"Eid Mubarak"
Saturday, 29 March 2025
Friday, 28 March 2025
Gulf petrostate #Kuwait tries to kick-start diversification from oil
Gulf petrostate Kuwait tries to kick-start diversification from oil
Wealthy Gulf nation Kuwait is set to borrow for the first time in almost a decade, raising hopes that the petrostate will pursue an economic transformation to reduce its reliance on oil after lagging behind regional peers.
Wealthy Gulf nation Kuwait is set to borrow for the first time in almost a decade, raising hopes that the petrostate will pursue an economic transformation to reduce its reliance on oil after lagging behind regional peers.
While Saudi Arabia and Abu Dhabi have set ambitious goals to diversify, spending heavily on everything from artificial intelligence to new cities, Opec’s fourth-largest exporter has remained reliant on oil revenues to fund its bloated welfare state with relatively little domestic investment.
But Kuwait this week passed a long-anticipated public debt law that will allow it to borrow for the first time in eight years, which should help finance major projects such as a new port and airport terminal and — officials say — start diversifying sources of government funding.
The country cannot have a “sustainable future” if oil remains the dominant revenue stream, Kuwait Petroleum Corporation’s chief executive Sheikh Nawaf S Al-Sabah, a member of the royal family, told the Financial Times ahead of the law being passed.
“The state budget will have to find different sources of revenue than oil,” Sheikh Nawaf said. “Budget increases and population growth require more expenditure than oil revenues can provide.”
Kuwait suffered a devastating invasion and occupation by neighbouring Iraq in 1990 and has fallen behind some of its Gulf peers.
Its massive oil receipts are gobbled up by the country’s welfare state, with government spending on public sector salaries and subsidies using up about 80 per cent of its budget.
It was one of the few countries in the Gulf that had a semblance of democracy, with a vibrant parliament in a region of absolute monarchies. But its economic pivot has been accompanied by an authoritarian turn.
Aiming to muscle through legislation such as the public debt law, which had been stymied by political opposition from lawmakers, Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah last year suspended parliament and some articles of the constitution.
Critics argued that parliament had often obstructed development. Although Kuwait has the world’s oldest sovereign wealth fund, with an estimated $970bn in assets, lawmakers had opposed using these riches to fund government spending. Kuwait had a debt-to-GDP ratio of 3.2 per cent in 2023, according to the IMF.
The new law sets the maximum public debt limit at KD30bn ($97bn). “Passage of the debt law means Kuwait could tap international debt markets regularly — and in size — to fund its economic transformation,” said Carla Slim, an economist at Standard Chartered bank.
Yet like other Gulf nations, Kuwait has no intention of backing away from fossil fuels and plans to underwrite its infrastructure development with oil exports.
Kuwait is increasing production capacity from 3mn barrels per day to 4mn by 2035, anticipating that global demand for oil will stay at or above 100mn barrels per day for the next decade, Sheikh Nawaf said.
“Even if it does plateau and start to decline, we’re not projecting a rapid decline,” he said. Kuwait’s current export quota is 2.4mn barrels per day under Opec’s scheme to manage oil supply, but the cartel is set to unwind cuts next year.
To expand its oil industry, Kuwait has been actively exploring and made two major discoveries over the past year, adding oil and gas reserves equivalent to more than 4bn barrels of oil.
Sheikh Nawaf said KPC was working on developing oil-related industries, including petrochemicals, and had invested in some solar power generation at its production sites.
With growth crimped in their home market, big Kuwaiti companies have often looked to the rest of the region for growth. Agility, a major Kuwaiti logistics firm, listed on Abu Dhabi’s stock exchange last year.
But progress on the debt law has spurred optimism that Kuwait could finally be moving towards reforms. Boursa Kuwait’s premier market index hit a two-year high this month, and Kuwaiti stocks have outperformed Dubai and Riyadh’s markets so far this year.
Observers say Kuwait still has to come up with credible plans for spending the money it borrows, however.
Although it has earmarked mega projects such as its Mubarak Al-Kabeer port, is building a new terminal for its international airport and has launched extensive road renovations, some businesspeople say it is unclear what the overall plan for the economy is.
“The government needs to have clarity on the positioning,” said Abdulrahman Al Khannah, group chief executive of conglomerate BIG Holding, whose businesses include real estate to outsourcing and which listed last year. “Do we want to be the logistical hub of the region, to be the interconnect between China and the west? Do we want to be identified as a tourism country?”
Nonetheless, Khannah added that while “we aren’t at a similar pace to other countries . . . I think we have great momentum”.
Kushner’s Affinity Sees Assets Hit $4.8 Billion on Gulf Money, Investment Gains - Bloomberg
Kushner’s Affinity Sees Assets Hit $4.8 Billion on Gulf Money, Investment Gains - Bloomberg
Jared Kushner’s Affinity Partners’ assets under management grew to $4.8 billion from $3 billion in 2024, powered by new money from the Middle East and investment performance, according to a new filing.
Commitments from Abu Dhabi-based asset manager Lunate and the Qatar Investment Authority, which Bloomberg News reported on in December, drove $1.5 billion of the increase that was disclosed Thursday in a regulatory filing with the US Securities and Exchange Commission.
Another $287 million was the result of gains — including dividends and net of fees collected — from investments in companies including EGYM, Phoenix Financial Ltd. and QXO Inc., according to a person with knowledge of the matter.
Kushner, 44, founded his investment firm after his father-in-law Donald Trump’s first term in the White House. Close to 99% of assets in the funds managed by Affinity are attributable to non-US investors, the filing shows.
Affinity has drawn scrutiny from Democratic lawmakers for its large share of foreign money and what they’ve deemed a slow deployment of capital. But the latest filing shows the firm has investments that have started to deliver paper gains.
EGYM, a corporate wellness platform, raised about $200 million in a funding round last year led by L Catterton and Meritech Capital valuing it at more than $1 billion. That’s roughly 1.7 times the valuation at which Affinity invested in July 2023, said the person with knowledge of the matter, who asked not to be identified because the details aren’t public.
Affinity is also sitting on a profitable position in Tel Aviv-based Phoenix Financial, which it purchased at 37.5 shekels per share. Phoenix’s shares closed on Dec. 31 at 53.18 shekels, a 42% jump. The firm in January received approval to double its stake at its earlier entry price.
Affinity’s bet on Brad Jacobs-led QXO has also paid off. It agreed to invest in July at $9.14 a share, and shares closed at the end of 2024 at $15.90 — a 74% gain.
Meanwhile, the firm said its employees total 30, down from 33, in part because some have joined Trump’s administration.
Chad Mizelle, Affinity’s former chief legal officer, left to be US Attorney General Pam Bondi’s chief of staff. He was succeeded by Ian Brekke, who has served as Affinity’s chief compliance officer since 2021 and was previously deputy general counsel at the US Department of Homeland Security.
Kevin Hassett, who was Affinity’s global director of research, left to become director of the National Economic Council.
Jared Kushner’s Affinity Partners’ assets under management grew to $4.8 billion from $3 billion in 2024, powered by new money from the Middle East and investment performance, according to a new filing.
Commitments from Abu Dhabi-based asset manager Lunate and the Qatar Investment Authority, which Bloomberg News reported on in December, drove $1.5 billion of the increase that was disclosed Thursday in a regulatory filing with the US Securities and Exchange Commission.
Another $287 million was the result of gains — including dividends and net of fees collected — from investments in companies including EGYM, Phoenix Financial Ltd. and QXO Inc., according to a person with knowledge of the matter.
Kushner, 44, founded his investment firm after his father-in-law Donald Trump’s first term in the White House. Close to 99% of assets in the funds managed by Affinity are attributable to non-US investors, the filing shows.
Affinity has drawn scrutiny from Democratic lawmakers for its large share of foreign money and what they’ve deemed a slow deployment of capital. But the latest filing shows the firm has investments that have started to deliver paper gains.
EGYM, a corporate wellness platform, raised about $200 million in a funding round last year led by L Catterton and Meritech Capital valuing it at more than $1 billion. That’s roughly 1.7 times the valuation at which Affinity invested in July 2023, said the person with knowledge of the matter, who asked not to be identified because the details aren’t public.
Affinity is also sitting on a profitable position in Tel Aviv-based Phoenix Financial, which it purchased at 37.5 shekels per share. Phoenix’s shares closed on Dec. 31 at 53.18 shekels, a 42% jump. The firm in January received approval to double its stake at its earlier entry price.
Affinity’s bet on Brad Jacobs-led QXO has also paid off. It agreed to invest in July at $9.14 a share, and shares closed at the end of 2024 at $15.90 — a 74% gain.
Meanwhile, the firm said its employees total 30, down from 33, in part because some have joined Trump’s administration.
Chad Mizelle, Affinity’s former chief legal officer, left to be US Attorney General Pam Bondi’s chief of staff. He was succeeded by Ian Brekke, who has served as Affinity’s chief compliance officer since 2021 and was previously deputy general counsel at the US Department of Homeland Security.
Kevin Hassett, who was Affinity’s global director of research, left to become director of the National Economic Council.
#SaudiArabia's capital markets regulator approves flynas IPO | Reuters
Saudi Arabia's capital markets regulator approves flynas IPO | Reuters
Saudi Arabian budget airline flynas, which is backed by billionaire Prince Alwaleed Bin Talal, is planning to float on Riyadh's bourse, the kingdom's markets regulator said on Friday.
The nearly twenty-year-old company is going ahead with plans to sell a 30% stake, according to a statement by the Saudi capital markets authority, joining a raft of companies that have flocked to Gulf bourses in recent years.
The flynas prospectus will be published prior to the start of the subscription period, the statement added.
The carrier is set to debut after a years-long boom in the airline industry following the COVID-19 pandemic, and as Saudi Arabia has made tourism key to its domestic economic agenda.
The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia (AIRA.DU), opens new tab and Kuwait's Jazeera Airways (JAZK.KW), opens new tab, and the first in nearly two decades.
Launched as Nas Air in 2007, flynas serves over 70 destinations with more than 60 Airbus (AIR.PA), opens new tab A320 and A330 jets. The airline is targeting a fleet of 160 aircraft by 2030.
Among its shareholders are Kingdom Holding, the Saudi Arabian investment company founded by Prince Alwaleed, who was once the country's best-known international investor, buying up holdings in companies like Citigroup, Twitter and Four Seasons.
Saudi Arabia's PIF sovereign wealth fund bought around 17% of Kingdom Holding in 2022.
The prince, a member of the kingdom's vast ruling family, was detained in 2017 amid a sweeping purge of elites by de facto ruler Crown Prince Mohammed bin Salman, but released the following year after striking a confidential agreement with the government.
Saudi Arabia is spending billions of dollars overhauling its economy to create new industries and jobs and develop a vibrant private sector to reduce the country's dependence on oil rents.
The kingdom, which attracts tens of millions of religious pilgrims a year to holy Muslim sites in Mecca and Medina, has revamped its tourism industry to attract non-religious tourists.
Tourism is a major pillar of the economic overhaul and the government is establishing a new state-owned airline, Riyadh Air, to start operations next year. Other major airlines in Saudi Arabia are Saudia and flyadeal, both state-owned.
Saudi Arabian budget airline flynas, which is backed by billionaire Prince Alwaleed Bin Talal, is planning to float on Riyadh's bourse, the kingdom's markets regulator said on Friday.
The nearly twenty-year-old company is going ahead with plans to sell a 30% stake, according to a statement by the Saudi capital markets authority, joining a raft of companies that have flocked to Gulf bourses in recent years.
The flynas prospectus will be published prior to the start of the subscription period, the statement added.
The carrier is set to debut after a years-long boom in the airline industry following the COVID-19 pandemic, and as Saudi Arabia has made tourism key to its domestic economic agenda.
The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia (AIRA.DU), opens new tab and Kuwait's Jazeera Airways (JAZK.KW), opens new tab, and the first in nearly two decades.
Launched as Nas Air in 2007, flynas serves over 70 destinations with more than 60 Airbus (AIR.PA), opens new tab A320 and A330 jets. The airline is targeting a fleet of 160 aircraft by 2030.
