Saudi Arabia: Goldman (GS) Is First Wall Street Bank to Get Saudi HQ License - Bloomberg
Goldman Sachs Group Inc. has become the first Wall Street bank to take a step toward complying with Saudi Arabia’s ultimatum for foreign firms to set up their Middle Eastern base there.
The investment bank received a license recently from the kingdom’s Ministry of Investment to set up its regional headquarters in Riyadh, according to people familiar with the matter. It wasn’t immediately clear how many staffers will move to Saudi Arabia and how much of Goldman’s regional operations will ultimately be based in the kingdom.
A spokesperson for Goldman declined to comment.
Saudi Arabia announced new regulations for state contracts in 2021, saying it wanted to limit “economic leakage” — a term used by the government for state spending that can benefit firms that don’t have a substantial presence in the country.
Under the rules that came into force this year, firms must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries or risk losing business with the kingdom’s vast network of government entities.
Thursday, 23 May 2024
Mideast Stocks: #AbuDhabi index hits 2-year low as Gulf bourses slip on hawkish Fed minutes
Mideast Stocks: Abu Dhabi index hits 2-year low as Gulf bourses slip on hawkish Fed minutes
Stock markets in the Gulf declined on Thursday, led by the Qatar index, after more hawkish-than-expected minutes of the U.S. Federal Reserve's latest policy meeting dampened investor sentiment.
Fed officials at their April 30-May 1 meeting indicated they still had faith that price pressures would ease at least slowly, but the minutes also reflected a discussion of possible tightening should risks to inflation materialise.
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.
The Qatari benchmark index dropped 1.5%, with all constituents posting losses, led by materials, real estate, energy and finance stocks. Shares of Qatar National Bank, the region's largest lender, lost 1.7% and Industries Qatar fell 1.6%.
Saudi Arabia's benchmark stock index retreated 1.3%, with almost all sectors in the red. Al Rajhi Bank, the world's biggest Islamic lender, lost 1.4% and Saudi Telecom, the kingdom's largest telecom operator, declined 2.5%.
The Abu Dhabi benchmark index was down for a fourth straight day, falling 0.9% to 8,890, its lowest level in more than two years. Multiply Group slid 6% and conglomerate Alpha Dhabi Holding declined 8.2% to close at 11.68 dirham per share, its lowest level since listing in June 2021.
Alpha Dhabi said on Wednesday it ended discussion to acquire a majority stake in the UAE-based water and waste water project developer Metito Holdings. Among other losers, shares of crypto mining firm Phoenix Group dropped 6.7% to 1.68 dirham apiece, the lowest since listing in 2023.
Dubai's benchmark index was down 0.8%, pressured by a 1.1% dip in bule-chip developer Emaar Properties and 1.9% fall in Emirates NBD, the emirate's largest lender.
Outside the Gulf, Egypt's blue-chip index eased 0.1% with Misr Fertilizers falling 7.1%. Eastern Company, however, advanced 5.3%. Philip Morris International said on Wednesday it had acquired a 14.7% indirect minority stake in Egypt's largest cigarette manufacturer Eastern Co. Among other gainers, EFG Holding rose 3.3% after Egypt's biggest investment bank reported 110% surge in its quarterly net profit.
Stock markets in the Gulf declined on Thursday, led by the Qatar index, after more hawkish-than-expected minutes of the U.S. Federal Reserve's latest policy meeting dampened investor sentiment.
Fed officials at their April 30-May 1 meeting indicated they still had faith that price pressures would ease at least slowly, but the minutes also reflected a discussion of possible tightening should risks to inflation materialise.
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.
The Qatari benchmark index dropped 1.5%, with all constituents posting losses, led by materials, real estate, energy and finance stocks. Shares of Qatar National Bank, the region's largest lender, lost 1.7% and Industries Qatar fell 1.6%.
Saudi Arabia's benchmark stock index retreated 1.3%, with almost all sectors in the red. Al Rajhi Bank, the world's biggest Islamic lender, lost 1.4% and Saudi Telecom, the kingdom's largest telecom operator, declined 2.5%.
The Abu Dhabi benchmark index was down for a fourth straight day, falling 0.9% to 8,890, its lowest level in more than two years. Multiply Group slid 6% and conglomerate Alpha Dhabi Holding declined 8.2% to close at 11.68 dirham per share, its lowest level since listing in June 2021.
Alpha Dhabi said on Wednesday it ended discussion to acquire a majority stake in the UAE-based water and waste water project developer Metito Holdings. Among other losers, shares of crypto mining firm Phoenix Group dropped 6.7% to 1.68 dirham apiece, the lowest since listing in 2023.
Dubai's benchmark index was down 0.8%, pressured by a 1.1% dip in bule-chip developer Emaar Properties and 1.9% fall in Emirates NBD, the emirate's largest lender.
Outside the Gulf, Egypt's blue-chip index eased 0.1% with Misr Fertilizers falling 7.1%. Eastern Company, however, advanced 5.3%. Philip Morris International said on Wednesday it had acquired a 14.7% indirect minority stake in Egypt's largest cigarette manufacturer Eastern Co. Among other gainers, EFG Holding rose 3.3% after Egypt's biggest investment bank reported 110% surge in its quarterly net profit.
