JPMorgan Is Latest Wall Street Bank to Get Saudi HQ License - Bloomberg
JPMorgan Chase & Co. has secured a regional headquarters license in Saudi Arabia, allowing the US lender to expand its on-the-ground operations in the kingdom as authorities push multinationals to set up bigger bases in Riyadh.
JPMorgan’s operations in the Middle East and North Africa will continue to report into the bank’s hub in London, a person familiar with the matter said.
The bank has deep ties with Riyadh, and last month underwrote a $20 billion debt facility to help investors including Saudi Arabia’s Public Investment Fund take Electronic Arts Inc. private in a $55 billion deal. JPMorgan Chief Executive Officer Jamie Dimon is among executives that attend the kingdom’s annual investment confab, the latest edition of which kicks off this month in Riyadh.
The firm joins several international financial giants including Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley and Blackrock Inc. in obtaining a license, part of Saudi Arabia’s effort to attract foreign firms by linking government contracts to having local headquarters.
The program is central to Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the economy away from oil and make Riyadh a premier finance hub in the Gulf.
Saudi Arabia has been pushing international companies to relocate senior staff from hubs such as Dubai, offering tax incentives and access to state tenders.
JPMorgan has been beefing up operations and hiring across the Middle East, where governments including Riyadh’s are in the midst of multi-billion-dollar investment programs to make their economies less reliant on oil.
Wednesday, 15 October 2025
#AbuDhabi’s Multiply Buys Two Firms Creating $33 Billion Entity - Bloomberg
Abu Dhabi’s Multiply Buys Two Firms Creating $33 Billion Entity - Bloomberg
Multiply Group PJSC has agreed to acquire two other Abu Dhabi firms backed by the emirate’s largest listed company, in a share-swap transaction that it said will create an entity holding assets of about $33 billion.
Multiply will issue about 23.36 billion new shares to acquire 2PointZero and Ghitha Holding PJSC, it said Wednesday. Based on Multiply’s current share price, that’s worth around 72.4 billion dirhams ($19.7 billion).
“Together, we are forming an 120 billion dirham ($32.6 billion) balanced and diversified investment group spanning energy, food, logistics, packaging, mining, apparel, media, mobility and beauty,” Samia Bouazza, the group chief executive officer of Multiply, said in the statement.
All three firms have links to International Holding Co., the $239 billion conglomerate chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the United Arab Emirates’ ruler and the country’s national security adviser. IHC units own majority stakes in Multiply and Ghitha. 2PointZero was formed last year to hold portions of Sheikh Tahnoon’s sprawling business empire.
Multiply, which went public nearly four years ago, has invested in a diverse range of firms including Getty Images and Rihanna’s Savage x Fenty lingerie label.
Its shares dropped after the deal announcement. Still, it’s up about 49% this year, outperforming the Abu Dhabi benchmark’s 7% rise. Multiply has also been planning to list its media business.
2PointZero holds investments across energy, mining and financial services, and backs some of Abu Dhabi’s most prolific dealmakers, including Lunate, the $110 billion investment manager and International Resources Holding. The firm had been slated to be listed by the end of this year with a valuation of about $27 billion.
Shares of Ghitha, a food and agriculture platform, rose as much as 3.1%, extending its year-to-date gains to nearly 10%.
Multiply Group PJSC has agreed to acquire two other Abu Dhabi firms backed by the emirate’s largest listed company, in a share-swap transaction that it said will create an entity holding assets of about $33 billion.
Multiply will issue about 23.36 billion new shares to acquire 2PointZero and Ghitha Holding PJSC, it said Wednesday. Based on Multiply’s current share price, that’s worth around 72.4 billion dirhams ($19.7 billion).
“Together, we are forming an 120 billion dirham ($32.6 billion) balanced and diversified investment group spanning energy, food, logistics, packaging, mining, apparel, media, mobility and beauty,” Samia Bouazza, the group chief executive officer of Multiply, said in the statement.
All three firms have links to International Holding Co., the $239 billion conglomerate chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the United Arab Emirates’ ruler and the country’s national security adviser. IHC units own majority stakes in Multiply and Ghitha. 2PointZero was formed last year to hold portions of Sheikh Tahnoon’s sprawling business empire.
