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Articles by Joumana Saad
Saudi gourmet chain Bateel plans US, Europe expansions
After strengthening its presence throughout the GCC, Saudi-based gourmet food chain Bateel International is planning to tap into growing demand abroad and open its first boutique in the United States, as well as two new locations in Europe before the end of this year. The new boutiques will be launched in Detroit, Michigan, and two unnamed European cities within the fourth quarter, Tina Memic, chief operating officer and general manager of retail at Bateel, told Argaam.
Mövenpick plans Saudi, UAE expansions
Mövenpick Hotels & Resorts is pushing ahead with an ambitious five-year expansion plan for Saudi Arabia, the United Arab Emirates and Qatar, despite economic challenges.
UAE real estate, tourism to feel Brexit impact: analysts
The UK’s decision to leave the European Union (EU) is seen to affect the United Arab Emirates’ economy in the long-term, with its key non-oil sectors likely to see the most impact, regional analysts have told Argaam. Global markets tanked on Friday following the Brexit vote as the British pound sank to a 30-year low, while the US dollar logged its biggest one-day gain in decades.
Potential FGB-NBAD deal may trigger more bank mergers
A potential merger between Abu Dhabi-listed First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) would likely trigger more consolidation and mergers within the UAE banking sector, industry analysts told Argaam. The lender would be created with a market share amounting to 25 percent of loans and deposits in the country. The merged bank would become the Middle East’s largest lender after Qatar National Bank (QNB), with an estimated market capitalization of AED 95 billion ($26 billion).
One year later, foreign investors remain cautious on Tadawul
A year after Saudi Arabia opened up its stock market to foreign investors, demand remains subdued as foreign traders and financial institutions watch from the sidelines and wait for reforms to come into effect. The Saudi government talked up the entry of foreign investors to Tadawul on June 15, 2015 as a key turning point for the market that would result in a major boost to inflows.
Mideast funds cautious on Gulf equities over summer lull
Fund managers in the Middle East are adopting a wait-and-see approach to buying opportunities as stock markets across the Gulf are expected to see weaker performance and thin trading over the next few months. Several asset managers surveyed by Argaam said they expect to see valuations drop further in the short term, while others will be waiting for second-quarter financial results and whether or not the US Federal Reserve will raise interest rates.
Dubai prepares for spike in Saudi tourists
Dubai has long been a popular destination for Saudi tourists, who still account for the largest share of Gulf visitors to the emirate. Yet, as the city has continued to build up and diversify its retail and entertainment offerings, the number of visitors from the kingdom has steadily grown in recent years and is on track to exceed 1.54 million, according to the Dubai Corporation for Tourism and Commerce Marketing (DTCM).
Questions remain on tax plans under Saudi reforms
New taxes and additional subsidy cuts being planned under Saudi Arabia’s five-year National Transformation Plan (NTP) have caused some confusion among economists and analysts, with many questioning how such targets can be achieved within a short timeframe. Under the economic reform plan revealed earlier this week, value-added tax (VAT) would be applied to various products, including tobacco and sugary drinks.
Oil hits $50 on weaker US dollar, Nigeria supply outages
Oil prices climbed once again above $50 a barrel on Monday, supported by a plunge in the US dollar and ongoing attacks on oil infrastructure in Nigeria. Brent crude futures last traded nearly 1 percent higher at $50.09 per barrel (bbl), while WTI crude settled above $49/bbl. On Friday, the dollar lost over 1.5 percent against a basket of other leading currencies on the back of a weaker-than-expected jobs report out of the US.
Cayan Group chairman talks Gulf, Europe expansion plans
Riyadh-based developer Cayan Group has its sights set on expansion as it looks to meet growing demand for quality housing in Saudi Arabia. The company is boosting its hospitality presence within the United Arab Emirates, and is planning new ventures in Europe, group president and chairman, Ahmed Alhatti, tells Argaam. Q: How would you describe the company's performance in the first quarter of 2016 and what is your outlook for the rest of the year?
