Closing bell: TASI plunges 143 points to close at 10,589 

TASI’s total trading turnover of the benchmark index was SR3.77 billion ($1 billion), with 46 stocks of the listed 224 advancing and 172 retreating. 
TASI’s total trading turnover of the benchmark index was SR3.77 billion ($1 billion), with 46 stocks of the listed 224 advancing and 172 retreating. 
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Updated 05 February 2023

Closing bell: TASI plunges 143 points to close at 10,589 

Closing bell: TASI plunges 143 points to close at 10,589 

RIYADH: Saudi Arabia’s Tadawul All Share Index on Sunday lost 143.21 points — or 1.34 percent — to close at 10,588.58. 

MSCI Tadawul 30 Index dropped 1.45 percent to 1,454.10, while the parallel market, Nomu, slipped 0.48 percent to 18,905.15. 

TASI’s total trading turnover of the benchmark index was SR3.77 billion ($1 billion), with 46 stocks of the listed 224 advancing and 172 retreating. 

The worst performer was Al Yamamah Steel Industries Co., which crashed 5.06 percent to SR22.90. Other stocks that performed poorly were Saudi Printing and Packaging Co., Saudi Arabian Amiantit Co., Halwani Bros. Co. and Arabian Pipes Co. — all falling in the 4 percent range. 

Americana Restaurants International PLC was the top gainer, rising 4.76 percent in the week's first trading session to SR3.74.  

The other top gainers were Makkah Construction and Development Co., Buruj Cooperative Insurance Co., Amana Cooperative Insurance Co. and Salama Cooperative Insurance Co. 

Among sectoral indices, 18 of the 21 listed on the stock exchange declined, while the rest advanced. 

The Software & Services Index took the biggest hit plunging 1,104.79 points to close at 39,941.28. 

On the announcements front, Etihad Atheeb Telecommunication Co. informed the stock exchange that it booked a net profit of SR13 million in the nine-month period that ended on Dec. 31, 2022, from a net loss of SR 29.2 million in the year-ago period.  

The profit was driven by higher revenue, lower allowance for impairment in trade receivables, lower general and administrative expenses, and financial charges. 

The telco turned to a net profit of SR 8 million in the third quarter of 2022-2023, against a net loss of SR7.37 million a year earlier. Its share price fell 0.14 percent to SR69.90. 

Al Moammar Information Systems announced that it was awarded a project with a legal entity on Jan. 29 for SR42.4 million, including value added tax.  

The project includes the renewal of the technical support service for infrastructure systems, and the company expects to sign the contract on Feb. 28, it said in a statement. Its share price fell 0.43 percent to SR93.60. 

Meanwhile, Saudi Industrial Investment Group disclosed that the unplanned maintenance works in its subsidiary, Saudi Polymers Co., are still ongoing due to the nature of the mechanical repairs, which require additional downtime to guarantee safe and reliable operations.  

SIIG said that it expects to restart its operation a week later. Its share price fell 2.71 percent to SR22.28. 

Meanwhile, Batic Investments and Logistics Co.’s fully-owned subsidiary, Batic Real Estate Co., said, on Feb. 2, that it received the approval of Madinah Municipality to develop the Al-Khuzama residential neighborhood community. Its share price stayed flat at SR23.44. 


NEOM sets ambitious target to preserve natural environment

NEOM sets ambitious target to preserve natural environment
Updated 11 sec ago

NEOM sets ambitious target to preserve natural environment

NEOM sets ambitious target to preserve natural environment

RIYADH: As part of Saudi Arabia’s efforts to protect the environment and promote sustainable living, NEOM has pledged to allocate 95 percent of its total area for preservation.

It will also develop a facility in Al-Asilah to preserve the Arabian oryx, the Arabian sand gazelle, the mountain gazelle, and the ibex.

The reserve will be home to one of the biggest wildlife restoration programs in the world and will allow visitors to learn about NEOM’s programs for the development and rehabilitation of vegetation and wildlife.

The announcement was made at the second Tabuk Forum, which was organized by NEOM.

During the forum, NEOM officials highlighted various programs it is currently undertaking in different areas such as social responsibility, sports, tourism, media, career guidance management, human resources, contracts and purchases, hospitality, education, and scholarships.

