#SaudiArabia's Sabic: World’s Biggest Chemical Maker Sees Profit Slump in Q4 - Bloomberg

Saudi Arabia's Sabic: World’s Biggest Chemical Maker Sees Profit Slump in Q4 - Bloomberg

The world’s biggest chemicals maker said profit margins would remain tight with the Chinese market yet to recover and the global economic downturn weakening demand for plastics and building materials.

Saudi Basic Industries Corp.’s net income dropped to 290 million riyals ($78 million) in the fourth quarter, down 94% year-on-year and the worst figure since the height of the coronavirus pandemic in mid-2020.

The stock fell 3.7% on Tuesday to 88.50 riyals, the biggest decline this year.

The ending of Covid lockdowns in China hasn’t led to a rapid rebound in consumption in the world’s second-largest economy, according to Abdulrahman Al-Fageeh, Sabic’s acting chief executive officer.

“Things in China are still roughly the same as they were in 2021,” he said to reporters. “So far we have not seen the high demand that was expected. It seems to me that the second quarter or the second half may witness the return of the Chinese market.”

Mideast Stocks: Most Gulf markets end higher on upbeat oil prices

Mideast Stocks: Most Gulf markets end higher on upbeat oil prices

Most Gulf stock markets closed higher on Tuesday, as a rise in oil prices and hopes for a solid economic rebound in China raised investors sentiments.

Crude prices - a key catalyst for the gulf's financial markets - rose 1.4% on Tuesday with Brent crude was up $1.19, to $83.64 at 1300 GMT. Expectations of demand recovery in the world's top oil importer China underpinned gains as economists polled by Reuters expected factory activity grew in February.

The benchmark index in Saudi Arabia climbed 1.1%, lifted up by gains in almost all sectors. Petrochemical maker Sahara International Petrochemical surged 4.3% after it reported a rise in full year profit. However, the index ended the month almost 6.6% down, erasing some of the gains from January.

In Abu Dhabi, the index rose 0.1% to post a monthly gain of 0.3%. The index was lifted by a 1.3% gain in real estate developer Aldar Properties and 2.4% rise in Abu Dhabi Islamic Bank. Al Yah Satellite Communications jumped 3.1% after its board proposed a final dividend of 8.06 fils per share, bringing total dividend for fiscal year 2022 to 16.12 fils per share.

Dubai's benchmark index ended 0.6% higher, registering a 4.1% monthly gain after closing the previous month in the red. The index was helped by gains in almost all sectors with blue-chip developer Emaar Properties surging 2.6% and Emirates Central Cooling Systems gaining 2.6%.

The Qatari index ended up 0.3%, aided by gains in financial and industrial sectors. The Gulf's biggest lender Qatar National Bank rose 1.9% and the index heavyweight Islamic banks Qatar Islamic Bank and Qatar International Islamic Bank gained 0.8% and 1.7% respectively. However, the index declined 3.3% on a monthly basis.

Outside the Gulf, Egypt's blue-chip index lost 0.6%, extending its losses to a second session. The index was dragged down by losses in financial and material sectors. Commercial International Bank and Misr Fertilizer dropped 2.4% and 6.2% respectively. However, the index is on track for a 3% gain this month, its fifth positive month in a row.

#UAE: e& hikes stake in Vodafone to 14%

UAE: e& hikes stake in Vodafone to 14%

E& increased its equity ownership in Vodafone Group to 3.79 billion shares, which represents 14% of the latter’s share capital, excluding treasury shares.

The two entities carried out the stake hike process on 27 February 2023, according to a bourse filing.

Earlier this month, the UAE-based firm raised its shareholding in Vodafone to 13% from 12%, excluding treasury shares.

On 14 May 2022, e& acquired a 9.80% stake in Vodafone in order to anchor its exposure to global markets and back possible commercial partnerships.

Last year, the ADX-listed company, formerly known as Etisalat Group, recorded net profits attributable to the equityholders worth AED 10 billion.

Edmond de Rothschild Plans #Dubai Hires With Eye on Mideast Money - Bloomberg video

Edmond de Rothschild Plans Dubai Hires With Eye on Mideast Money - Bloomberg

Edmond de Rothschild, the privately-held Swiss investment firm, may hire up to 10 people each year in Dubai after obtaining a key license in the Middle Eastern business hub.

The company is opening in the Dubai International Financial Centre with an advisory license and “eight extremely senior colleagues who recently joined us,” according to Saman Habibian, market leader for Edmond de Rothschild in the Middle East and Africa.

“The region is a very strategic market from growth point of view. We are planning to grow,” Habibian said in an interview with Bloomberg TV on Tuesday. “The number is second priority to us. We want to grow with experienced colleagues. That number could be anything between 5 and 10 on an annual basis.”

Dubai is emerging as a favored destination for hedge funds and financial firms, which are drawn by its ease of doing business, tax-free status and allure as a global travel hub. The financial center has said that it’s in talks with more than 50 hedge funds jointly managing over $1 trillion worth of assets about setting up.

Edmond de Rothschild plans to follow growth opportunities in the region and may eventually look at setting up in Saudi Arabia too, Habibian said.

Oil Price Heads for Fourth Monthly Drop as Fed Angst Eclipses China - Bloomberg

Oil Price Heads for Fourth Monthly Drop as Fed Angst Eclipses China - Bloomberg

Oil headed for a fourth consecutive monthly decline as concerns about tighter monetary policy and swelling stockpiles in the US eclipsed optimism about rising demand in top importer China.

West Texas Intermediate ticked above $76 a barrel, but is still down more than 3% this month. Crude has been burdened in February as signs of sticky inflation in the US have spurred expectations the Federal Reserve will keep hiking. That’s aided the dollar, hurting commodities priced in the currency.

Oil prices have also been weighed down by rising US stockpiles, which are at the highest level since May 2021. As part of that increase, there have been builds in crude holdings at the key storage hub in Cushing, Oklahoma.

#Saudi Wealth Fund Unit Backs Emkan Capital’s Technology Fund - Bloomberg

Saudi Wealth Fund Unit Backs Emkan Capital’s Technology Fund - Bloomberg

A unit of Saudi Arabia’s sovereign wealth fund is among investors in Emkan Capital’s $31 million tech fund that will back early-stage start-ups across the Middle East.

Jada Fund of Funds, which is wholly owned by the Public Investment Fund, invested in the Emkan Capital Fund I, Emkan general partner Ghassan Aloshban said in an interview. Emkan also received an investment from foreign investors including Ori Sasson, he said.

The fund will invest in pre-seed and seed-stage companies with high-growth potential in sectors such as fintech, e-commerce, and logistics, Aloshban said. It will also cover frontier sectors like artificial intelligence, cyber, cloud and health tech across the Middle East, North Africa and Pakistan region.

Saudi Arabia’s PIF has been plowing money into tech firms and startups as it seeks to build a venture capital industry and encourage young entrepreneurs to set up their own businesses to diversify the economy and create jobs. It created a $1 billion fund of funds for venture capital firms, and also invests directly through its subsidiary, Sanabil.

SABIC's quarterly profit slumps 94% on lower sales prices | Reuters

SABIC's quarterly profit slumps 94% on lower sales prices | Reuters

Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices.

The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier.

SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results.

