#UAE market declines amid global trade war jitters | Reuters

UAE market declines amid global trade war jitters | Reuters

Stock markets in the United Arab Emirates declined on Friday, in line with oil prices, as the prospect of higher U.S. tariffs revived concerns about an escalating global trade war, dampening market sentiment.

U.S. President Donald Trump said on Thursday that 25% duties on imports from Canada and Mexico would come into effect on March 4 - not April 2 as he had suggested a day earlier - and said goods from China would be subject to an additional 10% duty.

Oil prices, a key catalyst for the Gulf's financial market - slipped more than 1% to $73.16 a barrel as of 1103 GMT.

Dubai's main market (.DFMGI), opens new tab fell 0.8%, breaking a three-session winning streak, pressured by a 2.5% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.9% decrease in state-run utility firm Dubai Electricity and Water (DEWAA.DU), opens new tab.

However, Mashreqbank (MASB.DU), opens new tab, UAE's oldest privately-owned lender, rose 0.8% after its shareholders approved a full-year cash dividend of AED 21.1 per share.

The Dubai index has slipped back since hitting a nearly 11-year high earlier in the month but still notched up a 2.7% gain for February, its ninth consecutive monthly rise.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab shed 0.5%, extending losses to a second session, with top lenders First Abu Dhabi Bank (FAB.AD), opens new tab and Abu Dhabi Commercial Bank (ADCB.AD), opens new tab falling 2.7% and 1.2% respectively.

State-controlled port operator, AD Ports Group (ADPORTS.AD), opens new tab and Pakistan Board Of Investment signed a memorandum of understanding to explore developing an industrial zone near Karachi Port and Port Qasim.
AD Ports' shares closed 2.1% lower.

#Saudi Developer Umm Al Qura Draws $126 Billion in Orders for IPO - Bloomberg

Saudi Developer Umm Al Qura Draws $126 Billion in Orders for IPO - Bloomberg

Saudi Arabian firm Umm Al Qura for Development & Construction Co. has drawn about $126 billion in orders for its initial public offering in Riyadh, signaling continued robust demand for new listings in the kingdom.

The group, backed by Saudi Arabia’s sovereign wealth fund, is set to raise $523 million via the first-time share sale, Umm Al Qura said in a statement on Thursday. The demand implies an oversubscription of 241 times by local and international institutional investors.

The final price for the offering was set at 15 riyals ($4) per share, the top end of a marketed range, indicating a market capitalization of around $5.75 billion, the group said.

IPO activity in Saudi Arabia is off to a strong start this year after more than $4 billion in first-time share sales in 2024. Offerings for online broker Derayah Financial Co. and the Arabian Co. for Agricultural and Industrial Investment are already underway, while the regulator has greenlit listings for tech firm Ejada Systems Ltd. and packaging firm United Carton Industries Co.

Umm Al Qura is developing one of the largest projects in the Muslim holy city of Mecca, which is one of Saudi Arabia’s main draws to grow its tourism industry and diversify its economy away from oil. The kingdom aims to accommodate 30 million foreign worshippers a year by 2030.

The group unveiled its plans to go public shortly after Saudi Arabia started allowing foreigners for the first time to invest in listed companies with real estate in Mecca. Umm Al Qura’s main development is expected to include more than 50,000 hospitality and residential units and has an estimated value of about $27 billion.

The company said it had a cash position of about $244 million as of June 30 and total assets of around $6.6 billion.

Albilad Investment Company, GIB Capital, Al Rajhi Capital and Alinma Investment Company are among those handling the IPO process for Umm Al Qura. Lazard Inc. is acting as financial adviser.

#Saudi bourse extends losses on weak earnings; ENBD lifts #Dubai | Reuters

Saudi bourse extends losses on weak earnings; ENBD lifts Dubai | Reuters

Saudi Arabia's stock market in the Gulf ended lower on Thursday, extending losses for a third session amid a slowdown in corporate earnings, while top lender Emirates NBD helped the Dubai index.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1%, hit by a 1% fall in Al Rajhi Bank (1120.SE), opens new tab, while ACWA Power Company slid 2.7%.

ACWA Power on Tuesday reported annual profit ahead of analysts' estimates but missed on revenue.

Elsewhere, Saudi Basic Industries Corp (2010.SE), opens new tab closed 3.1% lower, extending losses from the previous session when it reported a slightly wider loss in the fourth quarter.

However, Company for Cooperative Insurance (8010.SE), opens new tab rose 1.8%, after the insurer met analysts' estimates.

Dubai's main share index (.DFMGI), opens new tab added 0.2%, helped by a 1.9% rise in Emirates NBD Bank (ENBD) (ENBD.DU), opens new tab.

Earlier this week, ENBD, Dubai's top lender, made a mandatory cash offer to buy Emirates Islamic Bank (EIB.DU), opens new tab at 11.95 dirhams ($3.25) per share.

In Abu Dhabi, the index (.FTFADGI), opens new tab fell 0.3%, pressured by a 1.2% fall in ADNOC Gas (ADNOCGAS.AD), opens new tab.

Separately, UAE investment platform 2PointZero is targeting a stock market listing in Abu Dhabi this year, CEO Mariam bint Mohammed Almheiri said on Wednesday.

However, oil prices rose more than 1% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron (CVX.N), opens new tab to operate in Venezuela.

The Qatari index (.QSI), opens new tab slipped 0.5%, hit by a 2.1% fall in Qatar Islamic Bank (QISB.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.1%, with Commercial International Bank (COMI.CA), opens new tab retreating 1.1%.

Meanwhile, Egypt will increase the minimum wage for public sector workers to 7,000 Egyptian pounds ($138.50) per month from July, aligning it with the private sector's minimum wage established in early February, Finance Minister Ahmed Kouchouk announced during a press conference on Wednesday.

Kuwait was closed for a public holiday.

#Saudi Chemicals Giant Sabic Records Surprise Quarterly Loss - Bloomberg

Saudi Chemicals Giant Sabic Records Surprise Quarterly Loss - Bloomberg

Saudi Arabia’s biggest chemicals company warned of more uncertainty this year, signaling further pressure on its finances after reporting a surprise quarterly loss.

“Challenges remain ongoing, with rising supply levels at the forefront impacting product prices overall,” Saudi Basic Industries Corp. Chief Executive Officer Abdulrahman Al-Fageeh said. “Additionally, the continued geopolitical situation has sustained uncertainty, exposing the industry to further challenges.”

The comments come after the company reported a net loss of 1.89 billion riyals ($504 million) in the fourth quarter as prices of key products dropped. Full-year profit also fell short of analysts’ expectations, highlighting the concerns posed by overcapacity in the global industry and tepid demand. Sabic’s shares dropped as much as 3.1% in Saudi trading to the lowest level since 2020.

