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Closing Bell: Saudi main index closes in red at 11,907

Closing Bell: Saudi main index closes in red at 11,907
A picture shows the sign showing the name of the Saudi Stock Exchange (Tadawul) outside the exchange building. File/AFP
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Updated 11 sec ago
MIGUEL HADCHITY 
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Closing Bell: Saudi main index closes in red at 11,907

Closing Bell: Saudi main index closes in red at 11,907
  • MSCI Tadawul Index decreased by 16.87 points, or 1.12%, to close at 1,490.22
  • Parallel market Nomu surged, gaining 227.15 points, or 0.87%, to close at 26,205.65
Updated 11 sec ago
MIGUEL HADCHITY 
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RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 131.24 points, or 1.09 percent, to close at 11,907.43. 

The total trading turnover of the benchmark index was SR7.01 billion ($1.86 billion), as 28 of the listed stocks advanced, while 201 retreated. 

The MSCI Tadawul Index decreased by 16.87 points, or 1.12 percent, to close at 1,490.22. 

The Kingdom’s parallel market Nomu surged, gaining 227.15 points, or 0.87 percent, to close at 26,205.65. This comes as 46 of the listed stocks advanced, while 27 retreated. 

The best-performing stock of the day was Red Sea International Co., with its share price surging by 4.30 percent to SR63. 

Other top performers included Saudi Industrial Development Co., which saw its share price rise by 2.91 percent to SR30.10, and The Co. for Cooperative Insurance, which saw a 2.80 percent increase to SR147. 

United Wire Factories Co. and Alkhorayef Water and Power Technologies Co. also saw a positive change at 2.64 percent and 2.34 percent to SR31.15 and SR166.40, respectively. 

The worst performer of the day was Al-Baha Investment and Development Co., whose share price fell 6.90 percent to SR0.27. 

ARTEX Industrial Investment Co. and Anaam International Holding Group also saw declines, with their shares dropping by 4.92 percent and 4.48 percent to SR17 and SR1.28, respectively. 

Ataa Educational Co. and Abdullah Al Othaim Markets Co. also saw negative changes at 4.46 percent and 4.32 percent to SR79.30 and SR11.96, respectively. 

On the announcements front, Value Capital, acting as the financial adviser and offering manager for the potential initial public offering of Shalfa Facilities Management Co., has announced the offering price of the company’s shares at SR61 per share. 

According to a Tadawul statement, the offering consists of 630,000 ordinary shares, representing 15 percent of the company’s issued capital, which will be sold by existing shareholders. 

All ordinary shares, representing 100 percent of the offering, will be allocated to qualified investors, the statement said. 

The minimum number of shares each qualified investor can subscribe to is 10, while the maximum is 209,990. 

The subscription period for qualified investors will begin on Oct. 20 and conclude on Oct. 28. 

Topics: Saudi Arabia Closing Bell Tadawul TASI MSCI Tadawul Index TASI Nomu Saudi Stock Exchange (Tadawul) Finance Tadawul All Share Index (TASI)

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Serbia secures $205m loan from Saudi Fund for Development

Serbia secures $205m loan from Saudi Fund for Development
Updated 9 sec ago
MOHAMMED AL-KINANI
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Serbia secures $205m loan from Saudi Fund for Development

Serbia secures $205m loan from Saudi Fund for Development
Updated 9 sec ago
MOHAMMED AL-KINANI

JEDDAH: Serbia has signed a $205 million loan agreement with the Saudi Fund for Development to enhance its agriculture, education, and energy sectors.

Three deals were signed in Belgrade by Sultan Al-Marshad, CEO of SFD, and Sinisa Mali, the European country’s deputy prime minister and minister of finance, in the presence of Ali Al-Dossary, Saudi Arabia’s deputy ambassador to neighbouring Bosnia and Herzegovina, according to a statement by the fund.

Mali expressed his pleasure to sign the agreements with SFD, which, he said is the first concrete step after last year’s signing of a memorandum of understanding to develop and invest in capital projects.

“We are grateful for the support. The projects for which this money is intended will contribute to the creation of new jobs, strengthening of our economy, and better positioning Serbia in the world scientific community,” he said.

Mali added that the agreements will strengthen the long-term partnership between Serbia and Saudi Arabia and aid in implementing and developing significant projects in his country.

The three projects include $75 million funding for the Strengthen Irrigation Infrastructure in Different Areas Project, $65 million for the Construction of the Bio4 Campus in Belgrade Project, and $65 million for the Development of Transmission System Operator (Phase 1) Project, according to the release. 

The first project aims to enhance irrigation systems and improve water management in key agricultural areas by constructing new water pumping stations, rehabilitating existing canals, and developing a modern irrigation network over 230 km. It will target villages like Novi Slankamen in the north and Jasenica Kapi in the northeast and seek to increase agricultural productivity and ensure efficient water distribution during drought conditions.

