#UAE stocks fall as regional tensions, US economic worries weigh | Reuters

UAE stocks fall as regional tensions, US economic worries weigh | Reuters

Stock markets in the United Arab Emirates ended lower on Friday, tracking their global peers, as tensions in the Middle East and worries over a U.S. economic slowdown weighed on investor sentiment.

Oil prices were set for a fourth weekly decline as signs of disappointing demand for global fuel outweighed fears of supply disruptions in the key Middle East production region, with Brent falling 0.4% to $79.23 a barrel by 1201 GMT.

The UAE stock markets experienced significant losses today as investors take a more cautious stance amid heightened geopolitical tensions in the region, a risk-off sentiment in major global stock markets and volatile oil prices, said Joseph Dahrieh, managing principal at Tickmill.

Dubai's main share index (.DFMGI), opens new tab fell 1% on a selloff across the board, including in real estate and financial sectors.

Blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropped 2.4% while Emirates NBD Bank (ENBD.DU), opens new tab was down 2.4%.

Dubai Taxi (DTC.DU), opens new tab also fell 3.6% as stock was trading ex-dividend.

Abu Dhabi's index (.FTFADGI), opens new tab was down 0.8%, led by 1.5% decline in the country's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab.

#Saudi Fund’s Multibillion-Dollar Bank Deals Deepen China Pivot - Bloomberg

Saudi Fund’s Multibillion-Dollar Bank Deals Deepen China Pivot - Bloomberg

Saudi Arabia’s wealth fund signed preliminary agreements worth as much as $50 billion with six Chinese financial institutions, in the latest example of the kingdom’s deepening ties with Beijing.

The deals were done to boost two-way capital flows through both debt and equity, according to a statement from the $925 billion Public Investment Fund.

The memoranda of understanding were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export & Credit Insurance Corp., Export-Import Bank of China and the Industrial and Commercial Bank of China.

While the US remains by far Saudi Arabia’s most important economic and strategic partner, the kingdom — and neighboring United Arab Emirates — have moved closer to Beijing in recent years.

PIF Governor Yasir Al Rumayyan — a key lieutenant of Crown Prince Mohammed bin Salman and the country’s point person for Saudi-China relations — led a large delegation to Beijing last month and met with Vice Premier He Lifeng.

That trip included a slew of announcements between the PIF and some of China’s largest renewables manufacturing firms. The Asian nation’s biggest steel producer also recently more than doubled its investment in a venture in the kingdom to $1 billion.

Meanwhile, Chinese investors have poured money into two new exchange-traded funds tracking Saudi Arabian shares as the dismal performance of local equities supercharges demand for overseas assets.