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☆ Iran's upcoming snap elections: A battle of anti-western hardliners
▼ + stars: | 2024-06-17 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Iranian Leader Press Office | Anadolu | Getty ImagesIran is holding snap elections on June 28 following the sudden death of former Iranian President Ibrahim Raisi in a helicopter crash. The election will take place against the backdrop of a battered Iranian economy, widespread popular discontent and crackdowns on dissent. He described Iran's supreme leader Ayatollah Khamenei⁠ as the country's "only 'voter' of significance." Iran's Presidency | WANA | Via ReutersBut with Sunday's announcement of the approved candidates, "those hopes were largely dashed," he said. It comes after turnout for Iran's parliamentary election in March was also the lowest for a legislative contest in the Islamic Republic's history at 41%.

Persons: Ali Khamenei, Ebrahim Raisi, Hossein Amir, Ibrahim Raisi, crackdowns, Behnam ben Taleblu, Ayatollah Khamenei⁠, ben Taleblu, Nader Itayim, it's, Raisi, Khamenei, Mahsa Amini, Sanam Vakil, Itayim, ATTA KENARE Organizations: Iran's, Tehran University, Iranian, Press, Anadolu, Getty, U.S, Guardian Council, Council, Foundation for Defense of Democracies, CNBC, Western, Argus Media, Reuters, Union for Secular Republic, Human Rights, Chatham House, Islamic Locations: Tehran, Iran, Israel, Mideast, Iran's, Islamic Republic, Kurdish Iranian, East, North Africa

☆ Emerging markets have taken a step back on China pressure, analyst says
▼ + stars: | 2024-03-14 | 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 EmailEmerging markets have taken a step back on China pressure, analyst saysAmer Halawi, head of research at UAE-based brokerage and investment firm Al Ramz PJSC, outlines valuation opportunities in Middle East markets and the Gulf's top performers.

Persons: Amer Halawi, Al Ramz PJSC Organizations: UAE Locations: China, Middle East

☆ The UK's flagship aircraft carrier suffers new misfortune and won't lead major NATO exercise
▼ + stars: | 2024-02-04 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

The UK Royal Navy's fleet flagship had to withdraw from a major NATO exercise at the last minute. HMS Queen Elizabeth had issues with its starboard propeller shaft. In 2019, HMS Queen Elizabeth was left without propulsion for days and flooded. The ship had to anchor off Britannia Royal Naval College for 24 hours to undergo repairs, per The News. The House of Commons Defence Committee called the UK military "consistently overstretched" and under "unrelenting pressure," the Independent reports.

Persons: Queen Elizabeth, HMS Queen Elizabeth, —, Elizabeth, HMS, Wales, HMS Prince, Kalnins, Sir Richard Barrons Organizations: Royal, Service, NATO, Royal Navy, Business, Royal Navy's, Britannia Royal Naval College, Warfare Development Command, UK Defense, British, REUTERS, Bangor, Financial Times, Navy, Recruits, of Commons Defence Locations: NATO, Portsmouth, Europe, Scandinavia, Northern Europe, Westminster, Riga, Latvia, Bahrain, Bangor

☆ British warship crashes into another Royal Navy vessel — for the second time
▼ + stars: | 2024-01-21 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +2 min

The HMS Chiddingfold, a UK Navy warship, has been involved in a second crash. The mine-hunter collided with the HMS Penzance in 2021 and has now crashed into HMS Bangor. The collision took place off the coast of Bahrain, where the Bangor sustained damage. The two Royal Navy vessels, the HMS Chiddingfold and HMS Bangor collided while docking at port off the coast of Bahrain on January 18, sparking an investigation by the Royal Navy. Video footage of the latest maritime mishap has circulated on social media, that appeared to show the HMS Chiddingfold reversing into HMS Bangor.

