Parkin buoys #Dubai; #AbuDhabi extends losses | Reuters

Parkin buoys Dubai; Abu Dhabi extends losses | Reuters

Dubai's stock market closed higher on Friday, fuelled by a 15% boost in Parkin Company's shares after the Roads and Transport Authority (RTA) approved a variable parking tariff policy in Dubai, effective March 2025, while Abu Dhabi's index continued its downward trend.

In Dubai, the main share index (.DFMGI), opens new tab rose 0.5% led by a 15% surge in Parkin Company (PARKIN.DU), opens new tab, marking its best-ever single-day rise, while its largest lender Emirates NBD (ENBD.DU), opens new tab was up 1.8%.

Meanwhile, Talabat Holding, one of the biggest food ordering businesses in the Middle East, is set to raise about $2 billion from the largest initial public offering in the UAE this year after its parent Delivery Hero (DHER.DE), opens new tab on Friday priced the offering at the top end of the indicated range.

The Dubai index posted a 5.5% gain in November, its best monthly performance this year after July.

Abu Dhabi's index (.FTFADGI), opens new tab fell 0.3%, extending its decline to the third consecutive session. The index was dragged down by a nearly 1.5% decrease in the country's largest lender, First Abu Dhabi Bank (FAB.AD), opens new tab and a 1.8% drop in telecoms operator E& (EAND.AD), opens new tab.

On a monthly basis, the Abu Dhabi index declined 1% for the second consecutive month.

Heineken Plans Gulf’s First Large-Scale Brewery in #Dubai #UAE - Bloomberg

Heineken Plans Gulf’s First Large-Scale Brewery in Dubai - Bloomberg

Dubai is poised to get the Gulf’s first large-scale brewery as a Heineken NV joint venture plans to start producing popular beer brands in the emirate, a landmark move for a region that’s long had strict restrictions around the sale and consumption of alcohol.

Sirocco, a joint venture of Heineken NV and Dubai-based Maritime and Mercantile International, will start building the brewery late next year and has secured all necessary permits, the company said a statement. Construction is set for completion in 2027.

Dubai is the Middle East’s business and tourism hub, and among the region’s most cosmopolitan cities. Officials first allowed alcohol consumption and sale over two decades ago and rules have since been gradually loosened amid a surge in tourism. The city also recently made it easier for residents to buy alcohol, scrapping a 30% sales tax and a liquor license fee even though sales to Muslims remain restricted.

The new brewery offers a look at the steps the Gulf’s rulers are taking to open their economies in a Muslim region with conservative social norms. Governments in the Middle East are increasingly trying to cut their reliance on oil, and in Dubai there’s been a persistent push to draw both tourists and expats.

Dubai is part of the United Arab Emirates, which includes seven sheikhdoms. Las Vegas-based Wynn Ltd. is building the region’s first casino in the emirate of Ras Al Khaimah, while UAE capital Abu Dhabi last year granted a license to a restaurant to sell beer on tap brewed on the premises.

The brewery in Dubai will produce brands including Heineken, Kingfisher, Amstel and Birra Moretti in Dubai and the company plans to expand its workforce to 190 full time employees from 60 currently.

Sirocco, which has been supplying alcohol in the UAE for nearly 20 years, says local production will boost output to meet growing demand in a market where more than 17 million tourists arrive each year. It’ll also provide a “fresher beer experience,” the firm’s general manager, Georgios Polymenakos, wrote in the statement.

Dubai had 10.6 million tourists in the first half of the year, an 8% increase from the year earlier period, government data show. The city welcomed 17.3 million visitors in 2023 amid a strong recovery after the pandemic hit. About 20% of tourists came from western Europe this year.

Most Gulf markets higher on Israel-Hezbollah ceasefire | Reuters

Most Gulf markets higher on Israel-Hezbollah ceasefire | Reuters

Major stock markets in the Gulf ended higher on Thursday following Israel's agreement to a ceasefire deal with Lebanon's Hezbollah group under a deal brokered by the U.S. and France.

The agreement, a rare diplomatic feat in a region racked by conflict, ended the deadliest confrontation between Israel and the Iran-backed militant group in years.

 

However, Israel is still fighting the Palestinian militant group Hamas in the Gaza Strip.

Saudi Arabia's benchmark index (.TASI), opens new tab closed 0.4% higher, with the country's biggest lender Saudi National Bank (1180.SE), opens new tab increasing 1.4%.

The Spanish government has given the green light to the kingdom's largest telecoms operator, STC Group (7010.SE), opens new tab, to raise its stake in Telefonica (TEF.MC), opens new tab beyond 5% and reach 9.97%. However, STC shares finished flat.

Dubai's main share index (.DFMGI), opens new tab rose 0.4%, with Dubai Electricity and Water Authority DEWAA.DU climbing 3.1%.

Separately, Talabat, one of the largest food ordering businesses in the Middle East, is set to be the largest initial public offering (IPO) in the United Arab Emirates (UAE) this year after parent firm Delivery Hero (DHER.DE), opens new tab on Wednesday announced it had increased the offering.

The IPO on the Dubai Financial Market (DFM) could raise as much as $2 billion if priced at the top of its indicative price range of 1.5-1.6 dirhams per share.

In Abu Dhabi, the index (.FTFADGI), opens new tab gave up early gains to close 0.3% lower.

Oil prices were flat after a surprise jump in U.S. gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1.

OPEC+, which pumps about half the world's oil, will meet on Dec. 5. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike due to have started in January.

The Qatari benchmark (.QSI), opens new tab increased 0.5%, led by a 1.4% rise in the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.3%, as most of its constituents were in positive territory.

