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☆ Russian demand for Dubai property is slowing — but China's is picking up, DAMAC chairman says
▼ + stars: | 2024-01-16 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

But that wave is slowing down, DAMAC Chairman Hussain Sajwani says. But other countries are coming in strong, especially Chinese coming back," Sajwani told CNBC's Dan Murphy at the World Economic Forum in Davos, Switzerland on Tuesday. "Dubai is, you know, surrounded by more than 100 countries with all kinds of issues and challenges. While China's economy faces challenges at home, Dubai is benefitting from those who can spend outside of the country. "So a lot of people coming and residing in Dubai anyway."

Persons: Hussain Sajwani, Sajwani, CNBC's Dan Murphy Organizations: Economic Locations: Russia, Ukraine, Gulf, China, Davos, Switzerland, India, Europe, Dubai, Israel, UAE

☆ Dubai’s Costly Water World
▼ + stars: | 2023-11-18 | by ( Arielle Paul | ) www.nytimes.com time to read: +2 min

At Deep Dive Dubai, the equivalent of six Olympic-size swimming pools of water fills an underwater city shaped like a giant oyster, inspired by the emirate’s pearl-diving heritage. At the foot of the building, the 30-acre Burj Lake and its five dancing fountains use a wastewater reclamation system by Hitachi that reuses the Burj Khalifa’s sewage water to replace fountain water lost each day. The construction of Dubai’s artificial islands also strains the Gulf’s water resources. One study found that the average water temperature around Palm Jumeirah island, designed by HHCP Architects, increased by roughly 13 degrees over 19 years. “Developing close to the water is much more preferred than developing in the desert landscape, and you are increasing the coastline,” Dr. Alawadi said.

Persons: Adrian Smith, Alawadi, Smith Organizations: Dive, Emaar, Hitachi, HHCP Architects Locations: Dive Dubai, Burj, Burj Lake, Persian, Dubai

☆ Real estate is a very unstable business, says Emaar Properties founder
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReal estate is a very unstable business, says Emaar Properties founderMohamed Alabbar, founder and chairman of Emaar Properties, says "this year is looking good … but we have to be careful."

Persons: Mohamed Alabbar Organizations: Emaar

☆ Dubai rises on higher oil prices; FAB drags on Abu Dhabi
▼ + stars: | 2023-08-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

REUTERS/Hamad I Mohammed/File PhotoAug 11 (Reuters) - Stock markets in Dubai rose on Friday as upbeat demand growth forecasts from OPEC and the International Energy Agency (IEA) lifted oil prices, while lender FAB weighed on Abu Dhabi's index. In Dubai, the main share index (.DFMGI) added 0.4% after falling for four consecutive sessions. Emirates NBD Bank (ENBD.DU), Dubai's largest lender, rose more than 3% while toll operator Salik Company (SALIK.DU) was up 2% after reporting second quarter earnings. Emaar Properties (EMAR.DU), Dubai's largest listed real estate firm, was also up more than 0.7% the day after reporting second-quarter earnings. In Abu Dhabi, the benchmark index (.FTFADGI) dropped 0.3%, for a third negative session in a row, pressured by a 1.1% fall for the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.6% drop in Alpha Dhabi Holding (ALPHADHABI.AD).

Persons: Hamad I Mohammed, Brent, Shamsuddin, Kirsten Donovan Organizations: Bahrain Bourse, REUTERS, Stock, International Energy Agency, FAB, IEA, Organization of Petroleum, Emirates NBD Bank, Salik, Abu Dhabi Bank, Alpha, Thomson Locations: Bahrain, Manama, Dubai, Abu Dhabi, Alpha Dhabi, Bengaluru

☆ Gulf bourses end mixed on China growth concerns
▼ + stars: | 2023-06-20 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

China on Tuesday cut two benchmark lending rates by 10 basis points each. Dubai's benchmark index (.DFMGI) extended losses to a second straight session, ending 0.3% lower. Saudi Arabia's benchmark index (.TASI) inched up 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 0.7% and Company for Cooperative Insurance (8010.SE) climbing 2.3%. "Oil prices remained volatile as Chinese economic recovery continues to fuel concerns among traders, affecting oil demand expectations," said Daniel Takieddine, CEO MENA at BDSwiss. Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%, extending previous session losses with financial and materials sectors trading in the red.

