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Equities

BofA Updates Adnoc Drilling Price Objective, Estimates Amid UAE's Planned Oil Production Boost

BofA Global Research revised its price objective and estimates for Adnoc Drilling (ADX:ADNOCDRILL) amid the United Arab Emirates' plans to increase its oil production capacity following its exit from the Organization of the Petroleum Exporting Countries and OPEC+."Amid the recent increase in activity across the UAE energy sector, ADNOC Drilling stands out as the only company providing drilling services to ADNOC across both onshore and offshore oil and gas development. Beyond its growth profile, the company offers a high degree of earnings resilience through its long-term, IRR-linked, take-or-pay contracts with ADNOC, a strength that has been demonstrated during periods of regional conflict and uncertainty," the research firm said in a MENA Oil and Gas & Utilities report published Wednesday."We see three key near-term catalysts for the stock: (1) Final Investment Decision (FID) on the second phase of ADNOC's unconventional resource development, (2) the addition of new rigs to support ADNOC's production increase, and (3) potential dividend increases driven by growing free cash flow generation."The price objective was raised to 7.2 Emirati dirhams from 6.9 dirhams, while the stock's buy rating was retained.Meanwhile, the EBITDA estimate for 2026 was lifted by 2.4%, while that for 2027 was reduced by 2.2%, as analysts took into account Adnoc Drilling's second-quarter 2026 results and management's updated expectations for 2027.

ADX:ADNOCDRILL
Asia Markets

UAE Shares Begin New Week in Green; US to Impose New Economic Sanctions on Iran

Stocks in the United Arab Emirates closed Monday in the green territory as investors brushed aside concerns about the US plans to impose new economic sanctions on Iran.At the close of trading, the FTSE ADX General Index gained 0.438%, while the DFM General Index was up 0.154%.US Treasury Secretary Scott Bessent said that the US will impose new sanctions on Iran, to be announced in a press conference on Monday. The news follows US President Donald Trump's threats last week to ramp up economic pressure on the Middle Eastern country and its trading partners."The measures have been described by the US Treasury Secretary Scott Bessent as an 'Economic D-Day', while Iran has warned that no oil will flow from the Gulf if the 'economic war' continues. Although direct military strikes have eased in recent weeks, the lack of meaningful negotiations means the prospects for any deal are slim in the short term," Danske Bank commented.On the economic calendar this week is the release of the personal consumption expenditures price index for July, the US Fed's preferred inflation gauge, on Wednesday.Closer to home, the UAE and Egypt agreed to hold specialized technical meetings to explore areas of collaboration for the latter's targeted onshore and offshore well-drilling program. The strategic partnership was discussed between Adnoc Drilling Co. (ADX:ADNOCDRILL) Chief Executive Officer Abdullah Ateya Al Messabi and Egyptian Minister of Petroleum and Mineral Resources Karim Badawi. Adnoc Drilling lost 0.16% at closing.On the corporate side, the National Bank of Ras Al-Khaimah (ADX:RAKBANK), d/b/a Rakbank, launched a new offering for customers, enabling them to access Bitcoin and execute transactions with their current and savings accounts through the bank's Rakbank Islamic platform. Shares of the Emirati lender closed the session 0.43% higher.Al Ansari Financial Services (DFM:ALANSARI) unit Al Ansari Exchange partnered with Dubai's Roads and Transport Authority to launch nol travel cards for cashless payments across Dubai's public transport network. Al Ansari Financial Services shares were flat at closing.