Prices across the company's main petrochemicals segments, chemicals, polyethylene and performance polymers were lower in the fourth quarter, SABIC said, adding that margins were expected to remain under pressure in the first half of 2023 amid slow demand.

Major Gulf bourses mixed, #Saudi falls on weak earnings | Reuters

Major Gulf bourses mixed, Saudi falls on weak earnings | Reuters

Gulf stock markets opened mixed on Tuesday as strong U.S. economic data fuelled concerns of further interest rate hikes by the U.S. Federal Reserve to tame high inflation, while Saudi Arabia's index fell on a slew of poor earnings.

Data on Monday showed U.S. core capital goods orders accelerated in January, beating forecasts, while contracts to buy previously owned U.S. homes rose the most in more than 2-1/2 years in January.

Monday's data comes after a hotter-than-expected personal consumption expenditure report on Friday, which reinforced expectations the Fed will need to stay on its hawkish path for longer.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

Saudi Arabia's benchmark stock index (.TASI) dropped 0.2%, extending losses for an eighth-consecutive session. The index was weighed down by a 3.8% dive in petrochemicals firm Saudi Basic Industries Corporation (Sabic) (2010.SE).

Sabic posted a 94% slump in its fourth-quarter net profit to 0.29 billion riyals ($77.28 million) compared to a 4.97 billion riyals profit a year-ago.

Annual net income attributable to shareholders for 2022 came in at 16.53 billion riyals ($4.40 billion), down 28% from the previous year.

Sahara International Petrochemical (Sipchem) (2310.SE) also fell 0.7% after reporting slightly lower net profit of 3.60 billion riyals ($959.33 million) in fiscal year 2022, compared to 3.59 billion riyals ($956.67 million) a year ago.

Among other stocks, National Industrialization's (Tasnee) (2060.SE) annual profit halved to 666.3 million riyals ($177.56 million).

Dubai's benchmark stock index (.DFMGI) edged down 0.2%, dragged down by properties and utilities stocks, with blue-chip developer Emaar Properties shedding 0.9% and TECOM Group (TECOM.DU) losing 1.7%.

In Abu Dhabi, the benchmark stock index (.FTFADGI) edged up 0.2%, led by a 1% increase in United Arab Emirates' biggest lender, First Abu Dhabi Bank (FAB) (FAB.AD) and a 1.2% hike in Telecoms firm e& (EAND.AD), formerly known as Emirates Telecommunications.

The Qatari Stock index (.QSI) edged up 0.2%, supported by its industrial and financial stocks.

Petrochemical maker Industries Qatar (IQCD.QA) added 0.9%, while Qatar National Bank (QNBK.QA), the Gulf largest lender, was up 0.2%.

Qatar Gas Transport Nakilat (QGTS.QA) also gained 1.4%.

Central Bank of #UAE’s balance totalled $151.1bln at end of 2022

Central Bank of UAE’s balance totalled $151.1bln at end of 2022

The Central Bank of the UAE’s (CBUAE) balance sheet reached a record AED555 billion in December 2022, the highest in its history.

The balance sheet increased every month by 8.1 percent, reaching AED554.99 billion at the end of last December, compared to AED513.61 billion in November 2022, the bank said in its latest statistics.

Its balance sheet also increased annually by 6.4 percent, equivalent to AED33.4 billion, compared to some AED521.54 billion in December 2021, it added.

According to the bank’s statistics, in December 2022, its balance was distributed between assets, including cash and bank balances worth AED279.25 billion, investments saved to maturity worth AED180.44 billion, and deposits worth 63.43 billion, loans and advances worth AED5.55 billion, and other assets worth AED26.32 billion.

Its balance sheet was also distributed between liabilities and capital, including current accounts and deposit accounts worth AED236.66 billion, certificates of deposit and cash bills worth AED164.75 billion, issued bills and coins worth AED120.01 billion, capital and reserves worth AED13.35 billion, and other liabilities worth AED20.22 billion.

Mideast Stocks: Most Gulf markets fall on worries of more U.S. rate hikes

Mideast Stocks: Most Gulf markets fall on worries of more U.S. rate hikes

Most Gulf bourses ended lower on Monday that the U.S. Federal Reserve might keep interest rates higher for longer due to a resilient economy. Data on Friday showed the U.S. personal consumption expenditures price index shot up 0.6% last month after gaining 0.2% in December, bringing back fears of a hawkish central bank.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

The benchmark index in Saudi Arabia ended 0.6% lower at 9,995, its lowest close since April 2021. The world's largest Islamic bank by assets, Al Rajhi Bank , declined 1.6%, while oil giant Aramco slid 1.3%. Fertilizer maker SABIC Agri-Nutrients, however, gained 2.7% after reporting a 92% jump in annual net profit.

In Abu Dhabi, the index fell 0.3%, extending its losses to a second session. The index was pulled down by a 1.3% drop in Abu Dhabi Commercial Bank and a 3.3% slide in Americana Restaurants International.

Dubai's benchmark index fell marginally, cushioned by gains in real estate, utilities and financial sectors, with Emaar Properties rising 1.3% and Dubai's largest lender Emirates NBD adding 0.4%. Among the losers, United Arab Emirates-based commercial lender Commercial Bank of Dubai and Deyaar Development dropped 1.9% and 1.2%, respectively. Real estate developer Deyaar's board said it would seek shareholders' nod on not to distribute any dividend for the fiscal year 2022.

The Qatari Stock index ended slightly lower, with the losses in financial and communications sectors partly offset by the gains in industrial, materials and energy sectors. The gulf region's largest lender Qatar National Bank rose 1.8% and Qatar Navigation gained 2.8%. Gulf's largest insurer Qatar Insurance plunged 8.3% after it surged nearly 10% for two consecutive sessions. The insurer said on Sunday its listed unit in Oman, Oman Qatar Insurance, acquired another listed rival Vision Insurance.

Outside the Gulf, Egypt's blue-chip index fell 0.6%, ending two sessions gaining streak. The index was weighed down by losses in most sectors, with Commercial International Bank dropping 2% and Egypt Kuwait Holding losing 0.9%. Egypt-based automotive company GB Auto, however, rose 3.6% after it reported a rise in fourth-quarter profit.

General Atlantic Joins Push for Middle East Sovereign Wealth - Bloomberg

General Atlantic Joins Push for Middle East Sovereign Wealth - Bloomberg

Some of the private equity industry’s biggest names are expanding in the Middle East to develop closer ties with the region’s deep-pocketed investors and source dealmaking opportunities.

General Atlantic, which manages nearly $73 billion, on Monday named Samir Assaf — who joined in 2021 as a senior adviser — to the newly created role of chairman of its Middle East and North Africa business. Assaf, HSBC Holdings Plc’s former chief executive officer of global banking and markets and still an adviser to the bank, will identify investment opportunities and build relationships across the region.

The New York-based firm has been investing in the Middle East since 2015 and has so far deployed about $400 million in firms such as online real estate search platform Property Finder and Network International, the credit card processing firm. The company currently doesn’t have anyone on the ground but intends to build a physical presence in the region later this year.

“We see meaningful opportunities to expand our commitment to the region strategically and Samir’s expanded role as MENA chairman accelerates our ability to do that,” General Atlantic Chairman and Chief Executive Officer Bill Ford said in a statement.

