Gulf bourses drop ahead of US inflation data; Egypt extends losses | Reuters

Gulf bourses drop ahead of US inflation data; Egypt extends losses | Reuters

Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.

Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.3% with most sectors in the red and logged a 2.1% loss for the week.

Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipped 1.4% and Saudi Research and Media Group(4210.SE), opens new tab slumped 10%, the steepest drop in more than six years after the media firm posted a 15.9% decrease in annual net profit.

However, Saudi National Bank (1180.SE), opens new tab climbed 4.9%, the sharpest rise since early January, after the kingdom's largest lender has appointed a new chief executive in place of the acting CEO.

The Qatari benchmark index (.QSI), opens new tab was down 0.1%, weighed down by losses in energy, finance, real estate and industry sectors with Qatar Navigation (QNNC.QA), opens new tab sliding 2.3% and Qatar International Islamic Bank (QIIB.QA), opens new tab dropping 1.4%.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a fourth straight session and ended 0.1% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 1.1% and First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, falling 0.6%.

Dubai's benchmark index (.DFMGI), opens new tab was little changed as Commercial Bank of Dubai (CBD.DU), opens new tab gained 4.4% and Dubai Financial Market (DFM.DU), opens new tab added 3.5%.

However, Al Ansari Financial Services (ALANSARI.DU), opens new tab slid 1.9%, the sharpest intraday fall in more than two months, while National Central Cooling (TABR.DU), opens new tab slipped 3.9% as both firms traded ex-dividend.

U.S. stocks ended higher on Wednesday, with the S&P 500 setting another closing record ahead of Fridays key inflation report.

The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.

Most Gulf currencies are pegged to the dollar and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 2.4%, extending its losses to a third consecutive session, with almost all stocks in the red.

Fawry for Banking (FWRY.CA), opens new tab slipped 6.5% and Commercial International Bank (COMI.CA), opens new tab dropped 3.1%.

#Dubai's Appeal For Russia Expats Fades on Costs, US Sanction Pressures - Bloomberg

Dubai's Appeal For Russia Expats Fades on Costs, US Sanction Pressures - Bloomberg

Two years ago, Dubai became a hot favorite with Russians looking to park money or build new lives after President Vladimir Putin’s invasion of Ukraine. That allure is now dimming as the cost of living in the glitzy emirate surges and its banks get stricter in enforcing US sanctions.

Russian money flows into the United Arab Emirates — which Dubai is part of - are showing signs of slowing, according to bankers, executives and investment professionals. None of them predict a widespread exodus of cash already in the UAE, yet executives say it seems to have absorbed most of the benefits of Russian money and is unlikely to see more large inflows.

Some Russian arrivals are considering moving to new jurisdictions or even returning home as an expat rush into Dubai drives up rents and daily expenses. Unlike the US and the EU, the Gulf country doesn’t have sanctions on Russia. Still, Russian entities setting up bank accounts are now more likely to face scrutiny from local banks as the UAE comes under increased US pressure to tackle potential sanctions evasion, according to people familiar with the matter, who asked not to be identified in discussing information that is private.

Investment based immigration firm Henley & Partners is seeing fewer Russians establishing in the UAE, “so the trendline is going down,” said Philippe Amarante, its head of the Middle East. “In fact, some of my Russian clients have either downsized their Dubai real estate assets they bought two years ago, maintain still a small base here, but moved back to Moscow or to other available and very attractive jurisdictions like Mauritius.”

UAE-based banks including Emirates NBD Bank PJSC, Mashreqbank PSC and First Abu Dhabi Bank PJSC have tightened scrutiny of Russian entities and in recent months have attempted to ensure greater compliance with US sanctions, people familiar with the matter said.

#UAE Weighs 10-Year Golden Business Licenses, Gulf News Reports - Bloomberg

UAE Weighs 10-Year Golden Business Licenses, Gulf News Reports - Bloomberg

The United Arab Emirates is considering granting long-term golden visas for businesses as it steps up efforts to attract investments and bolster growth.

