Egyptian bourse surpasses Gulf peers in 2025; oil weighs on #Saudi | Reuters

Egyptian bourse surpasses Gulf peers in 2025; oil weighs on Saudi  | Reuters

Most Gulf stock markets closed higher on Wednesday, driven by optimism that the United Arab Emirates' decision to withdraw its remaining troops from Yemen may help reduce regional tensions. Meanwhile, Egypt's stock exchange outperformed Gulf peers for 2025.

The UAE defence ministry said on Tuesday it had voluntarily ended the mission of its counterterrorism units in Yemen. The withdrawal of Emirati forces from Yemen could ease tensions between the UAE and Saudi Arabia.

Dubai's main share index (.DFMGI), opens new tab gained 0.5% a day after recording its biggest intraday fall in more than six months, to end the year 17.2% higher.

Abu Dhabi's index (.FTFADGI), opens new tab added 0.3%, concluding the year 6.1% higher - its first annual increase in three years.

Both markets benefited from strong local economic fundamentals and corporate earnings. Abu Dhabi's larger exposure to the energy sector made it more sensitive to oil's weak performance, said Milad Azar, market analyst at XTB MENA.

Azar said the outlook for 2026 remains positive. "However, key risks could remain oil and global growth," he added.

Egypt's blue-chip index (.EGX30), opens new tab added 0.3% on Wednesday, the last trading day of 2025, concluding a year in which it has risen more than 40%, its best year since 2023.

Rate cuts and sustained inflows from real estate and tourism supported market sentiment, with further gains possible if inflation continues to fall, said Azar.

The Qatari index (.QSI), opens new tab slipped 0.3%, but eked out a mere 2.1% for the year - its strongest annual showing since 2021.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 1.1%, but finished the year about 13% lower, recording its second yearly drop in 10 years, as a robust IPO pipeline and weak oil prices weighed on market liquidity and sentiment.

Oil giant Saudi Aramco (2222.SE), opens new tab experienced its most challenging year since its December 2019 initial public offering (IPO), with shares declining by 15.04%.

Aramco's decline came amid weak oil markets and rising regional tensions, triggering broader market corrections and increased investor caution, Azar said.

He said the Saudi market may rebound in 2026 as monetary policy eases and interest rates decline, boosting liquidity and equity valuations. The recovery could be stronger if oil prices stabilize or rise.

Oil prices - a catalyst for the Gulf's financial markets - were little changed on Wednesday and are set to fall more than 15% over the course of 2025, as oversupply concerns grew in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela.

Kuwait's stock market (.BKP), opens new tab registered a 21.2% yearly gain, ending the year close to its record peak.

Bahrain's index (.BAX), opens new tab rose for a fifth consecutive year with a 4.1% increase in 2025, while the Omani index (.MSX30), opens new tab jumped a little over 28% for the year, its biggest yearly gain since 2007.

Alibaba, #AbuDhabi Set to Invest in MiniMax’s $600 Million IPO - Bloomberg

Alibaba, Abu Dhabi Set to Invest in MiniMax’s $600 Million IPO - Bloomberg

Chinese artificial intelligence startup MiniMax has secured Alibaba Group Holding Ltd. and Abu Dhabi Investment Authority as key backers in its upcoming initial public offering in Hong Kong, according to people familiar with the matter.

MiniMax is seeking to raise more than $600 million from the IPO, according to the people, who asked not to be identified because the information is private. It is set to start taking investor orders as early as Wednesday for a listing in January, some of them said.

In addition to the Abu Dhabi sovereign wealth fund and Alibaba, IDG Capital, Perseverance Asset Management, and South Korea’s Mirae Asset will be among the cornerstone investors in the deal, the people said.

Deliberations are ongoing, and the size and timing of the deal may still change, they added. Representatives for MiniMax, ADIA and IDG declined to comment. Alibaba and Mirae Asset did not respond to requests for comment.

MiniMax is among the survivors of a brutal price war in China dubbed the “Battle of One Hundred Models,” and is in a heated race to become the first domestic generative AI startup to go public. The company is appealing to investors that want a piece of the emerging technology in China as it seeks to raise funding to take on US leaders such as OpenAI.

Like in the US, there are also concerns in China about over-investment in AI infrastructure without clear paths to profitability. MiniMax generated $30.5 million in revenue last year. That’s a fraction of the some $13 billion in revenue OpenAI is projected to make in 2025.

But global investors and tech firms are unfazed by the short-term headwinds as major countries race to bulk up their AI muscle.

On Monday, Meta Platforms Inc. said it has agreed to buy Manus, a popular Singapore-based AI agent with Chinese roots, in its effort to build a business around its massive investment in the technology. The deal values Manus at more than $2 billion.

MiniMax’s planned share sale follows a year-end rush to list in Hong Kong, in what is set to be a four-year high in proceeds from IPOs in the city. December was the busiest month for IPOs in the Asian financial hub since 2019, with 25 companies debuting their shares.

On Tuesday, rival Knowledge Atlas Technology Joint Stock Co. — also known as Zhipu AI — sought to raise HK$4.3 billion ($552 million) from its Hong Kong IPO.

Most Gulf markets retreat as #Saudi and #UAE clash over Yemen | Reuters

Most Gulf markets retreat as Saudi and UAE clash over Yemen | Reuters

Gulf equity indexes mostly ended lower on Tuesday as tension flared between regional oil powers and neighbours Saudi Arabia and the United Arab Emirates.

Dubai's main share index (.DFMGI), opens new tab retreated 2%, LSEG data showed, while Abu Dhabi's main index (.FTFADGI), opens new tab and Saudi Arabia (.TASI), opens new tab both dropped 1% each.

Saudi Arabia said its national security was a red line, hours after a Saudi-led coalition launched strikes on what it described as foreign military support to UAE-backed southern separatists in Yemen, and also asked UAE forces to leave the country.

This month has pitted the (STC) against Saudi-supported Yemeni government troops, bringing the two Gulf allies closer than ever to an all-out conflict in Yemen, mired in civil war since 2014.

The United Arab Emirates said it was disappointed with Saudi Arabia's statement regarding Yemen, and surprised by the airstrike on Mukalla.

The Dubai index saw its biggest daily decline since June. Blue-chip developer Emaar Properties (EMAR.DU), opens new tab fell 2.8% and sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab lost 2.3%.

Among Saudi shares, Saudi Arabian Mining Co (1211.SE), opens new tab slipped 2.6% and Al Rajhi Bank (1120.SE), opens new tab eased 0.3%. Oil giant Saudi Aramco (2222.SE), opens new tab was down 0.3%.

Oil prices - a catalyst for the Gulf's financial markets - were little changed as investors took stock of dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.

The Qatari index (.QSI), opens new tab finished flat.

Bahrain (.BAX), opens new tab bucked the trend with a 0.6% rise after the country announced several fiscal reform measures on Monday.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% lower.

‘Capital of capital’: how #AbuDhabi rose as a sovereign wealth power

‘Capital of capital’: how Abu Dhabi rose as a sovereign wealth power

Abu Dhabi was a global backwater when it started exporting oil six decades ago, with a population of 30,000, few paved roads and clusters of buildings spilling into the desert sands. 

Today the gleaming emirate has a population of 4mn largely made up of expatriates and boasts among the highest concentrations of sovereign wealth in the world, having channelled its petrodollars into international investment and domestic development. 

