Oil falls over 2% after Saudi pledge; investors keep wary eye on Israel | Reuters
Oil prices fell over 2% on Wednesday as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilise the market.
Brent futures fell $1.83, or 2.1%, to settle at $85.82 a barrel. U.S. West Texas Intermediate crude fell $2.48, or 2.9%, to settle at $83.49.
Brent and WTI had surged by more than $3.50 per barrel on Monday over concern the clashes between Israel and Palestinian Islamist group Hamas could escalate into a broader conflict that would disrupt global oil supply.
Wednesday, 11 October 2023
ADX records 364 % increase in ETF trading since beginning of 2023
ADX records 364 % increase in ETF trading since beginning of 2023
The Abu Dhabi Securities Exchange (ADX) has recorded a significant increase in the value and volume of trading in exchange-traded funds (ETFs) since the beginning of this year, making it the most active and liquid ETF market in the Middle East and North Africa (MENA) region.
Based on data obtained by the Emirates News Agency (WAM) from ADX, the value of ETF trading on the exchange rose by 364.2% to reach AED4.507 billion as of yesterday's session, compared to AED971 million during the same period last year.
This strong activity and significant growth reinforces ADX's position as a preferred destination and a major regional hub for ETFs, while supporting its ambitious goals of attracting and listing ETFs from global issuers. The exchange is also continuing its efforts to expand investment products, enhance its efficiency, and drive its sustainable growth.
The volume of trading in exchange-traded index funds (ETFs) on ADX rose by 405.8% to reach 815.7 million units of funds since the beginning of this year and as of the end of yesterday's session, compared to 161.2 million units during the same period in 2022. The number of transactions on exchange-traded index funds on ADX also rose by 284.2% to reach 30,800 transactions since the beginning of this year, compared to 8025 transactions during the same period last year.
The Abu Dhabi Securities Exchange (ADX) has recorded a significant increase in the value and volume of trading in exchange-traded funds (ETFs) since the beginning of this year, making it the most active and liquid ETF market in the Middle East and North Africa (MENA) region.
Based on data obtained by the Emirates News Agency (WAM) from ADX, the value of ETF trading on the exchange rose by 364.2% to reach AED4.507 billion as of yesterday's session, compared to AED971 million during the same period last year.
This strong activity and significant growth reinforces ADX's position as a preferred destination and a major regional hub for ETFs, while supporting its ambitious goals of attracting and listing ETFs from global issuers. The exchange is also continuing its efforts to expand investment products, enhance its efficiency, and drive its sustainable growth.
The volume of trading in exchange-traded index funds (ETFs) on ADX rose by 405.8% to reach 815.7 million units of funds since the beginning of this year and as of the end of yesterday's session, compared to 161.2 million units during the same period in 2022. The number of transactions on exchange-traded index funds on ADX also rose by 284.2% to reach 30,800 transactions since the beginning of this year, compared to 8025 transactions during the same period last year.
QNB Al Ahli’s consolidated profits hike 71% in 9M-23
QNB Al Ahli’s consolidated profits hike 71% in 9M-23
The consolidated net profits attributable to the shareholders of Qatar National Bank Al Ahli (QNB Al Ahli) reached EGP 12.52 billion in the first nine months (9M) of 2023.
The generated net profits were higher by 71% year-on-year (YoY) than EGP 7.33 billion, according to the consolidated financial statements.
Net interest income hiked by 56% to EGP 21.97 billion in 9M-23 from EGP 14.10 billion in 9M-22.
The earnings per share (EPS) amounted to EGP 4.97 in January-September 2023, up YoY from EGP 2.88.
Total assets enlarged to EGP 592.10 billion during 9M-23 from EGP 483.27 billion as of 31 December 2022, while the customer deposits widened to EGP 497.82 billion from EGP 406.24 billion.
The consolidated net profits attributable to the shareholders of Qatar National Bank Al Ahli (QNB Al Ahli) reached EGP 12.52 billion in the first nine months (9M) of 2023.
The generated net profits were higher by 71% year-on-year (YoY) than EGP 7.33 billion, according to the consolidated financial statements.
Net interest income hiked by 56% to EGP 21.97 billion in 9M-23 from EGP 14.10 billion in 9M-22.
The earnings per share (EPS) amounted to EGP 4.97 in January-September 2023, up YoY from EGP 2.88.
