'Green Visas': UAE Introduces New Residency Guidelines to Attract Foreigners - Bloomberg
The United Arab Emirates announced a new class of visas on Sunday, the latest step in a series of moves aimed at attracting talent and boosting growth.
“Green Visas” will allow expatriates to apply for work without being sponsored by an employer, targeting investors and highly skilled workers as well as top students and graduates. Green visa holders will be able to sponsor their parents and children up to the age of 25 on their permits.
The government also said it would allow people who’ve lost their jobs to remain in the country for up to 180 days, a major incentive as most visas are tied to employment contracts. And in an effort to loosen the job market, it’s allowing for the hiring of temporary workers above the age of 15.
Foreign residents make up more than 80% of the population of the UAE and have been a mainstay of the economy for decades, doing most private sector jobs and spending their money on property or shopping in some of the world’s largest malls.
Oil-rich Gulf states have long resisted offering permanent residency, let alone citizenship, to their millions of foreign workers, guarding generous privileges enjoyed by their nationals. But forced by the 2014 oil-price slump to prepare their economies for a post-fossil fuel world, they are now seeking to entice wealthy people to stay, a trend that was reinforced during the Covid-19 pandemic, when governments took steps to ensure those who lost their jobs could remain.
Both Saudi Arabia and Qatar have taken steps toward allowing some expatriates permanent residency.
Sunday, 5 September 2021
Saudis Cut Oil Prices to Woo Buyers as OPEC+ Boosts Supply - Bloomberg
Saudis Cut Oil Prices to Woo Buyers as OPEC+ Boosts Supply - Bloomberg
Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world’s largest crude exporter wants to entice buyers to take more of its barrels.
State producer Saudi Aramco is rolling back pricing on all of its grades to its biggest market in Asia. Three successive months of increases in the company’s official selling prices had left refiners smarting as the coronavirus pandemic plays havoc with the recovery in energy demand.
But with Brent crude up 40% this year, OPEC+ sees enough demand -- and a potential shortage by the end of the year -- to allow it to raise production. That increase means more barrels competing for cautious buyers. Saudi Arabia, which sells all of its oil on long-term contracts to refiners, risks alienating customers if its sets monthly prices too high.
“Because of the high Saudi OSPs in previous months, traders have diverted to the spot market instead of using long term contracts,” said Giovanni Staunovo, a commodities analyst at UBS Group AG. Now Aramco wants buyers to take more Saudi crude, he said. “With domestic demand likely leveling off in autumn, they have more barrels to be exported, so that’s another reason to offer more attractive OSPs.”
Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world’s largest crude exporter wants to entice buyers to take more of its barrels.
State producer Saudi Aramco is rolling back pricing on all of its grades to its biggest market in Asia. Three successive months of increases in the company’s official selling prices had left refiners smarting as the coronavirus pandemic plays havoc with the recovery in energy demand.
But with Brent crude up 40% this year, OPEC+ sees enough demand -- and a potential shortage by the end of the year -- to allow it to raise production. That increase means more barrels competing for cautious buyers. Saudi Arabia, which sells all of its oil on long-term contracts to refiners, risks alienating customers if its sets monthly prices too high.
“Because of the high Saudi OSPs in previous months, traders have diverted to the spot market instead of using long term contracts,” said Giovanni Staunovo, a commodities analyst at UBS Group AG. Now Aramco wants buyers to take more Saudi crude, he said. “With domestic demand likely leveling off in autumn, they have more barrels to be exported, so that’s another reason to offer more attractive OSPs.”
MIDEAST STOCKS Saudi Telecom aids #Saudi bourse; blue-chip selloff dents Egypt | Reuters
MIDEAST STOCKS Saudi Telecom aids Saudi bourse; blue-chip selloff dents Egypt | Reuters
Major stock markets in the Gulf were mixed on Sunday, with the Saudi index extending gains from the previous session, while Egyptian stocks retreated due to a broad selloff in blue-chip shares.
