Omani lenders report higher full-year profit as operating income climbs - The National:
Bank Muscat, one of Oman's top lenders by assets, on Tuesday reported a marginal increase in full-year net profit as income from conventional and Islamic finance rose and impairment charges for bad loans fell.
Net income for 12-months ending December climbed to 179.63 million rials (Dh1.72 billion), a 1.6 per cent year-on-year rise, the lender said in a statement to the Oman bourse, where its shares are traded. Net interest income from conventional and Islamic financing climbed to 304.3m rials at the end of last year, an 8.2 per cent increase, it added.
Tuesday 15 January 2019
#Dubai stocks sees broad-based aggressive selling
Dubai stocks sees broad-based aggressive selling:
Dubai stocks witnessed broad-based aggressive selling on Tuesday ahead of the fourth quarter result season, triggering a near 1.5 per cent fall in the Dubai index.
The selling started with Damac Properties and then engulfed other property stocks such as Emaar Properties. The Dubai Financial Market General index (DFMGI) closed 1.45 per cent lower at 2,490.55. This fall dashed hopes of traders, who had been nursing losses, thought the recent recovery of more than 5 per cent in the past 20 sessions would sustain for a longer period of time.
“The outlook for DFM index remains firmly bearish and any recovery shall draw sellers at well-defined resistance levels. We shall head lower to the next support at 2,330,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.
Dubai stocks witnessed broad-based aggressive selling on Tuesday ahead of the fourth quarter result season, triggering a near 1.5 per cent fall in the Dubai index.
The selling started with Damac Properties and then engulfed other property stocks such as Emaar Properties. The Dubai Financial Market General index (DFMGI) closed 1.45 per cent lower at 2,490.55. This fall dashed hopes of traders, who had been nursing losses, thought the recent recovery of more than 5 per cent in the past 20 sessions would sustain for a longer period of time.
“The outlook for DFM index remains firmly bearish and any recovery shall draw sellers at well-defined resistance levels. We shall head lower to the next support at 2,330,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.
Oil prices expected at around $65-$70 through 2023
Oil prices expected at around $65-$70 through 2023:
Oil prices are expected to oscillate close to current levels well into the next decade, averaging around $65-$70 per barrel through 2023, according to an annual survey of energy professionals conducted by Reuters.
Despite the recent slump in oil prices, forecasts have edged down by less than $5 per barrel compared with the last annual survey conducted at the start of 2018, and have changed little over the last three years.
Long-term expectations for the average price of Brent crude remain anchored around $70 per barrel, close to the $72 average realized in 2018.
Oil prices are expected to oscillate close to current levels well into the next decade, averaging around $65-$70 per barrel through 2023, according to an annual survey of energy professionals conducted by Reuters.
Despite the recent slump in oil prices, forecasts have edged down by less than $5 per barrel compared with the last annual survey conducted at the start of 2018, and have changed little over the last three years.
Long-term expectations for the average price of Brent crude remain anchored around $70 per barrel, close to the $72 average realized in 2018.
Oil prices will help shape sukuk market performance in 2019: S&P - The Peninsula Qatar
Oil prices will help shape sukuk market performance in 2019: S&P - The Peninsula Qatar:
S&P Global Ratings anticipates a total global sukuk issuance of $105bn-$115bn this year. The rating agency expects higher demand for funding in most GCC countries, given the reduced oil price assumptions compared with last year’s outturn of $71 for Brent . Tightening liquidity conditions worldwide, high geopolitical risks in the Middle East, and challenges inherent to sukuk issuance will likely dampen sukuk market performance in 2019.
Malaysia is expected to continue to support market growth. Last year, new sukuk issuance totaled around $91.4bn compared with $95.7bn in 2017. The decrease was even more visible, at 15.1 percent, for foreign currency sukuk issuance, primarily in US dollars. The marked drop in issuance in Saudi Arabia and Qatar were partly offset by issuances from the Central Bank of Kuwait and a hike in private-sector issuances in the UAE.
Activity in Malaysia and to a lesser extent Indonesia continued to support the market, contributing collectively to around 52 percent of new issuance in 2018. Issuers in Turkey also stepped up their issuances to diversify their investor bases amid substantial reliance on external debt and reduced access to global capital markets in the second half of the year.
