Israel's El Al Airlines to fly 14 weekly flights to Dubai | Reuters
El Al Israel Airlines will operate 14 weekly flights from Tel Aviv to Dubai from Dec. 13, it said on Monday, joining a handful of carriers launching routes between Israel and the United Arab Emirates (UAE).
Israel and the UAE agreed in September to establish diplomatic relations, breaking a longstanding taboo and paving the way for economic cooperation.
Subject to regulatory approvals, Israeli flag carrier El Al plans to operate three flights a day on Sundays and Thursdays and two flights on other days of the week. Flights will be on Boeing 737-900 and 787 Dreamliner aircraft, it said.
El Al noted that until the mutual visa entry agreement enters into force between the countries, or until there is another bilateral solution, Israeli travellers can enter the UAE with a foreign passport that allows entry to the destination and/or receive a valid visa prior to the flight.
Monday, 23 November 2020
#Saudi Unicorn Looks Beyond Kingdom After Western Union Deal - Bloomberg
Saudi Unicorn Looks Beyond Kingdom After Western Union Deal - Bloomberg
Saudi Arabian digital payments firm stc pay, which was valued at $1.3 billion in a funding agreement with Western Union this month, is set to become profitable “very soon” and is in talks with regulators to expand into neighboring countries.
The company, launched by the kingdom’s biggest mobile operator Saudi Telecom Co. in late 2018, wants to offer digital payments across the six-nation Gulf Cooperation Council, Chief Executive Officer Ahmed Alenazi said in an interview.
Digital payments in the Middle East have grown rapidly as the pandemic forced more consumers to shop online. Moving Saudi Arabia toward non-cash transactions is also part of Crown Prince Mohammed bin Salman’s plan to diversify the kingdom’s economy away from oil.
Stc pay has already processed 24 billion riyals ($6.4 billion) of remittances since launch and attracted 4.5 million customers, Alenazi said.
The company is also in talks for a digital banking license in Saudi Arabia that will enable it to offer more financial services beyond payments and remittances.
Saudi Arabian digital payments firm stc pay, which was valued at $1.3 billion in a funding agreement with Western Union this month, is set to become profitable “very soon” and is in talks with regulators to expand into neighboring countries.
The company, launched by the kingdom’s biggest mobile operator Saudi Telecom Co. in late 2018, wants to offer digital payments across the six-nation Gulf Cooperation Council, Chief Executive Officer Ahmed Alenazi said in an interview.
Digital payments in the Middle East have grown rapidly as the pandemic forced more consumers to shop online. Moving Saudi Arabia toward non-cash transactions is also part of Crown Prince Mohammed bin Salman’s plan to diversify the kingdom’s economy away from oil.
Stc pay has already processed 24 billion riyals ($6.4 billion) of remittances since launch and attracted 4.5 million customers, Alenazi said.
The company is also in talks for a digital banking license in Saudi Arabia that will enable it to offer more financial services beyond payments and remittances.
Seven key takeaways from #UAE's new commercial company ownership laws - The National
Seven key takeaways from UAE's new commercial company ownership laws - The National
In a landmark move, the UAE on Monday executed sweeping reforms to its commercial company ownership laws.
The move, which comes in the wake of recent changes to personal and family laws and reforms to visa rules, is aimed at attracting foreign capital and improving the ease of doing business in the country. Here are seven major takeaways from the reformed commercial company ownership law, according to law firm BSA Ahmad Bin Hezeem & Associates.
"As you can imagine, we are already flooded with enquires from clients wanting to know more and take advantage of the new law."
The amendments "will no doubt encourage investment in the UAE and lead to economic growth", he said.
In a landmark move, the UAE on Monday executed sweeping reforms to its commercial company ownership laws.
The move, which comes in the wake of recent changes to personal and family laws and reforms to visa rules, is aimed at attracting foreign capital and improving the ease of doing business in the country. Here are seven major takeaways from the reformed commercial company ownership law, according to law firm BSA Ahmad Bin Hezeem & Associates.
- Companies will no longer be required to have an Emirati national as a majority shareholder in onshore companies, nor will they be required to have a UAE national or a local company as registered agents.
- Some sectors, including oil and gas, utilities and transport, are exempt from the new law.
