Central Bank of UAE issues SME Market Conduct Regulation | Banking – Gulf News
The Central Bank of the UAE (CBUAE) on Sunday issued Small to Medium Sized Enterprises (SME) Market Conduct Regulation to promote best practices among licensed financial institutions (LFIs) when engaging with SMEs.
The objective of the regulation is to enhance SMEs’ access to financial products and services. CBUAE’s introduction of this regulation follows the launch of its new Financial Consumer Protection Regulatory Framework.
“SMEs play a vital role in the UAE’s economy. The UAE government has placed considerable emphasis on developing the SME ecosystem and removing obstacles for a transparent, entrepreneurial, and innovative SME sector in the UAE, which has good access to various financial sources,” said Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE.
Sunday, 4 April 2021
#Oman Is More Than Halfway Toward Meeting Financing Needs in 2021 - Bloomberg
Oman Is More Than Halfway Toward Meeting Financing Needs in 2021 - Bloomberg
Oman is more than halfway toward meeting its total financing needs of 4.2 billion riyals ($10.9 billion) for the year, according to the Finance Ministry.
The government has 1.83 billion riyals left to raise after so far borrowing 1.77 billion riyals and withdrawing 600 million riyals from the Oman Investment Authority -- the country’s wealth fund -- as of end-March.
“This shows that Oman has successfully covered most of its financing needs,” the ministry said in its monthly fiscal report. The remainder “will be raised during the current year,” it said.
Oman is more than halfway toward meeting its total financing needs of 4.2 billion riyals ($10.9 billion) for the year, according to the Finance Ministry.
The government has 1.83 billion riyals left to raise after so far borrowing 1.77 billion riyals and withdrawing 600 million riyals from the Oman Investment Authority -- the country’s wealth fund -- as of end-March.
“This shows that Oman has successfully covered most of its financing needs,” the ministry said in its monthly fiscal report. The remainder “will be raised during the current year,” it said.
#Oman borrowed 600 million rials from sovereign fund, 1.77 billion rials from other sources | Reuters
Oman borrowed 600 million rials from sovereign fund, 1.77 billion rials from other sources | Reuters
Oman has borrowed 600 million rials ($1.56 billion) from its sovereign fund, the Oman Investment Authority, and another 1.77 billion rials through external and internal borrowings to partly finance its 2021 budget, the finance ministry said.
The total borrowing of 2.37 billion rials is 56% of the 4.2 billion rials worth of financing required this year, the ministry said in its March fiscal performance report.
The report came as rating agency S&P Global Ratings last week affirmed its ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings on Oman.
Oman has borrowed 600 million rials ($1.56 billion) from its sovereign fund, the Oman Investment Authority, and another 1.77 billion rials through external and internal borrowings to partly finance its 2021 budget, the finance ministry said.
The total borrowing of 2.37 billion rials is 56% of the 4.2 billion rials worth of financing required this year, the ministry said in its March fiscal performance report.
The report came as rating agency S&P Global Ratings last week affirmed its ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings on Oman.
Mideast Stocks: Saudi National Bank buoys #Saudi shares; other markets mixed | ZAWYA MENA Edition
Mideast Stocks: Saudi National Bank buoys Saudi shares; other markets mixed | ZAWYA MENA Edition
Major Gulf markets ended mixed on Sunday, with the Saudi index boosted by gains in its top lender following a dividend proposal and new board appointees.
Saudi Arabia's benchmark index rose 0.7%, buoyed by a 3.6% jump in Saudi National Bank1180.SE , previously known as National Commercial Bank.
The lender on Sunday appointed Ammar Abdul Wahed Al Khudiry as chairman, while Saeed Mohammed Alghamdi was named as managing director and CEO.
In a separate bourse filing, the lender said it would pay out more than 3.58 billion riyals ($955 million) in dividends to shareholders.
On Thursday, National Commercial Bank and Samba Financial Group announced the formal completion of their merger to create the largest banking entity in the kingdom.
In Abu Dhabi, the index added 0.2%, helped by a 2.5% rise in International Holding and a 1.6% gain in Abu Dhabi Islamic Bank (ADIB).
ADIB has provided structured Islamic financing for Albilad Capital's 87 million pound acquisition of PWC's headquarters in Northern Ireland.
Dubai's main share index fell 0.3%, hit by a 3% slide in Emirates Integrated Telecommunications DU.
Dubai aims to increase the contribution of creative arts to the emirate's GDP to 5% from 2.6% within the next five years, Dubai's ruler said on Saturday.
