Saudi Arabia Plans to End Controversial ‘Kafala’ Labor System, Report Says - Bloomberg
Saudi Arabia is set to announce major labor reforms that could effectively end its controversial “kafala” system for foreign workers, a news outlet close to the government reported.
New rules governing foreign labor are scheduled to be unveiled as early as next week and would be applied from the first half of 2021, the online Maaal newspaper reported, citing unidentified sources. The changes were to be disclosed earlier this year but were delayed by the pandemic, according to Maaal.
The so-called “kafala” system -- applied to foreign employees in Gulf Arab countries for decades -- has been criticized at home and abroad as a form of indentured servitude. Some economists argue it also entrenches an imbalanced labor market, where private employers hire cheaper and more easily exploitable foreign workers even as Saudi unemployment rises.
Foreign workers in Saudi Arabia currently must be tied to a sponsor whose permission they need to change jobs, open a bank account or even to leave the country on vacation. Several neighboring countries have taken steps to reform kafala without fully ending it.
Tuesday 27 October 2020
Oil rises 2% on U.S. Gulf shutdowns, outlook weak | Reuters
Oil rises 2% on U.S. Gulf shutdowns, outlook weak | Reuters
Crude settled higher on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains.
Companies including BP BP.L, Chevron CVX.N, Shell RDS.L and Equinor ASA EQNR.OL evacuated rigs or closed facilities. So far producers have shut 16%, or 294,000 barrels per day (bpd) of oil output due to Zeta, which weakened to a tropical storm on Tuesday from a hurricane on Monday, the U.S. National Hurricane Center (NHC) said.
Brent crude LCOc1 closed up 75 cents, or 1.9%, at $41.21 per barrel by 1:22 EDT (1722 GMT). U.S. oil CLc1 gained $1.01 cents, or 2.6%, to $39.57. Both contracts fell more than 3% on Monday.
The storm-induced bump in prices may be short-lived, however, with demand expected to weaken anew with coronavirus cases rising.
Crude settled higher on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains.
Companies including BP BP.L, Chevron CVX.N, Shell RDS.L and Equinor ASA EQNR.OL evacuated rigs or closed facilities. So far producers have shut 16%, or 294,000 barrels per day (bpd) of oil output due to Zeta, which weakened to a tropical storm on Tuesday from a hurricane on Monday, the U.S. National Hurricane Center (NHC) said.
Brent crude LCOc1 closed up 75 cents, or 1.9%, at $41.21 per barrel by 1:22 EDT (1722 GMT). U.S. oil CLc1 gained $1.01 cents, or 2.6%, to $39.57. Both contracts fell more than 3% on Monday.
The storm-induced bump in prices may be short-lived, however, with demand expected to weaken anew with coronavirus cases rising.
#Kuwait Cuts Some Rates to Ease Currency and Virus Pressures - Bloomberg
Kuwait Cuts Some Rates to Ease Currency and Virus Pressures - Bloomberg
Kuwait’s central bank cut interest rates on some monetary policy instruments in an effort to ease pressure on the currency while helping the economy cope with the impact of the Covid-19 pandemic.
In a surprise move, the central bank also said it would keep the discount rate at 1.5%, maintaining the existing cap for loans extended to customers in Kuwaiti dinars. At the same time, it lowered by 0.125% the repo rate and yields on term deposits, direct intervention instruments and public debt instruments across the entire yield curve up to the 10-year term. The change comes into effect Wednesday.
Kuwait’s central bank cut interest rates on some monetary policy instruments in an effort to ease pressure on the currency while helping the economy cope with the impact of the Covid-19 pandemic.
In a surprise move, the central bank also said it would keep the discount rate at 1.5%, maintaining the existing cap for loans extended to customers in Kuwaiti dinars. At the same time, it lowered by 0.125% the repo rate and yields on term deposits, direct intervention instruments and public debt instruments across the entire yield curve up to the 10-year term. The change comes into effect Wednesday.
