Biggest Middle East Aluminum Maker Targets More Acquisitions - Bloomberg
The biggest aluminum producer in the Middle East wants more acquisitions to boost growth after making its first two deals this year, its chief executive officer said.
Emirates Global Aluminium is looking to buy more metal-recycling assets as the company sees growing demand for products with a lower environmental impact, CEO Abdulnasser Bin Kalban said in an interview. EGA, which operates its main plants in Abu Dhabi and Dubai, wants to expand in Asia, where it hasn’t yet done any deals, he added.
The company, formed by merging government-owned metals producers in the UAE’s two largest emirates, made its first acquisitions as a combined entity this year. It completed the purchase of Germany’s Leichtmetall Aluminium Giesserei Hannover GmbH in May and a week ago announced plans to buy 80% of recycling firm Spectro Alloys Corp. in Minnesota in the US.
“We’re looking forward to more acquisitions,” Kalban said. “We’ll look closely at Far East Asia because also this is a big market of EGA.” The company is also searching for opportunities in Europe, the US and Mexico. EGA didn’t disclose financial terms for either of the deals and didn’t comment on how much it might budget for upcoming transactions.
Oil-rich Middle Eastern countries have been developing industries like manufacturing, chemicals and technology and those companies are now expanding abroad to diversify earnings from energy exports. The UAE has pledged to have net zero emissions by 2050, even as it boosts oil and gas production capacity.
EGA is looking to produce more metal by recycling older products, which Kalban said makes use of ample supplies and cuts emissions. Demand for such metal is growing in the US and Europe, and a diversified customer base and sales to different market segments will help EGA weather a slowdown in the construction industry in China, he added.
The company, whose owners have been evaluating selling shares in the business, reported first-half profit of 1.84 billion dirhams ($500 million), down from 1.96 billion dirhams in the year earlier period after aluminum prices declined and the UAE introduced corporate tax. Sales volumes totalled 1.3 million tons in the first half, in line with the period last year.
Monday, 2 September 2024
#Saudi, #UAE Stocks That Are Pricier Than Nvidia (NVDA), Apple (AAPL), Microsoft - Bloomberg
Saudi, UAE Stocks That Are Pricier Than Nvidia (NVDA), Apple (AAPL), Microsoft - Bloomberg
Much has been written about frothy US equity valuations. The Nasdaq 100 index came under some pressure over the summer but the tech-heavy benchmark is still up 16% for the year, while the S&P 500 continues to trade near record levels.
A lot of that’s down to Nvidia, which is the key beneficiary of a race to upgrade data centers to handle artificial intelligence software and has gained 141% this year to become the world’s third-most-valuable company. While its outlook last week failed to match up to investors’ expectations and the stock slumped 6.4%, it still trades at a price-to-earnings ratio of 34.
That’s high, but it also looks like a bargain compared to some of the biggest companies in the Middle East. Regional equities are up so far this this quarter, meaning some stocks come with even more eye-watering premiums.
Case in point: Saudi Arabia’s ACWA Power — the kingdom’s third-largest listed firm, which trades at 136 times forward earnings. That makes it about 10 times more expensive to own than a basket of European utilities including Iberdrola and National Grid.
“I think there is a retail investor portion there that is dictating some of those prices,” Mohammed Ali Yasin, founder and chief executive officer of Oracle Financial Consultancy and Investments told my colleague Joumanna Bercetche on Bloomberg TV. “You find 80%-90% of those companies are held by governments and so the true market mechanism is not really dictating it.”
The Saudi wealth fund owns about 44% of ACWA, which is up nearly eightfold since its 2021 debut. Most analysts, including Morgan Stanley and Citigroup, recommend investors sell. JPMorgan Chase analysts said this summer the firm’s “valuations look already rich as compared to both main peers and the overall market context.”
Over in the United Arab Emirates, International Holding’s 43,000% rally since the start of 2019 has seen it transform into one of the world’s largest companies. Valuation metrics like price-to-book ratio have surged, and IHC trades at a premium to even Warren Buffett’s Berkshire Hathaway.
