Emirates President Clark Is Said to Delay Retirement to 2021 - Bloomberg
Emirates President Tim Clark postponed his retirement into next year to help steer the world’s largest long-haul airline through the toughest crisis in its history, according to people familiar with the matter.
The 70-year-old, who had already delayed a June retirement plan, hasn’t yet set a departure date, said the people, who asked not to be identified as the decision hasn’t been made public. Emirates hasn’t yet named a successor.
Clark has been the architect of Emirates’ rise from desert outpost to the world’s largest long-haul carrier, with the biggest fleet of Airbus SE A380s and Boeing Co. 777s connecting destinations around the globe through its Dubai hub. Yet just as he was due to the hand over the tiller, the Covid-19 pandemic plunged the global aviation industry into a prolonged slump that shows little sign of coming to an end.
Emirates has had to cut thousands of jobs, idle the majority of its A380 fleet and defer jet orders. The carrier’s focus on lengthy international flights is particularly vulnerable as travelers shy away from long-distance travel, which is expected to recover more slowly than shorter journeys.
Wednesday, 28 October 2020
Top Kuwait Finance Officials Quit to Protest Ministry Revamp - Bloomberg
Top Kuwait Finance Officials Quit to Protest Ministry Revamp - Bloomberg
The No. 2 official in Kuwait’s Ministry of Finance and five senior colleagues resigned to protest a reshuffle of almost all key ministerial posts, alleging the revamp wasn’t based on merit, according to a copy of their resignation letter.
The ministry said in a Twitter post that it had accepted the resignations in the public interest, without commenting on the claims made by the six officials.
Saleh Al-Sarawi, effectively the deputy minister, and five assistant undersecretaries wrote they were quitting due to the unprecedented “placing of self interest above good performance.” Appointees lacked suitable expertise for their new positions, they said.
The officials also hit out at attempts to push “unfeasible high-cost projects, without taking into consideration the difficulties and circumstances” public finances are facing.
The No. 2 official in Kuwait’s Ministry of Finance and five senior colleagues resigned to protest a reshuffle of almost all key ministerial posts, alleging the revamp wasn’t based on merit, according to a copy of their resignation letter.
The ministry said in a Twitter post that it had accepted the resignations in the public interest, without commenting on the claims made by the six officials.
Saleh Al-Sarawi, effectively the deputy minister, and five assistant undersecretaries wrote they were quitting due to the unprecedented “placing of self interest above good performance.” Appointees lacked suitable expertise for their new positions, they said.
The officials also hit out at attempts to push “unfeasible high-cost projects, without taking into consideration the difficulties and circumstances” public finances are facing.
#Oman Is Said to Plan Gulf Sultanate’s Biggest Property Trust IPO - Bloomberg
Oman Is Said to Plan Gulf Sultanate’s Biggest Property Trust IPO - Bloomberg
Oman REIT Fund is planning an initial public offering that could raise about $100 million, in what could be the biggest-ever listing of a property trust in the Gulf sultanate, people with knowledge of the matter said.
The REIT, managed by Shumookh Fund Management LLC, plans to seek a valuation of $170 million or more, according to the people, who asked not to be identified because the information is private. It aims to offer an annual dividend yield of about 7%, the people said.
Muscat-based United Securities LLC is managing the offering, the people said. The REIT’s portfolio will include residential, commercial, office and logistics properties contributed by local companies and pension funds, according to the people.
The potential deal could rank as the country’s largest REIT IPO since the Capital Markets Authority set up regulations for such listings in 2018. Aman Real Estate Investment Fund, which started trading on the Muscat bourse earlier this year, was the first to take advantage of the new rules.
Oman REIT Fund is planning an initial public offering that could raise about $100 million, in what could be the biggest-ever listing of a property trust in the Gulf sultanate, people with knowledge of the matter said.
The REIT, managed by Shumookh Fund Management LLC, plans to seek a valuation of $170 million or more, according to the people, who asked not to be identified because the information is private. It aims to offer an annual dividend yield of about 7%, the people said.
