Oil slips, retreats from gains notched on strong Chinese data | Reuters
Oil prices edged lower on Monday, pulling back from early gains fostered on strong Chinese economic news and ongoing supply restraint from major oil producers.
Crude benchmarks have steadily climbed throughout 2021 as major oil producers restrained supply and coronavirus vaccine distribution quickened, feeding hopes of stronger economies and fuel demand.
Brent crude futures for May settled at $68.88 a barrel, losing 34 cents. U.S. West Texas Intermediate crude for April settled at $65.39 a barrel, shedding 22 cents.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15% from a year earlier, data showed.
Monday, 15 March 2021
MIDEAST STOCKS- #Dubai leads most of Gulf higher; #Saudi index dips | Nasdaq
MIDEAST STOCKS-Dubai leads most of Gulf higher; Saudi index dips | Nasdaq
Stock markets in the United Arab Emirates ended higher on Monday, extending gains from the previous session following Dubai's plans to increase tourism capacity, while the Saudi index was hit by its banking shares.
Dubai's main share index .DFMGI closed 0.7% higher, with blue-chip developer Emaar Properties EMAR.DU and Dubai Investments DINV.DU, the Gulf-based diversified investment group, both advancing 2.5% each.
The Dubai government on Saturday announced its plan to increase tourism and hotel capacity by 134% over the next 20 years, as part of a wider plan to make the emirate more competitive as Gulf countries brace for the post-oil era.
The Dubai-2040 plan forecasts a 400% increase in beach capacity and 168 square kilo meter of lands allocated to logistics and other businesses, a government statement said.
In Abu Dhabi, the index .ADI gained 0.4%, supported by a 0.8% rise in the country's largest lender First Abu Dhabi Bank FAB.AD.
Saudi Arabia's benchmark index .TASI eased 0.2%, hit by a 1.2% fall in Al Rajhi Bank 1120.SE and a 1.1% increase in Samba Financial Group 1090.SE.
Economic recovery from the coronavirus crisis in the oil-rich Gulf region will be slow, weighing on the region's banking sector, S&P Global Ratings said.
Events like Dubai Expo this year and the World Cup in Qatar next year, as well as a rebounding oil market, will provide some support but growth will remain below historical levels, S&P said.
Stock markets in the United Arab Emirates ended higher on Monday, extending gains from the previous session following Dubai's plans to increase tourism capacity, while the Saudi index was hit by its banking shares.
Dubai's main share index .DFMGI closed 0.7% higher, with blue-chip developer Emaar Properties EMAR.DU and Dubai Investments DINV.DU, the Gulf-based diversified investment group, both advancing 2.5% each.
The Dubai government on Saturday announced its plan to increase tourism and hotel capacity by 134% over the next 20 years, as part of a wider plan to make the emirate more competitive as Gulf countries brace for the post-oil era.
The Dubai-2040 plan forecasts a 400% increase in beach capacity and 168 square kilo meter of lands allocated to logistics and other businesses, a government statement said.
In Abu Dhabi, the index .ADI gained 0.4%, supported by a 0.8% rise in the country's largest lender First Abu Dhabi Bank FAB.AD.
Saudi Arabia's benchmark index .TASI eased 0.2%, hit by a 1.2% fall in Al Rajhi Bank 1120.SE and a 1.1% increase in Samba Financial Group 1090.SE.
Economic recovery from the coronavirus crisis in the oil-rich Gulf region will be slow, weighing on the region's banking sector, S&P Global Ratings said.
Events like Dubai Expo this year and the World Cup in Qatar next year, as well as a rebounding oil market, will provide some support but growth will remain below historical levels, S&P said.
Brent Crude Retreats as $70 Hurdle Proves Tough to Break - Bloomberg
Brent Crude Retreats as $70 Hurdle Proves Tough to Break - Bloomberg
Oil reversed course in London, despite a raft of economic data from China adding to signs of recovery from the coronavirus pandemic.
Brent futures have steadily retreated after briefly topping $70 a barrel on Monday, a level the global benchmark has failed to sustain. U.S. crude futures also declined, and trading volumes were below average levels.
China’s industrial output surged in the first two months of the year, underscoring the strength of its V-shaped rebound and reinforcing expectations for increased energy demand.
But there are some less positive signs in the short-term. West Texas Intermediate crude’s nearest timespread flipped into a bearish contango structure -- signaling oversupply -- after stockpiles in the U.S. grew in recent weeks.
Oil reversed course in London, despite a raft of economic data from China adding to signs of recovery from the coronavirus pandemic.
