amwalalghad :: Arab

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptians Housing Development    1.94        United Arab Shipping   0.43        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Money Markets - Arab

Amwal Al Ghad English - 2017-11-09 08:24:00
Most Gulf stock markets were weak in early trade on Thursday because of concern about the impact of Saudi Arabia’s anti-corruption investigation, but Dubai’s bourse edged up as real estate shares rebounded. The Saudi stock index fell 0.7 percent in the first 35 minutes as decliners outnumbered advancers by 104 to 57. Alarmed by the probe, wealthy Saudi individual investors have been dumping stocks this week -- some, fund managers say, possibly intending to move money out of the country. But stocks in companies related to people detained in the probe regained some strength after steep losses earlier this week. Al Tayyar Travel, whose founder Nasser bin Aqeel al-Tayyar has been arrested, rose 0.4 percent after plunging 22 percent in the previous three days. Red Sea International, whose chairman Amr al-Dabbagh was detained, gained 0.3 percent. Kingdom Holding , the investment vehicle of Prince Alwaleed bin Talal, who was also detained, fell only 0.4 percent. Saudi Ceramic Co plunged 9.0 percent after reporting a third-quarter net loss of 39.2 million riyals ($10.5 million) versus a loss of 46.9 million riyals a year ago. Dubai’s index gained 0.4 percent as real estate developers, which sank earlier this week on fears that the probe would hurt Saudi investment in Dubai property, rose. Emaar Properties was up 1.0 percent and DAMAC Properties added 0.9 percent. Amusement park operator DXB Entertainments rose 1.4 percent after it said it would obtain a subordinated loan of 700 million dirhams ($191 million) from majority shareholder Meraas. Abu Dhabi’s index edged up 0.1 percent but Abu Dhabi National Energy Co sank 6.2 percent in thin trade after reporting a third-quarter loss attributable to shareholders of 194 million dirhams ($52.9 million) versus a year-earlier loss of 524 million dirhams. In the second quarter, it had posted a tiny profit. More»
Amwal Al Ghad English - 2017-11-08 10:51:11
Saudi Arabia’s stock market continued to fall in early trade on Wednesday because of concern about the economic impact of its anti-corruption purge, but other bourses in the region began to stabilise. The Saudi index was 1.0 percent lower after half an hour of trade. Shares in companies linked to people detained in the investigation slid further. Al Tayyar Travel, whose founder Nasser bin Aqeel al-Tayyar was detained, was down 4.8 percent after plunging 10 percent on each of the previous two days. It was the market’s most heavily traded stock. Kingdom Holding, the investment vehicle of Prince Alwaleed bin Talal, fell 1.0 percent after losing 21 percent over the previous three days. The stock is now estimated to be close to or below its book value. Some Saudi blue chips were only marginally lower, however, with Saudi Basic Industries edging down 0.2 percent. In statements late on Tuesday, Crown Prince Mohammed bin Salman and the Saudi central bank sought to ease worries about the probe. They said that while individuals were being targeted and having their bank accounts frozen, national and multinational companies - including those wholly or partly owned by individuals under investigation - would not be disrupted. After falling for three days because of concern that the Riyadh purge could hurt Saudi portfolio and real estate investment in Dubai, the emirate’s stock index was flat. DAMAC Properties, which had been hit particularly hard, was up 0.3 percent. Abu Dhabi was also flat while Kuwait and Qatar edged down just 0.2 percent. More»
Amwal Al Ghad English - 2017-11-07 10:30:14
The Olayan family, which runs one of  biggest conglomerates in Saudi Arabia, is putting plans to sell shares in some of its local assets on hold amid slow economic growth in the kingdom, people familiar with the matter told Bloomberg. Olayan Financing Co., which controls the billionaire family’s investments in the Middle East, decided not to proceed with an initial public offering of a holding company of about 20 local units, the people said, asking not to be identified because the discussions are private. Plans for the sale of the holding company, which may worth as much as $5 billion, could be revived in the future, they said. The decision to put the IPO plans on hold predates the beginning of an anti-corruption purge by Crown Prince Mohammed Bin Salman that began on Saturday evening, the people said. The crackdown by a newly formed anti-corruption committee resulted in the arrest of princes, billionaires, ministers and former top officials. Olayan had been working with Saudi Fransi Capital on the planned sale that could have happened as early as next year, people familiar with the matter said in March. It’s also working with HSBC Holdings Plc’s local unit on the 30 percent sale of its Health Water Bottling Co., people said in May. The IPOs would be the first time Olayan Financing sold shares in one of its Saudi businesses since at least 2000. The family still plans to proceed with the IPO of its water business, the people said. Olayan Group didn’t immediately respond to requests for comment. Saudi Arabia’s economy has shrunk for two quarters in a row this year as the Crown Prince implements a reform program that includes austerity measures such as cuts to subsidies and infrastructure spending. As part of these plans, the kingdom also aims to sell hundreds of state assets, including Saudi Arabian Oil Co., stakes in the stock exchange, football clubs and flour mills. More»
