Saudi banks and building materials favored by Daman Investments

Saudi banks and building materials favored by Daman Investments
Saudi cars line up during rush hour on the King Fahd Causeway, a bridge connecting Saudi Arabia and Bahrain. Fuel retailers in the Kingdom are benefiting from rising demand as travel restrictions are eased. (Reuters)
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Updated 23 May 2021

Saudi banks and building materials favored by Daman Investments

Saudi banks and building materials favored by Daman Investments
  • Cyclical stocks favored in Saudi Arabia and UAE
  • Kingdom's big banks to tap privatization lending growth

RIYADH: Saudi banks and building materials are among the top regional recovery play stocks picked by Daman Investments.
The Dubai-based asset manager sees such companies as Yanbu Cement and Saudi Ceramics as benefiting from a pickup in construction activity.
The Shareek privatization program is expected to drive lending growth for some of the Kingdom’s biggest banks, Ali El Adou, head of asset management at Daman Investments, told Bloomberg TV on Sunday.
The recovering economy may also benefit fuel retailers Aldrees and bookstore Jarir as the reopening of schools mean more books sales and fuel being consumed from schools runs.
Petrochemical firms such as Sahara and SABIC also stand to benefit from a broader cyclical recovery in consumption globally.
Among its top investor picks for the UAE are developer Emaar, food company Agthia, budget carrier Air Arabia and the country’s two biggest banks, Dubai’s Emirates NBD and Abu Dhabi’s FAB.
“The UAE government has been very proactive in terms of inoculations. This is helping the reopening theme from an investment case perspective,” he said.


Square Plans to Build New Bitcoin Mining System: Crypto wrap

Square Plans to Build New Bitcoin Mining System: Crypto wrap
Updated 17 sec ago

Square Plans to Build New Bitcoin Mining System: Crypto wrap

Square Plans to Build New Bitcoin Mining System: Crypto wrap

RIYADH: Following the latest report from the University of Cambridge showing that the US has the largest share of bitcoin mining in the world, the CEO of Twitter and Square, Jack Dorsey has announced that Square is considering building a bitcoin mining system based on custom silicon.

Dorsey has been a supporter of bitcoin for years, and recently made it clear that Square is in the midst of building a bitcoin hardware wallet in order to make bitcoin custody more mainstream, he also said that bitcoin will be a big part of Twitter’s future.

“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey said. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”

ETF

As the first bitcoin futures ETF could begin trading as early as next week in the US, the owner of the NBA team Dallas Mavericks, Mark Cuban shared his thoughts on bitcoin exchange-traded funds (ETFs).

Cuban said in an interview with CNBC that he has no plans to invest in bitcoin-based exchange-traded funds (ETFs), and sees no reason for him to invest in a bitcoin ETF, asserting that he can buy the cryptocurrency directly.

While futures-based bitcoin ETFs provide investors with some exposure to the crypto market without owning any actual currencies.

Todd Rosenbluth, director of ETF and mutual fund research at CFRA, explained: "The ETF price will not match the price of bitcoin. As such, it is likely better for short-term exposure than for buy and hold long-term investing.

Mexico won’t adopt bitcoin as legal tender

The President of Mexico, Andres Manuel Lopez Obrador, has denied that there is any interest in adopting cryptocurrencies as legal tender in the country.

"No. We are not going to change in this aspect. We see fit to maintain the orthodoxy in managing finances. We are not going to try to innovate a lot in the financial system," he said.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Sunday, falling by 0.12 percent to $60,928 at 5 p.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, traded at $3,857, down by 1.51 percent, according to data from Coindesk.

 


US digital asset firm Bakkt plans IPO

US digital asset firm Bakkt plans IPO
Updated 5 min 26 sec ago

US digital asset firm Bakkt plans IPO

US digital asset firm Bakkt plans IPO

RIYADH: US-based digital asset firm Bakkt will go public after completing its merger with global investment firm VPC Impact Acquisition Holdings.

Its shares will be traded on the New York Stock Exchange, and it will be called BKKT.

Approximately 85.1 percent of VPC Impact's shareholders voted to approve the business merger between the two companies at a general meeting held on Oct. 14. 


Petchem, banking shares push up Saudi stock market

Petchem, banking shares push up Saudi stock market
Updated 8 min 38 sec ago

Petchem, banking shares push up Saudi stock market

Petchem, banking shares push up Saudi stock market

RIYADH: The Tadawul All Share Index on Sunday rose by 0.6 percent, after increases in banking, petrochemical and real estate stocks.

The index was up 74 points, closing at 11,773 points. 

Shares of ACWA Power, Petro Rabigh and Kayan traded heavily during the day.
Jabal Omar shares rose by 5.8 percent which jacked up the market. NCB shares followed the lead by moving up 1 percent, which is the highest closing since its listing on the stock market.
However, the major gainers on Sunday were MESC (6.6 percent), Petro Rabigh (6.2 percent), Jabal Omar (5.8 percent), Walaa (5.3 percent), and AlHokair Group (4.6 percent). 

Saudi Arabia’s parallel stock market index, Nomu, also gained 64.97 points, up by 0.27 percent and closed at 24,064.45 points. 


Saudi Arabia, Jordan agree to launch private airline

Saudi Arabia, Jordan agree to launch private airline
Updated 17 October 2021

Saudi Arabia, Jordan agree to launch private airline

Saudi Arabia, Jordan agree to launch private airline

RIYADH: Aqaba Special Economic Zone Authority and Fly Aqaba on Sunday signed a joint Saudi-Jordanian investment agreement to establish a privately-owned airline with a capital of $20 million, Reuters reported quoting Petra.

The airline will be have its headquarters in the city of Aqaba.


Market’s ‘negative’ response to Saudi Building Code is temporary

Market’s ‘negative’ response to Saudi Building Code is temporary
Updated 17 October 2021

Market’s ‘negative’ response to Saudi Building Code is temporary

Market’s ‘negative’ response to Saudi Building Code is temporary

RIYADH: The recently amended and implemented Saudi Building Code has slowed down the market, but experts and stakeholders see this downturn as a transitory period.

Ali Al-Saif, CEO of Tabuk Cement Co., said the negative impact is temporary and once the sector overcomes teething issues, the new regulations will have a positive impact on the construction sector.

Saudi Arabia’s Commerce Ministry amended the code last Friday to streamline the mechanism governing penalties against violators. It came into effect on Oct. 15, according to Umm Al-Qura newspaper. 

SBC National Committee General Secretary Saad bin Shuail told CNBC Arabia in an interview that the effective implementation of the amended code would guarantee the quality of buildings and construction work.