Abu Dhabi’s 2PointZero to Buy US Firm for $2.25 Billion Despite Iran War - Bloomberg
One of Abu Dhabi’s newest investing giants is picking up the pace of dealmaking in the face of an escalating war in the region, unveiling an investment in fitness band maker Whoop Inc. and agreeing to buy a US gas infrastructure firm.
2PointZero Group PJSC, part of a business empire overseen by Sheikh Tahnoon bin Zayed Al Nahyan, said it is among investors in Boston-based Whoop’s new funding round that values the firm at $10.1 billion. Less than a day earlier, the Emirati firm agreed to acquire a 100% stake in Traverse Midstream Partners LLC for $2.25 billion.
The region is showcasing a continued appetite for dealmaking despite the ongoing war. Whoop’s Series G round also included other marquee names from the Middle East, including Qatar Investment Authority and Abu Dhabi’s Mubadala Investment Co.
Earlier this month, Savvy Games Group — a unit of Saudi Arabia’s $1 trillion Public Investment Fund — agreed to buy Moonton from ByteDance Ltd., valuing the game maker at about $6 billion. Abu Dhabi Investment Authority has also been active this month, while the QIA and a Bahraini aluminum producer both announced large transactions in the first week of the war.
Just days ago, the UAE’s ambassador to the US said the Gulf nation’s $1.4 trillion investment and economic framework with America remained on track. The top official at Saudi Arabia’s wealth fund has also confirmed it remains committed to investments around the world despite growing concerns over the mounting economic costs of the war.
For 2PointZero, which was created from a restructuring of Abu Dhabi’s corporate landscape last year, the twin deals are among the firm’s most significant since it was created last year. The firm was formed after International Holding Co. PJSC, the emirate’s largest listed firm and chaired by Sheikh Tahnoon, combined Multiply Group PJSC, 2PointZero and Ghitha Holding PJSC.
The firm has about $33 billion of assets and is overseen by Sheikh Zayed bin Hamdan Al Nahyan as chairman, while Samia Bouazza is its chief executive officer.
It’s among a constellation of sovereign and private investment firms in Abu Dhabi that together control more than $2 trillion and have each been prolific dealmakers. Many of them are overseen by Sheikh Tahnoon, one of Abu Dhabi’s two deputy rulers and a brother to the country’s president.
Traverse Midstream Partners is a portfolio company of The Energy & Minerals Group and owns minority stakes in US natural gas infrastructure assets, including the Rover Pipeline and Ohio River System. The assets help move gas from the Utica and Marcellus shale regions to demand centers in the Midwest, the Gulf Coast and eastern Canada.
Tuesday, 31 March 2026
Omani banks resilient despite Middle East tensions: S&P
Omani banks resilient despite Middle East tensions: S&P
Omani banks are well positioned to navigate potential challenges arising from the Middle East conflict, supported by diversified lending portfolios, strong capital buffers and stable funding profiles, even as private sector credit growth is expected to moderate in 2026, according to a new report by S&P Global Ratings.
The agency forecasts private sector credit growth in Oman will slow to around 3% in 2026, compared with an estimated 6–7% expansion in 2025, reflecting the current geopolitical backdrop and a more subdued investment environment. However, credit growth is expected to recover to about 5% in 2027 as economic conditions improve.
S&P Global on Friday affirmed Oman’s investment-grade sovereign credit ratings at ‘BBB-’ for the long term and ‘A-3’ for the short term, maintaining a stable outlook. The agency cited the sultanate’s strong fiscal buffers and continued resilience despite heightened geopolitical risks in the Middle East.
The agency noted that Omani banks’ asset quality has continued to improve from its peak in 2020. The non-performing loan (NPL) ratio stabilised at approximately 4.3% as of September 30, 2025, edging slightly higher to 4.4% by December 31, 2025.
‘This improvement reflects favourable oil sector dynamics in recent years, alongside stronger non-hydrocarbon output. Some of this was driven by domestic demand, while improved performance in key sectors such as transportation and utilities has also strengthened the quality of banks’ exposures’, S&P Global said.
The agency expects Omani banks’ credit losses to remain within 55–65 basis points over 2026–2027, close to Oman’s cyclical low.
‘While geopolitical risks could present challenges, Omani banks are well positioned with diversified lending portfolios and solid capital buffers, which we expect will help them manage potential pressures,’ S&P Global added.
Given the sultanate’s currency peg, S&P Global anticipates that the Central Bank of Oman will continue to follow the US Federal Reserve’s interest rate policy. In the fourth quarter of 2025, the CBO cut its key policy rate – the repurchase rate – to 4.25%.
‘The CBO is working to establish a more robust interbank market to support the use of open market operations. This is widely expected to be tested in 2026 and could improve the transmission of policy rates over time,’ the rating agency said.
S&P Global highlighted that the CBO has a strong track record of taking proactive and corrective measures to reduce banks’ vulnerability to financial stress.
‘Omani banks also benefit from a stable core deposit base, with limited reliance on external funding. As a result, funding risks remain well covered by robust liquidity buffers, as demonstrated in our stress test in February 2026,’ it said.
Commending Oman’s banking framework, S&P said regulations are broadly in line with international standards, while supervisory oversight remains adequate.
However, it noted that Oman’s monetary policy flexibility is constrained by the rial’s peg to the US dollar. ‘Nevertheless, as with the rest of the GCC, the peg has served as an anchor for inflation expectations, given that oil contracts are typically priced in US dollars.’
S&P forecasts that Oman’s inflation will remain moderate, averaging about 1.5% annually over 2025–2028, after remaining stable at 1.5% in 2025.
Omani banks are well positioned to navigate potential challenges arising from the Middle East conflict, supported by diversified lending portfolios, strong capital buffers and stable funding profiles, even as private sector credit growth is expected to moderate in 2026, according to a new report by S&P Global Ratings.
The agency forecasts private sector credit growth in Oman will slow to around 3% in 2026, compared with an estimated 6–7% expansion in 2025, reflecting the current geopolitical backdrop and a more subdued investment environment. However, credit growth is expected to recover to about 5% in 2027 as economic conditions improve.
S&P Global on Friday affirmed Oman’s investment-grade sovereign credit ratings at ‘BBB-’ for the long term and ‘A-3’ for the short term, maintaining a stable outlook. The agency cited the sultanate’s strong fiscal buffers and continued resilience despite heightened geopolitical risks in the Middle East.
The agency noted that Omani banks’ asset quality has continued to improve from its peak in 2020. The non-performing loan (NPL) ratio stabilised at approximately 4.3% as of September 30, 2025, edging slightly higher to 4.4% by December 31, 2025.
‘This improvement reflects favourable oil sector dynamics in recent years, alongside stronger non-hydrocarbon output. Some of this was driven by domestic demand, while improved performance in key sectors such as transportation and utilities has also strengthened the quality of banks’ exposures’, S&P Global said.
The agency expects Omani banks’ credit losses to remain within 55–65 basis points over 2026–2027, close to Oman’s cyclical low.
‘While geopolitical risks could present challenges, Omani banks are well positioned with diversified lending portfolios and solid capital buffers, which we expect will help them manage potential pressures,’ S&P Global added.
Given the sultanate’s currency peg, S&P Global anticipates that the Central Bank of Oman will continue to follow the US Federal Reserve’s interest rate policy. In the fourth quarter of 2025, the CBO cut its key policy rate – the repurchase rate – to 4.25%.
‘The CBO is working to establish a more robust interbank market to support the use of open market operations. This is widely expected to be tested in 2026 and could improve the transmission of policy rates over time,’ the rating agency said.
S&P Global highlighted that the CBO has a strong track record of taking proactive and corrective measures to reduce banks’ vulnerability to financial stress.
‘Omani banks also benefit from a stable core deposit base, with limited reliance on external funding. As a result, funding risks remain well covered by robust liquidity buffers, as demonstrated in our stress test in February 2026,’ it said.
Commending Oman’s banking framework, S&P said regulations are broadly in line with international standards, while supervisory oversight remains adequate.
However, it noted that Oman’s monetary policy flexibility is constrained by the rial’s peg to the US dollar. ‘Nevertheless, as with the rest of the GCC, the peg has served as an anchor for inflation expectations, given that oil contracts are typically priced in US dollars.’
S&P forecasts that Oman’s inflation will remain moderate, averaging about 1.5% annually over 2025–2028, after remaining stable at 1.5% in 2025.
Gulf stocks mixed on report Trump weighing end to Iran war | Reuters
Gulf stocks mixed on report Trump weighing end to Iran war | Reuters
Gulf stock markets ended mixed on Tuesday as investors weighed the possibility of U.S. President Donald Trump ending the Iran war.
Trump is ready to end the Iran campaign even if the Strait of Hormuz remains largely closed, the Wall Street Journal reported, after the president warned earlier he would "obliterate" Iran's energy infrastructure if Tehran kept the waterway shut.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank (1120.SE), opens new tab rising 1.1% and petrochemical maker Saudi Basic Industries Corp (2010.SE), opens new tab closing 1.7% higher.
Elsewhere, oil major Saudi Aramco (2222.SE), opens new tab added 0.4%.
Saudi Arabia has rerouted its Gulf crude exports from the Strait of Hormuz, with some 4.658 million barrels per day sent to the Red Sea port of Yanbu, Kpler data showed, a sharp rise from an average of 770,000 bpd in January and February.
Brent oil futures headed for their largest monthly gain in volatile trading on Tuesday, as investors assessed Iran war de-escalation against Strait of Hormuz supply risks.
Defying most of regional peers, the Saudi index weathered the war and rose 5.1% for the month.
In Qatar, the index (.QSI), opens new tab rose 0.9%, led by a 2.2% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab and a 3.5% increase in Qatar Gas Transport (QGTS.QA), opens new tab.
With a loss of more than 8%, the Qatari index saw its worst monthly performance since December 2020.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to close 0.2% lower, with top lender Emirates NBD (ENBD.DU), opens new tab declining 0.6%.
A fully laden crude oil tanker off Dubai was attacked and set ablaze by Iran early on Tuesday, following Trump's warning that the U.S. would obliterate Iran's energy infrastructure if the Strait of Hormuz remained closed.
Dubai has approved economic facilitation measures worth 1 billion dirhams ($272.26 million) to support business sector, with implementation set to begin on April 1 for a period of three to six months, Dubai crown prince posted on X on Monday.
The emirate's stock index, in the Middle East's travel and tourism hub, was the worst performer in the region, sliding 16.4% for the month, its biggest decline since March 2020.
Dubai's stock market may be supported by continued government efforts to sustain economic momentum, helping offset external headwinds, said Joseph Dahrieh, managing director at Tickmill.
The Abu Dhabi index (.FTFADGI), opens new tab slipped 0.1%, taking its monthly loss to about 9%.
In Abu Dhabi, higher oil prices are offering underlying support despite weaker crude export volumes. Overall, resilient domestic fundamentals continue to anchor UAE markets, said Dahrieh.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%, although it ended the month down 7.9%—its first monthly loss since December 2024.
Gulf stock markets ended mixed on Tuesday as investors weighed the possibility of U.S. President Donald Trump ending the Iran war.
Trump is ready to end the Iran campaign even if the Strait of Hormuz remains largely closed, the Wall Street Journal reported, after the president warned earlier he would "obliterate" Iran's energy infrastructure if Tehran kept the waterway shut.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank (1120.SE), opens new tab rising 1.1% and petrochemical maker Saudi Basic Industries Corp (2010.SE), opens new tab closing 1.7% higher.
Elsewhere, oil major Saudi Aramco (2222.SE), opens new tab added 0.4%.
Saudi Arabia has rerouted its Gulf crude exports from the Strait of Hormuz, with some 4.658 million barrels per day sent to the Red Sea port of Yanbu, Kpler data showed, a sharp rise from an average of 770,000 bpd in January and February.
Brent oil futures headed for their largest monthly gain in volatile trading on Tuesday, as investors assessed Iran war de-escalation against Strait of Hormuz supply risks.
Defying most of regional peers, the Saudi index weathered the war and rose 5.1% for the month.
In Qatar, the index (.QSI), opens new tab rose 0.9%, led by a 2.2% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab and a 3.5% increase in Qatar Gas Transport (QGTS.QA), opens new tab.
With a loss of more than 8%, the Qatari index saw its worst monthly performance since December 2020.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to close 0.2% lower, with top lender Emirates NBD (ENBD.DU), opens new tab declining 0.6%.
A fully laden crude oil tanker off Dubai was attacked and set ablaze by Iran early on Tuesday, following Trump's warning that the U.S. would obliterate Iran's energy infrastructure if the Strait of Hormuz remained closed.
Dubai has approved economic facilitation measures worth 1 billion dirhams ($272.26 million) to support business sector, with implementation set to begin on April 1 for a period of three to six months, Dubai crown prince posted on X on Monday.
The emirate's stock index, in the Middle East's travel and tourism hub, was the worst performer in the region, sliding 16.4% for the month, its biggest decline since March 2020.
Dubai's stock market may be supported by continued government efforts to sustain economic momentum, helping offset external headwinds, said Joseph Dahrieh, managing director at Tickmill.
The Abu Dhabi index (.FTFADGI), opens new tab slipped 0.1%, taking its monthly loss to about 9%.
In Abu Dhabi, higher oil prices are offering underlying support despite weaker crude export volumes. Overall, resilient domestic fundamentals continue to anchor UAE markets, said Dahrieh.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%, although it ended the month down 7.9%—its first monthly loss since December 2024.
