Emirates Telecom’s €2.2 Billion PPF Deal at Risk in EU Probe - Bloomberg
Abu Dhabi’s Emirates Telecommunications Group Co PJSC €2.2 billion ($2.4 billion) acquisition of PPF Telecom Group assets faces the first in-depth merger probe under the European Union’s tough new foreign-subsidy rules.
The European Commission said Monday that it has “sufficient indications” Emirates Telecom — also known as e& — has received state subsidies that could harm fair competition in the 27-nation bloc.
These funds may have allowed it to outbid rivals as part of a deal for PPF’s telecoms businesses in Bulgaria, Hungary, Serbia and Slovakia, the EU regulator said.
The move follows a flurry of probes under the Foreign Subsidies Regulation. So far these have targeted Chinese firms involved in clean energy and rail. In April, it raided the premises of Nuctech — a Chinese security equipment company with sites in the Netherlands and Poland.
To date, these investigations have all focused on companies taking part in public tenders. The Emirates Telecom investigation is the first under the Foreign Subsidies Regulation to leverage the EU’s new rules to examine a potentially harmful takeover.
“The FSR allows us to tackle distortive support from third countries for the acquisition of businesses in the EU,” the EU’s competition chief Margrethe Vestager said in a statement. “Our investigation will also assess whether e& may have received foreign subsidies that could distort fair competition in the telecom sector.”
An e& spokesperson said the firm is cooperating with the commission as part of the review.
Under the law, the EU has powers to vet subsidies that can distort European markets, and could issue fines, orders to suspend tenders, or outright blocks of state takeovers.
In August last year, Emirates Telecom signed a binding agreement for a controlling stake in PPF’s service and infrastructure companies in the European nations.
PPF Telecom, part of the Czech billionaire Kellner family’s business empire, is made up of Yettel Bulgaria, Yettel Hungary, Yettel Serbia, O2 Slovakia, and CETIN and O2 Networks infrastructure businesses in those countries.
The Kellner family, which has a net worth of $12.1 billion according to the Bloomberg Billionaire Index, is looking for potential acquisition targets in Europe as part of a strategy to shift its investment focus back to western markets following years of expansion in Asia.
EU regulators now have until October 15 to decide whether to prohibit the planned takeover or accept concessions and approve the deal.
Monday 10 June 2024
#UAE Investor Buys Danish Ship Finance in Bid to Build Portfolio - Bloomberg
UAE Investor Buys Danish Ship Finance in Bid to Build Portfolio - Bloomberg
United Arab Emirates investor Magellan Group agreed to pay more than €700 million for lender Danish Ship Finance as the Middle East firm makes its first major investment in an effort to build a diverse portfolio.
Magellan, with roots in the marine services industry, wants to expand its acquisition into the advisory and services businesses, Chief Investment Officer Ahmed Omar said in an interview. Danish Ship Finance, now in its seventh decade, started as a state-run financier.
“What we want to do is see how we can help grow the business,” Omar said, “whether it’s adding advisory, adding syndications, helping build up on the client roster.” Magellan could “potentially help advise other banks on structuring similar deals” in maritime finance, he said.
Magellan is buying the majority of Danish Ship Finance from Nordic private equity firm Axcel and two Danish pension funds, which together bought the company for about $613 million in 2016.
Once the deal closes, Magellan will own 90% of the company’s shares, and the Danish Maritime Fund will maintain its 10% holding.
The Middle Eastern firm wants to build its portfolio using proceeds from its owner’s sale of another business to an arm of Abu Dhabi National Oil Co., the UAE’s largest producer.
Magellan, which operates out of offices in London, Dubai and Abu Dhabi, was started by Hassan El Ali, who founded Zakher Marine International before selling it to Adnoc Logistics & Services two years ago.
That sale gave Magellan about $1.1 billion to invest, Omar said. Magellan Capital, the group’s London-based branch, will buy and own Danish Ship Finance. El Ali also owns an Abu Dhabi-based company that provides services for the offshore energy industry.
Magellan sees three more deals potentially closing this year with a total value in the range of about $200 million, Omar said. The companies being targeted are in the real estate, luxury and health-care industries, he said.
United Arab Emirates investor Magellan Group agreed to pay more than €700 million for lender Danish Ship Finance as the Middle East firm makes its first major investment in an effort to build a diverse portfolio.
