Abu Dhabi Pulls Back from Offer to Acquire Stake in Egypt's EFG Hermes

First Abu Dhabi Bank (FAB) withdrew its offer to buy a stake in the Egyptian financial group Hermes.

In the wake of the pullback, major Gulf bourses fell on Thursday and the stock index in Abu Dhabi fell more than 1% after global sentiment remained upbeat after recent US data raised hopes that inflation could approach a peak, despite many central banks raising interest rates.

The Dubai index fell for the second session in a row and was last down 1%.

Meantime, EFG Hermes on Thursday’s session dropped 19.98%, to end trading at EGP 15.46, down from EGP 19.32.