Muscat-based United Securities LLC is managing the offering, the people said. The REIT’s portfolio will include residential, commercial, office and logistics properties contributed by local companies and pension funds, according to the people.
The potential deal could rank as the country’s largest REIT IPO since the Capital Markets Authority set up regulations for such listings in 2018. Aman Real Estate Investment Fund, which started trading on the Muscat bourse earlier this year, was the first to take advantage of the new rules.
Oil plunges over 5% to four-month low as pandemic surges, U.S. crude output soars | Reuters
Oil plunges over 5% to four-month low as pandemic surges, U.S. crude output soars | Reuters
Oil prices fell more than 5% on Wednesday, sending Brent to a four-month low as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and fed expectations for new declines in fuel demand.
Also pressuring prices, U.S. crude stockpiles rose more than expected last week as production surged in a record build, according to the U.S. Energy Information Administration.
“The increase in oil production led to an unexpected build of crude oil, and given the additional lockdowns we are seeing in Europe, that is just further heaping bad news on the oil market,” said Andy Lipow, president of consultants Lipow Oil Associates.
Brent futures fell $2.08, or 5.1%, to settle at $39.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.18, or 5.5%, to $37.39.
That was the lowest close for Brent since June 12 and for WTI since Oct. 2. It was the biggest daily percentage losses for both benchmarks since Sept. 8.
Oil prices fell more than 5% on Wednesday, sending Brent to a four-month low as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and fed expectations for new declines in fuel demand.
Also pressuring prices, U.S. crude stockpiles rose more than expected last week as production surged in a record build, according to the U.S. Energy Information Administration.
“The increase in oil production led to an unexpected build of crude oil, and given the additional lockdowns we are seeing in Europe, that is just further heaping bad news on the oil market,” said Andy Lipow, president of consultants Lipow Oil Associates.
Brent futures fell $2.08, or 5.1%, to settle at $39.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.18, or 5.5%, to $37.39.
That was the lowest close for Brent since June 12 and for WTI since Oct. 2. It was the biggest daily percentage losses for both benchmarks since Sept. 8.
#SaudiArabia's deficit down in third quarter as taxes boost revenue | Reuters
Saudi Arabia's deficit down in third quarter as taxes boost revenue | Reuters
Saudi Arabia posted a budget deficit of 40.768 billion riyals ($10.87 billion) in the third quarter this year, more than half its deficit in the previous quarter, as a spike in non-oil revenues offset a continued decline in oil income.
The world’s largest oil exporter faces an economic contraction this year as the coronavirus crisis hits global demand for crude while virus containment measures weigh on non-oil economic sectors.
Still, despite a 30% yearly drop in oil revenues in the third quarter to 92.582 billion riyals, total revenues increased by 4% year-on-year to 215.577 billion riyals, partly thanks to tax increases.
Riyadh tripled a value-added tax to 15% in July to boost non-oil income, a move several economists said could weaken domestic demand and slow economic recovery.
“The increase in non-oil revenue was supported by the increase in VAT, which also benefited from pent-up consumer demand after the lockdowns as people could not travel outside of Saudi,” said Mazen al-Sudairi, head of research at Al Rajhi Capital.
Saudi Arabia posted a budget deficit of 40.768 billion riyals ($10.87 billion) in the third quarter this year, more than half its deficit in the previous quarter, as a spike in non-oil revenues offset a continued decline in oil income.
The world’s largest oil exporter faces an economic contraction this year as the coronavirus crisis hits global demand for crude while virus containment measures weigh on non-oil economic sectors.
Still, despite a 30% yearly drop in oil revenues in the third quarter to 92.582 billion riyals, total revenues increased by 4% year-on-year to 215.577 billion riyals, partly thanks to tax increases.
Riyadh tripled a value-added tax to 15% in July to boost non-oil income, a move several economists said could weaken domestic demand and slow economic recovery.
