Oil gains more than $3/bbl after Suez Canal ship grounding | Reuters
Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.
The crude benchmarks, U.S. crude and London-based Brent, added to gains after U.S. inventory figures showed a further rebound in refining activity, suggesting U.S. refiners are mostly recovered from the cold snap that slammed Texas in February.
Brent crude settled at $64.41 a barrel, gaining $3.62, or 6%, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) settled at $61.18 a barrel, rising $3.42, or 5.9%, having lost 6.2% on Tuesday.
The gains appeared to stabilize the market that had slumped from early this month, when prices hit their highest levels this year on expectations for demand recovery. Those hopes have since been dashed as European nations re-entered lockdowns to halt another wave of the pandemic.
Wednesday 24 March 2021
Oil rises as Suez Canal ship runs aground, demand fears weigh | Reuters
Oil rises as Suez Canal ship runs aground, demand fears weigh | Reuters
Oil rose more than 2% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains.
The giant container ship that has been blocking the Suez Canal for more than a day has been partially refloated and traffic along the fastest shipping route from Europe to Asia is expected to resume soon, port agent GAC said on Wednesday.
“Price support is coming courtesy of a transport blockage,” said Stephen Brennock of oil broker PVM. “Yet market sentiment will likely struggle to shake off its newfound bearish trend.”
Brent crude rose $1.48, or 2.4%, to $62.27 a barrel by 1223 GMT, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) climbed $1.32, or 2.3%, to $59.08, having lost 6.2% on Tuesday.
Oil rose more than 2% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains.
The giant container ship that has been blocking the Suez Canal for more than a day has been partially refloated and traffic along the fastest shipping route from Europe to Asia is expected to resume soon, port agent GAC said on Wednesday.
“Price support is coming courtesy of a transport blockage,” said Stephen Brennock of oil broker PVM. “Yet market sentiment will likely struggle to shake off its newfound bearish trend.”
Brent crude rose $1.48, or 2.4%, to $62.27 a barrel by 1223 GMT, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) climbed $1.32, or 2.3%, to $59.08, having lost 6.2% on Tuesday.
SPACs cause headache for Emirates bourses struggling to attract listings | Reuters
SPACs cause headache for Emirates bourses struggling to attract listings | Reuters
Firms in the United Arab Emirates are increasingly seeking fast-track listings in New York through mergers with special purpose acquisition companies (SPACs), posing a fresh challenge to local bourses which are struggling to revive a moribund IPO market.
A burgeoning dealmaking instrument, SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.
Such lightly regulated vehicles are currently not permitted on UAE bourses, however, encouraging companies to seek out alternative venues and putting local equity markets under pressure to change regulations to cash in on the trend.
After a strong run of acquisitions in the United States, SPACs are looking at emerging markets, with a focus on Asia. But there are potential targets in the Middle East and the UAE in particular, market participants say.
“SPACs are speaking to us about companies here they’d like to merge with to go public,” said Fawad Tariq-Khan, head of investment banking at Dubai-based SHUAA Capital.
Firms in the United Arab Emirates are increasingly seeking fast-track listings in New York through mergers with special purpose acquisition companies (SPACs), posing a fresh challenge to local bourses which are struggling to revive a moribund IPO market.
A burgeoning dealmaking instrument, SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.
Such lightly regulated vehicles are currently not permitted on UAE bourses, however, encouraging companies to seek out alternative venues and putting local equity markets under pressure to change regulations to cash in on the trend.
After a strong run of acquisitions in the United States, SPACs are looking at emerging markets, with a focus on Asia. But there are potential targets in the Middle East and the UAE in particular, market participants say.
“SPACs are speaking to us about companies here they’d like to merge with to go public,” said Fawad Tariq-Khan, head of investment banking at Dubai-based SHUAA Capital.
#Saudi Aramco sends request to banks for pipeline deal financing - sources | Reuters
Saudi Aramco sends request to banks for pipeline deal financing - sources | Reuters
Saudi Aramco has sent a request for proposals to banks for financing it wants to offer to investors looking to lease its pipelines, three sources said, a sign the oil giant is progressing with plans to extract value from its assets.
Aramco, which is being advised by JPMorgan and Japan’s MUFG on the financing, has sent the request over the past few weeks to its relationship banks, meaning to banks that have already lent to the company, said two of the sources. The sources spoke on condition of anonymity as the matter is private.