Brent futures have steadily retreated after briefly topping $70 a barrel on Monday, a level the global benchmark has failed to sustain. U.S. crude futures also declined, and trading volumes were below average levels.
China’s industrial output surged in the first two months of the year, underscoring the strength of its V-shaped rebound and reinforcing expectations for increased energy demand.
But there are some less positive signs in the short-term. West Texas Intermediate crude’s nearest timespread flipped into a bearish contango structure -- signaling oversupply -- after stockpiles in the U.S. grew in recent weeks.
- Brent for May settlement slipped 0.7% to $68.73 a barrel as of 12:56 p.m. in London
- West Texas Intermediate for April dropped 0.8% to $65.11
Analysis: Buyers return but #Dubai real estate faces long road to recovery | Reuters
Analysis: Buyers return but Dubai real estate faces long road to recovery | Reuters
Fancy working from home in a poolside villa, bathed in year-round sun?
Prime Dubai properties have been snapped up in the past few months by buyers taking advantage of decade-low prices, easy financing and an economy open for business despite the pandemic.
Sales of luxury villas, sea-view apartments and second-hand family houses have jumped, re-energising a property market that saw a sharp fall in activity at the height of the pandemic and had been in a five-year slump prior to that. But with rents still falling and oversupply weighing, the road to recovery will be long for one of the emirate’s main economic engines.
Dubai’s economy - reliant on trade, tourism and its international reputation as a regional hub for business services - was hard hit by the COVID-19 pandemic last year as firms slashed jobs. Many foreign workers, needed to support demand in a real estate sector that contributed 7.2% of GDP in 2019, left.
Yet market activity has picked up in the last six months, after lockdowns and curfews were lifted, estate agents say, helping to stabilise prices for family villas and high-end beach and golf course properties.
Fancy working from home in a poolside villa, bathed in year-round sun?
Prime Dubai properties have been snapped up in the past few months by buyers taking advantage of decade-low prices, easy financing and an economy open for business despite the pandemic.
Sales of luxury villas, sea-view apartments and second-hand family houses have jumped, re-energising a property market that saw a sharp fall in activity at the height of the pandemic and had been in a five-year slump prior to that. But with rents still falling and oversupply weighing, the road to recovery will be long for one of the emirate’s main economic engines.
Dubai’s economy - reliant on trade, tourism and its international reputation as a regional hub for business services - was hard hit by the COVID-19 pandemic last year as firms slashed jobs. Many foreign workers, needed to support demand in a real estate sector that contributed 7.2% of GDP in 2019, left.
Yet market activity has picked up in the last six months, after lockdowns and curfews were lifted, estate agents say, helping to stabilise prices for family villas and high-end beach and golf course properties.
#UAE agritech start-up raises $50 million in bonds to grow tomatoes in the desert | Reuters
UAE agritech start-up raises $50 million in bonds to grow tomatoes in the desert | Reuters
UAE agriculture technology start-up Pure Harvest Smart Farms has raised $50 million via sukuk, or Islamic bonds, the first time an early-stage company in the region has secured venture capital through debt on the market, its chief executive said on Monday.
It also raised $10 million in equity capital in January, founder and CEO Sky Kurtz told Reuters.
The combined $60 million capital will be used to build two “high-tech hybrid greenhouses” in the United Arab Emirates to produce tomatoes, currently the firm’s main product, and leafy greens in year-round warmth and sunshine.
The financing will also allow the company to retrofit an existing facility for berry production in the UAE and build a tomato production facility in Saudi Arabia in partnership with the National Agricultural Development Company (NADEC), 20% owned by Saudi Arabia’s Public Investment Fund.
UAE agriculture technology start-up Pure Harvest Smart Farms has raised $50 million via sukuk, or Islamic bonds, the first time an early-stage company in the region has secured venture capital through debt on the market, its chief executive said on Monday.
It also raised $10 million in equity capital in January, founder and CEO Sky Kurtz told Reuters.
The combined $60 million capital will be used to build two “high-tech hybrid greenhouses” in the United Arab Emirates to produce tomatoes, currently the firm’s main product, and leafy greens in year-round warmth and sunshine.
The financing will also allow the company to retrofit an existing facility for berry production in the UAE and build a tomato production facility in Saudi Arabia in partnership with the National Agricultural Development Company (NADEC), 20% owned by Saudi Arabia’s Public Investment Fund.
