Love Is Blind, Planet of the Apes Producer Peter Chernin Gets Qatar Investment - Bloomberg
Qatar’s sovereign wealth fund is investing $150 million in North Road Co., an independent studio that produces the TV series Love Is Blind and the Planet of the Apes films, a sign that Hollywood’s growing austerity hasn’t dampened investor enthusiasm for entertainment.
The deal values North Road at more than $1 billion and resumes a relationship between the Qataris and media mogul Peter Chernin, North Road’s chief executive officer. The Qatar Investment Authority previously invested in the Chernin Group, the investment and media company he founded after leaving Fox.
The money from Qatar is on top of an earlier commitment of as much as $500 million from Providence Equity Partners and another $300 million in debt financing from Apollo Global Management Inc. Chernin is stockpiling cash because he believes that several entertainment assets will go up for sale in the coming year or two and wants to have the resources to make deals. His company is already looking at three or four transactions, but he declined to specify which ones.
Tuesday 31 January 2023
#Kuwait Sees $16.4 Billion Deficit, Looks to Boost Revenue - Bloomberg
Kuwait Sees $16.4 Billion Deficit, Looks to Boost Revenue - Bloomberg
Kuwait unveiled budget proposals that forecast a deficit for the fiscal year starting April 1, despite efforts by the OPEC member to boost revenue booked from independent state entities.
The Gulf nation is projecting a 5 billion dinar ($16.4 billion) shortfall, the Finance Ministry said Tuesday, after reducing the price it expects to get for oil to $70 a barrel and increasing spending. That compares with a 1.35 billion dinar surplus expected for the current year, revised up from a 124 million dinar deficit.
Income in 2023/24 is projected at 21.23 billion dinars, after including profit generated by government entities such as Kuwait Petroleum Corp. not historically added to the state’s budget revenue streams. That compares with 24.75 billion dinars estimated in the current fiscal year. The change is expected to be a more accurate representation of the budget’s true revenue.
Non-oil income is expected to account for 19% of total projected income, compared with around 10% in previous years. Oil revenues are expected to fall.
Kuwait unveiled budget proposals that forecast a deficit for the fiscal year starting April 1, despite efforts by the OPEC member to boost revenue booked from independent state entities.
The Gulf nation is projecting a 5 billion dinar ($16.4 billion) shortfall, the Finance Ministry said Tuesday, after reducing the price it expects to get for oil to $70 a barrel and increasing spending. That compares with a 1.35 billion dinar surplus expected for the current year, revised up from a 124 million dinar deficit.
Income in 2023/24 is projected at 21.23 billion dinars, after including profit generated by government entities such as Kuwait Petroleum Corp. not historically added to the state’s budget revenue streams. That compares with 24.75 billion dinars estimated in the current fiscal year. The change is expected to be a more accurate representation of the budget’s true revenue.
Non-oil income is expected to account for 19% of total projected income, compared with around 10% in previous years. Oil revenues are expected to fall.
Hedge Fund Davidson Kempner Buys $1.1 Billion #AbuDhabi Commercial Bank Bad Debt - Bloomberg
Hedge Fund Davidson Kempner Buys $1.1 Billion Abu Dhabi Commercial Bank Bad Debt - Bloomberg
US hedge fund Davidson Kempner Capital Management bought $1.1 billion in bad debt from Abu Dhabi Commercial Bank PJSC as the lender cleans up a balance sheet battered by a series of corporate defaults.
The portfolio consists of 44 corporate loans to United Arab Emirates-based small- and medium-size enterprises, according to a statement. Davidson Kempner didn’t disclose the price at which it bought the non-performing debt.
ADCB, the third-largest lender in the UAE, was impacted by corporate collapses such as that of hospital group NMC Health Plc, payments firm Finablr Plc and construction company Arabtec Holding. Since lending to these firms, the bank has been tied up in restructuring talks and has been forced to write down the value of many of the loans.
US hedge fund Davidson Kempner Capital Management bought $1.1 billion in bad debt from Abu Dhabi Commercial Bank PJSC as the lender cleans up a balance sheet battered by a series of corporate defaults.