Chemicals giants around the world are trying to cope with elevated costs and compressed margins amid ongoing concerns over the global economy and the strength of demand. Forecast supply additions in China and the risk of headwinds from potential trade and tariff wars may make a recovery even tougher.

Last month, Dow Inc. said it’s planning to idle some chemicals capacity. LyondellBasell Industries NV noted it’s on watch for catalysts that may support more demand but remains cautious on potential headwinds. BASF SE recently warned it expects to miss full-year estimates when it reports later this week and flagged earnings momentum that “declined considerably” in the chemicals segment last quarter.

Sabic said global prices for some of its key petrochemicals, including polyethylene declined in the final stretch of 2024 due to pressure from excess supply and weak demand growth, according to the statement.

Analysts expect Sabic to continue to face oversupply in 2025. Still, operational efficiency, a strong balance sheet and backing from Saudi Arabia’s government are positives for the company, said Salih Yilmaz, senior analyst at Bloomberg Intelligence. Moody’s Investor Service recently upgraded Sabic’s credit rating, citing competitive costs and strong liquidity, among other factors.

Fageeh expects some stability in demand in the first quarter of this year, especially from transportation sector, industrial solutions, and electronics and electricals.

The company’s fourth-quarter revenue of 34.7 billion riyals was the lowest in a year and fell short of analysts’ estimates. The company forecast 2025 capital expenditure of $3.5 billion to $4 billion.

Saudi Aramco, the world’s biggest oil exporter, owns a majority of Sabic and is due to report earnings on March 4.

Mideast Stocks: #Saudi bourse falls on weak earnings; ENBD bank lifts #Dubai

Mideast Stocks: Saudi bourse falls on weak earnings; ENBD bank lifts Dubai

Saudi Arabia's stock market ended lower on Wednesday, extending losses, as lacklustre corporate earnings weighed on investor confidence, while lender Emirates NBD helped the Dubai index.

Saudi Arabia's benchmark index declined 0.6%, falling for a third consecutive session, hit by a 2.7% fall in ACWA Power, after the firm reported annual profit beating analysts' estimate but missed on revenue. 

Elsewhere, Saudi Basic Industries Corp retreated 2.1% following a slightly wider loss in the fourth quarter, while Yanbu National Petrochemical Co slid 4.2%, as the firm traded ex-dividend.

However, Saudi Telecom Company (STC) advanced 3.6%, as the telco reported an annual profit of 24.69 billion riyals ($6.58 billion), far ahead of analysts' estimate of 13.70 bln riyals. 

In a separate bourse filing, STC's board proposed a fourth-quarter cash dividend of 0.55 riyal, a 37.5% increase from a year earlier.

Dubai's main share index closed 0.2% higher, lifted by a 2.1% gain in Emirates NBD, after Dubai's top lender on Tuesday made a mandatory cash offer to buy Emirates Islamic Bank at 11.95 dirhams ($3.25) per share. 

In Abu Dhabi, the index closed 0.3% higher, led by a 2.4% leap in e& as the telecoms group agreed to sell its 40% stake in Khazna Data Center Holdings for $2.2 billion.

However, oil prices held at two-month lows as a potential peace deal between Russia and Ukraine continued to weigh on prices, while lower U.S. crude stockpiles provided some support. 

The Qatari benchmark slipped 0.9%, as profit-taking continued, with the Gulf's biggest lender Qatar National Bank fell 2.1%. 

Outside the Gulf, Egypt's blue-chip index eased 0.1%, with Commercial International Bank losing 1.4%. 

Meanwhile, Egypt aims to move state-owned enterprises to the country's sovereign wealth fund to maximise the return on state assets, Investment Minister Hassan El Khatib said on Wednesday.

** Kuwait bourse was closed for a public holiday

Gulf markets mixed on weak earnings, US curbs on China | Reuters

Gulf markets mixed on weak earnings, US curbs on China | Reuters

Stock markets in the Gulf were mixed on Tuesday as corporate earnings fell short of market expectations, amid concerns about U.S. investment curbs on China.

U.S. President Donald Trump has ordered restrictions on Chinese investments in strategic areas such as chips, artificial intelligence and aerospace.

Also weighing on sentiment was Trump's indication that proposed tariffs on Mexico and Canada were still set to start next week, although investors had hoped negotiations would forestall the threat.

Saudi Arabia's benchmark stock index (.TASI), opens new tab dropped 0.2%, with ACWA Power Company (2082.SE), opens new tab retreating 3.2%.

ACWA Power reported annual profit ahead of analysts' estimates but missed on revenue.

Among other losers, Saudi Ceramic Company (2040.SE), opens new tab plunged 10%, its biggest intraday fall since October 2020, after reporting an annual loss.

Yanbu National Petrochemical Company (2290.SE), opens new tab declined 1.7% after its 2024 profit missed analysts' estimates.

Dubai's main share index (.DFMGI), opens new tab nudged 0.1% higher, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab, while Emirates NBD (ENBD) (ENBD.DU), opens new tab climbed 1.7%.

ENBD, Dubai's top lender, made a mandatory cash offer to buy Emirates Islamic Bank (EIB.DU), opens new tab at 11.95 dirhams ($3.25) per share.

In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%, with ADNOC Gas (ADNOCGAS.AD), opens new tab closing 1.8% higher.

The Qatari benchmark (.QSI), opens new tab dropped 0.7%, as most of its constituents were in negative territory including Qatar Navigation (QNNC.QA), opens new tab, which retreated 3.9%.

The Qatari stock market slipped as profit-taking emerged following a period of horizontal trading amid uncertainty near resistance levels, said Hani Abuagla, senior market analyst at XTB MENA.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 0.9%, weighed down by a 2.6% fall in Commercial International Bank (COMI.CA), opens new tab.

The Kuwait bourse was closed for a public holiday.

#SaudiArabia Government Preps Green Bond Debut - Bloomberg

Saudi Arabia Government Preps Green Bond Debut - Bloomberg

Saudi Arabia’s government mandated banks for another wave of debt sales, including a debut green bond, as the kingdom ramps up a borrowing spree aimed at helping to fund the country’s vast economic diversification agenda.

The Ministry of Finance may issue euro-denominated notes as soon as tomorrow, subject to market conditions, according to a person familiar with the matter, who asked not to be identified discussing private information. The offering may include a seven-year green bond and conventional with a tenor of 12 years, the person said.