Amwal Al Ghad English - 2017-11-07 10:19:52
Major Gulf stock markets mostly dropped early Tuesday because of continued jitters about Saudi Arabia’s sweeping anti-corruption investigation, which could disrupt Saudi investment flows into the rest of the region. The Saudi stock index fell 1.6 percent after 75 minutes of trade. Shares linked to people detained in the investigation led falls. Among them, Prince Alwaleed bin Talal’s Kingdom Holding plunged its 10 percent daily limit, bringing its losses in the three days since the investigation was announced to 21 percent. The fall has wiped off about $2 billion from Prince Alwaleed’s fortune, previously estimated by Forbes magazine at $17 billion. Al Tayyar Travel, whose founder Nasser bin Aqeel al-Tayyar was detained, plunged 10 percent for a second day. The company said it was operating normally and had the support of the government, but the slide in its shares suggests investors feel its fate is bound up with that of its founder. Dallah Healthcare fell 3.8 percent after its controlling shareholder, billionaire Saleh Kamel, was held. Housing builder Red Sea International dropped 6.8 percent after chairman Amr al-Dabbagh was detained. Declining stocks outnumbered gainers by 164 to nine. In the past two days, many banks and other blue chips stayed firm, but almost all stocks were caught in the sell-off on Tuesday. Real estate firm Dar Al Arkan was the best performer, rising 1.7 percent. However, many fund managers think the overall market may recover by the close because of buying by government-linked funds acting to prevent a panic. The market followed that pattern on Sunday and Monday. In Dubai, the index slipped 0.6 percent with Emaar Properties dropping by that margin and DAMAC Properties tumbling 3.7 percent. Saudis have been significant investors in Dubai real estate and this flow of money could conceivably shrink because of the crackdown. The index in Abu Dhabi, less exposed to Saudi money, inched up 0.1 percent. But Kuwait continued to slide, with its index losing 3.8 percent. National Bank of Kuwait , which had tumbled 4.5 percent on Monday, lost a further 2.1 percent and logistics firm Agility sank 3.9 percent. Most Saudi portfolio money had already left Qatar earlier this year because of Riyadh’s diplomatic dispute with Doha. But the Qatari index was still caught up in the regional downtrend on Tuesday, dropping 1.6 percent as Qatar Navigation , the most heavily traded stock, sank 2.0 percent. More»
Amwal Al Ghad English - 2017-11-05 09:00:23
Saudi Arabia's stock market dropped on Sunday’s early trade after Crown Prince Mohammed bin Salman moved to consolidate his power and crackdown on corruption with a Cabinet reshuffle and a string of detentions of prominent figures. The Saudi equities index was down 1.5 percent after eight minutes of trade. Investment firm Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, who was one of those detained, plunged 9.9 percent. Saudi-owned Al Arabiya television reported a new anti-corruption committee chaired by Prince Mohammed had detained 11 princes, four current ministers and tens of former ministers. More»
Amwal Al Ghad English - 2017-10-31 08:49:05
Saudi Arabia’s stock market stayed soft in early trade on Tuesday despite a big rebound by petrochemical company PetroRabigh, while real estate-related shares again weighed on Dubai. The Saudi stock index dropped 0.3 percent in the first hour as PetroRabigh’s gain was offset by losses in the banking and insurance sectors. PetroRabigh jumped 5.6 percent in heavy trade; it reported third-quarter net profit of 706‍ million riyals ($188.3 million) versus a year-earlier loss of 211 million riyals, with sales surging 43 percent. But this failed to push up the petrochemical sector in general, with Saudi Kayan edging down 0.2 percent in heavy trade and National Petrochemical falling 0.2 percent. Most Saudi banks were down with Alinma Bank, the most heavily traded lender in the Saudi market, losing 0.2 percent and National Commercial Bank, the kingdom’s largest lender, also falling 0.2 percent. The Dubai index edged down 0.2 percent as Emaar Properties lost 0.5 percent and builder Drake & Scull dropped 2.5 percent. Qatar’s index edged down 0.1 percent because of banking shares; Qatar First Bank fell 0.8 percent while Qatar National Bank, the largest bank in the region, sank 0.6 percent. In Kuwait, where the ruling emir accepted the resignation of the prime minister and his cabinet on Monday, the main index fell 0.4 percent. The ministers will continue important duties until a new cabinet is sworn in. The stock market is not expected to be affected much as such episodes are common in Kuwaiti politics. More»
