Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg
Saudi Arabia’s cautious approach to reviving OPEC+ oil output has been proved correct, said Energy Minister Prince Abdulaziz bin Salman.
After a year of oil market turmoil due to the coronavirus pandemic, fuel consumption is seeing robust growth and the International Energy Agency is calling for the cartel to boost supplies. Yet, in the minister’s view “we still are not out of the woods.”
“Many claim that I’m excessively cautious,” Prince Abdulaziz told the Robin Hood Investors Conference on Wednesday, according to people familiar with his comments. “Well, it is paying off.”
Crude futures are trading at a two-year high above $70 a barrel, bolstering the coffers of the Organization of Petroleum Exporting Countries and its allies, of which Saudi Arabia is a leading member.
The group is still withholding as much as 5.8 million barrels a day of production from the market. Prince Abdulaziz has previously said that he wants to see clear evidence of a strong demand recovery before restoring more of that idle capacity.
Wednesday’s comments indicate that he’s sticking to that position, even as crude prices continue to rally and a nuclear deal that could restore millions of barrels a day of Iranian oil exports looks more remote.
Wednesday 16 June 2021
Oil settles near $75, at multi-year highs | Reuters
Oil settles near $75, at multi-year highs | Reuters
Oil prices rose for a fifth day on Wednesday, closing in on $75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand.
Crude inventories fell by 7.4 million barrels in the week to June 11, the U.S. Energy Information Administration said, as refining utilization rose to 92.6%, highest since January 2020, before the pandemic hit.
The inventory draw was stronger than expected, driven as well by exports in another signal of improving demand worldwide.
Brent crude gained 40 cents, or 0.5%, to hit $74.39 a barrel, reaching its highest since April 2019, and running its gains to five straight days. U.S. crude rose 3 cents to $72.15, after reaching $72.99, highest since October 2018.
“With refinery runs over 16 million barrels per day and exports continuing to be robust, it is going to be difficult for inventories to avoid consistent draws as we push on to the peak of summer driving season,” said Matthew Smith, director of Commodity research at ClipperData.
Oil prices rose for a fifth day on Wednesday, closing in on $75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand.
Crude inventories fell by 7.4 million barrels in the week to June 11, the U.S. Energy Information Administration said, as refining utilization rose to 92.6%, highest since January 2020, before the pandemic hit.
The inventory draw was stronger than expected, driven as well by exports in another signal of improving demand worldwide.
Brent crude gained 40 cents, or 0.5%, to hit $74.39 a barrel, reaching its highest since April 2019, and running its gains to five straight days. U.S. crude rose 3 cents to $72.15, after reaching $72.99, highest since October 2018.
“With refinery runs over 16 million barrels per day and exports continuing to be robust, it is going to be difficult for inventories to avoid consistent draws as we push on to the peak of summer driving season,” said Matthew Smith, director of Commodity research at ClipperData.
Daman's El Adou: Top Pick in Banking Sector Remains Emirates NBD - Bloomberg video
Daman's El Adou: Top Pick in Banking Sector Remains Emirates NBD - Bloomberg
Ali El Adou, Head of Asset Management at Daman Investments discusses his UAE and KSA banking sector investment calls. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
ADCB Investor Seeks to Exit Lender With $300 Million Share Sale - Bloomberg
ADCB Investor Seeks to Exit Lender With $300 Million Share Sale - Bloomberg
An investor in Abu Dhabi’s second-biggest bank is seeking to exit the lender by selling shares worth as much as $304 million.
The accelerated book-build offering of 164 million shares in Abu Dhabi Commercial Bank PJSC has indicative interest in excess of the size of the deal, according to terms. The seller wasn’t identified in the termsheet.
The shares are being offered at a discount of as much as 8.3% to Wednesday closing price.
Details:
An investor in Abu Dhabi’s second-biggest bank is seeking to exit the lender by selling shares worth as much as $304 million.
The accelerated book-build offering of 164 million shares in Abu Dhabi Commercial Bank PJSC has indicative interest in excess of the size of the deal, according to terms. The seller wasn’t identified in the termsheet.
The shares are being offered at a discount of as much as 8.3% to Wednesday closing price.
