Kuwait central bank raises discount rate by 25 bps | Reuters
The Central Bank of Kuwait raised its discount rate by 25 basis points to 2.75% effective from Thursday, it said in a statement on Wednesday.
The decision was in response to inflationary pressures, bank Governor Basel al-Haroon said in the statement.
The bank had also increased the rate by 25 bps on July 27, after a 75 bps hike by the U.S. Federal Reserve.
All Gulf countries have their currencies pegged to the dollar except Kuwait, which pegs its dinar to a currency basket including the dollar.
Wednesday, 10 August 2022
Oil rises on renewed gasoline demand, weak dollar | Reuters
Oil rises on renewed gasoline demand, weak dollar | Reuters
Oil prices rose on Wednesday, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as lower-than-expected U.S. inflation data drove investors into riskier assets.
Brent crude futures settled up $1.09, or 1.1%, to $97.40 a barrel, while U.S. West Texas Intermediate crude futures gained $1.43, or 1.6%, to $91.93.
U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels.
However, U.S. gasoline stocks fell sharply as implied demand rose after weeks of lackluster activity during what is supposed to be peak summer driving season.
"Everyone has been very much focused on potential demand destruction, so seeing implied demand showing an outsized rebound for last week has probably given some comfort to those really concerned about that," said Matt Smith, lead oil analyst for the Americas at Kpler.
Oil prices rose on Wednesday, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as lower-than-expected U.S. inflation data drove investors into riskier assets.
Brent crude futures settled up $1.09, or 1.1%, to $97.40 a barrel, while U.S. West Texas Intermediate crude futures gained $1.43, or 1.6%, to $91.93.
U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels.
However, U.S. gasoline stocks fell sharply as implied demand rose after weeks of lackluster activity during what is supposed to be peak summer driving season.
"Everyone has been very much focused on potential demand destruction, so seeing implied demand showing an outsized rebound for last week has probably given some comfort to those really concerned about that," said Matt Smith, lead oil analyst for the Americas at Kpler.
OPEC’s Token Supply Boost Looks Astute as Oil Sentiment Sours - Bloomberg
OPEC’s Token Supply Boost Looks Astute as Oil Sentiment Sours - Bloomberg
OPEC’s latest supply increase seemed too small to satisfy anyone when it was unveiled last week, but it’s increasingly looking like the right call.
At just 100,000 barrels a day -- or 0.1% of global output -- the hike announced by Saudi Arabia and its partners appeared pointless or, worse still, a deliberate snub to US President Joe Biden following his trip to the kingdom and calls for additional barrels.
The Organization of Petroleum Exporting Countries and its partners explained that they had to use their “severely limited” spare capacity with “great caution.” Subsequent developments are vindicating their decision.
“The latest agreement is actually a fair deal,” Francesco Martoccia, an analyst at Citigroup Inc., said in a report.
International oil futures have sunk 5% this month, with Brent trading near $95 a barrel amid a lackluster holiday driving season in the US and growing fears over a global economic slowdown.
OPEC’s latest supply increase seemed too small to satisfy anyone when it was unveiled last week, but it’s increasingly looking like the right call.
At just 100,000 barrels a day -- or 0.1% of global output -- the hike announced by Saudi Arabia and its partners appeared pointless or, worse still, a deliberate snub to US President Joe Biden following his trip to the kingdom and calls for additional barrels.
The Organization of Petroleum Exporting Countries and its partners explained that they had to use their “severely limited” spare capacity with “great caution.” Subsequent developments are vindicating their decision.
“The latest agreement is actually a fair deal,” Francesco Martoccia, an analyst at Citigroup Inc., said in a report.
International oil futures have sunk 5% this month, with Brent trading near $95 a barrel amid a lackluster holiday driving season in the US and growing fears over a global economic slowdown.
Oil up, rebounds on renewed gasoline demand, weak dollar | Reuters
Oil up, rebounds on renewed gasoline demand, weak dollar | Reuters
Oil prices rose on Wednesday, rebounding from losses early in the session on lift from encouraging figures on U.S. gasoline demand and as a lower-than-expected U.S. inflation figure drove investors into riskier assets.