Monday, 30 March 2026
Iran War: #Dubai (#UAE) Stocks Slump, Muscat, #Oman Soars as Gulf Markets Diverge - Bloomberg
Iran War: Dubai (UAE) Stocks Slump, Muscat Soars as Gulf Markets Diverge - Bloomberg
Gulf stock markets have diverged sharply since the Iran war began, and the region is now home to both the best-performing global bourse over the past month — and the worst.
Dubai’s main stock index, which notched double-digit gains last year amid a continuing post-pandemic influx of capital, residents and tourists, is the world’s worst performer so far in March. Meanwhile, Oman’s benchmark surged to the top of global rankings, buoyed by firmer oil prices and what has so far been its relative insulation from the worst of the strikes.
While some Omani energy sites have been attacked, the country has been struck less often than the United Arab Emirates, Qatar and Kuwait. It’s also benefiting from increased traffic at its ports on the Gulf of Oman coast as Iran brings shipping traffic through the Strait of Hormuz to a near standstill.
The UAE has borne the brunt of Iran’s retaliation on Gulf countries following the US-Israeli offensive that began on Feb. 28, with strikes hitting airports and residential areas, though much of the country remains operational. The Dubai Financial Market is down about 16% in March, led by declines in property developers and airline stocks such as Air Arabia PJSC amid widespread travel disruptions.
In contrast, Muscat’s benchmark is up about 10% this month and roughly 38% year-to-date, extending a rally that began in mid-2025 on hopes that the tiny bourse will get upgraded to emerging market status. So far, the war has barely registered, and gains are broad-based among shipping, energy and banking stocks.
The S&P 500 sank to an August low at the end of last week and is down about 7% in March, while Brent crude is on track for a record monthly gain and is trading around $115 a barrel.
“Oman remains relatively insulated from the conflict, particularly compared to other regional hotspots including the UAE, Qatar and Bahrain,” said Tahir Abbas, head of research at Ubhar Capital in Muscat. “While there have been limited disruptions, investors appear to view Oman’s energy infrastructure relatively secure, with no material impact on core oil export capacity or domestic economic activity so far.”
Saudi Arabia’s Tadawul All Share Index has also rebounded after ranking among last year’s weakest emerging markets, and now stands as the world’s sixth-best performing bourse this month. Gains have been driven by higher crude prices lifting heavyweights such as Saudi Aramco, alongside a lower perceived security risk than in the UAE. Domestic investors have also stepped in since the conflict began, reversing earlier outflows into US equities. The index is up about 4% this month.
Even primary markets are showing pockets of resilience. Although IPO volumes have collapsed across the Gulf this quarter — a slowdown that began before the war — the region’s only two listings so far this year have posted solid gains despite their modest size.
Kuwait’s Trolley General Trading Co. is up about 23% since its $166 million debut last week, while Saudi Arabia’s Saleh Abdulaziz Al Rashed & Sons Co. has climbed roughly 48% following its $67 million listing earlier this month. Several firms within Saudi Arabia are pressing ahead with share sale plans despite the war.
But these two strong debuts are not sufficient to signal a full reopening of the IPO window, but instead show selective demand for “well-priced, growth oriented opportunities,” Abbas said.
“Going forward, IPOs are likely to be increasingly fundamentals-driven, with greater emphasis on earnings visibility, balance sheet strength, and valuations,” Abbas said.
Gulf stock markets have diverged sharply since the Iran war began, and the region is now home to both the best-performing global bourse over the past month — and the worst.
Dubai’s main stock index, which notched double-digit gains last year amid a continuing post-pandemic influx of capital, residents and tourists, is the world’s worst performer so far in March. Meanwhile, Oman’s benchmark surged to the top of global rankings, buoyed by firmer oil prices and what has so far been its relative insulation from the worst of the strikes.
While some Omani energy sites have been attacked, the country has been struck less often than the United Arab Emirates, Qatar and Kuwait. It’s also benefiting from increased traffic at its ports on the Gulf of Oman coast as Iran brings shipping traffic through the Strait of Hormuz to a near standstill.
The UAE has borne the brunt of Iran’s retaliation on Gulf countries following the US-Israeli offensive that began on Feb. 28, with strikes hitting airports and residential areas, though much of the country remains operational. The Dubai Financial Market is down about 16% in March, led by declines in property developers and airline stocks such as Air Arabia PJSC amid widespread travel disruptions.
In contrast, Muscat’s benchmark is up about 10% this month and roughly 38% year-to-date, extending a rally that began in mid-2025 on hopes that the tiny bourse will get upgraded to emerging market status. So far, the war has barely registered, and gains are broad-based among shipping, energy and banking stocks.
The S&P 500 sank to an August low at the end of last week and is down about 7% in March, while Brent crude is on track for a record monthly gain and is trading around $115 a barrel.
“Oman remains relatively insulated from the conflict, particularly compared to other regional hotspots including the UAE, Qatar and Bahrain,” said Tahir Abbas, head of research at Ubhar Capital in Muscat. “While there have been limited disruptions, investors appear to view Oman’s energy infrastructure relatively secure, with no material impact on core oil export capacity or domestic economic activity so far.”
Saudi Arabia’s Tadawul All Share Index has also rebounded after ranking among last year’s weakest emerging markets, and now stands as the world’s sixth-best performing bourse this month. Gains have been driven by higher crude prices lifting heavyweights such as Saudi Aramco, alongside a lower perceived security risk than in the UAE. Domestic investors have also stepped in since the conflict began, reversing earlier outflows into US equities. The index is up about 4% this month.
Even primary markets are showing pockets of resilience. Although IPO volumes have collapsed across the Gulf this quarter — a slowdown that began before the war — the region’s only two listings so far this year have posted solid gains despite their modest size.
Kuwait’s Trolley General Trading Co. is up about 23% since its $166 million debut last week, while Saudi Arabia’s Saleh Abdulaziz Al Rashed & Sons Co. has climbed roughly 48% following its $67 million listing earlier this month. Several firms within Saudi Arabia are pressing ahead with share sale plans despite the war.
But these two strong debuts are not sufficient to signal a full reopening of the IPO window, but instead show selective demand for “well-priced, growth oriented opportunities,” Abbas said.
“Going forward, IPOs are likely to be increasingly fundamentals-driven, with greater emphasis on earnings visibility, balance sheet strength, and valuations,” Abbas said.
Gulf markets mixed amid escalating Middle East conflict | Reuters
Gulf markets mixed amid escalating Middle East conflict | Reuters
Gulf stock markets ended mixed on Monday as regional tensions remained elevated after Yemen's Houthis entered the U.S.-Israeli war on Iran with an attack on Israel over the weekend in an escalation of the conflict.
Financial markets are seeking more clarity on the status of communications between Washington and Tehran as Trump has suggested a ceasefire could be reached quickly, but also reportedly said the U.S. could seize Kharg Island.
Iran has described U.S. proposals to end the war as "unrealistic, illogical and excessive."
Dubai's main share index (.DFMGI), opens new tab dropped 1.2%, dragged down by a 2.9% slide in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 2.5% decrease in major bank Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.7%, hit by a 1.3% slide in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab and a 4.9% plunge in Abu Dhabi Ship Building (ADSB.AD), opens new tab.
Emirates Global Aluminium, the Middle East's largest producer of the metal, said on Saturday that its Al Taweelah production base in the UAE had suffered significant damage in Iranian missile and drone attacks. Aluminium Bahrain (Alba) (ALBH.BH), opens new tab, which operates the world's largest single-site smelter, said on Sunday it was assessing damage from the strikes. Alba shares were down 0.1%.
GCC stock markets may remain under pressure in the near term as geopolitical uncertainty keeps sentiment fragile and volatility elevated, said Daniel Takieddine, Co-founder and CEO, Sky Links Capital Group.
"Elevated oil prices may provide a partial buffer, but constrained export volumes could limit the extent of this support."
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 0.8%, led by a 1.4% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.1% increase in oil giant Saudi Aramco (2222.SE), opens new tab.
Elsewhere, ADES Holding (2382.SE), opens new tab added 1.7%, after the oil drilling group beat analyst expectations with a 2% rise in annual net profit and reiterated its strong growth forecast for this year despite some rig suspensions last year and recent halts due to the war.
Saudi crude exports redirected from the Strait of Hormuz to the Yanbu port in the Red Sea reached 4.658 million barrels per day last week, according to Kpler data, easing some concerns around supply disruption.
Oil prices extended gains on Monday, with Brent headed for a record monthly rise.
The Qatari index (.QSI), opens new tab declined 0.9%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab retreating 1.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab finished 2.6% lower.
Financial markets are seeking more clarity on the status of communications between Washington and Tehran as Trump has suggested a ceasefire could be reached quickly, but also reportedly said the U.S. could seize Kharg Island.
Iran has described U.S. proposals to end the war as "unrealistic, illogical and excessive."
Dubai's main share index (.DFMGI), opens new tab dropped 1.2%, dragged down by a 2.9% slide in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 2.5% decrease in major bank Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.7%, hit by a 1.3% slide in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab and a 4.9% plunge in Abu Dhabi Ship Building (ADSB.AD), opens new tab.
Meanwhile, shares in Fertiglobe (FERTIGLB.AD), opens new tab, a producer of ammonia and urea, jumped 7%.
Emirates Global Aluminium, the Middle East's largest producer of the metal, said on Saturday that its Al Taweelah production base in the UAE had suffered significant damage in Iranian missile and drone attacks. Aluminium Bahrain (Alba) (ALBH.BH), opens new tab, which operates the world's largest single-site smelter, said on Sunday it was assessing damage from the strikes. Alba shares were down 0.1%.
GCC stock markets may remain under pressure in the near term as geopolitical uncertainty keeps sentiment fragile and volatility elevated, said Daniel Takieddine, Co-founder and CEO, Sky Links Capital Group.
"Elevated oil prices may provide a partial buffer, but constrained export volumes could limit the extent of this support."
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 0.8%, led by a 1.4% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.1% increase in oil giant Saudi Aramco (2222.SE), opens new tab.
Elsewhere, ADES Holding (2382.SE), opens new tab added 1.7%, after the oil drilling group beat analyst expectations with a 2% rise in annual net profit and reiterated its strong growth forecast for this year despite some rig suspensions last year and recent halts due to the war.
Saudi crude exports redirected from the Strait of Hormuz to the Yanbu port in the Red Sea reached 4.658 million barrels per day last week, according to Kpler data, easing some concerns around supply disruption.
The supportive backdrop of higher oil prices is helping to underpin the stock market, particularly as the country sustains exports through the Yanbu port, said Takieddine.
Oil prices extended gains on Monday, with Brent headed for a record monthly rise.
The Qatari index (.QSI), opens new tab declined 0.9%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab retreating 1.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab finished 2.6% lower.
Sunday, 29 March 2026
Mideast Stocks: Most Gulf markets ease on fears of broader Iran conflict | Arab News
Mideast Stocks: Most Gulf markets ease on fears of broader Iran conflict | Arab News
Most Gulf stock markets slipped on March 29, as fears of a broader Iran-linked conflict weighed on investor sentiment after Yemen’s Houthis launched their first attacks on Israel since the conflict began and the US deployed additional forces to the Middle East.
The Washington Post reported on Saturday that US officials said the Pentagon was making preparations for a potential multi-week ground operation in Iran, though it remained uncertain whether President Donald Trump would authorize the deployment of ground forces.
Saudi Arabia’s Tadawul All Share Index showed signs of resilience amid geopolitical turmoil, as it just marginally declined by 0.13 percent or 13.93 points to close at 11,076.40.
The total trading turnover of the benchmark index stood at SR3.70 billion ($986 million), with 150 of the listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu edged up by 0.14 percent to close at 22,751.
The MSCI Tadawul Index declined by 0.46 percent to 1,489.07.
On the announcements front, Saudi Steel Pipe Co. said it signed a deal valued at SR127 million with Saudi Aramco to supply oil and gas pipes.
In a Tadawul statement, the company said the contract, which has a duration of 12 months, will have an impact on its financials in the first half of 2027.
SSP added that there are no related parties involved in the deal. The share price of SSP edged up 2.78 percent to SR42.18.
Arabian Centres Co., also known as Cenomi Centers, reported a net profit of SR1.26 billion in 2025, representing a 4.11 percent increase compared to the previous year.
In a Tadawul statement, the company attributed the rise in net profit to a decrease in cost of revenue and an increase in operating income, driven by the full and final settlement of an insurance claim, as well as gains from the sale of Al Kharj land and Sahara Plaza.
The share price of Cenomi Centers rose 0.87 percent to SR17.45.
Saudi Arabia’s East-West pipeline, which circumvents the Strait of Hormuz, is pumping oil at full capacity of 7 million barrels per day, Bloomberg News reported on Saturday, citing a person familiar with the matter.
Brent crude futures rose by $4.56, or 4.2 percent, to $112.57 a barrel on Friday, reflecting skepticism over prospects for a ceasefire in the month-old Iran war.
The best-performing stock on the main market was Saleh Abdulaziz Al Rashed and Sons Co. The company’s share price increased by 9.99 percent to SR61.10.
The share price of Bawan Co. also rose by 7.57 percent to SR50.90. Anaam International Holding Group also saw its stock price climb by 6.35 percent to SR10.89.
Conversely, the share price of Alkhaleej Training and Education Co. declined by 4.52 percent to SR16.69.
In the wider region, the Qatari index declined by 0.98 percent, while the Bahrain bourse and Boursa Kuwait dropped by 0.09 percent and 0.72 percent, respectively.
Oman’s Muscat Stock Exchange edged up by 0.77 percent.
UAE equities were closed on Sunday due to an official holiday.
