PIF-owned JCDC awards oceanarium contract to US design firm SOM

The oceanarium and coral farm will cement Jeddah’s position as a regional and global sustainable marine conservation leader. Supplied
The oceanarium and coral farm will cement Jeddah’s position as a regional and global sustainable marine conservation leader. Supplied
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Updated 28 June 2022

PIF-owned JCDC awards oceanarium contract to US design firm SOM

PIF-owned JCDC awards oceanarium contract to US design firm SOM

RIYADH: The Jeddah Central Development Co., wholly owned by the Public Investment Fund, has awarded a design contract for an oceanarium and coral farm landmark to US-based firm SOM.

The oceanarium and coral farm will cement Jeddah’s position as a regional and global sustainable marine conservation leader.

The phase 1 of master plan of the SR75 billion ($20.4 billion) Jeddah Central project includes four major landmarks — a museum, an opera house, a stadium, and an oceanarium, which includes a coral farm, and 10 recreational and touristic areas.

“The signing of these contracts comes as part of our plans to develop a project that will contribute to the growth of the national economy and creation of jobs for Saudi nationals, all while providing Jeddah residents and visitors with a wide range of cultural and recreational destinations,” said Ahmed bin Abdul Aziz Al-Sulaim, CEO of JCDC. 

JCDC Chief Development Officer Paul O’Brien noted that construction of new landmarks will help attract local and global investments for the development and operation of the JCDC’s facilities. 


TASI opens flat as investors await inflation and earnings reports: Opening bell

TASI opens flat as investors await inflation and earnings reports: Opening bell
Updated 12 sec ago

TASI opens flat as investors await inflation and earnings reports: Opening bell

TASI opens flat as investors await inflation and earnings reports: Opening bell

RIYADH: Saudi stocks market started flat on Wednesday as investors await inflation data and additional earnings reports.

As of 10:07 a.m. Saudi time, the Saudi benchmark index TASI and the parallel market Nomu traded at 12,336 and 22,201, respectively.

The Kingdom’s oil giant Saudi Aramco dropped 0.13 percent, while the country's biggest lender Saudi National Bank gained 0.41 percent.

Al-Jouf Agricultural Development Co. rose 0.77 percent, after seeing its profits jump 203 percent during the first half of 2022 to SR22 million ($6 million).

National Gas and Industrialization Co. fell 1.73 percent after a 14 percent decline in net profit to SR105 million during the first half of this year.

Bupa Arabia for Cooperative Insurance Co. increased 0.51 percent, after it received final approval from the Saudi Central Bank to sell its new insurance product in the Kingdom.

Filling and Packing Materials Manufacturing Co. climbed 2.72 percent, after its board proposed a SR115 million capital increase through rights issues.

Walaa Cooperative Insurance Co. lost 0.40 percent, after its losses widened to SR27 million during the first half of 2022, compared to SR13 million in the same period last year.

Abdullah Al-Othaim Markets Co. gained 1.66 percent, after approving the sale of SR211 million worth of land owned by the company in Al-Madinah Al-Munawarh.

Baazeem Trading Co. declined 1.88 percent, after its half-year profit was down 8.5 percent to SR13.4 million.

Theeb Rent a Car Co. increased 1.52 percent, after its profit rose by 68 percent to SR86 million during the first half of 2022.

Southern Province Cement Co. slipped 1.53 percent, after reporting a 42 percent profit drop to SR150 million for the first half of 2022.

Saudi miner Almasane Alkobra Mining Co. dropped 1.66 percent, after its profits dropped 11 percent to SR82 million during the first half of 2022.


Saudi PIF acquires stakes in 4 Egyptian companies for about $1 billion: Asharq sources

Saudi PIF acquires stakes in 4 Egyptian companies for about $1 billion: Asharq sources
Updated 8 min 25 sec ago

Saudi PIF acquires stakes in 4 Egyptian companies for about $1 billion: Asharq sources

Saudi PIF acquires stakes in 4 Egyptian companies for about $1 billion: Asharq sources

RIYADH: The Saudi Egyptian Investment Co., affiliated with the Saudi Public Investment Fund, has acquired stakes in 4 Egyptian companies, for about $1 billion, Asharq reported citing sources.