Total assets enlarged to EGP 592.10 billion during 9M-23 from EGP 483.27 billion as of 31 December 2022, while the customer deposits widened to EGP 497.82 billion from EGP 406.24 billion.
PIF-Backed Oil Driller Shares Jumps After Year’s Biggest #Saudi IPO - Bloomberg UPDATE
PIF-Backed Oil Driller Shares Jumps After Year’s Biggest Saudi IPO - Bloomberg
Shares in oil driller ADES Holding Co. jumped 30% in Riyadh after the kingdom’s largest initial public offering this year, even as the ongoing conflict between Israel and Hamas roiled markets.
ADES, backed by the kingdom’s sovereign wealth fund, closed at 17.54 riyals, up from the offering price of 13.50 riyals, which was at the top of the range. The 30% gain is the maximum allowed for newly-listed stocks. The company drew orders of almost $77 billion from institutional investors for its $1.2 billion offering, showing demand for share sales in the kingdom is strong.
The debut follows an 11% drop in the kingdom’s benchmark Tadawul index since late July. The market had rallied in the months before that on the back of high oil prices.
The conflict between Israel and militant group Hamas, which was sparked after the latter’s surprise attack on Saturday, led to sharp falls across regional markets on Sunday. While stocks recovered slightly on Tuesday, the escalation of tensions adds to uncertainty that could disrupt the Middle East’s strong run of IPOs.
The IPO of ADES brings Saudi Arabia’s total listing proceeds for the year to $2.4 billion, effectively more than doubling them, data compiled by Bloomberg show. The kingdom’s IPO market was at a standstill at the beginning of the year as a drop in its stocks through to March put a halt to listing activity. The number of IPOs has since bounced back in what is usually the Gulf’s biggest and busiest listings market.
The Public Investment Fund teamed up with the major owners of then London-listed ADES to take the business private in 2021, in a deal valuing the company at about $516 million. ADES, which provides oil and gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
In total, 30% of the company was sold via the IPO. ADES sold 237.1 million new shares and its shareholders - the PIF, ADES Investments Holding and Zamil Group Investment - offloaded about 101.6 million shares.
ADES intends to use the proceeds to reduce part of its indebtedness and fund its growth strategy as well as for general corporate purposes. EFG Hermes, Goldman Sachs Group Inc., JPMorgan Chase & Co. and SNB Capital were financial advisers and global coordinators for the IPO.
Shares in oil driller ADES Holding Co. jumped 30% in Riyadh after the kingdom’s largest initial public offering this year, even as the ongoing conflict between Israel and Hamas roiled markets.
ADES, backed by the kingdom’s sovereign wealth fund, closed at 17.54 riyals, up from the offering price of 13.50 riyals, which was at the top of the range. The 30% gain is the maximum allowed for newly-listed stocks. The company drew orders of almost $77 billion from institutional investors for its $1.2 billion offering, showing demand for share sales in the kingdom is strong.
The debut follows an 11% drop in the kingdom’s benchmark Tadawul index since late July. The market had rallied in the months before that on the back of high oil prices.
The conflict between Israel and militant group Hamas, which was sparked after the latter’s surprise attack on Saturday, led to sharp falls across regional markets on Sunday. While stocks recovered slightly on Tuesday, the escalation of tensions adds to uncertainty that could disrupt the Middle East’s strong run of IPOs.
The IPO of ADES brings Saudi Arabia’s total listing proceeds for the year to $2.4 billion, effectively more than doubling them, data compiled by Bloomberg show. The kingdom’s IPO market was at a standstill at the beginning of the year as a drop in its stocks through to March put a halt to listing activity. The number of IPOs has since bounced back in what is usually the Gulf’s biggest and busiest listings market.
The Public Investment Fund teamed up with the major owners of then London-listed ADES to take the business private in 2021, in a deal valuing the company at about $516 million. ADES, which provides oil and gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
In total, 30% of the company was sold via the IPO. ADES sold 237.1 million new shares and its shareholders - the PIF, ADES Investments Holding and Zamil Group Investment - offloaded about 101.6 million shares.
ADES intends to use the proceeds to reduce part of its indebtedness and fund its growth strategy as well as for general corporate purposes. EFG Hermes, Goldman Sachs Group Inc., JPMorgan Chase & Co. and SNB Capital were financial advisers and global coordinators for the IPO.
