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☆ 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.

☆ India's Adani to hold fixed-income roadshow next week in Asia
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 24 (Reuters) - India's Adani Group will hold a fixed-income roadshow next week in Asia, according to a bank document seen by Reuters, as the beleaguered conglomerate tries to shore up investor confidence in the aftermath of a U.S. short-seller report. Adani group executives, including group Chief Financial Officer Jugeshinder Singh, will attend the roadshows in Singapore on Feb. 27, and Hong Kong on Feb. 28 and March 1, the document showed. Dollar bonds of Adani Group were largely trading lower on Friday. Bonds of Adani Ports (APSE.NS) maturing in February 2031 led the losses, while some notes of Adani Green Energy (ADNA.NS) were marginally higher. Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are the banks organising next week's roadshow, according to the document.

☆ 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.

☆ Egypt to raise $1.5 billion with debut sukuk at 11% yield
▼ + stars: | 2023-02-21 | by ( Yousef Saba | ) www.reuters.com time to read: +1 min

DUBAI, Feb 21 (Reuters) - Egypt was set to raise $1.5 billion on Tuesday from its debut sale of Islamic bonds known as sukuk at a yield of 11%, a document on the deal showed. The three-year sukuk had initial guidance of around 11.625% and tightened after books closed with demand over $5.35 billion, the document reviewed by Reuters showed. Egypt's vulnerable finances fell into crisis after the war in Ukraine triggered heavy foreign investment outflows from Egyptian financial markets. The sukuk will be listed on the London Stock Exchange, issued through The Egyptian Financial Company for Sovereign Taskeek, with the finance ministry as obligor. The sukuk will help Egypt repay $1.25 billion in five-year Eurobonds, which carried a fixed interest rate of 5.577% and mature on Feb. 21.

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

☆ Russian refined oil product price cap: No panic over supply yet, analyst says
▼ + stars: | 2023-02-06 | 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 EmailRussian refined oil product price cap: No panic over supply yet, analyst saysEdward Bell of Emirates NBD discusses the Group of Seven and EU's price cap on Russian petroleum products.

☆ Dubai lender Emirates NBD 2022 net profit up 40%
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 26 (Reuters) - Emirates NBD (ENBD.DU), Dubai's biggest lender, reported a 40% jump in 2022 net profit to 13 billion dirhams ($3.5 billion) on Thursday, helped by higher interest rates and transaction volumes which boosted overall income. The bank, majority owned by the government of Dubai, made a profit of 3.9 billion dirhams in the fourth quarter, up 94% from a year earlier. Higher interest rates and increased transaction volumes supported a 36% jump in 2022 total income to 32.5 billion dirhams, boosting profit. Total assets grew 8% to 742 billion dirhams. Total deposits grew 10% in 2022 to 503 billion dirhams.

☆ Gulf economies to slow this year on sluggish oil demand - Reuters poll
▼ + stars: | 2023-01-24 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

Crude oil prices, a major driver for Gulf economies, are down more than a third from last year's highs and were expected to remain under pressure this year over fears of a recession in major economies sapping demand. Overall growth in the six GCC economies was forecast to average 3.3% and 2.8% this year and next respectively, the Jan. 9-23 poll showed, down from 4.2% and 3.3% in the previous poll. Among other Gulf countries - Qatar, Oman, and Bahrain - growth was expected at 2.4%-2.7% for 2023. Despite lower oil GDP growth, non-oil growth was expected to remain resilient in 2023, economists in the survey said. Analysts expected continued current account surpluses for the main Gulf economies, based on relatively high oil prices.

☆ 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%.

☆ Gulf markets rise on China optimism, Saudi leads
▼ + stars: | 2022-12-27 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. Saudi Arabia's benchmark index (.TASI) gained 1.3%, led by a 1.8% rise in Al Rajhi Bank (1120.SE) and a 1.9% increase in oil giant Saudi Aramco (2222.SE). The Saudi stock market rose today while oil markets' prospects improved with China opening up, said Fadi Reyad, chief market analyst at CAPEX.com. "However, the main index remains near its lowest levels this year and could be at risk of other price corrections." According to Reyad, the Qatari index continued to decline under the weight of the natural gas market's performance.

☆ Most Gulf markets rise as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. It will also downgrade the seriousness of COVID as it has become less virulent and will gradually evolve into a common respiratory infection. The announcement buoyed other Asian markets as well, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 0.53%. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.4% rise in Al Rajhi Bank (1120.SE) and a 1.1% gain in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) added 0.1%, helped by a 0.4% rise in top lender Emirates NBD (ENBD.DU).

