JPMorgan appoints Khalid Fayez as CEO for JPMorgan Saudi Arabia | Reuters
JPMorgan Chase announced on Thursday the appointment of Khalid Fayez as CEO of JPMorgan Saudi Arabia Company, the firm's Securities arm in the Kingdom.
JPMorgan is the only U.S. headquartered financial institution with two operating licenses in Saudi Arabia.
Thursday 17 August 2023
Gulf markets end mixed on rising oil prices, U.S. rate outlook | Reuters
Gulf markets end mixed on rising oil prices, U.S. rate outlook | Reuters
Stock markets in the Gulf ended mixed on Thursday as rising oil prices were a positive but were offset by concerns that the U.S. Federal Reserve may still raise interest rates further.
Saudi Arabia's benchmark index (.TASI) reversed early losses to close 0.5% higher, snapping three sessions of losses, with oil giant Saudi Aramco (2222.SE) advancing 1.7%.
Dubai's main share index (.DFMGI) added 0.1%, helped by a 6.5% jump in Ajman Bank (AJBNK.DU).
The Dubai bourse stabilized to a certain extent after a slight decline and could return to the upside thanks to strong local fundamentals, said George Pavel, general manager at Capex.com.
"However, traders could remain cautious with uncertainty around monetary policy fuelled by the release of the Federal Reserve's minutes yesterday," he said.
In Qatar, the stock index (.QSI) dropped 0.9%, as most shares were in negative territory including Commercial Bank (COMB.QA), which was down 3.1%.
The minutes of the Fed's July monetary policy meeting showed most policymakers continue to prioritize the battle against inflation, adding to uncertainty among investors about the outlook for interest rates.
Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the UAE, have their currencies pegged to the U.S. dollar and generally follow the Fed, exposing the region to a direct impact from any U.S. monetary policy moves.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.5%, with Talaat Mostafa Group Holding (TMGH.CA) losing 3.6%.
The Egyptian stock market continued to see pressures near this year's peak with local traders on a selling trend and trading volumes declining. As a result, the main index could be exposed to some price corrections, said Pavel.
Stock markets in the Gulf ended mixed on Thursday as rising oil prices were a positive but were offset by concerns that the U.S. Federal Reserve may still raise interest rates further.
Saudi Arabia's benchmark index (.TASI) reversed early losses to close 0.5% higher, snapping three sessions of losses, with oil giant Saudi Aramco (2222.SE) advancing 1.7%.
Dubai's main share index (.DFMGI) added 0.1%, helped by a 6.5% jump in Ajman Bank (AJBNK.DU).
The Dubai bourse stabilized to a certain extent after a slight decline and could return to the upside thanks to strong local fundamentals, said George Pavel, general manager at Capex.com.
"However, traders could remain cautious with uncertainty around monetary policy fuelled by the release of the Federal Reserve's minutes yesterday," he said.
In Qatar, the stock index (.QSI) dropped 0.9%, as most shares were in negative territory including Commercial Bank (COMB.QA), which was down 3.1%.
The minutes of the Fed's July monetary policy meeting showed most policymakers continue to prioritize the battle against inflation, adding to uncertainty among investors about the outlook for interest rates.
Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the UAE, have their currencies pegged to the U.S. dollar and generally follow the Fed, exposing the region to a direct impact from any U.S. monetary policy moves.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.5%, with Talaat Mostafa Group Holding (TMGH.CA) losing 3.6%.
The Egyptian stock market continued to see pressures near this year's peak with local traders on a selling trend and trading volumes declining. As a result, the main index could be exposed to some price corrections, said Pavel.
#Kuwait sovereign wealth fund's London unit appoints new CEO -Global SWF | Reuters
Kuwait sovereign wealth fund's London unit appoints new CEO -Global SWF | Reuters
Kuwait Investment Office (KIO), the London branch of Kuwait's sovereign wealth fund, has hired Abdulmohsin Al Mukhaizeem, investment chief at Kuwait's Wafra International Investment, as its new CEO, according to sovereign wealth fund tracker Global SWF.
Wafra is a subsidiary of Kuwait's public pension fund and Al Mukhaizeem was previously executive director of NBK Capital Partners, the alternative investments arm of Kuwait's top bank.
Kuwait's sovereign wealth fund, the Kuwait Investment Authority (KIA), does not disclose information about its subsidiaries but Global SWF said Kuwait Investment Office had been without a permanent CEO since last July after removing the previous incumbent.
"The position was vacant since July 2022, when the SWF reportedly removed Saleh Al-Ateeqi, highlighting potential internal divisions within the Kuwait fund," Global SWF said on Thursday, without giving more details on the divisions.
Kuwait Investment Office (KIO), the London branch of Kuwait's sovereign wealth fund, has hired Abdulmohsin Al Mukhaizeem, investment chief at Kuwait's Wafra International Investment, as its new CEO, according to sovereign wealth fund tracker Global SWF.
Wafra is a subsidiary of Kuwait's public pension fund and Al Mukhaizeem was previously executive director of NBK Capital Partners, the alternative investments arm of Kuwait's top bank.
Kuwait's sovereign wealth fund, the Kuwait Investment Authority (KIA), does not disclose information about its subsidiaries but Global SWF said Kuwait Investment Office had been without a permanent CEO since last July after removing the previous incumbent.