#UAE state oil group ADNOC sets up international investment arm XRG | Reuters

UAE state oil group ADNOC sets up international investment arm XRG | Reuters

United Arab Emirates state oil group ADNOC on Wednesday announced the launch of XRG, an investment company focusing on lower-carbon energy and chemicals, valued at more than $80 billion.

The company, which aims to more than double its asset value in the next decade, will initially focus on "transformational" global investments when it begins operating in the first quarter of 2025, its parent Abu Dhabi National Oil Company said in a statement.

It will seek to boost its value by taking advantage of "the transformation of energy, exponential growth of AI, and the rise of emerging economies," the statement said.

ADNOC has done a string of acquisitions in gas and chemicals, which along with LNG and renewables it considers pillars for its future growth.

Earlier this month, German plastics and chemicals maker Covestro said its management and supervisory boards supported ADNOC's $16.3 billion takeover offer.

The Covestro deal is one of the largest foreign takeovers by a Gulf state as countries in the region seek to reduce their dependence on oil amid the global switch to cleaner energy.

XRG was announced following an ADNOC board meeting, chaired by UAE President Sheikh Mohammed bin Zayed Al Nahyan. The company was created to accelerate ADNOC's international growth and drive greater value, a separate ADNOC statement said.

XRG's global chemicals business aims to be among the world's top five, expecting a 70% rise in global demand for chemical and specialty products by 2050, the statement said.

XRG's international gas business will seek an integrated portfolio to help to meet a projected 15% rise in natural gas demand in the next decade and 65% increase in demand for liquefied natural gas by 2050.

ADNOC's board on Wednesday also approved directing 200 billion dirhams ($54.45 billion) to the local economy over the next five years as part of the oil company's in-country value programme.

Most Gulf bourses in red ahead of US inflation data | Reuters

Most Gulf bourses in red ahead of US inflation data | Reuters

Most stock markets in the Gulf ended lower on Wednesday as investors awaited key inflation data from the world's biggest economy for cues on the likely scale of a Federal Reserve rate cut next month.

The Personal Consumption Expenditure report, the central bank's preferred inflation gauge, is due at 10 a.m. ET.

Minutes from the Fed's November meeting, released on Tuesday, showed policymakers were uncertain about the outlook for interest-rate cuts and how much the current rates were restricting the economy.

Traders are now betting on a 62.8% probability the central bank will lower borrowing costs by 25 basis points in December, according to CME Group's FedWatch Tool.

The Fed's decisions have a significant impact on monetary policy in the Gulf as most of the region's currencies are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1.2%, dragged down by a 2.8% fall in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab and a 1.9% decrease in Al Rajhi Bank (1120.SE), opens new tab.

However, Tamkeen Human Resources (1835.SE), opens new tab surged 30% to 65 riyals a piece in market debut.

Separately, the kingdom on Tuesday approved its state budget for 2025 forecasting a fiscal deficit of 101 billion riyals ($26.90 billion), as its finance minister said Saudi Arabia will continue to spend on gigaprojects designed to wean the economy off oil.

Dubai's main share index (.DFMGI), opens new tab lost 0.5%, with top lender Emirates NBD (ENBD.DU), opens new tab sliding 3.4% and toll operator Salik (SALIK.DU), opens new tab down 1.8%.

In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.

Oil prices - a catalyst for the Gulf's financial markets - were steady as investors monitored the ceasefire between Israel and Lebanese armed group Hezbollah.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.5%, hit by a 1.8% fall in top lender Commercial International Bank (COMI.CA), opens new tab.

Most Gulf markets end higher; #Saudi falls | Reuters

Most Gulf markets end higher; Saudi falls | Reuters

Most stock markets in the Gulf ended higher on Tuesday, as investors took stock of a potential ceasefire between Israel and the Iran-backed Hezbollah.

A ceasefire deal looked imminent on Tuesday, Israeli and Lebanese officials said, clearing the way for an end to the conflict that has killed thousands of people since it was ignited by the Gaza war 14 months ago.

Signs of a diplomatic breakthrough have been accompanied by a military escalation. Israeli airstrikes on Tuesday demolished more of Beirut's Hezbollah-controlled southern suburbs, while the armed group has kept up rocket fire into Israel.

Dubai's main share index (.DFMGI), opens new tab advanced 1.3%, extending gains from the previous session, led by a 2.9% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.

In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.7%.

Oil prices - a catalyst for the Gulf's financial markets - recovered slightly from the previous session's 2.8% drop as investors mulled the implications of a potential ceasefire between Israel and Hezbollah.

Saudi Arabia's benchmark index (.TASI), opens new tab, however, fell 0.4%, hit by a 1.2% fall in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% higher, with Commercial International Bank (COMI.CA), opens new tab rising 0.9%.

Gulf bourses end mixed as oil prices slip | Reuters

Gulf bourses end mixed as oil prices slip | Reuters

Stock markets in the Gulf put in a mixed performance on Monday as oil prices weakened and in the absence of fresh factors to trade on.

Oil prices - a catalyst for the Gulf's financial markets - slipped after rising 6% last week, but supply worries amid mounting tensions between Western powers and major oil producers Russia and Iran kept a floor under prices.

Saudi Arabia's benchmark share index (.TASI), opens new tab dropped 0.7%, weighed down by a 1.4% fall in Al Rajhi Bank (1120.SE), opens new tab and a 2.5% fall in ACWA Power Company (2082.SE), opens new tab.

Oil behemoth Saudi Aramco (2222.SE), opens new tab slipped 0.2%.

Dubai's main share index (.DFMGI), opens new tab snapped two sessions of losses to rise 1%, led by a 5.7% jump for toll operator Salik Co (SALIK.DU), opens new tab.

Markets still expect a Federal Reserve interest rate cut next month, although rate-cut bets have been dialled back in recent weeks.

