RIYADH: SEDCO Capital REIT Fund has signed a SR1.7 billion ($452 million) Shariah-compliant facility agreement with Al-Jazira Bank, according to a bourse filing. The funding will be used to refinance the existing facility and to support the fund's investment objectives in part, while part of it will be activated after increasing the value of the fund’s assets and obtaining
MIDEAST STOCKS Major Gulf bourses mixed in early trade
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Mideast Stocks: Major Gulf bourses mixed in early trade
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UAE and other GCC stock markets advanced in step with their banking stocks, which rallied after a series of upbeat first-quarter earnings.
Saudi Arabia s benchmark index traded 0.9 per cent higher at 10,231 points with financial stocks leading the gains. Al Jazira Bank surged 8.9 per cent after first-quarter profits jumped 77 per cent to SR321.6 million. The kingdom s largest lender - newly created Saudi National Bank - inched up around 1 per cent after posting a 20 per cent spike in the bottom-line. Saudi banks have outperformed so far in announcing gains for the first three months of the year.
Rallying for a third day
Dubai: Saudi Arabian stocks outperformed on Sunday with advances led by its banking and petrochemical shares after OPEC+ paved the way for easing of oil production curbs. Other GCC markets struggled for direction with investors awaiting the next big clue.
Saudi Arabia s benchmark index traded 0.7 per cent higher at 9,963 points with petrochemical and banking stocks leading the advances. Saudi-led OPEC+ decided in their Thursday meeting to gradually ease oil output curbs in coming months, a move that could add to the kingdom s revenues if oil prices do not slide considerably. Lenders and energy companies will be the biggest beneficiary as they rely heavily on oil money.