Persons: Dr Sulaiman Al, Daniel Takieddine, Brent, Md Manzer Hussain, Eileen Soreng Organizations: Emaar, Emirates Central Cooling Systems, Emirates, Qatar National Bank, Ezdan, Habib Medical Services, Company, Cooperative Insurance, Jamjoom Pharmaceuticals, Alpha, Commercial International Bank, Ezz, Thomson Locations: Dubai, Qatar, Saudi, Abu Dhabi, China, Beijing, Alpha Dhabi, Burjeel

At the same time, the property price surge and demand for the ultra-high-end segment is stirring memories of old excesses. In 2008, the global financial crisis hit Dubai hard, leading to a flight of capital and people, a crash in property prices and highly leveraged flagship companies known as government-related entities (GREs) struggling to repay debts. Dubai set up a Debt Management Office in 2022, has repaid or restructured some outstanding debt, and announced plans to list government stakes in 10 companies to raise capital and deepen financial markets. 'GLOBAL SAFE HAVEN'The United Arab Emirates' commercial centre, Dubai has shovelled resources into social and business reforms and sectors like digital technology. Average property prices rose 12.8% in Q1, with villa prices up almost 15%, according to property research firm CBRE.

Persons: Knight Frank, Nasser Al Shaikh, GREs, Shaikh, Justin Alexander, Betterhomes, Richard Waind, Philippe Zuber, Beyonce, Rachna Uppal, Yousef Saba, Lisa Barrington, William Maclean Organizations: Reuters, Khalij, GlobalSource Partners, Dubai Media Office, Management, HAVEN, United Arab Emirates, Villa, Dubai Inc, Emirates, Kerzner, Thomson Locations: Ukraine, DUBAI, Dubai, glitzy, Property, Jebel Ali, Abu Dhabi, Gulf, India, Saudi Arabia, UAE

☆ Major Gulf markets mixed in early trade
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Wednesday amid rising recession fears in the United States, with the Saudi index on course to end five-day winning streak. U.S. Consumer confidence fell to a nine-month low in April, a survey showed, intensifying concerns of a potential recession. Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course snap a five-session gains, hit by a 1.1% drop in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) retreated 0.6%, weighed down by a 3.2% slide in Emaar Properties PJSC (EMAR.DU). U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday.

☆ Most Gulf markets rise in early trade; Fed meeting in focus
▼ + stars: | 2023-03-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 22(Reuters) - Most Stock markets in the Gulf rose in early trade on Wednesday, mirroring gains in global peers ahead of the U.S. Federal Reserve's interest rate decision, as worries on a banking crisis eased. The Qatari Stock index (.QSI) rose 0.7%, with gains in most sectors, led by finance and industry. The region's largest bank Qatar National Bank and Qatar International Islamic Bank gained 0.6% and 1.5% respectively, while conglomerate Industries Qatar climbed 2.9%. In Abu Dhabi, the benchmark stock index (.FTFADGI) was up 0.2%, aided by a 1.7% gain in Alpha Dhabi Holding and 0.9% rise in First Abu Dhabi Bank, the largest lender in the United Arab Emirates. Dubai's benchmark stock index (.DFMGI) fell 0.3% in early trade, weighed down by losses in finance and communication sectors, with Emaar Properties dropping 0.5% and Dubai Commercial Bank losing 2.1%.