“Cutting the repo rate should drive further improvement in Kuwaiti banks’ cost of funding, which was elevated last year, and support the margin outlook,” said Bloomberg Intelligence analyst Edmond Christou. “Any support is welcome given the pressure Kuwaiti banks are facing on revenues from Covid-19 relief measures and on the bottom line from stringent reserving requirement.”
Central banks across the Gulf reduced interest rates in March to bolster stimulus after the U.S. Federal Reserve lowered its benchmark to near zero to counter the economic fallout of the coronavirus.
#SaudiArabia's biggest bank NCB posts 23.7% rise in quarterly profit | Reuters
Saudi Arabia's biggest bank NCB posts 23.7% rise in quarterly profit | Reuters
Saudi Arabia's biggest lender National Commercial Bank 1180.SE on Tuesday posted a nearly 24% rise in third-quarter net profit, as net commission income rose and impairment charges dropped.
NCB posted a net profit of 3.16 billion riyals ($843 million) in the quarter ended September 30, up from 2.55 billion in the same period a year earlier.
CI Capital had forecast NCB would post a net profit of 2.1 billion riyals, while EFG Hermes had predicted 2.2 billion riyals.
Net impairment charges for expected credit losses were 379 million riyals for the quarter, down 43% from a year earlier.
Earlier this month NCB entered a binding merger agreement with smaller lender Samba Financial Group 1090.SE to create a combined entity with $223 billion in assets.
Saudi Arabia's biggest lender National Commercial Bank 1180.SE on Tuesday posted a nearly 24% rise in third-quarter net profit, as net commission income rose and impairment charges dropped.
NCB posted a net profit of 3.16 billion riyals ($843 million) in the quarter ended September 30, up from 2.55 billion in the same period a year earlier.
CI Capital had forecast NCB would post a net profit of 2.1 billion riyals, while EFG Hermes had predicted 2.2 billion riyals.
Net impairment charges for expected credit losses were 379 million riyals for the quarter, down 43% from a year earlier.
Earlier this month NCB entered a binding merger agreement with smaller lender Samba Financial Group 1090.SE to create a combined entity with $223 billion in assets.
#Kuwait is the GCC state most impacted by the low oil price - Moody's | ZAWYA MENA Edition
Kuwait is the GCC state most impacted by the low oil price - Moody's | ZAWYA MENA Edition
Kuwait is the GCC sovereign most exposed to the prolonged decline in oil prices caused by the COVID-19 pandemic, with a -29.2 percent oil and gas revenue shock, said Moody’s, while Bahrain is the least exposed of the GCC states, with a revenue impact of -4.2 percent.
The impact of the coronavirus shock on oil and gas revenue, based on the assumption that oil prices average about $35 per barrel this year.
Kuwait was followed by Saudi Arabia with a revenue shock of -12.7 percent, Oman with -12.2 percent, Abu Dhabi with -11 percent and Qatar with 7.8 percent.
In a webinar hosted by Moody’s on the impact of the pandemic and lower oil prices on GCC sovereigns, Alexander Perjessy, VP, senior analyst for Moody’s sovereign risk group, said: “The UAE and Qatar are likely to be able to able to offset a fairly large portion of the oil revenue lost this year through spending cuts.
“The fiscal measures implemented in Kuwait and Bahrain will not really offset anything, will only widen the deficits.
Kuwait is the GCC sovereign most exposed to the prolonged decline in oil prices caused by the COVID-19 pandemic, with a -29.2 percent oil and gas revenue shock, said Moody’s, while Bahrain is the least exposed of the GCC states, with a revenue impact of -4.2 percent.
The impact of the coronavirus shock on oil and gas revenue, based on the assumption that oil prices average about $35 per barrel this year.
Kuwait was followed by Saudi Arabia with a revenue shock of -12.7 percent, Oman with -12.2 percent, Abu Dhabi with -11 percent and Qatar with 7.8 percent.
In a webinar hosted by Moody’s on the impact of the pandemic and lower oil prices on GCC sovereigns, Alexander Perjessy, VP, senior analyst for Moody’s sovereign risk group, said: “The UAE and Qatar are likely to be able to able to offset a fairly large portion of the oil revenue lost this year through spending cuts.
