Saudi Central Bank Governor Is Replaced With His Predecessor - Bloomberg
Saudi Arabia replaced its central bank governor on Sunday night and named his predecessor to replace him.
In a series of royal orders published on Sunday, Ahmed Alkholifey was removed from his position heading the monetary authority. Fahad Al-Mubarak, who was central bank governor from 2011 to 2016, was appointed to take his place.
Al-Mubarak had most recently been a minister of state and the kingdom’s sherpa for the Group of 20 industrialized economies. Alkholifey was simultaneously appointed an adviser to the royal court.
Saudi Arabia’s central bank has been one of the key vehicles for providing stimulus to the economy as the coronavirus pandemic and low oil prices hobble the private sector. The monetary authority has extended over 100 billion riyals ($27 billion) to local banks in liquidity injections and to cover the costs of loan deferrals for small businesses hit by the pandemic.
Sunday 24 January 2021
#SaudiArabia's PIF to have 4 trln riyals of assets by 2025 - Crown Prince | Reuters
Saudi Arabia's PIF to have 4 trln riyals of assets by 2025 - Crown Prince | Reuters
Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Crown Prince Mohammed bin Salman said on Sunday.
PIF will invest 3 trillion riyals over the next 10 years, Prince Mohammed said in a speech aired on state TV.
PIF, which is the main financial vehicle for Prince Mohammed’s plan to diversify the economy from its reliance on oil, has said before it expects to have $2 trillion worth of assets by 2030.
Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Crown Prince Mohammed bin Salman said on Sunday.
PIF will invest 3 trillion riyals over the next 10 years, Prince Mohammed said in a speech aired on state TV.
PIF, which is the main financial vehicle for Prince Mohammed’s plan to diversify the economy from its reliance on oil, has said before it expects to have $2 trillion worth of assets by 2030.
Most Gulf markets in red; #Kuwait up on banks | Reuters
Most Gulf markets in red; Kuwait up on banks | Reuters
Most stock markets in the Gulf ended lower on Sunday, with Dubai extending losses from the previous session as rising COVID infections in the United Arab Emirates weighed on sentiment.
Saudi Arabia’s benchmark index dropped 0.5%, with National Commercial Bank, the country’s largest lender, shedding 1.7%, while Al Rajhi Bank was down 0.5%.
The Saudi-led coalition battling Yemen’s Houthi movement said it had thwarted an air attack towards the Saudi Arabian capital Riyadh on Saturday, Saudi state television reported, but the Iran-aligned group denied any involvement.
Dubai’s main share index lost 0.7%, extending losses from the previous session, dragged down by a 2% fall in blue-chip developer Emaar Properties.
Amongst others, budget airliner Air Arabia slid 3.7%.
Dubai has suspended non-essential surgery for a month and live entertainment in hotels and restaurants until further notice as coronavirus infections surge in the Middle East trading hub.
New daily cases in the Gulf state of about 9 million people tripled in the past month to about 354 per million this week, according to Oxford University’s Our World in Data research programme.
The UAE does not release location data for infections, making it difficult to determine if Dubai, which relaxed restrictions early on, has been the hardest hit by the recent surge.
The Abu Dhabi index gave up early gains to close flat, with Abu Dhabi Commercial Bank rising 0.9%.
In Qatar, the index eased 0.3%, hit by a 0.8% fall in the Gulf’s largest lender Qatar National Bank and a 0.6% decrease in Qatar Islamic Bank.
Kuwait’s blue-chip index, however, rose 0.6%, with all its financial shares closing higher, including National Bank of Kuwait, which was up 0.6%.
Kuwait’s central bank allowed banks to distribute dividends to shareholders based on their 2020 financial statements and net profit.
Most stock markets in the Gulf ended lower on Sunday, with Dubai extending losses from the previous session as rising COVID infections in the United Arab Emirates weighed on sentiment.
Saudi Arabia’s benchmark index dropped 0.5%, with National Commercial Bank, the country’s largest lender, shedding 1.7%, while Al Rajhi Bank was down 0.5%.
The Saudi-led coalition battling Yemen’s Houthi movement said it had thwarted an air attack towards the Saudi Arabian capital Riyadh on Saturday, Saudi state television reported, but the Iran-aligned group denied any involvement.
Dubai’s main share index lost 0.7%, extending losses from the previous session, dragged down by a 2% fall in blue-chip developer Emaar Properties.
Amongst others, budget airliner Air Arabia slid 3.7%.
Dubai has suspended non-essential surgery for a month and live entertainment in hotels and restaurants until further notice as coronavirus infections surge in the Middle East trading hub.
New daily cases in the Gulf state of about 9 million people tripled in the past month to about 354 per million this week, according to Oxford University’s Our World in Data research programme.
The UAE does not release location data for infections, making it difficult to determine if Dubai, which relaxed restrictions early on, has been the hardest hit by the recent surge.