Saudi Arabia is expanding its ambitions through projects such as The Line in NEOM, a zero-car environment that is part of a 100 percent sustainable transport system.

The city will be 200 meters wide, 170 km long, and rise 500 meters above sea level and will contribute to conserving 95 percent of NEOM’s land and support environmental sustainability.

Its design is based on a new concept of zero-gravity urbanism, the idea of layering city functions vertically while enabling inhabitants to move seamlessly in the city in three directions — up, down, and across — offering quick access to offices, schools, parks, and residential facilities.

The Line’s unique modular design ensures that all facilities and amenities can be accessed within a five-minute walk.

Using an innovative design that requires minimal space and less water, hydroponics gardens will grow fruit, vegetables, and flowers in half the time of traditional agriculture methods.

NEOM has several ongoing megaprojects, one of them being Trojena, a year-round winter sports complex designed by Iraqi British architect Zaha Hadid. And what will be the first outdoor ski resort in the Gulf Cooperation Council region, is set to host the Asian Winter Games in 2029.

Another megaproject is Sindalah Island, a luxury tourist destination.


Global investment in clean energy to reach over $1.7tn in 2023: IEA

Global investment in clean energy to reach over $1.7tn in 2023: IEA
Updated 14 min 46 sec ago

Global investment in clean energy to reach over $1.7tn in 2023: IEA

Global investment in clean energy to reach over $1.7tn in 2023: IEA

RIYADH: As efforts to mitigate the effects of climate change gather pace around the world, investment in clean energy is also witnessing a surge and is expected to reach more than $1.7 trillion in 2023, according to the International Energy Agency.

In its latest report, the IEA said the global energy sector is likely to record investment worth around $2.8 trillion this year of which 60.7 percent will go toward clean technologies.

As security and affordability issues brought on by the global energy crisis gain strength, spending on clean energy technologies will outpace spending on fossil fuels, the report predicted.

Green energy includes renewables, electric vehicles, nuclear power, low-emissions fuels, efficiency improvements, and heat pumps.

According to the report, the leftover global energy investments — slightly over $1 trillion — will go toward coal, gas, and oil.

“Clean energy is moving fast — faster than many people realize. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels,” said IEA Executive Director Fatih Birol.

He added: “For every dollar invested in fossil fuels, about $1.7 are now going into clean energy. Five years ago, this ratio was one-to-one.”

The report also predicted that in 2023, spending on solar power is due to hit more than $1 billion a day or $382 billion for the year, while investment in oil production will stand at $371 billion.

From 2021 to 2023, annual investments in clean energy are projected to rise by 24 percent, driven by renewables and electric cars, compared to a 15 percent increase in investments in fossil fuels during the same time frame.

The report noted that over 90 percent of this increase emanates from developed nations and China. This poses a severe threat of creating new energy divides if renewable energy transitions do not accelerate elsewhere.

The IEA attributed the stimulated investments in clean energy in recent years to rapid economic expansion and erratic fossil fuel prices that fueled worries about energy security, particularly in the wake of the Ukraine crisis.

Other factors impacting the jump in investments in clean energy include significant policy support through initiatives in Europe, Japan, China, and other regions as well as the US Inflation Reduction Act.   


Saudi Fund for Development inks loan deals worth $16m with Saint Vincent and the Grenadines

Saudi Fund for Development inks loan deals worth $16m with Saint Vincent and the Grenadines
Updated 28 May 2023

Saudi Fund for Development inks loan deals worth $16m with Saint Vincent and the Grenadines

Saudi Fund for Development inks loan deals worth $16m with Saint Vincent and the Grenadines

RIYADH: A new primary care center and a cultural facility are set to be established in the Caribbean island nation of Saint Vincent and the Grenadines thanks to two development loan agreements worth $16 million. 

Signed by the Saudi Fund for Development, the two new agreements are part of the Kingdom’s framework to support the advancement in developing countries and small island developing states worldwide.

The first agreement will oversee the construction of a primary care center in South Rivers for $6 million, the Saudi Press Agency reported. 

The primary care center aims to improve the quality and resilience of the healthcare sector in the island nation while ensuring that locals have access to the necessary health services. 

