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Mideast Stocks: Gulf stocks steady as strong earnings offset US tariff jitters

Mideast Stocks: Gulf stocks steady as strong earnings offset US tariff jitters

Zawya4 days ago
Gulf stocks held their ground as investors weighed upbeat corporate earnings against lingering uncertainty over U.S. trade policy, after reports that Washington is pushing for a minimum 15% to 20% tariff in any deal with the European Union.
Despite global jitters, strong results from regional heavyweights and steady oil prices helped offset external headwinds.
Saudi Arabia's benchmark index edged 0.2% higher, on course to snap its longest downturn in nearly two years, with financials driving the gains.
Saudi National Bank - the country's biggest lender by assets - gained 1.5% and Al Rajhi Bank, the largest sharia-compliant bank, jumped over 1% after their strong second-quarter results lifted sentiment across the banking sector.
However, the petrochemical giant SIPCHEM fell 3.7% after posting a rare loss, breaking a five-year streak of profitability.
Dubai's benchmark index eased 0.1%, pressured by broad-based declines as investors locked in gains after a recent multi-year rally.
Meanwhile, Air Arabia surged 5.1% to a fresh record high after securing a bid to operate a new Saudi low-cost national airline, set to launch by 2030.
Abu Dhabi Index posted a decline ahead of key upcoming earnings as investors looked for cues on the market's next direction.
Qatar's stock index added 0.1%, nearing a two-year peak, led by a 1.5% rise in Commercial Bank.
Among other gainers, Qatar International Islamic Bank advanced 1.4% on a year-on-year rise of 5.2% in its six-month profit.
(Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)
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Could a Caesar salad ever be worth Dh450?
Could a Caesar salad ever be worth Dh450?

The National

timean hour ago

  • The National

Could a Caesar salad ever be worth Dh450?

I thought I'd become desensitised to fine dining prices in major cities, until I saw a Dh450 Caesar salad on a menu at a restaurant last week. That's $122 or £91 for a bowl of lettuce, croutons and dressing. Sure, the fine dining restaurant scene is expensive, but who can afford, or justify, that kind of spend on a salad? The dish sits on the list of relatively typical starters at a well-known restaurant in Dubai. It isn't the most expensive item on the list − that would be the whole king crab leg for Dh690 − but it stands out when compared to the eggplant salad (Dh85) or even the Dh185 burrata. The price of the dish has ruffled feathers among my friends and family. 'Guess how much a Caesar salad I saw recently costs?' is how I have started the lion's share of my conversations this week. My mum guessed Dh60. My dad joked Dh80. A friend said Dh55. None of them got close. What justifies this price? That remains to be seen, because I didn't order it. No, I couldn't justify it, even in the name of research! Traditional Caesar ingredients are relatively inexpensive. It's a simple enough salad of lettuce, Parmesan cheese, croutons and Caesar dressing, which is made of egg yolks, olive oil, anchovies, garlic and Parmesan. So, what is in this particular salad? Gold (we know that is popular these days!)? Caviar? Truffle? The menu lists the ingredients as simply: crouton, baby jem (sic) and Parmesan cheese. Perhaps the full name of the dish is something of a key to the price tag – it's named after a high-end beverage brand, which sells for about Dh1,200 in-store in Dubai, and for much more at bars. I was told it's incorporated into the dressing. Are these dishes purely expensive by design, something intentionally created to ruffle feathers? Or is there a market for these extremely pricey plates? At one popular restaurant in Dubai, you can buy 200g of Almas caviar for Dh44,000. The cheapest caviar on the menu is 50g of white surgeon, which comes in at Dh540. In the past we have written about a Dh2,999 ice cream, a sundae I'd argue was created more to grab headlines than entice customers. It routinely goes viral for its high price tag. And please don't get me started on gilded steaks. This has all got me thinking more broadly about the cost of fine dining in the region. Hospitality is a challenging and overcrowded industry. Countless restaurants are forced to close every year as the industry gets more and more difficult to keep afloat in, between high operating costs, import challenges and complex regulatory systems. I also understand that there are high overheads to cover. We do see phenomenal restaurants open up, make an impact and endeavour to keep costs as close to an accessible level as possible for the customers. At some Michelin-starred restaurants, you can get a two-course lunch menu for Dh125 and starters range from Dh58 to Dh255. Another Michelin-starred restaurant offers a two-course lunch for Dh99; its evening tasting menus start at Dh395. That said, set menus that cost more than Dh1,000 are cropping up more and more. At what stage will it become de rigueur for a meal to cost more than Dh2,000 per person? It feels like that is the trajectory we're on. This month, a $400 melon has gone viral in the US. The New York Times drew attention to the Japanese-export musk melon being sold at Farm & Forage in the Hamptons. According to the publication, it is noted for its remarkable sweetness, despite the fact that it 'looks identical to a regular grocery-store cantaloupe' to the undiscerning eye. Pricing has rolled out of control, becoming a parody of itself. It is as if those setting the prices have been inspired by the scene in Arrested Development, when a notably financially out-of-touch Lucille Bluth quips: 'It's one banana, how much could it possibly cost? $10?' I don't think I have a solution. Of course, there are always more affordable options available and no one is forcing me to try or pay for a Dh450 salad, so I suppose that is a resolution in and of itself. But I have no doubt that this particular sky-high price will leave a bad taste in my mouth for a while – or at least until I spot a Dh700 soup on another menu.

