#Saudi leads as Gulf markets close higher; Egypt hits four-year high | Reuters

Saudi leads as Gulf markets close higher; Egypt hits four-year high | Reuters

Stock markets in the Gulf ended higher on Monday, led by the Saudi index on strong corporate earnings, while investors awaited the U.S. Federal Reserve's policy meeting this week for further cues on its interest rate trajectory.

Saudi Arabia's benchmark stock index (.TASI), opens new tab ended five- session losing streak and rose 1.1%, the highest intraday rise in nearly a month with most of its constituents posting gains.

Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, advanced 1.8% after it reported a 6% rise in quarterly net profit.

Among other gainers, Saudi National Bank (1180.SE), opens new tab, the Kingdom's largest bank by assets, gained 1.1% after it posted a 0.4% rise in quarterly net profit.

The Qatari benchmark index (.QSI), opens new tab was up for a second straight session and ended 0.8% higher, with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.1% and Industries Qatar (IQCD.QA), opens new tab gaining 2%.

Among other gainers, Qatar Gas Transport (QGTS.QA), opens new tab rose 2.4% after the LNG shipping firm posted an increase of 6.1% in quarterly net profit on Sunday.

Elsewhere, QatarEnergy, the world's top LNG exporter, signed agreement with China State Shipbuilding Corp (CSSC) to build 18 ultra-large ships at a cost of $6 billion.

Dubai's benchmark index (.DFMGI), opens new tab rose 0.3%, supported by gains in communication, industry and finance sectors with toll operator Salik Company (SALIK.DU), opens new tab rising 1.5% and Mashreqbank (MASB.DU), opens new tab adding 2.2%.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was up for a second consecutive session and ended 0.2% higher with Abu Dhabi Islamic Bank (ADIB.AD), opens new tab rising 1.4% and Aldar Properties (ALDAR.AD), opens new tab climbing 4.1%, the highest intraday increase in nearly six months.

The emirate's biggest developer, Aldar's net profit leaped 88% from a year earlier to 1.57 billion dirhams ($427.5 million).

The U.S Fed's two-day policy meeting begins on Tuesday. While the central bank is expected to keep rates on hold, the focus will be on its rate outlook.

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 snapped four straight session of losses and surged 5.57%, the highest intraday climb in four years with all stocks in the green.

Talaat Mostafa (TMGH.CA), opens new tab rose 13.7% and Commercial International Bank(COMI.CA), opens new tab advanced 6.1%.

BlackRock Lures Investors at #SaudiArabia Event, MBS May Attend - Bloomberg

BlackRock Lures Investors at Saudi Arabia Event, MBS May Attend - Bloomberg

BlackRock Inc. is set to host a gathering of top corporate executives and government officials in Riyadh, marking the US firm’s first event on this scale in the Saudi capital and bolstering the kingdom’s efforts to lure foreign investment.

The US firm is hosting the event alongside the Saudi Ministry of Finance, according to people familiar with the matter, who asked not to be identified discussing private information. The goal is to showcase investment opportunities and provide an overview of progress on the kingdom’s trillion-dollar Vision 2030 program, the people said.

The event comes as the kingdom ratchets up efforts to raise billions of dollars for Crown Prince Mohammed bin Salman’s ambitious economic transformation efforts. BlackRock’s involvement shows how deeply the US firm has embedded itself in Saudi Arabia, the biggest market in the region.

BlackRock Chief Executive Officer Larry Fink, who has been quietly increasing the firm’s presence in Saudi Arabia, has had at least two private dinners with the de facto ruler known as MBS.

Fink appeared on a panel on Monday at the World Economic Forum in Riyadh and spoke about investment opportunities in artificial intelligence, data centers and power.

#Saudi Al Rajhi Bank Q1 2024 net profit up 6% on higher financing, investment income

Saudi Al Rajhi Bank Q1 2024 net profit up 6% on higher financing, investment income

Al Rajhi Bank, Saudi Arabia's second-biggest lender, reported a 6% year-on-year (YoY) rise in Q1 2024 net profit to 4.40 billion riyals ($1.17 billion), driven primarily by an increase in net financing and investment income.

The profit came in a shade above analysts’ mean estimate of SAR 4.31 billion, according to LSEG data.

