ADX:FAB

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Abu Dhabi, Dubai Stocks End Higher; Oil Hits Six-week High as Middle East Conflict Intensifies

Markets in the United Arab Emirates closed higher as investors looked past escalating tensions in the Middle East and higher oil prices.At the close of Tuesday trading, the FTSE ADX General Index gained 0.454%, while the DFM General Index was up 0.259%.Oil prices remained above $95 per barrel, hitting a six-week high, as Iran-backed Houthis attacked energy infrastructure and cities in Saudi Arabia, resulting in more than 70 injuries. The attacks followed an exchange of strikes between the US and Iran in the Strait of Hormuz over the weekend.Brent crude oil futures stood at nearly $98.71 per barrel as of 3:50 pm UAE time, up 1.59% from the previous day.Zooming in at home, ADGM, Abu Dhabi's international financial center, recorded 54% year-over-year growth in assets under management, with the total number of active licenses reaching 13,974 in the first half."Abu Dhabi is increasingly becoming the place where all these factors converge seamlessly and meaningfully. Through ADGM, we are building on this momentum, reinforcing Abu Dhabi's position as the Capital of Capital and advancing our ambition to become among the world's top five leading international financial centres," ADGM Chairman Ahmed Jasim Al Zaabi commented.On the corporate side, First Abu Dhabi Bank (ADX:FAB) gained 0.41% at closing as it joined the UN Sustainable Blue Economy Finance Principles and established a 100 billion-Emirati-dirham blue finance target to support sustainable water infrastructure and blue economy projects by 2035.Talabat Holding (DFM:TALABAT) partnered with Singaporean deeptech company QuikBot to launch a pilot for autonomous high-rise deliveries in Dubai under a signed memorandum of understanding. Talabat closed the session flat.

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Asia Markets6d ago

Emirati Equities Extend Losses Ahead of PMI Data

Stocks in the United Arab Emirates fell for the third consecutive trading day on Wednesday, as the FTSE ADX General Index declined 0.682%, and the DFM General Index lost 0.331%.Markets await the release of the highly anticipated UAE S&P Global Purchasing Managers' Index data for August on Thursday to get insights into the country's non-oil private sector performance. The PMI rose to 52.7 in July from 50.8 in June.On the geopolitical front, the US Central Command said it attacked Islamic Revolutionary Guard Corps air defense sites, radar systems, and communications sites in response to Iran's attacks on commercial shipping in the Strait of Hormuz.Iran responded by targeting US bases in Jordan, Bahrain, and Kuwait, despite US President Donald Trump's warning that the country would be hit at a "much harder and higher level" if it retaliated."Brent pushed back above $95/bbl, reaching its highest level in more than a month, as Persian Gulf tensions escalated further," ING analysts said. "Developments in recent days brought risks to regional oil supplies back into focus. We've seen oil flow through the Strait of Hormuz despite the stalemate between the US and Iran, but rising tensions clearly put crossings at risk."Closer to home, the UAE Central Bank concluded its participation in the Fourth G20 Finance and Central Bank Deputies Meeting and the Second G20 Finance Ministers and Central Bank Governors Meeting in the US as part of its efforts to enhance the stability of the international financial system.Over to corporates, First Abu Dhabi Bank (ADX:FAB) completed live US dollar transactions with Citi using tokenized deposits and Swift smart contract settlements to enable 24/7 cross-border payments. FAB said it is the first bank in the Middle East and Africa to complete transactions at scale under Swift's Ledger Minimum Viable Product. Shares of the Emirati lender closed the session 0.93% lower.Dubai Islamic Bank (DFM:DIB) closed its debut three-year senior unsecured commodity murabaha term facility of $750 million to diversify its funding base. The Dubai-listed lender's stock was 0.27% in the green at closing.

