Dubai Poised to Benefit From Cryptocurrency Growth, Bittrex Says - Bloomberg
Dubai is well-positioned to benefit from the growing cryptocurrency market in the Middle East as its regulators lead a push toward acceptance of blockchain-based technologies, according to Bittrex Global’s chief executive officer.
The United Arab Emirates and Dubai are “doing all the right things and they’re going to attract a lot of regional projects,” Stephen Stonberg, CEO of the digital assets exchange, said in an interview. “It’s a great place to set up your token project, or run a cryptocurrency exchange,” he said, helped by the region’s status as a tax haven.
Dubai, the region’s financial hub, has already taken several steps to bolster the use of blockchain within the city in recent months, and Stonberg expects Middle Eastern sovereign wealth funds to also make blockchain allocations.
In May, Dubai Airport Free Zone Authority signed an agreement with the Securities and Commodities Authority to support the regulation, offering and trading of crypto assets within the free zone. The city’s DMCC freezone opened a blockchain-based exchange for sugar trading last year and the Bitcoin Fund listed on the Nasdaq Dubai exchange in June -- the first of its kind to trade in the region.
“I think Dubai is going to do fantastically well,” as it embraces cryptocurrencies, he said, adding that Bittrex expects to have an expanded presence and more clients in the region.
Cryptocurrencies have rallied in recent weeks, with bullish voices, including Tesla Inc. boss Elon Musk and investment manager Cathie Wood, boosting sentiment. Federal Reserve chairman Jerome Powell’s dovish tone about tapering also helped ease fears within the market.
“A lot of the institutional money going into Ethereum and Bitcoin is probably really the driver for the market,” Stonberg said. “It’s not so much as retail froth.”
Sunday, 29 August 2021
#Dubai developer Limitless set to agree third debt restructuring deal | Reuters
Dubai developer Limitless set to agree third debt restructuring deal | Reuters
Dubai state-owned property developer Limitless is set to reach an agreement with creditors over some $760 million of troubled debt, documents seen by Reuters showed - its third restructuring in a decade.
Limitless, along with Nakheel, was among the biggest casualties of Dubai’s property crash and the subsequent debt crisis that began in 2009.
It plans to enter into a lock-up agreement - a precursor to a long form term sheet and definitive documentation - with an ad-hoc group of creditors by the end of this month and with remaining creditors by the end of September to restructure the debt, an overview of the plan seen by Reuters showed.
The ad-hoc group includes First Abu Dhabi Bank (FAB.AD), Dubai Islamic Bank (DISB.DU), Emirates NBD (ENBD.DU), Arab National Bank (1080.SE), and Mashreqbank (MASB.DU).
Dubai state-owned property developer Limitless is set to reach an agreement with creditors over some $760 million of troubled debt, documents seen by Reuters showed - its third restructuring in a decade.
Limitless, along with Nakheel, was among the biggest casualties of Dubai’s property crash and the subsequent debt crisis that began in 2009.
It plans to enter into a lock-up agreement - a precursor to a long form term sheet and definitive documentation - with an ad-hoc group of creditors by the end of this month and with remaining creditors by the end of September to restructure the debt, an overview of the plan seen by Reuters showed.
The ad-hoc group includes First Abu Dhabi Bank (FAB.AD), Dubai Islamic Bank (DISB.DU), Emirates NBD (ENBD.DU), Arab National Bank (1080.SE), and Mashreqbank (MASB.DU).
MIDEAST STOCKS #Saudi drives most Gulf bourses higher; Qatar dips | Reuters
MIDEAST STOCKS Saudi drives most Gulf bourses higher; Qatar dips | Reuters
Most stock markets in the Gulf ended higher on Sunday, with the Saudi index leading the gains, reflecting a positive tone following the annual central banks' symposium and a rise in oil prices.
"GCC markets should progress in positive territory this week as they react to the U.S. Federal Reserve chairman intervention at the Jackson Hole symposium on Friday," said Wael Makarem senior market strategist at Exness.
"Investors were relieved to hear that the U.S. central bank will not taper its asset purchases program soon and that interest rate hikes were not in the line of sight for the moment."
