Tuesday 20 August 2024
#Qatar expected to double economy by 2031: Stanchart
Qatar expected to double economy by 2031: Stanchart
Qatar possesses the ability to restore government revenues to pre-2014 oil price shock levels and is on track to double the size of its economy by 2031, said Standard Chartered's (Stanchart) global research.
This significant recovery is a testament to Doha’s strategic positioning within the global energy market and its ongoing efforts in economic diversification. Currently, Qatar ranks as the sixth-largest gas producer in the world and holds the third-largest gas reserves, allowing the Gulf state to leverage rising hydrocarbon prices effectively.
The primary drivers behind this recovery include higher hydrocarbon prices and a surge in global demand for energy, particularly within the LNG market.
Muhannad Mukahall, Chief Executive Officer and Head of CCIB at Standard Chartered, Qatar commented: “Qatar’s return to pre-2014 government revenue levels marks a significant milestone in its economic journey. However, this achievement was neither coincidental or accidental but in fact strategically driven by a combination of higher hydrocarbon prices, increased global demand for LNG, and substantial economic diversification efforts within sectors such as manufacturing, tourism, and finance. This is a remarkable turnaround and one that is welcome as we continue to face volatile oil prices and an ever-shifting, vulnerable geopolitical landscape.”
Qatar possesses the ability to restore government revenues to pre-2014 oil price shock levels and is on track to double the size of its economy by 2031, said Standard Chartered's (Stanchart) global research.
This significant recovery is a testament to Doha’s strategic positioning within the global energy market and its ongoing efforts in economic diversification. Currently, Qatar ranks as the sixth-largest gas producer in the world and holds the third-largest gas reserves, allowing the Gulf state to leverage rising hydrocarbon prices effectively.
The primary drivers behind this recovery include higher hydrocarbon prices and a surge in global demand for energy, particularly within the LNG market.
Muhannad Mukahall, Chief Executive Officer and Head of CCIB at Standard Chartered, Qatar commented: “Qatar’s return to pre-2014 government revenue levels marks a significant milestone in its economic journey. However, this achievement was neither coincidental or accidental but in fact strategically driven by a combination of higher hydrocarbon prices, increased global demand for LNG, and substantial economic diversification efforts within sectors such as manufacturing, tourism, and finance. This is a remarkable turnaround and one that is welcome as we continue to face volatile oil prices and an ever-shifting, vulnerable geopolitical landscape.”
#Saudi Oil Tanker Giant Bahri Spends $1 Billion to Renew Fleet - Bloomberg
Saudi Oil Tanker Giant Bahri Spends $1 Billion to Renew Fleet - Bloomberg
Saudi Arabia’s biggest oil shipping company bought nine supertankers from a Greek owner to help rejuvenate its fleet.
The transaction could temporarily catapult Bahri, as the National Shipping Co. of Saudi Arabia is known, to become the second-largest owner of so-called very large crude carriers, or VLCCs, according to data from Clarkson Research Services Ltd., a unit of the world’s largest ship broker. The plan is to phase out its older carriers over time, the company said in an online statement.
Bahri, mostly owned by Saudi entities and individuals, already owns 40 VLCCs, Clarkson’s data show. Many of them are used to deliver Saudi Arabian oil. The world’s No. 1 and No. 2 owners by number of in-service vessels are both Chinese.
Bahri expects the ships – which will make up more than a fifth of its fleet – to cut operating expenses. They’re more energy efficient and have scrubbers that allow them to burn fuels with higher sulfur content without boosting emissions of the pollutant.
Bahri agreed to pay Piraeus, Greece-based Capital Maritime and Trading Corp. 3.75 billion Riyals (about $1 billion). The vessels have an average age of 5.9 years, almost six years newer than Bahri’s existing fleet.
The ships will be delivered in multiple batches before the first quarter of next year. Bahri is paying 10% of the total transaction upon signing, and the remainder upon delivery of the vessels.
The sale will leave Capital Maritime with only two VLCCs, excluding those under construction, according to a fleet listing on the Greek company’s website. Capital Maritime is led by shipowner Evangelos Marinakis.
Saudi Arabia’s biggest oil shipping company bought nine supertankers from a Greek owner to help rejuvenate its fleet.
