North Africa

The major Gulf stock markets were mixed early on Wednesday as investors awaited the release of earnings reports. However, Abu Dhabi's index rose on the back of First Abu Dhabi Bank's results. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, saw its index rise by 4.6%. FAB, on track for its best day in late July, reported a 21 percent increase in the third-quarter's net profit at 5.39 billion dirhams (1.47 billion dollars), which was above analysts’ average estimates of 4.54 billion. Abu Dhabi Islamic Bank, whose trading had been suspended before its earnings announcement, was...

The major stock markets of the Gulf were sluggish in early trading on Monday due to weak oil prices. Investors also awaited further corporate earnings reports. The oil prices - a catalyst in the Gulf's Financial Markets - have been weighed down as a result of worries about a global glut. U.S.-China Trade tensions are also adding to the concerns over an economic slowdown, and a weaker demand for energy. Saudi Arabia's benchmark Index eased by 0.1% on track to extend losses from previous session. ACWA Power Company lost 2.2%. ACWA Power obtained project financing of 10.8 billion Riyals ($2.88...

Egypt's Foreign Minister said that the Palestinian issue was crucial to progressing in the U.S.-funded transport project connecting India to Europe by sea and rail via the Middle East. The India-Middle East Economic Corridor was announced in September 2023 on the sidelines of a meeting of leaders of the Group of 20 leading economies. It was seen as a U.S. rival to China's Belt and Road initiative on global infrastructure. A month after the announcement of the decision, war broke out in response to the attack by the Palestinian Islamist Hamas on Israel on October 7, 2023. "We must remember...

Kuwait's Oil Minister Tareq al-Roumi announced on Wednesday that the Organization of Petroleum Exporting Countries is planning to appoint one of the "top consultants" in the near future to assess the production capacities of member countries. OPEC+ Ministers requested OPEC headquarters to develop a method to determine the maximum sustainable production capability for each member. This will be used to establish their production baselines for 2027. The determination of the maximum production capability for each OPEC member or OPEC+ is controversial because some members, like the United Arab Emirates have increased their capacity and pushed the case for higher quotas....

Haitham Al Ghais, Secretary General of OPEC, reiterated Wednesday that oil and gas will continue to make up about 30% in the global energy mix until 2050. He said that a growing economy, population increase and urbanisation are all signs "that the world will require much more energy than what it consumes today", in his remarks at the Russian Energy Week Conference in Moscow. He predicted a 23% increase in the primary energy demand between 2050 and 2050. "Yes, the world is turbulent and there's much going on. But that's constant." "For us at OPEC, the constant is our ability...

Two senior U.S. government officials announced on Thursday that the United States would deploy 200 troops to Gaza as part of a task force for stability. There will be no Americans present on the ground. According to the officials, who spoke on condition of anonymity with reporters, the 200 people would form the core of a taskforce that would also include representatives of the Egyptian military, Qatar and Turkey, as well as the United Arab Emirates. Officials said that the exact location of U.S. forces had not yet been determined. They would create a joint command center and integrate the...

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...

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and conducted it. "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms and...

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and took full responsibility." "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms...

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and orchestrated it. "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms and...

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...

Trade sources reported that spot premiums for marine oil at Fujairah - the third largest bunkering port in the world - held near to their highest levels during this year as the fuel oil supply was tightened following the United Arab Emirates' decision to stop importing Sudanese crude oil. According to Kpler ship tracking data, the UAE imported no Sudanese crude oil in August, despite receiving one or two cargoes per month of Nile Blend or Dar Blend crude this year. The reason for the imports being stopped was not immediately apparent. Sudanese crude oil is usually refined in Fujairah...

The Spanish High Court has opened an investigation into privately owned steelmaker Sidenor, which is accused of selling steel to a firm in Israel for the purposes of manufacturing weapons. This is one of the potential legal consequences that could result from Spain's ban of such deals. According to a statement, Judge Francisco de Jorge will lead the investigation against Sidenor CEO Jose Antonio Jainaga Gomez as well as two other executives. They are accused of smuggling drugs and being complicit in crimes against humanity and genocide. On November 12, they were called to testify. The court said Sidenor had...

The Spanish High Court has opened an investigation into privately owned steelmaker Sidenor, which is accused of selling steel to a firm in Israel for the purposes of manufacturing weapons. This is one of the potential legal consequences that could result from Spain's ban of such deals. According to a statement, Judge Francisco de Jorge will lead the investigation against Sidenor CEO Jose Antonio Jainaga Gomez as well as two other executives. They are accused of smuggling drugs and being complicit in crimes against humanity and genocide. On November 12, they were called to testify. The court ruled that Sidenor...

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...

The major Gulf stock markets edged up in early trading on Monday. This was helped by rising expectations that the U.S. Federal Reserve will cut rates this month. However, weak oil prices limited gains. The U.S. unemployment rate rose to nearly four-year levels in August. This confirms that the labour market is softening, which will lead the Fed to cut rates next week. According to CME FedWatch, traders have priced in a rate cut of 25 basis points (bp), with an 8 percent chance of a 50-bp jumbo cut. The Fed's position is important in the Gulf where the majority...

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...

The British government will impose trade limits on steel that are more restrictive than anticipated, restricting imports from Vietnam and South Korea, as well as Algeria, to protect its domestic supply against the effects of a trade war. Britain is trying to protect its domestic steel industry from an oversupply in the global market. It has taken a number of measures to help it. These include negotiating the removal U.S. Tariffs, which are yet to take full effect, and taking control of British Steel, to stop it from closing down. The global trade upheaval caused by Trump's tariffs, and the...

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...

The major stock markets in the Gulf recovered some of the losses they suffered in previous sessions, when the conflict between Israel and Iran escalated. Saudi Arabia's benchmark Index gained 1.2%. This was mainly due to a 1.9% increase at Al Rajhi Bank, and a 3.2% rise at Saudi Arabian Mining Company. Sunday, the index fell 1%. After a 7% increase on Friday, oil prices were volatile. Israel and Iran renewed their strikes over the weekend, raising fears that the conflict could spread across the Middle East and disrupt oil exports. The Qatari Index rose 1.7%, a day after it...

The Gulf stock markets were mixed on Wednesday morning, as U.S. President Donald Trump imposed duties on steel, aluminium, and other metals. This is the latest chapter of a trade conflict that has shaken global markets. Investors continue to focus on the pace of the trade negotiations. A possible phone call between President Trump, and Chinese leader Xi Jinping this week is in the spotlight. Trump had accused China of violating a bilateral agreement to reduce tariffs and trade barriers on Friday. Brent crude futures fell 0.3%, to $65.46 per barrel at 0644 GMT. The prices were weighed down due...

Heidelberg Materials, the second largest cement manufacturer in the world, reported sales and profits that exceeded expectations for its first quarter. The company also confirmed its outlook citing strong growth across Africa. The first-quarter results from current operations of the company rose 1.3%, to 235 millions euros ($266million), exceeding the average polled forecast by the group. Dominik Von Achten, CEO of the company, said that despite the political and economic uncertainty as well as the difficult weather conditions in certain regions, the 2025 financial period started off very positively. Holcim, a larger competitor, cited a strong North African business as...