Oil prices hit multi-month highs on tightening supply | Reuters

Oil prices hit multi-month highs on tightening supply | Reuters

Oil prices rallied to a fresh three-month high on Monday and recorded their steepest monthly gains since January 2022, supported by signs of tightening global supply and rising demand through the rest of this year.

More actively traded October Brent crude futures rose $1.02, or 1.2%, to settle at $85.43 a barrel. The September Brent contract, which expired at settlement on Monday, rose 0.7% to close at $85.56 a barrel.

U.S. West Texas Intermediate crude futures rallied $1.22, or 1.5%, to $81.80 a barrel.

Both Brent and WTI hit their highest since late April for a third consecutive session on Monday, after notching their fifth straight weekly gains on Friday.

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September. Saudi output fell by 860,000 barrels per day (bpd) in July, while total production from the Organization of Petroleum Exporting Countries was 840,000 bpd lower, a Reuters survey found on Monday.

Oil set for biggest monthly gains in over a year on tightening supply | Reuters

Oil set for biggest monthly gains in over a year on tightening supply | Reuters

Oil prices were set to post their biggest monthly gains in more than a year on Monday, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply.

More actively traded October Brent crude futures rose 73 cents, or 0.9%, to $85.14 a barrel by 11:32 a.m. EDT (1532 GMT). The September Brent contract , which will expire at settlement on Monday, was trading 0.6% higher at $85.52 a barrel.

U.S. West Texas Intermediate crude futures rose 85 cents, or 1.1%, to $81.43 a barrel.

Brent and WTI settled on Friday at their highest levels since April, gaining for a fifth straight week. Both are on track to close July with their biggest monthly gains since January 2022.

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September. Saudi's output curtailment and production outages in Nigeria lowered output from the Organization of Petroleum Exporting Countries (OPEC), a Reuters survey found on Monday.

Most Gulf markets rise on corporate earnings, oil; #Saudi extends losses | Reuters

Most Gulf markets rise on corporate earnings, oil; Saudi extends losses | Reuters

Most stock markets in the Gulf ended higher on Monday on back of corporate earnings and rising oil prices, although the Saudi index extended losses as consolidation continued.

Prices of oil - a key catalyst for the Gulf's financial markets - were set to post their biggest monthly gains in more than a year, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply.

Dubai's main share index (.DFMGI) gained 0.6%, led by a 2.4% rise in top lender Emirates NBD (ENBD.DU) and a 1.5% increase in utility firm Dubai Electricity And Water Authority (DEWAA.DU).

Last week, Emirates NBD posted a 78% surge in its second-quarter profit to a record 6.2 billion dirhams ($1.69 billion) on higher margins, an improved deposit and loan mix, and substantial recoveries.

In Abu Dhabi, the index (.FTFADGI) was up 0.3%.

The Qatari index (.QSI) edged 0.1% higher, helped by a 2.3% rise in Qatar Islamic Bank (QISB.QA), while telecoms firm Ooredoo (ORDS.QA) added 0.5% after reporting a rise in first-half earnings.

Saudi Arabia's benchmark index (.TASI) dropped 0.8%, extending losses for a second session after hitting a nine-month high, with Dr Sulaiman Al-Habib Medical Services (4013.SE) dropping 1.7%.

Iran's foreign ministry spokesperson said on Monday that a normalisation of ties between Saudi Arabia and Israel would harm regional peace and stability.

Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.2%, Telecom Egypt (ETEL.CA) advancing 3.2%.

The Central Bank of Egypt (CBE) is forecast to leave its overnight interest rates unchanged at a policy meeting on Thursday, even after inflation hit a record high in June, a Reuters poll showed on Monday.

#SaudiArabia’s Mining Plan; Israel-Gulf Tensions; Egypt's Dollar (EGP/USD) Hunt - Bloomberg

Saudi Arabia’s Mining Plan; Israel-Gulf Tensions; Egypt's Dollar (EGP/USD) Hunt - Bloomberg

Fresh from becoming one of the world's most important investors in sports and tourism, Saudi Arabia is now turning its vast piles of cash to the less glamorous, but no less significant, world of metals.

The kingdom has outlined a typically ambitious plan to invest billions in global mining operations as a way to position itself as a hub for the processing and trade in minerals vital for the energy transition. Last week, it made its first foray in this strategy with a $2.6 billion deal to take a stake in Vale's base metals business.

Saudi Arabia says it has more than $1 trillion of mineral resources, including copper, zinc, phosphates, uranium and gold. Crown Prince Mohammed bin Salman, eager to diversify the kingdom's oil-dependent economy, wants to exploit these reserves — but progress domestically has been slow and most of the domestic mining projects are at early stages.

In order to fill the gap between its ambitions and its domestic production, Saudi Arabia has established a new vehicle controlled by its giant sovereign wealth fund and national mining company, known as Maaden, to buy up resources globally and ship to the kingdom for processing.

For the global mining industry, under pressure to find alternatives to Chinese buyers and sources of funding, Saudi Arabia is emerging as a new contender.

And as the question of who controls the commodities needed to decarbonize the world's economies increasingly rises to the top of the agenda for the policymakers in the US and its allies, Prince Mohammed thinks he has the answer.

Doubling Down on #SaudiArabia Stocks Helps EM Fund Manager Beat Peers - Bloomberg

Doubling Down on Saudi Arabia Stocks Helps EM Fund Manager Beat Peers - Bloomberg

Saudi Arabia’s stocks offer some of the best buying opportunities in emerging markets, if investors look beyond oil, according to a top-performing fund manager.

The kingdom’s initiatives to reduce its economic reliance on crude will boost the market even as the global backdrop may be challenging, says Fiera Capital’s Dominic Bokor-Ingram, who has doubled his fund’s exposure to Saudi stocks to 20%. His EM fund has beaten 99% of peers this year, according to data compiled by Bloomberg.

While the Middle Eastern nation’s stock fortunes have long moved in sync with crude prices, shares of health-care, tech and insurance firms are surging in the Tadawul All Share Index this year. The benchmark itself has rallied 12%, outperforming emerging-market gauges.

“The cultural, economic and social reforms that are happening are almost unprecedented, certainly in my career, and this is leading to huge growth in the non-oil sectors of the Saudi economy,” Bokor-Ingram, who manages $1.1 billion in developing-nation equities, said by phone. Fiera Capital overall has $122 billion under management.

The Fiera Oaks EM Select Fund, formed in 2021, has returned about 29% this year — roughly three times that of the MSCI Emerging Markets Index.

Citigroup Sees Strong Middle East IPO Pipeline Running Into 2024 - Bloomberg

Citigroup Sees Strong Middle East IPO Pipeline Running Into 2024 - Bloomberg

Bankers in the Middle East aren’t getting much of a summer break this year, with a number of initial public offerings slated for the fourth quarter and a strong pipeline already building for 2024, according to Citigroup Inc.

The Wall Street firm has received a number of requests for proposals for offerings as the region continues its run as a hot spot for share sales, Rudy Saadi, head of Middle East and North Africa equity capital markets, said in an interview with Bloomberg TV on Monday.

