黑料社区

Closing Bell: Saudi main index rises to close at 11,981

A Saudi investor monitors stock prices at the Saudi Stock Exchange, or Tadawul, in the Saudi capital, Riyadh. File/AFP
A Saudi investor monitors stock prices at the Saudi Stock Exchange, or Tadawul, in the Saudi capital, Riyadh. File/AFP
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Updated 18 August 2024

Closing Bell: Saudi main index rises to close at 11,981

Closing Bell: Saudi main index rises to close at 11,981
  • Total trading turnover of the benchmark index was $1.58 billion
  • MSCI Tadawul Index gained 2,78 points, or 0.19%, to close at 1,489.26

RIYADH: 黑料社区鈥檚 Tadawul All Share Index rose on Sunday, gaining 66.38 points, or 0.56 percent, to close at 11,981.40.聽

The total trading turnover of the benchmark index was SR5.93 billion ($1.58 billion), as 174 of the stocks advanced and 49 retreated.聽

The Kingdom鈥檚 parallel market Nomu slipped 48.92 points, or 0.19 percent, to close at 25,712.01, with 39 of the listed stocks advancing, while 36 retreated.聽

The MSCI Tadawul Index gained 2,78 points, or 0.19 percent, to close at 1,489.26.

The best-performing stock of the day was Saudi Reinsurance Co., whose share price surged 9.94 percent to SR34.85.

Other top performers were CHUBB Arabia Cooperative Insurance Co. as well as Al-Sagr Cooperative Insurance Co.

Saudi Fisheries Co.鈥檚 share price dropped by 7.90 percent to SR20.28.聽

The worst performers were Al-Baha Investment and Development Co. and Saudi Investment Bank.

Arabian Plastic Industrial Co. has announced its interim financial results for the period ending on June 30.聽

According to a Tadawul statement, the company recorded a net profit of SR5.3 million in the first six months of the year, reflecting an 18.5 percent drop when compared to the same period in 2023, due to an increase in material prices, a rise in overhead cost, and a surge in finance expenses.

Enma Alrawabi Co. has announced a net profit of SR39.79 million in the period ending on June 30, reflecting a 226 percent rise compared to the same period in 2023, as a result of an increase in gross profit by 179.452 percent coupled with a surge in bank returns from investments in accordance with the provisions of Islamic Shariah. This came despite the increase in general and administrative expenses, as well as the increase in the provision for expected credit losses.

Almasane Alkobra Mining Co. has announced the board of director鈥檚 decision to distribute SR79.67 million in cash dividends to shareholders for the first half of the financial year. A bourse filing revealed that the total number of shares eligible for dividends amounted to 88.53 million.聽

Jadwa Investment Co. has announced a decision to distribute SR13.2 million in cash dividends to Jadwa REIT Al Haramain Fund鈥檚 unitholders in the first half of the year.聽

According to a Tadawul statement, the total number of shares eligible for dividends amounted to 66 million, with the amount distributed per unit standing at SR0.20. The statement further disclosed that the distribution ratio of the net assets value stood at 2.61 percent.聽

Saudi Reinsurance Co. has announced that it is applying for a capital increase from SR891 million to SR1.158 billion with suspension of pre-emptive rights.聽

This will be done by issuing 26.73 million new ordinary shares to be fully subscribed by the Public Investment Fund so that its ownership in the company鈥檚 share capital will be 23.08 percent post-increase, subject to the approval of the Capital Market Authority and the extraordinary general assembly.


Saudi Tourism Development Fund rolls out programs to boost startup growth聽

Saudi Tourism Development Fund rolls out programs to boost startup growth聽
Updated 6 sec ago

Saudi Tourism Development Fund rolls out programs to boost startup growth聽

Saudi Tourism Development Fund rolls out programs to boost startup growth聽

RIYADH: Tourism startups and entrepreneurs in 黑料社区 stand to benefit from three newly launched support initiatives aimed at accelerating innovation, attracting investment, and strengthening the Kingdom鈥檚 growing travel economy. 

The Tourism Development Fund has introduced the Grow Tourism Incubator, Tourism Hackathons and Bootcamps, and the Grow Tourism Accelerator 鈥 a suite of initiatives designed to empower early-stage ventures through TDF Grow, its non-financial enablement arm, according to a press release. 

Developing a robust tourism landscape is a key pillar of 黑料社区鈥檚 Vision 2030 agenda, as the Kingdom works to diversify its economy and reduce its reliance on oil revenues. 

The National Tourism Strategy targets 150 million annual visitors by 2030, after surpassing the 100 million milestone ahead of schedule, with official data showing the Kingdom welcomed 116 million tourists in 2024 鈥 exceeding its annual target for the second year in a row. 

Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: 鈥淲e remain committed to empowering entrepreneurs to transform their ideas into promising, impactful projects. We strive to provide a comprehensive support ecosystem that addresses the needs of businesses at every stage, helping them overcome challenges and accelerate their growth.鈥  

He added: 鈥淭hese three programs embody our dedication to practical enablement, offering guidance, support, and connections with key stakeholders, to build a sustainable tourism sector full of opportunity and aligned with the aspirations of Saudi Vision 2030.鈥 

The Grow Tourism Incubator Program, now in its first edition, will target early-stage tourism startups. Registration opened on June 24 and will remain open until July 17. 

The incubator offers a 10-month immersive environment, providing participants with access to shared workspaces, as well as legal, marketing, and logistical support, along with technical and administrative services. 

The program will also include workshops, specialized training sessions, and mentorship by leading industry experts, delivered both virtually and in person at TDF headquarters 鈥 ensuring accessibility for entrepreneurs across the Kingdom. 

The Tourism Hackathons and Bootcamps program aims to support innovators and early-stage tourism projects, with a focus on three key regions: Asir, Al-Ahsa, and Madinah. 

Running for five months, the program will allow participants to take part in hackathons followed by training bootcamps, helping them develop their ideas into actionable prototypes. 

Registrations opened on July 1 and will remain open until July 22. 

The Grow Tourism Accelerator builds on the success of previous cohorts, which have graduated 99 participants to date. 

This three-month program is designed to support startups and help them scale within the tourism sector. 

鈥淭he accelerator also attracts international companies, enriching the diversity of the investment landscape and elevating service quality across the industry. The program provides integrated mentorship, culminating in graduation and connections with potential investors,鈥 the TDF release stated. 

It added that the TDF Grow platform has supported 8,800 beneficiaries through its non-financial programs and initiatives, helping entrepreneurs and small and medium enterprises accelerate their projects and enhance the competitiveness of 黑料社区鈥檚 tourism sector.


OPEC says no peak to oil demand before 2050

OPEC says no peak to oil demand before 2050
Updated 13 min 15 sec ago

OPEC says no peak to oil demand before 2050

OPEC says no peak to oil demand before 2050
  • OPEC sees oil demand rising by 18.6% to around 123 mbd in 2050
  • It expects demand to grow for longer than other forecasters

PARIS: The OPEC oil cartel said Thursday that demand for crude will continue to expand through at least 2050, calling efforts to rapidly shift away from fossil fuels an unworkable fantasy.

In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent from 103.7 million barrels per day in 2024 to around 123 mbd in 2050.

That rising demand will be 鈥渄riven by expanding economic growth, rising populations, increasing urbanization, new energy-intensive industries like artificial intelligence, and the need to bring energy to the billions without it,鈥 said OPEC Secretary General Haitham Al-Ghais in his foreword to the report.

鈥淭here is no peak oil demand on the horizon,鈥 he said.

That forecast puts OPEC, which gathers together a number of the world鈥檚 leading oil exporting nations, at odds with the International Energy Agency, whose member states include many oil-consuming nations.

The IEA said last month that it expects global oil demand to begin to decline in 2030, driven by the rise of electric cars and the shift away from crude to produce power.

The IEA even sees oil demand dropping in 黑料社区 as it replaces crude with gas and renewable energy to produce power.

Ghais said that OPEC sees growth in oil demand being primarily driven by developing nations, and that fossil fuels still account for around 80 percent of the global fuel mix, little changed from when the cartel was founded in 1960.

.鈥..it has become increasingly clear to many policymakers in recent years that the narrative of swiftly phasing out oil and gas has been seen for what it is: unworkable, and a fantasy,鈥 he said.

The OPEC chief blasted many timelines to reach net-zero carbon emissions as having 鈥渓ittle regard for energy security, affordability or feasibility.鈥

Experts say a rapid phase-out of fossil fuels is necessary if global warming is be kept to 1.5 degrees Celsius above preindustrial levels.


UAE and Azerbaijan sign CEPA to expand trade and investment across key sectors聽

UAE and Azerbaijan sign CEPA to expand trade and investment across key sectors聽
Updated 31 min 18 sec ago

UAE and Azerbaijan sign CEPA to expand trade and investment across key sectors聽

UAE and Azerbaijan sign CEPA to expand trade and investment across key sectors聽

RIYADH: The UAE and Azerbaijan have signed a Comprehensive Economic Partnership Agreement to strengthen bilateral trade, enhance investments, and deepen cooperation in renewable energy, logistics, tourism, and construction. 

