Tadawul crosses 6,500-point mark

Updated 29 November 2012

Tadawul crosses 6,500-point mark

It turned out to be largely positive for investors yesterday, as the Tadawul All-Share Index (TASI) crossed the 6,500-mark during the day to close higher at 6,533.14 points, up 70.67 points or 1.09 percent from its previous close.
While curving in the upward territory throughout the day it rose to a maximum gain of 88 points.
All market cap indices ended the day in the upward zone.
Fourteen out of Tadawul's 15 sectors ended the day with modest gains, accumulating more than 800 points collectively. Only Energy & Utilities sector ended without any change.
Insurance, Transport and Telecom were major gainers among sectoral indices, which marginally increased by 2.91 percent, 2.57 percent and 2.15 percent respectively. Banking sector added considerable 160 points, up 1.12 percent.
The advancers easily outnumbered declining stocks on the Tadawul (market); as for 79 percent stocks that gained, 11 percent ended lower and 10 percent remained unchanged.
Insurance stocks won the yesterday's race at Tadawul. The share price of Amanah Cooperative Insurance rallied to a maximum growth of 9.98 percent, closing the day at SR 159.75. Alinma Tokio Marine followed it, surging 6.82 percent for the day.
Most of the major heavy weights marched higher from previous day's level, with Etihad Etisalat Co. (Mobily) surging by 2.85 percent, Samba Financial Group 1.83 percent and Kingdom Holding 1.77 percent.

Dubai’s Majid Al Futtaim to open 600 VOX cinema screens across Saudi Arabia over five years

Updated 1 min 58 sec ago

Dubai’s Majid Al Futtaim to open 600 VOX cinema screens across Saudi Arabia over five years

  • Biggest cinema rollout yet in Kingdom
  • Plan will create 3,000 jobs

Majid Al Futtaim (MAF), the UAE-based malls and leisure group, is to open 600 cinema screens in Saudi Arabia over the next five years to tap the booming entertainment market in the Kingdom.

The first cinema — a four-screen multiplex showing mainly “animation, family-friendly films and educational movies" — will open at Riyadh Park Mall in the capital in the coming days though MAF’s Vox Cinema’s brand, the company said.

Vox also announced that it is investing SR2 billion ($533 million) to open 600 further screens between now and 2023. This is the biggest cinema roll-out plan yet in Saudi Arabia, and will create 3,000 direct jobs, MAF said.

Through its partnership with 20th Century Fox, the distribution arm of Majid Al Futtaim Cinemas will also be exclusively distributing Fox content to all cinemas across Saudi Arabia.

In 2018, the company is planning to release anticipated hits including “The Darkest Minds,” “The Predator” and the James Cameron produced “Alita: Battle Angel,” the company added.

Alain Bejjani, chief executive of the Dubai-based company, said: “Majid Al Futtaim is proud to be one of the largest private sector investors in the Kingdom and Vision 2030, with an investment commitment now increasing to SR16 billion.”

In addition to cinemas, MAF is also building malls in the Kingdom and a version of the Ski Dubai indoor snow attraction.