“We expect to launch a number of IPOs in Dubai and in Saudi Arabia post the summer,” he said, without giving a number of deals. “The pipeline is solid, it’s promising for post the summer and 2024.”

IPOs in the Middle East have fetched $5.1 billion so far this year, exceeding volumes seen during the same period in nine of the last 10 years, data compiled by Bloomberg show. Only 2022 was busier, with $14.7 billion raised this time last year, according to the data.

#SaudiArabia's economy grows 1.1% in Q2, boosted by non-oil activities | Reuters

Saudi Arabia's economy grows 1.1% in Q2, boosted by non-oil activities | Reuters

Saudi Arabia's gross domestic product (GDP) grew 1.1% in the second quarter, according to government estimates released on Monday, supported by an increase in non-oil activities, although overall growth decelerated sharply from the prior-year period.

The Saudi economy grew 8.7% last year, among the fastest in the G-20, as high oil prices boosted revenue and led to the kingdom's first budget surplus in almost 10 years.

But most growth forecasts for this year have been revised downwards on lower oil prices and the probability of prolonged oil production cuts.

Oil activities declined by 4.2% in the second quarter, year-on-year, weighing on overall growth, although non-oil activities expanded 5.5%, data from the General Authority for Statistics showed.

Real GDP growth in the second quarter of last year stood at 11.2%, buoyed by an increase in oil activities of almost 23%.

The International Monetary Fund (IMF) last week cut its 2023 GDP growth projection for the world's top oil exporter to 1.9% to reflect the impact of prolonged oil production cuts.

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September to provide additional support to the oil market; on Monday, oil prices were on track to post the biggest monthly gainin more than a year.

Most Gulf markets fall in early trade; #AbuDhabi rises | Reuters

Most Gulf markets fall in early trade; Abu Dhabi rises | Reuters

Most major stock markets in the Gulf fell in early trade on Monday as consolidation continued following recent gains, although the Abu Dhabi index edged higher in a choppy trade.

Saudi Arabia's benchmark index (.TASI) dropped 0.6%, on course to extend losses after a nine-month high, weighed down by a 1.1% drop in Al Rajhi Bank (1120.SE) and a 2.3% decline in Saudi National Bank (1180.SE).

Iran's foreign ministry spokesperson said on Monday that a normalisation of ties between Saudi Arabia and Israel would harm regional peace and stability.

U.S. President Joe Biden had said on Friday that a deal may be on the way after talks that his national security adviser had with Saudi officials in Jeddah aimed at fixing relations between Saudi Arabia and Israel.

In Abu Dhabi, the index (.FTFADGI) added 0.1%, helped by a 0.7% gain by the biggest lender, First Abu Dhabi Bank (FAB.AD).

The Qatari index (.QSI) fell 0.3%, on track to snap a 13-day winning streak, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.8% and Commercial Bank (COMB.QA) retreating 0.8%.

Oil prices - a driver for the Gulf's financial markets - edged lower, but were still near three-month highs and were set to post their biggest monthly gains in more than a year on expectations that Saudi Arabia would extend voluntary output cuts into September, tightening global supply.

Dubai's main share index (.DFMGI) eased 0.1%, hit by a 1.3% drop in toll operator Salik Co (SALIK.DU).

Mining Finance: #SaudiArabia Invests in Copper, Nickel Mines - Bloomberg

Mining Finance: Saudi Arabia Invests in Copper, Nickel Mines - Bloomberg

A $2.6 billion deal announced last week has set the stage for a potentially landmark shift in the metal and mining investment landscape: the arrival of Saudi Arabia as a pivotal player.

The agreement with Vale SA gives the kingdom a 10% slice in one of the world’s crucial suppliers of nickel and copper — essential metals needed to decarbonize. It’s also held other talks, including with Barrick Gold Corp. about investing in a big Pakistan copper mine, according to people familiar with the matter. Speaking privately, executives at top miners said the value of Thursday’s deal made clear that the Saudis are ready to splash cash around.

The move comes as the question of who controls the commodities needed to both sustain and decarbonize the world’s economies has turned into a global flashpoint, jumping to the top of agendas in the US and Europe.

China has for years been the dominant buyer and a key source of funding, as it sought to secure supply for its rapid industrialization. But as tensions with the West have mounted, the mining industry is now facing increased pressure to look elsewhere.

Saudi Arabia is seeking to take minority stakes in global mining assets that will over time help provide access to supplies of strategic minerals. The country also is looking to build a metals-processing industry that could in turn make it more attractive for international miners to exploit its mineral deposits — a central pillar of Saudi efforts to diversify the economy away from oil.

#Kuwait Petroleum Corporation posts net profit of $8.5 billion in last fiscal year | Reuters

Kuwait Petroleum Corporation posts net profit of $8.5 billion in last fiscal year | Reuters

Kuwait Petroleum Corporation and its subsidiaries posted a net profit of more than 2.6 billion Kuwaiti dinars ($8.48 billion) in the last fiscal year, the highest in 10 years, the KPC's CEO said on Sunday.

Chief Executive Nawaf Saud al-Sabah said in a video on KPC's YouTube channel the company also increased its oil production capacity by 200,000 bpd to 2.8 million bpd in the same period.

The KPC's refining capacity jumped 50% to 1.2 million bpd, a figure which the company is seeking to raise to 1.4 million bpd this quarter, Al-Sabah added.

#Saudi bourse extends losses on profit-taking; Egypt gains | Reuters

Saudi bourse extends losses on profit-taking; Egypt gains | Reuters

Saudi Arabia's stock market ended lower on Sunday, extending losses from the previous session on profit-taking, while the Egyptian index ended five sessions of losses.

Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 2.5% fall in Riyad Bank (1010.SE), while Saudi Awwal Bank (1060.SE) retreated 3.8%.

The lender last week reported quarterly net profit of 1.55 billion riyals ($413.28 million), up from 1.08 billion riyals a year ago, but down from the previous quarter.

On the positive side, National Shipping Company of Saudi Arabia (4030.SE) advanced more than 4% after posting a sharp rise in second-quarter net profit.

In Qatar, the index (.QSI) gained 0.5%, led by a 2.7% rise in petrochemical maker Industries Qatar (IQCD.QA).

Oil prices - a key catalyst for the Gulf's financial markets - rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant.

Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.2%, ending five sessions of losses, with most of the stocks in positive territory including tobacco monopoly Eastern Company (EAST.CA), which was up more than 8%.

DFM’s profits to equityholders leap 77% in H1-23

DFM’s profits to equityholders leap 77% in H1-23

Dubai Financial Market Company (DFM) posted AED 112.17 million in net profit attributable to the shareholders during the first half (H1) of 2023, an annual hike of 77% from AED 63.35 million.

Total income hit AED 218.11 million as of 30 June 2023, up year-on-year (Yoy) from AED 165.41 million, according to the financial results.

In the first six months (6M) of 2023, the basic and diluted earnings per share (EPS) amounted to AED 0.014, higher than AED 0.008 in the year-ago period.

