UAE's Dana Gas posts nearly $19 mln H1 loss - Reuters:
Dana Gas on Thursday posted a first-half loss of 69 million dirhams ($18.79 million) which included a $37 million impairment charge related to oil and gas assets in Egypt affected by low oil prices.
UAE-based Dana Gas, which made a profit of 513 million dirhams a year earlier, said the loss also reflected the decreased value of its financial assets.
It had $366 million in cash and cash equivalents at the end of June versus $425 million at the end of 2019.
Thursday 13 August 2020
UPDATE 1- #Kuwait closes 2019-2020 fiscal year with $18 bln deficit -finance ministry - Reuters
UPDATE 1-Kuwait closes 2019-2020 fiscal year with $18 bln deficit -finance ministry - Reuters:
Kuwait, facing one of the worst economic crunches in the oil-exporting Gulf region, posted an actual deficit of 5.64 billion dinars ($18.44 billion) in the 2019-2020 fiscal year, it said on Thursday, a 69% increase year on year.
Total revenues fell by over 16% in the fiscal year which ended in March to 17.22 billion, the finance ministry said on Twitter, while expenditure decreased by 3.2% to 21.14 billion dinars.
Kuwait is scrambling to boost state coffers badly hit by the coronavirus crisis and low crude prices.
Kuwait transfers 10% of total annual revenues to one of its sovereign funds, the Future Generations Fund.
In the 2019-2020 fiscal year, the transfer amounted to 1.72 billion dinars, meaning before the transfer the deficit recorded for the year was 3.92 billion dinars, the ministry said.
Kuwait, facing one of the worst economic crunches in the oil-exporting Gulf region, posted an actual deficit of 5.64 billion dinars ($18.44 billion) in the 2019-2020 fiscal year, it said on Thursday, a 69% increase year on year.
Total revenues fell by over 16% in the fiscal year which ended in March to 17.22 billion, the finance ministry said on Twitter, while expenditure decreased by 3.2% to 21.14 billion dinars.
Kuwait is scrambling to boost state coffers badly hit by the coronavirus crisis and low crude prices.
Kuwait transfers 10% of total annual revenues to one of its sovereign funds, the Future Generations Fund.
In the 2019-2020 fiscal year, the transfer amounted to 1.72 billion dinars, meaning before the transfer the deficit recorded for the year was 3.92 billion dinars, the ministry said.
Oil slips after IEA lowers 2020 demand forecast - Reuters
Oil slips after IEA lowers 2020 demand forecast - Reuters:
Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to fight the coronavirus, but resilience in equities markets and a weak dollar limited losses.
Brent crude LCOc1 ended the session down 47 cents, or 1%, at $44.96 a barrel while West Texas Intermediate (WTI) CLc1 settled down 43 cents, or 1%, at $42.24 a barrel.
The International Energy Agency cut its 2020 oil demand forecast and said reduced air travel due to the pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd).
The Organization of the Petroleum Exporting Countries (OPEC) said that world oil demand will fall by 9.06 million bpd this year, more deeply than the 8.95 million bpd decline expected a month ago.
Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to fight the coronavirus, but resilience in equities markets and a weak dollar limited losses.
Brent crude LCOc1 ended the session down 47 cents, or 1%, at $44.96 a barrel while West Texas Intermediate (WTI) CLc1 settled down 43 cents, or 1%, at $42.24 a barrel.
The International Energy Agency cut its 2020 oil demand forecast and said reduced air travel due to the pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd).
The Organization of the Petroleum Exporting Countries (OPEC) said that world oil demand will fall by 9.06 million bpd this year, more deeply than the 8.95 million bpd decline expected a month ago.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Middle East Markets: State Street Opens in #Saudi, Hires Abdullah Saleh Bakhrebah - Bloomberg
Middle East Markets: State Street Opens in Saudi, Hires Abdullah Saleh Bakhrebah - Bloomberg:
State Street Corp. opened its first office in Saudi Arabia and hired Abdullah Saleh Bakhrebah from Ashmore Group Plc as chief executive officer for its operations in the kingdom.
