Israel, UAE sign free trade pact into effect | Reuters
Israel and the United Arab Emirates on Sunday signed a free trade pact into effect, reducing or removing tariffs on about 96% of goods traded between the nations, Israel's Foreign Ministry said.
The countries first reached the agreement last May, promising to boost bilateral trade after they normalized ties in 2020 in a U.S.-brokered deal.
The deal will also allow Israeli companies to gain access to government tenders in the UAE, the ministry said.
Israeli Foreign Minister Eli Cohen, who on Sunday gave a final signature for the tariff arrangement within the trade pact, said it would "strengthen the connection" with the UAE and that Israel was working to normalize ties with more Arab countries.
Qatar leads Gulf bourses higher on hopes of Fed rate pause | Reuters
Qatar's stock market closed higher on Sunday, outperforming other bourses in the Gulf region, as expectations of a pause in rate hikes by the U.S. Federal Reserve lifted investor sentiment.
The Fed raised its main interest rate by a quarter point on Wednesday, but signaled it would consider a pause in light of banking system stresses.
Most Gulf central banks lifted their rates by a quarter percentage point on Wednesday, mirroring the Fed's rate hike as their currencies are largely pegged to the dollar.
The Qatari Stock index (.QSI) climbed 1.2%, extending its rally to a third straight session. The index recorded an advance in all sectors, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) rising 3.1% and Qatar Islamic Bank (QISB.QA) adding 2.7%.
Among other gainers, Ooredoo (ORDS.QA) and Qatar Fuel (QFLS.QA) rose 2.7% and 1.7% respectively.
Saudi Arabia's benchmark index (.TASI) rose 0.1%, supported by gains in materials and communications sectors stocks.
Shares in Mobile Telecommunications (7030.SE) shot up 9.8%, its sharpest intraday rise since October 2020, after the telecom services provider reported a more than 157% jump in full- year net profit.
Steel pipes maker Arabian Pipes (2200.SE) soared 9.5%, its highest daily rise since Nov. 10, 2021, after it posted a full- year net profit of 8.9 million riyals, compared with a loss of 60.1 million a year earlier.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 2.3%, extending its previous session gains.
The index was lifted up by a 15.1% jump in Sidi Kerir (SKPC.CA) and a 7% rise in Fawry Banking (FWRY.CA).
Among other gainers, Alexandria Mineral Oils (AMOC.CA) and Eastern Co (EAST.CA) jumped 9.8% and 3.9% respectively.
Eastern, a manufacturer of tobacco products, announced on Sunday a revision in prices of its products.
Profit of four largest UAE banks to grow in 2023 amid lower provisions and higher interest
Profitability of the four largest banks in the UAE will continue to grow this year amid rising interest rates and the reversal of pandemic-related provisions charges as the Arab world’s second-largest economy continues to maintain strong growth momentum, Moody’s Investors Service has said.
The improving operating environment also supported the profitability of the lenders — First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank and Dubai Islamic Bank — which account for about 77 per cent of banking assets in the UAE, Moody's said in its latest report on the country's banking sector.
The combined reported net profit of the four lenders climbed to $9 billion at the end of last year — up from $8 billion recorded in 2021 and $8.3 billion in 2019. The bottom line growth will continue in 2023, albeit at a slower pace, the rating agency said.
“The combined bottom line profitability of the four banks exceeded pre-pandemic levels in 2022, reflecting strong growth in interest income and normalised provisioning charges,” Nitish Bhojnagarwala, Moody’s vice president and senior credit officer, and analysts Azhar Bouzidi and Badis Shubailat said in the report.
Abu Dhabi's ADNOC gears up for June listing of marine & logistics unit - sources | Reuters
State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.
ADNOC, which raised $2.5 billion from listing its gas business in March, is gearing up for a June listing of ADNOC Logistics & Services (ADNOC L&S), said the sources, declining to be named as the matter is not public.
HSBC (HSBA.L) was appointed as joint global coordinator on the syndicate this week, one of the sources said, joining Citigroup (C.N), JPMorgan (JPM.N), and First Abu Dhabi Bank (FAB.AD), which were selected at the end of last year.
ADNOC, which supplies nearly 3% of global oil demand, declined to comment on the listing plans. HSBC did not immediately respond to a request for comment.
ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.
