UAE widens 10-year residency 'golden' visa eligibility | Reuters
The United Arab Emirates will extend its “golden” visa system - which grants 10-year residency in the Gulf state - to certain professionals, specialised degree-holders and others, the UAE’s vice president said on Sunday.
Foreigners in the UAE usually have renewable visas valid for only a few years tied to employment. The government in the past couple of years has made its visa policy more flexible, offering longer residencies for certain types of investors, students and professionals.
All holders of doctorate degrees, medical doctors and also computer, electronics, programming, electrical and biotechnology engineers are eligible, UAE Vice President and the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum said in a statement.
Also eligible are those with specialised degrees in artificial intelligence, big data and epidemiology, as well as high school students living in the UAE who rank top in the country and students from certain universities with a GPA of 3.8 or higher.
Sunday 15 November 2020
Novus Aviation could double portfolio over next 18 months, managing director says | Reuters
Novus Aviation could double portfolio over next 18 months, managing director says | Reuters
Middle East aircraft leasing company Novus Aviation Capital could double its portfolio to $6 billion over the next 18 months through deals with airlines and other lessors, its managing director said on Sunday.
The aviation industry is facing its worst ever crisis due to the coronavirus pandemic that has decimated air travel demand, forcing airlines around the world into a cash crunch.
Dubai-headquartered Novus, however, sees opportunity to buy during the market downturn to meet demand for smaller aircraft types and certain larger, fuel-efficient jets.
It is interested in Boeing BA.N 737 MAX and Airbus AIR.PA A320neo narrowbody jets, and Boeing 787 and Airbus A350 widebodies, Mounir Kuzbari told Reuters in an interview.
Middle East aircraft leasing company Novus Aviation Capital could double its portfolio to $6 billion over the next 18 months through deals with airlines and other lessors, its managing director said on Sunday.
The aviation industry is facing its worst ever crisis due to the coronavirus pandemic that has decimated air travel demand, forcing airlines around the world into a cash crunch.
Dubai-headquartered Novus, however, sees opportunity to buy during the market downturn to meet demand for smaller aircraft types and certain larger, fuel-efficient jets.
It is interested in Boeing BA.N 737 MAX and Airbus AIR.PA A320neo narrowbody jets, and Boeing 787 and Airbus A350 widebodies, Mounir Kuzbari told Reuters in an interview.
Mideast Stocks- Most major stocks rise in Mideast | ZAWYA MENA Edition
Mideast Stocks- Most major stocks rise in Mideast | ZAWYA MENA Edition
Most major stock markets in the Middle East ended higher on Sunday, with Saudi leading gains on a rise in financial shares, while Egypt bucked the trend to close lower.
By Thursday major Gulf markets had logged weekly gains following positive developments in a COVID-19 vaccine, which boosted hopes of a faster-than-expected global economic recovery.
Saudi Arabia's benchmark index increased 0.8% on Sunday, with Al Rajhi Bank1120.SE rising 1.4%, while utility firm Saudi Electricity jumped 5.1%.
Official data showed on Sunday that Saudi Arabia's consumer price index increased by 5.8% in October compared with the same month last year, slightly above September's 5.7% rate. O
Dubai's main share index added 0.3%, helped by a 1.5% rise in Emirates NBD Bank and a 1.8% gain in budget airliner Air Arabia.
The Abu Dhabi index gained 0.3%, with the United Arab Emirates' largest lender First Abu Dhabi Bank rising 0.5%.
Among gainers, Dana Gas was up 0.3%. On Thursday, the energy firm said it expects to complete the sale of its onshore Egyptian oil and gas assets to IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, in early 2021.
UAE has reopened its land-border crossings as it works to shield the economy from the effects of the coronavirus pandemic, Reuters reported on Friday, citing state news agency WAM.
The statement said Omani citizens would not need authorisation to enter the country from Nov. 16, but would need a negative PCR coronavirus test. It gave no details on any changes for Saudi citizens.
Qatar's index eased 0.1%, weighed down by a 1% drop in the Gulf's largest lender Qatar National Bank.
Most major stock markets in the Middle East ended higher on Sunday, with Saudi leading gains on a rise in financial shares, while Egypt bucked the trend to close lower.
By Thursday major Gulf markets had logged weekly gains following positive developments in a COVID-19 vaccine, which boosted hopes of a faster-than-expected global economic recovery.
Saudi Arabia's benchmark index increased 0.8% on Sunday, with Al Rajhi Bank1120.SE rising 1.4%, while utility firm Saudi Electricity jumped 5.1%.