Monetary policy in the Gulf Cooperation Council (GCC) region often aligns with the Fed's decisions as most of its currencies are pegged to the U.S. dollar.

Share indices in Abu Dhabi (.FTFADGI), opens new tab and Qatar (.QSI), opens new tab closed flat on the day.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.4%, with Commercial International Bank (COMI.CA), opens new tab retreating 0.8%.

Mubadala Capital agrees C$12.1bn deal for Canadian asset manager CI Financial #AbuDhabi #UAE

Mubadala Capital agrees C$12.1bn deal for Canadian asset manager CI Financial

An arm of Abu Dhabi’s state investment fund is buying Canadian asset manager CI Financial in one of the largest direct investments into North America by energy-rich Middle Eastern buyers as they increase their investment plans in the region. 

Mubadala Capital, the asset management subsidiary of the $302bn-in-assets state-backed investment fund, has agreed to pay C$32 a share for CI Financial, representing a 33 per cent premium to its Friday closing price. 

The deal ascribes the Toronto-based investment manager, which has more than C$500bn in assets and a long history of managing money for wealthy US and Canadian investors, an equity value of C$4.7bn ($3.36bn), or an enterprise value of C$12.1bn when including its debt. 

The takeover marks Mubadala Capital’s largest acquisition and comes as its chief executive Hani Barhoush told the Financial Times last month that he was preparing a deal push in North America, spotting an opportunity to plough cash into complex management buyouts, or to build stakes in private equity-owned businesses. 

Mubadala, which recently raised a $3.1bn private equity fund, will rely on a large equity investment by its parent company to finance a takeover commitment that is larger than its entire fund. The structure is similar to Mubadala’s $3bn acquisition of credit manager Fortress Investment Group from Japanese conglomerate SoftBank, which was completed earlier this year and also relied on billions in support from its parent company. 

In both deals, Mubadala is investing alongside existing management, who will be retained through the takeover and roll over large equity interests. 

CI Financial’s management owns almost 16.9 per cent of the company. Chief executive Kurt MacAlpine will roll all of his shares while chair William Holland will roll up to 25 per cent of his stake. 

Mubadala has also agreed to keep the CI Financial’s data in Canada. Mubadala made a similar concession as part of its takeover of Fortress, agreeing to keep its technology and data domiciled in the US to appease regulators such as the Committee on Foreign Investment in the United States as it scrutinised the deal. 

CI Financial, which owns large wealth management operations in the US, has seen its share price stagnate in recent years as it accumulated heavy debts during an acquisition binge. Last year, it took a $1bn investment into its US wealth unit, called Corient, and said it would consider spinning off the operation. However, Mubadala plans to keep CI Financial’s operations together under private ownership, according to people familiar with its plans. 

Mubadala’s acquisition comes as the Middle East-based fund has increased its pace of investments. In addition to Fortress, it has acquired high-end baby stroller brand Bugaboo, and Spanish IT consultancy Babel, over the past year. Barhoush told the FT last month that Mubadala Capital was also looking to buy large direct stakes in private equity-owned businesses where sellers were seeking liquidity. 

“We are fully aligned with the strategy and direction of the firm and look forward to working with the CI management team to continue to build this outstanding business,” Barhoush said in a press release.

#SaudiArabia's Female Leaders Show Narrowing Gender Gap Brings Economic Benefits - Bloomberg

Saudi Arabia's Female Leaders Show Narrowing Gender Gap Brings Economic Benefits - Bloomberg

Maryam Albassam grew up in a Saudi Arabia where women weren’t allowed to drive, couldn’t get their own passports, and weren’t able to travel without a man’s permission.

At the age of six, her father — a retired Saudi soldier turned business owner — took her to his work meetings, but said she’d have to get used to being the only girl at the table. When she got her first job in 2013, the economy was still controlled by men.

But in 2018, there were some winds of change. Saudi Arabia became the world’s last country to permit female motorists. It later announced reforms allowing women to set up businesses without male consent, hold a job while being pregnant and travel independently. In four years, the female labor participation rate nearly doubled to about 37%. Today Albassam scouts for deals for Silicon Valley venture capital firm Graphene Ventures as a principal in Riyadh and other women like her are climbing the ranks of business and finance — trading stocks, forging mergers and running companies.

“We are becoming more open and moving toward a different place of exposure,” Albassam said.

Rare interviews with almost a dozen senior female leaders in Saudi Arabia show a dramatic about turn in a country that had few women workers a decade ago. Some who had never spoken publicly before agreed to interviews on the record because they were keen to highlight the advances. Others asked not to be named because they didn’t want to discuss their lives publicly, but even they were deeply optimistic about the prospects for local women in the workplace.

Challenges still abound. As recently as this year Amnesty International said a female activist had been jailed. Meanwhile, the gains for Saudi women have been uneven. Those outside the financial capital of Riyadh and from families that aren’t as progressive or well off typically have far fewer opportunities.

Around the world, economists have highlighted the financial benefits of narrowing the gender gap in the workplace, a goal that’s eluded even developed nations. In the US — where gender has been in sharp focus amid Vice President Kamala Harris’s failed election bid — the percentage of women in the workforce lags its pre-pandemic rate rate of 58%, according to the US Chamber of Commerce.

Few places reveal the benefits of boosting gender equality more than oil-rich Saudi Arabia, the Middle East’s largest economy with annual GDP of $1.1 trillion. Progress for women has by itself already boosted the country’s GDP by about 12%, according to Capital Economics. S&P Global Inc. predicts bringing more women to the labor force could help add $39 billion to the economy in the next decade and drive the growth of new sectors like finance.

