Oil dips, focus on OPEC+ response to U.S.-led oil release | Reuters
Oil prices dipped in thin trading on Thursday, the U.S. Thanksgiving holiday, as investors eyed how major producers respond to the U.S.-led emergency oil release designed to cool the market and with OPEC now expecting the release to swell inventories.
Brent crude futures had slipped 8 cents, or 0.1%, to $82.17 a barrel by 1:02 p.m. ET (1802 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.5%, to $78.03 a barrel.
OPEC expects the U.S. release to swell a surplus in oil markets by 1.1 million barrels per day (bpd), a source from the group said. read more
The Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, will meet on Dec. 1-2 to set policy.
Thursday, 25 November 2021
#Dubai's DFSA issues guidelines for listing of blank-cheque companies
Dubai's DFSA issues guidelines for listing of blank-cheque companies
The Dubai Financial Services Authority, the market regulator of the Dubai International Financial Centre, issued guidelines for listing special purpose acquisition companies that are designed to mitigate some of the risks associated with investment vehicles known as Spacs.
The regulator's approach may vary depending on the nature and complexity of a proposed Spac, also known as a blank-cheque company, and listing of each investment vehicle will be “considered on a case-by-case basis”, the DFSA said in a markets brief.
Spacs will be required to ring-fence proceeds raised from investors. Applicants will also be required to appoint a sponsor company for the initial listing and subsequent acquisition of a target company, the regulator said.
“We believe that Spacs should adequately ring-fence proceeds raised from investors,” the DFSA said. “This is to protect investors from misappropriation of funds or excessive running costs being incurred by the Spac’s management.”
Spacs may appoint independent third parties to protect proceeds raised from investors and the regulator may consider imposing “further safeguards on how the Spacs proceeds may be invested prior to any use”, it said.
The Dubai Financial Services Authority, the market regulator of the Dubai International Financial Centre, issued guidelines for listing special purpose acquisition companies that are designed to mitigate some of the risks associated with investment vehicles known as Spacs.
The regulator's approach may vary depending on the nature and complexity of a proposed Spac, also known as a blank-cheque company, and listing of each investment vehicle will be “considered on a case-by-case basis”, the DFSA said in a markets brief.
Spacs will be required to ring-fence proceeds raised from investors. Applicants will also be required to appoint a sponsor company for the initial listing and subsequent acquisition of a target company, the regulator said.
“We believe that Spacs should adequately ring-fence proceeds raised from investors,” the DFSA said. “This is to protect investors from misappropriation of funds or excessive running costs being incurred by the Spac’s management.”
Spacs may appoint independent third parties to protect proceeds raised from investors and the regulator may consider imposing “further safeguards on how the Spacs proceeds may be invested prior to any use”, it said.
ADQ teams up with Turkish investment entities to boost priority sectors
ADQ teams up with Turkish investment entities to boost priority sectors
Abu Dhabi’s holding company ADQ signed agreements with various Turkish investment entities to boost the development of priority sectors in the UAE and Turkey ranging from technology to healthcare, following talks between the two countries.
ADQ signed partnership pacts with the Turkey Wealth Fund, Turkey Investment Office and CCN Holding, the Abu Dhabi Government Media Office (ADGMO) said.
The agreements were signed during the visit of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Ankara on Wednesday for talks with Turkish President Recep Tayyip Erdogan. Following the talks between the two leaders, the UAE announced a $10 billion fund to support strategic investments in Turkey, including in energy, health and food.
ADQ and the Turkish Wealth Fund will co-invest in technology companies in Turkey and invest in companies with high-growth potential and emerging technologies, the ADGMO said.
Meanwhile, ADQ and the Turkey Investment Office will identify potential investment opportunities in key sectors, including energy and utilities, healthcare, pharmaceuticals, agriculture, mobility and logistics, while ADQ and CCN Holding agreed to explore investment opportunities in hospitals and medical facilities in Turkey.
Abu Dhabi’s holding company ADQ signed agreements with various Turkish investment entities to boost the development of priority sectors in the UAE and Turkey ranging from technology to healthcare, following talks between the two countries.
ADQ signed partnership pacts with the Turkey Wealth Fund, Turkey Investment Office and CCN Holding, the Abu Dhabi Government Media Office (ADGMO) said.
The agreements were signed during the visit of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Ankara on Wednesday for talks with Turkish President Recep Tayyip Erdogan. Following the talks between the two leaders, the UAE announced a $10 billion fund to support strategic investments in Turkey, including in energy, health and food.
