Qatar Airways CEO to step down, be replaced by airport executive | Reuters
Akbar Al Baker, one of the airline industry's most outspoken leaders, is retiring as chief executive of Qatar Airways after almost three decades at the helm of the state-owned carrier, according to a memo seen by Reuters on Monday and a source.
Al Baker will be succeeded by Badr Mohammed Al Meer, currently chief operating officer of Hamad International Airport, the source familiar with the matter said.
Al Baker's resignation was announced to staff in an official circular, seen by Reuters, from Chairman Saad Sherida Al-Kaabi who paid tribute to his "27 years of remarkable service".
Qatar Airways could not immediately be reached for comment.
Al Baker was appointed CEO in 1997, three years after the airline's launch, and has been instrumental in transforming Qatar Airways into a major international carrier that competes against the likes of Dubai's Emirates and Turkish Airlines.
Monday, 23 October 2023
Most Gulf markets retreat on Middle East woes | Reuters
Most Gulf markets retreat on Middle East woes | Reuters
Most stock markets in the Gulf ended lower on Monday, with the Dubai index falling for an eighth straight session as the widening conflict in the Middle East hurt sentiments.
Israel bombarded Gaza with more air strikes on Monday as its soldiers fought Hamas militants on the ground in raids within the besieged Palestinian enclave.
At least 5,087 Palestinians have been killed in two weeks of Israeli strikes, including 2,055 children, the enclave's health ministry said in an update.
Saudi Arabia's benchmark index (.TASI) declined 1.9%, dragged down by a 4.5% fall in Elm Company (7203.SE) and a 0.3% decrease in oil giant Saudi Aramco (2222.SE).
Separately, the kingdom said on Monday it was launching an annual Esports World Cup, which will include the most popular games in the world and have the largest prize pool in esports history.
Dubai's main share index (.DFMGI) gave up early gains to finish 0.6% lower, falling for an eighth session, with top lender Emirates NBD (ENBD.DU) losing 2.1%.
In Abu Dhabi, the index (.FTFADGI) lost 0.3%.
The Abu Dhabi bourse remained near last week’s low and could continue to see selling pressures as geopolitical concerns remain while the volatility in oil prices adds to the uncertainty, said George Khoury, Global Head of Education and Research at CFI.
Oil prices - a catalyst for the Gulf's financial markets - slipped as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the military clashes between Israel and the Palestinian Islamist group Hamas.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2%, hitting all-time high, with Misr Fertilizers Production Co (MFPC.CA) jumping 20%.
Most stock markets in the Gulf ended lower on Monday, with the Dubai index falling for an eighth straight session as the widening conflict in the Middle East hurt sentiments.
Israel bombarded Gaza with more air strikes on Monday as its soldiers fought Hamas militants on the ground in raids within the besieged Palestinian enclave.
At least 5,087 Palestinians have been killed in two weeks of Israeli strikes, including 2,055 children, the enclave's health ministry said in an update.
Saudi Arabia's benchmark index (.TASI) declined 1.9%, dragged down by a 4.5% fall in Elm Company (7203.SE) and a 0.3% decrease in oil giant Saudi Aramco (2222.SE).
Separately, the kingdom said on Monday it was launching an annual Esports World Cup, which will include the most popular games in the world and have the largest prize pool in esports history.
Dubai's main share index (.DFMGI) gave up early gains to finish 0.6% lower, falling for an eighth session, with top lender Emirates NBD (ENBD.DU) losing 2.1%.
In Abu Dhabi, the index (.FTFADGI) lost 0.3%.
The Abu Dhabi bourse remained near last week’s low and could continue to see selling pressures as geopolitical concerns remain while the volatility in oil prices adds to the uncertainty, said George Khoury, Global Head of Education and Research at CFI.
Oil prices - a catalyst for the Gulf's financial markets - slipped as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the military clashes between Israel and the Palestinian Islamist group Hamas.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2%, hitting all-time high, with Misr Fertilizers Production Co (MFPC.CA) jumping 20%.