S&P Global Ratings anticipates a total global sukuk issuance of $105bn-$115bn this year. The rating agency expects higher demand for funding in most GCC countries, given the reduced oil price assumptions compared with last year’s outturn of $71 for Brent . Tightening liquidity conditions worldwide, high geopolitical risks in the Middle East, and challenges inherent to sukuk issuance will likely dampen sukuk market performance in 2019.
Malaysia is expected to continue to support market growth. Last year, new sukuk issuance totaled around $91.4bn compared with $95.7bn in 2017. The decrease was even more visible, at 15.1 percent, for foreign currency sukuk issuance, primarily in US dollars. The marked drop in issuance in Saudi Arabia and Qatar were partly offset by issuances from the Central Bank of Kuwait and a hike in private-sector issuances in the UAE.
Activity in Malaysia and to a lesser extent Indonesia continued to support the market, contributing collectively to around 52 percent of new issuance in 2018. Issuers in Turkey also stepped up their issuances to diversify their investor bases amid substantial reliance on external debt and reduced access to global capital markets in the second half of the year.
Digital banking — a key enabler for #Qatar’s e-commerce market
Digital banking — a key enabler for Qatar’s e-commerce market:
According to Fitch Solutions, “Qatar offers an e-commerce market worth almost $1.5bn in 2019. The Middle East and North Africa (Mena) region is projected to record e-commerce sales growth of 21.4% to reach $28.5bn in 2019. A common feature across the Gulf is a youthful demographic profile and high income levels. A high proportion of young adults (20-39 years old), making up more than a third of the total population. This age bracket is traditionally more tech-savvy than other generations and is a highly influential consumer base that tends to be the key target audience for retailers, as well as e-commerce majors. Qatar leads the way on that front, with the largest share of young adults in the region at 54% in 2019.”
We are seeing a clear shift in customers’ preferred mode of transaction.
According to GSMA Intelligence, “Qatar is first among Arab countries in terms of engagement with mobile services and applications. Qatar reached the highest score 6 on the GSMA Global Mobile Engagement Index (GMEI). This is due to the high usage, particularly for messenger and VoIP applications where Qatar ranked highest in the world. This indicator does not only look towards Qatar’s leadership in technological infrastructure development, but also it includes users’ development and their high ability to use and deal with modern technology. More than 50% of phone owners in Qatar use at least once per month mobile Internet communication (voice and video calls), social networking and entertainment as playing games, watching online video or listening to online music. ”
According to Fitch Solutions, “Qatar offers an e-commerce market worth almost $1.5bn in 2019. The Middle East and North Africa (Mena) region is projected to record e-commerce sales growth of 21.4% to reach $28.5bn in 2019. A common feature across the Gulf is a youthful demographic profile and high income levels. A high proportion of young adults (20-39 years old), making up more than a third of the total population. This age bracket is traditionally more tech-savvy than other generations and is a highly influential consumer base that tends to be the key target audience for retailers, as well as e-commerce majors. Qatar leads the way on that front, with the largest share of young adults in the region at 54% in 2019.”
We are seeing a clear shift in customers’ preferred mode of transaction.
According to GSMA Intelligence, “Qatar is first among Arab countries in terms of engagement with mobile services and applications. Qatar reached the highest score 6 on the GSMA Global Mobile Engagement Index (GMEI). This is due to the high usage, particularly for messenger and VoIP applications where Qatar ranked highest in the world. This indicator does not only look towards Qatar’s leadership in technological infrastructure development, but also it includes users’ development and their high ability to use and deal with modern technology. More than 50% of phone owners in Qatar use at least once per month mobile Internet communication (voice and video calls), social networking and entertainment as playing games, watching online video or listening to online music. ”
Saudis Plan To Link #UAE, #Kuwait, #Oman In Regional Gas Grid | OilPrice.com
Saudis Plan To Link UAE, Kuwait, Oman In Regional Gas Grid | OilPrice.com:
Saudi Arabia is discussing the possibility to have one interconnected natural gas grid in the region that would exchange gas and export the Kingdom’s gas to the United Arab Emirates (UAE), Kuwait, and Oman, Saudi Arabia’s Energy Minister Khalid al-Falih said on Tuesday.