Unlike ACWA, the Abu Dhabi-based firm has no analysts tracking it, highlighting another issue for investors looking at the Middle East as an investment destination. Research is sparse for firms like IHC and its units Alpha Dhabi and Multiply Group. Abu Dhabi National Energy, known as Taqa, is one of the biggest utilities in the world, with not a single foreign analyst covering it. Only three regional ones track the near $80 billion firm with a trailing price-to-earnings ratio higher than Microsoft or Apple.
“The question is do those companies want to be covered?,” Yasin said. “Sometimes, some of those companies don’t see the value. They are closely held by certain big party and that big party is happy where it is. It looks at it as a holding company, and spins off some of its underlying companies.”
Some of these Abu Dhabi firms are all linked to a powerful royal — Sheikh Tahnoon bin Zayed Al Nahyan. Several companies tied to his empire were part of the August FTSE Russell index review, meaning international investors are now more likely to be passive investors in these stocks that have little-to-no analyst coverage.
There are signs though, that firms are taking a more active interest in the region. BlackRock is expanding its research division to the Middle East and Bernstein opened a new office in Dubai to work with investors looking to increase regional exposure.
“I think the market will force those companies to open up once the liquidity dries up and they need some of that foreign money coming in,” Yasin said.
Much has been written about frothy US equity valuations. The Nasdaq 100 index came under some pressure over the summer but the tech-heavy benchmark is still up 16% for the year, while the S&P 500 continues to trade near record levels.
A lot of that’s down to Nvidia, which is the key beneficiary of a race to upgrade data centers to handle artificial intelligence software and has gained 141% this year to become the world’s third-most-valuable company. While its outlook last week failed to match up to investors’ expectations and the stock slumped 6.4%, it still trades at a price-to-earnings ratio of 34.
That’s high, but it also looks like a bargain compared to some of the biggest companies in the Middle East. Regional equities are up so far this this quarter, meaning some stocks come with even more eye-watering premiums.
Case in point: Saudi Arabia’s ACWA Power — the kingdom’s third-largest listed firm, which trades at 136 times forward earnings. That makes it about 10 times more expensive to own than a basket of European utilities including Iberdrola and National Grid.
“I think there is a retail investor portion there that is dictating some of those prices,” Mohammed Ali Yasin, founder and chief executive officer of Oracle Financial Consultancy and Investments told my colleague Joumanna Bercetche on Bloomberg TV. “You find 80%-90% of those companies are held by governments and so the true market mechanism is not really dictating it.”
The Saudi wealth fund owns about 44% of ACWA, which is up nearly eightfold since its 2021 debut. Most analysts, including Morgan Stanley and Citigroup, recommend investors sell. JPMorgan Chase analysts said this summer the firm’s “valuations look already rich as compared to both main peers and the overall market context.”
Over in the United Arab Emirates, International Holding’s 43,000% rally since the start of 2019 has seen it transform into one of the world’s largest companies. Valuation metrics like price-to-book ratio have surged, and IHC trades at a premium to even Warren Buffett’s Berkshire Hathaway.
Unlike ACWA, the Abu Dhabi-based firm has no analysts tracking it, highlighting another issue for investors looking at the Middle East as an investment destination. Research is sparse for firms like IHC and its units Alpha Dhabi and Multiply Group. Abu Dhabi National Energy, known as Taqa, is one of the biggest utilities in the world, with not a single foreign analyst covering it. Only three regional ones track the near $80 billion firm with a trailing price-to-earnings ratio higher than Microsoft or Apple.
“The question is do those companies want to be covered?,” Yasin said. “Sometimes, some of those companies don’t see the value. They are closely held by certain big party and that big party is happy where it is. It looks at it as a holding company, and spins off some of its underlying companies.”
Some of these Abu Dhabi firms are all linked to a powerful royal — Sheikh Tahnoon bin Zayed Al Nahyan. Several companies tied to his empire were part of the August FTSE Russell index review, meaning international investors are now more likely to be passive investors in these stocks that have little-to-no analyst coverage.
There are signs though, that firms are taking a more active interest in the region. BlackRock is expanding its research division to the Middle East and Bernstein opened a new office in Dubai to work with investors looking to increase regional exposure.