Magellan, with roots in the marine services industry, wants to expand its acquisition into the advisory and services businesses, Chief Investment Officer Ahmed Omar said in an interview. Danish Ship Finance, now in its seventh decade, started as a state-run financier.
“What we want to do is see how we can help grow the business,” Omar said, “whether it’s adding advisory, adding syndications, helping build up on the client roster.” Magellan could “potentially help advise other banks on structuring similar deals” in maritime finance, he said.
Magellan is buying the majority of Danish Ship Finance from Nordic private equity firm Axcel and two Danish pension funds, which together bought the company for about $613 million in 2016.
Once the deal closes, Magellan will own 90% of the company’s shares, and the Danish Maritime Fund will maintain its 10% holding.
The Middle Eastern firm wants to build its portfolio using proceeds from its owner’s sale of another business to an arm of Abu Dhabi National Oil Co., the UAE’s largest producer.
Magellan, which operates out of offices in London, Dubai and Abu Dhabi, was started by Hassan El Ali, who founded Zakher Marine International before selling it to Adnoc Logistics & Services two years ago.
That sale gave Magellan about $1.1 billion to invest, Omar said. Magellan Capital, the group’s London-based branch, will buy and own Danish Ship Finance. El Ali also owns an Abu Dhabi-based company that provides services for the offshore energy industry.
Magellan sees three more deals potentially closing this year with a total value in the range of about $200 million, Omar said. The companies being targeted are in the real estate, luxury and health-care industries, he said.
Mideast Stocks: Gulf markets end mixed; Egypt snaps losing streak
Mideast Stocks: Gulf markets end mixed; Egypt snaps losing streak
Stock markets in the Gulf put a mixed performance on Monday amid rising oil prices, while strong U.S. jobs data dampened hopes for a September rate cut by the Federal Reserve.
Oil prices, a catalyst for the Gulf's financial markets, rose 0.6% on the expectation of rising fuel demand this summer, with Brent trading at $80.07 a barrel by 1345 GMT.
The Qatari benchmark index advanced 0.4%, extending its gain to an eighth session, the longest rally in nearly six months. The index was lifted by gains in almost all sectors, with Qatar National Bank, the region's largest lender, rising 1.2% and United Development Co (UDCD )adding 1.6%. The real estate developer, UDCD's shareholders have approved sale of 40% stake in Qatar District Cooling Co.
The Abu Dhabi benchmark index was up for a second straight session and ended 0.4% higher, supported by a 9.3% rise in Purehealth and a 2.1% gain in ADNOC Distribution. Meanwhile, the oil major ADNOC said it has fully redeemed exchangeable bonds issued by ADNOC Distribution, and following full settlement in cash, ADNOC retains its 77% majority ownership in the petrol stations operator. Among other gainers, Presight Ai climbed 10.1% after the big data analytics firm has completed purchasing a 51% equity stake in Matrix Jvco from G42.
Saudi Arabia's benchmark stock index was little changed with Al Rajhi Bank, the world's largest Islamic lender, slipping 1.1% and ACWA Power dropping 3%. However, Saudi Cable advanced 5%. The cable operator said on Sunday a Jeddah court retracted its decision to accept the deposit of the financial restructuring proposal submitted by the trustee and asked it to prepare an alternative proposal.
Dubai's benchmark index eased 0.2%, dragged down by losses in most sectors. Commercial Bank of Dubai slid 5.8%. However, Drake & Scull International climbed 6.4% after the contractor reached key milestones in its financial restructuring, and now it can resume its activities, participate in new bids, and secure new projects.
After Friday's U.S. jobs data, markets dialed back expectations for the Fed to cut interest rates in September, with pricing now reflecting a less-than-50% chance of a reduction.
Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates and Qatar usually follow any U.S. monetary policy change.
Outside the Gulf, Egypt's blue-chip index rose 0.9%, bouncing back from three straight sessions of loss with all sectors in the green. Misr Fertilizers Production advanced 5.3%, and E-Finance for Digital gained 2.7%. Separately, Egypt's annual urban consumer price inflation decreased to 28.1% in May from 32.5% in April, the statistics agency showed on Monday.
Stock markets in the Gulf put a mixed performance on Monday amid rising oil prices, while strong U.S. jobs data dampened hopes for a September rate cut by the Federal Reserve.
