Closing Bell: Saudi benchmark index up 1.54% to close at 12,068

The benchmark index recorded a total trading turnover of SR5.48 billion ($1.45 billion), with 213 stocks advancing and 19 declining.
The benchmark index recorded a total trading turnover of SR5.48 billion ($1.45 billion), with 213 stocks advancing and 19 declining.
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Updated 27 October 2024
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Closing Bell: Saudi benchmark index up 1.54% to close at 12,068

Closing Bell: Saudi benchmark index up 1.54% to close at 12,068

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 182.91 points, or 1.54 percent, to close at 12,068.97.

The benchmark index recorded a total trading turnover of SR5.48 billion ($1.45 billion), with 213 stocks advancing and 19 declining.

The Kingdom’s parallel market, Nomu, also saw gains, rising 98.65 points, or 0.37 percent, to close at 26,916.94, as 32 of the listed stocks increased while 40 fell.

In contrast, the MSCI Tadawul Index dropped 22.67 points, or 1.52 percent, finishing at 1,517.57.

The top performer of the day was Miahona Co., whose shares surged by 9.86 percent to SR28.40. Other notable gainers included CHUBB Arabia Cooperative Insurance Co. and Saudi Manpower Solutions Co., with share prices rising 7.83 percent and 7.26 percent to SR48.90 and SR8.57, respectively.

On the downside, Al-Baha Investment and Development Co. was the worst performer, with its share price dropping 7.14 percent to SR0.26. Emaar The Economic City and City Cement Co. also saw declines, with their share prices falling by 7.14 percent and 1.85 percent to SR8.51 and SR17.74, respectively.

On the announcements front, Etihad Etisalat Co. — Mobily — announced its consolidated interim financial results for the period ending Sept. 30.

According to a Tadawul statement, the company recorded a net profit of SR2.12 billion for the first nine months of the year, reflecting a 43.13 percent increase compared to the same period in 2023.

This growth was primarily driven by a 5.7 percent rise in gross profit and an 8.2 percent increase in EBITDA, alongside a 24 percent rise in operating profit.

Additionally, financial charges decreased by 9.2 percent, while zakat and income tax increased. Mobily’s shares ended the session at SR52.20, up 2.16 percent.

Al-Rajhi Bank also reported its interim financial results for the period ending Sept. 30, showing a net profit of SR14.6 billion for the first nine months of 2024, a 14.09 percent rise compared to the same period in 2023. This increase was attributed to a 13.8 percent growth in total operating income, driven by higher net financing and investment income, fees from banking services, and exchange income. However, total operating expenses, including impairment charges, rose by 13.4 percent due to increased depreciation and employee-related benefits, despite a decline in other administrative expenses. The bank’s shares closed at SR87, up 1.88 percent.

National Industrialization Co. reported a net profit of SR69.8 million for the first nine months of 2024, marking a 63.5 percent decline compared to the same period in 2023.

This drop was mainly due to lower average selling prices for certain products, increased costs of sales, and a reduced share of profits from joint ventures. Despite an increase in revenue from higher sales volumes, the company ended the session at SR10.64, up 1.9 percent.

Jamjoom Pharmaceuticals Factory Co. announced a net profit of SR304.9 million for the first nine months of 2024, reflecting a 22.9 percent increase year on year, driven by revenue growth and operational efficiencies. The company’s shares closed at SR166, down 1.21 percent.

Lastly, Sabic Agri-Nutrients Co. reported a net profit of SR2.3 billion for the first nine months of 2024, a decrease of 11.4 percent compared to the same period in 2023. This decline was attributed to lower average selling prices and increased costs of goods sold. The company’s shares ended the session at SR116.60, up 1.55 percent.