The potential offering adds to a flurry of recent borrowing activity from the kingdom, including the sale of $12 billion of sovereign bonds last month. If a green sale goes ahead, it would be the first from the central government as the world’s top oil exporter looks to cut greenhouse gas emissions by 278 million tons per year by 2030. The Saudi sovereign wealth fund known as the PIF started issuing green debt in 2022.

Proceeds from the green bond would be used to finance projects within the country’s green financial framework, according to the person familiar. That framework identifies eight types of projects eligible for funding from so-called green debt sales, including work that promotes cleaner transportation and renewable energy.

Saudi Arabia’s finance ministry mandated HSBC, JPMorgan and Societe Generale as global coordinators for the potential bond sale.

The kingdom — via the sovereign and state entities such as the PIF, which has roughly $925 billion of assets — has been one of the most prolific issuers among emerging markets over the past year. The government has said it plans to continue tapping debt markets in 2025 as it seeks to plug an expected budget deficit.

#AbuDhabi’s First IPO of the Year Rides AI Boom to Price at Top - Bloomberg #UAE

Abu Dhabi’s First IPO of the Year Rides AI Boom to Price at Top - Bloomberg

Alpha Data is likely to price its initial public offering in Abu Dhabi at the top of a planned range, as investors piled into the IT services firm that’s been a beneficiary of the surge in interest in artificial intelligence.

The listing is expected to price at 1.50 dirhams ($0.41) a share, the top end of a range which began at at 1.45 dirhams, according to terms of the deal seen by Bloomberg News. That puts the firm on track to raise 600 million dirhams at a valuation of 1.5 billion dirhams.

Alpha Data’s listing will be the first deal of 2025 in the United Arab Emirates — the Middle East’s busiest venue for listings last year. The IPO will further help diversify the Abu Dhabi bourse, giving investors the chance to buy into a firm that reported compound annual revenue growth of 23% between 2021 and 2024.

This year has started positively, especially with the tailwind from agentic AI, Alpha Data founder Fayez Ibbini told Bloomberg News this month. The company is selling up to 400 million shares, or a 40% stake, and had demand for all shares on offer shortly after subscriptions opened earlier this month.

The stock is expected to start trading on the Abu Dhabi exchange in March.

Firms raised over $6 billion with new share sales in the UAE in 2024, accounting for about 46% of the total haul for the Middle East. Still, two of the largest offerings — Talabat Holding PLC and Lulu Retail Holdings PLC — had muted debuts after drawing significant demand.

The UAE is set for a busy year in 2025 too. In addition to Alpha Data, Etihad Airways PJSC is teeing up a $1 billion IPO in Abu Dhabi that will make it the first major Gulf carrier to be listed. Last week, Abu Dhabi National Oil Co. raised $2.84 billion from a secondary offering in its gas unit.

In neighboring Dubai, state-backed Investment Corp. of Dubai is planning to take a construction company public, while an investment vehicle controlled by the emirate’s ruler is preparing to list two separate real estate portfolios.

Established in 1981 by Ibbini, Alpha Data’s technologies include artificial intelligence, security, big data and cloud services, according to its website. The company plans to pay a dividend of 130 million dirhams for the financial year ending December 31, in two equal tranches.

It operates in the UAE, Qatar and Saudi Arabia and employs 1,500 people.

EFG Hermes and Emirates NBD Capital are joint global coordinators on the share sale, and Abu Dhabi Commercial Bank is joint bookrunner.

#SaudiArabia to buy control of Olam's agribusiness for $1.8 billion; shares jump | Reuters

Saudi Arabia to buy control of Olam's agribusiness for $1.8 billion; shares jump | Reuters

Saudi Arabia's agricultural and livestock investment firm SALIC has agreed to buy a 44.58% stake in Singapore-based Olam Group's (OLAG.SI), opens new tab agricultural products business Olam for $1.78 billion, the companies said on Monday.

Shares in Olam Group jumped as much as 8.9% in early trading to S$1.23, their biggest daily jump since November last year.

The transaction values Olam Agri at $4 billion, higher than the $3.5 billion valuation in December 2022, opens new tab when it sold a 35% stake to SALIC, and will give SALIC an 80% controlling stake in the business.

Saudi Arabia's sovereign wealth fund, the $925 billion Public Investment Fund (PIF), owns SALIC.

The deal underscores the kingdom's drive to prioritise secure food supply chains and rely less on imports.

Gulf Cooperation Council (GCC) countries import up to 85% of their food, including the majority of staples such as rice and cereals, according to PwC. Abu Dhabi holding firm ADQ in 2021 also bought a 45% stake in Louis Drefus Company in a similar move.

Olam Group, which was advised by Rothschild on the deal, will divest its remaining 19.99% stake in the unit three years after the completion of the first phase, giving SALIC full control of Olam Agri, it said.

The deal will result in a gain of $1.84 billion for Olam Group, the firm said in an exchange filing, opens new tab.

Including the 35.43% stake sold to SALIC in December 2022, opens new tab, Olam Group will unlock $3.87 billion in gross proceeds from the complete divestment of Olam Agri.

"The full acquisition agreement of Olam Agri aligns with SALIC's strategic objectives of diversifying sources of essential commodities ... to secure a key position in the global grains sector," SALIC Group CEO Sulaiman AlRumaih said in a statement.

Olam Group, which is also planning to list its ingredients business, ofi, on the premium segment of the London Stock Exchange alongside a secondary listing in Singapore, said it can now focus on ways to unlock value for the remaining businesses.

"With this transaction, we can now focus our attention on seeking strategic options to unlock value for the remaining Olam Group businesses and ofi, including the pursuit of an IPO," Group CEO Sunny Verghese said.

Aramco weighs on #Saudi bourse, profit-taking hits #Dubai | Reuters

Aramco weighs on Saudi bourse, profit-taking hits Dubai | Reuters

Most stock markets in the Gulf ended lower on Monday as oil giant Saudi Aramco weighed on the Saudi index, while the Dubai bourse extended losses on profit-taking.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, pulled lower by a 1.8% fall in Saudi Aramco (2222.SE), opens new tab.

Aramco is forecast to have no performance-linked dividend this year after a more balanced 2024 cash cycle following earlier bumper results that backed the special payout, JPMorgan said in a research note on Friday.

The oil behemoth is slated to report its 2024 results on March 4.

On the other hand, ACWA Power Company (2082.SE), opens new tab was up 2.3%, on track to extend gains from the previous session.

ACWA to buy $693 million stakes in Kuwait and Bahrain assets from ENGIE (ENGIE.PA), opens new tab, covering operating capacities of 4.61 GW gas-fired power generation and 1.11 million cubic meters per day (m3/day) water desalination facilities.

