Sunday 28 November 2021
Bloomberg Green: The Gulf's Clean Energy Turnaround - Bloomberg video
Bloomberg Green: The Gulf's Clean Energy Turnaround - Bloomberg
Oil transformed the Middle East, but now Gulf countries are under pressure to leave hydrocarbons behind. With fresh net zero targets announced in the run up to COP26, we hear from Saudi Arabia's energy minister Prince Abdulaziz bin Salman and Mariam Almheiri, the UAE's climate minister. One solution for the region could be the new futuristic megacity Neom: we near from the man making it happen, CEO Nadhmi Al-Nasr. Plus, we look at the role natural gas is playing in the Gulf's energy transition.
UPDATE OPEC postponses technical meetings to evaluate Omicron impact -sources | Reuters
UPDATE OPEC postponses technical meetings to evaluate Omicron impact -sources | Reuters
OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to OPEC+ sources and documents.
Oil prices crashed together with other financial markets on Friday by more than 10%, their largest one-day drop since April 2020, as the new variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Friday's fall was exacerbated by low liquidity due to a U.S. public holiday.
Before Friday, OPEC had already predicted the surplus would grow steeply after the United States and other major consumers decided to release oil stocks to help cool down prices.
OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to OPEC+ sources and documents.
Oil prices crashed together with other financial markets on Friday by more than 10%, their largest one-day drop since April 2020, as the new variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Friday's fall was exacerbated by low liquidity due to a U.S. public holiday.
Before Friday, OPEC had already predicted the surplus would grow steeply after the United States and other major consumers decided to release oil stocks to help cool down prices.
#Saudi Stock Exchange Sets IPO Offer Price at Top End of Range - Bloomberg
Saudi Stock Exchange Sets IPO Offer Price at Top End of Range - Bloomberg
Saudi Tadawul Group Holding set the final price of its initial public offering at the top end of the range, giving the Riyadh-based bourse a valuation of 12.6 billion riyals ($3.4 billion).
Tadawul, as the exchange is known, set the price at 105 riyals per share after an institutional book-building process, according to a statement. The coverage ratio amounted to 121% of total shares on offer.
At that price, the share sale will raise as much as $1 billion for the exchange’s sole shareholder, the Public Investment Fund, from selling a 30% stake. In November, Tadawul had set the price range at 95 riyals to 105 riyals a share.
The offering comes amid an IPO boom, with companies around the world raising a record of more than $600 billion this year. Against that backdrop, Saudi Arabia has been among the leaders in the Middle East, listing private and family-owned firms as well as companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co.’s internet-services unit.
Saudi Tadawul Group Holding set the final price of its initial public offering at the top end of the range, giving the Riyadh-based bourse a valuation of 12.6 billion riyals ($3.4 billion).
Tadawul, as the exchange is known, set the price at 105 riyals per share after an institutional book-building process, according to a statement. The coverage ratio amounted to 121% of total shares on offer.
At that price, the share sale will raise as much as $1 billion for the exchange’s sole shareholder, the Public Investment Fund, from selling a 30% stake. In November, Tadawul had set the price range at 95 riyals to 105 riyals a share.
The offering comes amid an IPO boom, with companies around the world raising a record of more than $600 billion this year. Against that backdrop, Saudi Arabia has been among the leaders in the Middle East, listing private and family-owned firms as well as companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co.’s internet-services unit.
Most Gulf bourses tumble as Omicron spooks investors | Reuters
Most Gulf bourses tumble as Omicron spooks investors | Reuters
Most Gulf stock markets ended lower on Sunday, with the Saudi and Dubai indexes suffering their biggest single-day fall in nearly two years as fears of a potentially vaccine-resistant coronavirus variant spooked investors.