ADQ and the Turkish Wealth Fund will co-invest in technology companies in Turkey and invest in companies with high-growth potential and emerging technologies, the ADGMO said.
Meanwhile, ADQ and the Turkey Investment Office will identify potential investment opportunities in key sectors, including energy and utilities, healthcare, pharmaceuticals, agriculture, mobility and logistics, while ADQ and CCN Holding agreed to explore investment opportunities in hospitals and medical facilities in Turkey.
Analysis: Supercharged Turkish stocks rally not everything it seems | Reuters
Analysis: Supercharged Turkish stocks rally not everything it seems | Reuters
The lira's plunge has propelled Turkey's exporter-dominated stock market to its best month in 12 years, but for foreign investors, who have just started dipping their toes in again, it's a very different story.
The stock rally, taking in exporters such as steel producer Iskenderun Demir (Isdemir) (ISDMR.IS) and glass maker Sısecam (SISE.IS), has seen Istanbul's $37 billion main bourse (.XU100) soar nearly 20% in November, which is almost as much as the lira has slumped.
Emerging economy stock markets often surge when their country runs into trouble because locals see equities as a relatively safe asset as companies either ramp up prices to offset spiralling inflation or benefit from a weaker domestic currency if they export overseas.
Big money international investors are in the opposite situation though. They usually have to convert whatever they hold back into dollars or another major currency, meaning they see a huge fall in value.
MSCI's dollar-denominated index of Turkish shares (.dMITR00000PUS), for example, slumped 9% during Tuesday's brutal lira rout, by which time it was down 20% this month and 30% since the start of the year.
The lira's plunge has propelled Turkey's exporter-dominated stock market to its best month in 12 years, but for foreign investors, who have just started dipping their toes in again, it's a very different story.
The stock rally, taking in exporters such as steel producer Iskenderun Demir (Isdemir) (ISDMR.IS) and glass maker Sısecam (SISE.IS), has seen Istanbul's $37 billion main bourse (.XU100) soar nearly 20% in November, which is almost as much as the lira has slumped.
Emerging economy stock markets often surge when their country runs into trouble because locals see equities as a relatively safe asset as companies either ramp up prices to offset spiralling inflation or benefit from a weaker domestic currency if they export overseas.
Big money international investors are in the opposite situation though. They usually have to convert whatever they hold back into dollars or another major currency, meaning they see a huge fall in value.
MSCI's dollar-denominated index of Turkish shares (.dMITR00000PUS), for example, slumped 9% during Tuesday's brutal lira rout, by which time it was down 20% this month and 30% since the start of the year.
Paytm Shares: BlackRock, Canada Pension Bought More Paytm Stock After Rout
Paytm Shares: BlackRock, Canada Pension Bought More Paytm Stock After Rout
Several of the biggest investors in Paytm’s record-breaking initial public offering added to their stakes in the Indian fintech giant after shares plunged by as much as 41%, according to people familiar with the matter. BlackRock Inc. and Canada Pension Plan Investment Board were among so-called anchor investors in the IPO that bought more Paytm shares on Tuesday and Wednesday, the people said,asking not to be identified discussing private information.
The stock climbed for a third day on Thursday, rallying as much as 7% before closing up 2.5% at 1,796.55 rupees in Mumbai. That’s still a fair distance away from its issue price of 2,150 rupees. The size of this week’s purchases by anchor investors couldn’t immediately be learned. Representatives for BlackRock and CPPIB declined to comment.
Paytm’s early tumble ranked among the worst debuts by a major technology company since the dot-com bubble era of the late 1990s. Any sign that influential money managers like BlackRock are doubling down on the company may help ease concern about the sustainability of an Indian stock-market boom that has lured $17 billion of foreign inflows over the past year and stoked a trading frenzy among local individual investors.
Several of the biggest investors in Paytm’s record-breaking initial public offering added to their stakes in the Indian fintech giant after shares plunged by as much as 41%, according to people familiar with the matter. BlackRock Inc. and Canada Pension Plan Investment Board were among so-called anchor investors in the IPO that bought more Paytm shares on Tuesday and Wednesday, the people said,asking not to be identified discussing private information.
The stock climbed for a third day on Thursday, rallying as much as 7% before closing up 2.5% at 1,796.55 rupees in Mumbai. That’s still a fair distance away from its issue price of 2,150 rupees. The size of this week’s purchases by anchor investors couldn’t immediately be learned. Representatives for BlackRock and CPPIB declined to comment.
