UAE Makes Stride Toward Removal From EU’s Dirty Money Risk List - Bloomberg
The United Arab Emirates is set to exit the European Union’s “black list” of countries with deficient controls over illicit money flows, after the bloc’s lawmakers approved a revision to the ledger.
The European Parliament voted in favor of a review proposed by the bloc’s executive arm in June, which took the UAE off the list of high-risk jurisdictions for money-laundering and terrorism financing. The update will come into force if EU member states do not raise an objection.
The move follows in the footsteps of the Paris-based Financial Action Task Force — a global dirty-money watchdog — which removed the UAE from its list for ‘increased monitoring’ last year. The exit from the EU’s register would pave the way for smoother capital flows and potentially lower compliance costs for Wall Street banks with local offices.
The EU regularly assesses third countries’ efforts against money laundering and the financing of international terrorism. But the UAE had previously raised concerns about remaining in the list after the country was dropped by global watcher FATF. A previous effort by the European Commission was blocked by lawmakers.
The UAE welcomed the parliament’s decision saying that it looks forward “to unlocking the full potential of the UAE-EU partnership, fostering closer cooperation, enhanced prosperity and shared security for our regions and peoples,” according to Minister of State Ahmed bin Ali Al Sayegh.
Ahead of the vote, EU financial services commissioner Maria Luis Albuquerque told lawmakers the commission will consider until the end of the year whether there was a case for adding other countries that are not members of the Financial Action Task Force to the list. She was referencing to Russia in particular, according to a person familiar with the commission’s plan.
The parliament accepted the removal of several other countries from the EU’s list: Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal and Uganda. The inclusion of Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela was also passed.
Wednesday, 9 July 2025
#Saudi Property Stocks Rally on Foreign Ownership Rule Changes - Bloomberg
Saudi Property Stocks Rally on Foreign Ownership Rule Changes - Bloomberg
Shares of Saudi property companies got a strong boost after the kingdom approved a new law that will lead to the creation of designated zones where foreigners are able to own property.
Retal Urban Development Co. and Saudi Real Estate Co. were among leading gainers, with each climbing more than 5% and powering the Tadawul Real Estate Management and Development Index to the highest since May.
The moves follow Saudi Arabia’s decision on Tuesday to update rules for property ownership by non-Saudis. It plans to allow foreigners to own real estate in specified areas, namely in Riyadh and Jeddah, while “special requirements” will remain for the holy cities of Mecca and Medina, according to the state-run Saudi Press Agency.
The Real Estate General Authority will be responsible for proposing the designated areas. More specifics on the rules and implementation are still to come, but the law is set to take effect in January of next year.
That “will likely have a very positive and broad implication for a number of sectors in the kingdom and the region,” said Junaid Ansari, director of investment strategy and research at Kamco Invest. “It will not only help the real estate names, but it will also be a boost for cement companies and banks in the kingdom.”
Saudi Arabia has been moving to open its property market further to foreign investors in recent years as it seeks to draw in more international funding and boost the local economy. It may also be seeking to ease the process for overseas investors, who have in the past faced a lengthy and laborious process to securing an investment.
Earlier this year, the kingdom eased rules giving investors from abroad the right to own shares in real estate companies developing in Islam’s holiest sites.
The changes announced this week may be modeling some of the success that has been struck elsewhere in the Middle East. Dubai, Abu Dhabi and Qatar have implemented specifically designated zones where foreign buyers are able to buy property.
The model has been a particular success for Dubai. The emirate’s property demand surged after the government allowed foreigners to buy in designated zones in 2002. Since then, the number of areas have increased, drawing hundreds of billions of dollars from foreign investors into the Gulf city.
Shares of Saudi property companies got a strong boost after the kingdom approved a new law that will lead to the creation of designated zones where foreigners are able to own property.
Retal Urban Development Co. and Saudi Real Estate Co. were among leading gainers, with each climbing more than 5% and powering the Tadawul Real Estate Management and Development Index to the highest since May.
The moves follow Saudi Arabia’s decision on Tuesday to update rules for property ownership by non-Saudis. It plans to allow foreigners to own real estate in specified areas, namely in Riyadh and Jeddah, while “special requirements” will remain for the holy cities of Mecca and Medina, according to the state-run Saudi Press Agency.