In the early decades of its wealth-building efforts, the emirate “kept a low profile by design”, said Diego López, founder and managing director of industry tracker Global SWF. But “Abu Dhabi was always the ‘capital of capital’, for those that knew about it.” 

Sheikh Zayed bin Sultan al-Nahyan, Abu Dhabi’s conservative ruler from 1966 until his death almost 40 years later, used the huge surpluses generated by oil sales to build local infrastructure, while squirrelling away the excess in the sovereign wealth fund that would become one of the world’s largest: the Abu Dhabi Investment Authority, established in 1976. 

In 1984 Abu Dhabi created a new fund called the International Petroleum Investment Company to invest in energy assets and use its petrodollars to diversify the emirate’s economy. The local development mandate was extended to the newly formed Mubadala Development Company in 2002. But the emirate was a low-key investor. 

That changed after Sheikh Zayed’s death in 2004. His sons Sheikh Khalifa, who succeeded him, and Sheikh Mohammed had ambitious development plans and the funds became much more active. Mubadala bought minority stakes in Italian carmaker Ferrari in 2005, and Carlyle Group and chipmaker AMD two years later.  

As western assets became depressed and needed capital injections when the global financial crisis hit in 2008, Abu Dhabi’s sovereign investors — boosted by oil prices that surged to $140 a barrel — embarked on a spending spree and grew in prominence. During this period of high spirits, veteran financiers say Abu Dhabi’s entities were often shown the same deals by bankers and at times competed against each other. 

But as the different funds sprawled out, things went wrong. In the mid-2010s Ipic was ensnared in Malaysia’s 1MDB sovereign fund embezzlement scandal and eventually agreed to pay $1.8bn to settle a legal dispute with the south-east Asian nation over the imbroglio. 

In the fallout, Abu Dhabi sought to rationalise its assortment of funds, catalysing mergers and shunting around holdings to streamline how its sovereign wealth was being deployed and its assets managed. 

Three major organisations have been left — Adia, Mubadala and the youngest entity ADQ, created in 2018 to hold vital state assets. Abu Dhabi also has a separate pension fund. Together, they boast about $1.7tn in assets under management. 

Bankers and advisers say the three funds — the core of Abu Dhabi Inc — have brought in top professionals and institutionalised systems and processes to become sophisticated deal machines. However, like most Gulf institutions they remain male-dominated, with each of their three boards made up solely of men and only one woman sitting on any of their investment committees. 

Three figures in particular are seen as crucial controllers and shapers of Abu Dhabi’s wealth: Sheikh Tahnoon bin Zayed al-Nahyan, chair of ADQ and Adia; Sheikh Mansour, Mubadala chair; and Khaldoon al-Mubarak, Mubadala group chief executive. Sheikhs Tahnoon and Mansour are full brothers of ruler Sheikh Mohammed, and among the “Bani Fatima” — the six sons of Sheikh Zayed by his third wife Fatima who are the most powerful men in Abu Dhabi. 

The key players 

Sheikh Tahnoon 

A member of the ruling Nahyan family, Sheikh Tahnoon has often been characterised as a secretive spy chief because of his role as the United Arab Emirates’ national security adviser. 

But the deputy Abu Dhabi ruler has in recent years built an enormous business empire and publicly positioned himself as the emirate’s chief technology envoy, spearheading Abu Dhabi’s push to become a regional artificial intelligence superpower and forging ties with US technology companies. Among his many roles he chairs G42, Abu Dhabi’s AI champion, and MGX, its AI investment vehicle that is backed by G42 and Mubadala. 

One of the most influential voices in Abu Dhabi Inc, Sheikh Tahnoon also chairs sovereign investor ADQ, royal-owned business conglomerate International Holding Company and the UAE’s biggest lender, First Abu Dhabi Bank. 

During a leadership shake-up a year after Sheikh Khalifa’s death, Sheikh Mohammed in March 2023 appointed his son Sheikh Khaled as Abu Dhabi crown prince and Sheikh Tahnoon was made chair of investment titan Adia. 

Sheikh Mansour 

A major investor as well as a vice-president and deputy prime minister of the UAE, Sheikh Mansour is also the owner of Manchester City football club and in 2023 was made chair of Mubadala, Abu Dhabi’s most active investor. 

Formerly chair of Ipic, Sheikh Mansour’s funds were also caught up in the 1MDB scandal and he has kept a lower profile in recent years. An attempt to buy the Daily Telegraph newspaper, backed by his investment group, caused a political outcry in the UK last year. 

Khaldoon al-Mubarak 

Group chief executive of Mubadala, Mubarak is one of the UAE’s best known business figures and the most prominent non-royal to hold significant sway over Abu Dhabi’s finances. He became close to the ruling Nahyan family after his father, an Emirati diplomat, was murdered by Palestinian militants in 1984 in Paris. 

Having led Mubadala since it was founded in 2002, Mubarak chairs major lender Abu Dhabi Commercial Bank, state nuclear body Emirates Nuclear Energy Corporation and one of the country’s top exporters Emirates Global Aluminium. 

He also chairs Manchester City and holds diplomatic roles — Mubarak is a special presidential envoy to China and acts as Abu Dhabi’s point person for the UK-UAE relationship. He also chairs the powerful Executive Affairs Authority, which advises UAE President Sheikh Mohammed. 

The key funds 

Adia 

Abu Dhabi Investment Authority invests at least 32% of its long-term strategy portfolio in developed market shares, its biggest asset class

$1.1tn 

AUM, 2024 (Global SWF estimate) 

Chair: Sheikh Tahnoon 

Managing director: Sheikh Hamed bin Zayed al-Nahyan   

Abu Dhabi’s estimated $1.1tn sovereign wealth fund is tasked with taking care of the emirate’s oil surpluses for future generations, and only deploys capital outside the UAE. Founded in 1976, Adia is Abu Dhabi’s most traditional wealth manager. 

The fund is secretive but says publicly that it invests a minimum of 45 per cent of its portfolio in North America, with at least 15 per cent in Europe, 10 per cent in emerging markets and 5 per cent in what it describes as “developed Asia”. 

Adia invests at least 32 per cent of its long-term strategy portfolio in developed market shares, its biggest asset class. Private equity gets at least 12 per cent, coming in second. 

While Adia does not hold majority stakes in companies, it does make big investments: for example, in 2023 it invested almost $600mn in the retail subsidiary of India’s Reliance conglomerate, giving it 0.6 per cent equity in the division. 

Mubadala 

Mubadala acts much more like a returns-focused private equity fund 

$330bn 

AUM, 2024 

Chair: Sheikh Mansour 

CEO: Khaldoon al-Mubarak  

Key assets: GlobalFoundries, Emirates Global Aluminium 

Founded in 2002 to help diversify Abu Dhabi’s oil-dependent economy, Mubadala made some big strategic bets, including on chipmaker GlobalFoundries. But Mubadala dramatically expanded in 2016 when it was merged with much older Abu Dhabi sovereign wealth fund Ipic, which had been engulfed in the 1MDB embezzlement scandal. Abu Dhabi continued to rationalise its disparate funds and two years later it added the Abu Dhabi Investment Council to Mubadala, doubling the group’s value. 

Since 2022, Abu Dhabi’s second-largest sovereign investor has been one of the most active in the world, according to industry trackers. While ADIC’s portfolio is mostly managed externally, Mubadala mostly takes minority stakes in companies and its direct investment arm is its largest. Its role as a development vehicle has diminished in recent years, and Mubadala acts much more like a returns-focused private equity fund. 