#AbuDhabi Addition of New Exchange-Traded Oil Slips to Next Year - Bloomberg
Abu Dhabi Addition of New Exchange-Traded Oil Slips to Next Year - Bloomberg
Abu Dhabi is taking its time about allowing one of the emirate’s top crude grades to be traded on a regional exchange.
Traders had expected Abu Dhabi National Oil Co. to allow its Upper Zakum crude to be listed on the ICE Futures Abu Dhabi exchange by the middle of this year. They now don’t see that happening until mid-2024 at the earliest, according to traders who asked not to be identified discussing market developments.
People with knowledge of the state-run company’s approach said there is a sense that Upper Zakum might not be optimally priced right now relative to other regional crudes. In addition, the UAE’s need to adhere to OPEC oil supply cuts, and how that dovetails with an exchange-traded product, is also under consideration, they said.
Adnoc and the Intercontinental Exchange Inc. both declined to comment.
Abu Dhabi is taking its time about allowing one of the emirate’s top crude grades to be traded on a regional exchange.
Traders had expected Abu Dhabi National Oil Co. to allow its Upper Zakum crude to be listed on the ICE Futures Abu Dhabi exchange by the middle of this year. They now don’t see that happening until mid-2024 at the earliest, according to traders who asked not to be identified discussing market developments.
People with knowledge of the state-run company’s approach said there is a sense that Upper Zakum might not be optimally priced right now relative to other regional crudes. In addition, the UAE’s need to adhere to OPEC oil supply cuts, and how that dovetails with an exchange-traded product, is also under consideration, they said.
Adnoc and the Intercontinental Exchange Inc. both declined to comment.
#Qatar Airways’ Longstanding CEO Akbar Al Baker to Step Down - Bloomberg
Qatar Airways’ Longstanding CEO Akbar Al Baker to Step Down - Bloomberg
Akbar Al Baker, the outspoken chief executive officer who led Qatar Airways for almost three decades, plans to step down later this year, according to people familiar with the matter.
The CEO told staff in a memo he will leave in November, the people said, seeking anonymity because the move hasn’t been announced. His last day will be Nov. 5, aviation consultant Alex Macheras posted earlier on X.
A Qatar Airways official had no immediate comment.
Al Baker built Qatar Airways into a long-distance powerhouse challenging Gulf rival Emirates. His devotion to delivering a premium experience won plaudits from customers but led to clashes with manufacturers Airbus SE and Boeing Co.
Most recently, Al Baker went to court with Airbus over an issue with flaking paint on widebody A350 jets. The matter was settled earlier this year.
He also courted controversy with comments at a 2018 event that a woman could not do his job “because it is a very challenging position.”
The CEO’s retirement has been anticipated for several years but he has always said he would step down when he was asked to.
Akbar Al Baker, the outspoken chief executive officer who led Qatar Airways for almost three decades, plans to step down later this year, according to people familiar with the matter.
The CEO told staff in a memo he will leave in November, the people said, seeking anonymity because the move hasn’t been announced. His last day will be Nov. 5, aviation consultant Alex Macheras posted earlier on X.
A Qatar Airways official had no immediate comment.
Al Baker built Qatar Airways into a long-distance powerhouse challenging Gulf rival Emirates. His devotion to delivering a premium experience won plaudits from customers but led to clashes with manufacturers Airbus SE and Boeing Co.
Most recently, Al Baker went to court with Airbus over an issue with flaking paint on widebody A350 jets. The matter was settled earlier this year.
He also courted controversy with comments at a 2018 event that a woman could not do his job “because it is a very challenging position.”
The CEO’s retirement has been anticipated for several years but he has always said he would step down when he was asked to.
EV brand Beyonca signs MOU over investment with #Saudi Arabian group | Reuters
EV brand Beyonca signs MOU over investment with Saudi Arabian group | Reuters
Electric vehicle brand Beyonca, backed by Renault (RENA.PA) and Dongfeng Motor (0489.HK), said on Monday it signed a memorandum of understanding with Riyadh-based Al Faisaliah Group Holding Company to explore the possibility of an investment from the group.
