Saudi Stocks Rise Supported by Oil Prices

Saudi stocks closed higher on Sunday, supported by the rise in oil prices on Friday, while the Qatari index continued its losses for the second session. Oil prices, a key driver for financial markets in the Gulf, increased on Friday, marking the fourth consecutive week of gains after the International Energy Agency stated that global demand will rise to a new record this year, bolstered by recovering consumption in China. The Saudi index rose by 0.6%, supported by a 1.2% increase in Al Rajhi Bank shares, while Aramco shares climbed by 0.8%. Saudi Press Agency reported a statement issued after market closure, indicating that Crown Prince Mohammed bin Salman launched four new economic zones in the Kingdom in Riyadh, Jazan, Ras Al Khair, and King Abdullah Economic City north of Jeddah. The statement added that the incentives offered to companies in the new areas include allowing 100% foreign ownership. In Qatar, the index fell by 0.4%, continuing its losses for the second session, with Qatar Industries shares declining by 1.5%.