#SaudiArabia's Ma'aden to acquire 10% of Brazil base metals firm - statement | Reuters

Saudi Arabia's Ma'aden to acquire 10% of Brazil base metals firm - statement | Reuters

Saudi Arabian Mining Company (1211.SE), known as Ma'aden, has agreed to acquire a 10% stake in Brazil's base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets.

Ma'aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion.

"Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition," the company statement said.

The transaction, which will be financed by Ma'aden's own resources, is subject to regulatory approvals and expected to be completed in the first quarter of 2024.

Valentino deal gives Qatari royals foot in Kering's door | Reuters

Valentino deal gives Qatari royals foot in Kering's door | Reuters

Kering's (PRTP.PA) deal to acquire a 30% stake in Valentino gives the Qatari royal family a foot in the door of a much bigger luxury giant, as they consider further joint investments with the French group to expand their alliance.

Kering said on Thursday it was buying the stake for 1.7 billion euros ($1.87 billion) in cash from Mayhoola, the investment vehicle backed by the Qatari royals, with an option to purchase the remaining shares no later than 2028.

The deal, hot on the heels of Kering's acquisition of high-end perfumer Creed, highlights the return of big-ticket M&A activity in the sector as luxury groups look to diversify sources of revenue against an uncertain economic background and slowing demand.

It also paves the way for the Qatari royals to play a higher-profile role in the 400-billion euro luxury goods market, traditionally dominated by family-owned European companies.

The Valentino investment is part of a broader strategic partnership between Kering and Mayhoola, which could lead to Mayhoola becoming a shareholder in the French group, Kering said late on Thursday.

Mayhoola aims to build a stake in the luxury giant by initially acquiring shares in the market, a source with knowledge of the deal said on Friday.

In five years Mayhoola could further increase its stake by selling the remaining 70% of Valentino to Kering for a mix of cash and Kering shares, the source said. Mayhoola bought the Rome haute couture house in 2012 from private equity fund Permira for around 700 million euros.

#UAE market closes higher on rate pause optimism | Reuters

UAE market closes higher on rate pause optimism | Reuters

Stock markets in the United Arab Emirates (UAE) rose on Friday, as investor confidence improved on expectations that central banks such as the U.S. Federal Reserve and European Central Bank are nearing the end of policy tightening campaign.

Central banks delivered quarter-percentage-point rate increases this week despite cooling inflation, but have now switched to a more cautious posture about further moves in a sign that a year-long round of global monetary tightening could be at an end.

In Dubai, the main share index (.DFMGI) settled 0.2% higher, supported by a 1.1% gain in Emirates Central Cooling Systems Corp (EMPOWER.DU) and 1.2% increase in business park operator Tecom Group (TECOM.DU).

Among the gainers, Dubai exchange operator Dubai Financial market (DFM.DU) gained 1.2% after the company reported more than 100% growth in its Q2 net profit to AED 76.6 million dirhams ($20.86 million).

Alpha Dhabi Holding (ALPHADHABI.AD)'s 1.1% hike and Rak properties (RAKPROP.AD)'s 5.3% jump helped Abu Dhabi's benchmark index (.FTFADGI) to stay in green territory with index edging up 0.01%.

However, IHC-owned building material provider Apex Investment (APEX.AD) slumped 5.4% after the firm posted 8.6 mln dirhams ($2.34 mln) losses in the second quarter

Both the benchmark indexes in Dubai and Abu Dhabi posted weekly gain of 1.3% and 1.4% respectively, according to refinitiv data.

Middle Eastern Oil Market Dynamics Upended by OPEC+ Supply Cuts - Bloomberg

Middle Eastern Oil Market Dynamics Upended by OPEC+ Supply Cuts - Bloomberg

The supply cuts imposed by OPEC+ are reverberating in Middle Eastern crude markets, with Asian buyers turning to US barrels and putting a lid on a key light variety, while aiding more sulfurous, sludgy cargoes.

The premium of Abu Dhabi’s flagship Murban, which is less dense than other Middle Eastern grades such as Dubai and Oman, has been hurt as importers undertake a buying spree of comparable light US oil. In this monthly cycle, they’ve picked up about 50 million US barrels, more than usual, traders said.

At the same time, heavier barrels remain in favor given the cuts delivered by Saudi Arabia have tightened supplies of these grades. In the middle of the month, more sulfurous Oman was valued above Murban, a rare reversal.

Led by Riyadh and Moscow, the Organization of Petroleum Exporting Countries and its allies have been cutting production to stem a slide in prices that dominated the first half. Their tactic appears to be yielding dividends, with Brent rebounding by about 12% in July. It’s also altering underlying market dynamics as users adjust to lower availability of certain grades.

From here, medium and heavy-sour grades — such as Oman, Upper Zakum and Al-Shaheen — will keep outperforming lighter varieties given the curbs, according to Energy Aspects Ltd. In these circumstances, Murban will be setting key measures like Dubai timespreads, the industry consultant said in a note.

Saudi Arabia is seen extending its voluntary 1 million-barrel cut into September, according to 15 of 22 traders, analysts and refiners surveyed by Bloomberg.

#AbuDhabi's Borouge sees Q2 profit drop 53% on lower revenue

Abu Dhabi's Borouge sees Q2 profit drop 53% on lower revenue

Abu Dhabi-based specialty chemicals company Borouge Plc said net profit for the second quarter of 2023 declined 53% to $231 million from $490 million a year ago due to a fall in average sales prices.

Total revenue fell 25% to $1.41 billion in the April to June period from $1.87 billion a year earlier, it said on Friday in a regulatory filing on the Abu Dhabi Securities Exchange where its shares trade.

Average selling prices of polyethylene dropped to 23.2% year-on-year (YoY) $1,166 per tonne, while polypropylene prices fell 27% YoY to $1,041 per tonne in Q2 2023.

Borouge’s board endorsed a $650 million interim dividend for the first half and affirmed a total dividend payout of $1.3 billion for 2023.

Brazil's Vale to sell 13% stake in base metals unit for $3.4 bln | Reuters

Brazil's Vale to sell 13% stake in base metals unit for $3.4 bln | Reuters

Brazilian miner Vale (VALE3.SA) said on Thursday it reached two separate agreements to sell a 13% stake in its base metals business for $3.4 billion, aiming to boost its copper and nickel output.

The sale is part of Vale's strategy to unlock more value from its nickel and copper assets, given expectations for soaring demand for the metals from the electric vehicle market.

A joint venture formed by Saudi Arabian Mining Co (Ma'aden) (1211.SE) and the country's Public Investment Fund (PIF) will acquire 10% of Vale's base metal unit, while U.S. investment firm Engine No. 1 will acquire 3%.

The cash deal expected to close by the first quarter of 2024 values the company's base metals unit at an enterprise value of $26 billion, it said. Vale's market capitalization in the Brazilian stock exchange was $67.4 billion, based on Thursday's closing price.