Among its shareholders are Kingdom Holding, the Saudi Arabian investment company founded by Prince Alwaleed, who was once the country's best-known international investor, buying up holdings in companies like Citigroup, Twitter and Four Seasons.
Saudi Arabia's PIF sovereign wealth fund bought around 17% of Kingdom Holding in 2022.
The prince, a member of the kingdom's vast ruling family, was detained in 2017 amid a sweeping purge of elites by de facto ruler Crown Prince Mohammed bin Salman, but released the following year after striking a confidential agreement with the government.
Saudi Arabia is spending billions of dollars overhauling its economy to create new industries and jobs and develop a vibrant private sector to reduce the country's dependence on oil rents.
The kingdom, which attracts tens of millions of religious pilgrims a year to holy Muslim sites in Mecca and Medina, has revamped its tourism industry to attract non-religious tourists.
Tourism is a major pillar of the economic overhaul and the government is establishing a new state-owned airline, Riyadh Air, to start operations next year. Other major airlines in Saudi Arabia are Saudia and flyadeal, both state-owned.
Mideast Stocks: Ex-dividend stocks weigh on #UAE markets
Mideast Stocks: Ex-dividend stocks weigh on UAE markets
Stock markets in Dubai and Abu Dhabi retreated on Friday, primarily weighed down by firms trading ex-dividend. Oil and the dollar were also struggling, as Trump's 25% tariffs on auto imports due to kick in next week alongside plans for much broader global levies continued to draw fierce criticism from countries and companies.
In Dubai, the main share index slipped 0.5%, led by a 2.4% drop in Emirates Central Cooling Systems Corp and a 1.6% decline in government-owned utility firm Dubai Electricity and Water Authority, both of which traded ex-dividend.
Dubai's largest lender Emirates NBD Bank fell 0.5%, while Emaar Properties edged down 1.5%. Abu Dhabi's General Index dipped 0.2%, weighed down by a 0.3% decline in the country's largest lender, First Abu Dhabi Bank.
Aldar Properties and ADNOC Gas fell 2.9% and 2.1% respectively, as both the stock traded ex-dividend. Separately, Abu Dhabi's GDP grew 3.8% in 2024 to AED 1.2 trillion ($326.73 billion), the Abu Dhabi Statistics Centre reported.
Most Gulf markets will remain closed from Sunday through Tuesday for the Eid holiday.
Stock markets in Dubai and Abu Dhabi retreated on Friday, primarily weighed down by firms trading ex-dividend. Oil and the dollar were also struggling, as Trump's 25% tariffs on auto imports due to kick in next week alongside plans for much broader global levies continued to draw fierce criticism from countries and companies.
In Dubai, the main share index slipped 0.5%, led by a 2.4% drop in Emirates Central Cooling Systems Corp and a 1.6% decline in government-owned utility firm Dubai Electricity and Water Authority, both of which traded ex-dividend.
Dubai's largest lender Emirates NBD Bank fell 0.5%, while Emaar Properties edged down 1.5%. Abu Dhabi's General Index dipped 0.2%, weighed down by a 0.3% decline in the country's largest lender, First Abu Dhabi Bank.
Aldar Properties and ADNOC Gas fell 2.9% and 2.1% respectively, as both the stock traded ex-dividend. Separately, Abu Dhabi's GDP grew 3.8% in 2024 to AED 1.2 trillion ($326.73 billion), the Abu Dhabi Statistics Centre reported.
Most Gulf markets will remain closed from Sunday through Tuesday for the Eid holiday.
Thursday, 27 March 2025
Most Gulf markets rebound amid US tariff news | Reuters
Most Gulf markets rebound amid US tariff news | Reuters
Most stock markets in the Gulf ended higher on Thursday, reversing early losses, as investors assess the impact of U.S. President Donald Trump's latest tariff announcement.
Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the ongoing trade war that's been fuelling market volatility.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.5%, with Saudi Arabian Mining Company (1211.SE), opens new tab rising 2.2% and Riyad Bank (1010.SE), opens new tab closing 1.4% higher.
Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab increased 0.4%.
Aramco is in talks to invest in two planned refineries in India as the world's top oil exporter looks for a stable outlet for its crude in the world's fastest-growing emerging market, Reuters reported on Thursday, citing several Indian sources with direct knowledge of the matter.
Dubai's main share index (.DFMGI), opens new tab nudged 0.1% higher, helped by a 4.1% jump in Parkin Company (PARKIN.DU), opens new tab, which oversees public parking operations in the emirates.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - were steady as markets assessed the new U.S. tariffs, while concerns about global supply kept prices near one-month highs.
The Qatari index (.QSI), opens new tab concluded 0.5% higher, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab gaining 0.9% and petrochemical maker Industries Qatar (IQCD.QA), opens new tab edging up 1.7%.
On the other hand, sharia-compliant lender Masraf Al Rayan (MARK.QA), opens new tab slid 3.4%, as the bank traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.9%, as most of its constituents were in positive territory including tobacco monopoly Eastern Company (EAST.CA), opens new tab, which was up 2.2%.
Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF programme.
Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the ongoing trade war that's been fuelling market volatility.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.5%, with Saudi Arabian Mining Company (1211.SE), opens new tab rising 2.2% and Riyad Bank (1010.SE), opens new tab closing 1.4% higher.
Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab increased 0.4%.
Aramco is in talks to invest in two planned refineries in India as the world's top oil exporter looks for a stable outlet for its crude in the world's fastest-growing emerging market, Reuters reported on Thursday, citing several Indian sources with direct knowledge of the matter.
Dubai's main share index (.DFMGI), opens new tab nudged 0.1% higher, helped by a 4.1% jump in Parkin Company (PARKIN.DU), opens new tab, which oversees public parking operations in the emirates.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - were steady as markets assessed the new U.S. tariffs, while concerns about global supply kept prices near one-month highs.
The Qatari index (.QSI), opens new tab concluded 0.5% higher, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab gaining 0.9% and petrochemical maker Industries Qatar (IQCD.QA), opens new tab edging up 1.7%.
On the other hand, sharia-compliant lender Masraf Al Rayan (MARK.QA), opens new tab slid 3.4%, as the bank traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.9%, as most of its constituents were in positive territory including tobacco monopoly Eastern Company (EAST.CA), opens new tab, which was up 2.2%.
Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF programme.
Wednesday, 26 March 2025
Blackrock, Top #Dubai Lender Partner on Private Markets Platform - Bloomberg
Blackrock, Top Dubai Lender Partner on Private Markets Platform - Bloomberg
Blackrock Inc. is partnering with Dubai-based lender Emirates NBD on a new platform designed to give Middle Eastern investors greater access to fast-growing private markets.
The product will offer Emirates NBD’s wealth clients access to private credit and alternative assets, according to a statement on Tuesday. It will be based on BlackRock’s Alternative Investments platform, which has more than $450 billion assets under management.
The firms will first launch a range of so-called evergreen offerings, which allow investors more flexibility than closed-end funds, focused on income and growth strategies exclusively in the United Arab Emirates.
International players are fast entering the private credit space in the Middle East, partnering with wealth funds in the region including Mubadala Investment Co., Abu Dhabi Investment Authority, ADQ and Saudi Arabia’s Public Investment Fund.
Private credit was Mubadala’s best-performing asset class for three years in a row, its deputy chief executive officer said in January.
Blackrock Inc. is partnering with Dubai-based lender Emirates NBD on a new platform designed to give Middle Eastern investors greater access to fast-growing private markets.
The product will offer Emirates NBD’s wealth clients access to private credit and alternative assets, according to a statement on Tuesday. It will be based on BlackRock’s Alternative Investments platform, which has more than $450 billion assets under management.
The firms will first launch a range of so-called evergreen offerings, which allow investors more flexibility than closed-end funds, focused on income and growth strategies exclusively in the United Arab Emirates.
International players are fast entering the private credit space in the Middle East, partnering with wealth funds in the region including Mubadala Investment Co., Abu Dhabi Investment Authority, ADQ and Saudi Arabia’s Public Investment Fund.
Private credit was Mubadala’s best-performing asset class for three years in a row, its deputy chief executive officer said in January.
Emaar Properties announces 100% dividend payout of $2.39bln
Emaar Properties announces 100% dividend payout of $2.39bln
Emaar Properties today approved a 100 percent dividend payout, amounting to AED8.8 billion, during its Annual General Meeting (AGM). This follows the introduction of Emaar’s updated dividend policy in December 2024.
The meeting also included the approval of the auditor’s report for 2024, along with the board’s report on the company’s activities and financial position.
Emaar’s financial results for 2024 reflected strong operational performance and continued growth across its key business segments. The company recorded property sales of approximately AED70 billion (US$19 billion), representing a 72 percent increase compared to 2023.
Emaar’s revenue backlog from property sales exceeded AED110 billion (US$30 billion), supporting future revenue generation.
Total revenue for 2024 reached AED35.5 billion ($9.6 billion), marking a 33 percent year-over-year increase, while net profit before tax grew by 25 percent to AED18.9 billion ($5.1 billion). EBITDA for the year stood at AED19.3 billion ($5.2 billion), with a margin of 54 percent.
Mohamed Alabbar, Founder of Emaar Properties, said, “Emaar’s 2024 results reflect our dedication to operational excellence, innovation, and customer experience. As we move forward, we remain committed to sustainable and technology-driven growth, further enhancing Dubai’s position as a leading global destination for investment and development while aligning with the UAE’s Net Zero 2050 vision.”
Emaar Properties today approved a 100 percent dividend payout, amounting to AED8.8 billion, during its Annual General Meeting (AGM). This follows the introduction of Emaar’s updated dividend policy in December 2024.
The meeting also included the approval of the auditor’s report for 2024, along with the board’s report on the company’s activities and financial position.
Emaar’s financial results for 2024 reflected strong operational performance and continued growth across its key business segments. The company recorded property sales of approximately AED70 billion (US$19 billion), representing a 72 percent increase compared to 2023.
Emaar’s revenue backlog from property sales exceeded AED110 billion (US$30 billion), supporting future revenue generation.
Total revenue for 2024 reached AED35.5 billion ($9.6 billion), marking a 33 percent year-over-year increase, while net profit before tax grew by 25 percent to AED18.9 billion ($5.1 billion). EBITDA for the year stood at AED19.3 billion ($5.2 billion), with a margin of 54 percent.
Mohamed Alabbar, Founder of Emaar Properties, said, “Emaar’s 2024 results reflect our dedication to operational excellence, innovation, and customer experience. As we move forward, we remain committed to sustainable and technology-driven growth, further enhancing Dubai’s position as a leading global destination for investment and development while aligning with the UAE’s Net Zero 2050 vision.”
Gulf bourses end mixed as investors await clarity on US tariffs | Reuters
Gulf bourses end mixed as investors await clarity on US tariffs | Reuters
Major Gulf stock markets were mixed on Wednesday as investors waited for clarity on U.S. President Donald Trump's trade policy ahead of looming tariffs.
Traders are hoping there may be room for flexibility around recently-announced trade policies, after Trump hinted earlier this week that not all tariffs would kick in on April 2, and that some countries may be exempt.
Oil prices - a catalyst for the Gulf's financial markets - initially rose on U.S. plans for additional tariffs on buyers of Venezuelan oil and gas, and a larger-than-expected drop in U.S. crude inventories.
But the impact was later mitigated by the U.S.-brokered maritime security and energy truce between Russia and Ukraine.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 2.3%, led by a 3% rise in Al Rajhi Bank (1120.SE), opens new tab and a 2.1% increase in oil giant Saudi Aramco (2222.SE), opens new tab.
"The Saudi bourse exhibited strong positive performance, showing improved sentiment after a period of uncertainty," Joseph Dahrieh, managing principal at TickmillAll, said, adding that all sectors traded positively on Wednesday.
"The energy sector extended its rebound, benefiting from the recent two-week oil price recovery, with Aramco also posting gains," he said.
