US to launch new crackdown on Russian sanctions busting | Financial Times - #UAE #Turkey

US to launch new crackdown on Russian sanctions busting | Financial Times

The US will launch a renewed crackdown on countries and individuals helping the Kremlin evade western sanctions amid growing fears Russia is fuelling the war in Ukraine by funnelling imports through countries such as the United Arab Emirates and Turkey. 

The push by the US Treasury, commerce and justice departments, details of which were obtained by the Financial Times, comes as western allies increasingly believe Turkey and the UAE, as well as countries in central Asia and the Caucasus, have emerged as the weak links in their efforts to isolate Russia both economically and militarily. An announcement is expected later on Thursday. 

“Those who attempt to prop up Putin’s war machine by evading our export controls and sanctions will be held accountable,” Matthew Axelrod, assistant secretary of commerce for export enforcement, said in a statement. 

Elizabeth Rosenberg, the assistant Treasury secretary for terrorist financing and financial crimes, said at a closed event on Thursday that the UAE was also a “country of focus” for the US.

#UAE's GDP grew 7.6% in 2022, econ minister says | Reuters

UAE's GDP grew 7.6% in 2022, econ minister says | Reuters

The United Arab Emirates' economy expanded 7.6% last year, a senior official said on Thursday, about double the rise in gross domestic product (GDP) recorded in 2021 as the Gulf state rebounded sharply from the Covid-19 pandemic.

While higher energy prices supported economic growth across the Gulf region's oil exporters last year, a slowdown is forecast this year with a more uncertain oil price outlook and a challenging global macroeconomic environment.

The UAE aims to double the size of its economy by 2031 and diversify away from hydrocarbons.

"In order to do that, we need 7% GDP growth every year," UAE minister of economy Abdulla bin Touq Al Marri told Reuters in an interview on the sidelines of the Investopia conference in Abu Dhabi.

"This will come in with all the strategies we have put in place: the impact of the trade agreements, the openness to trade...the aspects of investments seen recently, into the energy transition, for instance, into green hydrogen," he said.

Mideast Stocks: Most Gulf bourses rise on higher oil prices; Egypt falls

Mideast Stocks: Most Gulf bourses rise on higher oil prices; Egypt falls

Most Gulf markets ended higher on Thursday, as oil prices rose on signs of a strong economic rebound in top crude importer China. Crude prices — a key catalyst for the Gulf's financial markets — edged up on Thursday. Brent crude was up 0.65% to $84.86 at 1145 GMT.

Crude jumped after manufacturing activity in China grew at the fastest pace in more than a decade last month, as per Wednesday's data, adding to evidence of a rebound in the world's second-largest economy.

The benchmark index in Saudi Arabia ended 0.8% higher, extending its rally to a third session. The index was lifted by gains in almost all sectors with the world's largest Islamic bank by assets, Al Rajhi Bank climbing 2.2% and Dr Sulaiman Al-Habib Medical rising 1.5%. Oil giant Aramco gained 0.6%.

Aramco agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA and China's Geely Automobile Holdings Ltd plan to set up jointly. The shares of ACWA Power rose 1.6% after it reported more than double in annual profit to 1.54 billion riyals ($410.36 million). Among winners, National Shipping Company Of Saudi Arabia (Bahri) gained 1.3% after signing worth about 1.53 billion riyals ($407.70 million) agreement with shareek program to support gas transportation sector.

In Abu Dhabi, the index rose 0.1%, extending its gains to a third session. The index was helped by a 3.6% rise in Abu Dhabi National Energy and 2.2% gain in Multiply.

The Qatari index ended 0.5% higher, with most sectors climbing. Industries Qatar and Qatar International Islamic Bank rose 1.1% and 2.2%, respectively.

Dubai's benchmark index fell 0.3%, weighed down by losses in utilities, real estate and financial sectors. The blue-chip developer Emaar Properties dropped 1.2% and cooling services provider Emirates Central Cooling lost 0.7%.

Outside the Gulf, Egypt's blue-chip index dropped 1.6%, snapping previous session gains with most sectors in the negative territory. Commercial International Bank and Eastern Co declined 2.4% and 4.7% respectively.

#Saudi Firms Outline $51 Billion to Spend Toward Diversification - Bloomberg

Saudi Firms Outline $51 Billion to Spend Toward Diversification - Bloomberg

Saudi Arabia outlined plans for 192 billion riyals ($51 billion) of investments by local companies including Saudi Aramco and mining giant Maaden under a government incentive program as it seeks to accelerate a plan to diversify its economy away from oil.

The program, called Shareek, was begun in 2021 by Crown Prince Mohammed bin Salman and is part of his “Vision 2030” plan to transform the oil-dependent Gulf kingdom and raise it to the ranks of the world’s top 15-largest economies by 2030. Saudi Arabia was the world’s fastest-growing among the Group of 20 economies in 2022.