IPIC, Aabar to Pay Malaysia $1.8 Billion in 1MDB Dispute - Bloomberg #AbuDhabi #UAE

IPIC, Aabar to Pay Malaysia $1.8 Billion in 1MDB Dispute - Bloomberg

Malaysia reached a $1.8 billion settlement with International Petroleum Investment Co. and Aabar Investments PJS to end a legal dispute linked to the multi-billion scandal involving the southeast Asian nation’s 1Malaysia Development Bhd.

The two sides have been locked in proceedings at a London’s court, with Malaysia claiming that the Abu Dhabi entities — which have since been rolled into Mubadala Investment Co. — were aware of fraud allegations against former Prime Minister Najib Razak at the time the deal was struck.

“With this settlement, Malaysia and Abu Dhabi look forward to continue working together for the prosperity and economic benefit of both countries in the future,” the Finance Ministry said in the statement Monday.

1Malaysia Development Bhd., or 1MDB, was an investment fund intended to develop the nation’s economy. Instead, it became the focus of a scandal that spawned probes in Asia, the US and Europe. Much of the money was allegedly embezzled by people connected to Najib and diverted for bribes.

Adnoc Gas IPO Upsized to About $2.5 Billion on Heavy Demand - Bloomberg

Adnoc Gas IPO Upsized to About $2.5 Billion on Heavy Demand - Bloomberg

The United Arab Emirate’s main oil company has increased the size of the initial public offering of its gas business — already set to be the world’s largest so far this year — by a quarter to as much as $2.5 billion.

The move comes after investors snapped up all available shares within hours of them going on sale last week. Abu Dhabi National Oil Co. will now offer 3.84 billion shares, or a stake of about 5%, in Adnoc Gas in the IPO, according to a statement on Monday. It was previously looking to sell 4%.

The price range remains unchanged at 2.25 dirhams ($0.61) to 2.43 dirhams per share, valuing the company at as much as $50.8 billion. The retail offering was boosted to 12% of the total deal while the employee tranche was increased to 4%.

There has been “significant investor demand across all tranches,” Adnoc Gas said. The Middle East had experienced increased investor interest last year on the back of its IPO boom which bucked a global slowdown and a surge in energy prices following Russia’s invasion of Ukraine.

#Dubai Holding takes full ownership of ‘Westin Paris – Vendome’

Dubai Holding takes full ownership of ‘Westin Paris – Vendome’

Dubai Holding, a diversified global investment company with operations in 13 countries, announced today that it has acquired full ownership of the iconic The Westin Paris – Vendome after acquiring Henderson Park’s stake in the property.

The hotel, with its ultra-prime location, is one of the most sought-after real estate assets in Paris, France. Henderson Park and Dubai Holding had acquired The Westin Paris – Vendome in a joint venture back in 2018.

The acquisition of this prime asset further strengthens Dubai Holding’s extensive portfolio of world-class assets in key gateway locations. In addition, it supports the Group’s long-term strategy of global expansion that is focused on boosting its presence in strategic destinations across the world, including North America, the Middle East, Europe and Asia.

The Westin Paris – Vendome is an iconic property that was built in 1878 and is situated in a unique location in the heart of the busiest luxury district in Paris. Overlooking the Jardin des Tuileries, the River Seine and the Eiffel Tower – and a few steps away from Place Vendome, Place de la Concorde, Avenue des Champs Elysees and Le Louvre Museum – the historic setting of the property offers visitors an unparalleled entry to the City of Lights.

IPO final session highlights detailed offerings of Abraj Energy’s shares

IPO final session highlights detailed offerings of Abraj Energy’s shares

The Initial Public Offering (IPO) of Abraj Energy Services, a subsidiary of OQ, the Global Integrated Energy Group, enters its second week on Monday and ends on March 1 for the small investor category, while the large investors' subscription ends on March 2.

As part of its IPO introductory sessions tour, the company organised its last introductory meeting on Sunday, in cooperation with the branch of the Oman Chamber of Commerce and Industry (OCCI) in Dhofar Governorate. The session highlighted the detailed offerings of Abraj shares.

The sessions fall under the IPO introductory meetings in the Governorates of Al Sharqiyah South, Al Batinah North, and Al Dakhiliyah, in addition to a session organised in cooperation with the Muscat Stock Exchange (MSX).

Speaking on the occasion, Sheikh Nayef bin Hamid Beit Fadil, a member of the Board of Directors of the OCCI, Chairman of the Board of Directors of the chamber's branch in Dhofar said, "We appreciate the efforts of the Omani Investment Authority to exit certain government assets and the importance of attracting national and foreign investment to Oman. This, in addition to expanding the ownership base of government companies, is vital for stimulating the national economy.”

Mideast Stocks: Most Gulf markets open lower on weak oil prices, rate-hike bets

Mideast Stocks: Most Gulf markets open lower on weak oil prices, rate-hike bets

Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the U.S. Federal Reserve dampened investors' risk appetite.

Investors are braced for more challenging U.S. data including the closely watched ISM measures of manufacturing and services, the latter being especially important following January's startling spike in activity.

There are also at least six Federal Reserve policymakers on the speaking diary this week, and they will be closely followed for comments on the likelihood of further rate hikes.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror monetary policy changes in the United States.

Brent crude futures were down 48 cents, or 0.6%, at $82.68 a barrel at 0733 GMT.

Saudi Arabia's benchmark stock index fell 0.2%, extending losses to a seventh consecutive session. Healthcare and financial stocks weighed on the index, with Al Rajhi Bank shedding 0.4%, while Dr Sulaiman Al-Habib Medical losing 0.9%.

Saudi Tadawul Group fell 1.7%, extending losses from the previous session after reporting a 27% slump in annual profit and a reduction in the annual dividend proposal.

Fertilizer maker SABIC Agri-Nutrients Company gained 2.2% after reporting a 92% jump in annual net profit at 10.04 billion riyals ($2.68 billion).

The Qatari Stock index eased 0.1%, dragged down by losses in financial stocks.

Qatar Islamic Bank and heavyweights Qatar Commercial Bank dropped 1.4% and 0.7% respectively.

Qatar Fuel was also down 0.9%.

In Abu Dhabi, the benchmark index opened down 0.1%, led by a 1.7% decline in Abu Dhabi Islamic Bank and a 2.7% dive in food and beverages firm Agthia Group .

Bucking the trend, Dubai's benchmark index rose 0.4%, lifted by gains in property and banking shares. Blue-chip developer Emaar Properties climbed 1.7% and Emirates NBD Bank advanced 0.8%.

Real estate developer Deyaar Development declined more than 1.7% after board said it will seek shareholders' nod on not to distribute any dividend for the fiscal year 2022.

Banks, real estate shares weigh on #Saudi; insurer lifts #Qatar | Reuters

Banks, real estate shares weigh on Saudi; insurer lifts Qatar | Reuters

Major stock markets in the Gulf ended mixed on Sunday, with Saudi Arabia's index pressured by real estate and banking shares, but a 10% surge in Qatar Insurance (QINS.QA) lifted the Qatari index.

Saudi Arabia's benchmark index (.TASI) fell 1%, recording its sixth consecutive decline.

The luxury real estate developer Retal Urban Development (4322.SE) lost 3% while Al Rajhi Bank (1120.SE) was down 1.8%.

Among other stocks, Saudi Tadawul Group fell 4.7% after its annual profit declined more than 27% to 424.6 million riyals ($113.17 million).