Mubadala has carved out specialist units, including Mubadala Capital, which also takes capital from other investors. One of its biggest and highest-profile investments was a $15bn commitment to SoftBank’s Vision Fund. 

ADQ 

ADQ’s more than 25 companies contributed about a fifth of Abu Dhabi’s non-oil GDP

$263bn 

Total assets, June 2025 (self-reported) 

Chair: Sheikh Tahnoon 

CEO: Mohamed Hassan Alsuwaidi (also minister of investment) 

Key holdings: Etihad, AD Ports, Taqa 

Abu Dhabi’s youngest fund was established in 2018 to house an assortment of state-owned enterprises, including airline Etihad. It managed these companies, often changing their boards, and used them as the basis for thematic clusters: for example, ADQ used its holding in AD Ports to anchor a logistics portfolio, then made further acquisitions including postal company Aramex. Although initially focused on the UAE and Middle East region, ADQ is expanding globally and is assembling a whole value chain under each of its major clusters through acquisitions. 

Although ADQ’s stated aims are commercial, some observers see the Sheikh Tahnoon-chaired ADQ as having a geopolitical function and acting as an important tool in his sprawling business network. When Abu Dhabi wanted to support Egypt’s government last year with a $35bn cash injection in return for prime land, ADQ was the vehicle it used. But a person close to the fund said the Ras el Hekma is a commercial opportunity for ADQ. 

A person close to the fund said it was reassessing its strategy for 2026 and may look to make more minority investments after taking a stake in auction house Sotheby’s last year. The person also said ADQ was looking into manufacturing as a potential sector for expansion. 

ADQ last year issued $4.5bn worth of bonds. Its more than 25 companies contributed about a fifth of Abu Dhabi’s non-oil GDP, according to its 2024 annual report. 

Other important entities 

Lunate 

Emerging national champion alternative asset manager in Sheikh Tahnoon’s business empire, Lunate manages a portfolio for ADQ and $30bn climate fund Alterra. Bankers say it is one of the most active dealmakers in Abu Dhabi. Although Lunate is privately owned — it is part of Sheikh Tahnoon’s sprawling business conglomerate International Holding Company — it is widely perceived to co-ordinate with the other Abu Dhabi Inc entities. 

This year it bought an undisclosed minority stake in British hedge fund Brevan Howard, committing $2bn towards a joint partnership in Abu Dhabi, and launched a $1bn real estate joint venture with Canadian investment group Brookfield. 

MGX 

A specialist state-owned investment vehicle backed by Mubadala and G42, an artificial intelligence company chaired by Sheikh Tahnoon, MGX is mandated to oversee Abu Dhabi’s multibillion-dollar investments in AI. 

Although MGX says its strategy is to invest in chips and AI infrastructure and technology, it has also invested $2bn in cryptocurrency exchange Binance and is taking a minority stake in TikTok US. 

Most Gulf markets gain on Fed rate cut bets | Reuters

Most Gulf markets gain on Fed rate cut bets | Reuters

Most Gulf stock markets rose on Monday, buoyed by expectations of additional Federal Reserve interest rate cuts in the coming year, though subdued oil prices tempered overall sentiment.

Investor focus will now shift to the minutes of the Fed's most recent meeting, scheduled for release on Tuesday.

The U.S. central bank lowered rates earlier this month and signalled only one additional cut next year, though market participants are betting on at least two more.

Monetary policy shifts in the United States have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank (1120.SE), opens new tab up 0.9% and Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets, adding 1.4%.

Oil behemoth Saudi Aramco (2222.SE), opens new tab closed 0.8% higher.

The Qatari index (.QSI), opens new tab added 0.3%, with Qatar National Bank (QNBK.QA), opens new tab advancing 2%.

Oil prices rose by more than $1 as investors weighed talks between the U.S. and Ukrainian presidents on a possible deal to end the war in Ukraine against potential oil supply disruption in the Middle East.

While supply disruptions have helped oil prices rebound in recent sessions from a near five-year low on December 16, they are on track for their steepest annual decline since 2020.

Brent is down about 17% on the year, as rising crude output threatened the prospect of an oil glut heading into 2026. Lower prices and disruption to crude exports impact fiscal balances in countries reliant on oil income.

In Abu Dhabi, the stock index (.FTFADGI), opens new tab closed 0.3% higher.

Dubai's main share index (.DFMGI), opens new tab edged up 0.1%, with Dubai Electricity and Water Authority (DEWAA.DU), opens new tab rising 1.1%.

Bahrain's bourse (.BAX), opens new tab was left flat on the day.

Post trading hours, Bahrain announced that it has launched major fiscal reform measures that include raising fuel prices, electricity and water tariffs, and dividends from state-owned companies, a government statement said on Monday.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.3%.

#Saudi Unemployment Marks Second Straight Jump in Economic Blow - Bloomberg

Saudi Unemployment Marks Second Straight Jump in Economic Blow - Bloomberg

Saudi Arabia’s unemployment rate rose for two consecutive quarters for the first time since 2018, signaling more challenging labor conditions as Crown Prince Mohammed bin Salman strives to transform the economy.

Joblessness among Saudis increased to 7.5% in the three months through September from 6.8% in the prior quarter, according to data released on Monday. That marks a second straight increase and the highest level in a year, though the figure is still historically low.

The Saudi labor participation rate — which measures the number of working-age nationals who are employed — dipped to 49%, the lowest since 2021. Participation among Saudi females also dropped.

“What’s notable is the unemployment rate rose while participation fell, with the overall data indicating that a lot of people are just not even entering the workforce,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

That may be down to factors including difficulty finding jobs, taking time off or citizens opting to enter training programs, she said. Malik also highlighted strength in job creation for non-Saudis, reflecting the need for the local workforce to upgrade skills and become more competitive.

The total unemployment rate — including Saudis and non-Saudis — rose slightly to 3.4% from 3.2%.

Saudi Arabia is focusing on creating jobs for its young population as the kingdom looks to promote talent development and reduce local unemployment as part of its broad economic diversification agenda.

The labor market has been a bright spot for the so-called Vision 2030 plan over the last decade, with joblessness having reached a record low of 6.3% earlier this year — about half of what it was when Crown Prince Mohammed bin Salman set out to break the Saudi economy’s reliance on oil.

Momentum now appears to be stalling as Saudi Arabia’s market matures and lower oil prices complicate efforts to invest in the local economy.

The kingdom recently revised its 2030 unemployment target to 5% from 7%.

“The easy part of bringing unemployment down is done,” Malik said. “The next phase is going to be more difficult especially with the low oil price environment.”

#UAE Miner Axis Seeks $28.9 Billion in Guinea Bauxite Dispute - Bloomberg

UAE Miner Axis Seeks $28.9 Billion in Guinea Bauxite Dispute - Bloomberg

A United Arab Emirates-based company that says it is Guinea’s second-largest bauxite producer filed a $28.9 billion claim against the West African nation for revoking its mining rights.

Axis International Ltd. has submitted its arbitration claim to the International Centre for the Settlement of Investment Disputes, an arm of the World Bank. Axis said Guinea has ignored several attempts to settle the dispute.

