Egypt has agreed to reopen airspace with Qatar

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Updated 05 January 2021
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Egypt has agreed to reopen airspace with Qatar

Egypt has agreed to reopen airspace with Qatar


Closing Bell: GCC stock markets up in wake of Trump’s election win

Updated 9 min 35 sec ago
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Closing Bell: GCC stock markets up in wake of Trump’s election win

RIYADH: Following Donald Trump’s victory in the US presidential election, stock markets across the Gulf Cooperation Council saw a strong rally.

Markets posted gains, with Saudi Arabia’s Tadawul All Share Index finishing 0.31 percent up to close at 12,130.80 points on Thursday. This came after Crown Prince Mohammed bin Salman congratulated Trump on winning the election in a phone call on Wednesday, according to the Saudi News Agency.

Dubai’s Financial Market mirrored the upward momentum, climbing 0.60 percent. Abu Dhabi’s Securities Exchange also saw a lift, finishing the day up 0.44 percent.

Bahrain’s Bourse recorded a rise of 0.52 percent, while Kuwait’s main market similarly rose, closing with a 0.10 percent gain.

However, the Muscat Securities Market in Oman saw a 0.17 percent decrease, while the Qatar Stock Exchange was closed for a public holiday. 

The total trading turnover of the benchmark index on TASI was SR7.53 billion ($2 billion) as 113 of the listed stocks advanced, while 111 retreated.   

Similarly, the MSCI Tadawul Index increased by 2.03 points, or 0.13 percent, to close at 1,521.79.

The Kingdom’s parallel market Nomu also climbed by 415.36 points, or 1.44 percent, to close at 29,269.00. This comes as 49 of the listed stocks advanced while as many as 22 retreated.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged by 7.13 percent to SR78.10.

Other top performers include Miahona Co., and Theeb Rent a Car Co., with Miahona’s share price climbing 6.75 percent to SR29.25 and Theeb’s rising 6.59 percent to SR79.30.

Naseej International Trading Co. and Al Moammar Information Systems Co. also posted rises.

The worst performer was Saudi Arabian Mining Co., whose share price dropped by 4.09 percent to SR53.90.

Other worst performers were Abdulmohsen Alhokair Group for Tourism and Development, whose share price fell by 3.18 percent to SR2.74, and ACWA Power Co., which saw a 2.95 percent drop to SR441.20.

On an announcement front, ACWA Power Co. announced its results for interim financial results for the first nine months of 2024, ending on Sept. 30, with revenues surging by 13.3 percent to reach SR1.74 billion, compared to SR1.542 billion in 2023.

The increase was primarily driven by higher revenue from electricity sales, operation and maintenance services, and additional income from development projects and construction management, the company said on Tadawul. 

BinDawood Holding Co. also disclosed its financial results for the third quarter, with revenues slightly increasing by 0.189 percent to reach SR1.361 compared to the same quarter last year.

The company closed Thursday’s trading session at SR7.02, a 0.29 percent increase.

Saudi Steel Pipe Co. also released its financial results for the nine months of the year, recording SR381 million in revenues, a 20.18 percent increase compared to the same period last year.

The company closed today’s trading session at SR71.40, decreasing by 1.27 percent.

The United International Transportation Co. disclosed a 37.052 percent increase in revenues for the first nine months to reach SR505.8 million, compared to SR369.07 million during the same period last year.

This was primarily driven by the expansion of a long-term lease fleet and the resulting higher lease revenues.

The company closed at SR84, with its stock valie declining by 1.55 percent.