Most Gulf stock markets slipped on March 29, as fears of a broader Iran-linked conflict weighed on investor sentiment after Yemen’s Houthis launched their first attacks on Israel since the conflict began and the US deployed additional forces to the Middle East.
The Washington Post reported on Saturday that US officials said the Pentagon was making preparations for a potential multi-week ground operation in Iran, though it remained uncertain whether President Donald Trump would authorize the deployment of ground forces.
Saudi Arabia’s Tadawul All Share Index showed signs of resilience amid geopolitical turmoil, as it just marginally declined by 0.13 percent or 13.93 points to close at 11,076.40.
The total trading turnover of the benchmark index stood at SR3.70 billion ($986 million), with 150 of the listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu edged up by 0.14 percent to close at 22,751.
The MSCI Tadawul Index declined by 0.46 percent to 1,489.07.
On the announcements front, Saudi Steel Pipe Co. said it signed a deal valued at SR127 million with Saudi Aramco to supply oil and gas pipes.
In a Tadawul statement, the company said the contract, which has a duration of 12 months, will have an impact on its financials in the first half of 2027.
SSP added that there are no related parties involved in the deal. The share price of SSP edged up 2.78 percent to SR42.18.
Arabian Centres Co., also known as Cenomi Centers, reported a net profit of SR1.26 billion in 2025, representing a 4.11 percent increase compared to the previous year.
In a Tadawul statement, the company attributed the rise in net profit to a decrease in cost of revenue and an increase in operating income, driven by the full and final settlement of an insurance claim, as well as gains from the sale of Al Kharj land and Sahara Plaza.
The share price of Cenomi Centers rose 0.87 percent to SR17.45.
Saudi Arabia’s East-West pipeline, which circumvents the Strait of Hormuz, is pumping oil at full capacity of 7 million barrels per day, Bloomberg News reported on Saturday, citing a person familiar with the matter.
Brent crude futures rose by $4.56, or 4.2 percent, to $112.57 a barrel on Friday, reflecting skepticism over prospects for a ceasefire in the month-old Iran war.
The best-performing stock on the main market was Saleh Abdulaziz Al Rashed and Sons Co. The company’s share price increased by 9.99 percent to SR61.10.
The share price of Bawan Co. also rose by 7.57 percent to SR50.90. Anaam International Holding Group also saw its stock price climb by 6.35 percent to SR10.89.
Conversely, the share price of Alkhaleej Training and Education Co. declined by 4.52 percent to SR16.69.
In the wider region, the Qatari index declined by 0.98 percent, while the Bahrain bourse and Boursa Kuwait dropped by 0.09 percent and 0.72 percent, respectively.
Oman’s Muscat Stock Exchange edged up by 0.77 percent.
UAE equities were closed on Sunday due to an official holiday.
Friday, 27 March 2026
Mideast Stocks: #UAE equities reverse early gains on Iran ceasefire uncertainty
Mideast Stocks: UAE equities reverse early gains on Iran ceasefire uncertainty
UAE stocks ended lower on Friday after giving up the early gains due to U.S. President Donald Trump extending the pause on attacks on Iran's energy facilities, as uncertainty over a ceasefire in the month-old war kept investors cautious.
Washington has deployed thousands of troops to the Middle East, and Trump is weighing the use of ground forces to capture Kharg Island, Iran's main oil export hub.
An Iranian official told Reuters on Thursday that a 15-point U.S. proposal, delivered to Tehran through Pakistan, was "one-sided and unfair".
But investors drew some relief from Trump's decision to give diplomacy more time, extending by 10 days his ultimatum to strike Iranian power plants after already delaying his original 48-hour deadline by five days.
Dubai's main share index eased 0.1%, with top lender Emirates NBD retreating 3.2%.
UAE equities were broadly steady today, pausing after their recent rebound as investors stayed cautious amid ongoing regional tensions. Hopes for a diplomatic breakthrough are offering some support, but the absence of a clear de-escalation signal is keeping sentiment in check, said Joseph Dahrieh, managing director at Tickmill.
That said, domestic fundamentals remain solid. Strong economic momentum, ample liquidity and resilient corporates are helping limit losses after the recent correction, Dahrieh said.
In Abu Dhabi, the index was down 0.1%.
The UAE has told the U.S. and other Western allies that it is prepared to join a multinational maritime taskforce to reopen the Strait of Hormuz, the Financial Times reported on Friday, citing people familiar with the matter.
Oil rose on Friday but was headed for its first weekly loss since February 9 after Trump extended the pause on attacks on Iran's energy sites, while ceasefire uncertainty kept investors cautious.
UAE stocks ended lower on Friday after giving up the early gains due to U.S. President Donald Trump extending the pause on attacks on Iran's energy facilities, as uncertainty over a ceasefire in the month-old war kept investors cautious.
Washington has deployed thousands of troops to the Middle East, and Trump is weighing the use of ground forces to capture Kharg Island, Iran's main oil export hub.
An Iranian official told Reuters on Thursday that a 15-point U.S. proposal, delivered to Tehran through Pakistan, was "one-sided and unfair".
But investors drew some relief from Trump's decision to give diplomacy more time, extending by 10 days his ultimatum to strike Iranian power plants after already delaying his original 48-hour deadline by five days.
Dubai's main share index eased 0.1%, with top lender Emirates NBD retreating 3.2%.
UAE equities were broadly steady today, pausing after their recent rebound as investors stayed cautious amid ongoing regional tensions. Hopes for a diplomatic breakthrough are offering some support, but the absence of a clear de-escalation signal is keeping sentiment in check, said Joseph Dahrieh, managing director at Tickmill.
That said, domestic fundamentals remain solid. Strong economic momentum, ample liquidity and resilient corporates are helping limit losses after the recent correction, Dahrieh said.
In Abu Dhabi, the index was down 0.1%.
The UAE has told the U.S. and other Western allies that it is prepared to join a multinational maritime taskforce to reopen the Strait of Hormuz, the Financial Times reported on Friday, citing people familiar with the matter.
Oil rose on Friday but was headed for its first weekly loss since February 9 after Trump extended the pause on attacks on Iran's energy sites, while ceasefire uncertainty kept investors cautious.
Thursday, 26 March 2026
#Dubai Real Estate Firms Reassure Investors as Bonds Slip Into Distress - Bloomberg
Dubai Real Estate Firms Reassure Investors as Bonds Slip Into Distress - Bloomberg
A number of developers in the United Arab Emirates have held calls with investors to allay concerns over a potential liquidity crunch, a stark reversal of fortunes as the Iran war approaches the one-month mark.
Developers including Binghatti Holding Ltd. and Omniyat Holdings Ltd. spoke with investors on Wednesday as their bonds slipped into distressed territory following the conflict, according to people familiar with the matter, who asked not to be identified discussing confidential information.
Others, including Sobha Realty and Arada Developments, have held similar calls since the war began, some of the people said. Debt issued by all four companies is rated below investment grade by major ratings firms, according to data compiled by Bloomberg.
Earlier this month, Emaar Properties PJSC — the developer of the Burj Khalifa, the world’s tallest tower — also reached out to investors, some of the people said. The firm’s shares are down about 28% since the conflict began, under-performing Dubai’s benchmark, which has fallen around 17%.
The moves reflects a rapid shift in sentiment. Dubai’s real estate market is coming off a record rally driven by ultra-wealthy buyers who snapped up luxury villas and penthouses, pushing the emirate ahead of New York and Hong Kong in sales of homes priced above $10 million.
But the UAE has borne the brunt of retaliation from Tehran since the US-Israeli war on Iran began on Feb. 28, with energy infrastructure, airports and residential and commercial buildings hit by projectiles and debris. Even so, much of the country remains operational: businesses are open, many offices have shifted to remote work, and investors continue to pursue global deals.
Still, brokers have told Bloomberg News that many buyers are adopting a wait-and-see approach. Early signs suggest some are halting plans to purchase properties ahead of construction, or “off plan.”
During the recent calls, several developers presented stress-test scenarios aimed at demonstrating liquidity resilience.
Binghatti, whose call drew more than 300 investors, outlined a worst-case scenario involving a 20% decline in collections and a 30% drop in average selling prices of unsold inventory. Even under those assumptions, the company projected cash of more than 5 billion dirhams ($1.4 billion) by year-end and close to 14 billion dirhams by the end of 2027, the people said. The firm added it has seen no delays in customer payments or defaults.
Representatives for Binghatti, which focuses on mid-market housing but has also pushed into luxury projects — including plans for a Mercedes-branded tower and one of the world’s tallest residential buildings — declined to comment.
Omniyat also presented downside scenarios, modeling declines of more than 20% in property prices alongside higher default rates, while maintaining that its liquidity position would remain intact, according to people familiar with the matter. A spokesperson for the firm declined to comment.
The ultra-luxury developer said in a separate statement on Thursday that it has a “strong liquidity position” of more than $1.4 billion in cash and equivalents, including $726 million of unrestricted corporate liquidity not subject to escrow or regulatory ring-fencing. The company said this would fully cover its $500 million sukuk maturing in 2028 without relying on property sales, buyer collections, refinancing or additional capital markets activity.
Some of Binghatti’s and Omniyat’s sukuk have slipped back below the distressed threshold — trading with a yield spread of over 1,000 basis points above the risk-free rate — after rebounding on Wednesday.
Ratings agencies have flagged geopolitical risks to demand and the potential for higher construction costs, with Fitch Ratings placing Binghatti, Omniyat and, more recently, Arada on watch for possible downgrades.
Representatives for the Arada, co-owned by the son of Saudi Arabian Prince Alwaleed bin Talal and a member of Sharjah’s royal family, declined to comment on the call. The firm previously told Bloomberg News it had taken proactive steps to reinforce liquidity.
A spokesperson for Sobha Realty confirmed the firm has held multiple investor calls, where it assured investors it has “a strong liquidity position” and that liquidity preservation remains its top priority. The developer, owned by an Indian tycoon, has also been looking to expand into the US in recent months.
Representatives for Emaar did not immediately respond to a request for comment.
Before the war, property companies had been on a borrowing spree as they raced to secure sites for residential projects in Dubai and Abu Dhabi. Real estate bond issuance in the UAE reached nearly $7 billion in 2025, more than double the 2024 total, which was itself a record. That has created a growing wall of maturities, with about $8 billion due by 2030.
A number of developers in the United Arab Emirates have held calls with investors to allay concerns over a potential liquidity crunch, a stark reversal of fortunes as the Iran war approaches the one-month mark.
Developers including Binghatti Holding Ltd. and Omniyat Holdings Ltd. spoke with investors on Wednesday as their bonds slipped into distressed territory following the conflict, according to people familiar with the matter, who asked not to be identified discussing confidential information.
Others, including Sobha Realty and Arada Developments, have held similar calls since the war began, some of the people said. Debt issued by all four companies is rated below investment grade by major ratings firms, according to data compiled by Bloomberg.
Earlier this month, Emaar Properties PJSC — the developer of the Burj Khalifa, the world’s tallest tower — also reached out to investors, some of the people said. The firm’s shares are down about 28% since the conflict began, under-performing Dubai’s benchmark, which has fallen around 17%.
The moves reflects a rapid shift in sentiment. Dubai’s real estate market is coming off a record rally driven by ultra-wealthy buyers who snapped up luxury villas and penthouses, pushing the emirate ahead of New York and Hong Kong in sales of homes priced above $10 million.
But the UAE has borne the brunt of retaliation from Tehran since the US-Israeli war on Iran began on Feb. 28, with energy infrastructure, airports and residential and commercial buildings hit by projectiles and debris. Even so, much of the country remains operational: businesses are open, many offices have shifted to remote work, and investors continue to pursue global deals.
Still, brokers have told Bloomberg News that many buyers are adopting a wait-and-see approach. Early signs suggest some are halting plans to purchase properties ahead of construction, or “off plan.”
During the recent calls, several developers presented stress-test scenarios aimed at demonstrating liquidity resilience.
Binghatti, whose call drew more than 300 investors, outlined a worst-case scenario involving a 20% decline in collections and a 30% drop in average selling prices of unsold inventory. Even under those assumptions, the company projected cash of more than 5 billion dirhams ($1.4 billion) by year-end and close to 14 billion dirhams by the end of 2027, the people said. The firm added it has seen no delays in customer payments or defaults.
Representatives for Binghatti, which focuses on mid-market housing but has also pushed into luxury projects — including plans for a Mercedes-branded tower and one of the world’s tallest residential buildings — declined to comment.
Omniyat also presented downside scenarios, modeling declines of more than 20% in property prices alongside higher default rates, while maintaining that its liquidity position would remain intact, according to people familiar with the matter. A spokesperson for the firm declined to comment.
The ultra-luxury developer said in a separate statement on Thursday that it has a “strong liquidity position” of more than $1.4 billion in cash and equivalents, including $726 million of unrestricted corporate liquidity not subject to escrow or regulatory ring-fencing. The company said this would fully cover its $500 million sukuk maturing in 2028 without relying on property sales, buyer collections, refinancing or additional capital markets activity.
Some of Binghatti’s and Omniyat’s sukuk have slipped back below the distressed threshold — trading with a yield spread of over 1,000 basis points above the risk-free rate — after rebounding on Wednesday.
Ratings agencies have flagged geopolitical risks to demand and the potential for higher construction costs, with Fitch Ratings placing Binghatti, Omniyat and, more recently, Arada on watch for possible downgrades.
Representatives for the Arada, co-owned by the son of Saudi Arabian Prince Alwaleed bin Talal and a member of Sharjah’s royal family, declined to comment on the call. The firm previously told Bloomberg News it had taken proactive steps to reinforce liquidity.