Oil prices, a catalyst for the Gulf's financial markets, rose 0.6% on the expectation of rising fuel demand this summer, with Brent trading at $80.07 a barrel by 1345 GMT.
The Qatari benchmark index advanced 0.4%, extending its gain to an eighth session, the longest rally in nearly six months. The index was lifted by gains in almost all sectors, with Qatar National Bank, the region's largest lender, rising 1.2% and United Development Co (UDCD )adding 1.6%. The real estate developer, UDCD's shareholders have approved sale of 40% stake in Qatar District Cooling Co.
The Abu Dhabi benchmark index was up for a second straight session and ended 0.4% higher, supported by a 9.3% rise in Purehealth and a 2.1% gain in ADNOC Distribution. Meanwhile, the oil major ADNOC said it has fully redeemed exchangeable bonds issued by ADNOC Distribution, and following full settlement in cash, ADNOC retains its 77% majority ownership in the petrol stations operator. Among other gainers, Presight Ai climbed 10.1% after the big data analytics firm has completed purchasing a 51% equity stake in Matrix Jvco from G42.
Saudi Arabia's benchmark stock index was little changed with Al Rajhi Bank, the world's largest Islamic lender, slipping 1.1% and ACWA Power dropping 3%. However, Saudi Cable advanced 5%. The cable operator said on Sunday a Jeddah court retracted its decision to accept the deposit of the financial restructuring proposal submitted by the trustee and asked it to prepare an alternative proposal.
Dubai's benchmark index eased 0.2%, dragged down by losses in most sectors. Commercial Bank of Dubai slid 5.8%. However, Drake & Scull International climbed 6.4% after the contractor reached key milestones in its financial restructuring, and now it can resume its activities, participate in new bids, and secure new projects.
After Friday's U.S. jobs data, markets dialed back expectations for the Fed to cut interest rates in September, with pricing now reflecting a less-than-50% chance of a reduction.
Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates and Qatar usually follow any U.S. monetary policy change.
Outside the Gulf, Egypt's blue-chip index rose 0.9%, bouncing back from three straight sessions of loss with all sectors in the green. Misr Fertilizers Production advanced 5.3%, and E-Finance for Digital gained 2.7%. Separately, Egypt's annual urban consumer price inflation decreased to 28.1% in May from 32.5% in April, the statistics agency showed on Monday.
#Dubai-listed DSI open for new business after writing off $1.15bln in debts
Dubai-listed DSI open for new business after writing off $1.15bln in debts
Dubai-listed contractor Drake & Scull (DSI) can participate in new bids and secure new projects after writing off AED 4.2 billion ($1.15 billion) of financial and commercial debts.
The write-off of 90% of DSI’s debt follows the announcement of a five-year mandatory convertible sukuk last month for debts equivalent to AED 1 million or more.
The sukuk accounts for the remaining 10% of debts under a restructuring plan which has taken more than five years to complete.
The company, began trading on DFM again on May 29 after a five year suspension.
A bourse filing to Dubai Financial Market (DFM) said after increasing capital by more than AED 300 million, the company can now resume activities including new bids and new projects.
DSI said a Dubai Court approval of the restructuring plan and its implementation has halted all judgments and lawsuits filed by financial and commercial creditors against the company, which are subject to the restructuring process.
Cash settlements have also been initiated for creditors with debts less than AED 1 million totalling AED 13,604,054, adjustable based on objections submitted to the court. DSI itself is still pursuing claims in the courts, the filing concluded.
Dubai-listed contractor Drake & Scull (DSI) can participate in new bids and secure new projects after writing off AED 4.2 billion ($1.15 billion) of financial and commercial debts.
The write-off of 90% of DSI’s debt follows the announcement of a five-year mandatory convertible sukuk last month for debts equivalent to AED 1 million or more.
The sukuk accounts for the remaining 10% of debts under a restructuring plan which has taken more than five years to complete.
The company, began trading on DFM again on May 29 after a five year suspension.
A bourse filing to Dubai Financial Market (DFM) said after increasing capital by more than AED 300 million, the company can now resume activities including new bids and new projects.
DSI said a Dubai Court approval of the restructuring plan and its implementation has halted all judgments and lawsuits filed by financial and commercial creditors against the company, which are subject to the restructuring process.
Cash settlements have also been initiated for creditors with debts less than AED 1 million totalling AED 13,604,054, adjustable based on objections submitted to the court. DSI itself is still pursuing claims in the courts, the filing concluded.