Dubai's main share index (.DFGMI), opens new tab lost 0.5%, extending losses for a second session, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab declining 1.8%.

Elsewhere, district cooling services provider Empower (EMPOWER.DU), opens new tab gave up early gains to close 2.9% lower.

Empower and Dubai Multi Commodities Centre signed an agreement to supply the next phase of Uptown Dubai with sustainable district cooling services.

These movements may represent a healthy correction before the market resumes its upward trajectory, supported by recent positive results and strong growth projections for the year, said Joseph Dahrieh, Managing Principal at Tickmill.

However, construction and engineering company Drake & Scull International (DSI.DU), opens new tab advanced 1.8%, after winning contracts worth over 1 billion dirhams ($272.28 million) for the Arabian Hills project.

In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.2%.

The Qatari index (.QSI), opens new tab added 0.2%, helped by a 1.2% rise in Qatar Islamic Bank (QISB.QA), opens new tab.

Meanwhile, Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said on Sunday that six venture capital firms the investment authority has invested in as part of its "fund of funds" programme will open offices or regional headquarters in Qatar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.3% lower, hit by a 2.3% fall in EFG Holding Company (HRHO.CA), opens new tab.

Gulf bourses subdued, #Saudi closed for public holiday | Reuters

Gulf bourses subdued, Saudi closed for public holiday | Reuters

Stock markets in the Gulf were mixed on Sunday, with the Saudi bourse closed for a public holiday.

In Qatar, the index (.QSI), opens new tab nudged 0.1% lower, hit by a 1% fall in Qatar Gas Transport Nakilat (QGTS.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%, helped by a 0.9% rise in Commercial International Bank (COMI.CA), opens new tab.

Egypt's central bank kept its key overnight interest rates unchanged on Thursday, as expected, citing the impact on inflation of uncertainty around U.S. protectionism and geopolitics.

#Dubai eases on profit-taking, #AbuDhabi marginally down | Reuters #UAE

Dubai eases on profit-taking, Abu Dhabi marginally down | Reuters

Dubai index fell on Friday, as investors continued to encash on the profits gained in previous sessions, while Abu Dhabi closed marginally lower.

Dubai's main index (.DFMGI), opens new tab slipped 0.4%, pressured by losses in utilities and financial sector stocks with Dubai Electricity and Water Authority (DEWAA.DU), opens new tab falling 2.6% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab decreasing 0.7%.

However, Dubai Taxi Company (DTC.DU), opens new tab rose 1.9% after the firm proposed a 4.89 fils per share cash dividend for the second half of the year.

Dubai stock market experienced a decline, continuing its pattern of uncertainty and minimal movements following a period of strong gains that were supported by robust earnings results, said Ahmed Negm, head of market research MENA at XS.com.

However, correction appears temporary as the market continues to be underpinned by solid earnings results and strong fundamentals, Ahmed said.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab dropped 0.01% after trading the entire session in the green, dragged down by a 5% decline in IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and 1.4% loss in hypermarket operator Lulu Retail (LULU.AD), opens new tab.

However, Adnoc Gas (ADNOCGAS.AD), opens new tab rose 0.8% as parent Abu Dhabi National Oil Co (ADNOC) completes a $2.84 billion offering of shares in Adnoc Gas at a discount of 5% to the stock's previous close.

Abu Dhabi and Dubai each recorded a 0.1% loss on a weekly basis, according to data compiled by LSEG.

Oil prices fell on Friday but were still poised for a weekly gain on supply disruption in Russia, while uncertainty looms over a potential peace deal in Ukraine.

Brent crude slipped by 0.84% to $75.84 a barrel by 1134 GMT.

#Qatar, #Kuwait Reclassified as Developed Markets by JPMorgan - Bloomberg

Qatar, Kuwait Reclassified as Developed Markets by JPMorgan - Bloomberg

JPMorgan Chase & Co. reclassified Qatar and Kuwait as developed markets and will soon start their removal from its Emerging-Markets Bond Index in a phased manner. It also said the United Arab Emirates may be taken out of the cluster next year.

The elimination of Qatar and Kuwait from EMBI will take place over six months starting with the month-end rebalancing on March 31, JPMorgan’s Global Index Research team said in a statement. From now on, new bond issues from these markets won’t be included in the EM index, JPMorgan said. That includes two benchmark-sized sovereign dollar bonds being sold by Qatar on Thursday.

JPMorgan’s emerging-market universe is widely tracked by investors and the loss of the two investment-graded countries could increase the average risk in the asset class. The extra yield investors demand to own EM sovereign bonds rather than US Treasuries would widen by 11 basis points, JPMorgan said. Qatar has a weighting of 3.2% and Kuwait 0.6% in the EMBI Global Diversified grouping, with UAE accounting for another 4.1%. Their removal would also shift capital flows out of emerging markets, and narrow the opportunities for bond traders.

“As investors we were waiting for this to happen,” said Anders Faergemann, co-head of EM global fixed income at Pinebridge Investments in London. “On paper, the investor base for Qatar and Kuwait will narrow by taking them out of the EM indicies but we can still invest in both countries off benchmark.”

Qatar’s dollar bonds have handed investors 0.8% total returns this year. The country’s sovereign spread over Treasuries is about 67 basis points, compared with an EM-wide average of 317 basis points, marking it as one of the least risky developing nations for bond investors. The reclassification may potentially spark flows into the country from developed-market bond investors.

“This is a very healthy credit with a current account surplus - any external issuance won’t be a concern,” Faergemann said. “we have argued for a while now that Qatar was a DM credit.”

However, the country expects to turn in a fiscal deficit this year. Sheikh Tamim bin Hamad al Thani approved a budget in December that set the deficit at 13.2 billion riyals ($3.62 billion), to be partly funded by external borrowing. The country also has a $2 billion bond maturing in April.

Kuwait has shut itself out of international bond markets since 2017 due to the lack of a public debt bill resulting from political wrangling. But this year, investors expect the sovereign to issue debt under a new law that enables the government to raise up to $65 billion over 50 years.

As for the UAE, JPMorgan said the nation’s cost-of-living ratio has exceeded the EM index threshold for two consecutive years. If the country exceeds threshold in 2026, the market will no longer be eligible for the EMBI series and will be reviewed for removal in a phased manner.

Most Gulf markets gain despite US tariff worries | Reuters

Most Gulf markets gain despite US tariff worries | Reuters

Most stock markets in the Gulf ended higher on Thursday, as investors cautiously shrugged off concerns over U.S. President Donald Trump's tariffs threats and the Federal Reserve's dovish tone.