“I am talking to my colleagues in Oman, Kuwait, UAE, about extending a gas grid in the region and we hope to exchange gas and we also have excess of gas which we will be exporting,” Gulf News quoted al-Falih as saying at the World Future Energy summit in Abu Dhabi.
As Saudi Arabia aims to develop more of its natural gas resources, it will seek to export more of its gas to its allies in the region.
Saudi Arabia is discussing the possibility to have one interconnected natural gas grid in the region that would exchange gas and export the Kingdom’s gas to the United Arab Emirates (UAE), Kuwait, and Oman, Saudi Arabia’s Energy Minister Khalid al-Falih said on Tuesday.
“I am talking to my colleagues in Oman, Kuwait, UAE, about extending a gas grid in the region and we hope to exchange gas and we also have excess of gas which we will be exporting,” Gulf News quoted al-Falih as saying at the World Future Energy summit in Abu Dhabi.
As Saudi Arabia aims to develop more of its natural gas resources, it will seek to export more of its gas to its allies in the region.
U.S.- #Qatar Energy Partnership Has Russia On Edge | OilPrice.com
U.S.-Qatar Energy Partnership Has Russia On Edge | OilPrice.com:
It’s been well noted on my OilPrice.com posts over the past year that President Donald Trump isn’t happy with where and even how much of Europe procures its natural gas. It’s still been less than a year when Trump shocked media both at home and abroad with his tongue lashing of EU members and more poignantly Germany over its continued reliance on geopolitically charged Russian natural gas.
As a refresher, in early July Trump lashed out at long-time, strategic ally Germany for supporting the Russian-backed Nordstream 2 gas pipeline, stating that Berlin had become “a captive to Russia”, while he criticized German leaders for failing to raise defense spending more. In fact, Trump unashamedly jabbed Germany in front of an international audience and a host of media just before a NATO summit in Brussels, adding that it was “very inappropriate” that the U.S. was paying for European defense against Russia while Germany, the biggest European economy, was supporting gas deals with Moscow.
It’s been well noted on my OilPrice.com posts over the past year that President Donald Trump isn’t happy with where and even how much of Europe procures its natural gas. It’s still been less than a year when Trump shocked media both at home and abroad with his tongue lashing of EU members and more poignantly Germany over its continued reliance on geopolitically charged Russian natural gas.
As a refresher, in early July Trump lashed out at long-time, strategic ally Germany for supporting the Russian-backed Nordstream 2 gas pipeline, stating that Berlin had become “a captive to Russia”, while he criticized German leaders for failing to raise defense spending more. In fact, Trump unashamedly jabbed Germany in front of an international audience and a host of media just before a NATO summit in Brussels, adding that it was “very inappropriate” that the U.S. was paying for European defense against Russia while Germany, the biggest European economy, was supporting gas deals with Moscow.
Permian Shale Oil Boom Holds Good News and Bad News for OPEC - Bloomberg
Permian Shale Oil Boom Holds Good News and Bad News for OPEC - Bloomberg:
The year has barely begun but it’s already shaping up nicely for OPEC, with crude rebounding sharply after the worst fourth-quarter performance since 2014.
A new production cuts deal with Russia and thawing U.S.-China trade relations have given the market a boost. But for the Organization of Petroleum Exporting Countries, good news often comes hand-in-hand with bad news. For that, look no further than the Permian basin.
The biggest shale play in the U.S. is set to pump 3.8 million barrels a day this month, according to Energy Information Administration data. That’s more than the United Arab Emirates, OPEC’s third-largest producer.
The year has barely begun but it’s already shaping up nicely for OPEC, with crude rebounding sharply after the worst fourth-quarter performance since 2014.
A new production cuts deal with Russia and thawing U.S.-China trade relations have given the market a boost. But for the Organization of Petroleum Exporting Countries, good news often comes hand-in-hand with bad news. For that, look no further than the Permian basin.
The biggest shale play in the U.S. is set to pump 3.8 million barrels a day this month, according to Energy Information Administration data. That’s more than the United Arab Emirates, OPEC’s third-largest producer.
