Text size:

  • Small
  • Normal
  • Large

Saudi stimulus inspires investors

Market Wrap: Most Gulf markets tracked a rise in the biggest stock market in the Arab world, the Saudi Arabian Tadawul, as the kingdom invested in another round of stimulus measures - with video.

Saudi Arabia's Tadawul climbed to its highest point in a month as sweeping government stimulus measures offered a boon to investors.

The kingdom's market rose more than 5 per cent at the opening bell, the first day of trading after being closed on Saturday for a public holiday.

It was trading 4 per cent higher to 6,343.79 points.

A spate of new measures are expected to be introduced to Saudi Arabia including a minimum wage and unemployment benefit for Saudi nationals.

Other markets in the region paced the rise in the Arab world's largest stock market.

The Dubai Financial Market advanced 2.6 per cent to 1509.82 points with stocks rising to highs not seen for several months, and Abu Dhabi's index added 0.7 per cent to 2602.26 points.

Qatar's QE Index added 2.6 per cent to 8395.02; and Oman's stock market advanced 1.3 per cent to 6353.64 points.

But Bahraini shares fell 1.6 per cent to 1391.81 points as volumes remained thin, while Kuwait's market slipped 0.2 per cent to 6251.60 points.

Kuwaiti telecoms company Zain fell to its lowest intraday point in two weeks after Etisalat backed out of a $12 billion deal to buy a majority stake in the company. It closed 4.4 per cent down.

Etisalat, the Middle East's biggest telecoms company by market value ended talks to buy a 46 per cent stake in Zain, citing ongoing political unrest and disagreement among shareholders as its main reason.

Etisalat offered $12 billion in September to buy most of Zain.

The reopening of Egypt's benchmark stock exchange, the EGX 100 will also be under the radar of investors this week. The exchange has been closed since January 27 but has to open before the end of this week before it is removed from MSCI's emerging market index, which is tracked by thousands of fund managers internationally. It has fallen nearly 21 per cent since the beginning of the year.

Back to the top

More articles

Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 A sign points the way to an outdoor market popular with German visitors on the Polish side of the German-Polish border. Sean Gallup / Getty Images

In pictures: A decade since the European Union went east

May 1 will mark 10 years since the European Union expanded east, taking in countries like Poland, the Czech Republic and the Baltic states as new members. And though the border region between Germany and Poland is flourishing with trade and cultural exchange, the open border has also brought a sharp rise in crime.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.


To add your event to The National listings, click here

Get the most from The National