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Asia Markets

Emirati Indices End Week Mixed as US Vows Economic Pressure on Iran

Stock trading in the United Arab Emirates struggled to find direction on Friday as Abu Dhabi's FTSE ADX General Index declined 0.707%, while Dubai's DFM General Index gained 0.291% at closing.Following US President Donald Trump's threats to intensify economic pressure on Iran and nations that continue to do business with the Middle Eastern country, US Treasury Secretary Scott Bessent said that the details of these US measures would be revealed next week.Meanwhile, Iranian military Chief Ali Abdollahi said that any response to military threats would be "crushing" and "devastating.""In his CNBC interview yesterday, Bessent also said that oil markets were 'misinterpreting' what this economic pressure means, and that he would hold a press conference on Monday to discuss the next steps. With lingering questions of whether the US could target countries economically supporting Iran, China's Foreign Ministry spokesman said 'sanctions and pressure will not help resolve the issue,'" Deutsche Bank Research commented.Zooming in at home, Abu Dhabi Securities Exchange recorded a 99% compliance rate for listed companies' audited financial statements disclosures for the first half. The bourse also reported a 38% year-over-year growth in aggregate profits of these listed companies for the period.Over to corporates, Borouge (ADX:BOROUGE) approved an unchanged interim dividend of 0.081 Emirati dirham per share for the first half of 2026, bringing the total amount of dividends paid to $4.9 billion since its IPO in June 2022. The petrochemicals company closed the session flat.Elsewhere, Al Ramz Capital (DFM:ALRAMZ) renewed its liquidity provision agreement with Adnoc Drilling (ADX:ADNOCDRILL). Al Ramz Capital shares were flat on the Dubai Financial Market, while Adnoc Drilling gained 0.16% on the Abu Dhabi bourse at closing.

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Equities

Adnoc Drilling Renews Al Ramz Capital as Liquidity Provider

Adnoc Drilling (ADX:ADNOCDRILL) renewed Al Ramz Capital's (DFM:ALRAMZ) appointment as a liquidity provider for its shares for one year.Al Ramz Capital will continue to independently trade the offshore drilling company's stock on the Abu Dhabi Securities Exchange under defined parameters, according to a Friday release.

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Asia Markets

UAE Stocks Closed Mixed Amid Central Bank Rate Hold

Stock trading in the United Arab Emirates closed on both sides of the spectrum on Thursday, with the FTSE ADX General Index adding 0.399% and the DFM General Index little changed at 0.08% in the red at the close of trading.The UAE Central Bank on Wednesday kept the base rate applicable to the overnight deposit facility unchanged at 3.65%, while also maintaining the interest rate applicable to borrowing short-term liquidity at 50 basis points above the base rate for all standing credit facilities.The financial regulator's decision was in line with the US Fed's move to keep the federal funds rate steady, as the Emirati dirham is pegged to the US dollar."The Federal Open Market Committee (FOMC) voted 9 to 3 to keep the federal funds rate at 3.50% to 3.75%. President Warsh struck a hawkish tone by repeatedly emphasising that inflation had remained above two per cent for too long. However, he was not among the three FOMC members who voted in favour of a 25bp increase," Berenberg said. "We reiterate our call that if tensions in the Middle East ease, as we anticipate in our base case scenario, the Fed will not need to increase its key interest rate. However, under Warsh, the risk of a surprise has increased significantly."Meanwhile, geopolitical risks remained in focus as the US Central Command launched another round of strikes on Islamic Revolutionary Guard Corps' command centers, missile and drone facilities, and defense sites in Iran in response to the latter's ballistic missile strikes on US forces in the Middle East.Back home, the UAE Capital Market Authority's board approved the removal of 15 fees to reduce costs and enhance regulatory services provided to licensed companies and individuals operating in capital markets.Over to corporates, Adnoc Drilling (ADX:ADNOCDRILL) logged a higher first-half attributable profit of $701.9 million, backed by a 4% year-over-year revenue growth, but closed the session flat. NMDC Group's (ADX:NMDC) attributable profit for the period fell 5%, with its stocks managing to close the session 3.23% in the green.Dubai-listed Tecom Group's (DFM:TECOM) profit and revenue for the six months ended June 30 jumped 9% and 11% respectively, due to higher occupancy and improved rental rates. Shares of the business district developer gained 1.80% at the time of closing.

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Equities

Adnoc Drilling Books Higher H1 Attributable Profit, Revenue

Adnoc Drilling (ADX:ADNOCDRILL) said Thursday its attributable profit and revenue in the first half rose year over year.Profit attributable to owners for the six months ended June 30 was $701.9 million, compared with $691.9 million a year ago. EPS moved to $0.0439 from $0.0433.The Abu Dhabi-listed offshore drilling company's revenue was $2.46 billion, compared with $2.37 billion earlier.Meanwhile, the board approved a cash dividend of 0.06 dirham per share for the second quarter, which is expected to be paid in the second half of August to shareholders on record Aug. 10. It paid 0.05 dirham a year ago.For the full year 2026, the group reaffirmed its guidance for revenue of $5 billion and net profit between $1.45 billion and $1.50 billion.