Talks Underway to Build Gas Pipeline to Egypt, Israel Says - Bloomberg
Talks Underway to Build Gas Pipeline to Egypt, Israel Says - Bloomberg:
Talks are in progress to build an underwater natural gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep, Israeli Energy Minister Yuval Steinitz said. Israeli gas stocks rose.
Construction could begin as early as next year on the pipe to transport gas from Israel’s offshore Leviathan and Tamar fields to Egypt’s existing liquefied natural gas plants for processing and re-export, Steinitz said.
The new line would allow Israel to export much more to Egypt than the maximum 7 billion cubic meters per year that can flow through the existing EMG pipeline connecting southern Israel to Egypt’s Sinai peninsula.
Talks are in progress to build an underwater natural gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep, Israeli Energy Minister Yuval Steinitz said. Israeli gas stocks rose.
Construction could begin as early as next year on the pipe to transport gas from Israel’s offshore Leviathan and Tamar fields to Egypt’s existing liquefied natural gas plants for processing and re-export, Steinitz said.
The new line would allow Israel to export much more to Egypt than the maximum 7 billion cubic meters per year that can flow through the existing EMG pipeline connecting southern Israel to Egypt’s Sinai peninsula.
Nasdaq #Dubai expands futures market, launches trading on MSCI #UAE index | ZAWYA MENA Edition
Nasdaq Dubai expands futures market, launches trading on MSCI UAE index | ZAWYA MENA Edition:
Nasdaq Dubai announced the launch of futures trading on the MSCI UAE equity index on Tuesday, in its latest expansion of the futures market.
In a press statement, the exchange explained that the contracts are designed to appeal to international and regional investors seeking exposure to leading UAE companies.
Robert Ansari, Executive Director - Head of the Middle East of MSCI, rang the market-opening bell at Nasdaq Dubai MarketSite to celebrate the start of trading. The index comprises 11 companies that are among the largest and most liquid in the UAE including DP World, Emaar Properties and First Abu Dhabi Bank.
Nasdaq Dubai announced the launch of futures trading on the MSCI UAE equity index on Tuesday, in its latest expansion of the futures market.
In a press statement, the exchange explained that the contracts are designed to appeal to international and regional investors seeking exposure to leading UAE companies.
Robert Ansari, Executive Director - Head of the Middle East of MSCI, rang the market-opening bell at Nasdaq Dubai MarketSite to celebrate the start of trading. The index comprises 11 companies that are among the largest and most liquid in the UAE including DP World, Emaar Properties and First Abu Dhabi Bank.
First Abu Dhabi Bank plans to raise $750mln in sukuk | ZAWYA MENA Edition
First Abu Dhabi Bank plans to raise $750mln in sukuk | ZAWYA MENA Edition:
First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates, is expected to raise $750 million in Islamic bonds, according to a document issued by one of the banks leading the deal.
The five-year sukuk offer buyers 130 basis points over mid-swaps, 20 basis points below the indicative price FAB proposed when it started marketing the notes earlier on Tuesday.
FAB, rated Aa3 by Moody's and AA-(minus) by S&P and Fitch, is the first issuer in the Gulf to tap the international sukuk market this year.
First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates, is expected to raise $750 million in Islamic bonds, according to a document issued by one of the banks leading the deal.
The five-year sukuk offer buyers 130 basis points over mid-swaps, 20 basis points below the indicative price FAB proposed when it started marketing the notes earlier on Tuesday.
FAB, rated Aa3 by Moody's and AA-(minus) by S&P and Fitch, is the first issuer in the Gulf to tap the international sukuk market this year.
MIDEAST STOCKS-Banks buoy #Saudi market, DAMAC drags down Dubai | Reuters
MIDEAST STOCKS-Banks buoy Saudi market, DAMAC drags down Dubai | Reuters:
Saudi Arabia's stock market rose on Tuesday, as rebounding oil prices lifted all its banks, while the Dubai index was pulled down by a plunge in shares of DAMAC Properties.
Saudi Arabia's index gained 0.9 percent to trade at a near six-month high, with Al Rajhi Bank adding 1.3 percent and the biggest lender National Commercial Bank climbing 1.4 percent.
Riyad Bank rose 1.6 percent. The lender has picked Goldman Sachs to advise on its merger talks with National Commercial Bank, Reuters reported, citing sources familiar with the matter.
