Saudi Arabia’s mining sector achieved record revenues of $194m in 2021

Saudi Arabia has been working to amend the mining sector regulations and legislation to provide a clear environment for investors in this sector. File
Saudi Arabia has been working to amend the mining sector regulations and legislation to provide a clear environment for investors in this sector. File
Short Url
Updated 08 May 2022

Saudi Arabia’s mining sector achieved record revenues of $194m in 2021

Saudi Arabia’s mining sector achieved record revenues of $194m in 2021

RIYADH: The Saudi Arabian mining sector achieved record revenues in 2021 amounting to SR727 million ($194 million) and succeeded in attracting more than SR30 billion investments, and working on stimulating additional investments worth SR120 billion.
Saudi Arabia has been working to amend the mining sector regulations and legislation to provide a clear environment for investors in this sector. 
It is also seeking to increase the sector's contribution to growth, economic diversification, job creation, and the transition to clean energy.
The Ministry of Industry and Mineral Resources will attend the “Indaba” conference in South Africa, Minister Bandar Al-Khorayef will deliver a speech on the opening day of the conference, May 9.


Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday
Updated 30 June 2022

Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday

RIYADH: Saudi Arabian stocks gained on Wednesday, supported by a rise in oil prices despite ongoing concerns over a potential global recession.

The main index TASI advanced 0.5 percent to reach 11,727, while the parallel market, Nomu, added 1.8 percent to 20,728.

TASI was lifted by a 0.9 percent rise in oil giant Aramco and a 2.9 percent surge in the Kingdom’s biggest lender Saudi National Bank.

Elsewhere in the Gulf, Dubai, Abu Dhabi, and Qatar lost 0.2, 0.4 and 0.5 percent, respectively.

Outside the Gulf, the Egyptian blue-chip index EGX30 slightly rebounded by adding 0.5 percent.

Brent crude traded at $115.9 a barrel as of 9:30 a.m. Saudi time on Thursday, and US benchmark West Texas Intermediate reached $109.74 a barrel.

Stock news

Mouwasat Medical Services Co. acquired 51 percent of Jeddah Doctors Co. in a SR102 million ($27 million) deal

Shareholders of Scientific & Medical Equipment House Co. approved the board's recommendation to distribute cash dividends of SR1 per share for 2021

Banque Saudi Fransi will distribute dividends of SR0.75 per share for the first half of 2022

The Saudi Ground Services Co. closed a SR100 million medical insurance deal with Bupa Arabia

Fawaz Abdulaziz Alhokair Co. received shareholders’ approval to reduce its capital from SR2.1 billion to SR1.15 billion

Saudi Fisheries Co. appointed Awwad Aldasouqi as acting CEO following the resignation of Walid Al-Bathi due to “special circumstances”

Al Rajhi Bank announced the resignation of Stefano Paolo Bertamini from his position as board member

Saudi Kayan Petrochemical Co. made an early repayment of SR1.68 billion to settle part of the company’s outstanding loans

Arabian International Healthcare Holding Co.’s shareholders approved the distribution of SR3 per share in dividends for 2021 as well as a buyback of up to 210,000 shares for an employee incentive plan

State-owned Saudi Electricity Co. transferred its entire stake in the Saudi Power Procurement Co. to the government

Riyadh Development Co. appointed Faisal bin Ayyaf as board chairman and Majid Al-Subaie as vice-chairman

Sipchem’s board approved the distribution of SR1.75 per share in dividends for the first half of 2022

Saudi Advanced Industries Co.’s board approved buying back 2.5 million shares to keep them as treasury shares

Tanmiah Food Co.’s unit secured a short-term financing facility worth SR150 million with the Agricultural Development Fund

Arabian Centres Co.'s net profit declined by 11 percent to SR433.8 million in its fiscal year ending March 31, 2022

Nomu-listed Riyadh Cement Co. got its board’s approval to transfer to the main market TASI