Julius Baer Targets Rich Indians in #Dubai With UBS, JPMorgan Hires - Bloomberg
Julius Baer Targets Rich Indians in Dubai With UBS, JPMorgan Hires - Bloomberg
Swiss wealth manager Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to beef up its business catering to rich Indians in Dubai.
Sanjay Advani has joined from UBS as a managing director and team head of Julius Baer’s global non-resident Indians business in the emirate, according to a statement. Nisar Sindhi, previously at JPMorgan, has been named managing director and senior adviser.
Global private banking firms have been adding staff in the Gulf to cater to a growing number of wealthy clients who’ve flocked to the region. Banco Santander SA is boosting private banking operations in Dubai, while HSBC Holdings Plc added 100 bankers in the region last year and plans hire “opportunistically” in the coming months.
The United Arab Emirates alone attracted some 4,500 new millionaires last year, according to consultancy Henley & Partners. The number of registered foundations — a vehicle commonly used by wealthy families — rose by 53% in Dubai last year. In rival Abu Dhabi, with its $1.5 trillion in sovereign wealth funds, the number jumped by 35%, according to wealth advisory firm M/HQ.
Julius Baer’s new recruits will focus on non-resident Indians, a lucrative segment of the bank’s wealth management offering bolstered by the growing number of wealthy Indians living overseas. Advani and Sindhi will both report to Tarun Jalali, who heads the unit in Dubai.
In addition, two relationship managers will make the move to Julius Baer from UBS.
“These strategic hires signal our growth ambitions for the Global NRI Business as we set to expand our positioning in this fast-paced market environment,” said Kunal Sumaya, head of Global NRI at Julius Baer. “The UAE as a location is of great importance to us.”
Advani previously worked at Credit Suisse, Societe Generale SA and Citigroup Inc. Sindhi spent 13 years at JPMorgan’s private bank in Dubai — where he covered ultra-high net worth individuals in the UAE, Bahrain and Oman — and previously worked at Citi and ABN Amro.
Swiss wealth manager Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to beef up its business catering to rich Indians in Dubai.
Sanjay Advani has joined from UBS as a managing director and team head of Julius Baer’s global non-resident Indians business in the emirate, according to a statement. Nisar Sindhi, previously at JPMorgan, has been named managing director and senior adviser.
Global private banking firms have been adding staff in the Gulf to cater to a growing number of wealthy clients who’ve flocked to the region. Banco Santander SA is boosting private banking operations in Dubai, while HSBC Holdings Plc added 100 bankers in the region last year and plans hire “opportunistically” in the coming months.
The United Arab Emirates alone attracted some 4,500 new millionaires last year, according to consultancy Henley & Partners. The number of registered foundations — a vehicle commonly used by wealthy families — rose by 53% in Dubai last year. In rival Abu Dhabi, with its $1.5 trillion in sovereign wealth funds, the number jumped by 35%, according to wealth advisory firm M/HQ.
Julius Baer’s new recruits will focus on non-resident Indians, a lucrative segment of the bank’s wealth management offering bolstered by the growing number of wealthy Indians living overseas. Advani and Sindhi will both report to Tarun Jalali, who heads the unit in Dubai.
In addition, two relationship managers will make the move to Julius Baer from UBS.
“These strategic hires signal our growth ambitions for the Global NRI Business as we set to expand our positioning in this fast-paced market environment,” said Kunal Sumaya, head of Global NRI at Julius Baer. “The UAE as a location is of great importance to us.”
Advani previously worked at Credit Suisse, Societe Generale SA and Citigroup Inc. Sindhi spent 13 years at JPMorgan’s private bank in Dubai — where he covered ultra-high net worth individuals in the UAE, Bahrain and Oman — and previously worked at Citi and ABN Amro.
It’s #Dubai Versus #AbuDhabi in Fight for Family Office Riches - Bloomberg
It’s Dubai Versus Abu Dhabi in Fight for Family Office Riches - Bloomberg
In the lobby of the Four Seasons Abu Dhabi, steps away from the offices of billionaires Ray Dalio and Changpeng “CZ” Zhao, men in white thobes and tailored suits cluster in hushed conversation around low tables strewn with tiny cups of Arabic coffee. Seats in the hotel’s lounge pit are limited, and for good reason: It’s become the region’s nerve center for the obscure world of private capital.
