The trading session on Wednesday in the United Arab Emirates closed mixed, with Abu Dhabi's FTSE ADX General Index reflecting a gain of 0.281%, while Dubai's DFM General Index saw a minimal decline of 0.088%. In light of the absence of significant domestic economic indicators this week, investor attention has shifted towards the recently released inflation report from the eurozone and the impending jobs data from the United States.
The trajectory of the US Federal Reserve's interest rate adjustments for 2025 is also under scrutiny, especially considering the Emirati dirham's peg to the US dollar. BofA Securities noted, "Markets return from winter holidays to focus especially on fiscal and trade policies from the incoming Trump Administration.
Our general macro outlooks remain broadly unchanged, including stronger USD in H1 but some softening by the end of 2025." In a noteworthy development, Fitch anticipates that global sukuk volumes are set to reach the significant milestone of $1 trillion by 2025. The agency highlights that decreased oil prices in 2025 will facilitate such offerings, providing Islamic banks and companies the opportunity for diversification. On the corporate front, Adnoc Logistics & Services (ADX:ADNOCLS) concluded Wednesday's trading with an impressive increase of 4.5% following the finalization of its acquisition of an 80% stake in shipping pool operator Navig8 TopCo.
The acquisition, valued at $1.04 billion, will predominantly be financed through the energy maritime logistics company's hybrid capital instrument, anticipated to be between $1.1 billion and $2 billion. Abdulkareem Al Masabi, Chief Executive of Adnoc Logistics, expressed satisfaction with the completion of this financing transaction, stating, "We are pleased to have concluded this financing transaction and have received strong interest in the bank market and firm support from our new partners.
The combination of existing cash, the new finance facility, and the cash flow from our contracted vessels ensures that we are adequately funded to capitalize on value-accretive growth opportunities in line with our strategy of building a leading energy maritime and logistics company.".