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Sat 28 May 2011 05:01 PM

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Emaar Economic City shares surge on $1.3bn loan

Saudi stock market closes higher, lifted by gains in the petrochemical sector

Emaar Economic City shares surge on $1.3bn loan

Saudi shares closed higher on Saturday, lifted by
gains in the petrochemical sector after oil prices rose on
Friday.

The all share closed 0.4 percent higher at 6,751
points and the petrochemical sector rose 0.5 percent
to 6,919 points.

Petrochemical giant Saudi Basic Industries gained 0.5
percent.

Saudi developer Emaar Economic City surged 9.5
percent after it said on Wednesday it received a SR5 billion loan ($1.33 billion) from the kingdom's finance ministry to
speed up construction of a project.

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