It will also help in reducing chronic diseases as well as reducing mortality rates in the region.

The project is expected to create direct and indirect job opportunities and train medical staff. 

Meanwhile, the second agreement worth $10 million was allocated to construct a cultural center and a market for craft and agricultural products in Belle Vue.

The project will promote the country’s craft, handicraft, cultural and creative industries. 

It will also significantly promote tourism, social and cultural growth, and public health.

Together, the two projects will contribute to achieving the UN Sustainable Development Goals, specifically good health, well-being, decent work and economic growth.

“We look forward, through the signing of these two agreements, to opening horizons for development cooperation with the Kingdom of Saudi Arabia and strengthening close relations between the two countries,” Prime Minister of Saint Vincent and the Grenadines Ralph Gonsalves said.

SDF Chairman Ahmed Aqeel Al-Khateeb and Camillo Gonsalves, the minister of finance, economic planning and information technology of the island nation, signed the agreements.

Founded in 1974, the SFD has implemented over 700 projects and development programs in 85 countries worldwide. 


Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz

Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz
Updated 28 May 2023

Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz

Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz

CAIRO: Saudi venture capital firms are bolstering the regional startup funding landscape, with Nama Ventures and RAZ Group leading the investment round to support the expansion of the UAE-based logistics startup Cargoz in the Kingdom. 

Cargoz, often called the Airbnb for commercial warehousing, has secured an undisclosed amount in bridge funding from Nama Ventures, RAZ Group and a select few angel investors from the UAE and the Kingdom who are players in the logistics industry. 

The company, founded in 2022 by Premlal Pullisserry and Lijo Antony, offers a platform that connects small and medium enterprises with warehouse companies for short-term contracts. 

According to the press release, the company plans to utilize the funds to spur growth in the UAE and prepare for a soft launch in Riyadh by the third quarter of this year. 

Cargoz has reported significant growth over the last eight to nine months, indicating that it addresses a substantial market issue. 

“We underestimated the pain of finding on-demand storage for SMEs and how broken and stressful that experience was,” Cargoz stated in the press release. 

Nama Ventures, known for its 29 investments, including notable startups like Muqbis, Punt Partners and Faceki, expressed great enthusiasm about backing Cargoz. 

“Nothing makes us more excited at Nama Ventures than seeing founders as complementary as Premlal and Lijo. Premlal breaths logistics; his depth of the space and his understanding of the pains in the space are unparalleled. Lijo, on the other hand, is a coder’s coder; he is very well versed in tech space and knows how to build tech products,” said Mohammed Alzubi, founder and managing partner of Nama Ventures. 

In August 2022, Nama Ventures also led Cargoz’s pre-seed funding round with an undisclosed amount used to foster growth in the UAE. 


China’s 1st homemade passenger plane completes maiden commercial flight

China’s 1st homemade passenger plane completes maiden commercial flight
Updated 28 May 2023

China’s 1st homemade passenger plane completes maiden commercial flight

China’s 1st homemade passenger plane completes maiden commercial flight

BEIJING: China’s first domestically made passenger jet flew its maiden commercial flight on Sunday as China looks to compete with industry giants such as Boeing and Airbus in the global aircraft market.

The C919 plane, built by the Commercial Aviation Corporation of China, carried about 130 passengers on the flight, according to the state-owned newspaper China Daily. The jet took off Sunday morning from Shanghai Hongqiao Airport and landed in Beijing less than two hours later.

The flight was operated by state-owned China Eastern Airlines, and the side of the plane was emblazoned with the words: “The World’s First C919.”

The inaugural flight comes as COMAC looks to break into the single-aisle jet market in a direct challenge to Airbus and Boeing. Airbus’s A320 and Boeing’s B737 jets are the most popular aircraft for domestic and regional flights.

While COMAC designed many of the C919’s parts, some of its key components, including its engine, are still sourced from the West.

According to state media reports, the company plans to build 150 C919 planes yearly for the next five years.

The C919, which has been in development for 16 years, has a maximum range of about 3,500 miles and is designed to carry between 158 and 168 passengers.

Over 1,200 C919 jetliners have been ordered, COMAC says, with China Eastern Airlines under contract to buy five of them.