Brent crude futures rose68 cents, or 0.7%, to $96.99 a barrel as of 12:46 p.m. EST (1746 GMT). U.S. West Texas Intermediate crude futures gained83 cents, or 0.9%, to $91.33 .
U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. However, U.S. gasoline stocks fell sharply as implied demand rose after weeks of lackluster activity during what is supposed to be peak summer driving season.
"Everyone has been very much focused on potential demand destruction, so seeing implied demand showing an outsized rebound for last week has probably given some comfort to those really concerned about that," said Matt Smith, lead oil analyst, Americas, for Kpler.
Gasoline product supplied rose in the most recent week to 9.1 million bpd, though that figure still shows demand down 6% over the past four weeks compared with the year-ago period.
Oil prices rose on Wednesday, rebounding from losses early in the session on lift from encouraging figures on U.S. gasoline demand and as a lower-than-expected U.S. inflation figure drove investors into riskier assets.
Brent crude futures rose68 cents, or 0.7%, to $96.99 a barrel as of 12:46 p.m. EST (1746 GMT). U.S. West Texas Intermediate crude futures gained83 cents, or 0.9%, to $91.33 .
U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. However, U.S. gasoline stocks fell sharply as implied demand rose after weeks of lackluster activity during what is supposed to be peak summer driving season.
"Everyone has been very much focused on potential demand destruction, so seeing implied demand showing an outsized rebound for last week has probably given some comfort to those really concerned about that," said Matt Smith, lead oil analyst, Americas, for Kpler.
Gasoline product supplied rose in the most recent week to 9.1 million bpd, though that figure still shows demand down 6% over the past four weeks compared with the year-ago period.
Conglomerate IHC boosts #AbuDhabi index to record high | Reuters
Conglomerate IHC boosts Abu Dhabi index to record high | Reuters
Most stock markets in the Gulf ended higher on Wednesday, with the Abu Dhabi index reaching a record high buoyed by strong corporate earnings.
The Abu Dhabi index (.FTFADGI) closed up 0.8% at 10,198 points, bolstered by a 3.3% leap in conglomerate International Holding Co (IHC) (IHC.AD), gaining for a fourth session in five.
IHC expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created "a buyers' market," its chief executive told Reuters on Wednesday. read more
The company on Monday reported a 137% year-on-year increase in net profit for the first half of the year at 10.35 billion dirhams.
IHC, Abu Dhabi's most valuable listed company, has a market capitalisation of more than $167 billion and assets in the fast-growing healthcare and industrial sectors.
Elsewhere, Abu Dhabi National Energy Company (TAQA.AD) advanced 2.4%, after reporting a sharp rise in first-half net profit.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, led by a 1.4% rise in Saudi British Bank (1060.SE).
Abdullah Al Othaim Market (4001.SE) jumped 4% after the retail chain approved to sell its land in Al-Madinah Al-Munawarah for 211.3 million riyals ($56.21 million).
Dubai's main share index (.DFMGI) added 0.3%, helped by a 1.8% rise in blue-chip developer Emaar Properties (EMAR.DU).
Dubai's biggest bank Emirates NBD (ENBD.DU) has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said.
The average rental prices for apartments and townhouses in Dubai rose by 29% and 33%, respectively, in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.
Emirates NBD reversed early losses to end flat.
The Qatari benchmark (.QSI) rose 0.4%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) climbing 1.9%.
On the other hand, Salam International Investment (SALM.QA) dropped 4.4% following a decline in first-half profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) concluded flat.
Egypt's annual urban consumer inflation accelerated to a higher-than expected 13.6% year-on-year in July from 13.2% in June, data from the country's statistics agency CAPMAS showed on Wednesday. read more
Egypt has been hurt by the increase in global commodity prices following Russia's invasion of Ukraine.
Most stock markets in the Gulf ended higher on Wednesday, with the Abu Dhabi index reaching a record high buoyed by strong corporate earnings.
The Abu Dhabi index (.FTFADGI) closed up 0.8% at 10,198 points, bolstered by a 3.3% leap in conglomerate International Holding Co (IHC) (IHC.AD), gaining for a fourth session in five.
