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Zawya
7 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf stocks rebound on earnings, US-Japan trade deal
Most Gulf stocks rebounded on Wednesday, buoyed by corporate earnings announcements and optimism following U.S. President Donald Trump's trade deal with Japan, which raised hopes for additional agreements before an impending tariff deadline. Trump said on Tuesday that the U.S. and Japan had reached a trade deal that includes a 15% tariff on U.S. imports from Japan. It followed an agreement with the Philippines by which the U.S. will collect a 19% tariff rate on imports from there. While the increasing imposition of tariffs around the world poses risks to global economic growth and oil demand, the recent U.S.-Japan deal helped ease investor concerns and supported oil prices. Saudi Arabia's benchmark index advanced 1.3%, led by a 1.1% gain in Al Rajhi Bank and a 2.3% increase in Saudi National Bank, the country's largest lender by assets. Earlier this week, the duo reported a rise in quarterly earnings. The Saudi stock market may experience a solid rebound if earnings releases continue to be positive and external pressures diminish, said Milad Azar, market analyst at XTB MENA. "A potential trade deal with the European Union, with the August 1 deadline approaching, could also provide a boost." The Abu Dhabi index jumped 1.2%, with First Abu Dhabi Bank (FAB), the United Arab Emirates' largest lender, surging 5% - its biggest intraday gain in a month - after beating second-quarter profit estimates on strong revenue growth. Elsewhere, Bank of Sharjah soared 10%, a day after posting a sharp rise in half-yearly profit. Among other gainers, Space42 advanced 1% after securing a $695.5 million facility to fund next-generation UAE satellites. Dubai's main share index finished 1% higher, snapping a three-day losing streak, led by a 2.9% jump in top lender Emirates NBD (ENBD), as the bank is slated to report its quarterly earnings on Thursday. Qatar stock index edged 0.4% higher, touching a fresh two-and-a-half-year high, with most sectors closing in the green. Outside the Gulf, Egypt's blue-chip index rose 1%, continuing its ascent to record highs, with Commercial International Bank rising 1.5% following an increase in quarterly profit. SAUDI ARABIA jumped 1.3% to 10,984 ABU DHABI rose 1.2% to 10,296 DUBAI climbed 1% to 6,086 QATAR gained 0.4% to 11,186 EGYPT added 1% to 34,125 BAHRAIN increased 0.3% to 1,950 OMAN eased 0.3% to 4,765 KUWAIT inched up 0.2% to 9,296 (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Tasim Zahid)
Zawya
23-07-2025
- Business
- Zawya
Mideast Stocks: Gulf markets rebound on US-Japan trade deal, strong earnings
Gulf stocks rebounded on Wednesday following U.S. President Donald Trump's announcement of a trade deal with Japan, fuelling hopes of further agreements ahead of a fast-approaching tariff deadline, while positive corporate earnings also bolstered market sentiment. Trump said on Tuesday that the U.S. and Japan had struck a trade deal that includes a 15% tariff on U.S. imports from Japan. It followed an agreement with the Philippines by which the U.S. will collect a 19% tariff rate on imports from there. While the increasing imposition of tariffs around the world poses risks to global economic growth and oil demand, the recent U.S.-Japan deal helped ease investor concerns and supported oil prices. Saudi Arabia's benchmark index gained 0.5%, supported by energy stocks benefiting from stabilised oil prices. Oil behemoth Saudi Aramco advanced 0.7%. Elsewhere, Arab National Bank rose more than 2% after posting strong second-quarter results. The Abu Dhabi index jumped 0.9%, driven by robust earnings. First Abu Dhabi Bank, the UAE's largest lender, surged over 4% after beating second-quarter profit estimates on strong revenue growth, while Bank of Sharjah soared nearly 8%. Among other gainers, Space42 advanced around 2% after securing a $695.5 million facility to fund next-generation UAE satellites. Dubai's main share index added 0.3%, on course to snap a three-day losing streak, with nearly all sectors in positive territory as upbeat earnings lifted sentiment across the United Arab Emirates. Index heavyweight Salik climbed 1.5%. Qatar stock index edged up 0.2%, continuing to hover near a two-and-a-half-year high. (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru, editing by Ed Osmond)
bnok24
20-07-2025
- Business
- bnok24
Lime Consumer Finance Joins Egypt's FinTech Ecosystem with a Seamless Education-Centric App
the largest platform for education financing in Egypt and a wholly owned entity of First Abu Dhabi Bank Group in the UAE, has officially launched in the fintech ecosystem, with a specialised focus on educational financing as its first strategic entry point Licensed by Egypt's Financial Regulatory Authority (FRA), Lime offers structured, transparent, and accessible solutions for families in Egypt. While education marks the beginning, Lime's app is designed to expand into other essential life sectors, paving the way for broader financial empowerment Lime enables families to plan and pay for education across a holistic network of nurseries, schools, and universities. With over 30% of Egypt's population under the age of 15 (CAPMAS, 2025), education finance has become a natural priority. The app features installment options ranging from 6 to 12 months for amounts up to EGP 1 million, with digital onboarding and financing approvals granted within minutes, ensuring speed, convenience, and regulatory compliance Mr. Ahmed Mohsen, CEO and Managing Director of Lime Consumer Finance, stated: 'With an initial investment of USD 9.4 million, Lime enters the market at a time when Egypt is witnessing a parallel surge in private education demand and digital financial inclusion—fueled by a young population and supportive national policies He added: 'We're proud to be contributing to Egypt's Financial Inclusion Strategy by addressing a real need. Lime fills a critical gap by offering structured, transparent, and accessible financing solutions—and this is just the beginning. With a strong investment in technology, we aim to deliver a unique digital journey for customers, with approvals granted in minutes using a state-of-the-art credit decision engine On the expertise front, Lime's Board of Trustees brings together multidisciplinary expertise across key sectors essential to the company's mission: Ms. Mariam El Samny, Head of Consumer Banking at FABMISR; Mr. Refaat Zayed, Head of Retail Credit at FABMISR; Mr. Abdallah El Ebiary, Managing Director at Alvarez & Marsal's Sovereign Advisory Services; Mr. Mohamed El Kalla, CEO of CIRA Education; Ms. Magda Habib, CEO and Founder of Dawi Clinics and Mr. Omar Bassiouny, Founding Partner at Matouk Bassiouny and Group Head of Corporate and M&A Backed by the strength and experience of First Abu Dhabi Bank Group and guided by a multidisciplinary board, Lime is committed to driving financial inclusion and sustainable impact across Egypt's evolving fintech landscape. Education is Lime's starting point, but the app is designed for future expansion into other high-impact sectors Google News تابعونا على تابعونا على تطبيق نبض