#AbuDhabi Islamic Bank Q2 net profit surges on strong revenue growth

Abu Dhabi Islamic Bank Q2 net profit surges on strong revenue growth

Abu Dhabi Islamic Bank (ADIB) on Thursday reported a 68% year-on-year (YoY) rise in the second quarter net profit to 1.22 billion dirhams ($333.24 million) on solid revenue growth and strong deposit inflows, but warned of pressures of a rising rate environment.

Net revenue grew by 71% YoY to AED 1.50 billion for the three-month period ending June 30, 2023.

Total operating income rose 56% to AED 2.23 billion in the second quarter compared to AED 1.43 billion in the year-earlier period.

However, provision for impairment increased to AED 223 million, up 95% YoY.

The bank’s liquidity position was healthy and comfortably within regulatory requirements, with the advances to stable funding ratio at 78% and the eligible liquid asset ratio at 21.8%, the biggest Islamic bank in the emirate said in a statement on ADX.

Most Gulf markets fall following Fed rate hike; #Qatar gains | Reuters

Most Gulf markets fall following Fed rate hike; Qatar gains | Reuters

Most stock markets in the Gulf ended lower on Thursday, as regional central banks increased key interest rates following the U.S. Federal Reserve's move to raise rates by a quarter of a percentage point.

Oil and gas exporters in the Gulf tend to follow the Fed's rate move as most regional currencies are pegged to the U.S. dollar; only the Kuwaiti dinar is pegged to a basket of currencies, which includes the dollar.

Saudi Arabia's benchmark index (.TASI) fell 0.5%, weighed by a 2.3% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.9% decrease in Al Rajhi Bank (1120.SE).

Dubai's main share index (.DFMGI) dropped 0.3%, with Emirates Central Cooling Systems (EMPOWER.DU) losing 2.1%.

However, the losses were limited by a 1.8% rise in top lender Emirates NBD (ENBD.DU) after it reported a 78% surge in second-quarter profit.

The Dubai bourse recorded some volatility after the Fed's rate hike. The main index could see some price corrections if traders move to secure their gains due to the uncertainty regarding monetary policy, said Daniel Takieddine, CEO MENA at BDSwiss.

"However, the market could remain on a strong footing thanks to strong fundamentals."

In Abu Dhabi, the index (.FTFADGI) eased 0.1%.

The Saudi central bank, known as SAMA, increased its repo rate to 6% and its reverse repo rate to 5.5%, both by 25 basis points, and the UAE said it would raise the base rate on its Overnight Deposit Facility to 5.40% from 5.15%, effective Thursday.

The Qatari index (.QSI), however, bucked the trend to close 1.2% higher, driven by a 4% jump in petrochemical maker Industries Qatar (IQCD.QA).

Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.3%, as most of the stocks on the index were in negative territory including Eastern Co (EAST.CA), which was down 2.2%.

The Egyptian stock market remained under pressure, recording declining trading volumes while foreign investors continued to sell, said Takieddine.

Emirates Steel Is Said to Walk Away From Thyssenkrupp Steel Deal - Bloomberg

Emirates Steel Is Said to Walk Away From Thyssenkrupp Steel Deal - Bloomberg

Emirates Steel Arkan is walking away from a potential investment in Thyssenkrupp AG’s steel arm, dealing a fresh blow to the German conglomerate’s plans to offload the struggling operations, people with knowledge of the matter said.

The state-backed Abu Dhabi company has stopped actively pursuing a deal due to concerns over pension liabilities and other complexities of the business, the people said. Emirates Steel was considered the most serious contender to buy a stake in the Thyssenkrupp unit.

Interest from India’s JSW Steel Ltd. has also waned, the people said, asking not to be identified because the information is private.

The development could hamper efforts by Thyssenkrupp’s new chief executive officer, Miguel Angel Lopez Borrego, to turn around the company. His predecessor had struggled to find a solution for the steel unit amid pushback from unions and volatile earnings.

#Saudi wealth fund PIF to seek up to $5 billion in Oman investments | Markets – Gulf News

Saudi wealth fund PIF to seek up to $5 billion in Oman investments | Markets – Gulf News

Sovereign wealth funds of Saudi Arabia and Oman have agreed on Thursday to boost cooperation and explore investment opportunities, the Omani state news agency said, with up to $5 billion earmarked for potential Saudi investments in Oman.

Saudi’s Public Investment Fund (PIF) and the Oman Investment Authority (OIA) on Thursday signed a preliminary pact to identify investments in Oman under the Saudi Omani Investment Company, wholly owned by the PIF, in various sectors.

In October, PIF established five regional investment companies targeting investments of up to $24 billion as part of a strategy grow its assets under management and diversify Saudi Arabia’s revenue sources.

#Qatar’s Doha Bank Q2 net profit falls 30% to $50mln

Qatar’s Doha Bank Q2 net profit falls 30% to $50mln

Qatar's Doha Bank reported a net profit of 183.4 million riyals ($50.37 million) in the second quarter of 2023, down 30%, compared to QAR 263.5 million in the same period last year.

The bank’s profit for the first half dropped 40% to QAR 392 million from QAR 665 million in the same period last year.

Net interest income was QAR 537 million, down from QAR 596 million a year ago, the bank said in a filing published on the Qatar Stock Exchange on Thursday.

Total assets reached QAR 93.0 billion, as net loans and advances stood at QR 55.8 billion as of 30 June 2023.

Customer deposits stood at QAR 44.1 billion as of 30 June 2023, while investment portfolio reached QAR 25.4 billion.

#Dubai lender Emirates NBD says Q2 net profit jumps to record 6.2 bln dirhams | Reuters

Dubai lender Emirates NBD says Q2 net profit jumps to record 6.2 bln dirhams | Reuters

Emirates NBD (ENBD.DU), Dubai's biggest lender by assets, said its second-quarter profit surged 78% to a record 6.2 billion dirhams ($1.69 billion) on higher margins, an improved deposit and loan mix, and substantial recoveries.

The bank, majority owned by the government of Dubai, also said its balance sheet crossed 800 billion dirhams for the first time.

Dubai, home to the world's tallest skyscraper and palm-shaped artificial islands, has become one of the world's fastest-growing cities, with a population of 3.6 million, according to the emirate's statistic centre.

Its property market has boomed after a swift post-pandemic economic rebound and relaxed residency rules.

The bank reported a record first-half profit of 12.3 billion dirhams, up 130% from the previous year.

Total gross loans stood at 479 billion dirhams at the end of June, up 5% year-to-date. The company's deposits increased 11% year-to-date to 556 billion dirhams as of June 30.

Most Gulf markets gain on oil, corporate earnings; #Saudi falls | Reuters

Most Gulf markets gain on oil, corporate earnings; Saudi falls | Reuters

Most major stock markets in the Gulf rose in early trade on Thursday, supported by corporate earnings and rising oil prices, although the Saudi index bucked the trend to trade lower.

Dubai's main share index (.DFMGI) added 0.1%, with top lender Emirates NBD (ENBD.DU) gaining 1.2% after reporting a 78% surge in second-quarter profit.

The bank reported a net profit of 6.2 billion dirhams ($1.69 billion) on higher margins, an improved deposit and loan mix, and substantial recoveries.