Persons: —, Chiddingfold, Grant Shapps, Edward Ahlgren Organizations: UK Navy, HMS, Service, Royal Navy, Bangor, Mail, Navy, Ministry of Defence, BBC News, State for Defence, Sky News Locations: HMS Penzance, Bangor, Bahrain

☆ Most Gulf markets fall on weak oil; Saudi gains
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing RightsDec 3 (Reuters) - Most stock markets in the Gulf ended lower on Sunday, in response to Friday's fall in oil prices, although the Saudi index bucked the trend to close higher. Oil prices - a catalyst for the Gulf's financial markets - slumped more than 2% on Friday on investor scepticism over the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Arabian Pipes Co (2200.SE) advancing 5.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.7%, with Commercial International Bank (COMI.CA) declining 2%.

Persons: Joe Biden, Christopher Pike, Jerome Powell, Ateeq, Bernadette Baum, Sharon Singleton Organizations: Dubai Financial, United Arab Emirates, REUTERS, Qatar Islamic Bank, Saudi Aramco, Arabian Pipes, Federal, Gulf Cooperation Council, U.S ., Commercial International Bank, Thomson Locations: Dubai, United Arab, Saudi, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

☆ Ray Dalio hails the Gulf's 'renaissance states' amid a period of 'greater disorder' globally
▼ + stars: | 2023-11-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Ray Dalio speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. We're now talking about a renaissance state here that happens within this greater geopolitical and economic environment," Dalio told CNBC's Dan Murphy on Tuesday. The UAE "is a renaissance state," Dalio said. Amid higher oil prices in recent years, the region's mammoth sovereign wealth funds had ever more to spend. The region's combined 10 largest sovereign wealth funds managed some $4 trillion in early 2023, according to the Sovereign Wealth Fund Institute.

Persons: Ray Dalio, ABU, Dalio, CNBC's Dan Murphy, Dalio's Organizations: Forbes, Getty, United, United Arab Emirates, Bridgewater Associates, United Arab, CNBC, Abu, Abu Dhabi Finance, GCC, Gulf Cooperation, Dalio's Bridgewater Associates, Pensions & Investments, The, Dubai International Financial, Sovereign Wealth Fund, —, Saudi Arabia's Public Investment Fund Locations: New York City, Taylor, ABU DHABI, United Arab, Gulf, United Arab Emirates, Abu Dhabi, U.S, Singapore, The UAE, UAE, Saudi Arabia, Dubai, London, New York, France

☆ Most Gulf markets in the red on falling oil prices
▼ + stars: | 2023-11-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed/File Photo Acquire Licensing RightsNov 26 (Reuters) - Stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices, although the Saudi index bucked the trend to trade higher. Oil - a catalyst for the Gulf's financial markets - fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium. Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.8%, with top lender Commercial International Bank (COMI.CA) losing 2%. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, ending two sessions of losses, helped by a 1.2% rise in Elm Company (7203.SE).

Persons: Joe Biden, Hamad I Mohammed, Ateeq, Louise Heavens Organizations: Bahrain Bourse, U.S, REUTERS, Stock, Qatar Islamic Bank, Industries Qatar, Commercial International Bank, Elm Company, Thomson Locations: Bahrain, Manama, Saudi, Gaza, Qatar, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

☆ Most Gulf markets gain on rising oil prices
▼ + stars: | 2023-11-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsNov 19 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session. Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support. Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%. In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).

Persons: Joe Biden, Christopher Pike, Kristalina Georgieva, Ateeq, Alex Richardson Organizations: Dubai Financial, United Arab Emirates, REUTERS, Saudi, Saudi Aramco, Saudi National Bank, Qatar National Bank, Gulf Cooperation Council, U.S . Federal Reserve, International Bank, CIB, Egypt's, European Bank for Reconstruction, Monetary Fund, Reuters, Thomson Locations: Dubai, United Arab, Saudi, Qatar, Israel, Ateeq Shariff, Bengaluru

☆ Saudi bourse tracks oil prices lower, Egypt extends losses
▼ + stars: | 2023-10-01 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser/File Photo Acquire Licensing RightsOct 1 (Reuters) - Saudi Arabia's stock market ended lower on Sunday in response to Friday's fall in oil prices, while the Egyptian index extended loses on profit-taking. Saudi Arabia's benchmark index (.TASI) fell 0.1%, extending losses from the previous session, weighed down by a 0.9% fall in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - settled 1% lower on Friday due to macroeconomic concerns and profit-taking. Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country's extended oil production cuts.

