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Monday, 31 January 2022
Oil Prices Punch Higher at the Week’s Open on Demand Outlook: Brent Crude, WTI - Bloomberg
Oil Prices Punch Higher at the Week’s Open on Demand Outlook: Brent Crude, WTI - Bloomberg
Oil posts biggest monthly gain in a year on tight supply, political tensions | Reuters
Oil posts biggest monthly gain in a year on tight supply, political tensions | Reuters
Oil prices rose on Monday to end January with their biggest monthly gain in a year, boosted by a supply shortage and political tensions in Eastern Europe and the Middle East.
The most-active Brent contract, for April delivery , traded 74 cents higher, or 0.8%, to settle at $89.26 per barrel. The front-month contract, for March delivery , which expired at the end of the session, rose $1.18, or 1.3%, to finish at $91.21.
U.S. West Texas Intermediate crude rose $1.33, or 1.5%, to close at $88.15 a barrel.
The benchmarks recorded their highest levels since October 2014 on Friday, at $91.70 and $88.84, respectively, and their sixth straight weekly gain. They gained by about 17% this month, the most since February 2021.
Oil prices rose on Monday to end January with their biggest monthly gain in a year, boosted by a supply shortage and political tensions in Eastern Europe and the Middle East.
The most-active Brent contract, for April delivery , traded 74 cents higher, or 0.8%, to settle at $89.26 per barrel. The front-month contract, for March delivery , which expired at the end of the session, rose $1.18, or 1.3%, to finish at $91.21.
U.S. West Texas Intermediate crude rose $1.33, or 1.5%, to close at $88.15 a barrel.
The benchmarks recorded their highest levels since October 2014 on Friday, at $91.70 and $88.84, respectively, and their sixth straight weekly gain. They gained by about 17% this month, the most since February 2021.
Oil on track for biggest monthly gain in a year on supply constraints, political tensions | Reuters
Oil on track for biggest monthly gain in a year on supply constraints, political tensions | Reuters
Oil prices were on track for their biggest monthly gain in almost a year on Monday, boosted by a supply shortage and political tensions in Eastern Europe and the Middle East.
The most-active Brent contract, for April delivery , was trading 83 cents higher at $89.35 per barrel by 1:16 p.m. EST (1816 GMT). The front-month contract for March delivery , rose $1.20 to $91.23 a barrel but was set to expire later in the day.
U.S. West Texas Intermediate crude rose $1.11, or 1.3%, to $87.93 a barrel.
The benchmarks recorded their highest levels since October 2014 on Friday, at $91.70 and $88.84, respectively, and their sixth straight weekly gain. They were headed for gains of about 17% this month, the most since February 2021.
Oil prices were on track for their biggest monthly gain in almost a year on Monday, boosted by a supply shortage and political tensions in Eastern Europe and the Middle East.
The most-active Brent contract, for April delivery , was trading 83 cents higher at $89.35 per barrel by 1:16 p.m. EST (1816 GMT). The front-month contract for March delivery , rose $1.20 to $91.23 a barrel but was set to expire later in the day.
U.S. West Texas Intermediate crude rose $1.11, or 1.3%, to $87.93 a barrel.
The benchmarks recorded their highest levels since October 2014 on Friday, at $91.70 and $88.84, respectively, and their sixth straight weekly gain. They were headed for gains of about 17% this month, the most since February 2021.
#UAE bank ADCB quarterly net profit up 44%, beats forecasts | Reuters
UAE bank ADCB quarterly net profit up 44%, beats forecasts | Reuters
Abu Dhabi Commercial Bank (ADCB.AD), UAE's third-biggest lender, beat expectations with a 44% rise in fourth-quarter net profit, boosted by higher net fee and commission income on cards and loans.
Banks in the United Arab Emirates are seeing a swift recovery in earnings as the economy recovers from the worst of the pandemic, oil prices have surged and the world fair Expo has boosted tourism.
ADCB's recorded a net profit of 1.448 billion dirhams ($394 million) in the October-December quarter, up from 1.007 billion dirhams in the same period in 2020.
The net profit beat analysts expectations as EFG Hermes had predicted 1.33 billion dirhams and Arqaam Capital had 1.16 billion dirhams.
Abu Dhabi Commercial Bank (ADCB.AD), UAE's third-biggest lender, beat expectations with a 44% rise in fourth-quarter net profit, boosted by higher net fee and commission income on cards and loans.