- These changes will supersede the Foreign Direct Investment Law (Federal Law by Decree No. 19 of 2018 regarding FDI), which is cancelled.
- Companies that wish to go public can also sell 70 per cent of their shares in an IPO, instead of the previous limit of 30 per cent limit – a move that could help boost the liquidity of local stock markets.
- These new clauses will be added to the current Commercial Companies Law, which will have 51 articles amended - and three new ones added - to accommodate changes. Most of the changes are expected to relate to limited liability companies (LLCs) and joint stock companies.
- Local authorities such as the Department for Economic Development will be able to regulate participation levels of Emiratis in companies.
"As you can imagine, we are already flooded with enquires from clients wanting to know more and take advantage of the new law."
The amendments "will no doubt encourage investment in the UAE and lead to economic growth", he said.
#UAE Allows Full Foreign Ownership of Firms to Boost Economy - Bloomberg
UAE Allows Full Foreign Ownership of Firms to Boost Economy - Bloomberg
The United Arab Emirates abolished the need for companies to have Emirati shareholders, local media reported, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices.
The amendments to the 2015 commercial companies’ law remove key provisions requiring that a company be chaired by an Emirati national and for the board of directors to be majority Emirati, the Abu Dhabi-based newspaper said, citing changes issued by the country’s president. The government amended 51 articles and introduced three new ones in total. The rules come into effect on Dec. 1, according to Gulf News.
The changes are the latest in a series of measures aimed at liberalizing business activity in the UAE, where foreigners comprise more than 80% of the population. The amendments are designed to reduce costs for companies and attract foreign entrepreneurs often put off by regulations demanding they hand 51% of their business to locals in order to operate onshore. Economic free zones have been established across Dubai and other emirates over the years to help satisfy foreign companies unable to work onshore.
“This was always a sensitive topic given the easy ‘rents’ derived by locals for their passports,” said Tarek Fadlallah, the chief executive officer of Nomura Asset Management’s Middle Eastern unit. “Passing it is potentially a big moment but let’s see the extent of the implementation and the sectors impacted.”
The United Arab Emirates abolished the need for companies to have Emirati shareholders, local media reported, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices.
The amendments to the 2015 commercial companies’ law remove key provisions requiring that a company be chaired by an Emirati national and for the board of directors to be majority Emirati, the Abu Dhabi-based newspaper said, citing changes issued by the country’s president. The government amended 51 articles and introduced three new ones in total. The rules come into effect on Dec. 1, according to Gulf News.
The changes are the latest in a series of measures aimed at liberalizing business activity in the UAE, where foreigners comprise more than 80% of the population. The amendments are designed to reduce costs for companies and attract foreign entrepreneurs often put off by regulations demanding they hand 51% of their business to locals in order to operate onshore. Economic free zones have been established across Dubai and other emirates over the years to help satisfy foreign companies unable to work onshore.
“This was always a sensitive topic given the easy ‘rents’ derived by locals for their passports,” said Tarek Fadlallah, the chief executive officer of Nomura Asset Management’s Middle Eastern unit. “Passing it is potentially a big moment but let’s see the extent of the implementation and the sectors impacted.”
Oil prices settle up over 2% on COVID-19 vaccine news | Reuters
Oil prices settle up over 2% on COVID-19 vaccine news | Reuters
Oil prices settled up more than 2% on Monday, extending last week’s gains as the latest report of encouraging coronavirus vaccine trials had traders anticipating a recovery in demand.
Brent crude settled up $1.10, or 2.45 % to $46.06 a barrel while U.S. West Texas Intermediate crude gained 64 cents to $43.06 a barrel, a 1.51% gain. Both benchmarks jumped 5% last week.
British drugmaker AstraZeneca said on Monday its vaccine, developed along with the University of Oxford, could be around 90% effective.
“Another dose of favorable coronavirus vaccine news today has prompted a renewed upswing in the equities that has easily spilled into the oil space,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
The contango structure in the market, whereby the prices of front-month delivery contracts are lower than those for delivery six months later, narrowed to as little as 31 U.S. cents, its smallest since mid June, reflecting traders’ views a sustained glut is receding.
Brent crude settled up $1.10, or 2.45 % to $46.06 a barrel while U.S. West Texas Intermediate crude gained 64 cents to $43.06 a barrel, a 1.51% gain. Both benchmarks jumped 5% last week.