Saudi Arabia’s PIF wins 2024 Middle East PMO of the Year award

Saudi Arabia’s PIF wins 2024 Middle East PMO of the Year award
Updated 37 sec ago
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Saudi Arabia’s PIF wins 2024 Middle East PMO of the Year award

Saudi Arabia’s PIF wins 2024 Middle East PMO of the Year award
  • PIF is involved in numerous large-scale projects to transform the Kingdom into a global tourism hub
  • It launched its PMO in 2016 and it has since expanded from a five-person team to 77 full-time employees

RIYADH: Saudi Arabia’s Public Investment Fund has been awarded the 2024 Middle East Project Management Office of the Year, recognizing its role in advancing the Kingdom’s Vision 2030 transformation plan. 

In addition to the regional honor, PIF ranked second globally and received three Excellence Distinctions at the PMO Global Awards. 

The PMO Global Alliance presented the awards, highlighting PIF’s leadership in the project management field. “This recognition exemplifies the superior role that PIF is playing as a leading organization in the project management field,” PIF said in a post on X. 

The sovereign wealth fund has been a key driver of Saudi Arabia’s economic diversification efforts since the launch of Vision 2030 in 2016. 

The fund, which manages $925 billion in assets, is involved in numerous large-scale projects to transform the Kingdom into a global tourism hub by the end of the decade. 

“The PMO is considered as one of the critical functions and the main enablers in achieving PIF targets under Vision 2030,” said Saad Al-Kroud, the chief of staff and secretary-general to the board of directors at PIF. 

PIF launched its PMO in 2016 and it has since expanded from a five-person team to 77 full-time employees, according to PMOGA. 

The PMO currently operates with an annual budget of $7 million and oversees 66 active projects valued at $17 billion. PMOGA said that the number of projects managed by PIF’s PMO increased by 76 percent from 2016 to 2023, with the project success rate rising by 94 percent during the same period. 

“We initially were primarily focusing on managing our strategic projects, in addition to establishing our giga-projects and the portfolio companies across various sectors and domains,” said Areej Naqshbandi, senior director and PMO head at PIF. 

Globally, PIF’s PMO ranked second, while SPC Brazil was named the 2024 World PMO of the Year. SPC Brazil’s office manages between 35 and 65 projects annually. 

Other regional winners included Waha Oil Co. from Libya as Africa PMO of the Year, Indonesia’s Persero as Asia-Pacific PMO of the Year, and ING Spain and Portugal as Europe PMO of the Year. Moffitt Cancer Center in the US received the 2024 North America PMO of the Year honor. 

PMOGA, founded in 2017, is one of the largest global communities of PMOs and project management professionals, with members across over 100 countries, according to its website. 


Closing Bell: Saudi main index closes in red at 12,149

Closing Bell: Saudi main index closes in red at 12,149
Updated 41 min 25 sec ago
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Closing Bell: Saudi main index closes in red at 12,149

Closing Bell: Saudi main index closes in red at 12,149

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 44.45 points, or 0.36 percent, to close at 12,149.19.

The total trading turnover of the benchmark index was SR6.06 billion ($1.61 billion), as 90 of the listed stocks advanced, while 138 retreated.   

The MSCI Tadawul Index decreased by 5.94 points, or 0.39 percent, to close at 1,526.38.

The Kingdom’s parallel market Nomu dipped, losing 278.70 points, or 0.88 percent, to close at 31,278.91. This comes as 40 of the listed stocks advanced while 44 retreated.

The best-performing stock of the day was Etihad Atheeb Telecommunication Co., with its share price surging by 3.36 percent to SR116.80.

Other top performers included Sumou Real Estate Co., which saw its share price rise by 3.31 percent to SR40.60, and Dallah Healthcare Co., which saw a 3.3 percent increase to SR162.60. 

Saudi Real Estate Co. saw its share price surge by 3.25 percent to reach SR25.40, while Seera Group Holding saw an increase of 3.13 percent to reach SR23.76.

The worst performer of the day was Jahez International Co. for Information System Technology, whose share price fell 7.16 percent to SR31.75.

Anaam International Holding Group also saw a decline of 7.04 percent, with its shares dropping to SR1.32, while Banan Real Estate Co. experienced a 4.87 percent decrease, bringing its shares down to SR7.03.