Guinea is the world’s top exporter of bauxite, a raw material that’s refined into alumina, the main feedstock for making aluminum. The Axis concession was among more than 50 terminated in May by President Mamadi Doumbouya’s military government for non-compliance with the country’s mining code.

That included the seizure of the bauxite concession held by a unit of Dubai’s Emirates Global Aluminium for failing to build a refinery in the West African country.

Axis disputed the government’s rationale for revoking its concession. The firm said its Axis Minerals Resources unit has been operating a bauxite mine at Boffa, about 150 kilometers (93 miles) northwest of the capital Conakry since 2020.

“The purported justification for terminating the mining permit – that the mine was not operating, that it was underutilized – is not based on reality,” Gunjan Sharma, a lawyer representing Axis, said in a statement.

Mining and Geology Minister Bouna Sylla and government spokesperson Ousmane Gaoual Diallo didn’t respond to phone calls and messages seeking comment.

Doumbouya, the leader of Guinea’s military junta, is poised to extend his rule after facing a fragmented opposition in Sunday’s elections, the first since a 2021 coup. Doumbouya has highlighted the military government’s progress in developing the mining sector, including the Simandou project, which started exports earlier this year from one of the world’s largest iron-ore deposits.

The firm said bauxite exports from the project reached 18 million tons in 2024, with proven reserves of more than 800 million tons. The government has also seized its mining equipment and frozen its bank accounts, Axis said.

“As we will show the World Bank tribunal, Guinea is liable for the entire amount of damages caused by its knowingly unlawful acts,” Sharma said.

Most Gulf markets retreat on weak oil prices | Reuters

Most Gulf markets retreat on weak oil prices | Reuters

Most stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices amid thin holiday-season trading.

Oil prices - a catalyst for the Gulf's financial markets - settled more than 2% lower on Friday as investors weighed a looming global supply glut, while also keeping an eye on Ukraine peace deal talks on Sunday between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump.

Despite a rebound fuelled by recent supply issues from the December 16 near-five-year lows, oil is on pace for its biggest annual loss since 2020, with Brent crude down 19% year-to-date as increased production sparks worries of an impending oversupply next year.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1%, with Al Rajhi Bank (1120.SE), opens new tab losing 1.1% and oil behemoth Saudi Aramco (2222.SE), opens new tab retreating 0.8%.

Lower oil prices and disruptions to crude exports impact fiscal balances in countries reliant on oil income.

In Qatar, the index (.QSI), opens new tab fell 0.4%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab dropping 1.1%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.9%, with Telecom Egypt (ETEL.CA), opens new tab rising 2.2%.

Egypt’s central bank announced a 100 basis point cut to its overnight interest rates on Thursday, according to a statement from the monetary policy committee.

Nigeria Secures $1.2 Billion #UAE Loan to Build Coastal Highway - Bloomberg

Nigeria Secures $1.2 Billion UAE Loan to Build Coastal Highway - Bloomberg

Nigeria secured about $1.2 billion in funding from the United Arab Emirates to help build part of a new freeway, the West African nation’s presidency announced Friday.

The loan will help finance the construction of a 56-kilometer (35-mile) stretch of the flagship Lagos–Calabar Coastal Highway. The freeway is ultimately expected to run for 700 kilometers along Nigeria’s Atlantic coastline, linking several major economic hubs, and will be one of the country’s biggest infrastructure projects to date.

“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” President Bola Tinubu said in an emailed statement. The government will continue to pursue creative financing options to support infrastructure development, he added.

The loan was fully underwritten by First Abu Dhabi Bank, with risk mitigation provided by the Islamic Corporation for the Insurance of Investment and Export Credit. Nigeria secured $747 million in financing for another section of the freeway in July.

#UAE shares slip in thin trade; #Dubai index marks fifth weekly gain | Reuters

UAE shares slip in thin trade; Dubai index marks fifth weekly gain | Reuters

Stock markets in the United Arab Emirates slipped on Friday, but ended the week higher with a rebound in oil prices providing some support even as trades thinned heading into the new year.

Oil prices — a key catalyst for Gulf equities — were little changed on the day. Investors weighed potential supply risks tied to rising geopolitical tensions after the United States carried out airstrikes against Islamic State militants in Nigeria and stepped up economic pressure on Venezuelan oil.

In Abu Dhabi, the index (.FTFADGI), opens new tab ended flat on the day as losses in consumer discretionary and energy stocks offset gains across other sectors. Still, the market rose 0.7% for the week, snapping a weekly losing streak.

Conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab fell 0.5% and Abu Dhabi Commercial Bank (ADCB.AD), opens new tab slid 1.5%, while Presight AI Holding (PRESIGHT.AD), opens new tab gained 1.2%. First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, added 0.5%.

"Market saw limited movement today. While the rebound in oil prices this week provided temporary support, the bearish 2026 surplus narrative remains a lingering risk that could weigh on investor sentiment in the coming months", said Joseph Dahrieh, managing principal at Tickmill.

Dubai's benchmark index (.DFMGI), opens new tab shed 0.1%, pressured by declines in financial and consumer discretionary shares, even as it logged its fifth consecutive weekly gain. Dubai Islamic Bank (DISB.DU), opens new tab eased 0.8%, while low-cost carrier Air Arabia (AIRA.DU), opens new tab fell 1.7%.

#SaudiArabia: Venture Capital Firms Bet on M&A as Listings Get Tougher - Bloomberg

Saudi Arabia: Venture Capital Firms Bet on M&A as Listings Get Tougher - Bloomberg

Saudi Arabian venture capital firms expect more mergers and acquisitions in the startup space, as stock market weakness and higher valuation scrutiny make initial public offerings less appealing.

Investors want exposure to fast-growing companies, but without the volatility that comes with public markets, said Abdullah Altamami, founder and chief executive officer of Merak Capital. “Buyers are more interested in companies before they go public, because once they go public, they’re more expensive.”

As a result, M&A and secondary transactions are set to account for a greater share of exits in the kingdom if conditions remain tight, Altamami said. Merak Capital, which manages about $800 million, expects five to 10 liquidity events across its portfolio over the next 12 to 24 months, spanning IPOs, acquisitions and secondary deals.

The shift comes as Saudi Arabia’s startup ecosystem matures under Vision 2030, the government’s push to diversify the economy beyond oil. Venture firms have backed companies across sectors including gaming, fintech, cybersecurity, tourism and fashion.

But public markets have come under pressure this year. The Saudi benchmark index is among the worst performers in emerging markets, and while IPO proceeds have held steady at around $4 billion, several recent listings have struggled.

Meanwhile, the Middle East became the leading M&A destination across emerging venture markets in the first nine months of the year, with 26 deals, according to data platform Magnitt.

Against that backdrop, acquisitions and secondary sales are emerging as a quicker, more dependable route to returns.

“The market is reaching a level of maturity where more M&A opportunities will surface,” said Basmah Alsinaidi, managing partner and vice chair at Impact46. She expects activity to be driven both by technology companies seeking scale and by traditional businesses looking to add digital capabilities.

Impact46 has backed firms including Jahez International Co. and Rasan Information Technology Co. that have listed on Saudi exchanges in recent years. Its portfolio also includes Lucidya, a customer experience management platform, and Tamara, which became a unicorn — a startup valued at more than $1 billion — in 2023.

Most Gulf markets fall on lower oil prices | Reuters

Most Gulf markets fall on lower oil prices | Reuters

Most stock markets in the Gulf eased on Thursday, as weaker oil prices drove selling in thin volume trade as the Christmas holidays kept foreign investors away.

