DUBAI: Saudi Arabian stocks continued rising on Monday, while Qatar’s bourse fell steeply after the United Arab Emirates said Qatari fighter jets intercepted an Emirati civilian aircraft.
The Saudi index rose 0.6 percent, outperforming the rest of the region, after surging 1.4 percent on the previous day.
Shares in Kingdom Holding rose 2.7 percent on Monday after jumping 7.0 percent on Sunday.
Petrochemical blue chip Saudi Basic Industries climbed 2.6 percent, buoyed by high oil prices. PetroRabigh , which has been aided by the start-up of its Phase II petrochemical complex, soared 9.1 percent to its highest level since August 2015 in its heaviest trade since last May.
But Bank Albilad fell 2.4 percent after proposing a 0.4 riyal dividend for the second half of 2017, up from 0.3 riyal for the first half; the stock had risen sharply in recent weeks in anticipation of such news.
Qatar’s index tumbled 2.5 percent on heavy selling in the final half-hour of trade, ending a seven-day rising streak. It had soared 19 percent from its November low as investors chased dividends.
Stocks dropped after the UAE said Qatari fighter jets had intercepted an Emirati civilian aircraft during a routine flight to Bahrain. Qatar denied this, but the accusation appeared to add to regional tensions.
Among major losers, Islamic bank Masraf Al Rayan plunged 4.9 percent and Gulf Warehousing tumbled 6.1 percent after saying its annual net profit rose to 215.4 million riyals ($58.7 million) from 205.0 million, and proposing a dividend of 1.70 riyals for 2017 after 1.60 riyals for 2016.
Dubai’s index fell 0.5 percent as blue chip Emaar Properties dropped 1.4 percent. But smaller real estate developer Deyaar was the most heavily traded stock and added 1.2 percent.
Despite strength in emerging markets globally, Egypt’s index dropped 0.8 percent as the biggest bank, Commercial International Bank, retreated 1.8 percent.
Saudi stocks continue to rise, Qatar down after fighter jet report
Saudi stocks continue to rise, Qatar down after fighter jet report
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