The Boston-based financial-services firm is entering Saudi Arabia as part of its plans to boost its presence in the Middle East, State Street said in a statement Thursday. It also hired Haifa Al Goufi as Middle East and North Africa chief compliance officer and Hassan Al Khalaf as chief financial officer for the region.
International banks and investment firms including BlackRock Inc., Citigroup Inc. and Credit Suisse Group AG have opened offices in Saudi Arabia or increased their presence as the kingdom diversifies from oil and opens up its capital markets to foreign investors.
“Saudi Arabia itself is a strategically important country for State Street, ” said Jörg Ambrosius, head of Europe, Middle East and Africa. “Having an office here is absolutely vital for us to fulfill our ambitious growth plans for the region.”
State Street Corp. opened its first office in Saudi Arabia and hired Abdullah Saleh Bakhrebah from Ashmore Group Plc as chief executive officer for its operations in the kingdom.
The Boston-based financial-services firm is entering Saudi Arabia as part of its plans to boost its presence in the Middle East, State Street said in a statement Thursday. It also hired Haifa Al Goufi as Middle East and North Africa chief compliance officer and Hassan Al Khalaf as chief financial officer for the region.
International banks and investment firms including BlackRock Inc., Citigroup Inc. and Credit Suisse Group AG have opened offices in Saudi Arabia or increased their presence as the kingdom diversifies from oil and opens up its capital markets to foreign investors.
“Saudi Arabia itself is a strategically important country for State Street, ” said Jörg Ambrosius, head of Europe, Middle East and Africa. “Having an office here is absolutely vital for us to fulfill our ambitious growth plans for the region.”
Adnoc Distribution reports 14% drop in Q2 profits - Arabianbusiness
Adnoc Distribution reports 14% drop in Q2 profits - Arabianbusiness:
Adnoc Distribution reported a 14% drop in Q2 net profit, which was largely attributed to lockdown and movement restrictions that resulted in a drop in fuel volumes.
The fuel and convenience retailer reported a second quarter profit of AED 511 million ($139m), and revenues of AED3 billion ($816m), down 45% on last year.
Ahmed Al Shamsi, Acting CEO of Adnoc Distribution, said fuel volumes have recovered since movement restrictions were lifted - 90% in July compared to the same period last year.
"Despite the challenging market conditions, we have continued to ensure access to our services, and introduced increased convenience. We have seen fuel volumes recover in line with the easing of movement restrictions," Al Shamsi said.
Adnoc Distribution reported a 14% drop in Q2 net profit, which was largely attributed to lockdown and movement restrictions that resulted in a drop in fuel volumes.
The fuel and convenience retailer reported a second quarter profit of AED 511 million ($139m), and revenues of AED3 billion ($816m), down 45% on last year.
Ahmed Al Shamsi, Acting CEO of Adnoc Distribution, said fuel volumes have recovered since movement restrictions were lifted - 90% in July compared to the same period last year.
"Despite the challenging market conditions, we have continued to ensure access to our services, and introduced increased convenience. We have seen fuel volumes recover in line with the easing of movement restrictions," Al Shamsi said.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Aldar CEO Sees Pent-Up Demand for #AbuDhabi Properties - Bloomberg
Aldar CEO Sees Pent-Up Demand for Abu Dhabi Properties - Bloomberg:
Talal Al Dhiyebi, chief executive officer at Aldar Properties PJSC, discusses the demand he’s seeing heading into the end of the year, the impact of coronavirus on his business and where he’s seeing growth. He speaks exclusively on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Talal Al Dhiyebi, chief executive officer at Aldar Properties PJSC, discusses the demand he’s seeing heading into the end of the year, the impact of coronavirus on his business and where he’s seeing growth. He speaks exclusively on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Middle East Deals: Emirates NBD in Talks to Buy Lebanese Bank’s Egyptian Unit - Bloomberg
Middle East Deals: Emirates NBD in Talks to Buy Lebanese Bank’s Egyptian Unit - Bloomberg:
Emirates NBD PJSC started preliminary talks to buy the Egyptian unit of Lebanese lender Blom Bank SAL after last week’s explosion forced the Beirut-based company to review its strategy.
