Closing bell: TASI rises 181 points to close at 10,158  

Closing bell: TASI rises 181 points to close at 10,158  
While MSCI Tadawul 30 Index dropped 2.23 percent to 1,377.21, the parallel market, Nomu, edged down slightly by 0.18 percent to 18,977.13.  (Shutterstock)
Short Url
Updated 19 March 2023

Closing bell: TASI rises 181 points to close at 10,158  

Closing bell: TASI rises 181 points to close at 10,158  

RIYADH: Saudi Arabia’s Tadawul All Share Index increased 181.08 points on Sunday – or 1.82 percent – to close at 10,157.73 compared to its previous closing at 9,976.65.  

While MSCI Tadawul 30 Index dropped 2.23 percent to 1,377.21, the parallel market, Nomu, edged down slightly by 0.18 percent to 18,977.13.  

TASI’s total trading turnover of the benchmark index was SR7.6 billion ($2.02 billion) as 52 stocks of the listed 224 advanced and 162 receded.   

Balady Poultry, which began trading today on Nomu, opened at SR118.20 per share and stayed unchanged at the closing, before registering a 29.89 percent increase over the previous close of SR91 per share.  

Themar Development Holding Co. was the biggest gainer of the day, closing the trading session up 8.86 percent at SR39.95   

The next best performer was Jabal Omar Development Co., up 7.86 percent to SR20.56.  

Amlak International Finance Co. was the third-best performer, rising 5.60 percent to SR15.14.  

Other top performers of the day were Gulf Insurance Group and Makkah Construction and Development Co.  

The biggest faller of the day was Arabian Drilling Co., down 4.49 percent to SR136, as it reported a net profit of SR557.7 million for 2022, up 103.84 percent compared to 2021. The company also reported a 22.94 percent increase in revenues to SR2.7 billion compared to 2021.  

Arabian Drilling attributed the results to a strong oil drilling demand resulting in higher drilling utilization and an increase in day rate, notably in the offshore segment  

Meanwhile, the shares of Canadian Medical Center Co., which reported today a net profit rise of 11.31 percent to SR15.6 billion for 2022, close at SR43.3.  

The company also announced a 5 percent cash dividend for the second half of 2022 distributing SR3.8 million, representing SR0.5 dividend per share. The medical company’s shares closed 1.59 percent down at SR43.3.  

AlSaif Stores for Development and Investment Co., which also announced its financial results for 2022 on Thursday, reported a net profit of SR129 million, down 29.81 percent compared to 2021. Its distribution of cash dividends for the last quarter of 2022 were SR35 million, accounting for SR1 per share.  

Additionally, City Cement Co., posed a 28.24 percent decline in net profit to SR115 million compared to SR160 million the year before.  Its revenues fell 13.15 percent to SR431.3 million. In addition, the company announced offering 5 percent of the capital as dividends for the second half of 2022. Despite its negative results, the company’s share closed 0.58 percent up at SR20.66. 

Meanwhile, Saudi Chemical Co. reported a 14.29 percent increase in net profit to SR80 million while its revenue increased 8.36 percent to almost SR3.7 billion compared to the year before. The company’s share closed slightly down to SR28.3. Its revenues increased due to better pharma and explosive sector sales, as well as an increase in gross profit  

On the other hand, the shares of Group Five Pipe Saudi Co. fell 9.04 percent to SR20.92. This was driven by its 64.04 percent decrease in its revenues to SR230.5 million from SR641 million in 2021. 


NEOM claims first position in Forbes’ top 10 future Saudi companies  

NEOM claims first position in Forbes’ top 10 future Saudi companies  
Updated 9 sec ago

NEOM claims first position in Forbes’ top 10 future Saudi companies  

NEOM claims first position in Forbes’ top 10 future Saudi companies  

RIYADH: Saudi Arabia’s $500 billion signature giga-project NEOM has claimed the top position in Forbes’ new list of Top 10 Economies of the Future Companies in Saudi Arabia. 

