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Marwa Rashad

Exclusive: Saad Group seeks debt resolution under Saudi bankruptcy law - sources

Feb 18 2019

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.

Saudi court rejects AHAB’s filing under bankruptcy law

Feb 13 2019

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.

MIDEAST STOCKS-Saudi slides on weakness in blue-chips, UAE hit by property woes

Feb 10 2019

* 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 economy. 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 sectors. 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 pay. 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)

Saudi allocates $3.1 billion to help companies with 2017-18 expat fee hikes

Feb 08 2019

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.

RPT-UPDATE 2-Saudi signs $54.4 bln of deals, offers manufacturing incentives

Jan 29 2019

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.

Saudi signs $54.4 billion of deals, offers manufacturing incentives

Jan 28 2019

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.

SABIC says challenges remain, views Aramco deal positively

Jan 27 2019

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.

Saudi seeks to attract $427 billion with industrial program

Jan 26 2019

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.

Bakr bin Laden temporarily released from Saudi detention: sources

Jan 24 2019

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.

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