IHC expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created "a buyers' market," its chief executive told Reuters on Wednesday. read more
The company on Monday reported a 137% year-on-year increase in net profit for the first half of the year at 10.35 billion dirhams.
IHC, Abu Dhabi's most valuable listed company, has a market capitalisation of more than $167 billion and assets in the fast-growing healthcare and industrial sectors.
Elsewhere, Abu Dhabi National Energy Company (TAQA.AD) advanced 2.4%, after reporting a sharp rise in first-half net profit.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, led by a 1.4% rise in Saudi British Bank (1060.SE).
Abdullah Al Othaim Market (4001.SE) jumped 4% after the retail chain approved to sell its land in Al-Madinah Al-Munawarah for 211.3 million riyals ($56.21 million).
Dubai's main share index (.DFMGI) added 0.3%, helped by a 1.8% rise in blue-chip developer Emaar Properties (EMAR.DU).
Dubai's biggest bank Emirates NBD (ENBD.DU) has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said.
The average rental prices for apartments and townhouses in Dubai rose by 29% and 33%, respectively, in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.
Emirates NBD reversed early losses to end flat.
The Qatari benchmark (.QSI) rose 0.4%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) climbing 1.9%.
On the other hand, Salam International Investment (SALM.QA) dropped 4.4% following a decline in first-half profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) concluded flat.
Egypt's annual urban consumer inflation accelerated to a higher-than expected 13.6% year-on-year in July from 13.2% in June, data from the country's statistics agency CAPMAS showed on Wednesday. read more
Egypt has been hurt by the increase in global commodity prices following Russia's invasion of Ukraine.
Watch Tourism Surges in #Dubai - Bloomberg
Watch Tourism Surges in Dubai - Bloomberg
Dubai's tourism industry is close to returning to pre-pandemic levels. The Emirate attracted 7.1 million overnight visitors in the first half of this year, about a million short of the first half of 2019. Philippe Zuber, CEO of Kerzner International, a global ultra-luxury hotelier best known for brands including the Atlantis and the One&Only speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Dubai's tourism industry is close to returning to pre-pandemic levels. The Emirate attracted 7.1 million overnight visitors in the first half of this year, about a million short of the first half of 2019. Philippe Zuber, CEO of Kerzner International, a global ultra-luxury hotelier best known for brands including the Atlantis and the One&Only speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Net profit of #UAE's Air Arabia soars as air travel bounces back
Net profit of UAE's Air Arabia soars as air travel bounces back
Low-cost airline Air Arabia has reported a manyfold increase in its net profit based on recovering demand for air travel, but the Sharjah-based carrier noted that the industry has continued to face challenges.
Air Arabia’s Q2 net profit stood at AED 160 million ($43.5 million) compared to AED 10 million in the same time last year. It fell well short of the mean estimate of AED 237 million from analysts, according to data provider Refinitiv.
Turnover more than doubled to AED 1.11 billion, compared to AED 496 million in the corresponding period last year, the Dubai DFM-listed airlines said in a statement on Wednesday.
More than 2.7 million passengers flew with Air Arabia between March and June 2022 across the carrier’s five hubs, nearly 200% higher year-on-year. The airline’s average seat load factor increased by 13% to 79%.
Sheikh Abdullah bin Mohammad Al Thani, chairman of Air Arabia, said the strong performance was supported by higher customer demand and cost control measures.
“The global aviation industry continues to face geo-political challenges, the impact of higher oil prices and uncertainty towards full economic recovery. Despite all these challenges, we have full confidence in the business model we operate, and the crucial role that the aviation industry plays in supporting regional and global economic growth," he said.
Low-cost airline Air Arabia has reported a manyfold increase in its net profit based on recovering demand for air travel, but the Sharjah-based carrier noted that the industry has continued to face challenges.
Air Arabia’s Q2 net profit stood at AED 160 million ($43.5 million) compared to AED 10 million in the same time last year. It fell well short of the mean estimate of AED 237 million from analysts, according to data provider Refinitiv.
