Arab bourses' market cap hit $4trln by end of 2022: Arab Monetary Fund
The market cap of Arab stock exchanges exceeded $4 trillion by the end of 2022, according to the Arab Monetary Fund (AMF).
In a press statement today, the AMF said that the market value of the Abu Dhabi Securities Exchange reached $714.6 billion in the reference year, while that of Dubai Financial Market was valued at $158.4 billion.
The market value of the Saudi Stock Exchange was $2.63 trillion; while that of the Qatar Stock Exchange was $167.09 billion. The market cap of the Boursa Kuwait was $152.7 billion; while that of the Muscat Stock Exchange was $61.6 billion.
The Casablanca Stock Exchange's market cap was $53.6 billion; while that of the Egyptian Exchange was $38.8 billion; and that of the Bahrain Bourse was $30.2 billion, according to the AMF's statement.
The market value of Amman Stock exhange reached $25.4 billion; that of Palestine Exchange was $4.89; while Beirut Stock Exchange was put at $14.4 bn; and Damascus Securities Exchange was valued at 2.06 bn.
LVMH, Richemont Set to Benefit From Middle East’s Fast Growth - Bloomberg
The Middle East is expected to become one of the fastest growing markets for luxury in 2023, according to Barclays Plc analysts, with the owners of Louis Vuitton and Cartier best placed to benefit.
Analysts at the bank cited high oil prices that underpin buoyant economic conditions and demographic trends for their optimistic call on the region. Dubai’s continued focus on attracting tourists and foreign expatriates, as well as its diversification away from oil are also factors that will boost luxury spending.
LVMH Moet Hennessy Louis Vuitton SE, the owner of Louis Vuitton and Christian Dior, and Richemont, which makes Cartier jewelry and watches, will be beneficiaries of the Middle East’s luxury growth, according to the broker.
“The broad outlook for the region remains much more positive than for western economies, with GDP growth forecasts being revised up at a time of downward revisions for most countries globally,” analysts including Yasmin Clark and Carole Madjo said in a research note on Friday.
Oil settles flat, with weekly decline on recession worries | Reuters
Oil prices were little changed on Friday as the market balanced a weaker U.S. dollar and mixed U.S. jobs reports, but both crude benchmarks ended the first week of the year lower due to global recession concerns.
Brent futures fell 12 cents, or 0.2%, to settle at $78.57 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 10 cents, or 0.1%, to settle at $73.77.
For the week, both Brent and WTI were down over 8%, their biggest weekly dives to start the year since 2016. Both benchmarks had gained about 13% during the prior three weeks.
