Page 56 - SALIK PR REPORT MAY 2024

5/23/24, 1:23 PM Mideast Stocks: Most major Gulf bourses drop, Abu Dhabi hits two-year low

Oil prices, a catalyst for the Gulf's financial markets, dropped for a third straight session, with Brent down
1% at $82.07 a barrel by 1310 GMT.

The Abu Dhabi benchmark index fell 0.4% to 8,973, its lowest level in more than two years with most of

its constituents posting losses. The conglomerate Alpha Dhabi Holding declined 2.9% and Aldar
Properties , the emirate's largest developer, slid 3.6%. Bayanat AI and Presight AI Holding lost 6.1% and
3.1% respectively. Meanwhile, Bayanat and Presight's parent company G42 and Microsoft said they will
invest $1 billion in a data center in Kenya as part of its efforts to expand cloud-computing services in

East Africa.

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Dubai's benchmark index slipped 0.4%, with tolls operator Salik Company falling 2.1% and Emirates
NBD , the emirate's largest bank, down 1.5%. The Qatari benchmark index was down 0.1%, pressured

by a 0.9% dip in Qatar National Bank, the region's largest bank and a 1.4% decrease in United
Development Company .

Saudi Arabia's benchmark stock index rose 0.3% with Al Rajhi Bank, the world's largest Islamic lender,
advancing 1.3% and ACWA Power gaining 2.4%. Etihad Etisalat and Saudi Electricity, however, lost
2.7% and 3.2% respectively.

Investors are looking to the minutes from the Fed's most recent policy meeting, due later on Wednesday,
after multiple Fed officials said on Tuesday that it would be best for the central bank to exercise patience
before starting to cut interest rates.

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