Gulf shares end mixed on dovish Fed tone, Mideast conflict | Reuters
Gulf shares end mixed on dovish Fed tone, Mideast conflict | Reuters
Stock markets in the Gulf were mixed on Wednesday amid a dovish shift in tone from the U.S. Federal Reserve policymakers, while traders kept an eye on the conflict between Palestinian militants and Israel.
Several Fed officials in recent days have suggested that the U.S. central bank doesn't need to raise borrowing costs any further.
The Fed's September policy meeting minutes are due to be released later on Wednesday.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by policy decisions by the Fed because most regional currencies are pegged to the U.S. dollar.
The Qatari index (.QSI) was up for a second straight session and surged 1.7%, as most of its stocks rose. Qatar Islamic Bank (QISB.QA) was up 2.1% and Qatar National Bank (QNB) (QNBK.QA) jumped 5.3%.
On Tuesday, QNB, the biggest Gulf bank by assets, reported a nearly 8% rise in third-quarter net profit, helped by loan growth.
Dubai's benchmark index (.DFMGI) snapped two-session losses and closed 0.8% higher, lifted by gains in finance and utilities sectors with Emaar Properties (EMAR.DU) rising 2.3% and National Central Cooling Co (TABR.DU) surging 4.6%.
The emirate's largest lender Emirates NBD (ENBD.DU) climbed 2.3%.
In Abu Dhabi, the benchmark index (.FTFADGI) bounced back from a five-session losing streak and closed 0.4% higher, with Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) advancing 3.5% and Aldar Properties (ALDAR.AD) gaining 2.5%.
Saudi Arabia's benchmark index (.TASI) closed 0.6% lower, weighed by losses in all sectors with oil major Saudi Aramco (2222.SE) dropping 1.3% and Etihad Atheeb Telecommunication (7040.SE) sliding 3.1%.
However, shares in newly-listed ADES Holding (2382.SE) closed at 17.54 riyals ($4.68), 30% up from an initial public offering price of 13.50 riyals a share, LSEG Eikon data showed.
Oil and gas driller ADES had raised $1.22 billion in an IPO last month.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%, dragged down by a 1.7% drop in Commercial International Bank(COMI.CA) and 2.5% decline in Telecom Egypt(ETEL.CA).
Meanwhile, investors continued to monitor developments on the conflict in Middle East, as Israeli warplanes on Wednesday bombed Gaza repeatedly ahead of a possible ground offensive in the Palestinian coastal strip.
Stock markets in the Gulf were mixed on Wednesday amid a dovish shift in tone from the U.S. Federal Reserve policymakers, while traders kept an eye on the conflict between Palestinian militants and Israel.
Several Fed officials in recent days have suggested that the U.S. central bank doesn't need to raise borrowing costs any further.
The Fed's September policy meeting minutes are due to be released later on Wednesday.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by policy decisions by the Fed because most regional currencies are pegged to the U.S. dollar.
The Qatari index (.QSI) was up for a second straight session and surged 1.7%, as most of its stocks rose. Qatar Islamic Bank (QISB.QA) was up 2.1% and Qatar National Bank (QNB) (QNBK.QA) jumped 5.3%.
On Tuesday, QNB, the biggest Gulf bank by assets, reported a nearly 8% rise in third-quarter net profit, helped by loan growth.
Dubai's benchmark index (.DFMGI) snapped two-session losses and closed 0.8% higher, lifted by gains in finance and utilities sectors with Emaar Properties (EMAR.DU) rising 2.3% and National Central Cooling Co (TABR.DU) surging 4.6%.
The emirate's largest lender Emirates NBD (ENBD.DU) climbed 2.3%.
In Abu Dhabi, the benchmark index (.FTFADGI) bounced back from a five-session losing streak and closed 0.4% higher, with Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) advancing 3.5% and Aldar Properties (ALDAR.AD) gaining 2.5%.
Saudi Arabia's benchmark index (.TASI) closed 0.6% lower, weighed by losses in all sectors with oil major Saudi Aramco (2222.SE) dropping 1.3% and Etihad Atheeb Telecommunication (7040.SE) sliding 3.1%.
However, shares in newly-listed ADES Holding (2382.SE) closed at 17.54 riyals ($4.68), 30% up from an initial public offering price of 13.50 riyals a share, LSEG Eikon data showed.
Oil and gas driller ADES had raised $1.22 billion in an IPO last month.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%, dragged down by a 1.7% drop in Commercial International Bank(COMI.CA) and 2.5% decline in Telecom Egypt(ETEL.CA).