“I think the market will force those companies to open up once the liquidity dries up and they need some of that foreign money coming in,” Yasin said.
Most Gulf markets rise on US rate cut prospects | Reuters
Most Gulf markets rise on US rate cut prospects | Reuters
Most stock markets in the Gulf ended higher on Monday as investor sentiment remained upbeat on hopes of a September rate cut in the United States.
The Federal Reserve is expected to kick off a rate-cutting cycle at its monetary policy meeting on Sept. 17-18.
Traders currently see a 67% chance of a 25 basis-point (bp) reduction by the U.S central bank this month and a 33% chance of a 50-bp cut, according to the CME FedWatch tool.
Investors await the U.S. ISM manufacturing and services prints, along with JOLTS job openings, ADP private payrolls and jobless claims data this week.
Focus will be on the U.S. jobs report, due on Friday, which could be key for investors to gauge the size of potential rate cuts by the Federal Reserve this month.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including Saudi Arabia, is usually guided by the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI), opens new tab gained 0.7%, led by a 3.2% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.5% increase in top lender Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.3%.
The Qatari benchmark (.QSI), opens new tab advanced 1.1%, as most of its constituents were in positive territory including Qatar Islamic Bank (QISB.QA), opens new tab, which finished 2.6% higher.
Separately, state-owned QatarEnergy will boost its production of urea to more than 12.4 million tons annually from 6 million tons currently, its CEO said in a press conference on Sunday, without giving a timeframe.
Saudi Arabia's benchmark index (.TASI), opens new tab, however, eased 0.2%, hit by a 1% fall in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.6%, weighed down by a 3.6% drop in EFG Holding (HRHO.CA), opens new tab.
The Central Bank of Egypt CBE will leave overnight interest rates unchanged when its monetary policy committee meets on Thursday as inflation continues to decline, a poll of analysts forecast.
Most stock markets in the Gulf ended higher on Monday as investor sentiment remained upbeat on hopes of a September rate cut in the United States.
The Federal Reserve is expected to kick off a rate-cutting cycle at its monetary policy meeting on Sept. 17-18.
Traders currently see a 67% chance of a 25 basis-point (bp) reduction by the U.S central bank this month and a 33% chance of a 50-bp cut, according to the CME FedWatch tool.
Investors await the U.S. ISM manufacturing and services prints, along with JOLTS job openings, ADP private payrolls and jobless claims data this week.
Focus will be on the U.S. jobs report, due on Friday, which could be key for investors to gauge the size of potential rate cuts by the Federal Reserve this month.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including Saudi Arabia, is usually guided by the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI), opens new tab gained 0.7%, led by a 3.2% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.5% increase in top lender Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.3%.
The Qatari benchmark (.QSI), opens new tab advanced 1.1%, as most of its constituents were in positive territory including Qatar Islamic Bank (QISB.QA), opens new tab, which finished 2.6% higher.
Separately, state-owned QatarEnergy will boost its production of urea to more than 12.4 million tons annually from 6 million tons currently, its CEO said in a press conference on Sunday, without giving a timeframe.
Saudi Arabia's benchmark index (.TASI), opens new tab, however, eased 0.2%, hit by a 1% fall in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.6%, weighed down by a 3.6% drop in EFG Holding (HRHO.CA), opens new tab.
The Central Bank of Egypt CBE will leave overnight interest rates unchanged when its monetary policy committee meets on Thursday as inflation continues to decline, a poll of analysts forecast.
Investcorp Co-CEO Leaves $52 Billion Asset Manager in Shakeup - Bloomberg
Investcorp Co-CEO Leaves $52 Billion Asset Manager in Shakeup - Bloomberg
The Middle East’s largest alternative asset manager is set to lose one of its most senior managers as part of a sweeping reshuffle that will result in the co-chief executive officer role being scrapped, with the chairman taking on more responsibilities.
Hazem Ben-Gacem is stepping down as co-chief executive officer and leaving Bahrain-based Investcorp Holdings, which manages about $52 billion in assets. Rishi Kapoor, who was also co-CEO, will take on a new role as vice chairman and chief investment officer.