Saudi Research and Media Group signed a deal worth SR200 million annually to provide services for visual platforms

Abdulaziz & Mansour Ibrahim Albabtin Co. and Arabian Plastic Industrial Co. got the Capital Market Authority’s approval to list on Saudi Arabia's parallel stock market

Schlumberger-backed Arabian Drilling Co. received CMA’s approval to float 30 percent of its capital in an initial public offering

Batic Investments and Logistics Co.’s real estate arm signed an agreement to develop a land with an area of 229,000 square meters in Madinah

Tawuniya was awarded a SR55 million contract from Elm Co. for health insurance services

Calendar

June 30, 2022

End of the Wafrah for Industry and Development Co.’s subscription to new shares

End of Petro Rabigh’s subscription to new shares

July 4, 2022

Launch of single-stock futures trading on Tadawul

July 7, 2022

Saudi Exchange will close for Eid Al Adha holidays and resume trading on July 13


Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m
Updated 30 June 2022

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

RIYADH: Saudi healthcare provider Mouwasat Medical Services Co. has signed a final agreement to acquire 51 percent of Jeddah Doctors Co. in a deal worth SR102 million ($27 million).

The deal is expected to close during the third quarter of 2022, according to a bourse filing.

Jeddah Doctors Co. is a Saudi closed joint stock company that owns a hospital presently under construction in Jeddah called Jeddah Doctors Hospital.


Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 

Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 
Updated 30 June 2022

Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 

Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 

RIYADH: Saudi Kayan Petrochemical Co. has cut its financial costs after paying SR1.68 billion ($450 million) as an early loan settlement.

The petrochemical firm said in a bourse filing that the transaction will reduce financial costs by nearly SR72 million.

Saudi-listed Kayan had seen its net profit plunge by 57.5 percent to SR209 million in the first quarter of 2022, weighed down by higher average sales prices.

 


Unemployment among Saudis falls to 10.1% in Q1

Unemployment among Saudis falls to 10.1% in Q1
Updated 1 min 52 sec ago

Unemployment among Saudis falls to 10.1% in Q1

Unemployment among Saudis falls to 10.1% in Q1

RIYADH: Unemployment among Saudis fell to 10.1 percent in the first quarter of 2022 from 11 percent in the fourth quarter of 2021, according to official data.

This is the lowest level since the second quarter of 2016, according to data compiled by Arab News, based on figures released by the General Authority for Statistics, also known as GASTAT.

The rate of unemployment declined faster among Saudi women, dropping by 3.2 percentage points to 20.2 percent. 

Over the same period, for Saudi men the indicator slipped just 0.1 percentage points to 5.1 percent.

As for non-Saudis, the rate of unemployment fell 0.7 percentage points to 2.2 percent in the first quarter of 2022.

It dropped 0.4 percentage points to 1.6 percent among non-Saudi men, and by 2.6 percentage points to 6.4 percent among non-Saudi women.

The Kingdom's total rate of unemployment — including Saudis and non-Saudis — eased by 0.9 percentage points to 6.0 percent in the first quarter of 2022.

At the same time, the labor force participation rate figures came in lower for Saudis and non-Saudis, slipping 1.3 percentage points and 0.6 percentage points to 50.1 percent and 74.8 percent for the respective nationality groups. 


Banque Saudi Fransi to pay out $240m in dividends for H1

Banque Saudi Fransi to pay out $240m in dividends for H1
Updated 30 June 2022

Banque Saudi Fransi to pay out $240m in dividends for H1

Banque Saudi Fransi to pay out $240m in dividends for H1

RIYADH: Banque Saudi Fransi’s board has declared cash dividends of SR900 million ($240 million) in total for the first half of 2022.

The dividend payout will be SR0.75 per share, to be paid on Aug. 4, with almost 1.2 billion shares eligible for dividends, a bourse filing revealed.

This comes after the bank's net profit surged to SR875 million in the first quarter of the year, from SR780 million in the same period a year ago.