☆ Most Gulf markets firm on rising oil prices
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Most major stock markets in the Gulf rose in early trade on Thursday, as oil prices extended gains for a fourth session although global economic concerns limited gains. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.3% increase in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - climbed for a fourth straight day with U.S. crude, heating oil and jet fuel stocks growing tighter just as a cold snap hits the United States and travel is set to soar for the holiday season. In Abu Dhabi, the index (.FTFADGI) added 0.1%, helped by a 0.6% increase in the country's biggest lender First Abu Dhabi Bank (FAB.AD). The country, among the world's top exporters of liquefied natural gas, approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

☆ Saudi leads fall in major Gulf markets amid Fed policy jitters
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Saudi Arabia's stock market dropped in early trade on Monday, leading declines in the Gulf region ahead of interest rate decision from the U.S. Federal Reserve. The Fed is widely expected to raise rates by 50 basis points at its last meeting of 2022 on Wednesday. Investors will also focus on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. Dubai's main share index (.DFMGI) fell 0.6%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU). The Qatari index (.QSI) slipped 1.4%, as most of the stocks in the index were in neagtive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), down 2.2%.

☆ Saudi Arabia reports its first budget surplus in nearly 10 years on higher oil prices
▼ + stars: | 2022-12-08 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Saudi Arabia reported its first budget surplus in nearly 10 years, thanks to its revenue being ramped up by elevated oil prices. The 2022 surplus came to 102 billion riyals ($27 billion), constituting 2.6% of Saudi gross domestic product, according to the kingdom's finance ministry, releasing what it said were preliminary estimates. Total revenue for this year was estimated at 1.234 trillion riyals, while spending amounted to 1.132 trillion riyals. The government of the hydrocarbon-rich country approved a 1.114 trillion riyal budget for 2023 and expects to still see a surplus of 16 billion riyals. Economists estimate Saudi Arabia needs the price of oil to be between $75 and $80 a barrel in order to balance its budget.

☆ Most Gulf markets track oil prices, global shares lower
▼ + stars: | 2022-11-28 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 28 (Reuters) - Most stock markets in the Gulf ended lower on Monday, as investors tracked sluggish oil prices and global shares after rare protests in China against the country's zero-COVID curbs roiled sentiment. China has stuck with President Xi Jinping's zero-COVID policy even as much of the world has lifted most restrictions. Saudi Arabia's benchmark index (.TASI) fell 0.5%, hit by a 2.8% fall in Retal Urban Development Co (4322.SE) and a 2.6% decline in oil giant Saudi Aramco (2222.SE). Europe's benchmark STOXX index (.STOXX) fell 0.9% in early trading after MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.2% as COVID protests raised investors' concerns about growth implications for China. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.7%, with top lender Commercial International Bank (COMI.CA) falling 0.8%.

☆ Major Gulf markets fall in early trade on growth worries
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday on growth worries following COVID-19 flare-ups in China and weak oil demand, with the Qatari index on course to extend losses for a sixth session. Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course to extend losses for a third session, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 2.7% and Riyad Bank (1010.SE) falling 1.1%. Physical crude markets have weakened in recent days, reflecting softer demand from China and Europe. Dubai's main share index (.DFMGI) fell 0.3%, hit by a 0.4% fall in Emirates NBD (ENBD.DU). The Qatari index (.QSI) retreated 0.8%, on course to extend losses for a sixth session, with Qatar Islamic Bank (QISB.QA) dropping 1.6%.

☆ Emirates REIT proposes new sukuk refinancing, ad hoc group gives nod
▼ + stars: | 2022-11-14 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

Fitch had downgraded Emirates REIT by several notches after it made the exchange offer. It is offering sukuk holders, for each $1,000 in face amount of their sukuk, $950 in face amount of new notes and $50 in cash. Emirates REIT needs 75% of its creditors to consent to the proposal to exchange the outstanding unsecured sukuk with secured ones. The group includes Arkkan Capital Management Limited, Rasmala Investment Bank Limited, GFH Financial Group, Sancta Capital, SC Lowy Primary Investments, Plenisfer Investments, Emirates NBD Asset Management, Shuaa Capital and Saray Capital. The group said it had been in talks with Emirates REIT for several months "to reach agreement on transaction terms that would provide satisfactory structural protections and economic returns for the holders of the new secured certificates".

☆ 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 markets drop as cenbanks toe hawkish Fed line
▼ + stars: | 2022-11-03 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

read more read moreSaudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Saudi Arabia's benchmark index (<.TASI>) dropped 0.8%, hit by a 1.6% fall in Al Rajhi Bank (<1120.SE>) and a 2.1% drop in Riyad Bank (<1010.SE>). Since Oct. 27, SNB market-cap has shed 25.74 billion riyals ($6.85 billion), according Refinitiv Eikon Data. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) rose 0.2%, helped by a 1.2% gain in Commercial International Bank Egypt (<COMI.CA>).