Chairman Mohammed Alardhi “will assume additional responsibilities previously undertaken by the Co-CEOs,” the firm said in a statement Monday. Ben-Gacem will serve as a senior advisor until the end of October, and leave the firms as of Nov. 1.
The Harvard-educated executive joined Investcorp in 1994 and was appointed co-CEO in 2018. He helped drive the firm’s push into Asia as part of a plan to double its assets under management over the next few years.
Ben-Gacem also oversaw the firm’s investing and capital raising with sovereign and institutional investors in the Middle East, after having led Investcorp’s Europe private equity business and its global technology investments.
Investcorp established a $1 billion investment fund backed by China Investment Corp. earlier this year, capitalizing on rising trade and financial ties between the Middle East and Asia. It’s also embarked on a plan to double its infrastructure assets to over $10 billion over the next five years.
Alardhi was appointed executive chairman in 2015, as part of a generational shift in leadership at the firm, when founder Nemir Kirdar began to step back from the businesses he established in 1982 to raise money from the Middle East.
Initially focused on investing in the US and Europe, Investcorp is perhaps best known for investments in Tiffany & Co. and Gucci Ltd., made in its early years. Its operations now include private equity, real estate, private credit and infrastructure investing.
As part of the reshuffle, Investcorp reorganized its business under three units; private equity and private equity like, led by David Tayeh; real assets under Herb Myers and Mike O’Brien; and credit to be led by Jeremy Ghose. Yusef Al-Yusef will run the global distribution platform.
Investcorp counts some of the Middle East’s wealthiest royals and business moguls among its backers. In November, an investment vehicle started by the group raised $451 million in an Abu Dhabi initial public offering. Ben-Gacem will continue in his role as a vice chairman of that entity, Investcorp Capital Plc.
The Middle East’s largest alternative asset manager is set to lose one of its most senior managers as part of a sweeping reshuffle that will result in the co-chief executive officer role being scrapped, with the chairman taking on more responsibilities.
Hazem Ben-Gacem is stepping down as co-chief executive officer and leaving Bahrain-based Investcorp Holdings, which manages about $52 billion in assets. Rishi Kapoor, who was also co-CEO, will take on a new role as vice chairman and chief investment officer.
Chairman Mohammed Alardhi “will assume additional responsibilities previously undertaken by the Co-CEOs,” the firm said in a statement Monday. Ben-Gacem will serve as a senior advisor until the end of October, and leave the firms as of Nov. 1.
The Harvard-educated executive joined Investcorp in 1994 and was appointed co-CEO in 2018. He helped drive the firm’s push into Asia as part of a plan to double its assets under management over the next few years.
Ben-Gacem also oversaw the firm’s investing and capital raising with sovereign and institutional investors in the Middle East, after having led Investcorp’s Europe private equity business and its global technology investments.
Investcorp established a $1 billion investment fund backed by China Investment Corp. earlier this year, capitalizing on rising trade and financial ties between the Middle East and Asia. It’s also embarked on a plan to double its infrastructure assets to over $10 billion over the next five years.
Alardhi was appointed executive chairman in 2015, as part of a generational shift in leadership at the firm, when founder Nemir Kirdar began to step back from the businesses he established in 1982 to raise money from the Middle East.
Initially focused on investing in the US and Europe, Investcorp is perhaps best known for investments in Tiffany & Co. and Gucci Ltd., made in its early years. Its operations now include private equity, real estate, private credit and infrastructure investing.
As part of the reshuffle, Investcorp reorganized its business under three units; private equity and private equity like, led by David Tayeh; real assets under Herb Myers and Mike O’Brien; and credit to be led by Jeremy Ghose. Yusef Al-Yusef will run the global distribution platform.
Investcorp counts some of the Middle East’s wealthiest royals and business moguls among its backers. In November, an investment vehicle started by the group raised $451 million in an Abu Dhabi initial public offering. Ben-Gacem will continue in his role as a vice chairman of that entity, Investcorp Capital Plc.