Paytm’s early tumble ranked among the worst debuts by a major technology company since the dot-com bubble era of the late 1990s. Any sign that influential money managers like BlackRock are doubling down on the company may help ease concern about the sustainability of an Indian stock-market boom that has lured $17 billion of foreign inflows over the past year and stoked a trading frenzy among local individual investors.
Moelis Plans #Saudi Hires as ‘Energy Supercycle’ Stirs Gulf Deals - Bloomberg
Moelis Plans Saudi Hires as ‘Energy Supercycle’ Stirs Gulf Deals - Bloomberg
Moelis & Co. will soon hire staff in Saudi Arabia as it sees the kingdom attracting more foreign investors and benefiting from an “energy supercycle.”
The boutique financial adviser, founded by Wall Street veteran Ken Moelis, wants to open an office in Riyadh, the Saudi capital, and do more deals as the world’s biggest oil exporter privatizes some companies and the stock market sees a burst of initial public offerings.
“We are waiting for a final stamp on our license,” Vice Chairman Eric Cantor said in an interview. “It’s forthcoming and part of that is hiring Saudis.”
He declined to say how many people the bank wants to employ.
Moelis & Co. will soon hire staff in Saudi Arabia as it sees the kingdom attracting more foreign investors and benefiting from an “energy supercycle.”
The boutique financial adviser, founded by Wall Street veteran Ken Moelis, wants to open an office in Riyadh, the Saudi capital, and do more deals as the world’s biggest oil exporter privatizes some companies and the stock market sees a burst of initial public offerings.
“We are waiting for a final stamp on our license,” Vice Chairman Eric Cantor said in an interview. “It’s forthcoming and part of that is hiring Saudis.”
He declined to say how many people the bank wants to employ.
Oil eases, focus on OPEC+ response to U.S.-led oil release | Reuters
Oil eases, focus on OPEC+ response to U.S.-led oil release | Reuters
Oil prices fell slightly on Thursday, as investors eyed how major producers respond to the U.S.-led emergency oil release designed to cool the market and with OPEC now expecting the release to swell inventories.
Brent crude futures slipped 14 cents, or 0.2%, to $82.11 a barrel by 1413 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $78.09 a barrel.
OPEC expects the U.S. release to swell a surplus in oil markets by 1.1 million barrels per day (bpd), a source from the group said. read more
The Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, will meet on Dec. 1-2 to set policy.
Oil prices fell slightly on Thursday, as investors eyed how major producers respond to the U.S.-led emergency oil release designed to cool the market and with OPEC now expecting the release to swell inventories.
Brent crude futures slipped 14 cents, or 0.2%, to $82.11 a barrel by 1413 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $78.09 a barrel.
OPEC expects the U.S. release to swell a surplus in oil markets by 1.1 million barrels per day (bpd), a source from the group said. read more
The Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, will meet on Dec. 1-2 to set policy.
Reliance, Aramco call off $15 bln deal amid valuation differences, sources say | Reuters
Reliance, Aramco call off $15 bln deal amid valuation differences, sources say | Reuters
Reliance Industries (RELI.NS) and Saudi Aramco (2222.SE) have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns, sources with knowledge of the matter said.
Talks broke down over how much Reliance's oil-to-chemicals (O2C) business should be valued as the world seeks to move away from fossil fuels and reduce emissions, they said.
Instead, Reliance will now focus on signing multiple deals with companies to produce specialty chemicals for higher margins, one of the sources said.
Aramco, the world's top oil exporter, signed a non-binding agreement to buy a 20% stake in Reliance's O2C business for $15 billion in 2019. Last week, the companies announced they would re-evaluate the deal, ending two years of negotiations. read more
Reliance Industries (RELI.NS) and Saudi Aramco (2222.SE) have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns, sources with knowledge of the matter said.
Talks broke down over how much Reliance's oil-to-chemicals (O2C) business should be valued as the world seeks to move away from fossil fuels and reduce emissions, they said.
Instead, Reliance will now focus on signing multiple deals with companies to produce specialty chemicals for higher margins, one of the sources said.
