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Gulf Stocks Little Changed as Markets Await Outcome of US-Iran Talks

A man looks at a stock screen at the Kuwait Stock Exchange (AFP)
A man looks at a stock screen at the Kuwait Stock Exchange (AFP)
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Gulf Stocks Little Changed as Markets Await Outcome of US-Iran Talks

A man looks at a stock screen at the Kuwait Stock Exchange (AFP)
A man looks at a stock screen at the Kuwait Stock Exchange (AFP)

 

Most Gulf stock markets saw limited trading early on Thursday, after the United States and Iran concluded a new round of indirect talks in Doha with no signs of progress towards a lasting peace agreement.

According to sources familiar with the matter who spoke to Reuters, the two-day talks focused on maritime traffic through the Strait of Hormuz and the release of frozen Iranian assets, two of the main issues covered by the preliminary agreement between the two sides.

Qatar's Ministry of Foreign Affairs stated that the next round of negotiations would be held after the funeral of Iranian Supreme Leader Ali Khamenei, scheduled for July 9.

In Saudi Arabia, the main TASI index fell by 0.1 percent in early trading, amidst mixed performance of leading stocks.

Speaking in Washington, US President Donald Trump said talks on possible restrictions on Iran's nuclear program were making progress, adding that the latest meetings had been positive and that negotiations were continuing.

In the United Arab Emirates, Dubai's main stock index was little changed in choppy trading, while Abu Dhabi's benchmark index rose 0.2%.

Qatar's benchmark index fell 0.3%, weighed down by a 0.9% decline in shares of Qatar National Bank.

 

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Business

US Reportedly Resumes Dollar Transfers to Iraq

FILED - 14 January 2020, Iraq, Baghdad: FILE PHOTO - US Dollars banknotes are pictured at a currency exchange service provider. Photo: Ameer Al Mohammedaw/dpa
FILED - 14 January 2020, Iraq, Baghdad: FILE PHOTO - US Dollars banknotes are pictured at a currency exchange service provider. Photo: Ameer Al Mohammedaw/dpa
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US Reportedly Resumes Dollar Transfers to Iraq

FILED - 14 January 2020, Iraq, Baghdad: FILE PHOTO - US Dollars banknotes are pictured at a currency exchange service provider. Photo: Ameer Al Mohammedaw/dpa
FILED - 14 January 2020, Iraq, Baghdad: FILE PHOTO - US Dollars banknotes are pictured at a currency exchange service provider. Photo: Ameer Al Mohammedaw/dpa

The United States has resumed some air shipments of US dollars to Iraq, several months after suspending them, the New York Times reported on Thursday, citing two aides to Iraq's prime minister.

"The dollar shipments to Iraq have resumed," Haider al-Aboudi, a spokesman for Iraq’s prime minister, told the newspaper.

Mudhar Muhammad ⁠Salih, a financial ⁠adviser to the prime minister, also confirmed resumption of the transfer, the report said.

In April, Washington halted a shipment of about $500 million in cash bound for Iraq and suspended ⁠parts of its security cooperation with Baghdad, in a move aimed at pressuring the Iraqi government over the actions of Iran-backed militias.

The suspension in cooperation and funding for Iraq's security services remains in place, the NYT report said.

The White House, US State Department and the Treasury did not immediately respond to ⁠requests ⁠for comment outside business hours. Reuters could not immediately verify the report.

The measures were taken as the fallout from the Iran war escalated, with the US blaming Iranian-backed militias for attacks in Iraq, including repeated strikes on the US embassy in Baghdad and the US consulate in the Kurdistan region.

