BUSINESS NEWS | Gulf Markets Falls On Oil Slump, Saudi Riyal Down In Forwards Market

RIYADH | SAUDI ARABIA – Gulf stock markets fell on Tuesday and the Saudi currency dropped in the forwards market, after U.S. crude oil futures collapsed below $0 on a coronavirus – induced supply glut.

The Saudi stock index. TASI dropped 1.5% at the market open with oil company Aramco down 1.7%.

Shares in the Dubai market. DFMGI fell 1.4% while the Abu Dhabi index .ADI lost 0/5% and the Kuwaiti premier index. BKP decline 2%.

The cost of insuring a potential debit of Saudi Arabia – the world’s biggest oil exporter – increased slightly to 168 basis points from 166 on Monday, according to data from HIS Markit. It is up 13 bps in the past week.

U.S. crude oil futures fell below $0 on Monday for the first time in history as demand cratered. Brent crude, the international benchmark, also slumped, though that contract was nowhere near as weak.

Lower oil prices, combined with other economic pressures caused by the coronavirus outbreak, are hurting the budgets of Gulf countries that rely heavily on crude exports and have strained their currencies.

The Saudi riyal fell in the forwards against the dollar. It is pegged at 3,75 to the U.S. currency in the spot market, so banks often use the forwards market to hedge against risks.

Nine-month dollar/riyal forwards SAR9M = – trades scheduled to take place in nine months – were at 120 points, up from Friday’s close of 60 points – their highest level since November 2017, Refinitiv data showed.

One-year dollar/riyal forwards SAR1Y = rose to 210 points, flirting with a near 2-1/2 year high of 211 hit on Monday.


NEWS ALERT | In U.N. Debut, Saudi King Calls For Comprehensive Solution On Iran

NEW YORK  – Saudi Arabia’s King Salman bin Abudlaziz on Wednesday called for a comprehensive solution on Iran and disarming its affiliate Hezbollah in Lebanon, and expressed support for U.S. efforts to start talks between Israel and the Palestinians during his first address to the United Nations General Assembly. He said Iran has exploited a … Continue reading NEWS ALERT | In U.N. Debut, Saudi King Calls For Comprehensive Solution On Iran

ARTS & CULTURE & ENTERTAINMENT | Jeddah Host The Red Sea Museum

The Saudi Ministry of Culture announced the establishment of the Red Sea Museum, which will open its doors in 2020, in Bab Al Banat in the Historic Jeddah. The ministry says the museum will include manuscripts, photos, and books, which tell the story of the Bab al-Bunt’s heritage and demonstrate its role as a historical … Continue reading ARTS & CULTURE & ENTERTAINMENT | Jeddah Host The Red Sea Museum

NEWS | Saudi Deputy Defense Minister Hopes Peace Is Restored In Yemen Based On Riyadh Agreement

RIYADH | SAUDI ARABIA – Saudi Deputy Defense Minister Prince Khalid bin Salman said Tuesday that the Kingdom is looking forward to the establishment  of ‘comprehensive and lasting peace in Yemen through the implementation of the Riyadh Agreement’. On the occasion of the International Day of Peace, he said: ‘We look forward to the day … Continue reading NEWS | Saudi Deputy Defense Minister Hopes Peace Is Restored In Yemen Based On Riyadh Agreement

ARTS & CULTURE & ENTERTAINMENT | The New Digital – Art Museum Is Coming To Saudi Arabia

Saudi Arabia’s Ministry of Culture has announced a collaboration with international art collective teamLab to create a digital-art museum as part of the Kingdom’s Vision 2030. The museum will be located in Jeddah, and is set to be called TeamLab Borderless Jeddah and will open in 2023. The 10 – year collaboration agreement between Saudi … Continue reading ARTS & CULTURE & ENTERTAINMENT | The New Digital – Art Museum Is Coming To Saudi Arabia

FASHION | Billy Porter’s 2020 Emmys Ensemble Was Custom – Made By This Saudi Label

Billy Porter is known for his unapologetic style and statement red carpet looks. Despite this year’s Emmy Awards being held digitally, porter didn’t hold back from bringing his show-stopping outfits to the event, wearing a custom-made ensemble by Saudi label, Ashi Studio. The actor, who was nominated for the award for outstanding lead actor in … Continue reading FASHION | Billy Porter’s 2020 Emmys Ensemble Was Custom – Made By This Saudi Label

NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

Bahrain’s interior ministry said on Sunday it had foiled a ‘terrorist attack’ early this year that was backed by Iran’s Islamic Revolutionary Guard Corps. The statement confirmed earlier media reports about an alleged planned attack and added a timeframe. Earlier on Sunday Saudi state television Al-Ekhbariya and Bahraini newspaper Akhbar Al-Khaleej reported that interior ministry … Continue reading NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

PARIS | FRANCE – LVMH said on Friday it had submitted its troubled takeover of Tiffany, which is now at the centre of  a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings. The French group’s $16 billion acquisition of the U.S. jeweler … Continue reading BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

The Saudi General Authority of Civil Aviation (GACA) has released its updated traveler’s guide, which accommodates the ongoing pandemic after approving international travel for some exceptional cases. The new regulations entail that non – Saudis who are entering the Kingdom must provide a medical report of their coronavirus disease (COVID-19) test and its negative results, … Continue reading TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

WASHINGTON – U.S. President Donald Trump awarded the U.S. Legion of Merit, Degree Chief Commander, to Kuwaiti Emir Sheikh Sabah al-Ahmed al-Sabah, the White House said in a statement on Friday, adding that it was the first time the honor had been given since 1991. The 91-year-old emir arrived in the United States in July … Continue reading WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

MILAN | ITALY – A Saudi-led coalition fighting in Yemen said on Thursday it had intercepted and destroyed an explosive drone launched towards the kingdom as Yemen’s Houthi group said it had it a target at Saudi Arabia’s Abha airport. In a statement published by Saudi state news agency SPA, a spokesman for the coalition … Continue reading BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

Loading…

Something went wrong. Please refresh the page and/or try again.

One thought on “BUSINESS NEWS | Gulf Markets Falls On Oil Slump, Saudi Riyal Down In Forwards Market

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s