The Real Estate General Authority will be responsible for proposing the designated areas. More specifics on the rules and implementation are still to come, but the law is set to take effect in January of next year.
That “will likely have a very positive and broad implication for a number of sectors in the kingdom and the region,” said Junaid Ansari, director of investment strategy and research at Kamco Invest. “It will not only help the real estate names, but it will also be a boost for cement companies and banks in the kingdom.”
Saudi Arabia has been moving to open its property market further to foreign investors in recent years as it seeks to draw in more international funding and boost the local economy. It may also be seeking to ease the process for overseas investors, who have in the past faced a lengthy and laborious process to securing an investment.
Earlier this year, the kingdom eased rules giving investors from abroad the right to own shares in real estate companies developing in Islam’s holiest sites.
The changes announced this week may be modeling some of the success that has been struck elsewhere in the Middle East. Dubai, Abu Dhabi and Qatar have implemented specifically designated zones where foreign buyers are able to buy property.
The model has been a particular success for Dubai. The emirate’s property demand surged after the government allowed foreigners to buy in designated zones in 2002. Since then, the number of areas have increased, drawing hundreds of billions of dollars from foreign investors into the Gulf city.
Bank of America (BAC) Stake Sold By #Kuwait Investment Authority For $3.1 Billion - Bloomberg
Bank of America (BAC) Stake Sold By Kuwait Investment Authority For $3.1 Billion - Bloomberg
First it was Warren Buffett. Now, another key Bank of America Corp. investor that stood by it since the worst days of the 2008 financial crisis is chopping down its stake.
Kuwait Investment Authority, the trillion-dollar sovereign fund of the oil-rich Gulf state, sold a $3.1 billion stake in the second-largest US bank, according to people with knowledge of the matter. Shares in the unregistered block trade were priced at $47.95 apiece, the bottom of a range marketed by Goldman Sachs Group Inc., the people said asking not to be identified discussing the private deal.
The wealth fund’s backing goes back to January 2008 when it injected $2 billion into the troubled Merrill Lynch, then reeling from losses tied to subprime mortgages. That made it one of Merrill Lynch’s largest backers at the time, and the fund converted its preferred stock into common shares.
Later that year, amid a worsening global financial crisis, Bank of America agreed to buy Merrill Lynch.
KIA’s decision to offload the stock comes amid a wider pullback from some financial-services investments. For Bank of America, the move follows a retreat by Buffett, another white knight from its crisis years, who has been shrinking a much larger holding in the bank.
Buffett’s Berkshire Hathaway Inc., once the bank’s biggest and most prominent backer, began whittling that stake last year, disclosing almost-daily sales until it dropped below a 10% threshold requiring quick updates. Berkshire held about 632 million shares at the end of March, its most recent filing shows, down from 1.03 billion a year ago.
Since the Federal Reserve began its rate-hike cycle in early 2022, Bank of America has been the worst performer among the half-dozen biggest US banks. The firm has returned 24% in that period, while the next-worst bank produced 78%.
The sale handled by Goldman represented a 1.5% discount to Monday’s closing price. The stock fell as low as $46.76 after Bloomberg News reported the transaction on Tuesday, and traded at $47.21 at 1:47 p.m. in New York.
Representatives for Bank of America and Goldman Sachs declined to comment. A spokesperson for KIA said it doesn’t comment on investment activities.
The deal marks the sovereign fund’s second divestment of a financial firm in a week. KIA sold a $3.4 billion stake in Hong Kong-based insurer AIA Group Ltd., Bloomberg News reported Friday.
Berkshire lost its crown as Bank of America’s top shareholder earlier this year, according to a regulatory filing in May. Vanguard Group Inc. is now the lender’s largest shareholder.
First it was Warren Buffett. Now, another key Bank of America Corp. investor that stood by it since the worst days of the 2008 financial crisis is chopping down its stake.