In Qatar, the index (.QSI), opens new tab added 0.3%, helped by a 0.3% rise in the Gulf's biggest lender by assets, Qatar National Bank (QNBK.QA), opens new tab.
The Abu Dhabi index (.FTFADGI), opens new tab edged 0.2% higher.
Dubai's main share index (.DFMGI), opens new tab, however, finished flat, despite budget airline Air Arabia's (AIRA.DU), opens new tab 8.9% plunge. Emirates Integrated Telecommunications (DU.DU), opens new tab also retreated 3.2%. Both stocks traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.1%, with EFG Holding (HRHO.CA), opens new tab slipping 1.7%.
Major Gulf stock markets were mixed on Wednesday as investors waited for clarity on U.S. President Donald Trump's trade policy ahead of looming tariffs.
Traders are hoping there may be room for flexibility around recently-announced trade policies, after Trump hinted earlier this week that not all tariffs would kick in on April 2, and that some countries may be exempt.
Oil prices - a catalyst for the Gulf's financial markets - initially rose on U.S. plans for additional tariffs on buyers of Venezuelan oil and gas, and a larger-than-expected drop in U.S. crude inventories.
But the impact was later mitigated by the U.S.-brokered maritime security and energy truce between Russia and Ukraine.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 2.3%, led by a 3% rise in Al Rajhi Bank (1120.SE), opens new tab and a 2.1% increase in oil giant Saudi Aramco (2222.SE), opens new tab.
"The Saudi bourse exhibited strong positive performance, showing improved sentiment after a period of uncertainty," Joseph Dahrieh, managing principal at TickmillAll, said, adding that all sectors traded positively on Wednesday.
"The energy sector extended its rebound, benefiting from the recent two-week oil price recovery, with Aramco also posting gains," he said.
In Qatar, the index (.QSI), opens new tab added 0.3%, helped by a 0.3% rise in the Gulf's biggest lender by assets, Qatar National Bank (QNBK.QA), opens new tab.
The Abu Dhabi index (.FTFADGI), opens new tab edged 0.2% higher.
Dubai's main share index (.DFMGI), opens new tab, however, finished flat, despite budget airline Air Arabia's (AIRA.DU), opens new tab 8.9% plunge. Emirates Integrated Telecommunications (DU.DU), opens new tab also retreated 3.2%. Both stocks traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.1%, with EFG Holding (HRHO.CA), opens new tab slipping 1.7%.
Tuesday, 25 March 2025
Exclusive: #UAE renewables firm Masdar weighs possible IPO, sources say | Reuters
Exclusive: UAE renewables firm Masdar weighs possible IPO, sources say | Reuters
Abu Dhabi's state-owned renewables company Masdar is in the early stages of considering an initial public offering, three people with knowledge of the matter told Reuters.
The company is considering a possible listing in Abu Dhabi to raise funding for renewable projects, said two of the sources, with one of them saying a dual listing in New York was also possible.
Masdar has held informal talks with banks, a third person said.
An IPO would not come before 2026, two of the people said. The company may not pursue an IPO at all, one said. All three people declined to be named as the matter is not public.
Masdar said it "has no current plans to go public", in response to Reuters questions, adding it did not comment on "market speculation as a matter of policy."
The company said its focus "continues to be on integrating, scaling, and unlocking synergies across the business, as we target continued ambitious growth."
Masdar is held 43% by Abu Dhabi government majority-owned power and water firm TAQA, 33% by sovereign wealth fund Mubadala Investment Company, and 24% by national oil firm ADNOC. ADNOC directed questions to Masdar, while TAQA did not respond to a request for comment. Mubadala declined to comment.
The renewables firm, which operates in more than 40 countries, is expanding in several parts of Europe, as well as in Asia and the United States. It is seeking to increase its capacity to 100 gigawatts of renewable energy by 2030 from about 51 gigawatts now, at various stages of development.
Masdar and other deep-pocketed investors from the Gulf and other regions have intensified dealmaking in a sector hit by high interest rates and rising debt costs, with energy giants like Spanish utility Iberdrola (IBE.MC), opens new tab and Italy's Enel (ENEI.MI), opens new tab happy to sell minority stakes in wind and solar parks to maximise returns and curb debt.
Masdar on Monday agreed to pay about $200 million to buy a 49.9% stake in a solar portfolio controlled by Spanish power utility Endesa (ELE.MC), opens new tab, a unit of Enel, expanding their existing partnership and confirming a previous Reuters report.
In November it closed the acquisition of a 70% stake in Greece's Terna Energy, a deal that values the Greek renewables firm at 3.2 billion euros ($3.5 billion).
In September, Masdar agreed to buy Spain's Saeta Yield from Canada's Brookfield (BAM.TO), opens new tab in a $1.4 billion deal, two months after it agreed to take a minority stake in a 2 gigawatt solar portfolio controlled by Endesa.
Masdar reported a net profit of 111.4 million UAE dirhams ($30.3 million) for the first half of 2024, according to its latest financial statements.
The Middle East has become a bright spot for initial public offerings, raising $12.6 billion last year in total according to EY, amid a slowdown in other markets such as Europe.
Abu Dhabi's state-owned renewables company Masdar is in the early stages of considering an initial public offering, three people with knowledge of the matter told Reuters.
The company is considering a possible listing in Abu Dhabi to raise funding for renewable projects, said two of the sources, with one of them saying a dual listing in New York was also possible.
Masdar has held informal talks with banks, a third person said.
An IPO would not come before 2026, two of the people said. The company may not pursue an IPO at all, one said. All three people declined to be named as the matter is not public.
Masdar said it "has no current plans to go public", in response to Reuters questions, adding it did not comment on "market speculation as a matter of policy."
The company said its focus "continues to be on integrating, scaling, and unlocking synergies across the business, as we target continued ambitious growth."
Masdar is held 43% by Abu Dhabi government majority-owned power and water firm TAQA, 33% by sovereign wealth fund Mubadala Investment Company, and 24% by national oil firm ADNOC. ADNOC directed questions to Masdar, while TAQA did not respond to a request for comment. Mubadala declined to comment.
The renewables firm, which operates in more than 40 countries, is expanding in several parts of Europe, as well as in Asia and the United States. It is seeking to increase its capacity to 100 gigawatts of renewable energy by 2030 from about 51 gigawatts now, at various stages of development.
Masdar and other deep-pocketed investors from the Gulf and other regions have intensified dealmaking in a sector hit by high interest rates and rising debt costs, with energy giants like Spanish utility Iberdrola (IBE.MC), opens new tab and Italy's Enel (ENEI.MI), opens new tab happy to sell minority stakes in wind and solar parks to maximise returns and curb debt.
Masdar on Monday agreed to pay about $200 million to buy a 49.9% stake in a solar portfolio controlled by Spanish power utility Endesa (ELE.MC), opens new tab, a unit of Enel, expanding their existing partnership and confirming a previous Reuters report.
In November it closed the acquisition of a 70% stake in Greece's Terna Energy, a deal that values the Greek renewables firm at 3.2 billion euros ($3.5 billion).
In September, Masdar agreed to buy Spain's Saeta Yield from Canada's Brookfield (BAM.TO), opens new tab in a $1.4 billion deal, two months after it agreed to take a minority stake in a 2 gigawatt solar portfolio controlled by Endesa.
Masdar reported a net profit of 111.4 million UAE dirhams ($30.3 million) for the first half of 2024, according to its latest financial statements.
The Middle East has become a bright spot for initial public offerings, raising $12.6 billion last year in total according to EY, amid a slowdown in other markets such as Europe.
Most Gulf markets fall on US tariff uncertainty | Reuters
Most Gulf markets fall on US tariff uncertainty | Reuters
Most stock markets in the Gulf ended lower on Tuesday as investors awaited clarity on U.S. threats of reciprocal tariffs, set to take effect early next month.
On Monday, U.S. President Donald Trump said automobile tariffs are coming soon, but also indicated that not all of his threatened levies would be imposed on April 2, suggesting some degree of flexibility on the matter.
Trump's tariff policies are widely expected to contribute to slowing global economic growth, trigger further trade tensions, and could drive up inflation.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.6% fall in Al Rajhi Bank (1120.SE), opens new tab and a 3.7% decrease in Saudi Arabian Mining Company (1211.SE), opens new tab.
The Saudi bourse continued its uncertain movements at its support level. While sector performance remained mixed, the energy market showed signs of a recovery, following similar movements in oil prices during recent sessions, said George Pavel general manager at Naga.com Middle East.
"This recovery could potentially boost overall market sentiment if sustained."
Oil prices - a catalyst for the Gulf's financial markets - rose on Tuesday for a fifth day on expectations that global supply may tighten after the U.S. announced tariffs on countries that buy Venezuelan crude, although OPEC+ plans to go ahead with an output hike in May limited gains.
Oil giant Saudi Aramco (2222.SE), opens new tab gained 0.6%.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.3%, with Multiply Group (MULTIPLY.AD), opens new tab retreating 4.2%. The index was little changed at closing in the last two sessions and down in the two trading days before that.
The rebound in oil prices may eventually have a beneficial effect on the Abu Dhabi market, said Pavel.
Dubai's main share index (.DFMGI), opens new tab, however, finished flat.
The Qatari benchmark (.QSI), opens new tab declined 0.3%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab losing 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.2% lower, weighed down by a 0.2% fall in Commercial International Bank (COMI.CA), opens new tab.
On Monday, U.S. President Donald Trump said automobile tariffs are coming soon, but also indicated that not all of his threatened levies would be imposed on April 2, suggesting some degree of flexibility on the matter.
Trump's tariff policies are widely expected to contribute to slowing global economic growth, trigger further trade tensions, and could drive up inflation.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.6% fall in Al Rajhi Bank (1120.SE), opens new tab and a 3.7% decrease in Saudi Arabian Mining Company (1211.SE), opens new tab.
The Saudi bourse continued its uncertain movements at its support level. While sector performance remained mixed, the energy market showed signs of a recovery, following similar movements in oil prices during recent sessions, said George Pavel general manager at Naga.com Middle East.
"This recovery could potentially boost overall market sentiment if sustained."
Oil prices - a catalyst for the Gulf's financial markets - rose on Tuesday for a fifth day on expectations that global supply may tighten after the U.S. announced tariffs on countries that buy Venezuelan crude, although OPEC+ plans to go ahead with an output hike in May limited gains.
Oil giant Saudi Aramco (2222.SE), opens new tab gained 0.6%.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.3%, with Multiply Group (MULTIPLY.AD), opens new tab retreating 4.2%. The index was little changed at closing in the last two sessions and down in the two trading days before that.
The rebound in oil prices may eventually have a beneficial effect on the Abu Dhabi market, said Pavel.
Dubai's main share index (.DFMGI), opens new tab, however, finished flat.
The Qatari benchmark (.QSI), opens new tab declined 0.3%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab losing 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.2% lower, weighed down by a 0.2% fall in Commercial International Bank (COMI.CA), opens new tab.
Monday, 24 March 2025
Gulf markets end mixed, investors fret about US tariffs, geopolitics | Reuters
Gulf markets end mixed, investors fret about US tariffs, geopolitics | Reuters
Gulf markets were mixed on Monday with uncertainty about U.S. President Donald Trump's next tariff move and heightened regional geopolitical tensions affecting some stocks.
Trump's reciprocal tariffs, due to take effect on April 2, are expected to fuel inflation and stunt economic growth. However, Trump suggested on Friday that there may be some flexibility regarding tariffs, potentially softening their impact.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank (1120.SE), opens new tab rising 1.4% and Saudi Telecom Company (7010.SE), opens new tab increasing 1.6%.
Elsewhere, Umm Al Qura for Development and Construction (4325.SE), opens new tab surged 30% - the maximum daily limit allowed for newly-listed stocks during their first three days of trading - to 19.5 riyals in its debut trading.
"The introduction of Umm Al Qura added further positive sentiment to the market," said Hassan Fawaz, chairman & founder of GivTrade. "However, for a sustainable reversal, the market will need reduced geopolitical tensions, less pressure from external factors, and a recovery in oil prices."
