You are here

  • Home
  • Closing Bell: Saudi main index ends in the green at 12,097

Closing Bell: Saudi main index ends in the green at 12,097

The benchmark index saw a total trading turnover of SR4.74 billion ($1.26 billion), with 71 stocks advancing, while 154 declined.
The benchmark index saw a total trading turnover of SR4.74 billion ($1.26 billion), with 71 stocks advancing, while 154 declined.
Short Url

https://arab.news/5m6ta

Updated 56 sec ago
Nirmal Narayanan
Follow

Closing Bell: Saudi main index ends in the green at 12,097

Closing Bell: Saudi main index ends in the green at 12,097
  • Parallel market Nomu dropped 28.63 points to close at 31,144.44
  • MSCI Tadawul Index rose 4.13 points, or 0.27%, to finish at 1,517.67
Updated 56 sec ago
Nirmal Narayanan
Follow

RIYADH: Saudi Arabia’s Tadawul All Share Index rebounded on Monday, gaining 37.20 points, or 0.31 percent, to close at 12,096.73.

The benchmark index saw a total trading turnover of SR4.74 billion ($1.26 billion), with 71 stocks advancing, while 154 declined.

Meanwhile, Nomu dropped 28.63 points to close at 31,144.44. The MSCI Tadawul Index also posted a modest gain, rising 4.13 points, or 0.27 percent, to finish at 1,517.67.

Saudi Industrial Development Co. led the main market, with its share price surging 4.27 percent to SR28.10. Other notable gainers included Riyadh Cables Group Co. and Dr. Soliman Abdel Kader Fakeeh Hospital Co., whose shares increased by 4.14 percent and 4.12 percent, closing at SR151 and SR70.80, respectively.

On the downside, Saudi Chemical Co. saw its share price dip by 3.59 percent to SR9.93.

Balsm Alofoq Medical Co., which debuted on the Nomu market on Monday, was the top performer on the parallel market, with its share price soaring 30 percent to SR78.

Additionally, Neft Alsharq Co. for Chemical Industries saw a notable increase, with its share price rising 13.27 percent to SR5.55.

On the announcements front, Saudi-based online beauty brand Nice One has set its final offer price at SR35 for its upcoming initial public offering, positioning the company for a market capitalization of over SR4 billion upon listing.

The company revealed that institutional book-building orders exceeded SR169 billion, reflecting a subscription coverage of 139.4 times.

The retail subscription period for the IPO is scheduled from Dec. 24 to 25. If all formalities are completed by the Capital Market Authority and Saudi Exchange, the offered shares will be listed on the main market.

Meanwhile, Obeikan Glass Co. announced the commencement of trial operations at its new aluminum casting facility, the Saudi Aluminum Casting Foundry, on Dec. 16. The commercial operations of the plant, located in Al-Madina Al-Munawwara Industrial City, are expected to begin in Q1 2025, with a focus on manufacturing and casting aluminum products.

Topics: TASI NOMU Closing Bell Tadawul Saudi Arabia MSCI Tadawul Index Saudi Stock Exchange (Tadawul) Saudi stock market Tadawul All Share Index (TASI)

Related

Closing Bell: Saudi main index slips to close at 12,059
Business & Economy
Closing Bell: Saudi main index slips to close at 12,059
Closing Bell: Saudi main index sheds 50 points to 12,099
Business & Economy
Closing Bell: Saudi main index sheds 50 points to 12,099

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy
Updated 16 December 2024
Reuters
Follow

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy
  • Arcius Energy is 51% owned by BP and 49% owned by XRG
  • ADNOC announced last week the newly-created XRG’s board members
Updated 16 December 2024
Reuters

DUBAI: BP and Abu Dhabi National Oil Company’s international investments arm XRG said on Monday they have closed a deal for a new natural gas joint venture in Egypt, as ADNOC expands its efforts to grow abroad.
The joint venture, Arcius Energy, is 51 percent owned by BP and 49 percent owned by XRG. It will operate in Egypt initially.
Naser Saif Al-Yafei, an ADNOC veteran, was hired as Arcius’ chief executive. He most recently led strategy, sustainability and transformation at subsidiary ADNOC Gas. Katerina Papalexandri, vice president of gas and low carbon energy growth at BP, was appointed chief financial officer.


“Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region,” BP Chief Executive Murray Auchincloss said in the statement, adding that Egypt was “a hub for new opportunities to build out a highly competitive gas portfolio in the region.”
Sultan Al-Jaber, XRG executive chairman and ADNOC CEO, said the JV “fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a world-scale integrated gas and chemicals portfolio to meet rising global demand.”
Arcius’ concessions in Egypt comprise a 10 percent interest in Shorouk, which contains the giant Zohr field operated by Eni and 100 percent of North Damietta, which contains the producing Atoll field operated by the Pharaonic Petroleum Company.


It also has exploration concession agreements for North El Tabya, Bellatrix-Seti East and North El Fayrouz.
ADNOC announced last week that the newly-created XRG’s board members include Blackstone’s Jon Gray and former BP boss Bernard Looney, who was dismissed by BP’s board last December after the oil major said he had knowingly misled the board by failing to disclose past relationships.
The appointment of big names from the world of finance and energy to XRG’s board signals its grand ambitions, as ADNOC pursues its aggressive growth strategy.
XRG, which ADNOC said is valued at more than $80 billion, will focus on overseas investments in low-carbon energy, including gas, chemicals and renewables.

Topics: BP ADNOC Egypt oil and gas energy

Related

ADNOC to boost production target by 2030
Business & Economy
ADNOC to boost production target by 2030
ADNOC joins MEIRA conference in UAE
Corporate News
ADNOC joins MEIRA conference in UAE

Pakistan central bank cuts key rate by 200 bps, fifth in a row

Pakistan central bank cuts key rate by 200 bps, fifth in a row
Updated 16 December 2024
Reuters
Follow

Pakistan central bank cuts key rate by 200 bps, fifth in a row

Pakistan central bank cuts key rate by 200 bps, fifth in a row
  • This is fifth straight reduction since June as country keeps up efforts to revive a sluggish economy with inflation easing
  • Pakistan’s latest move makes this year’s cuts most aggressive among emerging market central banks in current easing cycle
Updated 16 December 2024
Reuters

KARACHI: Pakistan’s central bank cut its key policy rate by 200 basis points to 13% on Monday, it said in a statement, for a fifth straight reduction since June as the country keeps up efforts to revive a sluggish economy with inflation easing.

Pakistan’s latest move makes this year’s cuts the most aggressive among emerging market central banks in the current easing cycle, barring outliers such as Argentina.

The South Asian country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September.

All 12 analysts surveyed by Reuters expected a 200 bps cut, after inflation fell sharply, slowing to 4.9% in November, largely due to a high base a year earlier, coming in below the government’s forecast and significantly lower than a multi-decade high of around 40 percent in May last year.

Monday’s move follows cuts of 150 bps in June, 100 in July, 200 in September, and a record cut of 250 bps in November, that have taken the rate down from an all-time high of 22%, set in June 2023 and left unchanged for a year.

It takes the total cuts to 900 bps since June.
 

Topics: Pakistan State Bank of Pakistan monetary policy Arab News Pakistan

Saudi Ministry of Human Resources and Social Development leads in 2024 Digital Transformation Index

Saudi Ministry of Human Resources and Social Development leads in 2024 Digital Transformation Index
Updated 16 December 2024
MOHAMMED AL-KINANI
Follow

Saudi Ministry of Human Resources and Social Development leads in 2024 Digital Transformation Index

Saudi Ministry of Human Resources and Social Development leads in 2024 Digital Transformation Index
  • Ministry ranked second overall among government agencies
  • Index assesses government agencies’ adherence to key digital transformation standards
Updated 16 December 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s Ministry of Human Resources and Social Development ranked first among ministries and second overall with government agencies in the 2024 Digital Transformation Index, underscoring the nation’s commitment to technological advancement.

The award ceremony, held on Dec. 15 in Riyadh, was part of the Digital Government Forum, which featured panel discussions, workshops, and presentations from experts in areas such as artificial intelligence, cybersecurity, and e-services. 

The event coincided with the 19th edition of the UN Internet Governance Forum, hosted in the Saudi capital from Dec. 15— 19 under the theme “Building our Multistakeholder Digital Future.”

The index assesses government agencies’ adherence to key digital transformation standards, analyzes their current progress, and tracks the development of their digital journey based on best practices, aligning with the goals of Saudi Vision 2030.

Following the Ministry of Human Resources and Social Development, the Ministry of Justice ranked second in the innovation category of the index, the Ministry of Transport and Logistic Services came third, the Ministry of Hajj and Umrah was fourth, and the Ministry of Energy came in fifth, among 24 ministries.