The Abu Dhabi index gave up early gains to close flat, with Abu Dhabi Commercial Bank rising 0.9%.
In Qatar, the index eased 0.3%, hit by a 0.8% fall in the Gulf’s largest lender Qatar National Bank and a 0.6% decrease in Qatar Islamic Bank.
Kuwait’s blue-chip index, however, rose 0.6%, with all its financial shares closing higher, including National Bank of Kuwait, which was up 0.6%.
Kuwait’s central bank allowed banks to distribute dividends to shareholders based on their 2020 financial statements and net profit.
Nadine Mezher, Co-Founder of Sarwa, on the Surge in Online Investing - Bloomberg video
Nadine Mezher, Co-Founder of Sarwa, on the Surge in Online Investing - Bloomberg
Nadine Mezher, co-founder of Sarwa, discusses how the pandemic fuelled a surge in online investing, how Dubai's financial hub has invested in her company as well as Sarwa's signed strategic partnership with Saxo Bank. She speaks with Yousef Gamal El-Din and Manus Cranny on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Nadine Mezher, co-founder of Sarwa, discusses how the pandemic fuelled a surge in online investing, how Dubai's financial hub has invested in her company as well as Sarwa's signed strategic partnership with Saxo Bank. She speaks with Yousef Gamal El-Din and Manus Cranny on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Florence Eid-Oakden, Arabia Monitor CEO/Founder, on Recent Middle East Tensions, Vaccines, Economy - Bloomberg video
Florence Eid-Oakden, Arabia Monitor CEO/Founder, on Recent Middle East Tensions, Vaccines, Economy - Bloomberg
Florence Eid-Oakden, CEO/Founder/Chief Economist of Arabia Monitor, discusses Saudi Arabia's recently intercepted and destroyed "hostile air target" that was aimed at Riyadh, whether the U.S. might rejoin the Joint Comprehensive Plan of Action under the new Biden administration, the Saudi unemployment rate, and vaccine rollouts in the Middle East. She speaks with Yousef Gamal El-Din and Manus Cranny on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
New Finablr Owners Hire Moelis and Pledge to Reopen #UAE Exchange - Bloomberg
New Finablr Owners Hire Moelis and Pledge to Reopen UAE Exchange - Bloomberg
The consortium that bought Finablr Plc has hired U.S. investment bank Moelis & Co. to restructure the scandal-plagued payments firm, calling it a step toward re-opening its foreign-exchange branches in the United Arab Emirates.
Prism Group AG and Abu Dhabi’s Royal Strategic Partners, which acquired Finablr for $1 in December last year, said Moelis will advise on the “restructuring and transformation” of Finablr and its subsidiaries, as well as help putting together a capital structure proposal that will be presented to the group’s creditors in the coming weeks.
Moelis’s appointment will “lead to the swift re-opening of UAE Exchange, the Abu Dhabi-based remittance house, whose branches have been closed since March 2020,” according to a statement Sunday from Prism and Royal Strategic Partners.
The consortium that bought Finablr Plc has hired U.S. investment bank Moelis & Co. to restructure the scandal-plagued payments firm, calling it a step toward re-opening its foreign-exchange branches in the United Arab Emirates.
Prism Group AG and Abu Dhabi’s Royal Strategic Partners, which acquired Finablr for $1 in December last year, said Moelis will advise on the “restructuring and transformation” of Finablr and its subsidiaries, as well as help putting together a capital structure proposal that will be presented to the group’s creditors in the coming weeks.
Moelis’s appointment will “lead to the swift re-opening of UAE Exchange, the Abu Dhabi-based remittance house, whose branches have been closed since March 2020,” according to a statement Sunday from Prism and Royal Strategic Partners.
#UAE cabinet approves debt strategy to build local currency bond market | Reuters
UAE cabinet approves debt strategy to build local currency bond market | Reuters
The United Arab Emirates cabinet approved a public debt strategy aimed at developing the Gulf state’s market for local currency bonds, the UAE’s vice president said in a tweet on Sunday.
“The goal is to build a bond market in the local currency ... and stimulate the country’s financial and banking sector,” UAE Vice President and the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum said.
Individual emirates such as Dubai, Abu Dhabi, and Sharjah, have already become issuers of international debt. The UAE has no debt of its own but plans to sell federal bonds soon.
The United Arab Emirates cabinet approved a public debt strategy aimed at developing the Gulf state’s market for local currency bonds, the UAE’s vice president said in a tweet on Sunday.
“The goal is to build a bond market in the local currency ... and stimulate the country’s financial and banking sector,” UAE Vice President and the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum said.
Individual emirates such as Dubai, Abu Dhabi, and Sharjah, have already become issuers of international debt. The UAE has no debt of its own but plans to sell federal bonds soon.