A spokesperson for Sobha Realty confirmed the firm has held multiple investor calls, where it assured investors it has “a strong liquidity position” and that liquidity preservation remains its top priority. The developer, owned by an Indian tycoon, has also been looking to expand into the US in recent months.
Representatives for Emaar did not immediately respond to a request for comment.
Before the war, property companies had been on a borrowing spree as they raced to secure sites for residential projects in Dubai and Abu Dhabi. Real estate bond issuance in the UAE reached nearly $7 billion in 2025, more than double the 2024 total, which was itself a record. That has created a growing wall of maturities, with about $8 billion due by 2030.
Public Investment Fund Sticks to Overseas Deals as Regional Tensions Rise - Bloomberg #SaudiArabia
Public Investment Fund Sticks to Overseas Deals as Regional Tensions Rise - Bloomberg
The top official at Saudi Arabia’s wealth fund said it remains committed to investments around the world despite growing concerns over the mounting economic costs of the war.
“The Saudi macroeconomic and physical position remains strong, stable and resilient,” said Yasir Al Rumayyan, governor of the $1 trillion Public Investment Fund. “We measure our returns not in quarters but in decades, and PIF remains committed to its investments around the world.”
Al Rumayyan was speaking at the Future Investment Initiative event in Miami, against the backdrop of a regional war that’s now in its fourth week. Over the past month, Iran has attacked energy infrastructure across the oil-rich region, raising concerns that the kingdom and other Gulf nations might pull back from international investments.
Tehran’s projectiles have hit Saudi Arabia’s biggest oil refinery at Ras Tanura, and repeatedly targeted the kingdom’s Shaybah oil field, which has the capacity to produce 1 million barrels of crude a day.
Still, Gulf sovereign investors are pressing ahead with global dealmaking. Savvy Games Group, a unit of the PIF, agreed to buy Moonton from ByteDance this month in a deal valuing the mobile games maker at $6 billion.
Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, has also been active in March, while Qatar’s wealth fund and a Bahraini aluminum firm both announced large deals in the first week of the war.
In his comments, Al Rumayyan touched upon the PIF’s upcoming long-term investment strategy. The wealth fund wants to include the private sector in its work, both domestically and internationally, he said, highlighting sectors including renewables and data centers.
“We want the whole world to come and invest in Saudi,” he said.
In a separate conversation, Yazeed Al Humied, one of the fund’s two deputy governors and chief of its Middle East and North Africa unit, said private credit was another area of focus. The kingdom is “significantly under-served,” he said, adding that the regulator is supporting efforts to bolster that pocket of finance.
At the event, King Street Capital Management LP said it had signed an agreement to invest in alternative credit with the PIF’s backing. That adds to a rush by private credit firms, who have been jockeying for deals in Saudi Arabia, where liquidity in the banking system has been drained by the kingdom’s economic diversification projects.
The wealth fund is the main driver of that multitrillion-dollar diversification plan known as Vision 2030. It plans to boost total annual deployment to $70 billion a year after 2025 and emphasized that its investments in absolute dollar terms will continue to rise abroad even as it focuses at home.
In the months before the conflict began, officials in Riyadh had started making tougher spending decisions, ordering sweeping reviews of ambitious projects across the country and beginning to pivot toward areas more likely to attract foreign investment.
FII Miami is an invitation-only conference that’s run by an organization affiliated with the PIF and is meant to be a smaller version of an annual event in Riyadh. US President Donald Trump is headlining the three-day conference, an annual bash that lures titans of finance and politics.
Earlier on Thursday, Trump threatened Iran with intensified military action after Tehran rejected Washington’s push for peace talks, a sign he’s not backing down.
The top official at Saudi Arabia’s wealth fund said it remains committed to investments around the world despite growing concerns over the mounting economic costs of the war.
“The Saudi macroeconomic and physical position remains strong, stable and resilient,” said Yasir Al Rumayyan, governor of the $1 trillion Public Investment Fund. “We measure our returns not in quarters but in decades, and PIF remains committed to its investments around the world.”
Al Rumayyan was speaking at the Future Investment Initiative event in Miami, against the backdrop of a regional war that’s now in its fourth week. Over the past month, Iran has attacked energy infrastructure across the oil-rich region, raising concerns that the kingdom and other Gulf nations might pull back from international investments.
Tehran’s projectiles have hit Saudi Arabia’s biggest oil refinery at Ras Tanura, and repeatedly targeted the kingdom’s Shaybah oil field, which has the capacity to produce 1 million barrels of crude a day.
Still, Gulf sovereign investors are pressing ahead with global dealmaking. Savvy Games Group, a unit of the PIF, agreed to buy Moonton from ByteDance this month in a deal valuing the mobile games maker at $6 billion.
Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, has also been active in March, while Qatar’s wealth fund and a Bahraini aluminum firm both announced large deals in the first week of the war.
In his comments, Al Rumayyan touched upon the PIF’s upcoming long-term investment strategy. The wealth fund wants to include the private sector in its work, both domestically and internationally, he said, highlighting sectors including renewables and data centers.
“We want the whole world to come and invest in Saudi,” he said.
In a separate conversation, Yazeed Al Humied, one of the fund’s two deputy governors and chief of its Middle East and North Africa unit, said private credit was another area of focus. The kingdom is “significantly under-served,” he said, adding that the regulator is supporting efforts to bolster that pocket of finance.
At the event, King Street Capital Management LP said it had signed an agreement to invest in alternative credit with the PIF’s backing. That adds to a rush by private credit firms, who have been jockeying for deals in Saudi Arabia, where liquidity in the banking system has been drained by the kingdom’s economic diversification projects.
The wealth fund is the main driver of that multitrillion-dollar diversification plan known as Vision 2030. It plans to boost total annual deployment to $70 billion a year after 2025 and emphasized that its investments in absolute dollar terms will continue to rise abroad even as it focuses at home.
In the months before the conflict began, officials in Riyadh had started making tougher spending decisions, ordering sweeping reviews of ambitious projects across the country and beginning to pivot toward areas more likely to attract foreign investment.
FII Miami is an invitation-only conference that’s run by an organization affiliated with the PIF and is meant to be a smaller version of an annual event in Riyadh. US President Donald Trump is headlining the three-day conference, an annual bash that lures titans of finance and politics.
Earlier on Thursday, Trump threatened Iran with intensified military action after Tehran rejected Washington’s push for peace talks, a sign he’s not backing down.
Mideast Stocks: Gulf markets slip as Middle East tensions keep investors cautious
Mideast Stocks: Gulf markets slip as Middle East tensions keep investors cautious
Most Gulf equities ended lower on Thursday as investors remained cautious over fast-moving developments in the Middle East, and Iran said it was reviewing a U.S. proposal to end the conflict.
President Donald Trump said Iran was eager to strike a deal, while Iranian Foreign Minister Abbas Araqchi said there had been no direct dialogue or negotiations with the U.S., although messages had been exchanged through intermediaries.
Conflicting messages from both sides over ceasefire talks have kept investors on edge. Dubai's main share index - which jumped more than 4% in the previous session - slid 3.2%, with Emaar Properties retreating 4.7% and top lender Emirates NBD tumbling 5%.
In Abu Dhabi, the index dropped 1.8%, hit by a 2.6% fall in Aldar Properties. GCC equity markets experienced pressure amid intensifying geopolitical risks, which continued to weigh on investor sentiment and reinforce caution across the region, Milad Azar market analyst at XTB MENA.
The unclear outlook for ongoing diplomatic efforts generated mixed market behavior, while evolving expectations sustained near-term volatility, Azar added.
The Qatari index declined 1.3%, weighed down by a 1.2% fall in Qatar Islamic Bank and a 4.1% slide in Qatar Gas Transport. According to Azar, GCC markets will remain vulnerable to geopolitical shifts, but diplomatic progress and strong macro fundamentals could support a rebound.
Saudi Arabia's benchmark index reversed early losses to finish 0.1% higher, helped by a 1.6% gain in petrochemical maker Saudi Basic Industries Corp and a 0.5% increase in oil behemoth Saudi Aramco. Oil rose more than 3%, rebounding from the previous session's losses, as prospects for a prolonged conflict in the Middle East stoked concerns over further supply disruptions.
The near-month-long war, sparked by joint U.S.-Israeli strikes on Iran, has effectively brought about a closure of the Strait of Hormuz, a key route for global oil and liquefied natural gas flow. Outside the Gulf.
Most Gulf equities ended lower on Thursday as investors remained cautious over fast-moving developments in the Middle East, and Iran said it was reviewing a U.S. proposal to end the conflict.
President Donald Trump said Iran was eager to strike a deal, while Iranian Foreign Minister Abbas Araqchi said there had been no direct dialogue or negotiations with the U.S., although messages had been exchanged through intermediaries.
Conflicting messages from both sides over ceasefire talks have kept investors on edge. Dubai's main share index - which jumped more than 4% in the previous session - slid 3.2%, with Emaar Properties retreating 4.7% and top lender Emirates NBD tumbling 5%.
In Abu Dhabi, the index dropped 1.8%, hit by a 2.6% fall in Aldar Properties. GCC equity markets experienced pressure amid intensifying geopolitical risks, which continued to weigh on investor sentiment and reinforce caution across the region, Milad Azar market analyst at XTB MENA.
The unclear outlook for ongoing diplomatic efforts generated mixed market behavior, while evolving expectations sustained near-term volatility, Azar added.
The Qatari index declined 1.3%, weighed down by a 1.2% fall in Qatar Islamic Bank and a 4.1% slide in Qatar Gas Transport. According to Azar, GCC markets will remain vulnerable to geopolitical shifts, but diplomatic progress and strong macro fundamentals could support a rebound.
Saudi Arabia's benchmark index reversed early losses to finish 0.1% higher, helped by a 1.6% gain in petrochemical maker Saudi Basic Industries Corp and a 0.5% increase in oil behemoth Saudi Aramco. Oil rose more than 3%, rebounding from the previous session's losses, as prospects for a prolonged conflict in the Middle East stoked concerns over further supply disruptions.
The near-month-long war, sparked by joint U.S.-Israeli strikes on Iran, has effectively brought about a closure of the Strait of Hormuz, a key route for global oil and liquefied natural gas flow. Outside the Gulf.
Wednesday, 25 March 2026
Mideast Stocks: Gulf equities gain following reports of US-Iran ceasefire proposal
Mideast Stocks: Gulf equities gain following reports of US-Iran ceasefire proposal
Most Gulf stock markets ended higher on Wednesday, with Dubai leading regional gains, as optimism over a possible ceasefire grew following reports that Washington had submitted a 15-point proposal to Tehran aimed at ending the war. U.S. President Donald Trump said on Tuesday that efforts to negotiate an end to the conflict were making progress.
A source confirmed to Reuters that the U.S. had sent Iran the proposal, while Israel's Channel 12, citing sources, reported that Washington was seeking a month-long ceasefire to allow discussions on the plan.
Tehran denied that any direct talks had taken place, and the official IRNA news agency quoted an armed forces spokesperson on Wednesday as saying the U.S. was "negotiating with itself". Israel and Iran exchanged airstrikes on Wednesday.
Dubai's main share index jumped 4.2%, its biggest intraday gain since December 2024, with blue-chip developer Emaar Properties surging 7.6% and top lender Emirates NBD climbing 6.8%.
In Abu Dhabi, the index concluded 2% higher, with Aldar Properties leaping 6.1% while ADNOC Logistics climbed 4.2%. The maritime logistics provider said recent developments in the region had not materially impacted its global operations and that it remains financially strong and fully operational across all divisions.
The Qatari index advanced 1.4%, led by a 3.1% rise in Qatar Islamic Bank.
Saudi Arabia's benchmark index finished 1.2% higher, with the country's biggest lender by assets Saudi National Bank rising 2.2%. Elsewhere, oil major Saudi Aramco added 0.8%.
Crude exports from Saudi Arabia's Red Sea port of Yanbu climbedto nearly 4 million barrels per day last week, shipping data showed, underscoring Aramco's progress in rerouting supplies through its East-West pipeline to bypass Hormuz disruptions caused by the Iran war.
Oil prices sank about 5% on hopes the U.S. proposal to Iran could help end the war and ease regional supply risks.
Outside the Gulf, Egypt's blue-chip index closed 1.2% higher, with Commercial International Bank rising 1.5%. U.S. company Apache Corporation has made a new natural gas discovery in Egypt's Western Desert, the petroleum ministry said on Tuesday, with expected output of about 26 million cubic feet of gas per day.
Most Gulf stock markets ended higher on Wednesday, with Dubai leading regional gains, as optimism over a possible ceasefire grew following reports that Washington had submitted a 15-point proposal to Tehran aimed at ending the war. U.S. President Donald Trump said on Tuesday that efforts to negotiate an end to the conflict were making progress.
A source confirmed to Reuters that the U.S. had sent Iran the proposal, while Israel's Channel 12, citing sources, reported that Washington was seeking a month-long ceasefire to allow discussions on the plan.
Tehran denied that any direct talks had taken place, and the official IRNA news agency quoted an armed forces spokesperson on Wednesday as saying the U.S. was "negotiating with itself". Israel and Iran exchanged airstrikes on Wednesday.
Dubai's main share index jumped 4.2%, its biggest intraday gain since December 2024, with blue-chip developer Emaar Properties surging 7.6% and top lender Emirates NBD climbing 6.8%.
In Abu Dhabi, the index concluded 2% higher, with Aldar Properties leaping 6.1% while ADNOC Logistics climbed 4.2%. The maritime logistics provider said recent developments in the region had not materially impacted its global operations and that it remains financially strong and fully operational across all divisions.