Dubai's main share index (.DFMGI), opens new tab added 0.3%, with toll operator Salik Co (SALIK.DU), opens new tab closing 2.6% higher.
Meanwhile, escalating geopolitical concerns led investors to exercise caution and retreat from riskier investments.
In Abu Dhabi, the share index (.FTFADGI), opens new tab finished flat.
Oil prices - a catalyst for the Gulf's financial markets - climbed in choppy trade as investors weighed the impact of fresh U.S. sanctions on Iranian exports against talks to end the war in Ukraine.
The Qatari index (.QSI), opens new tab dropped 0.8%, hit by a 0.8% fall 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 fell 0.4%, with Abu Qir Fertilizers and Chemical Industries (ABUK.CA), opens new tab retreating 2.2%.
Gulf markets were mixed on Monday with uncertainty about U.S. President Donald Trump's next tariff move and heightened regional geopolitical tensions affecting some stocks.
Trump's reciprocal tariffs, due to take effect on April 2, are expected to fuel inflation and stunt economic growth. However, Trump suggested on Friday that there may be some flexibility regarding tariffs, potentially softening their impact.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank (1120.SE), opens new tab rising 1.4% and Saudi Telecom Company (7010.SE), opens new tab increasing 1.6%.
Elsewhere, Umm Al Qura for Development and Construction (4325.SE), opens new tab surged 30% - the maximum daily limit allowed for newly-listed stocks during their first three days of trading - to 19.5 riyals in its debut trading.
"The introduction of Umm Al Qura added further positive sentiment to the market," said Hassan Fawaz, chairman & founder of GivTrade. "However, for a sustainable reversal, the market will need reduced geopolitical tensions, less pressure from external factors, and a recovery in oil prices."
Dubai's main share index (.DFMGI), opens new tab added 0.3%, with toll operator Salik Co (SALIK.DU), opens new tab closing 2.6% higher.
Meanwhile, escalating geopolitical concerns led investors to exercise caution and retreat from riskier investments.
In Abu Dhabi, the share index (.FTFADGI), opens new tab finished flat.
Oil prices - a catalyst for the Gulf's financial markets - climbed in choppy trade as investors weighed the impact of fresh U.S. sanctions on Iranian exports against talks to end the war in Ukraine.
The Qatari index (.QSI), opens new tab dropped 0.8%, hit by a 0.8% fall 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 fell 0.4%, with Abu Qir Fertilizers and Chemical Industries (ABUK.CA), opens new tab retreating 2.2%.
Sunday, 23 March 2025
Investor caution sends most Gulf markets lower | Reuters
Investor caution sends most Gulf markets lower | Reuters
Most Gulf stock markets were subdued on Sunday as escalating geopolitical concerns and worries over U.S. tariffs and their potential impact on the global economy led investors to exercise caution and retreat from riskier investments.
Oil giant Saudi Aramco (2222.SE), opens new tab rose 0.4%.
Aramco has agreed to buy fuel distributor Primax, which has operations in Peru, Colombia and Ecuador, Peruvian newspaper Gestion reported late on Thursday, citing sources familiar with the deal.
In Qatar, the index (.QSI), opens new tab retreated by 0.7%, with Commercial Bank (COMB.QA), opens new tab down 7.1% as it traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.8%, with most of its constituents in positive territory, including a 3.7% gain for Commercial International Bank (COMI.CA), opens new tab.
Most Gulf stock markets were subdued on Sunday as escalating geopolitical concerns and worries over U.S. tariffs and their potential impact on the global economy led investors to exercise caution and retreat from riskier investments.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.6%, with Al Rajhi Bank (1120.SE), opens new tab and the country's biggest lender, Saudi National Bank (1180.SE), opens new tab, each losing 1.6%.
Oil giant Saudi Aramco (2222.SE), opens new tab rose 0.4%.
Aramco has agreed to buy fuel distributor Primax, which has operations in Peru, Colombia and Ecuador, Peruvian newspaper Gestion reported late on Thursday, citing sources familiar with the deal.
In Qatar, the index (.QSI), opens new tab retreated by 0.7%, with Commercial Bank (COMB.QA), opens new tab down 7.1% as it traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.8%, with most of its constituents in positive territory, including a 3.7% gain for Commercial International Bank (COMI.CA), opens new tab.
Friday, 21 March 2025
#UAE commits to $1.4 trillion US investment, White House says | Reuters
UAE commits to $1.4 trillion US investment, White House says | Reuters
The United Arab Emirates has committed to a 10-year, $1.4 trillion investment framework in the United States after top UAE officials met President Donald Trump this week, the White House said on Friday.
The framework will "substantially increase the UAE's existing investments in the U.S. economy" in AI infrastructure, semiconductors, energy, and manufacturing, the White House said in a statement.
The White House did not outline how UAE investments would reach $1.4 trillion, with some of the deals unveiled as part of the framework having already been announced.
The only fully new deal appeared to be an investment by Emirates Global Aluminium in what would be the first new aluminum smelter in the United States in 35 years, the White House said, adding the plant "would nearly double U.S. domestic aluminum production".
"Developing a primary aluminium smelter in the U.S. has been part of EGA's ambitions for several years," a spokesperson for the firm said in a statement.
The UAE, an oil producer and longtime security partner of the U.S., is looking to deepen investment ties with Washington and is emerging as a global leader in AI, one of the sectors it is betting on to diversify its economy away from energy.
In September, UAE President Sheikh Mohamed bin Zayed Al Nahyan met former U.S. President Joe Biden, in the first visit of a UAE president to the White House, as the two leaders discussed deepening cooperation in areas such as AI, investments and space exploration.
Gulf sovereign wealth funds, including Abu Dhabi's $330-billion Mubadala, are already big U.S. investors, and Trump and his family have business ties to the region.
OVAL OFFICE MEETING
Trump in January asked Saudi Arabia to spend upwards of $1 trillion in the U.S. economy, over four years, including purchases of military equipment, and said this month he likely would make his first trip abroad to the Gulf country to seal an investment agreement.
The deal, which could happen between this month or the next, would come at a time when Saudi Arabia, the Arab world's biggest economy, has been taking a more prominent role in U.S. foreign policy. The Gulf country is set to host diplomatic talks around Ukraine involving the United States and Russia next week.
The White House said on Friday the UAE agreement resulted from a meeting that Trump held on Tuesday with national security adviser Sheikh Tahnoon bin Zayed Al Nahyan in the Oval Office and a dinner that Vice President JD Vance and several cabinet members held with the UAE delegation, which included the heads of major UAE sovereign wealth funds and corporations.
Among the tie-ups highlighted on Friday was a partnership between UAE sovereign wealth fund ADQ, which is chaired by Sheikh Tahnoon, and U.S. private equity firm Energy Capital Partners, for a $25 billion U.S.-focused initiative to invest in energy infrastructure and data centers. That had been previously announced two days ago.
A commitment by XRG, the international investment arm of UAE state oil company ADNOC launched in November, to support U.S. natural gas production and exports with an investment in the NextDecade liquefied natural gas export facility in Texas, had previously been made public last year by ADNOC, under Biden.
The United Arab Emirates has committed to a 10-year, $1.4 trillion investment framework in the United States after top UAE officials met President Donald Trump this week, the White House said on Friday.
The framework will "substantially increase the UAE's existing investments in the U.S. economy" in AI infrastructure, semiconductors, energy, and manufacturing, the White House said in a statement.
The White House did not outline how UAE investments would reach $1.4 trillion, with some of the deals unveiled as part of the framework having already been announced.
The only fully new deal appeared to be an investment by Emirates Global Aluminium in what would be the first new aluminum smelter in the United States in 35 years, the White House said, adding the plant "would nearly double U.S. domestic aluminum production".
"Developing a primary aluminium smelter in the U.S. has been part of EGA's ambitions for several years," a spokesperson for the firm said in a statement.
The UAE, an oil producer and longtime security partner of the U.S., is looking to deepen investment ties with Washington and is emerging as a global leader in AI, one of the sectors it is betting on to diversify its economy away from energy.
In September, UAE President Sheikh Mohamed bin Zayed Al Nahyan met former U.S. President Joe Biden, in the first visit of a UAE president to the White House, as the two leaders discussed deepening cooperation in areas such as AI, investments and space exploration.
Gulf sovereign wealth funds, including Abu Dhabi's $330-billion Mubadala, are already big U.S. investors, and Trump and his family have business ties to the region.
OVAL OFFICE MEETING
Trump in January asked Saudi Arabia to spend upwards of $1 trillion in the U.S. economy, over four years, including purchases of military equipment, and said this month he likely would make his first trip abroad to the Gulf country to seal an investment agreement.
The deal, which could happen between this month or the next, would come at a time when Saudi Arabia, the Arab world's biggest economy, has been taking a more prominent role in U.S. foreign policy. The Gulf country is set to host diplomatic talks around Ukraine involving the United States and Russia next week.
The White House said on Friday the UAE agreement resulted from a meeting that Trump held on Tuesday with national security adviser Sheikh Tahnoon bin Zayed Al Nahyan in the Oval Office and a dinner that Vice President JD Vance and several cabinet members held with the UAE delegation, which included the heads of major UAE sovereign wealth funds and corporations.
Among the tie-ups highlighted on Friday was a partnership between UAE sovereign wealth fund ADQ, which is chaired by Sheikh Tahnoon, and U.S. private equity firm Energy Capital Partners, for a $25 billion U.S.-focused initiative to invest in energy infrastructure and data centers. That had been previously announced two days ago.
A commitment by XRG, the international investment arm of UAE state oil company ADNOC launched in November, to support U.S. natural gas production and exports with an investment in the NextDecade liquefied natural gas export facility in Texas, had previously been made public last year by ADNOC, under Biden.
Banks and industrial stocks drag #Dubai lower, #AbuDhabi flat | Reuters #UAE
Banks and industrial stocks drag Dubai lower, Abu Dhabi flat | Reuters
Dubai's index (.DFMGI), opens new tab ended lower on Friday, with banking and industrial stocks driving losses as rising geopolitical tensions dampened market sentiment, while the Abu Dhabi index (.FTFADGI), opens new tab closed almost flat.
Regional geopolitical tensions have escalated this week, after Israel resumed airstrikes and ground operations in Gaza, effectively ending a two-month-old ceasefire.
Dubai's main index declined 0.6%, hitting a near-three-month low, dragged lower by a 4% drop in Dubai Islamic Bank (DISB.DU), opens new tab and a 9.8% fall in Gulf Navigation Holding (GNAV.DU), opens new tab.
Outperforming the broader market, Emirates Integrated Telecommunications Co (DU.DU), opens new tab, (Du), rose 0.9% after Bloomberg News reported that Abu Dhabi's Mubadala Investment Company could sell at least part of its $1 billion stake in the firm.
Dubai's index broke through its support level, which had held for the past two weeks, as recent negative sentiment surrounding global markets has weighed on stock market performance, Rania Gule, Senior Market Analyst at XS.com - MENA, said.
However, fundamentals are still supportive, she said.
Dubai and Abu Dhabi extended losses to a fifth straight week, registering declines of 0.8% and 0.5% respectively, according to LSEG data.
Abu Dhabi's benchmark index closed almost flat, up 0.004%, supported by a 1% rise in Emirates Telecommunications Group (EAND.AD), opens new tab (E&), and a 1.7% increase in shares of First Abu Dhabi Bank (FAB.AD), opens new tab, the biggest lender by assets.
Agthia Group (AGTHIA.AD), opens new tab, which appointed Salmeen Obaid Al Ameri as new MD and CEO on Friday, gained 0.9%.
Oil prices - a key catalyst for the Gulf region's financial markets - fell slightly on Friday but were heading for a second consecutive weekly gain as fresh U.S. sanctions on Iran and the OPEC+ output plan raised expectations of tighter supply.
Brent crude was down 0.5% to $71.64 a barrel by 1135 GMT.
Dubai's index (.DFMGI), opens new tab ended lower on Friday, with banking and industrial stocks driving losses as rising geopolitical tensions dampened market sentiment, while the Abu Dhabi index (.FTFADGI), opens new tab closed almost flat.
