NEWS

Bank, property and Aramco shares boost TASI by 0.77 per cent

Tue, 2021-10-05 18:11 Riyadh: The Saudi stock market ended the Tuesday session up 88.62 points, or 0.77 percent, closing at a high of 11555.53 points — a level not seen since January 2008. Liquidity amounted to SR7.6 billion, with shares in Aramco, Al-Rajhi...

Global companies competing for Aramco gas pipeline deal: Bloomberg

Author: Tue, 2021-10-05 18:00 RIYADH: Five North American companies are competing for a deal to sell a share of Saudi Aramco gas pipelines. Aramco is seeking more than $15 million from this deal, which relates to one of its largest operations, a...

World Bank official predicts 3.3% GDP growth for Kingdom in 2022

Author: Tue, 2021-10-05 18:53 RIYADH: With an improvement in global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach 2.4 percent in 2021 and 3.3 percent the next year. Issam Abousleiman, the World Bank’s director for GCC countries, told Arab News...

Bank of America launches research on digital assets

Author: Tue, 2021-10-05 23:02 RIYADH: Bank of America, one of the largest banks on Wall Street, has launched digital asset research as it looks to scale its crypto trading business. The bank formed a specialized unit to fuel the growing institutional demand for cryptocurrencies...

GCC banks push on with funding; customer deposits remain main source

Tue, 2021-10-05 22:44 MOSCOW/CAIRO: The Gulf Cooperation Council’s banking sector continues to show signs of strengths with core customer deposits remaining the main source of funding for the regional banks, a report by S&P Global rating said. The ratings firm said Saudi...

Major world economies experience slow growth in September: Economic wrap

Author: Tue, 2021-10-05 23:12 RIYADH/CAIRO: The US private sector experienced the slowest growth in a year as its composite Purchase Managers’ Index reached 55 in September. Labor shortages and smaller increases in manufacturing and services demand were responsible for the weaker...

Gazprom to prioritise Russia’s home market for winter

Author: Tue, 2021-10-05 14:10 Russia's top gas producer Gazprom plans to prioritise its home market over export sales because the winter will be cold and snowy, the head of its domestic gas selling business was quoted by Interfax as saying on...

Dubai Expo helps UAE’s non-oil private sector to expand in September: IHS Markit 

Author: Tue, 2021-10-05 13:58 Business conditions in the UAE’s non-oil economy showed robust improvement on the back of rising output and orders, the latest IHS Markit report said. This improvement is largely driven by the ongoing World Expo in Dubai, which the...

Egypt to invest $45bn in sustainable rural communities program

Tue, 2021-10-05 15:05 RIYADH: Egypt will pump about $45 billion into its sustainable rural communities program called “Hayah Karima”, the country’s minister of planning and economic development has confirmed. Hala Al-Saeed said green projects represent 30 percent of the country’s total...

Finance veteran Truell to restart European SPAC market with Amsterdam listing

Author: Tue, 2021-10-05 14:39 British finance veteran Edi Truell is planning to list a blank cheque vehicle in Amsterdam in what would be the first special purpose acquisition company (SPAC) to surface in Europe since the summer. Disruptive Capital Acquisition Company would...
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