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Dubai index

Most major Gulf bourses gain on corporate earnings

Most major Gulf bourses gain on corporate earnings

  • Saudi Arabia's benchmark index rose 0.9%, boosted by a 1.8% gain in Al Rajhi Bank and a 8.9% surge in Bank Al Jazira, which reported an increase in its quarterly net profit.
  • The Abu Dhabi index added 0.5%, bolstered by a 0.7% gain in top lender First Abu Dhabi Bank while telecoms giant Etisalat was up 0.6%.
Published 26 Apr, 2021 06:21pm
Financials drag major Gulf markets lower
Markets

Financials drag major Gulf markets lower

  • Lower demand and a slump in commodity prices eroded state finances last year. In the Middle East and North Africa, fiscal deficits widened to 10.1% of GDP in 2020 from 3.8% of GDP in 2019.
  • Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 1% decline in Al Rajhi Bank and a 1.7% decrease in Saudi National Bank.
Published 13 Apr, 2021 07:08pm
Dubai aims to boost contribution of creative arts to GDP
World

Dubai aims to boost contribution of creative arts to GDP

  • Dubai, part of the Unites Arab Emirates, is a regional business and tourism hub. It has the hydrocarbon-rich region's most diversified economy and was one of the hardest hit by the coronavirus pandemic.
  • The plan includes changes to the legislative and investment environment and steps to attract innovators, investors and entrepreneurs.
Updated 03 Apr, 2021 08:29pm
Dubai index leads most of Gulf lower; Egypt extends gains
Markets

Dubai index leads most of Gulf lower; Egypt extends gains

  • In Dubai, the main share index dropped 0.8%, with sharia-compliant lender Dubai Islamic Bank sliding 4.2%, its biggest intraday fall since mid-December, as the stock went ex-dividend.
  • Dubai's economy, which is the region's most diversified, was one of the hardest hit by the pandemic. S&P estimated that GDP contracted 10.8% last year.
Published 25 Mar, 2021 08:38pm