EXCLUSIVE Major buyers of Russian oil struggle with bank guarantees -sources | Reuters
The global oil market was thrown into chaos on Thursday after Russia invaded Ukraine, with top buyers of Russian oil struggling to secure guarantees at Western banks or find ships to take crude from one of the world's largest producers.
At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources said, citing market uncertainty after the Russian invasion.
Russia produces every 10th barrel in the world and oil prices jumped to above $105 per barrel on Thursday, their highest since 2014, due to fears of disruptions. [O/R]
In the Black Sea, a Turkish-owned ship was hit by a bomb off the coast of Ukraine's port city Odessa, prompting shipping companies to avoid calling at Black Sea ports. read more
Thursday 24 February 2022
Oil tops $105/bbl after Russia attacks Ukraine | Reuters
Oil tops $105/bbl after Russia attacks Ukraine | Reuters
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two. read more
U.S. President Joe Biden unveiled harsh new sanctions against Russia, imposing measures to impede its ability to do business in the world's major currencies along with sanctions against banks and state-owned enterprises. read more
Britain announced new measures targeting banks, members of Putin's inner circle and the very wealthy who enjoy high-rolling London lifestyles. UK Prime Minister Boris Johnson said that the West must end its reliance on Russian oil and gas. read more
Global benchmark Brent crude rose $2.24, or 2.3%, to settle at $99.08 a barrel, after touching a high of $105.79.
U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 0.8%, to settle at $92.81 a barrel, after earlier rising to $100.54.
Brent and WTI hit their highest levels since August and July 2014, respectively.
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two. read more
U.S. President Joe Biden unveiled harsh new sanctions against Russia, imposing measures to impede its ability to do business in the world's major currencies along with sanctions against banks and state-owned enterprises. read more
Britain announced new measures targeting banks, members of Putin's inner circle and the very wealthy who enjoy high-rolling London lifestyles. UK Prime Minister Boris Johnson said that the West must end its reliance on Russian oil and gas. read more
Global benchmark Brent crude rose $2.24, or 2.3%, to settle at $99.08 a barrel, after touching a high of $105.79.
U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 0.8%, to settle at $92.81 a barrel, after earlier rising to $100.54.
Brent and WTI hit their highest levels since August and July 2014, respectively.
#AbuDhabi Global Market (ADGM) Cuts Nearly Three Dozen Expat Jobs - Bloomberg
Abu Dhabi Global Market (ADGM) Cuts Nearly Three Dozen Expat Jobs - Bloomberg
Abu Dhabi Global Market, an international financial center based in the capital of the United Arab Emirates, has laid off at least 35 expatriate employees, including its strategy chief, people familiar with the matter said.
Most of the cuts in recent weeks were in the strategy and business development teams, where revenue failed to meet expectations, the people said, asking not to be identified as the matter is private. The layoffs include 20 cuts at the end of January, they said.
ADGM Authority Chief Executive Officer Mark Cutis has also left the financial center after less than a year in the role, people with direct knowledge of the matter told Bloomberg last month.
“With our new board of directors in place, ADGM recently completed a strategic review,” a spokesperson said. As part of the changes, ADGM is in the process of hiring in areas including crypto, according to two of the people.
Over the past year, ADGM has continued its push to lure more financial technology companies to Abu Dhabi, a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital. State-owned firms have also expanded rapidly over the past decade, offering high salaries that have made the city appealing for expatriates.
The free zone rolled out a virtual asset regulatory framework and has held talks with cryptocurrency exchanges, including Binance Holdings Ltd., that are looking to expand their presence in the country.
Abu Dhabi Global Market, an international financial center based in the capital of the United Arab Emirates, has laid off at least 35 expatriate employees, including its strategy chief, people familiar with the matter said.
Most of the cuts in recent weeks were in the strategy and business development teams, where revenue failed to meet expectations, the people said, asking not to be identified as the matter is private. The layoffs include 20 cuts at the end of January, they said.
ADGM Authority Chief Executive Officer Mark Cutis has also left the financial center after less than a year in the role, people with direct knowledge of the matter told Bloomberg last month.
“With our new board of directors in place, ADGM recently completed a strategic review,” a spokesperson said. As part of the changes, ADGM is in the process of hiring in areas including crypto, according to two of the people.