☆ India's Jammu and Kashmir gets first foreign investment from Dubai's Emaar
▼ + stars: | 2023-03-20 | by ( Fayaz Bukhari | ) www.reuters.com time to read: +3 min

SRINAGAR, March 20 (Reuters) - Indian Kashmir is to get its first foreign investment, with Dubai’s Emaar Group due to build a $60 million shopping and office complex, as the government looks to stabilise a region where Muslim separatists have for years battled the government. The 5 billion rupee ($60.50 million) development will include a shopping mall and multi-purpose commercial tower in Srinagar, the capital of the Muslim-majority Himalayan region, Emaar announced at an investment summit in the city. The announcement on Sunday of what the region's government said was its first foreign investment comes after the central government said last week that Jammu and Kashmir had received record investment of 15 billion rupees ($181 million) in the first 10 months of the 2022-23 (April-March) fiscal year. Emaar Properties (EMAR.DU) CEO Amit Jain told reporters that the investment would have a ripple effect. Nuclear-armed India and Pakistan both claim Kashmir in full but rule in part, and have fought two of their three wars over it.

☆ Most Gulf markets open lower on weak oil prices, rate-hike bets
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the U.S. Federal Reserve dampened investors' risk appetite. Saudi Arabia's benchmark stock index (.TASI) fell 0.2%, extending losses to a seventh consecutive session. The Qatari Stock index (.QSI) eased 0.1%, dragged down by losses in financial stocks. Bucking the trend, Dubai's benchmark index (.DFMGI) rose 0.4%, lifted by gains in property and banking shares. ($1 = 3.7519 riyals)Reporting by Shamsuddin Mohd in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Major Gulf bourses drop on Fed's hawkish tone
▼ + stars: | 2023-02-23 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks. The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

☆ Gulf markets rise on China demand optimism
▼ + stars: | 2023-01-24 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +3 min

Jan 24 (Reuters) - Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world's second largest economy, China, and smaller interest rate hikes from the U.S. Federal Reserve. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. The world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), rose 0.8%. Qatar Islamic Bank (QISB.QA) continued its gains with a 2.3% rise and Qatar International Islamic Bank (QIIB.QA) rose 1.7%. Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities.

☆ Most major Gulf stock markets fall on hawkish Fed, Egypt extends rally
▼ + stars: | 2023-01-05 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Saudi Arabia's benchmark stock index (.TASI) closed flat, as losses in energy and financial shares were capped by gains in real estate stocks. In Abu Dhabi, the benchmark index (.FTFADGI) declined 0.3%, as the country's largest lender First Abu Dhabi Bank (FAB.AD) eased 0.6% while fertiliser maker Fertiglobe (FERTIGLOBE.AD) tumbled 2.4%. Alpha Dhabi (ALPHADHABI.AD) and Abu Dhabi state fund Mubadala Investment plan to deploy up to 9 billion dirhams ($2.45 billion) in credit markets through a new joint venture, the companies said. Elsewhere, Abu Dhabi National Oil Company (ADNOC) said on Thursday it would allocate $15 billion to decarbonisation projects by 2030. The benchmark stock index in Qatar (.QSI) jumped 2.8% to close the week with a gain of 4.3%.

☆ Most Gulf markets fall on Fed hawkishness; Abu Dhabi gains
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - Most stock markets in the Gulf dropped in early trade on Thursday after Federal Reserve Chair Jerome Powell said the central bank would deliver more rate increases next year. Saudi Arabia's benchmark index (.TASI) fell as much as 0.6%, and was on course to fall after two sessions of gains. The Saudi Central Bank said on Wednesday it increased its key interest rates by 50 basis points, following Fed's move as the Saudi riyal is pegged to the dollar. The Central Bank of the United Arab Emirates also increased its base rate by 50 basis points to 4.4%, effective Thursday, mirroring Fed's move. The Qatari benchmark index (.QSI) dropped 0.7%, with petrochemical maker Industries Qatar (IQCD.QA) declining 2.1%.