The transaction could temporarily catapult Bahri, as the National Shipping Co. of Saudi Arabia is known, to become the second-largest owner of so-called very large crude carriers, or VLCCs, according to data from Clarkson Research Services Ltd., a unit of the world’s largest ship broker. The plan is to phase out its older carriers over time, the company said in an online statement.
Bahri, mostly owned by Saudi entities and individuals, already owns 40 VLCCs, Clarkson’s data show. Many of them are used to deliver Saudi Arabian oil. The world’s No. 1 and No. 2 owners by number of in-service vessels are both Chinese.
Bahri expects the ships – which will make up more than a fifth of its fleet – to cut operating expenses. They’re more energy efficient and have scrubbers that allow them to burn fuels with higher sulfur content without boosting emissions of the pollutant.
Bahri agreed to pay Piraeus, Greece-based Capital Maritime and Trading Corp. 3.75 billion Riyals (about $1 billion). The vessels have an average age of 5.9 years, almost six years newer than Bahri’s existing fleet.
The ships will be delivered in multiple batches before the first quarter of next year. Bahri is paying 10% of the total transaction upon signing, and the remainder upon delivery of the vessels.
The sale will leave Capital Maritime with only two VLCCs, excluding those under construction, according to a fleet listing on the Greek company’s website. Capital Maritime is led by shipowner Evangelos Marinakis.
Most Gulf markets in black on US rate-cut hopes | Reuters
Most Gulf markets in black on US rate-cut hopes | Reuters
Most stock markets in the Gulf ended higher on Tuesday, in line with global shares, driven by expectations the U.S. Federal Reserve could offer further hints of imminent rate cuts and easing recession worries.
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely.
Fed policymakers have in recent days signalled a potential rate easing in September.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.7%, with Al Rajhi Bank (1120.SE), opens new tab gaining 2.7% and the country's biggest lender Saudi National Bank (1180.SE), opens new tab advancing 2%.
However, oil giant Saudi Aramco (2222.SE), opens new tab eased 0.2%.
The kingdom's crude oil exports fell to 6.047 million barrels per day (bpd) in June from 6.118 million bpd in May, data from the Joint Organizations Data Initiative showed.
Dubai's main share index (.DFMGI), opens new tab gained 0.4%, led by a 0.8% rise in top lender Emirates NBD (ENBD.DU), opens new tab and a 0.5% increase in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 2%, with Commercial International Bank Egypt (COMI.CA), opens new tab closing 2.8%.
Egypt's foreign debt fell $7.4 billion in the first three months of 2024, according to central bank data released on Tuesday.
The country's finances were boosted in late February when it sold the development rights to prime Mediterranean land at Ras El-Hekma to the United Arab Emirates for $35 billion.
Most stock markets in the Gulf ended higher on Tuesday, in line with global shares, driven by expectations the U.S. Federal Reserve could offer further hints of imminent rate cuts and easing recession worries.
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely.
Fed policymakers have in recent days signalled a potential rate easing in September.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.7%, with Al Rajhi Bank (1120.SE), opens new tab gaining 2.7% and the country's biggest lender Saudi National Bank (1180.SE), opens new tab advancing 2%.
However, oil giant Saudi Aramco (2222.SE), opens new tab eased 0.2%.
The kingdom's crude oil exports fell to 6.047 million barrels per day (bpd) in June from 6.118 million bpd in May, data from the Joint Organizations Data Initiative showed.
Dubai's main share index (.DFMGI), opens new tab gained 0.4%, led by a 0.8% rise in top lender Emirates NBD (ENBD.DU), opens new tab and a 0.5% increase in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 2%, with Commercial International Bank Egypt (COMI.CA), opens new tab closing 2.8%.
Egypt's foreign debt fell $7.4 billion in the first three months of 2024, according to central bank data released on Tuesday.
The country's finances were boosted in late February when it sold the development rights to prime Mediterranean land at Ras El-Hekma to the United Arab Emirates for $35 billion.
#Saudi wealth fund brings era of easy money to an end
Saudi wealth fund brings era of easy money to an end
For much of the past decade, Saudi Arabia has been a major draw for dealmakers, bankers and asset managers seeking capital as its ambitious sovereign wealth fund went on a multibillion-dollar global spending spree.
