#Saudi woos electric flying taxi company Archer as Gulf rivals vie to be aviation hub | Reuters

Saudi woos electric flying taxi company Archer as Gulf rivals vie to be aviation hub | Reuters

Saudi Arabia has begun courting Archer Aviation (ACHR.N), opens new tab, following the electric air taxi company's announcement, opens new tab of a partnership with economic and regional rival, the United Arab Emirates.

The competition between the countries to become the top hub in the region is leading to big spending, benefiting new companies like Archers.

Last month, Archer signed a pact with the Abu Dhabi Investment Office for multi-million dollar investments to speed up planned commercial air taxi operations in the UAE.

"Since we made our first several announcements in the UAE that has piqued interest" across the region and especially in Saudi Arabia, said Nikhil Goel, chief commercial officer for Archer.

Now, Goel said Archer was in talks with Saudi on potential partnerships in Riyadh, Jeddah, and some of its multi-billion dollar projects in the kingdom.

Archer Aviation, backed by the likes of Chrysler-parent Stellantis (STLAM.MI), Boeing (BA.N), and United Airlines (UAL.O), is developing electric vertical takeoff and landing (eVTOL) aircraft that have been touted as the future of urban air mobility.

Mideast Stocks: Most major Gulf bourses drop, #AbuDhabi hits two-year low

Mideast Stocks: Most major Gulf bourses drop, Abu Dhabi hits two-year low

Most major stock markets in the Gulf slipped on Wednesday amid falling oil prices, with investors awaiting minutes of the U.S. Federal Reserve's latest policy meeting for clues on the timing of a rate cut.

Oil prices, a catalyst for the Gulf's financial markets, dropped for a third straight session, with Brent down 1% at $82.07 a barrel by 1310 GMT.

The Abu Dhabi benchmark index fell 0.4% to 8,973, its lowest level in more than two years with most of its constituents posting losses. The conglomerate Alpha Dhabi Holding declined 2.9% and Aldar Properties , the emirate's largest developer, slid 3.6%. Bayanat AI and Presight AI Holding lost 6.1% and 3.1% respectively. Meanwhile, Bayanat and Presight's parent company G42 and Microsoft said they will invest $1 billion in a data center in Kenya as part of its efforts to expand cloud-computing services in East Africa.

Dubai's benchmark index slipped 0.4%, with tolls operator Salik Company falling 2.1% and Emirates NBD , the emirate's largest bank, down 1.5%.

The Qatari benchmark index was down 0.1%, pressured by a 0.9% dip in Qatar National Bank, the region's largest bank and a 1.4% decrease in United Development Company .

Saudi Arabia's benchmark stock index rose 0.3% with Al Rajhi Bank, the world's largest Islamic lender, advancing 1.3% and ACWA Power gaining 2.4%. Etihad Etisalat and Saudi Electricity, however, lost 2.7% and 3.2% respectively.

Investors are looking to the minutes from the Fed's most recent policy meeting, due later on Wednesday, after multiple Fed officials said on Tuesday that it would be best for the central bank to exercise patience before starting to cut interest rates.

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

Outside the Gulf, Egypt's blue-chip index was steady, with Abu Qir Fertilizers down 2.9%, while Edita Food Industries climbed 7% after the snack food maker reported a 27% rise in first quarterly net profit.

ADNOC makes first foray into Mozambique with 10% stake in GALP concession | Reuters

ADNOC makes first foray into Mozambique with 10% stake in GALP concession | Reuters

Abu Dhabi National Oil Company (ADNOC) has acquired a 10% stake in Galp's (GALP.LS), opens new tab Area 4 concession in the multi-billion-dollar natural gas project in the Rovuma basin in Mozambique, it said on Wednesday, its first foray into the African country.

Under the terms of the deal, ADNOC will have access to a share of the liquefied natural gas (LNG) production from the concession, which has a combined capacity of more than 25 million tonnes per annum, it said in a statement.

It did not disclose a price for the stake.

The Area 4 concession includes the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development and the planned Rovuma LNG onshore facilities.

The investment "complements ADNOC's efforts to expand its lower-carbon LNG portfolio to meet growing gas demand" and support the energy transition, the company said.

Reuters reported in October that ADNOC was on the hunt for LNG assets in Africa and was considering buying Galp's 10% stake in the Rovuma basin, citing two people with knowledge of the matter.

#SaudiArabia's Rasan Information Technology prices IPO at top of range | Reuters

Saudi Arabia's Rasan Information Technology prices IPO at top of range | Reuters

Saudi Arabian fintech firm Rasan Information Technology has priced its initial public offering on the local bourse at 37 riyals per share, at the top of its indicative price range, according to adviser Banque Saudi Fransi.

The company is offering 22.74 mln shares, representing a 30% stake. The final offer price implies a market value of around 2.8 billion riyals ($746.67 million) for Rasan, with the offering raising gross proceeds of 841.4 million riyals.

The Saudi Exchange, the largest and most liquid stock market in the Arab world, has seen a surge in listings over the last few years as part of broad plans to deepen capital markets, grow the private sector and attract investment.

Rasan Information Technology, which provides fintech and insurtech services, started operations in 2017 and had served 7.5 million customers in Saudi Arabia by the end of September last year.

It posted 256 million riyals in revenue and an adjusted core profit margin of 28% in 2023.

Mideast Stocks: Most Gulf bourses muted in early trade; Fed minutes eyed

Mideast Stocks: Most Gulf bourses muted in early trade; Fed minutes eyed

Most stock markets in the Gulf were subdued in early trading on Wednesday amid falling oil prices, with investors awaiting minutes of the U.S. Federal Reserve's latest policy meeting for clues on the timing of rate cuts.

Oil prices, a catalyst for the Gulf's financial markets, dropped for a third straight session with Brent futures down 1.36% at $81.75 a barrel by 0748 GMT.

Abu Dhabi's benchmark stock index fell 0.4% with the Aldar Properties sliding 2.3% and Alpha Dhabi Holding declining 2.6%.

Dubai's benchmark stock index slipped 0.3%, weighed down by losses in finance, real estate and industry sectors with Parkin Co falling 1.1%, and Emirates NBD, the emirate's largest lender, dropping 1.2%.

The Qatari benchmark index edged 0.1% lower, pressured by a 1.3% drop in United Development Co and a 1.1% loss in Qatar Navigation.

Saudi Arabia's benchmark stock index was little changed, with Etihad Etisalat and Saudi Electricity losing 2.1% and 2% respectively, while ACWA Power gained 1.5% and Savola Group advanced 2.2%.

Investors look to minutes from the Fed's most recent policy meeting, due later in the day, after multiple Fed officials on Tuesday said the central bank should wait several more months to ensure inflation is on track before cutting rates.

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.

UK minister made secret trip to #UAE after relations soured

UK minister made secret trip to UAE after relations soured

UK deputy prime minister Oliver Dowden made a secret trip to the United Arab Emirates last week in an attempt to repair a diplomatic relationship that has fallen into its worst state in years. 

His visit, made before travelling to Saudi Arabia on an official delegation, followed increasing frustration from Emirati officials over comments by British politicians about a blocked UAE-linked bid to buy the Telegraph. 

The relationship has also been further damaged by a perceived recent United Nations snub. 

The tensions have come as the UK seeks billions of pounds of fresh investment from the state’s deep-pocketed sovereign wealth funds. 

Abu Dhabi has been taken aback that UK domestic politics appears to have trumped what the UAE considers an important strategic relationship, officials and analysts from both countries said. 

Some Emirati officials feel the country has been demoted to a “punching bag” for British politicians seeking to appear tough domestically, said one person close to talks between the two nations.