British drugmaker AstraZeneca said on Monday its vaccine, developed along with the University of Oxford, could be around 90% effective.
“Another dose of favorable coronavirus vaccine news today has prompted a renewed upswing in the equities that has easily spilled into the oil space,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
The contango structure in the market, whereby the prices of front-month delivery contracts are lower than those for delivery six months later, narrowed to as little as 31 U.S. cents, its smallest since mid June, reflecting traders’ views a sustained glut is receding.
Insurer Inigo raises $800 million from investors including QIA, CDPQ | Reuters
Insurer Inigo raises $800 million from investors including QIA, CDPQ | Reuters
Newly formed Lloyd’s of London insurer Inigo said on Monday it had raised $800 million from a group of investors including Qatar Investment Authority and Canada’s Caisse de dépôt et placement du Québec.
Inigo, founded by a group of former Hiscox executives, said the funds would help it to open for business in 2021, subject to approval from Lloyd’s.
The company said it had appointed Natwest Chairman Howard Davies as chairman of the company.
Inigo also said it had agreed to buy assets from StarStone Underwriting, including its Lloyd’s Syndicate 1301, from Enstar Group, subject to regulatory approvals.
“These are intended to form the foundation for Inigo’s operations as a specialty insurer, writing a streamlined portfolio of insurance and reinsurance risks. No legacy underwriting will be transferred to Inigo,” it said.
Newly formed Lloyd’s of London insurer Inigo said on Monday it had raised $800 million from a group of investors including Qatar Investment Authority and Canada’s Caisse de dépôt et placement du Québec.
Inigo, founded by a group of former Hiscox executives, said the funds would help it to open for business in 2021, subject to approval from Lloyd’s.
The company said it had appointed Natwest Chairman Howard Davies as chairman of the company.
Inigo also said it had agreed to buy assets from StarStone Underwriting, including its Lloyd’s Syndicate 1301, from Enstar Group, subject to regulatory approvals.
“These are intended to form the foundation for Inigo’s operations as a specialty insurer, writing a streamlined portfolio of insurance and reinsurance risks. No legacy underwriting will be transferred to Inigo,” it said.
#Israel's Cellcom third quarter loss widens as COVID hits roaming revenue | Reuters
Israel's Cellcom third quarter loss widens as COVID hits roaming revenue | Reuters
Losses at Israel’s largest mobile phone operator, Cellcom, widened in the third quarter, it said on Monday, blaming a drop in revenue from roaming services due to the coronavirus pandemic.
Cellcom reported a loss of 37 million shekels ($11 million), or 7 cents per share, for the third quarter, versus a 2 million shekel loss, or $0.003, a year earlier.
Revenue rose 3% to 956 million shekels, with service revenue down 2% to 695 million shekels. The decline was offset by a rise in equipment sales.
The results, it said, included the consolidation of smaller rival Golan Telecom, which it bought in August.
Losses at Israel’s largest mobile phone operator, Cellcom, widened in the third quarter, it said on Monday, blaming a drop in revenue from roaming services due to the coronavirus pandemic.
Cellcom reported a loss of 37 million shekels ($11 million), or 7 cents per share, for the third quarter, versus a 2 million shekel loss, or $0.003, a year earlier.
Revenue rose 3% to 956 million shekels, with service revenue down 2% to 695 million shekels. The decline was offset by a rise in equipment sales.
The results, it said, included the consolidation of smaller rival Golan Telecom, which it bought in August.
#UAE oil discoveries bolster ADNOC bid to reach 5 million bpd capacity: minister | Reuters
UAE oil discoveries bolster ADNOC bid to reach 5 million bpd capacity: minister | Reuters
United Arab Emirates’ Energy Minister Suhail al-Mazrouei said on Monday the latest oil discoveries are part of state-owned Abu Dhabi National Oil Co’s efforts to increase production capacity to 5 million barrels per day by 2030.
The UAE on Sunday announced the discovery of two billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.
The discoveries “reflect the constant development operations carried out by ADNOC in its endeavour to reach its target of increasing oil production capacity to 5 million bpd by 2030,” Mazrouei said on his ministry’s Twitter account.