It is asking lenders to submit commitments for a loan that could go up to $10 billion in size, said the two sources.
Aramco and JPMorgan did not immediately respond to requests for comment. MUFG declined to comment.
The planned pipeline transaction would be similar to infrastructure deals signed over the last two years by Abu Dhabi’s national oil company ADNOC, which raised billions of dollars by leasing its oil and gas pipeline assets to investors, sources have previously said.
Saudi Aramco has sent a request for proposals to banks for financing it wants to offer to investors looking to lease its pipelines, three sources said, a sign the oil giant is progressing with plans to extract value from its assets.
Aramco, which is being advised by JPMorgan and Japan’s MUFG on the financing, has sent the request over the past few weeks to its relationship banks, meaning to banks that have already lent to the company, said two of the sources. The sources spoke on condition of anonymity as the matter is private.
It is asking lenders to submit commitments for a loan that could go up to $10 billion in size, said the two sources.
Aramco and JPMorgan did not immediately respond to requests for comment. MUFG declined to comment.
The planned pipeline transaction would be similar to infrastructure deals signed over the last two years by Abu Dhabi’s national oil company ADNOC, which raised billions of dollars by leasing its oil and gas pipeline assets to investors, sources have previously said.
MIDEAST STOCKS-Most Gulf stocks ease on Europe lockdowns, U.S. tax hike fears | Nasdaq
MIDEAST STOCKS-Most Gulf stocks ease on Europe lockdowns, U.S. tax hike fears | Nasdaq
Most stock markets in the Gulf ended lower on Wednesday, tracking global equities as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite.
"The concerns of a third COVID-19 wave in Europe is weighing down on demand expectations thus negatively affecting energy prices and oil prices which are particularly sensitive in the Gulf region," said James Campion, private banker at Ourea.
Saudi Arabia's benchmark index .TASI fell 0.3%, pressured by a 4.2% fall in Riyad Bank 1010.SE, which went ex-dividend.
However, insurer Alinma Tokio Marine 8312.SE surged about 10% after two of its major shareholders agreed not to transfer or dispose any of its shares for a five-year period.
In Dubai, the main share index .DFMGI retreated 0.7%, with top lender Emirates NBD ENBD.DU losing 1.4% and blue-chip developer Emaar Properties EMAR.DU declining 1.1%.
Amid growing competition among Gulf states to position themselves for a post-oil future, Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum on Tuesday announced plans to restructure his government to make it more efficient.
Dubai's economy, which is the region's most diversified, was one of the hardest hit by the pandemic. S&P estimated that GDP contracted 10.8% last year.
But, in Qatar, the benchmark .QSI bucked the trend to finish 0.2% higher, helped by a 1.2% rise in the Gulf's largest lender Qatar National Bank QNBK.QA.
Most stock markets in the Gulf ended lower on Wednesday, tracking global equities as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite.
"The concerns of a third COVID-19 wave in Europe is weighing down on demand expectations thus negatively affecting energy prices and oil prices which are particularly sensitive in the Gulf region," said James Campion, private banker at Ourea.
Saudi Arabia's benchmark index .TASI fell 0.3%, pressured by a 4.2% fall in Riyad Bank 1010.SE, which went ex-dividend.
However, insurer Alinma Tokio Marine 8312.SE surged about 10% after two of its major shareholders agreed not to transfer or dispose any of its shares for a five-year period.
In Dubai, the main share index .DFMGI retreated 0.7%, with top lender Emirates NBD ENBD.DU losing 1.4% and blue-chip developer Emaar Properties EMAR.DU declining 1.1%.
Amid growing competition among Gulf states to position themselves for a post-oil future, Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum on Tuesday announced plans to restructure his government to make it more efficient.
Dubai's economy, which is the region's most diversified, was one of the hardest hit by the pandemic. S&P estimated that GDP contracted 10.8% last year.
But, in Qatar, the benchmark .QSI bucked the trend to finish 0.2% higher, helped by a 1.2% rise in the Gulf's largest lender Qatar National Bank QNBK.QA.
#AbuDhabi’s Mubadala Plows $1.1 Billion into U.K. Life Sciences - Bloomberg
Abu Dhabi’s Mubadala Plows $1.1 Billion into U.K. Life Sciences - Bloomberg
Abu Dhabi’s Mubadala Investment Co. will invest 800 million pounds ($1.1 billion) in U.K. life sciences businesses as part of efforts to boost the sector following the coronavirus pandemic, the British government said.