The Ministry of Human Resources and Social Development also received an excellence certificate from the Digital Government Authority for its Mowaamah application, which supports services for individuals with disabilities, recognizing its impactful contributions to digital transformation and leadership in this field, according to the ministry.

The body also earned another certificate for its use of emerging technologies at the government level, awarded by the Digital Government Authority.

These recognitions highlight the ministry’s commitment to digital transformation, focusing on enhancing beneficiary experiences by employing advanced technologies and offering innovative solutions, the Ministry of Human Resources and Social Development said in a statement.

It added that its digital transformation strategy strengthens services across over 1,000 digital services and procedures, benefiting more than 32 million people.

According to the UN’s biennial E-Government Development Index for 2024, published in September, Saudi Arabia rose 25 ranks, positioning itself among the leading countries in global rankings.

The Kingdom ranks first in the region, second among G20 countries, and seventh on the E-Participation Index. Riyadh is also ranked third among 193 global cities.

The compilers of the index also praised Saudi Arabia for its significant developments in the field of digital government, thanks to which it ranked sixth in the world.

The UN report highlighted that the Kingdom has achieved 100 percent maturity in digital government regulations, as well as in the accessibility and sharing of open government data with citizens and businesses.

Topics: Saudi Ministry of Human Resources and Social Development (HRSD) Saudi Arabia Digital Transformation Index Digital Government Forum

Related

Saudi Arabia spotlights private sector’s role in driving logistics transformation 
Business & Economy
Saudi Arabia spotlights private sector’s role in driving logistics transformation 
Saudi Social Development Bank and SNB to launch financing portfolio for entrepreneurs
Business & Economy
Saudi Social Development Bank and SNB to launch financing portfolio for entrepreneurs

Egypt sees 181% growth in financial inclusion over 8 years

Egypt sees 181% growth in financial inclusion over 8 years
Updated 16 December 2024
Nour El-Shaeri
Follow

Egypt sees 181% growth in financial inclusion over 8 years

Egypt sees 181% growth in financial inclusion over 8 years
  • Central bank initiatives boost access to financial tools for millions
  • Initiatives have resulted in the issuance of 7.5 million prepaid cards, 2.5 million mobile wallets, and 7.5 million bank accounts
Updated 16 December 2024
Nour El-Shaeri

RIYADH: Financial inclusion in Egypt has surged by 181 percent over the past eight years, with 71.5 percent of eligible citizens gaining access to banking services by mid-2024, according to an official report.

The Central Bank of Egypt revealed that the number of citizens with access to transactional accounts — including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards — has risen to 48.1 million out of 67.3 million eligible individuals aged 16 and above.

A range of tailored initiatives, such as the CBE’s financial inclusion events, held six times a year since 2017, have played a crucial role in broadening access. These events have waived fees, eliminated minimum balance requirements, and targeted underserved populations, including women, youth, and persons with disabilities.

The report highlights that these initiatives have resulted in the issuance of 7.5 million prepaid cards, 2.5 million mobile wallets, and 7.5 million bank accounts.

One of the key initiatives is a program supporting smallholder farmers in collaboration with the UN World Food Programme. This effort integrates small farmers into the formal financial sector by providing tailored financial solutions that enhance their economic and social capabilities.

In addition, the CBE has partnered with the National Council for Women and the Agricultural Bank of Egypt to expand digital savings and lending groups aimed at increasing women’s financial inclusion. These groups promote savings, raise awareness of fintech applications, and encourage the adoption of digital financial services.

The financial inclusion drive is aligned with Egypt’s Decent Life initiative, launched in July 2021. This program focuses on improving living standards for rural populations, reaching 20 governorates, 52 centers, and 1,667 villages by expanding access to financial services and supporting underserved communities.

Since its launch, the program has seen the installation of 1,254 new ATMs, the opening of 651,900 bank accounts, and the issuance of 993,000 prepaid cards.

The CBE’s emphasis on financial inclusion has also had a significant impact on Egypt’s broader economic landscape. Between December 2015 and June 2024, financing for micro, small, and medium-sized enterprises grew by 388 percent. Microfinance portfolios in both banking and non-banking sectors have expanded by over 1,350 percent, thanks to CBE-backed initiatives.

In underserved areas, funding has increased substantially. Facilities directed toward the Delta region grew by 72 percent, while Upper Egypt saw a 59 percent rise in funding from December 2020 to June 2024. Financing for the industrial sector also rose by 61 percent during this period, reflecting targeted efforts to channel capital into job-creating sectors and reduce unemployment.