Regional geopolitical tensions have escalated this week, after Israel resumed airstrikes and ground operations in Gaza, effectively ending a two-month-old ceasefire.
Dubai's main index declined 0.6%, hitting a near-three-month low, dragged lower by a 4% drop in Dubai Islamic Bank (DISB.DU), opens new tab and a 9.8% fall in Gulf Navigation Holding (GNAV.DU), opens new tab.
Outperforming the broader market, Emirates Integrated Telecommunications Co (DU.DU), opens new tab, (Du), rose 0.9% after Bloomberg News reported that Abu Dhabi's Mubadala Investment Company could sell at least part of its $1 billion stake in the firm.
Dubai's index broke through its support level, which had held for the past two weeks, as recent negative sentiment surrounding global markets has weighed on stock market performance, Rania Gule, Senior Market Analyst at XS.com - MENA, said.
However, fundamentals are still supportive, she said.
Dubai and Abu Dhabi extended losses to a fifth straight week, registering declines of 0.8% and 0.5% respectively, according to LSEG data.
Abu Dhabi's benchmark index closed almost flat, up 0.004%, supported by a 1% rise in Emirates Telecommunications Group (EAND.AD), opens new tab (E&), and a 1.7% increase in shares of First Abu Dhabi Bank (FAB.AD), opens new tab, the biggest lender by assets.
Agthia Group (AGTHIA.AD), opens new tab, which appointed Salmeen Obaid Al Ameri as new MD and CEO on Friday, gained 0.9%.
Oil prices - a key catalyst for the Gulf region's financial markets - fell slightly on Friday but were heading for a second consecutive weekly gain as fresh U.S. sanctions on Iran and the OPEC+ output plan raised expectations of tighter supply.
Brent crude was down 0.5% to $71.64 a barrel by 1135 GMT.
Thursday, 20 March 2025
CVC Is Interested in Buying Mubadala-Backed Fortress - Bloomberg #AbuDhabi #UAE
CVC Is Interested in Buying Mubadala-Backed Fortress - Bloomberg
CVC Capital Partners is interested in acquiring Fortress Investment Group, according to people with knowledge of the matter, as it seeks to expand in private credit.
The European private equity firm has held talks with Fortress and majority owner Abu Dhabi sovereign wealth fund Mubadala Investment Co., but the discussions aren’t currently active, said some of the people, all of whom asked not to be identified discussing confidential information.
CVC discussed options including buying control, with existing shareholders like Mubadala keeping a stake in the combined entity, the people said. Fortress, which has about $49 billion in assets under management, is owned by Mubadala and over 150 Fortress staffers, who collectively hold a 32% stake in the firm.
While CVC remains interested in a transaction, it is unclear whether negotiations will be revived, some of the people said. The potential valuation of Fortress in any deal is a key sticking point, one of the people said. Fortress was valued at more than $2 billion when Mubadala acquired its stake, Bloomberg News has reported.
Representatives for CVC, Fortress and Mubadala declined to comment.
CVC, which listed on the Euronext Amsterdam in April, has explored acquisitions to give it exposure to US private credit. It held on-and-off talks with HPS Investment Partners, Bloomberg has reported, before HPS agreed to a takeover by BlackRock Inc.
Private credit has driven consolidation in the alternative asset management industry, with France’s Wendel agreeing to acquire a majority stake in Monroe Capital, and Italian insurer Assicurazioni Generali SpA agreeing to buy control of New York-based credit investment firm MGG Investment Group.
CVC Capital Partners is interested in acquiring Fortress Investment Group, according to people with knowledge of the matter, as it seeks to expand in private credit.
The European private equity firm has held talks with Fortress and majority owner Abu Dhabi sovereign wealth fund Mubadala Investment Co., but the discussions aren’t currently active, said some of the people, all of whom asked not to be identified discussing confidential information.
CVC discussed options including buying control, with existing shareholders like Mubadala keeping a stake in the combined entity, the people said. Fortress, which has about $49 billion in assets under management, is owned by Mubadala and over 150 Fortress staffers, who collectively hold a 32% stake in the firm.
While CVC remains interested in a transaction, it is unclear whether negotiations will be revived, some of the people said. The potential valuation of Fortress in any deal is a key sticking point, one of the people said. Fortress was valued at more than $2 billion when Mubadala acquired its stake, Bloomberg News has reported.
Representatives for CVC, Fortress and Mubadala declined to comment.
CVC, which listed on the Euronext Amsterdam in April, has explored acquisitions to give it exposure to US private credit. It held on-and-off talks with HPS Investment Partners, Bloomberg has reported, before HPS agreed to a takeover by BlackRock Inc.
Private credit has driven consolidation in the alternative asset management industry, with France’s Wendel agreeing to acquire a majority stake in Monroe Capital, and Italian insurer Assicurazioni Generali SpA agreeing to buy control of New York-based credit investment firm MGG Investment Group.
#AbuDhabi’s $105 Billion Lunate Eyes Asia Deals With New Venture - Bloomberg #UAE
Abu Dhabi’s $105 Billion Lunate Eyes Asia Deals With New Venture - Bloomberg
Abu Dhabi’s Lunate has launched a new venture focused on the Asia-Pacific region, part of the $105 billion asset manager’s efforts to boost its exposure to faster-growing markets.
The new investment fund, Axight, will largely focus on private equity deals in APAC, according to people familiar with the matter who declined to be identified because the information is confidential.
Axight will look to raise third-party capital over time, they said, without disclosing the initial size of the venture.
Representatives for Lunate declined to comment.
Lunate is a subsidiary of Chimera Investment LLC, and sovereign wealth fund ADQ is an anchor client. Both Chimera and ADQ are part of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s business empire.
The private markets-focused investment manager previously established Alterra, a climate investment fund, with an initial commitment of $30 billion from the United Arab Emirates.
It took over the management of artificial intelligence firm G42’s China-focused fund, with stakes in units of technology companies including ByteDance Ltd. and JD.com Inc., Bloomberg News reported in July.
Lunate has sealed several other deals since its inception in 2023, including an investment in the glitzy Dubai office tower ICD Brookfield Place. It’s also agreed to buy a 40% stake in Abu Dhabi National Oil Co.’s oil pipeline network, and acquire a minority stake in Adnoc’s gas pipeline business.
Abu Dhabi has launched multiple investment vehicles in the last couple of years including AI and advanced technology investor MGX, and XRG for international natural gas, chemicals and low-carbon energy assets.
Abu Dhabi’s Lunate has launched a new venture focused on the Asia-Pacific region, part of the $105 billion asset manager’s efforts to boost its exposure to faster-growing markets.
The new investment fund, Axight, will largely focus on private equity deals in APAC, according to people familiar with the matter who declined to be identified because the information is confidential.
Axight will look to raise third-party capital over time, they said, without disclosing the initial size of the venture.
Representatives for Lunate declined to comment.
Lunate is a subsidiary of Chimera Investment LLC, and sovereign wealth fund ADQ is an anchor client. Both Chimera and ADQ are part of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s business empire.
The private markets-focused investment manager previously established Alterra, a climate investment fund, with an initial commitment of $30 billion from the United Arab Emirates.
It took over the management of artificial intelligence firm G42’s China-focused fund, with stakes in units of technology companies including ByteDance Ltd. and JD.com Inc., Bloomberg News reported in July.
Lunate has sealed several other deals since its inception in 2023, including an investment in the glitzy Dubai office tower ICD Brookfield Place. It’s also agreed to buy a 40% stake in Abu Dhabi National Oil Co.’s oil pipeline network, and acquire a minority stake in Adnoc’s gas pipeline business.
Abu Dhabi has launched multiple investment vehicles in the last couple of years including AI and advanced technology investor MGX, and XRG for international natural gas, chemicals and low-carbon energy assets.
Gulf bourses end mixed on geopolitics, Fed outlook | Reuters
Gulf bourses end mixed on geopolitics, Fed outlook | Reuters
Stock markets in the Gulf ended mixed on Thursday as regional tensions escalated, but there were some signs of optimism that the U.S. Federal Reserve could still deliver two rate cuts this year.
The Fed kept interest rates steady on Wednesday, as was anticipated, and reiterated its forecast for two quarter-percentage-point rate cuts before the end of the year.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.4%, with oil giant Saudi Aramco (2222.SE), opens new tab advancing 2.6% and ACWA Power Company (2082.SE), opens new tab increasing 1%.
Aramco has launched a pilot direct air capture unit able to remove 12 tons of carbon dioxide per year from the atmosphere, it said on Thursday.
Dubai's main share index (.DFMGI), opens new tab finished 0.3% higher, with toll operator Salik Company (SALIK.DU), opens new tab rising 1.9%. Utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab was up 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.7%, weighed by a 7% slide in the country's biggest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, on trading ex-dividend.
Low oil prices also contributed negatively to the general market performance. This factor may continue to exert pressure as petroleum prices remain at lower levels without signs of a potential rebound, said Joseph Dahrieh, Managing Principal at Tickmill.
Oil prices were little changed as a higher-than-expected fuel inventories drawdown in the U.S. and renewed tensions in the Middle East countered strength in the dollar.
The Qatari index (.QSI), opens new tab lost 0.4%, with Qatar Gas Transport (QGTS.QA), opens new tab falling 2.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.1%, led by a 6.5% rise in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Stock markets in the Gulf ended mixed on Thursday as regional tensions escalated, but there were some signs of optimism that the U.S. Federal Reserve could still deliver two rate cuts this year.
The Fed kept interest rates steady on Wednesday, as was anticipated, and reiterated its forecast for two quarter-percentage-point rate cuts before the end of the year.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.4%, with oil giant Saudi Aramco (2222.SE), opens new tab advancing 2.6% and ACWA Power Company (2082.SE), opens new tab increasing 1%.
Aramco has launched a pilot direct air capture unit able to remove 12 tons of carbon dioxide per year from the atmosphere, it said on Thursday.
Dubai's main share index (.DFMGI), opens new tab finished 0.3% higher, with toll operator Salik Company (SALIK.DU), opens new tab rising 1.9%. Utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab was up 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.7%, weighed by a 7% slide in the country's biggest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, on trading ex-dividend.
Low oil prices also contributed negatively to the general market performance. This factor may continue to exert pressure as petroleum prices remain at lower levels without signs of a potential rebound, said Joseph Dahrieh, Managing Principal at Tickmill.
Oil prices were little changed as a higher-than-expected fuel inventories drawdown in the U.S. and renewed tensions in the Middle East countered strength in the dollar.
The Qatari index (.QSI), opens new tab lost 0.4%, with Qatar Gas Transport (QGTS.QA), opens new tab falling 2.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.1%, led by a 6.5% rise in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Wednesday, 19 March 2025
ADQ, Energy Capital Partners Form $25 Billion US Energy Venture to Power AI - Bloomberg #AbuDhabi #UAE
ADQ, Energy Capital Partners Form $25 Billion US Energy Venture to Power AI - Bloomberg
An Abu Dhabi sovereign investor is forging a $25 billion US partnership to invest in power generation for data centers and artificial intelligence projects, soon after President Donald Trump hosted a top royal from the emirate.
ADQ, a fund from the capital of the United Arab Emirates, and investment firm Energy Capital Partners will initially put in a combined $5 billion, according to a statement. The partnership ultimately plans total investments of more than $25 billion, mainly on US assets, the statement said.
The deal was unveiled soon after Trump hosted Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and a brother to its president, at the White House. The Abu Dhabi royal chairs ADQ, which is a $249 billion sovereign wealth fund.
Energy and technology are emerging as a new nexus of the relationship between the oil-rich UAE and the US, alongside traditional areas of cooperation like defense and security.
The US is looking to drive investments to keep its lead in AI, just as the UAE seeks to bolster its access to advanced microchips and computing skills from American companies. People familiar with Sheikh Tahnoon’s plans ahead of his travel had said he would seek easier access to chips and highlight his country’s plans for tech infrastructure in the US.