NEOM is part of 40 firms that are divided into four categories by Forbes to highlight the Kingdom’s most progressive firms.  

Prepared in partnership with Saudi Arabia’s Research, Development, and Innovation Authority, the report includes the 10 most innovative companies in Saudi Arabia, with NEOM claiming the third position in this category.  

The report noted that the city relies heavily on 5G hyperconnectivity, Artificial Intelligence, robotics, purpose-built data centers, big data analytics, augmented virtual reality, and automated guided vehicles within its mega projects: Trojena, Oxagon, and THE LINE. 

It added that the Saudi crown prince has invested $1 billion in AI, including a metaverse platform in 2022, through NEOM Tech & Digital Co. 

“The Saudi Arabian government — with the support of major telecom and large industrial companies — has been developing the country’s innovation ecosystem, and these efforts are starting to show results,” said Forbes.    

The Saudi Telecom Co., also known as stc, was revealed as the Kingdom’s second Economy of the Future Co., whereas Al Rajhi Bank came in third.   

The Saudi Arabian Oil Co., also known as Saudi Aramco, led the way as the most innovative company as well as the top energy and industrial leadership company, according to the Forbes report.   

With 70 percent of its shares owned by Aramco, the Saudi chemical manufacturing company SABIC came in second in innovation and energy and industrial leadership in 2022.   

"Saudi Arabia is on the way to becoming a global innovation powerhouse, it has all the ingredients in place: World-class infrastructure, a young, educated workforce, large companies with big pockets, and supportive leadership,” added Forbes.  


GAMI launches new platform to boost foreign investment in Kingdom’s defense sector

GAMI launches new platform to boost foreign investment in Kingdom’s defense sector
Updated 1 min 42 sec ago

GAMI launches new platform to boost foreign investment in Kingdom’s defense sector

GAMI launches new platform to boost foreign investment in Kingdom’s defense sector

RIYADH: The General Authority for Military Industries has launched a new platform through which local and international investors will be able to access opportunities in Saudi Arabia’s defense industry.  

The Military Industries Enabler initiative will give investors a background of the sector in the Kingdom, including policies, procedures, demand, and incentives.

Ahmed Al-Ohali, Governor of GAMI, told Arab News: “Our objective is to build a very robust, sustainable, defense industry with technologies in Saudi Arabia, satisfying the needs of the defense and security entities, satisfying our aspiration of human capital Saudization in this defense industry, and also satisfying our ambition into bringing huge investment to contribute to the GDP (gross domestic product) by 2030.”

The launch of the platform acts as an integral step for the Kingdom as it seeks to create an attractive investment environment for entities in Saudi Arabia or abroad with plans to venture into the defense industry.

With the goal of elevating the investment process, integrating with relevant sectors, and various inclusive services, the initiative targets organizations within the sector, as well as individuals and governmental institutions.

Al-Ohali said: “The defense industry in Saudi Arabia is a new industry, so we are building the infrastructure for the success of this industry… We made it very clear that whoever wants to invest in the Saudi industry, a Saudi investor or a foreign investor, will be treated equally as long as they fulfill their obligations and commitment to the areas.”

Investors will be able to access various services including military licenses, enablers, general force planning, and a library of military specifications and standards through the Military Industries Enabler platform.

GAMI has incentivised governmental investment in Saudi’s defense industry through funding programs, guaranteeing export insurance, bolstering education costs and qualifying human resources.

It has also removed VAT costs, is supporting small and medium enterprises, and ensuring a government procurement system.

Al-Ohali said: “(The platform) contains all the policies and procedures that will clarify to the investors the demand for certain products, armaments, over the next 10 years. 

He went on: “(The incentives) includes some financial incentives, grants, for example technology and strategic products, which includes interest-free loans for certain products. 