Official data showed on Sunday that Saudi Arabia's consumer price index increased by 5.8% in October compared with the same month last year, slightly above September's 5.7% rate. O
Dubai's main share index added 0.3%, helped by a 1.5% rise in Emirates NBD Bank and a 1.8% gain in budget airliner Air Arabia.
The Abu Dhabi index gained 0.3%, with the United Arab Emirates' largest lender First Abu Dhabi Bank rising 0.5%.
Among gainers, Dana Gas was up 0.3%. On Thursday, the energy firm said it expects to complete the sale of its onshore Egyptian oil and gas assets to IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, in early 2021.
UAE has reopened its land-border crossings as it works to shield the economy from the effects of the coronavirus pandemic, Reuters reported on Friday, citing state news agency WAM.
The statement said Omani citizens would not need authorisation to enter the country from Nov. 16, but would need a negative PCR coronavirus test. It gave no details on any changes for Saudi citizens.
Qatar's index eased 0.1%, weighed down by a 1% drop in the Gulf's largest lender Qatar National Bank.
Middle East Stocks News: #Saudi Banks Boost Main Stock Index Amid Recovery Bets: Inside EM - Bloomberg
Middle East Stocks News: #Saudi Banks Boost Main Stock Index Amid Recovery Bets: Inside EM - Bloomberg
Saudi lenders boosted the main index in Riyadh to the biggest gain in the Middle East amid bets that a recovery in the kingdom’s economy will help earnings next year.
The Tadawul Banks Index, composed of 12 banking shares, advanced 0.7% on Sunday to end at the highest level since Feb. 23. Al Rajhi Bank, Bank AlBilad, Samba Financial Group and Saudi British Bank climbed between 0.7% and 2.1%, versus a 0.8% increase for the Tadawul All Share Index.
A “fast-recovery scenario” suggests 11% earnings upside for Saudi banks in 2020-21, according to Edmond Christou, an analyst at Bloomberg Intelligence. “A stronger economy could support a recovery in Saudi bank earnings, we believe, with consensus for both 2020-21 subject to 11% upward revisions on lower cost-of-risk provisioning and better revenue,” he wrote in a note.
Saudi Arabia’s income from oil is expected to drop by nearly a third to 410 billion riyals ($109.3 billion) this year as the fall in crude prices takes a toll on the kingdom, Crown Prince Mohammed bin Salman said in a statement last week. Still, non-oil revenue is expected to rise 14% to 360 billion riyals, he said, with domestically unpopular tax and fee hikes helping to lessen the blow to the budget.
Saudi lenders boosted the main index in Riyadh to the biggest gain in the Middle East amid bets that a recovery in the kingdom’s economy will help earnings next year.
The Tadawul Banks Index, composed of 12 banking shares, advanced 0.7% on Sunday to end at the highest level since Feb. 23. Al Rajhi Bank, Bank AlBilad, Samba Financial Group and Saudi British Bank climbed between 0.7% and 2.1%, versus a 0.8% increase for the Tadawul All Share Index.
A “fast-recovery scenario” suggests 11% earnings upside for Saudi banks in 2020-21, according to Edmond Christou, an analyst at Bloomberg Intelligence. “A stronger economy could support a recovery in Saudi bank earnings, we believe, with consensus for both 2020-21 subject to 11% upward revisions on lower cost-of-risk provisioning and better revenue,” he wrote in a note.
Saudi Arabia’s income from oil is expected to drop by nearly a third to 410 billion riyals ($109.3 billion) this year as the fall in crude prices takes a toll on the kingdom, Crown Prince Mohammed bin Salman said in a statement last week. Still, non-oil revenue is expected to rise 14% to 360 billion riyals, he said, with domestically unpopular tax and fee hikes helping to lessen the blow to the budget.
#Dubai Aerospace Plans to Expand Portfolio to 450 Jets in 2021 - Bloomberg
Dubai Aerospace Plans to Expand Portfolio to 450 Jets in 2021 - Bloomberg
Dubai Aerospace Enterprise, the Middle East’s biggest plane-leasing firm, plans to expand its portfolio to 450 planes next year even after the coronavirus pandemic weighed down on the company’s profit.
“If we do our job correctly in 2021,” 450 is the minimum fleet size that DAE is targeting, Chief Executive Officer Firoz Tarapore said in an interview with Bloomberg TV. The state-owned company currently has 381 planes, and it has already committed to adding 31 jets valued at $1.1 billion.