The money will be pooled with 200 million pounds from the U.K. to help life sciences companies “scale and grow,” the Department for International Trade said Wednesday in a statement. The commitment, described by Investment Minister Gerry Grimstone as a “huge boost,” spans five years.
“We are very, very keen that we embrace ideas that we generate in the U.K. in life sciences, that they stay in the U.K., that they corporatize themselves in the U.K. and then hopefully they list in the U.K.,” Grimstone told Bloomberg Radio on Wednesday.
The deal is the first of its kind by the U.K.’s new Office for Investment as the country seeks to burnish its post-Brexit global status. Prime Minister Boris Johnson’s government has vowed to turn the country into a science superpower, and the government last month established a new 800 million-pound Advanced Research and Invention Agency to fund “high-risk, high-reward” scientific research.
Abu Dhabi’s Mubadala Investment Co. will invest 800 million pounds ($1.1 billion) in U.K. life sciences businesses as part of efforts to boost the sector following the coronavirus pandemic, the British government said.
The money will be pooled with 200 million pounds from the U.K. to help life sciences companies “scale and grow,” the Department for International Trade said Wednesday in a statement. The commitment, described by Investment Minister Gerry Grimstone as a “huge boost,” spans five years.
“We are very, very keen that we embrace ideas that we generate in the U.K. in life sciences, that they stay in the U.K., that they corporatize themselves in the U.K. and then hopefully they list in the U.K.,” Grimstone told Bloomberg Radio on Wednesday.
The deal is the first of its kind by the U.K.’s new Office for Investment as the country seeks to burnish its post-Brexit global status. Prime Minister Boris Johnson’s government has vowed to turn the country into a science superpower, and the government last month established a new 800 million-pound Advanced Research and Invention Agency to fund “high-risk, high-reward” scientific research.
#UAE's ADCB recommends $511.3mln in cash dividends for 2020 | ZAWYA MENA Edition
UAE's ADCB recommends $511.3mln in cash dividends for 2020 | ZAWYA MENA Edition
Abu Dhabi Commercial Bank (ADCB) recommended a cash dividend of AED 0.27 per share, translating to a pay-out of AED1.878 billion, or 49% of the net profit for 2020.
This came as the ADCB held today its 36th Annual General Assembly virtually, in its head office building in Abu Dhabi.
The meeting was chaired by Khaldoon Khalifa Al Mubarak, Chairman of the Board of Directors, in the presence of Board Members.
Commenting on the bank's performance, Al Mubarak said, "ADCB is one of the UAE’s most significant players in the national economy. As the new Chairman of ADCB, I am honoured to participate with the various stakeholders in building on the bank’s strengths to capitalise on the fundamental transformation we see taking place across many sectors of activity.
"We enter a new year with developments that are literally affecting the entire world. The onset of COVID-19 has been one of the greatest challenges our nation has faced. Therefore, it is a point of pride that ADCB has played its part in the national response by protecting our economy and the livelihoods of key stakeholders.
"Despite the complex operating environment of 2020, the merger with Union National Bank and Al Hilal concluded successfully. Moreover, and to accompany the transformation we see in both the business and consumer segments, ADCB has adopted a five-year development strategy that aims to broaden the bank’s product offering and coverage, and at the same time strengthening its financial performance.
Abu Dhabi Commercial Bank (ADCB) recommended a cash dividend of AED 0.27 per share, translating to a pay-out of AED1.878 billion, or 49% of the net profit for 2020.
This came as the ADCB held today its 36th Annual General Assembly virtually, in its head office building in Abu Dhabi.
The meeting was chaired by Khaldoon Khalifa Al Mubarak, Chairman of the Board of Directors, in the presence of Board Members.
Commenting on the bank's performance, Al Mubarak said, "ADCB is one of the UAE’s most significant players in the national economy. As the new Chairman of ADCB, I am honoured to participate with the various stakeholders in building on the bank’s strengths to capitalise on the fundamental transformation we see taking place across many sectors of activity.
"We enter a new year with developments that are literally affecting the entire world. The onset of COVID-19 has been one of the greatest challenges our nation has faced. Therefore, it is a point of pride that ADCB has played its part in the national response by protecting our economy and the livelihoods of key stakeholders.
