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Asia Markets

Dubai, Abu Dhabi Stocks Gain on Optimism Over US-Iran Talks

Shares trading in the United Arab Emirates closed in the green on Tuesday as prospects of potential talks between the US and Iran boosted sentiment.At the close of trading, the FTSE ADX General Index was up 1.248%, while the DFM General Index gained 0.619%.Oil prices dropped on hopes of US-Iran diplomacy at the UN General Assembly this week. Brent crude oil futures were trading at nearly $98.28 per barrel as of 3:39 pm UAE time, down 2.05% from the previous day."Brent fell back beneath $100/bbl yesterday for the first time in nine trading sessions before closing at $100.34/bbl. In part, that followed more positive headlines over the weekend, including comments from President Trump to Fox News that he would be open to meeting Iran's President at the UN this week. So that raised hopes about some kind of deal between the two sides, and it helped drive a big reduction in energy prices across the board," Deutsche Bank Research said in a note.Meanwhile, The Wall Street Journal reported that US President Donald Trump's administration proposed a $5 billion investment in a new fund that aims to rebuild war-damaged energy infrastructure across the Middle East and curb the region's reliance on the Strait of Hormuz.Back home and on the corporate front, Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, confirmed completion of all conditions of Abu Dhabi Developmental Holding Co.'s voluntary cash offer for the company, with settlement expected on Friday. Abu Dhabi Ports closed the session 1.15% in the green.Emirates Central Cooling Systems (DFM:EMPOWER), d/b/a Empower's, board decided to pay an unchanged interim cash dividend of 0.04375 Emirati dirham per share for the first half of 2026. Shares of the Dubai-listed cooling services company ended 0.64% higher.

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Asia Markets

UAE Stocks Close Mixed as US Fed Rate Move Takes Spotlight

Markets in the United Arab Emirates split directions on Wednesday as global investors turn their attention to the US Federal Reserve's interest rate decision later in the day.At the close of trading, the FTSE ADX General Index was down 0.219%, while the DFM General Index gained 0.663%."We now expect the Fed to tighten monetary policy with a 25bp rate hike in September and a dot plot that signals one additional 25bp increase by year-end, taking the funds rate to 4.0-4.25%. The key rationale is that while inflation continues to decelerate, the pace of disinflation has been slower and less convincing than the Committee likely requires, with recent upside surprises reflecting a combination of second-round effects from higher energy prices and continued demand strength tied to AI-related investment," Morgan Stanley said in a note.Over to geopolitics, shipping through the Strait of Hormuz remained depressed and in single digits, as only four vessels were able to transit the waterway on Tuesday, Reuters reported, citing preliminary shipping data.​Zooming in at home, an Emirati delegation led by the Abu Dhabi Chamber of Commerce and Industry, or ADDCI, will visit the Republic of Korea to bolster its special strategic partnership and explore new opportunities for cooperation in the water, healthcare, education, artificial intelligence, and space technologies sectors.​On the corporate side, Abu Dhabi Developmental Holding Co. secured acceptances for more than 23.08% of the Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group's, shares under its voluntary cash offer, boosting its total stake in the company to above 98.5%. AD Ports Group shares were 0.66% higher at closing.Emirates NBD (DFM:EMIRATESNBD) issued a short-term digital revolving term loan facility to Cars24 Arabia to support its growth and expansion in the UAE. Shares of the Emirati lender closed the session 0.84% in the green.

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Research

JPMorgan Downgrades AD Ports Group to Neutral, Lowers PT

JPMorgan on Monday downgraded port and industrial zones developer Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, to neutral from overweight and decreased its price target to 6.25 Emirati dirhams from 6.60 dirhams.

