Six Saudi-listed companies join FTSE Russell indices amid index review 

FTSE Russell, a subsidiary of the London Stock Exchange Group, is a globally recognized index provider. Its indices, including the FTSE Global Equity Index Series, are widely followed by institutional and passive investors. File
FTSE Russell, a subsidiary of the London Stock Exchange Group, is a globally recognized index provider. Its indices, including the FTSE Global Equity Index Series, are widely followed by institutional and passive investors. File
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Updated 26 May 2025
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Six Saudi-listed companies join FTSE Russell indices amid index review 

Six Saudi-listed companies join FTSE Russell indices amid index review 
  • Changes will take effect on June 23 and be reflected on the Saudi Exchange
  • All six companies recently completed initial public offerings on the Tadawul

RIYADH: Six recently listed Saudi companies are set to join FTSE Russell’s global equity benchmarks, following the index provider’s latest quarterly review.

As part of the FTSE Saudi Arabia Inclusion in the Global Equity Index Series, these changes will take effect on June 23 and be reflected on the Saudi Exchange at the close of trading on Wednesday, June 19. The adjustment is being made early due to the market closure on Friday, June 21.

The newly included companies are Al Majed Oud Co., Arabian Mills for Food Products Co., Fourth Milling Co., Nice One Beauty Digital Marketing Co., Tamkeen Human Resource Co., and United International Holding Co. All six companies recently completed initial public offerings on the Tadawul.

FTSE Russell, a subsidiary of the London Stock Exchange Group, is a globally recognized index provider. Its indices, including the FTSE Global Equity Index Series, are widely followed by institutional and passive investors. Inclusion in these benchmarks is a notable milestone for any listed company, often resulting in increased passive fund inflows, improved liquidity, greater visibility, and enhanced credibility.

According to the index update, Al Majed Oud Co. will be included in the Mid Cap segment of the FTSE Global Equity Index. The other five companies — Arabian Mills, Fourth Milling, Nice One, Tamkeen, and United International Holding — will be added to the Micro Cap segment.

This move supports Saudi Arabia’s Vision 2030, a national strategy aimed at diversifying the economy, liberalizing capital markets, and boosting non-oil revenues. Reforms spearheaded by Tadawul and the Capital Market Authority — including the easing of foreign ownership restrictions and the modernization of trading systems — have helped make the Kingdom’s markets more accessible to global investors.

The momentum in Saudi Arabia’s IPO market continues to grow. In 2024, the main market witnessed 14 IPOs that raised approximately $3.8 billion, while the Nomu parallel market hosted 28 listings. Currently, more than 30 companies are in the IPO pipeline, and Tadawul is expecting a record year, with over 50 applications under review.

Despite the positive signal from index inclusion, all six companies experienced declines in share price as of 14:00 Saudi time on the day of the announcement. Al Majed Oud Co. dropped by 2.09 percent, Arabian Mills for Food Products Co. declined 1.87 percent, and Fourth Milling Co. fell 1.06 percent. Nice One Beauty Digital Marketing Co. slipped 1.96 percent, Tamkeen Human Resource Co. was down 2.89 percent, and United International Holding Co. edged lower by 0.71 percent.

While short-term price fluctuations are common, research suggests that being added to major global indices tends to enhance a company's visibility and appeal to institutional investors over time. The long-term impact, however, often depends on broader market conditions, investor behavior, and post-inclusion trading patterns.


Closing Bell: Saudi main index slips 1.15% to close at 10,591

Closing Bell: Saudi main index slips 1.15% to close at 10,591
Updated 22 min 29 sec ago
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Closing Bell: Saudi main index slips 1.15% to close at 10,591

Closing Bell: Saudi main index slips 1.15% to close at 10,591
  • MSCI Tadawul Index decreased by 11.84 points to close at 1,366.6
  • Parallel market Nomu lost 254.4 points to end at 26,203.84 points

RIYADH: Saudi Arabia’s Tadawul All Share Index declined on Wednesday by 122.69 points, or 1.15 percent, to end at 10,591.13.

Total trading turnover of the benchmark index was SR6.22 billion ($1.66 billion), with 18 stocks advancing and 231 declining. 

The MSCI Tadawul Index also decreased by 11.84 points, or 0.86 percent, to close at 1,366.6

The Kingdom’s parallel market, Nomu, reported drops, losing 254.4 points, or 0.96 percent, to close at 26,203.84 points. This comes as 30 stocks advanced while as many as 55 retreated. 

Among the top gainers, BAAN Holding Group Co. rose 1.6 percent to SR36.85, while Advanced Petrochemical Co. added 1.26 percent to end at SR28.1. 

Dallah Healthcare Co. and Naseej International Trading Co. gained 1.05 percent and 0.94 percent, respectively, closing at SR115.4 and SR74.90.