The second project will finance the construction of the Bio4 Campus in the Serbian capital and will serve as an innovative scientific research center dedicated to biotechnologies. The campus will feature six faculties, nine scientific institutes, and advanced laboratories, including a biosafety level 3 lab at the University of Belgrade.

Designed to foster interdisciplinary innovation and collaboration, the center aims to unite researchers, scientists, and professionals in fields such as biology, medicine, and wastewater research.

The third will expand Serbia’s energy infrastructure by building a new 400 kV transmission line and upgrading existing substations that will help enhance the reliability of Serbia’s power supply and integrate the country into the European electricity market through the Trans-Balkan Electricity Corridor.

Al-Marshad said that supporting sustainable development through strategic funding in infrastructure and education is central to his organization’s mission.

“This partnership with Serbia underscores our commitment to fostering innovation, enhancing agricultural productivity, and improving energy security in line with the UN Sustainable Development Goals. The projects we are funding will help create lasting benefits for the Serbian people and contribute to their socioeconomic development,” he said.

In November 2022, Al-Marshad received Mali in Saudi Arabia, where the Serbian official was briefed on SFD’s development initiatives in emerging nations, according to the Saudi Press Agency. They discussed key opportunities in Serbia’s development sector.

Mali expressed appreciation for the Kingdom’s efforts, through SFD, to provide development support via various projects and programs in developing countries, which contribute to achieving sustainable development goals. He also highlighted Serbia’s interest in fostering development opportunities to strengthen bilateral relations in the sector.

The fund has recently celebrated 50 years of advancing global development, with recent expansions into 11 new countries, including Serbia.

Saudi Arabia’s official development arm has financed more than 800 projects in over 100 countries, totaling $20 billion.

Topics: saudi-serbia Saudi Fund for Development (SFD) Serbia

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Saudi Arabia’s crude production climbs 0.83% to 8.99m bpd: JODI 

Saudi Arabia’s crude production climbs 0.83% to 8.99m bpd: JODI 
Updated 25 min 1 sec ago
Dayan Abou Tine
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Saudi Arabia’s crude production climbs 0.83% to 8.99m bpd: JODI 

Saudi Arabia’s crude production climbs 0.83% to 8.99m bpd: JODI 
Updated 25 min 1 sec ago
Dayan Abou Tine

RIYADH: Saudi Arabia’s crude oil production increased to 8.99 million barrels per day in August, marking a 0.83 percent rise compared to the same month last year, according to the latest data from the Joint Organizations Data Initiative.

The report also indicated that crude exports climbed to 5.67 million bpd, a 1.56 percent annual increase. Domestic petroleum demand saw a year-on-year rise of 117,000 bpd, reaching 2.89 million bpd.

During a virtual OPEC+ meeting on Sept. 5, member countries reiterated their commitment to previously announced voluntary production cuts from April and November 2023, underscoring the importance of adhering to these agreements.

OPEC+ has implemented a series of output reductions since late 2022 to stabilize the market, with most cuts set to remain until the end of 2025.

Initially, OPEC+ planned to ease the latest round of cuts—totaling 2.2 million bpd—starting in October, but this decision was postponed by two months due to falling oil prices.

OPEC’s recent report noted a decline in production for September, attributed to unrest in Libya and cuts in Iraq, resulting in an overall OPEC+ output of 40.1 million bpd, down by 557,000 bpd from August.

JODI data also highlighted a 5 percent drop in refinery crude exports to 1.25 million bpd during the period; however, this represented an 11 percent increase, or 126,000 bpd, compared to July.

The primary products included processed crude used for diesel, motor gasoline, aviation gasoline, and fuel oil. Diesel exports constituted 43 percent of refined product shipments, while motor and aviation gasoline accounted for 25 percent, and fuel oil made up 7 percent. Notably, gas diesel shipments grew by 10 percent, reaching 537,000 bpd in August.

In July, Saudi Arabia’s refinery output reached 2.77 million bpd, up 8 percent year on year, with diesel making up 44 percent of total refined products, followed by motor and aviation gasoline at 25 percent, and fuel oil at 16 percent.

OPEC revised its global oil consumption forecast for 2024 in October, reducing expected growth from 2.03 million bpd to 1.93 million bpd. The 2025 forecast was also lowered to 1.64 million bpd, marking the third consecutive downward adjustment due to new data and tempered regional expectations.

Despite these revisions, OPEC anticipates strong demand, largely driven by air travel, road mobility, and industrial activity. Their projections exceed those of the International Energy Agency, which expects slower demand growth due to China’s economic slowdown and the rise of electric vehicles.

OPEC forecasts global oil demand will reach 104.1 million bpd in 2024 and 105.8 million bpd in 2025, with long-term crude demand expected to hit 112.3 million bpd by 2029.