Oil, a driver for the Gulf's financial markets, settled marginally lower on Wednesday and was on course for the steepest annual decline since 2020 as investors weighed the implication for demand of U.S. economic growth and assessed the risk of supply disruptions from Venezuela and Russia.

Lower crude prices and disruptions to oil exports affect the fiscal balances of oil-dependent countries.

Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.1%, weighed down by a 0.9% fall in the country's biggest lender, Saudi National Bank (1180.SE), opens new tab.

Elsewhere, shares in oil giant Saudi Aramco (2222.SE), opens new tab were down 0.3%.

GCC stock markets were mostly negative on Thursday. Ahead of the year-end, liquidity could remain limited, said Daniel Takieddine Co-founder and CEO, Sky Links Capital Group. Markets are also expected to remain range-bound in the coming sessions.

Dubai's main share index (.DFMGI), opens new tab dropped 0.4%, dragged down by a 1.4% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.

In Abu Dhabi, the main index (.FTFADGI), opens new tab eased 0.1%.

The Qatari benchmark gauge (.QSI), opens new tab was down 0.3%, with Qatar Islamic Bank (QISB.QA), opens new tab falling 0.7%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 0.6%, with Commercial International Bank (COMI.CA), opens new tab losing 1.8%.

Middle East IPOs fall by a third as post-pandemic boom fades

Middle East IPOs fall by a third as post-pandemic boom fades

Listings in the Middle East have dropped more than a third to the weakest level since 2020, as lower oil prices put pressure on Saudi Arabia’s economy and sell-offs of newly floated companies deterred investors. 

Companies in the region had raised $6.5bn in initial public offerings by the end of November, compared with $9.9bn in the same period last year, according to financial data platform Dealogic. 

Listings for the full year are set to be the weakest since companies raised $2.4bn in 2020, and down sharply from 2022 when IPOs pulled in $22.5bn from 62 deals. 

In addition to weaker oil prices, investors and bankers have blamed poor performances by newly listed companies and a dearth of privatisations, after offerings by state-owned companies and financial regulatory reforms had driven a healthy pipeline of deals after the pandemic. 

Ali Khalpey, head of Middle East at Cantor, said the slowdown came after a “very strong run” and investors were now “looking back and taking stock of where valuations were . . . It’s no longer ‘let’s all pile into an IPO’.” 

Carl Tohme, Dubai-based fund manager at hedge fund Cheyne Capital, said Saudi Arabia and the United Arab Emirates had “enjoyed three or four years of really positive momentum” due to weakness in China, a strong dollar and “the structural story with all the reforms” in oil-rich Gulf countries. 

“Now, you have China that is investable again and doing very well, [and] the dollar is weak, especially against emerging market currencies. While the fundamental story of population growth in the UAE is still strong, the Saudi story is challenged mainly by the lower oil price,” he said. 

The UAE’s markets in Dubai and Abu Dhabi have raised just $1bn this year, down from $6bn last year and a high of $12bn in 2022. 

A much-anticipated IPO by Etihad, Abu Dhabi’s national carrier, failed to materialise this year. Dubai’s stock market suffered a setback when local online classifieds company Dubizzle pulled its planned listing, saying it was waiting for “optimal timing”. 

Saudi facilities management company EFSIM this month became the latest to cancel an IPO, pulling a flotation that was expected to give it a valuation of almost $300mn. 

Private businesses in the region also get crowded out as investors favour state-owned companies that enjoy monopolies and offer investors steady and secure dividends. 

Anita Gupta, chief investment officer at Dubai-based Wealthbrix Capital Partners, said: “I would say that we are spoiled in this market . . . [by] very high dividend-yielding entities with quality assets.” 

In contrast, shares of some of the highest-profile companies that listed last year have slumped. 

That created “a big overhang in the market”, said Finlay Wright, head of equity markets for the Middle East and Asia at Rothschild. “It makes people nervous around the outlook for other entities that might come.” 

Delivery company Talabat has sunk about 25 per cent since its Dubai listing in December 2024, in the Gulf’s biggest IPO of the year. Lulu Retail, a supermarket chain, has fallen about 40 per cent since its debut in Abu Dhabi in November last year, while grocer Spinneys has lost about 6 per cent since floating in Dubai. 

Dubai’s two IPOs of 2025 capitalised on soaring property prices, with construction company ALEC, majority owned by the Dubai government, raising $381mn. Dubai Holding, owned by the emirate’s ruler, raised $584mn floating a real estate investment trust. IT group Alpha Data raised $163mn in Abu Dhabi, the exchange’s sole IPO this year. 

Saudi Arabia, the region’s largest economy, has had the most IPOs so far, with 36 companies joining Riyadh’s Tadawul stock exchange and raising $4bn — roughly the same as last year despite the all-share index falling about 12 per cent year to date. Riyadh typically attracts a higher number of smaller listings than the UAE. 

But investor confidence has been weighed down by lower oil prices and a widening fiscal deficit, which have led the government to reassess some megaprojects aimed at revamping its oil-reliant economy. 

Share prices of major companies that listed on Riyadh’s bourse this year have slumped. Budget airline Flynas is down 17 per cent since raising $1bn in June, while packaging maker United Carton Industries has fallen 40 per cent since it raised $160mn the previous month. 

Several companies “have missed the earnings guidance which had been out in the market, and that has a very negative effect on price performance”, said Rothschild’s Wright. 

Smaller Gulf countries have been unable to capitalise on last year’s momentum, with Bahrain and Kuwait — which both managed one IPO last year — having none in 2025. Oman raised $333mn from one listing this year, having secured $2.5bn in three IPOs in 2024.

Most Gulf markets ease despite firmer oil prices | Reuters

Most Gulf markets ease despite firmer oil prices | Reuters

Most stock markets in the Gulf eased on Wednesday in thin trade, despite firmer oil prices, although crude is on track for its largest annual decline since 2020.

Oil prices, a catalyst for the Gulf's financial markets, rose , supported by robust U.S. growth data and the risk of supply disruptions from Venezuela and Russia.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.5%, snapping four sessions of gains, with Al Rajhi Bank (1120.SE), opens new tab losing 0.9%.

Negative sentiment dominated the session, resulting in declines across most sectors, said XTB MENA analyst Milad Azar.

"Although the recent rebound in oil prices and expectations of two Federal Reserve rate cuts in 2026 initially boosted sentiment, crude oversupply concerns could continue to weigh on the market," Azar said.

Dubai's main share index (.DFMGI), opens new tab finished flat, while Abu Dhabi's index (.FTFADGI), opens new tab ended down 0.2%.

The Qatari benchmark (.QSI), opens new tab edged 0.1% higher, with Qatar National Bank (QNBK.QA), opens new tab, the Gulf's biggest lender by assets, up 0.5%.

U.S. economic data showed the world's largest economy recorded its strongest growth in two years during the third quarter, driven by solid consumer spending and a significant recovery in exports.

The report reinforced expectations that the Federal Reserve will not cut interest rates at its late-January meeting.

U.S. interest rate futures are now pricing in the Fed's first 2026 rate cut for June, with two 25-basis-point reductions anticipated for the whole of the year.

Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.2%, with Commercial International Bank (COMI.CA), opens new tab gaining 0.9%.