While Saudi Arabia has shown staggering growth in its female labor participation rate in recent years, the country still lags economies in the US, China and the United Arab Emirates. Even so, many Saudi women who remember an earlier time feel there are more opportunities than ever before to make their mark. The percentage of females in senior and middle management positions in Saudi Arabia stood near 44% in the first quarter, the government said.

#Dubai snaps six-week rally, #AbuDhabi extends losses | Reuters

Dubai snaps six-week rally, Abu Dhabi extends losses | Reuters

Stock markets in the United Arab Emirates declined on Friday, despite rising oil prices, as the intensifying conflict between Russia and Ukraine kept investors on edge, with Dubai breaking a six-week gaining streak.

Putin said on Thursday Russia had fired a medium-range ballistic missile at Ukraine and warned of a global conflict.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab declined 0.9%, extending losses to a third session, as a majority of the stocks were trading in negative territory.

The UAE's largest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, lost 1.1% and Abu Dhabi's biggest developer, Aldar Properties (ALDAR.AD), opens new tab, fell 2.5%.

Abu Dhabi's largest listed firm, International Holding Company (IHC.AD), opens new tab, which has investments in Adani Group companies, slipped 1% after the Indian conglomerate's chairman Gautam Adani was indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials.

The potential impact from Adani's extensive business presence in the UAE, including strategic partnerships with ADNOC, and substantial investments from Abu Dhabi's IHC affected market sentiment, said Milad Azar Market analyst at XTB MENA

Four of IHC's eight listed subsidiaries closed lower, with Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab dipping 1.1%.

Meanwhile, defense contractor Abu Dhabi Ship Building (ADSB.AD), opens new tab plunged 9.1% after touching an all-time high of 6.40 dirham a share.

On Thursday, ADSB signed a local contract to build its 24-A Houseboat.
Dubai's main market (.DFMGI), opens new tab lost 0.1%, pressured by losses in heavyweight financial and real estate sector stocks.

Blue-chip developer Emaar Properties (EMAR.DU), opens new tab and top lender Emirates NBD Bank (ENBD.DU), opens new tab slumped 1.1% and 1%, respectively.

Dubai's index slipped 0.3% on a weekly basis, its second weekly loss in over three months, while Abu Dhabi index finished the week with 2.2% decline, according to data complied by LSEG.

Musk-Trump Alliance Has #Saudi, #AbuDhabi Wealth Funds Eyeing More US Deals - Bloomberg

Musk-Trump Alliance Has Saudi, Abu Dhabi Wealth Funds Eyeing More US Deals - Bloomberg

In the weeks leading up to the US presidential election, one of the United Arab Emirates’ most influential royals met with Elon Musk. Days after the results were clear, the head of Saudi Arabia’s Public Investment Fund was pictured alongside Donald Trump and the Tesla Inc. chief who helped put him in the White House.

For those at the top echelons of Middle East finance, like the UAE’s Sheikh Tahnoon bin Zayed Al Nahyan and Saudi Arabia’s Yasir Al Rumayyan, Musk’s presence in Trump’s inner circle presents a significant opportunity, people familiar with the matter said, declining to be named discussing confidential information.

In his first term, Trump oversaw a strengthening of US ties to the oil-rich region where he already had strong business connections. Gulf funds are increasingly optimistic that the addition of Musk to the mix will help them win even more deals in the US, the people said — particularly in sensitive areas like technology and artificial intelligence, where the Biden administration placed heavy restrictions.

A key reason is the wealth funds’ links to Musk, who’s set to jointly helm Trump’s Department of Government Efficiency. Al Rumayyan helms the $925 billion PIF, which was among backers of Musk’s xAI in a previous funding round, an investment that hasn’t been publicly disclosed, according to a person familiar with the matter. Qatar’s wealth fund is also reported to be committing money to a more recent round.

The PIF also owns a chunk of Kingdom Holding Co., a firm run by Prince Alwaleed bin Talal that was among Musk’s biggest backers when he took Twitter Inc. private and separately backed xAI. The $510 billion Qatar Investment Authority was also an investor in the Twitter deal, while Sheikh Tahnoon’s $245 billion conglomerate in 2020 bought a controlling stake in a fund that backed Musk’s SpaceX.

Many of these entities have previously also worked with Trump’s son-in-law, Jared Kushner. His Affinity Partners drew $2 billion from the PIF, as well as investments from sovereign funds in Qatar and the UAE, Bloomberg News has reported.

“President Trump’s reputation as a businessman who loves dealmaking presents an easier case for regional enthusiasm,” said Robert Mogielnicki, senior resident scholar at the Arab Gulf States Institute in Washington. “The Trump brand is a familiar one across the Gulf. Trump’s business profile aligns nicely with the business-first foreign policy approaches adopted by most Gulf governments over recent years.”

Oil-rich Gulf countries — together wielding about $4 trillion in sovereign wealth — have sought to bolster their expertise in technology and become global hubs for AI in order to cut their reliance on revenue from crude. Some of those ambitions have been hampered by regulatory pressure from the Biden administration, which has been concerned that sensitive US technology could reach China as Middle Eastern nations build closer ties with the Asian country.

The Committee on Foreign Investment in the United States has reviewed several multibillion dollar deals from the Gulf on national security concerns, Bloomberg News reported last year. Against that backdrop, Abu Dhabi AI firm G42 has pared back its presence in China and pushed into key Western markets. The firm, which Sheikh Tahnoon oversees as chairman, has been at the forefront of the UAE’s push into AI and has businesses spanning everything from cloud computing to driverless cars. Microsoft Corp. invested $1.5 billion in G42 this April.

A UAE official said that Emirati investments in the US exceed $1 trillion and both countries have committed to deeper collaboration in areas like tech and AI.