In Abu Dhabi, the index (.FTFADGI) was up 0.1%.

Oil prices - a key catalyst for the Gulf's financial markets - climbed 1%, recouping losses from the previous session, as tight supply and expectations of stronger Chinese demand overrode concerns about an economic slowdown.

Separately, the central bank of the United Arab Emirates raised the base rate on its overnight deposit facility by 25 basis points to 5.40%, effective Thursday.

The Qatari benchmark (.QSI) climbed 0.4%, led by a 3% rise in petrochemical maker Industries Qatar (IQCD.QA).

However, Saudi Arabia's benchmark index (.TASI) eased 0.2%, weighed down by a 1.9% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.8% decrease in Al Rajhi Bank (1120.SE).

On the flip side, Saudi Investment Bank (1030.SE) advanced more than 3% to a six-month high following a steep rise in quarterly profit.

#SaudiArabia Expected to Prolong Oil Cut Again, Survey Shows - Bloomberg

Saudi Arabia Expected to Prolong Oil Cut Again, Survey Shows - Bloomberg

Saudi Arabia is expected to extend a 1 million-barrel oil supply cut into September as it seeks to foster a tentative recovery in crude prices.

Riyadh introduced the additional cutback this month — on top of output curbs it’s already making with fellow OPEC+ producers — to shore up oil markets against a fragile economic backdrop.

The measure already has been extended into August, and 15 of 22 traders, analysts and refiners surveyed by Bloomberg predict it will continue into September. The two previous announcements about the kingdom’s voluntary production cuts came via state media in the first week of the month.

Oil prices have climbed about 12% in the past month to about $83 a barrel in London as recovering global fuel consumption and output restraint by the Organization of Petroleum Exporting Countries engineer a long-awaited tightening of world markets.

Most Gulf markets gain on corporate earnings | Reuters

Most Gulf markets gain on corporate earnings | Reuters

Most stock markets in the Gulf ended higher on Wednesday largely on the back of corporate earnings, although the gains were limited ahead of the Federal Reserve meet.

Saudi Arabia's benchmark index (.TASI) finished 0.2% higher in a choppy trade, with Al Rajhi Bank (1120.SE) gaining 1.5%.

The Saudi stock market stabilized to a certain extent but remained on a positive trend overall, said Ahmed Negm, head of market research MENA at XS.com.

"While the main index could be impacted by the volatility in oil prices as well as the outcome of the Federal Reserve's meeting, strong local fundamentals could help keep the market on a positive course."

Oil prices slipped with investors cautious ahead of an expected Fed rate hike later in the day and a possible increase in U.S. crude supplies.

Dubai's main share index (.DFMGI) advanced 0.6%, led by a 14.9% jump in Gulf Navigation (GNAV.DU).

Mashreq Bank (MASB.DU), which was flat, post trading hours reported quarterly net profit of 1.91 billion dirhams ($520.03 million), up from 796.4 million dirhams a year ago

In Abu Dhabi, the index (.FTFADGI) gained 0.4%.

National Marine Dredging (NMDC.AD) closed 1.8% higher, after posting a sharp rise in second-quarter earnings.

The Qatari index (.QSI) climbed 2.2%, as most of its constituents were in the positive territory including Qatar International Islamic Bank (QIIB.QA), which was up 2.4%.

The sharia-compliant lender reported first-half net profit of 615.1 million riyals compared with 571.1 million riyals a year ago.

Elsewhere, Vodafone Qatar (VFQS.QA) increased 1.1% following a rise in first-half earnings.

Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.5%.

Trading on the Egyptian stock market remained dim with limited performance and narrow volumes. The main index could be exposed to the downside if trading conditions do not improve, said Negm.

#Kuwait’s $21 Billion Budget Surplus Ends Nine Years of Deficits, Driven by Oil - Bloomberg

Kuwait’s $21 Billion Budget Surplus Ends Nine Years of Deficits, Driven by Oil - Bloomberg

Kuwait ended nine straight years of budget deficits as a boom in oil revenue and more controlled spending delivered a boost for one of the Middle East’s biggest crude producers.

The OPEC member reported a surplus of 6.4 billion dinars ($21 billion) for the year through March, after revenue gained 55% on the previous year. The figure compares with a shortfall of 4.3 billion dinars in 2021-2022.

The country’s accounts “have experienced a healthy recovery in terms of liquidity, driven mostly by rebounding crude-oil prices during the fiscal year and aided by controlled expenditure,” Acting Finance Minister Saad Al-Barrak said Wednesday.

#Dubai-listed Mashreq Bank reports Q2 net profit of $519mln

Dubai-listed Mashreq Bank reports Q2 net profit of $519mln

Dubai-listed Mashreq Bank has announced Q2 2023 net profit of 1.906 billion dirhams ($519 million), up from AED 796 million last year on higher net interest income and income from Islamic financing.

Total operating income reaching AED 2.607 billion, up from 1.695 billion, the lender said in a statement to Dubai Financial Market on Wednesday.

Net interest income and income from Islamic financing was AED 1.87 billion, up 84% versus the year-ago period.

The bank reported a profit of AED 3.516 billion for H1 2023, up 150% from H1 2022, with operating income reaching AED 5.127 billion, up from AED 3.198 billion last year.

#Saudi FDI inflows reach 8.1 bln Riyals in Q1 2023 - ministry | Reuters

Saudi FDI inflows reach 8.1 bln Riyals in Q1 2023 - ministry | Reuters

Saudi Arabia's foreign direct investment inflows reached 8.1 billion Riyals ($2.16 billion) in the first quarter of 2023, up 10.2% from the same quarter a year prior, the economy ministry said on Wednesday.

Iberdrola sells 49% stake in Baltic Eagle wind farm to #AbuDhabi's Masdar | Reuters

Iberdrola sells 49% stake in Baltic Eagle wind farm to Abu Dhabi's Masdar | Reuters

Spanish utility Iberdrola (IBE.MC) has sold a 49% stake in its 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea to Abu Dhabi's Masdar for about 375 million euros ($414.5 million), it said on Wednesday.

Iberdrola said that the deal pegged the total value of the Baltic Eagle project - which is set to have 50 wind turbines off Germany's northeastern coast once they are built and ready to operate - at about 1.6 billion euros. Masdar will contribute proportionally to its stake to develop the project.

The Spanish power giant "will control and manage the asset, providing operation and maintenance services and other corporate services" by retaining a 51% majority stake, it added.

The deal is part of Iberdrola's strategy to sell stakes in its wind developments to raise cash to finance its 150 billion-euro 2020-2030 investment plan, mostly devoted to renewables and power grids.

Masdar is a renewable energy company that is 43% owned by Abu Dhabi energy and utility firm Taqa (TAQA.AD), 33% by sovereign wealth fund Mubadala and 24% by state oil giant ADNOC.

