Israel and Hamas blame each other as Netanyahu rules out the group's demand for an end to the war in exchange for the freeing of hostages
mena2 hours ago
Saudi insurers posted significant gains on Sunday, on hopes that insurance volumes will rise as women began driving in Saudi Arabia, in the end of the world's last ban on female drivers.
This lifted the Saudi exchange, which outperformed other regional markets, and which was still riding the wave of MSCI's announcement last week that it would add the kingdom's stock market to its emerging markets benchmark.
Saudi Arabia's addition could help attract $40 billion from foreign funds, the chairman of the Saudi Capital Market Authority told Reuters last week. The move followed the decision by another index provider, FTSE Russell, to give Saudi Arabia emerging market status earlier this year.
The Saudi index rose 1.8 per cent on Sunday, with gains spread across the insurance, banking and petrochemical sectors.
Women in Saudi Arabia took to the roads early on Sunday. The decision is expected to boost the economy, with industries from car sales to insurance set to reap returns.
Insurance companies led the gains, with Al Rajhi Company for Cooperative Insurance up 10 per cent, followed by SABB Takaful Co and Saudi Indian Company for Cooperative Insurance, which added 7.9 per cent and 4.8 per cent, respectively.
Some petrochemical companies also added value, following a rise in oil prices after Opec decided on only modest increases in crude production last week.
In Dubai, where the index was flat, Air Arabia was unchanged. Shares in the airline have declined by more than 10 per cent since early last week, when the company said it had hired experts to protect its business interests in private equity firm Abraaj, which has filed for provisional liquidation.
Air Arabia subsequently said it has an exposure of more than $300 million to the embattled buyout firm.
Last week, the UAE's top securities regulator asked UAE-listed companies to declare their exposure to Abraaj, the watchdog's chief executive told Reuters.
In Abu Dhabi, Dana Gas jumped 0.9 per cent after its shareholders approved last week the issuance of a new sukuk to replace an existing sukuk issued in 2013. The shareholders also approved the dismissal of sukuk-related litigation, marking the end of a protracted legal battle between the firm and its creditors. - Reuters
Israel and Hamas blame each other as Netanyahu rules out the group's demand for an end to the war in exchange for the freeing of hostages
mena2 hours ago
Sheikh Mohammed issues decree, forming the council chaired by the Dubai Ruler
uae2 hours ago
The campaign was launched today, May 5, and will continue till the end of this month
uae2 hours ago
Enjoy hearty meals at these outlets with your favourite Mexican fare
food listings2 hours ago
With the StandbyMe wheeled and a 27-inch smart TV, the Korean giant is aiming squarely at the lifestyle end of the electronics device market
gadgets2 hours ago
The actor revealed how she balances work commitments with family time, ensuring her children understand the importance of both
entertainment2 hours ago
Taking to Instagram, Janhvi shared a clip featuring herself, Varun Dhawan, Rohit Saraf, Sanya Malhotra, Karan Johar and other actors participating in a pooja ceremony
entertainment2 hours ago
The resident juridical taxable persons include entities incorporated in the UAE including free zone businesses
business3 hours ago