Business

India, Japan Sign Pacts on AI, Metals, and Energy after Modi-Takaichi Talks

Japan's Prime Minister Sanae Takaichi (L) listens as India's Prime Minister Narendra Modi speaks during their joint press statements after their meeting at the Hyderabad House in New Delhi on July 2, 2026. (Photo by Sajjad HUSSAIN / AFP)
Japan's Prime Minister Sanae Takaichi (L) listens as India's Prime Minister Narendra Modi speaks during their joint press statements after their meeting at the Hyderabad House in New Delhi on July 2, 2026. (Photo by Sajjad HUSSAIN / AFP)
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India, Japan Sign Pacts on AI, Metals, and Energy after Modi-Takaichi Talks

Japan's Prime Minister Sanae Takaichi (L) listens as India's Prime Minister Narendra Modi speaks during their joint press statements after their meeting at the Hyderabad House in New Delhi on July 2, 2026. (Photo by Sajjad HUSSAIN / AFP)
Japan's Prime Minister Sanae Takaichi (L) listens as India's Prime Minister Narendra Modi speaks during their joint press statements after their meeting at the Hyderabad House in New Delhi on July 2, 2026. (Photo by Sajjad HUSSAIN / AFP)

India and Japan signed pacts on Thursday to boost their cooperation in artificial intelligence, metals, energy, and prepared a joint roadmap for economic security, Indian Prime Minister Narendra Modi said after talks with his Japanese counterpart Sanae Takaichi.

Takaichi is on a three-day visit to New Delhi as the two Asian partners hold their 16th annual summit.

"The convergence of ⁠Japan's precision technology and ⁠India's software capabilities will give a new momentum and strength to global AI development," Modi told reporters, according to Reuters.

Bilateral trade between the two countries reached $27.5 billion in fiscal year 2025/26, while Japanese investment ⁠in India was $3.2 billion between April and December 2025, according to Indian government data.

Modi said that the two countries, also members of the Quad grouping, signed an agreement on their first co-development project in the defense sector.

"Through the India-Japan bio-gas Initiative, we will set up 1,000 bio-gas and organic fertilizer plants in India," he added.

Japan is among ⁠India's ⁠largest investors, backing major infrastructure projects including a high-speed rail corridor between the cities of Mumbai and Ahmedabad. Japanese firms have also increased investments in Indian companies, including a recent $1.6 billion deal for a 20% stake in Yes Bank.

Takaichi is accompanied by a large business delegation.

Business

OpenAI Reportedly Proposes Handing Trump Administration 5% Stake

FILE PHOTO: OpenAI logo is seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OpenAI logo is seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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OpenAI Reportedly Proposes Handing Trump Administration 5% Stake

FILE PHOTO: OpenAI logo is seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OpenAI logo is seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

OpenAI has discussed giving the US government a 5% stake, the Financial Times reported on Thursday, as AI firms face growing scrutiny in Washington over the potential misuse of advanced models and whether Americans will share in the sector's profits.

Under the proposal, OpenAI has suggested that other US AI companies also hand the government similar stakes, the report said, adding it was unclear whether the other companies would agree.

Reuters could not immediately verify the report.

OpenAI and the White House did not immediately respond ⁠to Reuters requests for ⁠comments outside regular business hours.

Last month, President Donald Trump said he was exploring options to give the public a stake in leading AI companies, in response to concerns that individual Americans will not share in the sector's expected profits.

Earlier, OpenAI proposed creating a "public wealth fund" to invest in AI companies ⁠and distribute proceeds to citizens, while Anthropic said it was exploring a “digital dividend,” defined as payments to Americans funded by taxes on the AI sector.

The FT said, citing two people familiar with the talks, that OpenAI CEO Sam Altman and the firm's executives had suggested that leading US AI firms allot 5% of their equity to a vehicle similar to the Alaska Permanent Fund, a state-owned corporation seeded with oil revenues that pays annual dividends to residents and helps support Alaska's budget.

Altman ⁠has discussed ⁠the stake sale with Trump, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, the FT said. He has also spoken to Democratic Senator Bernie Sanders in recent weeks.

The report comes after OpenAI delayed a full public launch of GPT-5.6 last week at the US government's request. That announcement came after the US government ordered rival Anthropic to suspend access to its frontier AI models, Fable 5 and Mythos 5, for foreign nationals over national security risks.

The US removed curbs on Anthropic's AI models on Tuesday.

Both OpenAI and Anthropic have confidentially filed for US initial public offerings.