Saudi Arabia's benchmark index (.TASI) rose 0.5%, with Al Rajhi Bank (1120.SE) gaining 1.2%, while Alinma Bank (1150.SE) advanced 2.3%.
Brent crude oil futures rose $1.63, or 2.3%, to settle at $72.70 a barrel on Friday for the biggest weekly gain in more than a year as energy companies began shutting U.S. production in the Gulf of Mexico ahead of a major hurricane expected to make landfall this week. read more
In Abu Dhabi, the index (.ADI) gained 0.4%, led by a 4.9% jump in Alpha Dhabi Holding (ALPHADHABI.AD).
The Abu Dhabi Securities Exchange (ADX) said on Saturday it would halve its trading commissions to 0.025% from 0.05% from Sept. 1, the exchange's second commission cut this year and the third in three years. read more
Dubai's main share index (.DFMGI) traded flat as gains in property shares were offset by declines in financial stocks.
Blue-chip developer Emaar Properties (EMAR.DU) closed 1% higher.
Emaar properties stock price should see further gains in the coming weeks to months as the real estate market continues to improve in Dubai and elsewhere and as the economic revival remains strong, added Makarem.
The Qatari benchmark (.QSI) fell 0.2%, hit by a 0.5% fall in Qatar Islamic Bank (QISB.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) eased 0.1%, weighed down by a 0.8% fall in top lender Commercial International Bank Egypt (COMI.CA).
Most stock markets in the Gulf ended higher on Sunday, with the Saudi index leading the gains, reflecting a positive tone following the annual central banks' symposium and a rise in oil prices.
"GCC markets should progress in positive territory this week as they react to the U.S. Federal Reserve chairman intervention at the Jackson Hole symposium on Friday," said Wael Makarem senior market strategist at Exness.
"Investors were relieved to hear that the U.S. central bank will not taper its asset purchases program soon and that interest rate hikes were not in the line of sight for the moment."
Saudi Arabia's benchmark index (.TASI) rose 0.5%, with Al Rajhi Bank (1120.SE) gaining 1.2%, while Alinma Bank (1150.SE) advanced 2.3%.
Brent crude oil futures rose $1.63, or 2.3%, to settle at $72.70 a barrel on Friday for the biggest weekly gain in more than a year as energy companies began shutting U.S. production in the Gulf of Mexico ahead of a major hurricane expected to make landfall this week. read more
In Abu Dhabi, the index (.ADI) gained 0.4%, led by a 4.9% jump in Alpha Dhabi Holding (ALPHADHABI.AD).
The Abu Dhabi Securities Exchange (ADX) said on Saturday it would halve its trading commissions to 0.025% from 0.05% from Sept. 1, the exchange's second commission cut this year and the third in three years. read more
Dubai's main share index (.DFMGI) traded flat as gains in property shares were offset by declines in financial stocks.
Blue-chip developer Emaar Properties (EMAR.DU) closed 1% higher.
Emaar properties stock price should see further gains in the coming weeks to months as the real estate market continues to improve in Dubai and elsewhere and as the economic revival remains strong, added Makarem.
The Qatari benchmark (.QSI) fell 0.2%, hit by a 0.5% fall in Qatar Islamic Bank (QISB.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) eased 0.1%, weighed down by a 0.8% fall in top lender Commercial International Bank Egypt (COMI.CA).
Kuwaiti Stocks Lead Middle East Gains After Oil Rally: Inside EM - Bloomberg
Kuwaiti Stocks Lead Middle East Gains After Oil Rally: Inside EM - Bloomberg
Kuwait’s benchmark stock index traded at a record high for a fourth session after oil posted the biggest weekly gain in over a year. Equities in Saudi Arabia, Abu Dhabi and Oman also rose.
MIDDLE EASTERN MARKETS:
Kuwait’s benchmark stock index traded at a record high for a fourth session after oil posted the biggest weekly gain in over a year. Equities in Saudi Arabia, Abu Dhabi and Oman also rose.