“The fiscal measures implemented in Kuwait and Bahrain will not really offset anything, will only widen the deficits.
Oil rises towards $41 on U.S. Gulf shutdowns, outlook weak | Reuters
Oil rises towards $41 on U.S. Gulf shutdowns, outlook weak | Reuters
Oil rose on Tuesday towards $41 a barrel as oil companies shut down some U.S. Gulf of Mexico oil output due to a hurricane, although surging coronavirus infections and rising Libyan supply limited gains.
Companies including BP BP.L, Chevron CVX.N and Equinor ASA EQNR.OL evacuated rigs, and so far producers have shut 16%, or 293,656 barrels per day (bpd) of oil output due to Hurricane Zeta.
Brent crude LCOc1 was up 20 cents, or 0.5%, at $40.66 per barrel by 1344 GMT. U.S. oil CLc1 gained 18 cents, or 0.5%, to $38.74. Both contracts fell more than 3% on Monday.
“Whilst Hurricane Zeta could provide a price relief under the current circumstances, it will be very brief,” said Tamas Varga of oil broker PVM. “The mood is, indeed, souring.”
Oil rose on Tuesday towards $41 a barrel as oil companies shut down some U.S. Gulf of Mexico oil output due to a hurricane, although surging coronavirus infections and rising Libyan supply limited gains.
Companies including BP BP.L, Chevron CVX.N and Equinor ASA EQNR.OL evacuated rigs, and so far producers have shut 16%, or 293,656 barrels per day (bpd) of oil output due to Hurricane Zeta.
Brent crude LCOc1 was up 20 cents, or 0.5%, at $40.66 per barrel by 1344 GMT. U.S. oil CLc1 gained 18 cents, or 0.5%, to $38.74. Both contracts fell more than 3% on Monday.
“Whilst Hurricane Zeta could provide a price relief under the current circumstances, it will be very brief,” said Tamas Varga of oil broker PVM. “The mood is, indeed, souring.”
MIDEAST STOCKS-Property shares buoy #UAE bourses; Egypt snaps losing streak | Nasdaq
MIDEAST STOCKS-Property shares buoy UAE bourses; Egypt snaps losing streak | Nasdaq
Major Gulf markets ended higher on Tuesday, with gains in real estate shares boosting indexes in the United Arab Emirates, while Egypt snapped eight sessions of losses.
The Abu Dhabi index .ADI closed up 1.3%, boosted by a 11.8% surge in Aldar Properties ALDAR.AD which saw its biggest intraday gain in nearly six years on Monday after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ.
First Abu Dhabi Bank FAB.AD increased 1.4%. In the previous session, the United Arab Emirates' biggest lender reported a 19% fall in quarterly profit, dragged down by a double-digit drop in net interest income and higher impairment charges.
Dubai's main share index .DFMGI gained 1.1%, led by a 5.8% rise in blue-chip developer Emaar Properties EMAR.DU and a 6.7% jump in DAMAC Properties DAMAC.DU.
Saudi Arabia's benchmark index .TASI added 0.5%, with oil giant Saudi Aramco 2222.SE rising 1.2% and Al Rajhi Bank 1120.SE increasing 0.5%.
The kingdom's Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.
Elsewhere, National Commercial Bank 1180.SE advanced 1.1%. Post trading hours, the kingdom's largest lender reported a higher net profit in the third quarter.
In Qatar, the index .QSI rose 0.5%, supported by a 2.2% leap in lender Masraf Al Rayan MARK.QA and a 2.9% rise in Commercial Bank COMB.QA.
Outside the Gulf, Egypt's blue-chip index .EGX30 was up 0.5%, as most of the stocks on the index were in positive territory including Commercial International Bank Egypt COMI.CA, which was up 0.9%.
Major Gulf markets ended higher on Tuesday, with gains in real estate shares boosting indexes in the United Arab Emirates, while Egypt snapped eight sessions of losses.
The Abu Dhabi index .ADI closed up 1.3%, boosted by a 11.8% surge in Aldar Properties ALDAR.AD which saw its biggest intraday gain in nearly six years on Monday after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ.