The UAE is attempting to become a regional powerhouse in AI and wants to buy cutting-edge chips from companies including Nvidia Corp. Still, Abu Dhabi’s ambitions have been curbed by restrictions on exports of advanced chips put into place under former President Joe Biden.
Energy Capital Partners is focused on investing in electricity and sustainability infrastructure, and has large investments in the US. It was acquired by London-listed financial giant Bridgepoint Group Plc in 2024 to create an investment firm with a combined $73 billion of assets under management across private equity, credit and infrastructure.
“This is only the start,” Hamad Al Hammadi, ADQ’s deputy group chief executive officer, said in an interview, referring to planned $25 billion in investments. “We don’t have an issue of increasing the capital if opportunities arise.” The partnership aims to invest the full amount within the next five years and then raise more funds if it spots new targets, he said.
The joint investment project with ADQ is likely to appeal to the Trump administration’s drive to attract funds to the US and boost energy production. Emirati companies have discussed building data centers in the US and the two countries are cooperating in technology and artificial intelligence initiatives.
Sheikh Tahnoon’s $1.5 trillion business empire spans everything from wealth funds to the region’s foremost AI firm — G42 — which has drawn funding from Microsoft Corp. and signed deals with Nvidia and OpenAI. He also oversees MGX, which is helping bankroll Trump’s $100 billion Stargate venture and a $30 billion AI investment coalition led by Microsoft and BlackRock Inc.
In recent months, Trump has touted hundreds of billions of dollars worth of commitments from firms into US technology infrastructure, although timelines of some investments haven’t always been clear.
The new ADQ venture will rely on a mix of debt and equity to fund projects, Al Hammadi said. The partners have an initial pipeline of projects under consideration that could amount to deals for about 10 gigawatts of electricity production, said Al Hammadi, who also oversees the wealth fund’s energy portfolio.
Vice President JD Vance said at a tech summit that the administration is pleased to have an Emirati delegation in Washington and hailed the nation as a viable AI partner.
“One of the things they consistently hammer upon — it’s something that unfortunately too few of our European allies tend to get — is that if you want to lead in artificial intelligence, you’ve got to be leading in energy production,” Vance said. The UAE is the fourth-biggest oil producer in OPEC.
The ADQ-ECP venture aims to sign its first deals within a year of starting up, Al Hammadi said. He declined to say where the initial plants would be. The partners will focus mainly on developing power plants fired by natural gas and could incorporate carbon capture technology to lower the environmental footprint, Al Hammadi said.
Power plants built by the venture will provide electricity directly to specific technology projects like data centers, rather than supplying the wider grid, Al Hammadi said.
The partners will tailor the design of the power projects to a customer’s demand, while catering to potential requests for electricity with lower carbon emission. That could include power from renewables and could include battery storage, Al Hammadi said, adding the partners weren’t likely to build coal-fired plants.
An Abu Dhabi sovereign investor is forging a $25 billion US partnership to invest in power generation for data centers and artificial intelligence projects, soon after President Donald Trump hosted a top royal from the emirate.
ADQ, a fund from the capital of the United Arab Emirates, and investment firm Energy Capital Partners will initially put in a combined $5 billion, according to a statement. The partnership ultimately plans total investments of more than $25 billion, mainly on US assets, the statement said.
The deal was unveiled soon after Trump hosted Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and a brother to its president, at the White House. The Abu Dhabi royal chairs ADQ, which is a $249 billion sovereign wealth fund.
Energy and technology are emerging as a new nexus of the relationship between the oil-rich UAE and the US, alongside traditional areas of cooperation like defense and security.
The US is looking to drive investments to keep its lead in AI, just as the UAE seeks to bolster its access to advanced microchips and computing skills from American companies. People familiar with Sheikh Tahnoon’s plans ahead of his travel had said he would seek easier access to chips and highlight his country’s plans for tech infrastructure in the US.
The UAE is attempting to become a regional powerhouse in AI and wants to buy cutting-edge chips from companies including Nvidia Corp. Still, Abu Dhabi’s ambitions have been curbed by restrictions on exports of advanced chips put into place under former President Joe Biden.
Energy Capital Partners is focused on investing in electricity and sustainability infrastructure, and has large investments in the US. It was acquired by London-listed financial giant Bridgepoint Group Plc in 2024 to create an investment firm with a combined $73 billion of assets under management across private equity, credit and infrastructure.
“This is only the start,” Hamad Al Hammadi, ADQ’s deputy group chief executive officer, said in an interview, referring to planned $25 billion in investments. “We don’t have an issue of increasing the capital if opportunities arise.” The partnership aims to invest the full amount within the next five years and then raise more funds if it spots new targets, he said.
The joint investment project with ADQ is likely to appeal to the Trump administration’s drive to attract funds to the US and boost energy production. Emirati companies have discussed building data centers in the US and the two countries are cooperating in technology and artificial intelligence initiatives.
Sheikh Tahnoon’s $1.5 trillion business empire spans everything from wealth funds to the region’s foremost AI firm — G42 — which has drawn funding from Microsoft Corp. and signed deals with Nvidia and OpenAI. He also oversees MGX, which is helping bankroll Trump’s $100 billion Stargate venture and a $30 billion AI investment coalition led by Microsoft and BlackRock Inc.
In recent months, Trump has touted hundreds of billions of dollars worth of commitments from firms into US technology infrastructure, although timelines of some investments haven’t always been clear.
The new ADQ venture will rely on a mix of debt and equity to fund projects, Al Hammadi said. The partners have an initial pipeline of projects under consideration that could amount to deals for about 10 gigawatts of electricity production, said Al Hammadi, who also oversees the wealth fund’s energy portfolio.
Vice President JD Vance said at a tech summit that the administration is pleased to have an Emirati delegation in Washington and hailed the nation as a viable AI partner.
“One of the things they consistently hammer upon — it’s something that unfortunately too few of our European allies tend to get — is that if you want to lead in artificial intelligence, you’ve got to be leading in energy production,” Vance said. The UAE is the fourth-biggest oil producer in OPEC.
The ADQ-ECP venture aims to sign its first deals within a year of starting up, Al Hammadi said. He declined to say where the initial plants would be. The partners will focus mainly on developing power plants fired by natural gas and could incorporate carbon capture technology to lower the environmental footprint, Al Hammadi said.
Power plants built by the venture will provide electricity directly to specific technology projects like data centers, rather than supplying the wider grid, Al Hammadi said.
The partners will tailor the design of the power projects to a customer’s demand, while catering to potential requests for electricity with lower carbon emission. That could include power from renewables and could include battery storage, Al Hammadi said, adding the partners weren’t likely to build coal-fired plants.
Most Gulf markets retreat on geopolitical tensions | Reuters
Most Gulf markets retreat on geopolitical tensions | Reuters
Most stock markets in the Gulf ended lower on Wednesday amid escalating geopolitical tensions in the region after Israeli airstrikes in Gaza killed over 400 people, disrupting nearly two months of relative peace since the ceasefire began.
Palestinian militant group Hamas and Israel accused each other of breaching the truce. It had broadly held since January and offered respite from war for the 2.3 million inhabitants of Gaza, which has been reduced to rubble.
Egypt and Qatar, the mediators in the ceasefire deal along with the U.S., condemned the Israeli assault, while the European Union, in a statement, deplored the breakdown of the ceasefire.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.7%, with oil giant Saudi Aramco (2222.SE), opens new tab falling 2.2% and Saudi Arabian Mining Company (1211.SE), opens new tab losing 2.8%.
Elsewhere, Sahara International Petrochemical Company (2310.SE), opens new tab was down 3%, after the firm missed its annual profit estimates.
Oil prices approaching recent lows further intensified pressure on the market, said Hani Abuagla Senior Market Analyst at XTB MENA.
"Saudi equities are expected to remain vulnerable to both external factors and fluctuating oil prices in the near term."
Oil prices fell after Russia agreed to U.S. President Donald Trump's proposal that Moscow and Kyiv temporarily stop attacking each other's energy infrastructure, a move that could eventually pave the way for Russian oil to enter global markets.
Dubai's main share index (.DFMGI), opens new tab slipped 0.6%, hit by a 3.7% slide in top lender Emirates NBD (ENBD.DU), opens new tab and a 0.4% decrease in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.3% lower.
The Qatari index (.QSI), opens new tab declined 0.7%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab losing 1.7%, while Qatar International Islamic Bank (QIIB.QA), opens new tab retreated 3% on trading ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab concluded 0.8% lower, as most of its constituents were in negative territory including Talaat Moustafa Group Holding (TMGH.CA), opens new tab, which was down 1.5%.
Most stock markets in the Gulf ended lower on Wednesday amid escalating geopolitical tensions in the region after Israeli airstrikes in Gaza killed over 400 people, disrupting nearly two months of relative peace since the ceasefire began.
Palestinian militant group Hamas and Israel accused each other of breaching the truce. It had broadly held since January and offered respite from war for the 2.3 million inhabitants of Gaza, which has been reduced to rubble.
Egypt and Qatar, the mediators in the ceasefire deal along with the U.S., condemned the Israeli assault, while the European Union, in a statement, deplored the breakdown of the ceasefire.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.7%, with oil giant Saudi Aramco (2222.SE), opens new tab falling 2.2% and Saudi Arabian Mining Company (1211.SE), opens new tab losing 2.8%.
Elsewhere, Sahara International Petrochemical Company (2310.SE), opens new tab was down 3%, after the firm missed its annual profit estimates.
Oil prices approaching recent lows further intensified pressure on the market, said Hani Abuagla Senior Market Analyst at XTB MENA.
"Saudi equities are expected to remain vulnerable to both external factors and fluctuating oil prices in the near term."
Oil prices fell after Russia agreed to U.S. President Donald Trump's proposal that Moscow and Kyiv temporarily stop attacking each other's energy infrastructure, a move that could eventually pave the way for Russian oil to enter global markets.
Dubai's main share index (.DFMGI), opens new tab slipped 0.6%, hit by a 3.7% slide in top lender Emirates NBD (ENBD.DU), opens new tab and a 0.4% decrease in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.3% lower.
The Qatari index (.QSI), opens new tab declined 0.7%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab losing 1.7%, while Qatar International Islamic Bank (QIIB.QA), opens new tab retreated 3% on trading ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab concluded 0.8% lower, as most of its constituents were in negative territory including Talaat Moustafa Group Holding (TMGH.CA), opens new tab, which was down 1.5%.
Tuesday, 18 March 2025
Most Gulf markets gain; #Saudi falls on regional tensions | Reuters
Most Gulf markets gain; Saudi falls on regional tensions | Reuters
Most stock markets in the Gulf ended higher on Tuesday ahead of talks between U.S. President Donald Trump and Russian President Vladimir Putin aimed at ending Russia's war with Ukraine, while tensions in the region dampened investor sentiment.
Trump said he would speak with Putin to discuss a potential Russia-Ukraine cease-fire proposal, which could alleviate some geopolitical uncertainty.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.8%, dragged down by a 1.4% fall in Saudi Aramco (2222.SE), opens new tab as the oil behemoth traded ex-dividend.
Israeli air strikes on Gaza killed more than 300 people, Palestinian health authorities said, threatening a complete collapse of a two-month ceasefire as Israel vowed to use force to free its remaining hostages in the enclave.
Meanwhile, Trump has vowed to continue the U.S. assault on Yemen's Houthis unless they end their attacks on ships in the Red Sea.
Despite oil prices rebounding due to heightened geopolitical tensions in the region, these same tensions negatively impacted market sentiment, said Hassan Fawaz, Chairman and Founder of GivTrade.
"These factors could continue to influence the market's general performance."
Dubai's main share index (.DFMGI), opens new tab lost 0.4%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab losing 1.1% and toll operator Salik (SALIK.DU), opens new tab down 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab nudged 0.1% higher.
Oil prices rose more than 1% to their highest since the beginning of the month, supported by instability in the Middle East and China's plans for more economic stimulus.
The Qatari index (.QSI), opens new tab finished 0.6% higher, led by a 4.2% rise in Qatar Gas Transport (QGTS.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.5%, with Talaat Moustafa Group (TMGH.CA), opens new tab increasing 1.1%.
