#UAE leads Gulf real estate deals in 2023

UAE leads Gulf real estate deals in 2023

An economic report has highlighted the UAE topped Gulf Cooperation Council (GCC) countries, acquiring the highest share of the total value of real estate deals conducted during the first ten months of 2023, surpassing the expectations for the entire year of 2022.

The report, issued today by Kamco Invest company indicated that the value of real estate deals in the GCC countries reached $171.6 billion from January to October 2023, marking a growth of 21.1 percent annually as compared to $141.7 billion in the same period of 2022.

The report highlighted that Dubai accounted for 52.1 percent of the total value of real estate deals executed across all GCC countries. The value of real estate deals in Dubai surged by almost 57 percent annually during the first ten months of 2023, driven significantly by the rise in prices of leading developers and increased demand for luxury properties under construction for both single-family and multi-family homes valued at over AED5 million.

Additionally, the report pointed out that the value of real estate deals in Abu Dhabi jumped by 56 percent during the first nine months of 2023. This contributed to the performance of the UAE markets in enhancing the overall value of real estate deals for the GCC countries during the first ten months of the current year, surpassing the estimates for the entire 2022, which stood at $165.8 billion.

Furthermore, according to Kamco Invest's report, real estate stock indices in the UAE and Saudi Arabia continued their strong performance, witnessing significant gains during the first 11 months of the current year.

As per the Gulf real estate total yield index released by Refinitiv, the sector's performance rose by 19.2 percent, surpassing the Morgan Stanley Gulf Index. This growth was propelled by the strong performance of real estate development indices in Dubai by 32.9 percent, Abu Dhabi by around 29 percent, and Saudi Arabia by 21.4 percent.

#Saudi’s Maaden announces discovery of significant new gold reserves

Saudi’s Maaden announces discovery of significant new gold reserves

Saudi Arabian Mining Company (Maaden) has found a significant gold resource potential extending a 100 km stretch from the existing Mansourah Massarah gold mine.

This is the first discovery under the company’s extensive exploration programme launched in 2022.

Encouraging drill results from multiple sites on Uruq South, along a 100km stretch south of Mansourah Massarah, have uncovered similar geological characteristics and chemistry to the Mansourah Massarah deposit, the Saudi-listed mining company said in a statement on Thursday.

These results include high-grade drill intercepts found 400 meters away from and under Mansourah Massarah, with several high-grade intercepts.

In addition, Maaden has continued the expansion of its exploration footprint at the Jabal Ghadarah and Bir Tawilah, prospects 25km north of Mansourah Massarah.

In combination, these positive drilling results have identified a potential 125 km strike with significant potential to become a major world-class gold belt in Saudi Arabia.

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 gained on Thursday, tracking global shares higher on optimism that the U.S. Federal Reserve could begin cutting interest rates early next year.

The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, gained 0.2%, with European shares steady and just shy of a 23-month high hit two weeks ago.

Monetary policy in the six-member Gulf Cooperation Council 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 0.4%, led by a 1.5% rise in ELm Co (7203.SE), while Saudi Arabian Mining Company (Maaden) (1211.SE) finished 2.2% higher.

Maaden said on Thursday it had discovered multiple gold deposits south of its existing Mansourah Massarah gold mine, indicating the potential to expand gold mining in the area.

However, oil giant Saudi Aramco (2222.SE) lost 0.3%.

Oil prices - a catalyst for the Gulf's financial markets - fell around 1% as concerns eased about shipping disruptions along the Red Sea route.

Dubai's main share index (.DFMGI) added 0.3%, helped by a 0.9% increase in blue-chip developer Emaar Properties (EMAR.DU).

The Dubai stock market continued to record gains albeit in small increments. The market could benefit from the improving sentiment among investors with expectations leaning toward interest rate cuts, said Hani Abuagla, Senior Market Analyst at XTB MENA.

"Strong local fundamentals could also help attract investors to the market and secure positive performances."

In Abu Dhabi, the index (.FTFADGI) closed 0.4% higher.

The Qatari benchmark (.QSI) climbed 0.6%, rising for a 10th consecutive session, driven by a 1.5% gain in the Gulf's biggest lender Qatar National Bank (QNBK.QA).

Outside the Gulf, Egypt's blue-chip index (.EGX30) increased 1.4%, with top lender Commercial International Bank (COMI.CA) gaining 1.4%.

Mideast Stocks: Most Gulf bourses rise on US rate cut bets

Mideast Stocks: Most Gulf bourses rise on US rate cut bets

Most major stock markets in the Gulf rose in early trade on Thursday, tracking an overnight rally in U.S. stocks on optimism that the U.S. Federal Reserve could begin cutting interest rates early next year.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.

Saudi Arabia's benchmark index gained 0.5%, with Elm Co rising 1.3% and auto rental firm Lumi putting on 1.2%.

Oil giant Saudi Aramco, however, eased 0.3%.

Oil prices - a catalyst for the Gulf's financial markets - steadied after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise.

Dubai's main share index added 0.4%, with sharia-compliant lender Dubai Islamic Bank rising 0.9%.

The Abu Dhabi index was up 0.3%.

In Qatar, the benchmark index dropped 0.6%, on course to snap a nine-session winning streak, and most of the stocks were in negative territory.