Turnover more than doubled to AED 1.11 billion, compared to AED 496 million in the corresponding period last year, the Dubai DFM-listed airlines said in a statement on Wednesday.
More than 2.7 million passengers flew with Air Arabia between March and June 2022 across the carrier’s five hubs, nearly 200% higher year-on-year. The airline’s average seat load factor increased by 13% to 79%.
Sheikh Abdullah bin Mohammad Al Thani, chairman of Air Arabia, said the strong performance was supported by higher customer demand and cost control measures.
“The global aviation industry continues to face geo-political challenges, the impact of higher oil prices and uncertainty towards full economic recovery. Despite all these challenges, we have full confidence in the business model we operate, and the crucial role that the aviation industry plays in supporting regional and global economic growth," he said.
#AbuDhabi conglomerate IHC seeks takeovers in 'buyers' market' | Reuters
Abu Dhabi conglomerate IHC seeks takeovers in 'buyers' market' | Reuters
Abu Dhabi conglomerate International Holding Co (IHC) (IHC.AD) expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created "a buyers' market," its chief executive told Reuters on Wednesday.
IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, is aiming for publicly-listed companies in growth markets, Syed Basar Shueb said, adding that it was also looking in South America and Indonesia.
"The public domain market has really corrected itself in some of the assets," he said.
"But in the private domain, it is still difficult to negotiate with the owners because they all are still living in a year-old world where the valuations were extremely high. It's not a sellers' market, it's a buyers' market now."
IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions at a total value of 10 billion dirhams ($2.72 billion) this year.
Abu Dhabi conglomerate International Holding Co (IHC) (IHC.AD) expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created "a buyers' market," its chief executive told Reuters on Wednesday.
IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, is aiming for publicly-listed companies in growth markets, Syed Basar Shueb said, adding that it was also looking in South America and Indonesia.
"The public domain market has really corrected itself in some of the assets," he said.
"But in the private domain, it is still difficult to negotiate with the owners because they all are still living in a year-old world where the valuations were extremely high. It's not a sellers' market, it's a buyers' market now."
IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions at a total value of 10 billion dirhams ($2.72 billion) this year.
#Saudi Wealth Fund Unit Buys Egypt Company Stakes for $1.3 Billion - Bloomberg
Saudi Wealth Fund Unit Buys Egypt Company Stakes for $1.3 Billion - Bloomberg
A unit of Saudi Arabia’s sovereign wealth fund scooped up state-owned stakes in four Egyptian publicly listed companies for $1.3 billion, as part of the kingdom’s commitment to channel resources to the struggling economy of a country seen as a linchpin in the Arab world.
The Saudi Egyptian Investment Co., a new firm set up by the $620 billion Public Investment Fund, acquired minority stakes in Abou Kir Fertilizers & Chemical Industries Co., Misr Fertilizer Production Co., Alexandria Container and Cargo Handling Co., and E-Finance, Egypt’s Planning Ministry and the PIF -- as the Saudi fund is known -- said in separate statements Wednesday.
The kingdom has pledged $10 billion of investments into Egypt in sectors such as health care, education and agriculture. It already provided support in March, when it deposited $5 billion in Egypt’s central bank.
A major food importer, Egypt has been hit hard by Russia’s invasion of Ukraine. The conflict has sent the North African nation’s wheat and fuel bills soaring, put pressure on its currency and prompted it to seek International Monetary Fund assistance.
A unit of Saudi Arabia’s sovereign wealth fund scooped up state-owned stakes in four Egyptian publicly listed companies for $1.3 billion, as part of the kingdom’s commitment to channel resources to the struggling economy of a country seen as a linchpin in the Arab world.
The Saudi Egyptian Investment Co., a new firm set up by the $620 billion Public Investment Fund, acquired minority stakes in Abou Kir Fertilizers & Chemical Industries Co., Misr Fertilizer Production Co., Alexandria Container and Cargo Handling Co., and E-Finance, Egypt’s Planning Ministry and the PIF -- as the Saudi fund is known -- said in separate statements Wednesday.
