Dubai’s benchmark stock index fell the most in a month, tracking a decline in global markets last week, on investor concern this year’s rally was overdone given prospects for earnings growth. Saudi Arabia’s gauge dropped.
Ahmad Hamad Algosaibi & Brothers Co. invited creditors including BNP Paribas SA and Standard Chartered Plc to discuss claims on $5.9 billion of debt as it seeks to recover from the Middle East’s biggest default.
JPMorgan Chase & Co. dropped Al- Rajhi Bank, the world’s largest Shariah-compliant lender, as a correspondent banking client amid a push to improve risk controls, said two people with direct knowledge of the move.
Dubai’s stock index tumbled the most in a month after BlackRock Inc. cut its holdings in United Arab Emirates shares, citing “speculative excess.” Saudi Arabia’s gauge rose above 9,000 for the first time since 2008.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.