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Kuwait, Saudi Arabia Are Best Performing Gulf Markets in November

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. REUTERS/Stephanie McGehee/File Photo
Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. REUTERS/Stephanie McGehee/File Photo
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Kuwait, Saudi Arabia Are Best Performing Gulf Markets in November

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. REUTERS/Stephanie McGehee/File Photo
Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. REUTERS/Stephanie McGehee/File Photo

A report issued by the Kuwait Financial Centre (Markaz) has revealed that the Kuwaiti market overcame the wave of decline in the past three months, and there is optimism in Saudi Arabia among investors after announcing Aramco’s IPO

Kuwait All Share index extended its gains, posting an increase of 3.7 percent in November. Among Kuwait’s Blue Chip companies, National Bank of Kuwait and Kuwait Finance House were the top gainers with monthly gains of 7.4 percent and 6.6 percent respectively.

During the month, MSCI announced that it would increase the weight of National Bank of Kuwait in its indices. This helped NBK’s shares register sizeable gains over the course of the month.

Kuwait’s Banking Sector was the best performer in November, with the Banking index rising by 5.1 percent while the Financial Services sector was the top loser, falling by 0.7 percent.

Regionally, the S&P GCC composite index gained by 1.3 percent for the month with four of the seven markets posting gains. Kuwait was the best performer in November. Abu Dhabi, Dubai, and Qatar ended November in negative territory, with their indices decreasing by 1.5 percent, 2.5 percent, 0.4 percent respectively.

The long-awaited Saudi Aramco IPO picked up pace with Saudi Arabia announcing the start of IPO process and appointing banks for its book building process earlier in the month.

The final price would be announced on 5th December 2019. Due to the sheer size of the listing and its importance in moving Saudi Arabia towards a non-oil economy, there has been a general optimism around Saudi markets.

However, the gains in emerging GCC markets were truncated towards the close of the month due to MSCI’s rebalancing of its EM indices. This led to passive funds outflow, in turn, causing a slide in GCC markets.

Markaz report also stated that among the GCC Blue Chip companies excluding Kuwait, National Commercial Bank was the top gainer for the month with its stock price rising by 5.7 percent. Mesaieed Petrochemical Holding Co. ranked second among gainers posting a 4.0 percent increase.

The performance of Global equity markets was largely positive with the MSCI World Index gaining 2.6 percent for the month. US equities (S&P 500) extended its gains with a rise of 3.4 percent in November.

Announcements from the US and China that they are close to reaching agreement on the first phase of a trade deal and expectations on it clearing threats of further tension reflected positively in equity markets.

The UK market (FTSE 100 index) closed 1.4 percent higher during November, as investors expect the UK elections to provide a definitive resolution to Brexit. Emerging markets ended the month in negative, with the MSCI EM posting monthly loss of 0.2 percent.

Oil markets closed at USD62.4 per barrel at the end of November, which is 3.6 percent higher than October.

Signs of progress in US-China trade deal and the expectation that the OPEC would continue to maintain production cuts contributed to the increase in oil price while limiting volatility. Oil’s gain comes despite OPEC’s projection of lower oil demand in 2020 and the observation that rivals were pumping more despite a smaller surplus of crude in the global market.

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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.

Business

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.