“Every Tom, Dick and Harry around the world is trying to come here,” said Ryan Lemand, co-founder and chief executive officer of Abu Dhabi-based Neovision Wealth Management. “It’s like the gold rush.”
Some 86 miles (138 kilometers) up the Persian Gulf coast in Dubai, the scene could hardly be more different.
Its marble hotel lobbies are frenetic, with crowds of conference attendees and selfie stick-wielding tourists mixing with suited types with slicked-back hair. For all its mansions and gold-leaf everything, Dubai has scant oil and small sovereign wealth funds, and it had to be bailed out by its richer neighbor during the financial crisis. It’s the capital of over-the-top ostentation — while Abu Dhabi, investors like to say, is the capital of capital.
“Where there’s money, there’s wannabes. And there are a lot of wannabes in Dubai,” said Tobias Prestel, a Dubai resident who runs Prestel & Partner, a family office network that hosts conferences globally.
That question — Abu Dhabi or Dubai? — is a common one among billionaires, fund managers, startup founders, trust attorneys and even fraudsters who are either in or seeking a slice of the insular world of family offices. The answer gives a clue to the origins and intentions of a varied and global group, united in their interest in significant wealth. Seventeen interviews in both cities in recent weeks give a glimpse into how private fortunes are embedded in the United Arab Emirates, possibly the most moneyed and ambitious economy in history.
In the lobby of the Four Seasons Abu Dhabi, steps away from the offices of billionaires Ray Dalio and Changpeng “CZ” Zhao, men in white thobes and tailored suits cluster in hushed conversation around low tables strewn with tiny cups of Arabic coffee. Seats in the hotel’s lounge pit are limited, and for good reason: It’s become the region’s nerve center for the obscure world of private capital.
“Every Tom, Dick and Harry around the world is trying to come here,” said Ryan Lemand, co-founder and chief executive officer of Abu Dhabi-based Neovision Wealth Management. “It’s like the gold rush.”
Some 86 miles (138 kilometers) up the Persian Gulf coast in Dubai, the scene could hardly be more different.
Its marble hotel lobbies are frenetic, with crowds of conference attendees and selfie stick-wielding tourists mixing with suited types with slicked-back hair. For all its mansions and gold-leaf everything, Dubai has scant oil and small sovereign wealth funds, and it had to be bailed out by its richer neighbor during the financial crisis. It’s the capital of over-the-top ostentation — while Abu Dhabi, investors like to say, is the capital of capital.
“Where there’s money, there’s wannabes. And there are a lot of wannabes in Dubai,” said Tobias Prestel, a Dubai resident who runs Prestel & Partner, a family office network that hosts conferences globally.
That question — Abu Dhabi or Dubai? — is a common one among billionaires, fund managers, startup founders, trust attorneys and even fraudsters who are either in or seeking a slice of the insular world of family offices. The answer gives a clue to the origins and intentions of a varied and global group, united in their interest in significant wealth. Seventeen interviews in both cities in recent weeks give a glimpse into how private fortunes are embedded in the United Arab Emirates, possibly the most moneyed and ambitious economy in history.
#Dubai Real Estate Fintech Stake Gets Backed By Aramco’s Venture Arm, Mubadala - Bloomberg
Dubai Real Estate Fintech Stake Gets Backed By Aramco’s Venture Arm, Mubadala - Bloomberg
A Dubai-based digital platform for real estate investment raised $14 million from investors including Saudi Aramco’s venture capital arm and an Abu Dubai sovereign wealth fund.
Stake secured funds from Aramco’s Wa’ed Ventures, Mubadala Investment Co. as well as US-based private investing platform Republic, in a Series A round led by Middle East Venture Partners, according to a statement. The startup declined to give its valuation.
Using the fractional ownership model, Stake facilitates property investments starting from 500 dirhams ($136). It has over 500,000 users — 50% of whom are from outside of the United Arab Emirates, the firm said in a statement.
The firm will use part of the proceeds to enter Saudi Arabia. It plans to become the first platform to allow individuals outside of the kingdom to invest in the local real estate market.
There are “huge tailwinds from pent-up demand from the local population and opening up to foreign ownership,” co-founder Manar Mahmassani told Bloomberg. Stake plans to triple its headcount in the kingdom to 15 by the end of the year, he said.