Over the past year, ADGM has continued its push to lure more financial technology companies to Abu Dhabi, a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital. State-owned firms have also expanded rapidly over the past decade, offering high salaries that have made the city appealing for expatriates.
The free zone rolled out a virtual asset regulatory framework and has held talks with cryptocurrency exchanges, including Binance Holdings Ltd., that are looking to expand their presence in the country.
Gulf markets tumble on #Russia attack; #Saudi Aramco at record high | Reuters
Gulf markets tumble on Russia attack; Saudi Aramco at record high | Reuters
Markets in the Middle East dived on Thursday, with oil prices rising above $105, after Russia's attack on Ukraine spooked investors across the globe about disruptions to energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two. Ukraine reported columns of troops pouring across its borders from Russia and Belarus, and landing on the coast from the Black and Azov seas. read more
Oil prices broke above $100 a barrel for the first time since 2014, stock markets slumped and the rouble hit a record low after the invasion.
Saudi Arabia's benchmark index (.TASI) dropped 1.8%, after shedding as much as 2.5% earlier in the session.
Oil giant Saudi Aramco (2222.SE) rose nearly 2% to hit a record high as oil prices ballooned.
Only eight stocks of 211 listed in the index ended in the green.
Outside the Gulf, Egypt's blue-chip index (.EGX30) led the losses, as it plunged 3.6% in its steepest fall since March 2020.
Financial and IT stocks fell the most.
Dubai's main index (.DFMGI) closed 1.8% lower to post its biggest daily fall in a month. The index slid as much as 3.7% earlier in the session.
Emirates Refreshments (ERC.DU) was the top percentage loser, down nearly 10%.
Index heavyweights Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DISB.DU) dropped 3.4% and 2.2%, respectively.
In Abu Dhabi, the index (.FTFADGI) declined 0.3%, while the Qatar index (.QSI) closed down 0.8%.
Markets in the Middle East dived on Thursday, with oil prices rising above $105, after Russia's attack on Ukraine spooked investors across the globe about disruptions to energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two. Ukraine reported columns of troops pouring across its borders from Russia and Belarus, and landing on the coast from the Black and Azov seas. read more
Oil prices broke above $100 a barrel for the first time since 2014, stock markets slumped and the rouble hit a record low after the invasion.
Saudi Arabia's benchmark index (.TASI) dropped 1.8%, after shedding as much as 2.5% earlier in the session.
Oil giant Saudi Aramco (2222.SE) rose nearly 2% to hit a record high as oil prices ballooned.
Only eight stocks of 211 listed in the index ended in the green.
Outside the Gulf, Egypt's blue-chip index (.EGX30) led the losses, as it plunged 3.6% in its steepest fall since March 2020.
Financial and IT stocks fell the most.
Dubai's main index (.DFMGI) closed 1.8% lower to post its biggest daily fall in a month. The index slid as much as 3.7% earlier in the session.
Emirates Refreshments (ERC.DU) was the top percentage loser, down nearly 10%.
Index heavyweights Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DISB.DU) dropped 3.4% and 2.2%, respectively.
In Abu Dhabi, the index (.FTFADGI) declined 0.3%, while the Qatar index (.QSI) closed down 0.8%.
Oil tops $105 after Russia attacks Ukraine | Reuters
Oil tops $105 after Russia attacks Ukraine | Reuters
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two. read more
The United States and Europe have promised the toughest sanctions on Russia in response.
"If sanctions affect payment transactions, Russian banks and possibly also the insurance that covers Russian oil and gas deliveries, supply outages cannot be excluded," said Commerzbank analyst Carsten Fritsch.
At least three major buyers of Russian oil were unable to open letters of credit from Western banks to cover purchases on Thursday, sources told Reuters. read more
Brent crude was up $8.15, or 8.4%, at $104.99 a barrel as of 1221 GMT, having touched a high of $105.79. U.S. West Texas Intermediate (WTI) crude jumped $7.33, or 8%, to $99.43.
Brent and WTI hit their highest since August and July 2014 respectively.
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two. read more
The United States and Europe have promised the toughest sanctions on Russia in response.