U.S. consumer spending has remained strong, rising more than expected in September, despite underlying inflation pressures continuing to bubble. "If you look at stocks and asset prices, you would probably expect the Fed to be already easing by now," Gurevich said. read moreHowever, Anita Gupta, head of equity strategy at Emirates NBD, told the forum it was "too early" to draw conclusions for other central banks from this move. "If you're going downhill and pushing your foot on the accelerator, it's going to be very hard to break," Gurevich said. "I feel it's already too late for them to stop deflation and a recessionary cycle."

☆ UAE stock markets ease as oil prices fall on China COVID curbs
▼ + stars: | 2022-10-28 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

Oct 28 (Reuters) - Stock markets in United Arab Emirates ended lower on Friday as oil prices fell after top crude importer China widened its COVID-19 curbs. In Abu Dhabi, the index (<.FTFADGI>) dropped 0.1%, pressured by a 0.5% dip in the country's largest lender First Abu Dhabi Bank (<FAB.AD>), while Abu Dhabi Polymers Co Borouge (<BOROUGE.AD>) was down 1.4% after reporting more than 23% decline in third-quarter net profit. However, the index gained 5.5% this month, as it ended the week 1.7% higher according to Refinitiv data. "The Abu Dhabi stock market slowed down after yesterday's surge as traders moved to secure their gains. Major stock markets elsewhere in the Gulf region were closed.

☆ Weak oil demand to lower GCC economic growth in 2023
▼ + stars: | 2022-10-20 | by ( Anant Chandak | ) www.reuters.com time to read: +4 min

BENGALURU, Oct 20 (Reuters) - Economic growth in the six-member Gulf Cooperation Council will remain strong but slow significantly next year as high oil prices hurt demand for the commodity, a Reuters poll showed. China, the world's largest crude oil importer, has been fighting COVID-19 flare-ups and stuck to a zero-COVID-19 policy that is weighing heavily on economic activity and global oil demand. "GCC countries have benefitted from sharply higher oil prices, turning budget deficits into surpluses, and increased oil production which has bumped up GDP growth. Among other GCC economies, growth was expected to drop next year in the United Arab Emirates, Qatar and Oman, while in Bahrain growth was forecast to slow to 3.0% compared with 3.4% this year. As other economies reduce their reliance on oil Gulf countries are diversifying their revenue streams.

☆ Major Gulf bourses in red on volatile oil, global growth concerns
▼ + stars: | 2022-10-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Major stock markets in the Gulf turned negative on Wednesday, amid volatile oil prices and concerns around global economic growth, with the Dubai index snapping four sessions of gains. The Dubai bourse was volatile as concerns about a global recession continued to weigh on traders' expectations, said Daniel Takieddine, CEO MENA BDSwiss. Register now for FREE unlimited access to Reuters.com Register"The market could see some price corrections if traders move to secure their gains." According to analyst Takieddine, the Qatari market fell on a slide in natural gas prices and remained exposed to more losses. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Emirates NBD sells $500 million in 5-year bonds
▼ + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Oct 18 (Reuters) - Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year which received more than $1 billion in orders, a bank document showed on Tuesday. The bank tightened the final spread by 20 basis points to 155 bps over U.S. Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank. The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday. Emirates NBD, nearly 56% owned by the government's Investment Corporation of Dubai, last sold bonds in the public debt markets in May last year, raising $750 million with Additional Tier 1 bonds non-callable for six years after raising the same amount via five-year bonds in January 2021. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Clarence Fernandez and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia sells $5 bln in first bond deal in almost a year
▼ + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com time to read: +3 min

DUBAI, Oct 18 (Reuters) - Saudi Arabia sold on Tuesday $5 billion in Islamic and conventional bonds for which demand topped $26.5 billion as it held its first international bond sale in almost a year. "Saudi is a fairly logical substitute for Russia and its weight in indices such as the JPMGBI (JPMorgan Government Bond Index) has been growing." Saudi Arabia's finance ministry on Tuesday also invited holders of its $3 billion bonds due in 2023, $4.5 billion notes due in April 2025, $2.5 billion bonds due in October 2025 and $5.5 billion notes maturing in 2026 to tender them for cash. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, raised $3 billion with green bonds in its debt markets debut earlier this month. Saudi Arabia raised $3.25 billion in bonds in November via sukuk and bonds, after issuing bonds worth 1.5 billion euros in February and $5 billion in January last year.

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