Closing Bell: 黑料社区鈥檚 key benchmark index begins 2025 with gains
Closing Bell: 黑料社区鈥檚 key benchmark index begins 2025 with gains/node/2584954/business-economy
Closing Bell: 黑料社区鈥檚 key benchmark index begins 2025 with gains
The total trading turnover for the benchmark index reached SR3.3 billion ($882.8 million), with 152 stocks advancing and 71 declining. Shutterstock
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Updated 01 January 2025
Nour El-Shaeri
Closing Bell: 黑料社区鈥檚 key benchmark index begins 2025 with gains
Updated 01 January 2025
Nour El-Shaeri
RIYADH: 黑料社区鈥檚 Tadawul All Share Index began the year on a positive note, gaining 0.34 percent or 40.81 points to close at 12,077.31 points on Wednesday.
The total trading turnover for the benchmark index reached SR3.3 billion ($882.8 million), with 152 stocks advancing and 71 declining. The MSCI Tadawul Index also saw a slight increase, rising 5.30 points (0.35 percent) to finish at 1,514.61 points.
Meanwhile, the Kingdom's parallel market, Nomu, experienced a decline, falling 481.86 points (1.53 percent) to close at 30,993.86 points. The market saw 24 stocks gain, while 45 retreated.
Salama Cooperative Insurance Co. led the day鈥檚 gains, with its share price climbing 9.54 percent to SR19.98. Other top performers included Wataniya Insurance Co., which saw a 6.04 percent increase to SR26, and Allied Cooperative Insurance Group, which rose 5.65 percent to SR14.22. Fawaz Abdulaziz Alhokair Co. saw a 4.54 percent rise to SR13.82, while Shatirah House Restaurant Co. gained 3.44 percent, closing at SR21.68.
On the other side, Nayifat Finance Co. was TASI鈥檚 worst performer, with a 3.75 percent drop to SR14.88. Riyad REIT Fund fell 2.79 percent to SR6.61, and Al-Babtain Power and Telecommunication Co. saw a decline of 2.31 percent, settling at SR38.10. Savola Group and Gulf Insurance Group also posted losses, with their share prices falling by 1.91 percent to SR36 and 1.58 percent to SR31.20, respectively.
On the announcements front, the General Authority for Competition approved the economic concentration process for BinDawood Holding鈥檚 acquisition of 100 percent of Zahret Al Rawda Pharmacies Co. Ltd.
The decision, dated December 31, 2024, marks a significant step in the acquisition process. BinDawood has announced it will provide updates on the completion of the transaction and any material developments as they arise. By Wednesday鈥檚 close, BinDawood鈥檚 share price had risen 1.08 percent to SR6.54.
Separately, First Avenue for Real Estate Development Co. disclosed the signing of a non-binding Letter of Intent with Awj Real Estate Development and Investment Co. to establish a real estate fund focused on commercial, office, and hospitality projects.
The fund will invest in four key assets: West La Perle, East La Perle, La Perle Residential Land, and La Perle Hotel Land. First Avenue is expected to hold between 40 percent and 50 percent of the fund, with Awj holding between 50 percent and 60 percent. First Avenue鈥檚 shares dropped 1.71 percent, closing at SR8.60.
NASHVILLE: The CEO of a leading tech company has played down concerns over the environmental impact of data centers and said that in areas such as the Gulf there were green options for cooling.
Data centers generate a vast amount of heat and as such need to be continuously cooled.
It is already well documented that data centers are considered to negatively affect the environment through an enormous consumption of electricity in the cooling process, which in turn leads to greenhouse gas emissions and climate change.
The cooling process consumes a significant amount of water, which critics believe can strain local resources 鈥 especially in countries such as the UAE and 黑料社区 where there are plans to create world leading data facilities.
Likewise, the rise of artificial intelligence is further increasing these demands for energy, water, and infrastructure.
But speaking on the sidelines of the Autodesk AU 2025: The Design & Make Conference the tech company鈥檚 president and CEO, Andrew Anagnost, told Arab News that he believed the benefits far outweighed any long-term impact.
And while acknowledging there was an impact, Anagnost added: 鈥淏ut it鈥檚 trivial relative to all the other usage out there in the world. And at the same time we鈥檙e able to optimize the usage of these tools to have less need for the computing process.鈥
The AU 2025: The Design & Make Conference was held in Nashville. Autodesk
According to a report published by the UN Environment Programme, on June 12, internet users worldwide have more than doubled while global internet traffic has expanded to 5.54 billion people worldwide.
The report also noted that the International Energy Agency estimated the data centers would 鈥渄rive more than 20 percent of the growth in electricity demand between and 2030.鈥
The report went on to explain that many data centers also use significant volumes of water.
鈥淎ccording to the World Economic Forum, a one-megawatt data center can consume up to 25.5 million liters of water each year only for cooling, comparable to the daily water use of around 300,000 people,鈥 the report added.