Meanwhile, last October, the Commerce Department added much of the Middle East to chip export restrictions that originally focused on China and a handful of other foreign adversaries. That’s meant companies like Nvidia Corp. have needed a special US government license to ship cutting-edge semiconductors to countries such as Saudi Arabia and the UAE.

To be sure, Trump has yet to name many key advisors and his policies will become clearer only in time. He’s shown himself to be unpredictable when making decisions, according to people familiar with the matter, who also said Gulf states could be disappointed if they end up having disagreements with the new president over the Iran-Israel conflict.

The president-elect may also be reluctant to allow a loosening of restrictions on the most sensitive areas like chips, given his aggressive stance on China. Some executives and bankers, meanwhile, noted that the dealmaking environment for Middle Eastern funds was improving even before the elections.

And despite their work with Musk, some in the region have have had fractious relationships with him, though ties have since improved.

For now, Gulf funds know that to please Trump, they’ll have to show more commitment to investments in the US and promise to commit capital into most initiatives the incoming president wants them to back, according to people familiar with their thinking. They’re also keenly aware of the need to keep a lower profile on China deals to avoid antagonizing Trump, one of the people said.

Most regional wealth funds are already heavily skewed towards investments in the US. While they have been trying to re-balance portfolios toward Asia, that process may slow as they look to demonstrate their commitment to investing in the world’s biggest economy.

Some of them are also led by executives with a deep understanding of the US market, like the QIA’s Mohammed Al Sowaidi who helped establish the fund’s office there. Qatar’s rulers are “possibly anticipating the dynamics of a Trump presidency,” said Salar Ghahramani, a SWF expert at Pennsylvania State University and the founder of Global Policy Advisors.

Golf Deals
Saudi Arabia’s PIF also sees the US as a key partner for transforming the kingdom’s economy, and is already working on a host of potential investments in America. There’s optimism in Riyadh that an incoming Trump administration could halt a senate investigation into the PIF’s investments in the US, as part of which lawmakers there have been trying to get Al Rumayyan to testify in person.

The PIF chief has previously golfed with Trump wearing a MAGA hat and, at the UFC event, Al Rumayyan was among the only outsiders sitting with Trump’s group. He was seen deep in conversation with the president-elect and the two were later spotted smiling and taking selfies on the Saudi executive’s mobile phone.

Trump support could also come in handy for Riyadh as it tries to finalize a proposed $1 billion deal between PGA Tour Enterprises, a new for-profit entity established to attract external funding, and the PIF.

The incoming president has a long history of building warm ties with Middle Eastern countries. He and Crown Price Mohammed bin Salman have frequently praised one another in public, and Saudi Arabia was the first country Trump visited when he became president in 2017.

Under Joe Biden, the bilateral relationship initially soured over the president’s criticism of the kingdom over the 2018 murder of Washington Post columnist Jamal Khashoggi at the Saudi consulate in Istanbul, although ties improved later.

Soon after Trump was re-elected, MBS, as the Saudi crown prince is known, expressed his joy at the Republican’s return to power in a late night call, Bloomberg News reported at the time.

Meanwhile, Eric Trump is due to speak at a Bitcoin-related event in Abu Dhabi next month. In an interview prior to the US elections, the president-elect’s son said his father “loves” the UAE and intends to visit the country if he wins.

Gulf shares slip as geopolitical tensions rise; Egypt ends losing streak | Reuters

Gulf shares slip as geopolitical tensions rise; Egypt ends losing streak | Reuters

Stock markets in the Gulf tracked global shares lower on Thursday as tension between Russia and Ukraine kept investors on edge, while Egypt's index snapped a four-day losing streak.

Russia launched an intercontinental ballistic missile during an attack on Ukraine, Kyiv's air force said, after Ukraine fired U.S. and British missiles at targets inside Russia this week.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab was down 1% with most of its constituent shares falling. First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, dropped 2.1% and Abu Dhabi Ports (ADPORTS.AD), opens new tab lost 0.6%.

UAE port operator, AD Ports, has signed a framework agreement with the Egyptian Government to build, operate and transfer an economic zone in East Port Said.

Abu Dhabi's largest listed firm, International Holding (IHC.AD), opens new tab, which has investments in Indian conglomerate Adani Group companies, eased 0.3%, after chairman Gautam Adani was indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials.

Seven of IHC's eight listed subsidiaries also fell by more than 1%.

Dubai's benchmark stock index (.DFMGI), opens new tab retreated from a more than 10-year high hit in the previous session to stand 0.7% lower on the day, with Emaar Properties (EMAR.DU), opens new tab down 2.2% and Dubai Islamic Bank (DISB.DU), opens new tab off 3.3%.

The Qatari benchmark index (.QSI), opens new tab fell 0.4% and posted its second straight weekly loss. Qatar Islamic Bank (QISB.QA), opens new tab was down 1.7%, and Ooredoo (ORDS.QA), opens new tab lost 0.9%.

Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2% for a second straight session of losses. ACWA Power (2082.SE), opens new tab dropped 1.9% and Saudi National Bank (1180.SE), opens new tab, the kingdom's largest lender, fell 0.6%.

Jabal Omar Development (4250.SE), opens new tab rose 1.9% after the developer said it had sold a land plot in Makkah worth 1.07 billion riyals ($285.00 million).

"GCC markets exhibited mostly negative performance, influenced by heightened geopolitical tensions stemming from the Russia-Ukraine conflict," said Ahmed Negm, head of market research, MENA at XS.com.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab broke a four-day losing run to close 0.1% higher. Faisal Islamic Bank of Egypt rose 3.3% after the Islamic lender reported a 137% increase in 9-month net profit.

The International Monetary Fund said on Wednesday that its mission has made substantial progress on policy discussions toward the completion of the fourth review of Egypt's loan programme.

