Markets Dubai road toll operator appoints first CEO ahead of flotation Dubai road-toll operator Salik has appointed Ibrahim Al Haddad as chief executive officer, it said on Wednesday, in a move that showed the company was moving closer to its planned flotation. Haddad’s appointment was made at Salik’s first board meeting since it became a public joint stock company on June 15, the firm said in […] July 7, 2022
Markets Dubai leads most Gulf bourses lower on recession fears Most stock markets in the Gulf ended lower on Wednesday, with the Dubai index falling most, hit by concern over a possible global recession. Dubai’s main share index lost 1.9 percent, dragged down by a 2.8 percent fall for blue-chip developer Emaar Properties and a 2.7 percent decline for sharia-compliant lender Dubai Islamic Bank. Separately, […] July 7, 2022
Markets Dubai stocks sink again, wiping out 2022 gains The Saudi stock market extended losses for a third session on Tuesday amid mixed responses from Middle East stock markets to rising investor concerns of a possible global recession. Saudi Arabia’s benchmark index eased 0.1 percent, hit by a 4.6 percent slide in Sahara International Petrochemical. The kingdom and the United Arab Emirates are boosting […] July 6, 2022
Markets Most Gulf bourses fall as investors fear global recession Most stock markets in the Gulf ended lower on Monday, extending losses as investors remained worried about a global recession. Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. US consumer sentiment hit a record low in […] July 5, 2022
Markets Supermarket chain Union Coop to list on Dubai stock market UAE supermarket chain Union Coop is to list its shares on the Dubai stock market from July 18, it announced today. The retailer suspended the trading of shares on its own portal and when trading resumes on July 18 on the DFM shareholders will be given ten shares for each already held. The company, which […] July 1, 2022
Markets Gulf markets fall on fears of another sharp slowdown Most stock markets in the Gulf ended lower on Thursday, as central banks’ aggressive rate-hike approach to tame inflation stokes fears of a rapid economic slowdown. On Wednesday, central bank chiefs from the US Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control […] July 1, 2022
Markets Most Gulf stocks track oil prices higher, with Aramco up 3.3% Most stock markets in the Gulf ended higher on Tuesday, tracking oil prices and global shares as China eased some quarantine requirements for international arrivals which raised hopes for stronger growth and a revival in demand for commodities. China slashed the quarantine time for inbound travellers by half in a major easing of one of […] June 29, 2022
Markets Drop in commodity prices puts Gulf markets in the black Most Gulf markets extended gains on Monday, tracking global shares as a drop in commodity prices allayed fears of accelerating inflation and aggressive interest rate hikes. Dubai’s main share index gained 0.5 percent, led by a 2.7 percent rise in top lender Emirates NBD. Dubai business park operator TECOM Group said on Monday it had […] June 28, 2022
Markets Saudi bourse to launch single stock futures on July 4 The Saudi stock exchange Tadawul plans to launch single stock futures on July 4, which will enable local and international investors to hedge and manage portfolio risks more effectively. Tadawul said in a statement on Sunday that the underlying stocks for single stock futures have been selected from the largest and most liquid publicly listed […] June 27, 2022
Markets UAE to raise $3bn from dollar bonds as demand tops $13.5bn The United Arab Emirates was set to raise $3 billion with a two-tranche US dollar-denominated bond sale comprising a 10-year tranche and 30-year Formosa portion, a bank document showed on Thursday. The bonds, for which demand topped $13.5 billion, will offer investors 100 basis points over US Treasuries (UST) for the 10-year paper and 175 […] June 24, 2022
Markets Qatar shares suffer biggest weekly drop in two years June 23 (Reuters) – Qatari shares led declines in the Gulf on Thursday to post their biggest weekly decline in more than two years, as investors worried that further rises in interest rates to quell decades-high inflation would tip economies into a recession. US Federal Reserve Chair Jerome Powell said on Wednesday the central bank […] June 23, 2022