The portfolio consists of 44 corporate loans to United Arab Emirates-based small- and medium-size enterprises, according to a statement. Davidson Kempner didn’t disclose the price at which it bought the non-performing debt.
ADCB, the third-largest lender in the UAE, was impacted by corporate collapses such as that of hospital group NMC Health Plc, payments firm Finablr Plc and construction company Arabtec Holding. Since lending to these firms, the bank has been tied up in restructuring talks and has been forced to write down the value of many of the loans.
Airbus and #Qatar edge towards agreement in A350 dispute - sources | Reuters
Airbus and Qatar edge towards agreement in A350 dispute - sources | Reuters
Airbus (AIR.PA) and Qatar Airways are edging towards an agreement to settle a bitter dispute over grounded A350 jets, two people familiar with the matter said on Tuesday.
After months of public feuding, there is no guarantee that an agreement can be reached, after previous attempts to avoid a high-profile trial in London this year were abandoned.
But two of the sources said the tone appeared more encouraging and negotiations had accelerated after some political activity and an uneventful four-way meeting between the two sides and their respective regulators in Doha last week.
"There will be an agreement," one of the sources said, while another cautioned that the talks were still ongoing.
Airbus and Qatar Airways had no immediate comment.
Airbus (AIR.PA) and Qatar Airways are edging towards an agreement to settle a bitter dispute over grounded A350 jets, two people familiar with the matter said on Tuesday.
After months of public feuding, there is no guarantee that an agreement can be reached, after previous attempts to avoid a high-profile trial in London this year were abandoned.
But two of the sources said the tone appeared more encouraging and negotiations had accelerated after some political activity and an uneventful four-way meeting between the two sides and their respective regulators in Doha last week.
"There will be an agreement," one of the sources said, while another cautioned that the talks were still ongoing.
Airbus and Qatar Airways had no immediate comment.
Distressed debt funds eye Gulf region opportunities | Reuters
Distressed debt funds eye Gulf region opportunities | Reuters
International investors focused on distressed debt said they are eyeing opportunities in the Gulf region, where banks may need to make provisions for more non-performing loans as companies navigate global economic headwinds and post-COVID-19 recovery.
Higher interest rates globally and a strong U.S. dollar - to which most regional currencies are pegged - are translating into higher borrowing and other costs in the non-oil private sector.
Corporate restructuring opportunities have improved with the introduction of legislative changes, which are bringing rules more in line with global standards. Some successful examples of these changes have also reduced the stigma attached to insolvency.
For example, Saudi Arabia, the region's biggest economy, introduced a bankruptcy law in 2018 and the United Arab Emirates enacted one in 2016 and amended it in 2020.
On Tuesday, U.S. hedge fund Davidson Kempner said that investment funds it advises have acquired a non-performing loans portfolio from the United Arab Emirates' Abu Dhabi Commercial Bank (ADCB.AD) worth 4.2 billion dirhams ($1.14 billion).
Executives from distressed debt investors SC Lowy and Fidera have also said they plan to set up a presence in the UAE this year.
International investors focused on distressed debt said they are eyeing opportunities in the Gulf region, where banks may need to make provisions for more non-performing loans as companies navigate global economic headwinds and post-COVID-19 recovery.
Higher interest rates globally and a strong U.S. dollar - to which most regional currencies are pegged - are translating into higher borrowing and other costs in the non-oil private sector.
Corporate restructuring opportunities have improved with the introduction of legislative changes, which are bringing rules more in line with global standards. Some successful examples of these changes have also reduced the stigma attached to insolvency.
For example, Saudi Arabia, the region's biggest economy, introduced a bankruptcy law in 2018 and the United Arab Emirates enacted one in 2016 and amended it in 2020.
On Tuesday, U.S. hedge fund Davidson Kempner said that investment funds it advises have acquired a non-performing loans portfolio from the United Arab Emirates' Abu Dhabi Commercial Bank (ADCB.AD) worth 4.2 billion dirhams ($1.14 billion).