Saudi Arabia's stock market rose on Tuesday, as rebounding oil prices lifted all its banks, while the Dubai index was pulled down by a plunge in shares of DAMAC Properties.
Saudi Arabia's index gained 0.9 percent to trade at a near six-month high, with Al Rajhi Bank adding 1.3 percent and the biggest lender National Commercial Bank climbing 1.4 percent.
Riyad Bank rose 1.6 percent. The lender has picked Goldman Sachs to advise on its merger talks with National Commercial Bank, Reuters reported, citing sources familiar with the matter.
#AbuDhabi's Masdar to buy wind farm stakes from John Laing Group | Reuters
Abu Dhabi's Masdar to buy wind farm stakes from John Laing Group | Reuters:
Abu Dhabi Future Energy Company (Masdar) said on Tuesday it was acquiring John Laing Group’s stakes in two wind farms in the United States, its first North American renewable energy investment.
Masdar said it was buying stakes in the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico.
The deal is expected to close in the first half of 2019, Masdar said.
Abu Dhabi Future Energy Company (Masdar) said on Tuesday it was acquiring John Laing Group’s stakes in two wind farms in the United States, its first North American renewable energy investment.
Masdar said it was buying stakes in the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico.
The deal is expected to close in the first half of 2019, Masdar said.
QNB lifts quarterly profit on lending growth as #Qatar weathers blockade | Reuters
QNB lifts quarterly profit on lending growth as Qatar weathers blockade | Reuters:
Qatar National Bank (QNB) reported an increase in fourth-quarter net profit on Tuesday, benefiting from strong lending growth as Qatar has pushed ahead with spending on the 2022 soccer World Cup and other infrastructure.
The largest bank by assets in the Middle East and Africa reported a net profit of 3 billion riyals ($800 million) in the three months to the end of the year, compared with 2.88 billion riyals in the same period in 2017, Reuters calculated.
An average of three analysts forecast QNB would post a net profit of 3.23 billion riyals, Refinitiv data showed.
Qatar National Bank (QNB) reported an increase in fourth-quarter net profit on Tuesday, benefiting from strong lending growth as Qatar has pushed ahead with spending on the 2022 soccer World Cup and other infrastructure.
The largest bank by assets in the Middle East and Africa reported a net profit of 3 billion riyals ($800 million) in the three months to the end of the year, compared with 2.88 billion riyals in the same period in 2017, Reuters calculated.
An average of three analysts forecast QNB would post a net profit of 3.23 billion riyals, Refinitiv data showed.
#Qatar Airways CEO: not interested in Jet Airways as backed by 'enemy' state | Reuters
Qatar Airways CEO: not interested in Jet Airways as backed by 'enemy' state | Reuters:
Qatar Airways will not buy a stake in Jet Airways (JET.NS) as a substantial portion of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu Dhabi is an “enemy” of Qatar, its CEO Akbar al-Baker said on Tuesday.
Abu Dhabi is part of the United Arab Emirates that cut ties with Qatar in 2017 over accusations of supporting terrorism. Doha denies the charges. The UAE, together with Saudi Arabia, Egypt and Bahrain have banned Qatar Airways since June of that year as part of the dispute.
“We would definitely look at it (Jet Airways) if a 24 percent stake was not held by Etihad,” al-Baker told Reuters on the sidelines of an aviation conference in Mumbai. “How can I take a stake in an airline which is owned by our adversary?”
Qatar Airways will not buy a stake in Jet Airways (JET.NS) as a substantial portion of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu Dhabi is an “enemy” of Qatar, its CEO Akbar al-Baker said on Tuesday.
Abu Dhabi is part of the United Arab Emirates that cut ties with Qatar in 2017 over accusations of supporting terrorism. Doha denies the charges. The UAE, together with Saudi Arabia, Egypt and Bahrain have banned Qatar Airways since June of that year as part of the dispute.
“We would definitely look at it (Jet Airways) if a 24 percent stake was not held by Etihad,” al-Baker told Reuters on the sidelines of an aviation conference in Mumbai. “How can I take a stake in an airline which is owned by our adversary?”
