Wednesday 27 May 2015

MidEast Shares Mostly Gain, Saudi Stocks Rise As Saudi Arabian Mining Jumps - NASDAQ.com

MidEast Shares Mostly Gain, Saudi Stocks Rise As Saudi Arabian Mining Jumps - NASDAQ.com:



"Middle East stocks mostly rose, with Saudi Arabia rising on the heels of a rally in Saudi Arabian Mining after Al Rajhi Capital raised its price target on the shares to 52.00 riyals from 41.00 riyals, citing its growing output and an improving business outlook.



Also, Almarai's board approved a capital investment plan for 2016-2020 which will reach 21 billion riyals ($5.6 billion). The company said it wanted to double consolidated sales in the period and expand its activities in farming, manufacturing, distribution and logistics, according to Reuters.



In other company news around the region, a company executive at Marka said it expected to turn profitable in 2016, even though the firm had earlier targeted profitability in Q415. Marka also said it completed its first international investment: a 65% acquisition in Icons, a football memorabilia company, for 15.3 million dirhams ($4.2 million)."



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