The latter also slashed its annual dividend to 2.31 per share from 3 riyals a year ago.

Middle East Healthcare (4009.SE) jumped 10% after its annual profit soared more than 300% compared to a year earlier.

The Qatari Stock index (.QSI) rose 0.7%, ending three consecutive sessions of losses, buoyed by its financial stocks.

Gulf's largest insurer Qatar Insurance (QINS.QA) jumped nearly 10% for second consecutive session with about 9 million shares trading hands, marking a turnover of over 15 million riyals - its largest since September, after saying its listed unit in Oman, Oman Qatar Insurance (OQIC.OM) acquired another listed rival Vision Insurance (VISN.OM).

The insurer on Wednesday hit a more than 13-year low after reporting a consolidated net loss of 637 million riyals ($174.14 million) for fiscal year 2022, compared to a profit of 630 million riyals ($172.23 million) a year earlier.

Outside the Gulf, Egypt's blue-chip index (.EGX30) added 1.2%, led by gains in almost all sectors, with Commercial International Bank (COMI.CA) rising 1.3% and Telecom Egypt(ETEL.CA) gaining 4.2%.

#Iran's currency slides to record low as savers buy dollars | Reuters

Iran's currency slides to record low as savers buy dollars | Reuters

Iran's rial currency sank to a record low against the U.S. dollar on Saturday despite central bank measures aimed at cooling demand for foreign currency from savers worried about inflation and the country's economic prospects.

The rial was trading at 575,000 on the unofficial free market against the dollar, compared to 540,000 on Friday, according to foreign exchange site Bonbast.com. The website bazar360.com also gave the rate as 575,000.

With annual inflation running at more than 50%, Iranians have been trying to protect the value of their savings by buying foreign currency or gold.

Seeking to cool the market and ease demand for dollars, the central bank on Saturday lifted a ban on private exchange shops selling hard currencies.

#UAE cbank studying options after UAE licensed Russian bank sanctioned | Reuters

UAE cbank studying options after UAE licensed Russian bank sanctioned | Reuters

The central bank of the United Arab Emirates is studying available options regarding the new status of Russia's MTS bank which it licensed to operate in the Gulf country last year, a state news agency WAM said on Friday.

The Russian lender was part of a new sanctions package announced on Friday.

"The Central Bank is studying now the available options regarding the new status of the bank and the appropriate decision will be taken in due course, considering the obligations incurred by the branch during the previous period," the statement said.

The low-profile Qatari heir bidding to own Manchester United | Financial Times

The low-profile Qatari heir bidding to own Manchester United | Financial Times

Sheikh Jassim bin Hamad al-Thani was just 28 when he joined the board of Credit Suisse in 2010, tasked with representing Qatari interests after investors from the Gulf emirate poured billions into the Swiss bank. 

He arrived at the Zurich-based lender with a low profile, and after seven years with a seat at the top table, left with one. 

“The only recollection I have is that he was rather a quiet man,” said one former fellow director, while another person who often attended meetings added: “I don’t recall him speaking at all.” 

Now, Sheikh Jassim is prepared to sacrifice that low-key status in pursuit of his passion for Manchester United, one of world football’s most prestigious clubs. Earlier this month, he submitted a bid for the club, one rich in history but starved of success over the past decade.

Mideast Stocks: #UAE markets rise as oil prices gain on Russian output cuts

Mideast Stocks: UAE markets rise as oil prices gain on Russian output cuts

Stock markets in the United Arab Emirates closed higher on Friday, tracking crude prices as the prospects of lower exports from Russia heightened investors' risk sentiment.

Oil price - a key contributor to Gulf's economies - extended gains to a second session on Friday with Brent crude futures rising 61 cents, or 0.74%, to $82.82 per barrel by 1114 GMT.

On Wednesday, Reuters exclusively reported that Russia plans to cut oil exports from its western ports by up to 25% in March versus this month, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said.

Gains in utilities sector stocks helped Dubai's main index to close 0.2% higher amid volatile trading session. State-run utility firm Emirates Central Cooling Systems Corp and Dubai Investments jumped 1.3% each.

Abu Dhabi benchmark index edged .01% higher, snapping a four-session losing streak, helped by a 2.2% hike in real estate developer Aldar Properties, shares of Sharjah-based Dana Gas rose 2.1%. Among the gainers, Fujairah Building Industries surged 5.9%, its highest intraday jump since late-November, after the firm announced full-year cash dividend of 30% of company's share capital.

According to Daniel Takieddine, CEO MENA at BDSwiss, rising oil and Developments around the ADNOC Gas IPO aided in improving risk appetite among investors.

Abu Dhabi and Dubai markets ended the week on a negative note with indexes losing 1.2% and 1.1%, respectively.

European, Middle Eastern & African Stocks - Bloomberg #UAE #AbuDhabi #Dubai

European, Middle Eastern & African Stocks - Bloomberg

Oil Trader Wellbred Plans Small-Scale Refinery in #SaudiArabia - Bloomberg

Oil Trader Wellbred Plans Small-Scale Refinery in Saudi Arabia - Bloomberg

Oil trader Wellbred Trading DMCC plans to build a refinery in Saudi Arabia to process waste chemicals into gasoline components and fuels for blending.

Rabigh Refining & Petrochemical Co. has signed a non-binding agreement to supply waste chemicals from its complex on the Red Sea coast for the trader to convert into energy products, Wellbred Chief Executive Officer Ghazi Abu Al-Saud said in an interview.

Wellbred currently trucks around 5,000 to 10,000 tons a month from that complex to a small refinery in Sharjah, United Arab Emirates for processing. It wants to divert those flows to the new Saudi facility to be built near Petro Rabigh’s complex, which would be able to process around 100,000 tons per year. Wellbred would therefore avoid having to transport the volumes a long distance.

The plans will require Saudi government approval and the refinery could be operating within two years, according to Wellbred. It will either finance the construction costs on its own or use some funding from other sources, Abu Al-Saud said.

Wellbred hired Nasser Al-Mahasher as chairman for its Saudi operations a year ago and intends to open an office in either Riyadh or the Eastern Province in the next couple of months, Abu Al-Saud said. Al-Mahasher was previously CEO of Petro Rabigh and worked for S-Oil Corp., a Korean refiner controlled by Saudi Aramco, according to Wellbred.

Petro Rabigh didn’t respond to requests for comment.

#Saudi property developer Dar Global to list in London on Feb. 28 | Reuters

Saudi property developer Dar Global to list in London on Feb. 28 | Reuters

Saudi property developer Dar Global said on Thursday it plans to directly list in London Stock Exchange's main market at a valuation of about $600 million.

Dar Global said it is expected to list its entire issued ordinary share capital on Feb. 28, adding that the listing was approved by Britain's Financial Conduct Authority.

Dar Global completed a private placement by issuing about 21 million shares at $3.33 per share to raise $72 million, the company said.

Major Gulf bourses drop on Fed's hawkish tone | Reuters

Major Gulf bourses drop on Fed's hawkish tone | Reuters

Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend.

Minutes from the latest Fed meeting on Wednesday showed that a majority of the policymakers agreed that the risks of high inflation warranted further rate hikes.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

The benchmark index (.TASI) in Saudi Arabia dropped 1.1%, dragged down by losses in most sectors.

