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78.67
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70.69
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1,206.90
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833.30
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14.31
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Prayers

Fajr
04:48
Saturday
22
September 2018

Fajr
Fajr
04:48
Sunrise
Sunrise
06:07
Dhuhr
Dhuhr
12:15
Asr
Asr
15:41
Maghrib
Maghrib
18:23
Isha
Isha
19:53
Markets

2,764.38 0.86%
Volume
236,766,479
Turnover
0.86%
Trades
2,880
26
Up
3
Flat
6
Down
Traded stocks 35
4,883.42 -0.01%
Volume
103,054,247
Turnover
-0.01%
Trades
1,501
9
Up
4
Flat
12
Down
Traded stocks 25
Most active
Elaf
0.22
Siyaha
7.25
Bithor
4.9
Tasweeq
8.5
Al Mansour Bank
0.62
Khaleeg
0.19
Credit
0.44
Ameen
0.33
Lohom
4.95
Pepsi
3.59
Bithor
4.9
Khaleeg
0.19
Khaleeg
0.19
Mousil
0.17
Capital
0.26
Al Mansour Bank
0.62

Gulf Business


2 day 8 hour

IEA says global oil demand to top 100m bpd

World oil consumption will top 100 million barrels per day (bpd) in the next three months, putting upward pressure on prices, although emerging market crises and trade disputes could dent this demand, the International Energy Agency said on Thursday. The Paris-based IEA maintained its forecast of strong growth in global oil demand this year of 1.4 million bpd and another 1.5 million bpd in 2019, unchanged from its previous projection. “Things are tightening up,” the agency that advises Western governments on energy policy said in its monthly report. “The price range for Brent of $70-$80 per barrel in place since...
2 day 8 hour

Bahrain’s Investcorp announces $250m investment in China

Bahrain’s Investcorp has announced its first investment in China through a fund created by asset manager China Everbright Limited. The company will invest up to $150m in the second round of the China Everbright Limited New Economy Fund and an additional co-investment of up to $100m. The first round of the fund, which invests in Chinese technology companies, received a commitment of $313m. Investcrop said the Chinese economy was increasingly attractive for private equity investors. “Today, China is a pivotal pillar of the global economy and a critical component of a balanced global asset allocation strategy,” said executive chairman Mohammed...
2 day 10 hour

Qatar Airways posts $69m annual loss

Qatar Airways posts $69m annual loss Reuters Wednesday 19 September 2018 Qatar Airways reported on Tuesday a QAR252m ($69m) loss for the financial year ending March 31, citing a regional political dispute that has seen it banned from four Arab countries. Saudi Arabia, the UAE, Egypt, and Bahrain have banned Qatar Airways since June 2017 as part of a dispute they have with the government of Qatar. “This turbulent year has inevitably had an impact on our financial results,” Qatar Airways CEO Akbar al-Baker said in a statement. The airline, which restated its year-earlier profit to QAR2.8bn, said it carried...

2 day 11 hour

Dubai bank Emirates NBD expands in Saudi

Dubai’s biggest lender Emirates NBD has opened its first branch in the city of Khobar in the eastern province of Saudi Arabia as it expands across the kingdom. The bank now has branches in three Saudi cities including Riyadh, Jeddah and Khobar. It offers retail, private, business and wholesale banking in all its branches along with corporate finance advisory, project and syndicated finance through Emirates NBD Capital KSA, the bank’s investment banking arm. Emirates NBD is the first non-Saudi bank with a “significant branch network” across the kingdom, a statement said. The lender also recently renewed its partnership with the...
2 day 14 hour

Alstom consortium wins $2.9bn contract to run Riyadh metro lines

Alstom consortium wins $2.9bn contract to run Riyadh metro lines Robert Anderson Tuesday 18 September 2018 French rail firm Alstom said on Tuesday its FLOW consortium had won a SAR10.9bn ($2.9bn) deal to run the third, fourth, fifth and sixth lines of the upcoming Riyadh Metro. Members Italian rail infrastructure firm Ferrovie dello Stato Italiane, signaling systems specialist Ansaldo STS and Alstom received a letter of award to provide operation and maintenance services for 12 years from Arriyadh Development authority. Alstom said the deal included rolling stock and systems infrastructure maintenance worth more than EUR730m ($852.8m). The French company will...
3 day 8 hour

GCC spurs German tourism growth

GCC spurs German tourism growth Dominic Ellis Tuesday 18 September 2018 The GCC is now the third largest non-European market for Germany after the US and China, the German National Tourist Office has revealed. Gulf visitors grew 4.4 per cent between January and June – and the numbers should rise in Q4 as Emirates, which already operates three flights a day to Munich, will start daily three-class A380 services to Hamburg from October 29. Overall, the GCC is in the top 15 source markets globally for Germany and Gulf guests are highly courted as their average spends are €5,000 ($5,841)...

