#Qatar outperforms Gulf bourses on oil price rise, corporate earnings | Reuters

Qatar outperforms Gulf bourses on oil price rise, corporate earnings | Reuters

Most stock markets in the Gulf ended higher on Sunday, with the Qatari index outperforming the region as it drew support from rising oil prices and strong corporate earnings.

Crude prices, a catalyst for the Gulf's financial markets, rose more than $2 a barrel to settle at $110.01 a barrel on Friday ahead of the coming week's OPEC+ meeting. Sources say it will consider leaving output unchanged.

In Qatar, the index (.QSI) advanced 1.9%, with Qatar Islamic Bank (QISB.QA) rising 2.4% and Islamic lender Masraf Al Rayan (MARK.QA) closing 3.9% higher.

Among other gainers, Mekdam Holding (MKDM.QA) jumped 3.6%, after reporting a rise in first-half profit.

Saudi Arabia's benchmark index (.TASI) added 0.4%, led by a 3.6% gain in petrochemical firm Yansab (2290.SE).

The kingdom's gross domestic product rose by 11.8% in the second quarter compared with the same period in 2021, initial government estimates found on Sunday, as the world's top oil exporter benefits from higher energy prices. read more

Growth was largely driven by a 23.1% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.4%.

Beyond the Gulf, Egypt's blue-chip index (.EGX30) finished 1% higher, with Commercial International Bank (COMI.CA) climbing 1.2%.

Egypt's M2 money supply rose by 23.4% year-on-year in June, data from the central bank showed on Sunday. read more

New Islamic Year 1444 AH will start on Sunday, July 31

 

Prince Alwaleed's Kingdom Holding invests $283m in UK insurer Phoenix Group

Prince Alwaleed's Kingdom Holding invests $283m in UK insurer Phoenix Group

Kingdom Holding, the investment company controlled by Saudi Arabia's Prince Alwaleed bin Talal, invested 1.06 billion Saudi riyals ($283 million) in UK-based insurer Phoenix Group, as it continues to boost its investments globally.

The move is part of Kingdom Holding's investment programme that was announced on June 23, and the stake in Phoenix Group was recently increased to 3.79 per cent, the Saudi company said in a statement to the Tadawul stock exchange, where its shares are traded.

“This investment is a continuation of KHC's [Kingdom Holding Company] strategy to invest in blue-chip companies that are considered market leaders in their field,” it said.

Founded in 1782, Phoenix is the largest savings and pension company and one of the largest insurance companies in the UK. It serves more than 13 million customers in the UK and Europe.

Al Rajhi Bank reports 21% profit hike in H1-22 initial financials

Al Rajhi Bank reports 21% profit hike in H1-22 initial financials

Al Rajhi Bank reported an increase of 20.9% in net profits for the first half (H1) of 2022 at SAR 8.4 billion, compared with SAR 6.9 billion in the corresponding period in 2021.

Earnings per share (EPS) were SAR 2.08 in H1-22, compared with SAR 1.74 in H1-21, according to the interim financials on Sunday.

Meanwhile, clients’ deposits during the six-month period ended in June 2022 hiked by 23.6% year-on-year (YoY) to SAR 552.96 billion, while assets jumped by 29.96% YoY in H1-22 to reach SAR 709.8 billion.

During the second quarter (Q2) of the year, the Saudi lender logged net profits worth SAR 4.3 billion, up 18.11% from SAR 3.6 billion in Q2-21.

It is worth noting that during Q1-22, Al Rajhi Bank generated net profits of SAR 4.13 billion, a 23.95% YoY rise from SAR 3.33 billion.

European, Middle Eastern & African Stocks - Bloomberg #Saudi #Qatar mid-session

European, Middle Eastern & African Stocks - Bloomberg #Saudi #Qatar mid-session

#Saudi GDP grows 11.8% year/year in Q2 -flash estimates | Reuters

Saudi GDP grows 11.8% year/year in Q2 -flash estimates | Reuters

Saudi Arabia's gross domestic product rose by 11.8% in the second quarter compared with the same period in 2021, according to initial government estimates on Sunday, as the world's top oil exporter benefits from higher energy prices.

Growth was largely driven by a 23.1% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.4%.

Inside the #Kuwait Investment Authority: ‘It’s chaos there now’ | Financial Times

Inside the Kuwait Investment Authority: ‘It’s chaos there now’ | Financial Times

For decades, the Kuwait Investment Authority kept a low profile as it garnered a reputation as one of the oil-rich Gulf’s most powerful and respected sovereign wealth funds. 

But last week, the KIA abruptly sacked Saleh al-Ateeqi, the head of its London investment arm, the Kuwait Investment Office, dragging the secretive fund into the spotlight. 

Founded in 1953, the KIA is one of the Gulf state’s most influential institutions and guardian of Kuwait’s wealth for a post-oil future. With an estimated $700bn or more in assets, under half of which are managed out of London, the fund has investments across the globe, from stakes in asset managers such as BlackRock to critical infrastructure such as the UK’s Associated British Ports. In 2008, as western markets plunged in value during the great financial crisis, it also snapped up shares in Wall Street banks Citigroup and Merrill Lynch. 

But with stock markets in turmoil once again, the departure of Ateeqi has exposed the challenges the fund faces as it grapples with internal disputes sparked by attempts to modernise, according to more than a dozen current and former staff interviewed by the Financial Times. 

The fund has not explained its decision to fire Ateeqi, which capped a four-year period in which the KIO became embroiled in a string of legal battles with former staff, internal investigations and rising tensions between the London office and leadership in Kuwait.

Oil up over $2/bbl as hopes fade for OPEC+ supply boost | Reuters

Oil up over $2/bbl as hopes fade for OPEC+ supply boost | Reuters

Oil prices settled up more than $2 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will imminently boost supply.

Brent crude futures contract for September, which expire on Friday, jumped more than $3 a barrel during the session and then pared gains to settle at $110.01 a barrel, up $2.87, or 2.7%. The more active October contract was up $2.14, or 2.1%, at $103.97.

U.S. West Texas Intermediate (WTI) crude futures settled at $98.62 a barrel, rising $2.20, or 2.3%, after jumping more than $5 a barrel.

Both contracts logged their second monthly losses, with Brent down about 4% for July and WTI nearly 7% lower.

Oil pared some gains after the release of data from oil services firm Baker Hughes, which showed that U.S. drillers added crude rigs for a record 23 months in a row, indicating more supply ahead.

Oil prices up nearly $3/bbl as chances of OPEC+ supply boost dim | Reuters

Oil prices up nearly $3/bbl as chances of OPEC+ supply boost dim | Reuters

Oil prices rose nearly $3 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will boost supply.

Brent crude futures for September settlement, due to expire on Friday, gained $2.79, or 2.6%, to trade at $109.93 a barrel by 12:10 p.m. EDT (1710 GMT) after touching their highest since July 5. The more active October contract was up $2.25, or 2.2%,at $104.11.

U.S. West Texas Intermediate (WTI) crude futures rose $2.79, or 3%, to $99.21 a barrel.

Oil pared some gains after the release of data from oil services firm Baker Hughes, which showed that U.S. drillers added crude rigs for a record 23 months in a row, indicating more supply ahead.

