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Equities

Repsol to Sell Stake in EUR849 Million Spanish Renewable Portfolio to UAE's Masdar

Repsol (REP.MC) agreed to sell a 49.99% stake in a renewable energy portfolio in Spain to Abu Dhabi Future Energy Co., d/b/a Masdar, in a deal that values the portfolio at 849 million euros.The 705-megawatt portfolio comprises operational 13 wind farms and six solar parks, according to a Thursday release. The Spanish oil and gas company said the assets also include more than 565 megawatts of potential hybridization pipeline growth through wind, solar and battery storage.The deal is expected to be completed by the end of the fourth quarter, subject to regulatory approvals.Abu Dhabi National Energy Co., (ADX:TAQA) d/b/a Taqa, holds a 43% stake in renewable energy company Masdar.

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Asia Markets

Abu Dhabi, Dubai Stocks Slide as Middle East Tensions Escalate

Shares in the United Arab Emirates closed lower as tensions flared in the Middle East, prompting investors to take a cautious approach.At the close of Thursday trading, the FTSE ADX General Index declined 0.326%, while the DFM General Index lost 0.418%.Dominating headlines all over the world are the continued exchange of attacks between the US and Iran on Thursday, threatening their ceasefire agreement signed in April. Further dampening sentiment were US President Donald Trump's social media comments that Iran took too long to negotiate a deal and will now have to "pay the price.""President Trump threatened Iran that more strikes will follow if it doesn't agree to a deal; Iran said the Strait of Hormuz will be closed until further notice. While that isn't something Iran can officially do, it can make vessel crossings a lot more difficult. This leaves shipowners reluctant to navigate the key chokepoint. It once again suggests a deal is still some way off and that energy flows from the Persian Gulf will remain heavily constrained," ING analysts said.Reuters reported Thursday, citing three Iranian and a European source, that both countries exchanged messages on a memorandum, with issues like the release of frozen funds to Iran still needing to be discussed in detail.Back at home and on the corporate side, Two Point Zero Group (ADX:2POINTZERO) sold its entire 7.29% stake in Abu Dhabi National Energy Co. (ADX:TAQA), d/b/a Taqa, to L'imad Holding's unit Abu Dhabi Power Corp. Shares of Two Point Zero Group closed 1.36% in the red, while those of Taqa ended the session 3.38% lower.Over in Dubai, stocks of Commercial Bank of Dubai (DFM:CBD) shed 0.22%. The Emirati lender partnered with Dubai Holding Real Estate to launch a new home financing program for local salaried and self-employed individuals looking to buy properties across Nakheel, Meraas, and Dubai Properties.

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Asia Markets

UAE Stocks Fall Amid Modest Non-oil Private Sector Growth

United Arab Emirates equities ended Wednesday's trading session in the red as investors dissected the latest data from the country's non-oil private sector.At the close of trading, the FTSE ADX General Index was down 0.406%, while the DFM General Index declined 0.801%.The S&P Global UAE PMI increased to 52.6 in May from 52.1 in April, staying well below its long-run average of 54.3. While operating conditions improved, growth remained subdued with a decline in export orders, and cost pressures rose amid the ongoing regional developments and supply chain disruptions due to the continued closure of the Strait of Hormuz."The continued cut-off to maritime trade had a cascading effect through the UAE economy in May. Input deliveries were delayed to the greatest extent since the height of the COVID-19 pandemic in April 2020, with some firms reporting that disruptions to manufacturing production schedules fed through to other sectors," S&P Global Market Intelligence senior economist David Owen said. "Positively, the longer-term outlook remained strong in May, suggesting that businesses still view these current challenges as temporary and expect growth to bounce back quickly."On the geopolitical front, the US and Iran exchanged fresh strikes overnight, while further talks between Lebanon and Israel are expected to take place on Wednesday.Back home, Abu Dhabi National Energy Co. (ADX:TAQA), d/b/a Taqa, in a consortium with Aljomaih Energy and Water Co. and Sembcorp Industries, secured the Taweelah C independent power producer project in Abu Dhabi from Emirates Water and Electricity Co. Shares of the energy company closed the session 1.72% lower.Meanwhile, in Dubai, stocks of Emirates Integrated Telecommunications Co. (DFM:DU) d/b/a du, ended flat. The telecommunications company launched a $50 million corporate venture fund to invest in fintech, artificial intelligence, and cybersecurity companies as part of its strategy to enhance its core activities.