Pompeo Trip Fails to Ease Questions Over U.S. Goals in Mideast - Bloomberg
Pompeo Trip Fails to Ease Questions Over U.S. Goals in Mideast - Bloomberg:
Secretary of State Michael Pompeo arrived in the Middle East a week ago on a mission to prove the Trump administration can be a reliable partner in tackling the region’s thorniest problems. He returns having failed to stifle doubts that have dogged the U.S. for years.
With stops in eight countries in eight days, Pompeo sought to hammer home how different President Donald Trump’s approach is from that of his predecessor Barack Obama: It will focus on countering, not embracing, Iran’s regime. Despite Trump’s decision to withdraw troops from Syria, Pompeo said the U.S. is committed to finishing the fight there against Islamic State. The U.S., he argued, is a “force for good.”
But progress was slim. Missing throughout the trip was any concrete plan or vision for how to move beyond the problems that already bedevil the region -- from the 18-month diplomatic spat between the gas-rich state of Qatar and its Gulf neighbors to the investigation into the death of columnist Jamal Khashoggi, whose killing has become a hurdle for U.S.-Saudi ties.
Secretary of State Michael Pompeo arrived in the Middle East a week ago on a mission to prove the Trump administration can be a reliable partner in tackling the region’s thorniest problems. He returns having failed to stifle doubts that have dogged the U.S. for years.
With stops in eight countries in eight days, Pompeo sought to hammer home how different President Donald Trump’s approach is from that of his predecessor Barack Obama: It will focus on countering, not embracing, Iran’s regime. Despite Trump’s decision to withdraw troops from Syria, Pompeo said the U.S. is committed to finishing the fight there against Islamic State. The U.S., he argued, is a “force for good.”
But progress was slim. Missing throughout the trip was any concrete plan or vision for how to move beyond the problems that already bedevil the region -- from the 18-month diplomatic spat between the gas-rich state of Qatar and its Gulf neighbors to the investigation into the death of columnist Jamal Khashoggi, whose killing has become a hurdle for U.S.-Saudi ties.
#AbuDhabi's National Energy Company investments at $30bln in 2018 | ZAWYA MENA Edition
Abu Dhabi's National Energy Company investments at $30bln in 2018 | ZAWYA MENA Edition:
Abu Dhabi's National Energy Company (TAQA) said its total investments had reached $30 billion held across 11 countries by the end of 2018, Emirates state news agency (WAM) reported on Monday.
The company said it had coped with declining oil prices by reducing expenditures in 2018 by $750 million, WAM reported. It said it was currently considering development of a wind farm project in Morocco with a capacity of 100-200 megawatts.
Abu Dhabi's National Energy Company (TAQA) said its total investments had reached $30 billion held across 11 countries by the end of 2018, Emirates state news agency (WAM) reported on Monday.
The company said it had coped with declining oil prices by reducing expenditures in 2018 by $750 million, WAM reported. It said it was currently considering development of a wind farm project in Morocco with a capacity of 100-200 megawatts.
MIDEAST STOCKS-Oil boosts #Saudi, banks weigh on Dubai | Reuters
MIDEAST STOCKS-Oil boosts Saudi, banks weigh on Dubai | Reuters:
Saudi Arabia’s stock market rose in early trading on Tuesday, as rebounding oil prices lifted its banks, while real estate and banks pulled down the Dubai index for the third straight session.
Saudi Arabia’s index gained 0.7 percent with Al Rajhi Bank adding 1.6 percent and its biggest lender National Commercial Bank increasing 1.6 percent.
Riyad Bank has chosen Goldman Sachs to advise on its merger talks with National Commercial Bank, Reuters reported, citing two sources familiar with the matter. Riyad Bank inched up 0.1 percent.
Saudi Arabia’s stock market rose in early trading on Tuesday, as rebounding oil prices lifted its banks, while real estate and banks pulled down the Dubai index for the third straight session.
Saudi Arabia’s index gained 0.7 percent with Al Rajhi Bank adding 1.6 percent and its biggest lender National Commercial Bank increasing 1.6 percent.
Riyad Bank has chosen Goldman Sachs to advise on its merger talks with National Commercial Bank, Reuters reported, citing two sources familiar with the matter. Riyad Bank inched up 0.1 percent.
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