#SaudiArabia Aims to Cut Red Tape as Race for Foreign Cash Heats Up - Bloomberg
Saudi Arabia Aims to Cut Red Tape as Race for Foreign Cash Heats Up - Bloomberg
Saudi Arabia is looking to cut red tape and make it easier for foreign investors to pump cash into the kingdom, its latest effort to establish itself as the Middle East’s premier investment hub amid stiff competition.
The country plans to introduce a new “one-time registration process” for investors under updated investment rules, eliminating the need for several licenses and pre-approvals and “significantly reducing paperwork and bureaucratic hurdles,” the Ministry of Investment said in a statement sent to Bloomberg News.
The updated law — announced in August and due to take effect in 2025 — will also provide equal treatment for foreigners and locals, freedom to manage investments and repatriate funds, and the ability to appeal penalties and violations. Additionally, investors are set to have more flexibility in how they choose to resolve disputes, including by doing so outside the court.
The changes come as the kingdom struggles to meet its own targets for attracting the kind of foreign direct investment that’s critical to Crown Prince Mohammed bin Salman’s Vision 2030 agenda to diversify the Saudi economy away from oil.
Foreign investors and law firms caution that the success of the new measures will hinge on how the laws are implemented. The Ministry of Investment said it plans to publish details on those rules for public consultation by late September.
“Practical application is everything,” said Graham Coop, a partner at Pinsent Masons in London. “Once we see the implementing regulations and how they’re implemented in practice, we’ll be better able to judge whether the new investment law and regulations will actually have all the positive effect.”
Despite its efforts, Saudi Arabia faces stiff competition from hubs like Dubai and Abu Dhabi, which have financial centers that follow English Common Law and business-friendly regulations that have helped attract foreign investment, global firms and talent for years.
Saudi Arabia is looking to cut red tape and make it easier for foreign investors to pump cash into the kingdom, its latest effort to establish itself as the Middle East’s premier investment hub amid stiff competition.
The country plans to introduce a new “one-time registration process” for investors under updated investment rules, eliminating the need for several licenses and pre-approvals and “significantly reducing paperwork and bureaucratic hurdles,” the Ministry of Investment said in a statement sent to Bloomberg News.
The updated law — announced in August and due to take effect in 2025 — will also provide equal treatment for foreigners and locals, freedom to manage investments and repatriate funds, and the ability to appeal penalties and violations. Additionally, investors are set to have more flexibility in how they choose to resolve disputes, including by doing so outside the court.
The changes come as the kingdom struggles to meet its own targets for attracting the kind of foreign direct investment that’s critical to Crown Prince Mohammed bin Salman’s Vision 2030 agenda to diversify the Saudi economy away from oil.
Foreign investors and law firms caution that the success of the new measures will hinge on how the laws are implemented. The Ministry of Investment said it plans to publish details on those rules for public consultation by late September.
“Practical application is everything,” said Graham Coop, a partner at Pinsent Masons in London. “Once we see the implementing regulations and how they’re implemented in practice, we’ll be better able to judge whether the new investment law and regulations will actually have all the positive effect.”
Despite its efforts, Saudi Arabia faces stiff competition from hubs like Dubai and Abu Dhabi, which have financial centers that follow English Common Law and business-friendly regulations that have helped attract foreign investment, global firms and talent for years.
Moody’s upgrades #Oman’s outlook to ‘positive’
Moody’s upgrades Oman’s outlook to ‘positive’
Global credit rating agency Moody’s Ratings announced on Friday that it has upgraded its outlook on the Government of Oman to ‘positive’ from ‘stable,’ while affirming the sultanate’s Ba1 long-term issuer and senior unsecured ratings.
The rating agency also maintained its (P)Ba1 senior unsecured medium-term note programme rating for the Government of Oman.
‘The key driver for the outlook change to positive is the ongoing improvement in the government’s debt metrics, supported by elevated oil prices and prudent fiscal management, which increases the likelihood that Oman’s fiscal strength could be sustained at a level consistent with a higher rating,’ Moody’s said in its report.
Moody’s highlighted the fact that Oman’s reduction in government debt over the past two years was achieved without depleting its financial assets. A declining debt burden, particularly the foreign-currency portion, enhances the Omani government’s ability to withstand shocks, such as those caused by cyclical fluctuations in global energy markets or increases in global interest rates, according to Moody’s.
