Oil gains nearly 3% on vaccine hopes, even as nations reimpose lockdowns | Reuters
Oil ended nearly 3% higher on Tuesday as hopes that a COVID-19 vaccine is on the horizon outweighed worries about a drop in fuel demand from new lockdowns to contain the virus.
Brent crude LCOc1 futures settled up $1.21, or 2.9%, at $43.61 per barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures gained $1.07, or 2.7%, to $41.36.
Both contracts jumped 8% on Monday, their biggest daily gains in more than five months, after drugmakers Pfizer PFE.N and BioNTech 22UAy.F said their experimental COVID-19 treatment was more than 90% effective based on initial trial results.
Oil bounced again Tuesday afternoon after the director of the U.S. National Institute of Allergy and Infectious Diseases, Anthony Fauci, said doses of the vaccine will be available for people at the highest priority in December.
Tuesday, 10 November 2020
Israeli Economy Seen Expanding 4.8% in 2021 If Vaccine Available - Bloomberg
Israeli Economy Seen Expanding 4.8% in 2021 If Vaccine Available - Bloomberg
Israel’s economy will expand 4.8% next year if a Covid-19 vaccine is available by mid-year, according to the Finance Ministry’s Chief Economist Shira Greenberg.
If the pandemic isn’t curbed, then output will only rise 2.2%, Greenberg said in a presentation at joint U.S.-Israel economic discussions. The Bank of Israel’s latest forecast in October projected a range of 1% to 6.5%.
Israel’s economy will expand 4.8% next year if a Covid-19 vaccine is available by mid-year, according to the Finance Ministry’s Chief Economist Shira Greenberg.
If the pandemic isn’t curbed, then output will only rise 2.2%, Greenberg said in a presentation at joint U.S.-Israel economic discussions. The Bank of Israel’s latest forecast in October projected a range of 1% to 6.5%.
Mansour bin Zayed issues resolution to form court specialising in money laundering and tax evasion crimes | ZAWYA MENA Edition
Mansour bin Zayed issues resolution to form court specialising in money laundering and tax evasion crimes | ZAWYA MENA Edition
H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Abu Dhabi Judicial Department, ADJD, issued a resolution to establish a court specialising in money laundering and tax evasion crimes, under the framework of the department’s strategic priority to improve the litigation process and create a fair and just judicial system.
Youssef Saeed Al Abri, Under-Secretary of the ADJD, explained that the establishment of a specialist court will support the continuous development of Abi Dhabi’s judicial system, as well as play a major role in ensuring the timely adjudication of relevant cases and enhance the expertise of relevant judges, which will be reflected by the quality and consistency of legal judgements.
The establishment of the court will also support the UAE’s efforts to combat such crimes and persecute perpetrators, through undertaking a series of steps and procedures, in coordination with relevant authorities and in light of an updated legislative infrastructure, which will reinforce the country’s competitiveness both regionally and internationally, he added.
The court’s establishment highlights the ADJD’s keenness to support the specialisation of judicial work, to raise performance and achieve excellence and leadership, he further added, noting that the department will organise training courses for judges and prosecutors specialising in money laundering and tax evasion.
H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Abu Dhabi Judicial Department, ADJD, issued a resolution to establish a court specialising in money laundering and tax evasion crimes, under the framework of the department’s strategic priority to improve the litigation process and create a fair and just judicial system.
Youssef Saeed Al Abri, Under-Secretary of the ADJD, explained that the establishment of a specialist court will support the continuous development of Abi Dhabi’s judicial system, as well as play a major role in ensuring the timely adjudication of relevant cases and enhance the expertise of relevant judges, which will be reflected by the quality and consistency of legal judgements.
The establishment of the court will also support the UAE’s efforts to combat such crimes and persecute perpetrators, through undertaking a series of steps and procedures, in coordination with relevant authorities and in light of an updated legislative infrastructure, which will reinforce the country’s competitiveness both regionally and internationally, he added.
