RIYADH/DUBAI The company of indebted Saudi Arabian billionaire Maan al-Sanea has filed for bankruptcy under a new Saudi law that makes it easier for creditors to recover payments, three sources familiar with the matter said, a move that could provide a breakthrough in the kingdom's longest-running debt dispute.
DUBAI/RIYADH, Feb 13 A commercial court in
Dammam has rejected an application by the conglomerate Ahmad
Hamad Algosaibi and Brothers (AHAB) to settle its debt under a
new Saudi bankruptcy law, AHAB told Reuters on Wednesday.
* Saudi loses momentum on banking, petrochemical shares
* Telco, Industries Qatar weigh on Qatari stocks
* Aldar, First Abu Dhabi Bank suffer in Abu Dhabi
* DAMAC down 3.2 percent, weighing on Dubai
By Marwa Rashad and Saeed Azhar
RIYADH/DUBAI, Feb 10 Most Gulf markets fell on
Sunday, led by Saudi and Qatari stocks, as investors cut
positions in blue-chip stocks after last week's weakness in
global stocks amid lingering uncertainty about the world
Saudi stocks began the day on a positive note after a rally
in construction and cement stocks following a royal decree to
reimburse rising expatriate fees that will help labour-intensive
But weakness in key banking and petrochemical shares quickly
changed investor sentiment. The benchmark index ended
0.5 lower with Al Rajhi Bank down almost 1 percent and
Saudi Basic Industries off by a similar margin.
Christine Lagarde, managing director of the International
Monetary Fund, said on Saturday oil exporters have not fully
recovered from the oil price shock of 2014.
However, news of the royal decree on expat fees still lifted
shares of cement and construction companies. Eastern Province
Cement ended almost 1 percent higher, Arab Cement
rose 1.9 percent and construction firm AlKhodari
added 0.6 percent.
The Saudi government is allocating 11.5 billion riyals ($3.1
billion) under a scheme that reimburses some companies who
struggled to pay steadily increasing fees for expatriate work
permits in 2017 and 2018 and waives the hikes for some unable to
Qatar's index, one of the world's best performing
markets last year, fell 0.6 percent with market heavyweight
Industries Qatar dropping 0.7 percent and Vodafone
Qatar down 1.8 percent.
Abu Dhabi shares were hit by selling in Aldar
Properties which ended 1.9 percent lower and First Abu
Dhabi Bank which dropped 0.9 percent.
Dubai was dragged down by DAMAC Properties
, which dropped 3.2 percent.
The firm has been hit hard by the property downturn in
Dubai. EFG Hermes expects DAMAC to report a net profit of 214
million dirhams ($58.28 million) in the fourth quarter, more
than half what it reported in the same quarter in 2017.
SAUDI ARABIA The index lost 0.5 pct to 8,573 points
DUBAI The index shed 0.5 pct to 2,530 points
QATAR The index fell 0.6 pct to 10,441 points
ABU DHABI The index slid 0.6 pct to 5,082 points
EGYPT The index ended flat at 14,764 points
KUWAIT The index was flat at 5,442 points
OMAN The index was up 0.2 pct at 4,158 points
BAHRAIN The index fell 0.6 pct to 1,410 points
($1 = 3.6405 Qatar riyals)
($1 = 3.6726 UAE dirham)
(Editing by Andrew Cawthorne)
RIYADH Saudi Arabia's King Salman has approved a scheme to reimburse some of the companies who struggled to pay steadily increasing fees for expatriate work permits in 2017 and 2018 and waive the fee hikes for some who weren't able to pay, the labor minister said.
RIYADH, Jan 28 Saudi Arabia said on Monday it
had signed agreements worth 204 billion riyals ($54.4 billion)
and offered fresh incentives to attract capital as part of a
10-year programme that would help diversify the economy of the
world's top oil exporter.
RIYADH Saudi Arabia said on Monday it had signed agreements worth 204 billion riyals ($54.4 billion) and offered fresh incentives to attract capital as part of a 10-year program that would help diversify the economy of the world's top oil exporter.
Saudi Basic Industries Corp (SABIC) expects to face challenges this year due to uncertainty over the impact of a global trade war on the United States and China, its major markets, the company's chief executive said on Sunday.
RIYADH Saudi Arabia aims to attract private sector investments worth 1.6 trillion riyals ($427 billion) over the next decade through an industrial development program aimed at diversifying the economy, Energy Minister Khalid al-Falih said on Saturday.
RIYADH Bakr bin Laden, former chairman of construction giant Saudi Binladin Group, has been temporarily released nearly 15 months after his arrest in Saudi Arabia's anti-corruption campaign, three sources with knowledge of the matter said on Thursday.