“The increase in non-oil revenue was supported by the increase in VAT, which also benefited from pent-up consumer demand after the lockdowns as people could not travel outside of Saudi,” said Mazen al-Sudairi, head of research at Al Rajhi Capital.
#Oman gets $1bn in aid from #Qatar | Financial Times
Oman gets $1bn in aid from Qatar | Financial Times
Oman has received $1bn in direct financial support from Qatar as the cash-strapped sultanate seeks to stave off an economic crisis worsened by coronavirus and lower oil prices.
Oman has received $1bn in direct financial support from Qatar as the cash-strapped sultanate seeks to stave off an economic crisis worsened by coronavirus and lower oil prices.
One of the poorer oil-dependent Gulf states, Oman is tapping richer neighbours for much-needed financial aid as it balances the need to plug a widening budget deficit against the potential threat to its much-prized neutrality.
Officials from the sultanate marketing a bond on conference calls said Qatar had deposited the amount in the central bank of Oman, and promised that there was more to come, three people briefed on the conversations said.
Investors said Qatari support for Oman is a good start, but more is needed. “A billion isn’t going to move the needle — they need to raise a lot more,” said one, who requested anonymity because he was not authorised to speak about transactions.
Oman did not respond to a request for comment. Qatar declined to comment.
MIDEAST STOCKS- #Saudi index leads losses with most Gulf markets subdued | Nasdaq
MIDEAST STOCKS-Saudi index leads losses with most Gulf markets subdued | Nasdaq
Major Gulf markets ended lower on Wednesday with the Saudi index leading losses, while Egypt's bourse was hurt by a blue-chip selloff.
Saudi Arabia's benchmark index .TASI fell 0.9%, with Saudi Electricity 5110.SE shedding 3.7% and National Gas and Industrialization Company 2080.SE dropping 1%.
However, National Commercial Bank (NCB) 1180.SE advanced 1.3% after it reported on Tuesday a nearly 24% rise in third-quarter net profit.
The kingdom's largest lender posted a net profit of 3.16 billion riyals ($842.60 million) in the quarter ended Sept. 30, up from 2.55 billion a year earlier.
Dubai's main share index .DFMGI slipped 0.2%, hurt by a 2.6% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.3% fall in logistics firm Aramex ARMX.DU.
The Abu Dhabi index .ADI dropped 0.5%, weighed down by a 1.1% decline in telecoms firm Etisalat ETISALAT.AD and a 3.5% slide in Aldar Properties ALDAR.AD, ending four sessions of gains.
On Monday, Aldar saw its biggest intraday gain in nearly six years after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ.
In Qatar, the index .QSI fell 0.3%, with Industries Qatar IQCD.QA losing 1.1%, a day after the petrochemical firm reported a net profit of 951 million riyals ($261.26 million) for the first nine months of 2020, down from 2 billion riyals a year earlier.
Outside the Gulf, Egypt's blue-chip index .EGX30 closed down 0.4%, with most of the stocks on the index in negative territory including Madinet Nasr MNHD.CA, which was down 3.7%.
Major Gulf markets ended lower on Wednesday with the Saudi index leading losses, while Egypt's bourse was hurt by a blue-chip selloff.
Saudi Arabia's benchmark index .TASI fell 0.9%, with Saudi Electricity 5110.SE shedding 3.7% and National Gas and Industrialization Company 2080.SE dropping 1%.
However, National Commercial Bank (NCB) 1180.SE advanced 1.3% after it reported on Tuesday a nearly 24% rise in third-quarter net profit.
The kingdom's largest lender posted a net profit of 3.16 billion riyals ($842.60 million) in the quarter ended Sept. 30, up from 2.55 billion a year earlier.
Dubai's main share index .DFMGI slipped 0.2%, hurt by a 2.6% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.3% fall in logistics firm Aramex ARMX.DU.
The Abu Dhabi index .ADI dropped 0.5%, weighed down by a 1.1% decline in telecoms firm Etisalat ETISALAT.AD and a 3.5% slide in Aldar Properties ALDAR.AD, ending four sessions of gains.