The kingdom has pledged $10 billion of investments into Egypt in sectors such as health care, education and agriculture. It already provided support in March, when it deposited $5 billion in Egypt’s central bank.
A major food importer, Egypt has been hit hard by Russia’s invasion of Ukraine. The conflict has sent the North African nation’s wheat and fuel bills soaring, put pressure on its currency and prompted it to seek International Monetary Fund assistance.
Oil drops on Druzhba pipeline news and U.S. inflation expectations | Reuters
Oil drops on Druzhba pipeline news and U.S. inflation expectations | Reuters
Oil prices fell on Wednesday on expectations that Druzhba pipeline flows will resume shortly and demand concerns ahead of publication of key demand indicators.
Brent crude futures were down $1.69, or 1.75%, to $94.62 a barrel at 1124 GMT.
U.S. West Texas Intermediate crude futures were down $1.61 cents, or 1.78%, at $88.89.
Russia's pipeline monopoly Transneft said it planned to resume oil pumping through the southern branch of the Druzhba pipeline at 1600 Moscow time (1300 GMT), Russian state-owned news agency RIA reported. read more
Ukraine had suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from receiving transit fees from Moscow, Transneft said on Tuesday. read more
Hungarian energy group MOL (MOLB.BU) has transferred the transit fee for the use of the Ukrainian section of the pipeline, MOL said on Wednesday. read more
Oil prices fell on Wednesday on expectations that Druzhba pipeline flows will resume shortly and demand concerns ahead of publication of key demand indicators.
Brent crude futures were down $1.69, or 1.75%, to $94.62 a barrel at 1124 GMT.
U.S. West Texas Intermediate crude futures were down $1.61 cents, or 1.78%, at $88.89.
Russia's pipeline monopoly Transneft said it planned to resume oil pumping through the southern branch of the Druzhba pipeline at 1600 Moscow time (1300 GMT), Russian state-owned news agency RIA reported. read more
Ukraine had suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from receiving transit fees from Moscow, Transneft said on Tuesday. read more
Hungarian energy group MOL (MOLB.BU) has transferred the transit fee for the use of the Ukrainian section of the pipeline, MOL said on Wednesday. read more
#AbuDhabi energy company TAQA’s profit jumps 63% as oil prices boost revenue
Abu Dhabi energy company TAQA’s profit jumps 63% as oil prices boost revenue
Abu Dhabi National Energy Company (TAQA) posted a 63% increase in Q2 2022 net profit to AED2.31 billion ($629 million) as higher oil & gas prices boosted revenues.
The result was in line with the AED2.38 billion analysts' mean estimate, according to data provider Refinitiv.
Total revenue for the period was nearly 10% higher at AED13 billion versus AED11.86 billion in the year ago period, the energy company said in a statement on the Abu Dhabi Securities Exchange on Wednesday.
Oil and gas prices have jumped since the beginning of the year on higher demand and supply constraints due to geopolitical tensions related to Russia's invasion of Ukraine.
Abu Dhabi National Energy Company (TAQA) posted a 63% increase in Q2 2022 net profit to AED2.31 billion ($629 million) as higher oil & gas prices boosted revenues.
The result was in line with the AED2.38 billion analysts' mean estimate, according to data provider Refinitiv.
Total revenue for the period was nearly 10% higher at AED13 billion versus AED11.86 billion in the year ago period, the energy company said in a statement on the Abu Dhabi Securities Exchange on Wednesday.
Oil and gas prices have jumped since the beginning of the year on higher demand and supply constraints due to geopolitical tensions related to Russia's invasion of Ukraine.
Major Gulf bourses trade mixed; #AbuDhabi at record high | Reuters
Major Gulf bourses trade mixed; Abu Dhabi at record high | Reuters
Major stock markets in the Gulf were mixed in early trade on Wednesday, ahead of the release of U.S. inflation data that could point to the Federal Reserve's appetite for more aggressive rate increases.
The Abu Dhabi index (.FTFADGI) touched a record peak, rising 0.7% to 10,193 points and bolstered by a 2.1% gain in conglomerate International Holding Co (IHC) (IHC.AD), which is on course to gain for a fourth session in five.
