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Abu Dhabi, Bahrain stock markets in talks for ‘strategic partnership’

Officials from Abu Dhabi Securities Exchange (ADX) and Bahrain Bourse (BHB) this week held meetings to discuss developing a strategic partnership to enhance greater cross-border cooperation between the two stock market exchanges. The discussions build on a cooperation agreement signed in November 2021, which aims to achieve synergies, enhance market liquidity and promote innovative products […]

Almost all stock prices were down

Price corrections in Gulf markets, with Saudi Tadawul down 2.3%

Most stock markets in the Gulf ended lower on Thursday, tracking global shares as investors shunned riskier assets on worries about global inflation, China’s zero-Covid policy and the Ukraine war. The S&P 500 had lost 4 percent on Wednesday while the Nasdaq had fallen almost 5 percent as stark warnings from some of the world’s […]

‘Savvy’ investors snap up DEWA shares

Plenty of mystery surrounds the listing of Dubai utilities giant DEWA, the Middle East’s largest IPO since the floating of Saudi Aramco in late 2019. When CNBC’s Dan Murphy organised an interview with DEWA’s CEO, he hoped to extricate some details from the infamously secretive boss.  Amid surging shares following news of the float, Saeed […]

DEWA IPO bodes well for Dubai’s asset sale

A further nine government and state-owned companies are now set to be listed on the DFM Optimism is growing over government plans to monetise state assets following the hugely successful Dubai Electricity & Water Authority (DEWA) initial public offering (IPO). DEWA debuted on the Dubai Financial Market (DFM) on April 12 in the UAE’s largest […]

Saudi Al Rajhi Bank reports 24% rise in Q1 profit

Saudi Arabian lender Al Rajhi Bank has announced a nearly 24 percent rise in quarterly earnings, fuelled by a jump in net financing for customers, and higher investment income and fees from banking services. The bank reported a net profit of 4.1 billion riyals ($1.09 billion) for the first quarter ended March 31, up 3.34 […]

Person, Human, Clothing

Aid groups push to feed Yemen’s hungry millions during Ramadan ceasefire

A two-month ceasefire has given aid groups a chance to step up aid to Yemen’s hungry millions, but malnutrition ravaging children is projected to worsen if fighting returns or humanitarian funding does not pick up. “The benefits of the first weeks of truce are already significant,” said Erin Hutchinson, Yemen Director for the Norwegian Refugee […]

Oil drives rise in Gulf stock markets

Major Gulf bourses closed higher on Wednesday, with a rise in oil prices driving the Saudi index up more than one per cent, while geopolitical tensions weighed on sentiment in Egypt. Oil prices rose 1.4 per cent on a drop in US oil inventories and concern over tighter supplies from Russia and Libya. Saudi Arabia’s […]