Saudi Tadawul Group Holding Co. also rose 0.87 percent to close at SR162.

Among the worst performers, National Co. for Learning and Education led losses with a decline of 7.53 percent to close at SR140.

Saudi Marketing Co. followed, shedding 7.04 percent to settle at SR15.32, while Ataa Educational Co. fell 5.85 percent to SR61.20. 

Arabian Pipes Co. ended the session down 5.46 percent at SR5.54, and Saudi Reinsurance Co. edged 5.13 percent lower to SR42.55.

On the announcements front, Saudi National Bank announced its intention to fully redeem its SR4.2 billion Tier-1 capital sukuk at face value on June 30, marking the fifth anniversary of its issuance.

The sukuk, which was issued on June 30, 2020, with a total value of SR4.2 billion, will be redeemed at 100 percent of the issue price in accordance with its terms and conditions.

The bank confirmed that all necessary regulatory approvals for the redemption have already been obtained.

SNB closed Wednesday’s session 0.43 percent lower to reach SR34.35.


Saudi Arabia ranks 17th globally in competitiveness index as it outshines economic heavyweights 

Saudi Arabia ranks 17th globally in competitiveness index as it outshines economic heavyweights 
Updated 31 min 13 sec ago
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Saudi Arabia ranks 17th globally in competitiveness index as it outshines economic heavyweights 

Saudi Arabia ranks 17th globally in competitiveness index as it outshines economic heavyweights 
  • Listing driven by strong governance, infrastructure upgrades, diversification, and regulatory reforms
  • Kingdom placed behind China in 16th and ahead of Australia in 18th place

JEDDAH: Saudi Arabia has maintained its spot in the top 20 of the World Competitiveness Ranking, ahead of global heavyweights like the UK, Germany and France.

The Kingdom secured 17th position on the list, driven by strong governance, infrastructure upgrades, diversification, and regulatory reforms.

Issued by the International Institute for Management Development’s World Competitiveness Center, the ranking is widely recognized as a benchmark for evaluating how effectively countries utilize their resources to drive long-term economic growth. 

Saudi Arabia was placed just behind China in 16th and ahead of Australia in 18th place. 

Although this marks a slight drop from 16th in 2024, Saudi Arabia’s 2025 ranking represents a significant improvement from 32nd in 2023 and 24th in 2022, underscoring its rising economic stature.

Infrastructure continues to show marked improvement. Basic infrastructure ranks seventh globally with a score of 67.6, up two positions. File/SPA

As part of Vision 2030, Saudi Arabia launched the National Competitiveness Center in 2019, with the organization now working with 65 government bodies to drive reforms centered on productivity, sustainability, inclusiveness, and resilience.

According to the World Competitiveness Center, the Kingdom needs to “continue efforts to promote renewable energy and reduce carbon emissions” and “carry on enhancing overall competitiveness across multiple pillars.”

Improvement will also come if Saudi Arabia continues to “invest even more in human capital development across all economic sectors” and push ahead with “ongoing government endeavors to achieve the targets in the Saudi 2030 vision.”

The IMD report is one of the world’s most comprehensive competitiveness benchmarks, evaluating 69 countries across four pillars: economic performance, government efficiency, business efficiency, and infrastructure.

The ranking shows that GCC countries continue to demonstrate their growing economic strength and regional importance, with the UAE leading the group, securing fifth place globally, reflecting its diversified economy and strategic initiatives to attract investment.

Qatar follows in ninth place, supported by substantial infrastructure development and robust financial resources.

Bahrain was ranked 22, Oman came in at 28, and Kuwait was placed at 36, showing steady progress through structural reforms and sectoral investment despite ongoing challenges.

These rankings underscore the GCC’s ambition to strengthen global economic resilience and competitiveness.

Switzerland, Singapore, and Hong Kong lead the ranking, while Canada, Germany, and Luxembourg saw the most notable improvements among the top 20 economies.

Saudi focus

According to the IMD, Saudi Arabia has made progress in several key economic areas, although some aspects still require improvement.

On the economic performance indicator, the Kingdom ranks 17th globally with a score of 62.3. Its domestic economy scored 59.2, placing it 25th worldwide, an improvement of six positions from the previous year.

Saudi Arabia ranked 12th globally in business efficiency with a strong score of 81.4. Shutterstock

International trade advanced three places to 29th with a score of 56.0, while global investment climbed four spots to 16th with a score of 57.8, signaling increased investor confidence.

However, the employment sector declined slightly, dropping three positions to 29th with a score of 55.6. 

Inflationary pressures impacted the prices indicator, which fell eight places to 19th despite maintaining a relatively strong score of 60.7.

These mixed results reflect Saudi Arabia’s ongoing efforts to strike a balance between growth and economic stability amid global and domestic challenges.