On Tuesday, the International Monetary Fund said it had reached a staff-level agreement with Egypt on the fifth and sixth reviews of its Extended Fund Facility, a step that could pave the way for about $2.5 billion in programme disbursements.

Revolut CEO Isn’t Alone in Decamping to #Dubai - Bloomberg

Revolut CEO Isn’t Alone in Decamping to Dubai - Bloomberg

Should emigration, rather than immigration, be the real concern for aging rich societies in 2026? I’ve lost track of the anecdotal evidence of disaffected working-age contacts relocating from the UK or France to the United Arab Emirates or Switzerland for more predictable — read lower — taxes. The latest is Alan Howard, co-founder of Brevan Howard Asset Management LLP, now a Swiss resident. And the fight for talent is only getting tougher, with former British Prime Minister David Cameron recently warning of an exodus of talented Brits heading to Dubai and Abu Dhabi.

Cameron’s right to be concerned, and not just because of recent arrivals in the UAE like Revolut Ltd.’s boss Nikolay Storonsky. While the mega-rich are always flighty, this goes beyond the Monaco-or-bust crowd: A net 110,000 British people aged 16 to 34 emigrated in the year to March, according to Office for National Statistics estimates. It’s not clear where they’ve gone, but relocation requests point to Middle East magnetism. Push factors driving emigration, including strained public finances and a weak white-collar job market, are widening the appeal of pull factors such as low or no personal tax. Bankers and hedge funds like Man Group Plc or Oak Hill Advisors, once wedded to big financial centers, are flocking to the UAE, where $1.1 trillion of sovereign wealth is being deployed.

Real estate prices are another indicator of a great wealth migration to the UAE and other tax-friendly hubs like Milan: Knight Frank’s index of prime property in major global cities has registered a 140% increase in Dubai, a 78% increase in Miami and a 38% increase in Milan over the past five years. London and Paris have underperformed, meanwhile, as fiscal tightening and pensioner-first budgets make everywhere from Dubai to Switzerland more tempting for knowledge workers and wealthy families — as wealth advisers keep telling me. Germany is losing 210,000 skilled workers aged 20 to 40 every year. Given the top 10% of high earners account for 60% to 75% of income tax receipts in France and the UK, the exits will start to add up.

“The competition is going to be huge,” says Arturo Bris, professor of finance at Swiss business school IMD. The Middle East is investing heavily in infrastructure and is focusing on quality of life as a magnet for global talent in a more digital world, he says. That gives it a comparative advantage in a contest where bigger financial centers can still claim to offer the best quality schools and jobs.

What can the administrations of Keir Starmer or Emmanuel Macron do? Competing with zero taxation is hard, expensive and certainly not a vote-winner; the days of France rolling out the red carpet for City bankers appear to be over, judging by what hedge-fund managers hear in private from French presidential candidates on the campaign trail. Cynics might suggest simply waiting for a correction that brings competing cities like Dubai down to Earth. After all, real estate accounts for 8% of Dubai’s gross domestic product and its open economy is vulnerable to a geopolitical or economic crisis. But this doesn’t feel very strategic. It’s not just property-flippers making the move — Dubai’s financial hub now boasts more than 100 registered hedge funds. The UAE is also getting more credit for its ability to confront dodgy money flows, which remain a risk.

A better strategy would be to mix carrot and stick. Those older cities need to go back to their cost-benefit analyses and lean into their strengths. Dubai’s place in an annual Savills index of tech hubs has jumped to 20 from 43, but that’s still below Paris and London, respectively 15 and 3, driven by top universities, skilled graduates and the availability of venture capital (although the US is still top.) Deeper and more integrated European capital markets are going to be vital for keeping startups from fleeing to environs where they feel they can scale more freely. And tax policies and social spending could be tilted more toward helping the young than protecting pensioners. Exit levies, while unpopular, may also have to be part of the mix if things get worse.

The exodus from the UK and elsewhere is real; the efforts to stem it need to be equally genuine.

Most Gulf markets gain on oil, Fed rate cut hopes | Reuters

Most Gulf markets gain on oil, Fed rate cut hopes | Reuters

Most Gulf stock markets reversed early losses to close higher on Tuesday, supported by stabilizing oil prices ahead of upcoming U.S. economic growth figures.

Oil prices - a catalyst for the Gulf's financial markets - were little changed as potential sales of Venezuelan crude seized by the United States were countered by heightened supply disruption fears after Ukrainian attacks on Russian vessels and piers.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.4%, helped by a 2.2% rise in the country's biggest lender Saudi National Bank (1180.SE), opens new tab and a 0.4% increase in Al Rajhi Bank (1120.SE), opens new tab.

Sentiment was bolstered by a recent rebound in oil prices as geopolitical risks resurfaced. However, the medium-term outlook of a projected supply surplus in 2026 continues to weigh on the sustainability of this rally, said Joseph Dahrieh, Managing Principal at Tickmill.

"Additionally, market sentiment improved as investors priced in further Fed rate cuts for 2026."

Dubai's main share index (.DFMGI), opens new tab edged 0.1% higher, with top lender Emirates NBD (ENBD.DU), opens new tab rising 0.5%.

The Abu Dhabi index (.FTFADGI), opens new tab rose 0.2%.

Meanwhile, markets are now anticipating two rate cuts in 2026, with expectations for looser monetary policy strengthened by reports that President Donald Trump may appoint a new Federal Reserve chair early next year.

Trump stated last week that the next Fed chair will be an individual strongly supportive of significantly lower interest rates.

Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

The Qatari index (.QSI), opens new tab added 0.2%, with Qatar National Bank (QNBK.QA), opens new tab, the Gulf's biggest lender by assets, finished 0.6% higher.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab ended 0.8% higher, with top lender Commercial International Bank (COMI.CA), opens new tab putting on 2.1%.

The International Monetary Fund said on Tuesday it had reached a staff-level agreement with Egypt on the fifth and sixth reviews under its Extended Fund Facility arrangement, potentially unlocking a roughly $2.5 billion disbursement under the programme.

Most Gulf markets rise on oil, Fed rate cut hopes | Reuters

Most Gulf markets rise on oil, Fed rate cut hopes | Reuters

Most stock markets in the Gulf ended higher on Monday, helped by rising oil prices and positive market sentiment amid growing expectations of additional Federal Reserve rate cuts.

Oil prices - a catalyst for the Gulf's financial markets - rose after the U.S. intercepted an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, both of which raised fears of supply disruptions.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, led by a 1.6% rise in Al Rajhi Bank (1120.SE), opens new tab.

Saudi Arabian Mining Company (Ma'aden) (1211.SE), opens new tab jumped 5.3% after it secured Ministry of Energy's approval last week for feedstock allocation to launch its fourth phosphate project.

Dubai's main share index (.DFMGI), opens new tab closed 0.7% higher, with top lender Emirates NBD (ENBD.DU), opens new tab adding support.

In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 0.7%.

Markets are currently pricing in two U.S. rate cuts for next year despite the Fed signalling caution. FEDWATCH

Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

The Qatari index (.QSI), opens new tab was up 0.8%, supported by a 1.5% gain in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.6%, hit by a 2.4% fall in Commercial International Bank (COMI.CA), opens new tab.

Saipem Wins #Qatar Offshore EPCI Contract Worth $3.1 Billion - Bloomberg

Saipem Wins Qatar Offshore EPCI Contract Worth $3.1 Billion - Bloomberg

Energy services and drilling specialists Saipem SpA and Offshore Oil Engineering Co. Ltd. have been awarded an offshore EPCI contract by QatarEnergy LNG.