Moreover, Zamil Industrial Investment Co. saw a decline of 3.94 percent, with its share price dropping to SR31.70, while Acwa Power Co. experienced a 3.23 percent decrease, bringing its share price down to SR383.20.

On the parallel market Nomu, the top performer was Enma AlRawabi Co., with its share price surging by 12.21 percent to reach SR23.90.

In second place was Molan Steel Co., which saw a 10.98 percent surge in terms of share price to SR3.64, followed by Purity for Information Technology Co., which witnessed an 8.63 percent surge in its share price to reach SR21.90.

Nomu’s worst two performers for the day were Leen Alkhair Trading Co., whose share price dipped by 9.83 to reach SR23.40, and Alwasail Industrial Co.’s price dropped by 7.32 percent to reach SR3.04.

Gas Arabian Services Co. followed with a dip of 7.12 percent in its share price, reaching SR18.


OPEC slashes global oil demand growth forecast

OPEC slashes global oil demand growth forecast
Updated 51 min 59 sec ago
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OPEC slashes global oil demand growth forecast

OPEC slashes global oil demand growth forecast
  • OPEC also cut the global demand growth outlook for 2025 to 1.4 million bpd.

RIYADH: The Organization of the Petroleum Exporting Countries on Wednesday revised the global oil demand growth forecast for 2024 to 1.6 million barrels per day down from 1.8 million bpd in the previous report.

Total world oil demand is expected to reach 105.5 million bpd in the fourth quarter of 2024 and 103.8 million bpd in the full year of 2024.

OPEC also cut the global demand growth outlook for 2025 to 1.4 million bpd. Total world oil demand should stand at 105.3 bpd in 2025.

“Growth is expected to be bolstered by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction and agricultural activities in non-OECD countries,” OPEC said.

OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.

OPEC had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.

According to OPEC, the downgrade for this year owes to more bearish data received in third quarter while the projections for next year relate to the potential impact that will arise from US tariffs.


Qatar’s real estate market shows resilience with luxury and office sectors leading growth

Qatar’s real estate market shows resilience with luxury and office sectors leading growth
Updated 11 December 2024
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Qatar’s real estate market shows resilience with luxury and office sectors leading growth

Qatar’s real estate market shows resilience with luxury and office sectors leading growth

RIYADH: Qatar’s real estate market is showing resilience amid shifting dynamics, with a clear divergence between the performance of luxury and standard offerings, a new report showed. 

Over the past 12 months, villa rents declined by 7.5 percent to an average of 15,085 Qatari riyals ($4,139) per month, while luxury apartment rents rose by 2.3 percent to 11,200 riyals per month, according to the latest Qatar Real Estate Market Review from Knight Frank. 

The market has been evolving in recent years, driven by government reforms and infrastructure investments aimed at fostering long-term economic growth and diversification.

The government’s introduction of property-linked residency schemes and designated freehold zones for expatriates has spurred activity in the residential market. 

For apartments, this has meant stronger demand for premium locations like the Pearl Island and Lusail, reinforcing their status as highly coveted destinations for both living and investment. 

Apartment rentals in Qatar’s premium locations have emerged as a key growth driver, reflecting shifting tenant preferences. Areas such as West Bay and the Marina District have become hotspots for expatriates and professionals, with rental increases of 9.6 percent and 3.2 percent, respectively. 

In contrast, villa rents have continued to decline, with key neighborhoods like Nuaija and West Bay Lagoon seeing even steeper drops of 20 percent and 9 percent, respectively. This reflects a supply glut and shifting tenant priorities toward more compact, urban living. 

Price office spaces 

Despite some pressures in the residential sector, Qatar’s office market is experiencing growth, supported by demand for prime office spaces. Grade A office rents have risen by 3.2 percent over the past 12 months, driven by increased activity from government ministries, state-owned enterprises, and multinational firms. 