“It contains also regular loans by SIDF (Saudi Industrial Development Fund). These incentives also include zero VAT for local manufacturing, human capital development, training, scholarships in the Kingdom and out of the Kingdom.”

GAMI is in the process of establishing a coordination committee for military industries with private and public sectors, aiming to enhance communication, exchange knowledge and experience, and contribute to the localization of strategic military industries and technologies, the Governor mentioned during the event.

The defense sector has significantly transformed since the establishment of the Authority in 2017, where 349 constituent permits and licenses were issued for 194 facilities operating in Saudi’s military defense sector.

In 2018, the localization rate within the sector was a mere 2 percent, and has increased to 13.7 percent of the total military services and equipment by the end of 2022.

There are currently 62 service capabilities in the sector across the maritime, land, armament, and advanced interactive electronic fields, and over 74 dedicated investment opportunities in the supply chain project estimated at SR270 million ($71.87 million).

Al-Ohali said: “They’ll find it a very comprehensive platform that gives them a very clear picture of the defense industry in Saudi Arabia, from policies and procedures, demand and incentives.”


NEOM’s ENOWA signs agreement to establish first hydrogen fueling station 

NEOM’s ENOWA signs agreement to establish first hydrogen fueling station 
Updated 20 March 2023

NEOM’s ENOWA signs agreement to establish first hydrogen fueling station 

NEOM’s ENOWA signs agreement to establish first hydrogen fueling station 

RIYADH: NEOM’s water and electricity subsidiary ENOWA has signed an agreement with Air Products Qudra to build, own, and operate the giga-project’s first hydrogen fueling station. 

Construction on the facility is set to commence in the second half of the year and will help decarbonize heavy modes of transport covering buses and trucks, according to Air Products Qudra’s website. 

“We look forward to contributing our world-leading hydrogen expertise and fueling technology in support of NEOM’s decarbonization goals,” said Ebubekir Koyuncu, Air Products Qudra’s CEO, adding: “Producing and distributing clean hydrogen energy solutions for use in heavy-duty fuel cell vehicles, as well as industrial applications and energy storage, is part of our DNA.”

Air Products Qudra will support NEOM’s environmental development goals by providing a large-scale decarbonizing solution as well as the critical infrastructure for sustainability. 

Peter Terium, CEO of ENOWA, said: “We are delighted to partner with Air Products Qudra in providing hydrogen-powered mobility solutions. Jointly we accelerate innovations in clean technologies fueled by green hydrogen, and we contribute to hydrogen mobility markets and a sustainable future of global decarbonization.”  

NEOM is Saudi Arabia’s $500 billion giga-city that aims to change the traditional residential and work lifestyle through eco-friendly activity, while ENOWA acts as an incubator for developing new, sustainable energy and water businesses while boosting the economic sector regionally.   

Air Products Qudra is a joint venture between development and investment company Air Products Middle East and Qudra Energy, which is Vision Invest’s industrial gasses and composites arm. 

The company also signed a memorandum of understanding last year with the Royal Commission for Jubail to establish the first hydrogen fuel station in Jubail.


SAMA grants Saudi firm license for finance aggregation services 

SAMA grants Saudi firm license for finance aggregation services 
Updated 20 March 2023

SAMA grants Saudi firm license for finance aggregation services 

SAMA grants Saudi firm license for finance aggregation services 

RIYADH: The Saudi Central Bank has granted Creative Future for Digital Brokerage a license to carry out finance aggregation services in the Kingdom.

The Saudi-based company will provide services through its platform that connects financing companies with clients based on credit obligation and solvency to offer them customized finance solutions. 

This is part of an initiative by the central bank – also known as SAMA – to entice a new segment of investors and companies that can bring added value to the sector while maintaining full adherence to the regulations and guidelines set by the bank. 

“SAMA reiterates its commitment to support the financial sector and FinTech for enhancing operational efficiency to promote financial inclusion for the various segments of the society in the Kingdom,” said a statement on the bank’s website. 

