Analysts expect positive week for the Gulf markets, after the Ministerial Council of the Gulf Cooperation Council for the Arab Gulf States decided at its 118th session to set up the Gulf Development Programme to fund the development projects of the GCC countries as per the directives from Their Majesties and Highnesses the leaders of the GCC. The GCC countries will allocate US$20 billion to the development projects over 10 years, of which US$10 billion will be allocated each to the Kingdom of Bahrain and Sultanate of Oman. Such funding is expected to benefit all major industry sectors and benefit the Gulf economies.
On Saturday, the Saudi Arabian stock market Tadawul in Riyadh opened the week strongly, closing 3.08% higher at 6,297.01 despite the earthquake near Japan which happened on Friday.
Out of 145 stocks traded 141 gained value while four securities lost. Amana Insurace soared 10% to reach SR17.60 while petrochemical bellwether Sabic was the most liquid share.