Liquidity of #UAE banking system back to pre-COVID-19 levels: central bank governor | ZAWYA MENA Edition
Liquidity of UAE banking system back to pre-COVID-19 levels: central bank governor | ZAWYA MENA Edition
During the year’s first quarterly meeting with the CEOs of the largest banks operating in the UAE, the governor of the central bank stated that the overall liquidity of the UAE banking system has returned to the level prior to the outbreak of the COVID-19 pandemic.
Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE (CBUAE), said that the UAE’s economy will recover this year with an increase in real GDP of 2.5 percent, thanks in part to the crucial role played by the Targeted Economic Support Scheme (TESS) in mitigating the economic effects of the COVID-19 pandemic.
“In tandem with the banking sector, we pave the way for the UAE’s robust economic recovery from the pandemic. Our base projection envisages recovery of the UAE economy in 2021 with the real GDP to increase by 2.5 percent. [The] CBUAE will continue to closely monitor market and economic developments both in the UAE and globally,” the governor said.
"The banks’ drawdown of the dedicated TESS zero-cost liquidity facility was AED 22 billion in March 2021, down from the maximum drawdown of about AED 44 billion reached in Q2 2020, consistent with the temporary nature of the payment deferral scheme," he said.
During the year’s first quarterly meeting with the CEOs of the largest banks operating in the UAE, the governor of the central bank stated that the overall liquidity of the UAE banking system has returned to the level prior to the outbreak of the COVID-19 pandemic.
Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE (CBUAE), said that the UAE’s economy will recover this year with an increase in real GDP of 2.5 percent, thanks in part to the crucial role played by the Targeted Economic Support Scheme (TESS) in mitigating the economic effects of the COVID-19 pandemic.
“In tandem with the banking sector, we pave the way for the UAE’s robust economic recovery from the pandemic. Our base projection envisages recovery of the UAE economy in 2021 with the real GDP to increase by 2.5 percent. [The] CBUAE will continue to closely monitor market and economic developments both in the UAE and globally,” the governor said.
"The banks’ drawdown of the dedicated TESS zero-cost liquidity facility was AED 22 billion in March 2021, down from the maximum drawdown of about AED 44 billion reached in Q2 2020, consistent with the temporary nature of the payment deferral scheme," he said.
Bahrain's SICO buys majority stake in #Saudi-based Muscat Capital | Reuters
Bahrain's SICO buys majority stake in Saudi-based Muscat Capital | Reuters
Bahrain-based SICO BSC said on Monday it has completed a deal to acquire 72.7% in the Saudi-based Muscat Capital, a wholly-owned subsidiary of Bank Muscat.
The acquisition took place by way of a share swap, which will also give Bank Muscat a 9% stake in SICO, a regional asset manager and investment bank that manages $2.3 billion in assets.
The deal also provides SICO with a direct presence in the region’s largest capital market, said SICO’s chairman Shaikh Abdulla bin Khalifa al-Khalifa.
Regional and Western financial institutions are seeking opportunities to expand in Saudi Arabia, encouraged by reforms in the Arab World’s biggest economy under its Vision 2030 programme to reduce the economy’s dependence on oil.
Bahrain-based SICO BSC said on Monday it has completed a deal to acquire 72.7% in the Saudi-based Muscat Capital, a wholly-owned subsidiary of Bank Muscat.
The acquisition took place by way of a share swap, which will also give Bank Muscat a 9% stake in SICO, a regional asset manager and investment bank that manages $2.3 billion in assets.
The deal also provides SICO with a direct presence in the region’s largest capital market, said SICO’s chairman Shaikh Abdulla bin Khalifa al-Khalifa.
Regional and Western financial institutions are seeking opportunities to expand in Saudi Arabia, encouraged by reforms in the Arab World’s biggest economy under its Vision 2030 programme to reduce the economy’s dependence on oil.
Emirates president forecasts quick return of passengers and profitability - Arabianbusiness
Emirates president forecasts quick return of passengers and profitability - Arabianbusiness
Emirates Airline president Sir Tim Clark is confident the Dubai-based carrier will get back to profitability “fairly quickly”.
In its most recent financial results, Emirates Group reported its first loss in the company’s history as a result of the devastating impact of the global coronavirus crisis.
The group revealed a half-year net loss of $3.8 billion, while group revenue was $3.7 billion for the first six months of 2020, a drop of 74 percent over the same period the previous year.
In an interview with Aviation Business, Sir Tim conceded that the first half of last year had been “a disaster” for the group.
