The wind project would save Egypt an estimated $5 billion in annual natural gas costs, the statement said.
Saudi index extends losses on oil. Saudi Arabia’s stock market on Wednesday extended losses from the previous session on falling oil prices and mixed corporate earnings, while the Egyptian index outperformed the region.
Oil prices, a key catalyst for the Gulf’s financial markets, slipped after industry data showed US crude stockpiles rose more than expected and on concerns a rebound in COVID-19 cases in top importer China would hurt fuel demand.
Saudi Arabia’s benchmark index fell 0.7%, hit by a 1.7% fall in oil giant Saudi Aramco as the stock traded ex-dividend.
Elsewhere, Sadr Logistic was down 3.4%, as the firm turned to quarterly losses.
The Saudi market’s continued correction is due in part to mixed earnings results from local companies, said Fadi Reyad, chief market analyst at CAPEX.com.
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“A decline in oil prices also pushed the market further down,” he added.
Egypt’s blue-chip index jumped 4.5%, buoyed by a 11.4% surge in Commercial International Bank, its biggest intraday gain since February 2006.
The bank added 11.1 billion Egyptian pounds ($456.41 million) to its market value.
Last week, the lender reported third-quarter consolidated net profit of 4.41 billion Egyptian pounds, up 15% year-on-year.
The presidents of the United Arab Emirates and Egypt witnessed the signing of an agreement on Tuesday to develop one of the world’s largest onshore wind projects in Egypt, according to an official statement on the Gulf nation’s state news agency.
The wind project would save Egypt an estimated $5 billion in annual natural gas costs, the statement said.
In Abu Dhabi, the index added 0.2%, helped by a 0.7% rise in International Holding after the conglomerate reported a sharp rise in third-quarter earnings.
The Qatari index added 0.2%.
According to Reyad, the Qatari bourse remained exposed to the volatility in natural gas markets, which could provide support if they extend their rebound.
