Saudi Arabia and the world
Saturday, Oct 01, 2022
The World in the Heart of the Kingdom
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Most Gulf markets fall; Saudi index gains
Most stock markets in the Gulf ended lower on Monday as investors secured gains amid falling oil prices, but the Saudi index bucked the trend to close higher.
Oil prices, a key catalyst for the Gulf's financial markets, fell by more than $4 a barrel on demand fears as disappointing Chinese economic data renewed global recession concerns.
In Abu Dhabi, the index (.FTFADGI) dropped 0.5%, retreating further from the record high reached on Thursday, with conglomerate International Holding Co (IHC.AD) losing 0.6%.
The Qatari benchmark (.QSI) fell 0.7%, ending three sessions of gains, hit by a 2.1% fall in Qatar Islamic Bank (QISB.QA).
Among other losers, Baladna (BLDN.QA) dropped more than 3%, as the dairy firm's first-half profit nearly halved.
Saudi Arabia's benchmark index (.TASI) closed 0.2% higher in volatile trading, lifted by a 2.9% gain in Yanbu Cement Co (3060.SE)
Saudi Arabia's consumer price index rose 2.7% in July from a year earlier, government data showed on Monday, increasing from 2.3% in June.
The food and beverages segment rose 3.9%, mainly due to higher food and meat prices in particular, which rose as much as 5.1%, the General Authority for Statistics said in a statement.
Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU) clawing back some of the previous session's losses.
On Thursday, Emaar said it had reached a deal with Dubai Holding to buy its stake in their Dubai Creek Harbour joint venture for a total consideration of 7.50 billion dirhams ($2.04 billion).
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.7%, weighed down by a 1.3% fall in E-Finance for Digital and Financial Investment (EFIH.CA).
The Egyptian stock market continued to see some price corrections after the large rally at the beginning of the month, said Wael Makarem, senior market strategist at Exness.
"The market could trade sideways until the Egyptian central bank's next meeting this week."
Foreign Minister receives phone call from US counterpart
Foreign Minister Prince Faisal Bin Farhan received a phone call on Saturday from United States Secretary of State Antony Blinken.
MOC announces scientific grants for 'Saudi coffee researches'
The Ministry of Culture has announced in cooperation with the Saudi Coffee Company of the Public Investment Fund (PIF), the launch of a grant for the "Saudi coffee researches", ...
Riyadh hosts first Saudi Games on Oct. 27
Under the patronage of Custodian of the Two Holy Mosques King Salman, Riyadh city is set to host on Oct. 27, 2022, the first Saudi Games.
Kuwaiti Cabinet submits resignation
The Kuwaiti Government has submitted its resignation to the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, a senior official announced on Saturday.
Culture Minister visits ALIPH in Mexico City
Minister of Culture Prince Badr Bin Abdullah Bin Farhan has participated in the opening of International Alliance for the Protection of Heritage in Conflict Areas (ALIPH).
Mawthooq license of advertisers comes into force
The decision to obligate advertisers to obtain Mawthooq license entered into force as of today, Oct. 1, 2022, the General Commission For Audiovisual Media (GCAM) announced.
King, Crown Prince congratulate Chinese president on National Day
Custodian of the Two Holy Mosques King Salman has sent a cable of congratulation to Chinese President Xi Jinping on the anniversary of his country's National Day.
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Saudi Arabia has launched a set of robots equipped with A.I technology in the Grand Mosque of Mecca
Saudi Arabia has launched a set of robots equipped with artificial intelligence technology in the Grand Mosque of Mecca, which will help worshippers during their visit to the ho...
Elon Musk's trove of private text messages is a bad look for him — and another win for Twitter, experts say
Hundreds of texts between Elon Musk and big names in media and finance were released on Thursday as a part of the discovery process for Twitter's lawsuit.
Saudi Arabia offers new educational visas serving students from 160 countries
Saudi Arabia announced it had recently relaxed rules for foreign students, introducing long and short-term educational visas.
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