Discussions are ongoing and there is no certainty that a deal will be completed, Dubai-based Emirates NBD said in a statement on Thursday.
Earlier this month, Blom Bank said it was considering several strategic options, including a sale of its stake in Blom Bank Egypt in response to the depressed outlook for Lebanon’s domestic banking industry. Blom’s Egypt unit has 42 branches and is active in retail and corporate banking, according to its website.
Lebanese banks are struggling to shore up their finances as the Arab nation grapples with its worst economic crisis in decades. The country was already battling soaring inflation, a rapid devaluation of the Lebanese pound and a shrinking economy before the blast ripped through the capital’s port on Aug. 4.
Emirates NBD PJSC started preliminary talks to buy the Egyptian unit of Lebanese lender Blom Bank SAL after last week’s explosion forced the Beirut-based company to review its strategy.
Discussions are ongoing and there is no certainty that a deal will be completed, Dubai-based Emirates NBD said in a statement on Thursday.
Earlier this month, Blom Bank said it was considering several strategic options, including a sale of its stake in Blom Bank Egypt in response to the depressed outlook for Lebanon’s domestic banking industry. Blom’s Egypt unit has 42 branches and is active in retail and corporate banking, according to its website.
Lebanese banks are struggling to shore up their finances as the Arab nation grapples with its worst economic crisis in decades. The country was already battling soaring inflation, a rapid devaluation of the Lebanese pound and a shrinking economy before the blast ripped through the capital’s port on Aug. 4.
Middle East News: #Dubai Property Braced for Two More Difficult Years Damac Says - Bloomberg
Middle East News: Dubai Property Braced for Two More Difficult Years Damac Says - Bloomberg: Damac Properties PJSC expects a “difficult” period of as many as two years for Dubai’s property market as the impact of the coronavirus drags real-estate prices down.
“Travel restrictions impacted the economy and the real estate sector and we will see a difficult market for the coming 18 to 24 months,” Chairman Hussain Sajwani said in the company’s earnings release.
“However, we are optimistic that the lead up to the Dubai Expo at the end of 2021 will allow some of the excess real estate supply be absorbed,” he said.
The coronavirus aggravated a long property slump in Dubai, where oversupply and economic uncertainty pushed down prices for years. Real estate prices will drop further in the coming months amid subdued demand, S&P Global Ratings and Moody’s Investors Service said in July.
“Travel restrictions impacted the economy and the real estate sector and we will see a difficult market for the coming 18 to 24 months,” Chairman Hussain Sajwani said in the company’s earnings release.
“However, we are optimistic that the lead up to the Dubai Expo at the end of 2021 will allow some of the excess real estate supply be absorbed,” he said.
The coronavirus aggravated a long property slump in Dubai, where oversupply and economic uncertainty pushed down prices for years. Real estate prices will drop further in the coming months amid subdued demand, S&P Global Ratings and Moody’s Investors Service said in July.
Middle East Deals: #Dubai’s Shuaa Pauses Some Deals as Virus Brings New Strategy - Bloomberg
Middle East Deals: Dubai’s Shuaa Pauses Some Deals as Virus Brings New Strategy - Bloomberg:
Shuaa Capital PSC stepped away from some deals as the Dubai-based investment company switched its short-term strategy in the wake of the economic fallout from the coronavirus pandemic.
“All the plans have changed” over the past six months, Chief Executive Officer Jassim Alseddiqi said in an interview with Bloomberg TV. The firm is focused on its main businesses and on becoming more efficient, he said.
The company “put off few of the transactions that we have been looking at, in terms of acquisitions or mergers,” but would “revisit opportunities as they come up,” he said.
Shares in Shuaa declined as much as 3.9%, the most since July 29, before paring losses to trade 0.8% down as of 10:55 a.m. in Dubai.
