Abu Dhabi's IHC raises stake in India's Adani Enterprises | Reuters
Abu Dhabi conglomerate International Holding Co (IHC) (IHC.AD) said on Tuesday it has increased its stake in India's Adani Enterprises (ADEL.NS) to more than 5%, days after it sold its stakes in two other Adani Group companies.
IHC said its stake increase reflected its belief in Adani Enterprises' (AEL) ability to "incubate" and scale up airports, data centres and green hydrogen businesses.
"AEL is poised to uniquely capitalize on India's robust growth journey," IHC said in a statement.
With the new investments, the value of IHC's holding in the Adani group's flagship company now stands at around 140 billion rupees ($1.68 billion), based on Tuesday's closing price of its shares, the Adani Group said separately in a statement.
It said IHC’s increased stake was a "ringing endorsement of the group's robust capex plans, governance and transparency."
Tuesday, 3 October 2023
Most Gulf markets end higher; #Saudi, Egypt extend losses | Reuters
Most Gulf markets end higher; Saudi, Egypt extend losses | Reuters
Most stock markets in the Gulf ended higher on Tuesday, despite concerns over higher-for-longer U.S interest rates, although Saudi shares continued their slide for a fourth session.
The Federal Reserve officials said monetary policy will need to stay restrictive for "some time" to bring inflation back down to the U.S. central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policies as most regional currencies are pegged to the U.S. dollar.
In Abu Dhabi, the benchmark index (.FTFADGI) rose for a second consecutive session and ended 0.5% higher, lifted by a 0.8% gain in conglomerate International Holding Company (IHC.AD) and a 2.4% surge in Aldar Properties (ALDAR.AD).
The UAE's largest lender First Abu Dhabi Bank (FAB.AD) added 0.4% and Abu Dhabi commercial Bank (ADCB.AD) gained 1.1%.
Abu Dhabi's non-oil economic growth surged 12.3% in the second quarter, data showed on Monday, supporting overall GDP growth in the period of 3.5% year-on-year.
Dubai's benchmark index (.DFMGI) was up 0.5%, extending its rally to a third straight session with most sectors in the positive territory.
Middle East's low-cost carrier Air Arabia (AIRA.DU) shot up 3.6% and real estate developer Emaar Development (EMAARDEV.DU) advanced 4.1%.
The emirate's largest lender Emirates NBD (ENBD.DU) surged 2%.
The Qatari index (.QSI) inched up 0.2%, supported by finance and energy sectors, with Qatar Gas Transport (QGTS.QA) rising 2.8% and Qatar Islamic Bank (QISB.QA) adding nearly 1%.
Saudi Arabia's benchmark index (.TASI) was down 0.5%, extending its losses to a fourth consecutive session, with oil major Saudi Aramco (2222.SE) falling 0.7% and Dar Al Arkan Real Estate Development Company (4300.SE) dropping 6.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1%, extending its losses to a fourth session, weighed down by an 8% slump in Alexandria Mineral Oils Co (AMOC.CA) and a 4.5% drop in Misr Fertilizers Production Co (MFPC.CA).
Most stock markets in the Gulf ended higher on Tuesday, despite concerns over higher-for-longer U.S interest rates, although Saudi shares continued their slide for a fourth session.
The Federal Reserve officials said monetary policy will need to stay restrictive for "some time" to bring inflation back down to the U.S. central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policies as most regional currencies are pegged to the U.S. dollar.
In Abu Dhabi, the benchmark index (.FTFADGI) rose for a second consecutive session and ended 0.5% higher, lifted by a 0.8% gain in conglomerate International Holding Company (IHC.AD) and a 2.4% surge in Aldar Properties (ALDAR.AD).
The UAE's largest lender First Abu Dhabi Bank (FAB.AD) added 0.4% and Abu Dhabi commercial Bank (ADCB.AD) gained 1.1%.
Abu Dhabi's non-oil economic growth surged 12.3% in the second quarter, data showed on Monday, supporting overall GDP growth in the period of 3.5% year-on-year.
Dubai's benchmark index (.DFMGI) was up 0.5%, extending its rally to a third straight session with most sectors in the positive territory.
Middle East's low-cost carrier Air Arabia (AIRA.DU) shot up 3.6% and real estate developer Emaar Development (EMAARDEV.DU) advanced 4.1%.
The emirate's largest lender Emirates NBD (ENBD.DU) surged 2%.
The Qatari index (.QSI) inched up 0.2%, supported by finance and energy sectors, with Qatar Gas Transport (QGTS.QA) rising 2.8% and Qatar Islamic Bank (QISB.QA) adding nearly 1%.
Saudi Arabia's benchmark index (.TASI) was down 0.5%, extending its losses to a fourth consecutive session, with oil major Saudi Aramco (2222.SE) falling 0.7% and Dar Al Arkan Real Estate Development Company (4300.SE) dropping 6.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1%, extending its losses to a fourth session, weighed down by an 8% slump in Alexandria Mineral Oils Co (AMOC.CA) and a 4.5% drop in Misr Fertilizers Production Co (MFPC.CA).