#UAE economy grew 4.3% in fourth quarter of 2023 | Reuters
UAE economy grew 4.3% in fourth quarter of 2023 | Reuters
The United Arab Emirates' (UAE) economy grew 4.3% year-on-year in the fourth quarter of 2023, preliminary government data showed, with non-oil economic growth vastly outperforming overall GDP.
Non-oil GDP surged 6.7% in the same period, according to data from the Federal Competitiveness and Statistics Centre.
Financial and insurance activities, transportation and storage, real estate and construction sectors were among the top growth sectors.
The Gulf state has also intensified investments into sectors such as renewable energy and advanced technology.
One of the world's top oil exporters, the UAE has accelerated plans to diversify its economy away from hydrocarbons and draw foreign investment, with non-oil GDP now representing over 70% of the overall growth contribution.
Real GDP growth is estimated at 3.6% in 2023, according to Reuters calculations, with non-oil GDP growth at 6.2% amid a decline in oil activity last year on lower production and prices, which weighed on all regional oil and gas producers.
The United Arab Emirates' (UAE) economy grew 4.3% year-on-year in the fourth quarter of 2023, preliminary government data showed, with non-oil economic growth vastly outperforming overall GDP.
Non-oil GDP surged 6.7% in the same period, according to data from the Federal Competitiveness and Statistics Centre.
Financial and insurance activities, transportation and storage, real estate and construction sectors were among the top growth sectors.
The Gulf state has also intensified investments into sectors such as renewable energy and advanced technology.
One of the world's top oil exporters, the UAE has accelerated plans to diversify its economy away from hydrocarbons and draw foreign investment, with non-oil GDP now representing over 70% of the overall growth contribution.
Real GDP growth is estimated at 3.6% in 2023, according to Reuters calculations, with non-oil GDP growth at 6.2% amid a decline in oil activity last year on lower production and prices, which weighed on all regional oil and gas producers.
Most Gulf bourses drop on hawkish Fed minutes | Reuters
Most Gulf bourses drop on hawkish Fed minutes | Reuters
Most stock markets in the Gulf slipped in early trading on Thursday on more hawkish-than-expected minutes of the U.S. Federal Reserve's latest policy meeting, while muted oil prices also weighed on sentiment.
Fed officials at their April 30-May 1 session indicated they still had faith that price pressures would ease, if only slowly, but the meeting minutes also reflected a discussion of possible tightening.
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.
The Qatari benchmark index (.QSI), opens new tab was down 0.7%, pressured by a 1.1% drop in Industries Qatar (IQCD.QA), opens new tab and a 1.4% loss in Qatar Navigation (QNNC.QA), opens new tab.
Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.6%, weighed down by losses in almost all sectors. The blue-chip developer Emaar Properties (EMAR.DU), opens new tab fell 1.2% and Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, shed 0.6%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab fell 0.6% with Aldar Properties (ALDAR.AD), opens new tab sliding 1% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab declining 4.7%.
ADNOC Drilling (ADNOCDRILL.AD), opens new tab climbed 3.2%. Parent energy major ADNOC said on Thursday it raised $935 million from an additional 5.5% sale of shares in ADNOC Drilling to institutional investors.
Saudi Arabia's benchmark stock index (.TASI), opens new tab dropped 0.5%, with Banque Saudi Fransi (1050.SE), opens new tab dropping 3.7% and Saudi Arabian Mining (1211.SE), opens new tab falling 1.4%. Riyadh Cables (4142.SE), opens new tab and Makkah Construction (4100.SE), opens new tab, however, advanced 6.3% and 2.5%, respectively.
Oil prices, a catalyst for the Gulf's financial markets, eased for a fourth straight session, with Brent down 0.2% at $81.76 a barrel by 0805 GMT.
Most stock markets in the Gulf slipped in early trading on Thursday on more hawkish-than-expected minutes of the U.S. Federal Reserve's latest policy meeting, while muted oil prices also weighed on sentiment.
Fed officials at their April 30-May 1 session indicated they still had faith that price pressures would ease, if only slowly, but the meeting minutes also reflected a discussion of possible tightening.
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.
The Qatari benchmark index (.QSI), opens new tab was down 0.7%, pressured by a 1.1% drop in Industries Qatar (IQCD.QA), opens new tab and a 1.4% loss in Qatar Navigation (QNNC.QA), opens new tab.
Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.6%, weighed down by losses in almost all sectors. The blue-chip developer Emaar Properties (EMAR.DU), opens new tab fell 1.2% and Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, shed 0.6%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab fell 0.6% with Aldar Properties (ALDAR.AD), opens new tab sliding 1% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab declining 4.7%.
ADNOC Drilling (ADNOCDRILL.AD), opens new tab climbed 3.2%. Parent energy major ADNOC said on Thursday it raised $935 million from an additional 5.5% sale of shares in ADNOC Drilling to institutional investors.
Saudi Arabia's benchmark stock index (.TASI), opens new tab dropped 0.5%, with Banque Saudi Fransi (1050.SE), opens new tab dropping 3.7% and Saudi Arabian Mining (1211.SE), opens new tab falling 1.4%. Riyadh Cables (4142.SE), opens new tab and Makkah Construction (4100.SE), opens new tab, however, advanced 6.3% and 2.5%, respectively.
Oil prices, a catalyst for the Gulf's financial markets, eased for a fourth straight session, with Brent down 0.2% at $81.76 a barrel by 0805 GMT.