Closing Bell: Saudi TASI records 1.23% rise to close at 11,913
Closing Bell: Saudi TASI records 1.23% rise to close at 11,913/node/2574288/business-economy
Closing Bell: Saudi TASI records 1.23% rise to close at 11,913
The index’s top performer, Al Majed Oud Co., saw a 30% increase in its share price to close at SR122.20, thanks to a strong financial performance during the first half of the year. Shutterstock
Closing Bell: Saudi TASI records 1.23% rise to close at 11,913
MSCI Tadawul Index increased by 17.08 points, or 1.16%, to close at 1,492
Parallel market Nomu slipped, losing 6.79 points, or 0.03%, to close at 24,649.17
Updated 07 October 2024
Nour El-Shaeri
RIYADH: Saudi Arabia’s Tadawul All Share Index rose by 1.23 percent to reach 11,913.62 points on Monday mainly driven by a significant growth in Al Majed Oud Co.’s stock price alongside other top performers.
The total trading turnover of the benchmark index was SR7.02 billion ($1.87 billion), as 185 of the listed stocks advanced, while 45 retreated.
The MSCI Tadawul Index increased by 17.08 points, or 1.16 percent, to close at 1,492.
The Kingdom’s parallel market Nomu slipped, losing 6.79 points, or 0.03 percent, to close at 24,649.17 points. This comes as 44 of the listed stocks advanced, while as many as 23 retreated.
TASI also recorded one of the best intraday highs since June, reaching 1.5 percent growth.
The index’s top performer, Al Majed Oud Co., saw a 30 percent increase in its share price to close at SR122.20, thanks to a strong financial performance during the first half of the year.
The perfume manufacturer recorded SR513 million in sales, a 21 percent increase compared to the year before. The company also saw an 18.2 percent increase in net profit to reach SR119.5 million, according to a bourse filing.
The firm attributed the growth in sales and net profit to a rise in the number of stores and the full presence of the Hajj season, unlike the same period of the previous year.
Other top performers included Al-Baha Investment and Development Co. and Al-Omran Industrial Trading Co., with share prices rising by 10 percent to SR0.33 and 9.94 percent to SR39.25, respectively.
Red Sea International Co. and Anaam International Holding Group also recorded positive trajectories today, with share prices rising by 9.88 percent to SR65.60 and 9.52 percent to SR1.38, respectively.
Other Tadawul announcements include Almarai Co.’s acquisition of Hammoudeh Food Industries, a Jordanian dairy and cheese producer.
Almarai Co. will acquire Hammoudeh through its subsidiary Teeba Investment for SR263 million, subject to adjustments. The move aims to strengthen Almarai’s presence in Jordan, aligning with its broader growth strategy of expanding within core markets.
The acquisition will be financed through Almarai’s internal cash flows and remains contingent on meeting contractual conditions and receiving regulatory approvals in both Saudi Arabia and Jordan.
This transaction is expected to expand Almarai’s regional operations, enhance its product range, and leverage operational scale for increased growth and profitability.
The Saudi dairy and cheese giant saw a 1.62 percent increase in its share price to close its Monday trading at SR56.50.
Rasan Information Technology Co. has also announced a board recommendation to increase its capital from SR75.8 million to SR77.5 million by capitalizing retained earnings.
This increase includes the issuance of 1.7 million ordinary shares allocated to an employee share program as part of a long-term incentive plan.
The recommendation will be subject to approval by the upcoming Extraordinary General Assembly, the date of which will be announced after securing the required regulatory approvals.
Rasan Information Technology Co. closed the day with a 5.17 percent increase in its share price to reach SR61.
KAUST drives Vision 2030 with groundbreaking sustainability efforts
Updated 11 sec ago
Nadin Hasssan
RIYADH: With a vision that merges innovative research and practical solutions, King Abdullah University of Science and Technology is shaping the future of Saudi Arabia by tackling sustainability challenges and driving economic innovation.
