Major Gulf bourses fall amid China gloom | Reuters
Most stock markets in the Gulf ended lower on Sunday as a contraction in factory activity in China, where the economy has been showing signs of faltering, subdued investor sentiment.
Data on Thursday showed manufacturing activity contracted in China, the world's second-largest economy for a fifth straight month in August, while the expansion in services sector lost a little momentum.
The Qatari index (.QSI) fell for a third consecutive session, ending 0.1% lower, with most sectors in the red.
Qatar National Bank (QNBK.QA), the region's largest lender, dropped 0.6% and Commercial Bank (COMB.QA) lost 1%.
Saudi Arabia's benchmark index (.TASI) was down 0.3%, with a 1.3% slump in oil giant Saudi Aramco (2222.SE).
The world's biggest oil company is considering selling a stake worth as much as $50 billion, the Wall Street Journal reported on Friday.
However, among the gainers, Saudi Basic Industries (2010.SE) rose 1.8% after it said on Sunday it had agreed to sell subsidiary Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund (PIF) for an enterprise value of 12.5 billion riyals ($3.33 billion).
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.8%, snapping its winning streak from the six previous sessions, with most sectors in the red.
The index was dragged down by a 1.3% drop in Commercial International Bank(COMI.CA) and 3.7% decline in El Sewedy Electric (SWDY.CA).
Kuwait appoints Fahd Al-Jarallah as finance minister - state news agency | Reuters
Kuwait on Sunday appointed Fahd Abdulaziz Al-Jarallah as finance minister, the state news agency said, following the resignation of his predecessor in July.
Jarallah takes over from Manaf Abdulaziz Al Hajri who was in the role only since April this year. Oil Minister Saad Al Barrak had been acting finance minister after he resigned.
Kuwait has among the world's largest oil reserves and strong fiscal and external balance sheets, but political bickering and institutional gridlock have hampered investment and reforms aimed at reducing its heavy reliance on oil revenues.
Among key reforms which have faced delays is a public debt law which would allow Kuwait to borrow from international markets, but which has faced opposition from members of parliament.
Saudi Wealth Fund Takes Control of Country’s Top Steel Producers - Bloomberg
Saudi Arabia’s sovereign wealth fund is set to create a new steel giant with the acquisition of the metals unit of chemicals maker Saudi Basic Industries Corp. for an enterprise value of 12.5 billion riyals ($3.3 billion).
The Public Investment Fund will acquire Saudi Iron & Steel Company from Sabic, as the chemicals firm is known. In a separate deal, Sabic’s steel unit Hadeed will acquire AlRajhi Steel Industries Co. in exchange for stock, according to a statement. The deal is expected to close before the end of the first quarter of 2024 and the final sale price will only be finalized then.
Sabic stock rose 1.92% to a high of 90.1 riyals a share before paring gains.
The accord is the latest sign of the Saudi wealth fund’s growing influence over the Arab world’s largest economy. The PIF is responsible for most of the country’s projects intended to help diversify away from its reliance on oil sales, including developing an auto-manufacturing hub, tourism projects and building vast new cities.
“These transactions will bring together PIF’s financial capabilities and industry experience with Hadeed and Rajhi Steel’s leading technical and commercial expertise, to create a national champion in Saudi Arabia’s steel sector,” said Yazeed Al-Humied, the PIF’s deputy governor and head of Middle East and North Africa investments.