On Monday, IHC reported a quarterly profit of 6.81 billion dirhams ($1.85 billion), up from 2.87 billion a year earlier, mainly driven by acquisitions.
IHC, which has a market capitalisation of more than $167 billion and assets in the fast-growing healthcare and industrial sectors, is Abu Dhabi's most valuable listed company.
Elsewhere, Abu Dhabi National Energy Company (TAQA.AD) jumped 4%, after reporting a sharp rise in first-half net profit.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 1.5% fall in its top lender, Emirates NBD (ENBD.DU).
The bank has given most employees a pay rise of up to 8% to help cushion rising costs of living, Reuters reported on Tuesday, citing two sources familiar with the matter. read more
Dubai average rental prices for apartments and townhouses rose by 29% and 33% in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.
The Dubai index's losses, however, were limited by a 1.3% rise in blue-chip developer Emaar Properties (EMAR.DU).
Saudi Arabia's benchmark index (.TASI) added 0.1%, helped by a 0.5% gain in Al Rajhi Bank (1120.SE).
Oil giant Saudi Aramco (2222.SE) has told at least four North Asian buyers that it will supply full contractual volumes of crude in September, sources with knowledge of the matter said on Wednesday. read more
Shares of Aramco were down 0.5%.
The Qatari benchmark (.QSI) dropped 0.4%, driven down by a 0.6% fall in Qatar Islamic Bank (QISB.QA).
Among other losers, Salam International Investment (SALM.QA) jumped 3.8% following a decline in first-half profit.
Crude oil prices, a key catalyst for the Gulf's financial markets, fell ahead of a key U.S. report on inflation and after industry data showed U.S. crude inventories had unexpectedly risen last week, signalling a potential hiccup in demand.
Major stock markets in the Gulf were mixed in early trade on Wednesday, ahead of the release of U.S. inflation data that could point to the Federal Reserve's appetite for more aggressive rate increases.
The Abu Dhabi index (.FTFADGI) touched a record peak, rising 0.7% to 10,193 points and bolstered by a 2.1% gain in conglomerate International Holding Co (IHC) (IHC.AD), which is on course to gain for a fourth session in five.
On Monday, IHC reported a quarterly profit of 6.81 billion dirhams ($1.85 billion), up from 2.87 billion a year earlier, mainly driven by acquisitions.
IHC, which has a market capitalisation of more than $167 billion and assets in the fast-growing healthcare and industrial sectors, is Abu Dhabi's most valuable listed company.
Elsewhere, Abu Dhabi National Energy Company (TAQA.AD) jumped 4%, after reporting a sharp rise in first-half net profit.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 1.5% fall in its top lender, Emirates NBD (ENBD.DU).
The bank has given most employees a pay rise of up to 8% to help cushion rising costs of living, Reuters reported on Tuesday, citing two sources familiar with the matter. read more
Dubai average rental prices for apartments and townhouses rose by 29% and 33% in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.
The Dubai index's losses, however, were limited by a 1.3% rise in blue-chip developer Emaar Properties (EMAR.DU).
Saudi Arabia's benchmark index (.TASI) added 0.1%, helped by a 0.5% gain in Al Rajhi Bank (1120.SE).
Oil giant Saudi Aramco (2222.SE) has told at least four North Asian buyers that it will supply full contractual volumes of crude in September, sources with knowledge of the matter said on Wednesday. read more
Shares of Aramco were down 0.5%.
The Qatari benchmark (.QSI) dropped 0.4%, driven down by a 0.6% fall in Qatar Islamic Bank (QISB.QA).
Among other losers, Salam International Investment (SALM.QA) jumped 3.8% following a decline in first-half profit.
Crude oil prices, a key catalyst for the Gulf's financial markets, fell ahead of a key U.S. report on inflation and after industry data showed U.S. crude inventories had unexpectedly risen last week, signalling a potential hiccup in demand.
Crude Oil Price Steadies as Traders Weigh Russian Pipeline Halt, Stockpiles - Bloomberg
Crude Oil Price Steadies as Traders Weigh Russian Pipeline Halt, Stockpiles - Bloomberg
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