Saudi Arabia Aims to Restart Privatization Plan for 29 Airports - Bloomberg
Saudi Arabia is relaunching the privatization of its airports in an effort to diversify the kingdom’s oil-dominated economy and secure investment as it seeks to triple annual visitor numbers by 2030.
Ownership of the 29 airports has already been moved to a new entity, Matarat, in order to prepare them for the process, Abdulaziz Al Duailej, president of the General Authority of Civil Aviation, said in an interview Monday. An international investor roadshow could start in the next 12 to 18 months.
“I will not wait until 2030 to privatize the whole sector,” Al Duailej said on the sidelines of the Saudi Future of Aviation Forum in Riyadh, with the selloff to be completed long before then. He said it’s not yet clear how much the privatization program might raise.
Saudi Arabia has previously embarked on attempts to privatize its airports, hiring Goldman Sachs in 2017 to sell a stake in Riyadh’s King Khalid International hub, before abandoning the plan.
Monday, 9 May 2022
Oil Suffers Biggest Blow Since March Amid Stock Market Rout - Bloomberg
Oil Suffers Biggest Blow Since March Amid Stock Market Rout - Bloomberg
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Oil crumpled under the weight of a broader market selloff as the European Union softened some of its proposed sanctions on Russian crude to appease potential holdouts. West Texas Intermediate futures in New York dropped over $6 a barrel, the most since the end of March. The EU looked set to weaken its sanctions package on Russia, while Saudi Arabia cut its prices in a sign of flagging demand in top importer China. Equity markets retreated on concern over how much the Federal Reserve will have to boost rates to tame inflation. “The less-prohibitive sanctions plan on Russian oil may take less of its supply offline and highlights the complexity of sanctions against Russian energy,” said Rohan Reddy, director of research at Global X Management. “The pushback from some EU members like Hungary and Slovakia could mean the EU may need to go back to the drawing board on its initial sanctions proposal.” |
Aramco Closes In on Apple as World’s Most Valuable Firm - Bloomberg
Aramco Closes In on Apple as World’s Most Valuable Firm - Bloomberg
Saudi Arabian Oil Co. briefly hit a record high Monday, taking its market capitalization close to that of Apple Inc. in the race for the world’s most valuable company. The rally in oil prices has boosted the world’s biggest oil company’s shares, while a broader selloff has put Apple under pressure. Apple, which has held the market cap title since 2020, has been hit by higher interest rates that fuel concerns about future earnings growth for technology companies. The iPhone maker declined 2.4% in premarket trading, suggesting that it could shed $60 billion in market value to $2.49 trillion versus Saudi Aramco’s $2.44 trillion.
Saudi Arabian Oil Co. briefly hit a record high Monday, taking its market capitalization close to that of Apple Inc. in the race for the world’s most valuable company. The rally in oil prices has boosted the world’s biggest oil company’s shares, while a broader selloff has put Apple under pressure. Apple, which has held the market cap title since 2020, has been hit by higher interest rates that fuel concerns about future earnings growth for technology companies. The iPhone maker declined 2.4% in premarket trading, suggesting that it could shed $60 billion in market value to $2.49 trillion versus Saudi Aramco’s $2.44 trillion.
Oil prices tumble, weighed down by China lockdowns | Reuters
Oil prices tumble, weighed down by China lockdowns | Reuters
Oil prices sank 4% on Monday alongside equities, ascontinued coronavirus lockdowns in China, the top oil importer, sparked demand concerns.
Brent crude fell $4.47, or 4%, to $107.92 a barrel at 11:14 p.m. EDT (1514 GMT). U.S. West Texas Intermediate crude fell, or 4.3%, $4.67 to $105.10 a barrel. Both contracts have gained over 35% so far this year.
Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. read more
"The COVID lockdowns in China are negatively impacting the oil market, which is selling off in conjunction with equities," said Andrew Lipow, president of Lipow Oil Associated in Houston.
Crude imports by China in the first four months of 2022 fell 4.8% from a year ago, but April imports were up nearly 7%. read more
Oil prices sank 4% on Monday alongside equities, ascontinued coronavirus lockdowns in China, the top oil importer, sparked demand concerns.