Details:
- Share on offer: 164m shares
- Price range: 6.5 dirhams to 6.8 dirhams
- NOTE: ADCB shares closed down 5% at 7.09 dirhams
- Deal size: 1.07 billion dirhams to 1.12 billion ($291 million to $304 million); 2.4% of market capitalization
- Structure: 100% secondary shares
- NOTE: Abu Dhabi Investment Council is the biggest shareholder in ADCB with a 60.2% stake
MIDEAST STOCKS Most major Gulf bourses in red; financials aid #Saudi | Reuters
MIDEAST STOCKS Most major Gulf bourses in red; financials aid Saudi | Reuters
Most major stock markets in the Gulf ended lower on Wednesday, with the Dubai index leading the losses, while financial shares bolstered the Saudi bourse.
Dubai's main share index (.DFMGI) declined 1%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) and blue-chip developer Emaar Properties (EMAR.DU) both losing 1.4%.
Elsewhere, DAMAC Properties (DAMAC.DU) retreated 1.5%.
Last week, United Arab Emirates property tycoon Hussain Sajwani made an offer to buy out minority shareholders in DAMAC Properties (DAMAC.DU), which he has run for nearly two decades. read more
The all-cash offer comes amid a years-long slump in Dubai's once hot property market, a decline exacerbated by the economic hit from the COVID-19 pandemic.
Separately, Emirates got an additional $1.1 billion in state support from Dubai after a collapse in long-haul travel due to the coronavirus pandemic triggered the airline's first annual loss in more than three decades. read more
Saudi Arabia's benchmark index (.TASI) finished 0.2% higher, supported by a 1.3% gain in Riyad Bank (1010.SE) and a 1.9% increase in property firm Jabal Omar Development (4250.SE).
Goldman Sachs raised its expectations for Saudi Arabian growth this year and in 2022 amid rising oil prices and an increase in oil output by the kingdom.
The investment bank sees Saudi oil production rising by about 500,000 barrels per day (bpd) to 10 million bpd by the end of 2021.
In Abu Dhabi, the index (.ADI) lost 0.7%, hit by a 5.1% slide in Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) as an investor is seeking to exit the lender by selling shares worth $300 million, according to BloombergQuint. ADCB could not immediately be reached for comment.
Abu Dhabi, the second-most populous emirate in the UAE, restricted access to shopping malls, restaurants, cafes and other public places from June 15 to those who have been vaccinated against COVID-19 or recently tested negative. read more
The Qatari index (.QSI) eased 0.1%, with Qatar National Bank (QNBK.QA) falling 0.7%.
However, Islamic lender Masraf Al Rayan (MARK.QA) gained 0.4%, after Qatar Financial Markets Authority approved its merger with Khalij Commercial Bank (KCBK.QA).
The merger will lead to the creation of one of the largest Sharia-compliant banks in Qatar and the Middle East.
Shares of Khalij Commercial Bank, which is not part of the index, advanced 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) edged down 0.1%, with its top lender Commercial International Bank (COMI.CA) losing 0.5%.
Most major stock markets in the Gulf ended lower on Wednesday, with the Dubai index leading the losses, while financial shares bolstered the Saudi bourse.
Dubai's main share index (.DFMGI) declined 1%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) and blue-chip developer Emaar Properties (EMAR.DU) both losing 1.4%.
Elsewhere, DAMAC Properties (DAMAC.DU) retreated 1.5%.
Last week, United Arab Emirates property tycoon Hussain Sajwani made an offer to buy out minority shareholders in DAMAC Properties (DAMAC.DU), which he has run for nearly two decades. read more
The all-cash offer comes amid a years-long slump in Dubai's once hot property market, a decline exacerbated by the economic hit from the COVID-19 pandemic.
Separately, Emirates got an additional $1.1 billion in state support from Dubai after a collapse in long-haul travel due to the coronavirus pandemic triggered the airline's first annual loss in more than three decades. read more
Saudi Arabia's benchmark index (.TASI) finished 0.2% higher, supported by a 1.3% gain in Riyad Bank (1010.SE) and a 1.9% increase in property firm Jabal Omar Development (4250.SE).
Goldman Sachs raised its expectations for Saudi Arabian growth this year and in 2022 amid rising oil prices and an increase in oil output by the kingdom.
The investment bank sees Saudi oil production rising by about 500,000 barrels per day (bpd) to 10 million bpd by the end of 2021.
In Abu Dhabi, the index (.ADI) lost 0.7%, hit by a 5.1% slide in Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) as an investor is seeking to exit the lender by selling shares worth $300 million, according to BloombergQuint. ADCB could not immediately be reached for comment.
Abu Dhabi, the second-most populous emirate in the UAE, restricted access to shopping malls, restaurants, cafes and other public places from June 15 to those who have been vaccinated against COVID-19 or recently tested negative. read more
The Qatari index (.QSI) eased 0.1%, with Qatar National Bank (QNBK.QA) falling 0.7%.