ADX:ADPORTS
Asia Markets

Emirati Shares Close Mixed as Investors Assess US Fed Meeting Minutes

United Arab Emirates' two benchmark indices diverged on Thursday as investors digested minutes of the US Federal Reserve's latest policy meeting, weighing signals on future rate cuts.At the close of trading, the FTSE ADX General Index was up 0.694%, while the DFM General Index was little changed at 0.04% in the red."The minutes to the July Federal Reserve FOMC policy meeting lean a touch hawkishly, but that was to be expected given three officials had dissented. Beth Hammack, Lorie Logan and Neel Kashkari had all voted for an immediate 25bp interest rate increase, while nine other committee members voted to hold the fed funds range at 3.5-3.75%," ING said. "The minutes showed 'several participants' favoured a rate hike and 'many' assessed that rate hikes would likely be needed if inflation didn't decline. In the end though 'most' supported holding rates steady."Over to geopolitics, US President Donald Trump said in a social media post that he would intensify economic pressure on Iran and also vowed "tremendous" economic consequences against countries supporting or trading with the Middle Eastern country.The latest comments from Trump also put upward pressure on oil prices, which extended gains for a fifth consecutive day. As of 03:43 pm UAE time, Brent crude oil futures were trading at nearly $94.262 per barrel, up 2.88% from the previous day.Back home and on the corporate side, Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, shares closed the session flat. The port and industrial zones developer announced that Abu Dhabi Developmental Holding Co., d/b/a ADQ, appointed International Securities LLC as the co-manager of its voluntary conditional cash offer for the company.Dubai Islamic Bank (DFM:DIB) launched a new off-plan home finance proposition, offering customers Sharia-compliant financing of up to 50% of the property value being purchased from developers in the country. Shares of the Emirati lender were up 0.95% at closing.

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Asia Markets

Emirati Equities Diverge Amid Uncertainty Over US-Iran Deal

Shares trading in the United Arab Emirates began the week mixed as investors assess rising concerns over regional supply disruptions and growing uncertainty over a potential deal between the US and Iran.At the close of trading, the FTSE ADX General Index gained 0.293%%, while the DFM General Index fell 0.501%.Following the end of the 60-day deadline under the June memorandum of understanding, the US and Iran remain no closer to permanently ending the war than, having failed to reach an agreement over the Strait of Hormuz or Tehran's nuclear program."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal," ING said. As of 3:45 pm UAE time, the Brent crude oil futures stood at nearly $89.322 per barrel, up 0.91% from the previous day.As part of the attacks on the Strait of Hormuz, Abu Dhabi National Oil Co., or Adnoc, confirmed that one of its vessels was attacked on the evening of Aug. 14, but it did not result in any injuries.Back home, the UAE completed trade worth 304.3 billion Emirati dirhams in the first half with countries with which it has implemented comprehensive economic partnership agreements. The country signed 38 such deals, with Canada and Ukraine agreeing to join its network of trading partners in July.On the corporate front, Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, received a potential takeover offer from Abu Dhabi Developmental Holding Co., a subsidiary of L'imad Holding, to acquire the port and industrial zones developer's entire issued and paid-up share capital. AD Ports' shares closed the session 14.9% in the green.Over in Dubai, Al Sagr National Insurance (DFM:ASNIC) reported a wider loss for the first half, while Agility Public Warehousing Co. (DFM:MKHZN), d/b/a Makhazen, logged a decrease in its attributable loss for the six months ended June 30. Al Sagr closed the session flat.

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AD Ports Shares Soar as Sovereign Wealth Fund L'imad Moves to Acquire Remaining Stake
US Markets

AD Ports Shares Soar as Sovereign Wealth Fund L'imad Moves to Acquire Remaining Stake

Shares in Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, rose sharply on Monday after its majority owner launched an offer to acquire the remaining stake in the port and industrial zones developer.Abu Dhabi Developmental Holding, a subsidiary of the emirate's sovereign wealth fund L'imad Holding, is offering to buy out the minority shareholders at 6.25 Emirati dirhams per share. It currently holds a 75.42% stake in AD Ports.The offer price represents a 23% premium to AD Ports' Aug. 14 closing price of 5.10 dirhams and a 25% premium to its one-month volume weighted average price of 5.02 dirhams.The news sent AD Ports soaring, with the stock up nearly 15% in early trading in Abu Dhabi."L'imad expects AD Ports' growth journey to be complex, capital intensive and long-term in nature, requiring the company to contemplate equity raises and/or further burdening its balance sheet, which may not align with the short to medium-term expectations of public market investors," Abu Dhabi Developmental said in the offer document.The offeror added that the potential deal would give shareholders "a compelling liquidity opportunity to monetise their full investment immediately," citing the port operator's "recently announced transactions and resulting elevated financial leverage levels" as limiting its capacity to pay dividends to shareholders."To continue supporting AD Ports' growth in this increasingly challenging and capital-intensive environment, L'imad believes that acquiring the remaining shares in AD Ports will enable the company to pursue its long-term strategic objectives more effectively," the offeror said.