3 day 10 hour

Accor closes Movenpick deal, becomes Middle East’s largest hotel operator

France’s AccorHotels on Tuesday announced the closing of its acqusition of Movenpick Hotels and resorts, significantly boosting its Middle East footprint. The transaction for 100 per cent of Movenpick’s shares, held by Saudi billionaire Price Alwaleed’s Kindgom Holding an its partners, was made at an enterprise value of CHF560m ($575.8m) Read: Prince Alwaleed sells Movenpick Hotels to AccorHotels Accor said Movenpick’s 84 properties would add 20,000 rooms to its portfolio of 4,500 hotels, resorts and residences and 10,000 private homes globally. The deal includes 69 hotels that are operational or in the pipeline in the Middle East and Africa (MEA),...
3 day 12 hour

New passenger terminal at Oman’s Duqm airport begins operations

New passenger terminal at Oman’s Duqm airport begins operations Robert Anderson Monday 17 September 2018 The new passenger terminal at Oman’s Duqm International Airport has received its first after beginning operations on Monday. Terminal B officially began commercial operations at 1:30pm. An Oman Air service from Muscat, WY935, was the first flight to arrive at 2:30pm. Following this, the first flight to depart will be return service WY936 at 5:00pm, the Ministry of Transport and Communications said. A video posted on Twitter showed WY935 being greeted with a water canon salute upon arrival. وصول أولى الرحلات إلى مبنى المسافرين الجديد...
3 day 12 hour

Uber continues talks to buy Dubai’s Careem – report

Uber continues talks to buy Dubai’s Careem – report Staff Writer Tuesday 18 September 2018 Ride hailing firm Uber is continuing talks to buy Dubai-based rival Careem in a deal that could value the firm at $2-2.5bn, according to reports. Bloomberg cited sources as confirming negotiations had continued after talks were first reported by the news service in July. Read: Uber in talks with Dubai’s Careem to merge in Middle East – report Careem’s management is said to be working to convince shareholders of the merits of the deal, although no final decision has been made. “We believe the consumer...

4 day 7 hour

Saudia to provide free WhatsApp, Facebook messaging onboard flights

Saudia to provide free WhatsApp, Facebook messaging onboard flights Aarti Nagraj Monday 17 September 2018 Saudi Arabian Airlines (Saudia) has launched a new ‘social messaging’ plan to provide all passengers with free access to three applications – iMessage, Facebook Messenger, and WhatsApp. The texting-only service will be provided to passengers across all the classes onboard all flights that are enabled with wifi connectivity – currently standing at over 100 aircraft, a statement said. Passengers can access the social messaging plan through a three-step process. To select the service, they can connect their device to the “SAUDIA_ONAIR” network, and then select...
4 day 8 hour

Saudi records 187 VAT violations among schools, bookstores

Saudi Arabia’s General Authority for Zakat and Income (ZAKA) has recorded 187 violations of value added tax (VAT) during field campaigns targeting private schools, training institutes and bookstores in the country. The targeted field campaigns were carried out by inspection teams during the first week of the new school year in various regions of the kingdom, the official Saudi Press Agency (SPA) reported. Schools in Saudi reopened after the summer break in early September. Violations were found to include irregularities in the tax receipt, an invoice issued by a person who is not registered, the non-collection of VAT, and the...
4 day 10 hour

Saudi to auction detained billionaire Maan al-Sanea’s real estate assets

Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to help repay billions of riyals due to creditors, sources familiar with the matter told Reuters. Sanea, ranked by Forbes in 2007 as one of the world’s 100 richest people, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted. His case is separate from the scores of Saudi businessmen and prominent figures who were held on corruption charges last year at Riyadh’s Ritz Carlton hotel, although it touches on similar investor concerns about corporate...