Arab bourses' market cap hit $4.36trln at end of April 2024: Arab Monetary Fund

Arab bourses' market cap hit $4.36trln at end of April 2024: Arab Monetary Fund

The market cap of Arab stock exchanges exceeded $4.361 trillion at the end of April 2024, according to the Arab Monetary Fund (AMF).

The monthly bulletin data of the AMF said that the market value of the Abu Dhabi Securities Exchange reached $754.7 billion, while that of the Dubai Financial Market was valued at $193.4 billion, and the market value of the Saudi Stock Exchange was $2.87 trillion.

The market value of the Qatar Stock Exchange was $155.4 billion, the Kuwait Stock Exchange was about $135.6 billion, the Casablanca Stock Exchange was $68.9 billion, the Muscat Stock Exchange was $63.2 billion, and the Egyptian Stock Exchange was $34.9 billion.

The market value of the Amman Stock Exchange was $23.4 billion, the Bahrain Stock Exchange was $21.2 billion, the Beirut Stock Exchange was $17.2 billion, the Tunis Stock Exchange was $8.1 billion, the Damascus Stock Exchange was $5.9 billion, and the Palestine Stock Exchange was $4.3 billion.

Mideast Stocks: #UAE markets fall on escalating conflict in the region

Mideast Stocks: UAE markets fall on escalating conflict in the region

Stock markets in United Arab Emirates closed lower on Friday, as investors turned cautious after the latest round of negotiations between Israel and Hamas failed to achieve the ceasefire and fighting escalated in the southern most city of Gaza.

Israeli tanks captured the main road dividing the eastern and western halves of Rafah on Friday, effectively encircling the entire eastern side of the city in the southern Gaza Strip.

Abu Dhabi's benchmark index dropped 0.3%, extending losses to second session, after Abu Dhabi's largest listed firm International Holding Company shed 0.6% and real estate giant Aldar Properties dropped 1.6%.

Dubai's main index edged 0.2% down, pressured by losses in real estate sector, as blue-chip developer Emaar Properties slipped 0.9%, while its construction arm Emaar Development decreased 1.4%. Among the losers, foreign currency exchange firm Al Ansari Financial Services slumped 1.9% after the firm reported 26% decline in its first-quarter net profit to 98.7 million dirhams ($26.88 million)

However, Dubai index recorded 0.7% weekly gains, ending five week of losing streak, while Abu Dhabi posted 0.6% increase after three week of losses, according to LSEG data.

Oil prices - a key catalyst for the Gulf's financial market- drifted 0.6% higher to %84.39 a barrel after data this week signalled growing demand in the U.S. and China, the world's two largest crude users.

Mubadala Capital's $3 bln Fortress bid clears key US regulatory hurdle, FT reports | Reuters

Mubadala Capital's $3 bln Fortress bid clears key US regulatory hurdle, FT reports | Reuters

Abu Dhabi sovereign investor Mubadala Capital's $3 billion bid for New York-based Fortress Investment Group has cleared, opens new tab a significant U.S. regulatory hurdle after the parties agreed to important concessions, the Financial Times reported on Friday.

The Committee on Foreign Investment in the United States (CFIUS) approved Fortress' sale of a majority equity interest to Mubadala, the newspaper said, citing three people familiar with the matter.

The approval comes as Mubadala agreed to let Fortress commit to keeping technology and data in the U.S after it earlier pledged to waive day to day control over the investment group, the report said, adding that the concession comes amid Washington's increased focus on protecting US intellectual property.

CFIUS and Mubadala did not immediately respond to a Reuters request for comment, while Fortress declined to comment on the report.

Abu Dhabi's Mubadala in May 2023, said it would buy a majority stake in Fortress Investment from SoftBank Group Corp (9984.T), opens new tab.

After the deal is completed, Fortress' management will own a 30% stake, with Mubadala holding the rest.