MIDDLE EASTERN MARKETS:
- Kuwait’s Premier Market Index rises 0.5% at 11:24 a.m. local time
- Kuwait Finance House +1.2%; Zain +1%; Ahli United Bank +0.7%
- Banking shares have been leading the gauge’s 4.5% rally in August
- Abu Dhabi’s ADX General Index rises as much as 0.3%, snapping a three-day loss
- Al Waha Capital +3.9%; Aldar Properties +1.5%; Etisalat -0.9%, International Holding -0.3%
- International Holding unit Al Seer Marine Supplies & Equipment listed in Abu Dhabi on Sunday, opening at 13 dirhams before rising to as high as 15 dirhams
- Saudi Arabia’s Tadawul All Share Index climbs as much as 0.4%, driven by gains in Al Rajhi Bank and Saudi National Bank
- Dubai’s benchmark DFM General Index rises as much as 0.3% before trading little changed at 11:51a.m. in Dubai
- Qatar Exchange Index drops for a third day after reaching the highest level since August 2016 on Tuesday
- Qatar National Bank -1%; Qatar Islamic Bank -0.8%; Commercial Bank of Qatar -0.4%
- Shares in Tel Aviv rise after U.S. stocks rose on Friday over the Federal Reserve chairman’s dovish tone about tapering
#UAE banks lead GCC in Q2 banking sector profit growth | Banking – Gulf News
UAE banks lead GCC in Q2 banking sector profit growth | Banking – Gulf News
UAE banks reported the biggest increase in profits during the second quarter of 2021, registering a growth of 11.8 per cent quarter on quarter, according to a recent analysis of data from across the GCC by Kuwait-based Kamco Invest.
The second quarter data for the UAE banks showed 9 out of 16 listed banks in the UAE reported an increase in net profits.
FAB reported the biggest absolute growth in profits that reached $783.7 million in Q2-2021 as compared to $674 million n Q1-2021. ADCB and Dubai Islamic Bank followed in terms of absolute profit growth registering increases of 25.1 per cent and 19.3 per cent quarter on quarter, respectively. On the other hand, Bank of Sharjah continued to report loss during the quarter that reached $93.9 million in Q2-2021.
Kuwaiti banks reported the second-biggest quarter on quarter increase in net profits at 7.8 per cent to reach $0.7 billion in Q2-2021 after 6 out of 10 banks reported growth in profits. CBK and Burgan Bank reported the biggest quarter on quarter growth in net profits during Q2-2021.
UAE banks reported the biggest increase in profits during the second quarter of 2021, registering a growth of 11.8 per cent quarter on quarter, according to a recent analysis of data from across the GCC by Kuwait-based Kamco Invest.
The second quarter data for the UAE banks showed 9 out of 16 listed banks in the UAE reported an increase in net profits.
FAB reported the biggest absolute growth in profits that reached $783.7 million in Q2-2021 as compared to $674 million n Q1-2021. ADCB and Dubai Islamic Bank followed in terms of absolute profit growth registering increases of 25.1 per cent and 19.3 per cent quarter on quarter, respectively. On the other hand, Bank of Sharjah continued to report loss during the quarter that reached $93.9 million in Q2-2021.
Kuwaiti banks reported the second-biggest quarter on quarter increase in net profits at 7.8 per cent to reach $0.7 billion in Q2-2021 after 6 out of 10 banks reported growth in profits. CBK and Burgan Bank reported the biggest quarter on quarter growth in net profits during Q2-2021.
Foreign investment into #SaudiArabia up 13%, says minister | Reuters
Foreign investment into Saudi Arabia up 13%, says minister | Reuters
Direct foreign investment into Saudi Arabia rose by about 13% in the first quarter of this year, Saudi Investment Minister Khalid al-Falih said in an interview with Al Arabiya.
Attracting foreign investment is a core element of Saudi reforms aimed at diversifying the economy away from oil.
Direct foreign investment into Saudi Arabia rose by about 13% in the first quarter of this year, Saudi Investment Minister Khalid al-Falih said in an interview with Al Arabiya.
Attracting foreign investment is a core element of Saudi reforms aimed at diversifying the economy away from oil.