Executives from distressed debt investors SC Lowy and Fidera have also said they plan to set up a presence in the UAE this year.
OPEC oil output falls in January led by Iraq -Reuters survey | Reuters
OPEC oil output falls in January led by Iraq -Reuters survey | Reuters
OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further, while Gulf members maintained strong compliance with an OPEC+ production cut deal to support the market.
The Organization of the Petroleum Exporting Countries pumped 28.87 million barrels per day (bpd), the survey found, down 50,000 bpd from December.
In September, OPEC output hit its highest since 2020.
OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further, while Gulf members maintained strong compliance with an OPEC+ production cut deal to support the market.
The Organization of the Petroleum Exporting Countries pumped 28.87 million barrels per day (bpd), the survey found, down 50,000 bpd from December.
In September, OPEC output hit its highest since 2020.
Most Gulf markets fall on lower oil prices; #AbuDhabi up | Reuters
Most Gulf markets fall on lower oil prices; Abu Dhabi up | Reuters
Most Gulf stock markets closed lower on Tuesday, as falling oil prices and expectations of an interest rate hike by the U.S. Federal Reserve subdued investor sentiment, while Abu Dhabi bucked trend.
Oil prices - a key catalyst for the Gulf's financial markets - slipped by more than 1% on Tuesday with March Brent crude futures 1.25% lower at $83.97 a barrel by 1414 GMT.
Investors expect the Federal Reserve will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the U.S. dollar, and Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index (.TASI) in Saudi Arabia lost 0.2%, extending losses into a second session. The index was weighed down by a 1.8% loss in Saudi Basic Industries (2010.SE) and a 0.2% fall in luxury real estate developer Retal Urban Development (4322.SE).
Meanwhile, the Gulf's second-largest economy Saudi Arabia grew by 5.4% in the fourth quarter of 2022, according to initial government estimates, down from 8.8% annual growth in the previous quarter.
In Abu Dhabi, the index (.FTFADGI) rose 0.1%, helped by a 5.7% gain in Abu Dhabi Islamic Bank, which saw it highest intra-day rise since July.
Abu Dhabi's biggest Sharia-compliant lender reported a surge in quarterly net profit, supported by broad-based income momentum across all its operating businesses.
Dubai's benchmark index (.DFMGI) dropped marginally, weighed down by losses in financial and heavyweight real estate sectors with Dubai Islamic Bank (DISB.DU) declining 3% and Emaar Properties (EMAR.DU) falling 0.7%.
The Qatari Stock index (.QSI) dropped 1.7%, with most of its constituent stocks in negative territory.
"Milder winters are affecting the demand for energy in Europe and the US, and could fuel pressures on the Qatari market," said Farah Mourad, Senior Market Analyst of XTB MENA.
The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its slide, falling 3% and Masraf Al Rayan (MARK.QA) fell for a third consecutive session, sinking 5.5% on weak earnings.
The lender reported a more than 22% slump in full-year net profit on Sunday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended down 3.4%, extending losses into a second session with almost all its constituent stocks in the red.
Commercial International Bank (COMI.CA) and E-Finance (EFIH.CA) dropped 5.7% and 6.1% respectively.
Most Gulf stock markets closed lower on Tuesday, as falling oil prices and expectations of an interest rate hike by the U.S. Federal Reserve subdued investor sentiment, while Abu Dhabi bucked trend.
Oil prices - a key catalyst for the Gulf's financial markets - slipped by more than 1% on Tuesday with March Brent crude futures 1.25% lower at $83.97 a barrel by 1414 GMT.
Investors expect the Federal Reserve will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the U.S. dollar, and Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index (.TASI) in Saudi Arabia lost 0.2%, extending losses into a second session. The index was weighed down by a 1.8% loss in Saudi Basic Industries (2010.SE) and a 0.2% fall in luxury real estate developer Retal Urban Development (4322.SE).
Meanwhile, the Gulf's second-largest economy Saudi Arabia grew by 5.4% in the fourth quarter of 2022, according to initial government estimates, down from 8.8% annual growth in the previous quarter.