The court’s establishment highlights the ADJD’s keenness to support the specialisation of judicial work, to raise performance and achieve excellence and leadership, he further added, noting that the department will organise training courses for judges and prosecutors specialising in money laundering and tax evasion.
#AbuDhabi non-oil trade figures show Q3 coronavirus rebound - Arabianbusiness
Abu Dhabi non-oil trade figures show Q3 coronavirus rebound - Arabianbusiness
Abu Dhabi's non-oil foreign trade saw a rebound from the impact of the coronavirus pandemic in the third quarter of 2020, achieving growth of 10 percent compared to the same period last year.
According to figures released by the General Administration of Abu Dhabi Customs, Q3 trade totalled AED55 billion ($15 billion), with imports of AED21 billion, exports of AED25 billion, and re-exports of AED9 billion.
Gold and jewellery contributed AED15 billion in the third quarter, followed by machinery, appliances and electrical equipment and parts, minerals and transport equipment.
Saudi Arabia maintained its top position as one of Abu Dhabi’s most important strategic foreign trade partners during Q3, with trade amounting to AED32.10 billion, followed by Italy with AED8 billion, Hong Kong with AED7 billion, the US with AED4 billion, and China with AED3 billion.
For the nine months to September, Abu Dhabi’s non-oil foreign trade sector totalled AED151.18 billion despite the Covid-19 pandemic.
Abu Dhabi's non-oil foreign trade saw a rebound from the impact of the coronavirus pandemic in the third quarter of 2020, achieving growth of 10 percent compared to the same period last year.
According to figures released by the General Administration of Abu Dhabi Customs, Q3 trade totalled AED55 billion ($15 billion), with imports of AED21 billion, exports of AED25 billion, and re-exports of AED9 billion.
Gold and jewellery contributed AED15 billion in the third quarter, followed by machinery, appliances and electrical equipment and parts, minerals and transport equipment.
Saudi Arabia maintained its top position as one of Abu Dhabi’s most important strategic foreign trade partners during Q3, with trade amounting to AED32.10 billion, followed by Italy with AED8 billion, Hong Kong with AED7 billion, the US with AED4 billion, and China with AED3 billion.
For the nine months to September, Abu Dhabi’s non-oil foreign trade sector totalled AED151.18 billion despite the Covid-19 pandemic.
MIDEAST STOCKS-Gulf markets rally on vaccine optimism, oil price rise | Nasdaq
MIDEAST STOCKS-Gulf markets rally on vaccine optimism, oil price rise | Nasdaq
Major Gulf markets extended gains to end higher for a second straight session on Tuesday, as the progress in the development of a coronavirus vaccine boosted hopes of a global economic recovery.
Pfizer Inc PFE.N on Monday said its COVID-19 vaccine, developed with German partner BioNTech SE BNTX.O, was more than 90% effective in preventing infection.
The Gulf region also benefited from a rise in oil prices on the back of vaccine hopes, outweighing the expected negative impact on fuel demand from new lockdowns. O/R
Saudi Arabia's benchmark index .TASI closed 0.5% higher, led by a 0.5% rise in Al Rajhi Bank 1120.SE, while National Commercial Bank 1180.SE advanced 2.4%.
The kingdom's economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than in the second quarter when it was reeling under coronavirus-linked lockdowns.
Dubai's main share index .DFMGI finished over 2% higher, its biggest intraday gain since June 7.
Real estate stocks were among top gainers, with Emaar Malls EMAA.DU closing over 14% higher, while Emaar Properties EMAR.DU added about 3%.
Emaar Malls, which reported a 66% slump in its nine-month profit, however, said it was optimistic about the immediate future of the retail industry in Dubai for the remainder of 2020.
The Abu Dhabi index .ADI firmed 0.5%, supported by gains in index heavyweight First Abu Dhabi Bank FAB.AD and Abu Dhabi Commercial Bank ADCB.AD, which gained 1.2% and 1.8%, respectively.