He said: “But of course, what could we do? We’ve got $350, $400 million aeroplanes sitting on the ground, 115 of those. And you have to make the payments and our debt providers and all the people involved in providing the funds that we borrowed to do that are not particularly helpful when it comes to moratoriums. Some do, but it’s been quite difficult. So we’ve had to meet our obligations.”
Emirates Airline president Sir Tim Clark is confident the Dubai-based carrier will get back to profitability “fairly quickly”.
In its most recent financial results, Emirates Group reported its first loss in the company’s history as a result of the devastating impact of the global coronavirus crisis.
The group revealed a half-year net loss of $3.8 billion, while group revenue was $3.7 billion for the first six months of 2020, a drop of 74 percent over the same period the previous year.
In an interview with Aviation Business, Sir Tim conceded that the first half of last year had been “a disaster” for the group.
He said: “But of course, what could we do? We’ve got $350, $400 million aeroplanes sitting on the ground, 115 of those. And you have to make the payments and our debt providers and all the people involved in providing the funds that we borrowed to do that are not particularly helpful when it comes to moratoriums. Some do, but it’s been quite difficult. So we’ve had to meet our obligations.”
Templeton Joins Funding for Agritech Firm Trying to Tame Desert - Bloomberg
Templeton Joins Funding for Agritech Firm Trying to Tame Desert - Bloomberg
United Arab Emirates-based agricultural technology firm Pure Harvest Smart Farms raised $60 million as it looks to expand across the Gulf at a time when the pandemic has exposed risks to food security in the region.
The company’s latest funding consists of a $50 million structured Islamic bond led by Dubai-based finance firm Shuaa Capital PSC, alternative investment manager Sancta Capital Group and Franklin Templeton Investments (ME) Ltd.
Supply disruptions during the coronavirus pandemic have highlighted the potential food security risks for countries like the UAE, whose desert climate with soaring summer temperatures means it has to import most of its food from abroad. The country has lately been supporting local food production and investing in greenhouses, aqua culture and vertical farms.
“We have conquered this extreme climate,” said Pure Harvest’s founder and chief executive, Sky Kurtz. “We developed a solution in one of the harshest laboratories in the world, the Middle East, particularly the UAE with its extreme heat and humidity.”
Pure Harvest will use the funds to grow its presence in the UAE, Saudi Arabia and Kuwait, Kurtz said. It will also diversify its product offering, invest in research and development, and explore other countries to export its technology.
United Arab Emirates-based agricultural technology firm Pure Harvest Smart Farms raised $60 million as it looks to expand across the Gulf at a time when the pandemic has exposed risks to food security in the region.
The company’s latest funding consists of a $50 million structured Islamic bond led by Dubai-based finance firm Shuaa Capital PSC, alternative investment manager Sancta Capital Group and Franklin Templeton Investments (ME) Ltd.
Supply disruptions during the coronavirus pandemic have highlighted the potential food security risks for countries like the UAE, whose desert climate with soaring summer temperatures means it has to import most of its food from abroad. The country has lately been supporting local food production and investing in greenhouses, aqua culture and vertical farms.
“We have conquered this extreme climate,” said Pure Harvest’s founder and chief executive, Sky Kurtz. “We developed a solution in one of the harshest laboratories in the world, the Middle East, particularly the UAE with its extreme heat and humidity.”
Pure Harvest will use the funds to grow its presence in the UAE, Saudi Arabia and Kuwait, Kurtz said. It will also diversify its product offering, invest in research and development, and explore other countries to export its technology.
Gulf corporate governance falls short of global best practices - S&P | Reuters
Gulf corporate governance falls short of global best practices - S&P | Reuters
Companies in the oil-rich Gulf lag behind international best practices when it comes to considerations such as transparency and risk management, contributing to low foreign direct investment into the region, S&P Global Ratings said on Monday.
After decades of state-driven investments fuelled by petro-dollars, Gulf Cooperation Council (GCC) countries have increasingly become capital importers amid lower oil prices, but foreign investor participation comes with a focus on governance practices and financial transparency.
Meanwhile, strategies to diversify their economies away from oil increasingly rely on a local private sector which remains dominated by family groups, with firms often led by few key stakeholders.
“Many GCC companies operate with concentrated shareholder profiles with relatively limited institutional investor participation,” S&P said in a report.
“Compared with best practices elsewhere, GCC boards are often less independent from ownership. We also note that board members themselves may have less experience and fewer qualifications than similarly positioned directors elsewhere.”
Companies in the oil-rich Gulf lag behind international best practices when it comes to considerations such as transparency and risk management, contributing to low foreign direct investment into the region, S&P Global Ratings said on Monday.