Multiply, which went public nearly four years ago, has invested in a diverse range of firms including Getty Images and Rihanna’s Savage x Fenty lingerie label.
Its shares dropped after the deal announcement. Still, it’s up about 49% this year, outperforming the Abu Dhabi benchmark’s 7% rise. Multiply has also been planning to list its media business.
2PointZero holds investments across energy, mining and financial services, and backs some of Abu Dhabi’s most prolific dealmakers, including Lunate, the $110 billion investment manager and International Resources Holding. The firm had been slated to be listed by the end of this year with a valuation of about $27 billion.
Shares of Ghitha, a food and agriculture platform, rose as much as 3.1%, extending its year-to-date gains to nearly 10%.
BlackRock's GIP, #AbuDhabi's MGX Buy Aligned Data Centers in $40 Billion AI Bet - Bloomberg
BlackRock's GIP, Abu Dhabi's MGX Buy Aligned Data Centers in $40 Billion AI Bet - Bloomberg
Investors led by BlackRock Inc.’s Global Infrastructure Partners agreed to buy Aligned Data Centers in a $40 billion deal, one of the asset manager’s largest infrastructure investments ever that comes as Wall Street races to claim a stake in the artificial-intelligence boom.
MGX, an AI investment company established by sovereign wealth fund Mubadala Investment Co., will invest alongside GIP, according to a statement Wednesday that confirmed an earlier Bloomberg News report. The buyers are purchasing the company from Macquarie Asset Management, which made its first investment in Aligned in April 2018.
GIP and its partners, which also include Microsoft Corp. and Nvidia Corp., are targeting a major beneficiary of AI spending in the biggest-ever data center transaction. Aligned, which is based in Texas and operates throughout the US and South America, has 50 campuses and 78 data centers under management or in future development, according to its website.
In January, it landed more than $12 billion in equity and debt commitments from investors including funds managed by Macquarie Asset Management.
The agreement is the latest in a parade of major deals since ChatGPT emerged, as investors vie for exposure to the leaders of a technology with the potential to transform industries and economies.
They’ve piled into infrastructure providers such as chip linchpins Nvidia and SK Hynix Inc., pushed up valuations of startups like OpenAI and Anthropic, and poured capital into all manner of gear suppliers to the AI boom.
According to a Goldman Sachs report earlier this month, AI-related companies have accounted for $141 billion in corporate credit issuance so far this year, already eclipsing the $127 billion in total debt last year.
BlackRock Partnership
The Aligned deal is the first for a partnership BlackRock set up with its GIP unit, Microsoft and MGX a year ago to invest heavily in AI, data centers and the energy powering the technology.
BlackRock CEO Larry Fink bought Bayo Ogunlesi’s GIP for $12.5 billion in 2024 to make major infrastructure investments sought by pensions, sovereign wealth funds and other big investors. The AI partnership set a goal of raising $30 billion of equity capital to finance eventually up to $100 billion in investments.
Infrastructure has emerged as a key theme for investors seeking to profit from the AI boom, setting off an arms race among the world’s largest alternative asset managers to acquire the skills necessary to build and operate complex assets like data centers. Blackstone Inc. bought QTS Realty Trust for about $10 billion in 2021 and followed up with the acquisition of AirTrunk at the end of last year.
Blackstone has since poured capital into those businesses, allowing them to significantly expand their pipelines and accelerate developments as they look to cash in on massive demand from the world’s biggest tech firms for processing capacity.
Hyperscale Centers
Aligned’s business is focused on hyperscale centers in the Americas, positioning it to benefit from that demand at a time when the Trump administration has been pushing for tech firms to concentrate their investment on the domestic market. It also has a pipeline of attractive development opportunities, with its land bank enjoying access to “scaled near term power in core markets,” according to the statement.
Founded in 2013, nearly a decade before the generative AI boom, Aligned has long focused on providing custom data centers for businesses, with an emphasis on efficiency and sustainability.
Data centers — and all the infrastructure, including power supplies to support them — take time. Currently, Aligned has just over 600 megawatts of data center capacity that’s live, with another 700 megawatts of capacity under construction, according to DC Byte, a market intelligence firm that tracks the industry. The combined capacity makes Aligned a “decent-sized operation,” according to DC Byte founder Edward Galvin.
