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Egypt expects Saudi financial support by end of month
By Reuters CAIRO: Saudi Arabia will deposit $1 billion at the Egyptian central bank and buy T-bonds valued at $750 million by the end of the month as part of a $2.7 billion support package agreed with Riyadh this week, an Egyptian government official said on Thursday. In addition, Saudi Arabia will provide $250 million …
Egypt stock market likely to drift; Saudi to resume gains
By Nadia Saleem and by Tom Pfeiffer / Reuters DUBAI: Egypt’s stock market is likely to drift in coming days while investors await the outcome of protests planned for Friday against the disqualification of three leading candidates for the presidency. If the protests turn violent that could trigger a sharp drop in the stock market. …
PE firm Amwal Alkhaleej eyes Saudi exit, targets Egypt
By Dinesh Nair / Reuters DUBAI: Saudi private equity firm Amwal Alkhaleej will exit at least one investment in the kingdom this year through an initial public offering, and is in advanced talks for a minority stake in an Egyptian firm, the firm’s chief executive said on Wednesday. The Riyadh-based firm will offload a portion …
Official displeasure may slow, not end Saudi stock rally
By Nadia Saleem /Reuters DUBAI: Stock market trading in Saudi Arabia could slow in coming weeks because of the risk that authorities may crack down on rampant speculation, but the market’s long-term uptrend is unlikely to be reversed, fund managers and analysts say. King Abdullah has ordered the Capital Market Authority (CMA) to take action against …
Saudi Arabia denies activist on hunger strike
By Asma Alsharif / Reuters JEDDAH: A prominent Saudi rights campaigner, who has been detained for a year, is not on hunger strike, an Interior Ministry spokesman said in response to activists saying he was in deteriorating health and Saudi authorities were to blame. Mohamad Al-Bajadi was detained in March 2011 after voicing support for families …
Egypt stocks at 9-week low; profit-taking weighs on Saudi
By Nadia Saleem and Patrick Werr/Reuters DUBAI/CAIRO: Egypt’s main index fell 0.8 percent on Tuesday to its lowest close since Feb. 6, on its sixth day of decline. An Egyptian court halted on Tuesday a move to create a new constitutional assembly pending a ruling on its legality, a move that could delay a constitution needed …
Foreign, local pressures boost Saudi rates
By Andrew Torchia / Reuters DUBAI: Saudi Arabia’s market interest rates are climbing as the economy booms, but the rise is as much due to international pressures as strain on banks’ lending resources, and any hike of official rates probably remains distant. The increase in interbank lending costs underlines how Saudi money markets are returning to …
Saudi Arabia and Russia: Settling old scores in Syria
By Madawi Al-Rasheed LONDON: Defeating Russia in the Arab world was a priority for Saudi Arabia even before it became a fully-fledged commitment in Afghanistan in the 1980s. The current Syrian crisis is perhaps one last opportunity to undermine Russia’s eroded sphere of influence in the region. The Saudis may think that defeating Russia this time …
China sending envoy on Syria to Saudi Arabia, Egypt, France
By AFP BEIJING: China said Friday it is sending an envoy to Saudi Arabia, Egypt and France to explain its position on Syria, after Beijing called for an end to the year-long conflict in the Middle East country. China unveiled a six-point peace plan last Sunday, calling for an immediate end to the bloody violence …
Saudi says to honor $3.7 bln aid pledge to Egypt
By AFP RIYADH: Saudi Arabia said on Wednesday that it would honor a pledge of $3.75 billion in aid to Egypt, after complaints by the Egyptian premier that donor countries were failing to respect their commitments. “The kingdom pledged to support Egypt in meeting the challenges facing its economy through a series of financial commitments …
Innovation needed for Saudi women to join the work force
By Lulua Asaad VIENNA: Why do men in Saudi Arabia educate their female children if women aren’t able to work later? This is the question Khalid Al-Khudair, founder of the employment platform Glowork, asked. The question actually arose when his sister Aia, who graduated with a degree in psychology from a Canadian university, returned to Saudi …