First Abu Dhabi Bank FAB.AD increased 1.4%. In the previous session, the United Arab Emirates' biggest lender reported a 19% fall in quarterly profit, dragged down by a double-digit drop in net interest income and higher impairment charges.
Dubai's main share index .DFMGI gained 1.1%, led by a 5.8% rise in blue-chip developer Emaar Properties EMAR.DU and a 6.7% jump in DAMAC Properties DAMAC.DU.
Saudi Arabia's benchmark index .TASI added 0.5%, with oil giant Saudi Aramco 2222.SE rising 1.2% and Al Rajhi Bank 1120.SE increasing 0.5%.
The kingdom's Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.
Elsewhere, National Commercial Bank 1180.SE advanced 1.1%. Post trading hours, the kingdom's largest lender reported a higher net profit in the third quarter.
In Qatar, the index .QSI rose 0.5%, supported by a 2.2% leap in lender Masraf Al Rayan MARK.QA and a 2.9% rise in Commercial Bank COMB.QA.
Outside the Gulf, Egypt's blue-chip index .EGX30 was up 0.5%, as most of the stocks on the index were in positive territory including Commercial International Bank Egypt COMI.CA, which was up 0.9%.
ADNOC pipeline investor Galaxy starts marketing three-part bonds - document | Reuters
ADNOC pipeline investor Galaxy starts marketing three-part bonds - document | Reuters
Galaxy Pipeline Assets, owned by a consortium of investors that took a stake in Abu Dhabi ADNOC’s gas pipeline assets, started marketing a three-part dollar bond on Tuesday, a document showed.
The amortizing bonds are split into three tranches ranging from seven and a half to 20 years, according to the document issued by one of the banks leading the deal and seen by Reuters. They are being marketed with initial price guidance ranging from around 1.875% to 3.375%.
The issuer is owned by a consortium of investors including GIP, Brookfield, Singapore sovereign wealth fund GIC and European gas infrastructure owner and operator SNAM, which bought a stake in ADNOC’s gas pipeline assets earlier this year.
Galaxy Pipeline Assets, owned by a consortium of investors that took a stake in Abu Dhabi ADNOC’s gas pipeline assets, started marketing a three-part dollar bond on Tuesday, a document showed.
The amortizing bonds are split into three tranches ranging from seven and a half to 20 years, according to the document issued by one of the banks leading the deal and seen by Reuters. They are being marketed with initial price guidance ranging from around 1.875% to 3.375%.
The issuer is owned by a consortium of investors including GIP, Brookfield, Singapore sovereign wealth fund GIC and European gas infrastructure owner and operator SNAM, which bought a stake in ADNOC’s gas pipeline assets earlier this year.
#UAE's largest bank sees profits dip amid 'unprecedented' market conditions - Arabianbusiness
UAE's largest bank sees profits dip amid 'unprecedented' market conditions - Arabianbusiness
First Abu Dhabi Bank (FAB), the UAE's largest lender, has reported net profits of AED2.5 billion ($682 million) for the third quarter of 2020, up 4 percent on Q2 but down 19 percent on a year-earlier.
Net profit for the first nine months of 2020 stood at AED7.3 billion, 22 percent lower compared to the same period in 2019, mainly due to higher impairment charges and softer revenue but partly mitigated by cost optimisation, the bank said in a statement carried by state news agency WAM.
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| Image: ITP Media Group |
First Abu Dhabi Bank (FAB), the UAE's largest lender, has reported net profits of AED2.5 billion ($682 million) for the third quarter of 2020, up 4 percent on Q2 but down 19 percent on a year-earlier.
Net profit for the first nine months of 2020 stood at AED7.3 billion, 22 percent lower compared to the same period in 2019, mainly due to higher impairment charges and softer revenue but partly mitigated by cost optimisation, the bank said in a statement carried by state news agency WAM.
André Sayegh, group CEO, FAB, said: "FAB delivered a resilient performance in the first nine months of 2020, successfully managing key risks in the face of unprecedented economic and market conditions.