ADX:ADNOCDRILL
Adnoc Greenlights $6.2 Billion Gas Project to Bolster UAE's LNG Exports
US Markets

Adnoc Greenlights $6.2 Billion Gas Project to Bolster UAE's LNG Exports

Abu Dhabi National Oil Co., d/b/a Adnoc, approved a $6.2 billion final investment decision for the Umm Shaif Gas Cap project in offshore Abu Dhabi, marking a major step in expanding the United Arab Emirates' natural gas production and liquefied natural gas export capacity.The state-owned oil and gas giant announced the decision on Tuesday alongside project partners TotalEnergies (TTE.PA, TTE.L), Eni (ENI.MI) and China National Petroleum Corp.The project is expected to produce over 600 million standard cubic feet per day of natural gas and associated gas liquids, equivalent to about 10% of the UAE's current daily gas consumption. Production is scheduled to commence in 2030.Adnoc will award three engineering, procurement and construction packages totaling $5.1 billion to local and international contractors under the project. Adnoc's majority-owned Adnoc Drilling (ADX:ADNOCDRILL) will also handle a $365 million 14-well drilling and integrated drilling services program over 18 months using three existing rigs."As global demand for reliable, lower-carbon energy continues to grow, ADNOC is unlocking more of the nation's gas resources and expanding its liquefied natural gas (LNG) portfolio to meet the needs of its domestic and international customers and power industrial and artificial intelligence (AI) infrastructure growth," the company said.The Umm Shaif field, part of Adnoc's Umm Shaif and Nasr concession, has been operational for more than six decades. The first well at the offshore field was drilled in 1958.Shares in TotalEnergies were up more than 1% in early morning trading in Paris and London, while Eni shares edged higher in Milan.

ADX:ADNOCDRILL$ENI.MI$TTE.L$TTE.PA
Commodities

Adnoc, Partners Take $6 Billion Final Investment Decision for Abu Dhabi Gas Project

Abu Dhabi National Oil Co., d/b/a Adnoc, and partners made a $6.2 billion final investment decision to develop the Umm Shaif Gas Cap project in Abu Dhabi, United Arab Emirates, according to a Tuesday release.With production expected to start in 2030, the project will produce over 600 million standard cubic feet per day of natural gas and associated gas liquids.Adnoc's international partners in the project are TotalEnergies (TTE.PA, TTE.L), Eni (ENI.MI) and China National Petroleum Corp.Under the project, Adnoc will award three engineering, procurement and construction packages of $5.1 billion to local and international contractors. Adnoc Drilling (ADX:ADNOCDRILL) will also handle a $365 million 14-well drilling and integrated drilling services program over 18 months using three existing rigs.

ADX:ADNOCDRILL$ENI.MI$TTE.L$TTE.PA
Equities

Abu Dhabi Securities Exchange Adds Six Single Stock Futures to Derivatives Market

The Abu Dhabi Securities Exchange Group said it listed six new single stock futures, expanding its derivatives offering to 17 futures and 50 contracts.The new futures are linked to Adnoc Gas (ADX:ADNOCGAS), Adnoc Drilling (ADX:ADNOCDRILL), Adnoc Logistics & Services (ADX:ADNOCLS), Presight AI (ADX:PRESIGHT), Sharjah Islamic Bank (ADX:SIB), and Two Point Zero Group (ADX:2POINTZERO), according to a release dated Monday and filed with the exchange Tuesday.The stock exchange operator will also remove daily price limits on its exchange-traded funds and futures contracts, effective Aug. 3.

ADX:2POINTZEROADX:ADNOCDRILLADX:ADNOCGASADX:ADNOCLSADX:PRESIGHTADX:SIB
Equities

Adnoc Drilling Delivers First AI-enabled Rig to Adnoc Offshore

Adnoc Drilling (ADX:ADNOCDRILL) delivered an AI-enabled, fully automated walking island rig to Adnoc Offshore, according to a Thursday release.The AD-300 rig, which can be connected to the power grid, is the first of six next-generation units to be deployed under a $1.54 billion drilling services contract awarded by Adnoc Offshore.