Markets Dubai’s TECOM $455m IPO heavily oversubscribed TECOM Group’s initial public offering (IPO) is heavily oversubscribed at the top of its share price range, suggesting the Dubai business park operator could raise 1.67 billion dirhams ($455 million), a document seen by Reuters showed. TECOM Group, which is owned the investment vehicle of Dubai’s ruler, is selling 625 million shares or a 12.5 […] June 23, 2022
Markets Fed chief backs another interest rate increase Chicago Federal Reserve Bank President Charles Evans on Wednesday signaled he would likely back another big interest rate hike in July unless inflation data improves, saying the Fed’s top priority is to “take the steam” out of price pressures. “Seventy-five (basis points) is a very reasonable place to have a discussion,” Evans told reporters after […] June 23, 2022
Markets Saudi bank stocks drop as Gulf markets follow lower oil prices Stock markets in the Gulf retreated on Wednesday, tracking crude prices, and as global sentiment was weighed by persistent worries that rising interest rates would trigger a global recession. Saudi Arabia’s benchmark index slid 2.9 percent, posting broad-based declines, dragged down by Al Rajhi Bank a 4.3 percent drop and a 2.9 percent decline in […] June 23, 2022
Markets Kuwait crown prince dissolves parliament, calls for early election Kuwait’s crown prince on Wednesday dissolved parliament and called for an early election following a stand-off between the government and elected assembly that has hindered fiscal reform. Crown Prince Sheikh Meshal al-Ahmad al-Sabah said in a televised speech that decrees would be issued for the dissolution of parliament, the Gulf region’s oldest and most lively, […] June 22, 2022
Markets Saudi Arabia exchange has its biggest gain in more than a year Stock markets in the Gulf ended higher on Tuesday, pausing for breath after a steep sell-off, but major central banks’ rate hike plans and global recession risks kept investors cautious. Saudi Arabia’s benchmark index advanced 2.6 percent, its biggest intraday gain in more than a year, buoyed by a 3.4 percent jump in Al Rajhi […] June 22, 2022
Markets Saudi stock market sees biggest fall since November 2021 Stock markets in the Gulf registered steep losses on Sunday, as investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth. On Wednesday, the US central bank approved its biggest interest rate hike since 1994, lifting the target federal funds rate by 75 basis points to a range of between 1.5 […] June 20, 2022
Markets Gulf bank stocks hit hard, as most bourses in red after rate hike Most stock markets in the Gulf ended lower on Thursday, after the US Federal Reserve delivered an aggressive rate hike and cut its growth projections. The US central bank on Wednesday approved its biggest interest rate hike since 1994, lifting the target federal funds rate by 75 basis points to a range of between 1.5 […] June 17, 2022
Markets Dubai’s Tecom Group sets price for IPO of up to $454m Dubai business park operator Tecom Group set price guidance on Thursday for its initial public offering that showed it could raise up to 1.67 billion dirham ($454.7 million) in the listing. Tecom Group, owned by the investment vehicle of Dubai’s ruler, plans to sell 625 million shares, or 12.5 percent of issued share capital, at […] June 16, 2022
Markets Abu Dhabi stock market ends nine-day losing streak Abu Dhabi’s stock market rebounded on Tuesday, ending a nine-day losing streak, while the Saudi index extended losses for a second session as the uncertainty remained among investors ahead of the U.S. Federal Reserve’s policy meeting on Wednesday. In Abu Dhabi, the index gained 0.9 percent, led by a 4.2 percent jump in telecoms firm […] June 15, 2022
Markets UAE stock markets target London in foreign investment push Stock markets in Dubai and Abu Dhabi are targeting London as they aim to strengthen their status as key destinations for international investors. Both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) have completed investor roadshows in the British capital, holding hundreds of meetings with some of the world’s largest asset […] June 14, 2022
Markets Emaar Properties shares down 4.9% as Gulf markets drop Stock markets in the Gulf ended lower on Monday, in line with global equities as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a Covid-19 warning from Beijing added to concerns about global growth. Dubai’s main share index retreated 2.7 percent, its biggest one-day fall in a month, dragged […] June 14, 2022