The number of rigs drilling for gas in the United States rose by 2 to 157 in the week to Jul 29, while oil-directed drilling rigs rose by 6 to 605, the Baker Hughes data showed.

Oil prices rise as chances of OPEC+ supply boost dim | Reuters

Oil prices rise as chances of OPEC+ supply boost dim | Reuters

Oil prices rose in European trading on Friday as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.

Brent crude futures for September settlement, due to expire on Friday, gained $3.06 to trade at $110.20 a barrel by 1325 GMT after touching their highest since July 5. The more active October contract was up $3.44 at $105.27.

U.S. West Texas Intermediate (WTI) crude futures rose $3.54 to $99.96 a barrel.

Both contracts are set for a second monthly loss, however, down 4.1% and 5.7% respectively.

A weaker dollar and stronger equities also lent support on Friday. A fall in the dollar makes oil cheaper for buyers with other currencies.

Global equities (.MIWD00000PUS), which often move in tandem with oil prices, were up on the hope that U.S. monetary tightening would not be as hawkish as initially expected after disappointing growth figures.

FTX wins full approval to operate crypto exchange in #Dubai | Reuters

FTX wins full approval to operate crypto exchange in Dubai | Reuters

Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector.

The Bahamas-based company said it will start by offering regulated crypto derivatives products and trading services to institutional investors in Dubai as well as operate a nonfungible token marketplace and provide custodial services.

"Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai's sector regulator)," Balsam Danhach, head of FTX Middle East and North Africa, told Reuters.

It said the services would be offered by FTX Exchange FZE, a subsidiary of FTX's division in Europe and the Middle East.

#UAE stocks gain on strong oil prices, corporate earnings | Reuters

UAE stocks gain on strong oil prices, corporate earnings | Reuters

United Arab Emirates' stock markets closed higher on Friday as oil prices gained, with investors expecting next week's OPEC+ meeting to not result in a supply boost.

Oil prices, a key catalyst for the Gulf's financial markets, rose more than $2 a barrel on Friday, extending gains from the previous session on lower crude inventories and a rebound in gasoline demand in the United States.

UAE's main share index (.DFMGI) advanced 1.1% as its biggest lender, Emirates NBD (ENBD.DU), climbed 4.2% a day after posting a 42% jump in second-quarter net profit. read more

The index logged a weekly gain of 2.5%, according to refinitiv data.

Among other stocks, blue-chip developer Emaar properties gained 1.5% after a report stated that Dubai's residential real estate transaction volumes were up 60% with an 85% rise in the value of property sold. read more

The Dubai stock market extended its gains, thanks to strong earnings and improving sentiment among investors, said Farah Mourad, senior market analyst at XTB MENA.

Abu Dhabi index (.FTFADGI) rose 1.1%, with conglomerate International Holding Company (IHC.AD) rising 1.3%, while telecoms firm e& (ETISALAT.AD) added 2.9% ahead of its results on Aug. 1.

Among other stocks, petrochemical maker Borouge (BOROUGE.AD) surged around 3% after it reported a 35% growth in its second-quarter net profit to $490 million as overall production capacity improved.

Separately, most of the Gulf central banks lifted their key interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more

European, Middle Eastern & African Stocks - Bloomberg #UAE close

European, Middle Eastern & African Stocks - Bloomberg

#MBS France Visit: Macron Makes Plea to #Saudi Prince to Help With Europe Energy - Bloomberg

MBS France Visit: Macron Makes Plea to Saudi Prince to Help With Europe Energy - Bloomberg

President Emmanuel Macron made a plea to Saudi Crown Prince Mohammed bin Salman to help Europe move away from Russian oil and gas during a one-to-one dinner at the presidential palace in Paris on Thursday.

During the meeting, Macron “stressed the importance of continuing the coordination with Saudi Arabia to diversify the energy supplies of European states,” according to a statement shared by Macron’s office on Friday, which largely insisted on the coordination between the two countries.

Since Russia’s invasion of Ukraine, European countries have been looking for alternatives to Russian oil and gas, and Macron has reached out to leaders of oil-producing countries to contribute, recently welcoming the Emirati leader to Paris for a state visit, and speaking to his Iranian counterpart by phone.

Before the meeting, an official in Macron’s office had said that the president planned to lay out his expectations for the outcome of an upcoming meeting of OPEC countries, advocating for the group to raise oil output to help lower prices, but didn’t expect any announcement or commitments immediately.

#UAE Firm Multiply Group With $900 Million in Cash Turns Cautious on Tech Deals - Bloomberg

UAE Firm Multiply Group With $900 Million in Cash Turns Cautious on Tech Deals - Bloomberg

Multiply Group, the Abu Dhabi holding company with investments ranging from Getty Images to Rihanna’s lingerie firm, is taking a break from pure technology investments to focus on less volatile sectors.

“We are pausing a little bit of the enthusiasm we had on tech companies at the beginning of the year in favor of more solid income-recurring sectors, such as utilities,” Chief Executive Officer Samia Bouazza said in an interview.

The firm, which has a 3.24 billion dirham ($882 million) warchest, will still look at companies in the wellness and beauty, utilities and media sectors that use technology to run their business. “We don’t go for old-fashioned brick and mortar stuff,” she said.

Over the past year, Multiply has snapped up shares in two of the biggest listings in the United Arab Emirates. It invested in Dubai utility DEWA’s landmark $6.1 billion IPO, as well as in chemicals firm Borouge, which raised $2 billion in Abu Dhabi.

Oil prices rise as chances of OPEC+ supply boost dim | Reuters

Oil prices rise as chances of OPEC+ supply boost dim | Reuters

Oil prices rose in European trading on Friday as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.

Brent crude futures for September settlement, due to expire on Friday, gained $2.30 to trade at $109.44 a barrel by 1200 GMT after touching their highest since July 5. The more active October contract was up $2.24 at $104.07.

U.S. West Texas Intermediate (WTI) crude futures rose $2.20 to $98.62 a barrel.

Both contracts are set for a second monthly loss, however, down 4.7% and 6.8% respectively.

A weaker dollar and stronger equities also lent support on Friday. A fall in the dollar makes oil cheaper for buyers with other currencies.

Rizk: MENA Inflation Limited Compared to Other EMs video

Rizk: MENA Inflation Limited Compared to Other EMs

Zeina Rizk, executive director of fixed income asset management at Arqaam Capital, explains why Kuwait and Qatar didn't fully follow the Fed's 75 basis point rate hike. She speaks to Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)

Watch Etihad Airways CEO on 1H 2022 - Bloomberg #video

Watch Etihad Airways CEO on 1H 2022 - Bloomberg

Etihad Airways posted a record first-half profit as long-haul travel revived with the easing of coronavirus curbs, adding flights to European resorts to tap pent-up demand for vacations. The Abu Dhabi-based company had a core operating profit of $296 million in the first six months, compared with a loss of $392 million a year earlier, even after fuel costs increased by almost 60%, it said in a statement Thursday. Chief Executive Officer Tony Douglas speaks with Bloomberg's Manus Cranny in Abu Dhabi. (Source: Bloomberg)

Oil mixed as U.S. gasoline demand rebounds but recessionary fears loom | Reuters

Oil mixed as U.S. gasoline demand rebounds but recessionary fears loom | Reuters

Oil prices were mixed on Thursday as concerns about a potential global recession that would knock energy demand offset lower U.S. crude inventories and a rebound in gasoline consumption.