The lessor could tap debt markets if conditions were favorable, Tarapore said, adding that its liquidity is “super strong” and can fund the expansion.
Profit for the nine months ended Sept. 30 declined by more than a third to $167.3 million compared with the same period last year.
Dubai Aerospace Enterprise, the Middle East’s biggest plane-leasing firm, plans to expand its portfolio to 450 planes next year even after the coronavirus pandemic weighed down on the company’s profit.
“If we do our job correctly in 2021,” 450 is the minimum fleet size that DAE is targeting, Chief Executive Officer Firoz Tarapore said in an interview with Bloomberg TV. The state-owned company currently has 381 planes, and it has already committed to adding 31 jets valued at $1.1 billion.
The lessor could tap debt markets if conditions were favorable, Tarapore said, adding that its liquidity is “super strong” and can fund the expansion.
Profit for the nine months ended Sept. 30 declined by more than a third to $167.3 million compared with the same period last year.
OPEC+ Gets Scant Relief From Vaccine as It Meets to Discuss Cuts - Bloomberg
OPEC+ Gets Scant Relief From Vaccine as It Meets to Discuss Cuts - Bloomberg
Oil markets may be cheering the prospects of a coronavirus vaccine, but OPEC+ can’t celebrate.
Crude prices have rallied to a 10-week high on hopes that Pfizer Inc. and BioNTech SE’s breakthrough could soon revive the flights, car journeys and other economic activity that underpin fuel consumption.
Nonetheless, the alliance of producers led by Saudi Arabia and Russia is discussing a delay of the supply boost they’d hoped to make in January. Oil demand is currently suffering a fresh blow from a resurgence of the pandemic.
Ministers are focused on a postponement of three to six months, according to delegates familiar with the talks who asked not to be identified. They’ll hold an interim meeting on Tuesday to review the market, then make a final decision in a further two weeks.
Oil markets may be cheering the prospects of a coronavirus vaccine, but OPEC+ can’t celebrate.
Crude prices have rallied to a 10-week high on hopes that Pfizer Inc. and BioNTech SE’s breakthrough could soon revive the flights, car journeys and other economic activity that underpin fuel consumption.
Nonetheless, the alliance of producers led by Saudi Arabia and Russia is discussing a delay of the supply boost they’d hoped to make in January. Oil demand is currently suffering a fresh blow from a resurgence of the pandemic.
Ministers are focused on a postponement of three to six months, according to delegates familiar with the talks who asked not to be identified. They’ll hold an interim meeting on Tuesday to review the market, then make a final decision in a further two weeks.
Emaar Fares Better in Villa, Apartment Segments Amid Slump - Bloomberg
Emaar Fares Better in Villa, Apartment Segments Amid Slump - Bloomberg
Dubai-based developer Emaar Properties PJSC fared better in the villa and apartment segments in the third quarter, though the slump in property values deepened amid the coronavirus pandemic.
The company had higher income from the sale of villas, apartments and land plots compared with the previous quarter, it said. Emaar, the biggest listed developer in Dubai, last week posted a 48% drop in nine-month profit, but said “things will be in better shape across most sectors by summer 2021.”
The pandemic has aggravated a property slump in Dubai, where oversupply and economic uncertainty have pushed down prices for years. S&P Global Ratings and Moody’s Investors Service said in July that real estate values will drop further in the coming months amid subdued demand.
Dubai-based developer Emaar Properties PJSC fared better in the villa and apartment segments in the third quarter, though the slump in property values deepened amid the coronavirus pandemic.
The company had higher income from the sale of villas, apartments and land plots compared with the previous quarter, it said. Emaar, the biggest listed developer in Dubai, last week posted a 48% drop in nine-month profit, but said “things will be in better shape across most sectors by summer 2021.”
The pandemic has aggravated a property slump in Dubai, where oversupply and economic uncertainty have pushed down prices for years. S&P Global Ratings and Moody’s Investors Service said in July that real estate values will drop further in the coming months amid subdued demand.
- 3Q revenue from condominiums sales 2.03 billion vs 1.75 billion dirhams in 2Q
- 3Q revenue from villa sales 686.4 million dirhams vs 492.6 million dirhams in 2Q
- 3Q revenue from sale of commercial units, plots of land and others 557 million dirhams vs 235.4 million dirhams in 2Q
- 3Q revenue from hospitality 151.8 million dirhams 47.7 million dirhams in 2Q
- 3Q revenue from leased properties, retail and related income 917 million dirhams vs 681.9 million dirhams in 2Q
Most major Gulf markets rise; #Qatar shares fall | Reuters
Most major Gulf markets rise; Qatar shares fall | Reuters
Most major stock markets in the Gulf traded higher early on Sunday, largely on the back of gains in finance industry shares, while the Qatari index was down, bucking the firmer trend.
