DUBAI Iran runs security in the Strait of Hormuz and will no longer tolerate "maritime offences" there, its foreign minister said on Monday, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel. | Video
* Tanker tensions in the Gulf weigh on sentiment
* Banks drag down Saudi index
* Profit taking hurts Kuwait's index
* Dubai slips on property shares
* Heavyweight FAB lifts Abu Dhabi
By Tuqa Khalid
DUBAI, July 21 Saudi Arabia's stock index
declined on Sunday, as political concerns weighed on
investors after Iran's seizure of a British-flagged tanker in
Britain called Iran's action against the Stena Impero in the
Strait of Hormuz on Friday a "hostile act".
"Markets are following the negative global lead as
geopolitical risks take centre stage following the UK tanker
seizure," said Vrajesh Bhandari, senior portfolio manager at Al
Mal Capital in Dubai.
Saudi shares shed 0.8%, with financial stocks seeing heavy
losses ahead of an expected interest rate cut this month by the
U.S. Federal Reserve.
Saudi British Bank (SABB) was down 2.2%, Arab
National Bank was down 1.7%, National Commercial Bank
was down 1.1%, and Saudi Investment Bank was
Other Gulf markets were mixed.
In Kuwait, profit taking sent the index down 1.2%.
"Kuwait is the best performing MENA market this year so far,
up almost 20%, and so it is not surprising that some investors
are taking profits," said Bhandari.
"We believe the market would continue to be well supported
(up to its)... inclusion in the MSCI EM Index in mid-2020."
Ahli United Bank was down 2.5%, Kuwait Finance
House was down 1.4%, and Kuwait International Bank
was down 1.1%.
In Dubai the index was 0.9% lower, dragged down by
the real estate sector. Construction firm Arabtec lost
2.3%, DAMAC Properties 2%, and Emaar Development
Dubai is in a real estate downturn that has seen prices fall
by more than a quarter from a peak in mid-2014, hurting earnings
of the emirate’s top developers and forcing construction and
engineering firms to cut jobs and halt expansion plans.
In Abu Dhabi, the index climbed 0.3%, lifted by
heavyweight First Abu Dhabi Bank, which was up 1%.
The lender, the largest in the UAE, last week rose 4% after
posting a 5% increase in second-quarter net profit.
FAB gave a boost to the sector, with Abu Dhabi Islamic Bank
and Abu Dhabi Commercial Bank gaining 0.8%
and 0.6% respectively.
Egypt's blue-chip index lost 0.7%, weighed down by
real estate. Cairo Investment and Real Estate Development
tumbled 4.2% and Orascom Development dropped
SAUDI ARABIA The index dropped 0.8% to 8,958 points
ABU DHABI The index gained 0.3% to 5,235 points
DUBAI The index lost 0.9% to 2,739 points
QATAR The index was flat at 10,501 points
EGYPT The index was down 0.7% to 13,576
BAHRAIN The index slid 0.2% to 1,534 points
OMAN The index was up 0.6% to 3,771 points
KUWAIT The index declined 1.2% to 6,664 points
($1 = 3.6728 UAE dirham)
(Reporting by Tuqa Khalid, editing by Davide Barbuscia and John
DUBAI, July 18 Boasting the priciest designer
stores, no expense was spared when Dubai built the swanky Gate
Avenue mall, positioned to serve affluent bankers who always had
money to burn.
GENEVA/DUBAI Iran threatened on Monday to restart deactivated centrifuges and ramp up enrichment of uranium to 20% purity in a move away from the 2015 nuclear deal, but the head of Iran's Revolutionary Guards insisted the world knows Tehran is not pursuing nuclear arms. | Video
* IAEA still studying whether Iran has breached uranium
(Adds Zarif tweet)
* IAEA still studying whether Iran has breached uranium
DUBAI Iran said on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal, prompting a warning 'to be careful' from U.S. President Donald Trump, who has pressured Tehran to renegotiate the pact. | Video
* U.S.-China trade talks lifts market sentiment
* ENBD soars 4.1% after acquisition approval
* Telecom companies boost Saudi market
* Abu Dhabi slightly down, exchange cuts commission fees
By Tuqa Khalid
DUBAI, June 30 Most major Gulf markets gained on
Sunday, reacting to positive global market sentiment after the
United States and China agreed to a trade war truce at the G20
The two powers agreed on Saturday to restart trade talks
after U.S. President Donald Trump offered concessions including
no new tariffs and an easing of restrictions on the Chinese tech
Dubai's index rose 1.2%, lifted by the largest
lender in the emirate, Emirates NBD, rising 4.1% after
getting banking regulatory approval to acquire shares in
Turkey's Denizbank from Russia's Sberbank.
The real estate and construction sector was also up, with
market heavyweight Emaar Properties gaining 1.1%,
construction firm Arabtec up 1.3%, Emaar Development
0.8%, and Damac Properties 0.7%.