The World Health Organization (WHO) on Friday designated the Omicron coronavirus variant detected in South Africa as being "of concern" - the fifth variant to be given that designation. read more
Saudi Arabia's benchmark index (.TASI) slid 4.5%, dragged down by a 5.4% fall for Al Rajhi Bank (1120.SE) and a 6.2% decline for Saudi Basic Industries (2010.SE).
The kingdom halted flights from and to Malawi, Zambia, Madagascar, Angola, Seychelles, Mauritius and the Comoros Islands on Sunday owing to concerns related to the spread of the new COVID-19 strain, state news agency SPA reported on Twitter. read more
The latest panedmic developments also sent oil prices, a key catalyst for the Gulf's financial markets, plunging by $10 a barrel on Friday for their largest one-day drop since April 2020. The new variant added to concerns that an oil supply surplus could swell in the first quarter.
"Despite the previous positive experience of quick recovery in the oil market, investors should keep an eye on news of large-scale lockdowns in the short term," sais Farah Mourad, senior market analyst at XTB MENA.
Dubai's main share index (.DFMGI) declined 5.2%, its biggest intraday fall since March 2020, with most stocks in negative territory.
Blue-chip developer Emaar Properties (EMAR.DU) plunged 9.4%and budget carrier Air Arabia (AIRA.DU) retreated by 7.1%.
In Abu Dhabi, the index (.ADI) fell 1.8%, weighed down by a 3.3% drop for telecoms company Etisalat (ETISALAT.AD) and a 1.4% decline for First Abu Dhabi Bank (FAB.AD), the country's largest lender.
The United Arab Emirates has suspended entry for travellers from South Africa, Namibia, Lesotho, Eswatini, Zimbabwe, Botswana and Mozambique from Nov. 29 over concerns about the new coronavirus variant, the state news agency reported on Friday. read more
Even with new treatments for coronavirus infections, health care systems can be overwhelmed by rising cases, leaving governments with little option but to reimpose restrictions that would slow growth or even push economies back into recession. At the same time, those restrictions could worsen supply chain disruptions, adding to inflationary pressure even as growth slows, said Khatija Haque, head of research and chief economist at Emirates NBD.
In Qatar, the index (.QSI) slipped by 2.8% as investors shunned stocks across board, with petrochemicals group Industries Qatar (IQCD.QA) leading the losses.
Egypt's blue-chip index (.EGX30) lost 1.3%, with top lender Commercial International Bank (COMI.CA) retreating by 0.8%.
Most Gulf stock markets ended lower on Sunday, with the Saudi and Dubai indexes suffering their biggest single-day fall in nearly two years as fears of a potentially vaccine-resistant coronavirus variant spooked investors.
The World Health Organization (WHO) on Friday designated the Omicron coronavirus variant detected in South Africa as being "of concern" - the fifth variant to be given that designation. read more
Saudi Arabia's benchmark index (.TASI) slid 4.5%, dragged down by a 5.4% fall for Al Rajhi Bank (1120.SE) and a 6.2% decline for Saudi Basic Industries (2010.SE).
The kingdom halted flights from and to Malawi, Zambia, Madagascar, Angola, Seychelles, Mauritius and the Comoros Islands on Sunday owing to concerns related to the spread of the new COVID-19 strain, state news agency SPA reported on Twitter. read more
The latest panedmic developments also sent oil prices, a key catalyst for the Gulf's financial markets, plunging by $10 a barrel on Friday for their largest one-day drop since April 2020. The new variant added to concerns that an oil supply surplus could swell in the first quarter.
"Despite the previous positive experience of quick recovery in the oil market, investors should keep an eye on news of large-scale lockdowns in the short term," sais Farah Mourad, senior market analyst at XTB MENA.
Dubai's main share index (.DFMGI) declined 5.2%, its biggest intraday fall since March 2020, with most stocks in negative territory.
Blue-chip developer Emaar Properties (EMAR.DU) plunged 9.4%and budget carrier Air Arabia (AIRA.DU) retreated by 7.1%.