Libya Reopens Oil Pipeline to Biggest Port After Fixing Leak - Bloomberg
Libya Reopens Oil Pipeline to Biggest Port After Fixing Leak - Bloomberg
Libya restarted a pipeline that carries crude oil to its biggest export terminal, after a halt that caused the OPEC member’s production to drop to the lowest level in two months.
The 32-inch link has been repaired and pumping has resumed, Waha Oil Co., which operates the eastern port of Es Sider, said in a statement. That paves the way for the return of 200,000 barrels a day that stopped flowing after the company shut the pipeline to fix leaks.
Waha, a subsidiary of state energy firm National Oil Corp., was pumping 98,000 barrels a day on Saturday before the pipeline restarted. It’s expected to be back to its normal daily level of 300,000 barrels within two days, according to a person with knowledge of the situation.
Libya’s crude output had surged to nearly 1.25 million barrels a day at the start of this month from almost nothing in September, thanks to a tentative peace between the main factions in its civil war. The Arab nation is pumping about three-quarters as much as it did before the 2011 uprising that toppled former dictator Moammar Al Qaddafi and triggered the country’s political and economic collapse.
Libya restarted a pipeline that carries crude oil to its biggest export terminal, after a halt that caused the OPEC member’s production to drop to the lowest level in two months.
The 32-inch link has been repaired and pumping has resumed, Waha Oil Co., which operates the eastern port of Es Sider, said in a statement. That paves the way for the return of 200,000 barrels a day that stopped flowing after the company shut the pipeline to fix leaks.
Waha, a subsidiary of state energy firm National Oil Corp., was pumping 98,000 barrels a day on Saturday before the pipeline restarted. It’s expected to be back to its normal daily level of 300,000 barrels within two days, according to a person with knowledge of the situation.
Libya’s crude output had surged to nearly 1.25 million barrels a day at the start of this month from almost nothing in September, thanks to a tentative peace between the main factions in its civil war. The Arab nation is pumping about three-quarters as much as it did before the 2011 uprising that toppled former dictator Moammar Al Qaddafi and triggered the country’s political and economic collapse.
#Dubai Shares Drop on Restrictions, #Kuwait Banks Rise: Inside EM - Bloomberg
Dubai Shares Drop on Restrictions, Kuwait Banks Rise: Inside EM - Bloomberg
Dubai’s main equities index led losses in the Middle East after a fresh set of restrictions to contain the spread of coronavirus as cases keep rising. Banks in Kuwait advanced on potential dividend resumption.
The DFM General Index fell as much as 1.6% on Sunday, adding to a 2% drop on Thursday. The benchmark in Abu Dhabi, Saudi Arabia and Qatar also traded lower, while the main gauge in Kuwait rose the most.
Stocks in Dubai have risen the past few weeks on improved prospects for tourism and as a vaccination program in the United Arab Emirates picked up. But in the latest setback, the emirate announced over the weekend that attendance at weddings, social events and private parties will be restricted to 10 people, just after ordering hotels and restaurants to halt entertainment activities late last week.
In Kuwait, lenders including National Bank of Kuwait SAKP, Kuwait Finance House KSCP and Gulf Bank KSCP advanced after the central bank allowed lenders to distribute cash profits based on their 2020 financial results.
Dubai’s main equities index led losses in the Middle East after a fresh set of restrictions to contain the spread of coronavirus as cases keep rising. Banks in Kuwait advanced on potential dividend resumption.
The DFM General Index fell as much as 1.6% on Sunday, adding to a 2% drop on Thursday. The benchmark in Abu Dhabi, Saudi Arabia and Qatar also traded lower, while the main gauge in Kuwait rose the most.
In Kuwait, lenders including National Bank of Kuwait SAKP, Kuwait Finance House KSCP and Gulf Bank KSCP advanced after the central bank allowed lenders to distribute cash profits based on their 2020 financial results.
Leaders of Vaccine Rollout Deliver Some of World’s Top Gains - Bloomberg #Israel #UAE
Leaders of Vaccine Rollout Deliver Some of World’s Top Gains - Bloomberg
The race to deliver the jab to the world’s populations has so far been led by a handful of smaller nations, and now they’re outpacing some of the wealthiest countries in the eyes of traders too.
The fastest Covid-19 vaccination rollouts globally, in Israel and the United Arab Emirates, are propelling their stocks to some of the world’s top gains. Israel’s benchmark index has advanced 7.6% this year, outperforming both the S&P 500 and the Euro Stoxx Index. It ranks 12th among major equity gauges. Meantime, the Dubai Financial Market General Index has climbed 9%, all but reversing its 10% slump in 2020 and handing investors the sixth-best returns year to date. The Abu Dhabi Securities Market General Index is the world’s third-best performer.