Meanwhile, investors continued to monitor developments on the conflict in Middle East, as Israeli warplanes on Wednesday bombed Gaza repeatedly ahead of a possible ground offensive in the Palestinian coastal strip.
#AbuDhabi’s Mubadala Plans to Invest $1 Billion a Year in Brazil - Bloomberg
Abu Dhabi’s Mubadala Plans to Invest $1 Billion a Year in Brazil - Bloomberg
Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, is bullish on Brazil’s growth prospects under President Luiz Inacio Lula da Silva and plans to invest more than $1 billion a year to expand its holdings in the country that range from an oil refinery to a toll road.
More than a decade after coming to Brazil to invest in then-billionaire Eike Batista’s commodities empire, the firm has deployed more than $5 billion in the country, Oscar Fahlgren, the head of Mubadala Capital in Brazil, said in an interview. The scale and potential for returns in Brazil make it the most attractive location in South America, he said.
“GDP is growing more than expected, and we’ve seen political stability since the new administration took over,” he said in a video call. “The climate in the international community is warming towards Brazil, and that’s ultimately a beneficial environment to be in.”
The firm just closed a second Brazil-specific fund with more than $710 million, more than double its first fund, and it should start raising capital for an even larger fund in 2024, Fahlgren said.
Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, is bullish on Brazil’s growth prospects under President Luiz Inacio Lula da Silva and plans to invest more than $1 billion a year to expand its holdings in the country that range from an oil refinery to a toll road.
More than a decade after coming to Brazil to invest in then-billionaire Eike Batista’s commodities empire, the firm has deployed more than $5 billion in the country, Oscar Fahlgren, the head of Mubadala Capital in Brazil, said in an interview. The scale and potential for returns in Brazil make it the most attractive location in South America, he said.
“GDP is growing more than expected, and we’ve seen political stability since the new administration took over,” he said in a video call. “The climate in the international community is warming towards Brazil, and that’s ultimately a beneficial environment to be in.”
The firm just closed a second Brazil-specific fund with more than $710 million, more than double its first fund, and it should start raising capital for an even larger fund in 2024, Fahlgren said.
PIF-Backed Oil Driller Shares Jumps After Year’s Biggest #Saudi IPO - Bloomberg
PIF-Backed Oil Driller Shares Jumps After Year’s Biggest Saudi IPO - Bloomberg
Shares in oil driller ADES Holding Co. jumped as much as 30% in Riyadh after the kingdom’s largest initial public offering this year, even as the ongoing conflict between Israel and Hamas roiled markets.
ADES, backed by the kingdom’s sovereign wealth fund, rose as high as 17.54 riyals up from the offering price of 13.50 riyals, which was at the top of the range. The 30% gain is the maximum allowed for newly-listed stocks. The company drew orders of almost $77 billion from institutional investors for its $1.2 billion offering, showing demand for share sales in the kingdom is strong.
The debut follows an 11% drop in the kingdom’s benchmark Tadawul index since late July. The market had rallied in the months before that on the back of high oil prices.
The conflict between Israel and militant group Hamas, which was sparked after the latter’s surprise attack on Saturday, led to sharp falls across regional markets on Sunday. While stocks recovered slightly on Tuesday, the escalation of tensions adds to uncertainty that could disrupt the Middle East’s strong run of IPOs.
The IPO of ADES brings Saudi Arabia’s total listing proceeds for the year to $2.4 billion, effectively more than doubling them, data compiled by Bloomberg show. The kingdom’s IPO market was at a standstill at the beginning of the year as a drop in its stocks through to March put a halt to listing activity. The number of IPOs has since bounced back in what is usually the Gulf’s biggest and busiest listings market.
The Public Investment Fund teamed up with the major owners of then London-listed ADES to take the business private in 2021, in a deal valuing the company at about $516 million. ADES, which provides oil and gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
In total, 30% of the company was sold via the IPO. ADES sold 237.1 million new shares and its shareholders - the PIF, ADES Investments Holding and Zamil Group Investment - offloaded about 101.6 million shares.
ADES intends to use the proceeds to reduce part of its indebtedness and fund its growth strategy as well as for general corporate purposes. EFG Hermes, Goldman Sachs Group Inc., JPMorgan Chase & Co. and SNB Capital were financial advisers and global coordinators for the IPO.