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 1.7% rise in Saudi Telecom Company (STC) (7010.SE) after its unit Arabian Internet and Communications Services Co set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($959.90 million).
STC unit's IPO is among a spate of deals hitting the Saudi Arabian exchange this year including Acwa Power's more than $1 billion IPO and another offering from Saudi Tadawul Group.
Meanwhile, Yemen's Houthi group attacked oil facilities belonging to Saudi Aramco (2222.SE) in Ras Tanura, in the east of the kingdom, and other locations including Jeddah, on the Red Sea coast, a military spokesman for the Iran-aligned group said on Sunday. read more
However, oil giant Aramco closed flat.
In Abu Dhabi, the index (.ADI) fell 0.2%, pressured by a 1.9% slide in Emirates Telecommunications Group (ETISALAT.AD).
Abu Dhabi, the United Arab Emirates' capital, removed the need to quarantine for all vaccinated travellers arriving from international destinations starting Sunday. read more
Dubai's main share index (.DFMG), however, traded flat.
Budget airline Air Arabia (AIRA.DU) gained 0.7% after Friday's announcement that it would launch a low-cost carrier in partnership with Pakistan's Lakson Group to serve domestic and international routes from Pakistan. read more
The new carrier, Fly Jinnah, will operate as a joint venture, the companies said in a statement, adopting the low-cost model operated by Air Arabia.
The Qatari index (.QSI) eased 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.8%, as 28 of 30 stocks on the index were in negative territory including top lender Commercial International Bank (COMI.CA), which was down 1.5%.
Egypt's non-petroleum private sector activity shrank for a ninth month in a row in August, but inched closer to growth as local firms rapidly expanded their purchasing on increased demand, a survey showed on Sunday. read more
In Egypt, the PMI reading was better overall, coming in closer to growth levels. However, the improvement was not sufficient to avoid a clear decline in the market, said Wael Makarem, senior market strategist at Exness.
Major stock markets in the Gulf were mixed on Sunday, with the Saudi index extending gains from the previous session, while Egyptian stocks retreated due to a broad selloff in blue-chip shares.
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 1.7% rise in Saudi Telecom Company (STC) (7010.SE) after its unit Arabian Internet and Communications Services Co set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($959.90 million).
STC unit's IPO is among a spate of deals hitting the Saudi Arabian exchange this year including Acwa Power's more than $1 billion IPO and another offering from Saudi Tadawul Group.
Meanwhile, Yemen's Houthi group attacked oil facilities belonging to Saudi Aramco (2222.SE) in Ras Tanura, in the east of the kingdom, and other locations including Jeddah, on the Red Sea coast, a military spokesman for the Iran-aligned group said on Sunday. read more
However, oil giant Aramco closed flat.
In Abu Dhabi, the index (.ADI) fell 0.2%, pressured by a 1.9% slide in Emirates Telecommunications Group (ETISALAT.AD).
Abu Dhabi, the United Arab Emirates' capital, removed the need to quarantine for all vaccinated travellers arriving from international destinations starting Sunday. read more
Dubai's main share index (.DFMG), however, traded flat.
Budget airline Air Arabia (AIRA.DU) gained 0.7% after Friday's announcement that it would launch a low-cost carrier in partnership with Pakistan's Lakson Group to serve domestic and international routes from Pakistan. read more
The new carrier, Fly Jinnah, will operate as a joint venture, the companies said in a statement, adopting the low-cost model operated by Air Arabia.
The Qatari index (.QSI) eased 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.8%, as 28 of 30 stocks on the index were in negative territory including top lender Commercial International Bank (COMI.CA), which was down 1.5%.
Egypt's non-petroleum private sector activity shrank for a ninth month in a row in August, but inched closer to growth as local firms rapidly expanded their purchasing on increased demand, a survey showed on Sunday. read more
In Egypt, the PMI reading was better overall, coming in closer to growth levels. However, the improvement was not sufficient to avoid a clear decline in the market, said Wael Makarem, senior market strategist at Exness.