Traders are rushing to price the global vaccine rollout and betting nations at the forefront will be the fastest to recover from the crisis, lifting their stocks, currencies and bond yields. The share of a country’s population that has been inoculated might be “the most important statistic to track over the next year,” according to strategists at JPMorgan Chase & Co.
The race to deliver the jab to the world’s populations has so far been led by a handful of smaller nations, and now they’re outpacing some of the wealthiest countries in the eyes of traders too.
The fastest Covid-19 vaccination rollouts globally, in Israel and the United Arab Emirates, are propelling their stocks to some of the world’s top gains. Israel’s benchmark index has advanced 7.6% this year, outperforming both the S&P 500 and the Euro Stoxx Index. It ranks 12th among major equity gauges. Meantime, the Dubai Financial Market General Index has climbed 9%, all but reversing its 10% slump in 2020 and handing investors the sixth-best returns year to date. The Abu Dhabi Securities Market General Index is the world’s third-best performer.
Traders are rushing to price the global vaccine rollout and betting nations at the forefront will be the fastest to recover from the crisis, lifting their stocks, currencies and bond yields. The share of a country’s population that has been inoculated might be “the most important statistic to track over the next year,” according to strategists at JPMorgan Chase & Co.
#Dubai leads most Gulf markets lower, but #AbuDhabi bucks the trend | Reuters
Dubai leads most Gulf markets lower, but Abu Dhabi bucks the trend | Reuters
Most major Gulf stock markets slipped on Sunday, with Dubai hardest hit following a surge in coronavirus cases in the United Arab Emirates, but Abu Dhabi bucked the trend to trade higher.
Dubai’s main share index dropped as much as 1.3% in early trade, with blue-chip developer Emaar Properties shedding 1.2%
Financial stocks also drove the losses, led by a Dubai’s biggest lender, Emirates NBD Bank, which was down 0.4%.
Dubai has suspended non-essential surgery for a month and live entertainment in hotels and restaurants until further notice as coronavirus infections surge in the Middle East trading hub.
New daily cases in the Gulf state of about 9 million people tripled in the past month to about 354 per million this week, according to Oxford University’s Our World in Data research programme.
The UAE does not release location data for infections, making it difficult to determine if Dubai, which relaxed restrictions early on, has been the hardest hit by the recent surge.
Saudi Arabia’s benchmark index fell 0.2%, weighed down by a 1.2% fall in petrochemical firm Saudi Basic Industries and a 0.6% decrease in the kingdom’s largest lender, National Commercial Bank.
Unemployment in Saudi Arabia fell in the third quarter of 2020 to 14.9% from 15.4% in the second quarter, official data in the world’s biggest oil exporter showed on Friday.
In Abu Dhabi, the index edged up 0.1%, helped by a 1.2% gain in Abu Dhabi Commercial Bank.
The Qatari index slipped 0.1%, with petrochemical maker Industries Qatar falling 0.4%.
Kuwait’s blue-chip index rose 0.6%, with all its financial shares trading higher, including National Bank of Kuwait, which was up 0.5%.
Kuwait’s central bank allowed banks to distribute dividends to shareholders based on their 2020 financial statements and net profit.
Most major Gulf stock markets slipped on Sunday, with Dubai hardest hit following a surge in coronavirus cases in the United Arab Emirates, but Abu Dhabi bucked the trend to trade higher.
Dubai’s main share index dropped as much as 1.3% in early trade, with blue-chip developer Emaar Properties shedding 1.2%
Financial stocks also drove the losses, led by a Dubai’s biggest lender, Emirates NBD Bank, which was down 0.4%.
Dubai has suspended non-essential surgery for a month and live entertainment in hotels and restaurants until further notice as coronavirus infections surge in the Middle East trading hub.
New daily cases in the Gulf state of about 9 million people tripled in the past month to about 354 per million this week, according to Oxford University’s Our World in Data research programme.
The UAE does not release location data for infections, making it difficult to determine if Dubai, which relaxed restrictions early on, has been the hardest hit by the recent surge.
Saudi Arabia’s benchmark index fell 0.2%, weighed down by a 1.2% fall in petrochemical firm Saudi Basic Industries and a 0.6% decrease in the kingdom’s largest lender, National Commercial Bank.
Unemployment in Saudi Arabia fell in the third quarter of 2020 to 14.9% from 15.4% in the second quarter, official data in the world’s biggest oil exporter showed on Friday.
In Abu Dhabi, the index edged up 0.1%, helped by a 1.2% gain in Abu Dhabi Commercial Bank.
The Qatari index slipped 0.1%, with petrochemical maker Industries Qatar falling 0.4%.
Kuwait’s blue-chip index rose 0.6%, with all its financial shares trading higher, including National Bank of Kuwait, which was up 0.5%.
Kuwait’s central bank allowed banks to distribute dividends to shareholders based on their 2020 financial statements and net profit.