Since its launch in 2021, the startup has raised $13 million from seed and pre-Series A funding. So far, it has purchased over 200 properties worth 355 million dirhams, according to the statement.
Dubai’s real estate market has been booming, aided by an influx of wealthy people from around the world. Average apartment prices in the emirate increased 20.4% in the January-March period, according to a May report from CBRE Group Inc.
Over in Saudi Arabia, which is pursuing a multitrillion-dollar economic transformation, average apartment prices in Riyadh rose 8.4% in the same period, according to CBRE.
A Dubai-based digital platform for real estate investment raised $14 million from investors including Saudi Aramco’s venture capital arm and an Abu Dubai sovereign wealth fund.
Stake secured funds from Aramco’s Wa’ed Ventures, Mubadala Investment Co. as well as US-based private investing platform Republic, in a Series A round led by Middle East Venture Partners, according to a statement. The startup declined to give its valuation.
Using the fractional ownership model, Stake facilitates property investments starting from 500 dirhams ($136). It has over 500,000 users — 50% of whom are from outside of the United Arab Emirates, the firm said in a statement.
The firm will use part of the proceeds to enter Saudi Arabia. It plans to become the first platform to allow individuals outside of the kingdom to invest in the local real estate market.
There are “huge tailwinds from pent-up demand from the local population and opening up to foreign ownership,” co-founder Manar Mahmassani told Bloomberg. Stake plans to triple its headcount in the kingdom to 15 by the end of the year, he said.
Since its launch in 2021, the startup has raised $13 million from seed and pre-Series A funding. So far, it has purchased over 200 properties worth 355 million dirhams, according to the statement.
Dubai’s real estate market has been booming, aided by an influx of wealthy people from around the world. Average apartment prices in the emirate increased 20.4% in the January-March period, according to a May report from CBRE Group Inc.
Over in Saudi Arabia, which is pursuing a multitrillion-dollar economic transformation, average apartment prices in Riyadh rose 8.4% in the same period, according to CBRE.
Most Gulf markets rise in early trade on firmer oil prices | Reuters
Most Gulf markets rise in early trade on firmer oil prices | Reuters
Most stock markets in the Gulf were up in early trading on Monday, led by the Qatar index, as hopes of rising fuel demand this summer lifted crude prices.
Oil prices, a catalyst for the Gulf's financial markets, edged higher, with the benchmark Brent crude up 0.4% at $79.97 a barrel by 0740 GMT.
The Qatari benchmark index (.QSI), opens new tab rose 0.4%, helped by a 0.9% rise in Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, and a 0.7% gain in Qatar Gas Transport (QGTS.QA), opens new tab.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.2%, with most of its constituents posting gains. Saudi Telecom (7010.SE), opens new tab, the kingdom's largest network operator, added 1.1% and Sahara International Petrochemical (2310.SE), opens new tab gained 2.2%.
Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.2%, supported by gains in real estate, utilities and finance. The blue-chip developer Emaar Properties (EMAR.DU), opens new tab rose 1.9% and Mashreqbank (MASB.DU), opens new tab added 1.5%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab was up 0.2%, with the emirate's largest developer Aldar Properties (ALDAR.AD), opens new tab rising 1.9% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab gaining 1.8%.
Most stock markets in the Gulf were up in early trading on Monday, led by the Qatar index, as hopes of rising fuel demand this summer lifted crude prices.
Oil prices, a catalyst for the Gulf's financial markets, edged higher, with the benchmark Brent crude up 0.4% at $79.97 a barrel by 0740 GMT.
The Qatari benchmark index (.QSI), opens new tab rose 0.4%, helped by a 0.9% rise in Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, and a 0.7% gain in Qatar Gas Transport (QGTS.QA), opens new tab.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.2%, with most of its constituents posting gains. Saudi Telecom (7010.SE), opens new tab, the kingdom's largest network operator, added 1.1% and Sahara International Petrochemical (2310.SE), opens new tab gained 2.2%.
Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.2%, supported by gains in real estate, utilities and finance. The blue-chip developer Emaar Properties (EMAR.DU), opens new tab rose 1.9% and Mashreqbank (MASB.DU), opens new tab added 1.5%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab was up 0.2%, with the emirate's largest developer Aldar Properties (ALDAR.AD), opens new tab rising 1.9% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab gaining 1.8%.