#UAE ‘Hopes’ to Exceed 4% Growth in 2021, Economy Minister Says - Bloomberg
UAE ‘Hopes’ to Exceed 4% Growth in 2021, Economy Minister Says - Bloomberg
The United Arab Emirates is hoping to exceed 4% growth in 2021, the country’s economy minister said, a higher rate of growth than previously forecast.
The central bank had forecast of 2.5% growth in December. Economic growth contracted around 6% in 2020, according to estimates from the International Monetary Fund.
The UAE is looking to create more than 30,000 jobs in the coming year, Abdulla bin Touq told Bloomberg in an interview on the sidelines of an event where the government outlined plans to reposition itself as a global hub for business and finance.
The United Arab Emirates is hoping to exceed 4% growth in 2021, the country’s economy minister said, a higher rate of growth than previously forecast.
The central bank had forecast of 2.5% growth in December. Economic growth contracted around 6% in 2020, according to estimates from the International Monetary Fund.
The UAE is looking to create more than 30,000 jobs in the coming year, Abdulla bin Touq told Bloomberg in an interview on the sidelines of an event where the government outlined plans to reposition itself as a global hub for business and finance.
#UAE to Grow Asia, Africa Trade, Seek $150 Billion Investment - Bloomberg
UAE to Grow Asia, Africa Trade, Seek $150 Billion Investment - Bloomberg
The United Arab Emirates plans to deepen its trade ties in fast-growing economies in Asia and Africa, and draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance.
The UAE -- which has been the Middle East’s commercial capital for more than a decade and has been facing growing regional competition from Saudi Arabia -- will work on comprehensive economic agreements with countries showing high potential for growth, officials said Sunday. It’s also easing visa restrictions to try to attract foreign talent.
Only one of the eight countries targeted for expanded relations is from the region, part of a growing shift toward markets further afield.
They include South Korea, Indonesia, Kenya, Ethiopia and Turkey, where ties with President Recep Tayyip Erdogan have warmed dramatically in recent months after years of tensions over regional politics. It will also expand economic ties with Britain, India and Israel, where the Gulf state normalized ties a year ago. The UAE’s foreign policy will serve the country’s economic interests going forward, according to a policy document released during Sunday’s announcements and tweeted by defacto ruler Sheikh Mohammed bin Zayed.
The United Arab Emirates plans to deepen its trade ties in fast-growing economies in Asia and Africa, and draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance.
The UAE -- which has been the Middle East’s commercial capital for more than a decade and has been facing growing regional competition from Saudi Arabia -- will work on comprehensive economic agreements with countries showing high potential for growth, officials said Sunday. It’s also easing visa restrictions to try to attract foreign talent.
Only one of the eight countries targeted for expanded relations is from the region, part of a growing shift toward markets further afield.
They include South Korea, Indonesia, Kenya, Ethiopia and Turkey, where ties with President Recep Tayyip Erdogan have warmed dramatically in recent months after years of tensions over regional politics. It will also expand economic ties with Britain, India and Israel, where the Gulf state normalized ties a year ago. The UAE’s foreign policy will serve the country’s economic interests going forward, according to a policy document released during Sunday’s announcements and tweeted by defacto ruler Sheikh Mohammed bin Zayed.
#UAE rolls out plan to invest in economy, liberalize laws
UAE rolls out plan to invest in economy, liberalize laws
The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalize stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital.
The country’s plan to lure foreign talent reflects a growing contrast with the other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist. Although many of the Emirati ministers’ promised overhauls remained vague at a press conference, their intentions to boost spending after the devastation of the pandemic and loosen laws to draw more residents was clear.
Abdulla bin Touq, the minister of the economy, pledged that the Emirati government would pour some $13.6 billion into the economy over the next year. He laid out a raft of investment opportunities for countries to boost development by 10% in the coming years.