Speaking to Arab News on the sidelines of UN Convention to Combat Desertification COP16 in Riyadh,
Sir Edward Byrne, president of KAUST.
, emphasized the university’s critical role in achieving the Kingdom’s ambitious goals.
“KAUST has two major contributions to make: brilliant science to validate the principles and the direction forward, and technology implementation to enable the journey,” he said.
KAUST’s Accelerating Impact Strategy focuses on translating research into practical innovations, directly aligning with Vision 2030.
The university’s initiatives are addressing pressing environmental challenges, fostering economic development, and positioning KAUST as a global research leader.
“We have several hundred projects currently geared to the environmental needs of the Kingdom,” Byrne said.
Turning vision into reality
KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to Saudi Arabia’s future.
The university’s Center for Sustainable Food Production is developing salt-resistant crops and advanced soil technologies to enhance dryland farming.
“Our researchers are making better soil that holds water, enabling efficient farming with minimal resources,” Byrne said.
In energy, KAUST is pioneering clean energy generation and battery storage solutions.
“We’ve signed a memorandum on cryogenic carbon capture with the Ministry of Energy, showing how we can safely store carbon while transitioning to a diverse energy mix,” Byrne said.
These innovations are not years away but are being developed and implemented now, benefiting both the Kingdom and the global community.
Water sustainability is another priority. KAUST is exploring methods to reduce the energy cost of desalination by up to 90 percent. “Generating water is incredibly energy-intensive,” Byrne said.
He added: “We’re looking at ways to make it far more efficient, which is crucial for the Kingdom’s sustainability goals.”
KAUST’s contributions extend beyond the lab and into real-world applications, as Byrne highlighted partnerships with key entities such as SABIC, Saudi Aramco, and the Saudi Electricity Co., which are leveraging KAUST’s expertise to scale transformative technologies.
Research backed by collaboration
Prof. Sami Al-Ghamdi, a leading expert in environmental impact research at KAUST, highlighted the importance of collaboration.
“Addressing sustainability and environmental issues requires partnerships,” Al-Ghamdi said.
He added: “We work with ministries, companies like NEOM, and stakeholders to ensure our research translates into actionable solutions.”
Al-Ghamdi stressed KAUST’s role in bridging the gap between science and implementation stating: “We don’t just create academic papers. We develop solutions that can be applied locally, nationally, and internationally.”
For example, KAUST is advancing the Red Sea research agenda, previously underexplored, to tackle global challenges related to energy, water, and food security.
Through startups and innovations, the university is driving real-world applications of its research.
“We’re transforming lab research into market-ready solutions, addressing issues like climate and environmental sustainability,” Al-Ghamdi said.
He pointed out that KAUST is also playing a significant role in promoting green jobs, aligning with global trends in sustainability-focused employment.
Monitoring sustainability
Prof. Matthew McCabe is at the forefront of KAUST’s Earth Observation Dashboard, a tool that monitors land degradation and restoration in real-time.
Prof. Matthew McCabe.
“We are looking for planetary variables that we can turn data into actionable intelligence. And that’s going to be of use for things like the Saudi Green Initiative and the African Forest Restoration Project,” McCabe said.
The dashboard provides independent verification of restoration efforts, a critical need as global agreements like the Kunming-Montreal Protocol call for restoring 30 percent of land by 2030.
“You will be aware that in COP there’s a number of targets and policies that have been signed by representative countries. The Kunming-Montreal Protocol, for instance, calls for the restoration of 30 percent of land by 2030,” McCabe said.
He continued: “Their targets and signatures on pages. What we actually need is independent verification that these activities and actions are actually happening. The beauty of having a platform in space is that it can see everything. It sees everywhere. There’s no country that it’s not passing over at some point in time.”
McCabe underscored the economic benefits of restoring ecosystems noting: “I think having a healthy environment is the centerpiece of a prosperous economy. Full stop, so certainly there's going to be a huge explosion in green jobs.”
The platform’s capabilities extend beyond Saudi Arabia. “We’re using lessons learned here to support large-scale projects like Africa’s AFA100, which aims to restore 100 million hectares,” McCabe stated.