"If sanctions affect payment transactions, Russian banks and possibly also the insurance that covers Russian oil and gas deliveries, supply outages cannot be excluded," said Commerzbank analyst Carsten Fritsch.
At least three major buyers of Russian oil were unable to open letters of credit from Western banks to cover purchases on Thursday, sources told Reuters. read more
Brent crude was up $8.15, or 8.4%, at $104.99 a barrel as of 1221 GMT, having touched a high of $105.79. U.S. West Texas Intermediate (WTI) crude jumped $7.33, or 8%, to $99.43.
Brent and WTI hit their highest since August and July 2014 respectively.
#Israel to divest Haifa seaport to boost competition | Reuters
Israel to divest Haifa seaport to boost competition | Reuters
Israel is planning to sell its 100% stake in the Haifa seaport to a strategic buyer, the Finance Ministry said on Thursday, as it looks to boost ports competition and lower prices.
Bids for the Haifa port, Israel's largest, are due by April 24.
Israel has three ports -- Haifa, Israel's third-largest city on its northern Mediterranean coast; Ashdod in the centre and the Red Sea resort city of Eilat.
The privatisation comes as the government has come under fire for rising consumer prices.
The ministry said a sale of the Haifa port would lower costs, turn seaports more efficient and improve service.
Israel is planning to sell its 100% stake in the Haifa seaport to a strategic buyer, the Finance Ministry said on Thursday, as it looks to boost ports competition and lower prices.
Bids for the Haifa port, Israel's largest, are due by April 24.
Israel has three ports -- Haifa, Israel's third-largest city on its northern Mediterranean coast; Ashdod in the centre and the Red Sea resort city of Eilat.
The privatisation comes as the government has come under fire for rising consumer prices.
The ministry said a sale of the Haifa port would lower costs, turn seaports more efficient and improve service.
#Saudi Wealth Fund PIF Ramps Up Expansion With NY, London Offices - Bloomberg
Saudi Wealth Fund PIF Ramps Up Expansion With NY, London Offices - Bloomberg
Saudi Arabia’s sovereign wealth fund opened offices in New York, London and Hong Kong as part of the $500 billion asset manager’s global expansion plans.
“The moves are in line with PIF’s continued expansion and will assist in the fund’s future international growth,” according to a statement.
The wealth fund is a key lever for Saudi Arabia’s efforts to diversify the economy away from oil. Since 2015, the PIF’s assets under management have risen to $500 billion from about $150 billion.
It has taken stakes in Uber Technologies Inc., put $45 billion into SoftBank’s Vision Fund, and backed electric vehicle maker Lucid Motors Inc. It’s also increased headcount to more than 1,000 from about 40.
Over the past year, the fund has announced a string of appointments to help expand its reach.
Saudi Arabia’s sovereign wealth fund opened offices in New York, London and Hong Kong as part of the $500 billion asset manager’s global expansion plans.
“The moves are in line with PIF’s continued expansion and will assist in the fund’s future international growth,” according to a statement.
The wealth fund is a key lever for Saudi Arabia’s efforts to diversify the economy away from oil. Since 2015, the PIF’s assets under management have risen to $500 billion from about $150 billion.
It has taken stakes in Uber Technologies Inc., put $45 billion into SoftBank’s Vision Fund, and backed electric vehicle maker Lucid Motors Inc. It’s also increased headcount to more than 1,000 from about 40.
Over the past year, the fund has announced a string of appointments to help expand its reach.
Prices spike on Russian invasion of Ukraine | Reuters
Prices spike on Russian invasion of Ukraine | Reuters
British and Dutch gas prices spiked on Thursday, along with oil, European power and other commodities, after Russian forces launched an invasion of Ukraine.
Russian forces fired missiles at several cities in Ukraine and landed troops on its coast on Thursday, officials and media said, after President Vladimir Putin authorised what he called a special military operation in the east. read more
In the Dutch gas market, the front-month contract was up 39% at 117.15 euros per megawatt hour (MWh) by 1155 GMT but still below December's record high of nearly 185 euros/MWh.
The summer 2022 price was up 38% at 114.85 euros/MWh while the winter 2022 contract was up 30% at 114.00 euros/MWh.
