Turkish minister in Saudi Arabia for talks to mend ties, end boycott | Reuters
Turkey’s foreign minister arrived in Saudi Arabia on Monday for talks aimed at overcoming a rift over the 2018 killing of Saudi journalist Jamal Khashoggi in Istanbul that led to bitter recriminations and a Saudi boycott of Turkish goods.
Mevlut Cavusoglu was due to hold talks in the kingdom after years of tensions between the two regional powers, which are also at odds over Turkish support for Qatar in a dispute with its Gulf neighbours and over President Tayyip Erdogan’s backing of the Muslim Brotherhood, which is banned in Saudi Arabia.
Turkish officials had said Cavusoglu’s visit could include talks on possible sales of Turkish drones to Saudi Arabia, which they said Riyadh had requested. The current violent clashes in Jerusalem may also overshadow the bilateral talks.
“In Saudi Arabia to discuss bilateral relations and important regional issues, especially the attacks at the Al Aqsa Mosque and the oppression against the Palestinian people,” Cavusoglu wrote on Twitter upon his arrival in Saudi Arabia.
More than 300 Palestinians were wounded on Monday, the Palestinian Red Crescent said, as Palestinian protesters threw rocks and Israeli police fired stun grenades and rubber bullets outside al Aqsa mosque in Jerusalem.
Monday 10 May 2021
#Saudi Wealth Fund-Owned Digital Security Firm Hires IPO Adviser - Bloomberg
Saudi Wealth Fund-Owned Digital Security Firm Hires IPO Adviser - Bloomberg
A digital security firm owned by Saudi Arabia’s sovereign wealth fund has hired Riyad Capital to advise on a planned initial public offering that could value the company at about $2 billion, according to people familiar with the matter.
Elm is aiming to complete the sale of shares on the Saudi stock exchange by next year, the people said, asking not to be identified as the information is private. The IPO could see the kingdom’s Public Investment Fund selling off a stake of up to 30%, they said.
Deliberations are at an early stage, and details of the offering could change. Elm and the investment banking arm of Riyad Bank didn’t immediately respond to requests to comment.
The PIF, as the wealth fund is known, and other government-controlled firms are pushing ahead with plans to raise money through selling stakes in a raft of companies over the next year.
A digital security firm owned by Saudi Arabia’s sovereign wealth fund has hired Riyad Capital to advise on a planned initial public offering that could value the company at about $2 billion, according to people familiar with the matter.
Elm is aiming to complete the sale of shares on the Saudi stock exchange by next year, the people said, asking not to be identified as the information is private. The IPO could see the kingdom’s Public Investment Fund selling off a stake of up to 30%, they said.
Deliberations are at an early stage, and details of the offering could change. Elm and the investment banking arm of Riyad Bank didn’t immediately respond to requests to comment.
The PIF, as the wealth fund is known, and other government-controlled firms are pushing ahead with plans to raise money through selling stakes in a raft of companies over the next year.
Aldar Properties Q1 net profit surges 80%, partly helped by one-off gain | Reuters
Aldar Properties Q1 net profit surges 80%, partly helped by one-off gain | Reuters
Abu Dhabi's Aldar Properties (ALDAR.AD) posted an 80% rise in first-quarter net profit, partly helped by a one-off gain from completion of a property transaction with state-backed ADQ.
Net profit jumped to 544 million dirhams ($148.12 million) in the quarter that ended March 31, from 302 million dirhams in the same period a year earlier.
Aldar late last year agreed to take over the management and development of government capital projects worth 30 billion dirhams under a memorandum of understanding with state-backed ADQ.
Even without the one-off gain, Aldar's quarterly net profit rose 47%. EFG Hermes had projected a net profit of 370 million dirhams for the property firm.
Abu Dhabi's Aldar Properties (ALDAR.AD) posted an 80% rise in first-quarter net profit, partly helped by a one-off gain from completion of a property transaction with state-backed ADQ.
Net profit jumped to 544 million dirhams ($148.12 million) in the quarter that ended March 31, from 302 million dirhams in the same period a year earlier.
Aldar late last year agreed to take over the management and development of government capital projects worth 30 billion dirhams under a memorandum of understanding with state-backed ADQ.
Even without the one-off gain, Aldar's quarterly net profit rose 47%. EFG Hermes had projected a net profit of 370 million dirhams for the property firm.
