Saudi Arabia Financial Market Update

Al Khazna buys 15% Sanad stake
Al Khazna Insurance Company has acquired 15% stake in Saudi Arabia's Sanad for Co-operative Insurance and Reinsurance, a public company created in 2007 with a capital of SR200m, divided into 20 million shares, and is listed on Saudi stocks.
Saudi Arabia: Sunday, May 11 - 2008 at 10:30

Tasi slows down, Savola gains
The Tadawul All-Share Index (Tasi) has lost 2.9% last week, reported Arab News. The Saudi stocks closed at 9,771.85 points from 10,066.16 points in the previous week. Turnover dropped to SR42.91bn compared to SR51.9bn the previous week. Meanwhile, Savola Group emerged as top gainer as its shares jumped 14.71% to SR39.
Saudi Arabia: Saturday, May 10 - 2008 at 09:25

Saudi plans $5.3bn investment company
Saudi Arabian is setting up an SR20bn ($5.3bn) investment firm that may be open to partners, reported Arab News. The company will draw its capital from the General Investment Fund and would offer attractive opportunities in the kingdom with low risks to foreign investors.
Saudi Arabia: Wednesday, May 07 - 2008 at 11:31

Tasi on upward trend
The Saudi stock exchange stayed in upward trend the past week, reported Arab News. The Tadawul All-Share Index (Tasi) reported 3.2% gain and broke its barrier of 10,000 points, closing at 10,066.16 points. However, it remains 8.8% lower than the year’s start.
Saudi Arabia: Saturday, May 03 - 2008 at 09:46

Sabic to issue its 3rd sukuk
The Saudi Basic Industries Corporation (Sabic), the Arab world's largest publicly traded company, has received approval to sell as much as 5 billion riyals ($1.33bn) of Islamic bonds. The sale, which will be the company's third sukuk, starts on May 3 and will last for 10 business days. The Sukuk will be available to eligible GCC investors and will be subject to a minimum holding of SAR 10,000.
Saudi Arabia: Wednesday, April 30 - 2008 at 10:37

Saudi to launch $5bn SWF
Saudi Arabia is set to launch its first sovereign wealth fund with an initial capital base of 20 billion riyals ($5.3bn), reported the UK's Financial Times. Saudi officials are finalising approval for the fund, which will seek to maximise long-term returns, the Financial Times reported Tuesday, quoting Mansour Al-Maiman, secretary general of the Public Investment Fund, a group operating under the Ministry of Finance. The Public Investment Fund will set up an investment company that will launch the fund.
Saudi Arabia: Tuesday, April 29 - 2008 at 13:14

Saudi inflation near 10%
Inflation in Saudi Arabia neared 10% in March, driven by the peg to the weak dollar, the Saudi Press Agency has reported. The cost of living rose for the tenth consecutive month, climbing 9.6%. The rental index rose 15.8% while food and beverage prices in the kingdom climbed an average of 14.2%.
Saudi Arabia: Monday, April 28 - 2008 at 08:03

Tasi recovers due to oil hike
The Tadawul All-Share Index (Tasi) has gained 1.28% last week, closing at 9,754.10 points from 9,630.37 points in the previous week, reported Arab News. The recovery is attributed to rising oil prices and quarterly corporate results, particularly of blue chip firms.
Saudi Arabia: Saturday, April 26 - 2008 at 09:48

Saudi inflation may cross 10% in '08
Saudi Arabia's Central Bank Governor Hamad Saud Al-Sayyari said inflation in the kingdom could exceed 10% this year, which would be the highest level since at least the 1970s, reported Reuters. But inflation in the country may ease in the second half of this year, he added, as government inflation measures take effect and as global commodities demand slows.
Saudi Arabia: Wednesday, April 23 - 2008 at 12:17

Alinma IPO 74% oversubscribed
Alinma Bank's initial public offer received SR18.3bn ($4.87bn) or 74% more than the bank is seeking, reported Reuters. The offer was Saudi Arabia's biggest IPO. Alinma sold 1.05 billion shares at SR10 each, raising SR10.5bn in the IPO that ended last week.
Saudi Arabia: Monday, April 21 - 2008 at 10:23