"Despite the complex operating environment of 2020, the merger with Union National Bank and Al Hilal concluded successfully. Moreover, and to accompany the transformation we see in both the business and consumer segments, ADCB has adopted a five-year development strategy that aims to broaden the bank’s product offering and coverage, and at the same time strengthening its financial performance.
#AbuDhabi’s $232 Billion Mubadala Is Hiring for Its New ESG Unit - Bloomberg
Abu Dhabi’s $232 Billion Mubadala Is Hiring for Its New ESG Unit - Bloomberg
Abu Dhabi’s Mubadala Investment Co. is looking for top talent to join a standalone unit it created to focus on environmental, social and governance goals.
The $230 billion wealth fund is hiring two senior bankers to help evaluate ESG-related risks and opportunities for existing and new investments, according to a job advertisement on Linkedin. Derek Rozycki, who has over 15 years of experience at the fund, has been appointed to lead the division.
A Mubadala spokesperson didn’t immediately comment when contacted by Bloomberg.
Although the adoption of sustainable-investing practices is increasingly central to asset allocation and corporate decision making, many wealth funds have lagged on ESG standards. A report by the International Forum of Sovereign Wealth Funds last month found that only 30% of a group of 34 responding institutions had more than 10% of their portfolios invested in climate-related strategies.
Abu Dhabi’s Mubadala Investment Co. is looking for top talent to join a standalone unit it created to focus on environmental, social and governance goals.
The $230 billion wealth fund is hiring two senior bankers to help evaluate ESG-related risks and opportunities for existing and new investments, according to a job advertisement on Linkedin. Derek Rozycki, who has over 15 years of experience at the fund, has been appointed to lead the division.
A Mubadala spokesperson didn’t immediately comment when contacted by Bloomberg.
Although the adoption of sustainable-investing practices is increasingly central to asset allocation and corporate decision making, many wealth funds have lagged on ESG standards. A report by the International Forum of Sovereign Wealth Funds last month found that only 30% of a group of 34 responding institutions had more than 10% of their portfolios invested in climate-related strategies.
Boubyan Bank gives initial guidance for perpetual sukuk - document | Reuters
Boubyan Bank gives initial guidance for perpetual sukuk - document | Reuters
Kuwait’s Boubyan Bank on Wednesday gave initial price guidance of around 4.25% for U.S. dollar-denominated Tier 1 Islamic bonds, a document showed.
The sukuk are designed to be perpetual in nature, but can be called after a specified period. The notes are non-callable for six years, the document from one of the banks on the deal showed.
Citi, NBK Capital, Standard Chartered, Abu Dhabi Islamic Bank, Boubyan Capital, Emirates NBD Capital, Kamco Invest, Kuwait International Bank and KFH Capital are arranging the deal, which is expected to close later on Wednesday.
Kuwait’s Boubyan Bank on Wednesday gave initial price guidance of around 4.25% for U.S. dollar-denominated Tier 1 Islamic bonds, a document showed.
The sukuk are designed to be perpetual in nature, but can be called after a specified period. The notes are non-callable for six years, the document from one of the banks on the deal showed.
Citi, NBK Capital, Standard Chartered, Abu Dhabi Islamic Bank, Boubyan Capital, Emirates NBD Capital, Kamco Invest, Kuwait International Bank and KFH Capital are arranging the deal, which is expected to close later on Wednesday.
#Saudi mall operator Arabian Centres confirms dollar sukuk offering | ZAWYA MENA Edition
Saudi mall operator Arabian Centres confirms dollar sukuk offering | ZAWYA MENA Edition
Saudi Arabia’s mall operator Arabian Centres Company plans to issue dollar-denominated sukuk or Islamic bonds.
The board approved the move on March 23 to help meet funding requirements and business strategy, the company, which has 21 shopping centres in its portfolio, told the Saudi Stock Exchange (Tadawul).
The offering will be this year’s first Saudi sukuk issuance in the global market. It is still subject to the approval of relevant regulatory authorities.
The number and value of bonds to be issued will also be determined “based on market conditions and the company’s financial condition”, the company said.
Arabian Centres’ net profit fell 34 percent to 359.7 million riyals ($96 million) during the last nine months ending December 31, 2020.
