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Business Recorder
08-07-2025
- Business
- Business Recorder
Gulf stocks mixed on US tariff uncertainty
Gulf equities ended mixed on Tuesday, with investors exercising caution over U.S. trade policies after President Donald Trump announced steep import levies on several trading partners and pushed the tariff deadline to August 1. While Gulf economies were spared from immediate measures, Trump had earlier announced plans to impose an additional 10% tariff on countries aligning with the 'anti-American policies' of the BRICS bloc, which includes the UAE. Saudi Arabia, while not a BRICS member, attended a BRICS meeting in April. Saudi Arabia's benchmark index dropped 0.5%, ending a four-day winning streak as most sectors closed in red. ACWA Power Company slid 3.4%, while Al Rajhi Bank fell 0.2%. Oil prices - a catalyst for the Gulf's financial markets -retreated after gaining nearly 2% in the previous session on tariff concerns and a higher-than-expected increase in OPEC+ output planned for August. Dubai's main share index lost 0.1%, after reaching a 17-year peak the previous day, with blue-chip developer Emaar Properties dropping 0.7%. Most Gulf markets gain on US trade progress In Abu Dhabi, the index was marginally up. Qatar's benchmark index added 0.3%, supported by a 1.1% rise in the Qatar Islamic Bank. Meanwhile, Egypt's stock exchange said it had suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, a day after a fire broke out in a telecoms data centre in Cairo. ----------------------------------------- SAUDI ARABIA dropped 0.5% to 11,294 ABU DHABI added 0.1% to 10,012 DUBAI eased 0.1% to 5,794 QATAR firmed 0.3% to 10,834 BAHRAIN was up 0.7% to 1,961 OMAN slipped 0.5% to 4,554 KUWAIT increased 0.2% to 9,213 -----------------------------------------
Business Recorder
18-06-2025
- Business
- Business Recorder
Most Gulf markets in red as Israel-Iran conflict escalates
Most stock markets in the Gulf ended lower on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability. Iran's Supreme Leader Ayatollah Ali Khamenei rejected U.S. President Donald Trump's demand for unconditional surrender on Wednesday, as Iranians jammed the highways out of Tehran fleeing from intensified Israeli airstrikes. Saudi Arabia's benchmark index declined 1.2%, weighed down by a 3.3% slide in ACWA Power Company and a 2% drop in Saudi Arabian Mining Company. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company closed 3.4% lower in debut trade. Elsewhere, oil giant Saudi Aramco eased 0.3%. Additionally, investor uncertainty surrounding today's U.S. Federal Reserve meeting is contributing to the cautious mood, with most market participants expecting the central bank to hold interest rates steady, said Joseph Dahrieh, managing principal at Tickmill. Dubai's main share index finished 1.2% lower, with blue-chip developer Emaar Properties losing 1.2%. Most Gulf markets in red over Israel-Iran conflict worries In Abu Dhabi, the index was down 0.4%. Oil prices steadied, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct U.S. involvement. The Qatari index lost 0.6%, with Qatar Gas Transport Nakilat falling 3.8%. Outside the Gulf, Egypt's blue-chip index added 0.4%, helped by a 4.1% jump in Fawry for Banking Technology and Electronic Payment. ------------------------------------------ SAUDI ARABIA lost 1.2% to 10,591 Abu Dhabi down 0.4% to 9,496 Dubai dropped 1.2% to 5,306 QATAR fell 0.6% to 10,348 EGYPT rose 0.4% to 30,839 BAHRAIN declined 1.1% to 1,889 OMAN was flat at 4,520 KUWAIT retreated 1.6% to 8,544 ------------------------------------------
Business Recorder
17-06-2025
- Business
- Business Recorder
Major Gulf bourses subdued on Israel-Iran conflict
Major stock markets in the Gulf were subdued in early trade on Tuesday with investors cautious as fighting between Iran and Israel entered its fifth day, sparking fears of potential regional instability. Iranian media reported explosions and heavy air defence fire in Tehran. In Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles. US President Donald Trump, returning early from the G7 summit in Canada on Monday night, urged Iranians to evacuate Tehran, citing the country's rejection of a deal to curb nuclear weapons development. Saudi Arabia's benchmark index traded flat, a day after posting a 1.3% gain. ACWA Power Company declined 3.7% and oil giant Saudi Aramco was down 0.4%. Gulf markets rebound amid Israel-Iran conflict The Qatari index inched 0.1% higher, helped by a 0.2% gain in petrochemical maker Industries Qatar. Investors are also watching for details from the US Federal Reserve meeting scheduled to start later in the day, with a decision expected on Wednesday. The Fed is expected to hold rates steady but the focus yet again will be on the path its Chair Jerome Powell charts out for future rate cuts. Traders are currently pricing in two cuts by this year-end. In Abu Dhabi, the index was up 0.1% in a choppy trade. Dubai's main share index added 0.1%, with blue-chip developer Emaar Properties putting on 1.2%.