Dubai has made several moves in recent months to make the emirate more regionally and globally competitive.
In Qatar, the benchmark eased 0.2%, with Qatar National Bank, the Gulf's largest lender, losing 0.2%.
Elsewhere, Qatar Navigation, a top Doha-based shipping and logistics group, retreated 2.4%.
Qatar's economy contracted by 3.9% in the fourth quarter of 2020, government data showed, with transportation and storage activity plummeting 32.8% and construction down nearly 5%.
Major Gulf markets ended mixed on Sunday, with the Saudi index boosted by gains in its top lender following a dividend proposal and new board appointees.
Saudi Arabia's benchmark index rose 0.7%, buoyed by a 3.6% jump in Saudi National Bank1180.SE , previously known as National Commercial Bank.
The lender on Sunday appointed Ammar Abdul Wahed Al Khudiry as chairman, while Saeed Mohammed Alghamdi was named as managing director and CEO.
In a separate bourse filing, the lender said it would pay out more than 3.58 billion riyals ($955 million) in dividends to shareholders.
On Thursday, National Commercial Bank and Samba Financial Group announced the formal completion of their merger to create the largest banking entity in the kingdom.
In Abu Dhabi, the index added 0.2%, helped by a 2.5% rise in International Holding and a 1.6% gain in Abu Dhabi Islamic Bank (ADIB).
ADIB has provided structured Islamic financing for Albilad Capital's 87 million pound acquisition of PWC's headquarters in Northern Ireland.
Dubai's main share index fell 0.3%, hit by a 3% slide in Emirates Integrated Telecommunications DU.
Dubai aims to increase the contribution of creative arts to the emirate's GDP to 5% from 2.6% within the next five years, Dubai's ruler said on Saturday.
Dubai has made several moves in recent months to make the emirate more regionally and globally competitive.
In Qatar, the benchmark eased 0.2%, with Qatar National Bank, the Gulf's largest lender, losing 0.2%.
Elsewhere, Qatar Navigation, a top Doha-based shipping and logistics group, retreated 2.4%.
Qatar's economy contracted by 3.9% in the fourth quarter of 2020, government data showed, with transportation and storage activity plummeting 32.8% and construction down nearly 5%.
#AbuDhabi stocks shine amid mixed GCC signals | Markets – Gulf News
Abu Dhabi stocks shine amid mixed GCC signals | Markets – Gulf News
Abu Dhabi stocks traded higher on the first day of the week in what was the index's sixth straight advance on a day when GCC markets displayed a mixed performance as investors traded without big clues for guidance.
Abu Dhabi Securities Exchange edged up 0.3 per cent at 5,962 points, advancing for a sixth session in a row. The index closed higher every day last week to accumulate 3.8 per cent weekly gains, in what was its best performance in months. Stocks offered mixed signals as the gainers and losers were almost equally divided, but a near 5 per cent jump in International Holding titled the balance upward. The firm traded higher for the ninth consecutive day and is trading more than 61 per cent up for the year after massive full-year gains and business expansion impressed the investors.
Up on acquisition plan
The index also received some support from other heavyweight stocks with Abu Dhabi Islamic Bank and the telecom firm Etisalat adding 1 and 0.4 per cent, respectively. Abu Dhabi Aviation gained 1.2 per cent after it signed a letter of intent to consider acquiring an aviation services provider Falcon Aviation Services. The potential acquisition is part of the strategic plan to expand assets and raise revenues.
Taking a breather
Dubai Financial Market traded 0.2 per cent lower at 2,554 points with weakness seen in most of the sectors as the index took a pause following its best-in-months performance last week. Air Arabia dipped a further 1.6 per cent after mostly trending down in recent days as rebuilding coronavirus caseloads around the world weakened the prospects of the aviation industry getting back to normal activity anytime soon. The telco du headed lower by 1.3 per cent as it was trading with no dividend entitlements for investors buying the stock.
Qatar Exchange ticked down 0.3 per cent to trade at 10,422 points with industrial shares weighing the most. Qatar Navigation dropped 2.5 per cent, while Industries Qatar shed 0.8 per cent. Kuwait premier index moved upward, lifted mainly by its banks with Ahli United Bank, Kuwait Finance House and Gulf Bank all trading higher. Financials also propelled the Bahrain shares but pushed down Oman's 30-company index.