By comparison, CoreWeave Inc., a cloud provider that has struck deals with OpenAI and Nvidia, has 470 megawatts of live capacity, according to public filings, with more planned.
Aligned has not publicly disclosed its sales figures. If it charged about $210 per kilowatt per month, the industry standard for data center pricing according to commercial real estate services firm CBRE, Aligned’s annual revenue would be nearly $1.6 billion. That figure would rise to $3.4 billion, including the capacity under construction.
On its website, Aligned said its customers have included Nutanix Inc., a cloud software company, Datto, an IT provider, as well as an unnamed government agency and multinational fintech company, among others.
Aligned is also developing a new data center in Texas for Lambda Inc., a cloud infrastructure company that’s backed by Nvidia. The data center is still under construction.
Investors led by BlackRock Inc.’s Global Infrastructure Partners agreed to buy Aligned Data Centers in a $40 billion deal, one of the asset manager’s largest infrastructure investments ever that comes as Wall Street races to claim a stake in the artificial-intelligence boom.
MGX, an AI investment company established by sovereign wealth fund Mubadala Investment Co., will invest alongside GIP, according to a statement Wednesday that confirmed an earlier Bloomberg News report. The buyers are purchasing the company from Macquarie Asset Management, which made its first investment in Aligned in April 2018.
GIP and its partners, which also include Microsoft Corp. and Nvidia Corp., are targeting a major beneficiary of AI spending in the biggest-ever data center transaction. Aligned, which is based in Texas and operates throughout the US and South America, has 50 campuses and 78 data centers under management or in future development, according to its website.
In January, it landed more than $12 billion in equity and debt commitments from investors including funds managed by Macquarie Asset Management.
The agreement is the latest in a parade of major deals since ChatGPT emerged, as investors vie for exposure to the leaders of a technology with the potential to transform industries and economies.
They’ve piled into infrastructure providers such as chip linchpins Nvidia and SK Hynix Inc., pushed up valuations of startups like OpenAI and Anthropic, and poured capital into all manner of gear suppliers to the AI boom.
According to a Goldman Sachs report earlier this month, AI-related companies have accounted for $141 billion in corporate credit issuance so far this year, already eclipsing the $127 billion in total debt last year.
BlackRock Partnership
The Aligned deal is the first for a partnership BlackRock set up with its GIP unit, Microsoft and MGX a year ago to invest heavily in AI, data centers and the energy powering the technology.
BlackRock CEO Larry Fink bought Bayo Ogunlesi’s GIP for $12.5 billion in 2024 to make major infrastructure investments sought by pensions, sovereign wealth funds and other big investors. The AI partnership set a goal of raising $30 billion of equity capital to finance eventually up to $100 billion in investments.
Infrastructure has emerged as a key theme for investors seeking to profit from the AI boom, setting off an arms race among the world’s largest alternative asset managers to acquire the skills necessary to build and operate complex assets like data centers. Blackstone Inc. bought QTS Realty Trust for about $10 billion in 2021 and followed up with the acquisition of AirTrunk at the end of last year.
Blackstone has since poured capital into those businesses, allowing them to significantly expand their pipelines and accelerate developments as they look to cash in on massive demand from the world’s biggest tech firms for processing capacity.
Hyperscale Centers
Aligned’s business is focused on hyperscale centers in the Americas, positioning it to benefit from that demand at a time when the Trump administration has been pushing for tech firms to concentrate their investment on the domestic market. It also has a pipeline of attractive development opportunities, with its land bank enjoying access to “scaled near term power in core markets,” according to the statement.
Founded in 2013, nearly a decade before the generative AI boom, Aligned has long focused on providing custom data centers for businesses, with an emphasis on efficiency and sustainability.
Data centers — and all the infrastructure, including power supplies to support them — take time. Currently, Aligned has just over 600 megawatts of data center capacity that’s live, with another 700 megawatts of capacity under construction, according to DC Byte, a market intelligence firm that tracks the industry. The combined capacity makes Aligned a “decent-sized operation,” according to DC Byte founder Edward Galvin.