Most Gulf bourses fall; #Dubai hits 10-year high | Reuters

Most Gulf bourses fall; Dubai hits 10-year high | Reuters

Most stock markets in the Gulf were subdued on Wednesday as investors turned cautious amid simmering geopolitical tensions, although Dubai index hit an over 10-year high on finance and real estate sector gains.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab eased 0.2%, weighed down by a 0.8% drop in International Holding Company (IHC.AD), opens new tab and a 0.9% decline in the UAE's largest lender, First Abu Dhabi Bank (FAB.AD), opens new tab.

Among other losers, Abu Dhabi National Hotels (ADNH.AD), opens new tab and its catering arm ADNH Catering (ADNHC.AD), opens new tab dropped 1.6% and 1%, respectively. ADNH Catering said on Tuesday it would raise its stake in Compass Arabia to 50% from 30%.

Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.1% after three consecutive session of gains, with most sectors in the red. Saudi Arabian Mining (1211.SE), opens new tab fell 1.1% and Jabal Omar Development (4250.SE), opens new tab slipped 2.3%. Real estate developer said in a statement to the Exchange it had appointed Abdulrahman Bajunaid as new CEO, effective Jan 2025.

Meanwhile, Knowledge Tower Trading (9551.SE), opens new tab surged 7.2% to 11.62 riyal per share, its highest level since listing in November 2022 on Nomu Parallel Market. Education services provider's board decided to transfer it to the main market.

Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.6% to 4,761, its highest level in more than 10 years. Emirates NBD(ENBD.DU), opens new tab, the emirate's largest lender, added 2.8% and Dubai Financial Market(DFM.DU), opens new tab, the operator of exchange (DFM) rose 4.5%, the sharpest daily rise in more than 1-1/2 years.

The Qatari benchmark index (.QSI), opens new tab inched up 0.1% after early choppy trading. Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, added 0.5% and Ooredoo (ORDS.QA), opens new tab gained 1.5%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its decline to a fourth session, ending 0.3% lower with most stocks in the red. Eastern Company (EAST.CA), opens new tab dropped 1.6% and EFG Holding (HRHO.CA), opens new tab slid 1.2%.

"Market participants appear to be securing liquidity ahead of United Bank's upcoming IPO," said George Pavel, general manager at Naga.com Middle East.

Egypt's central bank began the sale of 30% of United Bank (UBEE.CA), opens new tab on Wednesday, marking only the second privatisation of a state-owned Egyptian lender in four years after a gap of more than a decade.

Most Gulf bourses end higher; Egypt extends loss | Reuters

Most Gulf bourses end higher; Egypt extends loss | Reuters

Stock markets in the Gulf ended higher on Tuesday as investors brushed aside worries about the U.S Federal Reserve interest rate trajectory and volatile oil prices, although the Qatar index fell with a tepid performance across most sectors.

Dubai's benchmark stock index (.DFMGI), opens new tab gained 0.4% after a loss the previous session, with most sectors in the green.

Dubai Islamic Bank (DISB.DU), opens new tab gained 2.1% and Emaar Properties (EMAR.DU), opens new tab climbed 3%. Blue-chip developer Emaar and Dubai World Trade Centre have established a joint venture to develop Expo Living, a new urban community spanning 451,295 square metres in Dubai.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab also rose 0.4% with conglomerate International Holding (IHC.AD), opens new tab adding 1% and Phoenix Group (PHX.AD), opens new tab gaining 1.5%.

Crypto mining and blockchain firm Phoenix said its founders were planning to purchase its shares on the open market.

Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a third consecutive session ending 0.4% higher with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, rising 2% and Saudi Electricity Co (5110.SE), opens new tab (SEC) gaining 1.6%.

SEC, the kingdom's electric transmission monopoly, and a consortium of ACWA Power and Korea Electric Power Corp signed power purchase agreements worth 15 billion riyals ($4 billion) with the Saudi Power Procurement Company.

"GCC markets demonstrated remarkable resilience despite negative performances in oil markets and geopolitical tensions," said Joseph Dahrieh, managing principal at Tickmill.

"Although these challenges have triggered some market volatility."

The Qatari benchmark index (.QSI), opens new tab dropped 0.3%, weighed down by losses in almost all sectors with Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, falling 0.4% and Ooredoo (ORDS.QA), opens new tab losing 1.8%.

However, Al Mahhar Holding (MHAR.QA), opens new tab gained 1.1% after its shareholders approved its transfer to the main market.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell for a third session, ending 0.6% lower. Commercial International Bank (COMI.CA), opens new tab shed 0.8% and EFG Holding (HRHO.CA), opens new tab slid 2.5%.

Meanwhile, EFG unit EFG Hermes said its private equity arm has launched a $300 million Saudi Education Fund in Saudi Arabia.

#Dubai IPO: Delivery Hero (DHER) Eyes About $1.5 Billion From Talabat Listing - Bloomberg

Dubai IPO: Delivery Hero (DHER) Eyes About $1.5 Billion From Talabat Listing - Bloomberg

Delivery Hero SE is considering seeking about $1.5 billion from the initial public offering of its Middle Eastern unit in Dubai, according to people familiar with the matter.

The German food delivery firm is eying a valuation of about $10 billion for Talabat, the people said, declining to be identified as the information is confidential. It plans to sell a 15% stake in the business, retaining a majority interest.

No final decisions have been made on the size. Representatives for Talabat and Delivery Hero declined to comment.

The firm is set to announce a price range for the offer Tuesday, and the shares are expected to begin trading on the Dubai Financial Market Dec. 10.

The deal is set to be one of the largest listings of the year in the Middle East, where firms have raised about $10 billion from new share sales in 2024. But while the region continues to be a hotspot for IPOs, some recent large deals have had lackluster debuts.