Persons: Faisal Al Nasser, Ateeq, David Holmes Organizations: REUTERS, Saudi, Saudi Aramco, Qatar National Bank, Qatar bourse, Banking, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Qatar, Ateeq Shariff, Bengaluru

☆ Gulf stocks mixed amid rate hike woes; Egypt outperforms
▼ + stars: | 2023-09-24 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

The Qatari benchmark stock index (.QSI) fell 0.3%, dragged down by almost all the sectors with financials leading the declines. Qatar National Bank (QNBK.QA), the Gulf's biggest lender, was down 0.7% while heavyweight Commercial Bank (COMB.QA) dropped 1.3%. Kuwait's premier market index (.BKP) fell 1.6%, its 7th consecutive session of losses, as most of its constituents were in negative territory. Outside the Gulf, Egypt's blue-chip index (.EGX30), closed up 0.6%, hitting an all-time high. Reporting by Shamsuddin Mohd in Bengaluru; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Shamsuddin, Emelia Sithole Organizations: Federal, Gulf Cooperation, greenback, Qatar National Bank, Commercial Bank, Chemical Industries, Misr Fertilizer, Stock, UAE bourse, Thomson Locations: Abu, Saudi Arabia, UAE, Bengaluru

☆ Major Gulf markets little changed ahead of Fed decision
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsSept 20 (Reuters) - Major stock markets in the Gulf were little changed in early trade on Wednesday ahead of the U.S. Federal Reserve's interest rate decision. Investors are awaiting a raft of central bank interest rate decisions this week to assess the outlook for economic growth and fuel demand. The U.S. central bank is widely expected to keep interest rates on hold, but the focus will be on its projected policy path. The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar. The Qatari benchmark (.QSI) rose 0.1%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).

Persons: Joe Biden, Christopher Pike, Ateeq, Sohini Goswami Organizations: Dubai Financial, U.S, United Arab Emirates, REUTERS, Gulf Cooperation, U.S ., Development, Saudi Aramco, Qatar National Bank, Thomson Locations: Dubai, United Arab, U.S . Federal, U.S, Saudi, Dar Al Arkan, Yemen, Riyadh, Abu Dhabi, Ateeq Shariff, Bengaluru

☆ UAE's total revenue rose 32% in 2022
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Sept 18 (Reuters) - The United Arab Emirates (UAE) saw revenue increase 31.8% in revenue in 2022, its finance minister said on Sunday, supporting an overall fiscal surplus last year. One of the Gulf's most diversified economies, the UAE has been developing its non-oil sectors, focusing on areas such as trade, tourism, manufacturing and logistics and financial services. It gave no figure for the full-year fiscal surplus but in May the central bank said the surplus hit $46 billion in the first nine months of 2022, supported by strong oil and non-oil revenue growth as well as high oil prices. Growth in acquisitions of non-financial assets doubled, up 94.5% in 2022 on the year. ($1=3.6726 UAE dirham)Reporting by Rachna Uppal; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: WAM, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Rachna Uppal, Clarence Fernandez Organizations: United Arab Emirates, Thomson Locations: DUBAI, UAE

☆ First US offshore wind auction in Gulf of Mexico attracts paltry interest
▼ + stars: | 2023-08-29 | by ( Nichola Groom | ) www.reuters.com time to read: +4 min

RWE is among the world's largest offshore wind developers, with an extensive portfolio in Europe, and has also secured leases off the coasts of California and New York. The Southeast also has low power prices that could make it harder for higher-cost offshore wind generation to compete for electricity contracts. Texas does not have an offshore wind target. "Today's auction results show the important role state public policy plays in offshore wind market development," Liz Burdock, CEO of the Business Network for Offshore Wind, said in a statement. They included offshore wind development arms of European energy companies Equinor (EQNR.OL) and Shell (SHEL.L), who also have oil and gas operations in the Gulf.