On Monday, Aldar saw its biggest intraday gain in nearly six years after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ.
In Qatar, the index .QSI fell 0.3%, with Industries Qatar IQCD.QA losing 1.1%, a day after the petrochemical firm reported a net profit of 951 million riyals ($261.26 million) for the first nine months of 2020, down from 2 billion riyals a year earlier.
Outside the Gulf, Egypt's blue-chip index .EGX30 closed down 0.4%, with most of the stocks on the index in negative territory including Madinet Nasr MNHD.CA, which was down 3.7%.
#UAE's ADCB reports third quarter profit slip, more NMC-related impairments | Reuters
UAE's ADCB reports third quarter profit slip, more NMC-related impairments | Reuters
Abu Dhabi Commercial Bank (ADCB) ADCB.AD posted a 3% drop in third-quarter profit on Wednesday as the UAE's third-biggest lender took additional impairments on its exposure to hospital operator NMC Health and associated companies.
ADCB reported a net profit of 1.366 billion dirhams ($372 million) in the quarter ended September 30, down from 1.412 billion.
It reported 148 million dirhams in impairment charges related to troubled NMC Health, Finablr FINF.L and associated firms.
That brings such impairment charges to 1.38 billion dirhams.
With exposure of about $981 million, ADCB was a major lender to NMC Health, which went into administration this year after months of turmoil following questions over its financial reporting.
Abu Dhabi Commercial Bank (ADCB) ADCB.AD posted a 3% drop in third-quarter profit on Wednesday as the UAE's third-biggest lender took additional impairments on its exposure to hospital operator NMC Health and associated companies.
ADCB reported a net profit of 1.366 billion dirhams ($372 million) in the quarter ended September 30, down from 1.412 billion.
It reported 148 million dirhams in impairment charges related to troubled NMC Health, Finablr FINF.L and associated firms.
That brings such impairment charges to 1.38 billion dirhams.
With exposure of about $981 million, ADCB was a major lender to NMC Health, which went into administration this year after months of turmoil following questions over its financial reporting.
Emirate of #Sharjah to raise $250 mln in 2029 sukuk re-opening | Nasdaq
Emirate of Sharjah to raise $250 mln in 2029 sukuk re-opening | Nasdaq
Sharjah, the third-largest of the United Arab Emirates, sold $250 million in a re-opening of existing sukuk due in October 2029, a document from one of the banks arranging the deal showed on Wednesday.
It set the final yield at 2.75% after giving initial price guidance of around 2.9% and got more than $600 million in orders for the tap of the $750 million 3.234% sukuk due October 23, 2029.
A bond tap is where an existing transaction is reopened using the same documentation as before. This deal is expected to close later on Wednesday.
Sharjah has already raised $2 billion with two bond issues this year, in June and July, as it seeks to bolster its finances, which have been hit by the pandemic and cheap oil.
Sharjah, the third-largest of the United Arab Emirates, sold $250 million in a re-opening of existing sukuk due in October 2029, a document from one of the banks arranging the deal showed on Wednesday.
It set the final yield at 2.75% after giving initial price guidance of around 2.9% and got more than $600 million in orders for the tap of the $750 million 3.234% sukuk due October 23, 2029.
A bond tap is where an existing transaction is reopened using the same documentation as before. This deal is expected to close later on Wednesday.
Sharjah has already raised $2 billion with two bond issues this year, in June and July, as it seeks to bolster its finances, which have been hit by the pandemic and cheap oil.
#Saudi airline faces claim over 50 leased Airbus planes - documents | Reuters
Saudi airline faces claim over 50 leased Airbus planes - documents | Reuters
State-owned Saudi Arabian Airlines is facing a claim in London's High Court filed last month by a Dubai-based financial services firm over an alleged breach of lease agreements of 50 Airbus AIR.PA aircraft, court documents showed.
Alif Segregated Portfolio Company, which specialises in shariah-compliant aircraft leasing, has filed a complaint against the Jeddah-based carrier, also known as Saudia, in which it could seek at least $460 million in unpaid rent and maintenance cost.