The world's largest Islamic bank by assets, Al Rajhi Bank (1120.SE), declined 2.6% and oil giant Aramco (2222.SE) slid 1.9% after J.P. Morgan cut its share target price to 39 riyals from 40 riyals.

Shares of Saudi Kayan Petrochemical (2350.SE) declined 1.9% after it reported full-year net loss of 1.24 bln riyals ($330.54 mln) compared with profit of 2.39 bln riyals a year ago.

Qatari Stock index (.QSI) dropped 1.8%, extending its losses to a third session. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks.

The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend.

In Abu Dhabi, the index (.FTFADGI) fell 0.4%, extending its losses to a fourth session. The index was pulled down by a 1.1% drop in real estate developer Aldar Properties (ALDAR.AD) and a 2.3% slide in Abu Dhabi Islamic Bank (ADIB.AD).

Dubai's benchmark index (.DFMGI) dropped 0.4%, dragged down by losses in almost all sectors, with Emaar Properties (EMAR.DU) declining 1.8% and Dubai's largest lender Emirates NBD (ENBD.DU) falling 1.8%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

The index was lifted by gains in most sectors, with Commercial International Bank (COMI.CA) rising 2.9% and Egypt Kuwait Holding (EKHO.CA) gaining 1.9%.

The Egypt-based investment holding company reported a rise in fourth-quarter net profit.

#Dubai’s Mashreq approves $490mln dividend after profit nearly quadruples

Dubai’s Mashreq approves $490mln dividend after profit nearly quadruples

The shareholders of Dubai’s Mashreq have approved a recommendation to distribute a cash dividend worth 1.8 billion UAE Dirhams ($490 million) for the financial year ended December 31, 2022

The lender is expected to pay 9 UAE Dirhams per share, representing 90% of Mashreq’s paid-up capital, according to a disclosure on the Dubai Financial Market (DFM) on Thursday.

Mashreq’s shareholders voted for the dividend proposal during their annual general assembly on Wednesday.

The bank, majority-owned by the UAE’s Al Ghurair family, reported a net profit of 3.7 billion UAE Dirhams for the full year of 2022, up by 270% from the previous year.

Net profit for the fourth quarter of 2022 stood at 1.13 billion UAE Dirhams, nearly doubling the 737 million UAE Dirhams recorded a year earlier.

#Dubai Ruler’s Company in Talks to Sell Nikki Beach Resort - Bloomberg

Dubai Ruler’s Company in Talks to Sell Nikki Beach Resort - Bloomberg

Dubai Holding, an investment firm owned by the emirate’s ruler, is in talks to sell the local branch of Nikki Beach resort, according to people familiar with the matter, as the city cashes in on an influx of tourists and newcomers.

Nikki Beach Resort & Spa Dubai, a luxurious beach club that includes 117 rooms, 15 ultra-deluxe villas and 63 private residences on the Pearl Jumeira waterfront development, is being valued at about 800 million dirhams ($218 million) in the discussions, the people said, asking not to be identified because the talks are private.

Nikki Beach is working with Jones Lang LaSalle Inc. on the potential sale and the property consultant is arranging talks with interested parties, the people said. Deliberations are ongoing and there is no certainty a deal will go ahead, they said.

A representative for Dubai Holding wasn’t immediately available to comment. Representatives for Nikki Beach and JLL declined to comment.

Adnoc Gas $2 Billion IPO Covered in Hours as Buyers Pile In - Bloomberg

Adnoc Gas $2 Billion IPO Covered in Hours as Buyers Pile In - Bloomberg

Investors snapped up all available shares within hours of the start of Adnoc Gas’s $2 billion initial public offering, showing that demand for Middle Eastern stock sales remains strong.

Abu Dhabi National Oil Co. is selling a 4% stake in Adnoc Gas, with each of the 3.07 billion shares being offered at between 2.25 and 2.43 dirhams (66 cents). The company will be valued at $50.8 billion at the high end, making it one of the world’s largest listed gas firms and roughly on a par with Eni SpA and Occidental Petroleum Corp.

It will be the biggest IPO so far this year, even if priced at the bottom of the range.

The order book opened on Thursday morning and is now fully covered, according to a message sent to investors and seen by Bloomberg. Several funds, including Abu Dhabi state-linked entities, committed $850 million as cornerstone investors. Among them were also Alpha Dhabi and International Holding Co.

#Qatar posts 2022 budget surplus of $24.34 bln - state news agency | Reuters

Qatar posts 2022 budget surplus of $24.34 bln - state news agency | Reuters

Qatar had a budget surplus of 89 billion riyals ($24.34 billion) in 2022, the state news agency reported on Thursday, citing the finance ministry, a massive increase from 2021 as high oil and gas prices significantly boosted public revenue.

In 2021 the budget surplus was 1.59 billion, according to Moody's citing finance ministry figures.

For 2023, Qatar anticipates a budget surplus of 29 billion riyals, finance minister Ali bin Ahmed Al Kuwari was quoted as saying in December, which he attributed to an estimated 16.3% rise in revenue, thanks to rising average oil prices.

The Gulf Arab state, which hosted the soccer World Cup during the third quarter of 2022, is one of the world's largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.

Qatar's oil and gas revenues surged 67% in the first half of 2022 compared with the same period in 2021 and prices remained high for the balance of the year.

Gulf stocks fall after Fed minutes, #Qatar weighed by ex-dividend stocks | Reuters

Gulf stocks fall after Fed minutes, Qatar weighed by ex-dividend stocks | Reuters

Most major Gulf stock markets fell on Thursday, despite a small gain in oil prices, as minutes of the Federal Reserve's last meeting kept investors cautious about how much further U.S. interest rates could rise.

Minutes from the Jan. 31-Feb. 1 meeting released overnight showed nearly all Federal Reserve policymakers rallied behind a decision to further slow the pace of interest rate hikes at the U.S. central bank's last policy meeting.

But they also indicated that curbing unacceptably high inflation would be the "key factor" in how much further rates need to rise.

Saudi Arabia's benchmark stock index (.TASI) fell 0.7% with losses in almost all sectors. Al Rajhi Bank (1120.SE) dropped 1.2% while state oil giant and index heavyweight Saudi Aramco (2222.SE) lost more than 0.9% after JP Morgan cut its share target price to 39 riyals from 40 riyals.

Saudi Kayan Petrochemical (2350.SE) fell more than 2% after reporting a 1.24 billion riyals ($330.54 million) loss in fiscal year 2022 against a profit of 2.39 billion riyals ($637.10 million) in 2021.

In Abu Dhabi, the benchmark index (.FTFADGI) slipped 0.8%, led by a 1.3% slide in Alpha Dhabi (ALPHADHABI.AD).

Separately, state oil giant Abu Dhabi National Oil Co (ADNOC) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion.

Dubai's main share index (.DFMGI) lost 0.6%, dragged down by a 3.5%% decline in blue-chip developer Emaar Properties (EMAR.DU) and a 1.9% decrease in Dubai Islamic bank (DISB.DU).

The benchmark stock index (.QSI) in Qatar declined 1.4%, with almost all of its banking stocks in negative territory. Qatar Islamic Bank (QISB.QA) dived more than 8% as the stock was trading ex-dividend, while Qatar National Bank (QNBK.QA), the Gulf's largest lender, was down 1%.