In the UK gas market, the March price was up 40% at 283.50 pence per therm and the winter 2022 price had risen 31% to 290.00 p/therm.
Oil prices jumped, with Brent climbing above $105 a barrel for the first time since 2014.
"This is panic buying. An invasion has been widely expected," one gas trader said.
British and Dutch gas prices spiked on Thursday, along with oil, European power and other commodities, after Russian forces launched an invasion of Ukraine.
Russian forces fired missiles at several cities in Ukraine and landed troops on its coast on Thursday, officials and media said, after President Vladimir Putin authorised what he called a special military operation in the east. read more
In the Dutch gas market, the front-month contract was up 39% at 117.15 euros per megawatt hour (MWh) by 1155 GMT but still below December's record high of nearly 185 euros/MWh.
The summer 2022 price was up 38% at 114.85 euros/MWh while the winter 2022 contract was up 30% at 114.00 euros/MWh.
In the UK gas market, the March price was up 40% at 283.50 pence per therm and the winter 2022 price had risen 31% to 290.00 p/therm.
Oil prices jumped, with Brent climbing above $105 a barrel for the first time since 2014.
"This is panic buying. An invasion has been widely expected," one gas trader said.
#Iran Nuclear Talks: U.S. Says Deal Close as Tehran Ups Oil In Storage - Bloomberg
Iran Nuclear Talks: U.S. Says Deal Close as Tehran Ups Oil In Storage - Bloomberg
The U.S. said world powers were “close” to a deal with Iran as the Persian Gulf nation shifted more oil onto ships in anticipation of an agreement that lifts sanctions on its exports.
Iran could ramp up shipments to or even beyond 1 million barrels day within months of a deal, traders estimate, offering potential relief as Russia’s attack on Ukraine pushes oil over $100 a barrel.
All sides say negotiations in Vienna have made substantial progress toward a pact that restricts Iran’s nuclear program in return for a lifting of U.S. sanctions. But key sticking points have prevented Tehran and Washington from resolving their differences over how to revive the 2015 accord that the Trump administration later jettisoned.
Iran said its chief negotiator would return to Tehran for consultations as the talks reach a critical juncture. Iran’s Foreign Ministry said senior European envoys would also travel to their respective capitals for consultations. The State Department said an agreement could be days away if the remaining issues can be resolved.
“In Vienna, we believe that we can and should reach an understanding on a potential mutual return to compliance in short order, potentially within days,” State Department spokesman Ned Price told reporters on Wednesday, warning that any delays beyond that would put a return to the deal at “grave and profound risk.”
The U.S. said world powers were “close” to a deal with Iran as the Persian Gulf nation shifted more oil onto ships in anticipation of an agreement that lifts sanctions on its exports.
Iran could ramp up shipments to or even beyond 1 million barrels day within months of a deal, traders estimate, offering potential relief as Russia’s attack on Ukraine pushes oil over $100 a barrel.
All sides say negotiations in Vienna have made substantial progress toward a pact that restricts Iran’s nuclear program in return for a lifting of U.S. sanctions. But key sticking points have prevented Tehran and Washington from resolving their differences over how to revive the 2015 accord that the Trump administration later jettisoned.
Iran said its chief negotiator would return to Tehran for consultations as the talks reach a critical juncture. Iran’s Foreign Ministry said senior European envoys would also travel to their respective capitals for consultations. The State Department said an agreement could be days away if the remaining issues can be resolved.
“In Vienna, we believe that we can and should reach an understanding on a potential mutual return to compliance in short order, potentially within days,” State Department spokesman Ned Price told reporters on Wednesday, warning that any delays beyond that would put a return to the deal at “grave and profound risk.”
#Dubai’s Mashreq (MASQ) Weighs Sale of Payments Business - Bloomberg
Dubai’s Mashreq (MASQ) Weighs Sale of Payments Business - Bloomberg
Mashreqbank PSC is exploring a sale of its payments business in a deal that could value the division at around $500 million, according to people familiar with the matter, the latest lender in the United Arab Emirates to consider pulling back from the sector.
The Dubai-based bank is working with Goldman Sachs Group Inc. to sound out potential buyers for the unit, which handles the processing of transactions made with credit and debit cards, the people said, asking not to be named because the information is private.