Meet the man pushing for more Saudi women in the workplace
As Saudi Arabia rolls out plans to increase women’s participation in the workforce to 30 percent, local recruitment firm Glowork is stepping up efforts towards narrowing the gender gap in the country. Glowork began as a social enterprise operating an online job site for women and has expanded rapidly since it launched five years ago. The company has placed over 27,000 women since that time and expanded into headhunting, career fairs, research, and career counseling.
IMF lowers Gulf’s GDP growth forecast to 1.8%
The International Monetary Fund (IMF) once again revised downward its GDP growth outlook for GCC countries to 1.8 percent this year from 3.3 percent in 2015. Lower oil prices will continue to hang over the region, leading to further deterioration in fiscal balances.
IMF regional director talks Saudi reforms, says oil to remain low
The International Monetary Fund (IMF) has once again revised downwards its GDP growth outlook for the GCC to 1.8 percent this year from 3.3 percent in 2015. During his latest visit to Dubai, Masood Ahmed, director of the IMF’s Middle East and Central Asia department, spoke to Argaam about the main risks associated with this forecast, as well as fiscal and economic reforms planned for Saudi Arabia and other Gulf states.
Emirates NBD shuts down SME unit amid cost cuts
Emirates NBD, Dubai’s biggest lender, said it has closed Emirates Money, its subsidiary specializing in SME lending and personal finance, as part of new cost-cutting measures. Under the plan, Emirates Money’s SME portfolio will be integrated into Emirates NBD and existing SME customers will be served through the business banking unit.
Doha talks end with no deal to freeze oil output
OPEC and non-member producers failed to reach a consensus on Sunday over a deal to freeze output after discussions in Doha dragged on for more than five hours, news agencies reported. The cartel told non-members that a deal would need to be reached first within OPEC at its next meeting in June, sources told Reuters. After an agreement is reached, other oil exporters would be invited to join talks.
Dubai’s construction sector gets boost after strong Q1
Dubai’s construction sector is expected to improve this year after a pickup in activity and project awards in first quarter, analysts and industry experts told Argaam. A total of $6.6 billion worth of new contracts were awarded during the quarter, marking the highest level since Q1-2014, according to new data released by Middle East Economic Digest (MEED).
Q&A: AccorHotels MD talks Saudi expansions, market trends
French hospitality giant AccorHotels has made Gulf countries a key focus under recent expansion plans. A large portion of new projects are set to be carried out in Saudi Arabia, according to Olivier Granet, the company’s Managing Director & Chief Operator Officer for the Middle East. In an exclusive interview with Argaam, he outlined new targets and explained how the company plans to respond to evolving consumer demands.
Q&A: First Gulf Bank’s CEO talks restructuring, profit growth
First Gulf Bank (FGB), the largest lender by market value in the United Arab Emirates, is aiming to maintain profit growth at 6 percent this year. FGB's chief executive André Sayegh speaks to Argaam about the bank's outlook for 2016 and overall progress made on its restructuring plan. Q: What business segments do you expect to support the bank's profit growth forecast for 2016?
FlyDubai to pay $20,000 to families of plane crash victims
FlyDubai will plan to give $20,000 to each of the victims' families to address their immediate financial needs, the carrier said on Sunday, a day after one of its planes crashed in Russia, killing all 62 people on board. "At present, our priority is to identify and contact the families of those lost in today’s tragic accident and provide immediate support to those affected," the airline said in a statement.
Mobily-backed app Fetchr navigates way into Saudi Arabia
Dubai-based delivery app Fetchr is taking on its biggest challenge yet as it builds up presence in Saudi Arabia and develops solutions that cater to consumers and businesses in the kingdom. The company, which officially launched in Jeddah, Dammam, and Riyadh last month, is already seeing early signs of promise in a country where smartphone penetration is surging among a population dominated by young tech-savvy Saudis.
US Fed holds rates steady, sees fewer hikes in 2016
The US Federal Reserve pared its plans on Wednesday for raising key interest rates, citing global volatility and low inflation as main pressures that risk slowing the U.S. economy. Fed officials now see only two adjustments this year, compared to the previous forecast of four made during their last meeting in January.
