UAE’s FAB notches record earnings in 3Q: First Abu Dhabi Bank (FAB), the UAE’s biggest bank by assets, saw its net profits climb 46% y-o-y to AED 4.3 bn in 3Q 2023, it said in a statement (pdf). The quarter’s net income topped the c. AED 3.7 bn dirhams forecasted by analysts, Reuters reports, citing LSEG data.

OpenAI could offer up USD 86 bn worth of shares: Artificial intelligence startup OpenAI — the parent of AI-powered language model ChatGPT — is apparently considering selling shares of its existing employees worth an estimated USD 86 bn, Bloomberg wrote on Thursday, citing unnamed sources it says are in the know. Following the sale, the company, which is 49%-owned by Microsoft, would stand alongside Elon Musk’s SpaceX and ByteDance’s TikTok as one of the most valuable privately held companies, Bloomberg notes.

EGX30

21,617

-2.3% (YTD: +48.1%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

10,655

-0.6% (YTD: +1.7%)

ADX

9,307

-1.3% (YTD: -8.9%)

DFM

3,752

-1.5% (YTD: +12.5%)

S&P 500

4,224

-1.3% (YTD: +10.0%)

FTSE 100

7,402

-1.3% (YTD: -0.7%)

Euro Stoxx 50

4,025

-1.6% (YTD: +6.1%)

Brent crude

USD 92.16

-0.2%

Natural gas (Nymex)

USD 2.90

-2.0%

Gold

USD 1,994.40

+0.7%

BTC

USD 30,051

+1.4% (YTD: +81.7%)

THE CLOSING BELL-

The EGX30 fell 2.3% at today’s close on turnover of EGP 3.52 bn (57.8% above the 90-day average). Foreign investors were net sellers. The index is up 48.1% YTD.

In the green: AMOC (+2.4%), TMG Holding (+2.1%) and Palm Hills Development (+1.0%).

In the red: Mopco (-10.1%), Sidpec (-5.4%) and Eastern Company (-4.8%).

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