#Qatar Freezes Assets of Six Businessmen After Arrest of Finance Minister - Bloomberg
Qatar Freezes Assets of Six Businessmen After Arrest of Finance Minister - Bloomberg
Qatar froze the assets of six local businessmen as part of a crackdown against high-ranking figures that began last week with the publicly announced arrest of the Gulf nation’s finance minister.
The six were named in a central bank circular distributed to financial institutions late last week, according to two people with knowledge of the matter who declined to be identified. The assets of Finance Minister Ali Sharif Al-Emadi, arrested Thursday over alleged abuse of power and misuse of public funds, were also frozen. Government officials declined to comment.
The moves come as Qatar, an energy-rich nation that’s among the world’s wealthiest per capita, presses ahead with preparations for next year’s soccer World Cup, an opportunity to showcase the country as a tourist and business destination. That the arrest of Al-Emadi was made public in a country that typically handles internal disputes behind closed doors has fueled speculation about the government’s motives.
“There might be some internal dynamics that we don’t know yet,” said Syed Basher, a former economist at the Qatari central bank who now teaches at East West University in Dhaka, Bangladesh. But this “sends a powerful message to all Qataris about the government’s newfound eagerness to fight corruption.”
As finance minister, Al-Emadi played a central role in budget allocation as the country plows money into World Cup preparations and projects designed to expand gas production capacity by 50% over the next six years. Appointed to the role a day after Sheikh Tamim bin Hamad Al Thani took over the Qatari leadership in June 2013, he was seen as close to the ruling family.
“This may be the start of the third shuffle of senior personnel in Qatar due to succession or anti-corruption in the last decade,” said Hasnain Malik, head of equity research at Tellimer, a London-based firm that provides analysis on emerging markets. “As with the last two, there is unlikely to be any lasting impact on the equity or debt markets.”
Qatar’s benchmark QE Index of biggest stocks rose 0.1% Monday, extending Sunday’s 0.4% gain. The yield on the country’s $5 billion of Eurobonds maturing 2050 rose two basis points to 3.40%.
Al-Emadi had a reputation as a stalwart of business, helping transform Qatar National Bank into the region’s biggest lender as its chief executive from 2007 to 2013 and currently serves as chairman of the bank’s board.
He is also on the board of Qatar Investment Authority, the country’s $300 billion sovereign wealth fund. While less active than some of its regional counterparts, the QIA holds stakes in some of the biggest companies including London Stock Exchange Group Plc, Volkswagen AG and Glencore Plc.
A spokesperson at Qatar’s government communications office in Doha who was contacted Sunday declined to comment on the asset freezes or provide more information about next steps in the investigation.
Qatar froze the assets of six local businessmen as part of a crackdown against high-ranking figures that began last week with the publicly announced arrest of the Gulf nation’s finance minister.
The six were named in a central bank circular distributed to financial institutions late last week, according to two people with knowledge of the matter who declined to be identified. The assets of Finance Minister Ali Sharif Al-Emadi, arrested Thursday over alleged abuse of power and misuse of public funds, were also frozen. Government officials declined to comment.
The moves come as Qatar, an energy-rich nation that’s among the world’s wealthiest per capita, presses ahead with preparations for next year’s soccer World Cup, an opportunity to showcase the country as a tourist and business destination. That the arrest of Al-Emadi was made public in a country that typically handles internal disputes behind closed doors has fueled speculation about the government’s motives.
“There might be some internal dynamics that we don’t know yet,” said Syed Basher, a former economist at the Qatari central bank who now teaches at East West University in Dhaka, Bangladesh. But this “sends a powerful message to all Qataris about the government’s newfound eagerness to fight corruption.”
As finance minister, Al-Emadi played a central role in budget allocation as the country plows money into World Cup preparations and projects designed to expand gas production capacity by 50% over the next six years. Appointed to the role a day after Sheikh Tamim bin Hamad Al Thani took over the Qatari leadership in June 2013, he was seen as close to the ruling family.
“This may be the start of the third shuffle of senior personnel in Qatar due to succession or anti-corruption in the last decade,” said Hasnain Malik, head of equity research at Tellimer, a London-based firm that provides analysis on emerging markets. “As with the last two, there is unlikely to be any lasting impact on the equity or debt markets.”
Qatar’s benchmark QE Index of biggest stocks rose 0.1% Monday, extending Sunday’s 0.4% gain. The yield on the country’s $5 billion of Eurobonds maturing 2050 rose two basis points to 3.40%.