Kuwait Investment Authority, the trillion-dollar sovereign fund of the oil-rich Gulf state, sold a $3.1 billion stake in the second-largest US bank, according to people with knowledge of the matter. Shares in the unregistered block trade were priced at $47.95 apiece, the bottom of a range marketed by Goldman Sachs Group Inc., the people said asking not to be identified discussing the private deal.
The wealth fund’s backing goes back to January 2008 when it injected $2 billion into the troubled Merrill Lynch, then reeling from losses tied to subprime mortgages. That made it one of Merrill Lynch’s largest backers at the time, and the fund converted its preferred stock into common shares.
Later that year, amid a worsening global financial crisis, Bank of America agreed to buy Merrill Lynch.
KIA’s decision to offload the stock comes amid a wider pullback from some financial-services investments. For Bank of America, the move follows a retreat by Buffett, another white knight from its crisis years, who has been shrinking a much larger holding in the bank.
Buffett’s Berkshire Hathaway Inc., once the bank’s biggest and most prominent backer, began whittling that stake last year, disclosing almost-daily sales until it dropped below a 10% threshold requiring quick updates. Berkshire held about 632 million shares at the end of March, its most recent filing shows, down from 1.03 billion a year ago.
Since the Federal Reserve began its rate-hike cycle in early 2022, Bank of America has been the worst performer among the half-dozen biggest US banks. The firm has returned 24% in that period, while the next-worst bank produced 78%.
The sale handled by Goldman represented a 1.5% discount to Monday’s closing price. The stock fell as low as $46.76 after Bloomberg News reported the transaction on Tuesday, and traded at $47.21 at 1:47 p.m. in New York.
Representatives for Bank of America and Goldman Sachs declined to comment. A spokesperson for KIA said it doesn’t comment on investment activities.
The deal marks the sovereign fund’s second divestment of a financial firm in a week. KIA sold a $3.4 billion stake in Hong Kong-based insurer AIA Group Ltd., Bloomberg News reported Friday.
Berkshire lost its crown as Bank of America’s top shareholder earlier this year, according to a regulatory filing in May. Vanguard Group Inc. is now the lender’s largest shareholder.
Most Gulf markets close higher shrugging off Trump's tariff news | Reuters
Most Gulf markets close higher shrugging off Trump's tariff news | Reuters
Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by latest tariff threats from U.S. President Donald Trump.
Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals.
He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries.
The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources.
In the UAE, Dubai's main index (.DFMGI), opens new tab gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp (EMPOWER.DU), opens new tab.
Emirates has signed a preliminary agreement with Crypto.com to accept payments through its platform.
The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport.
Abu Dhabi index (.FTFADGI), opens new tab added 0.4% posting its sixth straight session of gains. Abu Dhabi National Insurance Co (ADNIC.AD), opens new tab advanced 6.4% following regulatory approval to open a branch in India.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, dragged down by a 3.1% slide in utilities heavyweight ACWA Power (2082.SE), opens new tab and a 0.9% decrease in oil giant Saudi Aramco (2222.SE), opens new tab.
Qatar's benchmark index (.QSI), opens new tab closed flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab - which traded after a session's break - finished 0.4% higher, with Commercial International Bank (COMI.CA), opens new tab rising 0.6% higher.
Egypt's stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data centre in Cairo.
Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by latest tariff threats from U.S. President Donald Trump.
Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals.
He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries.
The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources.
In the UAE, Dubai's main index (.DFMGI), opens new tab gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp (EMPOWER.DU), opens new tab.
Emirates has signed a preliminary agreement with Crypto.com to accept payments through its platform.
The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport.
Abu Dhabi index (.FTFADGI), opens new tab added 0.4% posting its sixth straight session of gains. Abu Dhabi National Insurance Co (ADNIC.AD), opens new tab advanced 6.4% following regulatory approval to open a branch in India.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, dragged down by a 3.1% slide in utilities heavyweight ACWA Power (2082.SE), opens new tab and a 0.9% decrease in oil giant Saudi Aramco (2222.SE), opens new tab.
Qatar's benchmark index (.QSI), opens new tab closed flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab - which traded after a session's break - finished 0.4% higher, with Commercial International Bank (COMI.CA), opens new tab rising 0.6% higher.
Egypt's stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data centre in Cairo.
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