Closing bell: Saudi bourse rises 42 points to close at 10,766 points 

TASI’s total trading turnover on Monday was SR3.43 billion ($910 million), with 91 stocks of the listed 223 advancing and 111 falling back. 
TASI’s total trading turnover on Monday was SR3.43 billion ($910 million), with 91 stocks of the listed 223 advancing and 111 falling back. 
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Updated 23 January 2023

Closing bell: Saudi bourse rises 42 points to close at 10,766 points 

Closing bell: Saudi bourse rises 42 points to close at 10,766 points 

RIYADH: Saudi Arabia’s Tadawul All Share Index on Monday gained 41.15 points — or 0.38 percent — to close at 10,765.77. 

While MSCI Tadawul 30 Index edged up 5.96 points to close at 1,492.47, the parallel market Nomu slumped 104.49 points to end at 19,352.32. 

TASI’s total trading turnover on Monday was SR3.43 billion ($910 million), with 91 stocks of the listed 223 advancing and 111 falling back. 

Red Sea International Co. was the topmost gainer of the day, which rose 9.88 percent to SR27.80. The other top gainers were East Pipes Integrated Co. for Industry, Thob Al Aseel Co., Al-Rajhi Co. for Cooperative Insurance and Saudi Industrial Export Co. 

The worst performer on Monday was Tihama Advertising and Public Relations Co., which fell 4.75 percent to SR88.20. Utility major ACWA Power also slipped 3.6 percent to SR155.20. Other top decliners were Al Hammadi Holding, Arabian Centres Co. and Kingdom Holding Co. 

Among sectoral indices, 11 of the 21 listed on the stock exchange advanced while the rest declined. The Energy Index was the top performer as it rose 1.62 percent to 5,577.23. Three of the six constituent stocks closed higher, led by Saudi Aramco, which ascended 1.69 percent to close at SR33. 

However, Rabigh Refining and Petrochemical Co., also known as Petro Rabigh, took a 0.36 percent hit to close at SR11.80.  

The Utilities Index, however, dropped 2.11 percent to 7,299.07 to emerge as the worst-performing sector of the day, led by ACWA Power and followed by Alkhorayef Water and Power Technologies Co. and The Power and Water Utility Co. for Jubail and Yanbu. The last two tumbled by 1.48 percent and 0.83 percent, respectively. 

On the announcements front, Saudi Real Estate Co. informed the exchange on Jan. 23 that it signed a two-month memorandum of understanding with Al Tahaluf Real Estate Co. to establish a special purpose vehicle to develop 250 residential villa units within Al-Akaria Park Masterplan in Riyadh city, with an estimated total development cost of SR 377 million. SREC’s share price rose marginally higher to close at SR12.56. 

Moreover, Musharaka REIT Fund will pay a cash dividend of 2 percent, or SR0.20 a unit, totaling SR17.6 million, from July 1 to Dec. 31, 2022, according to a filing to Tadawul. Its share price descended 2.89 percent to SR8.39. 

Petro Rabigh announced on Monday the gradual start of operation of phase II units ahead of the previously set deadline. The company said the turnaround maintenance would ensure the safety and stability of future operations, the reliability of the company’s production plants and improved efficiency. 

Meanwhile, East Pipes Integrated Co. for Industry on Sunday sealed several contracts with NEOM at an estimated value of SR373 million. The steel pipes maker said the agreements, which entail the supply of steel water transmission pipelines to NEOM, are valid for 12 months. Its share price closed 5.18 percent higher on Monday to SR45.70. 


LEAP investment workshop uses Lego to encourage entrepreneurial culture change

LEAP investment workshop uses Lego to encourage entrepreneurial culture change
Updated 13 sec ago

LEAP investment workshop uses Lego to encourage entrepreneurial culture change

LEAP investment workshop uses Lego to encourage entrepreneurial culture change
  • David Gram-Hanssen of Diplomatic Rebels underscored importance of innovation and change while anticipating resistance
  • Workshop used Lego building blocks to demonstrate how a more experimental and entrepreneurial culture can be adopted

RIYADH: Interactive investment workshops were featured on the second day of LEAP’s second edition, with the spotlight falling on David Gram-Hanssen, co-founder of Diplomatic Rebels.

