MIDEAST STOCKS- #Saudi shares outperform on $1.3 trillion private investment push | Nasdaq

MIDEAST STOCKS-Saudi shares outperform on $1.3 trillion private investment push | Nasdaq

Saudi Arabia's stock market rose sharply on Wednesday, after the country announced a huge investment push led by Aramco and SABIC, while other major Gulf markets were mixed.

The kingdom's crown prince said oil firm Aramco and petrochemical firm SABIC would lead 5 trillion riyals ($1.3 trillion) of investments by the local private sector by 2030 under a programme announced on Tuesday for economic diversification.

This is part of 12 trillion riyals worth of investments planned by 2030, Crown Prince Mohammed bin Salman said in televised remarks.

Saudi Arabia's benchmark index .TASI advanced 2.8%, its biggest intraday gain since April last year, as all its banking shares traded higher except for one.

Al Rajhi Bank 1120.SE leapt 5.1%, while Saudi Basic Industries Corp (SABIC) 2010.SE climbed 5.6%. Saudi Aramco 2222.SE closed 2.7% higher.

In Dubai, the benchmark index .DFMGI eased 0.3%, hit by a 0.8% fall in blue-chip developer Emaar Properties EMAR.DU and a 2.4% slide in DAMAC Properties DAMAC.DU.

The Qatari index .QSI added 0.2%, with Commercial Bank COMB.QA rising 3.2%.

However, Aamal Company AHCS.QA declined over 5%, as the stock went ex-dividend.