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Gulf stock markets rose in early trade on Wednesday tracking oil prices, with merger and acquisition deals providing an additional boost to the markets in the United Arab Emirates and Bahrain. ....
Saudi builder MMG investors win $10m payout in Kingdom’s first class action Saudi Arabia introduced a new class action regime in 2017 for claims by shareholders of listed companies in the Kingdom Updated 39 min 36 sec ago Arab News June 01, 2021 09:18 RIYADH: Executives at Saudi builder Mohammad Al Mojil Group (MMG) and an auditor have been ordered to pay SR40.2 million ($10.7 million) to a group of shareholders in the Kingdom’s first investor class action. It follows a ruling by the General Secretariat of Committees for Resolution of Securities Disputes in the case that involved the manipulation of financial statements to give a false impression of the company following its 2008 IPO and in the three years that followed. ....