Saudi Tadawul market dips slightly amid profit booking-continued

March 07, 2012--The Riyadh-based market gauge Tasi closed at 7,374.92 points, off 0.34% Wednesday. Sabic slipped a quarter percent to SR101.75.
Al Ahsa Development Company gained 1.46% to reach SR20.80. Earlier in the day, Al Ahsa announced that three former Members of Board of Directors has filed a case against Al-the company in the Court, demanding regardless Directors remuneration, for the year 2009 for total amount of SR250k for each member which was approved during the Ordinary General Assembly Meeting, held on April 5 2010. The firm declared further: "The Management of the company has stopped to release the remuneration, after receiving a letter from the Capital Market Authority, stating that the company proceeded in violation in that Assembly, against the Article of Association provisions of Article 43 and Article 74 of Companies Regulations, was committed to what was stated in the Shareholders Report, and the regulations issued by the higher authorities, and approved the distribution of remuneration to the Members of the Board of Directors without dividends given to shareholders. Based on freezing of remuneration for Members of the Board of Directors, a case was raised against the against company in Dammam Court; and the company believes and legal adviser to the plaintiffs the former members of Board of Directors, are not eligible for any remuneration in accordance with the statue of the company and the corporate system."

Source: AME Info

Middle East ETP News
ESMA clarifies traded on a trading venue under MiFID II
May 22, 2017--The European Securities and Markets Authority (ESMA) has issued today an opinion regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
read more
The New Economic Context for the Arab World
May 20, 2017--The Arab World faces a conundrum of challenges that relate to its current economic model, the geopolitical tensions that characterize parts of the region, and the global trends whose effects are unfolding throughout the world.
read more
The Future of Jobs and Skills in the Middle East and North Africa: Preparing the Region for the Fourth Industrial Revolution
May 17, 2017--Education and work in the Middle East and North Africa region will determine the livelihoods of over 300 million people and drive growth and development for generations to come.
read more
IMF Staff Completes 2017 Article IV Mission to the United Arab Emirates
May 15, 2017--The UAE's large financial buffers, diversified economy and the authorities' robust policy responses are facilitating adjustment to the new oil-market realities while safeguarding the economy and the financial system.
read more
EMERGING MARKETS-Emerging stocks on track for 4th week of gains
May 12, 2017--Emerging equities stalled on Friday and currencies slipped after Wall Street ended with losses, although the index was on track for its fourth week of gains having crossed the 1,000-point mark for the first time since mid-2015.
read more
IMF-Taking Stock: Who Benefited from the Oil Price Shocks?
May 4, 2017--The effect that the recent decline in the price of oil has had on growth is far from clear, with many observers at odds to explain why it does not seem to have provided a significant boost to the world economy. This paper aims to address this puzzle by providing a systematic analysis of the effect of oil price shocks on growth for 72 countries comprising 92.8% of world GDP.
read more
Saudi's SABIC slips after quarterly results, region sluggish as oil dips
May 2, 2016-- Shares in petrochemicals giant Saudi Basic Industries (SABIC) fell in early trade on Tuesday after the company reported first-quarter results, while most equities in the Gulf were sluggish as oil prices traded near five-week lows.
read more
For Middle East and North Africa Region, Reforms Can Refuel Growth Engines
May 2, 2017-Growth is slightly improving in the countries of the Middle East and North Africa region, largely driven by higher oil prices and improved export prospects, says the IMF's latest regional economic assessment.
read more
Qatar QSE hits 20-week low, sees $2.45bln erode
April 29, 2017--Domestic institutions played spoilsport in the Qatar Stock Exchange (QSE), which led it hit a 20-week low and capitalisation erode more than QR9bn this week.
read more
Weak earnings may drag Qatar, du may fall on poor results
April 25, 2017--A disappointing set of quarterly earnings from two Qatari blue chips may weigh on the its index on Tuesday, while Dubai's largest listed telecommunications operator, du, may keep any gains in that market capped as its net income fell short of expectations.
read more
This is why IMF slashed GCC growth forecasts
April 24, 2017--The International Monetary Fund (IMF) has downgraded 2017 growth forecasts for most GCC countries. The IMF revised its forecast for global growth for the first time in five years when its World Economic Outlook released last week.
read more