Trump has been making waves with his tariff announcements this week, targeting a broad range of imports, including pharmaceuticals, semiconductor chips, and lumber.

The big one, though, is the impending tariff on autos, set to kick in as early as April 2.

These moves have investors on edge, fearing an all-out trade war. However, some analysts believe Trump's aggressive stance is simply a negotiating tactic.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, helped by a 2.1% rise in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.

Among other gainers, Etihad Etisalat Company (Mobily) (7020.SE), opens new tab, extended gains for a second session, following a significant increase in its annual profit. Mobily also proposed a higher cash dividend for the second half of the year.

Elsewhere, oil behemoth Saudi Aramco (2222.SE), opens new tab added 0.2%. Aramco signed an agreement to acquire a 25% equity stake in Unioil Petroleum Philippines.

In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.5% higher, with Aldar Properties (ALDAR.AD), opens new tab rising 2%.

Dubai's main share index (.DFMGI), opens new tab fell 0.2%, hit by a 1.2% fall in top lender Emirates NBD (ENBD.DU), opens new tab.

Minutes of the Fed's last policy meeting showed Trump's initial policy proposals raised concerns about higher inflation and affirmed a continued pause on rate cuts.

That impacts monetary policy in the Gulf, where most currencies, including the riyal, are pegged to the dollar.

The Qatari index (.QSI), opens new tab added 0.1%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab gaining 0.4%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab nudged 0.1% higher, helped by a 1% increase in Talaat Moustafa Group (TMGH.CA), opens new tab.

Etihad profit more than triples to almost $500 million ahead of expected IPO | Reuters

Etihad profit more than triples to almost $500 million ahead of expected IPO | Reuters

Etihad Airways more than tripled its net profit last year to $476 million, the carrier, which sources say is set for an initial public offering this quarter, said on Wednesday.

Earnings were boosted by $5.7 billion in passenger revenue and $1.1 billion in cargo revenue, the company said, also citing "significant operational efficiency improvements".

"Looking ahead, I am confident we will continue to be a financially strong airline," CEO Antonoaldo Neves said in a statement.

The company did not mention listing plans in its earnings statement, but sources told Reuters last month Etihad had sounded out investors ahead of a potential offering this quarter.

The airline, which is owned by Abu Dhabi's $225 billion wealth fund ADQ, is looking at a potential stake sale of around 20% to local and international investors, the sources said.

The UAE's capital Abu Dhabi has been ramping up efforts to become a global travel hub as governments in the region diversify their economies away from oil by investing in sectors like tourism.

Etihad, which started operations in 2003, has been through a multi-year restructuring and management shake-up after investing billions of dollars to compete more effectively with Gulf peers.

The launch of a multibillion-dollar new terminal at Abu Dhabi's Zayed International Airport in 2023 tripled the hub's annual capacity to 45 million passengers and could help the airline's growth plans.

Etihad launched more than 20 new destinations last year and is planning to expand its destinations to more than 125 airports by 2030.

Gulf markets end mixed on Trump's tariff threats | Reuters

Gulf markets end mixed on Trump's tariff threats | Reuters

Stock markets in the Gulf ended mixed on Wednesday as investors exercised caution following U.S. President Donald Trump's latest tariff threats on auto, semiconductor and pharmaceutical imports.

Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.

Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax U.S. imports.

Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, hit by a 1.1% fall in ACWA Power Company (2082.SE), opens new tab.

ACWA plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer Engie , the companies said in a joint statement on Wednesday.

Among other decliners, SAL Saudi Logistics Services Company (4263.SE), opens new tab dived about 8% - to become the top loser in the index - following a drop in its fourth-quarter profit.

The cargo firm also slashed its fourth-quarter cash dividend to 1.33 riyals apiece.

Dubai's main share index (.DFMGI), opens new tab gained 0.3%, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.

In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.3% lower.

Meanwhile, oil prices edged up, buoyed by concern over oil supply disruptions in Russia and the U.S. while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine.

The Qatari index (.QSI), opens new tab added 0.1%, helped by a 0.9% rise 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 closed 0.9% higher, with Commercial International Bank (COMI.CA), opens new tab rising 0.9%, following an increase in annual profit.

Asyad Group Seeks Up To $333 Million in #Oman IPO - Bloomberg

Asyad Group Seeks Up To $333 Million in Oman IPO - Bloomberg

A conglomerate backed by Oman’s sovereign wealth fund is set to raise as much as OMR128.1 million ($332.7 million) from the initial public offering of its shipping business.

Asyad Group SAOC will sell a 20% stake in the unit, or about 1.04 billion shares, between 117 baisas and 123 baisas apiece, according to a statement on Tuesday. Asyad Shipping Co. will be valued at $1.66 billion at the top end of that range.

The offering has attracted anchor investors, with Mars Development and Investment LLC committing to subscribe for 10% of the offering, and Falcon Investments LLC — a subsidiary of the Qatar Investment Authority — committing to 20% of the deal, at 123 baisas per share.

Shares are expected to start trading in Muscat on March 12.

Oman plans to divest 30 state-backed assets as part of plans to deepen its capital markets, including power utility Oman Electricity Transmission Co. Last year, IPO volumes in Muscat surpassed London’s after raising a record $2.5 billion with the listings of two units of state-owned energy firm OQ SAOC.

But recent Omani listings have seen lackluster returns, and analysts say Asyad’s plans to take the shipping unit public will test the sultanate’s ability to deliver on its wide-ranging privatization program. The Asyad Group has over $4.1 billion in assets and interests across maritime services, ports and free zones, logistics and public services.

Established in 2003, Asyad Shipping operates a fleet of 89 vessels serving over 60 countries.

Sohar International Bank is the issue manager, while JPMorgan Chase & Co, Jefferies Financial Group Inc., EFG Hermes and Oman Investment Bank are among the joint global coordinators. Credit Agricole SA and Societe Generale will be the joint bookrunners for the issue.

Most Gulf markets rebound from US tariff fears | Reuters

Most Gulf markets rebound from US tariff fears | Reuters

Most stock markets in the Gulf ended higher on Tuesday, rebounding from falls triggered by ongoing uncertainty surrounding U.S. President Donald Trump's plans for tariffs on imports.

Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.

Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax U.S. imports.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, led by a 4.3% jump in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.

Among other gainers, Mobile Telecommunications Company (7030.SE), opens new tab advanced 5.1%. Despite reporting a fall in annual profit, the telecom operator maintained its full-year cash dividend of 0.50 riyals per share.

The market appears poised to keep rising, supported by robust fourth-quarter results, although external factors continue to influence investor sentiment as recently observed, said Joseph Dahrieh, Managing Principal at Tickmill.