Prime districts such as Lusail have reported a 3 percent annual increase in rents, with rates reaching 92 riyals per sq. meter per month. West Bay remained a leading destination, commanding rents as high as 150 riyals per sq. meter for premium spaces. 

This growth aligns with Qatar’s National Vision 2030, the report stated, adding that the vision aims to foster a sustainable and diverse economy, with plans to double the size of the economy on track, supported by an expected increase in government revenues to 2014 levels this year. 

The report noted that an emphasis on high-quality, contemporary spaces continues to drive tenants. away from secondary locations, where rents have dropped to 50 riyals to 70 riyals per sq. meter. This shift reflects the broader “flight to quality” trend, with tenants increasingly prioritizing modern facilities in central business hubs. 

Hospitality sector 

The Qatari hospitality market continued to expand, driven by a series of major developments and a growing influx of tourists. 

The country’s efforts to diversify its tourism industry have led to the creation of new attractions such as the Qatar National Museum, Meryal Water Park, and the upcoming $5.5 billion Simaisma theme park. 

“Qatar’s tourism sector has solidified its position as a vital driver of economic growth, achieving an impressive 31 percent growth in 2023 to reach a historic high of 81.2 billion riyals, which equates to 10.3 percent of the gross domestic product,” the report stated. 

This growth has fueled the hospitality market, with more than 1,300 new hotel rooms added in 2023 alone. The report noted that the quality room supply is expected to grow further, with projections reaching 47,290 keys by 2026. 


Saudi-Turkish Business Forum explores export opportunities across 10 sectors

Saudi-Turkish Business Forum explores export opportunities across 10 sectors
Updated 11 December 2024
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Saudi-Turkish Business Forum explores export opportunities across 10 sectors

Saudi-Turkish Business Forum explores export opportunities across 10 sectors

RIYADH: Saudi Arabia and Turkiye explored export opportunities across 10 economic sectors in a meeting involving business groups from both countries.

The Saudi-Turkish Business Forum, which took place in Riyadh, witnessed the participation of a delegation from the country’s Exporters Assembly, comprising 40 Turkish companies, along with several firms from the Kingdom.

The Turkish delegation at the event organized by the Federation of Saudi Chambers also included organizations operating in several industries, such as mining, chemicals, food, and services, as well as iron, metal products, electricity, and electronics.

Additional firms included those operating in equipment, machinery, grains, and legumes, as well as oilseeds, fruits, and vegetables, the Saudi Press Agency reported.

This comes as the trade volume between Saudi Arabia and Turkiye reached SR25.4 billion ($6.75 billion) in 2023, achieving a growth rate of 15.5 percent.

While Saudi exports to Turkiye accounted for SR15.6 billion, Turkish imports to the Kingdom reached SR9.8 billion.

The visit by the Turkiye Exporters Assembly seeks to unveil promising prospects in the Kingdom as the Eurasian nation seeks to increase its exports worldwide.

Last year, Turkiye’s exports totaled $255.8 billion, and the country aims to increase this figure to $400 billion by 2028, working closely with exporters to accelerate the growth of foreign trade.

In November, Saudi Arabia and Turkiye deepened commercial ties by signing 10 cooperation agreements at an event in Istanbul, advancing strategic initiatives across diverse sectors.  

The Saudi-Turkish Business Forum, taking place at the time, spotlighted opportunities for joint ventures in agriculture, food, and tourism, along with potential collaborations in advanced manufacturing, construction, and infrastructure.

Other key areas at the time included technology, innovation, and logistics, SPA reported.  

Also organized by the Federation of Saudi Chambers and the Foreign Economic Relations Board of Turkiye, the event attracted over 450 companies and several government agencies from both nations at the time.

Speaking at the time, Turkish Minister of Trade Omer Bolat shed light on how the country aims to raise the volume of its bilateral trade with the Kingdom to $30 billion in the medium and long term, and diversify its fields, especially tourism, health, infrastructure, information technology, and the defense industry.