Oil prices pull Tadawul down

February 9, 2017

Dubai, Feb 9: A drop in oil prices pulled stocks in Saudi Arabia down on Wednesday. The Tadawul All Share Index (TASI) dropped 1 percent.

oilAll 14 listed petrochemical producers declined with Nama Chemicals, the worst performer in that sector, retreating 5.3 percent and Saudi Kayan losing 2.4 percent. Banking shares were also weak with heavyweight Samba Financial Group dropping 3.2 percent.

Qatar’s stock market rose after a major real estate company swung to a fourth-quarter profit. The Qatari index closed 0.7 percent higher as Barwa Real Estate surged 8.3 percent in its heaviest trade for 1-1/2 years. It posted a quarterly net profit of 108 million riyals ($29.7 million) versus a loss of 518 million riyals a year earlier; the board recommended a 2016 cash dividend of 2.5 riyals ($0.69) per share, higher than the 2.2 riyals ($0.60) proposed for 2015.

Dubai’s index added 0.2 percent, its fourth straight session of gains, with Emaar Properties rising 1.5 percent and DXB Entertainments adding 0.9 percent.

Energy companies in Abu Dhabi outperformed in the run-up to their fourth-quarter earnings announcements, which are expected on Thursday. Abu Dhabi National Energy climbed 2 percent and Dana Gas gained 1.9 percent.

Egypt’s blue chip index rose 0.8 percent to 13,228 points but closed far off the day’s high of 13,411 points. It faces technical resistance on its record high of 13,544 points, hit last month.

Juhayna Food Industries jumped 9.2 percent to 7.83 Egyptian pounds ($0.43), bringing its gains over the past three days to 34.5 percent. Arabian Food Industries added 5.3 percent.

The food sector came under heavy pressure after the float of the Egyptian pound on Nov. 3 as currency depreciation inflated costs of imported raw materials and rising inflation hit consumer purchasing power. But traders said some investors were now giving the sector a second look.

Hady Medhat, a food industry analyst at Naeem Brokerage, said Juhayna was a standout in the sector because of its healthy gross margins.

“Juhayna stocked up on inventories of raw materials when the pound was trading around 13.5 per US dollar and is well hedged up to at least the third quarter of 2017,” he said, adding that the company’s decision to increase product prices since last April was working in its favor.

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News Network
June 23,2020

Riyadh, Jun 23: Authorities in Saudi Arabia have decided to allow a limited number of citizens and residents who are already in the Kingdom to do this year’s Haj.

In a statement on Monday, the Ministry of Haj and Umrah said that in light of the continuation of the coronavirus pandemic and the risks of infections spreading in crowded spaces and large gatherings, it has been decided that Haj for this year (1441 H/ 2020 AD) will be held whereby a very limited number of pilgrims from various nationalities who already reside in Saudi Arabia, would be able to perform it.

“The decision was taken to ensure Haj is performed in a safe manner from a public health perspective while observing all preventative measures and the necessary social distancing protocols to protect human beings from the risks associated with this pandemic and in accordance with the teachings of Islam in preserving the lives of human beings, the statement added.

“The government of the Custodian of the Two Holy Mosques is honored to serve millions of Haj and Umrah pilgrims annually and it confirms that this decision stems from the top priority it accords maintaining the safety of pilgrims on its land until they depart to their home countries.”

“We ask Allah the Almighty to protect all countries from this pandemic and keep all humans protected and safe, the statement said.

Saudi Arabia’s top priority is to always enable Muslim pilgrims to perform Haj and Umrah rites safely and securely and the Kingdom has been keen since the beginning of the pandemic to take all necessary precautionary measures to protect pilgrims, including by suspending the entry of Umrah pilgrims while ensuring the safety of the pilgrims already present at the holy sites, the statement further added.

Commenting on the Haj decision, the Saudi Human Rights Commission said that Saudi Arabia believes in the universal right to health. Limiting Haj not only protects the Kingdom but also many pilgrims and the communities they call home around the world.

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News Network
April 11,2020

Dubai, Apr 11: Saudi Arabia has reported another 382 new cases of coronavirus, bringing the total number of infections in the country to 4,033, the Ministry of Health announced on Saturday.

The ministry also confirmed five more deaths from the virus, pushing the death toll in Kingdom to 52.

A total of 35 people has made full recovery from the deadly disease, taking the tally of patients recovered to 720.

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News Network
April 18,2020

Apr 18: Taking a strong notice of Islamophobia on social media, Princess Hend Al Qassimi, a member of the royal family of United Arab Emirates, called out a series of tweets by a user named Saurabh Upadhyay.

Upadhyay had posted tweets attacking Muslims over the Tablighi Jamaat congregation held in March in Delhi that led to surge of coronavirus cases cases in India. He also gave into rumours of muslims ‘spiting on food’ to spread the virus.

Princess Qassimi shared the screenshots of his tweets and warned that those engaging in racism and Islamophobia will have to pay penalty and will be made to leave UAE. Upadhyay has apparently deactivated his Twitter handle now.

Responding to his earlier posts, she though the ruling family of UAE is “friends with Indians”, his rudeness was “not welcome”.

“All employees are paid to work, no one comes for free. You make your bread and butter from this land which you scorn and your ridicule will not go unnoticed,” she wrote.

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