Brent crude fell $4.47, or 4%, to $107.92 a barrel at 11:14 p.m. EDT (1514 GMT). U.S. West Texas Intermediate crude fell, or 4.3%, $4.67 to $105.10 a barrel. Both contracts have gained over 35% so far this year.
Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. read more
"The COVID lockdowns in China are negatively impacting the oil market, which is selling off in conjunction with equities," said Andrew Lipow, president of Lipow Oil Associated in Houston.
Crude imports by China in the first four months of 2022 fell 4.8% from a year ago, but April imports were up nearly 7%. read more
United Arab Emirates to reveal identities of stock market rules violators | Reuters #UAE
United Arab Emirates to reveal identities of stock market rules violators | Reuters
The United Arab Emirates will reveal the identities of violators of stock market rules, vice president and prime minister Sheikh Mohammed bin Rashid Al Maktoum tweeted.
The names will be announced alongside details of the violations committed, he said without specifying whether he was referring to individuals or entities or both.
"The goal is to raise investment awareness and protect our financial markets and deter violators and ensure the protection of all investors," he said.
No date was given for when the decision comes into effect.
The move came as the UAE cabinet held a meeting on Monday introducing a raft of reforms including the establishment of a Dubai debt management office and a countrywide decision to introduce unemployment insurance. read more
Dubai's financial regulator, the Dubai Financial Services Authority, last month introduced a regulatory regime for whistleblowing, providing better legal protection for persons who report misconduct internally within entities in its jurisdiction.
The United Arab Emirates will reveal the identities of violators of stock market rules, vice president and prime minister Sheikh Mohammed bin Rashid Al Maktoum tweeted.
The names will be announced alongside details of the violations committed, he said without specifying whether he was referring to individuals or entities or both.
"The goal is to raise investment awareness and protect our financial markets and deter violators and ensure the protection of all investors," he said.
No date was given for when the decision comes into effect.
The move came as the UAE cabinet held a meeting on Monday introducing a raft of reforms including the establishment of a Dubai debt management office and a countrywide decision to introduce unemployment insurance. read more
Dubai's financial regulator, the Dubai Financial Services Authority, last month introduced a regulatory regime for whistleblowing, providing better legal protection for persons who report misconduct internally within entities in its jurisdiction.
#UAE to introduce unemployment insurance in latest economic reforms | Reuters
UAE to introduce unemployment insurance in latest economic reforms | Reuters
The United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition.
Insured workers would receive some money for a limited time period if made unemployed, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum, who is also ruler of Dubai, said on Twitter, citing a cabinet decision.
The statement did not specify whether this would apply equally to citizens and non-citizen residents in the UAE.
"The intention is to strengthen labour market competitiveness, provide a social umbrella for workers and establish a stable working environment for all," the statement said.
The United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition.
Insured workers would receive some money for a limited time period if made unemployed, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum, who is also ruler of Dubai, said on Twitter, citing a cabinet decision.
The statement did not specify whether this would apply equally to citizens and non-citizen residents in the UAE.
"The intention is to strengthen labour market competitiveness, provide a social umbrella for workers and establish a stable working environment for all," the statement said.
Elon Musk's Mideast Backers - Bloomberg
Elon Musk's Mideast Backers - Bloomberg
Elon Musk revealed billions in new commitments last week to help finance his takeover of Twitter. The new investors include a Saudi prince, Qatar’s $450 billion wealth fund and the world's largest crypto exchange, which also has links to the Middle East.
The biggest commitment came from Prince Alwaleed bin Talal Al Saud. After initially rejecting Musk’s offer, Saudi Arabia's richest individual agreed to roll his $1.9 billion stake into a privatized Twitter.
"I believe you will be an excellent leader," Alwaleed tweeted about Musk, an abrupt u-turn from just three weeks ago, when he said the offer from the world's richest man didn't "come close" to Twitter's intrinsic value.
It’s unclear exactly how Musk swayed the Saudi billionaire, but sticking with the company is in keeping with Alwaleed’s tendency to hold tight on high-profile bets through ups and downs.
