Shares in Saudi Arabia fell for a fourth day led by Saudi Basic Industries Corporation (Sabic) and banks as the catastrophic effects of the global financial crisis continued to ripple across Gulf markets.
The Tadawul All Share Index lost 5.9 per cent to close at 5,794.87. The index has fallen 48 per cent this year. The Tadawul All Share Bank Index fell 4.8 per cent, pushing the decline for the year to 48 per cent.
Some of the kingdom's and the region's largest companies fell dramatically yesterday. Sabic dropped 9.7 per cent on forecasts of slower growth in quarterly net income. Al-Rajhi Bank, the largest bank in the kingdom by market value, closed at its lowest level since July last year. Tabuk Cement fell 9.8 per cent on a drop in net income.
"Gulf markets are getting sold down like other emerging markets, irrespective of their unique underlying fundamentals," said Ali Khan, the head of equity trading at Dubai's Arqaam Capital. "It reflects the flight of international liquidity from emerging markets."
European and Asian benchmark indexes posted their worst weekly retreats on record as exchanges in Russia, Indonesia and Ukraine suspended trading in an effort to halt a global rout that has wiped out US$25 trillion (Dh91.83 trillion) from global equities this year.
Al-Rajhi Bank fell 4.4 per cent to 66 Saudi riyals (Dh64.6). Banque Saudi Fransi dropped seven per cent to 53 riyals, while Arab National Bank lost 9.9 per cent to 39.2 riyals, its lowest level since Oct 2004.
Saudi banking shares have declined on concerns that the global financial crisis will have an impact on their brokerage operations. Al-Rajhi Bank, Samba Financial Group and Riyad Bank, the three biggest lenders in Saudi Arabia by market value, said on Oct 7 that they had no exposure to international mortgage markets as the credit crisis ravaged stock markets and made banks insolvent.
"People expect their fee income to take a hit because of the general downturn in the market," said Faisal Hasan, the head of research at Global Investment House in Kuwait.
Sabic, the Middle East's biggest company by market value, dropped 9.7 per cent to 81.5 riyals, giving the company a market value of 244.5bn riyals. The stock has lost 51 per cent this year.
The petrochemical maker may report third quarter net income rose 6.8 per cent to 7.9bn riyals, its weakest growth in nine quarters.
Tabuk Cement, a Saudi cement maker, declined 9.8 per cent to 27.5 riyals after reporting a 58 per cent drop in third quarter profit on lower sales. Net income declined to 22.9 million riyals from 54.6m riyals a year earlier, the company said in a statement on the Saudi bourse website.
On Thursday, Gulf shares rose after some of the region's central banks cut interest rates, along with the US Federal Reserve and others, to try to ease the economic effects of the worst financial crisis since the Great Depression.
Oman's Muscat Securities Market 30 Index advanced 8.3 per cent, the Kuwait Stock Exchange Index climbed 3.8 per cent, and in Qatar the DSM 20 Index gained 1.9 per cent. The Dubai Financial Market General Index rose 3.7 per cent and the Abu Dhabi Securities Exchange General Index added one per cent. The Bahrain All Share Index increased 0.5 per cent.
* with Reuters
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MO
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3ESplintr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202019%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EMohammad%20AlMheiri%20and%20Badr%20AlBadr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20and%20Riyadh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Epayments%20%2F%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E10%20employees%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%20seven-figure%20sum%20%2F%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Eseed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Eangel%20investors%3C%2Fp%3E%0A
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
More on Quran memorisation:
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
Reputation
Taylor Swift
(Big Machine Records)
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
Normal People
Sally Rooney, Faber & Faber
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
