Mideast Stocks: Most Gulf bourses gain on upbeat earnings, easing tariff concerns
In a notable development, China has lifted tariffs on some U.S. imports and asked companies to specify critical goods needing exemptions, signalling Beijing's increasing unease over the trade war's consequences.
Dubai's main share index gained 0.5%, with top lender Emirates NBD rising 0.7%.
In Abu Dhabi, the index rose 0.6%, buoyed by a 3.1% jump in First Abu Dhabi Bank as the United Arab Emirates' biggest lender beat first-quarter estimates. The bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' average expectations of 4.24 billion dirhams, according to data compiled by LSEG.
On the other hand, investment firm Multiply Group slid 3.2% after reporting a drop in first-quarter profit. Saudi Arabia's benchmark index closed 0.3% lower, hit by a 2.2% fall in Alinma Bank, after the lender reported a sequential fall in first-quarter profit.
Elsewhere, Saudi Kayan Petrochemical Company retreated 2.8%, as the petrochemical firm's quarterly losses widened. However, Arabian Contracting Services Company surged about 10% - to become the top gainer on the index - following a steep rise in annual sales. The Qatari index was up 0.2%.
Outside the Gulf, Egypt's blue-chip index inched 0.1% higher, helped by a 2.8% rise in Talaat Moustafa Group Holding (TMGH), as the firm is in advanced negotiations for a new large-scale mixed-use project in Iraq. The project is expected to produce annual recurring income exceeding $1.5 billion.
SAUDI ARABIA fell 0.3% to 11,746
Abu Dhabi up 0.6% to 9,528
Dubai gained 0.5% to 5,241
QATAR added 0.2% to 10,325
EGYPT rose 0.1% to 32,043
BAHRAIN was up 0.6% to 1,903
OMAN added 0.1% to 4,298
KUWAIT increased 0.3% to 8,488
($1 = 3.6728 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon Singleton)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
10 minutes ago
- Zawya
Stocks drop worldwide as investors brace for crucial week
LONDON/TOKYO - Investors cashed out of highly valued global stocks on Friday and the dollar headed for its biggest weekly drop in a month ahead of a crucial week for markets that includes Donald Trump's tariff deadline and key central bank meetings. MSCI's global equity index retreated from an all-time high and was 0.2% lower in early European trading while Japan's Topix index ended the day 0.9% lower after rising to a record on Thursday. Europe's STOXX 600 share index also fell 0.5% in early trade. Ahead of the August 1 deadline for U.S. trade deals with Europe and China, stock markets have been buoyed up by firm U.S. economic data and framed the risk of tariffs hitting growth as a reason to expect Federal Reserve rate cuts. "Higher (U.S.) inflation will, in time, result in weaker demand and weaker investment," UBS Wealth Management economist Dean Turner said. Van Luu, head of solutions strategy, fixed income and foreign exchange at Russell Investments, said he was waiting for a buying opportunity in U.S. Treasuries for this reason. "U.S. data looks astonishingly resilient," he said, but this likely reflected a spending rush before tariffs pushed business input costs and retail sticker prices higher. RISK EVENTS The past week saw U.S. trade agreements with Japan, Indonesia and the Philippines, while deal talks continued with South Korea. Next week brings the next Fed interest rate meeting, the closely watched monthly payrolls report, and earnings from Amazon, Apple, Meta and Microsoft. Trump has kept up pressure on Fed Chair Jerome Powell to cut rates after a rare presidential visit to the central bank on Thursday, although he said he did not intend to fire Powell, as he has frequently suggested he would. U.S. 10-year Treasury yields were steady at 4.41% while two-year yields, which track monetary policy bets, were also flat at 3.923%. Robust earnings from Google parent Alphabet took Wall Street's Nasdaq to a record high on Thursday but futures trading signalled the tech-heavy index would flatline at the start of cash trading in New York. Contracts tracking the blue-chip S&P 500 index were also flat in early European dealings. The Bank of Japan has its own policy announcement on Thursday, and Prime Minister Ishiba's Liberal Democratic Party holds a meeting on the same day. That's after the European Central Bank held rates steady on Thursday, pausing its easing campaign as it waited to assess the impact from U.S. tariffs. The euro was steady against the dollar on Friday at $1.1745 , although German government debt sold off, with the yield on benchmark 10-year Bunds up 5 basis points (bps) in early dealings to 2.74%, the highest since March 28 . Japanese government bond yields were steady on Friday at about 1.6%, a level last seen in October 2008, having ratcheted higher on concerns the political scale is tilting more towards fiscal stimulus. This came after big gains for opposition parties backing consumption tax cuts in Sunday's upper house election. Pressure is building on the more fiscally hawkish Ishiba to quit after his coalition lost its majority in the vote, having done the same in lower house elections last October. Gold eased 0.3% to around $3,356 an ounce. Brent crude futures gained 0.7% to $69.65 a barrel.
Crypto Insight
15 minutes ago
- Crypto Insight
Golden visas are shrinking for crypto investors
Governments globally are rethinking so-called 'golden visa' programs that allow wealthy investors, including crypto executives, to secure residency or citizenship. Golden visa programs let applicants secure citizenship after investing a sum, often in the hundreds of thousands of dollars, in a local investment fund or real estate. While this can stimulate local economic development and attract talent from around the globe, some jurisdictions are rethinking the strategy. In May, Malta's golden passport program was ruled illegal by an EU court. The EU Commission said that Malta's Exceptional Investor Naturalisation (MEIN) program was commercializing European citizenship. Cyprus and Bulgaria ended their golden visa programs in 2021 and 2022, respectively. Global citizenship in the form of multiple passports may be attractive for crypto investors, especially as different countries implement more friendly tax and regulatory regimes for crypto. But getting that second or even third passport is becoming more difficult. Golden visa programs get stricter as crypto investors seek citizenship Golden visa regimes have often been touted as a solid way for countries to boost economic development. Alessandro Palombo, co-founder and CEO of Bitizenship — an advisory firm working with Portugal's golden visa program — told Cointelegraph, 'It's a mutually beneficial exchange: Countries gain investment and growth, while investors secure residency rights, enhanced mobility and, in some cases, a path to citizenship.' When US President Donald Trump unveiled his plan for a 'Trump Gold Card,' granting 'green card privileges plus,' he said that the program would bring wealthy people to the US who would be 'spending a lot of money, paying a lot of taxes, employing a lot of people.' This can be particularly true for smaller countries with limited opportunities for economic development. But critics and observers have flagged the potential for these programs to be abused. In the aforementioned case of Bulgaria, members of the European Parliament raised concerns that the program created an incentive for corruption and money laundering. According to Al Jazeera, the program's main beneficiaries were from China, Russia and the Middle East. The sudden entrance of rich investors and high earners can also lead to economic problems for residents. On April 3, Spain canceled its golden visa over concerns about skyrocketing housing costs locals couldn't afford. The path to citizenship through Spain's golden visa program was an investment in the real estate market, and lawmakers believed that the program was contributing to the crisis. The golden visa program in Portugal, which has long been touted as the premier crypto hub of Europe, is also getting stricter. Palombo said, 'Portugal is moving toward more restrictive policies, including tightening residency and citizenship eligibility.' Whether it comes from security and money laundering concerns, particularly after the beginning of the Russia-Ukraine war, or due to the economic problems of suddenly injecting a large amount of wealthy investors into a community, gold visa options are winding down. Why golden visa programs appeal to crypto investors Golden visa programs can be particularly enticing for wealthy globe-trotting crypto investors as they provide the benefits of residence, and often citizenship, of a country while imposing next to no residency requirements. In some cases, applicants are required to spend as little as five days per year in a country while still receiving the benefits of citizenship. Furthermore, some golden visa programs have integrated crypto directly into their investment schemes. In Portugal, the Bitcoin Eco Golden Visa lets investors get exposure to Bitcoin and local companies through an investment fund while getting the benefits of the Portuguese golden visa scheme. El Salvador, the first country to recognize Bitcoin as legal tender, also passed a law in 2023 granting citizenship to anyone who invests $1 million in Bitcoin or Tether's USDt. In Italy, Bitizenship is launching a golden visa route that would allow investors to get a route to Italian residency by investing 250,000 euros in a local Bitcoin startup. There is clearly appetite for crypto-related visa programs, particularly in countries with existing crypto-friendly regimes. Hype about a possible new crypto-related golden visa program led to a publicity nightmare earlier this month when the TON Foundation made a premature announcement of a golden visa regime it's reportedly developing for the UAE. The TON Foundation, the organization behind the network started by encrypted messenger Telegram, announced in early July that investors could secure a '10-year Golden Visa with a one-time $35,000 processing fee' in addition to staking $100,000 on The Open Network blockchain for three years. The UAE's Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority and the Virtual Assets Regulatory Authority issued a joint statement denying the announcement. TON later clarified that the announcement was premature and that it was working independently with a 'licensed partner' to develop the scheme, with final approval ultimately resting with UAE regulators. Options for investment may be expanding within existing golden visa regimes, like the Bitcoin Eco Golden Visa in Portugal or the crypto startup option in Italy. However, overall, the trend is moving toward fewer and stricter regulations around such visa schemes. Since 2020, at least nine countries have scrapped their golden visa programs: the UK, Ireland, the Netherlands, Spain, Bulgaria, Cyprus, Montenegro, Moldova and Malta. Palombo said, 'What's possible today may become legally impossible within months or weeks. This pattern is accelerating. Golden visas, once abundant, are fast becoming scarce.' Source:
Fintech News ME
an hour ago
- Fintech News ME
MENA Startup Funding Hits US$2.1 Billion in H1 2025