Deliberations are ongoing and no final decision has yet been taken, according to the people. Representatives for Mashreq and Goldman Sachs declined to comment.
Traditional lenders are increasingly putting their payments processors on the block in the face of competition from non-bank practitioners. In Europe, Banco de Sabadell SA and Italy’s BPER Banca SpA have been exploring deals for similar businesses, Bloomberg previously reported.
Mashreqbank PSC is exploring a sale of its payments business in a deal that could value the division at around $500 million, according to people familiar with the matter, the latest lender in the United Arab Emirates to consider pulling back from the sector.
The Dubai-based bank is working with Goldman Sachs Group Inc. to sound out potential buyers for the unit, which handles the processing of transactions made with credit and debit cards, the people said, asking not to be named because the information is private.
Deliberations are ongoing and no final decision has yet been taken, according to the people. Representatives for Mashreq and Goldman Sachs declined to comment.
Traditional lenders are increasingly putting their payments processors on the block in the face of competition from non-bank practitioners. In Europe, Banco de Sabadell SA and Italy’s BPER Banca SpA have been exploring deals for similar businesses, Bloomberg previously reported.
#Kuwait Bourse Plans Derivatives Trading Amid Push for More IPOs - Bloomberg
Kuwait Bourse Plans Derivatives Trading Amid Push for More IPOs - Bloomberg
Boursa Kuwait Securities Co. plans to add derivatives and futures products to boost liquidity and attract more companies to list.
The exchange expects some family-owned businesses to list soon, followed by government-controlled companies, said Chief Executive Officer Mohammed Al-Osaimi. Boursa Kuwait has standardized listing rules, which should streamline the process for companies to go public, he added.
The move is part of a wider regional trend, with exchanges in Saudi Arabia and the United Arab Emirates ramping up efforts to encourage listings and attract foreign flows. Soaring commodity prices have made energy and raw material producers in the Middle East more attractive, and prospects of rate hikes are set to benefit bank stocks, which make up a big part of benchmarks in the Middle East.
Kuwait’s Premier Market Index is up 9% this year on a U.S. dollar basis, making it the 10th best equity benchmark in the world, according to data compiled by Bloomberg.
Boursa Kuwait Securities Co. plans to add derivatives and futures products to boost liquidity and attract more companies to list.
The exchange expects some family-owned businesses to list soon, followed by government-controlled companies, said Chief Executive Officer Mohammed Al-Osaimi. Boursa Kuwait has standardized listing rules, which should streamline the process for companies to go public, he added.
The move is part of a wider regional trend, with exchanges in Saudi Arabia and the United Arab Emirates ramping up efforts to encourage listings and attract foreign flows. Soaring commodity prices have made energy and raw material producers in the Middle East more attractive, and prospects of rate hikes are set to benefit bank stocks, which make up a big part of benchmarks in the Middle East.
Kuwait’s Premier Market Index is up 9% this year on a U.S. dollar basis, making it the 10th best equity benchmark in the world, according to data compiled by Bloomberg.
Aramco shares rise to record high as oil tops $100 for first time since 2014 | Reuters
Aramco shares rise to record high as oil tops $100 for first time since 2014 | Reuters
Saudi Aramco (2222.SE) shares surged as much as 4.2% to a record high 42.25 riyals ($11.26) on Thursday as oil prices breached the $100 a barrel after Russia attacked Ukraine.
Brent crude (.LCOc1) topped $100 a barrel for the first time since 2014, exacerbating concerns that a war in Europe could disrupt global energy supplies. read more
Shares of Aramco are up for a third consecutive day and have gained more than 16% year to date. Saudi Arabia's benchmark index (.TASI) was down 2.2% in afternoon trade.
Saudi Aramco (2222.SE) shares surged as much as 4.2% to a record high 42.25 riyals ($11.26) on Thursday as oil prices breached the $100 a barrel after Russia attacked Ukraine.
Brent crude (.LCOc1) topped $100 a barrel for the first time since 2014, exacerbating concerns that a war in Europe could disrupt global energy supplies. read more
Shares of Aramco are up for a third consecutive day and have gained more than 16% year to date. Saudi Arabia's benchmark index (.TASI) was down 2.2% in afternoon trade.