Banks in the United Arab Emirates are seeing a swift recovery in earnings as the economy recovers from the worst of the pandemic, oil prices have surged and the world fair Expo has boosted tourism.
ADCB's recorded a net profit of 1.448 billion dirhams ($394 million) in the October-December quarter, up from 1.007 billion dirhams in the same period in 2020.
The net profit beat analysts expectations as EFG Hermes had predicted 1.33 billion dirhams and Arqaam Capital had 1.16 billion dirhams.
The #UAE Is Set to Levy Corporate Tax: Here’s What Analysts Say - Bloomberg
The UAE Is Set to Levy Corporate Tax: Here’s What Analysts Say - Bloomberg
The United Arab Emirates plans to introduce a 9% federal tax on corporate earnings for the first time next year, in its latest step toward dismantling a levy-free regime that helped make it a magnet for businesses from across the world.
Mohamed Abu Basha, head of macroeconomic research at investment bank EFG Hermes:
The United Arab Emirates plans to introduce a 9% federal tax on corporate earnings for the first time next year, in its latest step toward dismantling a levy-free regime that helped make it a magnet for businesses from across the world.
Mohamed Abu Basha, head of macroeconomic research at investment bank EFG Hermes:
- “The implementation comes as UAE aligns itself with the new global standards, in particular the transition to a global minimum tax, as well as the government’s noticeable intentions to prepare for a life beyond oil.”
- “In terms of its impact on attracting investment, I don’t think it will much affect UAE’s ability to attract investments. First, companies in free zones will continue to enjoy their tax benefits, hence are shielded from the decision. Second, most other Gulf countries already impose a corporate income tax on multinational operating in the economy, including 20% in Saudi, 15% in Oman and 10% Qatar.”
- “The tax will hit some sectors harder than others.”
- “Telecoms and companies in the services industry already pay fees, some as high at 20% as in the case of hotela. For some firms, a 9% tax will take them from profitability to loss, reducing investor appetite and lowering the share price. Many will be looking to see whether the royalties or fees might get changed too.”
- “This was the logical next step although it came much earlier than many of us had expected.”
- “There is quite a bit of detail that needs to come out still but for large companies operating in the UAE, corporate taxes were expected and now they know the rate.”
- “The issue I see is implementation for SME. What’s to stop business owners from loading up the salaries to avoid paying the tax. Usually many of those businesses are controlled by few shareholders.”
- “While the news was a surprise, there is little evidence to suggest that corporate tax rates have any type of meaningful impact on equity markets. Counterintuitive to conventional expectations, a study suggests that the S&P 500 index had higher average returns on every occasion of an increase in corporate taxes in the US.”
- “Foreign taxes paid will be credited against any payable UAE corporate tax meaning there will be no double taxation. Moreover, since the implications only commence from June 2023, companies do have some time to readjust to the new tax regime.”
- “It was just a matter of time before the UAE imposed corporate tax in line with some other GCC countries,”
- “The levels announced of 9% base are quite reasonable in international standards.”
- “I’m glad to see that SMEs and small business will most likely be exempt from the corporate tax burden,”
- “Business and financial institutions will have to start accounting for a corporate tax that will touch their net earnings. Hence, a leaner workforce alongside more efficient operations may come into place to compensate for the tax impact on profitability.”
- “The challenge for the UAE is to remain competitive, regionally and globally, despite the new corporate tax regime.”
- “The UAE as a country is attractive for investors because of the favorable tax regime.”
- “The upcoming regulatory changes might cause concern for businesses operating here. Even so, with huge investment in infrastructure and changes in immigration policy, this is a natural progression for the growth of the country in line with best practices globally.”
Oil steady as geopolitical risks offset by OPEC+ supply plans | Reuters
Oil steady as geopolitical risks offset by OPEC+ supply plans | Reuters
Oil prices were steady on Monday, with Eastern Europe and Middle East political issues offsetting expectations that major producers will release more supply to a thirsty market.
Brent crude was up 91 cents, or 1%, to $90.94 a barrel by 1500 GMT. The front-month contract for March delivery expires later in the day.
However the most-active Brent contract, for April delivery , was unchanged at $88.53. U.S. West Texas Intermediate crude rose 7 cents, or 0.1%, to $86.89 a barrel.
The benchmarks on Friday recorded their highest levels since October 2014 at $91.70 and $88.84 respectively and their sixth straight weekly gain. They are on track for a monthly gain of about 17%, the most since last February.