The proposal to introduce 10-year golden and five-year silver licenses for trade was discussed at the government’s Economic Integration Committee on Wednesday, Dubai-based Gulf News reported. It aims to increase government revenue, ensure business continuity, and promote economic growth, according to the report.

The UAE, of which Abu Dhabi and Dubai are part, already provides golden visas to foreigners. Expatriate residents make up more than 80% of the UAE population.

#UAE's IRH plans bid for stake in Zambia's Lubambe copper mine | Reuters

UAE's IRH plans bid for stake in Zambia's Lubambe copper mine | Reuters

International Resources Holding (IRH), a unit of Abu Dhabi's International Holding Company (IHC.AD), opens new tab, said it intends to bid for a stake in Lubambe Copper Mine in Zambia.

IRH, which recently bought a 51% stake in Zambia's Mopani Copper Mines, told Reuters the deal had unlocked more opportunities to benefit from Africa's second largest copper producer.

A unit of Abu Dhabi's most valuable company, IRH is interested in buying an 80% stake in Lubambe held by EMR Capital, even after Chinese firm JCHX Mining agreed to buy the stake, Reuters reported on March 22, citing sources.

"IRH's commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine," the company said in an emailed response to Reuters questions.

The company's interest in Lubambe, potentially one of Zambia's largest copper mines, could create a bidding war with Shanghai-listed JCHX (603979.SS), opens new tab, a mine servicing and contracting firm.

Cash-rich oil majors United Arab Emirates and Saudi Arabia have recently started to emulate China by investing in African firms to secure resources in a bid to diversify their economies and profit from the shift to electric vehicles (EVs).

IRH said it was actively engaged in exploring a variety of investment opportunities, including submitting bids for mining projects.

"In the forthcoming years, our goal is to seek diversification opportunities beyond copper... (with) targeted investments in other pivotal energy transition minerals, such as cobalt, nickel, rare earth elements, manganese, graphite, and the 3T minerals - tin, tungsten, and tantalum," it said.

#SaudiArabia's net FDI at 13 billion riyals in Q4 of 2023 | Reuters

Saudi Arabia's net FDI at 13 billion riyals in Q4 of 2023 | Reuters

Net inflows of foreign direct investment (FDI) to Saudi Arabia reached 13.1 billion riyals ($3.49 billion) in the fourth quarter of 2023, up 16% from 11.4 billion riyals ($3.04 billion) in the third quarter, government data showed on Thursday.

The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.

FDI has lagged far behind those targets, with the new data bringing total net inflows in 2023 to $11.4 billion.

Gulf bourses rise in early trade on higher oil prices | Reuters

Gulf bourses rise in early trade on higher oil prices | Reuters

Stock markets in the Gulf were up in early trade on Thursday as oil prices rose, following two consecutive sessions of decline, with traders reassessing latest data on U.S. crude oil and gasoline inventories.

Oil prices - a catalyst for the Gulf's financial markets - were up 0.3%, with Brent trading at $86.38 a barrel by 0750 GMT.

Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.6%, lifted by gains in most sectors, with Bupa Arabia for Cooperative Insurance (8210.SE), opens new tab surging 5.2% and ACWA Power (2082.SE), opens new tab rising 2%.

Among other gainers, Saudi National Bank (1180.SE), opens new tab climbed 4%, after the Kingdom's largest lender appointed a new chief executive, replacing the acting CEO.

The Qatari benchmark index (.QSI), opens new tab rose 0.4%, with most sectors trading in positive territory.

Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.6% and Qatar Islamic Bank rose 0.7%.

Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, helped by a 0.6% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.2% rise in the Emirate's largest lender, Emirates NBD (ENBD.DU), opens new tab.

However, Al Ansari Financial Services (ALANSARI.DU), opens new tab slid 1.9%, its sharpest percentage intraday fall in more than two months, while National Central Cooling (TABR.DU), opens new tab slipped 3.6% as both firms traded ex-dividend.

In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed, while Aldar Properties (ALDAR.AD), opens new tab slid 1.8% and Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, the UAE's third-biggest lender, rose 1%.