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Asia Markets

Geopolitical Uncertainties, Volatile Oil Prices Weigh on Emirati Stocks

Markets in the United Arab Emirates closed lower on Monday as the FTSE ADX General Index declined 1.202%, while the DFM General Index shed 1.738%.Oil prices climbed amid no hopes for an end to the Iran war. US President Donald Trump said in a social media post that the "clock is ticking" for Iran to make a deal, and "there won't be anything left of them," if an agreement is not reached."The oil market continues to reprice ongoing supply disruptions, with last week's Trump-Xi talks yielding no tangible progress in the Middle East. There had been hope (possibly misplaced) that China could use its influence over Tehran to break the deadlock between the US and Iran. If anything, re-escalation risks are increasing, with a drone strike on the UAE's only nuclear power plant over the weekend," ING said.As of 3:31 pm UAE time, the Brent crude oil futures stood at nearly $110.591 per barrel, up 1.22% from the previous day.Closer to home, the UAE's Ministry of Defence said Sunday that investigations are being carried out to confirm the source of the three drones, two of which were intercepted and one led to a fire at an electrical generator outside the inner perimeter of the Barakah nuclear power plant in Abu Dhabi. The ministry added that the drones entered the country from the western border.Over to corporates, Abu Dhabi National Energy Co. (ADX:TAQA), d/b/a Taqa, finalized the sale of a 49% stake in transportation and mobility services company Massar Solutions to BlueFive Capital. Shares of the energy company closed the session 3.91% in the red.Meanwhile, in Dubai, BHM Capital Financial Services (DFM:BHMCAPITAL) recorded a 22% and 38% year over year growth in its net profit and total revenue, respectively, for the three months ended March 31. The financial and investment company's stocks ended flat.

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Asia Markets

UAE Stocks Close Busy Corporate Earnings Week Downbeat

Shares in the United Arab Emirates ended the week in the red as investors dissected the latest batch of corporate earnings reports from companies operating in the region.At the close of Friday trading, the FTSE ADX General Index was down 0.276%, while the DFM General Index declined 0.46%.Abu Dhabi National Energy Co. (ADX:TAQA), d/b/a Taqa, reported an increase in its first-quarter attributable profit despite lower revenues due to reduced sales in its oil and gas business. Al Wathba National Insurance Co.'s (ADX:AWNIC) net loss for the quarter declined year over year, backed by a 50% growth in insurance revenue. Shares of both companies closed the session flat.Dubai-listed Al Ansari Financial Services (DFM:ALANSARI) and National General Insurance (DFM:NGI) both recorded lower annual profits in the first quarter and closed 0.20% and 0.34% in the green, respectively.Meanwhile, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan directed Abu Dhabi National Oil Co., d/b/a Adnoc, to accelerate the delivery of the new West-East Pipeline project to curb the UAE's dependence on the Strait of Hormuz. The project will double Adnoc's export capacity through Fujairah and is expected to be operational in 2027.On the geopolitical front, US President Donald Trump and his Chinese counterpart Xi Jinping held a second day of talks in Beijing. Reuters reported Friday that China vowed not to supply Iran with military equipment and agreed on the latter not having nuclear weapons, as well as the need to open the Hormuz waterway."While we anticipated headlines from President Trump's Beijing visit indicating Chinese support for reopening the Strait, we still question how much capital they will deploy to resolve the stalemate. Despite the war's ongoing economic costs, it has also seemingly served China's strategic interests by compelling Washington to redeploy military assets that would be used for the defense of Taiwan to the Middle East. In addition, China has been able to deploy its vast energy stockpiles-both conventional and renewable-to bolster relations with neighbors," RBC Capital Markets said.

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