In Abu Dhabi, the index (.FTFADGI) rose 0.1%, helped by a 5.7% gain in Abu Dhabi Islamic Bank, which saw it highest intra-day rise since July.
Abu Dhabi's biggest Sharia-compliant lender reported a surge in quarterly net profit, supported by broad-based income momentum across all its operating businesses.
Dubai's benchmark index (.DFMGI) dropped marginally, weighed down by losses in financial and heavyweight real estate sectors with Dubai Islamic Bank (DISB.DU) declining 3% and Emaar Properties (EMAR.DU) falling 0.7%.
The Qatari Stock index (.QSI) dropped 1.7%, with most of its constituent stocks in negative territory.
"Milder winters are affecting the demand for energy in Europe and the US, and could fuel pressures on the Qatari market," said Farah Mourad, Senior Market Analyst of XTB MENA.
The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its slide, falling 3% and Masraf Al Rayan (MARK.QA) fell for a third consecutive session, sinking 5.5% on weak earnings.
The lender reported a more than 22% slump in full-year net profit on Sunday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended down 3.4%, extending losses into a second session with almost all its constituent stocks in the red.
Commercial International Bank (COMI.CA) and E-Finance (EFIH.CA) dropped 5.7% and 6.1% respectively.
#UAE's ADCB Q4 net profit jumps 23%; beats estimate
UAE's ADCB Q4 net profit jumps 23%; beats estimate
Abu Dhabi Commercial Bank (ADCB) has posted a Q4 2022 net profit of 1.78 billion UAE dirhams ($485 million), up 23% year-on-year (YoY).
For the full year (FY), the lender posted a record net profit of 6.43 billion UAE dirhams, 23% higher YoY.
The efforts beat Refinitiv's mean analysts’ estimates of 1.611 billion UAE dirhams for the latest quarter, and 6.09 billion UAE dirhams for FY.
Quarterly net interest income jumped 30% to 2.91 billion UAE dirhams while net fees and commissions grew 19% to 620 million UAE dirhams.
As of end December, 2022, net loans and advances stood at 258 billion UAE dirhams.
ADCB has proposed a cash-and-stock dividend of 0.55 UAE dirhams, amounting to a total payout of 60% of the net profit.
Abu Dhabi Commercial Bank (ADCB) has posted a Q4 2022 net profit of 1.78 billion UAE dirhams ($485 million), up 23% year-on-year (YoY).
For the full year (FY), the lender posted a record net profit of 6.43 billion UAE dirhams, 23% higher YoY.
The efforts beat Refinitiv's mean analysts’ estimates of 1.611 billion UAE dirhams for the latest quarter, and 6.09 billion UAE dirhams for FY.
Quarterly net interest income jumped 30% to 2.91 billion UAE dirhams while net fees and commissions grew 19% to 620 million UAE dirhams.
As of end December, 2022, net loans and advances stood at 258 billion UAE dirhams.
ADCB has proposed a cash-and-stock dividend of 0.55 UAE dirhams, amounting to a total payout of 60% of the net profit.
Emirates NBD partners with ADX to offer instant trading access
Emirates NBD partners with ADX to offer instant trading access
Emirates NBD Securities, a leading brokerage firm in the UAE, has partnered with Abu Dhabi Securities Exchange (ADX) to provide traders with instant access to the exchange’s listed companies, enabling it to offer instant trading account opening and digital onboarding to another UAE stock exchange.
The partnership will allow more than one million Emirates NBD customers to start trading instantly on ADX and support the buoyant demand for ADX listed companies. Investors will be able to kickstart their trading journey through a simple three-step process which will provide instant National Investor Number (NIN), trading account and investor account. This will eliminate the need to print, sign, scan and e-mail documents.
The initiative supports ADX’s strategy of leveraging digital solutions to widen its investor base and to enhance market liquidity. Trading value on the ADX reached AED 450 billion in 2022, an increase of almost 21.9 percent from 2021, supported by a series of listings and increased international investor participation. Meanwhile, the benchmark FADX 15 Index gained 22.6 percent in 2022, making it the best performing index in the Arab world.