Shares in oil driller ADES Holding Co. jumped as much as 30% in Riyadh after the kingdom’s largest initial public offering this year, even as the ongoing conflict between Israel and Hamas roiled markets.
ADES, backed by the kingdom’s sovereign wealth fund, rose as high as 17.54 riyals up from the offering price of 13.50 riyals, which was at the top of the range. The 30% gain is the maximum allowed for newly-listed stocks. The company drew orders of almost $77 billion from institutional investors for its $1.2 billion offering, showing demand for share sales in the kingdom is strong.
The debut follows an 11% drop in the kingdom’s benchmark Tadawul index since late July. The market had rallied in the months before that on the back of high oil prices.
The conflict between Israel and militant group Hamas, which was sparked after the latter’s surprise attack on Saturday, led to sharp falls across regional markets on Sunday. While stocks recovered slightly on Tuesday, the escalation of tensions adds to uncertainty that could disrupt the Middle East’s strong run of IPOs.
The IPO of ADES brings Saudi Arabia’s total listing proceeds for the year to $2.4 billion, effectively more than doubling them, data compiled by Bloomberg show. The kingdom’s IPO market was at a standstill at the beginning of the year as a drop in its stocks through to March put a halt to listing activity. The number of IPOs has since bounced back in what is usually the Gulf’s biggest and busiest listings market.
The Public Investment Fund teamed up with the major owners of then London-listed ADES to take the business private in 2021, in a deal valuing the company at about $516 million. ADES, which provides oil and gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
In total, 30% of the company was sold via the IPO. ADES sold 237.1 million new shares and its shareholders - the PIF, ADES Investments Holding and Zamil Group Investment - offloaded about 101.6 million shares.
ADES intends to use the proceeds to reduce part of its indebtedness and fund its growth strategy as well as for general corporate purposes. EFG Hermes, Goldman Sachs Group Inc., JPMorgan Chase & Co. and SNB Capital were financial advisers and global coordinators for the IPO.
Oil falls, investors mull possible conflict escalation | Reuters
Oil falls, investors mull possible conflict escalation | Reuters
Oil prices edged lower on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded, at least for the time being.
Brent crude fell 49 cents, or 0.56%, to $87.16 a barrel by 1002 GMT. U.S. West Texas Intermediate (WTI) crude fell by 55 cents, or 0.64%, to $85.42.
Brent and WTI had surged more than $3.50 on Monday on concern the military clashes between Israel and Palestinian Islamist group Hamas could escalate into a broader conflict, but settled slightly lower in Tuesday's session.
Oil prices edged lower on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded, at least for the time being.
Brent crude fell 49 cents, or 0.56%, to $87.16 a barrel by 1002 GMT. U.S. West Texas Intermediate (WTI) crude fell by 55 cents, or 0.64%, to $85.42.
Brent and WTI had surged more than $3.50 on Monday on concern the military clashes between Israel and Palestinian Islamist group Hamas could escalate into a broader conflict, but settled slightly lower in Tuesday's session.
#Qatar Energy, TotalEnergies sign 27-year LNG supply agreement | Reuters
QatarEnergy, TotalEnergies sign 27-year LNG supply agreement | Reuters
Qatar on Wednesday secured its largest and longest European gas supply deal from Doha's massive production expansion project, providing France with up to 3.5 million metric tons of Liquefied Natural Gas (LNG) a year for 27 years.
Affiliates of QatarEnergy and France's TotalEnergies signed two long-term sales and purchase supply agreements for delivery to the Fos Cavaou LNG receiving terminal in southern France, with deliveries expected to start in 2026, a statement by QatarEnergy said on Wednesday.
The LNG volumes will be sourced from the two joint ventures between QatarEnergy and TotalEnergies that hold interests in Qatar’s North Field East (NFE) and North field South (NFS) projects.
TotalEnergies’ partnership in the North Field LNG expansion projects is made up of a 6.25% share in the NFE project and a 9.375% share in NFS.
Asia, with an appetite for long-term sales and purchase agreements, has thus far outpaced Europe in locking in supply from Qatar's two-phase expansion plan that will raise its liquefaction capacity to 126 million metric tons a year by 2027 from 77 million.
Qatar on Wednesday secured its largest and longest European gas supply deal from Doha's massive production expansion project, providing France with up to 3.5 million metric tons of Liquefied Natural Gas (LNG) a year for 27 years.
