Shares in Kingdom Holding rose for a second consecutive day on Monday following the release of its chairman Prince Alwaleed bin Talal, as the winding down of Saudi Arabia's anti-corruption drive and upgrades stoke optimism for the country's bourse in the year ahead.
Kingdom shares rose by as much as 8.6 per cent at the open of Monday's trading session to 10.9 riyals, their highest level since mid-September. They shed gains to close up 2.5 per cent at 10.29 riyals, just ahead of the 10.28 riyals level before the start of the anti-corruption drive in early-November.
The gains came on top of a 10 per cent rise on Sunday – the stock’s best one day performance since 2014 – following the prince’s release on Saturday.
Prince Alwaleed, who was detained along with hundreds of Saudi businessmen and prominent figures in early November, maintained his innocence in an interview with Reuters on Saturday, saying discussions with the government were likely to be concluded “within days”.
Saudi stocks rallied 4.7 per cent so far this year - compared to a 0.2 per cent gain for 2017 - amid signs the country's high-profile anti-corruption drive is coming to an end, with several senior government and business figures set free.
"Investor sentiment has been positive," said a senior Saudi-based banker, who asked not to be named. The release of Prince Alwaleed and other prominent businessmen is "important with regard to the bigger investment picture in [the country] and subsequent FDI."
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Read more:
Kingdom Holding shares surge on Prince Alwaleed's release
Saudi Arabia frees arrested business tycoons
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Appetite for Saudi equities is likely to rise further in coming months, with the country widely predicted to be granted emerging market status from key international index compilers.
"We've seen a lot of interest from local and investors recently ahead of the expected emerging market upgrades from both FTSE and MSCI," said Ali Al Adou, head of asset management at Daman Investments in Dubai. "This is going to be a catalyst for the Saudi market."
FTSE is due to announce its decision on whether to grant emerging market status to the country in March, with a decision from MSCI expected in May.
Shares in fashion retailer Fawaz Abdulaziz Al Hokair – whose founder was also released from detention on Saturday morning – opened higher but ended the day 2.4 per cent lower, after rising 6.8 per cent the previous day.
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
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Honeymoonish
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The%20specs%20
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Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
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COMPANY%20PROFILE
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Killing of Qassem Suleimani
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
UAE currency: the story behind the money in your pockets
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
Race card
1.30pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
2pm: Handicap (TB) Dh 84,000 (D) 1,400m
2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m
3pm: Conditions (TB) Dh 100,000 (D) 1.950m
3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m
4pm: Maiden (TB) Dh 60,000 (D) 1,600m
4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m
Killing of Qassem Suleimani
Killing of Qassem Suleimani
SPECS
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Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
More from Mohammed Alardhi
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
