Wizz Air says to expand fleet, sees good growth in Middle East | Reuters

Wizz Air says to expand fleet, sees good growth in Middle East | Reuters

European budget carrier Wizz Air (WIZZ.L) is planning to grow its fleet to above 200 aircraft next year and 500 aircraft by 2030, the company said on Tuesday, adding that its expansion in the Middle East offered opportunities.

Wizz Air President Robert Carey told a news briefing that the core growth in coming years would still come from Central and Eastern Europe, adding that in the West "we are happy with where we are now."

In the Middle East Wizz has been the first airline bringing ultra low cost service to the region, Carey said, adding the company was planning to grow its service in Abu Dhabi this summer, and also increase the number of routes into Saudi Arabia to 24 from 12.

"It's a very exciting region...really growing in terms of people's interest as well," Carey said.

On Tuesday Wizz also announced it would expand the number of flights to many European destinations from Budapest including Barcelona, Napoli, Bari, Rome, and Berlin and also to Dubai, among others. It expects to carry 43 million passengers from Budapest this year.

Mideast Stocks: Most Gulf bourses rise as banking crisis worries ease

Mideast Stocks: Most Gulf bourses rise as banking crisis worries ease

Most Gulf stock markets closed higher on Tuesday as fears of a global banking meltdown eased, and expectations of a lower interest rate hike by the U.S.

Federal Reserve raised investors' sentiments. Markets are pricing in a 25 bps increase by the U.S. Federal Reserve which is starting a two-day meeting later in the day, down from previous expectations for a 50 bps increase. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

Saudi Arabia's benchmark index climbed 1.4%, extending its rally to a second session. The index recorded a surge in all sectors with Kingdom's largest lender by assets Saudi National Bank rising 3.4% and Riyad Bank surging 3.9%.

Arabian Drilling surged 3.1% after HSBC on Tuesday raised its target price to SAR 164 from SAR 157. Shares of Perfect Presentation for Commercial Services shot up 9.7%, the highest intraday rise since it went public in November 2022. The ICT solutions provider reported on Monday a more than 63% jump in full-year net profit.

Dubai's benchmark index snapped its previous sessions losses and ended 1.1% higher. The index was lifted by gains in all sectors with tolls operator Salik rising 2.1% and Emaar Properties surging 3.9%.

Real estate developer Emaar announced that it will build a $60 million shopping and office complex in Srinagar, the capital of Jammu and Kashmir in India. The emirate's largest lender Emirates NBD gained 0.8%.

The Qatari Stock index rose 1%, ending its eight session losses. The index saw broad-based gains, led by the finance and energy sectors. Qatar National Bank, the region's largest bank, and Commercial Bank climbed 2.9% and 1.5% respectively.

In Abu Dhabi, the index fell marginally, extending previous session decline, weighed down by a 10% slump in National Marine Dredging and a 1% drop in First Abu Dhabi Bank, the United Arab Emirates' biggest lender.

Outside the Gulf, Egypt's blue-chip index climbed 2.7%, extending previous session gains with all sectors in the positive territory. Commercial International Bank and Fawry Banking gained 2.1% and 5.2% respectively.

"The Egyptian stock market benefited from the improving sentiment among global investors and developments around the national IPO program", said Fadi Reyad, Chief Market Analyst at CAPEX.com MENA.

Rothschild to advise tobacco maker Al Fakher on strategic options - sources | Reuters

Rothschild to advise tobacco maker Al Fakher on strategic options - sources | Reuters

The owner of Dubai-based tobacco business Al Fakher has hired Rothschild & Co to advise it on strategic options, including a possible initial public offering, two sources familiar with the matter said.

An IPO would take place in the region, either on Saudi Arabia's Tadawul or the Abu Dhabi Securities Exchange, the sources said.

Al Fakher is owned by Advanced Inhalation Rituals, a private company that is majority owned by London-based Kingsway Capital.