Oil prices were steady on Monday, with Eastern Europe and Middle East political issues offsetting expectations that major producers will release more supply to a thirsty market.
Brent crude was up 91 cents, or 1%, to $90.94 a barrel by 1500 GMT. The front-month contract for March delivery expires later in the day.
However the most-active Brent contract, for April delivery , was unchanged at $88.53. U.S. West Texas Intermediate crude rose 7 cents, or 0.1%, to $86.89 a barrel.
The benchmarks on Friday recorded their highest levels since October 2014 at $91.70 and $88.84 respectively and their sixth straight weekly gain. They are on track for a monthly gain of about 17%, the most since last February.
Geopolitical tensions hit #UAE stocks, oil supports #Saudi shares | Reuters
Geopolitical tensions hit UAE stocks, oil supports Saudi shares | Reuters
Stocks in the United Arab Emirates(UAE) dropped on Monday following four days of consecutive gains after another attack by Yemen's Iran-aligned Houthi movement on the Gulf state, while rising oil prices supported Saudi Arabian shares.
The UAE said on Monday it intercepted a ballistic missile fired by the Houthis, the third such attack on the U.S.-allied Gulf state in the last two weeks. read more
Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.
"Markets in Dubai and Abu Dhabi dropped a little in reaction to the recent developments. In contrast, the Saudi market was supported by the strong oil prices and could see additional increases," said Wael Makarem, Senior Market Strategist at Exness.
The Abu Dhabi index (.FTFADGI) ended 0.7% down, though the index was up 2.5% for the month. Market heavyweight First Abu Dhabi Bank (FAB.AD) declined 2.7%.
In Dubai, the index (.DFMGI) slipped 0.5%, reducing its monthly gain to 0.2%.
Emirates NBD Bank (ENBD.DU) weighed the most on index, falling 3.6%.
Dubai Investments (DINV.DU), however, surged 7%. After the market close, the investment company reported a more than 78% increase in its full-year profit to 619.5 million dirhams ($168.68 million).
Saudi Arabia's benchmark index (.TASI) closed 0.1% higher to log a monthly gain of about 9%.
Alinma Bank (1150.SE) and Saudi National Bank (1180.SE) increased 3.3% and 1.1% respectively.
The Qatari index (.QSI) closed flat as Qatar National Bank (QNBK.QA) lost 0.7% and Mesaieed Petrochemical Holdings (MPHC.QA) rose 2.3%.
In Egypt, the blue-chip index (.EGX30) snapped its six-session losing streak, gaining 0.3%. Talat Mostafa Group (TMGH.CA) increased 8.6% and Telecom Egypt (ETEL.CA) added 3.5%.
Stocks in the United Arab Emirates(UAE) dropped on Monday following four days of consecutive gains after another attack by Yemen's Iran-aligned Houthi movement on the Gulf state, while rising oil prices supported Saudi Arabian shares.
The UAE said on Monday it intercepted a ballistic missile fired by the Houthis, the third such attack on the U.S.-allied Gulf state in the last two weeks. read more
Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.
"Markets in Dubai and Abu Dhabi dropped a little in reaction to the recent developments. In contrast, the Saudi market was supported by the strong oil prices and could see additional increases," said Wael Makarem, Senior Market Strategist at Exness.
The Abu Dhabi index (.FTFADGI) ended 0.7% down, though the index was up 2.5% for the month. Market heavyweight First Abu Dhabi Bank (FAB.AD) declined 2.7%.
In Dubai, the index (.DFMGI) slipped 0.5%, reducing its monthly gain to 0.2%.
Emirates NBD Bank (ENBD.DU) weighed the most on index, falling 3.6%.
Dubai Investments (DINV.DU), however, surged 7%. After the market close, the investment company reported a more than 78% increase in its full-year profit to 619.5 million dirhams ($168.68 million).
Saudi Arabia's benchmark index (.TASI) closed 0.1% higher to log a monthly gain of about 9%.
Alinma Bank (1150.SE) and Saudi National Bank (1180.SE) increased 3.3% and 1.1% respectively.
The Qatari index (.QSI) closed flat as Qatar National Bank (QNBK.QA) lost 0.7% and Mesaieed Petrochemical Holdings (MPHC.QA) rose 2.3%.