As of June 2024, Egypt’s total microfinance portfolio reached 93.2 billion Egyptian pounds ($1.8 billion).

This robust growth in financial inclusion underscores Egypt’s commitment to expanding economic opportunities, reducing poverty, and fostering inclusive development across the nation.

Topics: banking Egypt Egypt economy

Related

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip
Business & Economy
Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip
Egypt to bolster IPO program with 10 offerings in 2025: PM Madbouly
Business & Economy
Egypt to bolster IPO program with 10 offerings in 2025: PM Madbouly

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip
Updated 16 December 2024
Miguel Hadchity
Follow

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip
  • Key highlight of the trip was a tour of Almarai’s “Beyti” factory in Beheira Governorate
  • Meeting emphasized leveraging Industry 4.0 technologies to boost productivity in both nations’ industrial sectors
Updated 16 December 2024
Miguel Hadchity

RIYADH: Boosting pharmaceutical ties was the centerpiece of a visit by leading Saudi ministers to Egypt as the two countries sought to enhance industrial cooperation and explore investment opportunities.

The Kingdom’s Minister of Industry Bandar Alkhorayef traveled to the north African country on Dec. 15, with a focus on boosting collaboration in the industrial and mining sectors while identifying mutual opportunities in areas such as food and pharmaceuticals, according to a statement. 

He was joined by Deputy Minister Khalil bin Salamah, Saudi Export-Import Bank CEO Saad Al-Khalb, and Saudi Export Development Authority CEO Abdulrahman bin Sulaiman Al-Thukair. 

During the visit, Alkhorayef met with senior Egyptian officials and major private sector leaders to highlight Saudi Arabia’s competitive investment environment, incentives for investors, and strategic industrial priorities, the Saudi Press Agency reported. 

The official visit aims to strengthen the countries’ strategic partnership. In 2023, Saudi Arabia’s non-oil exports to Egypt amounted to SR9.9 billion ($2.6 billion), while non-oil imports from Egypt totaled SR9.6 billion. 

A key highlight of the trip was a tour of Almarai’s “Beyti” factory in Beheira Governorate, where Alkhorayef reviewed its role in local community development and supply chain localization. He also visited several pharmaceutical facilities to gain insights into Egypt’s manufacturing expertise. 

Bin Salamah held bilateral talks with Mohamed Zaki El-Sewedy, chairman of Egypt’s Federation of Industries, with the discussions focused on encouraging the private sector to capitalize on available industrial investment opportunities across both countries.

The deputy minister also met with executives from leading pharmaceutical companies, including Minapharm, to discuss localizing medical industries in Saudi Arabia and exploring potential collaboration in biopharmaceutical manufacturing. 

He also held talks with officials from Eva Pharma around opportunities in generic pharmaceutical production and veterinary vaccines. 

Additionally, there were discussions with the chairman of Medical Union Pharma regarding the integration of active pharmaceutical ingredients in the Saudi market, with a focus on both chemical and biological components. 

Moreover, Bin Salamah met with the chairman of the British Egyptian Co. for General Development, also known as Galina, to explore potential investment opportunities in Saudi Arabia and discuss the growth of the frozen and packaged fruits and vegetables trade.

The meeting also emphasized leveraging Industry 4.0 technologies to boost productivity in both nations’ industrial sectors. 

Topics: Minister of Industry and Mineral Resources Bandar Alkhorayef Khalil bin Salamah pharmaceutical Saudi-Egypt ties Egypt Saudi Arabia

Related

Egypt partners with UAE’s AMEA Power to launch renewable energy projects in Aswan, Gulf of Suez
Business & Economy
Egypt partners with UAE’s AMEA Power to launch renewable energy projects in Aswan, Gulf of Suez
Saudi Arabia spotlights private sector’s role in driving logistics transformation 
Business & Economy
Saudi Arabia spotlights private sector’s role in driving logistics transformation 

Latest updates

Assad denies ‘planned’ departure from Syria
Assad denies ‘planned’ departure from Syria
Arakji debuts in Dubai Basketball’s dominant win over Mornar of Montenegro
Arakji debuts in Dubai Basketball’s dominant win over Mornar of Montenegro
Closing Bell: Saudi main index ends in the green at 12,097
Closing Bell: Saudi main index ends in the green at 12,097
UN chief opens Riyadh tech conference with virtual speech
UN chief opens Riyadh tech conference with virtual speech
Syria war monitor says heavy Israeli strikes hit coastal region
Syria war monitor says heavy Israeli strikes hit coastal region

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.