United Arab Emirates’ Energy Minister Suhail al-Mazrouei said on Monday the latest oil discoveries are part of state-owned Abu Dhabi National Oil Co’s efforts to increase production capacity to 5 million barrels per day by 2030.
The UAE on Sunday announced the discovery of two billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.
The discoveries “reflect the constant development operations carried out by ADNOC in its endeavour to reach its target of increasing oil production capacity to 5 million bpd by 2030,” Mazrouei said on his ministry’s Twitter account.
#Dubai developer sees surge in property enquiries from Israeli buyers | ZAWYA MENA Edition
Dubai developer sees surge in property enquiries from Israeli buyers | ZAWYA MENA Edition
Enquiries for properties in the UAE are pouring in from Israeli buyers following the normalisation of relations between the two countries, according to Ellington Properties.
The real-estate developer announced on Monday that it has just signed a deal with international brokerage firm Keller Williams to market its real-estate assets in Dubai to buyers from Israel.
“This is a historic moment for us as we focus on promoting Dubai’s property sector among Israeli investors following the normalisation of bilateral relations between the two countries. We have received extensive enquiries from Israeli investors in the past weeks,” said Paula Wehbeh, Head of Business Strategy at Ellington Properties.
With the new partnership, Wehbeh said they will be able to strengthen their “brand positioning” within the Israeli market and “accelerate” investments in Dubai’s property sector.
The deal is one of the latest in a string of business arrangements announced by UAE firms following the normalisation of diplomatic ties between the two countries.
Enquiries for properties in the UAE are pouring in from Israeli buyers following the normalisation of relations between the two countries, according to Ellington Properties.
The real-estate developer announced on Monday that it has just signed a deal with international brokerage firm Keller Williams to market its real-estate assets in Dubai to buyers from Israel.
“This is a historic moment for us as we focus on promoting Dubai’s property sector among Israeli investors following the normalisation of bilateral relations between the two countries. We have received extensive enquiries from Israeli investors in the past weeks,” said Paula Wehbeh, Head of Business Strategy at Ellington Properties.
With the new partnership, Wehbeh said they will be able to strengthen their “brand positioning” within the Israeli market and “accelerate” investments in Dubai’s property sector.
The deal is one of the latest in a string of business arrangements announced by UAE firms following the normalisation of diplomatic ties between the two countries.
Expat Hubs Turn on Those They Once Courted - Bloomberg
Expat Hubs Turn on Those They Once Courted - Bloomberg
Take a pandemic, combine it with a global recession and add a sprinkle of pent-up nationalism. For skilled foreign workers around the globe it’s an increasingly bitter cocktail.
From financial-powerhouse Singapore to the U.S.’s tech hubs to oil-rich Kuwait, life has gotten much tougher for workers living abroad who until recently were courted for their expertise. Tighter visa criteria, fewer jobs and concerted government pressure on companies to hire locally is forcing many to return home.
“There’s been a bit of backlash from the local population toward expats,” said William Harvey, a professor at the University of Exeter who studies talent management and migration. “It’s easier to lay off people who are not from the country.”
Mohamed Faizer is one of many who knows that first hand. In March, the Hong Kong citizen was head of security at Kuwait’s Jazeera Airways and thriving. Then Covid hit and Faizer lost his job in the wave of cost-cutting that followed. This year the airline was forced to slash its workforce, laying off both expats and Kuwaiti nationals.
Take a pandemic, combine it with a global recession and add a sprinkle of pent-up nationalism. For skilled foreign workers around the globe it’s an increasingly bitter cocktail.
From financial-powerhouse Singapore to the U.S.’s tech hubs to oil-rich Kuwait, life has gotten much tougher for workers living abroad who until recently were courted for their expertise. Tighter visa criteria, fewer jobs and concerted government pressure on companies to hire locally is forcing many to return home.
“There’s been a bit of backlash from the local population toward expats,” said William Harvey, a professor at the University of Exeter who studies talent management and migration. “It’s easier to lay off people who are not from the country.”
Mohamed Faizer is one of many who knows that first hand. In March, the Hong Kong citizen was head of security at Kuwait’s Jazeera Airways and thriving. Then Covid hit and Faizer lost his job in the wave of cost-cutting that followed. This year the airline was forced to slash its workforce, laying off both expats and Kuwaiti nationals.