In Egypt, the blue-chip index (.EGX30) snapped its six-session losing streak, gaining 0.3%. Talat Mostafa Group (TMGH.CA) increased 8.6% and Telecom Egypt (ETEL.CA) added 3.5%.
Boeing to sign #Qatar freighter deal on Monday - U.S. officials | Reuters
Boeing to sign Qatar freighter deal on Monday - U.S. officials | Reuters
Boeing Co (BA.N) looks set to sign a provisional order from Qatar Airways for a new freighter version of its 777X passenger jet on Monday, in a Washington ceremony coinciding with a visit by the Gulf state's ruling emir, U.S. officials said.
Reuters reported last week that the U.S. planemaker was in advanced negotiations with the Gulf carrier for around 34 of the planned twin-engined freighters in a deal provisionally estimated to be worth $14 billion at list prices. read more
Qatar Airways has publicly said it is interested in buying up to 50 jets, with the larger figure expected to include additional options that could lead to later top-up purchases.
The deal, which could be subject to a formal launch of the freighter project, is expected to be signed at a White House ceremony at 12:30 pm local (1630 GMT), the officials said.
Boeing declined to comment.
Qatar Airways, which has declined to comment on Boeing freighter negotiations, could not immediately be reached.
Boeing Co (BA.N) looks set to sign a provisional order from Qatar Airways for a new freighter version of its 777X passenger jet on Monday, in a Washington ceremony coinciding with a visit by the Gulf state's ruling emir, U.S. officials said.
Reuters reported last week that the U.S. planemaker was in advanced negotiations with the Gulf carrier for around 34 of the planned twin-engined freighters in a deal provisionally estimated to be worth $14 billion at list prices. read more
Qatar Airways has publicly said it is interested in buying up to 50 jets, with the larger figure expected to include additional options that could lead to later top-up purchases.
The deal, which could be subject to a formal launch of the freighter project, is expected to be signed at a White House ceremony at 12:30 pm local (1630 GMT), the officials said.
Boeing declined to comment.
Qatar Airways, which has declined to comment on Boeing freighter negotiations, could not immediately be reached.
#UAE to launch first federal corporate tax on business profits from June 2023 | Reuters
UAE to launch first federal corporate tax on business profits from June 2023 | Reuters
The United Arab Emirates (UAE) on Monday said it would introduce a federal corporate tax on business profits for the first time starting from June 1, 2023, although it kept the rate low, at 9 percent, to maintain its attractiveness for businesses.
The Gulf Arab oil exporter, a magnet for the globe's ultra-rich, has long benefited from its tax-free status to carve out a role as an international commercial, energy and tourism hub.
Much of this tax-free regime, including no personal income tax, remains. But the Finance Ministry said it was launching corporate tax to align with international efforts to combat tax avoidance, as well as to address challenges arising from the digitalisation of the global economy.
The new tax will be levied on all corporations and commercial activities in the country, except for the "extraction of natural resources" which will remain subject to taxation at the emirate level.
The United Arab Emirates (UAE) on Monday said it would introduce a federal corporate tax on business profits for the first time starting from June 1, 2023, although it kept the rate low, at 9 percent, to maintain its attractiveness for businesses.
The Gulf Arab oil exporter, a magnet for the globe's ultra-rich, has long benefited from its tax-free status to carve out a role as an international commercial, energy and tourism hub.
Much of this tax-free regime, including no personal income tax, remains. But the Finance Ministry said it was launching corporate tax to align with international efforts to combat tax avoidance, as well as to address challenges arising from the digitalisation of the global economy.
The new tax will be levied on all corporations and commercial activities in the country, except for the "extraction of natural resources" which will remain subject to taxation at the emirate level.
Oil rises on geopolitical risks, supply shortage | Reuters
Oil rises on geopolitical risks, supply shortage | Reuters
Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.
Brent crude had risen 87 cents, or 1%, to $90.90 a barrel by 1228 GMT. The front-month contract for March delivery expires later in the day. The most-active Brent contract, for April delivery , was trading at $89.03, up 51 cents, or 0.6%.
U.S. West Texas Intermediate crude rose 47 cents, or 0.5%, to $87.29 a barrel.
The benchmarks recorded their highest levels since October 2014 on Friday, $91.70 and $88.84, respectively, and their sixth straight weekly gain. They were headed for about 17% gains this month, the most since February 2021.
Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.