For much of the past decade, Saudi Arabia has been a major draw for dealmakers, bankers and asset managers seeking capital as its ambitious sovereign wealth fund went on a multibillion-dollar global spending spree.
But as the kingdom reassesses its priorities and the $925bn Public Investment Fund shifts focus to huge domestic commitments, the era of Saudi Arabia being perceived as a source of easy money is drawing to a close.
“It is ending,” said a senior Dubai-based investment banker. “People are realising it.”
Fund managers, bankers and companies that sought to raise capital in the kingdom are already feeling the effects of the shift.
Money managers say Saudi officials have put many more conditions on mandates, often demanding the hiring of local employees and at least some use of funding for investment in domestic companies and projects.
Others are being told that for Riyadh to commit new funds, it wants to see reinvestment in the kingdom, bankers said.
“It is becoming more of a theme,” an insider at the wealth fund explained.
BlackRock, the US asset manager, did secure $5bn from the PIF to anchor a new investment firm in Riyadh, which it announced in April. But its mandate is focused primarily on developing the kingdom’s capital markets.
#SaudiArabia Fund PIF Said to Eye Boeing, Airbus Jets for New Cargo Airline - Bloomberg
Saudi Arabia Fund PIF Said to Eye Boeing, Airbus Jets for New Cargo Airline - Bloomberg
Saudi Arabia’s sovereign wealth fund is in exploratory talks to line up Boeing Co. and Airbus SE freighters for a new cargo airline, as it looks to turn the kingdom into a logistics hub to rival Dubai and Doha.
The cargo-hauling operation would serve flag-carrier Saudia and startup Riyadh Air, according to people familiar with the matter, who asked not to be identified as the talks are private. The Public Investment Fund is in discussions with both planemakers and lessors to acquire Boeing 777 and Airbus A350 freighters, the people said.
The talks are at an early stage. No final decisions have been made and the fund may ultimately decide to delay or scrap the plans.
Representatives for the PIF and Riyadh Air declined to comment, while Saudia did not reply to a request for comment. Boeing and Airbus said they do not comment on talks with airlines or potential customers.
Like its Persian Gulf rivals, Saudi Arabia is looking to take advantage of its location at a global crossroads connecting Europe, Asia and Africa amid booming demand for air freight. Air cargo shipments rose 14% in June from a year earlier, the seventh consecutive month of 10% or greater growth, according to the International Air Transport Association industry group. Shipments are on pace to exceed levels hit in 2021, a record year.
The move is part of a push by Saudi Arabia to diversify its economy away from a reliance on oil sales, with an emphasis on tourism, aviation and logistics. The kingdom has launched an aircraft leasing company, a helicopter firm, invested in Saudia’s engineering unit, and plans to develop one of the world’s biggest airports in its capital.
Riyadh Air, which was set up by the PIF as part of those efforts, is seeking to build its network and challenge regional incumbents Emirates and Qatar Airways. Dubai-based Emirates has 14 freighters in its fleet and plans to more than double that number in the next decade, while Qatar has 28 cargo-hauling jets.
Jeddah-based Saudia, meanwhile, is being repositioned to focus on religious pilgrimages. Its current cargo operation would be included in the new venture, people familiar with the matter said.
Last year, the two carriers jointly placed an order for 78 Boeing 787 Dreamliners, a deal the White House valued at almost $37 billion. Bloomberg News has reported that Saudia’s ownership could be transferred to the PIF as soon as 2025.
Saudi Arabia’s sovereign wealth fund is in exploratory talks to line up Boeing Co. and Airbus SE freighters for a new cargo airline, as it looks to turn the kingdom into a logistics hub to rival Dubai and Doha.
The cargo-hauling operation would serve flag-carrier Saudia and startup Riyadh Air, according to people familiar with the matter, who asked not to be identified as the talks are private. The Public Investment Fund is in discussions with both planemakers and lessors to acquire Boeing 777 and Airbus A350 freighters, the people said.
The talks are at an early stage. No final decisions have been made and the fund may ultimately decide to delay or scrap the plans.
Representatives for the PIF and Riyadh Air declined to comment, while Saudia did not reply to a request for comment. Boeing and Airbus said they do not comment on talks with airlines or potential customers.