Shuaa Capital PSC stepped away from some deals as the Dubai-based investment company switched its short-term strategy in the wake of the economic fallout from the coronavirus pandemic.
“All the plans have changed” over the past six months, Chief Executive Officer Jassim Alseddiqi said in an interview with Bloomberg TV. The firm is focused on its main businesses and on becoming more efficient, he said.
The company “put off few of the transactions that we have been looking at, in terms of acquisitions or mergers,” but would “revisit opportunities as they come up,” he said.
Shares in Shuaa declined as much as 3.9%, the most since July 29, before paring losses to trade 0.8% down as of 10:55 a.m. in Dubai.
Etihad own 51% and Air Arabia holds remaining stake in Air Arabia #AbuDhabi | ZAWYA MENA Edition
Etihad own 51% and Air Arabia holds remaining stake in Air Arabia Abu Dhabi | ZAWYA MENA Edition:
Sharjah-based Air Arabia controls a 49 per cent stake in the recently-launched Air Arabia Abu Dhabi, the company's second-quarter financial results showed.
A joint venture with the Abu Dhabi-based Etihad Aviation Group, the remaining majority stake of 51 per cent is controlled by Etihad, an Air Arabia spokesperson confirmed to Khaleej Times.
Based in Abu Dhabi, the newly-launched carrier will meet the demand for low-cost travel in the UAE. Air Arabia Abu Dhabi has launched operations with direct flights to Egypt, Bangladesh, and Afghanistan, offering relief to cost-conscious expat workers in the capital.
Air Arabia reported a net loss of Dh169 million for the first-half of 2020, impacted by the cancellation of scheduled flight operations due to Covid-19 in the second-quarter. The carrier has a sound liquidity position and Dh3.07 billion available in funds. The carrier has requested deferral of principal and interest on all existing aircraft loans spread across various banks.
Sharjah-based Air Arabia controls a 49 per cent stake in the recently-launched Air Arabia Abu Dhabi, the company's second-quarter financial results showed.
A joint venture with the Abu Dhabi-based Etihad Aviation Group, the remaining majority stake of 51 per cent is controlled by Etihad, an Air Arabia spokesperson confirmed to Khaleej Times.
Based in Abu Dhabi, the newly-launched carrier will meet the demand for low-cost travel in the UAE. Air Arabia Abu Dhabi has launched operations with direct flights to Egypt, Bangladesh, and Afghanistan, offering relief to cost-conscious expat workers in the capital.
Air Arabia reported a net loss of Dh169 million for the first-half of 2020, impacted by the cancellation of scheduled flight operations due to Covid-19 in the second-quarter. The carrier has a sound liquidity position and Dh3.07 billion available in funds. The carrier has requested deferral of principal and interest on all existing aircraft loans spread across various banks.
#Dubai's DAMAC loses $84.5mln in Q2, warns of difficult years ahead | ZAWYA MENA Edition
Dubai's DAMAC loses $84.5mln in Q2, warns of difficult years ahead | ZAWYA MENA Edition:
Dubai developer DAMAC Properties on Thursday warned it saw a difficult market for up to the next two years due to the COVID-19 pandemic, as it reported a second-quarter loss of 280 million dirhams ($76.2 million).
While revenue increased 18% to 1.1 billion dirhams, the owner of the only Trump-branded golf club in the Middle East swung to a quarterly loss from a 50.5 million dirham profit in the same period a year ago.
It was the company's third consecutive quarterly loss, according to Refinitiv data.
Chairman Hussies Sajwani said the pandemic has negatively impacted sales and business activity and that the company saw difficult conditions over the next 18-24 months, though it was optimistic next year's Dubai EXPO would generate some demand.
Dubai developer DAMAC Properties on Thursday warned it saw a difficult market for up to the next two years due to the COVID-19 pandemic, as it reported a second-quarter loss of 280 million dirhams ($76.2 million).
While revenue increased 18% to 1.1 billion dirhams, the owner of the only Trump-branded golf club in the Middle East swung to a quarterly loss from a 50.5 million dirham profit in the same period a year ago.