However, Islamic lender Masraf Al Rayan (MARK.QA) gained 0.4%, after Qatar Financial Markets Authority approved its merger with Khalij Commercial Bank (KCBK.QA).
The merger will lead to the creation of one of the largest Sharia-compliant banks in Qatar and the Middle East.
Shares of Khalij Commercial Bank, which is not part of the index, advanced 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) edged down 0.1%, with its top lender Commercial International Bank (COMI.CA) losing 0.5%.
#AbuDhabi's ADQ invests in Indian learning startup Byju's -exec | Reuters
Abu Dhabi's ADQ invests in Indian learning startup Byju's -exec | Reuters
Abu Dhabi's state holding company ADQ has invested in India's online tutoring firm Byju's, which has emerged as one of the country's most valuable startups.
"We met Byju in 2020 and were floored by his story. Honored to now be a part of it!," said Mayank Singhal, head of venture capital and technology at ADQ said in a Linkedin post.
ADQ has not commented on how much it has invested in the startup. Byju's declined to comment.
India's Economic Times reported ADQ was among the investors in the latest $350 million fund raising by Byju's, which could value it at $16.5 billion.
Abu Dhabi's state holding company ADQ has invested in India's online tutoring firm Byju's, which has emerged as one of the country's most valuable startups.
"We met Byju in 2020 and were floored by his story. Honored to now be a part of it!," said Mayank Singhal, head of venture capital and technology at ADQ said in a Linkedin post.
ADQ has not commented on how much it has invested in the startup. Byju's declined to comment.
India's Economic Times reported ADQ was among the investors in the latest $350 million fund raising by Byju's, which could value it at $16.5 billion.
Luxury Meets Thrift for #Dubai Startup Raising Funds to Go Abroad - Bloomberg
Luxury Meets Thrift for Dubai Startup Raising Funds to Go Abroad - Bloomberg
Dubai may be better known as the Middle East’s capital of excess but a startup based in the city is raising funds for international expansion by marrying luxury with thrift.
The Luxury Closet, an online platform for buying and selling used high-end goods, secured fresh financing led by regional investment firm GMP Capital, alongside international and local investors including Huda Beauty Investment, the private office of the founders of a popular Middle Eastern cosmetics brand.
The proceeds of the latest $14 million equity round will be used to bankroll the company’s expansion outside the United Arab Emirates as the global pandemic puts a strain on people’s finances and investors take more interest in sustainable fashion. The U.S. is already the Dubai startup’s second-largest market after the Gulf.
“Re-sale is the future of shopping,” said Kunal Kapoor, chief executive and founder of The Luxury Closet. “We expect one in six transactions to be pre-owned by the end of the decade.”
The resale market took off in the Arab Gulf where spending on a per capita basis was among the world’s highest before the pandemic. But disruptions in trade and tourism caused by the virus ripped through the region last year, leading to a 17% decline in the local luxury market, according to consultant Bain & Co.
The pandemic and the economic insecurity that’s followed have been good for fashion resale globally, which has ballooned into a $40 billion industry.
Changes in shopping habits and the emergence of environmentally-conscious consumers have also meant a boon for resellers. Almost 70% of high-net-worth buyers in the Gulf -- who tended to favor the in-store experience in the past -- now say they are comfortable with online shopping, according to Bain.
U.S. companies like Poshmark Inc. and ThredUp Inc. listed earlier this year, while New York-based Etsy Inc. bought second-hand fashion app Depop for $1.63 billion this month. Kering SA, the owner of Gucci, Bottega Veneta and other luxury houses, recently acquired a 5% stake in second-hand fashion platform Vestiaire Collective SA, boosting its valuation to more than $1 billion.
The Luxury Closet is similarly capturing consumer attention after lockdowns to combat the coronavirus accelerated the region’s shift to e-commerce.
Founded in 2012 and employing about 80 people, The Luxury Closet lists 60,000 luxury items ranging from Gucci handbags to Rolex watches on its website.
Sellers using Luxury Closet send their products to the company to keep in a temperature-controlled warehouse until they are bought, while the firm’s experts verify their authenticity and condition.
Dubai-based Awad Capital Ltd. acted as financial advisers to the company, in cooperation with Drake Star Partners. The Luxury Closet has raised a total of $32 million so far.
Dubai may be better known as the Middle East’s capital of excess but a startup based in the city is raising funds for international expansion by marrying luxury with thrift.