Brent crude futures rose 52 cents to settle at $107.14 a barrel, after gaining $2.22 on Wednesday.

U.S. West Texas Intermediate crude (WTI) fell 84 cents to settle at $96.42 a barrel, after rising $2.28 in the previous session.

Prices pared gains in mid-morning trade after the U.S. Commerce Department reported the world's biggest economy unexpectedly contracted in the second quarter, fuelling concerns about a recession that could hit energy demand. Consumer spending grew at its slowest pace in two years and business spending declined. read more

Oil mixed as US gasoline demand rebounds but recessionary fears loom | Reuters

Oil mixed as US gasoline demand rebounds but recessionary fears loom | Reuters

Oil prices were mixed on Thursday, as concerns about a potential global recession that would knock energy demand offset lower crude inventories and a rebound in U.S. gasoline consumption.

Brent crude futures rose 28 cents to $106.90 a barrel by 1:17 p.m. EDT (1716 GMT), after gaining $2.22 on Wednesday.

U.S. West Texas Intermediate crude (WTI) fell 58 cents to $96.68 a barrel, after rising $2.28 in the previous session.

Prices pared gains mid-morning trade after the U.S. Commerce Department reported the world's biggest economy unexpectedly contracted in the second quarter, fuelling concerns about a recession that could hit energy demand. Consumer spending grew at its slowest pace in two years and business spending declined. read more

#UAE's top bank FAB cautious after flat second quarter profit | Reuters

UAE's top bank FAB cautious after flat second quarter profit | Reuters

First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit.

Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly wary of a possible global economic downturn as central banks hike interest rates to fight inflation.

"Although the supportive regional economic backdrop and the diligent execution of our strategy represent significant tailwinds, we remain cautious in the context of heightened market volatility, persistently elevated global inflation and rapidly evolving monetary policy," James Burdett, group chief financial officer, said in a statement.

FAB made second quarter profit of 2.91 billion dirhams ($792 million), just under 1% higher than a year earlier. read more

OPEC+ to weigh holding oil output steady or small hike, sources say | Reuters

OPEC+ to weigh holding oil output steady or small hike, sources say | Reuters

OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output increase is also likely to be discussed, eight sources said.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, will by August have fully unwound record output cuts in place since the COVID-19 pandemic took hold in 2020.

Oil has soared in 2022 to its highest since 2008, climbing above $139 a barrel in March, after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine. Prices have since eased to around $108, as soaring inflation and higher interest rates raise fears of a recession that would erode demand.

Of eight OPEC+ sources spoken to by Reuters, two said a modest increase for September will be discussed at the Aug. 3 meeting and five said output would likely be held steady.

Oil prices, solid earnings boost major Gulf markets; #AbuDhabi retreats | Reuters

Oil prices, solid earnings boost major Gulf markets; Abu Dhabi retreats | Reuters

Most major Gulf stock markets ended higher on Thursday buoyed by rising oil prices and solid corporate earnings, but Abu Dhabi bucked the trend to close lower.

Oil prices, a key catalyst for the Gulf's financial markets, rose more than $2 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.

Meanwhile, most of the Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more

In Dubai, the main share index (.DFMGI) advanced 1.3%, bolstered by a 3.9% surge in Dubai's biggest lender Emirates NBD (ENBD.DU), after posting a 42% jump in second-quarter net profit, boosted by higher income and lower impairments. read more

Dubai stock market continued to see improvements thanks to the course of monetary policy and strong earnings from local banks like Emirates NBD and EIB, said Fadi Reyad, market analyst at CAPEX.com MENA.

Among other stocks, Real estate developer Deyaar Development (DEYR.DU) was also up 3.1%, after posting a more than 300% jump in its second-quarter net profit to 32.7 million dirhams ($8.90 million).

In Qatar, the benchmark (.QSI) edged up 0.2%, as losses in financial stocks offset by gains in industrials, with Industries Qatar (IQCD.QA) jumping 4% and Ooredoo (ORDS.QA) up 3.3%.

The telco announced its quarterly results on Wednesday after the market closed. It made a profit of 815.6 million riyals ($221.90 million), compared with a loss of 1.15 billion riyals a year earlier.

"Qatari stock market saw an increase as natural gas prices and earnings provided some support. The market remains exposed to price correction after a strong rebound as natural gas could reverse its course", added Fadi Reyad.

Saudi Arabia's benchmark index (.TASI) rose 0.9%, supported by material stocks, with Saudi Cement Company (3030.SE) and Arab Cement Company (3010.SE) climbing 1.9% and 2.6% respectively.

Abu Dhabi's index reversed course to end 0.1% lower, pressured by a 0.8% dip in country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD), after reporting broadly a flat second quarter profit, strucking a cautious tone as operating expenses rose. read more

FAB posted second quarter profit of 2.91 billion dirhams ($792 million), just under 1% higher than a year earlier.

Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 0.9%, with country's largest lender Commercial International Bank Egypt (COMI.CA) increasing 1.3 while Egypt Kuwait Holding (EKHO.CA) was up 4.2%.

#UAE bank ADCB quarterly net profit up 12% | Reuters

UAE bank ADCB quarterly net profit up 12% | Reuters

Abu Dhabi Commercial Bank (ADCB) (ADCB.AD), the UAE's third-biggest lender, reported on Thursday a 12% rise in second-quarter net profit, supported by rising rates and higher non-interest income.

ADCB's recorded a net profit of 1.575 billion dirhams ($428.82 million) in the April-June quarter, up from 1.402 billion dirhams in the same period in 2021.

Non interest income rose 10% year-on-year in the second quarter to 924 million dirhams.

Net loans and advances were down 0.6% from December-end to about 243 billion dirhams, mostly as a result of repayments, the bank said.

The lender said it extended 35 billion dirhams worth of new credit in the first half of the year and continues to increase lending to targeted economic sectors including manufacturing, trading and energy, while reducing its exposure to real estate.

Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters

Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters

Oil rose more than $2 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.

Brent crude futures for September rose $2.09, or 1.96%, to $108.71 a barrel by 1201 GMT, after gaining $2.22 on Wednesday.

U.S. West Texas Intermediate crude (WTI) was at $99.62 a barrel, up $2.36, or 2.43%, after rising $2.28 in the previous session.

"Yesterday's stock market rally after the Fed's rate hike and the consequent easing of the dollar helped oil prices re-gain their footing," Tamas Varga, analyst at PVM Oil Associates, said.

"The weekly EIA statistics also proved supportive. There were draws in major categories and products supplied."

Money Laundering Ringleader Jailed Over £104 Million Cash Smuggled to #Dubai - Bloomberg

Money Laundering Ringleader Jailed Over £104 Million Cash Smuggled to Dubai - Bloomberg

The ringleader of one the UK’s largest money laundering operations was jailed for nine years and seven months after investigators caught couriers smuggling suitcases packed with bags of cash to Dubai.

Mohammed Ali Bin Beyat Alfalasi arranged for a network of couriers to fly £104 million ($126 million) of street cash to Dubai over nearly two years through to October 2020, the National Crime Agency said. Alfalasi pleaded guilty earlier this month.

