United Arab Emirates

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...

Bloomberg News, citing the CEO of ADNOC, reported that the trading division at the Abu Dhabi state oil company plans to double its volume in the next few year as part its international expansion. ADNOC has increased its global expansion over the last few years in order to find new revenue sources for the Gulf State, including by building trading operations. Ahmed Bin Thalith is the chief executive officer of ADNOC Global Trading. He told Bloomberg that the state-owned Abu Dhabi National Oil Company views trading as a means to maximize the value of fuels sold in the emirate or...

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...

A survey on Wednesday showed that the growth in non-oil activity in the United Arab Emirates in October was less robust, and business confidence had fallen to its lowest level in almost three years. The S&P Global UAE Purchasing Managers' Index, which is adjusted for season, fell to 53.8 from 54.2 in Septembre but remained well above 50.0, the mark that indicates expansion. The growth was driven by an increase in new orders and improved economic conditions, as well as increased marketing efforts. The pace of growth in new business slowed compared to September and orders from foreign clients only...

Next week, global financial titans will descend on Riyadh for Saudi Arabia's premier investment conference. This is the first time that they have been in the city since Donald Trump's return to the White House, and his taste for extravagant projects fits with the Kingdom's ambitious plans. The Future Investment Initiative conference (FII) is being held against a backdrop that includes a fragile ceasefire in Gaza, simmering tensions in the region and a Kingdom under increasing pressure to prove its massive economic transformation. In the past, the world's biggest oil exporter used the event to show off its ambitious plans...

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...

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....

Sources with direct knowledge said that the EU is likely to approve ADNOC's 14.7 billion euro ($17 billion) offer for German chemicals firm Covestro. EU regulators are expected to tweak remedies offered earlier in the month. The European Commission is investigating the deal - ADNOC’s largest acquisition to date and one of the biggest foreign takeovers by a Gulf State of a EU company - over concerns that ADNOC could be using state subsidies for the acquisition of the chemicals company. Last week, the EU regulator asked for feedback from competitors and third parties after ADNOC offered a change to...

Andrew Feldman, CEO of AI chip startup Cerebras Systems, said on Monday that the company plans to deploy its infrastructure in the United Arab Emirates, to support the rapidly growing AI industry there, as well markets in India, and Pakistan. Feldman said, "I am very confident there will be large clusters of our equipment here," including "megawatts of equipment" for Stargate, Feldman referred to the U.S. and UAE agreement to build the largest AI data centre outside of the United States. California-based Cerebras produces high-performance AI systems and chips designed to accelerate the training and deployment large AI models. They...

ADNOC, the Abu Dhabi state oil company's international investment arm, has said that it submitted robust remedies to win EU approval for the 14.7 billion-euro (17 billion-dollar) bid for Germany’s Covestro. ADNOC has submitted robust remedies that should win EU approval for its 14.7-billion-euro ($17 billion) bid for Germany's Covestro, the international investment arm of Abu Dhabi state oil giant, said on Monday. The European Commission is currently examining the deal. It is ADNOC’s largest acquisition ever and one of the biggest foreign takeovers by an EU company from a Gulf State. In the case of Covestro, it is the...

The Austrian oil-and-gas group OMV has amended its dividend policy in order to include payouts resulting from its stakes in the merged chemicals company Borouge, which is expected to be formed by next year. Abu Dhabi National Oil Company (ADNOC) and OMV announced in March that they would merge their polyolefin business to form Borouge Group, an international chemicals giant with a $60 billion enterprise value. The first dividend will be paid in 2027 under the new formula. The company announced that it will distribute 50% of BGI Dividends attributable OMV, plus 20-30% Operating Cash Flow, excluding BGI Dividends attributable...

Trade sources reported on Tuesday that the arbitrage window for shipping U.S. West Texas Intermediate Crude to Asia has shrunk as tanker rates have risen, and strong export demand has pushed up premiums for this grade to multi-month heights. The U.S. Asia arbitrage opened in late summer, and the demand for Very Large Crude Carriers to make this two-month journey prompted a tightening of vessel supply. Kpler's preliminary data shows that U.S. imports into Asia will increase in September. South Korea and India are the top buyers. The first shipment of U.S. oil for Pakistan's biggest refiner Cnergyico, and the...

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...

