(MENAFN - Khaleej Times) Saudi stocks rose to the highest level since 2008 after Dubai government said it will support the restructuring of state-owned Dubai World with $9.5 billion.
The Tadawul All Share Index increased 0.7 per cent to 6,801.64 points on Saturday, rising for a third consecutive day and marking the highest close since October 15, 2008. Al Rajhi Bank and Saudi Basic Industries Corporation led the gains.
"This is just the impact of Dubai, which is reinforcing healthy sentiment at the moment," Paul Gamble, Head of Research at Riyadh-based Jadwa Investment, said in a telephone interview.
Al Rajhi, the biggest bank in the kingdom by market value, climbed three per cent to SR84.75, the steepest gain since December. Saudi Basic Industries, the world's largest petrochemicals maker, rose 1.3 per cent to SR99.25 .
Fawaz Alhokair Acquisitions
Fawaz Abdulaziz Alhokhair Company inched up 0.3 per cent to SR40.2 after it announced that it has signed preliminary agreements to buy stakes in three retail firms, part of its plan to expand in the region. Fawaz plans to buy Retail Group Egypt, Retail Group Jordan and Retail Group Gulf, it said in a statement posted on the Saudi bourse web site.
Mojil Inks SR144m Deals
Mohammad Al Mojil Group said Saturday it has signed two MoUs worth SR144 million with Bin Laden Group and Ma'aden Phosphate Co.
The first deal with Bin Laden Group, valued at SR75.6 million, is to build a 388 unit residential compound connected to the King Abdullah University for Science and Technology, the firm said in a statement.