Despite the growth in electric vehicles, traditional combustion-engine vehicles are anticipated to dominate the global fleet until 2050, supporting long-term oil demand.

Direct crude usage

Saudi Arabia’s direct crude oil burn increased by 88,000 bpd annually to 814,000 bpd, representing a 12 percent rise year on year and a 5.9 percent increase from July.

This surge is likely driven by rising energy demands linked to population growth and the influx of newcomers, underscoring increased domestic consumption and development in residential and commercial sectors.

By 2030, the Saudi government aims to phase out the use of crude oil, fuel oil, and diesel in power generation, replacing them with natural gas and renewable energy sources.

This shift is part of the Kingdom’s Vision 2030 plan to diversify its energy mix and reduce oil dependence, both domestically and in international markets.

As Saudi Arabia progresses toward this goal, natural gas demand is expected to rise significantly, leading to increased investments in the natural gas supply chain, including exploration and infrastructure development.

This transition aims to reduce carbon emissions and free up more crude oil for export, enhancing Saudi Arabia's position in global energy markets.

Furthermore, the push for renewable energy projects, such as solar and wind, is expected to attract investment, creating new opportunities in the energy sector and contributing to the Kingdom’s long-term sustainability goals.

This transition aligns with global trends toward cleaner energy, positioning Saudi Arabia as a key player in the evolving energy landscape while ensuring energy security and economic diversification.

Topics: OPEC

Turkiye’s central bank holds rate at 50%, warns on inflation

Turkiye’s central bank holds rate at 50%, warns on inflation
Updated 17 October 2024
Reuters
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Turkiye’s central bank holds rate at 50%, warns on inflation

Turkiye’s central bank holds rate at 50%, warns on inflation
  • Analysts expected the central bank to wait until December or January to begin its anticipated easing cycle
  • Last time the bank raised its main policy rate was in March, when it hiked by 500 basis points
Updated 17 October 2024
Reuters

ISTANBUL: Turkiye’s central bank held interest rates at 50 percent on Thursday as expected but cautioned that recent data had lifted inflation uncertainty, in a hawkish signal ahead of an expected easing cycle in coming months.
“In September, the underlying trend of inflation posted a slight increase,” the bank’s policy committee said, adding: “The uncertainty regarding the pace of improvement in inflation has increased in light of incoming data.”
Analysts said the message could reinforce the view that the bank will wait until around January to ease monetary policy, after a more than year-long effort to slay years of soaring inflation.
The last time the bank raised its main policy rate was in March, when it hiked by 500 basis points to round off an aggressive tightening cycle that started in June last year.
Since then, it has kept the one-week repo rate on hold. In a change of messaging last month, it began setting the stage for a rate cut by dropping a reference to potential further tightening.
Yet after monthly inflation was higher than expected at nearly 3 percent in September, a Reuters poll showed analysts expected the bank to wait until December or January to begin its anticipated easing cycle.
Nicholas Farr, economist at Capital Economics, said the bank signalled that the “slow pace of disinflation will prevent monetary easing this year.”
“It seems clear that the (central bank) – like us – doesn’t think the conditions are in place for a monetary easing cycle to start very soon.”
Annual inflation has dropped to 49.4 percent — below the policy rate for the first time in this cycle — from a peak of 75 percent in May.
The central bank is closely watching the monthly rate for signals of when to begin easing, though it has only dipped below 2 percent once this year, in June. It is also watching for high household inflation expectations to ease toward its targets.

Topics: Turkiye Inflation turkiye economy Finance

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EU, GCC forge stronger economic ties with focus on sustainable energy, trade

EU, GCC forge stronger economic ties with focus on sustainable energy, trade
Updated 17 October 2024
Nadin Hassan
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EU, GCC forge stronger economic ties with focus on sustainable energy, trade

EU, GCC forge stronger economic ties with focus on sustainable energy, trade
Updated 17 October 2024
Nadin Hassan

RIYADH: The EU and the Gulf Cooperation Council are making strides to deepen their economic ties, with a focus on green transitions and the mutual pursuit of sustainable energy solutions.

Both blocs prioritize collaboration on renewable energy, energy efficiency, and the shared goal of reducing reliance on traditional fossil fuels.

In a joint statement following the first EU-GCC summit on Oct, 16 in Brussels, they reaffirmed their commitment to strengthening their trade and investment relationship based on shared objectives and ambitions.

“We reaffirm our joint commitment to a strategic trade and investment partnership built on mutual interests and goals,” the statement declared.

The statement further emphasized the importance of leveraging opportunities presented by an improved business and investment environment, as well as focusing on green and digital transitions, sustainable energy, connectivity, and sectoral cooperation to enhance economic integration and diversification.