In Abu Dhabi, the index (.ADI) fell 1.8%, weighed down by a 3.3% drop for telecoms company Etisalat (ETISALAT.AD) and a 1.4% decline for First Abu Dhabi Bank (FAB.AD), the country's largest lender.
The United Arab Emirates has suspended entry for travellers from South Africa, Namibia, Lesotho, Eswatini, Zimbabwe, Botswana and Mozambique from Nov. 29 over concerns about the new coronavirus variant, the state news agency reported on Friday. read more
Even with new treatments for coronavirus infections, health care systems can be overwhelmed by rising cases, leaving governments with little option but to reimpose restrictions that would slow growth or even push economies back into recession. At the same time, those restrictions could worsen supply chain disruptions, adding to inflationary pressure even as growth slows, said Khatija Haque, head of research and chief economist at Emirates NBD.
In Qatar, the index (.QSI) slipped by 2.8% as investors shunned stocks across board, with petrochemicals group Industries Qatar (IQCD.QA) leading the losses.
Egypt's blue-chip index (.EGX30) lost 1.3%, with top lender Commercial International Bank (COMI.CA) retreating by 0.8%.
Virus Variant Sends Mideast Stocks Into Nosedive After Oil Slump - Bloomberg
Virus Variant Sends Mideast Stocks Into Nosedive After Oil Slump - Bloomberg
Middle East stocks took their cue from last week’s global sell-off as the emergence of a worrying new coronavirus variant reverberated through markets, sending every major index into retreat.
Dubai’s benchmark gauge dropped the most, tumbling 5.2% as of 3:40 p.m. local time, its sharpest loss since March 2020. Saudi Arabia’s main index fell 4.2%, the most since October 2020. There were declines in Israel, Egypt, Jordan, Kuwait, Qatar and Abu Dhabi.
Coming in the wake of Friday’s worldwide slump, the declines across the energy-rich markets of the Gulf threatened to undo some of the gains made this year amid a flurry of initial public offerings and a rally in oil prices. Brent, the benchmark grade for more than half the world’s oil, lost almost 12% Friday on concern the new Omicron Covid-19 variant will usher in fresh lockdowns and crimp air travel.
“We are going to mimic the sell-off we have seen in the global markets today. I don’t think it’s a surprise,” Ahmed Badr, head of the Middle East and North Africa at Credit Suisse AG in Dubai, said in a Bloomberg TV interview before markets began trading Sunday. “The question is how long” it will last and “what kind of opportunities it’s going to present in terms of buying opportunities,” he said.
As governments around the world announced measures to limit the variant’s spread, Israel on Saturday banned foreigners from entering the country for two weeks, while Saudi Arabia and the UAE suspended flights to and from South Africa -- where omicron was first identified -- as well as some other nations on the African continent.
The emergence of the omicron variant added a fresh ingredient to what was already stacking up to be a critical week for investors, with U.S. jobs data scheduled for release on Friday and the OPEC+ oil-producer group due to decide Thursday whether to enact a planned 400,000 barrel-a-day increase in output.
Mike Muller, the head of the Asia unit at Vitol, the world’s biggest independent oil trader, said Sunday he expects OPEC+ to take a cautious stance when it meets, amid signs that demand may be weakening in some markets going in to the winter months in Asia and Europe.
Dubai-listed Shuaa Capital PSC and Amlak Finance were the biggest losers in the Middle East region Sunday, slumping 10% each. In Saudi Arabia, Nama Chemicals Co. dropped the most, retreating 8.5%.
Middle East stocks took their cue from last week’s global sell-off as the emergence of a worrying new coronavirus variant reverberated through markets, sending every major index into retreat.
Dubai’s benchmark gauge dropped the most, tumbling 5.2% as of 3:40 p.m. local time, its sharpest loss since March 2020. Saudi Arabia’s main index fell 4.2%, the most since October 2020. There were declines in Israel, Egypt, Jordan, Kuwait, Qatar and Abu Dhabi.