Most stock markets in the Gulf ended higher on Tuesday ahead of talks between U.S. President Donald Trump and Russian President Vladimir Putin aimed at ending Russia's war with Ukraine, while tensions in the region dampened investor sentiment.
Trump said he would speak with Putin to discuss a potential Russia-Ukraine cease-fire proposal, which could alleviate some geopolitical uncertainty.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.8%, dragged down by a 1.4% fall in Saudi Aramco (2222.SE), opens new tab as the oil behemoth traded ex-dividend.
Israeli air strikes on Gaza killed more than 300 people, Palestinian health authorities said, threatening a complete collapse of a two-month ceasefire as Israel vowed to use force to free its remaining hostages in the enclave.
Meanwhile, Trump has vowed to continue the U.S. assault on Yemen's Houthis unless they end their attacks on ships in the Red Sea.
Despite oil prices rebounding due to heightened geopolitical tensions in the region, these same tensions negatively impacted market sentiment, said Hassan Fawaz, Chairman and Founder of GivTrade.
"These factors could continue to influence the market's general performance."
Dubai's main share index (.DFMGI), opens new tab lost 0.4%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab losing 1.1% and toll operator Salik (SALIK.DU), opens new tab down 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab nudged 0.1% higher.
Oil prices rose more than 1% to their highest since the beginning of the month, supported by instability in the Middle East and China's plans for more economic stimulus.
The Qatari index (.QSI), opens new tab finished 0.6% higher, led by a 4.2% rise in Qatar Gas Transport (QGTS.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.5%, with Talaat Moustafa Group (TMGH.CA), opens new tab increasing 1.1%.
Monday, 17 March 2025
Most Gulf markets in black on China stimulus prospect | Reuters
Most Gulf markets in black on China stimulus prospect | Reuters
Most stock markets in the Gulf ended higher on Monday, propelled by China's latest economic stimulus initiatives.
China's State Council on Sunday unveiled what it called a "special action plan" to boost domestic consumption, featuring measures including increasing residents' income and establishing a childcare subsidy scheme.
This came just days after the country's financial regulator promised to relax consumer credit quotas and loan terms as it offers long-term backing to make available large sums.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.3%, extending gains for a second consecutive session, helped by a 2.5% rise in the country's biggest lender, Saudi National Bank (1180.SE), opens new tab.
Alkhorayef Water and Power Technologies (2081.SE), opens new tab advanced 4.4% following a contract for operation and maintenance of water treatment plants worth 58.8 million riyals ($15.68 million).
A modest rebound in oil prices and China's economic stimulus measures boosted market sentiment, said George Pavel, General Manager at Naga.com.
Additionally, the successful initial public offering of Arabian Company for Agricultural and Industrial Investment (Entaj) further lifted investor optimism.
Entaj (2287.SE), opens new tab surged 30% - the maximum daily limit allowed for newly-listed stocks during their first three days of trading - to 65 riyals in its debut.
Dubai's main share index (.DFMGI), opens new tab finished 0.6% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 3.1%.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.3%.
According to Pavel, the slight rebound in oil prices is providing some support to market sentiment and could further strengthen if oil markets stage a solid recovery.
Oil prices - a catalyst for the Gulf's financial markets - traded higher after the United States vowed to keep attacking Yemen's Houthis until the Iran-aligned group ends its assaults on shipping while Chinese economic data fuelled hopes for higher demand.
The Qatari index (.QSI), opens new tab, however, eased 0.2%, hit by a 1.2% fall in Qatar Islamic Bank (QISB.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.4% higher, with Commercial International Bank (COMI.CA), opens new tab climbing 1.6%.
Most stock markets in the Gulf ended higher on Monday, propelled by China's latest economic stimulus initiatives.
China's State Council on Sunday unveiled what it called a "special action plan" to boost domestic consumption, featuring measures including increasing residents' income and establishing a childcare subsidy scheme.
This came just days after the country's financial regulator promised to relax consumer credit quotas and loan terms as it offers long-term backing to make available large sums.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.3%, extending gains for a second consecutive session, helped by a 2.5% rise in the country's biggest lender, Saudi National Bank (1180.SE), opens new tab.
Alkhorayef Water and Power Technologies (2081.SE), opens new tab advanced 4.4% following a contract for operation and maintenance of water treatment plants worth 58.8 million riyals ($15.68 million).
A modest rebound in oil prices and China's economic stimulus measures boosted market sentiment, said George Pavel, General Manager at Naga.com.
Additionally, the successful initial public offering of Arabian Company for Agricultural and Industrial Investment (Entaj) further lifted investor optimism.
Entaj (2287.SE), opens new tab surged 30% - the maximum daily limit allowed for newly-listed stocks during their first three days of trading - to 65 riyals in its debut.
Dubai's main share index (.DFMGI), opens new tab finished 0.6% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 3.1%.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.3%.
According to Pavel, the slight rebound in oil prices is providing some support to market sentiment and could further strengthen if oil markets stage a solid recovery.
Oil prices - a catalyst for the Gulf's financial markets - traded higher after the United States vowed to keep attacking Yemen's Houthis until the Iran-aligned group ends its assaults on shipping while Chinese economic data fuelled hopes for higher demand.
The Qatari index (.QSI), opens new tab, however, eased 0.2%, hit by a 1.2% fall in Qatar Islamic Bank (QISB.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.4% higher, with Commercial International Bank (COMI.CA), opens new tab climbing 1.6%.
Sunday, 16 March 2025
#Saudi bourse extends gains after S&P ratings upgrade | Reuters
Saudi bourse extends gains after S&P ratings upgrade | Reuters
Saudi Arabia's stock market ended higher on Sunday, extending gains from the previous session, after S&P upgraded its ratings, although other Gulf peers were subdued amid economic uncertainty sparked by U.S. President Donald Trump's trade tariffs.
Global ratings agency S&P raised Saudi Arabia's rating to 'A+' from 'A' with a stable outlook on Friday, underpinned by ongoing social and economic transformation in the country.
Saudi Arabia's benchmark index (.TASI), opens new tab finished 1.1% higher, helped by a 4.4% rise in Saudi Arabian Mining Company (1211.SE), opens new tab and 0.6% increase in Al Rajhi Bank (1120.SE), opens new tab.
In Qatar, the index (.QSI), opens new tab closed flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.2%, helped by a 2.7% gain in Fawry for Banking Technology and Electronic Payment (FWRY.CA), opens new tab.
Saudi Arabia's stock market ended higher on Sunday, extending gains from the previous session, after S&P upgraded its ratings, although other Gulf peers were subdued amid economic uncertainty sparked by U.S. President Donald Trump's trade tariffs.
Global ratings agency S&P raised Saudi Arabia's rating to 'A+' from 'A' with a stable outlook on Friday, underpinned by ongoing social and economic transformation in the country.
Saudi Arabia's benchmark index (.TASI), opens new tab finished 1.1% higher, helped by a 4.4% rise in Saudi Arabian Mining Company (1211.SE), opens new tab and 0.6% increase in Al Rajhi Bank (1120.SE), opens new tab.
In Qatar, the index (.QSI), opens new tab closed flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.2%, helped by a 2.7% gain in Fawry for Banking Technology and Electronic Payment (FWRY.CA), opens new tab.
Friday, 14 March 2025
#Kuwait Paves Way for Bond Sales as Cabinet Approves Debt Law - Bloomberg
Kuwait Paves Way for Bond Sales as Cabinet Approves Debt Law - Bloomberg
Kuwait’s cabinet approved a draft decree that paves the way for the OPEC-member Gulf state to sell international debt for the first time in eight years.
The Council of Ministers approved a law on “financing and liquidity,” according to a statement released after Thursday’s meeting, in reference to a public debt law. There were no details provided.
The long-awaited decree, presented to the government by Finance Minister Noura Al-Fassam, has been referred to Kuwait’s ruler, Sheikh Mishaal Al-Ahmed Al-Sabah, who has to approve all laws.
The original draft law stipulated enabling as much as 20 billion dinars ($65 billion) to be raised over 50 years, people familiar with the matter told Bloomberg in January. The debt cap could be raised in the final draft since previous proposals had suggested a limit of 30 billion dinars, the people said at the time.
“Better late than never,” said Bader Al Saif, an assistant professor at Kuwait University and an associate fellow at Chatham House. “Kuwait’s potential is real and immense. But in the absence of a bold and urgent set of actions, the country’s potential will soon dissipate.”
A public debt bill has been held up for years by political wrangling, making it impossible for successive governments to borrow. That’s forced them to rely on the General Reserve Fund, or treasury. Kuwait would tap international markets mainly to fund key development projects, and to help plug its fiscal deficit if needed.
The Gulf nation is a key US ally in the Middle East, one of the world’s biggest oil exporters and home to a sovereign wealth fund valued at around $1 trillion. The country’s last issuance was an $8 billion five- and 10-year deal in March 2017, just days before the previous debt law expired
The longer notes, maturing in 2027, trade with a yield of around 4.75%, roughly in line with the likes of neighboring oil-rich governments Abu Dhabi, Qatar and Saudi Arabia, and 200 basis points below the average for emerging-market sovereign debt.
“I expect there to be strong demand for Kuwait’s return to the Eurobond market after an eight year absence,” said Fady Gendy, a fixed-income portfolio manager at Arqaam Capital Ltd. in Dubai.
Kuwait has little external debt and is rated A1 by S&P Global Ratings, in line with China and Japan.
Kuwait’s emir suspended parliament for four years in May, effectively clearing the way for the government — headed and appointed by the ruling Al-Sabah family — to pass key bills. It has the Gulf Cooperation Council’s only elected parliament, creating a pluralism that presented its own challenges.
Political dysfunction has plagued the country and stymied development for years, deterring foreign investment, thwarting fiscal reform and hindering efforts to diversify the oil-reliant economy.
Once enacted, the new law would allow Kuwait to issue both conventional bonds and Islamic Sukuk, according to the people, who also said Kuwait would tap bond markets only when required.
Kuwait’s cabinet approved a draft decree that paves the way for the OPEC-member Gulf state to sell international debt for the first time in eight years.
The Council of Ministers approved a law on “financing and liquidity,” according to a statement released after Thursday’s meeting, in reference to a public debt law. There were no details provided.
The long-awaited decree, presented to the government by Finance Minister Noura Al-Fassam, has been referred to Kuwait’s ruler, Sheikh Mishaal Al-Ahmed Al-Sabah, who has to approve all laws.
The original draft law stipulated enabling as much as 20 billion dinars ($65 billion) to be raised over 50 years, people familiar with the matter told Bloomberg in January. The debt cap could be raised in the final draft since previous proposals had suggested a limit of 30 billion dinars, the people said at the time.
“Better late than never,” said Bader Al Saif, an assistant professor at Kuwait University and an associate fellow at Chatham House. “Kuwait’s potential is real and immense. But in the absence of a bold and urgent set of actions, the country’s potential will soon dissipate.”
A public debt bill has been held up for years by political wrangling, making it impossible for successive governments to borrow. That’s forced them to rely on the General Reserve Fund, or treasury. Kuwait would tap international markets mainly to fund key development projects, and to help plug its fiscal deficit if needed.
The Gulf nation is a key US ally in the Middle East, one of the world’s biggest oil exporters and home to a sovereign wealth fund valued at around $1 trillion. The country’s last issuance was an $8 billion five- and 10-year deal in March 2017, just days before the previous debt law expired
The longer notes, maturing in 2027, trade with a yield of around 4.75%, roughly in line with the likes of neighboring oil-rich governments Abu Dhabi, Qatar and Saudi Arabia, and 200 basis points below the average for emerging-market sovereign debt.
“I expect there to be strong demand for Kuwait’s return to the Eurobond market after an eight year absence,” said Fady Gendy, a fixed-income portfolio manager at Arqaam Capital Ltd. in Dubai.
Kuwait has little external debt and is rated A1 by S&P Global Ratings, in line with China and Japan.