Further boosting the sentiment, United Arab Emirates said it has no plan to increase value-added tax to more than the current 5%.
Qatar's index .QSI reversed losses in morning trade to close the session 0.4% higher, with energy firm Qatar Fuel Co QFLS.QA perched at the top of the index with a 5.4% gain.
Major Gulf markets extended gains to end higher for a second straight session on Tuesday, as the progress in the development of a coronavirus vaccine boosted hopes of a global economic recovery.
Pfizer Inc PFE.N on Monday said its COVID-19 vaccine, developed with German partner BioNTech SE BNTX.O, was more than 90% effective in preventing infection.
The Gulf region also benefited from a rise in oil prices on the back of vaccine hopes, outweighing the expected negative impact on fuel demand from new lockdowns. O/R
Saudi Arabia's benchmark index .TASI closed 0.5% higher, led by a 0.5% rise in Al Rajhi Bank 1120.SE, while National Commercial Bank 1180.SE advanced 2.4%.
The kingdom's economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than in the second quarter when it was reeling under coronavirus-linked lockdowns.
Dubai's main share index .DFMGI finished over 2% higher, its biggest intraday gain since June 7.
Real estate stocks were among top gainers, with Emaar Malls EMAA.DU closing over 14% higher, while Emaar Properties EMAR.DU added about 3%.
Emaar Malls, which reported a 66% slump in its nine-month profit, however, said it was optimistic about the immediate future of the retail industry in Dubai for the remainder of 2020.
The Abu Dhabi index .ADI firmed 0.5%, supported by gains in index heavyweight First Abu Dhabi Bank FAB.AD and Abu Dhabi Commercial Bank ADCB.AD, which gained 1.2% and 1.8%, respectively.
Further boosting the sentiment, United Arab Emirates said it has no plan to increase value-added tax to more than the current 5%.
Qatar's index .QSI reversed losses in morning trade to close the session 0.4% higher, with energy firm Qatar Fuel Co QFLS.QA perched at the top of the index with a 5.4% gain.
SoftBank’s Vision Fund unit considers move to #AbuDhabi from UK | Financial Times
SoftBank’s Vision Fund unit considers move to Abu Dhabi from UK | Financial Times
SoftBank has been holding internal discussions on whether to relocate the unit that manages its $100bn Vision Fund from the UK to Abu Dhabi, according to multiple people with direct knowledge of the talks.
The move has been under discussion for several weeks within the Japanese technology conglomerate, these people said.
It would be driven by a number of reasons, including a desire to lower its taxes and be closer to one of the main backers of the Vision Fund, Abu Dhabi’s Mubadala sovereign investment vehicle, which has put $15bn into the technology investment fund.
Such a shift could put distance between SoftBank Investment Advisers, the unit formed in late 2016 to manage the Vision Fund, and UK regulatory oversight. The unit, which employs around 400 staff, is currently registered in the UK and run out of a townhouse in Mayfair in central London.
The move has been under discussion for several weeks within the Japanese technology conglomerate, these people said.
It would be driven by a number of reasons, including a desire to lower its taxes and be closer to one of the main backers of the Vision Fund, Abu Dhabi’s Mubadala sovereign investment vehicle, which has put $15bn into the technology investment fund.
Such a shift could put distance between SoftBank Investment Advisers, the unit formed in late 2016 to manage the Vision Fund, and UK regulatory oversight. The unit, which employs around 400 staff, is currently registered in the UK and run out of a townhouse in Mayfair in central London.
#AbuDhabi Looks to Desert and Space Farming to Boost Food Supply - Bloomberg
Abu Dhabi Looks to Desert and Space Farming to Boost Food Supply - Bloomberg
Abu Dhabi is stepping up investment in projects for farming in the desert -- and even space -- as the Covid-19 crisis prompts more efforts to safeguard food supply.