Qatar's sovereign wealth fund, one of the world's largest, committed $375 million. Binance Holdings, which doesn't have an official headquarters but has referred to the United Arab Emirates as its de facto home, pledged $500 million.
With more than 90 million followers on Twitter, Musk is one of the platform’s most prominent and outspoken users. He has said his main motivation in buying Twitter is to make it a bastion for free speech.
Elon Musk revealed billions in new commitments last week to help finance his takeover of Twitter. The new investors include a Saudi prince, Qatar’s $450 billion wealth fund and the world's largest crypto exchange, which also has links to the Middle East.
The biggest commitment came from Prince Alwaleed bin Talal Al Saud. After initially rejecting Musk’s offer, Saudi Arabia's richest individual agreed to roll his $1.9 billion stake into a privatized Twitter.
"I believe you will be an excellent leader," Alwaleed tweeted about Musk, an abrupt u-turn from just three weeks ago, when he said the offer from the world's richest man didn't "come close" to Twitter's intrinsic value.
It’s unclear exactly how Musk swayed the Saudi billionaire, but sticking with the company is in keeping with Alwaleed’s tendency to hold tight on high-profile bets through ups and downs.
Qatar's sovereign wealth fund, one of the world's largest, committed $375 million. Binance Holdings, which doesn't have an official headquarters but has referred to the United Arab Emirates as its de facto home, pledged $500 million.
With more than 90 million followers on Twitter, Musk is one of the platform’s most prominent and outspoken users. He has said his main motivation in buying Twitter is to make it a bastion for free speech.
Oil prices fall, weighed down by dollar, China lockdowns | Reuters
Oil prices fall, weighed down by dollar, China lockdowns | Reuters
Oil prices slipped on Monday alongside equities and weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer.
Brent crude fell $2.27, or 2%, to $110.12 a barrel by 1222 GMT. U.S. West Texas Intermediate crude was at $107.38a barrel, down $2.39, or 2.2%. Both contracts have gained over 40% so far this year.
The dollar hitting a fresh two-decade high made oil more expensive for holders of other currencies.
Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. read more
"The full extent of Chinese oil demand destruction has yet to be felt," said PVM analyst Stephen Brennock, adding he expected oil demand forecasts from the International Energy Agency and others to be revised down in upcoming data releases.
Oil prices slipped on Monday alongside equities and weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer.
Brent crude fell $2.27, or 2%, to $110.12 a barrel by 1222 GMT. U.S. West Texas Intermediate crude was at $107.38a barrel, down $2.39, or 2.2%. Both contracts have gained over 40% so far this year.
The dollar hitting a fresh two-decade high made oil more expensive for holders of other currencies.
Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. read more
"The full extent of Chinese oil demand destruction has yet to be felt," said PVM analyst Stephen Brennock, adding he expected oil demand forecasts from the International Energy Agency and others to be revised down in upcoming data releases.
#Oman Posts $927 Million Quarterly Surplus After Oil Prices Rose - Bloomberg
Oman Posts $927 Million Quarterly Surplus After Oil Prices Rose - Bloomberg
Oman recorded a budget surplus of 357 million rials ($927 million) in the first three months of the year as oil income rose, vowing to increase spending on priority development projects and reduce its debt.
Revenues rose more than 66% during the quarter to around 3 billion rials, compared with 1.8 billion a year ago, while total spending stood at 2.7 million rials, according to the Finance Ministry. Oman ran up a 751-million-rial deficit during the same period last year.
The International Monetary Fund forecasts Oman needs oil prices of $73 a barrel to balance its books this year.
The small Gulf nation has been implementing a series of reforms to bridge its budget shortfall and lower debt, including introducing a 5% value-added tax last year. The Finance Ministry expects the economy to grow 5.6% in 2022, in line with IMF predictions.
Oman recorded a budget surplus of 357 million rials ($927 million) in the first three months of the year as oil income rose, vowing to increase spending on priority development projects and reduce its debt.
