Mideast Stocks: UAE tracks global gains on trade optimism; Saudi index flat on earnings, ex-dividends
The United States and the European Union on Sunday struck a framework trade agreement, which will impose a 15% import tariff on most EU goods, half the threatened rate.
Meanwhile, senior U.S. and Chinese negotiators will meet in Stockholm later in the day in a bid to extend the tariff truce ahead of an August 12 deadline, avoiding an escalation in duties.
Saudi Arabia's benchmark index was flat in choppy trade as a mixed earnings season and several blue-chip stocks trading ex-dividend partially offset optimism surrounding global trade outlook.
Petrochemical giant Saudi Kayan surged more than 4% as its second-quarter loss halved from a year earlier, while Arabian Cement slid more than 3% as second-quarter profit fell short of expectations.
Banque Saudi Fransi and Arab National Bank dropped 4.1% and 2%, respectively, after their shares began trading ex-dividend.
Dubai's benchmark index gained 0.5% to a 17-1/2 year high, on course to extend its winning streak for a third consecutive session, supported by a 2.5% jump in Emirates NBD Bank.
The Abu Dhabi index was marginally higher. Shares of Americana Restaurants International and marine EPC contractor NMDC climbed more than 1% ahead of earnings.
Qatar's benchmark index eased 0.4%, as traders locked in profits following a recent multi-year rally, with all sectors in the red, led by a 1.5% decline in Qatar Islamic Bank.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Third edition of "SEREDO 2025" to open in Jeddah on September 9
Jeddah: Saudi Expo Real Estate Development & Ownership 'SEREDO 2025' exhibition, is set to take place in Jeddah from 9-11 September 2025 at the Jeddah Superdome under the patronage of the Ministry of Municipalities and Housing. The third edition of SEREDO 2025 represents the first real estate investment destination in Jeddah Governorate, and witnesses the participation of a large group of real estate companies, banks and financial institutions, to showcase the latest residential projects and financing offers that aim to increase the rate of home ownership among citizens to 70%, which is what Saudi Vision 2030 aspires to. HRH Princess Deena bint Saud bin Abdulaziz, Chairwoman of the Board of Directors of SEREDO 2025, explained that this year's exhibition will witness a qualitative development in its content and participation, compared to previous editions, both in terms of the diversity of exhibitors and the size of accompanying events. She emphasized the organizing committee's keenness to attract a selection of leading local and international companies in the fields of real estate development, finance, and engineering, with the aim of enhancing the visitor experience and empowering investors. The exhibition is expected to receive more than 100,000 visitors, which will make this edition the most sustainable in the history of the SEREDO exhibition. The exhibition also aims to strengthen local and international partnerships, explore the many promising investment opportunities in the Bride of the Red Sea, and keep pace with its urban development. Additionally, the exhibition will discuss key related topics that will impact the future of real estate through its diverse sessions. These topics include quality, sustainable building practices, smart home technologies, mastering real estate auction methods, analyzing recent market trends, studying smart investment strategies, and the impact of geospatial data science, which is driving a radical transformation in the Saudi real estate sector, among other important and interesting topics.