The couriers were given business class flights to take advantage of a larger luggage allowance and check-in closer to the departure time, investigators said. Around £500,000 was crammed into suitcases that were then packed with coffee granules or sprayed with air freshener to disguise the scent from sniffer dogs. In total more than 80 flights were taken.

“There is no doubt that this was a considerable network under your charge, not your sole charge, you were a principal but it is clear that there were others involved,” Judge Simon Davis said handing down the sentence.

#Dubai's Emirates NBD profit rises in second quarter | Reuters

Dubai's Emirates NBD profit rises in second quarter | Reuters

Dubai's biggest lender, Emirates NBD (ENBD.DU), posted on Thursday a jump of 42% in second-quarter net profit, boosted by higher income and lower impairments.

Emirates NBD's net profit of 3.5 billion dirhams ($952.98 million) for the three months to June 30 was up from 2.46 billion in the year-earlier period.

Net interest income rose 27% on the year in the quarter as higher interest rates fed through to margins while its Turkish subsidiary DenizBank also experienced strong loan growth and widening margins.

The bank said it was raising the group's guidance for net interest margins this year to between 3.2% and 3.3% from 2.7% to 2.8% previously, citing an improved loan and deposit mix with higher interest rates.

"We are extremely well-positioned for rising interest rates and will continue to invest in our international and digital capabilities to support further growth," it said in a statement.

Most Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more

Etihad Posts Record Profit as Long-Haul Travel Mounts Comeback - Bloomberg

Etihad Posts Record Profit as Long-Haul Travel Mounts Comeback - Bloomberg

Etihad Airways posted a record first-half profit as long-haul travel revived with the easing of coronavirus curbs and the Gulf carrier added flights to European resorts to tap pent-up demand for vacations.

The Abu Dhabi-based company had a core operating profit of $296 million in the first six months, compared with a loss of $392 million a year earlier, even after fuel costs increased by almost 60%, it said in a statement Thursday.

Passenger loads increased consistently over the period, rising by almost 22 percentage points, as bookings recovered and Abu Dhabi further relaxed pandemic-related restrictions from February.

Etihad coped better with the Covid pandemic than many other airlines after a major downsizing from 2017 slashed costs and repositioned it as a mid-size carrier. The company had racked up billions of dollars in losses under a previous strategy of focusing overwhelmingly on inter-continental markets.

Abu Dhabi's Aldar Properties posts 54% jump in Q2 profit | Reuters

Abu Dhabi's Aldar Properties posts 54% jump in Q2 profit | Reuters

Aldar Properties, the builder of Abu Dhabi's Formula One motor racing circuit, reported a 54% rise in second-quarter profit on Thursday, helped by record sales on strong local and international demand.

Profit attributable to shareholders came in at 803.99 million dirhams ($218.91 million) for the three months to June 30, compared with 520.83 million dirhams a year earlier.

Group sales in the quarter rose 33% to 3.12 billion dirhams.

The Abu Dhabi developer also said it signed an agreement with Abu Dhabi state fund Mubadala Investment Company to acquire four commercial towers that are part of Abu Dhabi Global Market, the emirate's international financial centre.

The Al Sila, Al Sarab, Al Maqam and Al Khatem towers, which have a total net leasable area of 180,0000 square metres, are valued at 4.3 billion dirhams, it said.

#AbuDhabi's Multiply Group eyes more investments as net profit surges to $125mln

Abu Dhabi's Multiply Group eyes more investments as net profit surges to $125mln

Abu Dhabi-listed Multiply Group, a subsidiary of International Holding Company (IHC), is expected to make more investments as it saw its net profit surge to AED 462.2 million ($125.8 million) during the first half of 2022, driven by higher revenues and "robust" growth in its subsidiaries.

Earnings for the first half of the year are a strong improvement from the previous year's net loss of AED 0.73 million, according to the company's financial results on the Abu Dhabi Securities Exchange (ADX).

Revenue for the period ended June 30, 2022 reached AED 507.3 million, a huge leap from a year ago's AED 8.4 million, while gross margin soared to AED 250.5 million from AED 4.5 million.

"Multiply Group saw strong profitability throughout the first half of 2022 as our subsidiaries continued to register robust growth," said Samia Bouazza, CEO and Managing Director of Multiply Group.

Most major Gulf bourses rise on strong corporate earnings, steady oil | Reuters

Most major Gulf bourses rise on strong corporate earnings, steady oil | Reuters

Most major Gulf stock markets rose on Thursday, buoyed by steady oil prices and strong corporate earnings, with Saudi Arabia leading the gains.

Meanwhile, most of the Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more

Saudi Arabia's benchmark index (.TASI) rose 1%, with Al Rajhi Bank (1120.SE) climbing 1.1%, while oil behemoth Saudi Aramco (2222.SE) was up 0.7%.

Etihad Etisalat Co (Mobily) (7020.SE) and Banque Saudi Fransi (1050.SE) rose 2.9% and 2.4%, respectively, as the duo reported higher quarterly results.

In Dubai, the main share index (.DFMGI) added 0.8%, bolstered by a 2.8% hike in Dubai's biggest lender Emirates NBD (ENBD.DU), after posting a 42% jump in second-quarter net profit, boosted by higher income and lower impairments. read more

Real estate developer Deyaar Development (DEYR.DU) gained 2.5%, after posting a more than 300% jump in its second-quarter net profit to 32.7 million dirhams.

In Qatar, the benchmark (.QSI) also rose 0.8%, helped by a 1.5% increase in Industries Qatar (IQCD.QA), and a 2% leap in Sharia-compliant lender Masraf Al Rayan (MARK.QA).

Ooredoo (ORDS.QA) was also up 3.6% after reporting quarterly results.

Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters

Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters

Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.

Brent crude futures for September rose $1.13, or 1.1%, to $107.75 a barrel by 0619 GMT, after gaining $2.22 on Wednesday.

U.S. West Texas Intermediate crude (WTI) was at $98.53 a barrel, up $1.27, or 1.3%, after rising $2.28 in the previous session.

"Risk sentiment has recovered from recession fears due to the ongoing U.S. earnings optimism and less aggressive Fed rhetoric on rate hikes, which supported a rally in the crude market," CMC Markets analyst Tina Teng said, adding that a weakened U.S. dollar has also lifted commodities prices.

The U.S. Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point, in line with expectations, to cool inflation, while the dollar fell on hopes for a slower hiking path. read more

Gulf central banks lift rates as Fed makes second 75-bps hike | Reuters

Gulf central banks lift rates as Fed makes second 75-bps hike | Reuters

Most Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar.

The Central Bank of Kuwait, the only one of the six Gulf Cooperation Council (GCC) countries that ties its currency to a basket rather than just the dollar, raised its key discount rate by 25 basis points (bps) to 2.5%. read more

The central banks of Saudi Arabia, the United Arab Emirates, Qatar and Bahrain all raised their key rates by 75 bps to 3%, 3.75%, 3% and 3.25%, respectively. read more

"The rates hikes by the GCC central banks continue to show commitment to the regional currency pegs to the USD," said Monica Malik, chief economist at Abu Dhabi Commercial Bank, adding Kuwait's currency basket gave it more monetary flexibility.

Oil settles higher on U.S. inventory drop, Russia gas cuts | Reuters

Oil settles higher on U.S. inventory drop, Russia gas cuts | Reuters

Oil settled up more than $2 on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a U.S. interest rate hike.