Coming in the wake of Friday’s worldwide slump, the declines across the energy-rich markets of the Gulf threatened to undo some of the gains made this year amid a flurry of initial public offerings and a rally in oil prices. Brent, the benchmark grade for more than half the world’s oil, lost almost 12% Friday on concern the new Omicron Covid-19 variant will usher in fresh lockdowns and crimp air travel.
“We are going to mimic the sell-off we have seen in the global markets today. I don’t think it’s a surprise,” Ahmed Badr, head of the Middle East and North Africa at Credit Suisse AG in Dubai, said in a Bloomberg TV interview before markets began trading Sunday. “The question is how long” it will last and “what kind of opportunities it’s going to present in terms of buying opportunities,” he said.
As governments around the world announced measures to limit the variant’s spread, Israel on Saturday banned foreigners from entering the country for two weeks, while Saudi Arabia and the UAE suspended flights to and from South Africa -- where omicron was first identified -- as well as some other nations on the African continent.
The emergence of the omicron variant added a fresh ingredient to what was already stacking up to be a critical week for investors, with U.S. jobs data scheduled for release on Friday and the OPEC+ oil-producer group due to decide Thursday whether to enact a planned 400,000 barrel-a-day increase in output.
Mike Muller, the head of the Asia unit at Vitol, the world’s biggest independent oil trader, said Sunday he expects OPEC+ to take a cautious stance when it meets, amid signs that demand may be weakening in some markets going in to the winter months in Asia and Europe.
Dubai-listed Shuaa Capital PSC and Amlak Finance were the biggest losers in the Middle East region Sunday, slumping 10% each. In Saudi Arabia, Nama Chemicals Co. dropped the most, retreating 8.5%.
- Dubai’s DFM index down 5.2%, with all every stock in decline
- Real estate and construction stocks led the losses
- Emaar Properties PJSC contributed the most to the index retreat, decreasing 8.2%; SHUAA Capital PSC had the largest drop, falling 10%
- The move was the biggest since it fell 6.1% in March 2020
- Saudi Arabia’s Tadawul All Share Index lost 3.9%
- All sectors in the red, with the Consumer Durables and Apparel Index leading losses with a 5.7% slide
- Arabia Insurance Cooperative was down 7%; Takween Advanced Industries fell 7%
- The index slipped 7.2% this month. It’s still up 25% in 2021, heading for the best year since 2013
- Abu Dhabi’s ADX General Index fell 2.3%
- First Abu Dhabi Bank PJSC contributed most to the decline, down 3.6%
- Israel’s TA-35 was down 3%
- Bank Leumi Le-Israel BM contributed the most to the loss, sliding 3.6%
- All 35 shares fell
- The index is up 22% in 2021, heading for the best year in at least a decade
- The Qatar QE fell 2.8%, its biggest drop since April 2020
- Industries Qatar QSC lost 4.3% while Investment Holding Group dropped 4.9%
Virus Variant Sends Mideast Stocks Into Nosedive After Oil Slump - Bloomberg
Virus Variant Sends Mideast Stocks Into Nosedive After Oil Slump - Bloomberg
Middle East stocks are taking their cue from last week’s global sell-off as the emergence of a worrying new coronavirus variant reverberates through markets, sending every major index into retreat.
Dubai’s benchmark gauge dropped the most, tumbling 4.6% as of 12:54 p.m. local time, its sharpest loss since March 2020. Saudi Arabia’s main index fell 3.2%, the most since October 2020. There were declines in Israel, Egypt, Jordan, Kuwait, Qatar and Abu Dhabi.
Coming in the wake of Friday’s worldwide slump, the declines across the energy-rich markets of the Gulf threaten to undo some of the gains made this year amid a flurry of initial public offerings and a rally in oil prices. Brent, the benchmark grade for more than half the world’s oil, lost almost 12% Friday on concern the new Omicron Covid-19 variant will crimp air travel and usher in fresh lockdowns.