Al-Emadi had a reputation as a stalwart of business, helping transform Qatar National Bank into the region’s biggest lender as its chief executive from 2007 to 2013 and currently serves as chairman of the bank’s board.
He is also on the board of Qatar Investment Authority, the country’s $300 billion sovereign wealth fund. While less active than some of its regional counterparts, the QIA holds stakes in some of the biggest companies including London Stock Exchange Group Plc, Volkswagen AG and Glencore Plc.
A spokesperson at Qatar’s government communications office in Doha who was contacted Sunday declined to comment on the asset freezes or provide more information about next steps in the investigation.
Mideast Stocks: #Saudi leads Gulf markets higher ahead of Eid holidays | ZAWYA MENA Edition
Mideast Stocks: Saudi leads Gulf markets higher ahead of Eid holidays | ZAWYA MENA Edition
Most major stock markets in the Gulf ended higher on Monday in thin trade ahead of Eid al-Fitr holidays, with financials and petrochemical shares boosting the Saudi index.
The benchmark index gained 0.9%, with petrochemical maker Saudi Basic Industries 2010.SE climbing 2.5%, while Al Rajhi Bank added 0.5%.
The kingdom's economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the impact of the pandemic, flash government estimates showed on Monday.
The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement.
In Dubai, the main share index finished 0.4% higher, with its top lender Emirates NBD rising 1.2% after investment bank J.P. Morgan Cazenove raised the target price of the bank to 14.15 dirhams with an upgrade to overweight.
Another stand-out was shopping centres operator Emaar Malls, which gained 1.5%.
Dubai's tourism chief last week said he was optimistic business and leisure travellers would return this year, though the pandemic made it difficult to predict how many.
However, budget airliner Air Arabia lost 0.8% following a drop in its first-quarter earnings.
The Abu Dhabi index eased 0.1%, hit by a 0.8% fall in First Abu Dhabi Bank, the country's largest lender.
But, Abu Dhabi National Oil Company for Distribution advanced 2.7% after it reported a net profit of 630.7 million dirhams for the first quarter, up from 399.5 million dirhams a year earlier.
In Qatar, the benchmark added 0.1%, helped by a 0.6% increase in Qatar National Bank.
The Gulf Arab state on Sunday decided on lifting coronavirus-related measures in four phases, starting the first phase on May 28 and the fourth on July 30, the state news agency said, citing a health ministry statement.
Most major stock markets in the Gulf ended higher on Monday in thin trade ahead of Eid al-Fitr holidays, with financials and petrochemical shares boosting the Saudi index.
The benchmark index gained 0.9%, with petrochemical maker Saudi Basic Industries 2010.SE climbing 2.5%, while Al Rajhi Bank added 0.5%.
The kingdom's economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the impact of the pandemic, flash government estimates showed on Monday.
The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement.
In Dubai, the main share index finished 0.4% higher, with its top lender Emirates NBD rising 1.2% after investment bank J.P. Morgan Cazenove raised the target price of the bank to 14.15 dirhams with an upgrade to overweight.
Another stand-out was shopping centres operator Emaar Malls, which gained 1.5%.
Dubai's tourism chief last week said he was optimistic business and leisure travellers would return this year, though the pandemic made it difficult to predict how many.
However, budget airliner Air Arabia lost 0.8% following a drop in its first-quarter earnings.
The Abu Dhabi index eased 0.1%, hit by a 0.8% fall in First Abu Dhabi Bank, the country's largest lender.
But, Abu Dhabi National Oil Company for Distribution advanced 2.7% after it reported a net profit of 630.7 million dirhams for the first quarter, up from 399.5 million dirhams a year earlier.
In Qatar, the benchmark added 0.1%, helped by a 0.6% increase in Qatar National Bank.
The Gulf Arab state on Sunday decided on lifting coronavirus-related measures in four phases, starting the first phase on May 28 and the fourth on July 30, the state news agency said, citing a health ministry statement.
#Dubai's DP World picks up three Europe ports contract through subsidiary Swissterminal | Markets – Gulf News
Dubai's DP World picks up three Europe ports contract through subsidiary Swissterminal | Markets – Gulf News
DP World, busy adding to its Africa network, is winning new port handling deals in Europe as well. The Dubai company has expanded its European inland network, adding three key ports in Alsace region through affiliate company Swissterminal.