“We are confident that these projects in the support of investment will make (the UAE) one of the most competent economies in the world,” he proclaimed at the government’s first large in-person press conference since the pandemic.
The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalize stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital.
The country’s plan to lure foreign talent reflects a growing contrast with the other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist. Although many of the Emirati ministers’ promised overhauls remained vague at a press conference, their intentions to boost spending after the devastation of the pandemic and loosen laws to draw more residents was clear.
Abdulla bin Touq, the minister of the economy, pledged that the Emirati government would pour some $13.6 billion into the economy over the next year. He laid out a raft of investment opportunities for countries to boost development by 10% in the coming years.
“We are confident that these projects in the support of investment will make (the UAE) one of the most competent economies in the world,” he proclaimed at the government’s first large in-person press conference since the pandemic.
The UAE for years since its independence has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lost their jobs. The new plans give residents more time to seek other jobs after termination, allow youth over age 15 to gain employment as they live with their parents, and enable widows and divorced couples to live longer without visa restrictions in the country.
MIDEAST STOCKS Most Gulf bourses drop in early trade | Reuters
MIDEAST STOCKS Most Gulf bourses drop in early trade | Reuters
Most major stock markets in the Gulf were subdued on Sunday, pressured by Friday's fall in oil prices after a weaker than expected U.S. jobs report indicated a patchy economic recovery from the COVID-19 pandemic.
Brent crude futures settled fell by 42 cents, or 0.6%, to $72.61 a barrel.
In Abu Dhabi, the stock market index (.ADI) dropped 0.5% as telecoms company Etisalat (ETISALAT.AD) fell by 1.9% to remain on track to extend losses for a third session.
Meanwhile, Abu Dhabi removed the need to quarantine for all vaccinated travellers arriving from international destinations from Sunday. read more
Saudi Arabia's benchmark index (.TASI), however, traded flat in a choppy trade.
The kingdom's non-oil private sector continued to grow in August but lost momentum with a sharp drop in output growth, a business survey showed. read more
Dubai's main share index (.TASI) eased by 0.1%, with Emirates NBD Bank (ENBD.DU) down 0.4% while budget airline Air Arabia (AIRA.DU) added 0.3% after Friday's announcement that it would launch a low-cost carrier in partnership with Pakistan's Lakson Group to serve domestic and international routes from Pakistan. read more
The new carrier, Fly Jinnah, will operate as a joint venture, the companies said in a statement, adopting the low-cost model operated by Air Arabia.
The Qatari benchmark (.QSI) lost 0.1%, with petrochemicals company Industries Qatar (IQCD.QA) dropping 0.6%.
Most major stock markets in the Gulf were subdued on Sunday, pressured by Friday's fall in oil prices after a weaker than expected U.S. jobs report indicated a patchy economic recovery from the COVID-19 pandemic.
Brent crude futures settled fell by 42 cents, or 0.6%, to $72.61 a barrel.
In Abu Dhabi, the stock market index (.ADI) dropped 0.5% as telecoms company Etisalat (ETISALAT.AD) fell by 1.9% to remain on track to extend losses for a third session.
Meanwhile, Abu Dhabi removed the need to quarantine for all vaccinated travellers arriving from international destinations from Sunday. read more
Saudi Arabia's benchmark index (.TASI), however, traded flat in a choppy trade.
The kingdom's non-oil private sector continued to grow in August but lost momentum with a sharp drop in output growth, a business survey showed. read more
Dubai's main share index (.TASI) eased by 0.1%, with Emirates NBD Bank (ENBD.DU) down 0.4% while budget airline Air Arabia (AIRA.DU) added 0.3% after Friday's announcement that it would launch a low-cost carrier in partnership with Pakistan's Lakson Group to serve domestic and international routes from Pakistan. read more
The new carrier, Fly Jinnah, will operate as a joint venture, the companies said in a statement, adopting the low-cost model operated by Air Arabia.