After decades of state-driven investments fuelled by petro-dollars, Gulf Cooperation Council (GCC) countries have increasingly become capital importers amid lower oil prices, but foreign investor participation comes with a focus on governance practices and financial transparency.
Meanwhile, strategies to diversify their economies away from oil increasingly rely on a local private sector which remains dominated by family groups, with firms often led by few key stakeholders.
“Many GCC companies operate with concentrated shareholder profiles with relatively limited institutional investor participation,” S&P said in a report.
“Compared with best practices elsewhere, GCC boards are often less independent from ownership. We also note that board members themselves may have less experience and fewer qualifications than similarly positioned directors elsewhere.”
#Saudi's CMA approves public offering of Albilad Investment Company's fund | ZAWYA MENA Edition
Saudi's CMA approves public offering of Albilad Investment Company's fund | ZAWYA MENA Edition
The Saudi Capital Market Authority (CMA) has approved the public offering of a diversified fund by AlBilad Investment Company.
In a statement to the Saudi Stock Exchange (Tadawul) on Monday, the authority said it granted the approval for the sale of the units of “AlBilad Diversified SAR Fund” after all the regulatory requirements have been met.
However, it clarified that the approval should not be considered as an endorsement of the fund.
“An investment decision without reading the terms and conditions of the fund and studying its content may involve high risk. Therefore, the investor must read the fund’s terms and conditions… in order to be able to assess the feasibility of the investment,” the CMA said.
Headquartered in Riyadh, AlBilad offers investment services and solutions to investors, including corporate customers.
The Saudi Capital Market Authority (CMA) has approved the public offering of a diversified fund by AlBilad Investment Company.
In a statement to the Saudi Stock Exchange (Tadawul) on Monday, the authority said it granted the approval for the sale of the units of “AlBilad Diversified SAR Fund” after all the regulatory requirements have been met.
However, it clarified that the approval should not be considered as an endorsement of the fund.
“An investment decision without reading the terms and conditions of the fund and studying its content may involve high risk. Therefore, the investor must read the fund’s terms and conditions… in order to be able to assess the feasibility of the investment,” the CMA said.
Headquartered in Riyadh, AlBilad offers investment services and solutions to investors, including corporate customers.
#Dubai's Nakheel eyes district cooling assets sale - sources | Reuters
Dubai's Nakheel eyes district cooling assets sale - sources | Reuters
Dubai state developer Nakheel is considering the sale of its district cooling assets, three sources familiar with the matter told Reuters, as real estate companies in the United Arab Emirates sell assets amid the coronavirus downturn.
Nakheel, the developer of the emirate’s palm-shaped islands, has hired financial advisory Synergy Consulting to manage the process, said two of the sources who declined to be named as the matter was not public.
Nakheel declined to comment and Synergy did not respond to a request for comment.
Dubai-listed National Central Cooling Co (Tabreed) and Emirates Central Cooling Systems Corp (Empower) have expressed interest in Nakheel’s deal, the sources said.
Tabreed said in a statement, that as a listed company it cannot comment on market rumours or speculation. Empower did not immediately respond to requests for comment.
Dubai state developer Nakheel is considering the sale of its district cooling assets, three sources familiar with the matter told Reuters, as real estate companies in the United Arab Emirates sell assets amid the coronavirus downturn.
Nakheel, the developer of the emirate’s palm-shaped islands, has hired financial advisory Synergy Consulting to manage the process, said two of the sources who declined to be named as the matter was not public.
Nakheel declined to comment and Synergy did not respond to a request for comment.
Dubai-listed National Central Cooling Co (Tabreed) and Emirates Central Cooling Systems Corp (Empower) have expressed interest in Nakheel’s deal, the sources said.
Tabreed said in a statement, that as a listed company it cannot comment on market rumours or speculation. Empower did not immediately respond to requests for comment.
Brent crude heads toward $70 as China energy demand outlook brightens | Reuters
Brent crude heads toward $70 as China energy demand outlook brightens | Reuters
Oil prices rose on Monday, with Brent heading toward $70 a barrel, as data showed China’s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world’s largest oil importer.
Brent crude futures for May gained 57 cents, or 0.8%, to $69.79 a barrel by 0748 GMT while U.S. West Texas Intermediate crude for April was at $66.17 a barrel, up 56 cents, or 0.9%.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15% from the same period a year ago, data showed.