The Qatari index advanced 1.4%, led by a 3.1% rise in Qatar Islamic Bank.
Saudi Arabia's benchmark index finished 1.2% higher, with the country's biggest lender by assets Saudi National Bank rising 2.2%. Elsewhere, oil major Saudi Aramco added 0.8%.
Crude exports from Saudi Arabia's Red Sea port of Yanbu climbedto nearly 4 million barrels per day last week, shipping data showed, underscoring Aramco's progress in rerouting supplies through its East-West pipeline to bypass Hormuz disruptions caused by the Iran war.
Oil prices sank about 5% on hopes the U.S. proposal to Iran could help end the war and ease regional supply risks.
Outside the Gulf, Egypt's blue-chip index closed 1.2% higher, with Commercial International Bank rising 1.5%. U.S. company Apache Corporation has made a new natural gas discovery in Egypt's Western Desert, the petroleum ministry said on Tuesday, with expected output of about 26 million cubic feet of gas per day.
#Dubai Real Estate Bonds Are Starting to Fall Into Distress - Bloomberg
Dubai Real Estate Bonds Are Starting to Fall Into Distress - Bloomberg
Two Dubai property developers have seen their Islamic bonds, or sukuk, fall into distressed territory, with investor concern mounting over credit quality and refinancing risks as the war in the Middle East rolls on for a fourth week.
Six dollar-denominated sukuk issued by property firms are indicated at distressed levels, or trading with a yield spread of over 1,000 basis points above the risk-free rate, according to data compiled by Bloomberg. In total, they represent about 15% of dollar real estate bonds in the Middle East.
The Shariah-compliant bonds are issued by entities linked to Dubai-based Binghatti Holding Ltd and Omniyat Holdings Ltd, with a 2027 issue from Binghatti coming in as the most distressed. Binghatti’s core business is mid-market housing, though it has also made a push into luxury projects, unveiling plans for a Mercedes-branded tower and one of the world’s tallest residential buildings. Omniyat focuses on the ultra-luxury segment.
Even among bonds and sukuk that haven’t crossed the distressed threshold, spreads have ballooned since the start of the war. Risk premiums on a 2030-dated bond by an entity of Sobha Realty have surged from under 300 basis points to 800 basis points. An Arada Developments LLC vehicle’s 2030-maturing security has seen spreads more than double to 728 basis points.
Debt issued by all four of these firms have sub-investment grade scores at major rating companies, based on data compiled by Bloomberg. Their high-grade peers’ spreads have also widened, but losses are more contained.
Once-Hot Sector
The once-hot sector has soured quickly. At the end of February, the widest-indicated bond was trading at less than half of the threshold associated with distress. But the Middle East’s primary bond market has been effectively shut since the war broke out, leaving issuers with limited refinancing options and increasing pressure on lower-rated names.
“Dubai real estate names were the most affected by the situation,” with short-selling by hedge funds contributing to a broad-based selloff across the sector, said Zeina Rizk, co-head of fixed income at Amwal Capital.
A representative for Binghatti said in a statement that the firm’s construction sites are fully operational and on schedule despite geopolitical tensions. “Cancellation rates remain below 1%, consistent with historical norms, and March sales have hit approximately AED 500 million per week, matching pre-crisis levels.”
Omniyat said it is “in a strong position, fully funded, with substantial contracted revenue providing over four years of revenue visibility.” Construction is active across all of the firm’s launched sites and there have been no purchase cancellations, the statement added.
Arada has “taken proactive steps to reinforce liquidity as we prepare for the next 18 months,” the company said in a statement. “The outlook is manageable, with sufficient liquidity to meet all obligations over this period.”
Sobha could not be reached for comment.
Fitch Ratings has placed both Binghatti and Omniyat on watch for possible downgrades, citing the impact of geopolitical risk on demand and the risk of higher construction costs. Still, both companies entered the recent period of volatility with solid balance sheets, Fitch said. Separately, Moody’s Ratings affirmed Binghatti’s rating last week, saying it has good liquidity over the next 12 months to cover its February 2027 maturity.
What Bloomberg Intelligence Says:
The GCC real estate party in bond markets appears to be ending before it began. A prolonged conflict could impede market access, which was helping to fund significant scaling up across the region. Government support looks inevitable, but its form and extent are as yet opaque. How the disparate group of issuers responds will be as varied as their business models and credit metrics. Some ratings are already pressured.
— Tolu M Alamutu, Senior Credit Analyst
Before the war, property companies had been on a debt spree as they raced to secure locations for residential projects in Dubai and Abu Dhabi. Real estate bond issuance in the UAE hit nearly $7 billion in 2025, more than double the 2024 number, itself a record. That’s created a growing wall of maturities, with about $8 billion due by 2030.
“There are pockets of opportunities appearing but some are waiting for better clarity on the outcome before stepping in,” said Amwal Capital’s Rizk.
Two Dubai property developers have seen their Islamic bonds, or sukuk, fall into distressed territory, with investor concern mounting over credit quality and refinancing risks as the war in the Middle East rolls on for a fourth week.
Six dollar-denominated sukuk issued by property firms are indicated at distressed levels, or trading with a yield spread of over 1,000 basis points above the risk-free rate, according to data compiled by Bloomberg. In total, they represent about 15% of dollar real estate bonds in the Middle East.
The Shariah-compliant bonds are issued by entities linked to Dubai-based Binghatti Holding Ltd and Omniyat Holdings Ltd, with a 2027 issue from Binghatti coming in as the most distressed. Binghatti’s core business is mid-market housing, though it has also made a push into luxury projects, unveiling plans for a Mercedes-branded tower and one of the world’s tallest residential buildings. Omniyat focuses on the ultra-luxury segment.
Even among bonds and sukuk that haven’t crossed the distressed threshold, spreads have ballooned since the start of the war. Risk premiums on a 2030-dated bond by an entity of Sobha Realty have surged from under 300 basis points to 800 basis points. An Arada Developments LLC vehicle’s 2030-maturing security has seen spreads more than double to 728 basis points.
Debt issued by all four of these firms have sub-investment grade scores at major rating companies, based on data compiled by Bloomberg. Their high-grade peers’ spreads have also widened, but losses are more contained.
Once-Hot Sector
The once-hot sector has soured quickly. At the end of February, the widest-indicated bond was trading at less than half of the threshold associated with distress. But the Middle East’s primary bond market has been effectively shut since the war broke out, leaving issuers with limited refinancing options and increasing pressure on lower-rated names.
“Dubai real estate names were the most affected by the situation,” with short-selling by hedge funds contributing to a broad-based selloff across the sector, said Zeina Rizk, co-head of fixed income at Amwal Capital.
A representative for Binghatti said in a statement that the firm’s construction sites are fully operational and on schedule despite geopolitical tensions. “Cancellation rates remain below 1%, consistent with historical norms, and March sales have hit approximately AED 500 million per week, matching pre-crisis levels.”
Omniyat said it is “in a strong position, fully funded, with substantial contracted revenue providing over four years of revenue visibility.” Construction is active across all of the firm’s launched sites and there have been no purchase cancellations, the statement added.
Arada has “taken proactive steps to reinforce liquidity as we prepare for the next 18 months,” the company said in a statement. “The outlook is manageable, with sufficient liquidity to meet all obligations over this period.”
Sobha could not be reached for comment.
Fitch Ratings has placed both Binghatti and Omniyat on watch for possible downgrades, citing the impact of geopolitical risk on demand and the risk of higher construction costs. Still, both companies entered the recent period of volatility with solid balance sheets, Fitch said. Separately, Moody’s Ratings affirmed Binghatti’s rating last week, saying it has good liquidity over the next 12 months to cover its February 2027 maturity.
What Bloomberg Intelligence Says:
The GCC real estate party in bond markets appears to be ending before it began. A prolonged conflict could impede market access, which was helping to fund significant scaling up across the region. Government support looks inevitable, but its form and extent are as yet opaque. How the disparate group of issuers responds will be as varied as their business models and credit metrics. Some ratings are already pressured.
— Tolu M Alamutu, Senior Credit Analyst
Before the war, property companies had been on a debt spree as they raced to secure locations for residential projects in Dubai and Abu Dhabi. Real estate bond issuance in the UAE hit nearly $7 billion in 2025, more than double the 2024 number, itself a record. That’s created a growing wall of maturities, with about $8 billion due by 2030.
“There are pockets of opportunities appearing but some are waiting for better clarity on the outcome before stepping in,” said Amwal Capital’s Rizk.
Tuesday, 24 March 2026
StanChart-Backed Vault22 Eyes #UAE Move, Islamic Finance Platform - Bloomberg
StanChart-Backed Vault22 Eyes UAE Move, Islamic Finance Platform - Bloomberg
Vault22, a fintech company backed by Standard Chartered Plc’s innovation unit, plans to enter the Islamic finance market with Shariah-compliant personal-finance and wealth-management offering in the United Arab Emirates.
The company will roll out Hafiq, a new platform billed as a faith-driven approach to personal finance, in the Gulf state around mid-year. It will offer a Shariah asset-screening tool powered by artificial intelligence to help users make investment decisions, a real-time calculator for charitable donations known as zakat and a range of exchange-traded funds and thematic portfolios designed to appeal to millennial and Gen Z investors.
The announcement comes as the US-Israeli war on Iran, now in its 24th day, nears a possible inflection point. The UAE reported that the Islamic Republic launched overnight drone and missile attacks into Monday, hours before President Donald Trump’s deadline to reopen the Strait of Hormuz expires.
Standard Chartered’s SC Ventures and Next176, the venture-building arm of top African insurer by assets Old Mutual Group Ltd., created Vault22 about two years ago to tap into fast-growing markets for Islamic finance and AI-led wealth solutions in emerging and frontier markets.
The global Islamic finance industry was valued at $6 trillion in 2024, with the UAE ranking as the fourth largest country by assets, according to a study by the London Stock Exchange Group and Islamic Corp. for the Development of Private Sector.
“People need to be able to manage their risk, their finances and make long-term decisions around their wealth and savings ever more in times of uncertainty,” Stephen Ong, Vault22’s co-founder, said when asked about the impact of the Iran war on its expansion plans. “People need good wealth-management solutions and people need, we believe, these types of Islamic-first tools to help them fulfill their faith obligations.”
The company was created through the merger of 22seven, a popular South African budget aggregation and tracking platform and Autumn, a Singapore-incubated financial goals and wealth-planning app. It has set up a head office in the Dubai International Financial Centre to support plans to launch Hafiq in key Islamic finance markets in the Gulf and as well as Malaysia and Indonesia, and expand its Vault22 platform in Africa.
“The UAE offers a rapidly developing and enabling ecosystem for ventures like ours,” said Benito Mable, Vault22’s chief executive and co-founder. “Regulatory maturity and clarity is important and it’s there, and there’s also a huge linkage between the Middle East and Africa finance corridor that we sit in.”
The company, which also counts Franklin Templeton among its backers, is in talks with potential investors, including Gulf-based family offices, to support its expansion plans, the co-founders said, declining to identify them.
In Africa, the company is due to provide white-label infrastructure to two banks, allowing them to provide digital-wealth products to their clients without having to build their own systems, and is in talks over similar arrangements with others, Mable said, declining to identify them.
Vault22 is planning cryptocurrency and stablecoin offerings for its platform in South Africa, where the majority of its more than 1 million users are based. It’s also looking to service independent financial advisers in the country.
Vault22, a fintech company backed by Standard Chartered Plc’s innovation unit, plans to enter the Islamic finance market with Shariah-compliant personal-finance and wealth-management offering in the United Arab Emirates.
The company will roll out Hafiq, a new platform billed as a faith-driven approach to personal finance, in the Gulf state around mid-year. It will offer a Shariah asset-screening tool powered by artificial intelligence to help users make investment decisions, a real-time calculator for charitable donations known as zakat and a range of exchange-traded funds and thematic portfolios designed to appeal to millennial and Gen Z investors.
The announcement comes as the US-Israeli war on Iran, now in its 24th day, nears a possible inflection point. The UAE reported that the Islamic Republic launched overnight drone and missile attacks into Monday, hours before President Donald Trump’s deadline to reopen the Strait of Hormuz expires.
Standard Chartered’s SC Ventures and Next176, the venture-building arm of top African insurer by assets Old Mutual Group Ltd., created Vault22 about two years ago to tap into fast-growing markets for Islamic finance and AI-led wealth solutions in emerging and frontier markets.
The global Islamic finance industry was valued at $6 trillion in 2024, with the UAE ranking as the fourth largest country by assets, according to a study by the London Stock Exchange Group and Islamic Corp. for the Development of Private Sector.
“People need to be able to manage their risk, their finances and make long-term decisions around their wealth and savings ever more in times of uncertainty,” Stephen Ong, Vault22’s co-founder, said when asked about the impact of the Iran war on its expansion plans. “People need good wealth-management solutions and people need, we believe, these types of Islamic-first tools to help them fulfill their faith obligations.”
The company was created through the merger of 22seven, a popular South African budget aggregation and tracking platform and Autumn, a Singapore-incubated financial goals and wealth-planning app. It has set up a head office in the Dubai International Financial Centre to support plans to launch Hafiq in key Islamic finance markets in the Gulf and as well as Malaysia and Indonesia, and expand its Vault22 platform in Africa.
“The UAE offers a rapidly developing and enabling ecosystem for ventures like ours,” said Benito Mable, Vault22’s chief executive and co-founder. “Regulatory maturity and clarity is important and it’s there, and there’s also a huge linkage between the Middle East and Africa finance corridor that we sit in.”
The company, which also counts Franklin Templeton among its backers, is in talks with potential investors, including Gulf-based family offices, to support its expansion plans, the co-founders said, declining to identify them.