The deal is expected to contribute $680 million to the UAE鈥檚 gross domestic product and $300 million to Azerbaijan鈥檚 economy by 2031, according to the Emirates News Agency, also known as WAM. 

Signed in the presence of UAE President Mohamed bin Zayed Al-Nahyan and Azerbaijani President Ilham Aliyev, the CEPA aims to enhance private sector collaboration, strengthen supply chain resilience, and promote the global expansion of small and medium-sized enterprises. 

It builds on a growing trade relationship between the two countries, with non-oil trade rising 43 percent year on year to reach $2.4 billion in 2024. 

The UAE is also Azerbaijan鈥檚 leading Arab investor, with cumulative investments exceeding $1 billion. 

Speaking after the signing, UAE Minister of Foreign Trade Thani Al-Zeyoudi described Azerbaijan as 鈥渁 hugely valuable trade and investment partner for the UAE,鈥 citing its strategic location and continued economic growth. 

鈥淥ur bilateral non-oil trade mirrors this growth, climbing 36.2 percent last year to reach $2.24 billion, which represents 50 percent of Azerbaijan鈥檚 trade with the GCC,鈥 he said, according to WAM. 

Al-Zeyoudi said the CEPA would unlock new opportunities across manufacturing, agriculture, and automotive, as well as logistics and financial services. 

He also noted plans to expand UAE investments in energy and renewables through national companies such as ADNOC and Masdar, with the goal of building a joint logistics infrastructure to enhance access to broader regional and global markets. 

Azerbaijan鈥檚 agreement adds to the UAE鈥檚 expanding CEPA program, a key pillar of its foreign trade agenda that targets $1.1 trillion in non-oil trade by 2031. 

In 2024, the initiative contributed to a record $816 billion in non-oil trade, representing a 14.6 percent increase over the previous year. 

The UAE has now concluded 27 CEPAs with global markets representing more than one-quarter of the world鈥檚 population. 

The deal is part of the country鈥檚 broader strategy to advance economic diversification through strategic international partnerships, the WAM statement said.

Kuwait and Jordan strengthen ties

Kuwait and Jordan held the fifth session of their Joint Higher Committee in Kuwait City this week. 

Co-chaired by Kuwaiti Foreign Minister Abdullah Al-Yahya and Jordanian Deputy Prime Minister and Minister of Foreign Affairs Ayman Safadi, the session resulted in six cooperation agreements and an executive program spanning the economic, investment, cultural, and tourism sectors, according to Kuwait News Agency.


Saudi money supply surges to $824bn as savers embrace high-interest deposits

Saudi money supply surges to $824bn as savers embrace high-interest deposits
Updated 10 July 2025

Saudi money supply surges to $824bn as savers embrace high-interest deposits

Saudi money supply surges to $824bn as savers embrace high-interest deposits
  • Time and savings deposits accounted for 35.16%
  • Rate relief expected to continue into 2025

RIYADH: Saudi banks鈥 money supply M3 reached SR3.09 trillion ($824.3 billion) in May, rising about 9.39 percent from the same period last year. 

According to data by the Saudi Central Bank, also known as SAMA, time and savings deposits accounted for 35.16 percent of the total, slightly below the 16-year peak of 35.2 percent recorded in March, but still representing the highest share since 2009. 

The expansion has been driven by a marked shift in deposits. Savers are increasingly locking their money into term deposits to take advantage of higher interest rates. 

These interest-bearing accounts have grown at the fastest pace among all money categories, reflecting depositors鈥 preference for higher returns amid a high-rate environment. Term deposits offer better interest in exchange for keeping funds for a fixed period, and therefore tend to gain popularity when interest rates are elevated. 

Despite this shift, demand deposits 鈥 funds in checking accounts that can be withdrawn on demand 鈥 remain the single largest component of the money supply, at around SR1.5 trillion, or roughly 48.6 percent of M3. 

That share has edged down from over 49 percent a year ago as more savers move into interest-yielding options. Meanwhile, other quasi-money deposits, such as foreign currency accounts and certain short-term instruments, represent roughly 8 percent or SR250 billion of the total, and physical currency in circulation outside banks adds about SR246 billion, according to SAMA data. 

As the US Federal Reserve embarked on aggressive rate hikes over the past two years to curb inflation, SAMA mirrored those moves to maintain the currency peg. This pushed Saudi interest rates to multi-year highs, peaking around 6 percent late last year. 

With inflation pressures subsequently easing, the US Fed began to loosen policy, implementing rate cuts totaling 100 basis points by the end of 2024. 