The affirmation of Oman’s Ba1 ratings is also underpinned by the country’s high per-capita income, moderate government debt burden and an improving track record of effective fiscal policy, the rating agency said.
Global credit rating agency Moody’s Ratings announced on Friday that it has upgraded its outlook on the Government of Oman to ‘positive’ from ‘stable,’ while affirming the sultanate’s Ba1 long-term issuer and senior unsecured ratings.
The rating agency also maintained its (P)Ba1 senior unsecured medium-term note programme rating for the Government of Oman.
‘The key driver for the outlook change to positive is the ongoing improvement in the government’s debt metrics, supported by elevated oil prices and prudent fiscal management, which increases the likelihood that Oman’s fiscal strength could be sustained at a level consistent with a higher rating,’ Moody’s said in its report.
Moody’s highlighted the fact that Oman’s reduction in government debt over the past two years was achieved without depleting its financial assets. A declining debt burden, particularly the foreign-currency portion, enhances the Omani government’s ability to withstand shocks, such as those caused by cyclical fluctuations in global energy markets or increases in global interest rates, according to Moody’s.
The affirmation of Oman’s Ba1 ratings is also underpinned by the country’s high per-capita income, moderate government debt burden and an improving track record of effective fiscal policy, the rating agency said.
Major Gulf markets gain on US rate cut prospects | Reuters
Major Gulf markets gain on US rate cut prospectus | Reuters
Major stock markets in the Gulf rose in early trade on Monday as investor sentiment remained upbeat on hopes of a September rate cut in the United States.
The Federal Reserve is expected to kick off a rate-cutting cycle at its monetary policy meeting on Sept. 17-18.
Traders currently see a 67% chance of a 25 basis-point (bp) reduction by the U.S central bank this month and a 33% chance of a 50-bp cut, according to the CME FedWatch tool.
Investors await the U.S. ISM manufacturing and services prints, along with the JOLTS job openings, ADP private payrolls and the weekly jobless claims data this week.
The highly-anticipated non-farm payrolls report is due on Friday.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including Saudi Arabia, 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 edged 0.1% higher, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab rising 0.3%, while oil giant Saudi Aramco (2222.SE), opens new tab was up 0.5%.
The Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, is set to proceed with a planned oil output hike from October, six sources from the producer group told Reuters.
Dubai's main share index (.DFMGI), opens new tab gained 0.6%, led by a 2.1% increase in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.3% rise in Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%.
The Qatari benchmark (.QSI), opens new tab rose 0.6%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab gaining 1%.
Separately, state-owned QatarEnergy will boost its production of urea to more than 12.4 million tons annually from 6 million tons currently, its CEO said in a press conference on Sunday, without giving a timeframe.
Major stock markets in the Gulf rose in early trade on Monday as investor sentiment remained upbeat on hopes of a September rate cut in the United States.
The Federal Reserve is expected to kick off a rate-cutting cycle at its monetary policy meeting on Sept. 17-18.
Traders currently see a 67% chance of a 25 basis-point (bp) reduction by the U.S central bank this month and a 33% chance of a 50-bp cut, according to the CME FedWatch tool.
Investors await the U.S. ISM manufacturing and services prints, along with the JOLTS job openings, ADP private payrolls and the weekly jobless claims data this week.
The highly-anticipated non-farm payrolls report is due on Friday.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including Saudi Arabia, 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 edged 0.1% higher, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab rising 0.3%, while oil giant Saudi Aramco (2222.SE), opens new tab was up 0.5%.
The Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, is set to proceed with a planned oil output hike from October, six sources from the producer group told Reuters.
Dubai's main share index (.DFMGI), opens new tab gained 0.6%, led by a 2.1% increase in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.3% rise in Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%.
The Qatari benchmark (.QSI), opens new tab rose 0.6%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab gaining 1%.
Separately, state-owned QatarEnergy will boost its production of urea to more than 12.4 million tons annually from 6 million tons currently, its CEO said in a press conference on Sunday, without giving a timeframe.
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