Just this month, it signed a deal to acquire 25.5 percent of the share capital of Vogacloset Limited, the owner and operator of e-commerce platform www.vogacloset.com for 68.9 million riyals.
Saudi Arabia’s mall operator Arabian Centres Company plans to issue dollar-denominated sukuk or Islamic bonds.
The board approved the move on March 23 to help meet funding requirements and business strategy, the company, which has 21 shopping centres in its portfolio, told the Saudi Stock Exchange (Tadawul).
The offering will be this year’s first Saudi sukuk issuance in the global market. It is still subject to the approval of relevant regulatory authorities.
The number and value of bonds to be issued will also be determined “based on market conditions and the company’s financial condition”, the company said.
Arabian Centres’ net profit fell 34 percent to 359.7 million riyals ($96 million) during the last nine months ending December 31, 2020.
Just this month, it signed a deal to acquire 25.5 percent of the share capital of Vogacloset Limited, the owner and operator of e-commerce platform www.vogacloset.com for 68.9 million riyals.
Mubadala Says It Brought Kremlin Fund Into Telegram Bond Stake - Bloomberg
Russia, Mubadala Invest in Telegram After Kremlin Ban Failed - Bloomberg
Abu Dhabi‘s Mubadala Investment Co. said the Russian Direct Investment Fund participated in its deal to buy convertible bonds of Telegram, even as the fiercely independent messaging app said it doesn’t want the Kremlin-controlled entity as an investor.
RDIF “participated in a minority capacity” through “the Russia-UAE joint investment platform,” Mubadala said in a statement Wednesday, noting they’ve made similar deals together in the past. The bonds give investors the right to convert them into equity when the company goes public at a discount to the initial offering price.
Telegram spokesman Mike Ravdonikas said that while RDIF hadn’t participated in the original sale, the state-controlled fund “appears to have bought a small quantity of Telegram bonds on the secondary market” in a separate deal over which the company had no control.
“Given that the rights of the bondholders are limited and bonds do not give the power to influence the values or the strategy of the company, we generally do not consider transactions in Telegram bonds on the secondary market an issue,” he said.
Abu Dhabi‘s Mubadala Investment Co. said the Russian Direct Investment Fund participated in its deal to buy convertible bonds of Telegram, even as the fiercely independent messaging app said it doesn’t want the Kremlin-controlled entity as an investor.
RDIF “participated in a minority capacity” through “the Russia-UAE joint investment platform,” Mubadala said in a statement Wednesday, noting they’ve made similar deals together in the past. The bonds give investors the right to convert them into equity when the company goes public at a discount to the initial offering price.
Telegram spokesman Mike Ravdonikas said that while RDIF hadn’t participated in the original sale, the state-controlled fund “appears to have bought a small quantity of Telegram bonds on the secondary market” in a separate deal over which the company had no control.
“Given that the rights of the bondholders are limited and bonds do not give the power to influence the values or the strategy of the company, we generally do not consider transactions in Telegram bonds on the secondary market an issue,” he said.
Top #UAE Power Producer Joins Global Peers in Renewables Push - Bloomberg
Top UAE Power Producer Joins Global Peers in Renewables Push - Bloomberg
The United Arab Emirates’ largest power producer plans to cut exposure to oil and natural gas assets, joining energy companies around the world looking to refocus their operations on renewables.
“Our focus is going to be on power and water, and less on oil and gas going forward,” Abu Dhabi National Energy Co. Chief Executive Officer Jasim Husain Thabet said in a Bloomberg TV interview.
The UAE, which can pump more than 4 million barrels of crude a day, depends on oil exports for a large part of its national income. But energy producers globally are looking for greener options as economies transition to cleaner fuels. BP Plc, for instance, plans to shrink its hydrocarbon business by 40% over the coming decade.
Taqa, as Abu Dhabi National Energy is known, last year took on the power generation assets of a state-owned utility. It plans to boost its UAE electricity production capacity to 30 gigawatts by 2030 from 18 gigawatts and boost the portion of solar plants in that mix.
The United Arab Emirates’ largest power producer plans to cut exposure to oil and natural gas assets, joining energy companies around the world looking to refocus their operations on renewables.
“Our focus is going to be on power and water, and less on oil and gas going forward,” Abu Dhabi National Energy Co. Chief Executive Officer Jasim Husain Thabet said in a Bloomberg TV interview.