The Abu Dhabi Investment Office will spend about $41 million with other companies to develop technologies for producing food in arid conditions. The partnerships include a greenhouse venture focused on growing fruit and vegetables with less water. ADIO will also work with a firm that uses the International Space Station to research producing food in space and extreme climates on Earth.
The pandemic has forced a rethink among many nations on how to feed their people. Oil-rich but water-scarce countries like the United Arab Emirates -- which imports as much as 90% of its food -- have been working on boosting domestic output and investing in farming abroad ever since food crises struck a decade ago. The coronavirus crisis is now accelerating those plans.
“What 2020 has brought to light is the need to improve self-sufficiency, to be more efficient with the resources that we do have,” Tariq Bin Hendi, director general of the ADIO, said in an interview. “It’s not just about growing crops, we are looking at this across the seed-to-plate ecosystem of agtech.”
Abu Dhabi is stepping up investment in projects for farming in the desert -- and even space -- as the Covid-19 crisis prompts more efforts to safeguard food supply.
The Abu Dhabi Investment Office will spend about $41 million with other companies to develop technologies for producing food in arid conditions. The partnerships include a greenhouse venture focused on growing fruit and vegetables with less water. ADIO will also work with a firm that uses the International Space Station to research producing food in space and extreme climates on Earth.
The pandemic has forced a rethink among many nations on how to feed their people. Oil-rich but water-scarce countries like the United Arab Emirates -- which imports as much as 90% of its food -- have been working on boosting domestic output and investing in farming abroad ever since food crises struck a decade ago. The coronavirus crisis is now accelerating those plans.
“What 2020 has brought to light is the need to improve self-sufficiency, to be more efficient with the resources that we do have,” Tariq Bin Hendi, director general of the ADIO, said in an interview. “It’s not just about growing crops, we are looking at this across the seed-to-plate ecosystem of agtech.”
Jordan to Double Gas Output; Vitol Sees $50 Oil: Adipec Update - Bloomberg
Jordan to Double Gas Output; Vitol Sees $50 Oil: Adipec Update - Bloomberg
Adipec, one of the biggest energy events in the Middle East and North Africa, is into its second day. Usually hosted in Abu Dhabi, capital of the United Arab Emirates, this year’s conference is virtual.
Energy ministers from Egypt, Jordan and Iraq are among those speaking on Tuesday. So is Fatih Birol, the head of the International Energy Agency.
The event, which runs until Nov. 12, opened on Monday with oil prices under under pressure from an acceleration in coronavirus cases in major economies and new lockdowns in Europe. But crude prices soared late Monday as Pfizer Inc. and BioNTech SE reported a potential Covid-19 vaccine breakthrough. Benchmark Brent crude is trading around 10% higher this week near $43 a barrel.
Adipec, one of the biggest energy events in the Middle East and North Africa, is into its second day. Usually hosted in Abu Dhabi, capital of the United Arab Emirates, this year’s conference is virtual.
Energy ministers from Egypt, Jordan and Iraq are among those speaking on Tuesday. So is Fatih Birol, the head of the International Energy Agency.
The event, which runs until Nov. 12, opened on Monday with oil prices under under pressure from an acceleration in coronavirus cases in major economies and new lockdowns in Europe. But crude prices soared late Monday as Pfizer Inc. and BioNTech SE reported a potential Covid-19 vaccine breakthrough. Benchmark Brent crude is trading around 10% higher this week near $43 a barrel.
#Dubai's Arabtec liquidation plan discussions continue | ZAWYA MENA Edition
Dubai's Arabtec liquidation plan discussions continue | ZAWYA MENA Edition
Construction firm Arabtec’s board of directors will meet on Thursday to discuss the progress of stakeholder discussions in respect of its insolvency liquidation programme.
Shareholders of the Dubai-based company voted to dissolve it at the end of September, and a two-month deadline was set for discussions with stakeholders before a liquidation plan is submitted.