Mbappe left out of France squad for November internationals

Updated 8 min 38 sec ago
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Mbappe left out of France squad for November internationals

  • It is the second successive France squad from which the national team captain has been absent
  • Mbappe was absent for France’s 4-1 win over Israel in Budapest and a 2-1 win in Belgium

PARIS: Kylian Mbappe has been left out of the France squad for their upcoming UEFA Nations League matches against Israel and Italy after coach Didier Deschamps omitted the Real Madrid superstar from his list of players named on Thursday.
It is the second successive France squad from which the national team captain has been absent after he also missed the October double-header against Israel and Belgium.
The 25-year-old was rested for last month’s matches in order to help him recover from a minor thigh injury suffered playing for Real.
However, that quickly became a source of controversy when he returned to action for Real days later, before France had even played.
Mbappe was absent for France’s 4-1 win over Israel in Budapest and a 2-1 win in Belgium, and instead traveled to Stockholm for a short break with members of his entourage.
It was following that trip that Swedish media reported he was being investigated for an alleged rape. Mbappe himself said those reports were “fake news” while his lawyer said the player would take action for libel.
A Swedish prosecutor confirmed that an investigation had been opened, without naming Mbappe.
Since then, the ex-Paris Saint-Germain forward has made four appearances for his club, scoring one goal. However, he remains short of his explosive best form.


Xabi Alonso’s Bayer Leverkusen struggling to maintain heights of last season

Updated 18 min 11 sec ago
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Xabi Alonso’s Bayer Leverkusen struggling to maintain heights of last season

  • The aura of invincibility that Alonso built around the team have evaporated. But it’s not for want of trying
  • “To win against top, top teams, you need to go through tough moments and suffer. We need to learn from this,” Alonso said after the loss in Liverpool

BERLIN: Bayer Leverkusen are struggling to reach the high standards they set for themselves last season.
Xabi Alonso’s team have already dropped points in five of their nine Bundesliga games, while Tuesday’s 4-0 loss at Liverpool in the Champions League was already their second defeat of the season.
The late goals that characterized last season’s remarkable Bundesliga and German Cup campaigns — Leverkusen won both without losing a game — seem to have dried up.
Leverkusen have already conceded 15 goals in the Bundesliga. That’s only nine goals fewer than they conceded in the league over the whole of last season.
Though Leverkusen drew with Bayern Munich 1-1 away, they also failed to beat relegation candidates Holstein Kiel and Werder Bremen.
The aura of invincibility that Alonso built around the team have evaporated. But it’s not for want of trying. Before the Liverpool game, Leverkusen had 19 shots at goal in a scoreless draw against Stuttgart, which were second in the Bundesliga last season.
Missed chances have replaced late goals as the recurring issue, while defense is also a concern.
Granit Xhaka was scathing in his criticism of the last three goals his team conceded against Liverpool, suggesting the side’s intensity dropped after conceding the first, though the Swiss midfielder remained confident the team can recover.
“If we keep doing our thing, we’ll start winning games again,” Xhaka said.
Alonso, likewise, does not seem too worried by his team’s results.
“To win against top, top teams, you need to go through tough moments and suffer. We need to learn from this,” Alonso said after the loss in Liverpool.
Alonso opted to stay at Leverkusen despite a host of suitors reportedly keen on acquiring his services in the summer – including former clubs Bayern and Liverpool – and the Spanish coach hasn’t tinkered with or changed his title-winning approach.
The squad from last season remained largely intact over the summer. Central defender Odilon Kossounou left for Atalanta, with Leverkusen bringing Nordi Mukiele from Paris Saint-Germain as his replacement. Mukiele hasn’t played much so far.
It had looked like defensive chief Jonathan Tah was going to join Bayern, but the clubs failed to agree a transfer fee for a player whose Leverkusen contract is up at the end of this season. Tah has played every minute for the team so far.
Leverkusen are already seven points behind unbeaten Bayern in the Bundesliga. They next face a short trip to Bochum on Saturday, when new Bochum coach Dieter Hecking will hope to coax some improvement from a team that have lost eight of their nine games. Bochum have a point after a draw with Kiel in September.


ACWA Power reports 16% profit increase amid record project launches

Updated 25 min ago
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ACWA Power reports 16% profit increase amid record project launches

RIYADH: ACWA Power, the Saudi-listed energy and water desalination company, has announced a 16 percent increase in its profits for the first nine months of 2024, underpinned by significant progress in its power and water production projects.

For the period, ACWA Power’s net profit attributable to equity holders reached SR1.25 billion ($334 million), a rise fueled by a 12.5 percent increase in operating income, which reached SR2.36 billion.