Public finance indicators remain solid, with a score of 69.5, placing the Kingdom 13th globally, despite a modest three-position drop.

Tax policy holds steady at 67.6 points and 12th place, with a similar three-rank decline. The institutional framework experienced a more pronounced decline, dropping seven places to 27th with a score of 58.6, indicating potential areas for reform.

In contrast, business legislation improved, rising two places to 13th with a score of 67.6, indicating regulatory progress. The societal framework remains a key challenge, ranking 55th with a score of 44.2, representing a nine-position decline, which highlights the need for continued social and structural development to support economic goals.

Saudi Arabia ranked 12th globally in business efficiency with a strong score of 81.4. Productivity and efficiency showed further strength, scoring 66 and placing the Kingdom 15th, up six spots.

The labor market remains a key strength, ranking 9th despite a four-place drop, with a score of 64.2. The finance sector gained three ranks to 19th with 63.4 points, while management practices rose to 17th with a score of 64.

Attitudes and values remain a significant national asset, ranking third globally with a score of 81.6, reflecting a strong culture of resilience and ambition.

Infrastructure continues to show marked improvement. Basic infrastructure ranks seventh globally with a score of 67.6, up two positions. Technological infrastructure rose 10 places to 23rd with a score of 59.5, and scientific infrastructure improved nine spots to 29th with a score of 52.1.

Health and environment indicators gained slightly, moving up one place to 47th with a score of 47.5. Education declined marginally, down one position to 39th with a score of 55.4, signaling an area for continued focus.


Riyadh Air to launch new destination every 2 months as 787 deliveries near

Riyadh Air to launch new destination every 2 months as 787 deliveries near
Updated 18 June 2025
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Riyadh Air to launch new destination every 2 months as 787 deliveries near

Riyadh Air to launch new destination every 2 months as 787 deliveries near
  • Carrier is awaiting delivery of its initial aircraft to commence services
  • Riyadh Air secured necessary landing slots for its first destinations

RIYADH: Saudi Arabia’s Riyadh Air is gearing up to introduce a new international destination every two months once it begins operations, as the carrier prepares to receive its first Boeing 787 aircraft. 

Riyadh Air, fully owned by the Public Investment Fund, is awaiting delivery of its initial aircraft to commence services, according to CEO Tony Douglas. 

Speaking to Bloomberg, he said the airline requires two jets to initiate a round-trip route to each new destination, adding that the Saudi carrier aims to connect to 100 cities by 2030 as part of its long-term growth strategy. 

This aligns with the Kingdom’s National Aviation Strategy, which targets doubling passenger capacity to 330 million annually from over 250 global destinations and increasing cargo handling to 4.5 million tonnes by 2030. 

The carrier currently has four Boeing 787 Dreamliners in different stages of assembly at Boeing’s facility in Charleston, South Carolina. Operations are expected to begin once the first two aircraft have been delivered. 

Riyadh Air had initially planned to launch services in early 2025, but delays in aircraft handovers from Boeing have pushed back the timeline. 

“The fact that these are in production probably brings my blood pressure down,” Douglas said. “I will actually not believe they have been delivered until the day after they have been delivered.” 

Douglas also said Riyadh Air has secured the necessary landing slots for its first destinations, though he did not disclose which cities. 

At the Paris Air Show this week, the airline announced an order for up to 50 Airbus A350 long-range jets, with deliveries expected to begin in 2030. 

Riyadh Air has also placed orders for 60 Airbus A321neo narrowbody aircraft and as many as 72 Boeing 787s, including options. 

Commenting on the Airbus order, Douglas said the decision was based on the aircraft’s capabilities and favorable commercial terms when compared with Boeing’s 777X model. “It was a very close call,” he said. 

The airline’s growth strategy reflects the Kingdom’s ambition to transform Riyadh into a global travel hub and position Saudi Arabia as a major player in international aviation. 

Riyadh Air aims to contribute to the broader Vision 2030 goals by enhancing connectivity and promoting tourism across the Kingdom. 


Saudi-based TIME Entertainment makes Nomu market debut

Saudi-based TIME Entertainment makes Nomu market debut
Updated 18 June 2025
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Saudi-based TIME Entertainment makes Nomu market debut

Saudi-based TIME Entertainment makes Nomu market debut
  • Listing underscores company’s maturity and readiness for future expansion
  • TIME Entertainment specializes in producing large-scale live events across various sectors

RIYADH: TIME Entertainment Co., a Saudi-based full-service live events and experiences management company, has officially begun trading on the Nomu parallel market, marking a significant step in its growth trajectory.

Chairwoman Ameera Al-Taweel described the listing as a strategic milestone that underscores the company’s maturity and readiness for future expansion.