The licensing terms fall under SAMA’s Rules of Licensing Finance Support Activities that control and monitor related activities. 

The granting of licenses comes after Creative Future for Digital Brokerage successfully passed testing its digital solutions in SAMA’s regulatory sandbox – an experimental environment dedicated to innovative financial products and services in Saudi Arabia. 

“Granting licenses to Finance Aggregation Service Providers is a step towards achieving the objectives of the FinTech Strategy in its pursuit to be among the leading countries in FinTech,” SAMA’s website stated.

The bank’s licensing of fintech companies contributes to achieving the objectives of the Financial Development Sector strategy aligned with Vision 2030. 

The strategy, published last year, aims to bring the total number of operating fintech companies to 150 by the end of 2023 and to 525 by 2030. 

Last month, Riyadh-based fintech firm Raqamyah received a license from SAMA, to offer its debt-based crowdlending solutions to small and medium enterprises.  

The bank has been keen to promote financial stability in the Kingdom and drive economic growth through the development of the fintech sector. 

The strategy also pointed out that fintech is set to contribute to 20 percent of total foreign investments in the Kingdom. 

“The Kingdom's aspirations to become a global leader in the financial technology sector must be supported by a strategy that focuses on managing the financial transformation of the financial sector to achieve a long-term economic impact,” the strategy stated. 


Saudi Arabia hosts 120m event visitors as entertainment industry gains momentum  

Saudi Arabia hosts 120m event visitors as entertainment industry gains momentum  
Updated 20 March 2023

Saudi Arabia hosts 120m event visitors as entertainment industry gains momentum  

Saudi Arabia hosts 120m event visitors as entertainment industry gains momentum  

RIYADH: Saudi Arabia is fast becoming one of the leading entertainment hubs in the region, with the Kingdom hosting over 120 million people at events in the last four years, according to the chairman of the General Entertainment Authority.

Turki Al-Sheikh acknowledged that the backing received from the Crown Prince and Prime Minister Mohammed bin Salman for this crucial sector has resulted in GEA receiving numerous Guinness World Records certificates. 

He added that this paved the way for a significant number of employment opportunities in the Kingdom’s entertainment sector.    

This comes as the authority issued 11,136 licenses for a range of entertainment and supporting events following the launch of the new licensing system in August 2019, reported the Saudi Press Agency.   

Saudi Arabia’s new online system was created to simplify the process of applying for entertainment licenses.   

“The purpose of offering this range of licenses is to encourage investment in the entertainment sector, which is a vital and promising sector,” Sultan Al-Fakeer, the GEA’s chief operations officer said at the time of the launch.  

He added that the novel platform offers a clear and simple system through which to apply for the licenses.  

The permits are part of the efforts the Kingdom is making to stimulate investment in the entertainment sector and enhance economic activity to help achieve the strategic objectives of Vision 2030. 

The authority also put together the second edition of the International Qur’an and Adhan Competition — the largest of its kind in the world — during that period, stated Al-Sheikh.   

The event saw over 50,000 contestants, from 165 countries of the world, registering to participate in the competition when registration was opened in January this year.   

The GEA has provided prizes worth a total of SR12 million ($3.19 million), the largest prize money for such a competition globally.   

The chairman further noted that the total activities, taking in events, entertainment shows and live shows in restaurants and cafes, was around 8,732 from 2019 to the first quarter of 2023. As for the number of event days, they exceeded 76,000 with more than 1,381 concerts.   

He also added that a total of 470 entertainment destinations have been licensed in 42 cities and governorates around the country. This is in addition to around 1,402 restaurants with at least 3,728 permits that have been licensed in 50 cities and governorates in Saudi Arabia.   

Also, during that period, around 3,738 institutions regarding recreational and support activities have been issued licenses, 82 plays were held with 350 theatrical performances, and over 6,610 talented performers were permitted to take part in events.