Edition:
United Kingdom

Saeed Azhar

Saudi Aramco shares hit new low on U.S.-Iran tensions; debt markets steady

08 Jan 2020

DUBAI Saudi Aramco shares hit a new low on Wednesday after Iran launched missiles against U.S. bases in Iraq, but Gulf debt markets were stable as some had feared stronger action in retaliation for the killing of an Iranian military commander.

Saudi credit default swaps soar on U.S.-Iran crisis

06 Jan 2020

DUBAI The cost of insuring against a potential debt default by Saudi Arabia has soared by a sixth since Friday's killing by a U.S. drone of Iranian commander Qassem Soleimani, bearing the brunt of a broader reaction in Middle Eastern markets.

Saudi credit default swaps soar on U.S.-Iran crisis

06 Jan 2020

DUBAI The cost of insuring against a potential debt default by Saudi Arabia has soared by a sixth since Friday's killing by a U.S. drone of Iranian commander Qassem Soleimani, bearing the brunt of a broader reaction in Middle Eastern markets.

Saudi economy contracts 0.46% in Q3 as oil output slumps

31 Dec 2019

DUBAI Saudi Arabia's economy contracted by 0.46% in the third quarter from a year earlier, hit by a drop in oil output as the de facto leader of the Organisation of Petroleum Exporting Countries (OPEC) cut production, government data showed on Tuesday.

Dubai budget sets record spending to boost growth ahead of Expo 2020

29 Dec 2019

DUBAI Dubai expects to substantially increase state spending next year to stimulate the emirate's economy and support the Expo 2020 world fair, according to the 2020 budget released on Sunday.

UPDATE 8-'Vindication' - Saudi Arabia hails 10% debut jump in Aramco shares

11 Dec 2019

* Flotation propels Saudi bourse into global top ten (Adds background, banking source comment)

Saudi Aramco's bookrunners recommend pricing IPO at top end: sources

04 Dec 2019

RIYADH/DUBAI Saudi Aramco's bookrunners have recommended pricing its initial public offering at 32 riyals ($8.5) per share, the top of an indicative price range, three sources familiar with the deal said, potentially making it the world's biggest IPO.

Emirates NBD has cut over 400 jobs since October - sources

28 Nov 2019

DUBAI Dubai's largest bank, Emirates NBD , has cut between 400 and 500 jobs since October, sources familiar with the matter said, as banks in the United Arab Emirates (UAE) reduce costs amid slower economic growth.

Gulf state investors step in to help Aramco hit IPO target - sources

27 Nov 2019

DUBAI/ABU DHABI Saudi Arabia's wealthy Gulf neighbours plan to invest in the initial public offering (IPO) of Saudi Aramco, sources familiar with the matter said, helping out Riyadh as it strives to raise $25.6 billion (£20 billion) from a domestic listing of the state oil giant.

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