#Qatar Airways to become Formula One's main airline sponsor | Reuters

Qatar Airways to become Formula One's main airline sponsor | Reuters

Qatar Airways will become the main airline sponsor of Formula One motor racing, the carrier said on Wednesday, replacing regional rival Emirates as the organisation's official airline.

The sponsorship announcement comes ahead of the 2023 season, which kicks off next month and will also see Qatar begin a 10-year run as host of a Grand Prix, to be held in October.

The state-owned carrier will become title sponsor of that race -- now known as the Qatar Airways Qatar Grand Prix -- along with Grands Prix in Hungary and Emilia Romagna in Italy.

The airline's press release did not mention how much the sponsorship deal was worth or any other specifics.

Qatar Airways adds Formula One to a list of global sports sponsorships, which include world soccer's governing body FIFA and soccer clubs Bayern Munich and Paris St Germain.

Dubai-based Emirates was Formula One's main airline sponsor for the last decade.

#SaudiArabia Talks on Buying Egypt’s United Bank Stall Over Pound - Bloomberg

Saudi Arabia Talks on Buying Egypt’s United Bank Stall Over Pound - Bloomberg

Talks between Saudi Arabia and Egypt over the purchase of Cairo-based United Bank have stalled over a disagreement about how to value the multi-million-dollar transaction, in a stumbling block as the government works to raise sorely-needed funding.

Discussions over the state-owned lender have faltered over how to account for the plunging value of the Egyptian pound, people familiar with the situation said. They asked not to be identified as the matter is private.

Saudi Arabia’s sovereign Public Investment Fund started negotiations with Egyptian authorities about buying the bank last year, part of the kingdom’s $10 billion pledge to help shore up the finances of the Middle East’s most populous nation. The deal could be worth as much as $600 million, Bloomberg reported at the time.

The PIF wanted to value United Bank in Egypt’s pound with the dollar amount determined at the time of the transaction, while the central bank preferred a dollar-based valuation from the start, the people said. Egypt has devalued the pound three times in about a year, making it the world’s third-worst performing currency over the past 12 months.

Mideast Stocks: Gulf bourses end lower as oil prices drop ahead of Fed minutes

Mideast Stocks: Gulf bourses end lower as oil prices drop ahead of Fed minutes

Gulf stock markets closed lower on Wednesday as oil prices fell and caution prevailed among investors ahead of the release of minutes from the U.S. Federal Reserve's latest meeting.

Oil prices - a key catalyst for the Gulf's financial markets - eased on Wednesday with Brent crude losing 0.66% at $82.50 per barrel by 1230 GMT. The Fed's minutes due at 1900 GMT will come at a time when hawkish rhetoric from policymakers and signs of economic resilience have spurred worries that major central banks could keep raising interest rates for longer.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

In Abu Dhabi, its benchmark index fell 0.6%, extending its losses to a third session. The index was pulled down by a 3% drop in fertilizer maker Fertiglobe and a 4.4% slide in Abu Dhabi Islamic Bank, the worst intraday decline since June.

Dubai's benchmark index dropped 0.9%, dragged down by losses in almost all sectors, with Emaar Properties declining 2.3% and tolls operator Salik falling 2.6%. The Qatari Stock index eased 0.3%, extending its losses to a second session.

The index was dragged down by losses in most sectors with the Gulf region's largest lender, Qatar National Bank, dropping 1.7%. Shares of Qatar Insurance dropped 10% to 1.5 riyal, hitting a more than 13-year low and falling to their steepest intraday decline since February 2020. The Gulf's biggest insurer reported a full-year consolidated net loss of 637 million riyals, compared to a profit of 630 million riyals a year earlier.

Outside the Gulf, Egypt's blue-chip index dropped 1.5%, with almost all of its constituent stocks in the red. The index was weighed down by a 1.3% loss in Commercial International Bank and a slide of 2.5% in electronic payments firm Fawry. Among the losers, El Sewedy Electric and Talaat Mostafa Group declined 3.8% and 2.5% respectively.

"The Egyptian stock market remained exposed to new losses as traders moved to secure their gains," said Ahmed Negm, head of market research MENA at XS.com.

#Qatar’s Ooredoo Plans to Carve Out Telecom Tower Unit This Year - Bloomberg

Qatar’s Ooredoo Plans to Carve Out Telecom Tower Unit This Year - Bloomberg

Qatari telecom operator Ooredoo QPSC expects to carve out its portfolio of tower networks this year, in a transaction that has reportedly drawn interest from suitors including Saudi Arabia’s wealth fund and American Tower Corp.

The firm received interest from over 50 regional and international bidders and is currently in the final round of talks, Chief Executive Officer Aziz Aluthman Fakhroo told Bloomberg TV in an interview. “We’re hoping to announce something before the end of the first half of this year.”

Ooredoo said in September it will carve out its portfolio of almost 20,000 towers as part of a shift to an asset-light model. The state-controlled operator last year sold its Myanmar business for an enterprise value of $576 million and is also considering carving out its data center unit.

Saudi Arabia’s Public Investment Fund, American Tower, IHS Holding Ltd. and Helios Towers Plc were among suitors weighing a bid for the tower assets, which could be valued at $3 billion to $5 billion, Bloomberg reported in November.

#Dubal Holding posts 37% surge in 2022 net profit to $1bln

Dubal Holding posts 37% surge in 2022 net profit to $1bln

Dubal Holding (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy, and industrial sectors, has reported a net profit of AED3.7 billion ($1 billion) in 2022, up 37% from AED2.7 billion of 2021.

This was disclosed at the annual general meeting of Dubal Holding, which was presided over by its chairman, Saeed Mohammed Al Tayer.

Members of the board and management of DH were present at the meeting, along with its auditors and shareholder representatives from Investment Corporation of Dubai (ICD). The company witnessed an exceptional year owing to a combination of optimal investments in multiple industrial sectors and efficient operational performance.

With the laying of the foundation stone for a titanium slag facility in the Sohar Free Zone in Oman, the Sohar Titanium Project, a strategic project with Dubal Holding as one of the shareholders, made good progress during the year. By mid-2025, it's anticipated that the facility will commence operations.

ADIA Is Said to Weigh Bid for £2 Billion Stake in UK Ports Giant - Bloomberg

ADIA Is Said to Weigh Bid for £2 Billion Stake in UK Ports Giant - Bloomberg

Abu Dhabi Investment Authority is among parties considering a bid for a 34% stake in Associated British Ports, the UK’s biggest port operator, according to people with knowledge of the matter.

Infrastructure investors Stonepeak Partners LP and Canada’s British Columbia Investment Management Corp. are among others interested in the stake being sold by Canada Pension Plan Investment Board, according to the people. The stake could be valued at about £2 billion ($2.4 billion) or more, they said.

ABP owns and operates 21 ports in England, Scotland and Wales and handles around one quarter of the UK’s seaborne trade and more than £150 billion of UK trade annually. CPPIB bought its stake in the ports group from Goldman Sachs Group Inc. and Prudential Plc for £1.6 billion in 2015.

Other ABP shareholders include Omers Infrastructure Management, Singaporean sovereign wealth fund GIC Pte and Wren House Infrastructure.