Saudi Arabia's benchmark index .TASI rose 0.5%, led by a 4.7% jump in utility company Saudi Electricity 5110.SE and a 0.4% increase in Al Rajah Bank 1120.SE.
On Thursday, major Gulf markets had logged weekly gains following positive developments in a COVID-19 vaccine which boosted hopes of a faster-than-expected global economic recovery.
Dubai's main share index .DFMGI gained 0.5%, with its largest lender Emirates NBD Bank ENBD.DU advancing 1.5%, while blue-chip developer Emaar Properties EMAR.DU added 1.1%.
In Abu Dhabi, the index .ADI traded 1% higher, on track to extend gains for a fifth session, buoyed by a 2.4% rise in the United Arab Emirates' (UAE) biggest lender First Abu Dhabi Bank FAB.AD.
UAE has reopened its land-border crossings as it works to support the economy from the effects of the coronavirus pandemic, Reuters reported on Friday, citing state news agency WAM.
The statement said Omani citizens would not need authorisation to enter the country from Nov. 16 but would need a negative PCR coronavirus test. It gave no details on any changes for Saudi citizens.
The Qatari index .QSI slipped 0.5%, hit by a 1% fall in Qatar National Bank QNBK.QA.
Most major stock markets in the Gulf traded higher early on Sunday, largely on the back of gains in finance industry shares, while the Qatari index was down, bucking the firmer trend.
Saudi Arabia's benchmark index .TASI rose 0.5%, led by a 4.7% jump in utility company Saudi Electricity 5110.SE and a 0.4% increase in Al Rajah Bank 1120.SE.
On Thursday, major Gulf markets had logged weekly gains following positive developments in a COVID-19 vaccine which boosted hopes of a faster-than-expected global economic recovery.
Dubai's main share index .DFMGI gained 0.5%, with its largest lender Emirates NBD Bank ENBD.DU advancing 1.5%, while blue-chip developer Emaar Properties EMAR.DU added 1.1%.
In Abu Dhabi, the index .ADI traded 1% higher, on track to extend gains for a fifth session, buoyed by a 2.4% rise in the United Arab Emirates' (UAE) biggest lender First Abu Dhabi Bank FAB.AD.
UAE has reopened its land-border crossings as it works to support the economy from the effects of the coronavirus pandemic, Reuters reported on Friday, citing state news agency WAM.
The statement said Omani citizens would not need authorisation to enter the country from Nov. 16 but would need a negative PCR coronavirus test. It gave no details on any changes for Saudi citizens.
The Qatari index .QSI slipped 0.5%, hit by a 1% fall in Qatar National Bank QNBK.QA.
Auditors cast doubts on #Dubai-listed Gulf Navigation's $53.8mln insurance claim | ZAWYA MENA Edition
Auditors cast doubts on Dubai-listed Gulf Navigation's $53.8mln insurance claim | ZAWYA MENA Edition
Dubai-based Gulf Navigation Holding seems to be facing uncertainty after including a multi-million-dollar insurance claim, the outcome of which is not certain, in its latest financial results.
The shipping company had earlier seen the loss of its live animal transport vessel Gulf Livestock 1, which sunk off Japan with some cattle and dozens of crew during a typhoon in September.
In its Q3 2020 results, the company mentioned that it has an insurance claim receivable worth 197.5 million UAE dirhams ( $53.8 million) related to the accident.
However, a Deloitte report on the review of interim financial information, which was filed to the Dubai Financial Market (DFM) on Sunday, pointed out that if the claim had not been included as a receivable, the company’s accumulated losses would have exceeded 50 percent of the group’s share capital, thus requiring a general meeting for shareholders to vote on dissolving or restructuring the company.
Dubai-based Gulf Navigation Holding seems to be facing uncertainty after including a multi-million-dollar insurance claim, the outcome of which is not certain, in its latest financial results.
The shipping company had earlier seen the loss of its live animal transport vessel Gulf Livestock 1, which sunk off Japan with some cattle and dozens of crew during a typhoon in September.
In its Q3 2020 results, the company mentioned that it has an insurance claim receivable worth 197.5 million UAE dirhams ( $53.8 million) related to the accident.