Zawya
an hour ago
- Zawya
Space42, Microsoft, and Esri sign memorandum of understanding to enhance mapping capabilities across Africa
Over the next five years, the initiative will map 54 African countries and benefit over 1.4 billion people The detailed mapping will support economic growth across the continent Abu Dhabi, UAE – Space42 (ADX: SPACE42), the UAE-based global AI-powered SpaceTech company, part of technology group G42, announced the signing of a Memorandum of Understanding (MoU) with Microsoft and Esri to deliver high-resolution, scalable base maps across all 54 African countries, serving over 1.4 billion people. Known as the 'Map Africa Initiative,' the project will create the most comprehensive base map of the continent to date, addressing challenges in infrastructure, investment, and institutional gaps. The updated mapping system will catalyze economic development through increased access to intelligent solutions that support governments, businesses, and communities. The five-year collaboration aims to strengthen geospatial capabilities across Africa and the UAE, and provide precise and accessible data to national and regional stakeholders. The MoU was signed at Esri's 2025 User Conference. Hasan Al Hosani, CEO of Smart Solutions at Space42, said, 'Partnership is core to the UAE's DNA, and is central to how Space42 operates. This collaboration with Microsoft and Esri is more than technical; it's strategic. It advances Space42's business priorities, strengthens our role as a trusted partner to governments, and delivers meaningful benefits to communities across Africa. Accurate, high-quality mapping and the intelligence solutions built on it are essential for growth, resilience, and inclusive innovation. With reliable data, communities and economies prosper.' Jack Dangermond, President of Esri said,"We are proud to support the Map Africa Initiative in partnership with Space42. Transforming satellite imagery into detailed, accurate base maps at continental scale requires advanced geospatial technology and professional production workflows. These same capabilities have supported similar national and regional mapping efforts around the world. With Map Africa, we are helping to establish a foundational resource that will drive infrastructure planning, economic growth, and sustainable development across the continent." A Transformative Investment in Africa's Digital Future Africa's maps are fragmented, outdated, or inaccessible, leaving governments and businesses to make major decisions with inaccurate and incomplete data. The Map Africa Initiative seeks to change that by producing continent-wide geospatial data that is accurate, timely, and locally managed. The process itself is collaborative from start to finish, bringing together the complementary strengths of each organization. Space42 will lead fundraising efforts and project management, in addition to providing satellite data through sovereign capacities and commercial partners. It will process data using AI-powered Digital Twin models to produce dynamic, use-specific outputs and lead the Research & Development roadmap for new AI models and automation of map production workflows. Esri will orchestrate base map production workflows with its GeoAI and remote sensing capabilities, while also supporting regional hubs to train local teams and build long-term capacity. Microsoft will provide the secure cloud infrastructure and AI framework through Azure to support data processing, sharing, and integration at scale. Enabling Economic Opportunity, Resilience, and Innovation The initiative is expected to unlock long-term value across multiple industries: Ports and logistics: Detailed terrain and infrastructure mapping will improve route planning, reduce inefficiencies, and support Africa's emergence as a global logistics hub. Renewable energy: Site selection models will support optimal solar and wind deployment, improving efficiency and return on investment. Security and disaster response: Governments will be better equipped to monitor borders, track natural resources, and coordinate emergency responses. Smart cities and digital economies: Accurate maps are foundational to urban planning, public services, and technology deployment. The data will be licensed to national governments, enabling ownership and long-term updating by National Mapping Agencies. Over time, the initiative will also support a new commercial ecosystem of African startups. The data will eventually be housed in G42 and Microsoft-managed data centers across the continent. Strategic positioning for Space42 For Space42, the initiative represents more than a single project. It deepens long-standing partnerships with Microsoft and Esri, expands Space42's presence in Africa, and opens new commercial opportunities in analytics, licensing, and infrastructure support. The Map Africa Initiative is a testament to Space42's position as the global partner of choice for governments seeking geospatial data at scale, serving as both a strategic proof point and a commercial gateway to new markets. Peng Xiao, Group Chief Executive Officer at G42, said, 'We believe intelligence is the foundation for societal progress, yet it remains out of reach for millions across the Global South. This partnership is a decisive step toward closing that gap. Together with our partners, we will deliver AI-powered insights that enable African nations to plan smarter, build better, and grow more sustainably and responsibly. From agricultural optimization and natural resource management to strengthening public services infrastructure and economic empowerment, this partnership will help turn data into development, and intelligence into impact.' 