Foreign direct investment in Oman nears $59bln
Foreign direct investment (FDI) in the Sultanate of Oman reached OMR22.96 billion by the end of the third quarter of 2023, according to preliminary data issued by the National Centre for Statistics and Information (NCSI).
The oil and gas extraction sector received 76.9 percent of total foreign investment, with a total value of OMR17.67 billion.
The FDI in the converting industries sector reached OMR1.40 billion by the end of the third quarter of 2023. The financial brokerage activity received FDI worth OMR1.53 billion, while the FDI in real estate, leasing and commercial activities reached OMR1.03 billion, according to the NCSI data.
Further, FDI in various other sectors were, electricity and water (OMR466.3 million), transport, storage and communication (OMR361.9 million), trade (OMR216 million), hotel and restaurants (OMR111.4 million), construction (OMR82.1 million) and other activities (OMR78.9 million).
The NCSI data further reveals that foreign direct investment from the United Kingdom reached OMR11.52 billion, constituting 50.1 percent of the total foreign direct investment.
The FDI from the United States of America was OMR3.88 billion, the United Arab Emirates OMR1.27 billion, the State of Kuwait OMR922.30 million and the Kingdom of Bahrain OMR732.6 million. The foreign direct investment from the People’s Democratic Republic of China reached OMR594.50 million, Qatar OMR 442.30 million, the Kingdom of the Netherlands OMR374.7 million, the Swiss Confederation OMR288.30 million, the Republic of India OMR277.80 million and other countries OMR2.65 billion.
Wednesday, 27 December 2023
#UAE Financial markets to close for New Year on Monday
UAE Financial markets to close for New Year on Monday
The Securities and Commodities Authority (SCA) announced today that financial markets in the United Arab Emirates will be closed on Monday, 1st January, 2024, in observance of the New Year holiday.
Trading activities will resume on Tuesday, 2nd January, 2024, as per the SCA's usual business hours.
This decision aligns with the Federal Authority for Government Human Resources' circular on the New Year holiday for 2024 in the federal government. The SCA worked in coordination with the Abu Dhabi Securities Exchange, the Dubai Financial Market, and the Dubai Gold and Commodities Exchange to ensure a unified approach across all markets.
The Securities and Commodities Authority (SCA) announced today that financial markets in the United Arab Emirates will be closed on Monday, 1st January, 2024, in observance of the New Year holiday.
Trading activities will resume on Tuesday, 2nd January, 2024, as per the SCA's usual business hours.
This decision aligns with the Federal Authority for Government Human Resources' circular on the New Year holiday for 2024 in the federal government. The SCA worked in coordination with the Abu Dhabi Securities Exchange, the Dubai Financial Market, and the Dubai Gold and Commodities Exchange to ensure a unified approach across all markets.
Most Gulf bourses gain on US rate cut bets | Reuters
Most Gulf bourses gain on US rate cut bets | Reuters
Most stock markets in the Gulf ended higher on Wednesday on optimism that the U.S. Federal Reserve will start cutting interest rates early next year, although geopolitical tensions limited gains.
The rate cut expectations were boosted by U.S. data released on Friday that showed that by some key measures inflation was now at or below the central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) added 0.1%, helped by a 6.3% jump in Etihad Atheeb Telecommunication (7040.SE).
Dubai's main share index (.DFMGI) added 0.2%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.3%.
The Dubai bourse recorded limited price developments and continued to move sideways during the last few days. The market could continue to stagnate for the remaining trading sessions of the year, Ahmed Negm, Head of Market Research MENA at XS.com.
"However, it could benefit from the improving sentiment on a global scale."
In Qatar, the index (.QSI) advanced 0.6%, rising for a ninth session, led by a 1.5% gain in the Gulf's biggest lender Qatar National Bank (QNBK.QA).
The Abu Dhabi index (.FTFADGI) finished 0.1% higher.
Israel's war against Hamas will last for months, Israel's military chief said on Tuesday, while the United Nations voiced alarm over an escalation of Israeli attacks that killed more than 100 Palestinians over two days in part of the Gaza Strip.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.5%, with most of its constituents gaining, including tobacco monopoly Eastern Company (EAST.CA), which was up 3.7%.
Most stock markets in the Gulf ended higher on Wednesday on optimism that the U.S. Federal Reserve will start cutting interest rates early next year, although geopolitical tensions limited gains.
The rate cut expectations were boosted by U.S. data released on Friday that showed that by some key measures inflation was now at or below the central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) added 0.1%, helped by a 6.3% jump in Etihad Atheeb Telecommunication (7040.SE).
