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Reuters
3 days ago
- Business
- Reuters
Gulf stocks settle varied on tariff uncertainty, rise in oil prices
June 2 (Reuters) - Stock markets in the Gulf ended varied on Monday, as investor sentiment remained fragile after U.S. President Donald Trump's threat to double tariffs on worldwide steel and aluminium. Trump accused China of violating a bilateral deal to roll back tariffs and announced a 50% tariff on steel and aluminium, rattling international trade. The tariffs are set to come into effect starting June 4. Oil prices - a catalyst for markets in the Gulf - jumped by more than 4% after the OPEC+ group decided to keep output increases in July at the same level as the prior two months. . Brent crude futures was up 3.97%, at $65.27 a barrel by 1220 GMT. The Organization of the Petroleum Exporting Countries and its allies, decided on Saturday to raise output by 411,000 barrels per day in July. S&P 500 futures fell 0.5%, while Nasdaq futures lost 0.7%, suggesting a retreat at the opening bell later. Saudi Arabia's benchmark stock index (.TASI), opens new tab settled 0.23% higher with packaging provider United Carton Industries ( opens new tab up 4.52% and industrial company Savola Group ( opens new tab up 4.66%. "Sector performance was mixed but generally supportive, notably from the banking sector, which had experienced significant losses recently. Energy stocks also contributed positively, buoyed by higher oil prices," said Joseph Dahrieh, Managing Principal at Tickmill. Al Rajhi Bank ( opens new tab, Saudi Arabia's second-largest lender by assets, settled up 1.24%. The UAE stock markets presented a mixed picture, with Dubai's main share index (.DFMGI), opens new tab settling flat and Abu Dhabi's, benchmark index (.FTFADGI), opens new tab finishing down 0.39%. The Abu Dhabi index recorded a second straight session of losses. "The Dubai stock market was relatively stable after two previous sessions of losses. Momentum could remain intact and the market could continue to rise," said Dahrieh. In Dubai, food and groceries delivery provider Talabat Holding ( opens new tab was down 1.39%, while Amlak Finance ( opens new tab rose by 14.55%. Qatar's benchmark stock index (.QSI), opens new tab settled 0.16% lower. Commercial Bank ( opens new tab was the top loser on the index, down 1.78%. The index touched its lowest levels since May 1. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.54%, extending losses for a second consecutive session. Real estate companies took a hit, with Orascom Development Egypt ( opens new tab down 3.2% and Emaar Misr for Development ( opens new tab down 3.01%.
Arab News
3 days ago
- Business
- Arab News
Closing Bell: Tadawul closes higher on Monday as TASI edges up; Nomu surges over 300 points
RIYADH: Saudi Arabia's Tadawul All Share Index closed slightly higher on Monday, gaining 24.82 points, or 0.23 percent, to reach 10,850.09. Total trading turnover on the main market stood at SR4 billion ($1 billion). Market breadth remained mixed, with 116 gainers against 120 decliners. The MSCI Tadawul 30 Index rose 2.47 points, or 0.18 percent, to settle at 1,384.58. The parallel market Nomu recorded a more pronounced gain, climbing 314.77 points, or 1.18 percent, to 26,984, with 31 stocks advancing and 49 retreating. Savola Group led the main market gainers, advancing 4.48 percent to close at SR28. United Carton Industries Co., which recently debuted on Tadawul, added 4.40 percent to close at SR42.70 with over SR217 million in traded value. Other notable gainers included Aldawaa Medical Services Co., which rose 2.92 percent to SR77.60, Middle East Pharmaceutical Industries Co., up 2.82 percent to SR124, and Jabal Omar Development Co., which gained 2.76 percent to close at SR21.56. On the downside, Riyad Bank posted the sharpest drop of the day, falling 3.51 percent to close at SR27.50. Zamil Industrial Investment Co. dropped 2.76 percent to SR38.75, while Naseej International Trading Co. declined 2.86 percent to SR78.20. Emaar The Economic City slipped 2.71 percent to SR12.92, and Abdullah Saad Mohammed Abo Moati for Bookstores Co. fell 2.45 percent to close at SR35.80. On the announcement front, Al-Modawat Specialized Medical Co. disclosed that its board had passed a resolution to initiate the company's transfer from the Parallel Market to the Main Market. The move is subject to regulatory approvals and fulfillment of the market's listing conditions. Shares of Al-Modawat ended the day down 1.84 percent at SR17.06. Saudi Arabian Mining Co. announced that it has received approval from the Capital Market Authority to proceed with a capital increase in connection with its previously disclosed acquisition of full ownership in Maaden Bauxite and Alumina Co. and Maaden Aluminium Co. The move is part of a share purchase and subscription agreement signed with AWA Saudi and Alcoa Saudi in 2024. The capital increase will raise Ma'aden's share capital from SR38.03 billion to SR38.89 billion through the issuance of 861.9 million new shares. The newly issued shares will be used to acquire 100 percent of the shares held by AWA Saudi in MBAC and Alcoa Saudi in MAC, corresponding to 25.1 percent of the issued capital of each entity. In total, Ma'aden will issue 89.98 million new shares to AWA Saudi and 165 million shares to Alcoa Saudi at a nominal value of SR10 per share. The transaction is expected to be executed through a combination of share issuance and cash payment. The company stated that further updates, including shareholder meeting arrangements for capital increase approval, will be announced in due course. Shares of Ma'aden closed 0.92 percent higher on Monday at SR49.50.
