#UAE's Al-Futtaim to acquire 49.95% of Saudi's Cenomi Retail | Reuters

UAE's Al-Futtaim to acquire 49.95% of Saudi's Cenomi Retail | Reuters

Emirati conglomerate Al-Futtaim is to buy a 49.95% stake in Saudi Arabian franchiser Cenomi Retail in a deal worth more than 2.5 billion riyals ($667 million), Cenomi Retail said in a statement on Sunday.

Cenomi Retail's founding shareholders signed a share purchase agreement with Al-Futtaim with shares priced at 44 riyals each, said the statement.

As part of the share purchase agreement's completion conditions, the two companies are negotiating a shareholder loan of at least 1.3 billion riyals to boost Cenomi Retail's balance sheet.

Cenomi Retail is a large franchiser in Saudi Arabia operating food and retail outlets, while Al-Futtaim of the United Arab Emirates is a private business group with operations ranging from financial services to real estate and retail.

"This investment represents substantial foreign direct investment (FDI) from the UAE private sector and underscores the robust economic partnership between our countries," Al-Futtaim's Vice Chairman and CEO Omar al-Futtaim said in the statement.

Saudi Arabia has been attempting to boost FDI as part of its Vision 2030 program to diversify the economy away from oil dependency and expand the private sector.

Most Gulf stocks slip on U.S. tariff worries; Egypt at record high | Reuters

Most Gulf stocks slip on U.S. tariff worries; Egypt at record high | Reuters

Gulf stock markets ended mixed on Sunday, as investors looked ahead to corporate earnings and weighed renewed U.S. tariff threats.

Sentiment soured after the Financial Times reported on Friday that U.S. President Donald Trump is pushing for a minimum tariff of 15% to 20% in any deal with the European Union, with the administration now considering reciprocal tariffs exceeding 10%, even if an agreement is reached. Trump's imposition of tariffs around the world risks hurting global economic growth and oil consumption.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, surrendering early gains and extending its losing streak to nine sessions, the longest stretch in nearly two years, hit by broad sector declines.

Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets, fell 0.8%, and Saudi Arabian Mining Company (1211.SE), opens new tab declined 1.3% following the voluntary retirement of its chief financial officer.

Among other fallers, Fawaz AbdulAziz Al Hokair & Co (4240.SE), opens new tab gave up early gains to end 10% lower, the top loser on the index.

The retail and real estate firm sold a 49.95% stake to Emirati conglomerate Al Futtaim Retail in a deal worth over 2.5 billion riyals ($666.52 million).

Qatar's stock index (.QSI), opens new tab added 0.2%, nearing a two-year peak, led by a 1.2% rise in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, hitting a record high as most sectors advanced, driven by optimism over the country's International Monetary Fund programme.

Finance Minister Ahmed Kouchouk said on Wednesday he was confident the country would hit its key economic reform targets and complete a delayed review of its $8 billion IMF programme by September or October.

Market sentiment was further bolstered by the oversubscribed Bonyan Development and Trade (BONY.CA), opens new tab IPO, which was covered more than 33 times.