#Saudi bourse retreats on US CPI data; Egypt gains | Reuters

Saudi bourse retreats on US CPI data; Egypt gains | Reuters

Saudi Arabia's stock market ended lower on Sunday as investors continued to parse U.S. economic data to determine when borrowing costs could fall, while the Qatari index gained.

U.S. consumer prices increased more than expected in December, with Americans paying more for housing and healthcare, suggesting it was probably too early for the Federal Reserve to start cutting interest rates.

Expectations for a rate cut in March were also tempered by data on Thursday showing the labor market remained fairly tight at the start of this year, with the number of new unemployment claims unexpectedly falling last week.

Saudi Arabia's benchmark index (.TASI) dropped 0.5%, falling for a fifth consecutive session, hit by a 0.7% fall in Al Rajhi Bank (1120.SE) and a 0.8% decrease in the country's biggest lender Saudi National Bank (1180.SE). Stocks in Bahrain and Kuwait also edged lower.

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.

Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.8%, buoyed by a 6% surge in Talaat Mostafa Group Holding (TMGH.CA).

Abu Dhabi wealth fund ADQ has agreed to acquire a 40.5% stake in ICON, the hospitality arm of Egypt's Talaat Moustafa Group, the fund said on Friday, a deal that will see it take part ownership of a number of luxury hotels in the country.

In Qatar, the index (.QSI) gained 0.4%, led by a 2.8% rise in telecom group Ooredoo (ORDS.QA).

Oil rose 1% on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.

PureHealth acquires Britain's largest private healthcare group

PureHealth acquires Britain's largest private healthcare group

PureHealth, the largest healthcare platform in the Middle East, has announced the successful completion of its strategic acquisition of Circle Health Group, the UK’s largest independent operators of hospitals, marking a significant milestone in the company's global expansion strategy.

The completion of this deal, which has achieved regulatory approvals in record time, signifies PureHealth’s exceptional operational capabilities and commitment to international growth.

Valued at $1.2 billion before debt, this acquisition marks a significant investment in the future of healthcare, positioning PureHealth at the forefront of international healthcare innovation and service provision.

Building upon this significant momentum, PureHealth is advancing its expansion strategy in 2024. This strategic vision includes not only acquisitions in locally, but also international markets building a global healthcare platform.

#UAE records highest property price increase globally in 2023: IMF

UAE records highest property price increase globally in 2023: IMF

Property prices in the UAE have recorded the highest increase among all the countries in 2023, according to the International Monetary Fund (IMF).

The Fund also noted that the UAE is among the top 10 countries where property prices have seen the largest increase since the pre-pandemic level.

Quoting Bank for International Settlements data, the IMF reported that the UAE saw a 10.4 per cent increase in prices in 2023 and 14.15 per cent since the pre-pandemic level. The UAE was ranked 6th in terms of property price increase since pre-pandemic level.

Industry executives say that prices have increased by double-digit rates in the past two years due to the influx of foreign workers into the country as well as high demand from high net-worth individuals, pushing prices to record highs.

In addition, residential property market supply has been lagging behind population growth last year with nearly 50,000 units coming online as compared to the emirate’s population growing by 100,000 in 2023 alone. This resulted in an undersupply of luxury and ultra-luxury units in prime locations, pushing prices to record highs for villas and penthouses in the country.

In November 2023, per-square-foot prices in Dubai hit a record high of Dh1,271, surpassing the previous all-time high of September 2014, according to the Property Monitor.

#Dubai’s GII Invests $160 Million in #Saudi Arabian Hospital Chain - Bloomberg

Dubai’s GII Invests $160 Million in Saudi Arabian Hospital Chain - Bloomberg

Gulf Islamic Investments LLC. has invested $160 million in Saudi Arabia’s Abeer Medical Company, the latest health-care deal in the kingdom as it looks to attract more private sector money into the industry.

GII, as the Dubai-based firm is known, has acquired a minority stake in Abeer and will help it expand into new cities, according to a statement.

Abeer operates about 50 health-care facilities including hospitals, pharmacies and clinics in Saudi Arabia and the Persian Gulf region.

Health-care businesses in Saudi Arabia have been attracting more investment as the kingdom embarks on a plan to boost private-sector participation in the industry. That’s prompting a wave of activity including initial public offerings and private equity deals.

Generic drugmaker Jamjoom Pharmaceuticals Factory Co. raised $335 million in an initial public offering last year and its shares have since doubled. GII, which oversees around $4 billion in assets, concluded a $600 million deal in 2021 to acquire a 70% majority stake in Almeswak Dental Clinics, Saudi Arabia’s largest provider of dental and dermatology care.

GII is planning to invest about $1 billion over the next 12 months in the US, India, and the Persian Gulf.