He added: “We have shown we can get these actionable insights, turning data into knowledge. We’ve shown that we can do that here in the Kingdom. What we want to do is translate and scale that to everywhere, and we’re working with partners around the world.”
This scalability ensures that innovations developed at KAUST can benefit global environmental restoration initiatives.
Addressing land degradation
In another interview with Arab News, Prof. Fernando Maestre’s work focused on land conservation through SAUDINet, a network dedicated to sustainable land management, stressed that land is fundamental for achieving sustainability.
“Our projects improve restoration activities and monitor biodiversity and carbon sequestration across Saudi ecosystems,” Maestre said.
One critical gap Maestre’s team is addressing is the lack of data on soil organic carbon in arid regions.
“There is a lack of data from Saudi Arabia, for instance, and for many other arid and hyperactive regions. One of the key objectives of our research program is to contribute to fill this gap, providing reliable data obtaining and standardize manner across major Saudi ecosystems on soil carbon,” he said.
Maestre added: “Another key component for research is to provide the ground data that are needed to validate remote sensing approaches that are currently being used to monitor biodiversity and to characterize vegetation productivity, to achieving land degradation neutrality.”
By combining advanced satellite technology with ground data, Maestre’s research supports both local and global sustainability efforts.
However, Maestre emphasized the importance of local engagement. “Satellites won’t plant trees or move camels,” he said,
He added: “We listen to local stakeholders and integrate their knowledge with cutting-edge science to create effective solutions.”
Maestre’s approach involves building partnerships with local and international collaborators.
“Collaboration is key to addressing global challenges. By working with over 200 scientists from 25 countries, we bring a global perspective to local issues,” he added.
His team’s efforts are helping bridge the gap between research and real-world application, ensuring that science informs policy and practice effectively.
A bright future ahead
Since its founding 15 years ago, KAUST has established itself as a global research powerhouse.
“KAUST is only 15 years old in an incredibly short period of time, it’s recognized globally as one of the world’s truly great research universities that draws incredible engineering and scientific talent into the kingdom, and that’s happening in an ongoing way,” Byrne said.
KAUST’s groundbreaking contributions are already transforming Saudi Arabia’s view on global science.
Byrne emphasized the university’s role as a beacon for attracting scientific talent to the Kingdom. “KAUST’s success shows that Saudi Arabia can develop a world-class research university from the ground up, inspiring other initiatives like NEOM,” he said.
Looking ahead, KAUST’s commitment to sustainability and innovation will continue to drive progress.
By addressing challenges in energy, water, food, and land management, the university is ensuring that Saudi Arabia not only meets its Vision 2030 goals but sets an example for the world.
“KAUST is the third great university I've led, and it is by far the most aligned with the world's needs. The work going on there at the moment to help develop a sustainable future for the planet is in my mind just incredible,” Byrne concluded.
As the Kingdom advances its Vision 2030 goals, KAUST’s role in sustainability, economic development, and innovation is more vital than ever.
With its unique combination of cutting-edge research, strategic partnerships, and actionable solutions, KAUST is not just shaping the future of Saudi Arabia but also setting a global benchmark for scientific excellence and sustainability.
Egypt advances 36 positions in global aviation rankings amid $626m investment outlay
Updated 08 December 2024
Miguel Hadchity
RIYADH: Egypt’s aviation sector has risen 36 positions in the Air Transport Infrastructure Index, reaching 27th place globally in 2024, highlighting significant progress in the industry.
A report from the Cabinet’s Media Center emphasizes that the country’s rise from 63rd place in 2015 underscores the nation’s commitment to establishing itself as a global air transport hub and improving its aviation infrastructure.
The analysis, released on Dec. 7, International Civil Aviation Day, stated that Egypt’s Civil Aviation Ministry had earmarked 31.3 billion Egyptian pounds ($626.7 million) for projects aimed at enhancing airport facilities, modernizing navigation systems, and strengthening safety measures, with completion targeted by June 2027.