Dubai's main share index (.DFMGI), opens new tab fell 0.2%, with toll operator Salik Company (SALIK.DU), opens new tab sliding more than 5%, snapping a four-session winning streak.

Last week, Salik reported a net profit of 1.16 billion dirhams ($315.84 million) for 2024, up from 1.10 billion dirhams a year earlier.

Budget airliner Air Arabia (AIRA.DU), opens new tab retreated 1.5%, on profit-taking following three sessions of gains.

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

According to Dahrieh, Tuesday's higher oil prices provided modest support.

A catalyst for the Gulf's financial markets, international oil prices extended gains after a drone attack on an oil pipeline pumping station in Russia reduced flows from Kazakhstan, though prices were checked by the prospect of rising supply.
to which neither Ukrainians nor European officials have been invited.

The Qatari index (.QSI), opens new tab finished 0.3% higher, ahead of more earnings announcement this week, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 0.7%.

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

Egypt's central bank is likely to keep interest rates steady on February 20, awaiting a clearer drop in inflation before considering cuts, a poll of 10 economists and analysts showed.

#Qatar Wealth Fund Invests in London-Based Venture Capital Firm Utopia - Bloomberg

Qatar Wealth Fund Invests in London-Based Venture Capital Firm Utopia - Bloomberg

The Qatar Investment Authority has invested in London-based Utopia Capital Management, which focuses on startup investments in emerging and frontier markets.

QIA is making a “multimillion-dollar” investment into Utopia Capital, which will open its Middle East headquarters in Doha, according to a statement reviewed by Bloomberg News. QIA’s investment marks one of the first capital deployments from its Fund of Funds program that aims to develop startups and venture capital in Qatar.

Utopia Capital primarily invests in tech-enabled startups in Africa and Southeast Asia. It has raised $200 million from investors with eight offices globally, its website shows.

Qatar’s prime minister, Sheikh Mohammed Al Thani, launched the Fund of Funds program in February 2024 to foster innovation in the country and support local and regional entrepreneurs. The program aims to invest more than $1 billion in international and regional venture capital funds and will place a priority focus on technology and health care sectors.

Gulf markets end mixed on concerns over Trump tariff plans | Reuters

Gulf markets end mixed on concerns over Trump tariff plans | Reuters

Stock markets in the Gulf ended mixed on Monday as investors remained on edge, awaiting further details on U.S. President Donald Trump's reciprocal tariff plans and fearing a potential escalation of global trade tensions.

Trump on Friday revived his tariff threats, warning that automobile levies could kick in as soon as April 2. He also directed commerce and economic officials to explore reciprocal tariffs on countries imposing tariffs on U.S. goods, with a deadline for recommendations set for April 1.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.9%, weighed down by a 1% fall in Al Rajhi Bank (1120.SE), opens new tab and a 2.2% drop in ACWA Power Company (2082.SE), opens new tab.

However, Arabian Internet and Communications Services (7202.SE), opens new tab advanced 4.8%, to be the top gainer on the index, after the tech firm increased its annual cash dividend to 10 riyals per share, up from 6 riyals for 2023.

Dubai's main share index (.DFMGI), opens new tab rose 0.4%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab gaining 2.6%, after reporting a higher annual profit.

Emaar also proposed cash dividend of 1 dirham per share for 2024, up from 50 fils per share for 2023.

In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.7%, with Burjeel Holding (BURJEEL.AD), opens new tab plunging 9.7%, following the hospital operator's board directive to evaluate the viability of a share repurchase program.

Oil prices - a catalyst for the Gulf's financial markets - were little changed, as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.

The Qatari index (.QSI), opens new tab nudged 0.1% higher, helped by a 1% rise in Qatar Islamic Bank (QISB.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab concluded flat, ending three sessions of gains.

The Central Bank of Egypt is most likely to keep overnight interest rates unchanged on February 20 while policymakers wait for a clearer decline in inflation before considering cuts, according to a poll of 10 economists and analysts.

Janus Henderson Eyes #SaudiArabia for Middle East Expansion - Bloomberg

Janus Henderson Eyes Saudi Arabia for Middle East Expansion - Bloomberg

Janus Henderson Group Plc is pursuing opportunities in Saudi Arabia as it looks to grow its footprint in the Middle East and boost regional investment.

Opening an office in the kingdom is a “likely outcome” for the global asset manager, though no official decision has been taken, according to Chief Executive Officer Ali Dibadj. Saudi national Baraa Amir was recently appointed as executive director for the Middle East and Africa and will help to “start laying the groundwork” for more investment in the region, he said.

“We’re looking to expand for sure because we see a lot of opportunity,” Dibadj said in an interview in the Saudi capital of Riyadh on Sunday. “We are very focused on investing locally.”

Saudi Arabia has drawn increasing interest from Wall Street giants and investment titans over the past year as the kingdom embarks on a massive investment spree to back its economic diversification plans. Goldman Sachs Group Inc. and BlackRock Inc. are among those that have moved to establish regional headquarters in Riyadh and State Street Corp. aims to launch more Saudi bond ETFs to give investors greater access to local debt.

Janus Henderson already manages assets in the “low double digit billions of dollars” on behalf of clients in the Middle East, including sovereign wealth funds and family offices, according to Dibadj.

The global asset manager has offices in the UAE and last year launched a private capital division focused on emerging markets after it acquired the private investments team of Kuwait’s largest bank.

Janus has been benefiting from the wave of institutional investors that are looking for easy ways to invest in both European and US collateralized loan obligations, an asset class that now totals over $1 trillion globally.

Last year, rival Fair Oaks Capital was first to launch an exchange-traded fund in Europe that tracks CLOs after years of chatter in the market. Janus Henderson followed suit last month and Invesco Ltd. has now entered the arena.

Dibadj said the Middle East should also be able to benefit from the frenzy of interest from investors.

“The beauty of that structure is that it is quite transportable,” Dibadj said. “This region can certainly get the benefit. Asia can get the benefit. So absolutely, yes, there will be more.”

Clients generally are becoming more interested in fixed income and seeking more exposure to those assets, he said.

“That is a shift that we’ve seen among our clients, which are looking much more for yield,” Dibadj said. “There is cash on the sidelines. People are looking for opportunities to enter the fixed income marketplaces.”

Most Gulf markets little changed as US tariff woes persist | Reuters

Most Gulf markets little changed as US tariff woes persist | Reuters

Most stock markets in the Gulf were little changed on Sunday with investors cautious over the potential implications of U.S. President Donald Trump's plans to impose reciprocal tariffs.

President Trump has tasked his economics team with devising plans for reciprocal tariffs on every country that taxes U.S. imports, raising the risk of a global trade war.

Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, hit by a 5.4% drop in Saudi Research and Media Group (4210.SE), opens new tab.

Qatar's index (.QSI), opens new tab also eased 0.1%, with telecoms firm Ooredoo (ORDS.QA), opens new tab down 2%.

Meanwhile, data from the Federal Reserve showed factory output dipped 0.1% last month, against estimates for a 0.1% increase, after a downwardly revised 0.5% rebound in December, as a sharp drop in motor vehicle output weighed.

Dallas Fed President Lorie Logan on Friday reiterated her view that even if inflation data cools in coming months, the U.S. central bank should not necessarily reduce short-term borrowing costs in response.

The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the dirham, are pegged to the dollar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 1.5%, with most of its constituent stocks in positive territory, including a 3.1% gain for Egypt Aluminum Company (EGAL.CA), opens new tab.

Tobacco monopoly Eastern Company (EAST.CA), opens new tab rose 0.6%, on higher quarterly profit.

#Dubai hits highest mark in nearly 11 years on strong corporate earnings | Reuters

Dubai hits highest mark in nearly 11 years on strong corporate earnings | Reuters

The Dubai index jumped to its highest level in more than a decade on Friday, with the industrial and material sectors leading the charge driven by strong corporate earnings, while Abu Dhabi extended losses.

Dubai's main index (.DFMGI), opens new tab rose 0.8% to 5,362 points - a mark it last touched in May 2014 - extending gains from the previous session, bolstered by a 3.4% rise in toll operator Salik Company (SALIK.DU), opens new tab and a 4.4% advance in low-cost carrier Air Arabia (AIRA.DU), opens new tab.

Salik reported 1.16 billion dirhams ($315.84 million) in full-year net profit, beating analysts' estimate of 1.14 billion dirhams.

Sharjah-based Air Arabia recorded a 56% increase in fourth-quarter net profit to 351 million dirhams ($95.57 million) and raised its annual dividend to 25 fils per share.

Dubai's stock market continued the week's upward trajectory, reaching peak levels not seen since 2014 as its strong momentum persisted, supported by robust earnings, said Hassan Fawaz, chairman & founder of GivTrade.

"(The) market appears well-positioned to maintain its upward momentum" on the back of "strong earnings and robust economic fundamentals", he said.

However, Abu Dhabi's benchmark index (.FTFADGI), opens new tab slipped 0.3%, dragged by a 1.4% decrease in Adnoc Drilling (ADNOCDRILL.AD), opens new tab and 1.5% decline in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab.

Among the losers, healthcare services provider Burjeel Holding (BURJEEL.AD), opens new tab declined 9.8% after the firm reported a 33% decline in full-year net profit.

Oil prices - a key catalyst for Gulf's financial markets - rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. President Donald Trump's plans for global reciprocal tariffs would not come into effect until April, buying some time to avert a full-blown trade war.

Brent crude was up 0.29% to $75.25 a barrel by 1054 GMT.

Dubai index notched up 2.4%, its highest weekly gain in 2025, while Abu Dhabi recorded a 0.4% weekly rise, according to data compiled by LSEG.

#UAE IT Services Company Alpha Data Lines Up #AbuDhabi IPO - Bloomberg

UAE IT Services Company Alpha Data Lines Up Abu Dhabi IPO - Bloomberg

United Arab Emirates-based Alpha Data announced plans for an initial public offering, as listings across the Middle East gather pace.

The IT services company will sell a 40% stake, or up to 400 million shares, in Abu Dhabi, according to the terms of the deal seen by Bloomberg. The subscription period will start from Feb. 20 and the firm is expected to be listed around March 11.

EFG Hermes and Emirates NBD Capital are joint global coordinators on the share sale, and Abu Dhabi Commercial Bank is joint bookrunner. The company is aiming to raise at least $200 million from the deal, Bloomberg News reported last year.

Established in 1981 by Jordanian national Fayez Ibbini, Alpha Data’s technologies include artificial intelligence, security, big data and cloud services, according to its website.

The company plans to pay a dividend of 130 million dirhams ($35 million) for the financial year ending 31 December 2025, payable in two equal instalments, according to the deal terms.

Alpha Data’s compound annual revenue growth rate has been around 23% between 2021 and 2024, and this year has started positively, especially with the tailwind from agentic AI, Ibbini said in an interview with Bloomberg News.

The firm has been in talks with at least four regional investors who may anchor the transaction, he added.

Firms raised over $6 billion with new share sales in the UAE last year — boosted by jumbo listings from LuLu Retail Holdings Plc and Talabat Holding Plc — making it the busiest IPO venue in the Persian Gulf.

The momentum is set to continue, with Etihad Airways PJSC lining up a $1 billion IPO in Abu Dhabi that will make it the first major Gulf carrier to be listed. In neighboring Dubai, an investment vehicle controlled by the emirate’s ruler is preparing to list two separate real estate portfolios, and state-backed Investment Corp. of Dubai is looking sell shares in a construction company.

Neighboring Saudi Arabia has already seen a burst of IPO activity in the first few weeks of 2025. An online brokerage, a Mecca-based developer and a poultry producer have announced plans to sell shares to the public.

Alpha Data operates in the UAE, Qatar and Saudi Arabia and employs 1,500 people.

Gulf bourses end mixed with US data in focus | Reuters

Gulf bourses end mixed with US data in focus | Reuters

Stock markets in the Gulf ended mixed on Thursday as investors monitored developments in U.S. tariff plans and the possible repercussions for global trade, ahead of key U.S. economic data due later in the day.

U.S. President Donald Trump has said he would impose reciprocal tariffs on every country that charges duties on U.S. imports, spurring concern over a widening global trade war and a possible acceleration of U.S. inflation.

Saudi Arabia's benchmark index (.TASI), opens new tab erased early losses to end flat.

Dubai's main share index (.DFMGI), opens new tab gained 0.3%, helped by a 3.9% rise in toll operator Salik Company (SALIK.DU), opens new tab.

In Abu Dhabi, the index (.FTFADGI), opens new tab closed flat, with food and drinks group Agthia (AGTHIA.AD), opens new tab plunging about 10%, the most on the index, despite reporting a bigger annual profit.

Oil prices, a catalyst for the Gulf's financial markets, fell 1% as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising U.S. crude inventories.

The Qatari index (.QSI), opens new tab gained 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab rising 0.9%.

Data on Wednesday showed the U.S. consumer price index increased more than expected in January, reinforcing the Federal Reserve's message that it was in no rush to resume rate cuts. Producer Price Index (PPI) data is due at 1330 GMT.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the dollar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 1.1%, led by a 5.4% advance in tobacco monopoly Eastern Company (EAST.CA), opens new tab.

