Riyadhs Tadawul-index gained 2.81%, closing at 5,625.51 points. Securities of Al Baha Investment and Development Company and Kingdom Holding shared the top ranking by gaining 10% equally. The insurance sector index was the only losing segment, pulled down by Sanad Insurance (off 9.90%) and Walaa Insurance (nine percent lower). But Islamic insurance operator SABB Takaful bucked the trend by jumping 9.94%. However, according to Standard and Poors, no Saudi-based insurers or banks have succumbed to serious financial difficulties during the current economic turmoil, though some of the nonbank investment houses have experienced some pressures. A total of 106 shares advanced in Riyadh, while only 18 declined. Volumes, were on the rise: 429, 553,673 shares changed hands.
A Court Ruling In Favor Of Barwa
On April last year, Barwa Real Estate Group announced that a court ruling by Dubai International Arbitration Centre has been issued to obligate Barwa International Company and The Green City Compan
Doha Bank may sell bonds to raise capital
Qatar's Doha Bank could issue a capital-boosting bond instead of shares as planned, although it was evaluating the best route to help raise core capital, its chief executive said.
NASDAQ Dubai welcomes EIFB as a member
Emirates Islamic Financial Brokerage (EIFB), one of the UAE's leading Shari'a compliant brokers, has become a Member of NASDAQ Dubai, the region's international exchange.