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KSA Participates in GCC-US Trade Cooperation, SelectUSA Investment Summit

KSA Participates in GCC-US Trade Cooperation and SelectUSA Investment Summit. (SPA)
KSA Participates in GCC-US Trade Cooperation and SelectUSA Investment Summit. (SPA)
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KSA Participates in GCC-US Trade Cooperation, SelectUSA Investment Summit

KSA Participates in GCC-US Trade Cooperation and SelectUSA Investment Summit. (SPA)
KSA Participates in GCC-US Trade Cooperation and SelectUSA Investment Summit. (SPA)

A Saudi delegation led by General Authority of Foreign Trade (GAFT) Deputy Governor for International Relations Abdulaziz bin Omar Al-Sakran, participated on Wednesday in the fifth annual GCC-US Trade and Investment Dialogue in Washington, DC, as well as the US Investment Summit (SelectUSA), the Saudi Press agency said.
The Saudi delegation comprises 22 entities from the public and private sectors.
The GCC-US Trade and Investment Dialogue serves as a platform to exchange experiences and viewpoints between officials and experts, discuss trade and investment policies in the Gulf Cooperation Council (GCC) countries and the United States, address obstacles and challenges, and identify common goals that can enhance trade cooperation between both sides.
It mainly focuses on trade and investment flows of goods and services, digital trade, consumer protection, and combating commercial fraud.
The SelectUSA Investment Summit aims to boost economic growth by facilitating connections between foreign capital and US companies, strengthening the US investment landscape, highlighting industry trends and emerging opportunities across various sectors, and connecting investors with opportunities within US companies.

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How Will Gulf Stock Markets Perform this Summer?

Saudi Stock Market (Tadawul) (AFP)
Saudi Stock Market (Tadawul) (AFP)
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How Will Gulf Stock Markets Perform this Summer?

Saudi Stock Market (Tadawul) (AFP)
Saudi Stock Market (Tadawul) (AFP)

Financial analysts and market experts predict a downturn for Gulf stock markets this summer. They foresee lower stock values, reduced trading volumes, sectoral stagnation, delayed investment decisions, and a focus on holding strong positions in high-performing large-cap stocks.

This trend is driven by the majority of traders taking their annual vacations during this period. Typically, sectors like travel, tourism, aviation, and hospitality see seasonal growth in summer.

From the start of 2024 to mid-year, Gulf markets have shown mixed results. Muscat Securities Market rose by 3.8%, Bahrain Bourse by 3.5%, and Kuwait Stock Exchange by 1.33%. However, Qatar Stock Exchange dropped by 8.02%, Abu Dhabi Securities Exchange by 5.4%, Saudi Arabia’s main index by 1.99%, and Dubai Financial Market slightly by 0.7%.

Tareq Al-Ateeq, a financial analyst, told Asharq Al-Awsat that investor behavior across Gulf markets tends to align during summer due to holiday seasons and high temperatures, leading to lower liquidity and fluctuating market indices.

Investors are delaying decisions until summer ends, focusing on robust positions in large-cap and defensive stocks, which is expected to dampen market liquidity and activity in July and August 2024.

Certain sectors like travel, tourism, aviation, and hospitality are anticipated to see increased trading during the summer. Some investors aim to capitalize on market downturns by adjusting their sector allocations.

In 2023, markets like Dubai saw a 6% monthly increase, with Saudi Arabia's market index rising by 4%. Oman also experienced a 3.1% increase, while Qatar and Bahrain markets declined by 0.8% and 0.3% respectively.

Key sectors such as consumer goods, utilities, tourism, hospitality, and energy are showing increased trading activity and interest during the summer season.