In Africa, the company is due to provide white-label infrastructure to two banks, allowing them to provide digital-wealth products to their clients without having to build their own systems, and is in talks over similar arrangements with others, Mable said, declining to identify them.
Vault22 is planning cryptocurrency and stablecoin offerings for its platform in South Africa, where the majority of its more than 1 million users are based. It’s also looking to service independent financial advisers in the country.
Gross banks’ assets up by 1.4% to $1.473trln at end of January 2026: CB#UAE
Gross banks’ assets up by 1.4% to $1.473trln at end of January 2026: CBUAE
Gross banks’ assets increased by 1.4% from AED 5,339.9 billion at the end of December 2025 to AED 5,413.6 billion at the end of January 2026, according to a report on the Monetary & Banking Developments – January 2026 issued by the Central Bank of the UAE (CBUAE).
The report showed that the gross credit increased by 1.1% from AED 2,570.3 billion at the end of December 2025 to AED 2,598.2 billion at the end of January 2026.
Total credit growth was supported mostly by growth of domestic credit (by AED 27.9 billion), that is result of increase of credit to the private sector by 0.6% (contributed with 0.4 p.p. to overall growth of 1.1%) and credit to the government sector 2.5%. Growth of domestic credit was moderated by the decline in credit extended to OFC for 5.7%, that had negative contribution (for - 0.1 p.p.) to overall domestic credit growth.
Banks’ deposits increased by 0.9%, from AED 3,307.0 billion at the end of December 2025 to AED 3,336.8 billion at the end of January 2026. The increase in banks’ deposits was driven by the growth in resident deposits by 1.2% reaching AED 3,046.1 billion, while non-resident deposits declined by 2.4% reaching AED 290.7 billion, with a negative contribution (-0.2 p.p. from overall 0.9 % total growth).
Within the resident deposits: private sector deposits increased by 1.0% reaching 2,272.8 billion, GRE deposits increased by 3.5% reaching AED 306.7 billion. At the same time, government sector deposits also increased by 2.0% reaching AED 401.3 billion, while Other Financial Corporations (OFC) deposits decreased by 6.7% reaching AED 65.3 billion at the end of January 2026.
The report also showed an increase in money supply aggregate M1 by 0.9%, from AED 1,071.5 billion at the end of December 2025 to AED 1,081.3 billion at the end of January 2026. The increase was supported by an increase in currency in circulation outside banks by 2.7% and in monetary deposits by 0.6%.
The money supply aggregate M2 increased by 1.3%, from AED 2,754.7 billion at the end of December 2025 to AED 2,789.8 billion at the end of January 2026, due to AED 25.3 billion growth in Quasi-Monetary Deposits. The corporate sector deposits and individuals’ deposits contributed the same (by 0.5 p.p. each) to overall growth of M2, having monthly increased by 0.9% and 1.5%, respectively.
Government-Related Entities (GREs) deposits increased by 3.6% contributed to the growth by 0.4 p.p. primarily driven by the growth of their AED demand and savings deposits. All sectors, except Other Financial Corporations (OFC), contributed positively to M2 growth. The monthly decline in OFC sector deposits by 7.1% (mostly foreign currency saving deposits) moderated the growth of the overall aggregate.
Money supply aggregate M3 increased by 1.4%, from AED 3,255.4 billion at the end of December 2025 to AED 3,301.5 billion at the end of January 2026. Government sector deposits recorded monthly increase by 2.2%, reaching AED 511.7 billion, contributing by 0.3 p.p, to growth of M3.
The monetary base increased by 0.6%, from AED 895.7 billion at the end of December 2025 to AED 900.8 billion at the end of January 2026. The increase was driven by the growth in: Reserve Requirements by 32.4% and currency issued by 1.7%. Banks & OFCs Current Accounts & Overnight Deposits of Banks recorded decline by 55.9% and moderated the growth of overall aggregate.
Mideast Stocks: Gulf stocks mixed amid confusion over US-Iran talks
Mideast Stocks: Gulf stocks mixed amid confusion over US-Iran talks
Gulf markets ended mixed on Tuesday, with Qatar extending losses while other bourses steadied as investors parsed conflicting signals on potential U.S.-Iran talks.
Sentiment was volatile after U.S. President Donald Trump delayed strikes on Iran's energy infrastructure and talked of "productive" discussions to end the U.S-Israeli war with Iran, but Tehran dismissed that comment as "fake news".
The U.S. will continue strikes on Iran, with the pause applying only to energy sites, Semafor reported, citing a U.S. official. Israel was not part of Washington's contacts with Tehran, the report added.
The conflict has driven sharp rises in energy prices, disrupted air travel and hit shipping through the vital Strait of Hormuz route for oil and LNG exports.
Dubai's main index rose as much as 4% before closing 1.6% higher, lifted by gains in heavyweight real estate and banking stocks. Emirates NBD Bank jumped 7.3%, its second-biggest intraday gain in more than a year, while Emaar Properties added 4%.
In Abu Dhabi, the index gained 1.1%. Abu Dhabi National Energy rose 3% and Two Point Zero Group climbed 5.1%.
The Dubai index trimmed year-to-date losses to 9.5%, while Abu Dhabi is down 4.7%, LSEG data shows.
Any signs of easing tensions could lift equities further given solid domestic fundamentals in the UAE, said George Pavel, general manager at Naga.com Middle East.
Saudi Arabia's benchmark erased earlier declines to close 0.03% higher, supported by banking stocks. Al Rajhi Bank gained 3.3% and Saudi National Bank rose 3.1%. Saudi Aramco fell 1.5% and Saudi Arabian Mining dropped 6.8%.
Crude oil exports from Saudi Arabia's western Yanbu port rose to nearly 4 million barrels per day last week, up sharply from levels before the Iran war, shipping data shows.
Qatar's index slid 1.4%, extending losses from its previous session on March 18, led by financial and energy stocks. Qatar National Bank fell 3.5% and Qatar Gas Transport (Nakilat) lost 5.4%. Doha is not mediating between Washington and Tehran but supports all diplomatic channels to end the war, its foreign ministry said.
Oman's index gained 1.9% and Bahrain's edged 0.2% higher. Boursa Kuwait slipped 0.3%.
Outside the Gulf, Egypt's blue-chip index dropped 1.4%, with Commercial International Bank COMI.CA down 4.3%.
With the war ongoing and shipments of about one-fifth of global oil and LNG through the Strait of Hormuz still restricted, oil prices resumed their climb. Brent crude was up 3% at $102.97 a barrel by 1225 GMT.
#Qatar has options amid Gulf’s worst financial hit | Reuters
Qatar has options amid Gulf’s worst financial hit | Reuters
Qatar is no stranger to dicey financial situations. In 2017, a full-on trade blockade by Saudi Arabia, Bahrain, Egypt and the United Arab Emirates prompted an outflow of foreign funding from the Gulf state's lenders, forcing Doha to pump $40 billion into the banking sector. Now, the country's liquefied natural gas (LNG) capacity is impaired due to Iranian strikes, and GDP may plunge. The banks look fragile again too. The question is what Qatar's wealth fund and central bank may have to do to ease the financial pain.
Qatar has meaningful airbags, though. Its central bank could sell some of its $18 billion in gold holdings, which have nearly doubled in value, opens new tab since last year. More importantly, the $580 billion Qatar Investment Authority sovereign wealth fund owns high-profile equity stakes in European blue chips like Volkswagen (VOWG.DE), opens new tab, Glencore (GLEN.L), opens new tab and Barclays (BARC.L), opens new tab, plus holdings in prime London real estate like Harrods, Heathrow Airport and Canary Wharf. Depending on how much further the Gulf conflict deteriorates, the QIA may find it prudent to shore up its finances by turning some of these crown jewels into cash.
Qatar is no stranger to dicey financial situations. In 2017, a full-on trade blockade by Saudi Arabia, Bahrain, Egypt and the United Arab Emirates prompted an outflow of foreign funding from the Gulf state's lenders, forcing Doha to pump $40 billion into the banking sector. Now, the country's liquefied natural gas (LNG) capacity is impaired due to Iranian strikes, and GDP may plunge. The banks look fragile again too. The question is what Qatar's wealth fund and central bank may have to do to ease the financial pain.
To Western investors, Qatar may just look like another rich Gulf petrostate. But Doha lacks the pipelines of Saudi and the UAE, making it entirely dependent on the now-blocked Strait of Hormuz to sell LNG. Iranian attacks on Wednesday also wiped out 17% of Qatar’s LNG output for up to five years, costing some $20 billion in annual revenues. Capital Economics reckons GDP could sink as much as 13% in 2026 - the biggest hit in the region - due to the attacks, which are not yet over.
One specific pain point is the banking sector, which compared with regional peers looks particularly vulnerable to funding shocks. Collectively, Qatari banks had net external debt, opens new tab – which includes interbank loans and deposits held by foreigners – of $120 billion at the end of 2025, equivalent to one-third of domestic loans. According to S&P Global analysts, this makes the sector more susceptible to a scenario where foreigners pull cash or refrain from rolling over wholesale funding. In a stress test, where 50% of foreign interbank funding and 30% of non-resident deposits scarpered, Qatar's lenders would not have enough sellable assets to deal with the exodus, S&P reckons.
All that said, Doha could step in to help again. S&P's stress test only puts Qatari banks' possible funding shortfall, opens new tab in the mid-single-digit billions, which is a fraction of the support provided to the banking system in 2017. The country has other pots of liquidity, including $55 billion of foreign reserves at the end of 2025. Shares in $44 billion Qatar National Bank (QNBK.QA), opens new tab and $14 billion Qatar Islamic Bank (QISB.QA), opens new tab are only down 9% and 6% respectively since the end of February.
Still, there will be many other strains on the state budget if the crisis endures, sapping gas-sale revenues. Even if the war stops now, Qatar may have to sell its gas at a cheaper rate to reflect the now-obvious interruption risk. Pressures like that could widen the country’s fiscal deficit beyond the 3.2% of GDP as estimated by S&P this year.
One specific pain point is the banking sector, which compared with regional peers looks particularly vulnerable to funding shocks. Collectively, Qatari banks had net external debt, opens new tab – which includes interbank loans and deposits held by foreigners – of $120 billion at the end of 2025, equivalent to one-third of domestic loans. According to S&P Global analysts, this makes the sector more susceptible to a scenario where foreigners pull cash or refrain from rolling over wholesale funding. In a stress test, where 50% of foreign interbank funding and 30% of non-resident deposits scarpered, Qatar's lenders would not have enough sellable assets to deal with the exodus, S&P reckons.
All that said, Doha could step in to help again. S&P's stress test only puts Qatari banks' possible funding shortfall, opens new tab in the mid-single-digit billions, which is a fraction of the support provided to the banking system in 2017. The country has other pots of liquidity, including $55 billion of foreign reserves at the end of 2025. Shares in $44 billion Qatar National Bank (QNBK.QA), opens new tab and $14 billion Qatar Islamic Bank (QISB.QA), opens new tab are only down 9% and 6% respectively since the end of February.
Still, there will be many other strains on the state budget if the crisis endures, sapping gas-sale revenues. Even if the war stops now, Qatar may have to sell its gas at a cheaper rate to reflect the now-obvious interruption risk. Pressures like that could widen the country’s fiscal deficit beyond the 3.2% of GDP as estimated by S&P this year.
Qatar has meaningful airbags, though. Its central bank could sell some of its $18 billion in gold holdings, which have nearly doubled in value, opens new tab since last year. More importantly, the $580 billion Qatar Investment Authority sovereign wealth fund owns high-profile equity stakes in European blue chips like Volkswagen (VOWG.DE), opens new tab, Glencore (GLEN.L), opens new tab and Barclays (BARC.L), opens new tab, plus holdings in prime London real estate like Harrods, Heathrow Airport and Canary Wharf. Depending on how much further the Gulf conflict deteriorates, the QIA may find it prudent to shore up its finances by turning some of these crown jewels into cash.
Monday, 23 March 2026
#SaudiArabia, and #Kuwait Pursue Energy Deals Despite Regional Conflict - Bloomberg
Saudi Arabia, Kuwait Pursue Energy Deals Despite Regional Conflict - Bloomberg
Saudi Arabia and Kuwait are attempting to press on with planned multibillion-dollar energy deals despite a widening conflict that’s seen Iran target oil and gas infrastructure across the Middle East over the past three weeks.
Kuwait Petroleum Corp.’s attempts to lease part of its pipeline network has drawn interest from large private equity and infrastructure funds, according to people familiar with the matter. The suitors remain committed and the energy giant is carrying on with the plans for now, the people said, declining to identified as the information is private.
Saudi Aramco too plans to launch a process to sell a stake in its oil export and storage terminals business in coming weeks, some of the people said. It had had picked Citigroup Inc. to help arrange a deal for the business that’s particularly significant now with the kingdom racing to reroute shipments to the Red Sea as the Strait of Hormuz remains at a standstill.
Kuwait Petroleum, meanwhile, is working with Centerview Partners LLC to lease part of its pipeline network and hoped to raise as much as $7 billion to help fund an investment plan.
Their attempts to carry on with the plans indicate Gulf states are keen to portray a business-as-usual approach despite Iran’s attacks. Still, there have been concerns that the war could dampen the process, some of the people said.
Representatives for Aramco and Kuwait Petroleum didn’t respond to requests for comment. Citigroup and Centerview declined to comment.
Deals like the ones being considered by Aramco and KPC have become increasingly popular with Gulf governments looking to diversify their economies. Such transactions are typically structured to allow regional oil behemoths to tap into global institutional capital while still retaining control over key assets.