Earlier this week, the constructions company announced that its subsidiary, Target Engineering, had won a contract for offshore Marine works off the coast of Eastern Saudi Arabia.
Construction firm Arabtec’s board of directors will meet on Thursday to discuss the progress of stakeholder discussions in respect of its insolvency liquidation programme.
Shareholders of the Dubai-based company voted to dissolve it at the end of September, and a two-month deadline was set for discussions with stakeholders before a liquidation plan is submitted.
Earlier this week, the constructions company announced that its subsidiary, Target Engineering, had won a contract for offshore Marine works off the coast of Eastern Saudi Arabia.
Global sukuk issuance to decline slightly in 2020 - Moody's | Reuters
Global sukuk issuance to decline slightly in 2020 - Moody's | Reuters
Global issuance of sukuk, or Islamic bonds, is expected to decline modestly in 2020 after four years of consecutive growth, ratings agency Moody’s said on Tuesday.
Moody’s expects global sukuk issuance to be $170 billion this year, down from $179 billion in 2019.
“Lower issuance activity in the first half of the year can be attributed to the pandemic” said Nitish Bhojnagarwala, vice president at Moody’s Investors Service.
Sovereign issuance of shariah-commpliant debt was stable during the crisis, Moody’s said, even as fiscal deficits ballooned because of lower oil prices and spending related to the coronavirus pandemic.
The global sukuk market has grown rapidly from around $80 billion to $179 billion over the last four years, supported by large pools of sharia-compliant funds in the Gulf.
Global issuance of sukuk, or Islamic bonds, is expected to decline modestly in 2020 after four years of consecutive growth, ratings agency Moody’s said on Tuesday.
Moody’s expects global sukuk issuance to be $170 billion this year, down from $179 billion in 2019.
“Lower issuance activity in the first half of the year can be attributed to the pandemic” said Nitish Bhojnagarwala, vice president at Moody’s Investors Service.
Sovereign issuance of shariah-commpliant debt was stable during the crisis, Moody’s said, even as fiscal deficits ballooned because of lower oil prices and spending related to the coronavirus pandemic.
The global sukuk market has grown rapidly from around $80 billion to $179 billion over the last four years, supported by large pools of sharia-compliant funds in the Gulf.
#UAE says has no plan for now to increase VAT | Reuters
UAE says has no plan for now to increase VAT | Reuters
The United Arab Emirates has no plan to increase value-added tax (VAT) to more than the current 5%, the ministry of finance said on Tuesday.
All six Gulf Arab states agreed to introduce 5% VAT in 2018 after a slump in oil prices hit their revenues.
Saudi Arabia, the United Arab Emirates and Bahrain have already introduced the tax, with Riyadh tripling it this year. Oman said last month it plans to launch it in April.
“There are no plans or decisions at the moment to raise VAT to more than 5% in the UAE,” the ministry of finance said in a statement.
Between January and August, the UAE collected 11.6 billion dirhams ($3.16 billion) in total VAT revenue, the ministry said, adding that 30% of that will be distributed to the federal government and 70% to local governments.
The United Arab Emirates has no plan to increase value-added tax (VAT) to more than the current 5%, the ministry of finance said on Tuesday.
All six Gulf Arab states agreed to introduce 5% VAT in 2018 after a slump in oil prices hit their revenues.
Saudi Arabia, the United Arab Emirates and Bahrain have already introduced the tax, with Riyadh tripling it this year. Oman said last month it plans to launch it in April.
“There are no plans or decisions at the moment to raise VAT to more than 5% in the UAE,” the ministry of finance said in a statement.
Between January and August, the UAE collected 11.6 billion dirhams ($3.16 billion) in total VAT revenue, the ministry said, adding that 30% of that will be distributed to the federal government and 70% to local governments.
#UAE's TAQA lifts foreign ownership cap to 49%, net profit falls | Reuters
UAE's TAQA lifts foreign ownership cap to 49%, net profit falls | Reuters
Abu Dhabi National Energy Co TAQA.AD has raised the foreign ownership limit in the company to 49% to attract investors after state-backed Abu Dhabi Power Corp (ADPower) took control of the energy firm this year.