Aramco, the world's top oil exporter, signed a non-binding agreement to buy a 20% stake in Reliance's O2C business for $15 billion in 2019. Last week, the companies announced they would re-evaluate the deal, ending two years of negotiations. read more
#Saudi bourse sees biggest weekly loss in over a year | Reuters
Saudi bourse sees biggest weekly loss in over a year | Reuters
Saudi Arabia's stock market gave up early gains to end lower on Thursday, registering its fourth weekly loss in five and its biggest since October 2020, while other Gulf bourses traded mixed.
Losses on the Saudi index followed tensions with Yemen's Iran-aligned Houthis, who claimed responsibility on Nov. 20 for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
On Wednesday the Saudi-led coalition said it was launching air strikes on military targets in Yemen's capital Sanaa and asked civilians not to approach the targeted areas. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.6%, ending two sessions of gains, with Al Rajhi Bank (1120.SE) losing 0.4% while oil behemoth Saudi Aramco (2222.SE) retreated 1.1%.
In Abu Dhabi the index (.ADI) gained 0.7%, led by a 2.4% rise in Alpha Dhabi Holding (ALPHADHABI.AD) and a 1% increase in Emirates Telecommunications Group (ETISALAT.AD).
Dubai's main share index (.DFMGI) gained 0.4%, driven by a 1% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 0.8% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Turkey and the United Arab Emirates signed accords for billions of dollars of investments on Wednesday, including in technology and energy, after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. read more
Sheikh Mohammed's visit to Ankara, the first in years, comes as the two countries work to mend frayed ties and amid a currency crisis in Turkey.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.7%, with Talaat Mostafa Holding (TMGH.CA) climbing 6.4%.
Egypt's economy grew by 9.8% in the first quarter of the fiscal year 2021-22 that began in July, compared with 0.7% in the same period of last year, a cabinet statement quoted the planning minister as saying on Wednesday. read more
Saudi Arabia's stock market gave up early gains to end lower on Thursday, registering its fourth weekly loss in five and its biggest since October 2020, while other Gulf bourses traded mixed.
Losses on the Saudi index followed tensions with Yemen's Iran-aligned Houthis, who claimed responsibility on Nov. 20 for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
On Wednesday the Saudi-led coalition said it was launching air strikes on military targets in Yemen's capital Sanaa and asked civilians not to approach the targeted areas. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.6%, ending two sessions of gains, with Al Rajhi Bank (1120.SE) losing 0.4% while oil behemoth Saudi Aramco (2222.SE) retreated 1.1%.
In Abu Dhabi the index (.ADI) gained 0.7%, led by a 2.4% rise in Alpha Dhabi Holding (ALPHADHABI.AD) and a 1% increase in Emirates Telecommunications Group (ETISALAT.AD).
Dubai's main share index (.DFMGI) gained 0.4%, driven by a 1% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 0.8% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Turkey and the United Arab Emirates signed accords for billions of dollars of investments on Wednesday, including in technology and energy, after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. read more
Sheikh Mohammed's visit to Ankara, the first in years, comes as the two countries work to mend frayed ties and amid a currency crisis in Turkey.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.7%, with Talaat Mostafa Holding (TMGH.CA) climbing 6.4%.
Egypt's economy grew by 9.8% in the first quarter of the fiscal year 2021-22 that began in July, compared with 0.7% in the same period of last year, a cabinet statement quoted the planning minister as saying on Wednesday. read more
#Qatar QNB closes $1.96bln 3-year term loan facility | ZAWYA MENA Edition
Qatar QNB closes $1.96bln 3-year term loan facility | ZAWYA MENA Edition
Qatar's QNB Group has closed a 1.75 billion euros ($1.96 billion) three-year senior unsecured term.
The banking group said in a Qatar Stock Exchange filing that the financing saw a large oversubscription and was well supported in syndication by a group of 31 participating banks.
The loan syndication was arranged by Credit Agricole CIB, ING Bank, Intesa Sanpaolo, Societe Generale and UniCredit as underwriters and initial mandated lead arrangers. Societe Generale was the documentation and facility agent.
Qatar's QNB Group has closed a 1.75 billion euros ($1.96 billion) three-year senior unsecured term.
The banking group said in a Qatar Stock Exchange filing that the financing saw a large oversubscription and was well supported in syndication by a group of 31 participating banks.
The loan syndication was arranged by Credit Agricole CIB, ING Bank, Intesa Sanpaolo, Societe Generale and UniCredit as underwriters and initial mandated lead arrangers. Societe Generale was the documentation and facility agent.