It was the company's third consecutive quarterly loss, according to Refinitiv data.
Chairman Hussies Sajwani said the pandemic has negatively impacted sales and business activity and that the company saw difficult conditions over the next 18-24 months, though it was optimistic next year's Dubai EXPO would generate some demand.
#AbuDhabi's Aldar second-quarter profit rises 2% - Reuters
Abu Dhabi's Aldar second-quarter profit rises 2% - Reuters:
Abu Dhabi developer Aldar Properties (ALDAR.AD) reported a 2% rise in second-quarter profit on Thursday, although the company did not provide outlook for the rest of the year due to the COVID-19 pandemic.
The state-linked builder of Abu Dhabi’s Formula One circuit made 484 million dirhams ($132 million) in the three months to June 30, compared with 476 million dirhams a year earlier.
Revenue increased by 21% to 2 billion dirhams, driven by state projects and inventory sales, it said in a statement.
Aldar has not launched any new projects so far this year, and it made just under 1 billion dirhams in sales in the first half.
Abu Dhabi developer Aldar Properties (ALDAR.AD) reported a 2% rise in second-quarter profit on Thursday, although the company did not provide outlook for the rest of the year due to the COVID-19 pandemic.
The state-linked builder of Abu Dhabi’s Formula One circuit made 484 million dirhams ($132 million) in the three months to June 30, compared with 476 million dirhams a year earlier.
Revenue increased by 21% to 2 billion dirhams, driven by state projects and inventory sales, it said in a statement.
Aldar has not launched any new projects so far this year, and it made just under 1 billion dirhams in sales in the first half.
#Saudi stock exchange to launch environmental index with MSCI: CEO - Reuters
Saudi stock exchange to launch environmental index with MSCI: CEO - Reuters:
Saudi Arabia’s stock exchange (TADAWUL) plans to launch an environmental, social or governance (ESG) index in cooperation with global index provider MSCI by the fourth quarter of this year or first quarter of 2021, the bourse’s chief executive said on Wednesday.
The index will include at least 70 Saudi listed companies and will be based on MSCI standards, Khalid Al-Hussan said at a virtual event.
“Globally we understand that ESG is becoming an investment requirement and we don’t want to be behind this in the Saudi market,” he added.
Demand for climate-friendly and sustainable investments has been on the rise over the past few years and has seen another boost during the COVID-19 pandemic, with many investors globally shifting their focus on to businesses with more sustainable, low-carbon models.
Saudi Arabia’s stock exchange (TADAWUL) plans to launch an environmental, social or governance (ESG) index in cooperation with global index provider MSCI by the fourth quarter of this year or first quarter of 2021, the bourse’s chief executive said on Wednesday.
The index will include at least 70 Saudi listed companies and will be based on MSCI standards, Khalid Al-Hussan said at a virtual event.
“Globally we understand that ESG is becoming an investment requirement and we don’t want to be behind this in the Saudi market,” he added.
Demand for climate-friendly and sustainable investments has been on the rise over the past few years and has seen another boost during the COVID-19 pandemic, with many investors globally shifting their focus on to businesses with more sustainable, low-carbon models.
Russia's energy minister sees no hasty OPEC+ decisions this month: reports - Reuters
Russia's energy minister sees no hasty OPEC+ decisions this month: reports - Reuters:
Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable, Russian news agencies reported on Thursday.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by around 10% of typical global demand to tackle the fallout from the COVID-19 pandemic.
Last month, a ministerial advisory panel to OPEC+, known as the JMMC, decided to ease the cuts to around to 7.7 million bpd until December from a previous reduction of 9.7 million bpd.
The Joint Ministerial Monitoring Committee is scheduled to convene next week against the background of an oil price recovery to above $45 a barrel from a 21-year low of below $16 in April. Novak said the meeting could be delayed to Aug. 19 from the initially planned Aug. 18.
Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable, Russian news agencies reported on Thursday.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by around 10% of typical global demand to tackle the fallout from the COVID-19 pandemic.