Earlier this month, the public authority Syndicat Mixte des Ports du Sud Alsace (SMO) awarded the concession contract for Ports of Mulhouse-Rhin to the public-private company featuring SMO, the Caisse des Dépôts et Consignations and Alsaceteam (joint venture of Swissterminal and the two French seaports Grand Port Maritime de Marseille and Haropa Port du Havre).
The operation of the three inland ports is granted through a contract to Alsaceterminal, a wholly owned subsidiary of Swissterminal, which will take over Ottmarsheim, Huningue-Village-Neuf and Ile Napoléon ports in the course of this year.
The move will "improve transport connections in the border triangle region between France, Switzerland and Germany", which holds such economic importance for numerous industries such as chemicals, metals, food processing, and construction.
The "strategic" location of the ports is expected to grow in significance. New rail connections due to be implemented will link them to the two main French seaports of Le Havre and Marseille-Fos, while inland shipping to the largest North Range ports of Rotterdam (Netherlands) and Antwerp (Belgium) will be strengthened.
DP World, busy adding to its Africa network, is winning new port handling deals in Europe as well. The Dubai company has expanded its European inland network, adding three key ports in Alsace region through affiliate company Swissterminal.
Earlier this month, the public authority Syndicat Mixte des Ports du Sud Alsace (SMO) awarded the concession contract for Ports of Mulhouse-Rhin to the public-private company featuring SMO, the Caisse des Dépôts et Consignations and Alsaceteam (joint venture of Swissterminal and the two French seaports Grand Port Maritime de Marseille and Haropa Port du Havre).
The operation of the three inland ports is granted through a contract to Alsaceterminal, a wholly owned subsidiary of Swissterminal, which will take over Ottmarsheim, Huningue-Village-Neuf and Ile Napoléon ports in the course of this year.
The move will "improve transport connections in the border triangle region between France, Switzerland and Germany", which holds such economic importance for numerous industries such as chemicals, metals, food processing, and construction.
The "strategic" location of the ports is expected to grow in significance. New rail connections due to be implemented will link them to the two main French seaports of Le Havre and Marseille-Fos, while inland shipping to the largest North Range ports of Rotterdam (Netherlands) and Antwerp (Belgium) will be strengthened.
Franklin Templeton's Shamma on Recovery in #Dubai's Property Market - Bloomberg video
Franklin Templeton's Shamma on Recovery in Dubai's Property Market - Bloomberg
Salah Shamma, Franklin Templeton, Head of MENA Equities discusses Dubai’s real estate outlook. He says the current backdrop will continue to support the momentum in the sector as investors continue to be lured by Dubai’s safety and security, world class infrastructure, high living standards and low tax environment. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Dubai Business Growth Back to Pre-Covid Path as Vaccines Pay Off - Bloomberg
Dubai Business Growth Back to Pre-Covid Path as Vaccines Pay Off - Bloomberg
Business activity in Dubai rose to the highest level since late 2019 after a rebound in tourism and a fast distribution of coronavirus vaccines.
The private sector, excluding oil, grew for a fifth-straight month in April, according to IHS Markit. Its Purchasing Managers’ Index for the Middle East’s main business hub rose to 53.5 from 51 in March, staying above the 50-mark that separates growth from contraction and signaling significant economic expansion.
“The recovery in the Dubai non-oil economy sped up in April, as output and new order growth returned to pre-Covid trends and business confidence strengthened,” said David Owen, an economist at IHS Markit. “Travel and tourism firms recorded the most notable bounce in performance, amid increasing hopes of a rise in tourism activity later in the year, boosted by the rapid vaccine roll-out.”
Business activity in Dubai rose to the highest level since late 2019 after a rebound in tourism and a fast distribution of coronavirus vaccines.
The private sector, excluding oil, grew for a fifth-straight month in April, according to IHS Markit. Its Purchasing Managers’ Index for the Middle East’s main business hub rose to 53.5 from 51 in March, staying above the 50-mark that separates growth from contraction and signaling significant economic expansion.
“The recovery in the Dubai non-oil economy sped up in April, as output and new order growth returned to pre-Covid trends and business confidence strengthened,” said David Owen, an economist at IHS Markit. “Travel and tourism firms recorded the most notable bounce in performance, amid increasing hopes of a rise in tourism activity later in the year, boosted by the rapid vaccine roll-out.”
- Dubai’s PMI was at the highest level since November 2019.
- Growth in sales was the quickest since October 2019.