Zawya
4 days ago
- Business
- Zawya
Mideast Stocks: Gulf stocks settle varied on tariff uncertainty, rise in oil prices
Stock markets in the Gulf ended varied on Monday, as investor sentiment remained fragile after U.S. President Donald Trump's threat to double tariffs on worldwide steel and aluminium. Trump accused China of violating a bilateral deal to roll back tariffs and announced a 50% tariff on steel and aluminium, rattling international trade. The tariffs are set to come into effect starting June 4. Oil prices - a catalyst for markets in the Gulf - jumped by more than 4% after the OPEC+ group decided to keep output increases in July at the same level as the prior two months. Brent crude futures was up 3.97%, at $65.27 a barrel by 1220 GMT. The Organization of the Petroleum Exporting Countries and its allies, decided on Saturday to raise output by 411,000 barrels per day in July. S&P 500 futures fell 0.5%, while Nasdaq futures lost 0.7%, suggesting a retreat at the opening bell later. Saudi Arabia's benchmark stock index settled 0.23% higher with packaging provider United Carton Industries up 4.52% and industrial company Savola Group up 4.66%. "Sector performance was mixed but generally supportive, notably from the banking sector, which had experienced significant losses recently. Energy stocks also contributed positively, buoyed by higher oil prices," said Joseph Dahrieh, Managing Principal at Tickmill. Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, settled up 1.24%. The UAE stock markets presented a mixed picture, with Dubai's main share index settling flat and Abu Dhabi's, benchmark index finishing down 0.39%. The Abu Dhabi index recorded a second straight session of losses. "The Dubai stock market was relatively stable after two previous sessions of losses. Momentum could remain intact and the market could continue to rise," said Dahrieh. In Dubai, food and groceries delivery provider Talabat Holding was down 1.39%, while Amlak Finance rose by 14.55%. Qatar's benchmark stock index settled 0.16% lower. Commercial Bank was the top loser on the index, down 1.78%. The index touched its lowest levels since May 1. Outside the Gulf, Egypt's blue-chip index fell 0.54%, extending losses for a second consecutive session. Real estate companies took a hit, with Orascom Development Egypt down 3.2% and Emaar Misr for Development down 3.01%. SAUDI ARABIA up 0.23% to 10,850.1 ABU DHABI down 0.395 to 9,647.05 DUBAI inched up 0.08% to 5,484.7 QATAR down 0.16% to 10,484.1 EGYPT down 0.54% to 32,325.1 BAHRAIN inched up 0.09% to 1,920.52 OMAN up 0.12% to 4,570.8 KUWAIT up 0.17% to 8,847.1 (Reporting by Rishab Shaju in Bengaluru; Editing by Shailesh Kuber)
Yahoo
13-05-2025
- Business
- Yahoo
Saudi Arabia Frozen Food Market Forecast & Opportunities, 2024-2025 & 2030: Convenience Trends, Overcoming Cultural and Dietary Challenges, Major Players Lead Expansion
The Saudi Arabia Frozen Food Market, projected to grow from USD 9.02 Billion in 2024 to USD 11.62 Billion by 2030 at a CAGR of 4.37%, is fueled by urbanization and evolving consumer lifestyles demanding convenience. Key players include Savola Group and Nestle S.A. Challenges include aligning with local dietary preferences. Saudi Arabian Frozen Food Market Dublin, May 13, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Frozen Food Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia frozen food market, valued at USD 9.02 billion in 2024, is projected to reach USD 11.62 billion by 2030, with a CAGR of 4.37%. This market has dynamically evolved, driven by shifts in consumer lifestyles, urbanization, and an inherent demand for convenience. Encompassing an extensive range of products such as frozen fruits, vegetables, meats, seafood, and ready-to-eat meals, the market responds to the increasing reliance on time-saving food options. Key Market Drivers The surge in urbanization in Saudi Arabia, bringing with it a shift in consumer habits, has been a significant growth driver. As more individuals and families cope with longer work hours and commutes, the demand for convenient, easy-to-prepare frozen food options has risen sharply. These products can be stored for long periods, offering diverse meal choices and reducing the need for frequent shopping trips. Introducing international cuisine to the local market is another benefit, as consumers seek global flavors conveniently at home. Key Market Challenges However, the market contends with challenges rooted in cultural and dietary preferences. Traditional Saudi cuisine heavily relies on fresh