"The position was vacant since July 2022, when the SWF reportedly removed Saleh Al-Ateeqi, highlighting potential internal divisions within the Kuwait fund," Global SWF said on Thursday, without giving more details on the divisions.
#Dubai's DP World posts 10% fall in H1 profit, flags uncertain trade outlook | Reuters
Dubai's DP World posts 10% fall in H1 profit, flags uncertain trade outlook | Reuters
Dubai's state-owned ports giant DP World said on Thursday its first-half profit fell nearly 10% from a year earlier, even as revenue climbed nearly 14%, and flagged an uncertain outlook for trade.
Profit attributable to DP World's owners in the six months to June was down 9.7% at $651 million from a year earlier, when the port operator posted record profit of $721 million.
"While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results," Chairman and Chief Executive Sultan Ahmed Bin Sulayem said in a filing.
"We remain optimistic about the medium to long-term prospects of the industry and DP World's capacity to consistently generate sustainable returns."
Revenue in the first half jumped 13.9% year-on-year to just over $9 billion "as the Group benefitted from the full year contribution of acquisitions," Yuvraj Narayan, deputy CEO and chief financial officer, said in the statement.
DP World's consolidated throughput ticked up 0.4% to just over 23 million, of which 11.59 million was in the second quarter, up 0.1% from a year earlier.
Adjusted gross debt - excluding bank overdrafts and loans from non-controlling shareholders - rose to $19.2 billion from $18.5 billion at the end of 2022. Net debt was at $15.8 billion at the end of June.
Dubai's state-owned ports giant DP World said on Thursday its first-half profit fell nearly 10% from a year earlier, even as revenue climbed nearly 14%, and flagged an uncertain outlook for trade.
Profit attributable to DP World's owners in the six months to June was down 9.7% at $651 million from a year earlier, when the port operator posted record profit of $721 million.
"While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results," Chairman and Chief Executive Sultan Ahmed Bin Sulayem said in a filing.
"We remain optimistic about the medium to long-term prospects of the industry and DP World's capacity to consistently generate sustainable returns."
Revenue in the first half jumped 13.9% year-on-year to just over $9 billion "as the Group benefitted from the full year contribution of acquisitions," Yuvraj Narayan, deputy CEO and chief financial officer, said in the statement.
DP World's consolidated throughput ticked up 0.4% to just over 23 million, of which 11.59 million was in the second quarter, up 0.1% from a year earlier.
Adjusted gross debt - excluding bank overdrafts and loans from non-controlling shareholders - rose to $19.2 billion from $18.5 billion at the end of 2022. Net debt was at $15.8 billion at the end of June.
Major Gulf markets subdued on worries over China, US rates | Reuters
Major Gulf markets subdued on worries over China, US rates | Reuters
Major stock markets in the Gulf fell in early trade on Thursday tracking oil prices and Asian shares lower as fears over China's sluggish economic recovery and concerns that the Federal Reserve may still raise interest rates rattled investors.
Minutes from the Fed's July meeting showed officials were divided over the need for more interest rate hikes.
Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the UAE, have their currencies pegged to the U.S. dollar and generally follow the Fed, exposing the region to a direct impact from any U.S. monetary policy moves.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, weighed down by a 1.1% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and 0.4% drop in Al Rajhi Bank (1120.SE).
The kingdom's crude oil exports fell for a third straight month in June to their lowest since September 2021, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday, with big Asian buyers favouring cheaper Russian oil.
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
Oil prices - a key catalyst for the Gulf's financial markets - were choppy after falling over the past three sessions, with the undertone grim on worries that slowing growth in China and possible further U.S. interest rate hikes will weaken fuel demand in the world's two biggest economies.
Dubai's main share index (.DFMGI) fell 0.2%, with Al Ansari Financial Services (ALANSARI.DU) losing 0.8%.
The Qatari index (.QSI) dropped 0.4%, hit by a 0.4% fall in petrochemical maker Industries Qatar (IQCD.QA).
The index is on course to post its third weekly loss.
Major stock markets in the Gulf fell in early trade on Thursday tracking oil prices and Asian shares lower as fears over China's sluggish economic recovery and concerns that the Federal Reserve may still raise interest rates rattled investors.
Minutes from the Fed's July meeting showed officials were divided over the need for more interest rate hikes.
Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the UAE, have their currencies pegged to the U.S. dollar and generally follow the Fed, exposing the region to a direct impact from any U.S. monetary policy moves.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, weighed down by a 1.1% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and 0.4% drop in Al Rajhi Bank (1120.SE).
The kingdom's crude oil exports fell for a third straight month in June to their lowest since September 2021, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday, with big Asian buyers favouring cheaper Russian oil.
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
Oil prices - a key catalyst for the Gulf's financial markets - were choppy after falling over the past three sessions, with the undertone grim on worries that slowing growth in China and possible further U.S. interest rate hikes will weaken fuel demand in the world's two biggest economies.
Dubai's main share index (.DFMGI) fell 0.2%, with Al Ansari Financial Services (ALANSARI.DU) losing 0.8%.
The Qatari index (.QSI) dropped 0.4%, hit by a 0.4% fall in petrochemical maker Industries Qatar (IQCD.QA).
The index is on course to post its third weekly loss.
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