The overall value of the contract is approximately $4 billion, with Saipem’s share amounting to approximately $3.1 billion, according to a statement on Sunday.

The project will allow QatarEnergy LNG to maintain and expand production capacity at North Field, the world’s largest non-associated natural gas field that’s located off Qatar’s northeastern coast.

The contract awarded to Saipem, lasting approximately 5 years, includes engineering, procurement, fabrication and installation of two compression complexes.

Most Gulf markets gain on oil, US rate cut bets | Reuters

Most Gulf markets gain on oil, US rate cut bets | Reuters

Most stock markets in the Gulf ended higher on Sunday, buoyed by Friday's gains in oil prices and amid ongoing investor attention to U.S. data influencing the Fed's monetary policy outlook.

Oil prices - a catalyst for the Gulf's financial markets - edged up on possible disruptions from a U.S. blockade of Venezuelan tankers as the market waits for news about a possible Russia-Ukraine peace deal.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.3%, led by a 0.8% rise in oil behemoth Saudi Aramco (2222.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, which was up 0.2%.

Recent U.S. macroeconomic indicators have bolstered expectations for interest rate cuts, as U.S. consumer prices increased by 2.7% year-on-year in November, below economists' anticipated rise of 3.1%.

In a separate report earlier this week, the U.S. Labor Department noted that the unemployment rate climbed to 4.6% in November, marking the highest level since September 2021.

Traders continued to bet on at least two 25-basis-point interest rate cuts next year from the Fed, according to LSEG data.

U.S. policy is closely watched in the Gulf, where most currencies are pegged to the dollar.

In Qatar, the index (.QSI), opens new tab closed 0.6% higher, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab rising 0.6%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1%, ending three sessions of losses, with Commercial International Bank (COMI.CA), opens new tab climbing 3.2%.

#UAE stocks mixed; #Dubai rebounds as oil ticks up, Fed rate path in focus | Reuters

UAE stocks mixed; Dubai rebounds as oil ticks up, Fed rate path in focus | Reuters

Stock markets in the United Arab Emirates were mixed on Friday, with Dubai rebounding as steady oil prices and U.S. data kept investors focused on the Federal Reserve's rate path.

Oil prices - a catalyst for the Gulf's financial markets - edged up as the market assessed mounting supply risks. Brent crude was up 0.27%, to $59.98 a barrel at 1200 GMT.

Dubai's benchmark index (.DFMGI), opens new tab gained 0.6%, recovering from the previous session's losses and marking a fourth straight weekly rise.

Salik Company (SALIK.DU), opens new tab climbed 3.2% and Dubai Electricity and Water Authority (DEWAA.DU), opens new tab added 2.9% after the utility said it awarded an AED 216 million contract to improve the efficiency and reliability of Dubai's water transmission network.

"The market's potential for further growth remains intact, given the local economy's strong fundamentals," said George Pavel, general manager at Naga.com Middle East, adding that liquidity could soften into year-end and the market remains below its peak.

In the United States, inflation rose less than expected in the year to November, though analysts cautioned the figures were likely distorted lower by the government shutdown. Weekly jobless claims fell, reversing the prior week's jump and pointing to stable labour market conditions. Traders see a 58% chance of a dovish Fed move in March.

U.S. policy is closely watched in the Gulf, where most currencies are pegged to the dollar.

In Abu Dhabi, the index (.FTFADGI), opens new tab fell 0.3%, dragged by a 1% drop in Aldar Properties (ALDAR.AD), opens new tab and a 1.2% loss in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab. ADNOC Drilling (ADNOCDRILL.AD), opens new tab rose 2.5% and ADNOC Gas (ADNOCGAS.AD), opens new tab gained 1.4%. Separately, ADNOC said it secured a $2 billion green financing facility backed by Korea Trade Insurance Corporation.

ADNOC lands $11 billion financing for future gas output | Reuters

ADNOC lands $11 billion financing for future gas output | Reuters

Abu Dhabi National Oil Company has secured $11 billion in structured financing to monetise future gas production from its Hail and Ghasha development, the state company said on Thursday, after Russia's Lukoil exited the project.

The deal, signed with partners Eni (ENI.MI), opens new tab and PTTEP (PTTEP.BK), opens new tab, involves 20 global and regional banks. It uses a "pre-export finance" model backed by future gas throughput, providing upfront cash years before first production, which is expected by the end of the decade.

The transaction is the latest move in ADNOC’s strategy to leverage its balance sheet and fund a transition into a global energy major. The company has previously utilised lease-leaseback deals for infrastructure and listed six subsidiaries to raise billions of dollars. It also set up XRG, an international investment arm that has swelled to more than $150 billion in assets, including Germany's Covestro.

LUKOIL EXITS GHASHA

Lukoil, which doubled its stake in Ghasha to 10% earlier this year, exited the concession in November, an ADNOC spokesperson told Reuters. The spokesperson said Lukoil transferred its stake to ADNOC following the sanctions but declined to provide further details. The move follows Lukoil’s efforts to divest its foreign operations, crippled by U.S. sanctions imposed in October aimed at pressuring Russia to end its war in Ukraine.

"It's the first-ever greenfield gas-based pre-export finance," a source close to the deal said, adding it allows ADNOC to lower the equity contribution and improve returns.
The non-recourse financing includes 11 local and regional banks, seven Asian banks, and three Western lenders, including Citi, Bank of China and ICBC.

"It's probably the largest participation from Chinese banks in a pre-export finance facility in the Middle East ever," the source said, adding ADNOC secured attractive rates.

Chinese banks lent over a third of the financing for Saudi Aramco's Jafurah, potentially the biggest shale gas project outside of the U.S., which aims to reach 2 billion standard cubic feet per day of gas by 2030.

ADNOC CEO Sultan Al Jaber, in a statement, said Hail and Ghasha "is an important contributor to ADNOC’s gas strategy and is on track to generate significant value." It aims to produce 1.8 bcfd of gas with net-zero emissions.

#Kuwait to sign $4 billion Mubarak Al-Kabeer port contract with China’s CCCC next week | Reuters

Kuwait to sign $4 billion Mubarak Al-Kabeer port contract with China’s CCCC next week | Reuters

Kuwait will sign a contract next week with China Communications Construction Company (CCCC) to complete the Mubarak Al-Kabeer Port project, Public Works Minister Noura Al-Mashaan said on Thursday.

The Central Agency for Public Tenders approved on December 1 a contract between the ministry and CCCC for engineering, procurement and construction of the port's first phase, according to the official gazette.

The contract is valued at 1.219 billion Kuwaiti dinars ($3.97 billion), a government document seen by Reuters showed.

Kuwait's prime minister will attend the signing ceremony with the Chinese side, Al-Mashaan said in a statement.

Mubarak Al-Kabeer Port, on Bubiyan Island in northern Kuwait, is a strategic project aimed at creating a secure regional corridor and commercial hub. China has sought to link it to its Belt and Road Initiative.

Kuwait hopes the project will support economic diversification, boost GDP and help restore its regional commercial and financial role. The government says about 50% of the first phase has been completed but gave no details on remaining work.

The port is among several mega-projects Kuwait is pursuing with Chinese support, including power and water plants, renewable energy and waste recycling projects, as well as new residential cities.

