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MSCI Could Add Saudi Arabia As Emerging Market Next Year

Saudi Arabia plans to open its stock market to direct investment by foreign financial institutions in the first half of next year.

Saudi Arabia Prepares To Open $530bn Stock Market To Foreigners

A statement from the cabinet did not specify a timetable for the market to be opened.

IMF Raises Saudi Economic Growth Forecast To 4.6% For 2014

In April, the IMF had forecast GDP growth in the Kingdom to reach 4.1 per cent for 2014.

Saudi Telco Mobily Q2 Net Profit Slips 18.6%

The drop was caused by a provision against a scrapped network sharing deal with Atheeb Telecom.

India’s Tech Mahindra Forms JV To Expand Saudi Operations

The Indian firm will have 51 per cent ownership in the joint venture called Tech Mahindra Arabia while Saudi-based Midad will have a 49 per cent stake.

Saudi’s Fawaz Alhokair Q2 Net Profit Up 15.7%, Misses Forecasts

Net profit in the three months to June 30 was SAR191.2 million ($51.0 million), compared to SAR165.2 million in the same period a year earlier.

Saudi Electricity Q2 Profit Jumps 144% On One-Time Gain

The company made SAR3.66 billion during the three months to June 30, compared to SAR1.50 billion during the same period of the previous year.

Saudi Telecom Reports 96% Rise In Q2 Profit, Beating Forecasts

STC changed the valuation of last year’s sale of a majority stake in Indonesia’s Axis from a SAR598 million loss to a SAR41 million gain.

Saudi’s Kingdom Holding Q2 Net Profit Rises 16.8%

The firm, owned by billionaire Prince Alwaleed bin Talal, attributed the rise to an increase in gains on investments and dividends income.

SABIC Chief Says Petchem Prices May Rise In Next 3 Years

Mohamed al-Mady said the global outlook for petrochemical demand over the next three years is positive.

Stock News: Arabtec Drags Down UAE, Saudi Earnings Disappoint

Arabtec tumbled its daily 10 per cent limit, dragging down the entire Dubai stock market to close six per cent lower.

Saudi’s Khodari Profit Slumps 68.8%, Widely Misses Forecasts

Net profit fell to SAR7.91 million ($2.1 million) in the three months to June 30 from SAR25.38 million a year earlier, the company said in a statement.

SABIC Q2 Profit Rises 7%, Matching Analysts’ Estimates

The company earned SAR6.46 billion ($1.72 billion) in the quarter, compared to SAR6.04 billion in the year-earlier period.

Saudi’s Dar al-Arkan Q2 Net Profit Up 17%, Misses Forecasts

Net profit in the three months to June 30 was SAR121.3 million ($32.3 million) compared to 103.7 million in the same period a year earlier.

Saudi Arabia Investigates Imams Who Did Not Condemn Al Qaeda Attack

A senior official was quoted as saying in the local media that the imams were under investigation “for allegedly failing to highlight the incident in their sermons”.

Saudi’s Al Tayyar Travel Posts 8.3% Q2 Net Profit Rise On Higher Sales

The firm made SAR364 million ($97.1 million) in the three months to June 30, according to a bourse filing.

Telecoms Firm Zain Saudi Posts Narrowed Q2 Net Loss

The company made a net loss of SAR329 million ($87.7 million) in the three months to June 30, according to a bourse filing.

Saudi’s Savola Beats Estimates with 32.4% Net Profit Gain

The company made a net profit in the three months to June 30 of SAR513.3 million ($136.9 million), compared with SAR387.8 million in the same period a year earlier.

Saudi Arabia Boosts Security On Heavily Fortified Iraq Frontier

Saudi officials have not made public the total number of extra troops they have sent to the frontier, so far declining to comment on the accuracy of media reports which put the number at 30,000.

Saudi Retailer Jarir Marketing Says Board Proposes Lower Q2 Dividend

Cash divident is lower than the SAR1.70 per share which the firm paid for the corresponding period of 2013.

Different Arab money

Saudi’s Ma’aden Posts Sharp Rise In Second-Quarter Net Profit

The miner made a net SAR370.8 million ($98.9 million) in the three months to June 30, compared with 40.98 million in the year-earlier period.

Saudi’s Al Rajhi Bank Trims First-Half Dividend After Profit Fall

The bank has proposed paying SAR1 ($0.27) per share for the six-month period to June 30.

Saudi Cement Beats Estimates Despite 6.2% Q2 Net Profit Drop

The firm made a net profit of SAR288 million ($76.8 million) in the second quarter, compared with SAR307 million in the corresponding period of 2013.

Saudi’s Yansab Misses Forecast As Q2 Net Profit Slips 8.6%

The firm made a net profit of SAR613 million ($163.5 million) in the second quarter compared with SAR670.5 million in the same period of 2013.

Saudi’s SAFCO Posts 7.8% Q2 Net Profit Fall

The company said it made SAR639 million ($170.4 million) in the second quarter, compared to SAR693 million in the same period a year ago.

Saudi Lender NCB Posts 22% Q2 Net Profit Jump

NCB said the growth was driven by an 8.3 per cent year-on-year increase in net special commissions income.

Saudi Conglomerate Olayan Buys 51% Stake In Gulf Union Foods Co

The stake was acquired from a group of investors including private equity firm Jadwa Investment.

Saudi Lender Samba Beats Estimates with 7% Q2 Net Profit Rise

The bank made SAR1.26 billion ($336 million) in the three months ending June 30, compared with SAR1.18 billion in the same period a year earlier.

Saudi Sipchem Q2 Net Profit Jumps 41%; Sales, Margins Rise

Sipchem made a profit of SAR244.6 million ($65.3 million) in the three months to June 30, up from SAR174.0 million in the prior-year period.

Saudi’s Al Rajhi Bank Q2 Net Profit Slips 8.2%; Matching Forecast

The bank said it made SAR1.95 billion ($520 million) in the three months ending June 30, compared with SAR2.12 billion in the same period a year earlier.