Abu Dhabi stocks traded higher on the first day of the week in what was the index's sixth straight advance on a day when GCC markets displayed a mixed performance as investors traded without big clues for guidance.
Abu Dhabi Securities Exchange edged up 0.3 per cent at 5,962 points, advancing for a sixth session in a row. The index closed higher every day last week to accumulate 3.8 per cent weekly gains, in what was its best performance in months. Stocks offered mixed signals as the gainers and losers were almost equally divided, but a near 5 per cent jump in International Holding titled the balance upward. The firm traded higher for the ninth consecutive day and is trading more than 61 per cent up for the year after massive full-year gains and business expansion impressed the investors.
Up on acquisition plan
The index also received some support from other heavyweight stocks with Abu Dhabi Islamic Bank and the telecom firm Etisalat adding 1 and 0.4 per cent, respectively. Abu Dhabi Aviation gained 1.2 per cent after it signed a letter of intent to consider acquiring an aviation services provider Falcon Aviation Services. The potential acquisition is part of the strategic plan to expand assets and raise revenues.
Taking a breather
Dubai Financial Market traded 0.2 per cent lower at 2,554 points with weakness seen in most of the sectors as the index took a pause following its best-in-months performance last week. Air Arabia dipped a further 1.6 per cent after mostly trending down in recent days as rebuilding coronavirus caseloads around the world weakened the prospects of the aviation industry getting back to normal activity anytime soon. The telco du headed lower by 1.3 per cent as it was trading with no dividend entitlements for investors buying the stock.
Qatar Exchange ticked down 0.3 per cent to trade at 10,422 points with industrial shares weighing the most. Qatar Navigation dropped 2.5 per cent, while Industries Qatar shed 0.8 per cent. Kuwait premier index moved upward, lifted mainly by its banks with Ahli United Bank, Kuwait Finance House and Gulf Bank all trading higher. Financials also propelled the Bahrain shares but pushed down Oman's 30-company index.
Pomerantz appointed co-lead counsel in NMC Health securities litigation | Business – Gulf News
Pomerantz appointed co-lead counsel in NMC Health securities litigation | Business – Gulf News
US District Judge Consuel B. Marshall of the Central District of California appointed Pomerantz LLP as Co-Lead Counsel in Chris Hashem, et al. v. NMC Health plc, et al., a securities litigation being pursued on behalf of a class of defrauded investors regarding allegations of misstatements related to NMC’s financial stability and controls.
This is a class action on behalf of persons or entities who purchased or acquired publicly traded NMC securities between March 13, 2016 and March 10, 2020. Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934.
Allegations
The complaint alleges that, between March 13, 2016, and March 10, 2020, NMC and its top officers made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective internal controls and risk management; (ii) the Company engaged in undisclosed and extensive related party and de facto related party transactions; (iii) NMC’s debts were significantly understated and obfuscated; (iv) NMC’s cash-on-hand figures were overstated; (v) NMC’s principal shareholders were not accurately reporting or accounting their interests or stakes in the Company; (vi) NMC did not review or know their principal shareholders interests or stakes in the Company; (vii) consequently, the Company was not enforcing its Relationship Agreement with the principal shareholders; and (viii) as a result, Defendants’ statements about NMC’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
NMC, together with its subsidiaries, provides healthcare services in the United Arab Emirates, the United Kingdom and Spain, owning and managing approximately 200 healthcare facilities, including hospitals, medical centers, long term care facilities, day surgery centers, fertility clinics, and home health services providers. NMC offer medical services as well as research and medical services in the field of gynecology, obstetrics, and human reproduction; and management services to hospitals, as well as retail pharmaceutical goods.
US District Judge Consuel B. Marshall of the Central District of California appointed Pomerantz LLP as Co-Lead Counsel in Chris Hashem, et al. v. NMC Health plc, et al., a securities litigation being pursued on behalf of a class of defrauded investors regarding allegations of misstatements related to NMC’s financial stability and controls.
This is a class action on behalf of persons or entities who purchased or acquired publicly traded NMC securities between March 13, 2016 and March 10, 2020. Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934.