The rate relief was expected to continue into 2025. Indeed, by January, signs emerged that the deposit mix was starting to rebalance, as demand deposits began regaining ground once benchmark rates had come off their peak, according to SAMA data. 

Any further rate cuts were abruptly put on hold amid renewed global inflation concerns. Speaking earlier this month at the European Central Bank鈥檚 annual forum in Sintra, Portugal, Federal Reserve Chair Jerome Powell said the Fed would probably be in a position to begin cutting rates were it not for the inflationary impact of President Donald Trump鈥檚 new tariffs, according to Bloomberg. 

Central bankers expect Trump鈥檚 import tariffs to lift inflation, so they have adopted a cautious 鈥渨ait-and-see鈥 stance before resuming any rate reductions. 

As a result, the Fed has kept rates steady in recent months, after having trimmed about 100 basis points late last year, with the risk of inflationary pressure from tariffs delaying further easing. 

Given that SAMA typically mirrors Fed decisions to defend the riyal鈥檚 dollar peg, this pause in US rate cuts has likewise led the Saudi central bank to hold its rates, keeping domestic borrowing costs elevated. 

Banks, in turn, have been competing for deposits by offering better returns on time accounts, a strategy to shore up liquidity while credit demand stays strong. 

Looking ahead, officials and analysts foresee an eventual turning point in the interest rate cycle. Goldman Sachs, for example, now projects that the Fed will begin cutting rates later in 2025, delivering three quarter-point rate cuts by the end of the year, up from two cuts in its earlier forecast, according to a July article by Bloomberg. 

Until that pivot materializes in interest rates, Saudi banks and their customers are capitalizing on the elevated returns offered by term deposits 鈥 a trend that has pushed savings deposits to record highs and fundamentally altered the composition of the Kingdom鈥檚 money supply. 


Saudi industrial output rises 1.5% in May on mining, manufacturing gains: GASTAT

Saudi industrial output rises 1.5% in May on mining, manufacturing gains: GASTAT
Updated 10 July 2025

Saudi industrial output rises 1.5% in May on mining, manufacturing gains: GASTAT

Saudi industrial output rises 1.5% in May on mining, manufacturing gains: GASTAT

RIYADH: 黑料社区鈥檚 industrial production expanded 1.5 percent year on year in May, driven by growth in mining, quarrying, and manufacturing activities, official data showed. 

The Industrial Production Index reached 108.8 in May, rising 2.5 percent from April, according to preliminary figures from the General Authority for Statistics. 

The latest IPI figure, reflecting continued growth in the manufacturing sector, underscores 黑料社区鈥檚 progress in its economic diversification efforts aimed at reducing its decades-long reliance on crude revenues. 

In its latest release, GASTAT stated: 鈥淧reliminary results indicate a 1.5 percent increase in the Industrial Production Index in May 2025 compared to the same month of the previous year, supported by the rise in mining and quarrying activity, manufacturing activity and water supply, sewerage and waste management and remediation activities.鈥 

The release further added that the index of oil activities saw an annual rise of 0.5 percent in May, while non-oil activities increased by 3.8 percent. 

In May, another report released by GASTAT revealed that the Kingdom鈥檚 gross domestic product grew by 2.7 percent year on year in the first quarter, driven by strong non-oil activity. 

Commenting on the GDP figures at the time, Minister of Economy and Planning Faisal Al-Ibrahim, who also chairs GASTAT鈥檚 board, noted that the contribution of non-oil activities to the Kingdom鈥檚 economic output reached 53.2 percent 鈥 an increase of 5.7 percent from previous estimates. 

According to the latest GASTAT report, the sub-index of manufacturing activities increased by 0.9 percent year on year in May. 

This growth was driven by an increase in the manufacture of chemicals and chemical products, which rose by 14 percent, and the manufacture of food products, which increased by 3.2 percent. 

GASTAT added that the sub-index of mining and quarrying activity rose by 2.1 percent compared to the same month of the previous year. 

鈥満诹仙缜 increased its oil production to 9.18 million barrels per day in May 2025 compared to 8.99 million barrels per day in May 2024,鈥 added GASTAT. 

The report further noted that electricity, gas, steam, and air conditioning supply activity recorded an annual decrease of 7.7 percent in May, while water supply, sewerage, and waste management and remediation operations rose by 15.5 percent during the same period. 

On a monthly basis, manufacturing activity in 黑料社区 increased by 2.3 percent, supported by growth in the production of coke and refined petroleum products, which rose by 1.9 percent. 

Compared to April, mining and quarrying activities in 黑料社区 also increased by 2 percent in May. 

Overall, oil activities rose by 2 percent in May compared to the previous month, while non-oil activities increased by 3.9 percent during the same period.