Meanwhile, Egypt's President Abdel Fatah al-Sisi won't visit the White House if the agenda includes Trump's plan to relocate Palestinians from Gaza, according to Egyptian security sources.

Trump's plan to take over Gaza, displace 2 million Palestinians and create a "Riviera of the Middle East" has ignited Arab world outrage.

Most Gulf markets in red on US tariff worries, Powell's comments | Reuters

Most Gulf markets in red on US tariff worries, Powell's comments | Reuters

Most stock markets in the Gulf ended lower on Wednesday as investors remained cautious, given the uncertainty over U.S. import tariffs and the Federal Reserve Chair Jerome Powell signalling a patient path for rate cuts.

Donald Trump's trade advisers were finalizing plans on Wednesday for the reciprocal tariffs the U.S. president has vowed to impose on every country that charges duties on U.S. imports, ratcheting up fears of a widening global trade war.

Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.3%, hit by a 1.8% fall in Saudi Basic Industries Corp (2010.SE), opens new tab as the petrochemical maker traded ex-dividend.

Dubai's main share index (.DFMGI), opens new tab dropped 0.6%, weighed down by a 4% decline in sharia-compliant Dubai Islamic Bank (DISB.DU), opens new tab, despite reporting a rise in annual profit.

The Dubai bourse snapped two sessions of gains, influenced by recent earnings releases, said Joseph Dahrieh, managing principal at Tickmill.

However, the Dubai bourse maintains the potential for further upside given its solid fundamentals and generally strong earnings releases this quarter, added Dahrieh.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab nudged 0.2% higher, with Aldar Properties (ALDAR.AD), opens new tab closing 1.1% higher, rising for a fourth consecutive session.

Aldar on Monday reported a fourth-quarter profit of 1.9 billion dirhams ($517.32 million), up 37% year-on-year.

However, Lulu Retail Holding (LULU.AD), opens new tab plunged 9.6%, extending losses from the previous session, after a steep decline in quarterly profit.

In Qatar, the index (.QSI), opens new tab was down 0.3%, with petrochemical firm Industries Qatar (IQCD.QA), opens new tab retreating 0.9%.

The U.S. Consumer Price Index (CPI) report, due at 1330 GMT, is now on investors' radar.

Markets have been scaling back expectations for Fed rate cuts this year, largely expecting the U.S. central bank to hold rates steady at its March and May meetings.

On Tuesday, Powell said the economy is in a good place and the Fed isn't rushing to cut interest rates further, but is prepared to do so if inflation drops or the job market weakens.

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

Most Gulf markets rise on buoyant earnings; #Saudi eases | Reuters

Most Gulf markets rise on buoyant earnings; Saudi eases | Reuters

Most stock markets in the Gulf ended higher on Tuesday after a slew of upbeat corporate earnings although there was caution ahead of potential U.S. tariffs, while investors awaited comments from the Federal Reserve Chair.

U.S. President Donald Trump on Monday announced plans to impose 25% tariffs on steel and aluminium imports to the U.S., with additional reciprocal tariffs to be made public within days.

Dubai's main share index (.DFMGI), opens new tab advanced 1.4%, buoyed by a 2.9% jump in Emaar Properties (EMAR.DU), opens new tab and a 2.1% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab ahead of its earnings.

Elsewhere, Emirates Integrated Telecommunications (DU.DU), opens new tab climbed 3.8% after the telecom firm reported a higher quarterly profit.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab inched 0.1% higher, with Aldar Properties (ALDAR.AD), opens new tab surging more than 7%, its biggest intraday gain since late-Sept.

Aldar reported fourth-quarter profit of 1.9 billion dirhams ($517.30 million), up 37% year-on-year.

However, Lulu Retail Holding (LULU.AD), opens new tab plunged 10%, top loser on the index, following a steep decline in fourth-quarter profit.

Saudi Arabia's benchmark index (.TASI), opens new tab lost 0.3%, ending three sessions of gains, hit by a 1.5% fall in Al Rajhi Bank (1120.SE), opens new tab.

Leejam Sports (1830.SE), opens new tab, which posted a lower quarterly profit, slipped 2.4%.

Meanwhile, Fed Chair Jerome Powell is set to testify before the Senate Banking Committee on Tuesday. Investors will closely assess his comments on U.S. tariffs and inflation.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.1%, weighed down by a 3.9% slide in EFG Holding Company (HRHO.CA), opens new tab.

The Egyptian stock market remained in negative territory, continuing its price range fluctuations without a clear direction, said George Pavel, General Manager at Naga.com.

"Investors remain cautious as they await further developments, while concerns about geopolitical risks and tariff policies continue to weigh on investor sentiment."

Egyptian Foreign Minister Badr Abdelatty told U.S. Secretary of State Marco Rubio on Monday that Arab states rejected Trump's widely condemned plan to displace Palestinians in Gaza and take control of the enclave.

UK Property: Mideast to Invest Billions in London Offices, Knight Frank Says - Bloomberg

UK Property: Mideast to Invest Billions in London Offices, Knight Frank Says - Bloomberg

Middle Eastern investors will inject roughly £2 billion ($2.5 billion) into London’s best offices this year to capitalize on values bottoming out, according to broker Knight Frank.

Gulf institutions are looking take advantage of lower prices, strong rental growth and reduced borrowing costs, the broker said in a report, which identified a total of £5 billion set aside by 80 investors globally for so-called core London offices.

These assets have been defined as large, green offices with long-term leases and modern workspaces. Core deals accounted for just £1 billion of London investment transactions in 2024.

“The market can only ignore for so long a severe occupational supply shortfall and rising rents on top of a major correction in prices, and we are now seeing that now change,” said Nick Braybrook, head of London capital markets at Knight Frank. “The first month of this year has already seen two very substantial sovereign wealth fund investments into London offices.”

The pandemic accelerated a shift in London’s office market that’s seen demand concentrated in the most centrally located, well furnished and environmentally sound buildings. Interest has remained robust, even as increased home working has cratered demand for older buildings.

All-in borrowing costs for prime London assets are about 5.5%, down from a peak of 7% in 2022, making larger deals more attractive, Knight Frank said. Over the past five years, 77% of London office occupiers vacated on expiry of their lease, compared with about 50% over the past 25 years, pointing to a transition to higher quality space, the broker said.

“More businesses than ever before are looking to upgrade their corporate headquarters,” said Philip Hobley, head of London offices at Knight Frank. “The growing momentum behind office-first work policies is underpinning both investor and developer confidence.”