Most Gulf markets in red on earnings, geopolitical concerns | Reuters

Most Gulf markets in red on earnings, geopolitical concerns | Reuters

Most stock markets in the Gulf were in red on Thursday, as investors sifted through the latest corporate earnings, while geopolitical strife in the region weighed on sentiment.

Israel stepped up airstrikes on Rafah overnight, killing at least six Palestinians, medics said on Thursday, after saying it would evacuate civilians from the Gaza border city and storm it despite allies' warnings this could cause mass casualties.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.8%, hit by a 6.9% fall in ACWA Power Company (2082.SE), opens new tab and a 1.4% decline in Al Rajhi Bank (1120.SE), opens new tab.

Dubai's main share index (.DFMGI), opens new tab added 0.1%, helped by a 1.9% rise in top lender Emirates NBD (ENBD.DU), opens new tab following better-than-expected first-quarter results.

Emirates NBD reported net profit of 6.7 billion dirhams ($1.82 billion) for the first three months of the year, compared to 6 billion dirhams last year, outperforming analysts' estimate of 4.5 billion dirhams as per LSEG data.

The Dubai bourse experienced another volatile trading session, hovering around the same level throughout the week, as some uncertainty remained, said Daniel Takieddine, CEO MENA at BDSwiss.

"Sectors' performances were mixed, except for the financial sector led by Emirates NBD."

In Abu Dhabi, the index (.FTFADGI), opens new tab was flat slightly into the negative territory.

Crude prices — a catalyst for the Gulf's financial markets — held steady after slower economic growth in the first quarter added to signs of retreating fuel demand in the United States, while investors also remained concerned about the risks of wider conflict in the Middle East.

The Qatari benchmark (.QSI), opens new tab was down 0.3%, with Qatar Electricity and Water Co (QEWC.QA), opens new tab losing 2.9%, extending losses from the previous session on weak first-quarter earnings.

On the other hand, Dairy firm Baladna (BLDN.QA), opens new tab - which is not part of the index - jumped more than 3% after signing a $3.5 billion contract to build a powdered milk farm in the country's southern region of Adrar.

The company also reported a sharp rise in first-quarter earnings.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 3.2%, falling for a third consecutive session.

#Saudi fund PIF's managed assets hit $749 bln in 2023, says SPA | Reuters

Saudi fund PIF's managed assets hit $749 bln in 2023, says SPA | Reuters

Saudi Arabian sovereign wealth fund PIF's managed assets reached 2.81 trillion riyals ($749.2 billion) in 2023, state news agency SPA reported on Thursday.

The kingdom's non-oil government revenue reached 457 billion riyals last year and non-oil activities accounted for 50% of real gross domestic product (GDP), SPA added.

Major Gulf markets edge higher on corporate earnings | Reuters

Major Gulf markets edge higher on corporate earnings | Reuters

Major stock markets in the Gulf inched up in early trade on Thursday as investors shifted focus to corporate earnings, while geopolitical tensions limited gains.

Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.1%, helped by a 1% rise in the country's biggest lender Saudi National Bank (1180.SE), opens new tab and a 0.8% increase in Banque Saudi Fransi (BSF) (1050.SE), opens new tab.

BSF reported quarterly net profit 1.15 billion riyals ($306.6 million), compared to 1.08 billion riyals year ago.

Separately, Saudi Arabia's Fakeeh Care Group, one of the kingdom's largest private hospital groups, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47% stake in existing and new shares.

Dubai's main share index (.DFMGI), opens new tab gained 0.2%, led by a 1.9% rise in Emirates NBD Bank (ENBD.DU), opens new tab after the lender reported better-than-expected first-quarter results.

NBD reported net profit of 6.7 billion dirhams ($1.82 billion) for the first three months of the year, compared to 6 billion dirhams last year, outperforming analysts' estimate of 4.5 billion dirhams as per LSEG data.

In Abu Dhabi, the index (.FTFADGI), opens new tab was flat in choppy trade.

Most Gulf bourses were in red in recent sessions, amid simmering tension between Israel and Iran, and as Israel intensified its assault on Gaza.

The Qatari benchmark (.QSI), opens new tab was up 0.4%, with Qatar Islamic Bank (QISB.QA), opens new tab advancing 1.6%.

Dairy firm Baladna (BLDN.QA), opens new tab - which is not part of the index - jumped more than 3% after signing a $3.5 billion contract to build a powdered milk farm in the country's southern region of Adrar.

