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Saeed Azhar

Saudi, Gulf stocks fall after attacks on Aramco oil plants

Sep 15 2019

DUBAI/RIYADH Saudi stocks fell sharply on Sunday, after attacks on two plants at the heart of the kingdom's oil industry a day earlier knocked out more than half of Saudi crude output. | Video

Mubadala expected to invest in Vision Fund 2 in Q4 – sources

Sep 05 2019

ABU DHABI, Sept 5 Abu Dhabi state fund Mubadala Investment Company is expected to invest in Japanese group SoftBank's Vision Fund 2 in the fourth quarter of 2019, which will focus on technology projects, two sources familiar with the matter told Reuters.

Saudi Arabia could slash growth estimates as contraction looms

Sep 04 2019

DUBAI/RIYADH Saudi Arabia may have to revise down economic growth estimates as lower crude output and tumbling oil prices take their toll on economic activity, with some economists forecasting a contraction this year in the world's biggest oil exporter.

Dubai's Averda Intl in talks with banks about potential IPO-sources

Aug 21 2019

DUBAI, Aug 21 Dubai-based Averda International, one of the largest waste management firms in the Middle East and North Africa, is in early discussions with banks about a potential IPO which could value it at up to $700 million, sources familiar with the matter said.

Saudi Aramco asks banks to pitch for roles in IPO: sources

Aug 19 2019

DUBAI Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources said, in what could be the world's biggest IPO.

MIDEAST STOCKS-Saudi stocks pressured by banks, Industries Qatar lifts Doha

Aug 18 2019

* Qatari stocks advance after three days of losses * FAB weighs on Abu Dhabi stocks By Saeed Azhar DUBAI, Aug 18 Saudi shares ended lower on Sunday, hit by weakness in banking stocks, while the Qatari index snapped a three-day losing streak as Industries Qatar's rebounded after steep declines on its first-half results. The Saudi index eased by 0.3%, with Saudi British Bank dropping about 1.3% and Samba Financial Group falling 1.3%. The Riyadh market had resumed trade after closing last week for the Eidul Adha religious festival. Banking stocks have come under pressure in recent weeks from the Saudi central bank's decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect to squeeze lenders' profit margins. Qatar shares ended their losing run thanks to market heavyweight Industries Qatar's 4.3% jump after six sessions of declines.. "IQ went down so much last week that it became a compelling valuation despite the poor results," said Talal Samhouri, head of asset management at Amwal, adding that the index was also buoyed by gains on international markets. U.S. and European stocks surged on Friday on expectations that the European Central Bank will cut interest rates, but the dollar pared gains against the euro after a newspaper report said the German government was prepared to take on new debt to provide economic stimulus. The Abu Dhabi market slipped 0.3%, with First Abu Dhabi Bank (FAB) dipping 0.8%. Kuwaiti stocks fell 1.7%, hurt by a 2.2% drop in Kuwait Finance House . SAUDI ARABIA The index was down 0.3 % to 8,527 points ABU DHABI The index lost 0.3% to 5,039 points DUBAI The index was flat to 2,797 points QATAR The index rose 1.7% to 9,782 points EGYPT The index rose 0.7% to 1,4400 points BAHRAIN The index fell 0.3% 1,530 points OMAN The index was flat at 3,862 points KUWAIT The index fell 1.7 at 6,572 points (Reporting by Saeed Azhar Additional reporting by Nafisa Eltahir in Cairo Editing by David Goodman)

Saudi Aramco aims to buy Reliance stake, reports lower earnings

Aug 12 2019

DUBAI/MUMBAI Saudi Aramco is planning a multibillion dollar investment in India's Reliance Industries as the energy giant diversifies its oil business, where weaker prices cut its first-half profit by 12%. | Video

UPDATE 3-Saudi Aramco aims to buy Reliance stake, reports 12% earnings slide

Aug 12 2019

DUBAI, Aug 12 Saudi Aramco is planning a blockbuster investment in Reliance Industries, the Indian firm announced on Monday, as the energy giant diversifies its business, where weaker oil prices pared its first-half profit by 12%.

RPT-EXCLUSIVE-Saudi Aramco valuation gap persists as IPO talks resume–sources

Aug 08 2019

* Crown Prince has stuck to $2 trillion value for Aramco - sources

Exclusive: Saudi Aramco valuation gap persists as IPO talks resume - sources

Aug 07 2019

LONDON/RIYADH/DUBAI Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said.

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