Persons: Karen, Steve Nesius, Biden administration's, Germany's, RWE, Liz Burdock, Joe Biden's, ”, Elizabeth Klein, Nichola, Marguerita Choy, Nick Zieminski Organizations: REUTERS, ASA, Texas, U.S . Bureau of Ocean Energy Management, Carolinas, Business Network, Offshore, of Ocean Energy Management, Shell, . Developers, Thomson Locations: Dauphin Island , Alabama, Gulf of Mexico, Louisiana, New York, New Jersey, California, Europe, U.S, Gulf, Mexico, Texas, of Mexico

☆ Most stock markets in Gulf track oil prices higher
▼ + stars: | 2023-08-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014./File PhotoAug 13 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in the wake of Friday's rise in oil prices, with the Saudi index gaining for a third consecutive session. Oil prices - a key catalyst for the Gulf's financial markets - edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to their seventh straight week of gains, the longest such streak since 2022. Prospects for the oil market look healthy for the second half of the year, OPEC said. Saudi Arabia's benchmark index (.TASI) advanced 1.1%, rising for a third consecutive session, led by a 1.6% leap in oil giant Saudi Aramco (2222.SE). In Qatar, the index (.QSI) added 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) putting on 0.8%.

Persons: Ateeq, Hugh Lawson Organizations: Abu, Abu Dhabi Securities Exchange, International Energy Agency, Organization of, Petroleum, Saudi, Saudi Aramco, Aramco, Industries Qatar, Thomson Locations: Abu Dhabi, Saudi, North Asia, Qatar, Egypt, Ateeq Shariff, Bengaluru

☆ Qatar stock market ends higher, Saudi extends losses
▼ + stars: | 2023-08-06 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

An electronic board displaying data is seen at the Doha Stock Exchange in Doha, Qatar January 6, 2021. REUTERS/Ibraheem Al Omari/File PhotoAug 6 (Reuters) - Qatar stock market closed higher on Sunday in response to rising oil prices amid supply cuts by top producers, while the Saudi index ended lower on weaker corporate earnings. The Qatari Stock index (.QSI) advanced 0.2%, ending two sessions of losses, with Baladna (BLDN.QA) climbing 3% and Qatar Fuel (QFLS.QA) gaining 1%. The index heavyweight Islamic banks Qatar Islamic Bank (QISB.QA) and Qatar International Islamic Bank (QIIB.QA) added 2.2% and 1.1% respectively. The food products distributor Halwani reported higher losses in second quarter compared to a year earlier.

Persons: Al Omari, Halwani, Md Manzer Organizations: Doha Stock Exchange, REUTERS, Qatar, Qatar Islamic Bank, Qatar International Islamic Bank, Savola, Thomson Locations: Doha, Qatar, Saudi, Saudi Arabia, Russia, El Gadida, El

☆ Iran boosts navy with missiles, drones as US offers guards for Gulf ships
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

Naval... Read moreDUBAI, Aug 5 (Reuters) - Iran has equipped its Revolutionary Guards' navy with drones and 1,000-km (600-mile) range missiles, Iranian news agencies reported on Saturday, as the U.S. offers to put guards on commercial ships going through the Gulf's Strait of Hormuz. "Various types of drones ... and several hundred cruise and ballistic missiles with a range of 300 to 1,000 km are among the systems and equipment that were added to the capabilities of the Guards' navy today," state news agency IRNA said. About a fifth of the world's crude oil passes through the Strait of Hormuz between Iran and Oman. Revolutionary Guards' Navy Commander Alireza Tangsiri told state TV that the new missiles had better precision as well as longer range. "The cruise missiles can attack several targets simultaneously and the commands can be altered after take-off."

Persons: IRNA, Washington, Alireza Tangsiri, Andrew Cawthorne Organizations: Islamic Revolutionary Guard Corps Navy, United Arab, U.S . Navy, Naval, Read, Guards, Revolutionary Guards, Navy, Dubai Newsroom, Thomson Locations: Panama, Hormuz, Dubai, Fujairah, United Arab Emirates, Arabian Gulf, DUBAI, Iran, Gulf's, Oman, Tehran

☆ Saudi bourse extends losses on profit-taking; Egypt gains
▼ + stars: | 2023-07-30 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

