Saudi Arabia is expected to remain the largest ins. market in the GCC region for the foreseeable future, with a compound annual growth rate (CAGR) of 5.8% to USD 19 bn between 2023 and 2028, said Alpen Capital in its latest ins. industry report. KSA took over the top spot from the UAE last year.

Thanks to growing demand: The financial advisory based its projections on the Kingdom’s fast moving infrastructure sector and rising demand for automotive and medical ins. coverage.

The regional market in a nutshell: The market’s gross written premium (GWP) is predicted to grow 5.3% in the medium term (until 2028) to USD 44 bn on the back of diversification efforts and a growing population. The majority of the premiums comprises non-life ins. which is expected to expand 5.4% to USD 40 bn over the same period.

Asian markets are trading sideways this morning, and futures point to a soft opening for markets in Europe, the United States and Canada later today after US stocks yesterday took a breather after the Dow and S&P 500 cooled from record highs last week.

ADX

9,260

-0.2% (YTD: -3.3%)

DFM

4,223

-0.1% (YTD: +4.0%)

Nasdaq Dubai UAE20

3,727

0.0% (YTD: -3.0%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.3% o/n

5.2% 1 yr

TASI

12,531

-0.6% (YTD: +4.7%)

EGX30

28,931

+3.9% (YTD: +16.2%)

S&P 500

5,070

-0.4% (YTD: +6.3%)

FTSE 100

7,684

-0.3% (YTD: -0.6%)

Euro Stoxx 50

4,864

-0.2% (YTD: +7.6%)

Brent crude

USD 82.53

+1.1%

Natural gas (Nymex)

USD 1.63

-1.8%

Gold

USD 2,040.60

+0.1%

BTC

USD 54,636

+5.6% (YTD: +29.3%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 289.6 mn. The index is up 4.0% YTD.

In the green: Orascom Construction (+9.9%), Union Properties (+6.9%) and Dubai Electricity & Water Authority (+2.1%).

In the red: Shuaa Capital (-6.8%), Takaful Emarat (-5.3%), and Dubai Islamic Ins. and Reins.

Over on the ADX, the index closed down 0.2% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai stayed flat.

CORPORATE ACTIONS-

#1- Q Holding will change its name to Modon Holding, and will use Modon as its trade name, according to an ADX disclosure (pdf). The company’s board also approved the following decisions:

  • The company will issue 25.6 bn convertible bonds, at a nominal value of AED 1 apiece.
  • The bonds will be converted into shares distributed to IHC Capital Holding and ADQ Real Estate and Hospitality Investments for a ratio of 2.7 bonds for each share, raising the company’s capital to AED 16.3 bn.
  • The bond conversion and subsequent capital raise will see the company issue some 9 bn new shares to IHC and ADQ Real Estate, with ADQ receiving 6.3 bn of the shares, while 3.1 bn shares will be allocated to IHC Capital.

#2-Adnoc Distribution has a new dividend policy: Abu Dhabi National Oil Companysubsidiary Adnoc Distribution amended its dividend policy for 2024-2028 yesterday, with plans to pay out some AED 2.57 bn (USD 700 mn), or a minimum 75% of net income every year, whichever is higher, according to an ADX disclosure (pdf).

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