#SaudiArabia to allow more digital banks, central bank governor says | Reuters
Saudi Arabia to allow more digital banks, central bank governor says | Reuters
Saudi Arabia will give operating licences to more digital banks, Central Bank Governor Fahad al-Mubarak said on Thursday at a financial forum in Riyadh.
The kingdom this year issued licences for its first digital banks, STC Bank and Saudi Digital Bank. read more
Saudi Arabia will give operating licences to more digital banks, Central Bank Governor Fahad al-Mubarak said on Thursday at a financial forum in Riyadh.
The kingdom this year issued licences for its first digital banks, STC Bank and Saudi Digital Bank. read more
#Saudi Prince’s ‘Neom’ to Expand Port to Rival Region’s Biggest - Bloomberg
Saudi Prince’s ‘Neom’ to Expand Port to Rival Region’s Biggest - Bloomberg
Saudi Arabia’s high-tech “Neom” mega-project plans to expand a tiny local port into a trade and manufacturing hub near the Suez Canal that officials say will compete with the biggest facilities in the Middle East.
The proposal is the latest eye-catching announcement by Neom, with progress on the ground so far limited to earthworks. About 12% of global trade flows through the Suez Canal.
The port will anchor an industrial city that Neom announced last week called Oxagon, Vishal Wanchoo, Oxagon’s chief executive, said in an interview. An existing port near the Red Sea town of Dhiba will be transformed to handle a container capacity of 3.5 to 4 million ton equivalent units (TEUs) by 2030, he said.
The project could eventually serve Neom’s commercial tenants as well as the broader Gulf region, Jordan and Iraq, he said. Capacity might extend up to 9 million TEUs depending on Oxagon’s growth, he added. Dubai’s Jebel Ali port, the region’s largest, has capacity of more than 19 million TEUs.
Saudi Arabia’s high-tech “Neom” mega-project plans to expand a tiny local port into a trade and manufacturing hub near the Suez Canal that officials say will compete with the biggest facilities in the Middle East.
The proposal is the latest eye-catching announcement by Neom, with progress on the ground so far limited to earthworks. About 12% of global trade flows through the Suez Canal.
The port will anchor an industrial city that Neom announced last week called Oxagon, Vishal Wanchoo, Oxagon’s chief executive, said in an interview. An existing port near the Red Sea town of Dhiba will be transformed to handle a container capacity of 3.5 to 4 million ton equivalent units (TEUs) by 2030, he said.
The project could eventually serve Neom’s commercial tenants as well as the broader Gulf region, Jordan and Iraq, he said. Capacity might extend up to 9 million TEUs depending on Oxagon’s growth, he added. Dubai’s Jebel Ali port, the region’s largest, has capacity of more than 19 million TEUs.
#Dubai Gets Its Way As Business Trumps Regional Strife - Bloomberg #UAE
Dubai Gets Its Way As Business Trumps Regional Strife - Bloomberg
Fatma Emrem’s phone has been ringing non-stop since the United Arab Emirates and Turkey repaired ties. A partner at Tamim Consulting, Emrem advises mostly Turkish companies setting up in the UAE commercial capital, Dubai.
“Their main question is how confident should we be that good relations will continue,” she said. “They’re encouraged by recent reforms and lower company setup costs but they want to be sure politics won’t disrupt their business in the future.”
It’s been a rapid turnaround since the UAE unveiled its foreign policy reset in September, vowing to step back from political conflicts and refocus on the economy — targeting $150 billion in investments through deeper links with fast-growing economies, including Turkey’s.
The shift is part of a broader realignment that’s seen erstwhile Middle East rivals overcome sometimes violent differences as the U.S. disengages from the region. After a decade of interventionism that cost billions in lost opportunities, it’s also the clearest sign yet that Dubai’s business-focused model has won out.
Fatma Emrem’s phone has been ringing non-stop since the United Arab Emirates and Turkey repaired ties. A partner at Tamim Consulting, Emrem advises mostly Turkish companies setting up in the UAE commercial capital, Dubai.
“Their main question is how confident should we be that good relations will continue,” she said. “They’re encouraged by recent reforms and lower company setup costs but they want to be sure politics won’t disrupt their business in the future.”
It’s been a rapid turnaround since the UAE unveiled its foreign policy reset in September, vowing to step back from political conflicts and refocus on the economy — targeting $150 billion in investments through deeper links with fast-growing economies, including Turkey’s.