Brent crude had risen 87 cents, or 1%, to $90.90 a barrel by 1228 GMT. The front-month contract for March delivery expires later in the day. The most-active Brent contract, for April delivery , was trading at $89.03, up 51 cents, or 0.6%.
U.S. West Texas Intermediate crude rose 47 cents, or 0.5%, to $87.29 a barrel.
The benchmarks recorded their highest levels since October 2014 on Friday, $91.70 and $88.84, respectively, and their sixth straight weekly gain. They were headed for about 17% gains this month, the most since February 2021.
#Oman starts raising $3.5 bln loan that could go up to $4 bln - source | Reuters
Oman starts raising $3.5 bln loan that could go up to $4 bln - source | Reuters
Oman has started raising a $3.5 billion seven-year loan underwritten by seven regional and local banks that will help refinance a loan it took out last year, a source with direct knowledge of the deal told Reuters.
The finance ministry loan could go up to $4 billion, the source said, as the Gulf oil producer seeks to refinance the $2.2 billion loan taken out early last year.
The banks underwriting the loan include First Abu Dhabi Bank, Mashreq Bank, Abu Dhabi Commercial Bank, Gulf International Bank, Bank ABC and two Omani banks, according to the source and a report by Refintiv's IFR.
The Oman government did not respond to a request for comment.
Oman has started raising a $3.5 billion seven-year loan underwritten by seven regional and local banks that will help refinance a loan it took out last year, a source with direct knowledge of the deal told Reuters.
The finance ministry loan could go up to $4 billion, the source said, as the Gulf oil producer seeks to refinance the $2.2 billion loan taken out early last year.
The banks underwriting the loan include First Abu Dhabi Bank, Mashreq Bank, Abu Dhabi Commercial Bank, Gulf International Bank, Bank ABC and two Omani banks, according to the source and a report by Refintiv's IFR.
The Oman government did not respond to a request for comment.
Citigroup Expects Record Gulf IPO Year With Hiring Spree Across Region - Bloomberg
Citigroup Expects Record Gulf IPO Year With Hiring Spree Across Region - Bloomberg
Citigroup Inc. is boosting its presence in the Gulf region as it expects activity including initial public offerings to reach a new historic high.
“2021 was a record year, but I actually believe 2022 will be even better,” Miguel Azevedo, Citi’s head of investment banking for the Middle East and North Africa, said in an interview with Bloomberg TV on Monday. “We are adding resources all across the region. We are basically in Saudi Arabia and in Dubai and we are adding on both of those.”
The Middle East saw a boom in IPOs last year, with Abu Dhabi joining the rush as governments in the region seek to diversify their economies away from oil and reinvigorate their capital markets. Dubai is seeking to close the gap with Abu Dhabi and Riyadh this year with a clutch of planned privatizations, starting with its main utility.
Lured by the region’s deep pools of capital, Wall Street banks from Citigroup to JPMorgan Chase & Co. and Goldman Sachs Group Inc. are seizing on the opportunity to capture market share, expanding teams on the ground in the hope of winning advisory roles.
Citigroup Inc. is boosting its presence in the Gulf region as it expects activity including initial public offerings to reach a new historic high.
“2021 was a record year, but I actually believe 2022 will be even better,” Miguel Azevedo, Citi’s head of investment banking for the Middle East and North Africa, said in an interview with Bloomberg TV on Monday. “We are adding resources all across the region. We are basically in Saudi Arabia and in Dubai and we are adding on both of those.”
The Middle East saw a boom in IPOs last year, with Abu Dhabi joining the rush as governments in the region seek to diversify their economies away from oil and reinvigorate their capital markets. Dubai is seeking to close the gap with Abu Dhabi and Riyadh this year with a clutch of planned privatizations, starting with its main utility.
Lured by the region’s deep pools of capital, Wall Street banks from Citigroup to JPMorgan Chase & Co. and Goldman Sachs Group Inc. are seizing on the opportunity to capture market share, expanding teams on the ground in the hope of winning advisory roles.
#Kuwait Credit Bank weighs issue of 1 bln dinars of bonds amid liquidity crunch | Reuters
Kuwait Credit Bank weighs issue of 1 bln dinars of bonds amid liquidity crunch | Reuters
Kuwait Credit Bank, a state-owned lender that provides interest-free home loans, is in talks with banks and Oliver Wyman about issuing a possible 1 billion dinars ($3.30 billion) of bonds, its director general said.