At the signing ceremony at Dongfeng Motor's headquarters in the central Chinese city of Wuhan, Beyonca also inked a strategic cooperation deal with QG FZE-LLC regarding investment opportunities in the Middle East, according to the EV brand.
Electric vehicle brand Beyonca, backed by Renault (RENA.PA) and Dongfeng Motor (0489.HK), said on Monday it signed a memorandum of understanding with Riyadh-based Al Faisaliah Group Holding Company to explore the possibility of an investment from the group.
At the signing ceremony at Dongfeng Motor's headquarters in the central Chinese city of Wuhan, Beyonca also inked a strategic cooperation deal with QG FZE-LLC regarding investment opportunities in the Middle East, according to the EV brand.
Oil slips as investors watch diplomatic moves in Gaza war | Reuters
Oil slips as investors watch diplomatic moves in Gaza war | Reuters
Oil prices slipped on Monday as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the conflict between Israel and Hamas.
Brent crude futures fell 41 cents, or 0.44%, to $91.75 a barrel, as of 1204 GMT. U.S. West Texas Intermediate crude futures were down 55 cents, or 0.62%, at $87.53 a barrel.
Both benchmarks traded over $1 a barrel lower than their previous settlement price at their nadir in Monday's session.
Oil prices slipped on Monday as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the conflict between Israel and Hamas.
Brent crude futures fell 41 cents, or 0.44%, to $91.75 a barrel, as of 1204 GMT. U.S. West Texas Intermediate crude futures were down 55 cents, or 0.62%, at $87.53 a barrel.
Both benchmarks traded over $1 a barrel lower than their previous settlement price at their nadir in Monday's session.
Davos in the Desert: War Leaves #Saudi Prince’s Dream of a New Mideast in Tatters - Bloomberg
Davos in the Desert: War Leaves Saudi Prince’s Dream of a New Mideast in Tatters - Bloomberg
At Saudi Arabia’s flagship investment conference in October 2018, a defiant Prince Mohammed bin Salman took to the stage to promise that a new era was dawning for the Middle East.
“The new Europe is the Middle East,” the country’s de facto ruler, commonly known as MBS, said to applause from the crowd. “The coming renaissance in the next 30 years will be in the Middle East.”
Five years later, as the world’s top executives are expected to flock to Riyadh for the latest edition of the Future Investment Initiative — dubbed ‘Davos in the Desert’ by many — fresh comparisons with Europe are being drawn.
But not for the reasons Prince Mohammed had in mind.
While Europe is dealing with the impacts of Russia’s invasion of Ukraine, the war between Israel and Hamas is bringing the region’s political fissures back to the forefront of everyone’s mind.
That is complicating Prince Mohammed’s efforts to focus the neighborhood on economic development rather than old feuds.
At Saudi Arabia’s flagship investment conference in October 2018, a defiant Prince Mohammed bin Salman took to the stage to promise that a new era was dawning for the Middle East.
“The new Europe is the Middle East,” the country’s de facto ruler, commonly known as MBS, said to applause from the crowd. “The coming renaissance in the next 30 years will be in the Middle East.”
Five years later, as the world’s top executives are expected to flock to Riyadh for the latest edition of the Future Investment Initiative — dubbed ‘Davos in the Desert’ by many — fresh comparisons with Europe are being drawn.
But not for the reasons Prince Mohammed had in mind.
While Europe is dealing with the impacts of Russia’s invasion of Ukraine, the war between Israel and Hamas is bringing the region’s political fissures back to the forefront of everyone’s mind.
That is complicating Prince Mohammed’s efforts to focus the neighborhood on economic development rather than old feuds.
Hyundai to build Saudi car plant jointly with #Saudi wealth fund | Reuters
Hyundai to build Saudi car plant jointly with Saudi wealth fund | Reuters
South Korea's Hyundai Motor Group (005380.KS) will build a car plant in Saudi Arabia jointly with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, South Korea's President Yoon Suk Yeol said on Sunday.
Yoon was speaking in Riyadh where the PIF and Hyundai signed the agreement on the plant, which will have an annual production capacity of 50,000 electric and gas-powered cars and will be the first South Korean automobile factory in the Middle East, a joint statement said.
PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Total investment for the project is estimated to exceed $500 million, it added.
Hyundai Motor Group, the world's No. 3 auto group by sales, is embarking on manufacturing in the Gulf state as Saudi Arabia has been trying to shift its economy away from oil and is aiming to manufacture more than 300,000 cars annually by 2030.
South Korea's Hyundai Motor Group (005380.KS) will build a car plant in Saudi Arabia jointly with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, South Korea's President Yoon Suk Yeol said on Sunday.
Yoon was speaking in Riyadh where the PIF and Hyundai signed the agreement on the plant, which will have an annual production capacity of 50,000 electric and gas-powered cars and will be the first South Korean automobile factory in the Middle East, a joint statement said.
PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Total investment for the project is estimated to exceed $500 million, it added.
Hyundai Motor Group, the world's No. 3 auto group by sales, is embarking on manufacturing in the Gulf state as Saudi Arabia has been trying to shift its economy away from oil and is aiming to manufacture more than 300,000 cars annually by 2030.
PIF-Backed Nupco Plans #Saudi IPO - Bloomberg
PIF-Backed Nupco Plans Saudi IPO - Bloomberg
Saudi Arabia’s sovereign wealth fund is exploring an initial public offering of the kingdom’s largest medical procurement firm, Nupco, as early as next year, according to people familiar with the matter.
The firm has held initial discussions with advisers about the potential share sale, the people said, asking not to be identified as the information isn’t public. Details of the IPO such as size and timing are still being considered, the people said.
A representative for the Public Investment Fund declined to comment. A representative for Nupco didn’t respond to requests for comment.
Founded in 2009, Nupco is involved in health-care procurement and the re-exporting, warehousing and distribution of pharmaceuticals, medical equipment and supplies across Saudi Arabia.
Saudi Arabia’s sovereign wealth fund is exploring an initial public offering of the kingdom’s largest medical procurement firm, Nupco, as early as next year, according to people familiar with the matter.
The firm has held initial discussions with advisers about the potential share sale, the people said, asking not to be identified as the information isn’t public. Details of the IPO such as size and timing are still being considered, the people said.
A representative for the Public Investment Fund declined to comment. A representative for Nupco didn’t respond to requests for comment.
Founded in 2009, Nupco is involved in health-care procurement and the re-exporting, warehousing and distribution of pharmaceuticals, medical equipment and supplies across Saudi Arabia.
#UAE/#AbuDhabi Push to Exit FATF's Dirty-Money Gray List Gathers Pace - Bloomberg
UAE/Abu Dhabi Push to Exit FATF's Dirty-Money Gray List Gathers Pace - Bloomberg
Efforts by the United Arab Emirates to exit a global watchdog’s “gray list” are gaining momentum, with some members warming to the idea of recognizing recent progress in tackling illicit flows, according to people familiar with the matter.
Delegates from at least three nations of the Paris-based Financial Action Task Force, who previously backed the UAE’s inclusion on a list of jurisdictions subject to more oversight, have now expressed the view that the Gulf state could be removed as early as February 2024, the people said.
No final decisions have been made and delegates have conveyed some remaining concerns, they said, requesting anonymity as the matter is private. The FATF is set to hold its plenary this week and members are expected to finalize the details of a site visit to the UAE, which is one of the final steps before a potential delisting.
To get off the gray list, a significant majority of the FATF’s membership must vote that a country has made sufficient progress since the evaluation period began. Just a few votes to the contrary can result in a jurisdiction staying on the list, people familiar with matter said. The group has just under 40 members, some of whom have greater sway.
Emirati officials have embarked on a tour to key FATF states, including trips to Washington and Bern, Switzerland, to rally support. Russian sanctions evasion and cryptocurrencies are among the topics central to the dialog with foreign partners, the people said.
Efforts by the United Arab Emirates to exit a global watchdog’s “gray list” are gaining momentum, with some members warming to the idea of recognizing recent progress in tackling illicit flows, according to people familiar with the matter.