ADX:ADPORTS
Asia Markets

UAE Shares Close Week Diverged; AD Ports Group Blinks Red

Markets in the United Arab Emirates concluded the trading week on both sides of the line as investors brushed aside geopolitical and oil concerns to focus on the latest corporate earnings reports from the region.At the close of Friday trading, the FTSE ADX General Index was little changed at 0.024% in the green, while the DFM General Index shed 0.376%.As the corporate earnings season draws to a close, Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, and Orascom Construction (ADX:ORAS) reported higher attributable profits for the first six months. Al Ansari Financial Services (DFM:ALANSARI), on the other hand, logged a 28.7% year-on-year decline in post-tax net profit amid the ongoing geopolitical tensions and market volatility.AD Ports and Al Ansari Financial Services ended the session 2.49% and 0.31% lower, respectively, while Orascom Construction gained 1.79%.Over to geopolitics, state-owned oil company Abu Dhabi National Oil Co., or Adnoc, confirmed attacks on two of its vessels navigating the Strait of Hormuz. The strikes, however, did not result in any injuries.Oil prices extended gains on Friday as Brent crude oil futures were trading at nearly $87.32 per barrel, up 0.29% from the previous day at 3:13 pm UAE time amid no signs of resumption of shipping flows through the Strait of Hormuz. Meanwhile, multiple media outlets also reported drone attacks on Aramco's refinery in Saudi Arabia."Brent did rise from its intraday low of $85.85/bbl after the Houthi-run Saba news agency reported that the Houthis were targeting the Aramco refinery in the Jizan region. And earlier on in the session, Iran's state-run IRIB cited a joint military command spokesman, who said that no ship could safely transit the Strait of Hormuz without approval," Deutsche Bank Research said. "But overall, in the absence of material news, some of recent run up in geopolitical risk premium was taken out of oil markets, not least given the sizeable recent shipping via Hormuz by shuttle transfers and ships operating without transponders."On the economic calendar next week is the release of the US Federal Open Market Committee's July meeting, where it opted to keep interest rates steady in the 3.50% to 3.75% range. The minutes are expected to deliver insights into the US Federal Reserve's stance on future monetary policy.

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AD Ports Shows 'Resilience' as First-half Profit, Revenue Climb Amid Geopolitical Challenges
US Markets

AD Ports Shows 'Resilience' as First-half Profit, Revenue Climb Amid Geopolitical Challenges

Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, said Friday it delivered a "strong performance" in the first half, with high-double-digit growth in profit and revenue, despite the challenging and volatile geopolitical and macroeconomic conditions.The state-owned port and industrial zones developer's attributable net profit for the six months ended June 30 jumped 64% year over year to 1.09 billion Emirati dirhams, while revenue was up 36% at 12.83 billion dirhams.The results confirm "the resilience of its diversified and integrated trade ecosystem amidst a challenging and volatile geopolitical and macroeconomic backdrop marked by conflict in and around the Strait of Hormuz," the company said in its earnings release.Amid disruptions across the Strait of Hormuz, the company said it tapped alternative multimodal trade routes and operations across the United Arab Emirates to minimize the impact on its customers.The measures included rerouting cargo operations and feeder services to ports located outside the strait, deploying new land and air routes, and establishing additional warehousing and storage facilities."The Group's operating presence across the entire supply chain, substantial landlord business model component in its domestic market, and operational flexibility have been instrumental in mitigating the negative effects of regional disruptions on its UAE operations, while proving critical in turning risks into differentiated opportunities, especially in the shipping business," the company added.AD Ports' stock was more than 1% in the red during early trading in Abu Dhabi.

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Asia Markets

Emirati Equities Diverge as Oil Prices Fall on Hormuz Flow Optimism

United Arab Emirates equities struggled to find direction on Wednesday as oil prices continued to trade lower amid hopes that shipping through the Strait of Hormuz would normalize soon.At the close of trading, the FTSE ADX General Index lost 0.312%, while the DFM General Index was up 0.116%."Oil prices continue to move lower as flows from the Persian Gulf start to recover. Price action suggests the market is assuming a rapid recovery in traffic through the Strait of Hormuz," ING said. "Vessel crossings increased in recent days, although they remain well below pre-war levels. Estimates suggest that roughly 6-7m b/d of oil moved through the strait in recent days, which is still far below pre-war flows of around 20m b/d. However, with pipeline diversions for Saudi Arabia and the UAE, we only need to see oil flows through the strait return to around 14m b/d for oil supply from the Persian Gulf to return to pre-war levels."On the economic calendar this week is the release of the US personal consumption expenditures price index data for May on Thursday. The data is the Federal Reserve's preferred measure of inflation and will provide investors with clues on future monetary policies.Back home, Abu Dhabi's Department of Health partnered with Biocom California to enhance connectivity between researchers, investors, and entrepreneurs and boost the growth of life sciences activities across both regions.Turning to corporate news, shares of Abu Dhabi Ports Co. (ADX:ADPORTS), d/b/a AD Ports Group, closed the session 1.03% in the red. The port and industrial zones developer boosted its equity stake in Global Feeder Shipping to 81%.Dubai-listed Etihad Energy (DFM:ETIHADENERGY) commenced the front-end engineering design process for its refinery development project in Fujairah, which aims to process naphtha into Euro 5-compliant gasoline. Shares of the maritime and shipping company closed the session 0.66% higher.

