Saudi stocks flat as traders remain cautious: Opening bell

Saudi stocks flat as traders remain cautious: Opening bell
Both the main index, TASI, and the parallel market, Nomu, were flat at 12,247 and 22,363, respectively in early trading
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Updated 24 May 2022

Saudi stocks flat as traders remain cautious: Opening bell

Saudi stocks flat as traders remain cautious: Opening bell

RIYADH: The Saudi stock market opened flat in early trade on Tuesday morning as traders remained cautious.

Both the main index, TASI, and the parallel market, Nomu, were flat at 12,247 and 22,363, respectively, as of 10:09 a.m. Saudi Arabia.

The shares of Amana Cooperative Insurance Co. gained 7.08 percent, leading the gainers in the market.

Al Moammar Information Systems Co. fell 6.12 percent to lead the laggards, after the firm has reported a 50 percent drop in quarterly profit.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading down 0.89 percent.

Both L'azurde Co. for Jewelry and Kingdom Holding Co. gained 0.24 percent and 1.65 percent, respectively, as they reported profits for the first quarter of 2022.

The Alhokair Group rose 0.75 percent after reporting its losses narrowed by 48 percent in the first quarter.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 0.33 percent, while the Saudi National Bank gained 1.03 percent.

From the pharma sector, Aldawaa Medical Services Co. fell 0.26 percent, while Nahdi Medical Co. opened unchanged.

The energy market saw Brent crude trade at $112.03 a barrel and US West Texas Intermediate crude reached $108.96 a barrel, as of 10:09 a.m. Saudi time


Saudi Arabia’s Retal signs $91m deal with PIF-backed Roshn to purchase plots in SEDRA

Saudi Arabia’s Retal signs $91m deal with PIF-backed Roshn to purchase plots in SEDRA
Updated 13 sec ago

Saudi Arabia’s Retal signs $91m deal with PIF-backed Roshn to purchase plots in SEDRA

Saudi Arabia’s Retal signs $91m deal with PIF-backed Roshn to purchase plots in SEDRA

RIYADH: Saudi Arabia’s Retal Urban Development has signed a SR339 million ($90.5 million) deal with the Public Investment Fund-backed Roshn Real Estate to buy 372 plots within its integrated community SEDRA in Riyadh.

Saudi-listed Roshn said it plans to develop the land according to its guidelines for SEDRA, according to MEED. 

Located in the north of Riyadh, the project was launched last August by Roshn, with a plan to include 30,000 homes across eight phases. 

The agreement is expected to directly impact Retal’s financials between 2022 and 2024.


Saudi authority approves Tibbiyah’s 51% acquisition of UAE health company 

Saudi authority approves Tibbiyah’s 51% acquisition of UAE health company 
Updated 4 min 44 sec ago

Saudi authority approves Tibbiyah’s 51% acquisition of UAE health company 

Saudi authority approves Tibbiyah’s 51% acquisition of UAE health company 

RIYADH: Saudi-based Arabian International Healthcare Holding Co., known as Tibbiyah, has got the General Authority for Competition’s approval to acquire a 51 percent stake in UAE’s Innovative Healthcare Co.

Operating as a holding company, Tibbiyah, through its subsidiaries, offers medical systems, healthcare equipment, and medical supplies in the Kingdom. 

The authority also approved Growth Avenue Investment Co.’s acquisition of a 40 percent stake in Saudi Medical System.

Since the beginning of 2021, the authority has approved 101 acquisitions. 


Egypt In-Focus: Egypt to buy 815,000 tons of wheat; power interconnection project with KSA underway

Egypt In-Focus: Egypt to buy 815,000 tons of wheat; power interconnection project with KSA underway
Updated 7 min 22 sec ago

Egypt In-Focus: Egypt to buy 815,000 tons of wheat; power interconnection project with KSA underway

Egypt In-Focus: Egypt to buy 815,000 tons of wheat; power interconnection project with KSA underway

CAIRO: Egypt has contracted to buy the largest quantity of wheat in a tender in at least a decade, as it takes advantage of the recent price drop. Additionally, the World Bank has agreed to provide the North African country $500 million in development funds to boost food security.
Egypt has contracted to buy the largest quantity of wheat in a tender in at least a decade, as it takes advantage of the recent price drop, Bloomberg reported. 