"With total assets almost reaching the AED1 trillion mark as of September-end 2020, our robust foundation enabled us to continue to support our clients, and to benefit from the gradual rebound in economic activity and market sentiment."
"With total assets almost reaching the AED1 trillion mark as of September-end 2020, our robust foundation enabled us to continue to support our clients, and to benefit from the gradual rebound in economic activity and market sentiment."
Etihad starts marketing dollar transition sukuk at around mid-2% - document | ZAWYA MENA Edition
Etihad starts marketing dollar transition sukuk at around mid-2% - document | ZAWYA MENA Edition
Etihad Airways, wholly owned by the Abu Dhabi government, on Tuesday began marketing U.S. dollar-denominated "transition" sukuk, or Islamic bonds, a document showed.
The airline gave initial price guidance in the mid-2% area for the sukuk, according to the document from one of the banks arranging the deal, which is expected to close on Wednesday.
So-called transition bonds are used by companies to gradually switch to more environmentally sustainable operations.
Etihad Airways, wholly owned by the Abu Dhabi government, on Tuesday began marketing U.S. dollar-denominated "transition" sukuk, or Islamic bonds, a document showed.
The airline gave initial price guidance in the mid-2% area for the sukuk, according to the document from one of the banks arranging the deal, which is expected to close on Wednesday.
So-called transition bonds are used by companies to gradually switch to more environmentally sustainable operations.
Emirate of #Sharjah hires banks for tap of 2029 sukuk - document | Reuters
Emirate of Sharjah hires banks for tap of 2029 sukuk - document | Reuters
Sharjah, the third-largest emirate of the United Arab Emirates, has hired banks to arrange a reopening of its existing $750 million 2029 sukuk, or Islamic bond, that it sold last year, a document showed.
It has hired Mashreqbank as financial advisor and mandated Dubai Islamic Bank, HSBC, Sharjah Islamic Bank and Standard Chartered to arrange investor calls starting on Tuesday. A tap of the $750 million 3.234% sukuk due October 23, 2029 will follow, subject to market conditions.
A bond tap is where an existing transaction is reopened for subscription using the same documentation as before.
Sharjah, the third-largest emirate of the United Arab Emirates, has hired banks to arrange a reopening of its existing $750 million 2029 sukuk, or Islamic bond, that it sold last year, a document showed.
It has hired Mashreqbank as financial advisor and mandated Dubai Islamic Bank, HSBC, Sharjah Islamic Bank and Standard Chartered to arrange investor calls starting on Tuesday. A tap of the $750 million 3.234% sukuk due October 23, 2029 will follow, subject to market conditions.
A bond tap is where an existing transaction is reopened for subscription using the same documentation as before.
#Dubai airport passenger traffic may fall 70% this year, CEO says | Reuters
Dubai airport passenger traffic may fall 70% this year, CEO says | Reuters
Dubai airport, the world’s busiest for international travel before the coronavirus crisis, could see passenger traffic fall by as much 70% this year, its chief executive said.
A wave of new infections around the world ahead of the typically busy Christmas and year-end travel season has brought further uncertainty to an industry already decimated by the pandemic.
Dubai airport could see passenger traffic fall 55-65% this year to 30-40 million passengers if it continues on its currently trajectory, CEO Paul Griffiths told Reuters.
The airport is handling around a million monthly passengers - more than it had projected - though Griffiths cautioned traffic could fall by as much as 70% this year.
Flights have gradually increased since a United Arab Emirates ban on most passenger services was lifted in June. Dubai state carrier Emirates is flying to around 100 destinations.
Dubai airport, the world’s busiest for international travel before the coronavirus crisis, could see passenger traffic fall by as much 70% this year, its chief executive said.
A wave of new infections around the world ahead of the typically busy Christmas and year-end travel season has brought further uncertainty to an industry already decimated by the pandemic.
Dubai airport could see passenger traffic fall 55-65% this year to 30-40 million passengers if it continues on its currently trajectory, CEO Paul Griffiths told Reuters.