U.S. crude oil stockpiles dropped 4.5 million barrels last week as exports surged to an all-time high due to U.S. crude's big discount to international benchmark Brent, the Energy Information Administration said. read more

Brent crude rose $2.22, or 2.1%, to $106.62 a barrel. U.S. West Texas Intermediate (WTI) crude gained $2.28, or 2.4%, to $97.26.

After a sharp drop in the last two weeks, U.S. gasoline demand rebounded by 8.5% week on week, according to the data.

"All talk about demand destruction stopped in its tracks in this report...the situation has changed dramatically in two weeks," said Bob Yawger, director of energy futures at Mizuho.

Watch Rakbank CEO: Feeling Confident About 2H Outlook - Bloomberg video

Watch Rakbank CEO: Feeling Confident About 2H Outlook - Bloomberg

Raheel Ahmed, CEO of Rakbank discusses the company's 2Q earnings. The UAE lender reported net income of 310.5 million dirhams, which beat analysts' estimates. In this exclusive interview, he speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)

#Dubai Islamic Bank's first-half profit surges to over $735mln

Dubai Islamic Bank's first-half profit surges to over $735mln

Dubai Islamic Bank announced on Wednesday a significant surge of 45 per cent to Dh2.7 billion in first-half profitability compared to Dh1.86 billion in the same period last year.

The strong year-on-year growth was driven by rising core revenues and sustained lower impairments, the bank said in a statement.

The bank said gross new financing and sukuk investments saw a remarkable increase by Dh33 billion during the period. Excluding regular repayments and maturities, the bank saw a Dh20 billion growth in the first half that ended on June 30, 2022.

The bank, the largest Islamic bank in the UAE, said it had significantly lower impairments of Dh948 million compared to Dh1.498 billion in previous year, down by 37 per cent year-on-year basis, demonstrating continued improvement in asset quality.

Mohammed Ibrahim Al Shaibani, director-general of His Highness The Ruler’s Court of Dubai and Chairman of DIB, said Dubai’s progressive economic recovery remains on track and DIB’s momentous first half results reflect the improving macroeconomic conditions.

ADX ranked first in Arab region in terms of market value increase: AMF

ADX ranked first in Arab region in terms of market value increase: AMF

Abu Dhabi Securities Exchange (ADX) has recorded its highest rise in terms of market value and trading value at end of the second quarter of 2022, according to the Arab Monetary Fund (AMF).

In its quarterly bulletin on the performance of Arab stock markets issued today, the AMF noted that the ADX achieved an increase of US$29.23 billion in terms of market value, rising from $513.19 billion at the end of the first quarter of 2022 to $542.42 billion in the second quarter of 2022.

The report also pointed out that the market value of the Dubai Financial Market increased by some $24.45 billion, reaching $143.57 billion by end of the second quarter of 2022, compared to $119.12 billion in the first quarter.

The AMF report also noted that the market value of Arab financial markets listed in its database dropped by about 2.86 percent, equivalent to nearly $126.89 billion, reaching some $4,311.93 billion by end of the second quarter of 2022, noting that most of performance indicators of Arab stock exchanges witnessed consistent declines.

The report added that several Arab markets declined in performance due to interest rate rises by the US Federal Reserves and a number of international banks in the Arab region, as well as inflationary pressures.

OPEC+ Walks a Fine Line on Oil Output: Elements by Julian Lee - Bloomberg

OPEC+ Walks a Fine Line on Oil Output: Elements by Julian Lee - Bloomberg

The OPEC+ group of oil producers will meet a week today to discuss production plans for September.

Their deliberations come after US President Joe Biden visited Saudi Arabia to press the group’s Gulf Arab members - the only ones with significant spare production capacity - to open their taps wider.

Expect Russia (quietly) to counter calls for more Persian Gulf crude. Its own shipments have come under pressure from the loss of most of its north European market and the need to offer big discounts to sell displaced barrels into India. President Vladimir Putin wants high oil prices both to boost state revenues and to hurt those who oppose its invasion of Ukraine.

The Kremlin wields real power in the group. OPEC worked hard to bring Russia into the expanded market management club and will do all it can to keep it there.

The group also faces uncertainty over demand for its crude in the coming months as rising interest rates, Europe’s energy crunch and China’s never-ending Covid battle cloud the economic outlook.

Most major Gulf indexes rise as solid corporate earnings boost #Dubai | Reuters

Most major Gulf indexes rise as solid corporate earnings boost Dubai | Reuters

Most major Gulf indexes closed higher on Wednesday, with the Saudi market extending gains on the back of steady oil prices, while Dubai's index was supported by solid corporate earnings.

Saudi Arabia's benchmark index (.TASI) rose 0.7%, with country's luxury property developer Retal Urban Development Company (4322.SE) increasing 1% and Saudi Electricity (5110.SE) up 1.5%.

Saudi National Bank (1180.SE), the kingdom's biggest lender, jumped 1.7% after its second-quarter net profit almost doubled.

Bolstered by its banking stocks, the Qatari benchmark (.QSI) climbed 1.7%, led by a 2.6% jump in Qatar Islamic Bank (QISB.QA) and a 3.8% leap in Sharia-compliant lender Masraf Al Rayan (MARK.QA).

In Dubai, the main share index (.DFMGI) gained 0.4%, helped by a 1.5% hike in blue-chip developer Emaar Properties (EMAR.DU) and a 0.9% rise in Dubai Islamic Bank (DISB.DU) after the lender posted second-quarter net profit of 1.34 billion dirhams ($365 million), up from 1.01 billion dirhams a year earlier.

Cooling solutions provider Tabreed (TABR.DU) rose 2.6% after it posted a quarterly net profit of 152.2 million dirhams, compared with 148 million dirhams a year earlier, and the board approved an increase in the foreign ownership limit to 100%.,

Abu Dhabi's index (.FTFADGI) edged up 0.3%, led by a 2.7% increase in ADNOC Drilling (ADNOCDRILL.AD) after it announced $2 billion in contracts to enable the delivery of ADNOC’s Ghasha offshore mega gas project.

Outside the Gulf, Egypt's blue-chip index (.EGX30) was weighed down by a 0.4% decline in e-payment platform Fawry Banking and Payment Technology Services (FWRY.CA).

#SaudiArabia May Hike Oil Price to Record Even as Traders See Risks - Bloomberg

Saudi Arabia May Hike Oil Price to Record Even as Traders See Risks - Bloomberg

OPEC+ kingpin Saudi Arabia is expected to price its flagship crude to Asia at a record differential for September even as traders see the scope for a weaker spot market the following month, highlighting a potential turning point for the market.

The world’s top crude exporter is expected to price its Arab Light crude to Asia at a $10.80-a-barrel premium to the region’s benchmark for September-loading cargoes, according to the median estimate in a Bloomberg survey of five refiners. At the same time, a slump in margins for Asian processors means that such a hike may dampen any requests for extra barrels, traders said.

Global crude prices are headed in July for their first back-to-back monthly loss since late 2020 as investors attempt to price in the risks of a US recession, tighter monetary policy, and China’s repeated efforts to tame Covid-19. Despite the drop, the oil market’s physical signals remain robust for now, with Saudi Aramco set to release its official selling prices for September next week.