By comparison, CoreWeave Inc., a cloud provider that has struck deals with OpenAI and Nvidia, has 470 megawatts of live capacity, according to public filings, with more planned.
Aligned has not publicly disclosed its sales figures. If it charged about $210 per kilowatt per month, the industry standard for data center pricing according to commercial real estate services firm CBRE, Aligned’s annual revenue would be nearly $1.6 billion. That figure would rise to $3.4 billion, including the capacity under construction.
On its website, Aligned said its customers have included Nutanix Inc., a cloud software company, Datto, an IT provider, as well as an unnamed government agency and multinational fintech company, among others.
Aligned is also developing a new data center in Texas for Lambda Inc., a cloud infrastructure company that’s backed by Nvidia. The data center is still under construction.
Blackrock and Aligned will have to find enough electricity for all the new data centers the two companies want to build. US power demand is surging after being stagnant for decades and data centers are projected to consume more than 4% of the world’s electricity by 2035, according to BloombergNEF.
Tech firms and developers are rushing to secure electricity connections however they can, competing to sign power contracts with utilities and independent power producers. Blackrock made a big move into that space earlier this month when it won approval from Minnesota regulators for its $6 billion acquisition of utility Allete Inc.
BlackRock has also been exploring a deal to acquire power company AES Corp., people familiar with the matter said earlier this month.
The GIP deal is expected to close in the first half of next year, according to the statement. The full acquiring consortium — dubbed the Artificial Intelligence Infrastructure Partnership — also includes the Kuwait Investment Authority and Singapore’s Temasek Holdings Pte, according to a separate statement Wednesday.
The surge in valuations has worried some market observers who argue that, while data center spending and construction is accelerating, AI services have yet to go mainstream and earn the revenue needed to justify the near-unprecedented capital expenditure.
GIP already owns Dallas-based data center company CyrusOne with KKR & Co. The two firms took CyrusOne private in a deal that closed in 2022 and valued the company at about $15 billion.
“AIP is positioned to meet the growing demand for the infrastructure required as AI continues to reshape the global economy,” BlackRock’s Fink said.
Macquarie has been investing in digital infrastructure including data center operators, towers and fiber networks for years. It sold another data center operator, AirTrunk, to Blackstone Inc. for A$24 billion ($15.6 billion) in 2024.
Other recent deals include Meta Platforms Inc. raising $29 billion in a financing package for a data center in Louisiana. Oracle Corp. raised $18 billion in bonds as it builds cloud infrastructure.
Guggenheim Securities acted as lead financial adviser to the sellers, while Morgan Stanley advised the buyers.
Tech firms and developers are rushing to secure electricity connections however they can, competing to sign power contracts with utilities and independent power producers. Blackrock made a big move into that space earlier this month when it won approval from Minnesota regulators for its $6 billion acquisition of utility Allete Inc.
BlackRock has also been exploring a deal to acquire power company AES Corp., people familiar with the matter said earlier this month.
The GIP deal is expected to close in the first half of next year, according to the statement. The full acquiring consortium — dubbed the Artificial Intelligence Infrastructure Partnership — also includes the Kuwait Investment Authority and Singapore’s Temasek Holdings Pte, according to a separate statement Wednesday.
The surge in valuations has worried some market observers who argue that, while data center spending and construction is accelerating, AI services have yet to go mainstream and earn the revenue needed to justify the near-unprecedented capital expenditure.
GIP already owns Dallas-based data center company CyrusOne with KKR & Co. The two firms took CyrusOne private in a deal that closed in 2022 and valued the company at about $15 billion.
“AIP is positioned to meet the growing demand for the infrastructure required as AI continues to reshape the global economy,” BlackRock’s Fink said.
Macquarie has been investing in digital infrastructure including data center operators, towers and fiber networks for years. It sold another data center operator, AirTrunk, to Blackstone Inc. for A$24 billion ($15.6 billion) in 2024.
Other recent deals include Meta Platforms Inc. raising $29 billion in a financing package for a data center in Louisiana. Oracle Corp. raised $18 billion in bonds as it builds cloud infrastructure.
Guggenheim Securities acted as lead financial adviser to the sellers, while Morgan Stanley advised the buyers.
