Saudi stocks rise on the eve of 2017 budget

December 22, 2016

Jeddah, Dec 22: Saudi Arabia’s stock market rose on Wednesday on the eve of the government’s release of its 2017 budget.

Saudi

The Tadawul All-Share Index (TASI) climbed 0.4 percent, though trading volume shrank to its lowest level in two months as many investors became cautious before the budget announcement.

Volumes weakened further to SR3.3 billion, the lowest in two months. The advances-declines ratio was 113/48. Most sectors pivoted into positive territory toward the end of the session even as trading activity mainly centered round a few specific stocks. The retail sector, however, declined.

Arabian Pipes jumped 3.7 percent after saying it won a SR72 million ($19.2 million) order to supply oil giant Saudi Aramco, and Saudi Steel Pipes added 5.5 percent after reporting a similar order.

Arab National Bank fell 0.9 percent after proposing a cash dividend of SR0.45 per share for the second half of 2016, lower than last year. Alinma Bank edged up 0.3 percent after keeping its 2016 dividend unchanged.

On Wednesday, Egypt’s stock market extended a bull run fueled by foreign money and last month’s float of the Egyptian pound.

In Dubai, the index also rose 0.4 percent in thin trade as real estate blue chip Emaar Properties added 0.6 percent.

A 2.6 percent drop in Abu Dhabi Commercial Bank pulled Abu Dhabi’s index down 0.3 percent while Qatar’s index was little changed.

Cairo’s index, which surged 3.4 percent on Tuesday to a record high, climbed a further 1.8 percent in heavy volume. Foreign investors remained net buyers of stocks by a small margin, bourse data showed.

Orascom Telecom, beaten down in recent weeks by news of the departure of Naguib Sawiris as managing director, gained 7.1 percent after saying it sold its unit Middle East and North Africa Co. Submarine Cable Systems for $90 million to an Indian company.

Proceeds are to be used to invest in the financial, real estate and logistics sectors, which the government is targeting for expansion under an economic reform program . Orascom was the market’s most heavily traded stock on Wednesday.

Palm Hills Development climbed 2.2 percent after saying it had agreed with Sarwa Capital, Arab African International Bank and Banque Misr to launch a securitized bond based on its receivables.

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Agencies
July 14,2020

Dubai, Jul 14: The UAE-based parents of children under 12 stranded in India are in a tight spot with multiple airlines refusing to accept unaccompanied minors.

Starting July 12, Indians wanting to return to the UAE have been given a 15-day window to travel back on the condition that they have valid residency permits. They also have to produce a negative Covid-19 test result.

But parents of minors said they are feeling helpless as children are unable to avail of the travel opportunity despite having return permits.

"It has been more than three months since my daughter has been stuck in India. We have GDRFA approval for her but the airlines are not accepting her booking, saying she is under 12," Poonam Sapre, a Dubai-based mother, told Khaleej Times.

Her daughter Eva Sapre, 10, is in Hyderabad and is awaiting a reunion with her parents.

"She is just 10 and it has already taken an emotional toll on her. She is eager to come back and is asking me every day about her return. This is so frustrating."

Barring Emirates and Etihad, other airlines including flydubai, Air Arabia and Air India Express are not accepting unaccompanied minors. With India extending the travel freeze till July 31, normal flights are yet to resume and only special flights are allowed between India and UAE under a bilateral agreement.

Sapre said only flydubai is flying the Hyderabad-Dubai route, and the carrier has restrictions on minors travelling alone. "My daughter is too young to fly through indirect routes," claims the mother.

When Khaleej Times reached out to the airlines for comment, they confirmed that such rules on unaccompanied minors were already in place even before Covid-19 travel restrictions came into effect.

Another Dubai-based distressed parent, who did not want to be named, said her eight-year-old son is in Kerala and is unable to fly due to airline policies on unaccompanied minors.

"I called up Air India Express and they said this has been their rule even before the Covid-19 outbreak. I am appealing to them to re-consider and make an exception during these trying times so that our children can come home safely," she said.

Faced with this eventuality, some parents are forced to fly out of the UAE so they can accompany their children on the flight back home.

An Indian mother, who is currently in Mumbai, said she flew out of Dubai on Monday morning solely for the purpose of bringing back her twin daughters, aged 10.

"I had no choice. Ideally, they could have travelled together, but under these circumstances I thought it best to get them with me personally," said the mother.

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News Network
May 19,2020

Abu Dhabi: The United Arab Emirates today reported 873 new coronavirus cases, pushing the total number of COVID-19 infections in the country to 25,063.

Three more people have died from the virus, bringing the total death toll to 227, the ministry revealed, adding that a total of 1,214 COVID-19 patients have made full recovery, which takes the overall number of patients recovered to 10,791.

The latest coronavirus patients, all of whom are in a stable condition and receiving the necessary care, were identified after conducting more than 38,000 additional COVID-19 tests among UAE citizens and residents over the past few days, the ministry said.

It expressed its sincere condolences to the families of the deceased and wished a speedy recovery to all patients, calling on the public to cooperate with health authorities and comply with all precautionary measures, particularly social distancing protocols, to ensure the safety and protection of the public.

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News Network
June 26,2020

Dubai, Jun 26: As summers in Dubai bloom in its full glory, the most savoured summer fruit - Mongo - is getting the most special treatment in the city as it gets delivered to customers via an emperor like ride of a Lamborghini.

As per a video report by Gulf News, the Pakistan Supermarket in Dubai is delivering the king of fruits to the doorsteps of its customers in a green coloured Lamborghini to match the level of its supremacy among fruits.

"The king should travel like a king," says the managing director of the store, Mohammad Jehanzeb who delivers the pulpy fruit by himself and also takes the customers on a short ride in the luxury car.

In order to avail the offer rolled out on the Facebook page of the famous supermarket, customers are required to make a minimum order of Dh100, reports the Gulf News.

"The idea is to put a smile on people's faces and make them feel special," says Jehanzeb who has put a smile on the face of dozens of Dubai residents amidst the throes of a pandemic with his 'Mangoes in Lamborghini' campaign.

The delicacy this year has gone viral with videos of delighted mango lovers taking a joy ride in the supercar doing rounds over the internet.

"The joy ride was essentially meant for kids who have been sequestered at homes because of the coronavirus but adults are equally thrilled at the prospect of getting behind the wheels of my Lamborghini Huracan. I am happy to oblige them too," says Jehanzeb.

"Each order takes about an hour. We do about 7-8 home deliveries a day but are hoping to ramp up the numbers to 12," he adds.

Arshad Khan who hails from the Indian city of nawabs - Lucknow- ordered the 'nawabi' varieties - Sindhri and Anwar Ratol - and said that his children were exhilarated after hearing the roar of the Lamborghini outside their Falcon City villa.

"For someone who hails from Lucknow -- the land of the famous dussheri and landga mangoes -- I was a bit skeptical about the taste of Pakistani mangoes. I ordered them for the sheer experience of seeing them come to my place in a luxury supercar," Gulf News quoted Khan as saying.

"It was quite exhilarating and I must confess that the mangoes were as delicious as the ones back home," he added.

Mango fruit has been a delicacy in the 16th-century Hindustan sub-continent. It holds a fascinating narrative in Babur Nama which is an autobiography of the Mughal emperor Zahiruddin Muhammad Babur.

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