Affiliates of QatarEnergy and France's TotalEnergies signed two long-term sales and purchase supply agreements for delivery to the Fos Cavaou LNG receiving terminal in southern France, with deliveries expected to start in 2026, a statement by QatarEnergy said on Wednesday.
The LNG volumes will be sourced from the two joint ventures between QatarEnergy and TotalEnergies that hold interests in Qatar’s North Field East (NFE) and North field South (NFS) projects.
TotalEnergies’ partnership in the North Field LNG expansion projects is made up of a 6.25% share in the NFE project and a 9.375% share in NFS.
Asia, with an appetite for long-term sales and purchase agreements, has thus far outpaced Europe in locking in supply from Qatar's two-phase expansion plan that will raise its liquefaction capacity to 126 million metric tons a year by 2027 from 77 million.
Major Gulf markets gain as Fed talk turns dovish | Reuters
Major Gulf markets gain as Fed talk turns dovish | Reuters
Major stock markets in the Gulf rose in early trade on Wednesday, on easing U.S. rate concerns following dovish comments by Federal Reserve officials.
Atlanta Federal Reserve Bank President Raphael Bostic on Tuesday said the U.S. central bank did not need to raise interest rates any further, and saw no recession ahead even as the Fed's rate hikes so far have slowed the economy and brought down inflation.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 2.6% increase in Saudi Arabian Mining Company (1211.SE).
Oil - which fuels the Gulf economy - rose as investors grappled with the prospect of supply disruptions due to the new Israel-Palestinian conflict.
The International Monetary Fund further lowered its GDP growth forecast for Saudi Arabia for 2023 to 0.8% and estimated growth of 4% next year in its latest World Economic Outlook Report released on Tuesday.
Among other gainers, Saudi oil and gas driller ADES Holding (2382.SE) jumped nearly 30% in debut above their listing price of 13.50 riyals.
The Saudi exchange permits a rise or fall up to 30% for newly listed stocks on their first three days of trading.
Dubai's main share index (.DFMGI) gained 0.5%, with top lender Emirates NBD (ENBD.DU) advancing 2% and Emirates Central Cooling Systems Corp (EMPOWER.DU) rising 1.6%.
In Abu Dhabi, the index (.FTFADGI) added 0.4%.
The Qatari index (.QSI) climbed 1.6%, on course to extend gains from the previous session, as most of the stocks on the index were in positive territory including Qatar National Bank (QNB) (QNBK.QA), which jumped about 5%, following refinancing syndication for $2 billion unsecured term loan facility.
On Tuesday, QNB, the biggest Gulf bank by assets, reported a nearly 8% rise in third-quarter net profit, helped by loan growth.
Major stock markets in the Gulf rose in early trade on Wednesday, on easing U.S. rate concerns following dovish comments by Federal Reserve officials.
Atlanta Federal Reserve Bank President Raphael Bostic on Tuesday said the U.S. central bank did not need to raise interest rates any further, and saw no recession ahead even as the Fed's rate hikes so far have slowed the economy and brought down inflation.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 2.6% increase in Saudi Arabian Mining Company (1211.SE).
Oil - which fuels the Gulf economy - rose as investors grappled with the prospect of supply disruptions due to the new Israel-Palestinian conflict.
The International Monetary Fund further lowered its GDP growth forecast for Saudi Arabia for 2023 to 0.8% and estimated growth of 4% next year in its latest World Economic Outlook Report released on Tuesday.
Among other gainers, Saudi oil and gas driller ADES Holding (2382.SE) jumped nearly 30% in debut above their listing price of 13.50 riyals.
The Saudi exchange permits a rise or fall up to 30% for newly listed stocks on their first three days of trading.
Dubai's main share index (.DFMGI) gained 0.5%, with top lender Emirates NBD (ENBD.DU) advancing 2% and Emirates Central Cooling Systems Corp (EMPOWER.DU) rising 1.6%.
In Abu Dhabi, the index (.FTFADGI) added 0.4%.
The Qatari index (.QSI) climbed 1.6%, on course to extend gains from the previous session, as most of the stocks on the index were in positive territory including Qatar National Bank (QNB) (QNBK.QA), which jumped about 5%, following refinancing syndication for $2 billion unsecured term loan facility.
On Tuesday, QNB, the biggest Gulf bank by assets, reported a nearly 8% rise in third-quarter net profit, helped by loan growth.