This marks a strong improvement from the same period in 2023. According to a company press release, the growth was primarily driven by an investment gain from the restructuring of a project, alongside a capital recycling gain.

ACWA Power’s CEO, Marco Arcelli, highlighted the company’s commitment to growth, noting that its portfolio now includes 26 projects — the largest in its 20-year history.

“These projects reflect both the speed at which we are realizing our growth, through swift financial closes, and the scale of future cash flows from a diverse and young portfolio,” Arcelli said.

He reiterated the company’s focus on providing reliable, cost-effective energy and water, aiming to create positive impacts across all its operations.

Over the past nine months, ACWA Power successfully achieved financial closure on seven major projects worth SR31 billion. These include Saudi Arabia’s Taiba and Qassim Combined Cycle Gas Turbine projects, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the UAE.

The company’s expansion in power generation is also evident, having added 2.4 GW of capacity during the same period, including the Ar Rass Solar PV project, a 700 MW solar plant that was completed in just 18 months.

On the renewable energy front, ACWA Power secured a 5 GW Power Purchase Agreement for the Aral Wind project in Uzbekistan, as well as 5.5 GW of solar photovoltaic capacity as part of Saudi Arabia’s fourth round of Public Investment Fund projects.

In water desalination, the company signed a Water Purchase Agreement for the 410,000 cubic meters per day Hamriyah Independent Water Project in the UAE.

Abdulhameed Al-Muhaidib, ACWA Power’s Chief Financial Officer, expressed confidence in the company’s future, stating, “In the first nine months of 2024, we saw strong project mobilization, achieving financial closure on seven projects worth SR31 billion. We also began generating revenue from 2.2 GW of projects that reached partial or full commercial operation.”

He added: “Our diversified asset base, visible growth pipeline, and resilient business model, combined with our focus on operational excellence, give us confidence in achieving sustainable, long-term financial performance.”


Spurred by reduced interest rates, Pakistan’s stock market closes above 92,000 points thrice in a row

Updated 15 min 18 sec ago
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Spurred by reduced interest rates, Pakistan’s stock market closes above 92,000 points thrice in a row

  • KSE-100 index climbs 499 points or 0.54 percent to close at 92,520.48 points on Thursday
  • Analysts say market responding to reduced interest rates, move to restart privatizations

ISLAMABAD: The Pakistan Stock Exchange (PSX) closed above 92,000 points for the third time in a row on Thursday, with analysts attributing the bullish trend to market volatility triggered by reduced interest rates and investors selling their stocks for profit. 
Pakistan’s benchmark index settled at 92,304.32 points on Tuesday and 92,021.44 points on Wednesday. As per the stock market’s official website, the benchmark KSE-100 index increased by 499 points or 0.54 percent on Thursday to close at 92,520.48 points. 
The bullish trend has been observed in the market since Monday when Pakistan’s central bank cut its key policy rate by 250 basis points to 15 percent. This was the fourth straight reduction since June, as the country keeps up efforts to revive a sluggish economy with inflation easing.
“The market is responding to reducing interest rates and, importantly, is also picking up on the government’s razor-sharp focus on the economy evidenced by the push to increase tax-to-GDP, attract FDI, and restart privatizations,” Raza Jafri, chief executive officer of leading financial services corporation EFG Hermes Pakistan, told Arab News.
He highlighted how lower interest rates were helping in creating valuation multiples at the KSE-100 but their “positive impact on the real economy will come with a lag.”
Jafri said the rally this year was led by banks, fertilizers and pharmaceuticals, adding that a rotation toward the construction, auto and oil marketing sectors more aligned with economic recovery was witnessed.
“An analyst at Topline Securities said the market showed notable volatility, with the index reaching a peak of 92,967 and dipping to a low of 91,891 as investors capitalized on profit-taking in large-cap stocks,” Topline Securities said in a social media post.

The development comes as the South Asian nation’s economic indicators continue to improve after it secured a $7 billion, 37-month bailout package from the International Monetary Fund (IMF) in September. 
Last year, Pakistan narrowly avoided a sovereign default when it clinched a last-gasp $3 billion IMF bailout program. The country has suffered a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.