Saudi Arabia says tech giants to invest more than $9 billion in kingdom | Reuters
Saudi Arabia has attracted more than $9 billion in investments in future technologies, including by U.S. giants Microsoft (MSFT.O) and Oracle Corp (ORCL.N), which are building cloud regions in the kingdom, a government minister said on Monday.
Saudi Minister of Communication and Information Technology Abdullah Alswaha said Microsoft will invest $2.1 billion in a global super-scaler cloud, while Oracle has committed $1.5 billion to build a new cloud region in Riyadh.
"The investments... will enhance the kingdom of Saudi Arabia's position as the largest digital market in the Middle East and North Africa," Alswaha said at LEAP, an international technology forum taking place in Riyadh.
Alswaha did not give details on the timeframe. Oracle told Reuters the investment will be made over several years.
Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts.
Monday 6 February 2023
Egypt outperforms; #SaudiArabia extends losses | Reuters
Egypt outperforms; Saudi Arabia extends losses | Reuters
Most stock markets in the Middle East closed higher on Monday as oil prices edged up, with Egypt outperforming after the central bank reported an increase in the country's net foreign reserves.
Oil prices - a key catalyst for the Gulf's financial markets - drifted higher, snapping a six-session losing streak, with Brent crude futures up 56 cents, or 0.70%, to $80.50 a barrel at 1130 GMT.
International Energy Agency (IEA) Executive Director Fatih Birol said China's recovery remained a driver for oil prices.
In Abu Dhabi, the benchmark stock index (.FTFADGI) settled 0.7% higher, gaining for a sixth session in a row, lifted by a 5.6% rise in American Restaurants International (AMR.AD).
The Qatari Stock index (.QSI) rose 0.5% after Dukhan Bank announced a listing of its shares on the Qatar Stock Exchange.
Dukhan Bank will offer more than 5.234 billion shares at 4.35 riyal per share, with a listing planned on Feb. 21.
The Qatari stock market recorded a positive performance thanks to the solid local fundamentals, with economic activity expected to continue improving this year, said Fadi Reyad, chief market analyst at CAPEX.com.
"However, the declining natural gas prices could remain a weight for local stocks," Reyad added.
Dubai's benchmark index (.DFMGI) rose 0.5%, rallying for a fourth straight session as toll operator Salik Company (SALIK.DU) added 2.3% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) increased 0.7%.
Saudi Arabia's benchmark index (.TASI) fell for a sixth session, edging down 0.03%, weighed down by pressure on heavyweight financial and energy sector stocks.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2%, recovering from last week's 3.2% loss, as the index was boosted by a 3.1% gain in Commercial International Bank Egypt (COMI.CA).
Egypt's net foreign reserves rose to $34.224 billion in January from $34.003 billion in December, the central bank reported on Sunday.
Oil prices - a key catalyst for the Gulf's financial markets - drifted higher, snapping a six-session losing streak, with Brent crude futures up 56 cents, or 0.70%, to $80.50 a barrel at 1130 GMT.
International Energy Agency (IEA) Executive Director Fatih Birol said China's recovery remained a driver for oil prices.
In Abu Dhabi, the benchmark stock index (.FTFADGI) settled 0.7% higher, gaining for a sixth session in a row, lifted by a 5.6% rise in American Restaurants International (AMR.AD).
The Qatari Stock index (.QSI) rose 0.5% after Dukhan Bank announced a listing of its shares on the Qatar Stock Exchange.
Dukhan Bank will offer more than 5.234 billion shares at 4.35 riyal per share, with a listing planned on Feb. 21.
The Qatari stock market recorded a positive performance thanks to the solid local fundamentals, with economic activity expected to continue improving this year, said Fadi Reyad, chief market analyst at CAPEX.com.
"However, the declining natural gas prices could remain a weight for local stocks," Reyad added.
Dubai's benchmark index (.DFMGI) rose 0.5%, rallying for a fourth straight session as toll operator Salik Company (SALIK.DU) added 2.3% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) increased 0.7%.