Like its Persian Gulf rivals, Saudi Arabia is looking to take advantage of its location at a global crossroads connecting Europe, Asia and Africa amid booming demand for air freight. Air cargo shipments rose 14% in June from a year earlier, the seventh consecutive month of 10% or greater growth, according to the International Air Transport Association industry group. Shipments are on pace to exceed levels hit in 2021, a record year.
The move is part of a push by Saudi Arabia to diversify its economy away from a reliance on oil sales, with an emphasis on tourism, aviation and logistics. The kingdom has launched an aircraft leasing company, a helicopter firm, invested in Saudia’s engineering unit, and plans to develop one of the world’s biggest airports in its capital.
Riyadh Air, which was set up by the PIF as part of those efforts, is seeking to build its network and challenge regional incumbents Emirates and Qatar Airways. Dubai-based Emirates has 14 freighters in its fleet and plans to more than double that number in the next decade, while Qatar has 28 cargo-hauling jets.
Jeddah-based Saudia, meanwhile, is being repositioned to focus on religious pilgrimages. Its current cargo operation would be included in the new venture, people familiar with the matter said.
Last year, the two carriers jointly placed an order for 78 Boeing 787 Dreamliners, a deal the White House valued at almost $37 billion. Bloomberg News has reported that Saudia’s ownership could be transferred to the PIF as soon as 2025.
#Dubai Hedge Fund’s $700 Million Debut Set to Bolster City’s Hub Status - Bloomberg
Dubai Hedge Fund’s $700 Million Debut Set to Bolster City’s Hub Status - Bloomberg
Dubai-based Magellan Capital Holdings Ltd. is set to launch a $700 million multistrategy hedge fund next month that will rank among the largest debuts in the United Arab Emirates.
The fund will run equity and credit strategies, according to Britney Lam, head of long-short equities for the firm. Magellan’s size is notable, given just 5% of hedge funds globally launched with $500 million or more this year, according to industry tracker Preqin.
Its seed capital comes from the family wealth of Hassan El Ali, who founded Zakher Marine International and sold it to a unit of UAE state-energy firm Abu Dhabi National Oil Co. two years ago.
“Once the track record is established — in around 12 months — we will begin speaking to key allocators,” Lam said, including family offices and sovereign funds in the region. “I want to be prudent and make sure the investment process is in place before bringing in too much external capital,” she said.
The launch further bolsters Dubai’s reputation as a hub for hedge funds. The Middle Eastern city hosts local offices of 37 global hedge funds that oversee at least $1 billion, of which 25 were set up after 2022, according to data provider With Intelligence.
With offices in Dubai, Abu Dhabi and London, Magellan has doubled headcount in the past year to more than 20 staff across its public and private markets operations. Key hires include Valery Kazak, who previously worked at Sova Capital in London and will oversee emerging markets fixed income, according to Lam.
The Zakher Marine sale provided $1.1 billion for Magellan to invest, Chief Investment Officer Ahmed Omar said in June when the firm agreed to pay more than €700 million for Danish Ship Finance. Magellan raised $360 million the following month in a bond offering to help fund the acquisition.
The firm’s name echoes others that have referenced Ferdinand Magellan — a Portuguese explorer who was the first to circumnavigate the globe more than 500 years ago — to denote a global focus. Peter Lynch ran the Fidelity Magellan Fund for years, while Australian fund manager Magellan Financial Group Ltd. has $25 billion under management.
Lam is a two-decade industry veteran, specializing in inter-sector pairs trading across a universe of around 200 tech and consumer-focused companies and their suppliers in the US and Asia. The strategy relies on taking long positions in certain companies while shorting direct competitors, or finding arbitrage opportunities between producers and their suppliers.
“We have to be very strategic,” said Lam, who previously worked at Ovata Capital in Singapore. “Because I’ve known these companies for more than 20 years in some cases, it’s about knowing how accurate my numbers are versus the consensus.”
Dubai-based Magellan Capital Holdings Ltd. is set to launch a $700 million multistrategy hedge fund next month that will rank among the largest debuts in the United Arab Emirates.
The fund will run equity and credit strategies, according to Britney Lam, head of long-short equities for the firm. Magellan’s size is notable, given just 5% of hedge funds globally launched with $500 million or more this year, according to industry tracker Preqin.
Its seed capital comes from the family wealth of Hassan El Ali, who founded Zakher Marine International and sold it to a unit of UAE state-energy firm Abu Dhabi National Oil Co. two years ago.