July 30 (Reuters) - Saudi Arabia's stock market ended lower on Sunday, extending losses from the previous session on profit-taking, while the Egyptian index ended five sessions of losses. Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 2.5% fall in Riyad Bank (1010.SE), while Saudi Awwal Bank (1060.SE) retreated 3.8%. On the positive side, National Shipping Company of Saudi Arabia (4030.SE) advanced more than 4% after posting a sharp rise in second-quarter net profit. In Qatar, the index (.QSI) gained 0.5%, led by a 2.7% rise in petrochemical maker Industries Qatar (IQCD.QA). ($1 = 3.7505 riyals)Reporting by Ateeq Shariff in Bengaluru Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Ateeq, Christina Fincher Organizations: Saudi, Riyad Bank, Saudi Awwal Bank, National Shipping Company, Industries Qatar, Eastern Company, Thomson Locations: Saudi, Saudi Arabia, Qatar, Ateeq Shariff, Bengaluru

☆ Qatar bourse gains on rising oil prices; Egypt falls
▼ + stars: | 2023-07-23 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

July 23 (Reuters) - Qatar's stock market ended higher on Sunday in response to Friday's rise in oil prices, while the Saudi index finished flat. In Qatar, the key stock index (.QSI) gained 0.5%, rising for an eighth consecutive session, led by a 10% surge in Barwa Real Estate Co (BRES.QA). Last week, the real estate firm agreed to sell two land plots in Lusail area for 6.36 billion riyals ($1.75 billion). Outside the Gulf, Egypt's blue-chip index (.EGX30) eased 0.2% on Sunday, hit by a 1.1% fall in tobacco monopoly Easter Company. ($1 = 3.6425 Qatar riyals)Reporting by Ateeq Shariff in Bengaluru; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Ateeq, Hugh Lawson Organizations: Clean Energy, Company, Thomson Locations: Saudi, Russia, Ukraine, Qatar, Ateeq Shariff, Bengaluru

☆ Qatar National Bank's Q2 profit falls 4%
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 10 (Reuters) - Qatar National Bank (QNBK.QA), the oil-rich Gulf's biggest lender by assets, reported on Monday a 4% drop in second-quarter net profit to 3.7 billion riyals ($1.02 billion). QNB missed analysts' mean estimate of 3.9 billion riyals net profit in the quarter, Refinitiv data showed. Net profit for the first half of the year was 7.6 billion riyals, up 8% from the first half of 2022. Loans and advances also rose 7% to 819 billion riyals. ($1 = 3.6440 Qatar riyals)Reporting by Yousef Saba, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: QNB, Yousef Saba, Louise Heavens Organizations: Qatar National Bank, Group, Thomson Locations: DUBAI, Qatar

☆ Most Gulf markets gain; Egypt extends losses
▼ + stars: | 2023-07-09 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

July 9 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, while the Egyptian index extended losses for a fourth session. In Qatar, the index (.QSI) gained 0.3%, led by a 1.8% increase in telecoms firm Ooredoo (ORDS.QA). Outside the Gulf, Egypt's blue-chip index (.EGX30) slid 3.2%, extending losses for a fourth session, as foreign investors continue to sell amid difficult economic conditions locally and internationally. Almost all the stocks on the index were in negative territory including Misr Fertilizers (MFPC.CA), which retreated about 18%. Reporting by Ateeq Shariff in Bengaluru; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Dr Sulaiman Al, Ateeq, Alison Williams Organizations: Habib Medical Services, OPEC, Thomson Locations: Saudi, OPEC, Qatar, Ateeq Shariff, Bengaluru

☆ Kuwait, Saudi Arabia have 'exclusive rights' in Durra gas field, Kuwait oil minister says
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

CAIRO, July 9 (Reuters) - Kuwait and Saudi Arabia have "exclusive rights" in the Durra gas field in the Arabian Gulf, Kuwait Oil Minister Saad Al Barrak said on Sunday, and he called on Iran to validate its claim to the field by demarcating its own maritime borders first. "Until this moment, this is an exclusive right of Kuwait and Saudi Arabia in the Durra field, and whoever has a claim must start demarcating the borders. "The other side has claims that are not based on a clear demarcation of the maritime borders," he added, referring to Iran. Al Barrak's comments echo those of Saudi Arabia, which said last week that the kingdom and Kuwait exclusively own natural wealth in the Gulf's maritime "Divided Area". Saudi Arabia also renewed its call to Iran to start negotiations with Riyadh and Kuwait on the demarcation of the eastern border of the area, Saudi state news agency SPA said.

