Mideast Stocks: Most Gulf stocks slip on U.S. tariff worries; Egypt at record high
Sentiment soured after the Financial Times reported on Friday that U.S. President Donald Trump is pushing for a minimum tariff of 15% to 20% in any deal with the European Union, with the administration now considering reciprocal tariffs exceeding 10%, even if an agreement is reached.
Trump's imposition of tariffs around the world risks hurting global economic growth and oil consumption.
Saudi Arabia's benchmark index dropped 0.4%, surrendering early gains and extending its losing streak to nine sessions, the longest stretch in nearly two years, hit by broad sector declines.
Saudi National Bank, the country's biggest lender by assets, fell 0.8%, and Saudi Arabian Mining Company declined 1.3% following the voluntary retirement of its chief financial officer.
Among other fallers, Fawaz AbdulAziz Al Hokair & Co gave up early gains to end 10% lower, the top loser on the index.
The retail and real estate firm sold a 49.95% stake to Emirati conglomerate Al Futtaim Retail in a deal worth over 2.5 billion riyals ($666.52 million).
Qatar's stock index added 0.2%, nearing a two-year peak, led by a 1.2% rise in petrochemical maker Industries Qatar .
Outside the Gulf, Egypt's blue-chip index gained 0.7%, hitting a record high as most sectors advanced, driven by optimism over the country's International Monetary Fund programme.
Finance Minister Ahmed Kouchouk said on Wednesday he was confident the country would hit its key economic reform targets and complete a delayed review of its $8 billion IMF programme by September or October.
Market sentiment was further bolstered by the oversubscribed Bonyan Development and Trade IPO, which was covered more than 33 times.
Bloomberg News reported that Egypt is planning $4 billion in international bonds over the next year.
Reuters could not immediately verify the news.
SAUDI ARABIA slipped 0.4% to 10,965
QATAR gained 0.2% to 10,942
EGYPT added 0.7% to 34,071
BAHRAIN eased 0.1% to 1,944
OMAN advanced 0.4% to 4,674
KUWAIT dropped 0.2% to 9,288 ($1 = 3.7508 riyals)
(Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Susan Fenton)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
3 hours ago
- Arabian Business
ADNOC Group posts $4.7bn H1 2025 profit as AI boosts operations across six listed companies
ADNOC Group's six publicly listed companies delivered a combined H1 2025 net profit of AED17.3bn ($4.7bn), supported by a sweeping integration of advanced Artificial Intelligence (AI) technologies across their operations. At the centre of this transformation is MEERAi, ADNOC's proprietary AI platform, which provides real-time, data-driven insights to improve decision-making. Across ADNOC Gas, ADNOC Distribution, ADNOC Drilling, ADNOC Logistics & Services, Fertiglobe, and Borouge, AI is optimising processes, reducing emissions, and enhancing customer experiences. ADNOC Gas Q2 2025 net income: AED5.1bn ($1.385bn), up 16 per cent YoY EBITDA: AED8.3bn ($2.256bn), up 8 per cent Interim dividend: AED6.6bn ($1.792bn), up 5 per cent, payable in September Capital expenditure rose 49 per cent with progress on the $5bn (AED18.36bn) Rich Gas Development Phase 1 Set to join FTSE Index in September following MSCI inclusion ADNOC Distribution EBITDA: AED2.08bn ($566m), up 10 per cent YoY Net profit: AED1.32bn ($358m), up 12.2 per cent YoY Added 47 new service stations in H1; raising full-year target to 60–70 Expanded Voyager lubricant exports to over 47 countries H1 2025 dividend: 10.285 fils per share, payable October ADNOC Drilling Revenue: AED8.71bn ($2.37bn), up 30 per cent YoY EBITDA: AED3.97bn ($1.08bn), up 19 per cent YoY Net profit: AED2.54bn ($692m), up 21 per cent YoY New contract awards worth AED17.63bn ($4.8bn) Upgraded full-year guidance: revenue $4.65–4.80bn, net profit $1.375–1.45bn ADNOC Logistics & Services Fertiglobe Revenue: up 14 per cent in Q2 and 20 per cent in H1 YoY Adjusted EBITDA: up 26 per cent in Q2 and 36 per cent in H1 At least $100m (AED367m) in H1 dividends proposed $31m (AED113.7m) share buybacks in Q2; total shareholder return $131m (AED480.5m) Investing in low-carbon ammonia and expanding downstream capabilities Borouge Q2 net profit: $193m (AED709m) Adjusted EBITDA: $440m (AED1.616bn) in Q2; $1bn (AED3.673bn) in H1 Plans to increase 2025 dividend to 16.2 fils per share; interim 8.1 fils in September Delivered $307m (AED1.13bn) in value through AI, digitalisation and technology programmes The strong half-year performance across all six listed companies reinforces ADNOC's strategy to combine technological innovation with disciplined growth, positioning it as a progressive global energy leader committed to long-term value creation.