Torbjorn Tornqvist, CEO of Gunvor Group, said on Wednesday that any potential deal for the purchase of foreign assets from Russia's second largest oil company Lukoil would not include a buyback provision. Lukoil has accepted Gunvor's offer to purchase its foreign assets, after Washington imposed sanctions against it last month. Tornqvist, speaking on the sidelines the ADIPEC Energy Conference in Abu Dhabi Tornqvist has ruled out any possibility of a Buyback Clause that would allow Gunvor the ability to sell back the assets to the Russian Oil Major if sanctions were lifted. When asked by whether such a provision could...

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...

India's silver prices are significantly higher than global averages, as India is the world's largest consumer of precious metals. This is due to the soaring demand for the metal from investors. Exchange-traded funds with physical backing have suspended new subscriptions after the premium jumped up to 10%. Jewellers struggle to meet the strong demand for silver ahead of Diwali - the Hindu festival when purchases of the metal are traditionally high. Why is there a shortage of silver? The global silver demand has been outpacing supply over the last four years. This is a result of the five-year surplus that...

Two sources have confirmed that Emirates Global Aluminium, based in the United Arab Emirates, is looking to acquire Companhia Brasileira de Aluminio. The Brazilian producer's operation along the entire production line has made it a desirable target. People with knowledge of the matter claim that Morgan Stanley, which is the investment banking advisor to EGA and jointly owned by Abu Dhabi sovereign fund Mubadala, and the Dubai sovereign fund Investment Corporation of Dubai (both Abu Dhabi-based sovereign funds), is working on a potential deal with Morgan Stanley. According to LSEG, CBA's market capitalisation was $487 million at Monday's closing. Two...

MGX, a partner of Silver Lake and Abu Dhabi-based artificial intelligence investment company MGX, announced on Tuesday that it had joined the group to acquire a majority stake (49%) in California programmable chips business Altera. The size of MGX’s investment has not been disclosed. "Altera is a platform that's the foundation for next-generation computing." It is a chance to transform a company with such importance into a global leader in the AI era, said Omar Alismail. Intel sold Altera 51% to Silver Lake in April. The unit was valued at $8.75 Billion, which is a lot less than the $17...

Industry officials said that India's imports of silver are expected to grow in the next few months. This is due to increased investment and industrial demand, which has already consumed the excess from last year's high shipments. The world's largest silver consumer, China, could boost global prices to the highest level since 14 years. Chirag Thakkar of Amrapali Group Gujarat (a silver importer) said at the India Gold Conference, New Delhi, that "with prices going up, the investment demand has also shot up -- nearly twice what it was before." Thakkar predicted that silver imports would increase in the next...

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...

Abu Dhabi's financial centre reported a 42% increase year-on-year in the number of registered entities for the first half 2025. Global firms are looking to gain access to the powerful sovereign wealth fund in the emirate and to expand their presence in Gulf. Abu Dhabi Global Market reported an increase of 42% in assets under management from last June. The financial hub is now home to 154 asset and fund managers who manage a total 209 funds. ADGM is an English Common Law financial free zone. Abu Dhabi, the city that holds 90% of its country's oil reserves has intensified...

Under the watchful eyes of M23 rebels, in the hills surrounding the Congolese city of Rubaya a line men in rubber boot ferry sacks of crushed stones up winding paths cut in to the slopes. Coltan, a mineral which powers modern technology, is being hauled by the workers. The ore is loaded onto motorbikes, and then shipped thousands of kilometers to Asia. The ore is then processed into tantalum - a heat resistant metal which fetches over $300 per kilogram. It's in demand by manufacturers of mobile phones and computers as well as aerospace components and gas engines. Rubaya is...

C.K. Venkataraman, the Managing Director of India's largest jeweller and watchmaker Titan, said that it is considering moving some production to the Middle East Gulf in order to maintain low tariff access to U.S. markets amid tensions between Washington D.C. and New Delhi. Venkataraman told reporters on Tuesday. Titan, a part of Tata Group, announced plans this month to acquire a major stake in Dubai's luxury retailer Damas. Damas operates 146 outlets across the Gulf. Venkataraman said that the deal is valued at $283m and the region will be used as a "manufacturing base" to export goods to the U.S....

Bloomberg News reported that Abu Dhabi's MGX was considering raising up to $25 billion from third parties to increase its artificial intelligence holdings. MGX refused to comment on the reports and could not verify them immediately. The report stated that company executives are considering raising money from strategic and financial investors in Abu Dhabi, and elsewhere, but Mubadala Investment Co. and AI firm G42 remain MGX’s primary backers. According to the report, no final decisions have yet been taken. MGX is headed by Sheikh Tahnoon bin Zayed al Nahyan. He is the UAE's National Security Advisor and a younger brother...