“Once the track record is established — in around 12 months — we will begin speaking to key allocators,” Lam said, including family offices and sovereign funds in the region. “I want to be prudent and make sure the investment process is in place before bringing in too much external capital,” she said.
The launch further bolsters Dubai’s reputation as a hub for hedge funds. The Middle Eastern city hosts local offices of 37 global hedge funds that oversee at least $1 billion, of which 25 were set up after 2022, according to data provider With Intelligence.
With offices in Dubai, Abu Dhabi and London, Magellan has doubled headcount in the past year to more than 20 staff across its public and private markets operations. Key hires include Valery Kazak, who previously worked at Sova Capital in London and will oversee emerging markets fixed income, according to Lam.
The Zakher Marine sale provided $1.1 billion for Magellan to invest, Chief Investment Officer Ahmed Omar said in June when the firm agreed to pay more than €700 million for Danish Ship Finance. Magellan raised $360 million the following month in a bond offering to help fund the acquisition.
The firm’s name echoes others that have referenced Ferdinand Magellan — a Portuguese explorer who was the first to circumnavigate the globe more than 500 years ago — to denote a global focus. Peter Lynch ran the Fidelity Magellan Fund for years, while Australian fund manager Magellan Financial Group Ltd. has $25 billion under management.
Lam is a two-decade industry veteran, specializing in inter-sector pairs trading across a universe of around 200 tech and consumer-focused companies and their suppliers in the US and Asia. The strategy relies on taking long positions in certain companies while shorting direct competitors, or finding arbitrage opportunities between producers and their suppliers.
“We have to be very strategic,” said Lam, who previously worked at Ovata Capital in Singapore. “Because I’ve known these companies for more than 20 years in some cases, it’s about knowing how accurate my numbers are versus the consensus.”
#Saudi Stock Exchange Looks to Asian Investors to Boost Liquidity - Bloomberg
Saudi Stock Exchange Looks to Asian Investors to Boost Liquidity - Bloomberg
The Saudi stock exchange is looking to Asian investors to bolster activity in the Middle East’s largest market.
Riyadh is well-positioned to lure investors from the East and West, with Asia currently a key focus for the Saudi Tadawul Group Holding Co., according to the firm’s chief strategy officer, Lee Hodgkinson.
“Connecting Chinese and Saudi investment flows bilaterally, not only is good for the exchanges and good for the investors, but it’s also good for the liquidity of the listed companies,” Hodgkinson said in an episode of Tiger Money, a Bloomberg podcast. “You can expect a lot more from us and we’ll work very hard with our Chinese counterparts on those relationships.”
Two exchange-traded funds focused on Saudi Arabian stocks debuted last month in Shanghai and Shenzhen, indicative of deepening investment links between China and Saudi Arabia as they diversify from the West.
The main exchanges in Hong Kong and Riyadh co-organized a conference in May in the Asian city where officers highlighted mutual interest in offering more products to Chinese and Middle Eastern investors.
The Saudi bourse is looking to tap the “sheer size of investment dollars available that can come from Chinese investors, from Indian investors, from Asian investors,” he said. “We would definitely like to see more investment coming into the kingdom. ETFs provide a really good structure.
Hodgkinson added the company is focused on competing in debt markets, commodities, indexes, data and analytics as well as custody, settlement, and other post trading activities.
“We’re very well positioned in our core market. We’re very well positioned regionally. But where we’re going to have to compete more aggressively as we expand in the years ahead will be in the international environment,” he said. “That’s where you’ll see more M&A, you’ll see more partnership, you’ll see more collaboration.”
The Saudi stock exchange is looking to Asian investors to bolster activity in the Middle East’s largest market.
Riyadh is well-positioned to lure investors from the East and West, with Asia currently a key focus for the Saudi Tadawul Group Holding Co., according to the firm’s chief strategy officer, Lee Hodgkinson.
“Connecting Chinese and Saudi investment flows bilaterally, not only is good for the exchanges and good for the investors, but it’s also good for the liquidity of the listed companies,” Hodgkinson said in an episode of Tiger Money, a Bloomberg podcast. “You can expect a lot more from us and we’ll work very hard with our Chinese counterparts on those relationships.”