Allegations
The complaint alleges that, between March 13, 2016, and March 10, 2020, NMC and its top officers made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective internal controls and risk management; (ii) the Company engaged in undisclosed and extensive related party and de facto related party transactions; (iii) NMC’s debts were significantly understated and obfuscated; (iv) NMC’s cash-on-hand figures were overstated; (v) NMC’s principal shareholders were not accurately reporting or accounting their interests or stakes in the Company; (vi) NMC did not review or know their principal shareholders interests or stakes in the Company; (vii) consequently, the Company was not enforcing its Relationship Agreement with the principal shareholders; and (viii) as a result, Defendants’ statements about NMC’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
NMC, together with its subsidiaries, provides healthcare services in the United Arab Emirates, the United Kingdom and Spain, owning and managing approximately 200 healthcare facilities, including hospitals, medical centers, long term care facilities, day surgery centers, fertility clinics, and home health services providers. NMC offer medical services as well as research and medical services in the field of gynecology, obstetrics, and human reproduction; and management services to hospitals, as well as retail pharmaceutical goods.
Tristar Sets Price Range for #Dubai’s Second IPO in Three Years - Bloomberg
Tristar Sets Price Range for Dubai’s Second IPO in Three Years - Bloomberg
Middle Eastern logistics firm Tristar Transport set the price range for its planned initial public offering in Dubai at 2.20 dirhams to 2.70 dirhams per share, in what would be only the financial hub’s second listing in three years.
The company plans to offer up to 24% of its shares in the IPO, according to a statement on Sunday, valuing it at as much as 3.24 billion dirhams ($882 million). The placement will include an issuance of 199 million new shares and a secondary offering of up to 88.8 million shares by existing shareholders.
If priced at the top of the of the range, the IPO would be the biggest on Dubai’s main exchange since 2017, when Emaar Development PJSC raised $1.3 billion. Since then, new offerings have languished amid shrinking volumes and delistings of major companies such as port operator DP World.
Tristar operates in 21 countries across three continents, and provides transportation and storage services to customers including Abu Dhabi National Oil Co., Total SA and Dow Inc.
Middle Eastern logistics firm Tristar Transport set the price range for its planned initial public offering in Dubai at 2.20 dirhams to 2.70 dirhams per share, in what would be only the financial hub’s second listing in three years.
The company plans to offer up to 24% of its shares in the IPO, according to a statement on Sunday, valuing it at as much as 3.24 billion dirhams ($882 million). The placement will include an issuance of 199 million new shares and a secondary offering of up to 88.8 million shares by existing shareholders.
- Proceeds from the primary component will be approximately 438 million dirhams to 537 million dirhams and the secondary component will be approximately 90 million dirhams to 240 million dirhams.
- The offer period starts Sunday and will close on April 15.
If priced at the top of the of the range, the IPO would be the biggest on Dubai’s main exchange since 2017, when Emaar Development PJSC raised $1.3 billion. Since then, new offerings have languished amid shrinking volumes and delistings of major companies such as port operator DP World.
Tristar operates in 21 countries across three continents, and provides transportation and storage services to customers including Abu Dhabi National Oil Co., Total SA and Dow Inc.
Saudis Hike Oil Prices for Key Asia Market in Sign of Confidence - Bloomberg
Saudis Hike Oil Prices for Key Asia Market in Sign of Confidence - Bloomberg
Saudi Arabia raised prices for oil shipments to customers in its main market of Asia for next month, signaling the kingdom’s confidence in the region’s economic recovery.
The decision comes after the OPEC+ cartel, led by the Saudis and Russia, agreed to boost daily crude production by more than 2 million barrels between May and July.
Aramco, the Saudi state energy firm, will increase prices of its grades for Asia by between 20 and 50 cents a barrel, according to a person familiar with the matter. It will raise the key Arab Light grade for the region by 40 cents from April to $1.80 per barrel above the benchmark. The company had been expected to hike the grade by 30 cents, according to a Bloomberg survey of eight traders and refiners.
Most prices for North West European customers won’t be changed, though Arab Light for the region will drop by 20 cents to $2.40 below the benchmark. Most grades to the U.S. will be cut by 10 cents.
Saudi Arabia raised prices for oil shipments to customers in its main market of Asia for next month, signaling the kingdom’s confidence in the region’s economic recovery.
The decision comes after the OPEC+ cartel, led by the Saudis and Russia, agreed to boost daily crude production by more than 2 million barrels between May and July.
Aramco, the Saudi state energy firm, will increase prices of its grades for Asia by between 20 and 50 cents a barrel, according to a person familiar with the matter. It will raise the key Arab Light grade for the region by 40 cents from April to $1.80 per barrel above the benchmark. The company had been expected to hike the grade by 30 cents, according to a Bloomberg survey of eight traders and refiners.