The airport is handling around a million monthly passengers - more than it had projected - though Griffiths cautioned traffic could fall by as much as 70% this year.
Flights have gradually increased since a United Arab Emirates ban on most passenger services was lifted in June. Dubai state carrier Emirates is flying to around 100 destinations.
#Qatar-Owned Quintet Builds Family Office Unit With Key Hires - Bloomberg
Qatar-Owned Quintet Builds Family Office Unit With Key Hires - Bloomberg
Qatar-owned Quintet Private Bank SA has made key hires from rival banks as it builds out a business to manage the family wealth of entrepreneurs.
The Luxembourg-based group said it hired Cindy Eicher from JPMorgan’s Swiss wealth management business to co-head its Family Investment Office in Switzerland. It also brought in Raphael Drescher from Deutsche Bank AG to head the U.K. Family Investment Office and added three other heads of markets heads since last year, according to a bank spokesman.
The lender’s team of eight bankers plans to win business from active entrepreneurs with family wealth ranging in the tens to hundreds of millions of dollars, according to Philip Higson, head of the Family-Investment Office. Quintet plans to attract clients by offering investments in pre-IPO companies in the technology and healthcare sectors, setting the mid-sized bank apart from larger peers that only offer those services a narrower range of super-rich clients, he said.
The bank is owned by Precision Capital, a Luxembourg holding company representing some members of Qatar’s ruling Al Thani family. Jakob Stott took over as chief executive officer from Juerg Zeltner, the former UBS Group AG executive who died earlier this year. Under Stott, the bank is now seeking to simplify and reduce costs at its network of wealth-management businesses across Europe, including InsingerGilissen in the Netherlands and Brown Shipley in the U.K.
Qatar-owned Quintet Private Bank SA has made key hires from rival banks as it builds out a business to manage the family wealth of entrepreneurs.
The Luxembourg-based group said it hired Cindy Eicher from JPMorgan’s Swiss wealth management business to co-head its Family Investment Office in Switzerland. It also brought in Raphael Drescher from Deutsche Bank AG to head the U.K. Family Investment Office and added three other heads of markets heads since last year, according to a bank spokesman.
The lender’s team of eight bankers plans to win business from active entrepreneurs with family wealth ranging in the tens to hundreds of millions of dollars, according to Philip Higson, head of the Family-Investment Office. Quintet plans to attract clients by offering investments in pre-IPO companies in the technology and healthcare sectors, setting the mid-sized bank apart from larger peers that only offer those services a narrower range of super-rich clients, he said.
The bank is owned by Precision Capital, a Luxembourg holding company representing some members of Qatar’s ruling Al Thani family. Jakob Stott took over as chief executive officer from Juerg Zeltner, the former UBS Group AG executive who died earlier this year. Under Stott, the bank is now seeking to simplify and reduce costs at its network of wealth-management businesses across Europe, including InsingerGilissen in the Netherlands and Brown Shipley in the U.K.
#Dubai’s Peak Power Demand Rises in Sign of Economic Recovery - Bloomberg
Dubai’s Peak Power Demand Rises in Sign of Economic Recovery - Bloomberg
Demand for power in Dubai has risen from last year, according to the head of the emirate’s state-owned utility, a possible sign the economy is recovering from the coronavirus pandemic.
Dubai’s summertime peak electricity load rose by 6%, or roughly 500 megawatts, from 2019, Saeed Al Tayer, the chief executive officer of Dubai Electricity and Water Authority, said in an interview with Bloomberg TV.
“We are actually very optimistic because we thought that we would have negative growth,” Al Tayer said on Tuesday. “In the first quarter, it was negative growth. But then when the government decided to return to the offices and return to work,” demand climbed, he said.
The sheikhdom, one of seven that comprise the United Arab Emirates, is the Middle East’s main business hub and has been hit hard by declines in trade and tourism since the virus spread around the world. Economic activity has picked up since Dubai eased its own lockdown around May and June.
Demand for power in Dubai has risen from last year, according to the head of the emirate’s state-owned utility, a possible sign the economy is recovering from the coronavirus pandemic.