The National
5 hours ago
- The National
Saudi Aramco signs $11bn Jafurah deal with BlackRock-led consortium
Saudi Aramco on Thursday signed an $11 billion lease and leaseback agreement for midstream gas-processing plants at its Jafurah field with a consortium led by BlackRock's Global Infrastructure Partners. Under the transaction, a newly formed subsidiary called the Jafurah Midstream Gas Company will lease development and use rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, and then lease them back to Aramco for a 20-year period. Aramco will hold a 51 per cent stake in the newly formed JMGC subsidiary, with investors led by GIP holding the remaining 49 per cent. The companies said the deal is expected to be closed 'as soon as practicable', subject to customary conditions. Jafurah, the largest non-associated gasfield in Saudi Arabia, is a key player in Aramco's ambitions to increase gas production capacity by 60 per cent between 2021 and 2030. Jafurah is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate. The company has said it anticipates total overall life cycle investment at the project to pass $100 billion. 'Jafurah is a cornerstone of our ambitious gas expansion programme, and the GIP-led consortium's participation as investors in a key component of our unconventional gas operations demonstrates the attractive value proposition of the project,' said Aramco chief executive Amin Nasser. The Jafurah basin, with about 200 trillion standard cubic feet of gas in place, is the largest liquid-rich shale gas play in the Middle East. Jafurah is an unconventional gasfield, which means energy resources are trapped inside layers of rock that require special equipment to access. 'We look forward to Jafurah playing a major role as a feedstock provider to the petrochemicals sector, and supplying energy required to power new growth sectors, such as AI data centres, in the kingdom,' Mr Nasser said. Co-investors in the deal included some in the Middle East and Asia, the companies said. It is expected to capture more from the development of the Jafurah gasfield and support optimisation of Aramco's assets, they said. The companies also said the investment adds to the strong relationship between Aramco and BlackRock. 'Today's announcement builds upon BlackRock and GIP's long-standing relationship with Aramco to serve growing market needs for cleaner fuels, energy security and energy affordability,' said Bayo Ogunlesi, GIP chairman and chief executive.
Zawya
7 hours ago
- Zawya
Aramco inks $11bln midstream deal for Jafurah gas facilities with GIP-led consortium
Aramco announced on Thursday that it has signed an $11 billion lease and leaseback agreement for its Jafurah gas processing facilities with a consortium of global investors led by funds managed by Global Infrastructure Partners (GIP), part of BlackRock. Jafurah, the Kingdom's largest non-associated gas development, is estimated to hold 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate. The field is central to Aramco's goal of increasing gas production capacity by 60 percent between 2021 and 2030. Under the deal, a newly formed subsidiary, Jafurah Midstream Gas Company (JMGC), will lease development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, then lease them back to Aramco for 20 years, according to a press statement by Aramco. JMGC will receive a tariff from Aramco in exchange for exclusive rights to process raw gas from Jafurah. Aramco will retain a 51 percent majority stake in JMGC, with the remaining 49 percent owned by investors led by GIP. The transaction is expected to close after meeting customary conditions. Amin H. Nasser, Aramco President & CEO, said: 'As Jafurah prepares to start phase one production this year, development of subsequent phases is well on track. We look forward to Jafurah playing a major role as a feedstock provider to the petrochemicals sector, and supplying energy required to power new growth sectors, such as AI data centres, in the Kingdom.' Past precedents The transaction underscores the trend of monetising oil and gas infrastructure via long term lease back models by the region's national oil companies while retaining operational control. In September 2024, Reuters reported that a BlackRock-managed fund acquired a minority stake in the Saudi–Bahrain Pipeline Company (SBPC) from Bapco Energies. The 112-km pipeline transports crude oil from Saudi Aramco to Bahrain's national refinery In December 2021, Aramco signed a $15.5 billion lease and leaseback deal involving its gas pipeline network with a consortium led by BlackRock and Hassana, the investment management arm of the General Organisation for Social Insurance (GOSI) in Saudi Arabia, Aramco Gas Pipelines Company, 51 percent owned by Aramco and 49 percent owned by investors led by BlackRock and Hassana, has leased usage rights in Aramco's gas pipelines network and leased them back to Aramco for a 20-year period. In return, Aramco Gas Pipelines Company receives a tariff payable by Aramco for the gas products that will flow through the network, backed by minimum commitments on throughput. The deal that started it all In 2019, UAE's ADNOC inked a deal worth $4 billion with a consortium including GIC, BlackRock, KKR and Abu Dhabi Retirement Pensions and Benefits Fund, selling them a 49 percent stake in its subsidiary ADNOC Oil Pipelines (AOP). The agreement involved AOP leasing ADNOC's usage rights in 18 pipelines for transporting crude and condensates from the national oil company's onshore and offshore concessions, and leasing them back to ADNOC for a period of 23 years. In July 2020, ADNOC had sold a 49 percent stake in ADNOC Gas Pipelines - which held 20-year lease rights for 38 gas pipelines spanning 982 km - to an international consortium including GIP, Brookfield, GIC, Ontario Teachers', NH Investment & Securities, and Snam for $20.7 billion. ADNOC, which owns 51 percent in ADNOC Gas Pipelines, pays the latter a volume-based tariff, subject to a floor and a cap, for the use of pipelines that transport sales gas and natural gas liquids (NGL) from ADNOC's upstream assets to Abu Dhabi's key outlets and terminals. In April 2024, local alternative investment firm Lunate acquired a 40 percent stake in AOP from BlackRock and KKR, with a further 6 percent stake acquired from Snam in January 2025, thereby bringing infrastructure back under UAE-based ownership. (Writing by SA Kader; Editing by Anoop Menon)