Saudi Arabia's benchmark index (.TASI) fell for a sixth session, edging down 0.03%, weighed down by pressure on heavyweight financial and energy sector stocks.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2%, recovering from last week's 3.2% loss, as the index was boosted by a 3.1% gain in Commercial International Bank Egypt (COMI.CA).
Egypt's net foreign reserves rose to $34.224 billion in January from $34.003 billion in December, the central bank reported on Sunday.
Watch Khan: #Dubai's Super-Prime Property had 40-50% Growth in 2022 - Bloomberg video
Watch Khan: Dubai's Super-Prime Property had 40-50% Growth in 2022 - Bloomberg
Taimur Khan, Head of Research, CBRE, discusses his 2022 real estate report findings and Dubai's booming residential and commercial markets. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
When Will Le Richemond Open? Historic Geneva Hotel Sold to #Dubai Group - Bloomberg
When Will Le Richemond Open? Historic Geneva Hotel Sold to Dubai Group - Bloomberg
Jumeirah Group, the hotel-management firm that operates Dubai’s sail-shaped Burj Al Arab, acquired the Le Richemond hotel in Geneva, its first property in Switzerland.
The hotel, located on the banks of Lake Geneva, features 87 rooms and 22 suites, according to a statement. The acquisition will support Jumeirah’s vision to become one of the world’s top five luxury hotel brands, it said, without providing a valuation for the deal.
The company’s new property in Geneva is its fifth in Europe, joining The Carlton Tower Jumeirah and Jumeirah Lowndes Hotel in London, Capri Palace Jumeirah in Italy and Jumeirah Port Soller Hotel & Spa in Mallorca, Spain.
Jumeirah is part of state-owned Dubai Holding and operates a 6,500-key portfolio of 26 luxury properties across the Middle East, Europe and Asia.
Jumeirah Group, the hotel-management firm that operates Dubai’s sail-shaped Burj Al Arab, acquired the Le Richemond hotel in Geneva, its first property in Switzerland.
The hotel, located on the banks of Lake Geneva, features 87 rooms and 22 suites, according to a statement. The acquisition will support Jumeirah’s vision to become one of the world’s top five luxury hotel brands, it said, without providing a valuation for the deal.
The company’s new property in Geneva is its fifth in Europe, joining The Carlton Tower Jumeirah and Jumeirah Lowndes Hotel in London, Capri Palace Jumeirah in Italy and Jumeirah Port Soller Hotel & Spa in Mallorca, Spain.
Jumeirah is part of state-owned Dubai Holding and operates a 6,500-key portfolio of 26 luxury properties across the Middle East, Europe and Asia.
Mideast Stocks: #Qatar leads gains in Gulf markets; #Saudi falls
Mideast Stocks: Qatar leads gains in Gulf markets; Saudi falls
Qatari stocks opened higher on Monday after a five-session losing streak, while Abu Dhabi and Saudi shares fell amid a volatile energy market.
Oil, which fuels the Gulf region's growth, edged higher after falling about 8% last week, with Brent crude up 0.8% at $80.60 a barrel, as of 0730 GMT.
Demand in China, the world's largest crude importer and No. 2 buyer of liquefied natural gas, has become the biggest uncertain factor in the global oil and gas markets in 2023.
The Qatari Stock index rose 0.8%, with almost all sectors trading in positive territory. Industries Qatar and Qatar Commercial Bank climbed 1.9% and 2.6%, respectively.
Dubai's benchmark stock index rose 0.4%, with almost all sectors trading in positive territory. Dubai Electricity and Water Authority rose 1.3% and Emirates Central Cooling climbed 1.3%.
Emirates NBD, Dubai's largest lender, and tolls operator Salik gained 0.4% and 1.2%, respectively.
Saudi Arabia's benchmark stock index fell 0.8%, extending losses to a sixth session. The index fell 1.34% on Sunday in its worst session since Dec. 7.