His workshop utilized Lego building blocks to help participants focus on the changes they can create in the future as they become diplomatic rebels in their respective industries.

He said: “Future success depends on the ability to explore and experiment. We all need to become even better at adapting to change.

“There’s a perfect storm of change happening right now geopolitically, environmentally, business-wise. Everything seems to be sort of moving, and over time that speed is only going to pick up.”

Diplomatic Rebels was a concept created out of the work of Lego’s radical innovation department, Future Lab.

It turned into a system and a way of thought that helped people navigate the bureaucracy of companies, sparking change in their offices and communities.

Gram-Hanssen, who previously worked at Lego Ventures, said companies needed to adopt this entrepreneurial culture.

He added: “At Lego we started saying as a mantra, radical is normal. It means that radical change and radical innovation is the new normal.

“We constantly have to move along and experiment and explore what is happening out there.”

He discussed what it means to be a diplomatic rebel, sparking innovation and positive change while anticipating resistance.

He said: “One of the things at Lego that we understood over time was when you’re working with radical innovation and trying to change things, it’s really hard work.

“One aspect to be mindful of is creating the necessary resilience in the teams you are working with.”

He explained that most entrepreneurs feel like they are constantly fighting the immune system of that existing environment.

He added: “They are trying to do something that doesn’t compute in the existing system.”

Gram-Hanssen gave his audience the task of building a Lego model to represent their work today and their vision for the future.

He also explained the concept of a “pretotype,” a predecessor of a prototype, which aims to gather data to aid faster testing, encouraging participants at the session to implement the concept in their daily lives.

He said: “The right question is not so much what is going to change and when, because it’s hard to foresee.

“Maybe the right question to ask is how do we take a lead on this change? What is it? What do we want to see in the world, and how do we put ourselves in front of this change?”


Nuclear energy offers ‘a golden opportunity’ to build a clean world

Nuclear energy offers ‘a golden opportunity’ to build a clean world
Updated 07 February 2023

Nuclear energy offers ‘a golden opportunity’ to build a clean world

Nuclear energy offers ‘a golden opportunity’ to build a clean world

RIYADH: Being a cost-effective and low-carbon solution, nuclear energy “offers a golden opportunity” to help build a clean world, according to the director general of the World Nuclear Association.

Sama Bilbao y Leon was speaking as a keynote speaker at the 44th IAEE International Conference in Riyadh on Tuesday. The top official said nuclear energy offers an opportunity to build a cleaner and more equitable world in which everyone has access to “clean, abundant and affordable round-the-clock energy and high quality of life.”

“As a low-carbon energy source, nuclear power can play a very important role, decarbonizing other difficult-to-able sectors,” she said.

The official said nuclear energy is certainly a cost-effective, low-carbon solution and a catalyst for economic development. It is more efficient than other sources when we think of energy transition, she added.

She, however, cautioned saying that much work is needed to deploy nuclear power with determination and speed.

Leon also pointed out that the current energy market is unstable, and there is a need to take a step back and adopt scientific approaches to make the sustainable energy transition a success.

Yousef Al-Ghamdi, executive director of strategic planning at the Saudi Electricity Co. noted that renewable energy will play an important role in energy transition, especially hydrogen energy.

Shihab Elborai, a partner at Strategy& Middle East, underscored the importance of technological advances to meet the challenges of climate change. He said recycling can help mitigate the climate effect and reduce carbon in the environment, therefore countries should invest in efficient technologies to improve the energy sector.

Peter Hartley, the George A. Peterkin Professor of Economics at Rice University, said natural gas is cheaper and a better option and as an energy source is going to stay. He added that nuclear energy is a costly affair.

Ayad Alamri, executive director for business development, at ACWA Power, said that PVC has a key role in clean energy management and distribution as we are aiming at a net-zero future.