The Qatari benchmark (.QSI) lost 0.1%, with petrochemicals company Industries Qatar (IQCD.QA) dropping 0.6%.
#UAE to Grow Trade Ties in Asia and Africa - Bloomberg
UAE to Grow Trade Ties in Asia and Africa - Bloomberg
The United Arab Emirates will work on economic partnerships with eight countries to enhance trade as it repositions itself as a global hub for business.
The Gulf state will expand economic ties with countries including South Korea, Indonesia, Kenya, Ethiopia and Turkey, officials said in a media briefing on Sunday.
Earlier, Economy Minister Abdulla bin Touq said the UAE was seeking 550 billion dirhams ($150 billion) of inward foreign investment over the next nine years and aims to be among the 10 biggest global investment destinations by 2030.
It will focus on investments from countries including Russia, Australia, China, and the U.K.
The United Arab Emirates will work on economic partnerships with eight countries to enhance trade as it repositions itself as a global hub for business.
The Gulf state will expand economic ties with countries including South Korea, Indonesia, Kenya, Ethiopia and Turkey, officials said in a media briefing on Sunday.
Earlier, Economy Minister Abdulla bin Touq said the UAE was seeking 550 billion dirhams ($150 billion) of inward foreign investment over the next nine years and aims to be among the 10 biggest global investment destinations by 2030.
It will focus on investments from countries including Russia, Australia, China, and the U.K.
Goldman Hires Citigroup, HSBC Bankers Amid Deal Surge in Mideast - Bloomberg
Goldman Hires Citigroup, HSBC Bankers Amid Deal Surge in Mideast - Bloomberg
Goldman Sachs Group Inc. is hiring bankers from rival firms Citigroup Inc. and HSBC Holdings Plc as the U.S. lender seeks to expand its business in the Middle East amid a surge in deals from the region.
Jassim AlSane, a senior Citigroup banker, will join Goldman Sachs’ Dubai office in November as managing director and the co-head of investment banking operations for the Middle East and North Africa. Also, Omar AlZaim is joining the bank as an executive director and the head of investment banking for Saudi Arabia, according to a spokesman for the bank.
The hirings come as deal activity picks up in the Middle East, fueled by governments and state-owned firms looking for new ways to raise money and diversify their economies after last year’s slump in revenue from oil sales.
Mergers and acquisitions activity in the Middle East and Africa region has more than doubled this year to about $125 billion, according to data compiled by Bloomberg, boosted by deals like a $12.4 billion stake in Saudi Aramco’s oil pipelines.
Goldman Sachs Group Inc. is hiring bankers from rival firms Citigroup Inc. and HSBC Holdings Plc as the U.S. lender seeks to expand its business in the Middle East amid a surge in deals from the region.
Jassim AlSane, a senior Citigroup banker, will join Goldman Sachs’ Dubai office in November as managing director and the co-head of investment banking operations for the Middle East and North Africa. Also, Omar AlZaim is joining the bank as an executive director and the head of investment banking for Saudi Arabia, according to a spokesman for the bank.
The hirings come as deal activity picks up in the Middle East, fueled by governments and state-owned firms looking for new ways to raise money and diversify their economies after last year’s slump in revenue from oil sales.
Mergers and acquisitions activity in the Middle East and Africa region has more than doubled this year to about $125 billion, according to data compiled by Bloomberg, boosted by deals like a $12.4 billion stake in Saudi Aramco’s oil pipelines.
#Saudi non-oil sector expansion loses momentum in August - PMI | Reuters
Saudi non-oil sector expansion loses momentum in August - PMI | Reuters
Saudi Arabia's non-oil private sector continued to grow in August but lost momentum due to a sharp drop in output expansion, a business survey showed, signalling a challenging recovery from the COVID-19 pandemic.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) dropped to 54.1 in August from 55.8 in July, remaining above the 50 mark that separates growth from contraction.