Business Recorder
16-06-2025
- Business
- Business Recorder
Gulf markets rebound amid Israel-Iran conflict
Stock markets in the Gulf ended higher on Monday, recovering some of their losses from previous sessions when they were jolted by the escalating conflict between Israel and Iran. Saudi Arabia's benchmark index advanced 1.3%, led by a 1.5% rise in Al Rajhi Bank and a 6.9% jump in ACWA Power Company. The upward trend mirrored similar movements in both Asian and European markets, where a temporary improvement in sentiment was bolstering investor appetite, said Osama Al Saifi, Managing Director for MENA at Traze. 'This optimism was partly fuelled by positive economic data from China, which showed an acceleration in retail sales despite U.S. tariffs,' he said. Dubai's main share index added 0.8%, with utility firm Dubai Electricity and Water Authority rising 2.2%. Iranian missiles struck Israel's Tel Aviv and the port city of Haifa before dawn on Monday, destroying homes and fuelling concerns among world leaders at this week's G7 meeting that the confrontation could lead to a broader regional conflict. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building a nuclear weapon. Iran, which says its nuclear programme is for civilian use, has promised a harsh response. Gulf markets fall as Israel-Iran conflict escalates Iran said its parliament was preparing a bill to leave the Nuclear Non-Proliferation Treaty (NPT), adding that Tehran remains opposed to developing weapons of mass destruction. Passing the bill could take several weeks. In Abu Dhabi, the index finished 0.2% higher. Oil prices - a catalyst for the Gulf's financial markets - edged down, paring back Friday's 7% surge, as renewed military strikes by Israel and Iran over the weekend left oil production and export facilities unaffected. The Qatari benchmark climbed 1.7%, a day after falling more than 3%, buoyed by a 2.5% leap in the Gulf's biggest lender Qatar National Bank. Outside the Gulf, Egypt's blue-chip index inched0.1% higher, helped by a 1.4% rise in Commercial International Bank. On Sunday, the index fell 4.6% marking its biggest intraday fall in about 14 months. ---------------------------------------- SAUDI ARABIA rose 1.3% to 10,867 Abu Dhabi gained 0.8% to 5,407 Dubai up 0.2% to 9,585 QATAR leapt 1.7% to 10,465 EGYPT up 0.1% to 31,042 BAHRAIN added 0.1% to 1,902 OMAN was up 0.7% to 4,143 KUWAIT advanced 1.4% to 8,626 ----------------------------------------
Observer
18-05-2025
- Business
- Observer
7 bidders qualified for RO 880m Misfah and Duqm IPPs
Muscat: Nama Power and Water Procurement (PWP), the exclusive procurer of power and water in the Sultanate of Oman, has named seven qualified applicants to participate in a tender for the development of two major Independent Power Projects (IPPs) – Misfah IPP and Duqm IPP – which represent a significant step in securing the Sultanate of Oman's future energy needs. Total investment in the IPPs, with a combined generation capacity of 2400 MW, is estimated at RO 880 million. A total of 12 Statements of Qualification were received from international companies. Following a thorough evaluation process, 7 applicants have been successfully qualified to participate in the upcoming tender. They are: ACWA Power Company, Korea Western Power Co Ltd, Marubeni Corporation, Nebras Power, Sembcorp, Utilities Pte, Shenzhen Energy Group, and Sumitomo Corporation. These qualified bidders come from a variety of countries, notablyKSA, Kuwait, UAE, Qatar, India, South Korea, Japan, Qatar, Singapore and China. Ahmed bin Salim bin Mohammed al Abri, CEO of Nama Power and Water Procurement, stated:'The announcement of Misfah and Duqm Independent Power Projects marks a key milestone in advancing the Sultanate of Oman's energy infrastructure. These strategic projects will significantly enhance the reliability and security of electricity supply in Muscat and Al Wusta Governorates, supporting the growing demand for power and contributing to economic development in Sultanate of Oman. The strong interest from globally recognized developers reflects international confidence in Sultanate of Oman's energy sector and Nama PWP's transparent and competitive procurement framework. These projects also reaffirm our commitment to delivering sustainable and efficient power solutions,' Al Abri added.