Kuwaiti banks rated high among emerging markets

Kuwaiti banks rated high among emerging markets

Four Kuwaiti banks make a mark among the top 100 banks in emerging markets, according to a report issued by the Fitch Ratings Agency.

The four banks are the National Bank of Kuwait with total assets of $109.9 billion and total loans of $67.3 billion as at the end of the fiscal year 2021; followed by Kuwait Finance House with total assets of $72 billion and loans of $39.7 billion, in third place is the Burgan Bank with total assets of $72 billion and $23.4 billion in total loans, and then comes the Al Ahli Bank of Kuwait with total assets of $18.6 billion and total loans of $12 billion.

Thus, in the GCC countries Kuwaiti banks rank third in the list equally with Saudi Arabia, with 4 banks each, while the UAE topped with 7 banks, followed by Qatar with a total of 5 banks. In contrast, the list included one Omani bank and a Bahraini bank.

Fitch stated that it is launching a series of reports that follow a sample of 100 large banks from emerging markets, as defined by the International Monetary Fund, explaining that this sample primarily includes banks that issue bonds in the capital markets, and were selected based on the total size to its balance sheets regardless of whether they are classified by Fitch, provided that the report is updated on a semi-annual basis.

The largest banks by asset volume in the sample are located in China, followed by Brazil, India, Qatar and the UAE.

Oil rises on U.S. inventory drop, Russian gas cuts | Reuters

Oil rises on U.S. inventory drop, Russian gas cuts | Reuters

Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming U.S. interest rate hike.

Industry group the American Petroleum Institute said on Tuesday crude stocks fell by 4 million barrels, four times the forecast decline. The Energy Information Administration's official figures are out at 1430 GMT.

"Coupled with the Fed decision on interest rates, today is sure to be a heavy U.S.-centric session," said Stephen Brennock of oil broker PVM.

Brent crude rose 91 cents, or 0.9%, to $105.31 a barrel at 0811 GMT. U.S. West Texas Intermediate (WTI) crude gained $1.16, or 1.2%, to $96.14.

"It looks the more vulnerable from a technical perspective, and a large gain by official U.S. crude inventories tonight could spark more selling," said Singapore-based analyst Jeffrey Halley of brokerage OANDA, referring to WTI.

Mideast Stocks: Most major Gulf bourses rise on solid corporate earnings

Mideast Stocks: Most major Gulf bourses rise on solid corporate earnings

Most major stock markets in the Gulf rose in early deals on Wednesday, largely supported by better-than-expected corporate earnings, while Abu Dhabi traded flat and was the only laggard.

Saudi Arabia's benchmark index rose 0.9%, boosted by banking stocks as Saudi National Bank, the kingdom's biggest lender, jumped 1.7% after its second-quarter net profit almost doubled.

Alinma Bank rose 2.3% after reporting a net profit of 925.1 million riyals ($246.31 million) for its second quarter, compared with 710.3 million riyals a year ago.

In Dubai, the main share index edged up 0.2%, led by a 0.7% rise in Dubai Islamic Bank after the lender posted a second-quarter net profit of 1.34 billion dirhams ($364.83 million), up from 1.01 billion dirhams.

Cooling solutions provider Tabreed gained 2.8% after it posted a quarterly net profit of 152.2 million dirhams ($41.44 million), compared with 148 million dirhams a year earlier, and the company board approved an increase in the foreign ownership limit to 100%.

In Qatar, the benchmark climbed 0.4%, extending gains to a ninth session. Sharia-compliant lender Masraf Al Rayan advanced 1.7%, while Qatar Navigation strengthened 2.9%.

Abu Dhabi's index was weighed down by a 0.4% decline in conglomerate International Holding Company and 0.8% drop in Alpha Dhabi Holding.

Oil settles down on lower U.S. consumer confidence, coming SPR release | Reuters

Oil settles down on lower U.S. consumer confidence, coming SPR release | Reuters

Oil prices reversed early gains and settled lower on Tuesday, as investors worried about lower consumer confidence and braced for another 20 million barrels of crude oil to be released from the U.S Strategic Petroleum Reserve.

Brent crude futures fell 75 cents, or 0.7%, to settle at $104.40. U.S. West Texas Intermediate (WTI) crude fell $1.72 cents, or 1.8%, to $94.98.

The Biden administration said it will sell an additional 20 million barrels of SPR crude oil as part of a previous plan to tap the facility to calm oil prices boosted by Russia’s invasion of Ukraine in February and recovery in demand that cratered early in the pandemic.

In late March, the administration said it would release a record 1 million barrels per day of SPR crude oil for six months. read more

"The market reacts to these SPR announcement and has helped keep a lid on things, to an extent," said John Kilduff, partner at Again Capital LLC in New York.

U.S. consumer confidence dropped to nearly a 1-1/2-year low in July on nagging worries about inflation and rising interest rates, a Conference Board survey showed. read more It also showed consumers were less optimistic about the labor market.

#Saudi Family Office Builds Largest Stake in Israel’s Otonomo - Bloomberg

Saudi Family Office Builds Largest Stake in Israel’s Otonomo - Bloomberg

A Saudi family investment vehicle with ties to the world’s largest Islamic bank has become the biggest shareholder in Israeli mobility intelligence company Otonomo Technologies Ltd.

Mithaq Capital SPC, a family office for the AlRajhi family that is incorporated in the Cayman Islands but headquartered in Riyadh, recently increased its stake in the Israel-based company to 20.41%, according to a July 20 regulatory filing.

Israel and Saudi Arabia do not have official diplomatic or business ties, although they are believed to have security and defense links based around their shared concerns over Iran’s regional ambitions.

The two Middle Eastern countries agreed to a number of small steps that fell short of the normalization of ties during US President Joe Biden’s recent visit to the region, with Saudi Arabia agreeing to ease flight restrictions over its airspace for commercial airlines traveling to and from Tel Aviv.

#Kuwait Wealth Fund’s London Chief Removal Exposes Internal Feud - Bloomberg

Kuwait Wealth Fund’s London Chief Removal Exposes Internal Feud - Bloomberg

The abrupt departure of a key executive at the $769 billion Kuwait Investment Authority was triggered by an internal feud, a spat that’s offering a rare public glimpse into the workings of the secretive fund.

The KIA last week removed the head of its London arm, Saleh Al-Ateeqi. In question is whether Al-Ateeqi was a reformer looking to modernize the direct investing arm of Kuwait’s wealth fund, or an executive who fueled a toxic culture that led to departures and lawsuits, according to people with direct knowledge of the dispute.

Al-Ateeqi’s removal highlights internal divisions within the Kuwaiti fund that risk spilling out into the public domain. Such spats are unusual in the Middle East, where sovereign funds -- key tools for oil-rich states to diversify their economies -- operate in secrecy at the highest ranks of society. Some have tried to modernize, with Mubadala, Qatar Investment Authority and Abu Dhabi Investment Authority among entities who’ve revamped their approach to investing.

A former McKinsey & Co. partner, Al-Ateeqi was hired in 2018 to modernize the Kuwait Investment Office, or KIO as the London branch is known. Unlike its parent, the KIO mainly invests directly, predominantly in public equities and fixed income. It wasn’t immediately clear if his ouster would lead to a change in strategy.

A representative for Al-Ateeqi declined to comment. The Kuwait Investment Authority wasn’t immediately available for comment.