Hypermarket chain Lulu Retail raised $1.7 billion in an Abu Dhabi offering last month soon after a $2 billion IPO from a unit of Oman’s state energy company. Both firms had muted debuts, with the Omani firm closing 8% below its offer price.

Still, Talabat’s margins and higher growth prospects support a valuation premium, according to Bloomberg Intelligence’s Tatiana Lisitsina, who called it the “crown jewel” of the Delivery Hero portfolio in a report last month.

The firm plans to pay at least $100 million in dividends in April relative to fourth quarter financial results, plus $400 million in two installments in October 2025 and April 2026. After that, dividends are expected to be paid twice each calendar year, with Talabat targeting a net income payout of 90%.

Talabat operates across eight countries - United Arab Emirates, Kuwait, Oman, Qatar, Egypt, Jordan, Iraq and Bahrain. It has cemented its position in the region helped by Delivery Hero’s acquisition of Indian firm Zomato’s food delivery business in the UAE in 2019 and online grocery platform InstaShop in 2020.

The deal comes days after Swiggy Ltd.’s $1.3 billion share sale in India, which valued the company at just over $12 billion. The food-delivery firm’s shares closed 17% higher on debut.

Emirates NBD Capital PSC, JPMorgan Securities and Morgan Stanley have been appointed as joint global coordinators and joint bookrunners on the offering. Abu Dhabi Commercial Bank, Barclays, EFG-Hermes, First Abu Dhabi Bank, Goldman Sachs, ING Bank and UniCredit are joint bookrunners.

Most Gulf bourses fall on Fed's rate-cut caution; Egypt extends loss | Reuters

Most Gulf bourses fall on Fed's rate-cut caution; Egypt extends loss | Reuters

Most stock markets in the Gulf ended lower on Monday, hurt by concerns that the U.S. Federal Reserve would slow its pace of interest-rate cuts, while the Qatar and Saudi indices rose amid higher oil prices.

Investors increased bets on the Fed leaving interest rates unchanged at its December meeting and dialed back expectations for easing in 2025.

The Fed's decisions have a significant impact on the Gulf region's monetary policy, as most currencies there are pegged to the U.S. dollar.

Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.6%, weighed down by losses in utilities, consumer staples and industry sectors.

Gulf Navigation Holding, or GULFNAV, (GNAV.DU), opens new tab dropped 7% to 5.29 dirhams per share, its lowest in nearly 1-1/2 years. The maritime and shipping firm posted an 84% decrease in quarterly net profit on Friday.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab snapped two sessions of gains, falling 0.6% in its biggest daily loss in over a month. Conglomerate International Holding (IHC.AD), opens new tab and its unit Alpha Dhabi (ALPHADHABI.AD), opens new tab slipped 1.6% and 2%, respectively.

However, Lulu Retail (LULU.AD), opens new tab gained 1%, the stock's first session of gains since it debuted trading on Thursday.

The Middle East's biggest hypermarket chains operator, Lulu, raised $1.72 billion in its initial public offering, the UAE's largest listing so far this year.

The Qatari benchmark index (.QSI), opens new tab rose 0.4%, aided by a 1.7% gain in Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, and a 1.1% increase in Barwa Real Estate (BRES.QA), opens new tab.

Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.2%, with Saudi Aramco (2222.SE), opens new tab gaining 0.5%. The oil major said it and Sinopec Corp have started constructing a refinery and petrochemical complex in southeast China's Fujian province.

Among other gainers, Banan Real Estate surged 7.7% after the Exchange approved its transfer to the main market.

Meanwhile, Saudi Arabia's crude oil exports in September rose to their highest level in three months.

Oil prices, a catalyst for the Gulf's financial markets, settled higher, with Brent rising 0.5% to $71.37 a barrel by 1310 GMT.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended declines to a second straight session and fell 1.2%, with most stocks in the red.

#AbuDhabi Royal’s Firms, IPOs Propel #UAE Bourses to $1 Trillion - Bloomberg

Abu Dhabi Royal’s Firms, IPOs Propel UAE Bourses to $1 Trillion - Bloomberg

Stocks listed in the United Arab Emirates are now worth more than $1 trillion for the first time, helped by a surge in firms tied to an Abu Dhabi royal that account for more than a third of the total value, and a flurry of local listings.

That makes the combined UAE market, which includes exchanges in Dubai and Abu Dhabi, bigger than Milan or Madrid. While dwarfed by the nearly $3 trillion Saudi Arabian bourse, the UAE is larger than most emerging markets, barring a few like India and China, according to data compiled by Bloomberg.

A particularly eye-catching feature of the $1 trillion milestone is the weighting of companies linked to Sheikh Tahnoon bin Zayed Al Nahyan. The royal — one of Abu Dhabi’s two deputy rulers, the UAE’s national security adviser and brother to its president — has emerged as one of the most important names in global business and 

That includes International Holding Co., which is chaired by Sheikh Tahnoon and is the UAE’s largest public company. IHC has surged over 43,000% in the past few years, giving it a market capitalization of close to $250 billion — a quarter of the combined exchanges’ value.

Locals own 88% of IHC, according to data from the Abu Dhabi bourse. Once an obscure fish-farming company, the firm is now at the forefront of a drive to diversify the UAE’s economy away from oil. The company and its units — some of them listed in Abu Dhabi — have made investments spanning everything from Rihanna’s lingerie line and Elon Musk’s SpaceX to Aldar Properties PJSC, the emirate’s largest property developer.

Sheikh Tahnoon is also chairman of First Abu Dhabi Bank PJSC, which last year considered an offer for Britain’s Standard Chartered Plc. Together, the lender and IHC have a weighting of over 50% on Abu Dhabi’s benchmark FTSE ADX General Index.

