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Hadeel Al Sayegh

Saudi Binladin Group finance chief resigns following restructuring: sources

Mar 18 2019

DUBAI/RIYADH Saudi Binladin Group's chief financial officer, Klaus Froelich, has resigned, two sources familiar with the matter told Reuters on Monday, following a restructuring of the construction giant under Riyadh's anti-corruption campaign.

Saudi Binladin Group finance chief resigns following restructuring - sources

Mar 18 2019

DUBAI/RIYADH Saudi Binladin Group's chief financial officer, Klaus Froelich, has resigned, two sources familiar with the matter told Reuters on Monday, following a restructuring of the construction giant under Riyadh's anti-corruption campaign.

MIDEAST STOCKS-Saudi dips ahead of FTSE Russell index inclusion, other markets mixed

Mar 17 2019

(Adds more details, background) By Hadeel Al Sayegh and Saeed Azhar DUBAI, March 17 Saudi stocks dipped slightly on Sunday, a day ahead of the market's inclusion in the FTSE Russell's emerging market index, while other Gulf markets were mixed with Qatar down 1.1 percent on weakness in banks and real estate firms. Investors booked profits in recent gainers on the Tadawul, weakening the benchmark, which was down 0.2 percent. The Saudi index has gained 9.5 percent so far this year, outperforming major Gulf markets. Foreign investors have been net buyers of Saudi stocks every week this year, positioning for passive fund inflows after its inclusion in the FTSE Russell index on March 18 and in MSCI from late May. "There is some profit-taking on select leading stocks but the overall trend is still upward," said a Saudi trader, asking not to be named. Foreign net buying has hit $2.1 billion year-to-date. "We can reasonably expect between 90 billion to 100 billion riyals ($24-$27 billion) inflows," said Muhammad Faisal Potrik, head of research at Riyad Capital. He said traded value is also expected to rise 14 percent to $100 million a day in the wake of Saudi's inclusion in key benchmark indices. NON-FINANCIALS DIP On Sunday, the Saudi market was steady, with weakness among some non-financial stocks, notably Saudi Basic Industries , which fell 0.3 percent, and Saudi Telecom, which dropped 0.8 percent. However, Al Rajhi Bank was up 0.1 percent, while Saudi British Bank gained 0.9 percent. Potrik said the Saudi market had risen only by a modest 14 percent in the last 12 months, as opposed to more significant rallies in Dubai and Qatar before index inclusion. Foreign funds had sold Saudi assets in late 2018 following the murder of Saudi journalist Jamal Khashoggi in early October in the Saudi consulate in Istanbul. Among other Gulf markets, the Abu Dhabi index fell 0.4 percent, hit by weakness in market heavyweights, First Abu Dhabi, which was down one percent. News that Qatar will no longer permit First Abu Dhabi Bank to provide services for new customers in Doha, its regulator said, amid a probe over alleged currency manipulation after the Gulf rift did not have much impact on the stock. An FAB spokeswoman said the bank had no immediate comment on the matter. Abu Dhabi-listed Dana Gas, however, gained 2.7 percent after the company approved plans for a sukuk buyback and also said it plans to seek shareholder approval to buy back 690 million of the company's shares. The company said share buyback is aimed at enhancing shareholder value. Dubai stocks were up 0.1 percent, buoyed by Emaar Properties which was up 0.4 percent, however Aramex was down 2.1 percent after Australia Post sold its 10 percent stake in the company. The United Arab Emirates "markets continue to trade on weakness in traded values and index movement within a tight horizontal range due to general assembly meetings season, where dividends are being approved, and shares prices correcting downwards because of that as they trade ex-dividend," said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital. "We are also in a company vaccuum currently and until the first quarter results for this year become available, incentives to invest are not strong," Yasin said. Qatar index dropped 1.1 percent, hurt by selling in insurance and real estate stocks. Qatar Insurance was down 4.1 percent, while Barwa Real Estate dropped 1.9 percent. "We have been bearish on Qatar since the beginning of the year and expect the market to continue to underperform," said Vrajesh Bhandari, senior portfolio manager at Al Mal Capital. "We see limited growth opportunities for companies & therefore find valuation levels stretched," Bhandari said. Elsewhere in the region, Egypt's main benchmark rose 0.3 percent, led by banks, investment firms and real estate companies. Commercial International Bank rose 0.7 percent. Egypt Kuwait Holding rose 3.4 percent, while Heliopolis Co for Housing and Development rose 2.7 percent. SAUDI ARABIA The index fell 0.2 pct to 8,563 points ABU DHABI The index fell 0.4 pct to 4,977 points DUBAI The index was up 0.1 pct at 2,578 points QATAR The index fell 1.1 pct to 9,863 points EGYPT The index rose 0.3 pct to 15,033 points KUWAIT The index rose 0.1 pct to 5,674 points OMAN The index rose 0.3 pct to 4,086 points BAHRAIN The index was flat at 1,410 points ($1 = 3.7502 riyals) (Additional reporting by Marwa Rashad Editing by Gareth Jones)

Abu Dhabi state investor Mubadala halts business with Goldman Sachs amid 1MDB lawsuit

Mar 14 2019

DUBAI/ABU DHABI Abu Dhabi state investor Mubadala has suspended new business dealings with Goldman Sachs since its subsidiary filed a lawsuit in November against the U.S. bank and others to recover losses suffered through its dealings with Malaysian state fund 1MDB.

Abu Dhabi state investor Mubadala halts business with Goldman Sachs amid 1MDB lawsuit

Mar 14 2019

DUBAI/ABU DHABI, March 14 Abu Dhabi state investor Mubadala has suspended any new business dealings with Goldman Sachs since its subsidiary filed a lawsuit in November against the U.S. bank and others to recover losses suffered through its dealings with Malaysian state fund 1MDB.

Saudi Aramco adds Goldman Sachs as bookrunner for planned bond: sources

Feb 27 2019

DUBAI Saudi Aramco has added Goldman Sachs as a bookrunner for a planned bond which will help finance its purchase of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter told Reuters.

Dubai's SellAnyCar.com hires bank to advise on possible stake sale -sources

Feb 25 2019

DUBAI, Feb 25 Dubai's SellAnyCar.com, an online marketplace for used cars, has hired boutique investment bank Evercore to advise the company on strategic options that may include a stake sale, sources told Reuters.

UPDATE 1-Saudi Alhokair's mall business seeks $1 bln from IPO - sources

Feb 21 2019

DUBAI, Feb 21 Shopping malls operator Arabian Centres Company, owned by Fawaz Alhokair Group, is seeking $1 billion from a public share listing in the second quarter, sources told Reuters.

Saudi Alhokair's mall unit seeks $1 bln from IPO, adds banks -sources

Feb 21 2019

DUBAI, Feb 21 Saudi Arabian shopping malls business Arabian Centres Company, owned by Fawaz Alhokair Group , is seeking $1 billion from a public share listing in the second quarter and the group is appointing additional banks to manage the offering, sources told Reuters.

Aramco picks banks for debut international bond: sources

Feb 14 2019

DUBAI Saudi Aramco has selected banks to arrange its first international debt sale, which will help it finance the acquisition of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter said on Thursday.

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