Mideast Stocks: Gulf markets drop as oil prices slip in volatile session

Mideast Stocks: Gulf markets drop as oil prices slip in volatile session

Gulf stock markets ended weaker on Tuesday, tracking subdued oil prices and global peers lower, as investors feared that the U.S. Federal Reserve would get more aggressive with interest rate hikes to tame inflation. Traders are also awaiting minutes of the latest U.S. Fed meeting, due on Wednesday, after recent data on core inflation raised the risk of interest rates remaining higher for longer.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

The benchmark index in Saudi Arabia dropped 1%, extending its losses to a fourth session. The index was pulled down by a 1.9% loss in luxury real estate developer Retal Urban Development and a 2.1% drop in Dr Sulaiman Al-habib Medical Services.

Oil prices - a key catalyst for the Gulf's financial markets - eased in a volatile session as concerns about a demand-denting global economic slowdown outweighed support from supply curbs, and prompted investors to lock in profit following previous session's gains.

In Abu Dhabi, the index fell 0.3%, weighed down by a 2% loss in Abu Dhabi National Energy and 1.5% drop in real estate developer Aldar Properties. The conglomerate Alpha Dhabi and the United Arab Emirates's biggest lender First Abu Dhabi Bank dropped 1.4% and 0.7% respectively.

Dubai's benchmark index dropped 0.1%, dragged down by losses in almost all sectors with Emaar Properties declining 1.6% and Dubai Islamic Bank falling 0.7%.

Qatari Stock Index eased 0.2%, snapping a four-session winning streak. Islamic bank Dukhan Bank dropped 31.2% after it started trading on Tuesday with opening price of 4 Qatari riyals and closing at 2.992 Qatari riyals.

Outside the Gulf, Egypt's blue-chip index closed 1.3% higher, snapping a three-session loss, with most of its constituent stocks in positive territory. The index was helped by a 1.4% gain in Commercial International Bank and a jump of 6.2% in Egypt's petrochemical producer and distributor Sidi Kerir Petrochemicals.

#Dubai airport annual passenger traffic jumps 127% | Reuters

Dubai airport annual passenger traffic jumps 127% | Reuters

Dubai's main airport registered a 127% jump in annual passenger traffic to 66.1 million last year, it said on Tuesday, beating its own forecast.

Dubai International Airport (DXB), a major international hub, is forecast to welcome 78 million passengers this year as the United Arab Emirates prepares to host major international events including the COP28 climate conference.

Dubai Airports, the airport's operator, in November forecast DXB passenger traffic to reach 64.3 million in 2022.

About 60% of people travelling through DXB, the hub of airline Emirates, are origin and destination travellers while 40% are transfers, Dubai Airports Chief Executive Paul Griffiths told Reuters in his office at DXB.

#SaudiArabia Wants to Be A Movie Capital. Will Hollywood Go Along? - Bloomberg

Saudi Arabia Wants to Be A Movie Capital. Will Hollywood Go Along? - Bloomberg

Is Saudi Arabia the next China for Hollywood?

In early December, dozens of global celebrities descended upon Jeddah, a city of more than 4 million people on the Western coast of Saudi Arabia. Jeddah has long served as a gateway to the holy city of Mecca, as well as a port of entry for foreign travelers coming to Saudi Arabia. For 10 days last year, Saudi Arabia’s second-largest city attempted to transform itself into a cultural hub akin to Cannes or Sundance by hosting the Red Sea International Film Festival.

The attendee list for the second edition of the event includes many members of the Hollywood A-list in 1995. Oliver Stone served as the president of the jury, while Spike Lee, Antonio Banderas and Andy Garcia sat down for conversations about cinema. There were plenty of contemporary stars in attendance as well, including Henry Golding, Joel Kinnaman and Michelle Rodriguez. Bruno Mars performed on opening night.

Saudi Arabia, awash in oil money, is eager to extend its influence on the world stage by investing in pop culture. It has already spent billions of dollars to stand up a new golf league, invested billions more into video-game publishers and is now turning its attention to Hollywood.

The presence of famous people on Saudi soil at a film festival lends credibility to those efforts — even if the organizers didn’t get all the biggest stars to show up. The country is also offering generous incentives to filmmakers and studios if they shoot there and these incentives have already enticed a couple of productions, including a film starring Anthony Mackie.

#Saudi Oil Revenue Drop Rounds Off Year of $326 Billion Windfall - Bloomberg

Saudi Oil Revenue Drop Rounds Off Year of $326 Billion Windfall - Bloomberg

Saudi Arabia’s receipts from oil sales abroad fell for a sixth straight month but still capped a year that saw the kingdom rack up the highest annual income during Mohammed bin Salman’s time as crown prince and de facto ruler.

The second-biggest windfall in Saudi history gives the crown prince more cash to power his drive to diversify and open up the economy of the world’s largest crude exporter. Saudi officials have repeatedly said the kingdom wants to use its energy windfall to accelerate projects that contribute to weaning it off a reliance on oil.

With crude prices ending last year near $80 per barrel after earlier skyrocketing into triple digits, Saudi Arabia fetched 85.5 billion riyals ($22.8 billion) in December from exporting crude and refined products, according to data from the kingdom’s General Authority for Statistics.

Prices in #Dubai’s top property market to slow in 2023 but will lead globally

Prices in Dubai’s top property market to slow in 2023 but will lead globally

Dubai’s property market is expected to lead the global price charts in 2023 as it continues to attract high-net-worth individuals (HNWIs), but rising interest rates and sustained headwinds are likely to soften the demand.

Across the emirate, prices of high-end homes will jump by 6% to 7.9% this year, the highest in the world, according to real estate consultancy Savills. However, Dubai’s capital value growth, which will be similar to Singapore’s, is lower than the 12.4% increase recorded last year.

The pace of growth in Dubai, as well as Singapore, will outrank those in Miami and Milan, where prices are likely to increase by around 4% to 5.9%, as well as Cape Town and Rome, which are both expected to record a 2% to 3.9% increase this year.

“Both cities (Dubai and Singapore) will continue to see sustained inflows of high-net-worth individuals; however, they are not immune to higher interest rates and wider economic headwinds,” Savills said in its report.

#UAE's Crescent Petroleum to develop natural gas fields in Iraq | Reuters

UAE's Crescent Petroleum to develop natural gas fields in Iraq | Reuters

United Arab Emirates-based energy company Crescent Petroleum has signed three contracts to develop natural gas fields in Iraq's Diyala and Basra provinces, two government sources and the company said on Tuesday.

Crescent Petroleum said it will develop two fields in Diyala province to initially produce 250 million standard cubic feet per day of natural gas within 18 months to supply nearby power plants.

The company said it plans to explore and develop a third block in Basra province to add further supplies of oil and gas.

Most Gulf markets in red on fears of global economic slowdown | Reuters

Most Gulf markets in red on fears of global economic slowdown | Reuters

Most Gulf stock markets fell in early trade on Tuesday, in line with Asian peers and subdued oil prices, after U.S. economic data prompted bets that the Federal Reserve would get more aggressive with interest rate hikes to battle inflation.

Traders are awaiting the minutes of the latest Fed meeting, due on Wednesday, after recent data on core inflation raised the risk of interest rates remaining higher for longer.

Saudi Arabia's benchmark index (.TASI) dropped 0.5%, and is on course to extend losses for a third session, weighed down by a 0.6% fall in Retal Urban Development Co (4322.SE) and a 2.9% decrease in Riyad Bank (1010.SE).

The market is now pricing U.S. interest rates to peak at 5.30% in July and remain above 5% by the end of the year, moving away from expectations of deeper rate cuts this year.

Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely.

In Qatar, the index (.QSI) dropped 0.5%, with Qatar Islamic Bank (QISB.QA) losing 1.4%.

Oil prices - which fuels growth in Gulf economies - fell as fears that a global economic slowdown would reduce fuel demand prompted investors to take profits on the previous day's gains.

Dubai's main share index (.DFMGI) lost 0.4%, hit by a 1.8% fall in blue-chip developer Emaar Properties (EMAR.DU).

The Abu Dhabi index (.FTFADGI) retreated 0.4%.

#Saudi Efforts to Ease Liquidity Crunch Paying Off, SABB CEO Says - Bloomberg video

Saudi Efforts to Ease Liquidity Crunch Paying Off, SABB CEO Says - Bloomberg

Saudi Arabia’s efforts to ease a recent liquidity crunch in the financial system are working and have calmed markets, according to the head of one of the kingdom’s largest lenders.

The Saudi Central Bank managed the shortage of liquidity “very well” after deposit growth slowed and interest rates rose sharply, Tony Cripps, chief executive officer of Saudi British Bank, said in an interview with Bloomberg TV on Monday. “I think liquidity is just fine.”

The central bank stepped up the use of a mechanism to pump money into the financial system as it sought to tackle a liquidity crunch that pushed borrowing costs for lenders to the highest in decades, Bloomberg reported in December.

The intervention relied on open market operations — transactions that allow the central bank to provide or drain short-term liquidity in exchange for securities from lenders, people with knowledge of the matter said at the time.

Since the measures, “the market has calmed down and Saibor rates have normalized as slightly higher than historic levels,” Cripps said, adding that liquidity at Saudi British Bank is “very strong.”

The outlook for the kingdom’s banks this year is “strong” but the sector may grow “slightly slower” than in 2022, Cripps said. He expects demand to continue at the corporate and institutional levels for infrastructure projects.

#Qatar Tests Investor Appetite for Potential Dollar Eurobond Sale - Bloomberg

Qatar Tests Investor Appetite for Potential Dollar Eurobond Sale - Bloomberg

Qatar may sell dollar bonds after testing investor appetite from London to Asia for a potential deal, according to people with knowledge of the matter.

The Gulf state is holding a non-deal roadshow from Monday to gauge market interest and may arrange a Eurobond deal after that, the people said, asking not to be identified because the talks are private.

The government may offer Islamic or conventional notes, or could decide not to proceed with a sale because it doesn’t need the funds urgently, they said. A spokesperson for Qatar’s ministry of finance didn’t immediately respond to a request for comment.

Qatar, one of the world’s largest liquefied natural gas exporters, is anticipating a budget surplus of 29 billion riyals ($7.9 billion) this fiscal year at an oil price assumption of $65 per barrel. The country, which hosted the 2022 FIFA World Cup, is benefiting from a rising demand for LNG from Europe since Russia’s invasion of Ukraine.

The nation has about $11 billion in debt maturing this year, including $3 billion of bonds coming due in April, according to data compiled by Bloomberg.

Regional debt sales have resumed, spurred on by lower funding costs and reduced volatility. Egypt, one of the region’s most indebted countries, met investors last week before a potential debut sale of Islamic bonds known as sukuk, Bloomberg reported.

#Dubai in Talks to Attract 50 Hedge Funds to the Mideast Finance Hub - Bloomberg

Dubai in Talks to Attract 50 Hedge Funds to the Mideast Finance Hub - Bloomberg

Dubai’s financial center is in talks with more than 50 hedge funds about setting up in the Middle East business hub after attracting industry heavyweights such as Millennium Management and ExodusPoint Capital Management.

“One space that has been growing very fast is the hedge fund sector,” Essa Kazim, governor of the Dubai International Financial Centre, said at a briefing on Monday. “The backlog for that industry is big and it’s growing and it’s one of the sources of our growth actually.”

The roughly 50 hedge funds looking to obtain a DIFC license jointly manage over $1 trillion worth of assets, according to Salmaan Jaffery, the hub’s chief business development officer. The DIFC, as the business hub is known, continues “to not only authorize them, but we continue to engage them globally,” he said, declining to name the funds and how many currently operate within the center.

Dubai is emerging as a favored destination for hedge fund traders who are drawn by its ease of doing business, tax-free status and its allure as a global travel hub. It is also a more friendly time zone for portfolio managers who have global investments spanning North America to Asia.

Bank of #Israel stays aggressive on inflation with half-point rate hike | Reuters

Bank of Israel stays aggressive on inflation with half-point rate hike | Reuters

The Bank of Israel on Monday raised its benchmark interest rate (ILINR=ECI) by another half a percentage point, the eighth straight meeting it has increased rates, citing inflation running above 5% and concerns over wages and fiscal spending.

The central bank lifted its key rate to 4.25% - its highest level since late 2008 - from 3.75%. In April, policymakers began raising the rate from 0.1% and have been aggressive during a front-loading process.

"The Israeli economy is recording strong economic activity, accompanied by a tight labour market and an increase in the inflation environment," the Bank of Israel said, noting that the shekel remains volatile.

Most analysts believe the tightening cycle is close to over since officials last month said the terminal rate would be 4% or a bit above. The central bank, however, did not address this or change its usual phrasing on the possibility of future rate hikes.

Gulf bourses mixed as #Saudi stocks fall, #Dubai gains | Reuters

Gulf bourses mixed as Saudi stocks fall, Dubai gains | Reuters

Saudi Arabia's stock market was the worst performer among Gulf bourses that were mixed on Monday amid worries of rate hikes by the U.S. Federal Reserve.

Two Fed policymakers on Friday signaled that interest rates would need to go higher after a flurry of U.S. data suggested the world's largest economy is holding up far better than expected.

Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely.

The benchmark index (.TASI) in Saudi Arabia dropped 1.2%, dragged down by losses in most sectors.

Shares of the world's largest Islamic bank by assets, Al Rajhi Bank (1120.SE), fell 1.3% and Riyad Bank (1010.SE) was down 2.1%.

However, shares of Etihad Etisalat Co (7020.SE) jumped 5.7%, its best intraday gain since June, after the telecom operator reported a 54.6% increase in full-year net profit.

Dubai's benchmark index (.DFMGI) inched up 0.1%, lifted by gains in banking, real estate and industry sectors.

Lender Emirates NBD (ENBD.DU) rose 1.5% and shares of toll-road operator Salik Co (SALIK.DU) increased 0.7%.

In Abu Dhabi, the index (.FTFADGI) fell marginally, dragged down by a 1.6% loss in Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) and a 1.3% decline in Aldar Properties (ALDAR.AD).

The Qatari stock index (.QSI) ended flat.

Among gainers, Baladna (BLDN.QA), the country's largest dairy and beverage company, rose 2.7% after it signed a manufacturing agreement with cheese and snack giant The Bel Group.

Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 3%, extending losses for the third session, with almost all its constituent stocks in the red.

Commercial International Bank (COMI.CA) and electronic payments company Fawry (FWRY.CA) dropped 3.6% and 4.8%, respectively.

The Egyptian stock market saw more price corrections after nearing its peak and trading volumes declined, Daniel Takieddine, CEO MENA at BDSwiss, said.

"Lower forecasts for the country's economic growth could also impact sentiment."