Commenting on the announcement, Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said, “Emirates NBD Securities is delighted to partner with ADX to offer investors quick and easy access to the dynamic companies traded on the exchange, enabling us to provide instant access to both of the UAE’s stock markets. Our end-to-end digital investor onboarding platform will now enable our customers to start trading instantly on two of the region’s top three stock exchanges by market capitalization. With this partnership, our digital onboarding platform, IPO subscription facility and NIN generation service, we are the only regional bank to offer UAE investors an all-inclusive package to trade with ease on the UAE’s burgeoning capital markets. We are confident that our efforts will increase the flow of capital into regional markets, enhance market liquidity and reinforce the UAE’s position as the region’s leading financial center and hub for technological innovation.”
Emirates NBD Securities, a leading brokerage firm in the UAE, has partnered with Abu Dhabi Securities Exchange (ADX) to provide traders with instant access to the exchange’s listed companies, enabling it to offer instant trading account opening and digital onboarding to another UAE stock exchange.
The partnership will allow more than one million Emirates NBD customers to start trading instantly on ADX and support the buoyant demand for ADX listed companies. Investors will be able to kickstart their trading journey through a simple three-step process which will provide instant National Investor Number (NIN), trading account and investor account. This will eliminate the need to print, sign, scan and e-mail documents.
The initiative supports ADX’s strategy of leveraging digital solutions to widen its investor base and to enhance market liquidity. Trading value on the ADX reached AED 450 billion in 2022, an increase of almost 21.9 percent from 2021, supported by a series of listings and increased international investor participation. Meanwhile, the benchmark FADX 15 Index gained 22.6 percent in 2022, making it the best performing index in the Arab world.
Commenting on the announcement, Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said, “Emirates NBD Securities is delighted to partner with ADX to offer investors quick and easy access to the dynamic companies traded on the exchange, enabling us to provide instant access to both of the UAE’s stock markets. Our end-to-end digital investor onboarding platform will now enable our customers to start trading instantly on two of the region’s top three stock exchanges by market capitalization. With this partnership, our digital onboarding platform, IPO subscription facility and NIN generation service, we are the only regional bank to offer UAE investors an all-inclusive package to trade with ease on the UAE’s burgeoning capital markets. We are confident that our efforts will increase the flow of capital into regional markets, enhance market liquidity and reinforce the UAE’s position as the region’s leading financial center and hub for technological innovation.”
#Dubai real estate market ‘momentum’ to slow down this year
Dubai real estate market ‘momentum’ to slow down this year
Dubai will continue to attract strong demand from property investors and witness project launches this year, but the “momentum” in the market is expected to slow in the wake of global turbulences, according to Asteco.
Mortgage transactions and project launches, in particular, are forecast to see some declines in 2023 compared to last year, as more rate hikes are implemented, and investors’ spending power is likely to weaken.
On the positive side, sales prices and rentals rates will remain “elevated”, while the market will continue to boost its supply stock, as developers complete ongoing projects.
In its report released on Monday, Asteco said around 47,700 apartments and villas will be added to the emirate’s housing supply this year, up by 53.8% from the number of homes delivered in 2022. The bulk of the units, around 40,000, will be apartments, while the remaining supply (7,700) will be residential villas.
“We will continue to see new project launches [this year] but the momentum is expected to slow, as constrained global growth will impact the spending power of international investors,” Asteco said.
“With more but smaller interest rate hikes expected in 2023, we anticipate a drop in mortgage transactions,” HP Aengaar, CEO of Asteco, also noted in the report.
Dubai will continue to attract strong demand from property investors and witness project launches this year, but the “momentum” in the market is expected to slow in the wake of global turbulences, according to Asteco.
Mortgage transactions and project launches, in particular, are forecast to see some declines in 2023 compared to last year, as more rate hikes are implemented, and investors’ spending power is likely to weaken.