The output sub-index stood at 55.4 against 59.7 in July, its weakest reading since October last year.
"The non-oil economy went slightly off the boil in August, as output growth slipped to the weakest level for ten months amid a slowdown in new business gains," said David Owen, economist at IHS Markit.
Saudi Arabia's non-oil private sector continued to grow in August but lost momentum due to a sharp drop in output expansion, a business survey showed, signalling a challenging recovery from the COVID-19 pandemic.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) dropped to 54.1 in August from 55.8 in July, remaining above the 50 mark that separates growth from contraction.
The output sub-index stood at 55.4 against 59.7 in July, its weakest reading since October last year.
"The non-oil economy went slightly off the boil in August, as output growth slipped to the weakest level for ten months amid a slowdown in new business gains," said David Owen, economist at IHS Markit.
#UAE non-oil private sector maintains solid growth, employment rises | Reuters
UAE non-oil private sector maintains solid growth, employment rises | Reuters
The United Arab Emirates' non-oil private sector continued its solid growth in August, only marginally below an expansion in July that was the fastest pace in two years, a business survey showed.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, dipped to 53.8 in August from 54.0 in July, remaining well above the 50.0 mark that separates growth from contraction and slightly below the series average since 2009 of 54.1.
The UAE was hard-hit by the double blow of last year's historic oil price crash and the COVID-19 pandemic, though many restrictions were scaled back over a year ago and the economy has been in recovery.
Output, a sub-index that measures business activity, rose to 58.6 in August from 57.1 in July, the second consecutive highest reading since July 2019.
The United Arab Emirates' non-oil private sector continued its solid growth in August, only marginally below an expansion in July that was the fastest pace in two years, a business survey showed.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, dipped to 53.8 in August from 54.0 in July, remaining well above the 50.0 mark that separates growth from contraction and slightly below the series average since 2009 of 54.1.
The UAE was hard-hit by the double blow of last year's historic oil price crash and the COVID-19 pandemic, though many restrictions were scaled back over a year ago and the economy has been in recovery.
Output, a sub-index that measures business activity, rose to 58.6 in August from 57.1 in July, the second consecutive highest reading since July 2019.
#Saudi Telecom's tech unit aims to raise up to $960 million in IPO | Reuters
Saudi Telecom's tech unit aims to raise up to $960 million in IPO | Reuters
Arabian Internet and Communications Services Co, a unit of Saudi Telecom (7010.SE), has set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($960 million).
The unit, also known as Solutions by STC, plans to sell 24 million shares at an indicative price of 136 to 151 riyals per share, it said.
Saudi Telecom is selling a 20% stake in its unit in the share sale. Arabian Internet and Communications Services has a broad portfolio across the information technology and digital services sectors, especially in the B2B sector.
STC unit's IPO is among a spate of deals hitting the Saudi Arabian exchange this year including Acwa Power's more than $1 billion deal and Saudi Tadawul Group.
The book-building process for the deal will begin on Sunday and end on Sept. 13, while the subscription period for individual investors will take place on Sept. 19-21.
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are acting as financial advisers, underwriters and bookrunners on the deal.
Arabian Internet and Communications Services Co, a unit of Saudi Telecom (7010.SE), has set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($960 million).
The unit, also known as Solutions by STC, plans to sell 24 million shares at an indicative price of 136 to 151 riyals per share, it said.
Saudi Telecom is selling a 20% stake in its unit in the share sale. Arabian Internet and Communications Services has a broad portfolio across the information technology and digital services sectors, especially in the B2B sector.
STC unit's IPO is among a spate of deals hitting the Saudi Arabian exchange this year including Acwa Power's more than $1 billion deal and Saudi Tadawul Group.
The book-building process for the deal will begin on Sunday and end on Sept. 13, while the subscription period for individual investors will take place on Sept. 19-21.
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are acting as financial advisers, underwriters and bookrunners on the deal.
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