TIME’s listing comes as part of broader efforts by Saudi Arabia to expand investor participation in the Nomu market. In 2024 alone, Nomu has seen 28 IPOs and three direct listings, raising about SR1.1 billion ($293 million).

“We have built a Saudi business model within the live events sector that meets global standards. The events sector is vast and diverse. Our experience represents a successful model that has been built based on a global vision, capped with a Saudi identity, and is distinguished by specializing in producing and organizing major live events managed by a multi-skilled team of some of the best events professionals globally.” Al-Taweel said in a statement. 

Al-Taweel also highlighted the company’s role as a trusted partner to government, semi-government, and private sector clients. “We believe that we represent a national choice that executes major global events and constantly works,” she added.

CEO Obada Awad said the company is guided by a strategy rooted in sustainable growth and market responsiveness.

“We also place significant emphasis on sustainable operational improvement and diligent work to develop and launch premium and quality services that add real value to the market,” he said.

TIME Entertainment specializes in producing large-scale live events across sectors such as sports, entertainment, culture, tourism, and conferences. It offers end-to-end production and management services, in addition to creative and consultancy expertise.

The company is also focused on crafting distinctive narratives grounded in Saudi culture and heritage, with the aim of sharing them with global audiences. Its goal is to deliver innovative, artistically rich, and high-quality experiences.

Saudi Arabia’s entertainment sector is rapidly emerging as a key pillar of the Kingdom’s economic diversification agenda. As the country moves away from its traditional reliance on oil, strengthening the entertainment industry is seen as critical to driving growth across multiple sectors.

A recent report by consultancy AlixPartners found that 33 percent of Saudi consumers plan to increase spending on out-of-home entertainment — well above the global average of 19 percent — highlighting strong local demand.


Saudi Arabia, France discuss $2.6bn aviation sector investment potential amid flurry of deals

Saudi Arabia, France discuss $2.6bn aviation sector investment potential amid flurry of deals
Updated 18 June 2025
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Saudi Arabia, France discuss $2.6bn aviation sector investment potential amid flurry of deals

Saudi Arabia, France discuss $2.6bn aviation sector investment potential amid flurry of deals
  • Deals covered strengthening ground support capabilities, localizing technology, and advancing workforce training
  • Saudi firm Cluster2 Airports signed MoU with Airbus to deploy advanced digital solutions

RIYADH: Investment opportunities worth more than SR10 billion ($2.6 billion) were set out at a high-level Saudi-French meeting amid a flurry of deals aimed at strengthening the aviation sector.

Airport infrastructure, air navigation, and advanced technologies were among the areas flagged up as available for investment during a roundtable held on the sidelines of the 55th Paris Air Show.

The agreements signed covered strengthening ground support capabilities, localizing technology, and advancing workforce training, and involved Saudi Ground Services Co., France’s Alvest Group, and Arabian Alvest Equipment Maintenance Co., the Saudi Press Agency reported. 

The deals come as Saudi Arabia and France deepen economic ties, with non-oil trade exceeding SR20 billion ($5.33 billion) in 2024. The relationship was reinforced during President Emmanuel Macron’s December visit, where both sides endorsed a strategic partnership roadmap and signed a memorandum of understanding to establish a Strategic Partnership Council. 

The roundtable was chaired by Abdulaziz bin Abdullah Al-Duailej, president of the General Authority of Civil Aviation, and brought together more than 65 Saudi and French public and private sector entities, including CEOs, aviation safety officials, and specialists across airports, services, and infrastructure. 

“The meeting highlighted the Kingdom’s Vision 2030 objectives to achieve economic diversification, and its keen interest in empowering the private sector and building global industrial partnerships,” the SPA report stated. 

It added: “The meeting also highlighted the National Aviation Strategy and its focus on developing the aviation industry, making it a top priority sector.” 

Saudi Ground Services Co.’s MoU with Alvest Group and Arabian Alvest Equipment Services Co. involves localizing smart, eco-friendly technologies for ground equipment, along with all related maintenance and technical support services. A separate MoU with the same partners was signed to offer training programs and an accredited diploma in technical services and ground equipment maintenance. 

The discussions also explored future challenges in global aviation, emphasizing the need for joint strategic efforts in innovation, sustainability, and infrastructure development. 

Also at the Paris Air Show, Saudi firm Cluster2 Airports signed an MoU with Airbus to deploy advanced digital solutions aimed at improving operational efficiency, security, and integration across all airports under its network.

The partnership includes the introduction of smart technologies such as Airbus’ Agnet Turnaround platform, an advanced system that enables real-time coordination of airport ground operations. 

The latest agreements support the National Aviation Strategy, under which the Kingdom aims to expand capacity to 330 million passengers and 4.5 million tonnes of cargo annually by 2030, connecting to over 250 global destinations.