TASI extends losses as oil prices swing: Opening bell

The Tadawul All Share Index opened 0.35 percent lower on Sunday at 12,100. (Shutterstock)
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Updated 04 September 2022
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TASI extends losses as oil prices swing: Opening bell

RIYADH: The Saudi stock market started the first trading session of the week in negative territory following the shift in oil prices last week, which has caused investors to become concerned.

The Tadawul All Share Index opened 0.35 percent lower on Sunday at 12,100, while the parallel Nomu added 0.54 percent at 21,441, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started the day with a 0.13 percent increase, while Methanol Chemicals Co. opened with a 1.35 percent decline.

The Saudi National Bank, the country’s biggest lender and a major market player, saw its share price decline by 0.58 percent.

Alinma Bank fell 0.40 percent, while Al Rajhi, the Kingdom’s largest valued bank, fell 0.67 percent.

Arabian Contracting Services Co. gained 1.46 percent, after its board proposed a SR1.9 ($0.8) dividend per share for the first half of 2022.

Amana Cooperative Insurance Co. rose 3.76 percent, while Allied Cooperative Insurance Group fell 0.65 percent, following the signing of a memorandum of understanding to potentially merge both companies.

Saudi Enaya Cooperative Insurance Co. gained 4.24 percent to lead the gainers in early trading sessions, while Saudi Telecom Co. fell 2.22 percent to lead the fallers.

Brent crude futures settled at $93.2 a barrel on Friday, while US West Texas Intermediate exited the week at $86.87 a barrel.


India seals $3bn LNG agreement with UAE

Updated 19 January 2026
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India seals $3bn LNG agreement with UAE

  • Leaders hold talks to strengthen trade, defense ties

NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.

The agreement was signed during a very brief two-hour visit to ‌India by UAE ‌President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian ‌Prime Minister Narendra Modi. 

They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.

Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.

ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.

“India is now the UAE’s largest customer and a ‌very important part of ADNOC Gas’ LNG strategy,” ‍the company said.

The UAE is ‍India’s third largest trading partner and Sheikh Mohammed was accompanied ‍by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.

Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.

“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in ‌particular ways in the conflicts of the region,” he said.