Daily brief: Saudi may test technical barrier, 2017 ‘Year of Giving’ for UAE
Here are the top seven business stories you need to know today.
Saudi may test technical barrier, most of Gulf to consolidate
Saudi Arabia’s stock index may test technical resistance on Monday while other Gulf bourses look set to move sideways in trade thinned by the absence of many foreign investors for year-end holidays.
The Saudi index added 1.5 per cent to 7,191 points on Sunday in reaction to Riyadh’s modestly expansionary state budget for 2017. It faces technical resistance on this year’s peak of 7,235 points, hit earlier this month.
Algeria to rejuvenate aging oil wells to boost output
Algeria has launched a programme to rejuvenate its ageing oil and gas wells and boost production as part of efforts to address a crash in oil earnings. Low prices have slashed the OPEC member’s energy earnings roughly in half, with revenues expected at about $35 billion in 2016 compared with more than $60bn in 2014.
President announces 2017 Year of Giving, UAE as home of giving and Emiratis as people of giving
UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan declared 2017 as the ”Year of Giving” to promote the culture of giving back to the community and enhance the spirit of volunteering and loyalty to one’s country, state news agency WAM has reported.
Dubai’s Shuaa buys 14 per cent of Bahrain’s Khaleeji Commercial Bank
Dubai’s Shuaa Capital bought 14 per cent of Bahrain’s Khaleeji Commercial Bank on Sunday for BHD9.6 million ($25m) and said it would use the stake to support the bank’s expansion. The Dubai-listed investment bank purchased the stake from Alimtiaz Investment Group for BHD0.065 per share, acquiring 147.1m shares in a special auction, the Bahraini bourse said.
UAE’s Etisalat, Saudi’s Mobily discuss new alliance after ending management deal
UAE telecommunications conglomerate Etisalat said on Sunday that its management agreement with Saudi Arabian affiliate Mobily had expired and the companies were working on a new arrangement. Etisalat, which owns 27.4 per cent of Mobily, helped to found the Saudi company more than a decade ago and has played a major role in its management.
Saudi newspaper says report on huge Aramco stake sale was wrong
Major Saudi Arabian newspaper al-Eqtisadiah retracted a report on Sunday that said state oil giant Saudi Aramco planned to sell 49 percent of its shares over the next 10 years. The company aims to sell some of its shares in 2018 in what could be the world’s biggest initial public offering.