News Middle East15 May 2019

Saudi Arabia:Local insurers among biggest fallers following tanker attacks

| 15 May 2019

Saudi stocks suffered their biggest single-day decline since last October on Monday following the tanker attacks off the coast of the UAE, according to media reports. Saudi Arabia's index declined 3.6%. Other Gulf markets were also in the red with Dubai index plunging 2.8% and Abu Dhabi index falling by 2.5%.

Insurance companies were among the biggest fallers on the Saudi market. Gulf Union Cooperative Insurance and Salama Cooperative Insurance each fell 10%, after they reported first-quarter losses, citing increased net claims. Arabian Shield Cooperative Insurance plunged 9.9% after it reported lower net profit before zakat for the same period.

Saudi Arabia said two of its oil tankers were among the four vessels targeted in the ‘sabotage attack’, describing it as an attempt to undermine the security of global crude supplies amid heightened US-Iranian tensions. The Saudi oil tankers belong to shipping firm Bahri while the other two are owned by the UAE and Norway.

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