#Qatar sovereign fund seeks stake in Mukesh Ambani’s retail arm | Financial Times

Qatar sovereign fund seeks stake in Mukesh Ambani’s retail arm | Financial Times

Qatar’s sovereign wealth fund is in talks to buy a stake in billionaire Mukesh Ambani’s retail unit, as oil-rich Gulf funds increase their bets on the fast-growing Indian market. 

The Qatar Investment Authority (QIA) is considering a minority stake in Reliance Retail Ventures, according to three people with knowledge of the discussions. One of them said the fund is considering a $1bn investment giving it a stake of about 1 per cent and valuing the business at around $100bn. 

The people, who asked not to be named as the deal is private, said the agreement has yet to be finalised and is subject to change. One person said the $450bn Qatari sovereign wealth fund had not yet approved it. 

The talks come as Reliance Retail is spending heavily to expand its consumer businesses. India’s biggest shopping group by revenues, spanning luxury fashion to groceries, is a subsidiary of Ambani’s oil-to-data conglomerate Reliance Industries, India’s biggest company with a market capitalisation of $205bn.

Major Gulf bourses rise on strong earnings, China stimulus optimism | Reuters

Major Gulf bourses rise on strong earnings, China stimulus optimism | Reuters

Most stock markets in the Gulf rose on Wednesday as strong corporate earnings and pledges by Chinese authorities to shore up the economy lifted investor sentiment.

In China, the world's second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.

The Qatar benchmark index (.QSI) rose 0.8%, and all sectors traded in green with Commercial Bank (COMB.QA) climbing 1.5% and Doha Bank (DOBK.QA) gaining 1.8%.

Qatar National Bank (QNBK.QA), the Gulf's largest lender, added 0.8% and index heavyweight Qatar International Islamic Bank gained 0.3% after it posted a rise in half-yearly net profit.

Dubai's benchmark stock index (.DFMGI) rose 0.2%, lifted by gains in finance and industry sectors, with Gulf Navigation (GNAV.DU) surging 9.5% and Taaleem Holding (TAALEEM.DU) adding 3%.

The Emirate's largest lender Emirates NBD (ENBD.DU) climbed 1.2%.

In Abu Dhabi, the benchmark stock index (.FTFADGI) added 0.1%, helped by a 1.5% increase in Fertiglobe (FERTIGLOBE.AD) and 0.4% rise in the UAE's largest bank First Abu Dhabi Bank (FAB.AD).

National Marine Dredging (NMDC.AD) advanced 5.4% in early trade after the firm recorded a more than 70% growth in its second-quarter net profit, while revenue jumped nearly 90% year-on-year.

Saudi Arabia's benchmark stock index (.TASI) inched up 0.1% with Dar Al Arkan Real Estate Development (4300.SE) surging 2% and Saudi Arabian Mining (1211.SE) gaining 1.6%.

Al Rajhi Bank (1120.SE), the world's largest Islamic bank by assets, added 0.3% and Saudi National Bank (1180.SE) rose 0.6% in early trade as the board proposed H1 cash dividend of SAR 0.85 per share.

The kingdom's biggest lender by assets reported on Tuesday a 9.3% jump in net profit for the second quarter.

Mubadala Seeks Co-Investors for Fortress As It Faces US Security Review - Bloomberg

Mubadala Seeks Co-Investors for Fortress As It Faces US Security Review - Bloomberg

Mubadala Investment Co. is testing US investor interest in taking a stake in Fortress Investment Group as it aims to obtain regulatory sign-off on a deal to obtain most of SoftBank Group’s ownership, according to people with knowledge of the matter.

The Abu Dhabi sovereign fund is talking to investors including some US pension funds in an effort to reduce its expected 70% stake in Fortress, according to the people, who asked not to be named discussing confidential negotiations.

Mubadala is also looking to secure commitments to the next private equity fund managed by Mubadala Capital, its $20 billion asset management subsidiary.

The Committee on Foreign Investment in the US is reviewing Mubadala’s planned takeover of Fortress amid concerns over the United Arab Emirates’ ties to China. Paring Mubadala’s stake could help it address foreign ownership concerns.

#SaudiArabia Veers From Russia With Biggest IMF Downgrade - Bloomberg

Saudi Arabia Veers From Russia With Biggest IMF Downgrade - Bloomberg

OPEC+ allies Saudi Arabia and Russia are at the opposite extremes of the International Monetary Fund’s latest global outlook despite joint efforts to cut crude output.

The kingdom is getting the steepest growth downgrade among major economies from the IMF at a time when the Kremlin’s wartime budget stimulus helps offset its oil curbs. Saudi Arabia, the fastest-growing economy in the Group of 20 last year, is on track to expand just 1.9% in 2023, a downward revision of 1.2 percentage points from the fund’s earlier estimate.

By contrast, the IMF improved its view of Russia by 0.8 percentage point and now expects the economy to add 1.5%, after what it said was a “large fiscal stimulus” in the first half.

For Saudi Arabia, the downgrade “reflects production cuts announced in April and June in line with an agreement through OPEC+,” the IMF said in its World Economic Outlook published Tuesday.

Most Gulf markets gain on oil, earnings; #AbuDhabi slips | Reuters

Most Gulf markets gain on oil, earnings; Abu Dhabi slips | Reuters

Most stock markets in the Gulf ended higher on Tuesday on the back of rising oil prices and corporate earnings, although gains were limited as focus shifted to the Federal Reserve's monetary policy decision due on Wednesday.

Oil prices - a key catalyst for the Gulf's financial markets - were steady. They hovered near three-month highs as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment, while weaker Western economic data weighed.

Saudi Arabia's benchmark index (.TASI) gained 0.7%, led by a 8.5% surge in Alinma Bank (1150.SE) after it reported a sharp rise in quarterly earnings.

The lender, which saw its biggest intraday gain in over three years, posted second-quarter net profit of 1.23 billion riyals ($327.97 million), up from 925.1 million riyals year ago.

Dubai's main share index (.DFMGI) finished 0.5% higher, driven by a 1.8% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 4.1% increase in Gulf Navigation (GNAV.DU).

In Abu Dhabi, the index (.FTFADGI) eased 0.2%.

The Abu Dhabi stock market saw limited price movements with caution taking hold ahead of the Federal Reserve meeting, said Farah Mourad, Senior Market Analyst of XTB MENA.

"Volatility in oil prices has also impacted the market's performance and could weigh on expectations. The main index could continue to see risks after a series of gains."

Most Gulf Cooperation Council countries, including the UAE, Saudi Arabia and Qatar, have their currencies pegged to the U.S. dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from any monetary policy moves there.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%. Most of the stocks on the index were in negative territory including Eastern Company (EAST.CA), which was down 1.9%.

According to Mourad, declining trading volume continued to weigh on the Egyptian bourse which saw some volatility over the last few days.

Expat Go-to Website Dubizzle Taps Citigroup, HSBC for IPO - Bloomberg

Expat Go-to Website Dubizzle Taps Citigroup, HSBC for IPO - Bloomberg

Dubizzle Group, which operates classifieds websites popular with expatriates in the United Arab Emirates, is working with Citigroup Inc. and HSBC Holdings Plc on its potential initial public offering, according to people familiar with the matter.

