AGP Executive Report
Last update: 6 hours agoMarket Risks: Iran’s report that four oil tankers hit mines in the Strait of Hormuz sent oil prices to six-month highs, sharpening concerns over shipping, energy costs and regional investment. The claims have not been independently verified. Egyptian Rates: Egypt’s central bank unexpectedly raised its key rates by one percentage point, taking the deposit rate to 20%, after the pound hit a record low. It said the move aims to contain inflation and steady expectations. Gulf Investment: UAE renewable energy developer Masdar signed an agreement to explore up to NZD1 billion in solar, wind and battery projects in New Zealand. Separately, Mashreq Bank is investing $125 million to expand in Hong Kong. Banking Results: First Abu Dhabi Bank’s third-quarter profit rose 6% on stronger activity, while Pakistan’s banks posted a 1% decline in nine-month profit as higher funding and operating costs offset income growth.
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