Dubai's main share index (.DFMGI) added 0.2%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.3%.
The Dubai bourse recorded limited price developments and continued to move sideways during the last few days. The market could continue to stagnate for the remaining trading sessions of the year, Ahmed Negm, Head of Market Research MENA at XS.com.
"However, it could benefit from the improving sentiment on a global scale."
In Qatar, the index (.QSI) advanced 0.6%, rising for a ninth session, led by a 1.5% gain in the Gulf's biggest lender Qatar National Bank (QNBK.QA).
The Abu Dhabi index (.FTFADGI) finished 0.1% higher.
Israel's war against Hamas will last for months, Israel's military chief said on Tuesday, while the United Nations voiced alarm over an escalation of Israeli attacks that killed more than 100 Palestinians over two days in part of the Gaza Strip.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.5%, with most of its constituents gaining, including tobacco monopoly Eastern Company (EAST.CA), which was up 3.7%.
Two large direct deals on Eshraq Investments, National Bank of Fujairah worth over $28mln at ADX
Two large direct deals on Eshraq Investments, National Bank of Fujairah worth over $28mln at ADX
The Abu Dhabi Securities Exchange (ADX) today saw two large direct deals executed on the stocks of Eshraq Investments and National Bank of Fujairah (NBF).
The two large direct deals were executed on 102.3 million shares worth AED104.3 million.
According to ADX data, the first trade was executed on NBF on 15.2 million shares worth AED68.7 million at a price of AED4.5 per share.
The second trade was executed on Eshraq Investments on 87.07 million shares worth AED35.6 million at a price of AED0.409 per share.
Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock or the price index. They also do not affect the highest and lowest prices that were executed during the session and during the last 52 weeks.
The Abu Dhabi Securities Exchange (ADX) today saw two large direct deals executed on the stocks of Eshraq Investments and National Bank of Fujairah (NBF).
The two large direct deals were executed on 102.3 million shares worth AED104.3 million.
According to ADX data, the first trade was executed on NBF on 15.2 million shares worth AED68.7 million at a price of AED4.5 per share.
The second trade was executed on Eshraq Investments on 87.07 million shares worth AED35.6 million at a price of AED0.409 per share.
Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock or the price index. They also do not affect the highest and lowest prices that were executed during the session and during the last 52 weeks.
Most major Gulf markets gain on US rate cut bets | Reuters
Most major Gulf markets gain on US rate cut bets | Reuters
Most major Gulf stock markets rose in early trade on Wednesday on optimism that the US Federal Reserve could begin cutting rates as early as March, although geopolitical tensions in the region limited gains.
The rate cut expectations were boosted by US data released on Friday showed that by some key measures inflation was now at or below the central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Etihad Atheeb Telecommunication (7040.SE) rising 2.9% and oil company Saudi Aramco (2222.SE) adding 0.5%.
Separately, Saudi Arabia's cabinet on Tuesday announced its approval of contracting regulations for firms that do not have regional headquarters in the Kingdom, Saudi state news agency SPA reported.
The decision comes just days before Saudi Arabia's January 2024 deadline for companies to move their regional headquarters to the kingdom or risk losing hundreds of billions of dollars in lucrative government contracts.
The Qatari index (.QSI) added 0.1%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) putting on 1.1%.
In Abu Dhabi, the index (.FTFADGI) was up 0.1%.
Trading volumes were mostly low because of the absence of many foreign investors for Christmas and New Year holidays.
Dubai's main share index (.DFMGI) eased 0.2%, with top bank Emirates NBD (ENBD.DU) down 0.6%.
Most major Gulf stock markets rose in early trade on Wednesday on optimism that the US Federal Reserve could begin cutting rates as early as March, although geopolitical tensions in the region limited gains.
The rate cut expectations were boosted by US data released on Friday showed that by some key measures inflation was now at or below the central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Etihad Atheeb Telecommunication (7040.SE) rising 2.9% and oil company Saudi Aramco (2222.SE) adding 0.5%.
Separately, Saudi Arabia's cabinet on Tuesday announced its approval of contracting regulations for firms that do not have regional headquarters in the Kingdom, Saudi state news agency SPA reported.
The decision comes just days before Saudi Arabia's January 2024 deadline for companies to move their regional headquarters to the kingdom or risk losing hundreds of billions of dollars in lucrative government contracts.
The Qatari index (.QSI) added 0.1%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) putting on 1.1%.
In Abu Dhabi, the index (.FTFADGI) was up 0.1%.
Trading volumes were mostly low because of the absence of many foreign investors for Christmas and New Year holidays.