The UAE, which can pump more than 4 million barrels of crude a day, depends on oil exports for a large part of its national income. But energy producers globally are looking for greener options as economies transition to cleaner fuels. BP Plc, for instance, plans to shrink its hydrocarbon business by 40% over the coming decade.
Taqa, as Abu Dhabi National Energy is known, last year took on the power generation assets of a state-owned utility. It plans to boost its UAE electricity production capacity to 30 gigawatts by 2030 from 18 gigawatts and boost the portion of solar plants in that mix.
Oil rises as Suez Canal ship runs aground, European lockdowns weigh | Reuters
Oil rises as Suez Canal ship runs aground, European lockdowns weigh | Reuters
Oil rose more than 1% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains.
Ships in the Suez Canal were being diverted to an older channel on Wednesday after a large container ship ran aground, blocking vessels passing through one of the world’s most important waterways.
“Price support is coming courtesy of a transport blockage,” said Stephen Brennock of oil broker PVM. “Yet market sentiment will likely struggle to shake off its newfound bearish trend.”
Brent crude rose $1.19, or 2%, to $61.98 a barrel by 0903 GMT, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) also climbed $1.19, or 2.1%, to $58.95, having lost 6.2% on Tuesday.
Oil rose more than 1% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains.
Ships in the Suez Canal were being diverted to an older channel on Wednesday after a large container ship ran aground, blocking vessels passing through one of the world’s most important waterways.
“Price support is coming courtesy of a transport blockage,” said Stephen Brennock of oil broker PVM. “Yet market sentiment will likely struggle to shake off its newfound bearish trend.”
Brent crude rose $1.19, or 2%, to $61.98 a barrel by 0903 GMT, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) also climbed $1.19, or 2.1%, to $58.95, having lost 6.2% on Tuesday.
Mideast stocks: Most Gulf markets slip on Europe lockdowns, U.S. tax hike fears | Reuters
Mideast stocks: Most Gulf markets slip on Europe lockdowns, U.S. tax hike fears | Reuters
Most Gulf stock markets fell in early trade on Wednesday, in line with Asian shares, as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite.
U.S. and European stock futures were also subdued in late Asian trading.
Saudi Arabia’s benhcmark index dropped 0.4%, with Riyad Bank shedding over 3%, while Al Rajhi Bank was down 0.5%.
However, insurer Alinma Tokio Marine surged about 9% after two of its major shareholders agreed not to transfer or dispose any of its shares for a five-year period.
In Dubai, the main share index eased 0.6%, hit by a 1% fall in Sharia-compliant lender Dubai Islamic Bank and a 0.6% decrease in blue-chip developer Emaar Properties.
Amid growing competition among Gulf states to position themselves for a post-oil future, Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum on Tuesday announced plans to restructure his government to make it more efficient.
Dubai’s economy, which is the region’s most diversified, was one of the hardest hit by the pandemic. S&P estimated that GDP contracted 10.8% last year.
In Abu Dhabi, the index eased 0.1%, with the country’s largest lender First Abu Dhabi Bank losing 0.4%.
The Qatari index lost 0.1%, weighed down by a 2.4% fall in Qatar Navigation, a top Doha-based shipping and logistics group.
Most Gulf stock markets fell in early trade on Wednesday, in line with Asian shares, as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite.
U.S. and European stock futures were also subdued in late Asian trading.
Saudi Arabia’s benhcmark index dropped 0.4%, with Riyad Bank shedding over 3%, while Al Rajhi Bank was down 0.5%.
However, insurer Alinma Tokio Marine surged about 9% after two of its major shareholders agreed not to transfer or dispose any of its shares for a five-year period.
In Dubai, the main share index eased 0.6%, hit by a 1% fall in Sharia-compliant lender Dubai Islamic Bank and a 0.6% decrease in blue-chip developer Emaar Properties.
Amid growing competition among Gulf states to position themselves for a post-oil future, Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum on Tuesday announced plans to restructure his government to make it more efficient.
Dubai’s economy, which is the region’s most diversified, was one of the hardest hit by the pandemic. S&P estimated that GDP contracted 10.8% last year.
In Abu Dhabi, the index eased 0.1%, with the country’s largest lender First Abu Dhabi Bank losing 0.4%.
The Qatari index lost 0.1%, weighed down by a 2.4% fall in Qatar Navigation, a top Doha-based shipping and logistics group.