Mideast Stocks: Saudi slips on weaker corporate earnings; Egypt hits new record high
Saudi Arabia's benchmark index was down for a second straight session, falling 0.3% as most of its constituents posted losses. Arabian Contracting Services slumped 10% after the advertising firm posted a second-quarter net loss, compared with a profit last year, and BinDawood Holding declined 1.2% as the major retailer reported a 32.7% decrease in net profit for the second quarter.
Among other fallers, Jahez dropped 10% after the IT services provider posted a 21.9% fall in second quarter net profit.
The Qatari benchmark index was little changed after it hit a more than 2-1/2-year high in the previous session. Losses in the real estate, industry and materials sectors offset gains in energy, communication and finance.
Industries Qatar fell 1.9% and Mesaieed Petrochemical shed 1.2%, while Qatar Islamic Bank and Estithmar advanced 0.7% and 7.9% respectively.
Outside the Gulf, Egypt's blue-chip index extended its rally to a seventh session, rising 0.8% to a new all-time high at 36,110 with most stocks climbing.
Orascom Development jumped 5.4% and Sidi Kerir Petrochemicals advanced 2.2%.
Meanwhile, Egypt's annual urban consumer price inflation dropped to 13.9% in July from 14.9% in June, data from statistics agency
CAPMAS showed on Sunday.
SAUDI ARABIA dropped 0.3% to 10,899
KUWAIT up 0.6% to 9,320 QATAR ended flat at 11,362
EGYPT rose 0.8% to 36,110
BAHRAIN ended flat at 1,944
OMAN up 0.1% to 4,856
(Reporting by Md Manzer Hussain; Editing by Hugh Lawson)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Egypt to boost gas production after years of decline, prime minister says
Egypt's gas production is expected to reach 6.6 billion cubic feet per day by 2027, Prime Minister Mostafa Madbouly said on Wednesday. Egypt's natural gas production began declining in 2022, forcing it to become a net gas importer whether through expensive liquefied natural gas cargoes or through Israeli supplies. The North African nation's production is currently 4.1 billion cubic feet per day, Madbouly said. The decline in output over recent years has been driven mainly by a hard currency shortage that limited the government's ability to pay international oil companies. "Foreign investors and partners have resumed investments as a result of our commitment to pay off the accumulated arrears, so we have clear plans to return to previous production levels (of 6.6 billion cubic feet daily) over the next two years," Madbouly said. Madbouly said last month that Egypt has paid $1 billion to international oil companies and it was set to pay another $1.4 billion before the end of the year. (Reporting by Mohamed Ezz Writing by Tala Ramadan Editing by David Goodman)
Zawya
an hour ago
- Zawya
Lufthansa to relaunch nonstop flight from Riyadh to Munich
Lufthansa, a German airline, is set to expand its capacity in Saudi Arabia by around 50 per cent with a new connection from Riyadh to Munich, starting on 27 October 2025. This route had previously been part of Lufthansa's schedule until 2017. The modern Lufthansa Airbus A350-900 will operate the new service, accommodating up to 300 passengers every Monday, Wednesday, and Friday morning. This route will connect Riyadh to Munich, a five-star airport terminal recognised by Skytrax, providing an ideal link to the global Lufthansa network. The new flight to Germany departs from Riyadh every Monday, Wednesday, and Friday at 6:25 a.m., arriving in Munich at 10:25 a.m. local time. The return flight to Riyadh leaves Munich every Sunday, Tuesday, and Thursday at 9:45 p.m. for a night flight to the capital of Saudi Arabia, where it is scheduled to land the next morning at 4:50 a.m. local time at King Khalid International Airport. Sadiq Mohamed, General Manager of Sales for Saudi Arabia at Lufthansa Group Airlines, said: 'Munich is one of the most popular destinations in Western Europe for many of our customers. The airport itself is a relaxing, convenient, and beautiful gateway, whether travellers are connecting onward or visiting the city and its stunning surrounding region, known for its castles and picturesque lakes near the Alps.' Lufthansa currently offers daily flights from Dammam and Riyadh to Frankfurt. ITA Airways offers five weekly flights from Riyadh and three weekly flights from Jeddah to Rome, while Eurowings operates seven times a week from Jeddah to Berlin, Cologne, and Stuttgart this winter. These three Lufthansa Group airlines will provide a total of 25 flights a week to Saudi Arabia, with the airlines of the Lufthansa Group flying to the Middle East region more than 120 times a week. Lufthansa has a long tradition in Saudi Arabia, having operated flights to the Kingdom for 65 years. The demand for flights from Riyadh is steadily growing, and the increased air capacity will facilitate easy access to the heart of the Arabian Peninsula for events like the World Expo 2030 and the FIFA Men's World Cup in 2034, as part of the Saudi Vision 2030 initiative. Munich Airport, one of Lufthansa's two major hubs, opens up around 130 global destinations for Saudi Arabian travellers, particularly to Europe, America, and Asia. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
an hour ago
- Khaleej Times
Dubai: Mosques, Eid prayer grounds to get upgrades under new agreement
Mosques and prayer grounds in Dubai are set to undergo upgrades, as a new strategic agreement has been signed in the emirate's government. The Dubai Municipality and the Islamic Affairs and Charitable Activities Department in Dubai (IACAD) signed the agreement in order to: Overhaul the infrastructure of religious facilities Preserve heritage mosques Enhance the design of Eid prayer grounds Improve the management of funeral and cemetery services Stay up to date with the latest news. Follow KT on WhatsApp Channels. Heritage mosques Under the agreement, a unified vision for the design and construction of mosques will be established. The authorities aim to also preserve cultural, religious, and architectural heritage. Dubai Municipality will restore and maintain heritage mosques and IACAD will manage their operations, including providing imams, muezzins, preachers, religious programmes, and daily cleaning services. Dubai Municipality will review and simplify relevant procedures, expedite permit approvals, and incorporate IACAD's approved engineering, planning, and construction standards into the Dubai Building Code. Temporary prayer facilities will be established for on-site workers, and donors will be encouraged to support mosque construction using advanced 3D printing technology. Funeral and cemetery services Dubai Municipality will also develop and upgrade mortuary washing facilities. IACAD will oversee all Shariah-related aspects, including appointing staff for washing, shrouding, and burial, training personnel, licensing mortuary washers, issuing permits for volunteers, and ensuring full compliance with religious procedures. Marwan Ahmad Bin Ghalita, Director General of Dubai Municipality, said that the partnership strengthens the entities' efforts to provide high-quality services and enhance quality of life while "preserving the authentic character of historic mosques and prayer sites." Ahmed Darwish Al Muhairi, Director General of IACAD, said, "Our goal is to create spaces that embody Islamic values, preserve heritage, and serve all segments of society.' Eid prayer grounds The agreement also includes improvements to Eid prayer grounds. Dubai Municipality will undertake beautification works, issue permits and develop the grounds according to an upgraded model that includes facilities for commercial outlets and required construction features. IACAD will operate the grounds, provide administrative support, and monitor operations. This agreement is set to deliver high-quality, sustainable religious facilities and support social activities that uphold Islamic values.