Most prices for North West European customers won’t be changed, though Arab Light for the region will drop by 20 cents to $2.40 below the benchmark. Most grades to the U.S. will be cut by 10 cents.
#UAE's ADNOC sets March Murban crude OSP at $65.17/bbl | Reuters
UAE's ADNOC sets March Murban crude OSP at $65.17/bbl | Reuters
Abu Dhabi National Oil Co. set the official selling price of its Murban crude for March at $65.17/barrel, according to a statement from the United Arab Emirates-based state oil producer.
#Saudi index surges in Q1 as it approaches 10,000 points barrier | ZAWYA MENA Edition
Saudi index surges in Q1 as it approaches 10,000 points barrier | ZAWYA MENA Edition
Saudi Arabia’s Tadawul All Share Index was up by more than 52 percent at the end of the first quarter from a year earlier as it edged closer to the 10,000 points barrier.
The market closed at 9,907.82 points at the end of the quarter with the total market capitalization up by more than 27 percent at SR9.63 trillion ($2.57 trillion) compared to a year earlier, the bourse said in a filing.
The total value of shares traded during the fist quarter reached SR697.5 billion, up by more than 155.5 percent over the year-earlier period. Meanwhile the total number of transactions executed during the first quarter reached 27.59 million compared to 12.19 million trades a year earlier.
A stronger oil price and the return of investment to emerging markets has helped drive regional stock indexes such as Saudi Arabia’s Tadawul this year.
S&P Global Ratings increased its 2021 growth forecast for emerging markets (excluding China) to 6.4 percent this year compared to 5.4 percent contraction in 2020.
“Overall this suggests that the level of output in emerging markets will be 1.2 percent higher in 2022 than in our previous expectations,” S&P said.
Saudi Arabia’s Tadawul All Share Index was up by more than 52 percent at the end of the first quarter from a year earlier as it edged closer to the 10,000 points barrier.
The market closed at 9,907.82 points at the end of the quarter with the total market capitalization up by more than 27 percent at SR9.63 trillion ($2.57 trillion) compared to a year earlier, the bourse said in a filing.
The total value of shares traded during the fist quarter reached SR697.5 billion, up by more than 155.5 percent over the year-earlier period. Meanwhile the total number of transactions executed during the first quarter reached 27.59 million compared to 12.19 million trades a year earlier.
A stronger oil price and the return of investment to emerging markets has helped drive regional stock indexes such as Saudi Arabia’s Tadawul this year.
S&P Global Ratings increased its 2021 growth forecast for emerging markets (excluding China) to 6.4 percent this year compared to 5.4 percent contraction in 2020.
“Overall this suggests that the level of output in emerging markets will be 1.2 percent higher in 2022 than in our previous expectations,” S&P said.
Mideast Stocks: Most major Gulf markets gain; #Qatar eases | ZAWYA MENA Edition
Mideast Stocks: Most major Gulf markets gain; Qatar eases | ZAWYA MENA Edition
Most major stock markets rose in early trade on Sunday, with the Saudi index helped by gains from its top lender, although Qatar bucked the trend to trade lower.
Saudi Arabia's benchmark index increased 0.2%, supported by a 2% gain in Saudi National Bank, earlier known as National Commercial.
On Thursday, National Commercial Bank and Samba Financial Group announced the formal completion of their merger to create largest banking entity in the kingdom.
The lender on Sunday appointed Ammar Abdul Wahed Al Khudiry as Chairman.
In Dubai, the main share index edged up 0.1%, supported by a 0.7% gain in sharia-compliant lender Dubai Islamic Bank.
Dubai aims to increase the contribution of creative arts to the emirate's GDP to 5% from 2.6% within the next five years, Dubai's ruler said on Saturday.
The Abu Dhabi index gained 0.7%, buoyed by a 6.5% surge in International Holding, on track to extend gains for a ninth session.
The firm has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials, positioning it for long-term growth.
So far this year, International Holding has risen over 60%.
In Qatar, the index eased 0.3%, hit by a 0.8% fall in petrochemical maker Industries Qatar.
Qatar's economy contracted by 3.9% in the fourth quarter of 2020, government data showed, with transportation and storage activity plummeting 32.8% and construction down nearly 5%.
Gross domestic product, based on constant prices, also fell on a quarterly basis, decreasing by 0.5% in the fourth quarter, the Planning and Statistics Authority said in a statement.
Most major stock markets rose in early trade on Sunday, with the Saudi index helped by gains from its top lender, although Qatar bucked the trend to trade lower.