As governments around the world announced measures to limit the variant’s spread, Israel on Saturday banned foreigners from entering the country for two weeks, while Saudi Arabia and the UAE suspended flights to and from South Africa -- where Omicron was first identified -- as well as some other nations on the African continent.
“We are going to mimic the sell-off we have seen in the global markets today. I don’t think it’s a surprise,” Ahmed Badr, head of the Middle East and North Africa at Credit Suisse AG in Dubai, said in an interview to Bloomberg TV. “The question is how long” it will last and “what kind of opportunities it’s going to present in terms of buying opportunities,” he said.
Middle East stocks are taking their cue from last week’s global sell-off as the emergence of a worrying new coronavirus variant reverberates through markets, sending every major index into retreat.
Dubai’s benchmark gauge dropped the most, tumbling 4.6% as of 12:54 p.m. local time, its sharpest loss since March 2020. Saudi Arabia’s main index fell 3.2%, the most since October 2020. There were declines in Israel, Egypt, Jordan, Kuwait, Qatar and Abu Dhabi.
Coming in the wake of Friday’s worldwide slump, the declines across the energy-rich markets of the Gulf threaten to undo some of the gains made this year amid a flurry of initial public offerings and a rally in oil prices. Brent, the benchmark grade for more than half the world’s oil, lost almost 12% Friday on concern the new Omicron Covid-19 variant will crimp air travel and usher in fresh lockdowns.
As governments around the world announced measures to limit the variant’s spread, Israel on Saturday banned foreigners from entering the country for two weeks, while Saudi Arabia and the UAE suspended flights to and from South Africa -- where Omicron was first identified -- as well as some other nations on the African continent.
“We are going to mimic the sell-off we have seen in the global markets today. I don’t think it’s a surprise,” Ahmed Badr, head of the Middle East and North Africa at Credit Suisse AG in Dubai, said in an interview to Bloomberg TV. “The question is how long” it will last and “what kind of opportunities it’s going to present in terms of buying opportunities,” he said.
- Dubai’s DFM index down 4.6%, with all every stock in decline
- Real estate and construction stocks led the losses
- Emaar Properties PJSC contributed the most to the index decline, decreasing 8.15%; SHUAA Capital PSC had the largest drop, falling 10%
- Saudi Arabia’s Tadawul All Share Index fell 3.2%
- All sectors are in the red, with the Consumer Durables and Apparel Index leading loses -5.72%
- Arabia Insurance Cooperative down 7%; Takween Advanced Industries down 7%
- The index fell 7.2% this month. It’s still up 25% in 2021, heading for the best year since 2013
- Abu Dhabi’s ADX General Index fell 2.3%
- First Abu Dhabi Bank PJSC contributed most to the decline, down 3.6%
- Israel’s TA-35 was down 3%
- Bank Leumi Le-Israel BM contributed the most to the index, losing 3.6%
- All 35 shares fell
- The index is up 22% in 2021, heading for the best year in at least a decade
OPEC+ Likely to Be Cautious on Oil Demand at Meeting, Vitol Says - Bloomberg
OPEC+ Likely to Be Cautious on Oil Demand at Meeting, Vitol Says - Bloomberg
The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group.
There are signs that demand may be weakening in some markets going in to the winter months in Asia and Europe, said Mike Muller, the head of the Asia unit at Vitol, the world’s biggest independent oil trader. The new coronavirus variant will probably lead to more flight cancellations this week, he said.
U.S. crude plunged more than 10% Friday, dropping below $70 for the first time since September, and Brent had its seventh-steepest drop on record as news of the omicron variant spooked traders amid light trading after the American Thanksgiving holiday. OPEC+ was already voicing concern over excess supply after the U.S. and others announced plans to release oil from strategic reserves.
“OPEC+ have erred on the side of caution,” Muller said on a weekly webinar by Dubai consultancy Gulf Intelligence. “Post facto they’ve proven to be right. It is likely they will take into account these fundamentals and the possibility of a demand hit over the winter months.”