On the positive side, sales prices and rentals rates will remain “elevated”, while the market will continue to boost its supply stock, as developers complete ongoing projects.
In its report released on Monday, Asteco said around 47,700 apartments and villas will be added to the emirate’s housing supply this year, up by 53.8% from the number of homes delivered in 2022. The bulk of the units, around 40,000, will be apartments, while the remaining supply (7,700) will be residential villas.
“We will continue to see new project launches [this year] but the momentum is expected to slow, as constrained global growth will impact the spending power of international investors,” Asteco said.
“With more but smaller interest rate hikes expected in 2023, we anticipate a drop in mortgage transactions,” HP Aengaar, CEO of Asteco, also noted in the report.
China foreign minister seeks stronger economic ties with #SaudiArabia | Reuters
China foreign minister seeks stronger economic ties with Saudi Arabia | Reuters
China's new foreign minister Qin Gang wants to build stronger ties with Saudi Arabia and set up a China-Gulf free trade zone "as soon as possible", according to a ministry statement published late on Monday.
Qin, who was just recently named to the position, made the suggestion in a telephone conversation with his Saudi Arabian counterpart, Prince Faisal bin Farhan Al Saud, adding that China highly appreciates Saudi Arabia's consistent firm support on issues involving China's core interests.
He said the sides should further expand cooperation on economy, trade, energy, infrastructure, investment, finance, and high technology.
In addition, Qin pressed for continuously strengthening the China-Gulf strategic partnership and building "the China-Gulf Free Trade Zone as soon as possible".
China's new foreign minister Qin Gang wants to build stronger ties with Saudi Arabia and set up a China-Gulf free trade zone "as soon as possible", according to a ministry statement published late on Monday.
Qin, who was just recently named to the position, made the suggestion in a telephone conversation with his Saudi Arabian counterpart, Prince Faisal bin Farhan Al Saud, adding that China highly appreciates Saudi Arabia's consistent firm support on issues involving China's core interests.
He said the sides should further expand cooperation on economy, trade, energy, infrastructure, investment, finance, and high technology.
In addition, Qin pressed for continuously strengthening the China-Gulf strategic partnership and building "the China-Gulf Free Trade Zone as soon as possible".
#SaudiArabia's Non-Oil Economy Grows at Fastest Pace in More Than a Year - Bloomberg
Saudi Arabia's Non-Oil Economy Grows at Fastest Pace in More Than a Year - Bloomberg
Saudi Arabia’s non-oil sector, the engine of job creation, grew at the fastest pace in more than a year and helped the kingdom record the fastest overall growth among major global economies.
The non-oil economy grew an annual 6.2% during the fourth quarter of last year, the highest level since the third quarter of 2021, flash estimates from the General Authority for Statistics showed Tuesday. The oil economy rose 6.1% during the same period, thanks to high global crude prices.
Overall growth was an estimated 8.7% last year, the Saudi projections showed. That’s on a par with forecasts from the International Monetary Fund, which show the kingdom leading the ranks of top economies ahead of India at 6.8%. The only major country to shrink last year was Russia.
Saudi Arabia’s non-oil sector, the engine of job creation, grew at the fastest pace in more than a year and helped the kingdom record the fastest overall growth among major global economies.
The non-oil economy grew an annual 6.2% during the fourth quarter of last year, the highest level since the third quarter of 2021, flash estimates from the General Authority for Statistics showed Tuesday. The oil economy rose 6.1% during the same period, thanks to high global crude prices.
Overall growth was an estimated 8.7% last year, the Saudi projections showed. That’s on a par with forecasts from the International Monetary Fund, which show the kingdom leading the ranks of top economies ahead of India at 6.8%. The only major country to shrink last year was Russia.
Most Gulf bourses decline, tracking oil prices; #Dubai gains | Reuters
Most Gulf bourses decline, tracking oil prices; Dubai gains | Reuters
Most major stock markets in the Gulf fell in early trade on Tuesday, in tandem with oil prices and Asian peers as investors were cautious ahead of major central bank meetings this week, while Dubai bucked the trend.