Amwal Al Ghad English - 2017-10-29 08:44:40
Petrochemical stocks and an earnings beat by Saudi Telecom Co boosted Riyadh’s stock market early on Sunday while other Gulf bourses were generally quiet. The Saudi stock index climbed 0.6 percent in the first 45 minutes as petrochemical giant Saudi Basic Industries gained 1.2 percent and several other producers such as Saudi Kayan rose by smaller amounts in unusually active trade. Brent oil rose 1.9 percent on Friday to $60.44 a barrel after Saudi Arabia and Russia pledged support for extending oil output cuts. Rising oil prices tend to be positive for Saudi petrochemical firms’ profit margins. Saudi Telecom climbed 4.3 percent after reporting an 18.2 percent rise in third-quarter net profit to 2.62 billion riyals ($698.7 million), topping the 2.28 billion forecast by four analysts polled by Reuters. The increase was mostly due to cost-cutting as revenue from services fell 8.5 percent to 12.84 billion riyals. The Dubai index was flat, though Gulf Navigation climbed 2 percent. Last Thursday it said it had signed a memorandum to establish a joint venture in the oil and gas services sector. Qatar’s index edged up 0.2 percent as Mesaieed Petrochemical gained 1.3 percent on the back of stronger oil prices. Qatar Gas Transport, which would also benefit from higher prices in the oil and gas industry, surged 3.5 percent. But Qatar First Bank sank 2.7 percent after reporting that its nine-month net loss widened to 139.6 million riyals ($28.4 million) from a loss of 76.7 million riyals in the first half of this year. In Kuwait, telecommunications firm Zain fell 1.6 percent after it reported net income fell 7 percent in the third quarter, in line with analysts’ forecasts. The Kuwaiti stock index edged up 0.1 percent. More»
Amwal Al Ghad English - 2017-10-26 10:40:19
Foreign investors are now able to take part in initial public offerings (IPO) within Saudi Arabia and will be given access to a stock market aimed at small and medium-sized businesses. Mohammed El Kuwaiz, chairman of the country's Capital Market Authority (CMA), said Thursday that foreign investors can take part in company flotations when asked about the IPO of oil giant Saudi Aramco, according to Reuters. The Kingdom aims to raise about $100 billion by taking a portion of its state oil giant public next year. The funds will underwrite an effort led by Crown Prince Mohammed bin Salman to diversify the nation's economy through a plan called Vision 2030. Amin Nasser, chief executive of Saudi Aramco, has repeatedly said that there will be a dual-listing — one in Saudi Arabia and a second on in an international market. He has also said that this remains on track for 2018. NOMU parallel market Speaking at Riyadh's Future Investment Summit on Thursday, the chairman also announced that non-resident foreign investors will be able to investor directly into the NOMU parallel market from January next year, according to the news agency. NOMU is an equity market with lighter listing requirements that serves as an alternative platform for companies to go public. Foreign investors will no longer have to meet requirements to qualify as foreign institutional investors, according to the news agency but will have to continue to obey limits on foreign ownership of stocks. The initiatives are part of Saudi Arabia's push for opening up and diversifying its oil-dependent economy. Riyadh is cutting red tape and removing barriers to investment in an attempt to achieve that. 'Davos in the desert' Over the last few days, Saudi Arabia has also announced a $500 billion plan to build an area for business and industry connecting with Jordan and Egypt, during the Future Investment Initiative conference — also known as the "Davos in the desert." Jassim Alseddiqi, chief executive office of Abu Dhabi Financial Group — a multi-billion dollar investment company from Abu Dhabi — told CNBC that Saudi Arabia is becoming increasingly more attractive. "What's really interesting to us in Saudi is the transformation and the openness that's happening," he said. "We've recently increased our appetite to invest in Saudi (Arabia). We are releasing a real estate investment trust that's going to be traded on the Tadawul stock exchange. We are expanding our finance business," he added. Mustafa Abdel-Wadood, managing partner at the Abraaj Group, another investment firm, told CNBC this week that its core investment strategy remains in emerging markets, of which Saudi Arabia is one of those destinations. "These are high-growth markets, Saudi is one of our investment destinations," he said Wednesday, mentioning a young population, a large and growing consumer base and a growing middle class. More»