China’s heavy industry has shown robust growth as its output of cement, steel, coal and aluminium registered double-digit growth compared with 2019’s pre-COVID pandemic levels, said Seng Yick Tee, analyst at China consultancy SIA Energy, adding that the growth rates were “insane” given China’s large bases.
Oil prices rose on Monday, with Brent heading toward $70 a barrel, as data showed China’s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world’s largest oil importer.
Brent crude futures for May gained 57 cents, or 0.8%, to $69.79 a barrel by 0748 GMT while U.S. West Texas Intermediate crude for April was at $66.17 a barrel, up 56 cents, or 0.9%.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15% from the same period a year ago, data showed.
China’s heavy industry has shown robust growth as its output of cement, steel, coal and aluminium registered double-digit growth compared with 2019’s pre-COVID pandemic levels, said Seng Yick Tee, analyst at China consultancy SIA Energy, adding that the growth rates were “insane” given China’s large bases.
MIDEAST STOCKS- #Saudi benchmark slips as financials weigh; other Gulf markets nearly flat | Nasdaq
MIDEAST STOCKS-Saudi benchmark slips as financials weigh; other Gulf markets nearly flat | Nasdaq
Saudi Arabia's stock market fell in early trade on Monday, dragged down by losses in banking shares, while other major Gulf stock markets were little changed.
The kingdom's benchmark index .TASI eased 0.1%, weighed down by a 0.2% decline in Al Rajhi Bank 1120.SE and a 0.3% drop in National Commercial Bank 1180.SE.
The United States overtook Saudi Arabia as India's second biggest oil supplier last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.
The switch in supplies, triggered by lower U.S. crude demand, coincided with Saudi Arabia's voluntary extra 1 million bpd output cut on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.
In Dubai, the index .DFMGI gained 0.1%, on track to extend gains for a fourth session in a row, led by a 4.5% hike in Developer DAMAC Properties DAMAC.DU and a 0.6% increase in blue-chip developer Emaar Properties EMAR.DU.
The Dubai government on Saturday announced its plan to increase tourism and hotel capacity by 134% over the next 20 years, as part of a wider plan to make the emirate more competitive as Gulf countries brace for the post-oil era.
The Dubai-2040 plan forecasts 400% increase in beach capacity and 168 square km (65 square miles) of lands allocated to logistics and other businesses, a government statement said.
The Abu Dhabi index .ADI was also up 0.1%, helped by a 0.3% increase in market heavyweight First Abu Dhabi Bank FAB.AD.
Aldar Properties ALDAR.AD,however, eased 0.5%.
Aldar, Abu Dhabi's largest real estate developer, offered to buy a majority stake in Egypt’s Six of October for Development and Investment Company (SODIC) OCDI.CA.
The Qatari index .QSI fell 0.3%, hit by a 1.2% drop in petrochemical maker Industries Qatar IQCD.QA.
Saudi Arabia's stock market fell in early trade on Monday, dragged down by losses in banking shares, while other major Gulf stock markets were little changed.
The kingdom's benchmark index .TASI eased 0.1%, weighed down by a 0.2% decline in Al Rajhi Bank 1120.SE and a 0.3% drop in National Commercial Bank 1180.SE.
The United States overtook Saudi Arabia as India's second biggest oil supplier last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.
The switch in supplies, triggered by lower U.S. crude demand, coincided with Saudi Arabia's voluntary extra 1 million bpd output cut on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.
In Dubai, the index .DFMGI gained 0.1%, on track to extend gains for a fourth session in a row, led by a 4.5% hike in Developer DAMAC Properties DAMAC.DU and a 0.6% increase in blue-chip developer Emaar Properties EMAR.DU.
The Dubai government on Saturday announced its plan to increase tourism and hotel capacity by 134% over the next 20 years, as part of a wider plan to make the emirate more competitive as Gulf countries brace for the post-oil era.
The Dubai-2040 plan forecasts 400% increase in beach capacity and 168 square km (65 square miles) of lands allocated to logistics and other businesses, a government statement said.
The Abu Dhabi index .ADI was also up 0.1%, helped by a 0.3% increase in market heavyweight First Abu Dhabi Bank FAB.AD.
Aldar Properties ALDAR.AD,however, eased 0.5%.
Aldar, Abu Dhabi's largest real estate developer, offered to buy a majority stake in Egypt’s Six of October for Development and Investment Company (SODIC) OCDI.CA.
The Qatari index .QSI fell 0.3%, hit by a 1.2% drop in petrochemical maker Industries Qatar IQCD.QA.