Wednesday, July 8, 2020

Business of drones gets boost in Dubai as emirate passes new law

Business of drones gets boost in Dubai as emirate passes new law

Goldman was top broker in Saudi market in May as foreign interest surged

DUBAI, June 10 (Reuters) – Goldman Sachs was the top broker in the Saudi market in May, both in terms of value and volume of trades, stock exchange data showed, as foreign banks benefitted from a surge of international money into the kingdom.

Foreign interest in investing in Saudi Arabia picked up ahead of the inclusion of the country’s stock market in global index provider MSCI’s emerging market indexes last month.

Goldman, which was not even among the top ten brokers in Saudi Arabia in April, handled 18.6% of trades by value and 12.3% by volume in May, according to data from Tadawul, the Saudi bourse.

It was followed by HSBC Saudi Arabia, which handled 9.4% of trades by value last month.

In 2017, Goldman received approval to trade equities in Saudi Arabia, joining the growing band of western investment banks and fund managers expanding in the kingdom.

“They managed to make inroads to both local and foreign businesses,” said a financial industry executive.

Of the 10 top brokers in May, five were foreign, the data showed.

Goldman was the lead manager for the initial public offering (IPO) of Arabian Centres, which listed last month. It was the first IPO in the kingdom under Rule 144a, which allows the sale of securities primarily to qualified institutional buyers in the United States.

Saudi securities firms such as NCB Capital and Al Rajhi Capital have traditionally been top brokers in the domestic market. The Saudi market opened to foreigners in 2015.

Late last month, the Saudi equity market joined the first phase of passive fund inclusion in the MSCI Emerging Market Index, which is expected to trigger billions of dollars of foreign fund inflows.

In May, foreigners bought a record 17.62 billion riyals ($4.70 billion) of Saudi stocks, according to Saudi stock exchange data.

Foreign ownership of Saudi stocks stood at 6.64% as of May 30, the bourse data showed.

The Saudi index has gained over 12% so far this year, making it among the best performers in the Gulf region this year.

$1 = 3.7501 riyals
Reporting by Saeed Azhar and Hadeel Al Sayegh; Editing by Mark

Latest Posts

UFC 251- Masvidal vs Usman: Date, UK start time, TV channel, live stream, full card, and prelims for Fight Island

UFC is heading to Fight Island – and it will now host potentially the biggest fight this year. Abu Dhabi’s Yas Island is the venue...

Adidas says its shutting down in Lebanon due to economic crisis

CAIRO: Adidas will close down its branches in Lebanon by the end of the year as the country’s economic crisis slips out of control.The...

UAE weather: It’s sunny today

Dubai through the lens Image Credit: Jerome Ramos/Gulf News reader UAE residents can expect a pleasant weather today. According to the National...

International students cannot take online only schedule

BUFFALO, N.Y. (WKBW) — Immigration and Customs Enforcement announced that international students must do some form of in person classes to remain in...

Don't Miss

Marhaba: Dubai rolls out red carpet for tourists from today

After a three-month break, Dubai rolls out the red carpet for tourists starting today. On March 24, Dubai authorities closed the air space as...

dnata’s baggage technology and logistics company DUBZ launches COVID-19 testing

dnata’s baggage technology and logistics company DUBZ launches COVID-19 testing Innovative home check-in services ensure safe and hassle-free travel experience Dubai, UAE, 2020-Jul-07 — /Travel PR...

All safety checks done: Dubai tourist hotspots ready for visitors

From popular landmarks to hotels and leisure spots, Dubai has put all hands on deck to roll out the red carpet for tourists who...

Expo 2020 Dubai appoints China’s Terminus as official robotics partner

The technology firm will set up its first headquarters outside China at District 2020 Zainab Mansoor Monday 06 July 2020Terminus Technologies has been named Expo 2020...

Rove Hotels gives 100 Dubai airport staff free rooms

In celebration of Dubai welcoming back tourists from July 7, Rove City Centre will be offering 100 free one-night stays to airport staff...

Stay in touch

To be updated with all the latest news, offers and special announcements.

%d bloggers like this: