Egypt

Dubai and Abu Dhabi stocks plunged on Wednesday after they reopened following a two-day suspension in response to Iran's unprecedented wave of missiles and drones?attacks against the Gulf nation. The closing of the market froze the trading of billions of dollars worth of listed assets, as investors awaited clarification on the'scale of damage caused by the weekend strikes which 'hit airports and ports in both emirates, along with residential areas. Dubai's main share index fell 4.7% on a broad basis, led by Emaar Properties, a blue-chip developer, who dropped 4.9%. Budget airliner Air Arabia also declined 5%. In Abu Dhabi...

Early trade on Wednesday saw a mixed performance on the Gulf stock exchanges, with Saudi Arabia continuing its decline on fiscal concerns. Market participants were awaiting a third round of U.S. - Iran nuclear talks, scheduled for Thursday. Saudi Arabia's benchmark index fell 0.3%. This was a continuation of its decline as the budget deficit in the kingdom increased quarter-on-quarter because of higher spending. Financial?stocks led the way in losses. Al Rajhi Bank - the largest Islamic bank in the world - and Saudi National Bank - the largest lender of the country by assets – both fell?0.7%. Saudi Aramco,...

Israeli Foreign Minister Gideon Saar, met with the President of Somaliland Tuesday. This was 10 days after Israel officially recognised the breakaway region of?the Horn of Africa' as a sovereign and independent state. Somalia has protested the move, saying that it is a threat to its sovereignty. A Somaliland source and regional diplomat have said other countries are preparing to follow their lead and'recognise Somaliland. U.S. U.S. Why is the location of Somaliland strategic? Somaliland is located at the intersection of the Indian Ocean, Red Sea and the Arabian Sea. Its Berbera Port provides access to the busiest shipping routes...

The Sudanese paramilitary Rapid Support Forces have agreed to the United States' and Arab countries' proposal for a humanitarian truce and are open to discussions on a cessation in hostilities. Both the RSF and the Sudanese army have agreed to various ceasefire proposals during their two-and-a-half-year-old war, though none have succeeded. The administration of U.S. president Donald Trump has stated that it is working to end fighting in Sudan. The Sudanese Army did not respond immediately to the announcement. It comes less than two week after the RSF had taken over the famine-stricken town of al-Fashir and consolidated its control...

Gulf stocks fell in the early trading on Tuesday, as investors digested the regional interest rate reductions following U.S. Federal Reserve’s moves. However, lingering uncertainties about its policy outlook kept sentiment cautious. The Fed cut its benchmark rate on Wednesday by a quarter of a percentage point in response to an improving labour market. However, it signaled a cautious approach to future monetary policy ease, leaving investors uncertain about the pace at which further moves will be made. Saudi Arabia, United Arab Emirates and Qatar have all cut their rates by 25 basis point each. Dubai's main stock index fell...

Egypt's Petroleum Ministry announced on Monday that the Egyptian Natural Gas Holding Company, or EGAS, has signed a preliminarily agreement with BP for drilling five new gaswells in Mediterranean Sea. The Ministry's efforts to increase exploration and production are reflected in the memorandum signed by EGAS, a state-owned company. Egypt, once the largest gas exporter in the region, is increasingly importing to meet its domestic demand, as production from old fields declines and new investments are slow. According to the Joint Organisations Data Initiative, gas production in May decreased by more than 40% compared to March 2021. The statement said...

The major Gulf stock markets rose early on Tuesday, ahead of U.S. data on inflation due later that day. This indicates investors' positive outlook for talks between Washington and major trading partner countries. After threatening to impose 30% tariffs on imports from Mexico and the European Union from August 1, U.S. president Donald Trump indicated he would be open to discussion on tariffs. The Yomiuri reported that the Japanese Prime Minister Shigeru Shiba is planning to meet with U.S. Treasury Sec. Scott Bessent this Friday. Investors will also be watching for U.S. consumer prices for June due Tuesday. They are...

Five trading sources said that Egypt wants to buy more fuel oil in order to meet its electricity generation needs. Fuel oil has been purchased in greater quantities by the country this year to ease a gas shortage that resulted from the loss of gas pipelines connecting Israel and Egypt. According to trading sources, the Egyptian General Petroleum Corporation is looking for about 900,000.0 metric tons (tonnage) of fuel oil in its latest tender. One source said that the tender will be closed on July 2, and valid until July 10. The Egyptian Petroleum Ministry didn't immediately respond to an...

The Gulf stock markets were up early Monday morning, buoyed both by the rising oil price and progress in U.S. China trade negotiations. This was a positive sign as U.S. president Donald Trump prepared to visit this region. On Monday, the United States and China announced that they had reached an agreement to reduce reciprocal tariffs in order to end their trade war which has caused global economic disruption and shaken financial markets. A fragile ceasefire between India and Pakistan also seemed to ease geopolitical tensions. In the meantime, Ukrainian President Volodymyr Zelenskiy declared his willingness to meet Russian president...

The International Monetary Fund announced on Thursday that it expects the Middle East and North Africa economy to grow only 2.6% by 2025, as uncertainty stemming a trade war in the world and lower oil prices are weighing on this region. The new projection was a significant downgrade from the October projection, which predicted 4% growth. This comes at a time when the region is grappling with geopolitical tensions and a softer external market. In an interview, Jihad Azour said, "Uncertainty can impact real economy, consumption and investment... All these elements have led to a softerening of projections." The direct...

The major Gulf stock markets rose early on Tuesday following gains in Asian stocks, recovering from a global selling off on hopes that the United States would be willing to negotiate its high import tariffs. Saudi Arabia's benchmark Index advanced 2% on track to extend gains made in the previous session. This was led by Al Rajhi Bank's 2.3% increase and Saudi National Bank's 2.1% rise. Saudi Aramco, the oil giant, rose by 1.2%. The Saudi index fell 6.8% on Sunday, its largest one-day drop since the beginning of the COVID-19 Pandemic in 2020. A survey revealed that the non-oil...

Investors waited for more details about U.S. president Donald Trump's plans to impose reciprocal tariffs, and were concerned that global trade tensions could escalate. Trump re-invigorated his tariff threats on Friday, warning that auto levies may kick in as early as April 2. Trump also instructed commerce and economic officials in the U.S. to investigate reciprocal tariffs against countries that impose tariffs on U.S. products, with an April 1 deadline for recommendations. Saudi Arabia's benchmark stock index fell 0.5%. The biggest lender, Saudi National Bank, saw a 0.7% drop and ACWA Power dropped 1.2%. Saudi Aramco Base Oil Company also...

Investors were cautious in early trade Tuesday, as they awaited the U.S. Iran nuclear talks. Meanwhile,?Iran conducted a naval exercise near the Strait of Hormuz. Saudi Arabia's benchmark Index fell 0.9%. Al Rajhi Bank lost 1.1%, and Saudi Arabian Mining Company declined 3.3%. Saudi Aramco, the oil giant, is down by 0.4%. Crude oil prices, a key catalyst for Gulf financial markets, have dipped ahead of U.S. - Iran talks aimed at deescalating tensions in the face of expected OPEC+ production increases. Iran started a military exercise on Monday in the Strait of Hormuz. This is a crucial international shipping...

The U.S. Export-Import Bank has sent a letter of intent to Rare Earths firm REalloys for a loan of up to $200,000,000 to fund processing and magnetic facilities. This would be Washington’s latest effort to boost American production of these specialized materials. If approved, the loan could increase U.S. accessibility to magnets that are used in electric cars, cell phones and fighter jets, among other products. These magnets are the focus of a global trade dispute as China is using them to leverage negotiations with the Trump Administration. A letter from September 18 was seen by and shows that privately-held...

NioCorp, a rare earths miner in Colorado, said Thursday that it was working with Lockheed Martin - a U.S. defence contractor - to develop an alloy of scandium and aluminium for military equipment. The program is funded by the Pentagon. NioCorp, based in Colorado, received $10 million in August from the Pentagon to develop a Nebraska mining facility that will produce scandium - one of 17 rare earths. Lockheed is an important supplier of weapons and fighter jets to the U.S. Military. NioCorp, Lockheed and other companies are using a portion of this funding to develop an aluminum and scandium...

On Tuesday morning, most Gulf stock markets were up, following the Asian benchmarks. This was due to a possible easing in U.S. China trade tensions. Saudi Arabia's index, however, fell because of disappointing corporate earnings. Dubai's main stock index rose by 0.3% with the top lender Emirates NBD advancing 1.9%. RBL announced on Saturday that ENBD would buy 60% of the Indian private lender RBL Bank, the largest acquisition of its kind in India's finance sector. The index in Abu Dhabi rose 0.3%. This was due to a 0.3% increase by investment company Multiply Group after the board of its...

Two sources with knowledge of the situation have confirmed that the Trump administration is mulling over a plan in which at least $2 billion will be reallocated from the CHIPS Act for the purpose of funding critical minerals projects, and to increase Commerce Secretary Howard Lutnick’s influence on the strategic sector. The move proposed would use funds already allocated to Congress for semiconductor manufacturing and research, thus avoiding the need for a new spending request. It also aims to reduce U.S. dependency on China in terms of critical minerals that are widely used by electronics and defense industries. Sources said...

Two sources with knowledge of the situation have confirmed that the Trump administration is looking at a plan for reallocating at least $2 billion to the CHIPS Act in order to fund crucial minerals projects, and to increase Commerce Secretary Howard Lutnick’s influence on the strategic sector. The move proposed would use funds already allocated to Congress for semiconductor manufacturing and research, thus avoiding the need for a new spending request. It also aims to reduce U.S. dependency on China in terms of critical minerals that are widely used by electronics and defense industries. Sources said that boosting Lutnick's position...

Investors were anxiously waiting to see if Iran would respond to U.S. strikes on its nuclear sites. The price of oil has risen to its highest level since January, as supply fears were stoked by the United States joining Israel to attack Iran's nuclear sites. The market participants are expecting further price increases amid growing fears that a retaliatory move by Iran could include the closing of the Strait of Hormuz through which approximately a fifth of world crude oil supply passes. Saudi Arabia's benchmark stock index rose 0.7%. Al Rajhi Bank gained 0.6%, and Saudi Arabian Mining Company added...

Investors were concerned about the uncertainty surrounding U.S. trade policies and a possible economic slowdown. Traders await signs of progress in negotiations between the administration of U.S. president Donald Trump and its trading partners. This includes ongoing trade discussions with Japan. The biggest concern is the direction of any possible discussions with China. Saudi Arabia's benchmark Index fell 0.5%. This was due to a fall of 1.5% in ACWA Power Company, and a drop of 1.3% in Saudi Arabian Mining Company. Investors also absorbed comments made by Federal Reserve chair Jerome Powell who warned about the risks of slowing down...

Most major stock exchange in the Gulf increased in early trade on Tuesday as financiers sought assistance on the Federal Reserve's future rates of interest decisions, expecting the release of minutes from its most current conference and upcoming payrolls data. The week is filled with information releases particularly from the United States, which will be headlined by the December non-farm payrolls report on Friday. Minutes of the Fed's newest conference due on Wednesday will offer colour on their dot-plot predictions, while there will be plenty of live comment with numerous leading policymakers. Fed decisions have a substantial impact on the...

Many significant stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output boost by one month. Eight members of OPEC+, which groups the Company of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to slowly loosen up the group's newest layer of output curbs - a cut of 2.2 million barrels each day (bpd). OPEC and Saudi Arabia have consistently stated they do not target a particular cost and make choices based on market...

Major stock exchange in the Gulf increased in early trade on Monday amid expectations of a U.S. interest rate cut this week, with the Saudi index on course to acquire for a. 3rd session. The Fed's two-day financial policy meeting beginning on. Tuesday will take centre stage for the week. Expectations are. for the reserve bank to kick-start a relieving cycle, providing. space for local central banks to think about cutting rates. Markets are pricing in a 59% opportunity of a 50 basis points. ( bps) cut, with a 41% possibility of a 25 bps cut, CME FedWatch. tool revealed....

The Biden administration on Wednesday notified the U.S. Congress that it will provide Egypt with $1.3 billion in military help, a State Department representative stated, the first time considering that 2020 Egypt will get the overall quantity of U.S. funding despite human rights conditions. The statement comes as Washington has actually relied heavily on Cairo - a longstanding U.S. ally - to moderate up until now unsuccessful talks in between Israel and Hamas on a ceasefire deal to end the war in Gaza. Of the $1.3 billion in U.S. foreign military funding designated to Egypt, $320 million goes through conditions...