But the regional war, now in its fourth week, has caused some uncertainty.
President Donald Trump said on Monday that the US had held productive conversations regarding a total resolution of hostilities in the Middle East. However, Iran hasn’t had “direct or indirect communication with Trump,” the country’s semi-official Fars news agency reported, citing an anonymous Iranian source.
Tehran has hit energy assets across the region since the war started, including Saudi Arabia’s biggest oil refinery at Ras Tanura, and repeatedly targeted the kingdom’s Shaybah oil field, which has the capacity to produce 1 million barrels of crude a day.
Saudi Arabia’s storage terminals have also been in focus as the near-closure of the Strait of Hormuz forces the kingdom to send more of its oil into tanks. Kuwait is facing similar concerns as storage fills up, forcing it to cut oil production to levels seen in the early 1990s after the Iraqi invasion.
Despite the conflict, Gulf sovereign investors more broadly are pressing ahead with global dealmaking. Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, was particularly active this month, while Qatar’s wealth fund and a Bahraini aluminum firm both announced large deals in the first week of the war.
Saudi Arabia and Kuwait are attempting to press on with planned multibillion-dollar energy deals despite a widening conflict that’s seen Iran target oil and gas infrastructure across the Middle East over the past three weeks.
Kuwait Petroleum Corp.’s attempts to lease part of its pipeline network has drawn interest from large private equity and infrastructure funds, according to people familiar with the matter. The suitors remain committed and the energy giant is carrying on with the plans for now, the people said, declining to identified as the information is private.
Saudi Aramco too plans to launch a process to sell a stake in its oil export and storage terminals business in coming weeks, some of the people said. It had had picked Citigroup Inc. to help arrange a deal for the business that’s particularly significant now with the kingdom racing to reroute shipments to the Red Sea as the Strait of Hormuz remains at a standstill.
Kuwait Petroleum, meanwhile, is working with Centerview Partners LLC to lease part of its pipeline network and hoped to raise as much as $7 billion to help fund an investment plan.
Their attempts to carry on with the plans indicate Gulf states are keen to portray a business-as-usual approach despite Iran’s attacks. Still, there have been concerns that the war could dampen the process, some of the people said.
Representatives for Aramco and Kuwait Petroleum didn’t respond to requests for comment. Citigroup and Centerview declined to comment.
Deals like the ones being considered by Aramco and KPC have become increasingly popular with Gulf governments looking to diversify their economies. Such transactions are typically structured to allow regional oil behemoths to tap into global institutional capital while still retaining control over key assets.
But the regional war, now in its fourth week, has caused some uncertainty.
President Donald Trump said on Monday that the US had held productive conversations regarding a total resolution of hostilities in the Middle East. However, Iran hasn’t had “direct or indirect communication with Trump,” the country’s semi-official Fars news agency reported, citing an anonymous Iranian source.
Tehran has hit energy assets across the region since the war started, including Saudi Arabia’s biggest oil refinery at Ras Tanura, and repeatedly targeted the kingdom’s Shaybah oil field, which has the capacity to produce 1 million barrels of crude a day.
Saudi Arabia’s storage terminals have also been in focus as the near-closure of the Strait of Hormuz forces the kingdom to send more of its oil into tanks. Kuwait is facing similar concerns as storage fills up, forcing it to cut oil production to levels seen in the early 1990s after the Iraqi invasion.
Despite the conflict, Gulf sovereign investors more broadly are pressing ahead with global dealmaking. Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, was particularly active this month, while Qatar’s wealth fund and a Bahraini aluminum firm both announced large deals in the first week of the war.
#Saudi Unicorn Ninja Said to Gauge IPO Appetite Despite Iran War - Bloomberg
Saudi Unicorn Ninja Said to Gauge IPO Appetite Despite Iran War - Bloomberg
Saudi Arabian quick-delivery firm Ninja has been gauging investor appetite for a potential listing in Riyadh, despite volatility from a regional conflict that’s now in its fourth week.
Its executives have met with investors in recent weeks, including at a banking conference in London earlier this month, people familiar with the matter said, declining to be identified discussing private information. The firm is in the final stages of selecting investment banks to steer an initial public offering, the people said.
Ninja is expected to make a decision on whether to commit to an IPO and appoint underwriters in the coming weeks, with a stock market debut penciled in for later this year or early next, the people said. It could also to raise capital privately should executives decide against a listing in the near term, the people said.
The four-year-old firm raised $250 million in 2025 from a group of local investors led by asset manager Riyad Capital at a valuation of $1.5 billion.
Buoyed by a rapid rise in sales, Ninja could potentially seek a much higher valuation when it goes public. It notched up revenue of $1 billion last year and is looking to generate about $1.6 billion in 2026, the people said.
Representatives for the firm declined to comment.
Founded in 2022, Riyadh-based Ninja operates as an online supermarket for groceries, medicines and other products, according to its website.
A successful listing by Ninja could help rekindle momentum at Saudi Arabia’s bourse after a multi-year rush of IPOs slowed in recent months. Since the war started, the kingdom’s stock market has held up better than its neighboring United Arab Emirates, as higher oil prices have supported energy stocks such as Aramco and the country has faced fewer direct Iranian missile and drone hits.
Saudi Arabian miner Saleh Abdulaziz Al Rashed & Sons Co., the kingdom’s only listing so far this year, has defied conflict-linked volatility and is up about 8% since its debut earlier in March.
Saudi Arabian quick-delivery firm Ninja has been gauging investor appetite for a potential listing in Riyadh, despite volatility from a regional conflict that’s now in its fourth week.
Its executives have met with investors in recent weeks, including at a banking conference in London earlier this month, people familiar with the matter said, declining to be identified discussing private information. The firm is in the final stages of selecting investment banks to steer an initial public offering, the people said.
Ninja is expected to make a decision on whether to commit to an IPO and appoint underwriters in the coming weeks, with a stock market debut penciled in for later this year or early next, the people said. It could also to raise capital privately should executives decide against a listing in the near term, the people said.
The four-year-old firm raised $250 million in 2025 from a group of local investors led by asset manager Riyad Capital at a valuation of $1.5 billion.
Buoyed by a rapid rise in sales, Ninja could potentially seek a much higher valuation when it goes public. It notched up revenue of $1 billion last year and is looking to generate about $1.6 billion in 2026, the people said.
Representatives for the firm declined to comment.
Founded in 2022, Riyadh-based Ninja operates as an online supermarket for groceries, medicines and other products, according to its website.
A successful listing by Ninja could help rekindle momentum at Saudi Arabia’s bourse after a multi-year rush of IPOs slowed in recent months. Since the war started, the kingdom’s stock market has held up better than its neighboring United Arab Emirates, as higher oil prices have supported energy stocks such as Aramco and the country has faced fewer direct Iranian missile and drone hits.
Saudi Arabian miner Saleh Abdulaziz Al Rashed & Sons Co., the kingdom’s only listing so far this year, has defied conflict-linked volatility and is up about 8% since its debut earlier in March.
Mideast Stocks: #UAE equities slip on Iran's retaliation warning on Gulf energy, water sites
Mideast Stocks: UAE equities slip on Iran's retaliation warning on Gulf energy, water sites
Stock markets in the United Arab Emirates tumbled on Monday after Iran warned it could target energy and water infrastructure across the Gulf if U.S. President Donald Trump carries out his threat to strike the country's electricity grid.
After Gulf markets closed, world stocks rallied after Trump said he would order the U.S. military to postpone any strikes against Iranian power plants and energy infrastructure.
Trump on Saturday had threatened to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours. Dubai's main share index dropped 3% on Monday, led by a decline in heavyweight real estate and telecom stocks. Blue-chip developer Emaar Properties slumped 4.6%, while telecom operator Emirates Integrated Telecommunications fell 4.5%. Top lender Emirates NBD Bank and low cost carrier Air Arabia both dropped 4.9%.
Abu Dhabi's benchmark index slipped 1.5% with real estate giant Aldar properties and biggest lender First Abu Dhabi Bank falling 5% each.
The Abu Dhabi-listed water and Electricity firm Abu Dhabi National Energy Company (better known as TAQA) declined 4.8%. Heightened uncertainty fuelled risk aversion, triggering broad declines across most sectors as heavyweight stocks dragged on the overall market, said Joseph Dahrieh, managing director at Tickmill.
"Firms in the banking, real estate, and other sectors continue to maintain strong financial positions, leaving the market well-placed for a recovery once risk aversion fades and investor appetite for risk begins to improve," he said.
ADNOC Gas settled 1.5% lower after the firm said it made temporary adjustments to its production of liquefied natural gas and export-traded liquids in response to ongoing shipping disruption in the Strait of Hormuz. "Operations are continuing safely across ADNOC Gas plc's asset base," ADNOC Gas said.
"Following debris falling near certain facilities, inspections confirmed no injuries and no impact to core processing integrity." The Dubai index has now fallen 11% year-to-date, while Abu Dhabi's has declined 5.7%, according to LSEG data.
Stock markets in the United Arab Emirates tumbled on Monday after Iran warned it could target energy and water infrastructure across the Gulf if U.S. President Donald Trump carries out his threat to strike the country's electricity grid.
After Gulf markets closed, world stocks rallied after Trump said he would order the U.S. military to postpone any strikes against Iranian power plants and energy infrastructure.
Trump on Saturday had threatened to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours. Dubai's main share index dropped 3% on Monday, led by a decline in heavyweight real estate and telecom stocks. Blue-chip developer Emaar Properties slumped 4.6%, while telecom operator Emirates Integrated Telecommunications fell 4.5%. Top lender Emirates NBD Bank and low cost carrier Air Arabia both dropped 4.9%.
Abu Dhabi's benchmark index slipped 1.5% with real estate giant Aldar properties and biggest lender First Abu Dhabi Bank falling 5% each.
The Abu Dhabi-listed water and Electricity firm Abu Dhabi National Energy Company (better known as TAQA) declined 4.8%. Heightened uncertainty fuelled risk aversion, triggering broad declines across most sectors as heavyweight stocks dragged on the overall market, said Joseph Dahrieh, managing director at Tickmill.
"Firms in the banking, real estate, and other sectors continue to maintain strong financial positions, leaving the market well-placed for a recovery once risk aversion fades and investor appetite for risk begins to improve," he said.
ADNOC Gas settled 1.5% lower after the firm said it made temporary adjustments to its production of liquefied natural gas and export-traded liquids in response to ongoing shipping disruption in the Strait of Hormuz. "Operations are continuing safely across ADNOC Gas plc's asset base," ADNOC Gas said.
"Following debris falling near certain facilities, inspections confirmed no injuries and no impact to core processing integrity." The Dubai index has now fallen 11% year-to-date, while Abu Dhabi's has declined 5.7%, according to LSEG data.
Sunday, 22 March 2026
#SaudiArabia shares higher at close of trade; Tadawul All Share up 0.55% By Investing.com
Saudi Arabia shares higher at close of trade; Tadawul All Share up 0.55% By Investing.com
Saudi Arabia equities were higher at the close on Sunday, as gains in the Media & Publishing, Energy & Utilities and Real Estate Development sectors propelled shares higher.
At the close in Saudi Arabia, the Tadawul All Share added 0.55%.
The biggest gainers of the session on the Tadawul All Share were Dar Al Majed Real Estate Co Ltd (TADAWUL:4326), which rose 8.62% or 0.73 points to trade at 9.20 at the close. Emaar The Economic City (TADAWUL:4220) added 8.28% or 0.77 points to end at 10.07 and National Gas & Industrialization Co (TADAWUL:2080) was up 6.56% or 4.80 points to 78.00 in late trade.
Biggest losers included Al Etihad Cooperative Insurance Co SJSC (TADAWUL:8170), which lost 9.93% or 0.71 points to trade at 6.44 in late trade. Marketing Home Group for Trading Co (TADAWUL:4194) declined 4.46% or 2.16 points to end at 46.22 and Yanbu National Petrochemical Co (TADAWUL:2290) shed 3.83% or 1.28 points to 32.12.
Declining stocks outnumbered rising ones by 0 to 0 on the Saudi Arabia Stock Exchange.
In commodities trading, Crude oil for May delivery was up 2.27% or 2.18 to $98.32 a barrel. Meanwhile, Brent oil for delivery in June rose 3.26% or 3.54 to hit $106.41 a barrel, while the June Gold Futures contract fell 0.67% or 30.80 to trade at $4,609.60 a troy ounce.
EUR/SAR was down 0.14% to 4.34, while USD/SAR unchanged 0.01% to 3.75.
The US Dollar Index Futures was up 0.40% at 99.46.
Saudi Arabia equities were higher at the close on Sunday, as gains in the Media & Publishing, Energy & Utilities and Real Estate Development sectors propelled shares higher.
At the close in Saudi Arabia, the Tadawul All Share added 0.55%.
The biggest gainers of the session on the Tadawul All Share were Dar Al Majed Real Estate Co Ltd (TADAWUL:4326), which rose 8.62% or 0.73 points to trade at 9.20 at the close. Emaar The Economic City (TADAWUL:4220) added 8.28% or 0.77 points to end at 10.07 and National Gas & Industrialization Co (TADAWUL:2080) was up 6.56% or 4.80 points to 78.00 in late trade.
Biggest losers included Al Etihad Cooperative Insurance Co SJSC (TADAWUL:8170), which lost 9.93% or 0.71 points to trade at 6.44 in late trade. Marketing Home Group for Trading Co (TADAWUL:4194) declined 4.46% or 2.16 points to end at 46.22 and Yanbu National Petrochemical Co (TADAWUL:2290) shed 3.83% or 1.28 points to 32.12.