The shift is part of a broader realignment that’s seen erstwhile Middle East rivals overcome sometimes violent differences as the U.S. disengages from the region. After a decade of interventionism that cost billions in lost opportunities, it’s also the clearest sign yet that Dubai’s business-focused model has won out.
#SaudiArabia working on 160 privatisations, says finance minister | Reuters
Saudi Arabia working on 160 privatisations, says finance minister | Reuters
Saudi Arabia is working on 160 privatisations and intends to announce more next year, Finance Minister Mohammed al-Jadaan said on Thursday.
Speaking at a financial forum in Riyadh, he said plans to privatise assets in the education and logistics sectors were ongoing.
Earlier this year Saudi Arabia suspended the privatisation of the Ras Al Khair desalination and power plant, one of a number of state assets the government aimed to sell to reduce pressure on capital spending and diversify revenues away from oil.
Saudi Arabia is working on 160 privatisations and intends to announce more next year, Finance Minister Mohammed al-Jadaan said on Thursday.
Speaking at a financial forum in Riyadh, he said plans to privatise assets in the education and logistics sectors were ongoing.
Earlier this year Saudi Arabia suspended the privatisation of the Ras Al Khair desalination and power plant, one of a number of state assets the government aimed to sell to reduce pressure on capital spending and diversify revenues away from oil.
Major Gulf bourses rise in early trade | Reuters
Major Gulf bourses rise in early trade | Reuters
Major stock markets in the Gulf rose in early trade on Thursday, with the Saudi index on track to extend gains for a second session.
Saudi Arabia's benchmark index (.TASI) advanced 0.7%, with Al Rajhi Bank (1120.SE) rising 1.6% and oil giant Saudi Aramco (2222.SE) up 0.6%.
The index on Tuesday ended three sessions of declines triggered by tensions with Yemen's Iran-aligned Houthis, who claimed responsibility on Nov. 20 for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
On Wednesday the Saudi-led coalition said it was launching air strikes on military targets in Yemen's capital Sanaa and asked civilians not to approach the targeted areas. read more
Dubai's main share index (.DFMGI) gained 0.9%, boosted by a 9% surge in Amlak Finance (AMLK.DU), and was on course to rise for a tenth session in eleven.
Last week the Islamic finance company swung to a third-quarter net profit of 887.1 million dirhams ($241.55 million), against a loss of 151.4 million dirhams a year earlier.
In Abu Dhabi, the index (.ADI) edged 0.1% higher, helped by a 2.9% rise for Abu Dhabi Commercial Bank (ADCB.AD).
Turkey and the United Arab Emirates signed accords for billions of dollars of investments on Wednesday, including in technology and energy, after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. read more
Sheikh Mohammed's visit to Ankara, the first in years, comes as the two countries work to mend frayed ties and amid a currency crisis in Turkey.
The Qatari index (.QSI) added 0.1%, with sharia-compliant lender Masraf Al Rayan (MARK.QA) up 0.8%.
Major stock markets in the Gulf rose in early trade on Thursday, with the Saudi index on track to extend gains for a second session.
Saudi Arabia's benchmark index (.TASI) advanced 0.7%, with Al Rajhi Bank (1120.SE) rising 1.6% and oil giant Saudi Aramco (2222.SE) up 0.6%.
The index on Tuesday ended three sessions of declines triggered by tensions with Yemen's Iran-aligned Houthis, who claimed responsibility on Nov. 20 for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
On Wednesday the Saudi-led coalition said it was launching air strikes on military targets in Yemen's capital Sanaa and asked civilians not to approach the targeted areas. read more
Dubai's main share index (.DFMGI) gained 0.9%, boosted by a 9% surge in Amlak Finance (AMLK.DU), and was on course to rise for a tenth session in eleven.
Last week the Islamic finance company swung to a third-quarter net profit of 887.1 million dirhams ($241.55 million), against a loss of 151.4 million dirhams a year earlier.
In Abu Dhabi, the index (.ADI) edged 0.1% higher, helped by a 2.9% rise for Abu Dhabi Commercial Bank (ADCB.AD).
Turkey and the United Arab Emirates signed accords for billions of dollars of investments on Wednesday, including in technology and energy, after talks between President Tayyip Erdogan and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. read more
Sheikh Mohammed's visit to Ankara, the first in years, comes as the two countries work to mend frayed ties and amid a currency crisis in Turkey.
The Qatari index (.QSI) added 0.1%, with sharia-compliant lender Masraf Al Rayan (MARK.QA) up 0.8%.
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