The company, formerly known as Emerging Markets Property Group, hasn’t decided on a venue for the listing but it’s likely to be a regional stock market, the people said, asking not to be identified as the information isn’t public. A deal could happen as soon as next year, they said.

Details of the offering such as its size and timeline are still being discussed and may change, the people said. More banks may be added to the deal at a later date, they said.

Representatives for Dubizzle, Citigroup and HSBC declined to comment.

An IPO by Dubizzle would test investor appetite for startups in the Middle East where listings have been dominated by companies in sectors with high dividend yields. Globally, tech companies have struggled to raise funds and seen valuations plunge as high inflation and rising interest rates dented appetite for loss-making, high-growth firms.

Crypto exchange Rain to target #UAE asset managers after winning licence | Reuters

Crypto exchange Rain to target UAE asset managers after winning licence | Reuters

Middle Eastern crypto exchange Rain said on Tuesday its Abu Dhabi unit obtained a license to operate a virtual assets brokerage and custody service for clients in the United Arab Emirates.

The Bahrain-headquartered Rain, backed by Coinbase, said its entity based in the Abu Dhabi Global Market financial freezone will now offer institutional clients and some retail clients in the UAE the ability to buy, sell and store virtual assets.

Rain will also be able to open a bank account in the UAE, and allow clients in the country to fund their own accounts when using the local payment network, co-founder Yehia Badawy said in an interview on Tuesday.

Local asset managers have been hesitant to work with crypto firms without a domestic licence, he continued, adding they will now feel more comfortable after it obtained regulatory approval.

#Saudi National Bank Q2 net profit up 9%, beating estimate | Reuters

Saudi National Bank Q2 net profit up 9%, beating estimate | Reuters

Saudi National Bank (SNB) (1180.SE) on Tuesday reported a 9.3% jump in net profit for the second quarter compared with the prior-year period, on higher operating income and a fall in provisions for bad loans.

The kingdom's biggest lender by assets made a net profit of 5 billion riyals ($1.33 billion) in the second quarter, beating a mean analysts' estimate of 4.9 billion riyals according to Refinitiv data.

"Growth in net income attributable to equity holders of the Bank...(was) driven by higher operating income along with lower operating expenses, including net impairment charge for expected credit losses," a company statement to the Saudi stock exchange said.

Provisions for credit losses fell 87% year-on-year in the quarter to 76 million riyals, supporting a 14% decrease in total operating expenses to 2.7 billion riyals, the statement said, while total operating income grew 2%.

SNB, which saw a 70% fall in the carrying value of its investment in Swiss lender Credit Suisse in the first quarter, has previously said there would be no impact of the decline in equity on its income statement.

Net profit in the first six months of 2023 was up 10.4% over the same period a year ago, with operating income almost 5% higher year-on-year.

Loans and advances grew 7.7% in the first half, while deposits grew 1.6%; however customer deposits are up 6% year to date from the end of December, the bank said.

#SaudiArabia Oil Revenue Drops to Lowest Since 2021 as Prices Falter - Bloomberg

Saudi Arabia Oil Revenue Drops to Lowest Since 2021 as Prices Falter - Bloomberg

Saudi Arabia’s receipts from oil sales abroad declined by more than a third to the lowest since September 2021, amid a spluttering recovery in energy markets.

The kingdom’s oil exports dropped to just over $19 billion during May, according to data from the General Authority for Statistics that includes both crude and refined products. The share of oil sales in total exports fell to 74% from nearly 81% a year ago.

Saudi Arabia, the world’s largest oil exporter, saw a significant windfall from higher crude prices and production in 2022. This year, the kingdom said it would prolong production cuts it started earlier in 2023, trying to boost prices by keeping a lid on supply amid persisting fears over the global economy.

Crude oil prices have gained in recent weeks due to the effect of the cuts, but are restrained by concerns that higher interest rates could throttle economic activity in the US and Europe. Brent prices averaged about $75 per barrel in May, and traded at $82.61 on Tuesday.

In the non-oil sector, the focus of Crown Prince Mohammed bin Salman’s plans to transform the economy, exports dropped by nearly 9% year-on-year to 25 billion riyals ($6.7 billion) in May.

Most Gulf markets gain on oil, corporate earnings | Reuters

Most Gulf markets gain on oil, corporate earnings | Reuters

Most major stock markets in the Gulf rose in early trade on Tuesday in response to higher oil prices and strong earnings, although the Abu Dhabi index bucked the trend.

Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 5.8% jump in Alinma Bank (1150.SE) following a rise in quarterly net profit.

The lender - which hit its highest level since Nov. 9 - reported second-quarter net profit of 1.23 billion riyals ($327.94 million), up from 925.1 million riyals year ago.

Oil prices - a key catalyst for the Gulf financial markets - edged higher for a third straight session, as signs of tighter supplies and pledges by Chinese authorities to shore up the economy lifted sentiment.

In China, the world's second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.

Dubai's benchmark index (.DFMGI) added 0.2%, with top lender Emirates NBD (ENBD.DU) gaining 1.5%.

In Qatar, the index (.QSI) advanced 0.9%, as most of the stocks were in positive territory including Commercial Bank (COMB.QA), which was up 2.8%.

Qatari telecoms company Ooredoo (ORDS.QA), Kuwait's Zain Group (ZAIN.KW) and Dubai-based TASC Towers Holding have entered into exclusive talks to create the Middle East and North Africa's largest tower company, they said in a joint statement on Monday.

Ooredoo climbed 1.7%, although Zain Group eased 0.2%.

In Abu Dhabi, the index (.FTFADGI) fell 0.1%, hit by a 0.1% fall in the country's biggest lender First Abu Dhabi Bank (FAB.AD).

However, Sharjah Islamic Bank (SIB.AD) leapt 4.9%, hitting its highest level since June 2008, after the bank posted a 36.7% jump in half-yearly net profit.

US security officials scrutinise #AbuDhabi’s $3bn Fortress takeover | Financial Times

US security officials scrutinise Abu Dhabi’s $3bn Fortress takeover | Financial Times

US national security officials are scrutinising an Abu Dhabi sovereign wealth fund’s planned $3bn takeover of New York-based Fortress Investment Group amid concerns in Washington over the United Arab Emirates’ ties to China, people close to the situation told the Financial Times. 

The review by the Committee on Foreign Investment in the United States, an inter-governmental agency that vets whether deals can harm national security, is in its early stages and a decision is not expected for several months, the people added. 

Abu Dhabi’s Mubadala agreed to buy a majority stake in Fortress, which manages about $46bn in assets and specialises in distressed debt investing, in May from Japan’s SoftBank Group. Mubadala, which is run by chief executive Khaldoon al-Mubarak, said it intended to close the deal in the first quarter of 2024, subject to regulatory approvals. 

Mubadala and Fortress declined to comment. The US Treasury, which oversees the Cfius process, said it did not comment on transactions that it “may or not be reviewing” but added that it was “committed to taking all necessary actions within its authority to safeguard US national security”.