No more missed opportunities: Strengthening Africa-Caribbean trade and investment in an era of Global Trade Disruption (By Pamela Coke-Hamilton and Benedict Oramah)
No more missed opportunities: Strengthening Africa-Caribbean trade and investment in an era of Global Trade Disruption (By Pamela Coke-Hamilton and Benedict Oramah)

Zawya

time3 hours ago

  • Zawya

No more missed opportunities: Strengthening Africa-Caribbean trade and investment in an era of Global Trade Disruption (By Pamela Coke-Hamilton and Benedict Oramah)

By Pamela Coke-Hamilton, Executive Director, International Trade Centre, and Benedict Oramah, President and Chairman, Afreximbank ( The share of bilateral exports between Africa and the Caribbean, despite extensive shared history, has never surpassed 6%, according to an ITC and African Export-Import Bank (Afreximbank) study, leaving much room for growth of up to $2.1 billion within the next 5 years according to new studies. Key to this growth is adding value in priority sectors, such as minerals, processed food, , manufactured products, transport, travel and creative industries. We're living in precarious times. In an era marked by global economic uncertainty, geopolitical tensions and fragmented supply chains, Africa and the Caribbean are at a critical juncture. Most Caribbean countries now face a blanket 10% tariff on ( goods exported to their biggest trading partner, the United States – which takes 40% of its total exports. The so-called reciprocal tariffs on African nations ( from 10-50%, with Lesotho facing the single highest tariff of all US trading partners, nullifying preferences granted through the African Growth and Opportunity Act (AGOA). These are real challenges, especially for smaller firms that are having to adapt with little time and often scarce resources. But there are also promising prospects on the horizon—if we dare to seize them. Africa, for one, is now moving into full, accelerated implementation of the African Continental Free Trade Agreement (AfCFTA), arguably the biggest decision made by African Heads of Government in six decades. This treaty has the power not only to revolutionize African trade and development, but also to equip African countries with stronger negotiating power in multilateral arenas—therefore boosting their collective ability to change the terms of global trade. The Caribbean, with its smaller, remote and import-dependent economies, is one of the region's most vulnerable to external shocks, whether from tariff escalations, climate disasters or supply chain disruptions. But it also has a chance to invest in long-term stability and economic growth by diversifying exports and trading partners, processing goods before export to retain more value, and strengthening regional and international trade ties. While many are taking a wait-and-see approach on what this next phase of global trade will look like, for Africa and the Caribbean, this is an approach that neither can afford. With the longstanding sociocultural history shared by the two regions, the time is ripe to forge far deeper ties through mutually beneficial, trade-led economic growth and development—and serve as a model of South-South cooperation that inspires others to follow in their footsteps. Investing in interregional, value-added trade Despite efforts at regional integration, trade between Africa and the Caribbean remains minimal. ITC data shows that bilateral trade has never exceeded 6% of total exports for either region. In fact, African exports to the Caribbean have declined since 2014 and have been close to 0.1% since 2020, while Caribbean exports to Africa remain volatile, from just 0.8% of total exports in 2020 to 2.3% in 2022. There is room to grow, from the current $729 million in interregional trade to potentially $2.1 billion within the next 5 years, if trade barriers are slashed and investments are made in key sectors. A formalised trade corridor could reduce regulatory divergence and non-tariff barriers. For instance, Caribbean rum exporters currently face an 88% tariff when selling to African markets—a significant barrier to growth. But removing or lowering trade barriers alone is not enough. Access to trade and Investment finance are vital for tapping into the major untapped growth potential in trade in value-added goods. This is critical for priority sectors like minerals and metals, processed food and animal feed, manufactured products, travel, transport and creative industries, where the regions have comparative advantages and synergies are possible. Trade between the regions currently relies heavily on unprocessed commodities, which reflects missed opportunities for industrial collaboration, innovation and economic diversification. Afreximbank's presence in the region, through its Barbados office established about two years ago is set to significantly boost trade between the two regions. This is further strengthened by the ongoing project to create the Afreximbank African Trade Centre (AATC), and the initiative to create the CARICOM Eximbank – an Afreximbank subsidiary. Additionally, the CARICOM Payment and Settlement System (CAPSS), being developed by Afreximbank and CARICOM central banks, will deepen and improve efficiency of intra-CARICOM payments in national currencies. Through its integration with the Pan-African Payment and Settlement System (PAPSS), CAPSS will accelerate integration of financial systems of the two regions while boosting Africa-Caribbean trade and investments. In the fast-growing creative economy, for instance, both regions already have longstanding traditions in textiles, ceramics and woodwork, and can build on their shared cultural heritage. The collaboration between African and Caribbean designers, musicians and artists also offers significant potential for growth. Afreximbank Creative Africa Nexus (CANEX) has highlighted fashion, design and crafts as a priority value chain, and has doubled programme funding from $1 billion to $2 billion for the next three years, aimed at providing infrastructure, financing and resources to scale Africa and diasporic creative industries globally. The Bank is also developing a $500 million private equity film fund to support African filmmakers. These efforts reflect the scale of ambition required to transform the creative industries into global growth engines. Breaking bottlenecks To take advantage of these economic growth opportunities, foundations need to be laid. The major hurdles in enhancing Africa-Caribbean trade include weak institutional frameworks, logistical inefficiencies and infrastructural gaps. Despite their geographic proximity—just 1,600 miles apart—the lack of direct transport links and weak regulatory frameworks make trade between the two regions cumbersome. Logistics, unfortunately, remains a major bottleneck. ITC data show that 57% of unrealized trade potential stems from logistical challenges. Both regions score poorly on the logistics index, according to the World Bank, ranking among the lowest in the world in terms of transport efficiency. Investing in interregional infrastructure will be key, including direct maritime and air transport links, improving ports and enhancing digital infrastructure. For example, the Afreximbank has an ongoing $3 billion credit facility for CARICOM countries, to boost trade infrastructure and the competitiveness of small businesses. These are the types of arrangements, when replicated, that make a difference in the long term. Empowering small businesses to seize the moment But all of this could be for naught unless both regions' small businesses are empowered to act and seize these opportunities for themselves. The Strengthening AfriCaribbean Trade and Investment Project, an initiative spearheaded by Afreximbank and the ITC, is forging vital links between the private sectors of Africa and the Caribbean. This ambitious endeavour aims to cultivate not only strategic commercial partnerships but also cultural connections. In collaboration with the Caribbean Private Sector Organization and the African Business Council, the project empowers both regions to unearth business opportunities and stimulate business-to-business exchanges, paving the way for a dynamic synergy to elevate the economic landscape of both Africa and the Caribbean. Small businesses are the backbone of the African and Caribbean economies but remain underrepresented in trade. The first-ever Global Small and Medium-sized Enterprises Ministerial Meeting, was hosted by ITC and the Government of South Africa in Johannesburg this month, in the year of South Africa's G20 Presidency, which positioned small businesses as key players in global trade reform. Afreximbank enabled the participation of 15 ministers to attend, 10 from Africa and five from the Caribbean. Days later, the AfriCaribbean Trade and Investment Forum (ACTIF) will kick off in St. George's Grenada from 28 to 30 July 2025, where the work to increase trade and investment between the two regions will continue. To participate, please visit Our alliance is more than just a response to global uncertainty; it is a blueprint for inclusive, resilient and opportunity-driven trade in the 21st century. Together, Africa and the Caribbean can showcase South-South trade as a solution in a time of great change. Distributed by APO Group on behalf of Afreximbank.