Growth in most Gulf economies to hold steady this year and next on rising oil output | Reuters
Growth in most Gulf economies to hold steady this year and next on rising oil output | Reuters
Most Gulf Cooperation Council economies will expand steadily this year and next on rising oil production, according to economists in a Reuters poll who upgraded this year's growth expectations for Saudi Arabia - the region's biggest economy.
After a series of oil output cuts since early 2023, the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, is reversing course to claw back market share from the U.S. and other rivals, increasing its output target to 2.7 million barrels per day this year.
Fears of a supply glut have dragged oil prices to a more than five-month low , but most economists argued revenues would hold up thanks to higher sales volumes.
PUSH TO INVEST BEYOND HYDROCARBONS
Saudi Arabia, the world's largest oil exporter, will grow 4.2% this year and 4.1% in 2026, according to the October 6-15 poll of 21 economists, compared with 3.8% and 4.1% forecast in July.
"So far, revenues have held up... If OPEC+ is successful in recovering market share this will give them greater pricing power and control over global supply-demand dynamics, which will allow them to maximise revenues in the longer term," said Farouk Soussa, MENA economist at Goldman Sachs.
"There are some risks to the growth outlook if we see a major collapse in investment due to lower oil prices, but we think this is unlikely."
The push for higher oil revenues comes as Saudi Arabia, Qatar and the United Arab Emirates invest beyond hydrocarbons in sectors such as tourism and artificial intelligence to diversify their economies. A more persistent decline in oil prices, however, could constrain funding for those projects.
Brent crude price, which has declined around 16% so far this year, will remain steady over coming months, a separate Reuters survey forecast last month.
UAE FORECAST TO BE FASTEST-GROWING ECONOMY THIS YEAR
The UAE will be the region's fastest-growing economy this year, poll medians predicted, before Qatar takes over in 2026. The former was seen growing 4.6% this year and next, while Qatar was expected to expand 2.7% and 5.2%.
"The UAE's economy looks set to record another bumper year of GDP growth in 2025. But support from both oil and non-oil sectors will start to fade in 2026, causing growth to slow. This rise in output will provide a sizeable boost to GDP growth this year but that will start to ease from early next year," noted James Swanston, senior Middle East economist at Capital Economics.
Elsewhere in the Gulf, growth in Oman was forecast to accelerate to 3.4% in 2026 from 2.5% this year, while that in Kuwait's was predicted to hold largely steady at 2.7%, from 2.8%. Bahrain was seen growing 2.8% this year and 3.0% next.
Most Gulf Cooperation Council economies will expand steadily this year and next on rising oil production, according to economists in a Reuters poll who upgraded this year's growth expectations for Saudi Arabia - the region's biggest economy.
After a series of oil output cuts since early 2023, the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, is reversing course to claw back market share from the U.S. and other rivals, increasing its output target to 2.7 million barrels per day this year.
Fears of a supply glut have dragged oil prices to a more than five-month low , but most economists argued revenues would hold up thanks to higher sales volumes.
PUSH TO INVEST BEYOND HYDROCARBONS
Saudi Arabia, the world's largest oil exporter, will grow 4.2% this year and 4.1% in 2026, according to the October 6-15 poll of 21 economists, compared with 3.8% and 4.1% forecast in July.
"So far, revenues have held up... If OPEC+ is successful in recovering market share this will give them greater pricing power and control over global supply-demand dynamics, which will allow them to maximise revenues in the longer term," said Farouk Soussa, MENA economist at Goldman Sachs.
"There are some risks to the growth outlook if we see a major collapse in investment due to lower oil prices, but we think this is unlikely."
The push for higher oil revenues comes as Saudi Arabia, Qatar and the United Arab Emirates invest beyond hydrocarbons in sectors such as tourism and artificial intelligence to diversify their economies. A more persistent decline in oil prices, however, could constrain funding for those projects.
Brent crude price, which has declined around 16% so far this year, will remain steady over coming months, a separate Reuters survey forecast last month.
UAE FORECAST TO BE FASTEST-GROWING ECONOMY THIS YEAR
The UAE will be the region's fastest-growing economy this year, poll medians predicted, before Qatar takes over in 2026. The former was seen growing 4.6% this year and next, while Qatar was expected to expand 2.7% and 5.2%.