- An index tracking new orders showed the biggest increase in a year and a half, lifted by business optimism about the coming year.
- Firms raised their output for a fifth month, as the rate of expansion accelerated to the highest since July 2020.
- Staff numbers increased for three out of the last four months, showing efforts to rebuild capacity.
- The outlook for the year ahead improved, with positive sentiment rising to the highest since March last year. Still, business confidence remained below the series’ average.
#Saudi Non-Oil Economy Grows for First Time Since Pandemic - Bloomberg
Saudi Non-Oil Economy Grows for First Time Since Pandemic - Bloomberg
Saudi Arabia’s non-oil economy -- the engine of job creation -- grew in the first quarter for the first time since the pandemic hit, even as the overall economy was dragged into contraction by oil production cuts.
The non-oil sector grew 3.3% from a year earlier, according to a preliminary estimates released on Monday by the kingdom’s General Authority for Statistics. The oil sector shrank 12%, the most in at least a decade according to data compiled by Bloomberg, leading the overall economy to contract 3.3%.
Final figures are scheduled to be released in June.
Business in the world’s largest crude exporter is gradually returning to normal after the twin crisis caused by oil market turmoil and coronavirus-related lockdowns. Consumer spending is rebounding and officials plan to partially reopen the kingdom’s borders on May 17. The International Monetary Fund expects the economy to grow 2.1% this year after shrinking 4.1% in 2020.
The large contraction in oil GDP came after OPEC and its allies embarked on deep production cuts in May 2020 to steady crude prices. Saudi oil production fell to 8.15 million barrels a day in the first quarter, from an average of almost 10 million barrels a day a year earlier.
The price of Brent crude has gradually risen to nearly $70 a barrel after hitting a low of less than $20 a barrel last year. Brent averaged $61.30 a barrel in the first quarter of 2021, compared with $50.57 a year earlier.
Saudi Arabia’s non-oil economy -- the engine of job creation -- grew in the first quarter for the first time since the pandemic hit, even as the overall economy was dragged into contraction by oil production cuts.
The non-oil sector grew 3.3% from a year earlier, according to a preliminary estimates released on Monday by the kingdom’s General Authority for Statistics. The oil sector shrank 12%, the most in at least a decade according to data compiled by Bloomberg, leading the overall economy to contract 3.3%.
Final figures are scheduled to be released in June.
Business in the world’s largest crude exporter is gradually returning to normal after the twin crisis caused by oil market turmoil and coronavirus-related lockdowns. Consumer spending is rebounding and officials plan to partially reopen the kingdom’s borders on May 17. The International Monetary Fund expects the economy to grow 2.1% this year after shrinking 4.1% in 2020.
The large contraction in oil GDP came after OPEC and its allies embarked on deep production cuts in May 2020 to steady crude prices. Saudi oil production fell to 8.15 million barrels a day in the first quarter, from an average of almost 10 million barrels a day a year earlier.
The price of Brent crude has gradually risen to nearly $70 a barrel after hitting a low of less than $20 a barrel last year. Brent averaged $61.30 a barrel in the first quarter of 2021, compared with $50.57 a year earlier.
Oil gains after cyberattack forces shutdown of U.S. fuel pipelines | Reuters
Oil gains after cyberattack forces shutdown of U.S. fuel pipelines | Reuters
Oil rose on Monday after major U.S. fuel pipeline operator Colonial Pipeline had to shut fuel pipelines due to a cyberattack, raising concerns about supply disruption and pump price increases.
Colonial Pipeline said on Sunday its main fuel lines remained offline after the attack that shut the system on Friday, but some smaller lines between terminals and delivery points were now operational.
“The Colonial Pipeline hack headlines over the weekend have lifted oil prices,” said Jeffrey Halley, analyst at brokerage OANDA. “Colonial aside, oil may be vulnerable to some abrupt long-covering sell-offs as the week progresses.”
Brent crude was up by 31 cents, or 0.5%, at $68.59 a barrel by 0820 GMT. U.S. West Texas Intermediate (WTI) crude CLc1> rose by 46 cents, or 0.7%, at $65.36. Both benchmarks rose more than 1% last week, their second consecutive weekly gain.
“The major takeaway is the bad guys are very adept at finding new ways to penetrate infrastructure,” Andrew Lipow, president of Lipow Oil Associates told Reuters. “Infrastructure has not developed defences that can offset all the different ways that malware can infect one’s system.”