No decision has been made and KCB is also considering issuing sukuk or taking bank loans to fund a longstanding lack of liquidity amid ballooning demand for its interest-free 70,000-dinar home loans, Salah al-Mudhaf told Reuters.
He said KCB needs 16 billion dinars to finance home loans through 2035. Kuwait's parliament last week approved a measure to provide KCB with 300 million dinars from the Kuwait Fund for Arab Economic Development to boost its capital and to reschedule 500 million dinars in bonds owed to KFAD.
Kuwait's government guarantees housing for its citizens, who number roughly 1.47 million and make up about a third of the population, providing free land and the KCB financing.
Kuwait Credit Bank, a state-owned lender that provides interest-free home loans, is in talks with banks and Oliver Wyman about issuing a possible 1 billion dinars ($3.30 billion) of bonds, its director general said.
No decision has been made and KCB is also considering issuing sukuk or taking bank loans to fund a longstanding lack of liquidity amid ballooning demand for its interest-free 70,000-dinar home loans, Salah al-Mudhaf told Reuters.
He said KCB needs 16 billion dinars to finance home loans through 2035. Kuwait's parliament last week approved a measure to provide KCB with 300 million dinars from the Kuwait Fund for Arab Economic Development to boost its capital and to reschedule 500 million dinars in bonds owed to KFAD.
Kuwait's government guarantees housing for its citizens, who number roughly 1.47 million and make up about a third of the population, providing free land and the KCB financing.
Oil Prices Punch Higher at the Week’s Open on Demand Outlook: Brent Crude, WTI - Bloomberg
Oil Prices Punch Higher at the Week’s Open on Demand Outlook: Brent Crude, WTI - Bloomberg
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Most Gulf markets fall in early trade; #Saudi rises | Reuters
Most Gulf markets fall in early trade; Saudi rises | Reuters
Most major indexes in the Gulf fell in early trade on Monday, with the Dubai index declining the most after United Arab Emirates intercepted another attack by the Houthis, the third attack since the beginning of this year.
The UAE defence ministry said the latest missile attack was intercepted and its debris fell on an uninhabited area. It did not say whether it was aimed at Abu Dhabi or Dubai. read more
Dubai's main share index (.DFMGI) fell as much as 1.2%, with most of the stocks in negative territory, with the country's top lender Emirates NBD Bank (ENBD.DU) dropping 4% and blue-chip developer Emaar Properties (EMAR.DU) losing 0.4%.
The Abu Dhabi index (.FTFADGI) eased 0.2%, snapping its four consecutive session of winning streak, led by a 0.2% decrease in heavyweight First Abu Dhabi Bank (FAB.AD).
In Qatar, the benchmark index (.QSI) was down 0.1% as it extended the loss from the previous session, pressured by financial stocks, with Commercial Bank (COMB.QA) declining 2.9% and Qatar Islamic Bank decreasing 0.9%.
Saudi Arabia's benchmark index (.TASI), however, bucked the trend, with stocks edging up 0.1%, as Al Rajhi Bank (1120.SE) gained 0.5%, and Alinma Bank (1150.SE) advanced 0.9%.
Most major indexes in the Gulf fell in early trade on Monday, with the Dubai index declining the most after United Arab Emirates intercepted another attack by the Houthis, the third attack since the beginning of this year.
The UAE defence ministry said the latest missile attack was intercepted and its debris fell on an uninhabited area. It did not say whether it was aimed at Abu Dhabi or Dubai. read more
Dubai's main share index (.DFMGI) fell as much as 1.2%, with most of the stocks in negative territory, with the country's top lender Emirates NBD Bank (ENBD.DU) dropping 4% and blue-chip developer Emaar Properties (EMAR.DU) losing 0.4%.
The Abu Dhabi index (.FTFADGI) eased 0.2%, snapping its four consecutive session of winning streak, led by a 0.2% decrease in heavyweight First Abu Dhabi Bank (FAB.AD).
In Qatar, the benchmark index (.QSI) was down 0.1% as it extended the loss from the previous session, pressured by financial stocks, with Commercial Bank (COMB.QA) declining 2.9% and Qatar Islamic Bank decreasing 0.9%.
Saudi Arabia's benchmark index (.TASI), however, bucked the trend, with stocks edging up 0.1%, as Al Rajhi Bank (1120.SE) gained 0.5%, and Alinma Bank (1150.SE) advanced 0.9%.