Net financing and investment income rose by 10%, the bank said in a regulatory filing on Riyadh's Tadawul exchange on Monday.

Net income increased due to an increase in total operating income by 6.6% caused by an increase in net financing and investment income and other operating income.

Total provisions for expected credit losses were 17% higher at SAR 421 million.

The lender's assets rose 7.7% to SAR 836 billion YoY.

Loans and advances portfolio rose 5.5% to SAR 609 billion while client deposits rose 8.6% to SAR 604 billion.

Earnings per share was SAR 1.05 versus SAR 0.99 in the year-earlier period.

#AbuDhabi developer Aldar posts 88% first-quarter profit leap | Reuters

Abu Dhabi developer Aldar posts 88% first-quarter profit leap | Reuters

Abu Dhabi's biggest developer, Aldar Properties (ALDAR.AD), opens new tab, posted an 88% leap in first-quarter net profit on Monday, supported by strong revenue growth.

Net profit rose to 1.57 billion UAE dirhams ($427.5 million), beating analyst expectations of 1.03 billion dirhams, LSEG data showed.

Revenue for the quarter totalled 5.6 billion dirhams, up 83% year on year.
CEO Talal Al Dhiyebi said in the company's statement that the results reflected the UAE real estate market, particularly in Abu Dhabi.

The developer said in February that it would invest 5 billion dirhams to build new office, retail and hospitality facilities in the state by 2027, including the expanding UAE capital city's financial district.

Abu Dhabi's financial district plans a tenfold expansion by adding al-Reem Island to its current location on al-Maryah Island, Reuters reported in September.

#Saudi National Bank posts marginal rise in Q1 profit | Reuters

Saudi National Bank posts marginal rise in Q1 profit | Reuters

Saudi National Bank (1180.SE), opens new tab (SNB), the Kingdom's largest bank by assets, posted a marginal increase in first-quarter profit on Monday, as the lender was hit by higher operating expenses.

It reported a 0.4% rise in net profit to 5.04 billion riyals ($1.34 billion) in the January-to-March period, beating analysts' estimate of 4.97 billion riyals, according to LSEG data.

The lender posted a 10.4% increase in loans and advances to 625.2 billion riyals at the end of March, while customer deposits rose 7.4% to 656.3 billion riyals.

SNB's net result for the quarter was partially offset by higher operating expenses, including net impairment charge for expected credit losses, which grew almost 52% from the previous quarter, according to a stock exchange filing.

Total assets stood at 1.07 trillion riyals, up 3.4% from Dec. 31, driven by growth in financing and investments.

SNB last month appointed a new chief executive to lead the bank, replacing its former acting CEO who was appointed to the role in 2023 in the turmoil following the fall of Credit Suisse.

The new CEO, Tareq Abdulrahman Al Sadhan, will start his new role on May 1.

Most Gulf markets up in early trade; Fed decision in focus | Reuters

Most Gulf markets up in early trade; Fed decision in focus | Reuters

Most stock markets in the Gulf were up in early trade on Monday on strong corporate earnings while investors keenly awaited the U.S. Federal Reserve's policy meeting this week for further cues on its interest rate trajectory.

Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 1%, with all constituents in the green, led by materials, finance and industry stocks.

Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender advanced 1.8% after it reported a 6% rise in quarterly net profit.

The Qatari benchmark index (.QSI), opens new tab advanced 0.5%, supported by gains in almost all sectors with Qatar Islamic Bank (QISB.QA), opens new tab adding 0.7% and Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, rising 0.7%.

Among other gainers, Qatar Gas Transport (QGTS.QA), opens new tab rose 1.1% after the LNG shipping firm posted an increase of 6.1% in quarterly net profit on Sunday.

In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab edged up 0.2%, helped by a 0.7% gain in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and a 3.1% surge in blue-chip developer Aldar Properties (ALDAR.AD), opens new tab, which reported an 88% rise in quarterly net profit.

Dubai's benchmark stock index (.DFMGI), opens new tab was little changed with tolls operator Salik Company (SALIK.DU), opens new tab adding 1.2% while Emaar Properties (EMAR.DU), opens new tab shedding 0.5%.

The Fed's two-day policy meeting begins on Tuesday. While the U.S. central bank is expected to keep rates on hold, the focus will be on its rate outlook.

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.