Oil rose on Monday after major U.S. fuel pipeline operator Colonial Pipeline had to shut fuel pipelines due to a cyberattack, raising concerns about supply disruption and pump price increases.
Colonial Pipeline said on Sunday its main fuel lines remained offline after the attack that shut the system on Friday, but some smaller lines between terminals and delivery points were now operational.
“The Colonial Pipeline hack headlines over the weekend have lifted oil prices,” said Jeffrey Halley, analyst at brokerage OANDA. “Colonial aside, oil may be vulnerable to some abrupt long-covering sell-offs as the week progresses.”
Brent crude was up by 31 cents, or 0.5%, at $68.59 a barrel by 0820 GMT. U.S. West Texas Intermediate (WTI) crude CLc1> rose by 46 cents, or 0.7%, at $65.36. Both benchmarks rose more than 1% last week, their second consecutive weekly gain.
“The major takeaway is the bad guys are very adept at finding new ways to penetrate infrastructure,” Andrew Lipow, president of Lipow Oil Associates told Reuters. “Infrastructure has not developed defences that can offset all the different ways that malware can infect one’s system.”
MIDEAST STOCKS Major Gulf markets trade mixed ahead of Eid holidays | Reuters
MIDEAST STOCKS Major Gulf markets trade mixed ahead of Eid holidays | Reuters
Major stock markets in the Gulf were mixed early on Monday in thin trade ahead of Eid al-Fitr holidays, with the Saudi index supported by financial shares.
Saudi Arabia's benchmark index (.TASI) edged up 0.2%, a day after trading flat. Saudi Telecom Company (7010.SE) rose 0.5%, while Saudi National Bank (1180.SE), the kingdom's largest lender, was up 0.3%.
Among others, Bank AlJazira (1020.SE) added 0.8%, as the lender announced redemption of its 2 billion riyals ($533.39 million) tier 2 sukuk.
However, Saudi Arabian supermarket retailer BinDawood Holding (4161.SE) retreated 1.4% following a decline in its first-quarter earnings.
In Dubai, the main share index (.DFMGI) fell 0.2%, hit by a 0.8% drop in its top developer Emaar Properties (EMAR.DU).
Budget airline Air Arabia gained 0.8%, despite reporting a fall in first-quarter earnings.
The Abu Dhabi benchmark (.ADI) dropped 0.6%, with First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, losing 1.1%, while aquaculture firm International Holding (IHC.AD) decreased about 1.5%.
Many investors prefer to cash in holdings ahead of the Eid holiday, which lasts for at least five days in most Gulf countries.
In Qatar, the index (.QSI) gained 0.1%, helped by a 0.4% rise in petrochemical firm Industries Qatar (IQCD.QA)
The Gulf Arab state on Sunday decided on gradually lifting coronavirus-related measures in four phases starting the first phase on May 28 and the fourth on July 30, the state news agency said, citing a health ministry statement.
Major stock markets in the Gulf were mixed early on Monday in thin trade ahead of Eid al-Fitr holidays, with the Saudi index supported by financial shares.
Saudi Arabia's benchmark index (.TASI) edged up 0.2%, a day after trading flat. Saudi Telecom Company (7010.SE) rose 0.5%, while Saudi National Bank (1180.SE), the kingdom's largest lender, was up 0.3%.
Among others, Bank AlJazira (1020.SE) added 0.8%, as the lender announced redemption of its 2 billion riyals ($533.39 million) tier 2 sukuk.
However, Saudi Arabian supermarket retailer BinDawood Holding (4161.SE) retreated 1.4% following a decline in its first-quarter earnings.
In Dubai, the main share index (.DFMGI) fell 0.2%, hit by a 0.8% drop in its top developer Emaar Properties (EMAR.DU).
Budget airline Air Arabia gained 0.8%, despite reporting a fall in first-quarter earnings.
The Abu Dhabi benchmark (.ADI) dropped 0.6%, with First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, losing 1.1%, while aquaculture firm International Holding (IHC.AD) decreased about 1.5%.
Many investors prefer to cash in holdings ahead of the Eid holiday, which lasts for at least five days in most Gulf countries.
In Qatar, the index (.QSI) gained 0.1%, helped by a 0.4% rise in petrochemical firm Industries Qatar (IQCD.QA)
The Gulf Arab state on Sunday decided on gradually lifting coronavirus-related measures in four phases starting the first phase on May 28 and the fourth on July 30, the state news agency said, citing a health ministry statement.
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