Saudi, Hong Kong bourses sign MoU to explore listing opportunities

Saudi, Hong Kong bourses sign MoU to explore listing opportunities
Updated 07 February 2023

Saudi, Hong Kong bourses sign MoU to explore listing opportunities

Saudi, Hong Kong bourses sign MoU to explore listing opportunities

RIYADH: Saudi Tadawul Group Holding Co. has signed a memorandum of understanding with Hong Kong Exchanges and Clearing to work together to explore listing opportunities and collaborate in sectors such as fintech and environmental, social and governance, according to a tweet by the parent company of the Saudi Exchange.

The MoU reflected the HKEX’s “ongoing commitment to driving global connectivity and shaping a successful shared sustainable future,” said Nicolas Aguzin, CEO of the Hong Kong bourse operator.

“This MoU brings us one step closer toward enabling cross listings and other areas of collaboration between Saudi Arabia and Hong Kong,” Tadawul CEO Khalid Al-Hussan was quoted as saying by the Chinese media.

“As we seek to position the Saudi capital market as an investment hub between East and West, we are seeing increased interest from issuers and investors in Asia.”

 

 


Saudi Arabia-China Entrepreneur Association launched at LEAP

Saudi Arabia-China Entrepreneur Association launched at LEAP
Updated 07 February 2023

Saudi Arabia-China Entrepreneur Association launched at LEAP

Saudi Arabia-China Entrepreneur Association launched at LEAP

RIYADH: The Saudi Arabia-China Entrepreneur Association was launched at the LEAP 2023 conference in Riyadh on Tuesday.

The association — comprising over 100 Saudi and Chinese businesses, government entities, nongovernmental organizations, and academic institutions — seeks to boost cooperation between the private sectors on both sides along with bilateral ties at the government level. 

The nonprofit organization is supported by the Saudi Ministry of Communications and Information Technology and the Saudi Federation for Cybersecurity, Programming, and Drones. It will be operated by eWTP Arabia Capital.

“In line with Saudi Arabia’s Vision 2030, SCEA will enable cross-border investments and valuable collaborations,” said Jerry Li, founder and managing partner of eWTPA. 

The organization also plans to promote investment, encourage innovation, and develop social responsibility and public welfare.  

“China is a strategic partner for Saudi Arabia in terms of technology and innovation. Having worked closely with Alibaba and eWTPA for the last three years, I highly appreciate their efforts in contributing to the development of our local digital ecosystem,” said Faisal Al-Khamisi, chairman of the Saudi Federation for Cybersecurity, Programming, and Drones. 

Al-Khamisi added: “This association will take our collaboration to the next level and provide the broader Saudi-China business community with a forum to share valuable experiences.”   


Jordanian-Iraqi business forum to start Wednesday in Baghdad

Jordanian-Iraqi business forum to start Wednesday in Baghdad
Updated 07 February 2023

Jordanian-Iraqi business forum to start Wednesday in Baghdad

Jordanian-Iraqi business forum to start Wednesday in Baghdad
  • 3-day conference being held under title ‘Partnership for the Future’
  • Jordanian delegation to include company representatives from range of sectors

AMMAN: A Jordanian-Iraqi business forum will on Wednesday get underway in Baghdad with company representatives and investors from both countries taking part.
The Jordan Chambers of Commerce and Industry and the Jordanian Businessmen Association are co-organizing the three-day event, which is being held under the title “Partnership for the Future,” the Jordan News Agency reported on Tuesday.
The participating Jordanian delegation will include representatives of firms operating in various economic sectors including foodstuffs, communications, information technology, medicines, clothing, financial and banking services, insurance, construction, contracting, real estate development, tourism, agriculture, mining, and plastics industries.
In regard to the current global economic situation, the forum will provide a chance for the private sectors of Jordan and Iraq to work together and make the most of the opportunities available, advancing the strategic goals and common interests of the two countries.
The forum will be held concurrently with the joint Jordanian-Iraqi committee meetings and will feature bilateral talks between Jordanian and Iraqi business leaders as well as an overview of investment opportunities in Jordan.
The Jordanian party will be one of the biggest economic delegations to visit Baghdad, reflecting Amman’s desire to forge close economic ties with Iraq and support initiatives launched by King Abdullah II and the Iraqi leadership.