The Luxury Closet, an online platform for buying and selling used high-end goods, secured fresh financing led by regional investment firm GMP Capital, alongside international and local investors including Huda Beauty Investment, the private office of the founders of a popular Middle Eastern cosmetics brand.
The proceeds of the latest $14 million equity round will be used to bankroll the company’s expansion outside the United Arab Emirates as the global pandemic puts a strain on people’s finances and investors take more interest in sustainable fashion. The U.S. is already the Dubai startup’s second-largest market after the Gulf.
“Re-sale is the future of shopping,” said Kunal Kapoor, chief executive and founder of The Luxury Closet. “We expect one in six transactions to be pre-owned by the end of the decade.”
The resale market took off in the Arab Gulf where spending on a per capita basis was among the world’s highest before the pandemic. But disruptions in trade and tourism caused by the virus ripped through the region last year, leading to a 17% decline in the local luxury market, according to consultant Bain & Co.
The pandemic and the economic insecurity that’s followed have been good for fashion resale globally, which has ballooned into a $40 billion industry.
Changes in shopping habits and the emergence of environmentally-conscious consumers have also meant a boon for resellers. Almost 70% of high-net-worth buyers in the Gulf -- who tended to favor the in-store experience in the past -- now say they are comfortable with online shopping, according to Bain.
U.S. companies like Poshmark Inc. and ThredUp Inc. listed earlier this year, while New York-based Etsy Inc. bought second-hand fashion app Depop for $1.63 billion this month. Kering SA, the owner of Gucci, Bottega Veneta and other luxury houses, recently acquired a 5% stake in second-hand fashion platform Vestiaire Collective SA, boosting its valuation to more than $1 billion.
The Luxury Closet is similarly capturing consumer attention after lockdowns to combat the coronavirus accelerated the region’s shift to e-commerce.
Founded in 2012 and employing about 80 people, The Luxury Closet lists 60,000 luxury items ranging from Gucci handbags to Rolex watches on its website.
Sellers using Luxury Closet send their products to the company to keep in a temperature-controlled warehouse until they are bought, while the firm’s experts verify their authenticity and condition.
Dubai-based Awad Capital Ltd. acted as financial advisers to the company, in cooperation with Drake Star Partners. The Luxury Closet has raised a total of $32 million so far.
#Dubai Aerospace taps into debt markets, sells $1 billion in bonds | Aviation – Gulf News
Dubai Aerospace taps into debt markets, sells $1 billion in bonds | Aviation – Gulf News
Aircraft leasing firm Dubai Aerospace Enterprise (DAE) sold $1 billion (Dh3.67 billion) in bonds due in August 2024.
In a statement released on Wednesday, DAE said the notes were sold to qualified institutional buyers and that the proceeds will be used for general corporate purposes including redemption of some outstanding debt securities.
DAE reported a revenue of $307.5 million (Dh1.13 billion) in the first quarter, compared to $352 million (Dh1.29 billion) in the same period a year earlier.
The aircraft lessor’s adjusted profit before tax stood at $25 million (Dh91.83 million) in the first quarter, compared to a profit of $83.8 million (Dh307.80) a year earlier. DAE said it grew its aircraft portfolio by taking delivery of 13 fuel efficient aircraft in the first quarter.
Aircraft leasing firm Dubai Aerospace Enterprise (DAE) sold $1 billion (Dh3.67 billion) in bonds due in August 2024.
In a statement released on Wednesday, DAE said the notes were sold to qualified institutional buyers and that the proceeds will be used for general corporate purposes including redemption of some outstanding debt securities.
DAE reported a revenue of $307.5 million (Dh1.13 billion) in the first quarter, compared to $352 million (Dh1.29 billion) in the same period a year earlier.
The aircraft lessor’s adjusted profit before tax stood at $25 million (Dh91.83 million) in the first quarter, compared to a profit of $83.8 million (Dh307.80) a year earlier. DAE said it grew its aircraft portfolio by taking delivery of 13 fuel efficient aircraft in the first quarter.
Air Arabia #AbuDhabi to grow fleet to 20 jets by 2025, CEO says | The National
Air Arabia Abu Dhabi to grow fleet to 20 jets by 2025, CEO says | The National
Air Arabia Abu Dhabi plans to expand its fleet to 20 Airbus aircraft over the next five years amid optimism about future growth once air travel restrictions ease, its group chief executive said.