Saudi Arabia's index inched up 0.3%, lifted by
communication services stocks such as telecoms operator Zain
Saudi Arabia, which rose 4.2%, and Etihad Etisalat
Company, which rose 1.9%.
The Abu Dhabi index shed 0.2%, dragged down by
The exchange announced on Sunday it was reducing its trading
commission fees by between 50% and 90% as it seeks to reduce
investor costs, increase liquidity and build
Abu Dhabi Islamic Bank was down 0.9% and First Abu
Dhabi Bank, the largest bank in the United Arab
Emirates, slipped 0.7%.
Qatar's index rose 0.1%, with Commercial Bank
up 1.7% and Qatar National Bank up 1.0%.
Kuwait's index was up 0.3%, continuing its gains days
after MSCI said it would upgrade Kuwaiti equities to
its main emerging markets index in 2020.
The Egyptian stock exchange was closed for a holiday.
SAUDI The index rose 0.3% to 8,822 points
ABU DHABI The index inched down 0.2% to 4,980
DUBAI The index rose 1.2% to 2,659 points
QATAR The index was up 0.1% at 10,456 points
EGYPT The market was closed
BAHRAIN The index was up 0.2% at 1,471 points
OMAN The index fell 0.2% to 3,885 points
KUWAIT The index rose 0.3% to 6,377 points
(Reporting by Tuqa Khalid)
DUBAI Dubai could attract 11 million foreign visitors to the Expo 2020 world fair, organisers said in an interview, giving a significant boost to the emirate's tourism sector.
By Tuqa Khalid
DUBAI, April 21 Abu Dhabi stocks outperformed
Gulf markets on Sunday on expectations that banks and real
estate companies will benefit from new rules which would allow
foreigners to own land and property in investment areas on a
The Abu Dhabi index rose 1 percent, lifted by RAK
Properties, up 2.7 percent, and Aldar Properties
, up 2.1 percent.
Abu Dhabi Commercial Bank rose 1.8 percent and
Union National Bank rose 2.3 percent.
The rise in investor interest came ahead of a company filing
that said Al Hilal Bank's owner, the Abu Dhabi Investment
Council, appointed Alaa Eraiqat as the lender's chairman.
Eraiqat is currently group chief executive of Abu Dhabi
Commercial Bank (ADCB), which is expected to merge
with Al Hilal Bank and Union National Bank (UNB) in the
first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to
his current role at ADCB.
First Abu Dhabi Bank continued a recent rally to
add 1.4 percent. The top lender in Abu Dhabi rose nearly 9
percent last week after obtaining regulatory approval to
increase its foreign ownership limit to 40 percent from 25
Saudi Arabia's main index, the Tadawul All-Share benchmark
, was up 0.5 percent, lifted by financials and
Islamic lender Alinma and telecommunications firm
Etihad Etisalat (Mobily) were up 5.3 percent and 4.8
percent, respectively, after reporting strong earnings for the
"Generally, the (Saudi) corporate results coming in today
have been encouraging. Sentiment remains positive on foreign
inflows as the next FTSE and MSCI inclusion nears," said
Muhammad Faisal Potrik, head of research at Riyad Capital.
Saudi shares joined the FTSE Emerging All Cap Index in March
with a weighting of 2.9 percent. In May, Saudi shares will join
the MSCI Emerging Markets Index.
In Dubai, the index rose 0.2 percent on the back of
a strong performance by real estate stocks such as Deyaar
, Emaar Development and Emaar Malls
which were up 3.7 percent, 2.1 percent and 1.2
Qatar's stock market inched up 0.1 percent on
financials, as Qatar First Bank rose 1.1 percent,
Qatar Islamic Bank gained 0.3 percent and Qatar
Insurance company added 1 percent.
Egypt's blue-chip index was down 0.3 percent, with
Alexandria Mineral Oils Co SAE shedding 3.6 percent
and El Sewedy Electric slipping 2 percent.
"Regional markets have been focusing on passive flows from
MSCI and FTSE events in Saudi and Kuwait while ignoring other
markets like Dubai, Oman and Bahrain due to lack of catalysts,"
said Sanat Sachar, equity research analyst at Dubai's Al Mal
"We expect this theme to remain valid for the next couple of
months and post that investors will start looking at other
markets in search of better investment opportunities with
cheaper valuations," Sachar added.
SAUDI The index was up 0.5 pct at 9,240 points
ABU DHABI The index rose 1 pct to 5,346 points
DUBAI The index was up 0.2 pct at 2,821 points
QATAR The index was up 0.1 pct at 10,355 points
EGYPT The index was down 0.3 pct at 14,839 points
BAHRAIN The index was flat at 1,446 points
OMAN The index was up 0.1 pct at 3,984 points
KUWAIT The index was up 0.1 pct at 6,249 points
(Reporting by Tuqa Khalid, editing by Hadeel Al Sayegh and