Delegates from at least three nations of the Paris-based Financial Action Task Force, who previously backed the UAE’s inclusion on a list of jurisdictions subject to more oversight, have now expressed the view that the Gulf state could be removed as early as February 2024, the people said.
No final decisions have been made and delegates have conveyed some remaining concerns, they said, requesting anonymity as the matter is private. The FATF is set to hold its plenary this week and members are expected to finalize the details of a site visit to the UAE, which is one of the final steps before a potential delisting.
To get off the gray list, a significant majority of the FATF’s membership must vote that a country has made sufficient progress since the evaluation period began. Just a few votes to the contrary can result in a jurisdiction staying on the list, people familiar with matter said. The group has just under 40 members, some of whom have greater sway.
Emirati officials have embarked on a tour to key FATF states, including trips to Washington and Bern, Switzerland, to rally support. Russian sanctions evasion and cryptocurrencies are among the topics central to the dialog with foreign partners, the people said.
Mideast Stocks: Major Gulf markets mixed; #Dubai to snap 7-day losing streak
Mideast Stocks: Major Gulf markets mixed; Dubai to snap 7-day losing streak
Major stock markets in the Gulf were mixed in early trade on Monday as the risk of a wider conflict in the Middle East clouded sentiment in a week laden with data on U.S. growth and inflation.
Washington warned over the weekend of a significant risk to U.S. interests in the region as ally Israel pounded Gaza and clashes on its border with Lebanon intensified.
A recent surge in bond yields has tightened monetary conditions without the central banks having to do anything, allowing the Federal Reserve to signal it will likely stay on hold at its policy meeting next week.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 1.2% fall in Lumi Rental Co, while Yanbu National Petrochemicals Company retreated 2.7% after reporting a quarterly loss.
Elsewhere, Saudi Tadawul Group slid 4.9% after HSBC slashed target price to 109 riyals ($29.06) from 165 riyals, while bringing down its rating to 'reduce' from 'hold'.
In Abu Dhabi, the index eased 0.1%.
Oil prices - a factor for the Gulf's financial markets - fell more than $1 as concerns about supply disruptions eased due to diplomatic efforts to contain the conflict between Israel and the Palestinian Islamist group Hamas intensifying.
Dubai's mains share index added 0.3%, on course to snap a seven-day losing streak, driven by a 2.4% rise in toll operator Salik.
The Qatari benchmark gained 0.2%, with the Gulf's biggest lender Qatar National Bank rising 0.9%.
State-owned QatarEnergy said on Monday it would supply Italy's Eni with gas for 27 years, following similar deals this month to supply the Netherlands via Shell and France through TotalEnergies.
Major stock markets in the Gulf were mixed in early trade on Monday as the risk of a wider conflict in the Middle East clouded sentiment in a week laden with data on U.S. growth and inflation.
Washington warned over the weekend of a significant risk to U.S. interests in the region as ally Israel pounded Gaza and clashes on its border with Lebanon intensified.
A recent surge in bond yields has tightened monetary conditions without the central banks having to do anything, allowing the Federal Reserve to signal it will likely stay on hold at its policy meeting next week.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 1.2% fall in Lumi Rental Co, while Yanbu National Petrochemicals Company retreated 2.7% after reporting a quarterly loss.
Elsewhere, Saudi Tadawul Group slid 4.9% after HSBC slashed target price to 109 riyals ($29.06) from 165 riyals, while bringing down its rating to 'reduce' from 'hold'.
In Abu Dhabi, the index eased 0.1%.
Oil prices - a factor for the Gulf's financial markets - fell more than $1 as concerns about supply disruptions eased due to diplomatic efforts to contain the conflict between Israel and the Palestinian Islamist group Hamas intensifying.
Dubai's mains share index added 0.3%, on course to snap a seven-day losing streak, driven by a 2.4% rise in toll operator Salik.
The Qatari benchmark gained 0.2%, with the Gulf's biggest lender Qatar National Bank rising 0.9%.
State-owned QatarEnergy said on Monday it would supply Italy's Eni with gas for 27 years, following similar deals this month to supply the Netherlands via Shell and France through TotalEnergies.