RIYADH: Saudi Arabia’s main index dropped below 11,000 points for the first time in nearly nine months thanks to falling oil prices and global recession fears. The Tadawul All Share Index dipped 2.26 percent at the end of Monday’s trade, reaching 10,909 for the first time since Dec. 12, while the parallel market Nomu shed 0.84 percent to 19,708. The UAE’s indexes tumbled in
RIYADH: Saudi Power and Water Utility Co. for Jubail and Yanbu, known as Marafiq, has selected banks as it seeks to raise $1.2 billion from an initial public offering. HSBC Holdings Plc and Riyad Capital are among the banks hired to manage the IPO process, Bloomberg reported citing unnamed sources. The sources added that Marafiq is looking to sell a 30 percent stake to the