North Africa

Investors adopted a cautious stance in the early hours of trade on Thursday, as they awaited a third round U.S. - Iran nuclear talks scheduled for Geneva later in the day. Saudi Arabia's benchmark index fell 0.5% as its losses grew due to the Kingdom's increased budget deficit. The losses were widespread, with financial stocks leading. These included a 0.6% decline?in Al Rajhi Bank - the largest Islamic lender in the world - and a 1.4% drop in Saudi National Bank - the largest lender of the country by assets. Saudi Aramco's shares fell 0.7% and are on course to...

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,...

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

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, or RSF, announced on Monday that they had taken over the strategic Heglig Oilfield in South Kordofan Province. Heglig is the largest processing plant for South Sudanese crude oil. This makes up a large part of the government's revenue. Sources from the government said that the workers and the government forces at Heglig oilfield retreated on Sunday in order to avoid any clashes which could have damaged oil facilities. Sources at the Heglig Oil Field said that oil workers and the army had left the oil field for South Sudan. The Greater Nile Pipeline...

Saudi Energy Minister Prince Abdulaziz Bin Salman stated on Monday that a new mechanism adopted by OPEC+ for assessing members' maximum production capacity will help stabilize markets and reward those investing in production. OPEC announced on Sunday that the OPEC+ group has approved a mechanism for assessing members' maximum production capacities to be used to set baselines starting in 2027 against which output targets will be set. Prince Abdulaziz claimed that the production level determination mechanism was "fair" and "transparent". He said, "Now, we have the most detailed and transparent approach to managing the market in the future, as well...

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

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...

Sudan's paramilitary Rapid Support Forces announced on Sunday that they had taken over the army's headquarters in al-Fashir. This was the last stronghold of the Sudanese Army in Darfur, in the western part of the country. The army has not yet made a public statement about its current situation. RSF has been fighting the army, former rebels, and local fighters for 18 months. The RSF has been targeting civilians with frequent artillery and drone strikes. Meanwhile, the siege is spreading starvation in the city of 250,000 residents. Al-Fashir is a major political victory for RSF. It could also hasten the...

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...

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...

Afreximbank, Africa's largest trade bank, announced on Wednesday that it had lined up an initial $8 billion financing package to support projects in mining, manufacturing and automaking sectors for the new member South Africa. South Africa could not join Afreximbank in 1993 when it was established because the country still had apartheid. However, last year the cabinet of the country approved a plan to increase its shareholding to "Class A". Afreximbank President George?Elombi said at a Johannesburg ceremony: "We've put together an important package worth 8 billion United States Dollars... for South Africa." "We will prioritize mineral processing, expansion of...

Investors shifted their focus to?corporate profits, while also weighing U.S. - Iran tensions. Officials from both sides said on Monday that Iran and the U.S. will resume nuclear talks in Turkey on Friday. Trump warned that if the sides failed to reach a deal, bad things could happen with U.S. warships advancing toward?Iran. Saudi Arabia's benchmark stock index rose 0.2% thanks to a 1.9% increase in ACWA Power, and a 0.6% rise in Saudi Arabian Mining Company. According to estimates by the government, the economy of Saudi Arabia grew 4.9% on an annual basis in its fourth quarter. This was...

The major stock markets in the Gulf region rose on Monday morning after a?U.S. Donald Trump stated that Iran is "seriously" talking with Washington. This comment signals a?potential de-escalation of tensions. Esmaeil baghaei, spokesperson for the Foreign Ministry, said that Iran was reviewing the details of diplomatic channels to ease tensions with the United States. Baghaei added that Tehran hopes?for progress over the next few days. Trump said last week that Iran "seriously talks" with Washington, despite the U.S. Navy's buildup in close proximity to Iran. Trump's remarks came hours after Iran’s?top official for security, Ali Larijani wrote on X...

The Gulf stock markets rose early on Tuesday, after the Federal Reserve officials' dovish comments prompted a rise in interest rate bets. However, weak oil prices limited gains. Neel Kazhkari, Minneapolis Fed president, said that inflation was gradually decreasing but that unemployment could "pop". This would increase the likelihood of rate cuts. Investors await the non-farm payrolls data on Friday for new clues about?the Fed?s next move. CME's FedWatch showed traders inclining toward easing. The Fed's position?has implications for Gulf economies where most currencies are pegged to the U.S. Dollar, making it a stable anchor for regional currency. Saudi Arabia's...

Namib Minerals' chief executive announced on Friday that the company will resume operations at its mothballed Redwing Gold Mine in February, as part of a $300 million investment program in Zimbabwe. Redwing has an estimated 2.5 million ounces gold, and it is the largest resource in the group’s Zimbabwean portfolio. This includes the How Mine that has produced over 2 million ounces from 1941. In a press release, Namib Minerals CEO Ibrahima Sory Tall stated that "after the completion of technical study, development work and infrastructure rehabilitation, we target annual gold production of around 300,000-ounces?from Redwing, as part our broader...

A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover....

The major Gulf stock markets rose early on Thursday. This was due to rising oil prices, and the anticipation of the U.S. Federal Reserve's meeting next week. Investors are looking for more information on the direction the central bank will take with interest rates. The oil prices rose after Ukrainian attacks on Russia’s oil infrastructure indicated potential supply constraints. Stalled peace talks dampened expectations that a deal would restore Russian oil to global markets. However, weak fundamentals limited gains. Saudi Arabia's benchmark Index gained 0.5%. Saudi Arabian Mining Company rose 1%, while oil giant Saudi Aramco increased 0.4%. A survey...

On Friday, the U.N. Human Rights Council held a special session to discuss the situation in al-Fashir in Sudan. States will be considering a request for an investigation into the reported mass murders that occurred as the city of Darfur fell under paramilitary control. A draft resolution would include a fact-finding investigation to identify those responsible for alleged violations committed in al-Fashir by the Rapid Support Forces (RSF) and their allies. In his opening remarks to delegates, U.N. Human Rights Chief urged the international Community to Act. "There's been too much show and pretense, but too little action." "It must...

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...

The major Gulf equity markets traded mixed on Tuesday morning, with investor sentiment being limited by the low crude oil prices and corporate earnings. However, some support was provided by the easing U.S. China trade tensions. Top Chinese and U.S. economists have hammered out a framework for a deal that U.S. president Donald Trump and Chinese president Xi Jinping will decide on this week. This should ease fears of tariffs and export restrictions between the two world's largest oil consumers affecting global growth. Saudi Arabia's benchmark stock index rose 0.4%. The Saudi National Bank, the largest lender in Saudi Arabia...

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...