In an event held Wednesday at the Ritz-Carlton hotel in Riyadh, which the crown prince attended briefly, officials said more than 60% of the financing for the projects will come from eight companies led by Saudi Aramco by 2030.

The projects are set to add almost 467 billion riyals to the kingdom’s gross domestic product and create more than 64,000 jobs by 2030, according to Abdulaziz Al-Arifi, chief executive officer of the Shareek program.

Al Ansari Plans to Double Dividend Payout Ahead of #Dubai IPO - Bloomberg

Al Ansari Plans to Double Dividend Payout Ahead of Dubai IPO - Bloomberg

Al Ansari Financial Services plans to double its dividend for 2023 ahead of its upcoming initial public offering, according to people with knowledge of the matter.

The United Arab Emirates-based money-exchange firm raised its target payout to a minimum of 600 million dirhams ($164 million), according to an investor presentation seen by Bloomberg. It plans to pay equal installments in October and April 2024 and is planning a payout of at least 70% of net profit after that, according to the document.

Al Ansari could list in Dubai as soon as the first quarter, Bloomberg reported in August. Preparations for the IPO are ongoing and details such as timing could still change. The Gulf region remains a bright spot for offerings with a strong pipeline of potential listings.

The company has drawn 300 million dirhams from Abu Dhabi Commercial Bank PJSC to pay a pre-IPO dividend, according to the presentation. As well as a 300 million dirham payout last year, Al Ansari paid 1.076 billion dirhams as an extraordinary dividend.

Moody’s upgrades growth forecasts for #Saudi economy in 2023 and 2024

Moody’s upgrades growth forecasts for Saudi economy in 2023 and 2024

Global credit rating agency Moody’s has raised its growth forecasts for Saudi Arabia’s economy in 2023 and 2024.

In its annual report, Moody’s stated that the revision to increase the growth rate to 2.5 percent in 2023 and 3.1 percent in 2024 reflects expectations that non-oil private sector activity will remain strong.

The agency raised its expectations from previous figures that it had announced last November, with a growth of 1.7 percent in 2023, and by 2.6 percent in 2024. Moody’s had expected the Saudi economy to grow at an average rate of about 3.9 percent during the years from 2022 to 2026.

The annual report lauded the strength of the Saudi economy despite some challenges, stressing the importance of the steps taken by the Kingdom to diversify its economy away from oil, which is beginning to bear fruit. Moody’s confirmed that the Kingdom has strengths that support its high credit rating and stable outlook for its economy.

Mideast Stocks:Most Gulf stocks extend rebound; #Dubai falls on oil, rate hike worries

Mideast Stocks:Most Gulf stocks extend rebound; Dubai falls on oil, rate hike worries

Most Gulf equities extended their rebound on Thursday, with Saudi Arabia outperforming peers in the region, while Dubai shares fell after oil prices retreated amid concerns further U.S. interest rate hikes.

While investors mostly foresee the Federal Reserve raising rates by 25 basis points at its next meeting later this month, expectations of a larger 50 basis points hike have increased.

The probability that the Fed's policy rate could peak above 5.5% stood at 53%, compared with 41.5% on Feb. 28, according to CME Fed tool. The rate is currently set in 4.5% to 4.75% range.

Crude prices — a key catalyst for the Gulf's financial markets — eased on Thursday with Brent crude sliding 0.3% to $84.08 at 0839 GMT.

Saudi Arabia's benchmark stock index jumped 1.1%, a third positive day for the index, boosted by gains in almost all the sectors. Banks were among the top gainers.

Al Rajhi Bank, the world's largest Islamic bank by market value, and Riyad Bank, jumped 2.5% and 2.9%, respectively.

Oil giant and index heavyweight Saudi Aramco rose nearly 1%.

Aramco agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA and China's Geely Automobile Holdings Ltd plan to set up jointly.

Among other stocks, National Shipping Company Of Saudi Arabia (Bahri) climbed 2.4% after signing worth about 1.53 billion riyals ($407.70 million) agreement with shareek program to support gas transportation sector

Utility firm ACWA Power jumped 2.9% after reporting more than double in annual profit to 1.54 billion riyals ($410.36 million).

In Abu Dhabi, the benchmark index gained 0.3%, led by a nearly 1% jump in UAE's top lender First Abu Dhabi Bank (FAB).

The Qatari stock index also rose 0.4%, extending gains third straight session, as most of the constituent stocks traded higher, with Energy and financial stocks were among the top boosts.

Oil and gas services firm Qatar Fuel jumped 3.7% and heavyweight Commercial Bank hiked 0.8%.

But Dubai's main share index fell 0.3%, dragged down by its real estate and financial stocks.

Blue-chip developer Emaar Properties declined 0.5%, while top lender Emirates NBD Bank was down 0.7%.