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Saudi market underperformed after banking and petrochemical stocks came under selling pressure, snapping five days of gains, while in Dubai, ex-dividend was a factor behind the slipping into the red.
The Saudi benchmark index tripped up by 1.1 per cent to 10,419 points. Al Rajhi Bank, Saudi National Bank and Riyad Bank headed lower with Saudi Aramco joining in the downside by shedding 1.1 per cent. The petrochemicals giant Saudi Basic Industries (Sabic) retreated 3 per cent despite reporting SR4.86 billion in first-quarter profits, a rebound from year-ago losses amounting to SR1.05 billion.
Retailer and food company Savola Group traded 2.6 per cent lower after the first-quarter profits dipped 11 per cent to SR154 million owing to lower sales and margins in the retail sector. Profit contributions from associate companies also took a hit while operating costs and Zakat and tax expenses moved higher.
Petchem Projects Expected to Boost Saudi Oil, Gas Sector by 2025 albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
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Petchem projects to drive Saudi oil, gas sector by 2025
RIYADH, 6 hours, 49 minutes ago Petrochemical projects are expected to drive the commencement of upcoming projects across the oil and gas value chain in Saudi Arabia, accounting for 61 per cent of the total projects expected to start operations by 2025, according to GlobalData, a leading data and analytics company. Among these, new build projects dominate with 84%, while the rest are expansion projects, stated GlobalData in its report, Middle East Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects. The report reveals that petrochemical projects will be the highest with 50, followed by midstream with 18, refinery at eight, and upstream (fields) at six.