'G42's partnership with Microsoft represents a shared commitment to harnessing AI as a global force for good. Together, we are building the infrastructure and applications that will extend the benefits of intelligence to communities across the world, transforming lives through technology that is trusted, responsible, and inclusive.' The initiative further pushes the limits of how technological innovation can advance communities and unlock economic opportunities. Aligning with the UAE's Global Investment and Innovation Agenda The UAE is Africa's largest foreign investor, with $44 billion in capital deployed in 2024 alone, nearly matching the combined investments of the UK and China. As the UAE's national space champion, Space42 advances this agenda by exporting AI and geospatial capabilities that enable data-driven development. By expanding the UAE's space ecosystem and fostering knowledge transfer across industries, Space42's geospatial mapping capabilities play a crucial role in building a future-ready, innovation-driven economy in both the UAE and Africa. For African countries, the mapping capabilities enable smarter land use, improved disaster response, modern infrastructure planning, and the foundations for smart cities and digital economies. For the UAE, this strategic engagement opens high-growth markets, deepens diplomatic and commercial ties, and consolidates its role as a global leader in AI-enabled space solutions. About Space42 Space42 (ADX: SPACE42) is a UAE-based AI-powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities to enlighten the Earth from space. Formed in 2024 by the successful merger of Bayanat and Yahsat, Space42's global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Space42 comprises two business units: Space Services and Smart Solutions. Space Services focuses on upstream satellite operations for both fixed and mobile satellite services. Smart Solutions integrates geospatial data acquisition and processing with AI to inform decision-making, enhance situational awareness, and improve operational efficiency. Major shareholders include G42, Mubadala, and IHC. For more information, visit: follow us on X: @space42ai Legal Notice and Cautionary statement regarding forward-looking information This announcement may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, words such as "expect", "will", "looking ahead" and any other words and terms of similar meaning. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments and speak only as of the date of this announcement. Forward-looking statements are based on assumptions of future events and information currently available to the Company which may not prove to be accurate, and the Company does not accept any responsibility for the accuracy or fairness thereof and expressly disclaims any obligation to update any such forward looking statement. No representation or warranty is made that any forward-looking statement will come to pass. You are therefore cautioned not to place any undue reliance on forward-looking statements. Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction.
Zawya
an hour ago
- Zawya
Flyadeal announces impressive 2025 half year performance topped by global No.1 ranking for operational punctuality
Six-month highlights include first ever widebody aircraft order Jeddah, Kingdom Of Saudi Arabia – flyadeal, Saudi Arabia's fast-growing low-cost carrier (LCC), has announced half-year performance figures that exceeded growth expectations with milestones and achievements topped by becoming the world's most punctual airline in June. Compared with the first half of 2024, the six months to June 2025 saw flyadeal passenger numbers increase 25% to just over five million which outstripped the 21% seat capacity growth. With 33,400 flights operated – 200 daily for the first time since flyadeal's inception in 2017 – thanks largely to a near 60 per cent increase in the number of routes flown during the six months, the airline surpassed the industry average for best On-Time Performance of any low-cost Middle East airline for six consecutive months. In June, flyadeal was acclaimed for being the world's most punctual airline achieving 91.77% operational performance based on flights within 15 minutes of scheduled arrival. Operational highlights for January – June 2025 over the same period in 2024 Number of passengers carried rose 25 per cent to 5.05 million Seat capacity increased 21 per cent Total flights operated were up 20 per cent to 33,400 Number of routes flown went up 57 per cent to 127 from three bases in KSA Fleet grew by five aircraft to 39 Most punctual airline in