Most Gulf bourses rebound on rising crude prices | Reuters

Most Gulf bourses rebound on rising crude prices | Reuters

Most stock markets in the Gulf rebounded on Tuesday amid rising oil prices, although the Abu Dhabi index bucked the trend to close lower.

Crude prices, a key catalyst for the Gulf's financial markets, rose for a second day on increasing concerns about tightening European supply after Russia, a key energy supplier to the region, cut gas supply through a major pipeline.

Europe's crude, oil product and gas supplies have been disrupted by a combination of Western sanctions and payment disputes with Russia since its Feb. 24 invasion of Ukraine, which Moscow calls a "special military operation."

Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Banque Saudi Fransi (1050.SE) advancing 2% and Arab National Bank (1080.SE) putting on 1.7%.

Saudi Crown Prince Mohammed bin Salman said the NEOM business zone would likely be publicly listed in 2024, al-Ekhbariya TV reported. read more

"NEOM will add a trillion riyals ($266 billion) to the Saudi stock market value. At least 1.2 trillion riyals in the beginning and the overall will increase after project completion to exceed 5 trillion," said the crown prince, who is the kingdom's de-facto ruler.

The Qatari benchmark (.QSI) gained 0.6%, with Qatar Navigation (QNNC.QA) advancing 5%.

The Qatari stock market extended its gains boosted by the rise in natural gas prices, said Farah Mourad, senior market analyst of XTB MENA.

"Russia's steps to reduce volumes could create an opportunity for Qatari energy exports."

Dubai's main share index (.DFMGI) finished 0.4% higher, led by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU).

In Abu Dhabi, the index (.FTFADGI) dropped 0.4%, hit by a 1.7% fall in telecoms firm e&, formerly called Etisalat (ETISALAT.AD).

Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1%, boosted by a 1.5% increase in top lender Commercial International Bank (COMI.CA), a day after it reported a rise in second-quarter profit.

The Egyptian bourse saw a small rebound as international investors returned, according to Mourad.

"The market could find some support thanks to the effort Russia is deploying to secure grain delivery to Egypt."

Aviation sector will be disrupted for years, #Qatar Airways boss says | Financial Times

Aviation sector will be disrupted for years, Qatar Airways boss says | Financial Times

The chief executive of Qatar Airways has warned that disruption across the aviation industry will last for years as companies recover from the effects of the pandemic. 

“Covid has damaged the supply chain of the industry . . . I think that it will last for a couple of years — it is not going to go away tomorrow,” Akbar Al Baker told the Financial Times in an interview. 

Labour shortages in Europe, delays in aircraft deliveries from manufacturers and a lack of spare parts had all affected Qatar Airways, he added. 

Guillaume Faury, chief executive of the world’s largest plane maker Airbus, last week said he expected supply chain issues to continue into next year, with manufacturers facing shortages of raw materials, spare parts and electronic components.

Neom Investment Fund: #Saudi Prince MBS Plans $80 Billion for Desert Megaproject - Bloomberg

Neom Investment Fund: Saudi Prince MBS Plans $80 Billion for Desert Megaproject - Bloomberg

Saudi Arabia will set aside 300 billion riyals ($80 billion) for an investment fund tied to the crown prince’s flagship megaproject, Neom, and plans an initial public offering of the project on the kingdom’s stock market as soon as 2024.

The Neom Investment Fund could potentially expand to 400 billion riyals, Crown Prince Mohammed bin Salman prince told reporters in Jeddah. It would invest in companies that agree to operate at Neom, a huge city planned for Saudi Arabia’s far northwest on the Red Sea coast.

The prince’s announcement on Monday was attended by global investors including Bridgewater Associates founder Ray Dalio, Tim Collins of Ripplewood, Saudi Prince Alwaleed bin Talal and Kuwaiti retail billionaire Mohammed Alshaya.

For the first time, he also outlined details on how he plans to finance Neom -- one of the largest and most complex construction projects in the world.

#UAE’s Adnoc Buys ZMI Holdings in Offshore Oil and Wind Push - Bloomberg

UAE’s Adnoc Buys ZMI Holdings in Offshore Oil and Wind Push - Bloomberg

The United Arab Emirates’ main energy company has bought privately-owned ZMI Holdings as it looks to bolster its offshore oil, natural gas and wind businesses.

Abu Dhabi National Oil Co. will acquire all of ZMI, which is based in the UAE and also known as Zakher Marine International, according to a statement. Financial details of the transaction were not disclosed.

ZMI said it will probably make record earnings before interest, tax, depreciation and amortization this year of more than $300 million, helped by a surge in oil and gas prices since Russia’s invasion of Ukraine. Companies in the sector are typically valued at anything between five and 15 times Ebitda.

ZMI will retain its brand and continue operating as a standalone entity, though it will come under Adnoc Logistics & Services, an arm that Adnoc is considering listing, Bloomberg reported in February.

Goldman Sachs Group Inc. advised ZMI and Moelis & Co. worked with Adnoc.

Record Gulf Funds Pour Into Global Deals as Liquidity Dries Up - Bloomberg

Record Gulf Funds Pour Into Global Deals as Liquidity Dries Up - Bloomberg

When liquidity evaporated from world markets in 2008, the Gulf’s richest monarchies stepped in to lap up everything from stakes in western lenders such as Citigroup Inc. to trophies like the Manchester City Football Club and Harrods. They’re at it again.

Flush with cash from a commodity boom, the region’s biggest sovereign funds -- which control more than $3 trillion in assets -- are pouring billions of dollars into global deals, playing funders of last resort for companies in a volatile market.

In the more than a decade since the 2008 financial crisis, cheap money and access to an array of investors meant companies didn’t really need to turn to the Gulf. As these sources of funding start to dry up, the region’s oil-rich states are being solicited again, giving them an opportunity to cherry-pick assets as well as accelerate a pivot in strategy away from a dependence on the black gold.

Bankers from New York to London and Singapore are seeking out Gulf funds for big deals around the world -- a US-based investment bank is pitching one of the region’s biggest money managers to invest in a $20 billion deal, a person familiar with the matter said. More Middle Eastern money is coming to the market than has been for a while now, said a senior executive at one of the world’s largest investment firms.

The region’s largest sovereign wealth funds have been involved in at least $28.6 billion worth of acquisitions outside the Middle East and Africa this year, according to data compiled by Bloomberg. That’s 45% more than at this point in 2021 and the most for any corresponding period on record, the data show.

#Saudi crown prince says NEOM will raise capital amounting to 500 billion riyals -state TV | Reuters

Saudi crown prince says NEOM will raise capital amounting to 500 billion riyals -state TV | Reuters

Saudi Arabia's Crown Prince Mohammed Bin Salman said the government will raise 500 billion riyals of capital in 2027 and tap the market for an additional 200-300 billion riyals for the country's futuristic city project NEOM, state al-Ekhbariya TV reported early on Tuesday.

The crown prince added in remarks to reporters that NEOM will rely on government support until 2030, then it will become self-sustaining.

The crown prince also said that NEOM will add a trillion riyals to the Saudi stock market's value.

Mideast Stocks: Major Gulf bourses mixed in early trade

Mideast Stocks: Major Gulf bourses mixed in early trade

Major stock markets in the Gulf were mixed in early trade on Tuesday amid lingering concerns over a slowing growth in the global economy, while rising crude prices provided some support.

