Saudi trading volumes rise as MSCI decision nears

[email protected] (Arab News)
June 8, 2017

Dubai, Jun 8: The Tadawul All Share Index (TASI) rose 0.2 percent on Wednesday in the heaviest trading volume this year as 87 shares rose and 63 declined.

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Buying of Saudi stocks favored by foreign funds, in anticipation of a decision by MSCI on June 20 to begin reviewing Riyadh for possible inclusion in its emerging market index, has buoyed the market in recent days.

Dairy producer Almarai rose 0.6 percent and its largest shareholder Savola Group added 0.7 percent, to its highest close in 17 months.

In Dubai, the largest listed real estate developer Emaar Properties surged 8.6 percent in its heaviest trade since April 2015 after it said it planned to offer up to 30 percent of its UAE real estate development business in an initial public offer (IPO). Subject to market conditions, funds raised through the IPO would be distributed to shareholders of Emaar.

The company said the IPO would be Dubai's largest since its flotation of Emaar Malls, which raised 5.8 billion dirhams ($1.58 billion) in 2014 and was heavily oversubscribed. Emaar Malls was up 1.6 percent.

The Dubai index climbed 2.5 percent, its largest single-day gain since December 2016.

In Abu Dhabi, Dana Gas rocketed 10.9 percent in very heavy trade after saying it had received $40 million from the Egyptian government towards its outstanding receivables; its current receivables balance in Egypt now stands at $187 million.

The Abu Dhabi index, however, fell 0.1 percent, weighed down by a 1.4 percent decline in shares of the largest listed bank, First Abu Dhabi Bank.

In Cairo, the index edged up 0.1 percent in its 12th consecutive session of gains to a fresh all-time high.

Ezz Steel soared 7.5 percent after the trade ministry imposed a temporary import tariff on rebar steel from China, Turkey and Ukraine to protect local manufacturers suffering from losses. The decision is valid for fourth months.

Qatar's stock market fell for a third straight day on Wednesday, hit by the breaking of diplomatic ties with its neighbors, though the pace of the drop slowed. The Qatari index lost 1 percent to a fresh 17-month low, taking its losses to 9.7 percent.

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Khaleej Times
June 7,2020

Dubai, Jun 7: Emirates airline on Sunday confirmed that it extended the period of reduced pay for its staff for another three months as airlines around the world struggle to preserve cash due to the grounding of fleets.

An e-mail has been sent across to Emirates employees about extending the wage cuts till September 30. In some cases, the salary will be reduced by 50 per cent.

Emirates had previously reduced basic wages by 25 to 50 per cent for three months from April, with junior employees exempted.

The Dubai-based world's largest international carrier employs around 60,000 people across its spectrum. While the parent Emirates Group employs over 100,000 workers.

On Thursday, Abu Dhabi-based Etihad Airways confirmed to Khaleej Times that it also extended salary cut of its employees till September 2020.

"Regretfully, Etihad has extended its salary reduction until September 2020, with 25 per cent reduction for junior staff and cabin crew, and 50 per cent for employees at manager level and above. Housing allowance and a number of benefits continue to be paid," the airline's spokesperson said in a statement last week.

In March, Etihad had announced temporary reduction of basic salaries for the month of April to all staff, including executives, between 25 to 50 per cent.

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Agencies
June 5,2020

Dubai, Jun 5: A new set of coronavirus guidelines for UAE hotels has been published by the National Emergency Crisis and Disasters Management Authority.

The guidelines, released late Thursday, require all employees to be tested for Covid-19 before reopening, and to be re-tested every 15 days.

Hotels are expected to provide an infrared thermometer and thermal camera, with employee temperatures to be tested several times per working day.

Any guest or employee showing coronavirus symptoms will not be permitted to enter hotel facilities, the guidelines stress.

Hotels must also leave a 24-hour gap between guests leaving a room, and the next guests arriving.

Facilities such as restaurants, cafes, gyms, swimming pools and beaches in hotels will resume operation under a minimum capacity.

Customers must have their temperatures taken before they enter.

The working hours of restaurants and cafes will be from 6am until 9pm, allowing four people to sit at the same table with 2.5 metres left between tables. Menus must be sterilised after each use.

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Agencies
January 11,2020

Muscat, Jan 11: Oman's Culture and Heritage Minister, Haitham bin Tariq Al Said, took oath as country's Sultan on Saturday following the demise of Qaboos bin Said al-Said, the country's government confirmed on Saturday.

Sputnik quoted a report by sultanate's Al-Roya newspaper as saying that the new Sultan " affirmed the continuation of the country's modernisation and development in various fields."

The development comes after Qaboos bin Said, who had served as the ruler of Oman since 1970, died Friday at the age of 79.

Earlier in the day, Prime Minister Narendra Modi had condoled Qaboos's demise and remembered him as the "beacon of peace for India and the world". 

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