DUBAI: Most major stock markets in the Gulf rose on Thursday with Saudi Arabia’s index gaining strength from positive company-specific news, while shares of one of Egypt’s property developers dropped as its quarterly earnings missed estimates.
The Riyadh index added 0.7 percent as shares in all 12 listed banks rose, with Alawwal Bank adding 2.4 percent.
Atheeb Telecommunications climbed 2.5 percent to SR8.21 in its highest traded volume since June 2016 after it swung to a quarterly net profit of SR55.4 million ($14.8 million) from a loss of SR58.1 million a year ago.
But it closed well off its intra-day high of SR8.78. While some of the profit gain was due to higher revenues, most was due to the sale of communications towers, the company said.
Medical equipment seller and hospital operator Al Hammadi Co. for Development rose 1.6 percent to SR35.80 after reporting net income of SR25.7 million, up 24.8 percent from a year ago. NCB Capital had predicted SR26.7 million.
“Although the opening of Al Nuzha hospital is a key catalyst, we believe it is already priced in. The stock trades at a forward price-to-earnings ratio of 19.5 times versus its Saudi peer group average of 19.3 times,” NCB Capital said.
Saudi Steel Pipes gained 1.3 percent after one of its units won a SR250 million contract to manufacture pipes for oil giant Saudi Aramco.
Elsewhere, the Dubai index rose 0.3 percent with activity dominated by Union Properties, up 3.7 percent, and GFH Financial, up 2.8 percent.
In Egypt, shares of Sixth of October Development and Investment fell 1.1 percent to a four-month low after its second-quarter net income of 129.8 million Egyptian pounds ($7.3 million) missed analysts’ estimates.
Naeem Brokerage had forecast the company would make net income of 163 million pounds, but said the outlook for the second half of the year “seems positive” and maintained a “buy” rating on the stock. Egypt’s index fell 0.2 percent.
Major Gulf bourses end week on firm footing, Egypt slips
Major Gulf bourses end week on firm footing, Egypt slips
Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador
RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.
Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.
He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.
La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh.
Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.
Launching La Fabrique as a space dedicated to artistic creativity
The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally.
He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.
Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.
Saudi Arabia benefiting from French experience in the cultural field
Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.
This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.
He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.
La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.
