Saudi Shares Outperform on $1.3 Trillion Private Investment Push

Saudi Arabia’s stock market rose sharply on Wednesday, after the country announced a huge investment push led by Aramco and SABIC. (Reuters file photo)
Saudi Arabia’s stock market rose sharply on Wednesday, after the country announced a huge investment push led by Aramco and SABIC. (Reuters file photo)
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Saudi Shares Outperform on $1.3 Trillion Private Investment Push

Saudi Arabia’s stock market rose sharply on Wednesday, after the country announced a huge investment push led by Aramco and SABIC. (Reuters file photo)
Saudi Arabia’s stock market rose sharply on Wednesday, after the country announced a huge investment push led by Aramco and SABIC. (Reuters file photo)

Saudi Arabia’s stock market rose sharply on Wednesday, after the country announced a huge investment push led by Aramco and SABIC, while other major Gulf markets were mixed.

Crown Prince Mohammed bin Salman said oil firm Aramco and petrochemical firm SABIC would lead 5 trillion riyals ($1.3 trillion) of investments by the local private sector by 2030 under a program announced on Tuesday for economic diversification.

This is part of 12 trillion riyals worth of investments planned by 2030, Crown Prince Mohammed said in televised remarks.

Saudi Arabia’s benchmark index advanced 2.8%, its biggest intraday gain since April last year, as all its banking shares traded higher except for one.

Al Rajhi Bank leapt 5.1%, while Saudi Basic Industries Corp (SABIC) climbed 5.6%. Saudi Aramco closed 2.7% higher.

In Dubai, the benchmark index eased 0.3%, hit by a 0.8% fall in blue-chip developer Emaar Properties and a 2.4% slide in DAMAC Properties.

The Qatari index added 0.2%, with Commercial Bank rising 3.2%.

However, Aamal Company declined over 5%, as the stock went ex-dividend.

Outside the Gulf, Egypt’s blue-chip index fell 1.6%, as most of the stocks on the index retreated including Commercial International Bank, which was down 1.6%.



Lebanon Central Bank Signs Deal with US Risk Management Advisory Firm to Combat Illegal Activity

A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
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Lebanon Central Bank Signs Deal with US Risk Management Advisory Firm to Combat Illegal Activity

A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)

Lebanon's central bank signed an agreement on Monday with US risk management advisory firm K2 Integrity aimed at combating illegal activities and fraud, according to a statement.

The agreement is part of the central bank's efforts to come off the global financial crime watchdog FATF's "grey list" of countries under special scrutiny.

FATF placed Lebanon on the list last October.