The $1 trillion milestone has long been coveted by Abu Dhabi’s ruling family, and the stock market’s growth reflects their ambitions to turn the city into a global financial center. Members of the emirate’s Al Nahyan clan expect rising values to attract international capital and encourage local investors to keep their money in the country, Bloomberg News reported in April.

The UAE stock market is part of the widely-tracked MSCI Emerging Markets Index, comprising 1.2% of the benchmark, according to data compiled by Bloomberg. IHC is not a member of the index, while its units Aldar and Multiply Group PJSC — as well as First Abu Dhabi Bank — are included.

The surge to $1 trillion was also helped by a string of new share sales in the country. The UAE, alongside Saudi Arabia, has led a rush of listings in the Gulf since 2021 as governments sought to raise cash to diversify economies. A wealth fund overseen by Sheikh Tahnoon in 2020 bought a stake in Lulu International Holdings, the parent company of the hypermarket chain operator that pulled off the UAE’s biggest listing of the year.

That rush of deals is likely to continue, including a potential offering of Abu Dhabi flag carrier Etihad Airways, Delivery Hero SE’s Middle Eastern unit Talabat and IT services firm Alpha Data.

Despite mounting regional tensions, the Dubai Financial Market General Index continues to trade near 2014 highs due to the city’s economic and population growth. It’s leading gains among all Gulf benchmarks this year with a 17% advance, while Abu Dhabi stocks are trading 1.4% lower in 2024.

Most Gulf markets fall on Fed rate cut concerns | Reuters

Most Gulf markets fall on Fed rate cut concerns | Reuters

Most Gulf stock markets fell on Sunday after U.S economic data and comments from Federal Reserve officials pointed to a slower pace of interest-rate cuts.

Investors increased bets on the Fed leaving interest rates unchanged at its December meeting and dialled back expectations for easing in 2025.

The Fed's decisions have a significant impact on monetary policy in the Gulf as most of the region's currencies are pegged to the U.S. dollar.

The Qatari benchmark index (.QSI), opens new tab slipped 0.4%, with almost all of its constituents falling, led by the finance, communication and energy sectors.

Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, lost 1.4% and Qatar Navigation (QNNC.QA), opens new tab was down 1.1%.

Saudi Arabia's benchmark index (.TASI), opens new tab snapped three sessions of losses, edging up 0.2% helped by gains in the IT, utilities, real estate, industry, healthcare and insurance sectors.

Medgulf (8030.SE), opens new tab rose 10% for its biggest daily gain in more than six months. The insurer said in a statement to the Saudi Exchange that it had received a circular from the Insurance Authority on a new mechanism for allocating reinsurance premiums to the local market.

All bar two insurance stocks closed higher with Al Rajhi Company For Cooperative Insurance (8230.SE), opens new tab up 3.9%, and Saudi Reinsurance (8200.SE), opens new tab gaining 6.9%.

Saudi Re said in a statement that the new mechanism would help increase Saudi reinsurance revenue by more then 5% from 2023.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab reversed the previous session's gain with a 0.7% fall, with most sectors in the red. Telecom Egypt (ETEL.CA), opens new tab lost 2.6% after it reported a 13% decrease in quarterly net profit on Thursday.

However, Juhayna Food (JUFO.CA), opens new tab gained 3.7% after it posted around a 200% jump in third quarter net profit.

Oil falls $1 on weaker Chinese demand, uncertainty around Dec Fed rate cut | Reuters

Oil falls $1 on weaker Chinese demand, uncertainty around Dec Fed rate cut | Reuters

Oil prices lost $1 per barrel on Friday and were bound for a weekly loss as investors fretted about weaker Chinese demand and a potential slowing in the pace of U.S. Federal Reserve interest rate cuts.

Brent crude futures dropped $1.09, or 1.5%, to $71.47 a barrel by 12:05 p.m. EDT.

U.S. West Texas Intermediate crude futures were down $1.18, or 1.7%, at $67.52.
For the week, Brent is on track to fall 3.3% while WTI is set to decline 4.1%.

#AbuDhabi outperforms as IHC extends gains | Reuters

Abu Dhabi outperforms as IHC extends gains | Reuters

Stock markets in the United Arab Emirates rose on Friday, with Abu Dhabi's index outperforming on a rise in the shares of its largest listed firm International Holding Company (IHC) (IHC.AD), opens new tab.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.5% higher, lifted by a 1.2% rise in IHC shares and a 2.1% gain for Adnoc Gas (ADNOCGAS.AD), opens new tab, which signed a 10-year LNG sales and purchase agreement with India's GAIL on Thursday.

IHC extended the previous session's 1.5% rise after launching a share buyback programme worth 5 billion dirhams ($1.36 billion).

A first tranche of 1.8 billion dirhams, equal to 36% of the total, is expected to launch on Nov. 18, IHC said in a statement.

Defence contractor Abu Dhabi Ship Building (ADSB.AD), opens new tab added 7.9% for its biggest intraday gain in nearly 3-years, after reporting a doubling in third-quarter revenue to 339 million dirhams while profit for the three months was up more than 600% year-on-year.

Dubai's main index (.DFMGI), opens new tab edged up 0.2%, supported by a 3.2% rise in Emaar Development (EMAARDEV.DU), opens new tab and 1.2% gain for utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab.

Multi-line insurer National General Insurance (NGIN.DU), opens new tab advanced 6.3% after reporting nearly threefold growth in quarterly net profit to 50.5 million dirhams.

Crude prices slipped on worries about waning Chinese demand and expectations of fewer U.S. Federal Reserve interest rate cuts, with Brent crude down 0.39% to $72.28.

The Dubai index closed up for a sixth straight week, adding 2.2%, while Abu Dhabi's index snapped two weeks' of gains, nudging down 0.1%, according to LSEG data.