ADX:BILDCO

4 stories mentioning ADX:BILDCOUpdated 37d ago

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UAE Indices Diverge as US-Iran Hold Indirect Talks

Stocks in the United Arab Emirates struggled to find direction on Wednesday as markets await the outcome of indirect technical talks between the US and Iran taking place in Qatar.At the close of trading, the FTSE ADX General Index declined 0.16%, while the DFM General Index added 0.915%.US envoys Jared Kushner and Steve Witkoff met Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani on Tuesday to discuss the ongoing situation with Iran. Iran, however, said it will not meet the US delegates but is engaged with Qatari mediators.Oil prices dropped slightly as markets remained optimistic that both countries would work out a deal to reopen the Strait of Hormuz and that oil flows through the waterway could return to pre-war levels. Brent crude oil futures stood at nearly $72.383 per barrel as of 3:17 pm UAE time, down 0.78% from the previous day."Oil prices came under further pressure yesterday, leaving ICE Brent to close out its weakest quarter since 2020, dragged down by growing confidence that Persian Gulf crude flows are on the mend," ING analysts said. "The oil market continues to take an optimistic view on a supply recovery from the Persian Gulf, despite recent flare-ups between the US and Iran. Indirect talks in Doha this week have reportedly been positive."Zooming in at home, UAE President Sheikh Mohamed bin Zayed Al Nahyan met with his Chadian counterpart, Mahamat Idriss Déby Itno, to discuss their comprehensive economic partnership agreement and bolster their bilateral ties in the economy, trade, and renewable energy sectors.Over to corporates, Abu Dhabi National Co. for Building Materials (ADX:BILDCO), d/b/a Bildco, agreed to buy a 50% stake in AG Group, an integrated business group based in Dubai. The building materials company's stocks closed the session 1.21% in the green.Emirates NBD (DFM:EMIRATESNBD) shares closed 1.56% higher as it signed a memorandum of understanding with Alba Cars to offer short-term automotive financing services to local dealers and partners.

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Asia Markets46d ago

Emirati Shares Begin New Week Upbeat; US-Iran Peace Talks Progress

United Arab Emirates stocks closed higher on the first trading day of the week, buoyed by progress in peace talks and easing tensions between the US and Iran.At the close of Monday trading, the FTSE ADX General Index was up 0.189%, while the DFM General Index added 0.324%.The US and Iran concluded their first round of talks mediated by Pakistan and Qatar in Switzerland. Both countries agreed to a 60-day roadmap towards reaching a final deal, the establishment of a direct communication line to safeguard commercial vessels passing through the Strait of Hormuz, and a mechanism to end military operations in Lebanon."While the market is pricing a reopening of the Strait, risks remain to oil supply related to the negotiations. If the negotiations around nuclear materials and operations are unsuccessful, there is no guarantee that the Strait will remain open. Further conflict in Lebanon between Israel and Hezbollah could also derail the negotiations," Berenberg said.Back at home, Abu Dhabi Registration Authority logged a 21% year-over-year growth in new economic licenses in the first quarter despite the ongoing regional developments in the Middle East.On the corporate front, Abu Dhabi National Co. for Building Materials (ADX:BILDCO), d/b/a Bildco, closed the session 0.57% in the red. The building materials company appointed Woods Bagot as the lead master planning consultant for its sustainable urban development project in Abu Dhabi.On the other hand, pure-play real estate investment trust Dubai Residential REIT (DFM:DUBAIRESI) secured inclusion in the FTSE EPRA Nareit Emerging Index following a recent review by FTSE Russell. Its shares ended the session unchanged.

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Asia Markets78d ago

UAE Stocks Blink Green on US-Iran Deal Optimism

Stock trading in the United Arab Emirates closed higher on Thursday as prospects of a deal between the US and Iran boosted market sentiment.At the close of trading, the FTSE ADX General Index gained 0.399%, while the DFM General Index was up 0.60%.According to reports by multiple media outlets, Iran is reviewing a new US proposal aimed at ending the conflict in the Middle East. US President Donald Trump said he could wait a few days to get the right answers from Iran and threatened escalation in case a deal is not reached."For the second time this May, markets are trying to trade a US-Iran peace deal after President Trump said negotiations were in their 'final stages'. Conviction is lower this time. Rhetoric from both sides remains belligerent, and markets are more hesitant to chase optimistic headlines after earlier disappointments," ING said.Closer to home, the UAE's new oil pipeline meant to bypass the Strait of Hormuz reached 50% completion, but full oil flows are not expected to return before the first or second quarter of 2027, Reuters reported, citing UAE Minister of Industry and Advanced Technology and Abu Dhabi National Oil Co., or Adnoc's, head Sultan Ahmed Al Jaber.Over to corporates, Abu Dhabi National Co. for Building Materials (ADX:BILDCO) d/b/a Bildco, intends to launch an integrated logistics hub and a collection and operations center in Oman. Shares of the building materials company closed the session flat.Elsewhere, Dubai Investments (DFM:DIC) unit Globalpharma signed seven strategic memoranda of understanding with different companies to bolster its capabilities across product development, manufacturing, financing, and sustainable operations. Its stocks closed the session 0.55% higher.

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Asia Markets109d ago

UAE Indices Close Lower as Geopolitical Jitters Resurface

Emirati equities began the new trading week in the red as renewed tensions between the US and Iran over the blockade of the Strait of Hormuz dampened investor sentiment.At the close of Monday trading, the FTSE ADX General Index lost 0.799%, while the DFM General Index declined 2.093%.The latest developments related to the Middle East conflict diminished hopes of a resolution after the US seized an Iranian cargo vessel. Iran responded by saying that it does not plan to pursue further peace talks with the US.Meanwhile, US President Donald Trump said in a social media post that they are offering Iran a "fair and reasonable" deal and threatened to strike its energy infrastructure if they do not accept it."In terms of the immediate focus, the question is whether investors will receive further positive news on renewed peace talks in Pakistan, or whether both sides will talk tough and potentially act tougher ahead of tomorrow's deadline on the two-week ceasefire. Today's benchmark of any progress will probably be whether Iran sends any negotiators to peace talks, now that US representatives are already on their way there. The mood music of markets is one of concern, but one that sees progress towards a resolution," ING said.Zooming in at home, ADGM, Abu Dhabi's international financial center, and Futian District People's Government of Shenzhen partnered to boost collaboration in financial services, talent development, and artificial intelligence, as well as enhance cross-border engagement.On the corporate side, Abu Dhabi National Co. for Building Materials (ADX:BILDCO), d/b/a Bildco, said that its operational and industrial activities faced no material disruption amid the ongoing tensions in the Middle East. Shares of the building materials company closed the session 14.48% in the green.Al Ramz Corp. Investment and Development (DFM:ALRAMZ) launched the initial public offering of the Horizons GCC Sukuks Fund and the Fortitude GCC Equity Fund. The investment company's shares closed flat when it last traded on April 17.

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