Revenues rose more than 66% during the quarter to around 3 billion rials, compared with 1.8 billion a year ago, while total spending stood at 2.7 million rials, according to the Finance Ministry. Oman ran up a 751-million-rial deficit during the same period last year.
The International Monetary Fund forecasts Oman needs oil prices of $73 a barrel to balance its books this year.
The small Gulf nation has been implementing a series of reforms to bridge its budget shortfall and lower debt, including introducing a 5% value-added tax last year. The Finance Ministry expects the economy to grow 5.6% in 2022, in line with IMF predictions.
#Dubai government establishes debt management office, appoints CEO | Reuters
Dubai government establishes debt management office, appoints CEO | Reuters
The Dubai Government said on Monday that it has established a debt management office (DMO) and appointed Rashid Ali bin Obood Al-Falasi as its chief executive, in a move analysts say will streamline debt issuance and improve transparency.
The DMO will manage the sovereign debt portfolio and will be responsible for meeting the government's financing requirements, the government said in its statement.
Borrowing costs are on the rise globally, and Gulf central banks last week raised interest rates by 50 basis points, following in the footsteps of the U.S. Federal Reserve, as inflation sits at highs not seen in decades. read more
Bankers say the move to set up a DMO will help attract debt investors like global money managers in a region where public markets dwarf equity markets.
"We see this as another positive move to strengthen the fiscal framework, alongside the measures to deepen government revenue. Improved transparency and a debt management strategy could also potentially help reduce the cost of raising debt," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
The Dubai Government said on Monday that it has established a debt management office (DMO) and appointed Rashid Ali bin Obood Al-Falasi as its chief executive, in a move analysts say will streamline debt issuance and improve transparency.
The DMO will manage the sovereign debt portfolio and will be responsible for meeting the government's financing requirements, the government said in its statement.
Borrowing costs are on the rise globally, and Gulf central banks last week raised interest rates by 50 basis points, following in the footsteps of the U.S. Federal Reserve, as inflation sits at highs not seen in decades. read more
Bankers say the move to set up a DMO will help attract debt investors like global money managers in a region where public markets dwarf equity markets.
"We see this as another positive move to strengthen the fiscal framework, alongside the measures to deepen government revenue. Improved transparency and a debt management strategy could also potentially help reduce the cost of raising debt," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
Oil prices fall, weighed down by dollar, China lockdowns | Reuters
Oil prices fall, weighed down by dollar, China lockdowns | Reuters
Oil prices slipped on Monday alongside equities and weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer.
Brent crude fell $1.83, or 1.6%, to $110.56 a barrel by 0953 GMT. U.S. West Texas Intermediate crude was at $107.7 a barrel, down $2.07, or 1.9%. Both contracts have gained over 40% so far this year.
The dollar hitting a fresh two-decade high made oil more expensive for holders of other currencies.
Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. read more
Oil prices slipped on Monday alongside equities and weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer.
Brent crude fell $1.83, or 1.6%, to $110.56 a barrel by 0953 GMT. U.S. West Texas Intermediate crude was at $107.7 a barrel, down $2.07, or 1.9%. Both contracts have gained over 40% so far this year.
The dollar hitting a fresh two-decade high made oil more expensive for holders of other currencies.
Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. read more
#Qatar Holding intends to keep its 11.52% share in Lagardère | Reuters
Qatar Holding intends to keep its 11.52% share in Lagardère | Reuters
Qatar Holding LLC has communicated its intention to keep its 11.52% share in Lagardere (LAGA.PA), following the public offer initiated by Vivendi (VIV.PA) for shares in the group, which owns Europe 1, Paris Match and Le Journal du Dimanche.
"Qatar Holding LLC indicates that it does not intend to tender its shares in Lagardère S.A. to the main or secondary branch of the public offer filed by Vivendi S.E. on 21 February 2022," the company said in a statement on Sunday.
Qatar Holding, which is owned by the Qatari sovereign wealth fund, added that it "may consider acquiring or selling Lagardere S.A. shares depending on market opportunities and/or applicable regulatory requirements."
Lagardere is an international group headquartered in Paris with companies in media, publishing and travel retail.