the world with On-Time Performance peaking at 91.77% Six consecutive months as best Mid East low-cost airline for punctuality Launched scheduled flights to Pakistan signaling first move into South Asia Key milestones and achievements in H1 2025 Joined sister airline Saudia's AlFursan loyalty scheme for members to earn and redeem miles on flyadeal flights Historic order for 10 Airbus A330 widebody aircraft for long-haul flying Graduation of first 10 of 150 cadet pilots under new Saudi government scholarship programme flyadeal announced Saudi cabin crew to be trained as certified tour guides in ground-breaking regional initiative flyadeal joined industry body International Air Transport Association Headcount rose 21% to 1,600 employees Steven Greenway, flyadeal Chief Executive Officer, commented: 'The 2025 first-half performance demonstrated flyadeal's ongoing commitment to growth in both passengers flown and available seat capacity. But more importantly our business evolved in areas with continued focus on core values of operating at low-cost airline, at high efficiency and with service excellence. 'With the number of routes flown increase by almost 60% compared with the six corresponding months of 2024, we achieved 200 daily flights for the first time in June. As the fleet reached 39 aircraft, our milestone 40th has just been delivered in July giving us more capacity to increase frequency on existing services and add new destinations.' He added: 'Achieving status as the world's most punctual airline in June was indicative of our commitment to operational excellence while increasing capacity. The introduction of scheduled flights to Karachi in Pakistan – our first move into South Asia – and the addition of Istanbul's second airport of Sabiha Gökçen and Alexandria as our fourth year-round destination in Egypt, is evident of our approach to introduce new markets and strengthen existing ones. 'As we look forward to the coming months of boosting our network including adding Islamabad, Sialkot and Peshawar to boost our Pakistan operations, we are on course for year-end to reach another milestone of 40 million passengers carried since our very first flight. 'We will continue to invest in increasing our personnel across all departments which has already touched 1,600 and on target to triple the number by 2030. This will include onboarding more Saudi First Officers trained through a cadet pilot initiative that began in February under the Saudi government's scholarship programme that will see 150 trainees undergo training over the next two years.' Greenway explained that joining sister airline Saudia's AlFursan loyalty programme, securing a first-ever strategic airline partnership with the Philippines' LCC Cebu Pacific for a two-way wet-leasing aircraft arrangement, and placing a historic order for Airbus A330 widebody aircraft to enter the long-haul scheduled market, showed how flyadeal was evolving its LCC business model into other areas yet maintaining its low-cost principles. flyadeal currently operates a fleet of 40 aircraft from bases in Riyadh, Jeddah and Dammam to more than 30 year-round and seasonal destinations in the Middle East, North Africa, Europe and South Asia. By 2030, in line with Saudi Vision 2030, flyadeal expects to triple its network to over 100 destinations and more than 100 aircraft. About flyadeal On 23 September 2017, National Day of the Kingdom of Saudi Arabia, flyadeal began operations with its historic maiden flight from Jeddah to Riyadh. A pioneer and innovator, flyadeal was the first regional low-cost airline to be launched only across digital distribution channels. Being the sister airline of full-service national carrier Saudia — both under the umbrella ownership of Saudi Arabian Airlines Corporation (Saudia Group) — flyadeal was created for the price-conscious and tech-savvy consumer in mind in a market where 80 per cent of the Saudi population is aged less than 40 years and has at least two mobile phones. flyadeal aims to stimulate travel, tourism and trade with its affordable, value for money everyday fares catering to leisure, religious, family and business travellers. Simplicity is key with an all-Economy Class cabin across flyadeal's narrowbody fleet. With the Kingdom undergoing dramatic transformation through its Vision 2030 economic diversification drive, aviation and tourism are among the many sectors earmarked for dynamic growth. flyadeal is the fastest growing airline in the Kingdom of Saudi Arabia and Middle East, recognised for excellence in on-time performance that is consistently above the global industry average. In May 2024, flyadeal placed its biggest ever order for 51 aircraft – 12 A320neos and 39 larger A321neos – with a delivery schedule beginning in 2027. In addition, flyadeal will operate long-haul scheduled services from 2027 with the phased induction of 10 Airbus A330neo widebody aircraft ordered by Saudia Group in April 2025. flyadeal's aggressive expansion drive makes the rapidly growing airline one of the country's most desirable companies to work for. For more information, please contact: Updesh Kapur Corporate Communications Department Email:
