
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


Gulf Today
37 minutes ago
- Gulf Today
US-EU trade deal leaves European countries unhappy
United States President Donald Trump in his vacuous hyperbole has called the US-European Union (EU) trade deal as 'the biggest deal ever made'. But for many European countries it was the best deal in a bad situation. German Chancellor Friedrich Merz said, 'This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy very hard.' EU Trade Commissioner Maros Sefcovich told journalists, 'This is clearly the best deal we could get under very difficult circumstances.' He said that the 30 per cent tariff that Trump had threatened would have been 'much, much worse'. The deal now provides for 15 per cent tariff on all EU exports to the US, apart from buying $750 billion worth of energy, including oil, gas and nuclear from the US over the next three years. Experts say that the US will have a challenge producing so much of energy resources to sell to Europe. The EU has also pledged $600 billion in European investments in the US, a little higher than the $550 billion Japanese investments in the US. The difference is that while Japan will use the state-controlled banks to channel the flow of funds to the US, the EU has said this figure is based on the intention expressed by the European private companies. France has criticized the deal. French Prime Minister Francois Bayrou wrote on X, 'It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission.' Sweden said it was the 'least bad alternative' and Spain said it was backing the agreement but 'without enthusiasm.' Wolfgang Grobe Entrup, head of the German Chemical Industry Association said, 'Those who expect a hurricane are grateful for a storm.' The US-EU trade agreement is one that has been clinched under duress by the Americans. But it is not going to be an easy agreement to implement. The EU wants to buy energy from the US. The question is whether the US has the capacity to produce enough energy to meet the demands of the EU. It seems that the US will find it difficult to sell energy to Europe to the tune of $750 billion. This is just one part of the problem. Europe will bear a heavy burden even though the US tariffs are now at 15 per cent. Before the deal, the tariff was at 2.5 per cent, which was very, very low indeed. A fair deal would have been where the rise in tariff would have been gradual, starting from 5 per cent and going up to 7.5 per cent because then it would not have hurt the business costs for Europe as well as for the American businesses and consumers buying European goods and services. Trump's shock treatment would harm the Americans as much as the Europeans. Will the Europeans keep up the present volumes of exports to the US at the present levels – $605.8 billion in 2024 – because the 15 per cent tariff will impact the exports on both the American and European ends? European companies will have to factor in the 15 per cent tariff into the price, and the American consumer will have to pay so much more. The US exports to Europe are far less at $370.2 billion in 2024 and the trade deficit is $235.6 billion. Will these figures change because of the deal? Will US exports to Europe increase, though European exports to the US are likely to fall? And the US may not be able to cover up the trade deficit. It is not a punitive deal, and it will not benefit the US.


Zawya
2 hours ago
- Zawya
UAE gold retailer Joyalukkas secures a $136mln loan from Emirates NBD
UAE gold retailer Joyalukkas has secured a 500 million UAE dirhams ($136 million) revolving facility with Emirates NBD to facilitate its expansion across key markets including the GCC, the UK, US, Canada, and Australia. Emirates NBD said it will work with Joyalukkas' retail network to provide inventory financing and operational liquidity during peak times and swift settlement of supplier obligations without funding constraints. Launched in 1987, Joyalukkas Jewellery is a family-owned business with stores in 13 countries. In 2012, the company raised $100 million in a syndicated loan from a consortium of banks to expand its network of stores. (Writing by Bindu Rai, editing by Brinda Darasha)


Arabian Post
2 hours ago
- Arabian Post
Joyalukkas secures $136 million funding for global expansion
Gold retailer Joyalukkas has secured a significant financing deal with Emirates NBD, confirming a revolving credit facility of 500 million UAE dirhams. The facility will aid Joyalukkas in accelerating its expansion strategy across key international markets, which include the GCC, UK, US, Canada, and Australia. The partnership between Joyalukkas and Emirates NBD is designed to support the retailer's ambitions by ensuring smooth operational liquidity, particularly during high-demand periods. As part of the agreement, the bank will provide inventory financing to Joyalukkas, allowing the jewellery chain to strengthen its supply chain management and enhance its retail operations. This financial boost will help Joyalukkas maintain its growth trajectory in a competitive sector. Joyalukkas has long established itself as a prominent player in the jewellery industry, with its roots firmly planted in the UAE market. The company, which operates across multiple countries, intends to leverage this facility to bolster its presence in both established and emerging markets. With a strategic focus on the GCC region and further geographic reach into Western and Australian territories, Joyalukkas seeks to expand its retail footprint and increase its market share. ADVERTISEMENT The facility is set to provide Joyalukkas with crucial financial flexibility. According to Emirates NBD, the collaboration will not only support the retailer's operational needs during peak business cycles but will also expedite the settlement of supplier obligations without facing funding delays. This will significantly enhance Joyalukkas' ability to manage its extensive product inventory, ensuring that demand fluctuations do not disrupt its business operations. Emirates NBD's role goes beyond the provision of capital; the bank will collaborate closely with Joyalukkas' retail network to streamline the company's day-to-day operations. This could involve automating inventory management, facilitating quicker supplier settlements, and reinforcing the infrastructure needed to scale the business effectively in diverse markets. As part of its global expansion strategy, Joyalukkas aims to adapt to the evolving preferences of consumers in various regions, offering high-quality, affordable jewellery while maintaining its reputation for customer service. The new financing will allow the brand to diversify its offerings and maintain competitiveness in international markets. Whether by enhancing product lines or optimising operational efficiency, Joyalukkas is positioning itself to meet the demands of a rapidly changing global jewellery market. Emirates NBD's financing agreement aligns with the growing trend of financial institutions supporting retail businesses with flexible funding solutions, particularly in industries such as jewellery, which can experience seasonal demand spikes. As the global economy continues to face uncertainties, such facilities offer retailers the necessary liquidity to weather challenges, expand at a steady pace, and fulfil increasing consumer expectations. Joyalukkas' global footprint includes numerous flagship stores across GCC countries, the UK, and the US, with plans to expand its reach further. The brand has strategically positioned itself to cater to a diverse demographic, appealing to both traditional jewellery buyers and more contemporary customers. Its expansion efforts reflect the ongoing trend of premium retailers tapping into high-potential international markets, where the demand for luxury goods remains strong.