Two exchange-traded funds focused on Saudi Arabian stocks debuted last month in Shanghai and Shenzhen, indicative of deepening investment links between China and Saudi Arabia as they diversify from the West.
The main exchanges in Hong Kong and Riyadh co-organized a conference in May in the Asian city where officers highlighted mutual interest in offering more products to Chinese and Middle Eastern investors.
The Saudi bourse is looking to tap the “sheer size of investment dollars available that can come from Chinese investors, from Indian investors, from Asian investors,” he said. “We would definitely like to see more investment coming into the kingdom. ETFs provide a really good structure.
Hodgkinson added the company is focused on competing in debt markets, commodities, indexes, data and analytics as well as custody, settlement, and other post trading activities.
“We’re very well positioned in our core market. We’re very well positioned regionally. But where we’re going to have to compete more aggressively as we expand in the years ahead will be in the international environment,” he said. “That’s where you’ll see more M&A, you’ll see more partnership, you’ll see more collaboration.”
#Qatar Airways says it will take 25% stake in Africa's Airlink | Reuters
Qatar Airways says it will take 25% stake in Africa's Airlink | Reuters
Qatar Airways announced on Tuesday it was acquiring a 25% stake in Africa's Airlink, expanding the state-owned Gulf carrier's portfolio of minority holdings in other airlines.
The investment would allow Airlink to expand to new markets in Africa, potentially in East and West Africa, the Airlink's Chief Executive Rodger Foster said at a news conference in Doha.
Airlink is a privately-owned, regional airline operating in southern Africa, according to its website.
Qatar Airways also owns minority stakes in British Airways owner International Airlines Group, Latam Airlines, Hong Kong’s Cathay Pacific Airways, and China Southern Airlines.
Qatar Airways announced on Tuesday it was acquiring a 25% stake in Africa's Airlink, expanding the state-owned Gulf carrier's portfolio of minority holdings in other airlines.
The investment would allow Airlink to expand to new markets in Africa, potentially in East and West Africa, the Airlink's Chief Executive Rodger Foster said at a news conference in Doha.
Airlink is a privately-owned, regional airline operating in southern Africa, according to its website.
Qatar Airways also owns minority stakes in British Airways owner International Airlines Group, Latam Airlines, Hong Kong’s Cathay Pacific Airways, and China Southern Airlines.
Major Gulf markets subdued on oil demand concerns | Reuters
Major Gulf markets subdued on oil demand concerns | Reuters
Major stock markets in the Gulf were subdued on Tuesday amid concerns of weak oil demand, even as rising expectations of a U.S. interest rate cut next month provided some support.
Oil prices, a catalyst for the Gulf's financial markets, edged lower on easing worries about a supply disruption in the Middle East and as worries about China's economic weakness also weighed on the demand outlook.
In Qatar, the index (.QSI), opens new tab eased 0.1%, with Qatar International Islamic Bank (QIIB.QA), opens new tab losing 1.2%.
Dubai's main share index (.DFMGI), opens new tab lost 0.1%, with Parkin Co (PARKIN.DU), opens new tab, which oversees public parking operations in the Emirates, down 1.4%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was flat.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher in choppy trade, helped by a 1% rise in Al Rajhi Bank (1120.SE), opens new tab.
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely.
Fed policymakers have in recent days signalled a potential rate easing in September.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Major stock markets in the Gulf were subdued on Tuesday amid concerns of weak oil demand, even as rising expectations of a U.S. interest rate cut next month provided some support.
Oil prices, a catalyst for the Gulf's financial markets, edged lower on easing worries about a supply disruption in the Middle East and as worries about China's economic weakness also weighed on the demand outlook.
In Qatar, the index (.QSI), opens new tab eased 0.1%, with Qatar International Islamic Bank (QIIB.QA), opens new tab losing 1.2%.
Dubai's main share index (.DFMGI), opens new tab lost 0.1%, with Parkin Co (PARKIN.DU), opens new tab, which oversees public parking operations in the Emirates, down 1.4%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was flat.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher in choppy trade, helped by a 1% rise in Al Rajhi Bank (1120.SE), opens new tab.
Oil giant Saudi Aramco (2222.SE), opens new tab was down 0.7%.
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely.
Fed policymakers have in recent days signalled a potential rate easing in September.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.