Saudi Arabia (SABIC)’s shares slumped the most in almost eight months on investor concern that oil prices may retreat amid signs the global economic recovery is slowing and after first-quarter company earnings missed estimates.
Saudi Kayan Petrochemical Co. (KAYAN), the company 35 percent-owned by Saudi Basic Industries Corp., lost 6.5 percent after its first-quarter loss widened. Saudi Arabian Fertilizer Co. (SAFCO), the company known as Safco also part-owned by Saudi Basic, tumbled to the lowest since February after profit missed analysts’ expectations. Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 2.3 percent, the most since Aug. 20, to 7,348.33, at the 3:30 p.m. close in Riyadh.
Alba appoints new manager
Alba has announced the appointment of Mohammed Khalid as the new manager for customer services and marketing operations.
In his new role, Mr Khalid will oversee customer service operations
KMC to sponsor major Gulf construction expo
The Northern Gulf’s leading annual expo for the GCC’s construction sector, gulfBID 2016, has secured strategic sponsorship from Kuwaiti Manager Contracting (KMC), it was announced yesterday.
UAE Exchange celebrates its 35th anniversary
In a first-of-its-kind initiative, UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, celebrated its 35th anniversary by felicitating 35 of its oldest valued c