Arab News, Wednesday, Sep 2, 2020 | Muharram 14, 1442
Saudi shares lead Gulf markets higher as slowdown eases
Saudi Arabia: Saudi Arabian shares led gains among largely
positive Gulf stock markets on Tuesday, helped by a jump in financial shares.
The Kingdom’s benchmark index gained 0.5 percent, with Al Rajhi Bank rising and
Riyad Bank climbing 0.6 percent and 1.2 percent, each.
Shares of Emaar The Economic City surged 9.9 percent, after the developer
entered subscription agreement with Public Investment Fund (PIF), the Kingdom’s
main sovereign wealth fund.
The completion of the agreement is subject to a number of conditions including
the novation of the Ministry of Finance loan to PIF.
Dubai’s main share index rose 0.4 percent, led by a 0.7 percent gain in sharia-compliant
lender Dubai Islamic Bank and 0.5 percent rise in Emirates NBD Bank.
The emirate has hired banks to advise it on its comeback to international debt
markets as the Middle East trade and tourism hub seeks to bolster finances hit
by the pandemic.
As the pandemic hit vital economic sectors of the emirate, Dubai this year
raised over $3.6 billion in debt through several instruments, the prospectus
showed.
In Abu Dhabi, the index also rose 0.4 percent, driven by a 1.2 percent rise in
Emirates Telecommunications Group and a 0.3 percent gain in the country’s
largest lender First Abu Dhabi Bank.