Investors expect the U.S. Federal Reserve to raise interest rates by 25 basis points on Wednesday, followed the day after by half-point increases by the Bank of England and European 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 Qatari Stock index (.QSI) declined 1%, pressured by losses in banking stocks, with the Gulf's largest lender Qatar National Bank (QNBK.QA) falling 1.9%, while Commercial Bank (COMB.QA) dropped 2.3%.
Abu Dhabi's benchmark index (.FTFADGI) retreated 0.9%, as Conglomerate International Holding Company (IHC.AD) moved down 2.1% on plans to invest 1.4 billion dirhams ($381.2 million) in Adani Enterprises' (ADEL.NS) follow-on stock offering.
Adani Enterprises is the flagship company of the Adani Group, controlled by Asia's richest man, Gautam Adani. Last week, short-seller Hindenburg Research accused the group of improper use of offshore tax havens and flagged concerns about high debt, eroding $65 billion of the group's combined market value. Adani has called the report baseless.
However, Abu Dhabi Islamic Bank (ADIB.AD) surged 4.3% after the lender posted a 56% jump in fourth-quarter net profit to 1.14 billion dirhams ($310.38 million).
Saudi Arabia's benchmark stock index (.TASI) slipped 0.5%, dragged down by financial and real state stocks.
Luxury home maker Retal Urban Development (4322.SE) fell 0.7% and Riyad Bank (1010.SE) decreased 2.2%.
Brent Crude fell 11 cents, or 0.13%, to $84.79 a barrel by 0743 GMT.
However, National Shipping Company Of Saudi Arabia (known as Bahri) (4030.SE) jumped 4.3% as the company reported more than 500% growth in fourth-quarter net profit and a 76% increase in revenue.
Dubai's benchmark index (.DFMGI) edged 0.1% higher, supported by a 0.8% gain each in top lender Emirates NBD (ENBD.DU) and toll operator Salik Company (SALIK.DU).
Most major stock markets in the Gulf fell in early trade on Tuesday, in tandem with oil prices and Asian peers as investors were cautious ahead of major central bank meetings this week, while Dubai bucked the trend.
Investors expect the U.S. Federal Reserve to raise interest rates by 25 basis points on Wednesday, followed the day after by half-point increases by the Bank of England and European 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 Qatari Stock index (.QSI) declined 1%, pressured by losses in banking stocks, with the Gulf's largest lender Qatar National Bank (QNBK.QA) falling 1.9%, while Commercial Bank (COMB.QA) dropped 2.3%.
Abu Dhabi's benchmark index (.FTFADGI) retreated 0.9%, as Conglomerate International Holding Company (IHC.AD) moved down 2.1% on plans to invest 1.4 billion dirhams ($381.2 million) in Adani Enterprises' (ADEL.NS) follow-on stock offering.
Adani Enterprises is the flagship company of the Adani Group, controlled by Asia's richest man, Gautam Adani. Last week, short-seller Hindenburg Research accused the group of improper use of offshore tax havens and flagged concerns about high debt, eroding $65 billion of the group's combined market value. Adani has called the report baseless.
However, Abu Dhabi Islamic Bank (ADIB.AD) surged 4.3% after the lender posted a 56% jump in fourth-quarter net profit to 1.14 billion dirhams ($310.38 million).
Saudi Arabia's benchmark stock index (.TASI) slipped 0.5%, dragged down by financial and real state stocks.
Luxury home maker Retal Urban Development (4322.SE) fell 0.7% and Riyad Bank (1010.SE) decreased 2.2%.
Brent Crude fell 11 cents, or 0.13%, to $84.79 a barrel by 0743 GMT.
However, National Shipping Company Of Saudi Arabia (known as Bahri) (4030.SE) jumped 4.3% as the company reported more than 500% growth in fourth-quarter net profit and a 76% increase in revenue.
Dubai's benchmark index (.DFMGI) edged 0.1% higher, supported by a 0.8% gain each in top lender Emirates NBD (ENBD.DU) and toll operator Salik Company (SALIK.DU).