MIDEAST STOCKS #Saudi index leads most Gulf bourses higher | Reuters
MIDEAST STOCKS Saudi index leads most Gulf bourses higher | Reuters
Most stocks in the Gulf region rose in early trade on Sunday, with the Saudi index leading the way while Qatar bucked the trend with a 0.2% decline.
Saudi Arabia's benchmark index (.TASI) gained 0.3% as Al Rajhi Bank (1120.SE) rose by 0.8% and Saudi National Bank (1180.SE), the kingdom's biggest lender, adavnced by 0.3%.
Brent crude oil futures rose $1.63, or 2.3%, to settle at $72.70 a barrel on Friday for the biggest weekly gain in more than a year as energy companies began shutting U.S. production in the Gulf of Mexico ahead of a major hurricane expected to make landfall this week. read more
Moves in oil prices are a key catalyst for the Gulf region's financial markets.
The Abu Dhabi index (.ADI) added 0.1%, supported by a 3.4% rise for Alpha Dhabi Holding (ALPHADHABI.AD).
The Abu Dhabi Securities Exchange (ADX) on Saturday said it would halve its trading commission to 0.025% from 0.05% from Sept. 1, its second commission cut this year and the third in three years. read more
The main share index (.DFMGI) in Dubai, the travel and tourism hub of the Middle East, edged up 0.1%, driven by a 0.7% increase for blue-chip developer Emaar Properties (EMAR.DU).
The United Arab Emirates will resume issuing tourist visas to vaccinated travellers from Aug. 30, state news agency WAM reported on Saturday. read more
The Qatari benchmark (.QSI) fell 0.2%, pressured by a 0.8% drop for the Gulf's largest lender, Qatar National Bank (QNBK.QA).
Most stocks in the Gulf region rose in early trade on Sunday, with the Saudi index leading the way while Qatar bucked the trend with a 0.2% decline.
Saudi Arabia's benchmark index (.TASI) gained 0.3% as Al Rajhi Bank (1120.SE) rose by 0.8% and Saudi National Bank (1180.SE), the kingdom's biggest lender, adavnced by 0.3%.
Brent crude oil futures rose $1.63, or 2.3%, to settle at $72.70 a barrel on Friday for the biggest weekly gain in more than a year as energy companies began shutting U.S. production in the Gulf of Mexico ahead of a major hurricane expected to make landfall this week. read more
Moves in oil prices are a key catalyst for the Gulf region's financial markets.
The Abu Dhabi index (.ADI) added 0.1%, supported by a 3.4% rise for Alpha Dhabi Holding (ALPHADHABI.AD).
The Abu Dhabi Securities Exchange (ADX) on Saturday said it would halve its trading commission to 0.025% from 0.05% from Sept. 1, its second commission cut this year and the third in three years. read more
The main share index (.DFMGI) in Dubai, the travel and tourism hub of the Middle East, edged up 0.1%, driven by a 0.7% increase for blue-chip developer Emaar Properties (EMAR.DU).
The United Arab Emirates will resume issuing tourist visas to vaccinated travellers from Aug. 30, state news agency WAM reported on Saturday. read more
The Qatari benchmark (.QSI) fell 0.2%, pressured by a 0.8% drop for the Gulf's largest lender, Qatar National Bank (QNBK.QA).
#UAE Opens Up Travel to All Vaccinated People, Boosting Tourism - Bloomberg
UAE Opens Up Travel to All Vaccinated People, Boosting Tourism - Bloomberg
The United Arab Emirates will open up tourist visa applications to everyone who has been vaccinated with one of the shots approved by the World Health Organization, a potential boost to the country’s key tourism sector.
The decision applies to citizens of all countries, including those arriving from previously banned nations, state-run WAM reported late on Saturday. The move is part of the country’s strategy to support “national efforts to achieve sustainable recovery and economic growth,” the news agency said.
The new rules go into effect on August 30. Passengers arriving on tourist visas must register their vaccination status on the government’s health app and undergo rapid testing at the airport, according to WAM.
The United Arab Emirates will open up tourist visa applications to everyone who has been vaccinated with one of the shots approved by the World Health Organization, a potential boost to the country’s key tourism sector.
