Dubai World bailout sees Saudi shares rise
Tadawul index up 0.7 percent following news of $9.5 billion restructuring plan.
March 27, 2010 5:35 by kippreport
Saudi’s stock exchange closed at its highest level since October 2008, following news that neighboring UAE will pump $9.5 billion into the troubled Dubai World conglomerate.
The Tadawul All Share Index increased 0.7 percent to 6,801.64 on Saturday, with Al Rajhi Bank and Saudi Basic Industries leading the gains.
Analysts put the gains down to “healthy sentiment” following Thursday’s announcement that the UAE government will support Dubai World.
However, the Dubai World debt restructuring plan has left some creditors concerned because of a lack of clarity on the interest payable, according to a report in the Financial Times.
More on GCC
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
-
Qatar Airways now looks to Airbus
-
World’s Longest-Range Passenger Jet
-
Abu Dhabi says financial zone will bridge a gap
Lately on Kipp
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Tesco Clothing Brand Plans International Expansion
-
Here’s to Yahoo being ‘cool’ again
-
Kindi enters into strategic partnership with MadVillage
-
First UTM solution to deliver combined gateway, endpoint and cloud web protection
-
Saudi government websites targeted