☆ Major Gulf markets track Asian shares, oil prices lower
▼ + stars: | 2022-11-28 | by ( Roxanne Liu | Yantoultra Ngui | ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Major stock markets in the Gulf fell on Monday, with the Qatari index leading the drop, as investors tracked sluggish crude prices and Asian equities lower after rare protests in China against the country's zero-COVID curbs roiled sentiment. Crude prices - a key catalyst for the Gulf's financial markets - slumped as street protests against strict curbs in China, the world's biggest crude importer, stoked concerns about the outlook for fuel demand. In Qatar, the index (.QSI) dropped 1.5%, as all stocks were trading in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 1.9%. Saudi Arabia's benchmark index (.TASI) retreated more than 1%, with Retal Urban Development Co (4322.SE) losing 1% and oil giant Saudi Aramco (2222.SE) declining 0.9%. Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Want to cash in on the FIFA World Cup? HSBC names the global stocks set to win
▼ + stars: | 2022-11-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

There will be winners and losers at this year's FIFA World Cup — both in the stadium and stock market. Aviation fuel provider Qatar Fuel and hotel operator EMAAR Properties also made the bank's list of beneficiaries. But risks remain for investors, highlighted by the Qatari government's last-minute ban on sales of all beer at and around World Cup stadiums. Qatar Fuel, the exclusive jet fuel supplier in Qatar, will likely benefit from the World Cup almost immediately. The World Cup won't just benefit consumer companies in Qatar and the surrounding region, but the world over.

☆ Major Gulf markets fall after Fed warning
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Major stock markets in the Gulf retreated in early trade on Monday after a top U.S. central banker warned investors against getting carried away over one inflation number. Saudi Arabia's benchmark stock index (.TASI) dropped 1.3%, dragged down by a 4.1% slide in Retal Urban Development Co (4322.SE) and a 1.3% decline in Al Rajhi Bank (1120.SE). The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million). The fund sold 12 million shares through an accelerated bookbuild offering at 191 riyals each, a 9% discount to Thursday's closing price. Dubai's main share index (.DFMGI) fell 0.4%, hit by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Most Gulf bourses fall after Fed warning
▼ + stars: | 2022-11-14 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Most Gulf stock markets ended lower on Monday after a top U.S. central banker warned investors not to get carried away over one inflation number, while falling oil prices compounded concerns. Saudi Arabia's benchmark index (.TASI) fell 0.4%, hit by a 3% slide in the country's biggest lender Saudi National Bank (SNB)(1180.SE). The lender has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss bank and is set to take a stake of up to 9.9%. Since the October announcement, SNB has lost 39.94 billion riyals ($10.63 billion) from its market value. The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million).

☆ KFC's Middle East and North Africa franchisee sets price range for IPO
▼ + stars: | 2022-11-14 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 14 (Reuters) - Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, is set to raise as much as $1.8 billion from its initial public offering after the company disclosed an indicative price range on Monday. The price range was set at 2.50 dirhams to 2.62 dirhams per share, the company said in a statement, implying an equity value for the group between $5.73 billion to $6.01 billion. The final price will be disclosed on Nov. 23, the company said. Retail investors in the UAE will be allocated 5% of the offering, while retail investors in Saudi Arabia will be offered 10%. Reporting by Hadeel Al Sayegh; Editing by Christian Schmollinger and by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Major Gulf bourses in red ahead of U.S. inflation data
▼ + stars: | 2022-11-10 | by ( Seun Sanni | ) www.reuters.com time to read: +2 min

The U.S. consumer price index (CPI) data for October is due at 1330 GMT, with economists polled by Reuters forecasting a decline in both monthly and yearly core numbers to 0.5% and 6.5%, respectively. Dubai's main share index (.DFMGI) fell 0.3%, with blue-chip developer Emaar Properties (EMAR.DU) losing 0.6% and top lender Emirates NBD (ENBD.DU) falling 0.4%. Dubai schools operator Taaleem Holdings announced a price range of between 2.95 dirhams and 3 dirhams per share for its upcoming initial public offering. The company plans to raise 750 million dirhams ($204.21 million) from the IPO to expand its premium schools network. The Qatari index (.QSI) retreated 0.7%, as most of the stocks on the index were in negative territory.