Saudi Arabia's benchmark index increased 0.2%, supported by a 2% gain in Saudi National Bank, earlier known as National Commercial.
On Thursday, National Commercial Bank and Samba Financial Group announced the formal completion of their merger to create largest banking entity in the kingdom.
The lender on Sunday appointed Ammar Abdul Wahed Al Khudiry as Chairman.
In Dubai, the main share index edged up 0.1%, supported by a 0.7% gain in sharia-compliant lender Dubai Islamic Bank.
Dubai aims to increase the contribution of creative arts to the emirate's GDP to 5% from 2.6% within the next five years, Dubai's ruler said on Saturday.
The Abu Dhabi index gained 0.7%, buoyed by a 6.5% surge in International Holding, on track to extend gains for a ninth session.
The firm has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials, positioning it for long-term growth.
So far this year, International Holding has risen over 60%.
In Qatar, the index eased 0.3%, hit by a 0.8% fall in petrochemical maker Industries Qatar.
Qatar's economy contracted by 3.9% in the fourth quarter of 2020, government data showed, with transportation and storage activity plummeting 32.8% and construction down nearly 5%.
Gross domestic product, based on constant prices, also fell on a quarterly basis, decreasing by 0.5% in the fourth quarter, the Planning and Statistics Authority said in a statement.
Middle East Stocks: Jordanian Shares Slip, Bucking Gains in Mideast Peers - Bloomberg
Middle East Stocks: Jordanian Shares Slip, Bucking Gains in Mideast Peers - Bloomberg
Stocks in Jordan snapped a three-day advance, bucking gains in most Middle East markets, after several arrests were made following what may have been an attempt to destabilize the current government.
The Amman Stock Exchange General Index fell as much as 0.6% Sunday, reversing an increase of 0.5% last week. Jordan Petroleum Refinery Co. and Jordan Phosphate Mines fell more than 1%, dragging the index down the most.
Over the weekend, Hasan Bin Zeid, a member of the Jordanian royal family, was held on security grounds along with several others, including a former minister. Saudi Arabia, the United Arab Emirates, Qatar, Egypt and other Arab states expressed support for King Abdullah II.
Elsewhere in the region, benchmarks rose in Saudi Arabia, Dubai, Abu Dhabi, Bahrain and Kuwait as weighed in prospects of higher oil production in the near term. Last week, OPEC+ showed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.
Saudi Arabia and its allies showed they are more convinced now that fuel demand is on a firmer footing after a yearlong beating from the coronavirus.
Investors should see “a very solid first quarter for Saudi petrochemicals,” said Jaap Meijer, the head of equity research at Arqaam Capital, in an interview to Bloomberg Television.
Stocks in Jordan snapped a three-day advance, bucking gains in most Middle East markets, after several arrests were made following what may have been an attempt to destabilize the current government.
The Amman Stock Exchange General Index fell as much as 0.6% Sunday, reversing an increase of 0.5% last week. Jordan Petroleum Refinery Co. and Jordan Phosphate Mines fell more than 1%, dragging the index down the most.
Over the weekend, Hasan Bin Zeid, a member of the Jordanian royal family, was held on security grounds along with several others, including a former minister. Saudi Arabia, the United Arab Emirates, Qatar, Egypt and other Arab states expressed support for King Abdullah II.
Elsewhere in the region, benchmarks rose in Saudi Arabia, Dubai, Abu Dhabi, Bahrain and Kuwait as weighed in prospects of higher oil production in the near term. Last week, OPEC+ showed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.
Saudi Arabia and its allies showed they are more convinced now that fuel demand is on a firmer footing after a yearlong beating from the coronavirus.
Investors should see “a very solid first quarter for Saudi petrochemicals,” said Jaap Meijer, the head of equity research at Arqaam Capital, in an interview to Bloomberg Television.
- The Tadawul All Share Index gains 0.4% as of 11:04 a.m. local time, extending an increase of 5.1% last week, the best weekly performance this year
- Sabic +0.9%, Saudi Telecom +1%, Saudi Research & Marketing +7.2%, Saudi Aramco +0.4%
- Saudi banks have been chasing retail share with mortgages in the spotlight, “but growth may slow as risk and stability become the focus, not earnings,” Bloomberg Intelligence analyst Edmond Christou writes in a note
- S&P Global Ratings cut Morocco’s sovereign rating by one level to BB+ from BBB-, citing the country’s economic contraction and growing budget deficit
- Oman’s rating affirmed at B+