"The UAE's economy looks set to record another bumper year of GDP growth in 2025. But support from both oil and non-oil sectors will start to fade in 2026, causing growth to slow. This rise in output will provide a sizeable boost to GDP growth this year but that will start to ease from early next year," noted James Swanston, senior Middle East economist at Capital Economics.
Elsewhere in the Gulf, growth in Oman was forecast to accelerate to 3.4% in 2026 from 2.5% this year, while that in Kuwait's was predicted to hold largely steady at 2.7%, from 2.8%. Bahrain was seen growing 2.8% this year and 3.0% next.
Inflation will be mostly benign in the region with poll medians showing it holding within a 0.7%-2.4% range this year and in 2026.
Most Gulf stock markets gain on prospects of US rate cut | Reuters
Most Gulf stock markets gain on prospects of US rate cut | Reuters
Most stock markets in the Gulf ended higher on Wednesday after U.S. Federal Reserve Chair Jerome Powell's dovish comments improved global investor sentiment, even as soft oil prices amid a supply surplus and U.S.-China trade tensions capped gains.
Powell signalled potential additional rate cuts on Tuesday and said the end of the central bank's long-running effort to shrink the size of its holdings may be coming into view.
His comments, viewed by some as dovish, lifted global markets slightly and reinforced expectations of more easing this year, with roughly 48 basis points worth of cuts priced in by December.
The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, led by a 0.8% gain in Al Rajhi Bank (1120.SE), opens new tab and a 6% jump in ACWA Power Company (2082.SE), opens new tab.
The International Monetary Fund upgraded its 2025 economic growth forecast for Saudi Arabia on Tuesday due to a faster-than-expected unwinding of oil production cuts in the world's top crude exporter.
Dubai's main share index (.DFMGI), opens new tab added 0.1%, helped by a 0.7% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed 0.1% higher.
Oil prices - a catalyst for the Gulf's financial markets - steadied after closing at five-month lows in the previous session, as investors weighed the International Energy Agency's prediction of a supply surplus in 2026 and trade tensions between the U.S. and China that could curtail demand.
The Qatari index (.QSI), opens new tab dropped 0.5%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.5%, with Commercial International Bank (COMI.CA), opens new tab advancing 1.4%.
Egypt has a plan for the drilling of 480 exploratory oil wells on the basis of investments totalling $5.7 billion over the next 5 years, the country's petroleum minister said on Tuesday, as the country seeks to reverse declining production.
Most stock markets in the Gulf ended higher on Wednesday after U.S. Federal Reserve Chair Jerome Powell's dovish comments improved global investor sentiment, even as soft oil prices amid a supply surplus and U.S.-China trade tensions capped gains.
Powell signalled potential additional rate cuts on Tuesday and said the end of the central bank's long-running effort to shrink the size of its holdings may be coming into view.
His comments, viewed by some as dovish, lifted global markets slightly and reinforced expectations of more easing this year, with roughly 48 basis points worth of cuts priced in by December.
The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, led by a 0.8% gain in Al Rajhi Bank (1120.SE), opens new tab and a 6% jump in ACWA Power Company (2082.SE), opens new tab.
The International Monetary Fund upgraded its 2025 economic growth forecast for Saudi Arabia on Tuesday due to a faster-than-expected unwinding of oil production cuts in the world's top crude exporter.
Dubai's main share index (.DFMGI), opens new tab added 0.1%, helped by a 0.7% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed 0.1% higher.
Oil prices - a catalyst for the Gulf's financial markets - steadied after closing at five-month lows in the previous session, as investors weighed the International Energy Agency's prediction of a supply surplus in 2026 and trade tensions between the U.S. and China that could curtail demand.
The Qatari index (.QSI), opens new tab dropped 0.5%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.5%, with Commercial International Bank (COMI.CA), opens new tab advancing 1.4%.
Egypt has a plan for the drilling of 480 exploratory oil wells on the basis of investments totalling $5.7 billion over the next 5 years, the country's petroleum minister said on Tuesday, as the country seeks to reverse declining production.
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