Saudi Shares Advance First Time in Four Days on New Economy Team - Bloomberg

Saudi Arabian shares gained for the first time in four days after a new economy team was appointed to oversee a record spending plan aimed at reducing unemployment and reliance on crude exports.

Sahara Petrochemical Co. (SPC), a Saudi chemicals maker, gained the most in a month, rising as high as 4.1 percent. Jabal Omar Development Co. (JOMAR) had the highest close in three weeks after securing a government loan. The Tadawul All Share Index (SASEIDX) advanced 0.8 percent to 6,238.87 at the 3:30 p.m. close in Riyadh. Oman’s MSM30 Index (MSM30) rose 1.2 percent and Qatar’s QE Index (DSM) climbed 0.1 percent.

Saudi Arabia, the world’s largest exporter of oil, yesterday appointed Fahad al-Mubarak as central bank governor, replacing Muhammad al-Jasser, who was named economy and planning minister. Tawfiq al-Rabea was appointed trade and industry minister. The high-level changes follow the naming of Prince Nayef bin Abdulaziz as heir to the throne in October.

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