Startup funding in the Middle East and North Africa (MENA) reached US$2.1 billion during the first half of 2025, with 334 deals recorded across the region. This marks a 134% increase compared to the same period in 2024. While part of the growth was driven by an increase in debt-based financing, the figures reflect a notable level of investor activity amid persistent regional uncertainty. The second quarter ended with US$583.4 million invested across 149 deals, surpassing both the value and volume recorded in Q2 2024. Despite a slowdown in June, the quarter's performance indicated continued investor appetite for regional startups. Market conditions remained difficult in the first half of the year. Currency fluctuations, geopolitical tensions and volatile commodity prices, particularly in gold, oil and the US dollar, all contributed to an unpredictable environment. Nonetheless, several venture capital firms remained active, investing with caution. Fintech drew the highest amount of capital in Q2, with 38 startups raising a total of US$170 million. Proptech followed with US$77 million across eight deals, while the traveltech sector raised US$40 million through two transactions. Saudi Arabia recorded the highest funding volume during the quarter, overtaking the UAE. A total of US$231.5 million was invested in 38 Saudi startups, compared to US$197.7 million across 52 UAE-based companies. Egypt ranked third, attracting US$133 million through 30 transactions. By stage, mid-stage startups received the largest share of capital, with 10 Series A rounds totalling US$161 million. Early-stage companies accounted for the majority of deals, with 67 transactions recorded. Only four debt deals took place during the period, alongside two later-stage equity rounds. Total investment in H1 2025 reached US$2.1 billion, a substantial increase from US$898 million in H1 2024. However, excluding debt financing, which contributed US$930 million, the year-on-year growth narrows to 53%. The increase in funding coincided with renewed international interest in the region following a visit from US President Donald Trump, who was accompanied by a group of major Silicon Valley investors. The visit was widely seen as a signal of strategic interest in the region's technological infrastructure and market potential. Saudi Arabia accounted for approximately 64% of total capital deployed across MENA during the first half of the year. Investment volume in the Kingdom rose 342% year on year, driven by a policy-backed ecosystem and consistent government support. Fintech was the leading sector in Saudi Arabia, securing US$969 million across 20 deals. Contech and proptech followed with US$48 million and US$39 million respectively. Local venture capital firms received support from sovereign wealth funds, while government incentives attracted international startups and technologies. Male-led ventures continued to dominate the funding landscape. However, three female-founded startups in Saudi Arabia raised a total of US$60 million, and mixed-gender founding teams secured US$34 million across seven transactions. Domestic firms such as STV, Wa'ed Ventures and Raed Ventures led funding activity in the Kingdom. Foreign participation was also present, including JPMorgan's involvement in a debt round raised by Lendo, which signalled institutional interest in Saudi fintech. The UAE recorded steady growth despite competitive regional pressure. In H1, 114 UAE-based startups secured US$541 million, an 18% increase compared to the previous year. Debt made up 19 percent of this total, suggesting a relatively stronger equity market. Fintech led sectoral funding in the UAE with US$265.8 million raised across 35 deals. Insurtech followed with US$55 million from five transactions. Web3 and AI companies each raised US$44.7 million, through 11 and 13 startups respectively. Eight female-led startups in the UAE raised US$17.6 million, while mixed-gender teams secured US$91.7 million. Startups founded exclusively by men received the majority of capital. Egypt recorded a 106 percent year-on-year increase in startup funding, with US$179 million raised across 52 deals. This growth came despite continued macroeconomic strain, including external debt reaching 38.8% of GDP by the end of 2024. Debt financing accounted for 13% of activity in the market. In contrast to Saudi Arabia and the UAE, Egypt's most funded sector was proptech, which attracted US$75 million through three deals. Fintech companies raised US$85.3 million across 10 transactions, and e-commerce startups secured US$24.8 million across seven. Female-founded ventures in Egypt raised a total of US$425,000, while mixed-gender teams secured US$23 million. The remaining capital went to 37 startups led exclusively by men. Across the MENA region, fintech remained the top-funded sector in H1, attracting 62% of all deployed capital through 77 deals. Two of the three largest deals recorded during the period were directed toward fintech firms. A single large investment in iMena Group boosted venture studios to second in terms of capital raised, followed by proptech, which attracted US$119 million across 16 companies. E-commerce startups raised US$65 million in 24 deals. Debt instruments played a significant role in shaping funding trends in H1, accounting for approximately 44% of total capital or US$930 million. This reflects a shift in investor behaviour in response to wider global economic uncertainty. Early-stage companies, from pre-seed to Series A, attracted US$568 million in funding, while later-stage companies, ranging from pre-Series B to pre-IPO, raised US$431.7 million. Despite mid-stage rounds capturing the largest share by value, early-stage startups remained dominant in terms of deal count. Business-to-business models drew the most investor interest, with B2B startups raising US$1.5 billion across 197 transactions. This represented 70% of total funding in the first half. The remainder was allocated to B2C or hybrid startups. Funding distribution across genders remained uneven. Startups founded exclusively by men received nearly 89% of total H1 capital. Female-founded companies raised a combined US$84.5 million across 27 deals, while mixed-gender teams secured US$150 million.