ADX:ADNOCDRILL
Equities

Adnoc Drilling Price Target Rises as FAB Securities Notes Q1 Results

Adnoc Drilling's (ADX:ADNOCDRILL) oil field services growth and regional expansion powered operations in the first quarter, FAB Securities said, raising its price target for the offshore drilling company."The company maintained operational resilience in 1Q26 despite regional tensions, owing to long-term contracts that protected the business," analysts said Tuesday. "Looking ahead, management remains constructive on the outlook, supported by sustained drilling activity, continued [oil field services] expansion, attractive regional growth opportunities, and the two island rigs to begin operation in 2H26."For the three months ended March 31, net profit attributable to equity shareholders edged up 1.1% year over year to $345 million, matching FAB's estimate of $341 million. Meanwhile, revenue climbed 5% to $1.23 billion, compared with the research firm's forecast of $1.21 billion.The stock's buy rating was reiterated with a revised price target of 7 Emirati dirhams. As of Feb. 17, the price target was 6.5 dirhams.

ADX:ADNOCDRILL
Equities

Adnoc Drilling Says Ready to Scale Up UAE Oil Production Capacity

Adnoc Drilling (ADX:ADNOCDRILL) said Tuesday it is ready to increase its oil production capacity if sought by its parent company, state-owned Abu Dhabi National Oil Co., or Adnoc.Youssef Salem, chief financial officer of the offshore drilling company, told Reuters in an interview that Adnoc Drilling can deliver "any production capacity" by 2027 beyond the current target of 5 million barrels per day.

ADX:ADNOCDRILL
Equities

BofA Upbeat on Adnoc Drilling Amid Potential Oil Production Boost in UAE; Price Objective Nudged Higher

BofA Global Research is optimistic on Adnoc Drilling (ADX:ADNOCDRILL) amid the United Arab Emirates' plans to boost its oil production capacity over the medium term."ADNOC Drilling delivered another inline quarter and reiterated its 2026E guidance despite ongoing regional conflict. However, the earnings call was dominated by questions around the company's medium-term growth outlook, particularly if UAE increases its oil production capacity to 6mb/d. While management refrained from providing explicit targets, we believe such a scenario is likely to be incorporated into 2027-31 business plan," analysts said Tuesday. "In parallel, the second phase of the unconventional is also likely to be announced in the coming months, given that progress on Phase 1 is ahead of schedule and key project risks have largely been de-risked."As such, the price objective was bumped up to 6.90 Emirati dirhams from 6.80 dirhams, with an unchanged buy rating on the stock.In terms of earnings forecasts, the research firm raised its projected EPS for the drilling company by 3% for 2026, 5% for 2027 and 4% for 2028. Sales and EBITDA estimates over the three-year period were also upwardly adjusted.

ADX:ADNOCDRILL
Asia Markets

UAE Stocks in Red as US Rejects Iran's Response to Peace Plan

Markets in the United Arab Emirates closed lower on Monday as the FTSE ADX General Index fell 0.526%, while the DFM General Index declined 1.39%.Oil prices climbed after US President Donald Trump said in a social media post that he did not like Iran's response to the US peace proposal and deemed it "totally unacceptable." According to reports, Iran's counterproposal included compensation for war damages, full sovereignty over the Strait of Hormuz, and lifting of all sanctions, among others."While optimism for an imminent deal is fading, there remains a glimmer of hope that talks between Trump and Chinese President Xi later this week could yield positive results on Iran. The hope is that China can use its influence over Iran to push it closer towards a peace deal. Clearly, this is easier said than done," ING said.As of 3:43 pm UAE time, the Brent crude oil futures stood at nearly $103.92 per barrel, up 2.60% from the previous day.On the economic front, the US Bureau of Labor Statistics will release the consumer price index report for April on Tuesday, with analysts expecting a 0.5% monthly and a 3.6% annual increase in headline inflation. Core CPI is expected to increase to 0.3% monthly and 2.6% on an annual basis.Back home and on the corporate front, Adnoc Drilling (ADX:ADNOCDRILL) recorded a 5% year-over-year growth in revenue for the first quarter, supported by increased oilfield services and offshore segment activities. Shares of the offshore drilling company closed the session 0.32% in the red.Emaar Development (DFM:EMAARDEV) and Emaar Properties (DFM:EMAAR) shed 2.11% and 1.78%, respectively, despite recording higher attributable profits. Salik (DFM:SALIK), on the other hand, lost 1.71% after its attributable profit and revenue for the period declined year over year.

