Gulf bourses little changed amid trade talks uncertainty | Reuters

Gulf bourses little changed amid trade talks uncertainty | Reuters

Stock markets in the Gulf were little changed on Sunday as uncertainty surrounding U.S.-China tariff negotiations kept investors cautious, with many awaiting further corporate earnings reports.

U.S. President Donald Trump asserted in an interview published Friday that tariff negotiations were underway with China, but Beijing denied any talks were taking place, the latest in a series of conflicting signals over what progress was being made to de-escalate the trade war threatening to sap global growth.

Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, with the country's biggest lender Saudi National Bank (1180.SE), opens new tab losing 1.4%.

Elsewhere, Saudi Tadawul Group (1111.SE), opens new tab - the owner of the Saudi Exchange - retreated 1.6% following a steep decline in first-quarter profit.

In Qatar, the index (.QSI), opens new tab edged 0.1% higher, helped by a 1.8% rise in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab - which traded after a session's break - gained 0.7%, led by a 0.5% rise in Commercial International Bank (COMI.CA), opens new tab.

PIF’s Sanabil Backs Mideast Tech Startup Planning For #Saudi IPO - Bloomberg

PIF’s Sanabil Backs Mideast Tech Startup Planning For Saudi IPO - Bloomberg

The venture capital arm of Saudi Arabia’s sovereign wealth fund has backed a $135 million fundraising round for technology firm iMENA Holding as the company plans for an initial public offering in the kingdom.

Sanabil Investments injected capital into iMENA along with investors including New York-based VC firm FJ Labs, according to a statement on Sunday. The funding coincides with a move by iMENA to restructure into a Saudi company and base itself in Riyadh ahead of a planned listing on the local stock exchange within two years.

iMENA, established in 2012 as a platform for investing in growing online businesses, has long flagged its intention to IPO but had not previously disclosed specifics on where it intends to offer shares.

Proceeds from the capital raise will be used for pre-IPO funding, business expansion and to boost iMENA’s stakes in three of its portfolio companies: online classifieds operator Opensooq, used car marketplace SellAnyCar, and ride-hailing business Jeeny.

“This transaction marks an important inflection point for iMENA in its journey to IPO-readiness,” Nasir Alsharif, chairman of iMENA, said in the statement.

iMENA’s latest deal comes as Saudi Arabia’s stock exchange tries to attract more technology-related firms to list as part of plans to bring in more foreign investors and become a hub for fundraising. Technology businesses in the kingdom have been scaling up in recent years as investors including Sanabil pour money into the industry hoping to foster economic diversification and job creation.

Companies including Tabby, one of the Middle East’s first fintech unicorns, and technology services firm Ejada Systems, are among those preparing share sales in Saudi Arabia, people familiar have told Bloomberg.

Al Rajhi Capital, the investment banking arm of one of Saudi Arabia’s largest banks, was a financial adviser on the fundraising for iMENA, according to the statement.