Last month, a ministerial advisory panel to OPEC+, known as the JMMC, decided to ease the cuts to around to 7.7 million bpd until December from a previous reduction of 9.7 million bpd.
The Joint Ministerial Monitoring Committee is scheduled to convene next week against the background of an oil price recovery to above $45 a barrel from a 21-year low of below $16 in April. Novak said the meeting could be delayed to Aug. 19 from the initially planned Aug. 18.
Oil drops after OPEC predicts weaker demand but U.S. inventory data limits decline - Reuters
Oil drops after OPEC predicts weaker demand but U.S. inventory data limits decline - Reuters:
Crude oil prices fell on Thursday after OPEC said it expected demand to drop more than expected, although data showing a decline in U.S. inventories lent support.
Brent crude LCOc1 was down 26 cents or 0.6% at $45.17 a barrel by 0647 GMT, after a gain of around 2% in the previous session. West Texas Intermediate CLc1 oil also lost 0.6%, a 25 cent decline to $42.42 a barrel which followed a climb of 2.6% on Wednesday.
The Organization of the Petroleum Exporting Countries said in a monthly report that world oil demand will fall by 9.06 million barrels per day this year, more than the 8.95 million bpd decline expected a month ago.
“OPEC released a bearish monthly forecast which indicated that world oil demand will fall more steeply in 2020 than previously forecasted due to the coronavirus and there are doubts about next year’s recovery,” said Avtar Sandu, senior manager commodities at Phillip Futures.
Crude oil prices fell on Thursday after OPEC said it expected demand to drop more than expected, although data showing a decline in U.S. inventories lent support.
Brent crude LCOc1 was down 26 cents or 0.6% at $45.17 a barrel by 0647 GMT, after a gain of around 2% in the previous session. West Texas Intermediate CLc1 oil also lost 0.6%, a 25 cent decline to $42.42 a barrel which followed a climb of 2.6% on Wednesday.
The Organization of the Petroleum Exporting Countries said in a monthly report that world oil demand will fall by 9.06 million barrels per day this year, more than the 8.95 million bpd decline expected a month ago.
“OPEC released a bearish monthly forecast which indicated that world oil demand will fall more steeply in 2020 than previously forecasted due to the coronavirus and there are doubts about next year’s recovery,” said Avtar Sandu, senior manager commodities at Phillip Futures.
MIDEAST STOCKS-Emirates NBD buoys #Dubai, other major Gulf markets also up - Reuters
MIDEAST STOCKS-Emirates NBD buoys Dubai, other major Gulf markets also up - Reuters:
Major stock markets in the Gulf rose in early trade on Thursday, with the Dubai’s index boosted by a leap in top lender Emirates NBD.
Dubai’s main share index advanced 1.2%, led by a 2.5% rise in its largest lender Emirates NBD.
The bank is in preliminary discussions with Lebanon’s Blom Bank regarding the possibility of a potential acquisition of its existing shareholding in Blom Bank Egypt.
DAMAC Properties, however, retreated 1.2%, after it posted a second-quarter loss of 280 million dirhams. It was the company’s third consecutive quarterly loss, according to Refinitiv data.
Saudi Arabia’s benchmark index rose 0.4% with Al Rajhi Bank adding 1% and oil giant Saudi Aramco up 0.6%.
Major stock markets in the Gulf rose in early trade on Thursday, with the Dubai’s index boosted by a leap in top lender Emirates NBD.
Dubai’s main share index advanced 1.2%, led by a 2.5% rise in its largest lender Emirates NBD.
The bank is in preliminary discussions with Lebanon’s Blom Bank regarding the possibility of a potential acquisition of its existing shareholding in Blom Bank Egypt.
DAMAC Properties, however, retreated 1.2%, after it posted a second-quarter loss of 280 million dirhams. It was the company’s third consecutive quarterly loss, according to Refinitiv data.
Saudi Arabia’s benchmark index rose 0.4% with Al Rajhi Bank adding 1% and oil giant Saudi Aramco up 0.6%.