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Asia Markets

UAE Shares Slide Ahead of US Fed Meeting Minutes

Emirati Equities slipped back into negative territory as markets await the release of the Federal Open Market Committee meeting minutes later in the day.At the close of Wednesday trading, the FTSE ADX General Index was down 0.521%, while the DFM General Index declined 0.618%.On the economic calendar today are the closely watched minutes from the FOMC's meeting in April, where the committee voted to keep the interest rates steady in the 3.50% to 3.75% range due to high inflation and energy prices, driven by ongoing developments in the Middle East. The minutes will provide investors with insights into the US Federal Reserve's stance on future monetary policies."Another event to watch today is the release of April's FOMC minutes, which will shed more light on the reasoning for the three dissenters who preferred a less dovish message. Any hints that went as far as adding rate hikes to the discussion could underpin the recent hawkish repricing and add support for the dollar," analysts at ING said.On the geopolitical front, Iran threatened to extend the war beyond the Middle East if the US resumes its attacks. Earlier, US President Donald Trump said that he had been an hour away from relaunching strikes before postponing them at the request of Gulf countries.Back home and on the corporate side, FAB Securities reiterated Abu Dhabi Ports Co. (ADX:ADPORTS), d/b/a AD Ports Group, buy rating and its price target of 7.35 Emirati dirhams after the port and industrial zones developer's first-quarter attributable net profit exceeded the financial services firm's expectations. Its shares closed 0.45% higher.Dubai-listed Gulf Navigation (DFM:GULFNAV) returned to profit in the first quarter, while revenue rose year over year. Shares of the maritime and shipping company were 3.26% in the green at the time of closing.

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Asia Markets

Emirati Equities Close Mixed as US Inflation Takes Spotlight

United Arab Emirates indices failed to find direction on Wednesday as higher-than-expected US inflation data, driven by higher energy prices due to the continued closure of the Strait of Hormuz, weighed on sentiment.At the close of trading, the FTSE ADX General Index was little changed at 0.06% in the green, while the DFM General Index declined 0.41%."Tuesday saw headline US CPI inflation come in at 3.8% year-on-year for April. It was 2.4% before the war. That's a 140bp uplift, and it's not done. As it is, we're set to hit 4% in May. Core hits 3% down the line. A persistence to the war and we risk adding to that. Getting to 5% inflation is quite probable if it goes on and on. From here, we likely have another week of waiting and watching the war given the China summit distraction, with the Strait remaining shut tight," ING said.On the geopolitical front, US President Donald Trump, ahead of his visit to China, said he does not need China's assistance to end its conflict with Iran and that the war will be won "peacefully or otherwise," Reuters reported Tuesday."The Iran war is likely to be discussed between the two leaders, but we do not expect any changes in China's approach to the war. Trump goes to Beijing with few cards on the hand and to avoid a further loss of face in the war, Trump might not push for any concessions that China is unlikely to give," Danske Bank said in a note. "However, Xi will likely repeat the words by China's Foreign Minister that China is willing to play a 'greater role in restoring peace'.Zooming in at home, the corporate side of the region saw another wave of earnings reports. Abu Dhabi National Oil Co. For Distribution (ADX:ADNOCDIST), d/b/a Adnoc Distribution, and Abu Dhabi Ports Co. (ADX:ADPORTS), d/b/a AD Ports Group, both logged higher attributable profits for the first quarter and closed 1.32% and 0.46% in the green, respectively.In Dubai, stocks of Dubai Refreshment (DFM:DRC) closed flat, while United Foods Co. (DFM:UFC) ended 0.15% higher. Both Dubai-listed consumer goods companies recorded higher profits for the three months ended March 31.

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Research

JPMorgan Lowers AD Ports Group PT, Keeps Neutral Rating

JPMorgan on Thursday reduced its price target for port and industrial zones developer Abu Dhabi Ports (ADX:ADPORTS), d/b/a AD Ports Group, to 6.00 Emirati dirhams from 7.00 dirhams, with an unchanged neutral rating.

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