The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group.
There are signs that demand may be weakening in some markets going in to the winter months in Asia and Europe, said Mike Muller, the head of the Asia unit at Vitol, the world’s biggest independent oil trader. The new coronavirus variant will probably lead to more flight cancellations this week, he said.
U.S. crude plunged more than 10% Friday, dropping below $70 for the first time since September, and Brent had its seventh-steepest drop on record as news of the omicron variant spooked traders amid light trading after the American Thanksgiving holiday. OPEC+ was already voicing concern over excess supply after the U.S. and others announced plans to release oil from strategic reserves.
“OPEC+ have erred on the side of caution,” Muller said on a weekly webinar by Dubai consultancy Gulf Intelligence. “Post facto they’ve proven to be right. It is likely they will take into account these fundamentals and the possibility of a demand hit over the winter months.”
#UAE stocks slump on concerns over new COVID-19 variant | ZAWYA MENA Edition
UAE stocks slump on concerns over new COVID-19 variant | ZAWYA MENA Edition
UAE stock indices slumped in early trading on Sunday, dragged down by concerns over the new COVID-19 variant. A drop in global oil prices on Friday on similar concerns too weighed on investor sentiment in the oil-rich Gulf country.
Dubai's DFM General Index dropped more than 5 percent on open to 3,009 points, led by blue chip property developer Emaar Properties. The index however recovered slightly and was trading at 3,020.35 by 11:00 am.
On Friday, the UAE announced that it is suspending flights from 7 African countries due to the new coronavirus variant.
Sharjah-based Air Arabia fell nearly 10 percent to 1.39 dirhams in early trade. Airline and travel stocks were among the hardest hit in global trading on Friday as many countries announced new travel curbs and quarantine measures as they rushed protect their borders.
The Abu Dhabi Securities Exchange (ADX) index is also currently trading 2.5 percent lower at 8,243 points after plunging to 8,197 shortly after the opening bell.
Oil prices also fell sharply on Friday on travel restrictions and the fear of new mobility restrictions. Brent oil closed the week at under $73 per barrel, its lowest level in two and a half months. The UAE stock markets are strongly co-related to oil price fluctuations.
The World Health Organization designated the new highly mutated strain of Covid a "variant of concern" and gives it the Greek name Omicron.
UAE stock indices slumped in early trading on Sunday, dragged down by concerns over the new COVID-19 variant. A drop in global oil prices on Friday on similar concerns too weighed on investor sentiment in the oil-rich Gulf country.
Dubai's DFM General Index dropped more than 5 percent on open to 3,009 points, led by blue chip property developer Emaar Properties. The index however recovered slightly and was trading at 3,020.35 by 11:00 am.
On Friday, the UAE announced that it is suspending flights from 7 African countries due to the new coronavirus variant.
Sharjah-based Air Arabia fell nearly 10 percent to 1.39 dirhams in early trade. Airline and travel stocks were among the hardest hit in global trading on Friday as many countries announced new travel curbs and quarantine measures as they rushed protect their borders.
The Abu Dhabi Securities Exchange (ADX) index is also currently trading 2.5 percent lower at 8,243 points after plunging to 8,197 shortly after the opening bell.
Oil prices also fell sharply on Friday on travel restrictions and the fear of new mobility restrictions. Brent oil closed the week at under $73 per barrel, its lowest level in two and a half months. The UAE stock markets are strongly co-related to oil price fluctuations.
The World Health Organization designated the new highly mutated strain of Covid a "variant of concern" and gives it the Greek name Omicron.
Most Gulf bourses slide on fears over COVID-19 variant | Reuters
Most Gulf bourses slide on fears over COVID-19 variant | Reuters
Most Gulf stock markets fell sharply in early trade on Sunday, with the Saudi index suffering its biggest single-day fall in nearly two years as fears of a potentially vaccine-resistant coronavirus variant rattled investors.