Dubai's main share index (.DFMGI) eased 0.2%, with top bank Emirates NBD (ENBD.DU) down 0.6%.
#Saudi cabinet approves contracting rules for firms not based there | Reuters
Saudi cabinet approves contracting rules for firms not based there | Reuters
Saudi Arabia's cabinet on Tuesday announced its approval of contracting regulations for firms that do not have regional headquarters in the Kingdom, Saudi state news agency SPA reported.
The decision comes just days before Saudi Arabia's January 2024 deadline for companies to move their regional headquarters to the kingdom or risk losing hundreds of billions of dollars in lucrative government contracts.
The statement on the cabinet meeting did not disclose the regulations. It is not clear if they permit the government to award contracts to foreign companies that do not have regional headquarters in Saudi Arabia.
Saudi officials did not immediately respond to requests for comment outside regular business hours.
Finance Minister Mohammed Al Jadaan told Reuters in October that the deadline for a move would be enforced, even as foreign firms struggled to meet the deadline amid unclear regulations.
The ultimatum, part of efforts by Crown Prince Mohammed bin Salman to wean the economy off oil and draw foreign business into the kingdom, puts Riyadh in competition with its neighbour the United Arab Emirates, the traditional financial hub of the region.
Saudi Arabia's cabinet on Tuesday announced its approval of contracting regulations for firms that do not have regional headquarters in the Kingdom, Saudi state news agency SPA reported.
The decision comes just days before Saudi Arabia's January 2024 deadline for companies to move their regional headquarters to the kingdom or risk losing hundreds of billions of dollars in lucrative government contracts.
The statement on the cabinet meeting did not disclose the regulations. It is not clear if they permit the government to award contracts to foreign companies that do not have regional headquarters in Saudi Arabia.
Saudi officials did not immediately respond to requests for comment outside regular business hours.
Finance Minister Mohammed Al Jadaan told Reuters in October that the deadline for a move would be enforced, even as foreign firms struggled to meet the deadline amid unclear regulations.
The ultimatum, part of efforts by Crown Prince Mohammed bin Salman to wean the economy off oil and draw foreign business into the kingdom, puts Riyadh in competition with its neighbour the United Arab Emirates, the traditional financial hub of the region.
#Dubai Real Estate Markets Braces for 2024 slowdown - Bloomberg
Dubai Real Estate Markets Braces for 2024 slowdown - Bloomberg
Just nine months after buying their first property in Dubai, Dina Habib and Karim Yusuf are already planning their next move within the city.
The Egyptian couple, who spent eight years renting in the emirate, are selling their two-bedroom apartment in the Jumeirah Village Circle district on the edge of Dubai for a 26% premium over the 1.7 million dirhams ($460,000) they paid for the property in March.
Habib is hoping to secure a larger property for her family of three for the same price or less.
“For many years, we’ve paid someone else’s mortgage because we were scared to buy in a market that went up and down,” said the 39-year-old researcher. “Now, we think the market may have peaked and so we’re planning to sell and buy a house with a garden next year when prices hopefully fall a bit.”
Habib and Yusuf are among hundreds of thousands of homeowners attempting to navigate Dubai’s red-hot housing market, which has outperformed most others around the world this year. They join tenants, property analysts and developers in trying to predict whether the market is finally starting to turn as a slew of new properties are delivered and global economic uncertainty catches up with the emirate.
So far, the boom has been underpinned by an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians seeking second homes. The government’s handling of the pandemic and its liberal visa policies also attracted more foreign buyers.
Just nine months after buying their first property in Dubai, Dina Habib and Karim Yusuf are already planning their next move within the city.
The Egyptian couple, who spent eight years renting in the emirate, are selling their two-bedroom apartment in the Jumeirah Village Circle district on the edge of Dubai for a 26% premium over the 1.7 million dirhams ($460,000) they paid for the property in March.
Habib is hoping to secure a larger property for her family of three for the same price or less.
“For many years, we’ve paid someone else’s mortgage because we were scared to buy in a market that went up and down,” said the 39-year-old researcher. “Now, we think the market may have peaked and so we’re planning to sell and buy a house with a garden next year when prices hopefully fall a bit.”
Habib and Yusuf are among hundreds of thousands of homeowners attempting to navigate Dubai’s red-hot housing market, which has outperformed most others around the world this year. They join tenants, property analysts and developers in trying to predict whether the market is finally starting to turn as a slew of new properties are delivered and global economic uncertainty catches up with the emirate.
So far, the boom has been underpinned by an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians seeking second homes. The government’s handling of the pandemic and its liberal visa policies also attracted more foreign buyers.