The company also reported a sharp rise in first-quarter earnings.

#UAE: How to Get a Meeting With Sheikh Tahnoon, Abu Dhabi's $1.5 Trillion Man - Bloomberg

UAE: How to Get a Meeting With Sheikh Tahnoon, Abu Dhabi's $1.5 Trillion Man - Bloomberg

Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan is one of the most sought‑after people in the Middle East. Money managers and financiers flying into the United Arab Emirates from Hong Kong, London or New York yearn for even a 10-minute meet-and-greet. A lucky few might get to be guests aboard his superyacht, Maryah, where he likes to play chess as the sun glistens on the Persian Gulf. Slim and sporty in his trademark sunglasses, the scion of the world’s richest family oversees state assets and private funds that add up to more than $1.5 trillion. The opportunity to invest even a sliver of that wealth could yield plump fees and returns.

Getting to Sheikh Tahnoon is the rub. Any place in the world where valuable prizes can be won, the right introduction works wonders. In old Chicago ward politics, the line was “We don’t want nobody nobody sent.” In Silicon Valley, the path to wealth runs through the Stanford University admissions committee and venture capital incubator cliques. But the concentration of state and financial power in the UAE makes everything more personal. The sheikh, who’s in his mid-50s, isn’t only his family’s moneyman; he’s one of the deputy rulers of the Abu Dhabi emirate, a brother of the UAE’s president and the son of the country’s founding father. He’s also the national security adviser. In other words, not the sort of person whose front desk you call to ask for an appointment.

One well-trod path to Sheikh Tahnoon and the money he controls runs through Al Maryah Island. The skyscraper-­studded community hosts Abu Dhabi’s international financial center, which Sheikh Tahnoon dreamed up two decades ago with guidance from the late US property tycoon Sam Zell. After meeting bankers in the Four Seasons hotel lobby, financiers may be directed to one of the companies the sheikh chairs: the UAE’s largest lender, First Abu Dhabi Bank PJSC; his private investment firm, Royal Group; or the artificial intelligence company G42.

#UAE economy grew 3.3% in first nine months of 2023-statistics centre | Reuters

UAE economy grew 3.3% in first nine months of 2023-statistics centre | Reuters

The United Arab Emirates (UAE) economy grew 3.3% in the first nine months of 2023, preliminary GDP data from the Federal Competitiveness and Statistics Centre showed on Thursday.

Non-oil GDP surged 5.9% in the same period, representing about 74% of the overall GDP contribution as the Gulf state, one of the world's top oil exporters, accelerates plans to diversify its economy away from hydrocarbons and draw foreign investment.

Sectors including financial services, construction, and transport and storage recorded strong growth in the nine months to September last year, the figures showed.

Growth in 2023 was expected to slow sharply from 2022 across the Gulf region as oil production cuts for OPEC+ members, lower crude prices, and global economic headwinds weighed on the oil sector.

#Dubai's Emirates NBD posts better-than-expected 12% rise in Q1 profit | Reuters

Dubai's Emirates NBD posts better-than-expected 12% rise in Q1 profit | Reuters

Emirates NBD (ENBD.DU), opens new tab, Dubai's biggest bank by assets, reported on Thursday a 12% rise in first-quarter net profit, driven by regional growth, higher transaction volumes, a low-cost funding base and significant impaired loan recoveries.

Net profit for the first three months of the year came in at 6.7 billion dirhams ($1.82 billion), up from 6 billion dirhams in the same period of 2023, outperforming the average analyst estimate of 4.5 billion dirhams, according to LSEG data.

Emirates NBD's total assets rose to just over 900 billion dirhams at the end of the first quarter, up 15% year-on-year, while loans grew by 5% in the same period and deposits increased by 13%.

At the same time, credit quality improved.

"Non-performing, or bad, loans, ratio improved to 4.4% on continued strong recoveries, writebacks, write-offs and repayments in a healthy operating environment," the bank said.

The non-performing loan ratio was 5.6% at the end of March 2023.

Banks in the United Arab Emirates, where Emirates NBD is among the largest, have benefited from the Gulf region's growth prospects amid an uncertain global economic environment as regional governments boost investment into developing non-oil sectors and diversifying income sources.

The lender has expanded its regional presence in Saudi Arabia to take advantage of the opportunities in the Arab world's largest economy, doubling the number of branches there to 18 in the last year, and registering loan growth of 19% in the first quarter.