Dubai’s summertime peak electricity load rose by 6%, or roughly 500 megawatts, from 2019, Saeed Al Tayer, the chief executive officer of Dubai Electricity and Water Authority, said in an interview with Bloomberg TV.
“We are actually very optimistic because we thought that we would have negative growth,” Al Tayer said on Tuesday. “In the first quarter, it was negative growth. But then when the government decided to return to the offices and return to work,” demand climbed, he said.
The sheikhdom, one of seven that comprise the United Arab Emirates, is the Middle East’s main business hub and has been hit hard by declines in trade and tourism since the virus spread around the world. Economic activity has picked up since Dubai eased its own lockdown around May and June.
#Dubai to launch 'Nasdaq' market for emerging firms, SMEs | Reuters
Dubai to launch 'Nasdaq' market for emerging firms, SMEs | Reuters
Dubai plans to launch a “Nasdaq Dubai Growth Market” to help emerging companies, and small and medium enterprises (SMEs) attract investors and finance their projects, crown prince of the emirate, Sheikh Hamdan bin Mohammed bin Rashid al- Maktoum, said on Twitter on Tuesday.
The Nasdaq Dubai Growth Market will allow SMEs to list if they are valued below $250 million, with a minimum operating history of one year, compared to three years for Nasdaq Dubai’s main market, the Dubai Media Office said.
Nasdaq Dubai is collaborating with government bodies, UAE free zones and expert advisory companies as partners to launch the growth market in early 2021, it said.
Dubai plans to launch a “Nasdaq Dubai Growth Market” to help emerging companies, and small and medium enterprises (SMEs) attract investors and finance their projects, crown prince of the emirate, Sheikh Hamdan bin Mohammed bin Rashid al- Maktoum, said on Twitter on Tuesday.
The Nasdaq Dubai Growth Market will allow SMEs to list if they are valued below $250 million, with a minimum operating history of one year, compared to three years for Nasdaq Dubai’s main market, the Dubai Media Office said.
Nasdaq Dubai is collaborating with government bodies, UAE free zones and expert advisory companies as partners to launch the growth market in early 2021, it said.
Gulf economies set for steep contractions this year before rebounding - Reuters poll | Reuters
Gulf economies set for steep contractions this year before rebounding - Reuters poll | Reuters
The six-member Gulf Cooperation Council faces a steep economic contraction this year before partially rebounding in 2021, with most countries facing sharper declines than previously estimated, a quarterly Reuters poll showed.
Analysts in the Oct. 13-25 poll maintained their view that the region’s heavy dependence on hydrocarbons left it particularly hard-hit by the coronavirus crisis because of its effect on oil demand and prices.
New lockdown measures as infections continue to soar in the United States, Europe and elsewhere, could exacerbate already depressed economic activity.
Saudi Arabia, the region’s largest economy, is expected to face a GDP contraction of 5.1% this year and rebound to 3.1% growth next year and 2.7% growth in 2022. A poll conducted three months ago saw the world’s largest oil exporter contracting 5.2% in 2020.
“The region is now facing tough policy choices. Fiscal support is still needed to fight persistent and rising infections, already showing up in Europe and the U.S.,” noted analysts at NBK.
The six-member Gulf Cooperation Council faces a steep economic contraction this year before partially rebounding in 2021, with most countries facing sharper declines than previously estimated, a quarterly Reuters poll showed.
Analysts in the Oct. 13-25 poll maintained their view that the region’s heavy dependence on hydrocarbons left it particularly hard-hit by the coronavirus crisis because of its effect on oil demand and prices.
New lockdown measures as infections continue to soar in the United States, Europe and elsewhere, could exacerbate already depressed economic activity.
Saudi Arabia, the region’s largest economy, is expected to face a GDP contraction of 5.1% this year and rebound to 3.1% growth next year and 2.7% growth in 2022. A poll conducted three months ago saw the world’s largest oil exporter contracting 5.2% in 2020.
“The region is now facing tough policy choices. Fiscal support is still needed to fight persistent and rising infections, already showing up in Europe and the U.S.,” noted analysts at NBK.
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