The airline, which currently operates three Airbus A320s in the UAE capital, also expects annual passenger traffic to initially grow 20 to 25 per cent over the same period, Adel Ali told The National on Tuesday.
"With the caveat that based on what surprises we get from Covid-19 and unexpected things happening, we should really be able to grow the business ... with 20 planes operating out of Abu Dhabi in the next five years," Mr Ali said.
The airline, a joint venture between Air Arabia and Etihad Airways, launched in July 2020 during the Covid-19 pandemic with a maiden flight to the Egyptian port city of Alexandria from Abu Dhabi International Airport. The UAE capital's first budget carrier aims to draw tourists to the Gulf city, supply passengers from secondary cities into Etihad's long-haul operations and offer affordable travel options to UAE residents. The joint venture is part of Abu Dhabi's push to diversify its economy, boost tourism and enhance its air connectivity.
Air Arabia Abu Dhabi plans to expand its fleet to 20 Airbus aircraft over the next five years amid optimism about future growth once air travel restrictions ease, its group chief executive said.
The airline, which currently operates three Airbus A320s in the UAE capital, also expects annual passenger traffic to initially grow 20 to 25 per cent over the same period, Adel Ali told The National on Tuesday.
"With the caveat that based on what surprises we get from Covid-19 and unexpected things happening, we should really be able to grow the business ... with 20 planes operating out of Abu Dhabi in the next five years," Mr Ali said.
The airline, a joint venture between Air Arabia and Etihad Airways, launched in July 2020 during the Covid-19 pandemic with a maiden flight to the Egyptian port city of Alexandria from Abu Dhabi International Airport. The UAE capital's first budget carrier aims to draw tourists to the Gulf city, supply passengers from secondary cities into Etihad's long-haul operations and offer affordable travel options to UAE residents. The joint venture is part of Abu Dhabi's push to diversify its economy, boost tourism and enhance its air connectivity.
Mubadala Health takes 60% stake in UEMedical in push for regional expansion | The National
Mubadala Health takes 60% stake in UEMedical in push for regional expansion | The National
Mubadala Health, the healthcare unit of Abu Dhabi’s sovereign investment fund Mubadala Investment Company, is acquiring a majority stake in United Eastern Medical Services (UEMedical), as it expands its portfolio of healthcare assets beyond the UAE.
The 60 per cent stake bought from Saudi Arabia’s Jadwa Investment and UAE-based United Eastern Group will add multiple hospitals and clinics that are owned and operated by UEMedical in the UAE and Saudi Arabia to Mubadala Health’s portfolio, Mubadala Health said in a statement on Wednesday.
The transaction is expected to close by September this year, it said without giving financial details of the deal.
“This acquisition enhances Mubadala Health’s network in the UAE and the wider GCC region, while demonstrating our unwavering commitment to transforming the regional healthcare landscape,” Hasan Jasem Al Nowais, chief executive of Mubadala Health, said.
“Over the past decade, UEMedical has witnessed tremendous growth and success, operating facilities that have raised the bar in patient care across multiple specialties.”
Through the acquisition, Mubadala Health will add Danat Al Emarat Hospital for Women & Children, the HealthPlus Network of Specialty Centres, HealthPlus Fertility, the largest IVF provider in the region and Moorfields Eye Hospital Abu Dhabi to its portfolio. The company will also get a stake in Al Meswak Dental Group – the largest dental and dermatology network in Saudi Arabia, it said.
Mubadala Health, the healthcare unit of Abu Dhabi’s sovereign investment fund Mubadala Investment Company, is acquiring a majority stake in United Eastern Medical Services (UEMedical), as it expands its portfolio of healthcare assets beyond the UAE.
The 60 per cent stake bought from Saudi Arabia’s Jadwa Investment and UAE-based United Eastern Group will add multiple hospitals and clinics that are owned and operated by UEMedical in the UAE and Saudi Arabia to Mubadala Health’s portfolio, Mubadala Health said in a statement on Wednesday.
The transaction is expected to close by September this year, it said without giving financial details of the deal.
“This acquisition enhances Mubadala Health’s network in the UAE and the wider GCC region, while demonstrating our unwavering commitment to transforming the regional healthcare landscape,” Hasan Jasem Al Nowais, chief executive of Mubadala Health, said.
“Over the past decade, UEMedical has witnessed tremendous growth and success, operating facilities that have raised the bar in patient care across multiple specialties.”