However, a Deloitte report on the review of interim financial information, which was filed to the Dubai Financial Market (DFM) on Sunday, pointed out that if the claim had not been included as a receivable, the company’s accumulated losses would have exceeded 50 percent of the group’s share capital, thus requiring a general meeting for shareholders to vote on dissolving or restructuring the company.
#Saudi Debt Beats Peers for Now as Bond Traders Brace for Biden - Bloomberg
Saudi Debt Beats Peers for Now as Bond Traders Brace for Biden - Bloomberg
The bonds of OPEC’s largest crude producer have shrugged off historically low energy prices and the coronavirus pandemic this year. Investors are pondering how long that outperformance will last with Joe Biden in the White House.
Saudi Arabia’s U.S. dollar-denominated debt has handed investors an average return of about 10% this year through Nov. 13, the second-best performance among developing nations, according to data compiled by Bloomberg.
The bonds of OPEC’s largest crude producer have shrugged off historically low energy prices and the coronavirus pandemic this year. Investors are pondering how long that outperformance will last with Joe Biden in the White House.
Saudi Arabia’s U.S. dollar-denominated debt has handed investors an average return of about 10% this year through Nov. 13, the second-best performance among developing nations, according to data compiled by Bloomberg.
Despite its dependence on crude, the kingdom is one of the highest-rated sovereigns in emerging markets and its yields are more closely correlated to U.S. Treasuries than those of its developing-nation peers. Its $7 billion sale of Eurobonds in April was heavily oversubscribed, with investors placing around $54 billion of orders. The yield on Saudi Arabia’s 2060 dollar notes has dropped more than a percentage point since their offering seven months ago.
“There was a strong interest by Taiwanese insurers for A-rated longer-dated debt, and Saudi as well as Qatar have been net beneficiaries of this hunt for yield,” said Sergey Dergachev, a money manager at Union Investment Privatfonds GmbH in Frankfurt. Saudi-specific themes “have almost not been a driver at all for credit spreads of the country’s sovereign bonds this year,” he said.
“There was a strong interest by Taiwanese insurers for A-rated longer-dated debt, and Saudi as well as Qatar have been net beneficiaries of this hunt for yield,” said Sergey Dergachev, a money manager at Union Investment Privatfonds GmbH in Frankfurt. Saudi-specific themes “have almost not been a driver at all for credit spreads of the country’s sovereign bonds this year,” he said.
Middle East Stocks News: #AbuDhabi Stocks Rise Most in Mideast Boosted by FAB - Bloomberg
Middle East Stocks News: Abu Dhabi Stocks Rise Most in Mideast Boosted by FAB - Bloomberg
Abu Dhabi’s main equities index rose the most in the Middle East, boosted by gains in the United Arab Emirate’s biggest lender as investors in the region extend a rotation from cyclicals to value.
The ADX General Index gained as much as 1.4%, with First Abu Dhabi Bank PJSC climbing as much as 3.4% to the highest price since early March. The bank has a weight of near 40% in the index. Benchmarks in Dubai, Saudi Arabia and Oman also rose, while those in Kuwait, Bahrain and Qatar fell.
FAB’s outperformance could be linked to “a cyclical/value recovery post the vaccine news, with much more news on a vaccine to come,” according to Divye Arora, a portfolio manager at Daman Investments in Dubai. “It is the safest name amongst UAE banks with better asset quality, lowest cost of risk and relatively higher public and public sector related entities exposure.”
Abu Dhabi’s main equities index rose the most in the Middle East, boosted by gains in the United Arab Emirate’s biggest lender as investors in the region extend a rotation from cyclicals to value.
The ADX General Index gained as much as 1.4%, with First Abu Dhabi Bank PJSC climbing as much as 3.4% to the highest price since early March. The bank has a weight of near 40% in the index. Benchmarks in Dubai, Saudi Arabia and Oman also rose, while those in Kuwait, Bahrain and Qatar fell.
FAB’s outperformance could be linked to “a cyclical/value recovery post the vaccine news, with much more news on a vaccine to come,” according to Divye Arora, a portfolio manager at Daman Investments in Dubai. “It is the safest name amongst UAE banks with better asset quality, lowest cost of risk and relatively higher public and public sector related entities exposure.”
The stock is “looking attractive” versus regional players when looking at a price-to-book basis, according to Harshjit Oza, the head of research at Shuaa Securities. “Also, one third of their lending is to government and government-related entities, so overall cost of risk and higher provisioning concern going forward are limited.”
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