ingredients, and many households favor preparing meals from scratch. The challenge for manufacturers lies in aligning products with these preferences while maintaining the inherent convenience and shelf life of frozen foods. Moreover, certain Islamic religious periods, like Ramadan, influence consumption patterns, necessitating tailored product offerings to align with cultural norms. Key Market Trends notable trend is merging health considerations with convenience. Consumers are now more health-conscious, demanding frozen foods that cater to dietary preferences, such as gluten-free, organic, and vegan options, without compromising quick preparation. Manufacturers are responding with products featuring lower sodium and fat, as well as clean, transparent ingredient lists. This trend aligns with the growing awareness of nutritional balance and the demand for convenient meal solutions supportive of overall wellness. Key Market Players Prominent companies in the Saudi Arabia frozen food market include The Savola Group, Sunbulah Group, Kuwait Food Company (Americana Group), Halwani Brothers Co., Ltd, Al Karamah Dough Production Co., General Mills Inc., Nestle S.A., McCain Foods Limited, Americana Group, Inc., and Unilever PLC. Competitive Landscape The report provides a detailed analysis of major market players. Furthermore, customizations are available to cater to specific company needs, including profiling additional market players. Key Attributes: Report Attribute Details No. of Pages 85 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $9.02 Billion Forecasted Market Value (USD) by 2030 $11.62 Billion Compound Annual Growth Rate 4.3% Regions Covered Saudi Arabia Key Topics Covered: 1. Introduction 2. Research Methodology 3. Executive Summary 4. Voice of Customer 5. Saudi Arabia Frozen Food Market Outlook 6. Saudi Arabia Ready-to-Cook Market Outlook 7. Saudi Arabia Ready-to-Eat Market Outlook 8. Market Dynamics 9. Impact of COVID-19 on Saudi Arabia Frozen Food Market 10. Market Trends & Developments 11. Porter's Five Forces Model 12. SWOT Analysis 13. Policy and Regulatory Landscape 14. Saudi Arabia Economic Profile 15. Competitive Landscape The Savola Group Sunbulah Group Kuwait Food Company (Americana Group) Halwani Brothers Co., Ltd Al Karamah Dough Production Co. General Mills Inc. Nestle S.A. McCain Foods Limited Americana Group, Inc. Unilever PLC For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Frozen Food Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Zawya
07-05-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets ease on earnings, US-China talks, Fed policy in focus
Most stock markets in the Gulf closed lower on Wednesday following a string of lacklustre corporate earnings, while focus was also on U.S.-China trade negotiations and the Federal Reserve's policy decision. Saudi Arabia's benchmark index fell 0.3%, weighed down by a 1% fall in Al Rajhi Bank and an 8.3% plunge in Mobile Telecommunications Company. The telecom firm missed analysts' first-quarter profit estimates. Savola Group Company tumbled more than 7%, following a sharp decline in quarterly profit. Elsewhere, Leejam Sports Company dived 10% - to its daily maximum limit - after reporting about a 25% drop in first-quarter profit. Dubai's main share index declined 0.3%, with blue-chip developer Emaar Properties losing 1.5%. In Abu Dhabi, the index eased 0.1%. The Fed will announce its policy decision later in the day. Expectations for cuts were dialled down after relatively solid U.S. labour data last week. Markets imply nearly no chance of a move on Wednesday and only a 33% chance of a cut in June, down from 64% a month ago. The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar. The Qatari index was down 0.1%, with Qatar Islamic Bank losing 1.4%. Meanwhile, U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war disrupting the global economy. Outside the Gulf, Egypt's blue-chip index declined 1.4%, as most of its constituents were in negative territory, including Commercial International Bank, which was down 2.3%. Egypt's non-oil private sector economy contracted further in April after a decline in domestic and foreign demand caused new orders and output to fall for a second month, according to a survey released on Tuesday. SAUDI ARABIA fell 0.3% to 11,399 Abu Dhabi down 0.1% to 9,611 Dubai lost 0.3% to 5,338 QATAR eased 0.1% to 10,479 EGYPT down 1.4% to 31,840 BAHRAIN added 0.2% to 1,912 OMAN rose 0.3% to 4,353 KUWAIT added 0.4% to 8,666 (Reporting by Ateeq Shariff in Bengaluru; Editing by Shreya Biswas)
