. For these two, the next months were full of cargo hauling and occasional repatriation flights, mostly employing airliners as impromptu transporters.
Qatar Airways went the other route. They reduced flight numbers by over two-thirds, but did not stop operations altogether, using remains of scheduled flights to fly home people who got stranded abroad, bring medical supplies and haul cargo – and sometimes, all of this together. As a result, come April, the airline proudly announced briefly becoming the world's biggest airline, accounting for 17.8% of the global market.
Big three of the Middle East – Emirates, Etihad Airways and Qatar Airways – are amongst the best known airlines in the world and amongst the biggest rivals. COVID-19 epidemic only exemplified this rivalry, as each airline strived to announce a return to their pre-pandemic destinations. But how did their efforts fare against each other?
On March 25, 2020, Etihad Airways announced the suspension of their passenger services. A day later, Emirates airline operated their last pre-lockdown flight. For these two, the next months were full of cargo hauling and occasional repatriation flights, mostly employing airliners as impromptu transporters.
Qatar Airways went the other route. They reduced flight numbers by over two-thirds, but did not stop operations altogether, using remains of scheduled flights to fly home people who got stranded abroad, bring medical supplies and haul cargo – and sometimes, all of this together. As a result, come April, the airline proudly announced briefly becoming the world's biggest airline, accounting for 17.8% of the global market.
#UAE Formally Ends Israel Boycott Amid US-brokered Deal - Bloomberg
UAE Formally Ends Israel Boycott Amid US-brokered Deal - Bloomberg:
The ruler of the United Arab Emirates issued Saturday a decree formally ending the country's boycott of Israel amid a U.S.-brokered deal to normalize relations between the two countries.
The state-run WAM news agency said the move was made on the orders of Sheikh Khalifa bin Zayed Al Nahyan, the ruler of Abu Dhabi and the Emirates' leader.
WAM said the new decree allows Israelis and Israeli firms to do business in the UAE, a federation of seven sheikhdoms on the Arabian Peninsula. It also allows for the purchase and trade of Israeli goods.
“The decree of the new law comes within the UAE’s efforts to expand diplomatic and commercial cooperation with Israel,” WAM said. It lays out “a roadmap toward launching joint cooperation, leading to bilateral relations by stimulating economic growth and promoting technological innovation.”
The ruler of the United Arab Emirates issued Saturday a decree formally ending the country's boycott of Israel amid a U.S.-brokered deal to normalize relations between the two countries.
The state-run WAM news agency said the move was made on the orders of Sheikh Khalifa bin Zayed Al Nahyan, the ruler of Abu Dhabi and the Emirates' leader.
WAM said the new decree allows Israelis and Israeli firms to do business in the UAE, a federation of seven sheikhdoms on the Arabian Peninsula. It also allows for the purchase and trade of Israeli goods.
“The decree of the new law comes within the UAE’s efforts to expand diplomatic and commercial cooperation with Israel,” WAM said. It lays out “a roadmap toward launching joint cooperation, leading to bilateral relations by stimulating economic growth and promoting technological innovation.”
#Kuwait equities attractively priced as country embarks on structural changes | ZAWYA MENA Edition
Kuwait equities attractively priced as country embarks on structural changes | ZAWYA MENA Edition:
The decision by MSCI to postpone the reclassification of Kuwait indices from frontier market status to emerging market, and developments in the country since the coronavirus crisis started, means Kuwaiti equities are attractively priced.
This is the view of the KMEFIC FTSE Kuwait Equity UCITS ETF (KUW8), a UCITS compliant Exchange Traded Fund domiciled in Ireland which tracks the FTSE Kuwait All Cap 15% Capped Index, an index of large, mid and small cap securities trading on the premier or main market of Kuwait Stock Exchange.
Abdullah Al-Busairi, director of KMEFIC FTSE Kuwait ETF, commented: “The postponement of MSCI’s upgrade for Kuwait to emerging market status was a blessing in disguise as it has allowed Kuwaiti firms time to stabilize prior to the inclusion of major new investor inflows.
“This, combined with the fact that Kuwait has seemingly been successful so far in controlling the pandemic and is now slowly opening the economy back up, means Kuwait equity prices are very competitively priced. Even so, buying pressure will slowly ramp up again prior to the emerging market status upgrade in November.”
The decision by MSCI to postpone the reclassification of Kuwait indices from frontier market status to emerging market, and developments in the country since the coronavirus crisis started, means Kuwaiti equities are attractively priced.
This is the view of the KMEFIC FTSE Kuwait Equity UCITS ETF (KUW8), a UCITS compliant Exchange Traded Fund domiciled in Ireland which tracks the FTSE Kuwait All Cap 15% Capped Index, an index of large, mid and small cap securities trading on the premier or main market of Kuwait Stock Exchange.
Abdullah Al-Busairi, director of KMEFIC FTSE Kuwait ETF, commented: “The postponement of MSCI’s upgrade for Kuwait to emerging market status was a blessing in disguise as it has allowed Kuwaiti firms time to stabilize prior to the inclusion of major new investor inflows.
“This, combined with the fact that Kuwait has seemingly been successful so far in controlling the pandemic and is now slowly opening the economy back up, means Kuwait equity prices are very competitively priced. Even so, buying pressure will slowly ramp up again prior to the emerging market status upgrade in November.”
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