Alif also demands other damages and costs, the documents seen by Reuters showed.
London’s High Court told Reuters the claim has been filed but not yet acknowledged by the defendant.
The airline, in a statement to Reuters, said it would stand by its contractual commitments and was also prepared to defend itself against inaccurate claims.
State-owned Saudi Arabian Airlines is facing a claim in London's High Court filed last month by a Dubai-based financial services firm over an alleged breach of lease agreements of 50 Airbus AIR.PA aircraft, court documents showed.
Alif Segregated Portfolio Company, which specialises in shariah-compliant aircraft leasing, has filed a complaint against the Jeddah-based carrier, also known as Saudia, in which it could seek at least $460 million in unpaid rent and maintenance cost.
Alif also demands other damages and costs, the documents seen by Reuters showed.
London’s High Court told Reuters the claim has been filed but not yet acknowledged by the defendant.
The airline, in a statement to Reuters, said it would stand by its contractual commitments and was also prepared to defend itself against inaccurate claims.
Iraq's Crumbling Economy Is Becoming a Threat to OPEC - Bloomberg
Iraq's Crumbling Economy Is Becoming a Threat to OPEC - Bloomberg
From his third-floor office in eastern Baghdad, Iraqi Oil Minister Ihsan Abdul Jabbar can see the rowdy protesters below as they march toward Tahrir Square, the symbolic heart of Iraq’s latest uprising.
On Sunday, thousands of Iraqis again gathered with national flags at the square, across the Tigris river from the heavily-fortified Green Zone, where the U.S. has its embassy. Their list of grievances was long: corrupt politicians, daily power cuts, dilapidated hospitals, crumbling roads and a lack of jobs. “We want our country back!” they chanted.
Iraq may be the world’s third-biggest oil exporter, but its economy is cratering after the coronavirus pandemic sapped global demand for energy and caused prices to collapse. The state’s finances are so dire it can’t pay teachers and civil servants on time, threatening a repeat of the upheaval that last year brought down the government and saw hundreds of protesters killed.
That’s created a dilemma for 46-year-old Abdul Jabbar, a chemical engineer and career oil man who’s now caught between the demands of an angry population and the pledges made to allies in OPEC. The cartel of oil producers is trying to bolster a fragile market by reining in supply and it needs major producers like Iraq to toe the line. For Iraq, restraining supply carries a massive economic -- and political -- cost. But breaking ranks is risky too: it could mean lower prices for everyone.
From his third-floor office in eastern Baghdad, Iraqi Oil Minister Ihsan Abdul Jabbar can see the rowdy protesters below as they march toward Tahrir Square, the symbolic heart of Iraq’s latest uprising.
On Sunday, thousands of Iraqis again gathered with national flags at the square, across the Tigris river from the heavily-fortified Green Zone, where the U.S. has its embassy. Their list of grievances was long: corrupt politicians, daily power cuts, dilapidated hospitals, crumbling roads and a lack of jobs. “We want our country back!” they chanted.
Iraq may be the world’s third-biggest oil exporter, but its economy is cratering after the coronavirus pandemic sapped global demand for energy and caused prices to collapse. The state’s finances are so dire it can’t pay teachers and civil servants on time, threatening a repeat of the upheaval that last year brought down the government and saw hundreds of protesters killed.
That’s created a dilemma for 46-year-old Abdul Jabbar, a chemical engineer and career oil man who’s now caught between the demands of an angry population and the pledges made to allies in OPEC. The cartel of oil producers is trying to bolster a fragile market by reining in supply and it needs major producers like Iraq to toe the line. For Iraq, restraining supply carries a massive economic -- and political -- cost. But breaking ranks is risky too: it could mean lower prices for everyone.
#Dubai's Amanat Holding terminates sale of Middlesex University | ZAWYA MENA Edition
Dubai's Amanat Holding terminates sale of Middlesex University | ZAWYA MENA Edition:
Dubai’s healthcare and education investment company Amanat Holdings has terminated its sale and purchase agreement for the Middlesex University Dubai campus.