The World Health Organization (WHO) on Friday designated a new COVID-19 variant detected in South Africa as being "of concern" - the fifth variant to be given the designation. read more
Saudi Arabia's benchmark index (.TASI) retreated by 4.4%, dragged down by a 3.4% fall for Al Rajhi Bank (1120.SE) and a 5.3% decline for Saudi National Bank (1180.SE).
The kingdom has halted flights from and to Malawi, Zambia, Madagascar, Angola, Seychelles, Mauritius And Comoros Islands, Reuters reported on Sunday, citing the state news agency. read more
Dubai's main share index (.DFMGI) tumbled 4.8% for its biggest intraday fall since March 2020, with blue-chip developer Emaar Properties (EMAR.DU) losing 7.9%.
Among other losers, budget airline Air Arabia (AIRA.DU) plunged 7.1%.
In Abu Dhabi, the index (.ADI) dropped 2.3%, hit by a 3.1% fall for First Abu Dhabi Bank (FAB.AD), the country's largest lender, and a 3% drop for telecoms company Etisalat (ETISALAT.AD).
The United Arab Emirates has suspended entry for travellers from South Africa, Namibia, Lesotho, Eswatini, Zimbabwe, Botswana and Mozambique from Nov. 29 owing to concerns about the new variant of the COVID-19 virus, the state news agency reported on Friday. read more
The latest panedmic developments also sent oil prices, a key catalyst for the Gulf's financial markets, plunging by $10 a barrel on Friday for their largest one-day drop since April 2020. The new variant added to concerns that an oil supply surplus could swell in the first quarter.
The Qatari benchmark (.QSI) declined more than 2% as stocks fell across the board.
On Saturday Qatar Airways said it has banned travellers from South Africa, Zimbabwe and Mozambique because of the spread of a new coronavirus variant.
Most Gulf stock markets fell sharply in early trade on Sunday, with the Saudi index suffering its biggest single-day fall in nearly two years as fears of a potentially vaccine-resistant coronavirus variant rattled investors.
The World Health Organization (WHO) on Friday designated a new COVID-19 variant detected in South Africa as being "of concern" - the fifth variant to be given the designation. read more
Saudi Arabia's benchmark index (.TASI) retreated by 4.4%, dragged down by a 3.4% fall for Al Rajhi Bank (1120.SE) and a 5.3% decline for Saudi National Bank (1180.SE).
The kingdom has halted flights from and to Malawi, Zambia, Madagascar, Angola, Seychelles, Mauritius And Comoros Islands, Reuters reported on Sunday, citing the state news agency. read more
Dubai's main share index (.DFMGI) tumbled 4.8% for its biggest intraday fall since March 2020, with blue-chip developer Emaar Properties (EMAR.DU) losing 7.9%.
Among other losers, budget airline Air Arabia (AIRA.DU) plunged 7.1%.
In Abu Dhabi, the index (.ADI) dropped 2.3%, hit by a 3.1% fall for First Abu Dhabi Bank (FAB.AD), the country's largest lender, and a 3% drop for telecoms company Etisalat (ETISALAT.AD).
The United Arab Emirates has suspended entry for travellers from South Africa, Namibia, Lesotho, Eswatini, Zimbabwe, Botswana and Mozambique from Nov. 29 owing to concerns about the new variant of the COVID-19 virus, the state news agency reported on Friday. read more
The latest panedmic developments also sent oil prices, a key catalyst for the Gulf's financial markets, plunging by $10 a barrel on Friday for their largest one-day drop since April 2020. The new variant added to concerns that an oil supply surplus could swell in the first quarter.
The Qatari benchmark (.QSI) declined more than 2% as stocks fell across the board.
On Saturday Qatar Airways said it has banned travellers from South Africa, Zimbabwe and Mozambique because of the spread of a new coronavirus variant.
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