The decision applies to citizens of all countries, including those arriving from previously banned nations, state-run WAM reported late on Saturday. The move is part of the country’s strategy to support “national efforts to achieve sustainable recovery and economic growth,” the news agency said.
The new rules go into effect on August 30. Passengers arriving on tourist visas must register their vaccination status on the government’s health app and undergo rapid testing at the airport, according to WAM.
#Dubai and #AbuDhabi bourses to extend trading hours from October | ZAWYA MENA Edition
Dubai and Abu Dhabi bourses to extend trading hours from October | ZAWYA MENA Edition
The Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) will both extend its trading hours by one hour starting 3 October 2021, the exchanges said in separate statements on Saturday.
The new initiative is expected to attract more investors as well as increase liquidity in the market.
Hassan Al Serkal, CEO of the DFM said: “The new initiative will further strengthen the leading position of the DFM as a main gateway for investments and attract wider and more diversified categories of investors, especially the international investors who are constantly showing great interest in our market."
“The trading hours’ extension will provide investors with more flexibility and larger time span to accomplish their investment activities on the market,” he added.
According to a statement from the exchange, the DFM has an investor base covering 207 countries. International investors account for 48.2 percent of its trading activities.
The ADX said it will reduce trading fee to 0.025 percent from 0.05 percent starting from September 1, the bourse's second commission cut this year. Its trading hours will also be extended by one hour starting October 3, with the market opening at 10 a.m. and closing at 3 p.m.
The Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) will both extend its trading hours by one hour starting 3 October 2021, the exchanges said in separate statements on Saturday.
The new initiative is expected to attract more investors as well as increase liquidity in the market.
Hassan Al Serkal, CEO of the DFM said: “The new initiative will further strengthen the leading position of the DFM as a main gateway for investments and attract wider and more diversified categories of investors, especially the international investors who are constantly showing great interest in our market."
“The trading hours’ extension will provide investors with more flexibility and larger time span to accomplish their investment activities on the market,” he added.
According to a statement from the exchange, the DFM has an investor base covering 207 countries. International investors account for 48.2 percent of its trading activities.
The ADX said it will reduce trading fee to 0.025 percent from 0.05 percent starting from September 1, the bourse's second commission cut this year. Its trading hours will also be extended by one hour starting October 3, with the market opening at 10 a.m. and closing at 3 p.m.
OPEC+ could reconsider output increase, says Kuwaiti oil minister | Reuters
OPEC+ could reconsider output increase, says Kuwaiti oil minister | Reuters
The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept. 1, Kuwait's oil minister said on Sunday.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.
"The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase," Mohammad Abdulatif al-Fares told Reuters on the sildelines of a government-sponsored event in Kuwait City.
Economies of East Asian countries and China remain affected by COVID-19 and caution must be exercised, Fares added.
U.S. President Joe Biden's administration has urged OPEC and its allies to boost oil output to tackle rising gasoline prices that it views as a threat to the global economic recovery. read more
Asked about the U.S. call, Fares said OPEC+ members had different views on the matter.
"There are meetings with OPEC countries, especially the Gulf Cooperation Council countries, and so far there are different views on how to handle this issue," Fares said.
OPEC+ last year implemented a record output cut of 10 million bpd, equating to about 10% of world demand, when energy demand plunged because of travel restrictions and national lockdowns to counter the spread of COVID-19.
The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept. 1, Kuwait's oil minister said on Sunday.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.
"The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase," Mohammad Abdulatif al-Fares told Reuters on the sildelines of a government-sponsored event in Kuwait City.
Economies of East Asian countries and China remain affected by COVID-19 and caution must be exercised, Fares added.
U.S. President Joe Biden's administration has urged OPEC and its allies to boost oil output to tackle rising gasoline prices that it views as a threat to the global economic recovery. read more
Asked about the U.S. call, Fares said OPEC+ members had different views on the matter.
"There are meetings with OPEC countries, especially the Gulf Cooperation Council countries, and so far there are different views on how to handle this issue," Fares said.
OPEC+ last year implemented a record output cut of 10 million bpd, equating to about 10% of world demand, when energy demand plunged because of travel restrictions and national lockdowns to counter the spread of COVID-19.
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