Oil rises above $100 after Russia attacks Ukraine | Reuters
Oil rises above $100 after Russia attacks Ukraine | Reuters
Oil prices jumped on Thursday, with Brent rising above $100 a barrel for the first time since 2014, after Russia attacked Ukraine exacerbating concerns about disruptionsto global energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea, the biggest attack by one state against another in Europe since World War Two. read more
Brent crude rose $7.07, or 7.3%, to $103.91 a barrel at 0944 GMT, and U.S. West Texas Intermediate (WTI) crude jumped $6.43, or 7%, to $98.53 a barrel.
Brent and WTI hit their highest levels since August and July 2014, respectively.
"Russia is the third largest oil producer, and second largest oil exporter. Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions," UBS analyst Giovanni Staunovo said.
Oil prices jumped on Thursday, with Brent rising above $100 a barrel for the first time since 2014, after Russia attacked Ukraine exacerbating concerns about disruptionsto global energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea, the biggest attack by one state against another in Europe since World War Two. read more
Brent crude rose $7.07, or 7.3%, to $103.91 a barrel at 0944 GMT, and U.S. West Texas Intermediate (WTI) crude jumped $6.43, or 7%, to $98.53 a barrel.
Brent and WTI hit their highest levels since August and July 2014, respectively.
"Russia is the third largest oil producer, and second largest oil exporter. Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions," UBS analyst Giovanni Staunovo said.
Gulf markets slide as Russian forces invade Ukraine | Reuters
Gulf markets slide as Russian forces invade Ukraine | Reuters
Gulf bourses plunged on Thursday, mirroring trends across the globe as Russian forces fired missiles at many Ukrainian cities and landed troops on Ukraine's south coast after President Vladimir Putin ordered a military operation in the east.
Along with global equities, U.S. bond yields also dived, while the dollar, gold and oil prices rocketed higher.
Brent crude surpassed $100-mark for the first time since September 2014, touching $102.48 a barrel.
Dubai's main index (.DFMGI) led the losses, sliding as much as 3.7% in its steepest fall since Nov. 28. The index has since trimmed losses and currently trading 1.5% lower.
Emirates Refreshments (ERC.DU) was the top percentage loser, down nearly 10%.
Index heavyweight Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DISB.DU) fell 2.6% and 1.5%, respectively.
Saudi Arabia's benchmark index (.TASI) dropped as much as 2.5%, its biggest fall since Nov. 22.
Only two stocks out of 211 listed on the index, Saudi Research and Media Group (4210.SE) and Al-Baha Investment and Development (4130.SE), gained.
Oil giant Saudi Aramco (2222.SE) dropped 1.9%.
In Abu Dhabi, the index (.FTFADGI) declined 1%.
Qatari shares (.QSI) fell as much as 1.4%.
United Developments and Ooredoo were the biggest drags on the index.
Gulf bourses plunged on Thursday, mirroring trends across the globe as Russian forces fired missiles at many Ukrainian cities and landed troops on Ukraine's south coast after President Vladimir Putin ordered a military operation in the east.
Along with global equities, U.S. bond yields also dived, while the dollar, gold and oil prices rocketed higher.
Brent crude surpassed $100-mark for the first time since September 2014, touching $102.48 a barrel.
Dubai's main index (.DFMGI) led the losses, sliding as much as 3.7% in its steepest fall since Nov. 28. The index has since trimmed losses and currently trading 1.5% lower.
Emirates Refreshments (ERC.DU) was the top percentage loser, down nearly 10%.
Index heavyweight Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DISB.DU) fell 2.6% and 1.5%, respectively.
Saudi Arabia's benchmark index (.TASI) dropped as much as 2.5%, its biggest fall since Nov. 22.
Only two stocks out of 211 listed on the index, Saudi Research and Media Group (4210.SE) and Al-Baha Investment and Development (4130.SE), gained.
Oil giant Saudi Aramco (2222.SE) dropped 1.9%.
In Abu Dhabi, the index (.FTFADGI) declined 1%.
Qatari shares (.QSI) fell as much as 1.4%.
United Developments and Ooredoo were the biggest drags on the index.
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