“The Egyptian state is committed to enhancing the air transport system, a vital sector that supports the national economy,” the Cabinet said in a statement.
The report highlighted improvements in Egypt’s aviation sector. In the Air Transport Services Efficiency Index, Egypt rose to 23rd in 2024, compared to 40th in 2019. Similarly, the country advanced to 31st in the Airport Connectivity Index in 2024, up from 38th in 2019.
Since 2014, Egypt has increased its airport capacity by 28.5 percent, accommodating 66.2 million passengers in 2023, up from 51.5 million. The addition of four new travel facilities has further bolstered this growth.
Sphinx International Airport has a capacity of 900 passengers per hour, while Berenice International Airport can handle 600 passengers per hour. Both Bardawil and Capital International Airports accommodate 300 passengers per hour.
Several key projects are transforming Egypt’s aviation landscape. At Cairo International Airport, the baggage handling capacity was increased from 4,800 to 12,000 bags per hour.
Borg El Arab Airport saw the opening of a new terminal, expanding its capacity from 1.2 million to 6 million passengers annually. Sharm El Sheikh Airport’s capacity was also increased to 10 million passengers annually.
Additionally, radar systems now cover 83 percent of Egypt’s airspace, with investments totaling €206.6 million.
As part of its strategy to boost operational efficiency, Egypt began transferring the management of its airports to the private sector in March.
Civil Aviation Minister Mohamed Abbas Helmy announced plans to issue an international tender for operating major airports, including Cairo International Airport, marking a broader effort to enhance private sector involvement in logistics and transportation assets.
Egypt’s aviation development plan reflects a strategic vision to improve infrastructure, strengthen its global air transport network, and support economic growth.
Saudi Arabia opens 22 gravel, sand quarry sites for bidding
Updated 08 December 2024
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia has launched a competitive bidding process for 22 gravel and sand quarry sites to ensure a steady domestic supply of essential materials to support the country’s expanding construction sector.
The Ministry of Industry and Mineral Resources announced on Sunday that the sites are located in the Eastern Province and the Tabuk region.
The ministry stated that 10 of these sites are located in the Eastern Province, including five gravel licenses at the Al-Masnah Crushers Complex northeast of Hafar Al-Batin and five ordinary sand licenses at the Northwest Salwa Complex. Additionally, 12 gravel licenses are available at the South Wadi Amq Complex, situated southeast of Haql in the Tabuk region.
This initiative is part of Saudi Arabia’s broader plan to develop its mining sector into a third pillar of its industrial base, alongside oil and petrochemicals.
The Kingdom is home to more than 5,300 mineral sites, estimated to be worth approximately SR5 trillion ($1.33 trillion), and the Ministry of Industry and Mineral Resources is focused on tapping into these resources to drive economic growth.
To this end, the government has launched the Accelerated Exploration Program, which aims to effectively harness the Kingdom’s mineral wealth and support the development of the mining industry. This initiative aligns with Saudi Vision 2030 and the National Industrial Development and Logistics Program.
Applications for the quarry site licenses will be accepted from Dec. 10-19. Interested investors can visit the “Taadeen” platform for more details.
The competition will unfold in four stages: meeting qualification requirements, announcing qualified competitors, bidding on the sites, and revealing the winning bidders. This process is designed to ensure transparency and uphold high standards within the mining sector’s investment environment.
Last month, the ministry awarded 11 mining exploration permits to local and international companies for six exploration sites. These sites, covering a total area of 850 sq. km in Riyadh, Makkah, and Asir, were granted through a competitive licensing process aimed at strengthening the country's mineral sector.
The competition for exploration rights concluded with one national company and five alliances comprising 10 local and international firms securing permits. The ministry emphasized that these efforts are crucial for maximizing the value of Saudi Arabia’s mineral resources and positioning mining as a key pillar of the Kingdom’s economic future.