Gold drops as dollar firms, trade deal hopes sap safe-haven demand
Gold drops as dollar firms, trade deal hopes sap safe-haven demand

Zawya

time5 hours ago

  • Zawya

Gold drops as dollar firms, trade deal hopes sap safe-haven demand

Gold prices slipped on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.7% at $3,343.69 per ounce by 9:31 a.m. ET (1331 GMT). U.S. gold futures fell 0.8% to $3,345.20. The U.S. dollar index rebounded from a more-than-two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year U.S. Treasury yields rose. "The Japan deal was significant, and there's hope for a U.S.-EU agreement before the August 1 deadline. That's sapping safe-haven demand as elevated risk appetite drives capital toward risk assets," said Peter Grant, vice president and senior metals strategist at Zaner Metals. Following this week's U.S.-Japan trade deal, the European Commission said a trade deal with the U.S. is within reach, even as EU members approved counter-tariffs on U.S. goods in case talks fail. On the data front, U.S. jobless claims fell to a three-month low, signaling a stable labor market despite sluggish hiring. Stable labor market data is expected to give the Federal Reserve cover to hold rates steady at 4.25%-4.50% at its meeting next week, even as inflation shows signs of picking up due to U.S. President Donald Trump's import tariffs. Trump's surprise visit to the central bank marked a fresh attempt to pressure Chair Jerome Powell, with the President again urging a deep rate cut. Gold may attract some "buying interest probably at $3,300 level, but perhaps not breaking out to new all-time highs until after the Fed decision," Grant said, adding that the meeting could signal rate cuts later this year. Gold typically performs well during periods of uncertainty and in low-interest-rate environments. Spot silver fell 0.4% to $38.91 per ounce, but was still on track for a weekly gain of about 2%. Platinum was 1.6% lower at $1,385.20, while palladium rose 0.2% at $1,229.94.

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