The company announced in July that it would sell the campus, based in Knowledge Park, but issued a statement to Dubai Financial Market today, saying its sale and purchase agreement (SPA) with SW Holding Limited and Study World Education Holding Limited, also Dubai-based, had been terminated.
The company was to sell its 100 percent stake in Middlesex Associates through its fully owned subsidiary, AHE Alpha Limited.
Dr Mohamad Hamade, CEO of Amanat, said: “While we were enthusiastic about completing the transaction, we took the decision to terminate the SPA despite Amanat having completed all its obligations under the agreement.
Dubai’s healthcare and education investment company Amanat Holdings has terminated its sale and purchase agreement for the Middlesex University Dubai campus.
The company announced in July that it would sell the campus, based in Knowledge Park, but issued a statement to Dubai Financial Market today, saying its sale and purchase agreement (SPA) with SW Holding Limited and Study World Education Holding Limited, also Dubai-based, had been terminated.
The company was to sell its 100 percent stake in Middlesex Associates through its fully owned subsidiary, AHE Alpha Limited.
Dr Mohamad Hamade, CEO of Amanat, said: “While we were enthusiastic about completing the transaction, we took the decision to terminate the SPA despite Amanat having completed all its obligations under the agreement.
#Saudi stock exchange to triple daily trading limits for new listings | ZAWYA MENA Edition
Saudi stock exchange to triple daily trading limits for new listings | ZAWYA MENA Edition
In an announcement regarding the enhancements to the requirements governing negotiated deals and the fluctuation limits mechanism on the main market and Nomu-Parallel Market, Saudi Arabia’s stock market Tadawul said it will triple the daily trading limits for companies making their debut from November 8.
The enhancements to the fluctuation limits will be applied only on the first three days of trading newly listed security in the main market and on an ongoing basis for all listed securities in Nomu-Parallel Market.
Starting Nov. 8, newly listed stocks, will be allowed to rise or fall 30 percent on their first three days of trading, up from the current 10 percent limit. The daily limits will revert to 10 percent from the fourth day, Tadawul said in a statement.
In an announcement regarding the enhancements to the requirements governing negotiated deals and the fluctuation limits mechanism on the main market and Nomu-Parallel Market, Saudi Arabia’s stock market Tadawul said it will triple the daily trading limits for companies making their debut from November 8.
The enhancements to the fluctuation limits will be applied only on the first three days of trading newly listed security in the main market and on an ongoing basis for all listed securities in Nomu-Parallel Market.
Starting Nov. 8, newly listed stocks, will be allowed to rise or fall 30 percent on their first three days of trading, up from the current 10 percent limit. The daily limits will revert to 10 percent from the fourth day, Tadawul said in a statement.
Oil falls 2% as rise in U.S. crude stocks fans oversupply fears | Reuters
Oil falls 2% as rise in U.S. crude stocks fans oversupply fears | Reuters
Oil prices slid about 2 percent on Wednesday, giving up most of the previous day’s gains, as a surge in U.S. crude stocks and growing coronavirus infections in the United States and Europe fanned fears of a supply glut and weaker fuel demand.
Brent crude futures were down 74 cents, or 1.8%, at $40.46 a barrel by 0644 GMT, having climbed nearly 2% the previous day. U.S. oil was down 90 cents, or 2.3%, at $38.67, after gaining 2.6% on Tuesday.
U.S. crude oil and gasoline stocks rose last week, data from industry group the American Petroleum Institute showed, with crude inventories rising by 4.6 million barrels to about 495.2 million barrels, well above analysts’ expectations in a Reuters poll for a build of 1.2 million barrels.
“The higher-than-expected build in U.S. crude stocks prompted fresh selling, while concerns over supply disruption from Hurricane Zeta have receded,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Oil prices slid about 2 percent on Wednesday, giving up most of the previous day’s gains, as a surge in U.S. crude stocks and growing coronavirus infections in the United States and Europe fanned fears of a supply glut and weaker fuel demand.