Persons: Saad Al Barrak, Al Barrak, Al, Al Barrak's, Hatem Maher, Muhammad Al Gebaly, Hugh Lawson, Leslie Adler Organizations: Kuwait Oil, Saudi, Thomson Locations: CAIRO, Kuwait, Saudi Arabia, Arabian Gulf, Iran, Saudi, Riyadh

☆ 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

☆ Qatar stock market ends lower, Egypt rises
▼ + stars: | 2023-06-18 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

The Qatari Stock index (.QSI) dropped 0.1%, extending its losses to a second session with Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 0.2% and Qatar Islamic Bank (QISB.QA) shedding 1.1%. Among the losers, Lesha Bank (QFBQ.QA) and Dukhan Bank (DUBK.QA) lost 1.1% and 1.3% respectively. Saudi Arabia's benchmark index (.TASI) added marginally as losses in energy and financial sectors countered gains in most of the sectors. Dr Sulaiman Al-Habib Medical Services (4013.SE) climbed 2.5% and Mouwasat Medical Services (4002.SE) surged 6.1%. However, Riyad Bank (1010.SE) and the world's largest Islamic bank by assets Al Rajhi Bank (1120.SE) lost 2.1% and 0.7% respectively.

Persons: Christopher Waller, Dr Sulaiman Al, Md Manzer Hussain, David Evans Organizations: . Federal, United Arab, Qatar National Bank, Qatar Islamic Bank, Lesha Bank, Dukhan Bank, Habib Medical Services, Mouwasat Medical Services, Riyad Bank, Al Rajhi Bank, Co, International Finance Corporation, IFC, Thomson Locations: United States, Saudi Arabia, United Arab Emirates, Qatar, Saudi, El

☆ GCC-China free trade deal must protect emerging Gulf industries, Saudi minister says
▼ + stars: | 2023-06-11 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +2 min

RIYADH, June 11 (Reuters) - The free trade deal being negotiated between China and the Saudi Arabia-dominated Gulf Cooperation Council needs to protect emerging Gulf industries, the Saudi investment minister said on Sunday, adding he hoped it would be finalised soon. "We need to enable and empower our industries to export, so we hope all countries that negotiate with us for free trade deals know we need to protect our new, emerging industries," Investment Minister Khalid al-Falih said. Talks on a China-GCC Free Trade Agreement (FTA) began in 2004 but have repeatedly stalled, most recently in 2016 after a ninth round. The Gulf's two biggest economies, Saudi Arabia and the United Arab Emirates, have launched new industrial strategies to boost domestic economic growth and non-oil exports. Saudi Arabia is developing sectors including domestic manufacturing, mining and minerals, and advanced technology.

Persons: Khalid al, Falih, Prince Mohammed bin Salman, Aziz El Yaakoubi, Lisa Barrington, Sharon Singleton Organizations: Gulf Cooperation Council, Investment, China Business Conference, GCC, Trade, United Arab Emirates, United Arab, Thomson Locations: RIYADH, China, Saudi Arabia, Saudi, Riyadh, Kingdom of Saudi Arabia, Gulf, United Arab Emirates

☆ Major Gulf bourses end lower on falling oil prices
▼ + stars: | 2023-06-11 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

June 11 (Reuters) - Major stock markets in the Gulf ended lower on Sunday in response to falling oil prices and weaker-than-expected Chinese economic data. The Qatari Stock index (.QSI) dropped 0.5%, extending its losses to a second session. The index recorded a drop in all sectors with Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 0.6% and Qatar International Islamic Bank (QIIB.QA) shedding 0.7%. However, the oil giant Saudi Aramco (2222.SE) and the kingdom's biggest bank Saudi National Bank (1180.SE) lost 0.3% and 0.9% respectively. Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.3%, extending its previous session gains.

Persons: Md Manzer Hussain, Ros Russell Organizations: Saudi, Gulf's, Qatar National Bank, Qatar International Islamic Bank, Bank Aljazira, Saudi Industrial Investment Group, Saudi Aramco, Saudi National Bank, Fawry Banking, Thomson Locations: Saudi

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