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☆ 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.

☆ 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.

☆ Abu Dhabi geo data firm Bayanat draws bumper demand for IPO
▼ + stars: | 2022-10-27 | by ( Yousef Saba | ) www.reuters.com time to read: +1 min

DUBAI, Oct 27 (Reuters) - Bayanat, an Abu Dhabi-based provider of geographic data and analytics, said on Thursday it drew robust demand of 57.5 billion dirhams for its IPO. Bayant is offering 22.22% of its share capital at 1.1 dirham per share, valuing the stake at 628.6 million dirhams ($171.15 million). AI firm G42, which is backed by sovereign wealth fund Mubadala, will continue to own 77% of Bayanat. In the same year, Mubadala took an undisclosed stake in G42, which is chaired by the UAE's national security adviser. Dubai Islamic Bank was lead manager, First Abu Dhabi Bank was lead receiving bank and International Securities was the lead placement agent on the IPO.

☆ Most Gulf markets retreat on falling oil prices
▼ + stars: | 2022-10-24 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

Oct 24 (Reuters) - Most stock markets in the Gulf fell on Monday with lower oil prices, although the Saudi index erased early losses to close higher. Crude prices, a key catalyst for Gulf markets, slid after Chinese data showed that demand from the world's largest crude importer remained lacklustre in September as strict COVID-19 policies and fuel export curbs depressed consumption. In Abu Dhabi, the index (<.FTFADGI>) dropped 0.5% with the country's biggest lender First Abu Dhabi Bank (<FAB.AD>) down 0.6%. The Dubai stock market is seeing some volatility while global sentiment remains uncertain, said Wael Makarem, senior market strategist at Exness. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) gained 0.6%, led by a 2.5% rise in Commercial International Bank Egypt (<COMI.CA>).

☆ 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.

☆ Most Gulf markets in red ahead of U.S. inflation data
▼ + stars: | 2022-10-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Most stock markets in the Gulf ended lower on Thursday, ahead of U.S. inflation data which is likely to shape the size of the Federal Reserve's next interest rate hike. read moreThe Saudi market could continue seeing negative performances while oil markets continue to show downside risk, said Farah Mourad, senior market analyst of XTB MENA. In Abu Dhabi, the index (<.FTFADGI>) eased 0.4%, with the UAE's biggest lender First Abu Dhabi Bank (<FAB.AD>) falling 1.3%. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) retreated 0.5%, ending two sessions of losses, helped by a 0.8% increase in top lender Commercial International Bank Egypt (<COMI.CA>). Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi wealth fund braves market tumult in green bonds debut, others unlikely to rush
▼ + stars: | 2022-10-12 | by ( Yousef Saba | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterHe said that PIF's issuance of the first-ever 100-year green bonds showed investor confidence in its credit strength and Saudi Arabia's long-term commitment to energy transition. PIF sold $500 million of the 100-year bonds - the first bonds of that tenor from a debut issuer or a sovereign wealth fund, and the first 100-year issue in the region. Alaoui said the fund was expected to continue issuing green bonds, including green sukuk, or Islamic bonds, and to tap the onshore U.S. market in the coming years. Egypt, due to host the COP27 climate conference next month, became the region's first issuer of sovereign green bonds in 2020. First Abu Dhabi Bank (FAB.AD), which taps the market regularly and is one of the region's most active green issuer, followed up PIF's transaction a day later with a sale of $700 million worth of green bonds.

☆ Gulf bourses track global shares, oil prices lower
▼ + stars: | 2022-10-10 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 10 (Reuters) - Stock markets in the Gulf fell on Monday, tracking global shares and oil prices lower, with the Saudi index extending losses for a third session. Global shares dropped after Russian missiles pounded cities across Ukraine and as renewed concern about the economic outlook sent investors into safe-haven assets such as the dollar and bonds. Register now for FREE unlimited access to Reuters.com RegisterThe negative performance came after a volatile week during which investors continued to contemplate global economic conditions, said Wael Makarem, senior market strategist at Exness. In Abu Dhabi the index (<.FTFADGI>) dropped 0.8%, with the country's biggest lender First Abu Dhabi Bank (<FAB.AD>) losing 1.2%. The listing is the latest in a string of IPOs in the Gulf that have defied wider market trends.

☆ Egyptian banks tighten dollar limits after currency pressure mounts
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

CAIRO, Oct 10 (Reuters) - Egyptian banks have tightened limits on foreign currency withdrawals from local currency accounts as they seek to conserve scarce dollars. Though no industry-wide rules have been announced, in recent days a number of banks have sent notifications instructing clients with Egyptian pound accounts of new monthly limits on how much foreign currency they can withdraw before travelling or when using debit and credit cards abroad. Because of domestic dollar scarcity, some customers had been depositing money in local currency in order to withdraw it in foreign currency at official rates abroad, said the source. The central bank has been letting the currency depreciate gradually after a sharp devaluation in March. Egypt is negotiating new financing from the International Monetary Fund, which has called for a more flexible exchange rate policy.

☆ Saudi Arabia's wealth fund hires banks for debut green bonds
▼ + stars: | 2022-09-27 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterDUBAI, Sept 27 (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan (JPM.N) to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October. Register now for FREE unlimited access to Reuters.com RegisterA debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. "PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations," the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil. read more($1 = 3.7620 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Louise Heavens and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

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