Oil giant Aramco opened down 1.1%, with Al Rajhi Bank, the world's largest Islamic bank by market value, shedding 0.8%.
Saudi Basic Industries and Riyad Bank fell 2.2% and 2.1%, respectively.
In Abu Dhabi, the benchmark stock index opened down 0.1%, weighed down by a 1% drop in First Abu Dhabi Bank , the country's biggest lender, and a 0.8% decline in telecoms provider Emirates Telecommunications.
Qatari stocks opened higher on Monday after a five-session losing streak, while Abu Dhabi and Saudi shares fell amid a volatile energy market.
Oil, which fuels the Gulf region's growth, edged higher after falling about 8% last week, with Brent crude up 0.8% at $80.60 a barrel, as of 0730 GMT.
Demand in China, the world's largest crude importer and No. 2 buyer of liquefied natural gas, has become the biggest uncertain factor in the global oil and gas markets in 2023.
The Qatari Stock index rose 0.8%, with almost all sectors trading in positive territory. Industries Qatar and Qatar Commercial Bank climbed 1.9% and 2.6%, respectively.
Dubai's benchmark stock index rose 0.4%, with almost all sectors trading in positive territory. Dubai Electricity and Water Authority rose 1.3% and Emirates Central Cooling climbed 1.3%.
Emirates NBD, Dubai's largest lender, and tolls operator Salik gained 0.4% and 1.2%, respectively.
Saudi Arabia's benchmark stock index fell 0.8%, extending losses to a sixth session. The index fell 1.34% on Sunday in its worst session since Dec. 7.
Oil giant Aramco opened down 1.1%, with Al Rajhi Bank, the world's largest Islamic bank by market value, shedding 0.8%.
Saudi Basic Industries and Riyad Bank fell 2.2% and 2.1%, respectively.
In Abu Dhabi, the benchmark stock index opened down 0.1%, weighed down by a 1% drop in First Abu Dhabi Bank , the country's biggest lender, and a 0.8% decline in telecoms provider Emirates Telecommunications.
Hong Kong, #SaudiArabia Exchanges to Cooperate on Cross Listings - Bloomberg
Hong Kong, Saudi Arabia Exchanges to Cooperate on Cross Listings - Bloomberg
The Hong Kong and Saudi stock exchanges signed a pact to cooperate in areas such as cross listings, a day after the city’s Chief Executive Officer John Lee was reportedly said to be working to convince oil giant Aramco to list in the Asian financial hub.
The Hong Kong Exchanges & Clearing Ltd. and the Saudi Tadawul Group Holding Co. will also explore cooperation in fintech, ESG and other areas, the Asian exchange said in a statement.
“This agreement signals the beginning of even greater collaboration between our companies and our home markets, and we look forward to exploring many future areas of cooperation,” HKEX CEO Nicolas Aguzin said.
South China Morning Post reported on Sunday that Lee is seeking to convince Saudi Arabian Oil Co. and its units to consider a secondary listing in the city during his first trip. Aramco, as the oil company is known, declined to comment to Bloomberg.
The Hong Kong and Saudi stock exchanges signed a pact to cooperate in areas such as cross listings, a day after the city’s Chief Executive Officer John Lee was reportedly said to be working to convince oil giant Aramco to list in the Asian financial hub.
The Hong Kong Exchanges & Clearing Ltd. and the Saudi Tadawul Group Holding Co. will also explore cooperation in fintech, ESG and other areas, the Asian exchange said in a statement.
“This agreement signals the beginning of even greater collaboration between our companies and our home markets, and we look forward to exploring many future areas of cooperation,” HKEX CEO Nicolas Aguzin said.
South China Morning Post reported on Sunday that Lee is seeking to convince Saudi Arabian Oil Co. and its units to consider a secondary listing in the city during his first trip. Aramco, as the oil company is known, declined to comment to Bloomberg.