Through the acquisition, Mubadala Health will add Danat Al Emarat Hospital for Women & Children, the HealthPlus Network of Specialty Centres, HealthPlus Fertility, the largest IVF provider in the region and Moorfields Eye Hospital Abu Dhabi to its portfolio. The company will also get a stake in Al Meswak Dental Group – the largest dental and dermatology network in Saudi Arabia, it said.
Mideast Stocks: Major Gulf bourses subdued in early trade | ZAWYA MENA Edition
Mideast Stocks: Major Gulf bourses subdued in early trade | ZAWYA MENA Edition
Major stock markets in the Gulf were in negative territory early on Wednesday, with property shares weighing on the Dubai index.
Dubai's main share index lost 0.5%, with blue-chip developer Emaar Properties dropping 1% and DAMAC Properties falling 0.8%.
Last week, United Arab Emirates property tycoon Hussain Sajwani made an offer to buy out minority shareholders in DAMAC, which he has run for nearly two decades.
The all-cash offer comes amid a years-long slump in Dubai's once hot property market, a decline exacerbated by the economic hit from the COVID-19 pandemic.
Separately, Emirates got an additional $1.1 billion in state support from Dubai after a collapse in long-haul travel due to the coronavirus pandemic triggered the airline's first annual loss in more than three decades.
Saudi Arabia's benchmark index was down 0.1%, driven lower by a 1.8% fall in Dr Sulaiman Al-Habib Medical Services.
The kingdom's inflation rate rose for the second consecutive month in May, climbing to 5.7% from 5.3% in April, again reflecting a tripling of value-added tax (VAT) to 15% last year, official data showed on Tuesday.
The VAT increase, which went into effect in July, came as the Saudi government sought to bolster its coffers after being hit by last year's oil price crash and the pandemic, as well as voluntary oil production cuts to help stabilise world prices.
In Abu Dhabi, the index eased 0.1%, hit by a 0.2% fall in the country's largest lender First Abu Dhabi Bank.
Abu Dhabi, the second-most populous emirate in the UAE, restricted access to shopping malls, restaurants, cafes and other public places from June 15 to those who have been vaccinated against COVID-19 or recently tested negative.
The Qatari index fell 0.2%, with Qatar National Bank losing 0.9%.
However, sharia-compliant lender Masraf Al Rayan added 0.4%, after Qatar Financial Markets Authority approved its merger with Khalij Commercial Bank.
Shares of Khalij Commercial Bank, which is not part of the index, advanced 1.1%.
Major stock markets in the Gulf were in negative territory early on Wednesday, with property shares weighing on the Dubai index.
Dubai's main share index lost 0.5%, with blue-chip developer Emaar Properties dropping 1% and DAMAC Properties falling 0.8%.
Last week, United Arab Emirates property tycoon Hussain Sajwani made an offer to buy out minority shareholders in DAMAC, which he has run for nearly two decades.
The all-cash offer comes amid a years-long slump in Dubai's once hot property market, a decline exacerbated by the economic hit from the COVID-19 pandemic.
Separately, Emirates got an additional $1.1 billion in state support from Dubai after a collapse in long-haul travel due to the coronavirus pandemic triggered the airline's first annual loss in more than three decades.
Saudi Arabia's benchmark index was down 0.1%, driven lower by a 1.8% fall in Dr Sulaiman Al-Habib Medical Services.
The kingdom's inflation rate rose for the second consecutive month in May, climbing to 5.7% from 5.3% in April, again reflecting a tripling of value-added tax (VAT) to 15% last year, official data showed on Tuesday.
The VAT increase, which went into effect in July, came as the Saudi government sought to bolster its coffers after being hit by last year's oil price crash and the pandemic, as well as voluntary oil production cuts to help stabilise world prices.
In Abu Dhabi, the index eased 0.1%, hit by a 0.2% fall in the country's largest lender First Abu Dhabi Bank.
Abu Dhabi, the second-most populous emirate in the UAE, restricted access to shopping malls, restaurants, cafes and other public places from June 15 to those who have been vaccinated against COVID-19 or recently tested negative.
The Qatari index fell 0.2%, with Qatar National Bank losing 0.9%.
However, sharia-compliant lender Masraf Al Rayan added 0.4%, after Qatar Financial Markets Authority approved its merger with Khalij Commercial Bank.
Shares of Khalij Commercial Bank, which is not part of the index, advanced 1.1%.
Brent Oil Marches Toward $75 as Market Tightens Up, Curbs Ease - Bloomberg
Brent Oil Marches Toward $75 as Market Tightens Up, Curbs Ease - Bloomberg
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