Kuwait signed several memorandums of understanding with China in 2023 during a visit to Beijing by then-Crown Prince Sheikh Meshal Al-Ahmad Al-Sabah, who became emir in December 2023.

Most Gulf stock markets rise as oil prices hold steady | Reuters

Most Gulf stock markets rise as oil prices hold steady | Reuters

Most Gulf stock markets ended higher on Thursday, with Saudi Arabia rebounding from a two-year low, as steady oil prices created a more positive mood.

Oil — a key catalyst for Gulf financial markets — held firm after reports Washington was preparing new measures targeting Russian crude, while traders also assessed potential disruptions tied to a Venezuelan tanker blockade.

Saudi Arabia's benchmark stock index (.TASI), opens new tab rose 0.4% after touching its lowest level in about two years, with most sectors advancing.

Saudi National Bank (1180.SE), opens new tab added 1.1%, while Saudi Arabian Mining Co (1211.SE), opens new tab (Ma'aden) jumped 4% after the miner said it received the Ministry of Energy's approval for feedstock allocation for its Phosphate 4 project.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab snapped a four-session losing streak to close 0.5% higher, led by gains in financials and energy. First Abu Dhabi Bank (FAB.AD), opens new tab climbed 1.5% and ADNOC Gas (ADNOCGAS.AD), opens new tab rose 0.6%.

Separately, Abu Dhabi National Oil Company secured $11 billion in structured financing to monetise future gas production from its Hail and Ghasha development.

Dual-listed Orascom Construction fell 3.4% after Norbury Capital said on Wednesday it would contest fertiliser maker OCI's proposed merger with Orascom Construction in its current form, arguing it undervalues OCI and disadvantages minority shareholders.

The Qatari benchmark index (.QSI), opens new tab extended losses for a fourth session, closing down 0.7% as most stocks declined. Industries Qatar (IQCD.QA), opens new tab slid 2% and Qatar National Bank (QNBK.QA), opens new tab — the region's largest lender — fell 1.3%.

Separately, state-owned QatarEnergy lowered the term premium for February-loading al-Shaheen crude after weakness in spot benchmark premiums, sources said.

Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.5%, dragged down by a 9.6% drop in Gulf Navigation Holding (GNAV.DU), opens new tab and a 0.7% decline in Emaar Properties (EMAR.DU), opens new tab.

Tecom Group (TECOM.DU), opens new tab rose 2.5% after the business districts operator said it launched a 615 million dirham innovation hub in Dubai Internet City to meet rising office-space demand.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell for a third straight session to end 1.4% lower as broad-based weakness persisted. Eastern Company (EAST.CA), opens new tab dropped 5.6%, while Commercial International Bank (COMI.CA), opens new tab fell 2.7%.

#UAE Aluminum Maker Seeks Investors for $6 Billion US Plant (1) - Bloomberg

UAE Aluminum Maker Seeks Investors for $6 Billion US Plant (1) - Bloomberg

Emirates Global Aluminum is looking for equity partners for its planned aluminum plant in the US, according to people familiar with the matter.

The aluminum producer, one of the world’s largest, is in talks with potential investors for a smelter it plans to build in Oklahoma, said the people, who declined to be named discussing private information. It’s unclear how much EGA aims to raise, they said.

Mitsubishi Corp. is among the prospective investors and discussions between the two companies are at an early stage, said one of the people. Spokespeople for EGA and Mitsubishi declined to comment.

EGA, which is owned by Mubadala Investment Co. of Abu Dhabi and Investment Corporation of Dubai, hired Evercore Inc. as financial adviser, according to an investor document seen by Bloomberg News. A spokesperson at Evercore hasn’t responded to a request for comment.

President Donald Trump has been pushing for foreign investment to bolster jobs and industry, including commitments from Gulf states including the United Arab Emirates, Qatar and Saudi Arabia. Trump also required Japan’s Nippon Steel Corp. to spend billions of dollars to secure its takeover of United States Steel Corp.

The EGA plant is expected to require $5 billion to $6 billion of capital investment and produce about 750,000 tons of primary aluminum a year, according to the investor document. The project is known internally as “EGA Inola,” said one of the people. EGA announced its intention to build the plant in May, as part of a broader investment pledge by the UAE.

Aluminum prices have surged this year after Trump raised tariffs, saying he wanted to reduce the US’s reliance on foreign supplies. Instead, the levy has thrown the local market into disarray, disrupting the integrated North American metals supply chain and driven up costs for consumers.

EGA’s search for equity partners also comes as competition for electricity intensifies in the US as the boom in data centers requires a massive consumption of power to run artificial intelligence.

Power accounts for more than half the cost of producing aluminum. EGA has said construction of the Oklahoma plant depends on securing “a competitive long-term” power agreement.

Construction is slated to start in late 2026, with initial metal production expected by the end of the decade, according to the investor document.

If built, the Oklahoma smelter would help reduce US reliance on imported aluminum; the country depended on imports for about half of its aluminum consumption last year, according to the US Geological Survey.

Travis Kalanick’s CloudKitchens Said to Delay Mideast Unit’s IPO - Bloomberg

Travis Kalanick’s CloudKitchens Said to Delay Mideast Unit’s IPO - Bloomberg

CloudKitchens, a startup run by former Uber Technologies Inc. Chief Executive Officer Travis Kalanick, has delayed plans to list its Middle Eastern business, according to people familiar with the matter.

The ghost kitchen company, which is backed by Saudi Arabia’s sovereign wealth fund, is instead planning to focus on options including a private placement, some of the people said, requesting anonymity to discuss confidential information.

CloudKitchens had been eying a dual-listing in Abu Dhabi and Saudi Arabia which was expected as early as 2026, Bloomberg News previously reported. Banks including Goldman Sachs Group Inc., JPMorgan Chase & Co., SNB Capital and First Abu Dhabi Bank PJSC were working with the firm on the first-time share sale.

The plans for a listing could be revived at some point after the potential private placement is concluded, but there is no definite timeline, according to some of the people.

The company had been targeting an IPO valuation of roughly $2 billion and had begun preliminary discussions with public-market investors, the people said.

Representatives for CloudKitchens did not respond to requests for comment.

After four standout years, the Middle East’s IPO boom is slowing down amid tougher valuation demands from investors and a revival of share sales in the US and Asia.

Listing proceeds in the Gulf have slipped to roughly $6 billion this year, less than half the level a year ago and the weakest since the pandemic. The slump is most pronounced in Saudi Arabia, where lower oil prices are fanning concerns of a slowdown in government spending and dragging on stocks. The kingdom’s main stock index is among this year’s laggards in emerging markets, and a majority of the year’s debuts are trading below offer.

Ghost kitchens - shared cooking sites built for delivery - first appealed to startups seeking a low-cost way onto delivery apps. The model boomed during the pandemic as bigger restaurant groups tested it to offset lost dine-in sales, though many of those efforts have since faded.

CloudKitchens has strong ties to the Middle East, with its regional arm incorporated in Abu Dhabi and a $400 million investment from Saudi Arabia’s Public Investment Fund in 2019. Founder Travis Kalanick was already known to the PIF, which put $3.5 billion into Uber a year before his 2017 ouster.

It rents kitchen space to restaurants and adds services like delivery coordination and maintenance. In the Middle East’s crowded delivery market, it operates KitchenPark sites across the UAE, Saudi Arabia and Kuwait.