Brent crude futures were down 74 cents, or 1.8%, at $40.46 a barrel by 0644 GMT, having climbed nearly 2% the previous day. U.S. oil was down 90 cents, or 2.3%, at $38.67, after gaining 2.6% on Tuesday.
U.S. crude oil and gasoline stocks rose last week, data from industry group the American Petroleum Institute showed, with crude inventories rising by 4.6 million barrels to about 495.2 million barrels, well above analysts’ expectations in a Reuters poll for a build of 1.2 million barrels.
“The higher-than-expected build in U.S. crude stocks prompted fresh selling, while concerns over supply disruption from Hurricane Zeta have receded,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
MIDEAST STOCKS-Most major Gulf markets fall; Abu Dhabi gains | Nasdaq
MIDEAST STOCKS-Most major Gulf markets fall; Abu Dhabi gains | Nasdaq
Most major Gulf markets were negative early on Wednesday, with property shares weighing on the Dubai index, while Abu Dhabi bucked the trend.
Saudi Arabia's benchmark index .TASI slipped 0.1%, with oil giant Saudi Aramco 2222.SE and petrochemical firm Saudi Basic Industries 2010.SE both falling 0.6%.
However, the National Commercial Bank (NCB) 1180.SE advanced 1.5% after it reported on Tuesday a nearly 24% rise in third-quarter net profit, as net commission income rose and impairment charges dropped.
The kingdom's largest lender posted a net profit of 3.16 billion riyals ($842.60 million) in the quarter ended Sept. 30, up from 2.55 billion in the same period a year earlier.
Dubai's main share index .DFMGI fell 0.2%, hurt by a 1.8% drop in blue-chip developer Emaar Properties EMAR.DU and a 1.4% decline in its unit Emaar Malls EMAA.DU.
The Abu Dhabi index .ADI rose 0.4%, led by a 5.2% jump in aquaculture company International Holding IHC.AD and a 0.7% increase in the country's largest lender First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI dropped 0.5%, dragged down by a 0.9% fall in the Gulf's largest lender Qatar National Bank QNBK.QA and a 1.3% decrease in Commercial Bank COMB.QA.
Elsewhere, Qatar Insurance QINS.QA retreated 1.8%. The insurer posted a net loss of 147.4 million riyals ($40.49 million) for the first nine months of 2020, compared to a profit of 485.2 million riyals a year earlier.
Most major Gulf markets were negative early on Wednesday, with property shares weighing on the Dubai index, while Abu Dhabi bucked the trend.
Saudi Arabia's benchmark index .TASI slipped 0.1%, with oil giant Saudi Aramco 2222.SE and petrochemical firm Saudi Basic Industries 2010.SE both falling 0.6%.
However, the National Commercial Bank (NCB) 1180.SE advanced 1.5% after it reported on Tuesday a nearly 24% rise in third-quarter net profit, as net commission income rose and impairment charges dropped.
The kingdom's largest lender posted a net profit of 3.16 billion riyals ($842.60 million) in the quarter ended Sept. 30, up from 2.55 billion in the same period a year earlier.
Dubai's main share index .DFMGI fell 0.2%, hurt by a 1.8% drop in blue-chip developer Emaar Properties EMAR.DU and a 1.4% decline in its unit Emaar Malls EMAA.DU.
The Abu Dhabi index .ADI rose 0.4%, led by a 5.2% jump in aquaculture company International Holding IHC.AD and a 0.7% increase in the country's largest lender First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI dropped 0.5%, dragged down by a 0.9% fall in the Gulf's largest lender Qatar National Bank QNBK.QA and a 1.3% decrease in Commercial Bank COMB.QA.
Elsewhere, Qatar Insurance QINS.QA retreated 1.8%. The insurer posted a net loss of 147.4 million riyals ($40.49 million) for the first nine months of 2020, compared to a profit of 485.2 million riyals a year earlier.