Rothschild and AIR declined to comment.

Al Fakher, which was founded in 1999, makes flavoured shisha molasses sold in more than 100 countries, according to its website.

Middle East companies bucked global trends last year to raise about $22 billion through IPOs, according to Dealogic, which was more than half the total for the wider Europe, Middle East and Africa region.

#Oman's Rakiza infrastructure fund closes at more than $1 bln | Reuters

Oman's Rakiza infrastructure fund closes at more than $1 bln | Reuters

Infrastructure investor Rakiza, which was set up to invest in Oman and Saudi Arabia, on Tuesday said it had closed its first fund at more than $1 billion.

The fund has already deployed 25% of its capital across three projects in Oman and several other investments are close to financial completion, including its first acquisition in Saudi Arabia, Rakiza said in a statement.

Saudi Arabia's Public Investment Fund (PIF) put 1.13 billion riyals ($300.8 million) into Rakiza last year.

Saudi Arabia has stepped up investments into Oman in the past year or so in a show of support for one of the Gulf's weaker economies as it recovers from the impact of the COVID-19 pandemic.

Mideast Stocks: Most Gulf bourses inch higher in early trade

Mideast Stocks: Most Gulf bourses inch higher in early trade

Most stock markets in the Gulf rose slightly in early trade on Tuesday, tracking global peers as fears about a global banking crisis eased, while investors awaited the U.S. Federal Reserve's two-day policy meeting starting later in the day.

The market estimate of the most likely size of the next Fed move has fallen to 25 basis points from 50 bps since the banking strife began this month.

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 rose 0.7%, led by finance and materials. Qatar National Bank, the region's largest bank, and Qatar International Islamic Bank climbed 2.1% and 2%, respectively.

In Abu Dhabi, the benchmark stock index inched up 0.1%, aided by a 1.2% gain in Abu Dhabi Commercial Bank and a 1.47% rise in Multiply Group.

Dubai's benchmark stock index was up 0.2%, helped by gains in industry and utilities sectors. Cooling services providers Emirates Central Cooling Systems and National Central Cooling rose 1.3% and 3.5%, respectively.

Diversified investment firm Dubai Investments gained 1.3% after it raised its full-year cash dividend from 12 fils per share to 20 fils.

Saudi Arabia's benchmark stock index rose 0.7% in broad-based gains, led by finance, materials and energy sectors. Al Rajhi Bank gained 0.5% and Saudi National Bank, the Kingdom's largest commercial bank, rose 1.9%.

Shares of Saudi Company For Hardware slid 1.8% after the retailer reported a full-year net loss of 142.5 million riyals compared to a 28.5 million riyals loss a year earlier.

Two companies, one trade: the switch that keeps Putin’s oil flowing | Financial Times #UAE #Dubai

Two companies, one trade: the switch that keeps Putin’s oil flowing | Financial Times

A month before G7 members imposed a cap on the price of Russian oil, veteran commodities trader Niels Troost spoke at a global food security conference and questioned whether the move made sense. 

“There are all kinds of reasons why price caps may not necessarily be the solution,” he told the November gathering, arguing that Russian oil exports were necessary to stop food prices soaring. “How do we do that? By getting the shipowners, the banks, the insurance companies, to recognise that we have a bigger responsibility than our morals.” 

Troost has a record of keeping Russian oil flowing: Switzerland-based Paramount Energy & Commodities SA, the company he founded, was a leading trader in oil from Russia’s far east before and after President Vladimir Putin launched his full invasion of Ukraine a year ago. But the tightening of EU sanctions on Russian energy exports in May threw up hurdles that made the trade more difficult. 

What happened next highlights the complications and contradictions of a sanctions regime designed to starve Putin of funds for his war, while keeping Russian oil exports going to protect the global economy. It also illustrates how some oil traders have been willing to take on the reputational and legal risks of continuing the lucrative business with Russia when better-known companies have been deterred.