TAQA, which has a market capitalisation of $52 billion, reported a nine-month net profit of 1.3 billion dirhams ($354 million), down from 4.74 billion dirhams in the same period a year earlier, due to lower oil and gas revenues.
These were TAQA’s first consolidated pro-forma financial results following its deal with ADPower on July 1 that created one of the largest utilities companies in the Gulf region.
ADPower, a public joint stock company that owns most of Abu Dhabi’s water and electricity assets, transferred the majority of its water and electricity generation, transmission, and distribution companies to TAQA in return for an 98.6% ownership of the company.
Abu Dhabi National Energy Co TAQA.AD has raised the foreign ownership limit in the company to 49% to attract investors after state-backed Abu Dhabi Power Corp (ADPower) took control of the energy firm this year.
TAQA, which has a market capitalisation of $52 billion, reported a nine-month net profit of 1.3 billion dirhams ($354 million), down from 4.74 billion dirhams in the same period a year earlier, due to lower oil and gas revenues.
These were TAQA’s first consolidated pro-forma financial results following its deal with ADPower on July 1 that created one of the largest utilities companies in the Gulf region.
ADPower, a public joint stock company that owns most of Abu Dhabi’s water and electricity assets, transferred the majority of its water and electricity generation, transmission, and distribution companies to TAQA in return for an 98.6% ownership of the company.
#Saudi economy contracts 4.2% in third quarter, improves from second quarter | Reuters
Saudi economy contracts 4.2% in third quarter, improves from second quarter | Reuters
Saudi Arabia’s economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than the second quarter when the economy was reeling from coronavirus-linked lockdowns.
The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% in the previous quarter, Saudi Arabia’s General Authority for Statistics said.
The “flash estimates” for quarterly gross domestic product did not have a breakdown on how the oil and non-oil sectors performed in the three-month period to the end of September.
The authority said the estimates came out at the end of the reference quarter, when information was still partial and subject to a high degree of approximation.
“A sequential pickup in economic activity was expected in the third quarter with the easing of lockdown measures and given the pent-up demand,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
Saudi Arabia’s economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than the second quarter when the economy was reeling from coronavirus-linked lockdowns.
The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% in the previous quarter, Saudi Arabia’s General Authority for Statistics said.
The “flash estimates” for quarterly gross domestic product did not have a breakdown on how the oil and non-oil sectors performed in the three-month period to the end of September.
The authority said the estimates came out at the end of the reference quarter, when information was still partial and subject to a high degree of approximation.
“A sequential pickup in economic activity was expected in the third quarter with the easing of lockdown measures and given the pent-up demand,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
Oil gains as COVID-19 vaccine hopes outweigh weak fuel demand outlook | Reuters
Oil gains as COVID-19 vaccine hopes outweigh weak fuel demand outlook | Reuters
Oil prices rose on Tuesday as high hopes that a COVID-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term in coronavirus-hit countries in Europe and the United States.
U.S. West Texas Intermediate (WTI) crude CLc1 futures edged up 16 cents, or 0.4%, to $40.45 a barrel by 0805 GMT, while Brent crude LCOc1 futures rose 9 cents, or 0.2%, to $42.49.
Both benchmark contracts jumped 8% on Monday, in their biggest daily gains in more than five months, after drugmakers Pfizer PFE.N and BioNTech 22UAy.F said an experimental COVID-19 treatment was more than 90% effective based on initial trial results. Mass rollouts, however, are likely months away and subject to regulatory approvals.
“A viable vaccine is unequivocally game-changing for oil - a market where half of demand comes from moving people and things around,” JP Morgan said in a note.
Oil prices rose on Tuesday as high hopes that a COVID-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term in coronavirus-hit countries in Europe and the United States.