#AbuDhabi's Mubadala hires banks to present green finance framework - IFR | Reuters
Abu Dhabi's Mubadala hires banks to present green finance framework - IFR | Reuters
Abu Dhabi sovereign wealth fund Mubadala Investment Company has hired banks to organise a series of investor meetings to present its newly established Green Finance Framework, fixed-income news service IFR reported on Tuesday.
Mubadala, through its unit Mamoura Diversified Global Holding, has mandated Abu Dhabi Commercial Bank, First Abu Dhabi Bank, HSBC and ING to present the framework to investors.
The investor meetings to present the green finance framework are scheduled to start from Oct. 4 until Oct. 6.
Abu Dhabi sovereign wealth fund Mubadala Investment Company has hired banks to organise a series of investor meetings to present its newly established Green Finance Framework, fixed-income news service IFR reported on Tuesday.
Mubadala, through its unit Mamoura Diversified Global Holding, has mandated Abu Dhabi Commercial Bank, First Abu Dhabi Bank, HSBC and ING to present the framework to investors.
The investor meetings to present the green finance framework are scheduled to start from Oct. 4 until Oct. 6.
New business helps rebound in #Saudi non-oil activity in Sept -PMI | Reuters
New business helps rebound in Saudi non-oil activity in Sept -PMI | Reuters
Growth in non-oil business activity in Saudi Arabia accelerated in September from an 11-month low the previous month as higher sales supported overall output, a survey showed on Tuesday.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose to 57.2 in September from 56.6 in August - which was the lowest since September 2022, far above the 50 mark denoting growth and back above its long-run average of 56.9.
Overall output rebounded from a 19-month low in August with the sub-index accelerating to 62.8 from 59.1 the previous month as new business expanded rapidly.
The sub-index for new orders jumped four points to 64.2, although the pace of expansion remained slower than the average so far this year.
"The non-oil economy continues its growth despite the challenges arising from the current monetary policy conditions," Naif Al-Ghaith, Riyad Bank's chief economist said.
Growth in non-oil business activity in Saudi Arabia accelerated in September from an 11-month low the previous month as higher sales supported overall output, a survey showed on Tuesday.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose to 57.2 in September from 56.6 in August - which was the lowest since September 2022, far above the 50 mark denoting growth and back above its long-run average of 56.9.
Overall output rebounded from a 19-month low in August with the sub-index accelerating to 62.8 from 59.1 the previous month as new business expanded rapidly.
The sub-index for new orders jumped four points to 64.2, although the pace of expansion remained slower than the average so far this year.
"The non-oil economy continues its growth despite the challenges arising from the current monetary policy conditions," Naif Al-Ghaith, Riyad Bank's chief economist said.
Most major Gulf bourses shrug off rate worries; #Saudi falls | Reuters
Most major Gulf bourses shrug off rate worries; Saudi falls | Reuters
Most major Gulf stock markets edged higher in early trade on Tuesday despite worries over higher U.S interest rates for a longer period, although the Saudi index was on course to fall for a fourth session.
U.S. Fed officials said monetary policy will need to stay restrictive for "some time" to bring inflation back down to the central bank's 2% target.
The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, weighed down by a 0.6% fall in oil giant Saudi Aramco (2222.SE) and a 0.4% decrease in Alinma Bank (1150.SE).
Oil prices - which fuel the Gulf economy - slipped by around 1% in early Asian trade, after falling to a three-week low in the previous session, on a stronger dollar, rising U.S. bond yields and mixed supply signals.
In Abu Dhabi, the index (.FTFADGI) added 0.1%.
Abu Dhabi's non-oil economic growth surged to 12.3% in the second quarter, data showed on Monday, supporting overall GDP growth in the period of 3.5% year-on-year, as the city-state accelerates efforts to diversify away from hydrocarbons.
Dubai's main share index (.DFMGI) rose 0.3%, helped by a 1.7% rise in Emirates NBD Bank (ENBD.DU).
The Qatari index (.QSI) added 0.3%, with the Gulf's biggest lender, Qatar National Bank (QNBK.QA), rising 0.8%.
Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter, the central bank said on Sunday.
Most major Gulf stock markets edged higher in early trade on Tuesday despite worries over higher U.S interest rates for a longer period, although the Saudi index was on course to fall for a fourth session.
U.S. Fed officials said monetary policy will need to stay restrictive for "some time" to bring inflation back down to the central bank's 2% target.
The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, weighed down by a 0.6% fall in oil giant Saudi Aramco (2222.SE) and a 0.4% decrease in Alinma Bank (1150.SE).
Oil prices - which fuel the Gulf economy - slipped by around 1% in early Asian trade, after falling to a three-week low in the previous session, on a stronger dollar, rising U.S. bond yields and mixed supply signals.
In Abu Dhabi, the index (.FTFADGI) added 0.1%.
Abu Dhabi's non-oil economic growth surged to 12.3% in the second quarter, data showed on Monday, supporting overall GDP growth in the period of 3.5% year-on-year, as the city-state accelerates efforts to diversify away from hydrocarbons.
Dubai's main share index (.DFMGI) rose 0.3%, helped by a 1.7% rise in Emirates NBD Bank (ENBD.DU).
The Qatari index (.QSI) added 0.3%, with the Gulf's biggest lender, Qatar National Bank (QNBK.QA), rising 0.8%.
Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter, the central bank said on Sunday.
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