Qatar Holding LLC has communicated its intention to keep its 11.52% share in Lagardere (LAGA.PA), following the public offer initiated by Vivendi (VIV.PA) for shares in the group, which owns Europe 1, Paris Match and Le Journal du Dimanche.
"Qatar Holding LLC indicates that it does not intend to tender its shares in Lagardère S.A. to the main or secondary branch of the public offer filed by Vivendi S.E. on 21 February 2022," the company said in a statement on Sunday.
Qatar Holding, which is owned by the Qatari sovereign wealth fund, added that it "may consider acquiring or selling Lagardere S.A. shares depending on market opportunities and/or applicable regulatory requirements."
Lagardere is an international group headquartered in Paris with companies in media, publishing and travel retail.
#UAE's non-oil private sector maintains solid growth in April -PMI | Reuters
UAE's non-oil private sector maintains solid growth in April -PMI | Reuters
The United Arab Emirates' non-oil private sector maintained solid growth in April but inflationary pressures loomed, a survey showed on Monday.
The seasonally adjusted S&P Global UAE Purchasing Managers' Index (PMI) slipped marginally to 54.6 in April from 54.8 in March, remaining above the series average of 54.1 and above the 50.0 mark that separates expansion from contraction.
The output sub-index rose to 61.5 from 60.5, which survey respondents largely attributed to rising orders, ongoing projects and increased marketing. It was the sharpest growth recorded in 2022.
"Cost pressures remained at their highest level for more than three years, driven by rising fuel and material prices, forcing businesses to raise their selling charges for the first time since July last year. The increase will spur greater concern of an inflationary-led dip in demand, particularly as the positive efforts from the pandemic recovery and Expo 2020 fade," wrote David Owen, economist at survey compiler S&P Global, referring to the Expo world fair hosted by Dubai from October 2021 to March 2022.
The employment sub-index slipped fractionally into contractionary territory in April, following 10 months of mostly marginal growth. Though some firms said they hired staff to keep up with rising new orders, others sought to cut costs via minimal workforces, the PMI report said.
"For now, businesses continue to enjoy strong sales growth, which allowed them to increase their output at the fastest rate in 2022 so far in April. On the flip side, optimism around future activity slipped to a four-month low as some firms expressed concerns that inflationary pressures and the competitive landscape will make output and profit gains harder to achieve."
The United Arab Emirates' non-oil private sector maintained solid growth in April but inflationary pressures loomed, a survey showed on Monday.
The seasonally adjusted S&P Global UAE Purchasing Managers' Index (PMI) slipped marginally to 54.6 in April from 54.8 in March, remaining above the series average of 54.1 and above the 50.0 mark that separates expansion from contraction.
The output sub-index rose to 61.5 from 60.5, which survey respondents largely attributed to rising orders, ongoing projects and increased marketing. It was the sharpest growth recorded in 2022.
"Cost pressures remained at their highest level for more than three years, driven by rising fuel and material prices, forcing businesses to raise their selling charges for the first time since July last year. The increase will spur greater concern of an inflationary-led dip in demand, particularly as the positive efforts from the pandemic recovery and Expo 2020 fade," wrote David Owen, economist at survey compiler S&P Global, referring to the Expo world fair hosted by Dubai from October 2021 to March 2022.
The employment sub-index slipped fractionally into contractionary territory in April, following 10 months of mostly marginal growth. Though some firms said they hired staff to keep up with rising new orders, others sought to cut costs via minimal workforces, the PMI report said.
"For now, businesses continue to enjoy strong sales growth, which allowed them to increase their output at the fastest rate in 2022 so far in April. On the flip side, optimism around future activity slipped to a four-month low as some firms expressed concerns that inflationary pressures and the competitive landscape will make output and profit gains harder to achieve."
#SaudiArabia Gloom Shows Toll Inflation Is Taking During Economic Boom - Bloomberg
Saudi Arabia Gloom Shows Toll Inflation Is Taking During Economic Boom - Bloomberg
Saudi Arabia is proving vulnerable to fears over inflation in the wake of the war in Ukraine, even at a time when the economy expands at the fastest pace in over a decade.