Oil prices up 2% to near 3-month high on tight supply, China stimulus hopes | Reuters

Oil prices up 2% to near 3-month high on tight supply, China stimulus hopes | Reuters

Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying.

Brent futures rose $1.67, or 2.1%, to settle at $82.74 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.67, or 2.1%, to settle at $78.74.

Those were the highest closes for Brent since April 19 and for WTI since April 24, as both contracts were pushed into technically overbought territory above their 200-day moving averages.

Gulf telecom firms Ooredoo, Zain, TASC in talks to combine tower assets | Reuters

Gulf telecom firms Ooredoo, Zain, TASC in talks to combine tower assets | Reuters

Qatari telecoms company Ooredoo (ORDS.QA), Kuwait's Zain Group and the UAE's TASC Towers Holding have entered into exclusive talks to create the Middle East and North Africa's largest tower company, they said in a joint statement on Monday.

The negotiations are "to combine their approximately 30,000 telecommunication tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan into a jointly owned independent tower company in a cash and share deal," the statement said, adding they aimed to sign definitive agreements this quarter.

#SaudiArabia's Rawabi Energy gets $1.9 billion loans | Reuters

Saudi Arabia's Rawabi Energy gets $1.9 billion loans | Reuters

Saudi Arabia's Rawabi Energy said on Monday it had secured 7.175 billion riyal ($1.9 billion) worth of syndicated loans, denominated in riyals and U.S. dollars, to speed up growth and refinance existing debt.

HSBC (HSBA.L) was sole structuring bank and, with Gulf International Bank, joint global coordinator.

Also on the deal were local lenders Saudi Awwal Bank (1060.SE), Saudi National Bank (1180.SE), Alinma Bank (1150.SE), Riyad Bank (1010.SE), Bank Al Jazira and Al Rajhi Bank (1120.SE).

The UAE's First Abu Dhabi Bank (FAB.AD) was also involved.

Rawabi Energy, a subsidiary of Rawabi Holding Group, said it was "one of the largest private sector syndicated financings in the Kingdom of Saudi Arabia."

Rawabi Energy was set up as a closed joint stock company in 2020 to consolidate Rawabi Holding's energy services operations. Its subsidiaries include Rawabi Vallianz Offshore Services (RVOS), Rawabi Oil & Gas (ROG) and United Safety Ltd in Canada.

"The transaction will accelerate (the company's) growth plans, underpinned by a full capital structure take-out and refinancing of existing indebtedness," Rawabi Energy said in a statement, adding it was 1.33 times oversubscribed.

Most Gulf markets rise on solid corporate earnings; Egypt slips | Reuters

Most Gulf markets rise on solid corporate earnings; Egypt slips | Reuters

Most stock markets in the Gulf ended higher on Monday, largely on the back of corporate earnings, although traders' attention remained focused on the U.S. Federal Reserve and volatility in oil markets.

Saudi Arabia's benchmark index (.TASI) gained 0.4%, buoyed by a 3.7% jump in Al Rajhi Bank (1120.SE) after the lender proposed a half-yearly dividend of 1.15 riyal per share.

The Saudi bourse continued to see a strong performance thanks to solid local fundamentals as well as positive results from the banking sector, said Daniel Takieddine, CEO MENA at BDSwiss.

"Volatility in energy prices could affect the market to a certain extent, however."

In Abu Dhabi, the benchmark stock index (.FTFADGI) rose 1.2%, boosted by a 5.8% surge in the country's biggest lender First Abu Dhabi Bank (FAB) (FAB.AD) following a sharp rise in quarterly earnings.

FAB said its second-quarter profit rose 61% from a year prior, as interest and non-interest income rose. The bank posted a net profit of 4.2 billion dirhams ($1.14 billion) for the quarter.

Dubai's main share index (.DFMGI) edged 0.2% higher, with Emirates Central Cooling Systems Corp (EMPOWER.DU) gaining 1.6%.

Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, Reuters reported last Thursday, citing two sources with knowledge of the matter.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.2%, weighed down by a 1.9% decline in Eastern Company (EAST.CA).

The Egyptian stock market dropped as trading volumes continue to fall and as international investors maintained selling pressure, said Takieddine.

DIFC Courts sees cases with Dh15 billion in claims value in first six months of 2023 | Business – Gulf News

DIFC Courts sees cases with Dh15 billion in claims value in first six months of 2023 | Business – Gulf News

The Dubai International Financial Centre (DIFC) Courts released its figures for the first six months of 2023 on Monday, reflecting a surge in the overall value of claims.

The value of cases across all divisions recorded a 692 per cent increase in the first half of 2023, compared with the first six months of 2022, with a total value of Dh15 billion across 455 cases filed.

In the main Court of First Instance (CFI), 52 cases were filed, with the total value of Dh14.9 billion and an average case value of Dh427.2 million. Cases within the Arbitration Division under the CFI also recorded a significant increase in the first six months of 2023, with a total value of Dh12.9 billion and an average claim value of Dh1.6 billion.

Justice Omar Al Mheiri, Director, DIFC Courts, said: “The DIFC Courts is currently operating on a new roadmap for the years 2022-2024, which includes a strategic work plan that brings more national cohesion to the courts’ projects and initiatives in line with the “D33’ economic agenda and the Dubai Digital Strategy. This in turn is providing effective support for the federal and local strategic goals and the centre’s goals. The surge in uptake of the DIFC Courts’ public services in the first six months of 2023 reflects the growing awareness of, and trust in, our expertise, efficiency, and ease of process. Powered by the most cutting-edge digital infrastructure, it is our expectation that more domestic and international businesses will continue to look to the DIFC Courts for future certainty and expedient resolution.”

Major Gulf markets rise on strong corporate earnings | Reuters

Major Gulf markets rise on strong corporate earnings | Reuters

Major stock markets in the Gulf rose in early trade on Monday, largely supported by corporate earnings, with the Qatari index on course to gain for a ninth session.

Saudi Arabia's benchmark index (.TASI) edged 0.3% higher, helped by a 2% rise in Al Rajhi Bank (1120.SE) after the lender proposed a first-half dividend of 1.15 riyal per share.

On the other hand, oil behemoth Saudi Aramco (2222.SE) lost 0.5%.

Oil prices - a key catalyst for the Gulf's financial markets - eased as traders awaited more rate hike cues from the U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.

Dubai's main share index (.DFMGI) gained 0.4%, with top lender Emirates NBD (ENBD.DU) and sharia-compliant lender Dubai Islamic Bank (DISB.DU) up 0.9% each.

Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, Reuters reported on Thursday, citing two sources with knowledge of the matter.

In Abu Dhabi, the index (.FTFADGI) was up 0.6%, buoyed by a 2.7% jump in First Abu Dhabi Bank (FAB) (FAB.AD).

FAB, the United Arab Emirates' biggest lender, last week said its second-quarter profit rose 61% from a year ealier, as interest and non-interest income rose.

The Qatari index (.QSI) was up 0.4%, on course to gain for a ninth session, with petrochemical maker Industries Qatar (IQCD.QA) advancing 0.9%.