Saudi Arabia's benchmark index gained 0.6%, with Saudi National Bank, the kingdom's biggest lender, rising 1% and Sahara International Petrochemical Co advancing 2.7%.

Saudi Crown Prince Mohammed bin Salman said the NEOM business zone would likely be publicly listed in 2024, al-Ekhbariya TV reported.

"NEOM will add a trillion riyals ($266 billion) to the Saudi stock market value. At least 1.2 trillion riyals in the beginning and the overall will increase after project completion to exceed 5 trillion," said the crown prince, who is the kingdom's de-facto ruler.

The Qatari benchmark rose 0.6%, with sharia-compliant lender Masraf Al Rayan jumping 5.2%.

Oil prices, a key catalyst for the Gulf's financial markets, rose for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline.

Russia's cut in supplies will leave countries unable to meet their goals to refill natural gas storage ahead of the winter demand period. Germany, Europe's biggest economy, faces potentially rationing gas to industry to keep its citizens warm during the winter months.

In Abu Dhabi, equities dropped 0.4%, hit by a 0.6% fall in the country's biggest lender, First Abu Dhabi Bank .

Elsewhere, shares of energy firm Dana Gas retreated 1%, after two small rockets landed within the Khor Mor block in the Kurdistan region of Iraq Monday evening.

There were no injuries and production operations continue as normal.

Dubai's main share index fell 0.2%, with sharia-compliant lender Dubai Islamic Bank down 0.7%.

Oil rises for a second day on supply tightness concerns | Reuters

Oil rises for a second day on supply tightness concerns | Reuters

Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline.

Brent crude futures for September settlement rose $1.66, or 1.6%, to $106.81 a barrel by 0618 GMT, extending a 1.9% gain in the previous day.

U.S. West Texas Intermediate (WTI) crude futures for September delivery increased $1.47, or 1.5%, to $98.17 a barrel, having gained 2.1% on Monday.

Russia tightened its gas squeeze on Europe on Monday as Gazprom (GAZP.MM) said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity. read more

Oil rises $2 as dollar eases, market wary of Fed | Reuters

Oil rises $2 as dollar eases, market wary of Fed | Reuters

Oil prices rose about $2 on Monday, bolstered by supply fears, a dip in the U.S. dollar and early strength in equity markets, but prices seesawed as some worried fuel demand could weaken if the Federal Reserve raises U.S. interest rates too aggressively.

Brent crude futures for September settled up $1.95, or 1.9%, at $105.15 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $2, or 2.1%, to settle at $96.70 a barrel.

"A slightly weaker U.S. dollar and improving equity markets are supporting oil," UBS oil analyst Giovanni Staunovo said. (.STOXX)After early strength, U.S. stocks moved lower in afternoon trading, with investors cautious about the Fed meeting this week and earnings from several growth companies.

Oil futures have been volatile in recent weeks, pressured by worries that rising interest rates could slow economic activity and fuel demand but supported by tight supply, especially since Russia's invasion of Ukraine and Western sanctions on Moscow.

South Africa Applies for Extradition of Gupta Brothers From #UAE - Bloomberg

South Africa Applies for Extradition of Gupta Brothers From UAE - Bloomberg

South Africa submitted a request for extradition from the United Arab Emirates of the Gupta brothers, who are wanted for allegedly masterminding the looting of billions of dollars from state entities on Monday.

“A request was received from the National Director of Public Prosecutions for the extradition of the Gupta brothers from the United Arab Emirates to the Republic of South Africa to stand trial on charges of fraud, money laundering,” Justice Minister Ronald Lamola told reporters on Monday in Pretoria, the capital. “We can confirm that the extradition request has been duly submitted to the UAE central authority.”

Rajesh and Atul Gupta were arrested in the United Arab Emirates in early June. They’re wanted on charges of money laundering and fraud, and were detained after the International Criminal Police Organization, or Interpol, placed them on its most-wanted list in February. The deadline for submitting the formal application for extradition was Aug. 2, National Director of Public Prosecutions Shamila Batohi said at Monday’s briefing.

A judicial inquiry into state graft spanning more than three years detailed close links between the brothers and former President Jacob Zuma. Witnesses allege they worked together to siphon money from South Africa’s state transport, power and arms companies, and jointly decided who was appointed to the cabinet. Zuma and the Guptas have denied wrongdoing.

Submitting the extradition request is an “important milestone in the National Prosecuting Authority’s commitment to hold to account the perpetrators of state capture and to uphold the rule of law,” Batohi said. The NPA will continue to cooperate with and support its counterparts in the UAE to ensure the Gupta brothers face justice in South Africa, although the process could take several months, she said.

Oil rises as dollar strength eases, but Fed weighs | Reuters

Oil rises as dollar strength eases, but Fed weighs | Reuters

Oil prices rose on Monday, bolstered by a slightly weaker U.S. dollar and stronger equity markets in a session that seesawed between supply fears and expectations that rise in U.S. interest rates would weaken fuel demand.

Brent crude futures for September settlement rose 68 cents, or 0.66%, to $103.88 a barrel by 1402 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 85 cents, or 0.9%, to $95.55 a barrel.

"A slightly weaker U.S. dollar and improving equity markets are supporting oil," UBS oil analyst Giovanni Staunovo said on Monday. (.STOXX)

Oil futures have been volatile in recent weeks as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian crude because of Western sanctions amid the Ukraine conflict.

Most Gulf bourses retreat on economic slowdown fears | Reuters

Most Gulf bourses retreat on economic slowdown fears | Reuters

Major stock markets in the Gulf ended lower on Monday, as signs of an economic slowdown ahead of a U.S. Federal Reserve policy meeting this week kept investors at bay, while retreating crude prices added to the worries.

The Fed will opt for another 75 basis point rate hike rather than a larger move to quell stubbornly-high inflation as the likelihood of a recession over the next year rises to 40%, a Reuters poll of economists found. read more

Saudi Arabia's benchmark index (.TASI) dropped 0.8%, with Riyad Bank (1010.SE) losing 3.4% and Saudi National Bank (1180.SE), the kingdom's biggest lender, falling 1.3%.

Oil prices, a key catalyst for the Gulf's financial markets, fell in seesaw trading as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand. read more

Dubai's main share index (.DFMGI) lost 0.7%, hit by a 2.2% fall in blue-chip developer Emaar Properties (EMAR.DU) declining 2.2% and a 1.4% decrease in Emirates Integrated Telecommunications Co (DU.DU).

The Dubai bourse could return to new price corrections after this month's strong rebound, said Wael Makarem, senior market strategist at Exness.

"Investors' expectations might weigh on performance as they wait for the Federal Reserve's decision."

In Abu Dhabi, the equities (.FTFADGI) retreated 0.8%, with the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD) closing 1.6% lower.

The Qatari index (.QSI), however, bucked the trend to finish 0.4% higher, helped by a 3.9% jump in Commercial Bank (COMB.QA) a day after reporting a rise in first-half profit.

Outside the Gulf, Egypt's blue-chip index (.EGX30) was down 0.4%, with top lender Commercial International Bank (COMI.CA) losing 0.3%.

According to Makarem, the Egyptian market is still seeing a selling trend from international investors and could be impacted by the rising tensions in Eastern Europe.