Edition:
India

Saeed Azhar

Tanker attacks cause jitters among Gulf bond investors

13 Jun 2019

DUBAI International bonds issued by Gulf Cooperation Council (GCC) states weakened on Thursday after two tankers were hit in suspected attacks in the Gulf of Oman, a month after a similar incident in which four tankers in the region were struck.

REFILE-UPDATE 2-Tanker attacks cause jitters among Gulf bond investors

13 Jun 2019

DUBAI, June 13 International bonds issued by Gulf Cooperation Council (GCC) states weakened on Thursday after two tankers were hit in suspected attacks in the Gulf of Oman, a month after a similar incident in which four tankers in the region were struck.

Tanker attacks cause jitters among Gulf bond investors

13 Jun 2019

DUBAI International bonds issued by Gulf Cooperation Council (GCC) states weakened on Thursday after two tankers were hit in suspected attacks in the Gulf of Oman, a month after a similar incident in which four tankers in the region were struck.

UPDATE 1-Goldman was top broker in Saudi market in May as foreign interest surged

10 Jun 2019

DUBAI, June 10 Goldman Sachs was the Saudi market's top broker by trading volumes and value in May, stock exchange data showed, as foreign banks benefited from a surge of international money into the kingdom.

MIDEAST STOCKS-Saudi leads Gulf higher after Eid break

09 Jun 2019

* Global markets lift sentiment for Gulf * Al Rajhi and SABIC lead gains on Saudi stocks * Property boosts Dubai stocks * FAB drags down Abu Dhabi, Qatar hit by profit-taking By Saeed Azhar DUBAI, June 9 Saudi Arabia and Dubai led Gulf stocks higher on Sunday as regional markets resumed trade after last week's holidays, lifted by positive sentiment on global stocks and expected foreign fund inflows into the Riyadh market. The Saudi index rose by 2.2% to finish at 8,699 points, its best close since May 9. "The market is bouncing back after the correction experienced in the past few weeks," said Riyad Capital's Muhammad Faisal Potrik. "It's taking its cue from global markets as well, which have risen while we were on Eid break." Global stock markets advanced and U.S. Treasury yields tumbled on Friday after a slowdown in job growth fueled hopes of a cut to U.S. interest rates while there were also hints of progress in Washington's trade battles. Al Rajhi Bank rose 3.2%, Saudi Telecom was up 3.4% and Saudi Basic Industries, the index's biggest stock, gained 2.9%. Late last month the Saudi equity market joined the MSCI Emerging Market index, which is expected to trigger billions of dollars of foreign fund inflows. A third tranche of the FTSE Russell emerging market index will kick in this month after Saudi stocks were included in two tranches in March and April. The Dubai index also rose, firming by 1.2% as property stocks registered strong gains. DAMAC Properties was up 9.3% and Union Properties rose 4.3%. Market heavyweight Emaar Properties was up by a more modest 0.7%. The Kuwait index gained 1.5%, lifted by financial stocks. Burgan Bank rose 2.5% and Kuwait Finance House was up 1.3%. Egyptian stocks were also in positive territory with a 0.8% gain. Global Telecom was up 1.5% after the company announced it has postponed its shareholder meeting to provide more time for investors to consider the mandatory tender offer submitted by major shareholder VEON. Abu Dhabi's index dropped 0.95%, on weakness in First Abu Dhabi Bank, which eased by 1.2%. The Qatar Financial Centre Regulatory Authority on Sunday said it has imposed additional measures to restrict First Abu Dhabi's business in the Gulf state. In March the Qatari regulator said it would no longer permit First Abu Dhabi Bank, the largest in the United Arab Emirates (UAE), to provide services for new customers in Doha. The ban came amid an investigation of alleged currency manipulation after the Gulf rift. Qatar's index ended 0.2% down on profit-taking after strong gains before the Eid holiday. Qatar National Bank fell by 1.1%. SAUDI ARABIA The index rose 2.2% to 8,699 points ABU DHABI The index fell 0.95% to 4,956 points DUBAI The index rose 1.2% to 2,651 points QATAR The index fell 0.2% to 10,295 points EGYPT The index down 0.8% to 13,911 points BAHRAIN The index gained 0.8% to 1,446 points OMAN The index rose 0.3% to 3,955 points KUWAIT The index added 1.5% to 6,372 points (Editing by David Goodman)

Goldman Sachs bought Commerzbank's claim in Saudi's biggest debt saga: sources

14 May 2019

DUBAI Goldman Sachs has bought a claim against The International Bank Corporation (TIBC), a Bahraini bank whose default 10 years ago triggered the biggest financial crisis in Saudi Arabia, three sources familiar with the matter said.

Saudi sovereign fund invests indirectly in Arabian Centres IPO: sources

10 May 2019

DUBAI Saudi Arabia's Public Investment Fund (PIF), the kingdom's sovereign wealth fund, has indirectly invested in the $747 million initial public offering of mall operator Arabian Centres, sources familiar with the matter said.

Arabian Centres to raise $747 million after pricing IPO at bottom of range

08 May 2019

DUBAI Saudi mall operator Arabian Centres is set to raise as much as 2.8 billion riyals ($747 million) after pricing its initial public offering (IPO) at the bottom of its indicative range, according to a company document.

Former Abraaj executive gets bail in New York in fraud case

30 Apr 2019

NEW YORK/DUBAI A U.S. district court has granted bail to a former managing partner of collapsed private equity firm Abraaj, Mustafa Abdel-Wadood, on condition that he sign a $10 million bond and remain confined to a New York apartment, court documents showed.

Arabian Centres to raise up to $836 million in Saudi's biggest IPO since 2014

28 Apr 2019

DUBAI Saudi Arabian mall operator Arabian Centres Co could raise up to $836 million at the top end of the price range for its initial public offering (IPO), the sale prospectus showed on Sunday.

World News

"Sea of black" Hong Kong protesters demand leader step down

Hundreds of thousands of people clogged the streets in central Hong Kong on Sunday dressed in black to demand the city's leader step down, a day after she suspended an extradition bill in a dramatic retreat following the most violent protests in decades.