OPEC sees lower demand for its oil in 2016
OPEC lowered its estimate of global demand for its crude in 2016, which is now seen to increase by just 100,000 barrels per day (bpd) to a new average of 31.5 million barrels per day (mbd), the cartel said in its latest monthly report. The forecast comes after the outlook for global economic growth this year was revised down due to expected contractions in Russia and Brazil.
Exclusive Q&A: Souq.com CEO talks investments, expansion plans
Over the last 10 years, Souq.com has grown from a pioneer start-up to the Arab world’s largest e-commerce platform. The Dubai-based company last month secured AED 1 billion in its latest round of venture capital funding. Ronaldo Mouchawar, CEO and co-founder of Souq.com speaks to Argaam about expansions planned for this year, and job creation for Arab youth. Q: The region’s e-commerce sector has become more crowded in recent years. How do you plan to differentiate your business from competitors?
EXCLUSIVE: Dubai’s Arabtec says to boost transparency
Dubai-listed builder Arabtec is planning to resume quarterly earnings calls with analysts as part of efforts to improve transparency and provide disclosures to investors. An Arabtec spokesperson told Argaam that it would remain committed to providing the market with full transparency. “The company has a policy of not commenting on market rumours; however, the company will in certain circumstances clarify a market rumor to avoid a false market,” the spokesperson said in an emailed statement.
Lufthansa boosts flights to Iran, looks to offer SkyChefs in Saudi Arabia
Lufthansa, Europe’s largest airline group, is eyeing new growth opportunities in Saudi Arabia’s aviation sector as it holds off for the most part on increasing passenger capacity in the Gulf. The Germany-based company has made privatization within the kingdom a key focus, targeting other market segments such as maintenance and catering. Lufthansa’s regional director for the Gulf, Iran, Afghanistan and Pakistan, spoke to Argaam about these plans and shared his views on the GCC’s aviation sector.
S&P cuts ratings of 11 Saudi-listed firms
Standard & Poor’s Ratings Services (S&P) has downgraded at least 11 Saudi-listed firms after the agency cut its sovereign rating for Saudi Arabia and adopted a more negative outlook for the kingdom’s economy. Saudi Basic Industries Corp.’s (SABIC) ratings were lowered to A-/A-2 from A+/A-1, while its outlook remains stable. S&P said the decision is due to petrochemical giant’s strong links with the Saudi government.
Iran welcomes oil output freeze, but doesn't commit to it
Iran’s oil minister, Bijan Zangeneh, has welcomed the Saudi-Russian deal to freeze output at January’s record-high levels. “The decision taken so that OPEC members and non-OPEC (countries) freeze their production ceiling in a bid to stabilize the market and improve prices in the interest of consumer and producer is also supported by us,” Zangeneh said following talks between major oil producers in Tehran.
Bets against Saudi riyal mount
Bets against Saudi Arabia’s riyal are mounting, despite assurances from the country’s central bank, which has reiterated that it will keep its currency pegged to the dollar. Earlier this month, Societe Generale said in a research note that it saw at least a 25 percent chance of a near-term devaluation of the riyal, adding that the chances could be as high as 40 percent if oil prices remain at current levels this year.
OPEC meet ends without output deal
After months of speculation, OPEC decided on Thursday to maintain its current production policy, while no consensus was reached on a new output ceiling after the cartel concluded its meeting in Vienna. The producer group cited the recent recovery in oil prices, which had risen 80 percent since the last meeting in December, as well as signs that suggested a global supply glut may be easing.
Dubai Parks and Resorts on track to profit in 2018: CEO
The vision behind the launch of Dubai Parks and Resorts is now starting to come to fruition. Nearly 90 percent of the construction work has been completed on the company’s AED 10 billion mega-theme parks complex, which will be home to Motiongate, Bollywood Parks, and Legoland when it opens later this year.
Barclays to dismiss nearly 150 staff in Dubai
London-based Barclays will dismiss nearly 150 staff in Dubai as it restructures its corporate banking business in the Middle East, a spokesperson for the multinational bank told Argaam.
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