The country’s General Authority for Supply Commodities bought 815,000 tons to bolster stockpiles as Russia’s invasion of Ukraine disrupted global supplies.

According to data compiled by Bloomberg, the order is considered the largest single purchase since at least 2012. 

Food security

The World Bank has agreed to provide Egypt with $500 million in development funds to boost food security.

Egypt-Saudi electrical interconnection

The minister of electricity and renewable energy has said work is currently in progress on the electrical interconnection project with Saudi Arabia to exchange 3,000 MW at a cost of $1.8 billion. 

Mohamed Shaker told Daily News Egypt that the project is set to be operational by 2026.


Saudi low-cost airline flyadeal launches 5 new summer destinations for 2022

Saudi low-cost airline flyadeal launches 5 new summer destinations for 2022
Updated 12 min 33 sec ago

Saudi low-cost airline flyadeal launches 5 new summer destinations for 2022

Saudi low-cost airline flyadeal launches 5 new summer destinations for 2022

RIYADH: Saudi Arabia’s low-cost airline flyadeal has launched new summer destinations for 2022.

The news destinations include Amman in Jordan, Tbilisi in Georgia, Baku in Azerbaijan, Sharm El Sheikh in Egypt and Khartoum in Sudan. 

The budget airline’s network currently includes 24 domestic and international routes. 

The company operates a new fleet of 24 Airbus 320 aircraft with an age of only 2.1 years, CEO Con Korfiatis said. 

He added the airline approached 15 million passengers in a period of less than 5 years, which is an unprecedented number for an emerging airline.


Hub71 and e& enterprise open region's first AI Center of Excellence in Abu Dhabi

Hub71 and e& enterprise open region's first AI Center of Excellence in Abu Dhabi
Updated 32 min 26 sec ago

Hub71 and e& enterprise open region's first AI Center of Excellence in Abu Dhabi

Hub71 and e& enterprise open region's first AI Center of Excellence in Abu Dhabi
  • Scale-ups participating in e& enterprise’s innovation programs will be given priority access to Hub71's value-add programs

ABU DHABI: Hub71 and e& enterprise have opened the region's first AI Center of Excellence (AI CoE).The AI CoE will serve as a platform for AI initiatives in Abu Dhabi to be built and scaled.

The center's goal is to transform the future of AI, support an ecosystem of innovation, promote local talent, and boost socio-economic growth.

The partnership agreement was signed by the acting Chief Executive Officer of Hub71, Badr Al-Olama, and the Chief Executive Officer of e& enterprise, Salvador Anglada

“The region’s first AI Center of Excellence at Hub71 will provide a robust ecosystem for innovative technology ideas to grow and scale, and will allow startups to benefit from Hub71’s community, programs and knowledge sharing platforms.” Al-Olama said.

“The AI Center of Excellence, supported by our strategic partner DataRobot, will further progress our vision to be the leading digital enabler for our enterprise and government clients as we empower them to become data-driven and highly automated organizations.” Anglada said

“We look forward to driving the digital transformation conversation by leveraging the expertise of disruptive scale-ups and AI companies while establishing long-term partnerships with major accelerators and technology providers regionally and globally,” he added.

At the AI CoE, e& enterprise plans to launch new ventures using cutting-edge business models.

Scale-ups that participate in its innovation-led programs, such as FutureNow, will be given priority access to Hub71's value-add programs.

Startups will also benefit from Hub71's expanding capital ecosystem, which includes venture capital firms with assets worth nearly $1.72 billion.

Startups can apply to join the AI CoE through The Outliers, a Hub71 program that aims to solve corporate and government challenges through innovative solutions.