New order growth in the Saudi non-oil private sector slipped to a three-month low in April as companies sharply raised selling charges to pass on higher input costs, according to a survey of purchasing managers published by S&P Global on Monday.
Confidence among companies worsened, with respondents saying that volatile global prices and greater uncertainty have rattled some clients. Just 9% of respondents provided a positive forecast for their output expectations, compared with an average of 15% for last year.
Business conditions improved overall but still reached the lowest in three months. S&P’s Saudi Purchasing Managers’ Index was at 55.7 last month, still well above the 50-mark separating growth from contraction.
Saudi Arabia is proving vulnerable to fears over inflation in the wake of the war in Ukraine, even at a time when the economy expands at the fastest pace in over a decade.
New order growth in the Saudi non-oil private sector slipped to a three-month low in April as companies sharply raised selling charges to pass on higher input costs, according to a survey of purchasing managers published by S&P Global on Monday.
Confidence among companies worsened, with respondents saying that volatile global prices and greater uncertainty have rattled some clients. Just 9% of respondents provided a positive forecast for their output expectations, compared with an average of 15% for last year.
Business conditions improved overall but still reached the lowest in three months. S&P’s Saudi Purchasing Managers’ Index was at 55.7 last month, still well above the 50-mark separating growth from contraction.
Oil Slips as Traders Weigh Up Saudi Price Cuts, G-7 Crude Ban - Bloomberg
Oil Slips as Traders Weigh Up Saudi Price Cuts, G-7 Crude Ban - Bloomberg
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Most Gulf bourses track global shares lower; #Saudi gains | Reuters
Most Gulf bourses track global shares lower; Saudi gains | Reuters
Most Gulf stock markets fell in early trade on Monday, tracking subdued global shares on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and recession.
Shanghai authorities were tightening the city-wide COVID-19 lockdown they imposed more than a month ago, prolonging into late May an ordeal that China's capital Beijing was desperate to avoid by turning mass testing into an almost daily routine. read more
Dubai's main share index (.DFMGI) dropped 0.8%, weighed down by a 1.9% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 1% decline in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, with the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD) dropping 1.4%.
The Qatari index (.QSI) fell 0.3%, hit by a 1.5% drop in petrochemical maker Industries Qatar (IQCD.QA).
Speculation that Russian President Vladimir Putin might declare war on Ukraine in order to call up reserves during his speech at "Victory Day" celebrations also hurt market sentiment. Putin has so far characterised Russia's actions in Ukraine as a "special military operation", not a war. read more
Bucking the trend, Saudi Arabia's benchmark index (.TASI) gained 0.7%, on course to extend gains for a third session, with oil giant Saudi Aramco (2222.SE) rising 0.4%.
The Kingdom's non-oil private sector continued to see robust growth in April, albeit at a slower pace than in March as fears over inflation began to weigh on demand, a survey showed on Monday. read more
Most Gulf stock markets fell in early trade on Monday, tracking subdued global shares on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and recession.
Shanghai authorities were tightening the city-wide COVID-19 lockdown they imposed more than a month ago, prolonging into late May an ordeal that China's capital Beijing was desperate to avoid by turning mass testing into an almost daily routine. read more
Dubai's main share index (.DFMGI) dropped 0.8%, weighed down by a 1.9% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 1% decline in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, with the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD) dropping 1.4%.
The Qatari index (.QSI) fell 0.3%, hit by a 1.5% drop in petrochemical maker Industries Qatar (IQCD.QA).
Speculation that Russian President Vladimir Putin might declare war on Ukraine in order to call up reserves during his speech at "Victory Day" celebrations also hurt market sentiment. Putin has so far characterised Russia's actions in Ukraine as a "special military operation", not a war. read more
Bucking the trend, Saudi Arabia's benchmark index (.TASI) gained 0.7%, on course to extend gains for a third session, with oil giant Saudi Aramco (2222.SE) rising 0.4%.
The Kingdom's non-oil private sector continued to see robust growth in April, albeit at a slower pace than in March as fears over inflation began to weigh on demand, a survey showed on Monday. read more
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