Amwal Al Ghad English - 2017-10-26 10:27:40
Saudi Aramco's initial public offering is on track for 2018, and the national oil giant could be valued at more than $2 trillion, Saudi Arabia's Crown Prince Mohammad bin Salman told Reuters in an interview on Wednesday. The sale of around 5 percent of Aramco next year is a centrepiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is championed by Prince Mohammad. Saudi officials have said domestic and international exchanges such as New York, London, Tokyo and Hong Kong have been looked at for a partial listing of the state-run firm. A decision on which exchange would secure the offering has still not been made, fuelling market speculation that the IPO could be delayed beyond 2018 or even shelved, amid growing concerns about the feasibility of an international listing. "We are on track in 2018... but the listing (details) are still under discussion," Prince Mohammad told Reuters in an exclusive interview on Wednesday in Riyadh for release on Thursday. "It will be IPO-ed in 2018." The crown prince declined to discuss specific details of the IPO, which could be the biggest in history and is expected to raise as much as $100 billion. Prince Mohammad, 32, has sweeping powers over defence, energy and the economy and is expected to take the final decision about Aramco’s listing venue and the other reforms. Investors have long debated whether Aramco could be valued anywhere close to $2 trillion, the figure announced by the crown prince, who wants to raise cash through the IPO to finance investments aimed at helping wean the world's biggest oil exporting nation off its dependency on crude. But Prince Mohammad reiterated on Wednesday that Aramco's estimated valuation would be about $2 trillion. "I know that there has been a lot of argument around this topic but at the end of the day the right say is that of the investor. Undoubtedly the biggest IPO in the world must be accompanied by a lot of rumours," Prince Mohammad said. "Aramco would prove itself on the ground on the day of the IPO. Actually when I talked about the valuation, I talk about $2 trillion, it could be more than $2 trillion." The timing of the IPO will depend on getting legal and regulatory approval from the jurisdictions it opts to list in, industry sources had said. It could also be influenced by the oil price - currently below $60 per barrel - a price Saudi officials have identified as a good level. Asked whether the rift with Gulf OPEC producer Qatar has dented investors' sentiment, ahead of the Aramco IPO, Prince Mohammad dismissed the impact of the political impasse. "Qatar is a very, very, very small issue," he said. Saudi Arabia and three other Arab states have cut ties with Qatar, accusing it of supporting terrorism. Doha denies the accusations. OPEC kingpin Saudi Arabia is leading OPEC and other oil producers such as Russia to restrict oil supplies under a global oil pact to drain global inventories and boost oil prices. "We are committed to work with all producers, OPEC and non-OPEC countries, we have a great and historic deal... We will support anything to stabilise the oil demand and supply," Prince Mohammad said when asked whether the kingdom would support extending the agreement beyond March 2018 when it is due to expire. "I think now the oil market (absorbed) the shale oil supply, now we are regaining things again." More»
Amwal Al Ghad English - 2017-10-25 12:35:00
Saudi Arabian stocks opened largely flat on Wednesday as gains by Saudi Electricity Co (SEC) were offset by declines for Zain Saudi and Middle East Healthcare. SEC was one of the biggest gainers, rising by 4.5 percent in early trading after news on Tuesday that the kingdom will consider selling a large stake in the utility to SoftBank Vision Fund, the world’s largest private equity fund. The Saudi government would retain a controlling stake, the utility said in a statement. Public Investment Fund, which holds a 74 percent stake in SEC, signed a memorandum of understanding with SoftBank Vision Fund for SEC to develop 3 gigawatts of solar energy in 2018, SEC said in a statement. Weighing on the Saudi bourse was Zain Saudi, which fell 4.9 percent after its board proposed a capital reduction to 3.62 billion riyals from 5.84 billion riyals to write off accumulated losses. Zain Saudi swung to a third-quarter net profit of 3 million riyals, but missed forecasts of three analysts of 21.2 million riyals. Middle East Healthcare, which posted a 39.8 percent third-quarter profit drop earlier in the week, fell 8.6 percent in early trading. The Saudi stock index .TASI edged down 0.08 percent. In Qatar .QSI, the index was down 0.2 percent, with Qatari Investors Group, the biggest loser, down 4.3 percent. In Dubai, the main index .DFM dropped 0.5 percent, with Dubai Investments the top gainer, rising 6.0 percent, while the Abu Dhabi index .ADI edged down 0.2 percent. More»