The flash of purple abayas at a conference in Saudi Arabia’s second-largest city, Jeddah, was more than a fashion statement. It’s a sign of the changes Jeddah is embracing as King Abdullah slowly loosens restrictions on women in his conservative land.
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. and HSBC Holdings Plc are among banks planning to compete for a role in the largest Saudi Arabian share sale in at least 12 years, according to five people with knowledge of the matter.
Du, the telecommunications provider majority-held by United Arab Emirates state-linked companies, said it secured $1.17 billion of loan facilities to lower its cost of borrowing by as much as $9 million over five years.
Samba Financial Group, Saudi Arabia’s second-biggest bank by market value, said third-quarter profit fell to 1.1 billion riyals from 1.21 billion riyals in the year-earlier period as commission income dropped. The bank made the announcement in a statement on the Saudi bourse website today.
The DFM General Index retreated 2 percent, the most since March 14, to 1,546.65 at the 2 p.m. close in Dubai. Qatar’s QE Index lost 1.9 percent and Saudi Arabia’s Tadawul All Share Index declined 0.7 percent.