European Commission President Ursula von der Leyen, after her meeting with Saudi Crown Prince Mohammed bin Salman, underscored the pivotal role of sustainable energy in the evolving EU-GCC partnership.

“We aim to strengthen EU-GCC cooperation, create an economic corridor to enhance trade in renewable energy, data, and people-to-people exchanges, and work together to ensure the security necessary for economic growth,” she stated.

Both blocs are working to develop tailored agreements that address the unique economic strengths and needs of their respective regions.

Discussions are also focused on enhancing protections for intellectual property rights, particularly regarding geographical indications, which safeguard the origin and quality of regional products. This is expected to boost confidence among investors and businesses.

The EU and GCC are dedicated to advancing their partnership through continued dialogue and cooperation, exploring new opportunities for economic collaboration, and enhancing joint investments across key sectors.

“We agree to continue our dialogue on a regular basis by holding a summit every two years and look forward to the next summit in Saudi Arabia in 2026,” stated the joint statement.

Jasem Al-Budaiwi, the GCC secretary-general, noted that the event underscores the shared commitment of both regions to strengthen political and economic partnerships, as well as to advance cooperation in areas such as political coordination, energy, health, education, and cultural exchanges.

He also highlighted the robust trade relations between the two blocs, mentioning that trade volume between the GCC and the EU exceeded $204 billion in 2022, accounting for approximately 13 percent of the GCC’s total trade in goods.

Al-Budaiwi reported that GCC exports to the EU reached $106 billion, while imports from the EU amounted to about $98 billion, reflecting the significance of their trade relationship.

He reaffirmed the importance of ongoing collaboration, emphasizing that these trade figures demonstrate the depth of economic ties and the potential for future growth.

Topics: main

Middle East Green Initiative expands as 11 countries sign up

Middle East Green Initiative expands as 11 countries sign up
Updated 17 October 2024
REEM WALID 
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Middle East Green Initiative expands as 11 countries sign up

Middle East Green Initiative expands as 11 countries sign up
Updated 17 October 2024
REEM WALID 

RIYADH: A major regional effort to combat climate change gained momentum as 11 countries joined the Middle East Green Initiative during its first Ministerial Council session in Jeddah.    

Led by Saudi Arabia, the initiative aims to address environmental challenges across the region and contribute to global climate targets. The session, attended by representatives from 29 countries and international organizations, underscored the Kingdom’s commitment to fostering cooperation in environmental efforts.   

Among the new members are Algeria, Chad, Kenya, and Senegal. Burkina Faso, Lebanon, and Gambia have also joined the initiative. Nigeria, Guinea, and the Central African Republic were additionally confirmed as members. 

In addition to the new regional members, the UK was welcomed as a non-regional contributor with observer status, according to a press release.   

This comes as the council emphasized the critical role of these new members in achieving the initiative’s ambitious objectives. It also encouraged more regional and non-regional countries to participate, highlighting the importance of technical and financial support to meet both regional and global environmental goals.    

Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley highlighted the need for enhanced regional collaboration to protect the environment and boost food and water security, safeguard biodiversity, and preserve ecosystems.   

During the inaugural session, the minister noted that the initiative represents a significant step toward improving regional governance in combating desertification, drought, and climate change challenges.   

MGI’s key target is planting 50 billion trees across the Middle East, restoring 200 million hectares of degraded land. Saudi Arabia will plant 10 billion trees within its borders, while the remaining 40 billion will be planted across the region over the coming decades. 

During the session, Al-Fadley confirmed that the initiative launched by Crown Prince Mohammed bin Salman in 2021 represents the first regional alliance of its kind, aimed at mitigating the impacts of climate change across the Middle East and North Africa.

He noted that the final version of the initiative’s charter was agreed upon during the founding countries’ ministerial meeting in October 2022.

The minister emphasized the need for collective efforts in the Middle East to tackle environmental challenges such as desertification and drought.

The ministerial statement from the meeting outlined several key decisions. The council approved the organizational structure and internal policies of the MGI secretariat, appointed the MGI secretary-general, and designated the MGI Fund Trustee, paving the way for the initiative’s implementation phase.

The council also reaffirmed its commitment to enhancing regional collaboration to combat land degradation, desertification, and drought while addressing their severe environmental and socio-economic impacts.

It expressed anticipation for the 16th session of the Conference of the Parties to the UN Convention to Combat Desertification or COP16 scheduled to take place in Riyadh in December.

The council called on UNCCD parties and relevant stakeholders to actively participate in COP16, positioning it as a crucial platform for addressing global land degradation and drought challenges.

As the council advocates for support of COP16 outcomes, it aims to make the event a historic turning point in enhancing global efforts to combat land degradation, halt desertification, accelerate land restoration, and improve drought resilience. 

Topics: Green And Blue Middle East Green Initiative

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