Retail space demand in Riyadh drives 4.2% rent increase in Q3: Knight Frank
Updated 08 December 2024
Nirmal Narayanan
RIYADH: The retail market in Riyadh saw a five-percentage-point increase in occupancy rates, reaching 92 percent by the end of the third quarter, according to a new report by Knight Frank.
The report also highlighted a 4.2 percent year-on-year rise in average rental rates, which reached SR2,845 ($757.24) per sq. meter.
This increase reflects the city’s growing appeal as part of Saudi Arabia’s Vision 2030, aiming to transform Riyadh into a leading business and tourist hub.
“Over the last 12 months, the retail market in Riyadh has experienced a steady rise in rental rates, particularly in well-located regional and super-regional malls,” Knight Frank stated.
The firm pointed to prime locations like Riyadh Park and Al Nakheel Mall, which have maintained near-full occupancy thanks to their strategic positions, diverse tenant mix, and entertainment offerings.
Meanwhile, the supply of retail space in Riyadh grew with the addition of 22,500 sq. meters, bringing the city’s total retail space to 4.3 million square meters by 2026, a 21 percent increase.
“Riyadh’s retail market is growing along key corridors like King Fahd Road, Olaya Street, and northern districts, driven by urban expansion and rising consumer spending,” Knight Frank said.
In comparison, Jeddah’s retail market saw a more modest increase in rental rates of 1.2 percent, reaching SR2,525 per sq. meter. However, occupancy in the city declined slightly by 1 percentage point to 86 percent.
The report noted that Jeddah’s retail market is undergoing shifts influenced by changing consumer preferences and an increased supply of retail space.
Jeddah’s retail stock is expected to grow by 475,000 sq. meters by 2026, bringing the total to 3.3 million sq. Meters.
In Dammam, occupancy remained stable at 90 percent, but rental rates saw a slight decline of 0.7 percent, reaching SR2,285 per sq. meter. Despite this, demand for high-traffic locations remains steady.
Retail stock in Dammam stands at 1.28 million sq. meters and is expected to reach 1.3 million sq. meters by 2026.
“Dammam and Al Khobar are seeing a rise in diverse entertainment options, reflecting the Kingdom’s goal to create engaging, family-friendly retail that incorporates both leisure and community interaction,” Knight Frank added.
Saudi Aramco slashes January oil prices for Asian buyers
Updated 08 December 2024
Arab News
RIYADH: Saudi Aramco has reduced its January 2025 pricing for Arab Light crude oil for Asian buyers, according to the latest price list released by the state-owned oil giant. The official selling price for Arab Light crude was cut by 80 cents, bringing it to $0.90 per barrel above the regional benchmark.
Similarly, the OSPs for Arab Extra Light and Super Light grades were also reduced by 60 cents per barrel and 70 cents per barrel respectively for January, while the OSPs for Arab Medium and Heavy grades saw cuts of 70 cents per barrel.
For North America, Aramco set the January OSP for its flagship Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index, according to an official statement.
Aramco produces five grades of crude oil: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy.
These grades are distinguished by their density: Super Light has a density of more than 40, Arab Extra Light ranges between 36 and 40, Arab Light between 32 and 36, Arab Medium between 29 and 32, and Arab Heavy has a density of less than 29.
The global oil market has been under pressure in recent days. For the week, Brent was on track to fall by more than 2 percent, while West Texas Intermediate was on course for a roughly 1 percent drop.
Last week, the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.
Weak global oil demand, and the prospect of OPEC+ ramping up production as soon as prices rise, have weighed on prices, said Bob Yawger, director of energy futures at Mizuho in New York.
Bank of America forecasts that increasing oil surpluses will drive the price of Brent to average $65 a barrel in 2025, while expecting oil demand growth to rebound to 1 million barrels per day next year, the bank said in a note on Friday.
HSBC, meanwhile, now expects a smaller oil market surplus of 0.2 million bpd, from 0.5 million bpd previously, it said in a note.
Brent has largely stayed in a tight range of $70-$75 per barrel in the past month, as investors weighed weak demand signals in China and heightened geopolitical risk in the Middle East.