Declining stocks outnumbered rising ones by 0 to 0 on the Saudi Arabia Stock Exchange.
In commodities trading, Crude oil for May delivery was up 2.27% or 2.18 to $98.32 a barrel. Meanwhile, Brent oil for delivery in June rose 3.26% or 3.54 to hit $106.41 a barrel, while the June Gold Futures contract fell 0.67% or 30.80 to trade at $4,609.60 a troy ounce.
EUR/SAR was down 0.14% to 4.34, while USD/SAR unchanged 0.01% to 3.75.
The US Dollar Index Futures was up 0.40% at 99.46.
Saturday, 21 March 2026
#Qatar Eyes 10% Stake in Italy’s Golden Goose, Corriere Says - Bloomberg
Qatar Eyes 10% Stake in Italy’s Golden Goose, Corriere Says - Bloomberg
Qatar Investment Authority, the country’s sovereign wealth fund, is preparing to buy a stake of about 10% in Italian sneaker maker Golden Goose, Corriere della Sera reported Saturday.
The reported move would add another investor to Golden Goose after HSG agreed in December to acquire a majority stake from Permira in a deal valuing the company at just over €2.5 billion ($2.9 billion). It also signals continued interest from global funds in Italian luxury assets.
Corriere said QIA is poised to invest alongside HSG, formerly known as Sequoia Capital China, as well as Temasek and Permira, which retained a minority stake following the transaction.
If the investment is priced in line with the €2.5 billion valuation, the QIA stake would be worth about €250 million, Corriere said.
Golden Goose reported revenue of €734 million in 2025, with direct-to-consumer sales rising 21% year on year. Adjusted Ebitda was €248.3 million, and the group operated 232 stores.
Qatar Investment Authority, the country’s sovereign wealth fund, is preparing to buy a stake of about 10% in Italian sneaker maker Golden Goose, Corriere della Sera reported Saturday.
The reported move would add another investor to Golden Goose after HSG agreed in December to acquire a majority stake from Permira in a deal valuing the company at just over €2.5 billion ($2.9 billion). It also signals continued interest from global funds in Italian luxury assets.
Corriere said QIA is poised to invest alongside HSG, formerly known as Sequoia Capital China, as well as Temasek and Permira, which retained a minority stake following the transaction.
If the investment is priced in line with the €2.5 billion valuation, the QIA stake would be worth about €250 million, Corriere said.
Golden Goose reported revenue of €734 million in 2025, with direct-to-consumer sales rising 21% year on year. Adjusted Ebitda was €248.3 million, and the group operated 232 stores.
Thursday, 19 March 2026
Wednesday, 18 March 2026
How hard will war hit the Gulf’s economies?
How hard will war hit the Gulf’s economies?
The current war is damaging economies across the Gulf region. It has stopped exports of up to 15 per cent of global oil and petroleum products, 20 per cent of liquefied natural gas exports and a third of seaborne fertilisers. It has brought regional tourism and aviation sectors to a halt. For now, these effects are temporary. But what is the economic outlook for the region after the war?
The current war is damaging economies across the Gulf region. It has stopped exports of up to 15 per cent of global oil and petroleum products, 20 per cent of liquefied natural gas exports and a third of seaborne fertilisers. It has brought regional tourism and aviation sectors to a halt. For now, these effects are temporary. But what is the economic outlook for the region after the war?
The most likely result seems to be a weakened but defiant Iran. This would be a worst-case scenario for the Gulf monarchies, creating an enduring risk that Israel and the US will conduct future air strikes and that Iran — bereft of much of its longer-range arsenal — will once again retaliate against soft targets in the Gulf.
But the outlook for leading Gulf Cooperation Council (GCC) economies differs. Over the past two decades, the UAE has sought to make itself indispensable to global powers and has invested heavily in its military modernisation. Yet it will remain the most vulnerable. It is geographically close to Iran and most of its logistics infrastructure sits inside the Strait of Hormuz — and it is an enticing political target for Tehran as a member of the Abraham Accords. Its reliance on tourism, shipping and aviation, foreign direct investment and white-collar expatriates makes its economy the most vulnerable to Iranian attacks which, in turn, puts pressure on the western powers.
UAE President Mohamed bin Zayed is known to be intensely security-focused. State investments in logistics, finance and AI are meant to help insulate it from regional threats by giving foreign powers an interest in protecting the country. Yet they appear to have made the country more vulnerable in the midst of a prolonged conflict, as they provide more pressure points.
Saudi Arabia, while far from immune to regional threats, has a larger land mass and an additional strategic coastline at the Red Sea, far from Iran. It has kept its distance from Israel, refusing to normalise ties as the UAE has. Its economy relies more on state spending and domestic demand than foreign capital and footloose expats. Its oil installations remain vulnerable, and critical for the global economy, but the range of vital assets along the Gulf coast that need protection is smaller.
The large-scale FDI inflows targeted by the kingdom’s Vision 2030 remain unlikely — but they were never going to be the key driver of Saudi Arabia’s economy given its much larger size. Instead, the kingdom’s diversification process relies more on modernising its domestic economy, especially in consumer sectors and unglamorous heavy manufacturing. This economic model is more resilient to geopolitical shocks. While it certainly faces fiscal challenges, being relatively less open makes Saudi Arabia less vulnerable.
The kingdom could now benefit from its safer location in strategic areas like minerals processing, data centre services, logistics and aviation; in the latter two fields, the UAE’s lead was until recently unassailable. While Saudi Arabia might not become a global hub, GCC countries could diversify their regional logistics networks away from Dubai’s Jebel Ali, relying more on the kingdom’s Red Sea coastline and cross-Arabian transport infrastructure, including pipelines.
If Yemen’s Houthis enter the war and once again harass ships in the Red Sea, Saudi Arabia’s geographic advantage would diminish. Yet Jeddah’s large port and the oil port in Yanbu lie about 800km and 1,000km north of the Yemeni border respectively. Both are accessible via the Suez Canal, avoiding the Bab el-Mandeb Strait that is most directly threatened by the Houthis.
Bahrain, Kuwait, Qatar and Oman have less diversified, less globalised, more state-dependent economies, which are less sensitive to international flows of capital and people. Yet they are small and close to Iran, although Oman has a larger hinterland beyond the Strait of Hormuz providing relative protection for its shipping routes. Kuwait and Qatar have large fiscal reserves while Bahrain and Oman are budget-constrained. But all of them are likely to remain exposed to the threat from Iran, which could deter future investment.
Many regional elites feel that the UAE has disregarded the Arab world in recent years, instead nurturing its global status and its partnership with the US and Israel. Now, thanks to those ties, it has been pulled back into the region with a big thud. It retains vast sovereign wealth, which will prevent any acute economic crisis. And Dubai will not disappear as a global hub. But unless there is regime change in Iran, the UAE will operate under more of a cloud than its less globalised Saudi neighbour.
Mideast Stocks: Most Gulf equities gain, #UAE banks rise on central bank's package
Mideast Stocks: Most Gulf equities gain, UAE banks rise on central bank's package
Most Gulf equities closed higher on Wednesday, with UAE markets lifted by financial stocks after the country's central bank launched a resilience package, helping investors claw back some losses due to the Iran war and wider Middle East conflict.
Israel stepped up its offensive by killing Iran's security chief, while Iran renewed attacks on oil facilities in the United Arab Emirates. A senior Iranian official said the country's new supreme leader had rejected de-escalation proposals relayed through intermediaries, dimming prospects of a swift end to a conflict that has sent global oil prices surging.
Dubai's main share index rose as much as 3.4 before concluding 0.8% higher, helped by a 4.4% rise in blue-chip developer Emaar Properties.
Elsewhere, MashreqBank advanced 4.8%.
However, top lender Emirates NBD - which surged more than 9% - closed 0.9% higher.
Dubai, a major travel and tourism hub in the Middle East, has been significantly affected by the war, with its bourse falling nearly 20% at its lowest point before cutting losses to around 15%.
The UAE central bank said on Tuesday it had approved a broad financial resilience package to strengthen the stability of the country's banking sector.
The central bank said UAE banks hold nearly $250 billion in liquidity and eligible assets, and under the package will get greater access to reserve balances of up to 30% and term liquidity facilities in both dirhams and U.S. dollars.
In Abu Dhabi, the index added 0.2%, with Abu Dhabi Commercial Bank jumping 3.6%.
The rebound highlights the UAE's financial resilience and long-term appeal to investors, said Samer Hasn, senior market analyst at XS.com. He said recent weakness may offer attractive entry points, supported by the country's regulatory framework, political stability, and business-friendly environment.
The Qatari benchmark dropped 1%, with the telecoms firm Ooredoo losing 3.6%.
Oman's index gained 1.3% and Bahrain's edged 0.1% higher.
Elsewhere, Boursa Kuwait lost 0.5%.
Saudi Arabia's stock market was closed for the Eid holidays.
Outside the Gulf, Egypt's blue-chip index climbed 3.4%, with Commercial International Bank surging 8.5%.
Most Gulf equities closed higher on Wednesday, with UAE markets lifted by financial stocks after the country's central bank launched a resilience package, helping investors claw back some losses due to the Iran war and wider Middle East conflict.
Israel stepped up its offensive by killing Iran's security chief, while Iran renewed attacks on oil facilities in the United Arab Emirates. A senior Iranian official said the country's new supreme leader had rejected de-escalation proposals relayed through intermediaries, dimming prospects of a swift end to a conflict that has sent global oil prices surging.
Dubai's main share index rose as much as 3.4 before concluding 0.8% higher, helped by a 4.4% rise in blue-chip developer Emaar Properties.
Elsewhere, MashreqBank advanced 4.8%.
However, top lender Emirates NBD - which surged more than 9% - closed 0.9% higher.
Dubai, a major travel and tourism hub in the Middle East, has been significantly affected by the war, with its bourse falling nearly 20% at its lowest point before cutting losses to around 15%.
The UAE central bank said on Tuesday it had approved a broad financial resilience package to strengthen the stability of the country's banking sector.
The central bank said UAE banks hold nearly $250 billion in liquidity and eligible assets, and under the package will get greater access to reserve balances of up to 30% and term liquidity facilities in both dirhams and U.S. dollars.
In Abu Dhabi, the index added 0.2%, with Abu Dhabi Commercial Bank jumping 3.6%.
The rebound highlights the UAE's financial resilience and long-term appeal to investors, said Samer Hasn, senior market analyst at XS.com. He said recent weakness may offer attractive entry points, supported by the country's regulatory framework, political stability, and business-friendly environment.
The Qatari benchmark dropped 1%, with the telecoms firm Ooredoo losing 3.6%.
Oman's index gained 1.3% and Bahrain's edged 0.1% higher.
Elsewhere, Boursa Kuwait lost 0.5%.
Saudi Arabia's stock market was closed for the Eid holidays.
Outside the Gulf, Egypt's blue-chip index climbed 3.4%, with Commercial International Bank surging 8.5%.
Tuesday, 17 March 2026
#Oman Keeps Trickle of LNG Flowing from Middle East Amid Iran War - Bloomberg
Oman Keeps Trickle of LNG Flowing from Middle East Amid Iran War - Bloomberg
Oman LNG is offering to sell a cargo of liquefied natural gas to be delivered to Asia, according to people with knowledge of the matter, signaling a trickle of the fuel continues to flow from the Middle East despite the Iran war.
Traders have been closely watching Oman, the world’s eighth largest LNG producer, for signs it would continue shipping it as attacks in the region intensify. The nation’s export plant is on the Arabian Sea, meaning tankers don’t need to pass through Strait of Hormuz to access it.
The US and Israel’s war against Iran has cut off about a fifth of the world’s LNG supply. The world’s largest LNG export facility, in Qatar, has been shut down for more than two weeks following an Iranian drone strike on the plant. Shipments from the United Arab Emirates, meanwhile, are all but trapped inside the Persian Gulf because Iran has effectively blocked the strait.
Oman’s LNG plant in Qalhat has loaded nine cargoes since the war began, according to shipping data compiled by Bloomberg. The recent shipment it’s offering is for delivery from late April to early May, the people said. The tender closed earlier Tuesday.
While supplies continue to flow from Oman, Rystad warned in a research note that its LNG exports could still be at risk, particularly since Iran has already attacked one of the nation’s ports in Sohar, about 200 miles (320 kilometers) northwest of the LNG plant in Qalhat.
Oman LNG is offering to sell a cargo of liquefied natural gas to be delivered to Asia, according to people with knowledge of the matter, signaling a trickle of the fuel continues to flow from the Middle East despite the Iran war.
Traders have been closely watching Oman, the world’s eighth largest LNG producer, for signs it would continue shipping it as attacks in the region intensify. The nation’s export plant is on the Arabian Sea, meaning tankers don’t need to pass through Strait of Hormuz to access it.
The US and Israel’s war against Iran has cut off about a fifth of the world’s LNG supply. The world’s largest LNG export facility, in Qatar, has been shut down for more than two weeks following an Iranian drone strike on the plant. Shipments from the United Arab Emirates, meanwhile, are all but trapped inside the Persian Gulf because Iran has effectively blocked the strait.
Oman’s LNG plant in Qalhat has loaded nine cargoes since the war began, according to shipping data compiled by Bloomberg. The recent shipment it’s offering is for delivery from late April to early May, the people said. The tender closed earlier Tuesday.
While supplies continue to flow from Oman, Rystad warned in a research note that its LNG exports could still be at risk, particularly since Iran has already attacked one of the nation’s ports in Sohar, about 200 miles (320 kilometers) northwest of the LNG plant in Qalhat.
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