The four companies are E-Finance for Financial and Digital Investments, Abu Qir Fertilizers and Chemical Industries, MOPCO and Alexandria Container & Cargo Handling Co.

 


Saudi Industrial Production Index rose by 21% in June

Saudi Industrial Production Index rose by 21% in June
Updated 25 min 59 sec ago

Saudi Industrial Production Index rose by 21% in June

Saudi Industrial Production Index rose by 21% in June

RIYADH: Saudi Industrial Production Index increased by 20.8 percent from a year ago, according to data from General Authority for Statistics.

"The IPI continued to show positive growth rates due to the high production in mining & quarrying, and manufacturing activity," Gastat said in a statement today.


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

Here’s what you need to know before Tadawul trading on Wednesday
Updated 10 August 2022

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

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

RIYADH: Saudi Arabia’s main stock index gained 0.3 percent on Tuesday, buoyed by chemical giant Saudi Basic Industries Corp. which posted higher second-quarter profits.

TASI closed the session at 12,330, while the parallel Nomu market added 0.6 percent to 22,199.

Abu Dhabi and Dubai advanced by 0.2 and 1.1 percent, respectively, while Qatar, Oman, and Kuwait all lost between 0.1 and 0.3 percent. The Bahraini index finished flat.

Outside the Gulf, Egypt’s EGX30 closed 0.8 percent lower.

Oil prices retreated on Wednesday, with Brent crude down to $95.65 a barrel and US West Texas Intermediate reaching $89.73 a barrel by 9:06 a.m. Saudi time.

Stock news

Filling and Packing Materials Manufacturing Co.’s board proposed a SR115 million ($31 million) capital increase through a rights issue

Bupa Arabia for Cooperative Insurance Co. received final approval from the Saudi Central Bank to sell its new insurance product "Bupa Policy Benefit Upgrade" in the Kingdom

National Gas and Industrialization Co. recorded a 14 percent decline in net profit to SR105 million during the first half of 2022

Walaa Cooperative Insurance Co.’s losses widened to SR27 million during the first half of 2022, compared to SR13 million in the same period last year

Abdullah Al-Othaim Markets Co. approved the sale of SR211 million worth of land owned by the company in Al-Madinah Al-Munawarh

Al-Jouf Agricultural Development Co. saw its profits jump 203 percent during the first half of 2022 to SR22 million

Al-Jouf Agricultural will distribute cash dividends of SR0.5 per share to shareholders for the first half of 2022

Saudi miner Almasane Alkobra Mining Co.’s profits dropped 11 percent to SR82 million during the first half of 2022

Southern Province Cement Co. reported a 42 percent profit drop to SR150 million for the first half of 2022

Profits of Theeb Rent a Car Co. rose by 68 percent to SR86 million during the first half of 2022

Baazeem Trading Co.’s half-year profit was down 8.5 percent to SR13.4 million

Shareholders of Baazeem Trading Co. are set to receive SR0.7 per share in cash dividends for the first half of 2022

Calendar

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription


Al-Jouf Agricultural profit jumps 203% as sales and margins rise in H1

Al-Jouf Agricultural profit jumps 203% as sales and margins rise in H1
Updated 10 August 2022

Al-Jouf Agricultural profit jumps 203% as sales and margins rise in H1

Al-Jouf Agricultural profit jumps 203% as sales and margins rise in H1

RIYADH: Al-Jouf Agricultural Development Co. saw its profits jump 203 percent during the first half of 2022 driven by higher sales and profit margins.

The Saudi-listed company boosted its profit to SR22 million ($6 million) in the first half of this year, up from SR7 million for the same period a year ago, according to a bourse filing.

The company's revenue increased to SR124 million from SR117 million for the same period last year

In line with the profit, Al-Jouf Agricultural said it will distribute cash dividends of SR0.5 per share to shareholders for the first half of 2022.

Founded in 1988, Al-Jouf Agricultural Development Co. is engaged in the production of strategic agricultural crops such as wheat, potatoes and onions.