U.S. West Texas Intermediate (WTI) crude CLc1 futures edged up 16 cents, or 0.4%, to $40.45 a barrel by 0805 GMT, while Brent crude LCOc1 futures rose 9 cents, or 0.2%, to $42.49.
Both benchmark contracts jumped 8% on Monday, in their biggest daily gains in more than five months, after drugmakers Pfizer PFE.N and BioNTech 22UAy.F said an experimental COVID-19 treatment was more than 90% effective based on initial trial results. Mass rollouts, however, are likely months away and subject to regulatory approvals.
“A viable vaccine is unequivocally game-changing for oil - a market where half of demand comes from moving people and things around,” JP Morgan said in a note.
MIDEAST STOCKS-Most Gulf markets climb on vaccine hopes, #Dubai gains most | Nasdaq
MIDEAST STOCKS-Most Gulf markets climb on vaccine hopes, Dubai gains most | Nasdaq
Most stock markets in the Gulf traded higher early on Tuesday, on track to extend gains from the previous session after news of progress in the development of a COVID-19 vaccine boosted global risk appetite.
Drugmaker Pfizer Inc PFE.N said its COVID-19 vaccine, developed with German partner BioNTech SE BNTX.O, was more than 90% effective in preventing infection, marking the first successful results from a large-scale clinical trial.
Dubai's main share index .DFMGI climbed 1.6%, buoyed by a 3.9% rise in blue-chip developer Emaar Properties EMAR.DU and a 6.9% jump in Emaar Malls EMAA.DU.
Investors also cheered the prospect of improved trade relations under U.S. President-elect Joe Biden.
Saudi Arabia's benchmark index .TASI advanced 1.1%, with the country's largest lender, National Commercial Bank 1180.SE, leaping 3.2% and Al Rajhi Bank 1120.SE up 0.4%.
The kingdom's economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than the second quarter when it was reeling from coronavirus-linked lockdowns.
Most stock markets in the Gulf traded higher early on Tuesday, on track to extend gains from the previous session after news of progress in the development of a COVID-19 vaccine boosted global risk appetite.
Drugmaker Pfizer Inc PFE.N said its COVID-19 vaccine, developed with German partner BioNTech SE BNTX.O, was more than 90% effective in preventing infection, marking the first successful results from a large-scale clinical trial.
Dubai's main share index .DFMGI climbed 1.6%, buoyed by a 3.9% rise in blue-chip developer Emaar Properties EMAR.DU and a 6.9% jump in Emaar Malls EMAA.DU.
Investors also cheered the prospect of improved trade relations under U.S. President-elect Joe Biden.
Saudi Arabia's benchmark index .TASI advanced 1.1%, with the country's largest lender, National Commercial Bank 1180.SE, leaping 3.2% and Al Rajhi Bank 1120.SE up 0.4%.
The kingdom's economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than the second quarter when it was reeling from coronavirus-linked lockdowns.
The Kuwaiti index .BKP rose 0.7% ahead of results from global index provider MSCI's semi-annual review, with Kuwait Finance House KFH.KW rising 1.9%.
The anticipated addition of Kuwait to the MSCI Emerging Market index at the end of November is expected to positively affect the flow of foreign capital in Boursa Kuwait, Kamco Invest said in a research note on Thursday.
Abu Dhabi's index .ADI edged up 0.2%, helped by a 0.5% increase in the United Arab Emirates' largest lender, First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI fell 0.5%, hurt by a 2.7% fall in petrochemical maker Industries Qatar IQCD.QA.
The anticipated addition of Kuwait to the MSCI Emerging Market index at the end of November is expected to positively affect the flow of foreign capital in Boursa Kuwait, Kamco Invest said in a research note on Thursday.
Abu Dhabi's index .ADI edged up 0.2%, helped by a 0.5% increase in the United Arab Emirates' largest lender, First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI fell 0.5%, hurt by a 2.7% fall in petrochemical maker Industries Qatar IQCD.QA.
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