BASRA, Iraq/DUBAI Exxon Mobil has evacuated all of its foreign staff, around 60 people, from Iraq's West Qurna 1 oilfield and is flying them out to Dubai, a senior Iraqi official and three other sources told Reuters on Saturday.
* Deployment of U.S. carrier weighs on Gulf equities
* Saudi market down almost 7 percent month-to-date
* Dubai, Doha and Kuwait markets down
By Hadeel Al Sayegh
May 12 Saudi Arabia's stock market fell on
Sunday, in line with most Gulf markets, after the U.S. Pentagon
approved the deployment of a warship and Patriot missiles to the
Sunday's decline was the sharpest one day drop since Nov.
The Tadawul All-Share Index fell two percent to
close at 8,675 points, its lowest level since the end of March.
The benchmark is down almost 7 percent this month.
"The increased military tension between the U.S. and Iran
are pressuring markets down," said Mohammed Ali Yasin, chief
strategy officer at Al Dhabi Capital in Abu Dhabi.
The U.S. military said last week that a number of B-52
bombers would be part of additional forces being sent to the
Middle East following indications of possible preparations for
an attack by Iran.
Talal Samhouri, head of asset management at Amwal in Doha
said the Saudi drop was mostly due to bearish sentiment
surrounding Iran and also China's trade dispute with the United
"Negative sentiment is clouding the bullish expectations for
foreign fund inflows coming from the MSCI inclusion," he said,
referring to the incorporation of Saudi stocks into the index
compiler's emerging index later this month.
Dubai's index was down 1.6 percent, weighed by its
largest lender Emirates NBD which lost 3.5 percent.
Investment bank Shuaa Capital was down 8 percent. DXB
Entertainments, the theme park operator for Legoland
and Motiongate, was down 6 percent.
"The U.S. navy is sending their ships towards the region
which is a concern for any investors who are looking to trade in
a low liquidity environment," Tariq Qaqish, managing director,
asset management division, Mena Corp Financial Services said.
For every stock that rose, eight declined on the Dubai
Financial Market exchange.
"Although the large caps are trying to hold the indices, the
small companies are being hammered," Yasin said.
And in Kuwait, the Premier market index was down 2.2
The Abu Dhabi index rebounded with a rise of 0.9
percent, boosted by banking stocks. First Abu Dhabi Bank
was up 1.9 percent.
However, Waha Capital was down 8.4 percent after
the investment firm reported a net loss of 57.8 million dirhams
due to a revaluation of its investment in global aviation
leasing firm Aercap. Dana Gas, a
Sharjah-based gas explorer and producer, was down 5.3 percent.
Qatar's index was down one percent with heavyweight
stocks Qatar National Bank and Qatar Gas Transport
Company falling 0.8 percent and 2.7 percent,
Investors saw value in Egypt's market after a strong
sell-off last week. Trading was very thin, with almost $12
million of shares changing hands.
Private equity firm Citadel Capital led the gains, with a
rise of 6.2 percent. Egypt's blue-chip EGX30 index rose 0.4
percent to 14,122 points.
"Egypt was down five percent last week in line with other
global emerging markets," said Mohamad Al Hajj, an equities
strategist at EFG-Hermes in Dubai. "Today we saw a rebound in
the market as some stocks are trading at very attractive
($1 = 3.7503 riyals)
($1 = 3.7501 riyals)
SAUDI The index was down two pct at 8,675 points
ABU DHABI The index rose 0.9 pct to 5,098 points
DUBAI The index lost 1.6 pct to 2,630 points
QATAR The index slid 1 pct to 9,928 points
EGYPT The index was up 0.4 pct to 14,122 points
BAHRAIN The index was down 0.6 pct at 1,428 points
OMAN The index was flat at 3,866 points
KUWAIT The index lost 2.2 pct to 6,163 points
($1 = 3.7502 riyals)
(Additional reporting by Davide Barbuscia; Editing by Toby
DUBAI Saudi Arabia's Public Investment Fund (PIF), the kingdom's sovereign wealth fund, has indirectly invested in the $747 million initial public offering of mall operator Arabian Centers, sources familiar with the matter said.
DUBAI Saudi mall operator Arabian Centres is set to raise as much as 2.8 billion riyals ($747 million) after pricing its initial public offering (IPO) at the bottom of its indicative range, according to a company document.
DUBAI/ABU DHABI Abu Dhabi investment firms Gulf Capital and Waha Capital have held exploratory discussions regarding a merger, three sources familiar with the matter told Reuters.
DUBAI/ABU DHABI, May 8 Abu Dhabi investment
firms Gulf Capital and Waha Capital have held
exploratory discussions regarding a merger, three sources
familiar with the matter told Reuters.
DUBAI Abu Dhabi Commercial Bank and peers Union National Bank and Al Hilal Bank merged on Wednesday to create a banking heavyweight with 423 billion dirhams ($115 billion) in assets, the third biggest in the United Arab Emirates.
DUBAI, April 21 Al Rajhi Bank, Saudi
Arabia’s biggest Islamic lender, aims to boost mortgage lending
as more affordable housing comes on the market, its chief
executive told Reuters.
DUBAI Etihad Airways Group Chief Financial Officer Mark Powers has stepped down after roughly a year in the job as the Abu Dhabi state-owned carrier overhauls its business after years of heavy losses.
DUBAI Saudi Aramco is set to raise $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking vote of market confidence for the oil giant which has faced investor concerns about government influence over the company. | Video