Oil prices extend gains on COVID vaccine hopes, Mideast tensions | Reuters
Oil prices extend gains on COVID vaccine hopes, Mideast tensions | Reuters
Oil prices rose 1% on Monday, extending gains as traders eyed a recovery in crude demand due to successful coronavirus vaccine trials, and concerns over tensions in the Middle East.
Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will continue to restrain production.
Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.
“Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by 3-6 months,” said Stephen Innes, Chief Global Markets Strategist at axi, a financial services firm.
Oil prices rose 1% on Monday, extending gains as traders eyed a recovery in crude demand due to successful coronavirus vaccine trials, and concerns over tensions in the Middle East.
Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will continue to restrain production.
Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.
“Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by 3-6 months,” said Stephen Innes, Chief Global Markets Strategist at axi, a financial services firm.
MIDEAST STOCKS-Major markets gain on vaccine optimism; #Saudi eases | Nasdaq
MIDEAST STOCKS-Major markets gain on vaccine optimism; Saudi eases | Nasdaq
Most major Gulf markets traded in positive territory on Monday, as further encouraging news on the COVID-19 vaccine front boosted investor sentiment, although Saudi shares bucked the trend in early trade.
In the fight against coronavirus infection, UK drugmaker AstraZeneca AZN.L said its vaccine, developed along with the University of Oxford, could be around 90% effective under one dosing regimen.
Before AstraZeneca released the news, oil prices had extended gains as traders eyed a recovery in crude demand thanks to successful vaccine trials, although prices were contained by renewed lockdowns in several countries. O/R
U.S. drugmakers Pfizer Inc PFE.N and Moderna Inc MRNA.O had earlier this month come out with positive news on the effectiveness of their vaccines, spurring financial markets worldwide on optimism over a faster-than-expected global economic recovery.
Dubai's main share index .DFMGI advanced more than a percent, with the emirate's largest lender Emirates NBD ENBD.DU adding 1.5%, while real estate firm Emaar Properties EMAR.DU tacked on 1.3%.
The Abu Dhabi index .ADI edged up 0.1%, with telecom firm Etisalat ETISALAT.AD gaining about 0.8%. Lender First Abu Dhabi Bank FAB.AD was the top loser, shedding 0.6%.
Saudi Arabia's benchmark index .TASI bucked the trend, trading down 0.2%.
Property stock Jabal Omar 4250.SE shed 1.5%, while consumer staples company Savola Group 2050.SE lost nearly a percent.
Elsewhere, the Qatar index .QSI added 0.6%, buoyed by finance stocks Qatar Islamic Bank QISB.QA and Commercial Bank COMB.QA, which gained 1.7% and 2.6%, respectively.
Most major Gulf markets traded in positive territory on Monday, as further encouraging news on the COVID-19 vaccine front boosted investor sentiment, although Saudi shares bucked the trend in early trade.
In the fight against coronavirus infection, UK drugmaker AstraZeneca AZN.L said its vaccine, developed along with the University of Oxford, could be around 90% effective under one dosing regimen.
Before AstraZeneca released the news, oil prices had extended gains as traders eyed a recovery in crude demand thanks to successful vaccine trials, although prices were contained by renewed lockdowns in several countries. O/R
U.S. drugmakers Pfizer Inc PFE.N and Moderna Inc MRNA.O had earlier this month come out with positive news on the effectiveness of their vaccines, spurring financial markets worldwide on optimism over a faster-than-expected global economic recovery.
Dubai's main share index .DFMGI advanced more than a percent, with the emirate's largest lender Emirates NBD ENBD.DU adding 1.5%, while real estate firm Emaar Properties EMAR.DU tacked on 1.3%.
The Abu Dhabi index .ADI edged up 0.1%, with telecom firm Etisalat ETISALAT.AD gaining about 0.8%. Lender First Abu Dhabi Bank FAB.AD was the top loser, shedding 0.6%.
Saudi Arabia's benchmark index .TASI bucked the trend, trading down 0.2%.
Property stock Jabal Omar 4250.SE shed 1.5%, while consumer staples company Savola Group 2050.SE lost nearly a percent.
Elsewhere, the Qatar index .QSI added 0.6%, buoyed by finance stocks Qatar Islamic Bank QISB.QA and Commercial Bank COMB.QA, which gained 1.7% and 2.6%, respectively.