MIDEAST STOCKS-Saudi rises on royal handouts, blue chips boost Qatar:
"Saudi Arabia’s stock market rose in early trade on Sunday after King Salman announced a package of handouts for Saudi citizens to compensate them for the rising cost of living, while several blue chips boosted Qatar’s market.
The Saudi index gained 0.5 percent in the first hour as real estate developer Dar Al Arkan, the most heavily traded stock, added 2.4 percent. Among the handouts, the government will bear the cost of value-added tax for purchases of first homes by Saudi citizens.
The information minister was quoted by the Saudi-owned Al Sharq Al Awsat newspaper as saying the cost of the handouts would total about 50 billion riyals ($13.3 billion), while an additional 30 billion riyals would be spent on a previously announced aid programme for low- and middle-income Saudis."
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