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Adnoc Drilling Affirms 2026 Outlook After Record First-quarter Performance
US Markets

Adnoc Drilling Affirms 2026 Outlook After Record First-quarter Performance

Adnoc Drilling (ADX:ADNOCDRILL) said Monday it is well-placed to meet its full-year 2026 guidance, following a "best-ever" first-quarter performance.The offshore drilling company expects net profit of between $1.45 billion and $1.50 billion and revenue of $5 billion for 2026, bolstered by high utilization, expanding integrated services and multi-year contract visibility.Supporting this reiterated outlook, Adnoc Drilling's profit after tax rose year over year to $346.7 million from $340.9 million, while revenue climbed to $1.23 billion from $1.17 billion in the year-ago period. The 5% increase in revenue was underpinned by operational stability and efficiency alongside "strong" cash generation across its segments amid shifting market conditions.With free cash flow up 12% year over year to $356 million, the board recommended a cash dividend of 0.06025 Emirati dirham per share for the first quarter, subject to shareholders' approval. A year ago, the management paid 0.04976 dirham per share.While the quarterly dividend translates to $262.5 million in total, Adnoc Drilling said its 2026 dividend floor of $1.05 billion is still "well supported by strong free cash flow generation, long-term contract coverage and balance sheet strength."

ADX:ADNOCDRILL
Asia Markets

Emirati Equities Gain Amid Key Economic Data Focus; Adnoc Drilling Soars

Shares in the United Arab Emirates kicked off the week higher as the FTSE ADX General Index added 0.320%, while the DFM General Index gained 0.226% at the close of Monday trading.Investors will await the release of the UAE's S&P Global PMI data for April on Tuesday to get insights into the country's non-oil private sector activity. The metric dropped to 52.9 in March from 55 in February.On the oil front, OPEC+ agreed to raise oil output in June by 188,000 barrels per day following the UAE's exit from the group and amid supply disruptions caused by the continued closure of the Strait of Hormuz."The exit of OPEC's third-largest producer substantially weakens the organisation and raises questions over its survival as an effective cartel. As the UAE increases output outside OPEC, the group's share of global supply will decline, reducing its ability to manage prices. If the UAE successfully raises output and revenue outside the cartel, it could also undermine the value of membership for other producers with large reserves or ambitions to raise output, such as Venezuela," Oxford Economics said in a note.On the corporate side, Adnoc Drilling (ADX:ADNOCDRILL) was the Abu Dhabi bourse's most traded by value and closed the session at 9.17% in the green. The offshore drilling company concluded the purchase of an 80% stake in the drilling and oilfield services joint venture MB Petroleum Services.Dubai-listed Parkin Co. (DFM:PARKIN) secured a multi-year parking enforcement services deal from Emaar Properties (DFM:EMAAR) unit Emaar Mall Management. Parkin's stocks ended 1.54% lower while Emaar Properties closed the session 1.70% higher.On the geopolitical front, US President Donald Trump launched "Project Freedom" to guide ships and crews safely out of the Strait of Hormuz, while also adding that his representatives are having "very positive" discussions with Iran."After a volatile week, the oil market is steadier as the market digests President Trump's plan to get vessels through the Strait of Hormuz," ING said. "Reports indicate that, for now, the plan won't involve the US Navy escorting vessels. Even if this allows vessels to leave the Persian Gulf, we're likely to see little inbound traffic. This would only amount to temporary relief, as floating storage leaves the Persian Gulf.

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Equities

Adnoc Drilling Finalizes Purchase of 80% Stake in MB Petroleum Services JV

Adnoc Drilling (ADX:ADNOCDRILL) concluded the purchase of an 80% stake in drilling and oilfield services joint venture MB Petroleum Services with MB Holding Co.The deal, comprising 22 drilling and workover rigs, as well as production service units, was completed ahead of its mid-year timeline, according to a Monday release. The joint venture has operations in Oman, Kuwait, Saudi Arabia, and Bahrain.Adnoc Drilling expects the joint venture, with an enterprise value of $204 million, to be earnings, cash flow, and returns accretive.

ADX:ADNOCDRILL

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