Kuwait’s emir suspended parliament for four years in May, effectively clearing the way for the government — headed and appointed by the ruling Al-Sabah family — to pass key bills. It has the Gulf Cooperation Council’s only elected parliament, creating a pluralism that presented its own challenges.
Political dysfunction has plagued the country and stymied development for years, deterring foreign investment, thwarting fiscal reform and hindering efforts to diversify the oil-reliant economy.
Once enacted, the new law would allow Kuwait to issue both conventional bonds and Islamic Sukuk, according to the people, who also said Kuwait would tap bond markets only when required.
#AbuDhabi’s Adnoc Is Said to Mull Buying Mubadala Energy Assets - Bloomberg
Abu Dhabi’s Adnoc Is Said to Mull Buying Mubadala Energy Assets - Bloomberg
Abu Dhabi’s state oil firm is weighing plans to buy the energy assets of sovereign wealth fund Mubadala Investment Co., according to people with knowledge of the matter.
Abu Dhabi National Oil Co. started negotiations with Mubadala late last year, though talks stalled in recent months amid disagreements over valuation, the people said, asking not to be named because the information is private. At the time, the firms were discussing a deal worth about $10 billion, according to one of the people.
Talks are likely to resume soon, potentially after Ramadan ends in March, some of the people said. Executives at Adnoc and Mubadala, along with leaders in Abu Dhabi, are keen to pursue a deal, they said.
No final decisions have been made, and a transaction ultimately may not materialize. Mubadala declined to comment, while representatives for Adnoc didn’t immediately respond to requests for comment.
The fund owns gas fields in Thailand and Indonesia, projects in Malaysia and an oil joint venture in Oman. It’s also a majority shareholder in Dolphin Energy Ltd., which processes gas from a massive field in Qatar and transports it by pipeline to the UAE.
Ownership of the assets would stay within Abu Dhabi after any deal as the emirate tries to reorder state holdings and give entities specific industry focus. During the past year, the city — capital of OPEC member the United Arab Emirates — set up new vehicles to deploy capital across sectors ranging from artificial intelligence to energy.
As part of that push, Mubadala, which manages $330 billion in assets, has been looking to offload some of the energy portfolio acquired during the past decade as it shifts focus to health care, finance and technology.
A successful deal would cement Adnoc’s strategy around oil and gas. The firm manages the UAE’s vast fields at home and is pushing into related sectors overseas. It also created an overseas investment firm called XRG PJS, and has been transferring its global assets into that.
Adnoc recently announced a $13.4 billion deal to buy Nova Chemicals from Mubadala as part of a larger transaction to merge two chemical units that will give the energy firm greater presence in North America, including production facilities on the US Gulf Coast.
Last year, the company agreed to the $13 billion purchase of German chemical maker Covestro AG, which will be the biggest acquisition of a European company by a Middle Eastern firm when completed. The oil producer has also taken stakes in a liquefied natural gas export facility in the US along with supply contracts for the fuel.
Abu Dhabi’s state oil firm is weighing plans to buy the energy assets of sovereign wealth fund Mubadala Investment Co., according to people with knowledge of the matter.
Abu Dhabi National Oil Co. started negotiations with Mubadala late last year, though talks stalled in recent months amid disagreements over valuation, the people said, asking not to be named because the information is private. At the time, the firms were discussing a deal worth about $10 billion, according to one of the people.
Talks are likely to resume soon, potentially after Ramadan ends in March, some of the people said. Executives at Adnoc and Mubadala, along with leaders in Abu Dhabi, are keen to pursue a deal, they said.
No final decisions have been made, and a transaction ultimately may not materialize. Mubadala declined to comment, while representatives for Adnoc didn’t immediately respond to requests for comment.
The fund owns gas fields in Thailand and Indonesia, projects in Malaysia and an oil joint venture in Oman. It’s also a majority shareholder in Dolphin Energy Ltd., which processes gas from a massive field in Qatar and transports it by pipeline to the UAE.
Ownership of the assets would stay within Abu Dhabi after any deal as the emirate tries to reorder state holdings and give entities specific industry focus. During the past year, the city — capital of OPEC member the United Arab Emirates — set up new vehicles to deploy capital across sectors ranging from artificial intelligence to energy.
As part of that push, Mubadala, which manages $330 billion in assets, has been looking to offload some of the energy portfolio acquired during the past decade as it shifts focus to health care, finance and technology.
A successful deal would cement Adnoc’s strategy around oil and gas. The firm manages the UAE’s vast fields at home and is pushing into related sectors overseas. It also created an overseas investment firm called XRG PJS, and has been transferring its global assets into that.
Adnoc recently announced a $13.4 billion deal to buy Nova Chemicals from Mubadala as part of a larger transaction to merge two chemical units that will give the energy firm greater presence in North America, including production facilities on the US Gulf Coast.
Last year, the company agreed to the $13 billion purchase of German chemical maker Covestro AG, which will be the biggest acquisition of a European company by a Middle Eastern firm when completed. The oil producer has also taken stakes in a liquefied natural gas export facility in the US along with supply contracts for the fuel.
#Dubai declines over new tariff threats, oil holds #AbuDhabi | Reuters
Dubai declines over new tariff threats, oil holds Abu Dhabi | Reuters
Dubai's index declined on Friday, driven by losses in heavyweight real estate sector stocks as U.S. President Donald Trump's latest tariff threats made investors nervous, while Abu Dhabi bucked the trend to close higher.
In the latest in a long list of tariff threats, Trump said he would hit European beverage imports with duties of 200% if the EU does not remove U.S. whiskey surcharges.
Dubai's main index (.DFMGI), opens new tab fell 0.9% after two sessions of gains, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab and its construction arm Emaar Development (EMAARDEV.DU), opens new tab falling 2.2% and 2.8% respectively.
Among the losers, Commercial Bank of Dubai (CBD.DU), opens new tab slid 6.1% as the stock went ex-dividend.
However, Dubai Investments (DINV.DU), opens new tab jumped 4.4% after the firm raised its full-year dividend by 44% to 18 fils a share.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged up 0.1%, supported by a 1.1% rise in largest lender First Abu Dhabi Bank (FAB.AD), opens new tab and a 1.4% hike in Emirates Telecommunication Group (know as E& Group) (EAND.AD), opens new tab.
On Thursday, Gulf Cement (GCEM.AD), opens new tab received an offer from TC Mena Holdings to acquire up to 100% stake in the company at AED 0.56 per share.
Gulf cement stock closed 1.8% higher.
Oil prices - a key catalyst for Gulf's financial market - rebounded on Friday due to the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets.
Brent crude was up 1% at $70.57 a barrel by 1130 GMT.
Oil prices continue to play a crucial role in the potential ongoing recovery of the Abu Dhabi market, having reached and paused at key support levels, said Hani Abuagla Senior Market Analyst at XTB MENA.
He further said that any rebound in oil prices could provide positive momentum for the market.
Dubai and Abu Dhabi indexes recorded their fourth consecutive week of losses, declining 1.6% and 0.3% respectively, according to LSEG.
Dubai's index declined on Friday, driven by losses in heavyweight real estate sector stocks as U.S. President Donald Trump's latest tariff threats made investors nervous, while Abu Dhabi bucked the trend to close higher.
In the latest in a long list of tariff threats, Trump said he would hit European beverage imports with duties of 200% if the EU does not remove U.S. whiskey surcharges.
Dubai's main index (.DFMGI), opens new tab fell 0.9% after two sessions of gains, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab and its construction arm Emaar Development (EMAARDEV.DU), opens new tab falling 2.2% and 2.8% respectively.
Among the losers, Commercial Bank of Dubai (CBD.DU), opens new tab slid 6.1% as the stock went ex-dividend.
However, Dubai Investments (DINV.DU), opens new tab jumped 4.4% after the firm raised its full-year dividend by 44% to 18 fils a share.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged up 0.1%, supported by a 1.1% rise in largest lender First Abu Dhabi Bank (FAB.AD), opens new tab and a 1.4% hike in Emirates Telecommunication Group (know as E& Group) (EAND.AD), opens new tab.
On Thursday, Gulf Cement (GCEM.AD), opens new tab received an offer from TC Mena Holdings to acquire up to 100% stake in the company at AED 0.56 per share.
Gulf cement stock closed 1.8% higher.
Oil prices - a key catalyst for Gulf's financial market - rebounded on Friday due to the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets.
Brent crude was up 1% at $70.57 a barrel by 1130 GMT.
Oil prices continue to play a crucial role in the potential ongoing recovery of the Abu Dhabi market, having reached and paused at key support levels, said Hani Abuagla Senior Market Analyst at XTB MENA.
He further said that any rebound in oil prices could provide positive momentum for the market.
Dubai and Abu Dhabi indexes recorded their fourth consecutive week of losses, declining 1.6% and 0.3% respectively, according to LSEG.
Thursday, 13 March 2025
Most Gulf markets end higher on US inflation data | Reuters
Most Gulf markets end higher on US inflation data | Reuters
Most stock markets in the Gulf ended higher on Thursday, helped by a cooler-than-expected U.S. inflation print, although uncertainty remained over tariffs, which continue to threaten economic stability.
U.S. consumer prices increased less than expected in February, but the improvement is likely temporary against a backdrop of aggressive tariffs on imports that are expected to raise the costs of most goods in the months ahead.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.
Investors now await U.S. Producer Price Index data due at 1230 GMT to gain further insights into the Fed's monetary policy.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.2%, supported by a 0.6% increase in Al Rajhi Bank (1120.SE), opens new tab.
Elsewhere, Rasan Information Technology Company (8313.SE), opens new tab soared 9.9%, on completion of an accelerated book-building process to sell about 17.16% stake at 69 riyals.
However, oil giant Saudi Aramco (2222.SE), opens new tab slipped 1%.
Meanwhile, global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said in a monthly oil market report on Thursday, after a downward revision to its 2025 demand growth forecast.
Dubai's main share index (.DFMGI), opens new tab finished 0.5% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 1.1%.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%, helped by a 0.9% increase in ADNOC Gas (ADNOCGAS.AD), opens new tab. The energy firm appointed Al Ramz Capital as liquidity provider.
The Qatari benchmark (.QSI), opens new tab eased 0.1%, hit by a 0.3% fall in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab, while United Development Company (UDCD.QA), opens new tab retreated 4.7%, its biggest intraday fall since late-June 2023, as the stock traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.8%.
Egypt to cut fuel subsidies to cost recovery level by December, as it works to reduce a wide current account deficit, the International Monetary Fund said on Wednesday.
Most stock markets in the Gulf ended higher on Thursday, helped by a cooler-than-expected U.S. inflation print, although uncertainty remained over tariffs, which continue to threaten economic stability.
U.S. consumer prices increased less than expected in February, but the improvement is likely temporary against a backdrop of aggressive tariffs on imports that are expected to raise the costs of most goods in the months ahead.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.
Investors now await U.S. Producer Price Index data due at 1230 GMT to gain further insights into the Fed's monetary policy.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.2%, supported by a 0.6% increase in Al Rajhi Bank (1120.SE), opens new tab.
Elsewhere, Rasan Information Technology Company (8313.SE), opens new tab soared 9.9%, on completion of an accelerated book-building process to sell about 17.16% stake at 69 riyals.
However, oil giant Saudi Aramco (2222.SE), opens new tab slipped 1%.
Meanwhile, global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said in a monthly oil market report on Thursday, after a downward revision to its 2025 demand growth forecast.
Dubai's main share index (.DFMGI), opens new tab finished 0.5% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 1.1%.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%, helped by a 0.9% increase in ADNOC Gas (ADNOCGAS.AD), opens new tab. The energy firm appointed Al Ramz Capital as liquidity provider.
The Qatari benchmark (.QSI), opens new tab eased 0.1%, hit by a 0.3% fall in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab, while United Development Company (UDCD.QA), opens new tab retreated 4.7%, its biggest intraday fall since late-June 2023, as the stock traded ex-dividend.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.8%.
Egypt to cut fuel subsidies to cost recovery level by December, as it works to reduce a wide current account deficit, the International Monetary Fund said on Wednesday.
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