☆ Most Gulf stocks end higher, Abu Dhabi hits record high
▼ + stars: | 2022-11-07 | by ( Ateeq Shariff | Megan Rowling | ) www.reuters.com time to read: +2 min

Brent crude futures recouped most losses after dropping by more than $1/bbl earlier in the session on China lockdowns worries. read moreSaudi Arabia's benchmark index (.TASI) rose 0.7%, extending gains from the previous session, led by a 3% rise in Riyad Bank (1010.SE). Dubai's main share index (.DFMGI) gained 0.9%, with blue-chip developer Emaar Properties (EMAR.DU) rising 2.3%. In ABu Dhabi, the index (.FTFADGI) advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country's biggest lender, First Abu Dhabi Bank (FAB.AD). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.4%, as most of the stocks on the index were in positive territory.

☆ United Arab Emirates indexes track crude prices higher
▼ + stars: | 2022-11-04 | by ( Mohammad Edrees | ) www.reuters.com time to read: +2 min

Nov 4 (Reuters) - Stock markets in United Arab Emirates closed higher on Friday, after oil climbed on supply concerns fuelled by Europe's upcoming embargo on Russian oil and decline in U.S. crude stockpiles. Crude prices, a key catalyst for Gulf's financial market, jumped $2.84, or 3%, to $97.51 a barrel at 1112 GMT. In Abu Dhabi, the benchmark stock index (.FTFADGI) advanced 1.1%, hitting an all-time high of 10,455 points. Abu Dhabi index boosted by a 0.8% rise in conglomerate International Holding Company (IHC.AD), while steel Manufacturer Emirates Steel Arkan (EMSTEEL.AD) surged 5.5%. Among other stocks, maritime and shipping firm Gulf Navigation rose 2.9% after it swung to profitability with a quarterly profit of 4.2 million dirham compared to losses of 14.6 million dirham a year earlier.

☆ KFC's Middle East and North Africa franchisee plans dual listing in UAE, Saudi
▼ + stars: | 2022-11-02 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 2 (Reuters) - Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, said it planned to launch an initial public offering (IPO), followed by a dual listing in the United Arab Emirates and Saudi Arabia. Adeptio Investments, an investment vehicle jointly-held by Dubai businessman and founder of Emaar Properties (EMAR.DU) Mohammed Alabbar and Saudi Arabia's Public Investment Fund, is offering about 2.53 billion existing ordinary shares, representing 30% of the company, Americana said in a regulatory filing on Wednesday. The IPO would start from Nov. 14 to Nov. 21 for retail investors in the UAE and Saudi Arabia, and Nov. 14 to Nov. 22 for institutional investors in both the countries. Following its public share-sale, it expects to list on the Abu Dhabi Securities Exchange and the Saudi Exchange on or around Dec. 6, it said. Reporting by Hadeel Al Sayegh; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia approves dual listing of Pizza Hut, KFC franchisee
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Oct 31 (Reuters) - Saudi Arabia's market regulator said on Monday it had approved a concurrent and dual listing of Americana Group, the Middle East and North Africa franchisee of fast-food chains KFC and Pizza Hut, in the kingdom and the United Arab Emirates (UAE). Americana has approval to sell 30% of its shares, which will be the first to trade in both the UAE and Saudi Arabia. The Capital Market Authority said the approval was for a dual registration in the two countries and an offering of 2.53 billion shares. Americana is owned by Saudi Arabia's Public Investment Fund (PIF) and an investment consortium led by Dubai businessman Mohammed Alabbar, founder of Dubai-listed Emaar Properties (EMAR.DU). ($1 = 3.7568 riyals)Reporting by Hadeel Al Sayegh Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi shares rise on upbeat economic data, Dubai stocks fall
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Saudi Arabia shares rose on Monday helped by strong economic data and some upbeat corporate results, while the Dubai index fell ahead of the U.S. Federal Reserve meeting. The benchmark Saudi index (<.TASI>) inched up 0.3%, erasing previous session's losses. The index was lifted by a 2.8% rise in Saudi National Bank's (<1180.SE>) shares. Saudi oil giant Aramco rose 0.4%, extending gains. The Dubai market declined as investors worldwide remain cautious ahead of the Fed's interest rate decision, said Wael Makarem, senior market strategist, MENA at Exness.

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