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Asia Markets47d ago

Emirati Bourses Close Higher as Financial Stocks Rally

Shares in the United Arab Emirates were back in the green on Thursday as the FTSE ADX General Index gained 0.708%, while the DFM General Index added 0.237%.With the earnings season in full swing, investors welcomed the latest corporate earnings reports from the region's major lenders, including First Abu Dhabi Bank (ADX:FAB) and Emirates NBD Bank (DFM:EMIRATESNBD).First Abu Dhabi Bank was the Abu Dhabi bourse's most traded by value during the session and closed 6.26% higher. The personal and private banking group recorded a higher first-half attributable net profit driven by a 7% annual growth in operating income.Emirates NBD Bank's attributable profit for the period also rose amid strong growth in net interest and non-funded income, supported by disciplined cost management. Its shares closed the session 3% in the green.In other news, DP World partnered with the Fujairah Ports Authority to develop the Al Rugaylat container and Dibba Al Fujairah Port in Fujairah under a 50-year concession agreement. The initiative aims to attract investment, enhance economic infrastructure, and create new job opportunities.Across the pond, the US Central Command concluded a 12th consecutive night of strikes on Iran amid no signs of de-escalation. Keeping sentiment subdued were US President Donald Trump's threats to bomb and destroy Iran's bridges and power plants if the Middle Eastern country attacked any ship in the Strait of Hormuz."So far, the official news organs in Iran report that Iran isn't backing down on its claims to the Strait of Hormuz and that its officials have even dismissed US President Donald Trump's claim that Iran is seeking to begin a new round of negotiations, effectively shutting down the reports of 'peace' that emerged first on Monday. So Brent crude is higher again today by about USD 4/bbl, and back up to the levels not seen since early June, before the US-Iran MoU was signed," Macquarie said in a note.

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US Markets47d ago

First Abu Dhabi Bank Shares Rise Amid First-half Profit Growth

Shares in First Abu Dhabi Bank (ADX:FAB) rose Thursday after the United Arab Emirates' biggest bank by assets reported annual growth in first-half profit.Net profit attributable to shareholders of the bank for the six months ended June 30 came in at 10.73 billion Emirati dirhams, up from 10.63 billion dirhams a year ago.Total net interest income and income from Islamic financing and investing products rose to 11.48 billion dirhams from 10.09 billion dirhams. The bank attributed the 14% growth to business volumes and improved margins.Meanwhile, net fee and commission income increased to 2.78 billion dirhams from 2.32 billion dirhams. Operating income came in at 19.50 billion dirhams, up from 18.31 billion dirhams.Loans and advances rose 7% year to date to 661 billion dirhams, while customer deposits grew 1% over the period to 853 billion dirhams.The bank's shares rose over 5% as of midday in Abu Dhabi."These results reflect the strength of our client base and the trusted relationships we have built across our home market and international network," said Group Chief Executive Officer Hana Al Rostamani. "Our continued focus on disciplined execution and targeted investments in AI capabilities has enabled us to sustain growth momentum and further reinforce our position as the UAE's global bank."

ADX:FAB

Asia Markets96d ago

Emirati Stocks Rebound on Lebanon-Israel Ceasefire

Stocks in the United Arab Emirates recovered from two straight days of losses on Thursday as the ceasefire agreement between Lebanon and Israel sparked investors' hopes for a broader peace deal between the US and Iran.At the close of trading, the FTSE ADX General Index was little changed at 0.03% in the green, while the DFM General Index gained 0.564%."The geopolitical headlines have become slightly more positive this morning, with oil prices falling back after the US said that Israel and Lebanon agreed to a ceasefire. That ceasefire is conditional on Hezbollah also stopping fighting, but in theory, the news helps to take out a key sticking point in the US-Iran talks that was holding up a deal," Deutsche Bank Research said.Despite the US-brokered ceasefire, Israel attacked southern Lebanon on Thursday, Reuters reported, citing security sources. Israeli Minister of Defense Israel Katz said that the strikes would continue for the time being without withdrawing forces from the region.Closer to home, the Abu Dhabi government implemented a temporary freeze on all rent increases, setting the annual rental cap increase to 0% across all residential and industrial properties.Over to corporates, First Abu Dhabi Bank (ADX:FAB) shares closed 0.37% higher as it partnered with Water.org and its affiliated impact investment manager WaterEquity to invest in the WaterEquity Everspring Fund. The investment is part of the lender's efforts to advance water and sanitation security globally.Meanwhile, Dubai-listed National Central Cooling Co. (DFM:TABREED), d/b/a Tabreed, stocks closed the session 1.93% higher. The district cooling services company named Atef Mohamed Awadh AlBreiki as its new chief asset management officer, effective immediately.

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