DUBAI: The Tadawul All Share Index (TASI) edged up on the back of modest gains in the banking sector on Sunday while Egypt imitated world markets’ strong finish at the end of last week. Most other Middle Eastern bourses fell.
The Tadawul index added 0.1 percent, remaining near a six-week low, as Samba Financial Group jumped 3.4 percent after its board recommended a cash dividend of SR0.75 ($0.20) for the first half of the year. The proposed cash outlay is two-thirds more than Samba’s interim payout in 2016.
Gulf General Cooperative Insurance jumped 4.6 percent after reporting a slight dip in second-quarter earnings, while Allianz Saudi Fransi Cooperative Insurance rose 0.7 percent after announcing a 24 percent jump in net income.
Emaar, the Economic City dropped 3.1 percent after it reported an 85.4 percent drop in second-quarter net profit, citing lower residential sales and higher financial charges.
Al-Andalus Property fell 1.2 percent. It reported second-quarter net profit of SR27.6 million, up 11 percent from the same period last year.
Qatar’s index dropped 0.6 percent with 15 of the 20 largest companies falling. Telecommunications operator Ooredoo was the biggest loser, falling 3.0 percent.
In the UAE, Dana Gas lost 1.5 percent, helping drag Abu Dhabi’s index 0.2 percent lower.
Dubai’s index fell 0.3 percent, snapping five straight sessions of modest gains. Union Properties, the most heavily traded stock, lost 1.3 percent and Emaar Malls Group fell 0.4 percent ahead of the release of its quarterly earnings.
In Egypt, private equity firm Qalaa Holdings added 2.7 percent; the stock has risen 10.7 percent in the past four days after a Kenyan court ended the company’s troubled Rift Valley Railways’ concession and ordered that assets and employees be handed over to Kenya Railways.
The company said its investment has been amortized so the transfer would not affect its consolidated earnings. Some investors believe terminating the investment could reduce a financial drain on Qalaa and help it focus management attention on more profitable areas.
Most other Egyptian shares were also strong, taking their cue from the positive mood in global equities. The index rose 1.1 percent.
Tadawul outperforms regional markets
Tadawul outperforms regional markets
Saudi stock market opens its doors to foreign investors
RIYADH: Foreigners will be able to invest directly in Saudi Arabia’s stock market from Feb. 1, the Kingdom’s Capital Market Authority has announced.
The CMA’s board has approved a regulatory change which will mean the capital market, across all its segments, will be accessible to investors from around the world for direct participation.
According to a statement, the approved amendments aim to expand and diversify the base of those permitted to invest in the Main Market, thereby supporting investment inflows and enhancing market liquidity.
International investors' ownership in the capital market exceeded SR590 billion ($157.32 billion) by the end of the third quarter of 2025, while international investments in the main market reached approximately SR519 billion during the same period — an annual rise of 4 percent.
“The approved amendments eliminated the concept of the Qualified Foreign Investor in the Main Market, thereby allowing all categories of foreign investors to access the market without the need to meet qualification requirements,” said the CMA, adding: “It also eliminated the regulatory framework governing swap agreements, which were used as an option to enable non-resident foreign investors to obtain economic benefits only from listed securities, and the allowance of direct investment in shares listed on the Main Market.”
In July, the CMA approved measures to simplify the procedures for opening and operating investment accounts for certain categories of investors. These included natural foreign investors residing in one of the Gulf Cooperation Council countries, as well as those who had previously resided in the Kingdom or in any GCC country.
This step represented an interim phase leading up to the decision announced today, with the aim of increasing confidence among participants in the Main Market and supporting the local economy.
Saudi Arabia, which is more than halfway through an economic plan to reduce its dependence on oil, has been trying to attract foreign investors, including by establishing exchange-traded funds with Asian partners in Japan and Hong Kong.