黑料社区 is already working on the creation of Humain, the Kingdom鈥檚 new AI company, with the construction of its first data centers in the Kingdom, which are expected to come online in early 2026.
The centers will be in Riyadh and Dammam, in the Eastern Province, and are expected to launch in the second quarter, each with an initial capacity of up to 100 megawatts.
Depending where you look, data centers can use anything from one megawatt to several hundreds 鈥 and in the same type of search up to 300 Saudi homes will use a single megawatt.
But Anagnost said the power used by these centers did not have to be taken from a country鈥檚 national grid and as such could be generated on a hyperlocal basis by methods such as nuclear or solar.
鈥淚鈥檓 much more worried about other things such as carbon emissions, that are associated with other types of mechanisms and I am not worried about data centers and AI, because everybody鈥檚 already building these things to be self-sustaining and use power sources that are actually pretty green in terms of carbon emissions.鈥
He said that while water consumption was initially comparatively large, once circulated, the center鈥檚 water would be contained within and reused once treated and cooled.
The ease of cooling the water used to maintain a suitable temperature in data centers is dependent on differing factors such as the external temperature 鈥 in a cold a country the process can be eased by something as straightforward as leaving the door open to allow a flow of cooler air.
Anagnost said the planning in the design of data centers needed to be flexible.
Various factors create 鈥渁bsolutely different ways of passive and active cooling for centers 鈥 in the desert you have a lot more sun.鈥
And that sunlight he said, could be used to generate solar energy, which in turn could be used to power cooling systems.
Whatever the methods used for cooling, the collection of data in centers is going to continue as more processes become digitized.
The engineering and industry sectors waste 95 percent of all data collected.
The introduction of AI is gradually leading to more efficient production methods which can make these sectors and many others more cost effective and less wasteful, with the materials used and the data collected.
OECD upgrades 黑料社区鈥檚 economic growth forecast to 3.9% in 2026
Updated 23 September 2025
Nirmal Narayanan聽
RIYADH: 黑料社区鈥檚 economic growth forecast for 2026 has been increased to 3.9 percent by the Organization for Economic Cooperation and Development 鈥 up from the 2.5 percent projected in June.
In its latest 鈥淓conomic Outlook,鈥 the OECD said that the Kingdom鈥檚 gross domestic product will expand by 3.7 percent this year, higher than several of its G20 peers, including the US, the UK, Germany and France.
The projection made by the organization aligns with a forecast made by the International Monetary Fund in July, which said that the Kingdom鈥檚 economy will grow by 3.6 percent this year, before accelerating to 3.9 percent in 2026.
In its latest report, the OECD said that global economic growth is expected to decline from 3.3 percent in 2024 to 3.2 percent in 2025 and 2.9 percent in 2026.
鈥淕lobal economic growth proved more resilient than anticipated in the first half of 2025, with the world economy expanding at an annualised pace of 3.2 percent,鈥 said OECD.
It added: 鈥淭he front-loading of goods production and trade ahead of the introduction of higher US tariff rates was an important source of support, with industrial production growth in the first half of the year exceeding the average pace of 2024 in most G20 economies.鈥
Collectively, G20 nations are expected to witness an economic growth of 3.2 percent in 2025 and 2.9 percent in 2026, with India bucking the trend amid economic volatility with a GDP expansion of 6.7 percent this year, before marginally decelerating to 6.2 percent in 2026.
The OECD added that China鈥檚 economy will grow by 4.9 percent and 4.4 percent in 2025 and 2026, respectively, while the US is expected to witness an economic growth of 1.8 percent in 2025 and 1.5 percent in 2026.
The economy of the UK is projected to expand by 1.4 percent in 2025 and 1 percent in 2026.
The French economy is forecast to expand by 0.6 percent in 2025 before slightly accelerating to 0.9 percent in 2026, and the OECD projects Germany鈥檚 economy to advance by 0.3 percent in 2025 and 1.1 percent next year.
The report further said that 黑料社区 is expected to maintain a healthy inflation rate of 2.2 percent in 2025 and 2 percent in 2026.
鈥淚nflation in most G20 economies is projected to fall as economic growth and labor markets continue to soften. Headline inflation is expected to decline from 3.4 percent in 2025 to 2.9 percent in 2026, while core inflation in advanced G20 economies remains broadly stable, easing only slightly from 2.6 percent to 2.5 percent,鈥 said OECD.
In June, the IMF also said that inflation in 黑料社区 is expected to remain contained, with the headline rate expected to remain 2.1 percent in 2025 and 2 percent in 2026.
黑料社区 deepens economic ties with China and Japan through ministerial visits
Updated 23 September 2025
Nour El-Shaeri
RIYADH: 黑料社区 advanced its industrial and investment partnerships with China and Japan through two separate high-level ministerial visits aimed at expanding strategic cooperation, technology transfer, and private-sector investment.
In Beijing, Minister of Industry and Mineral Resources Bandar Alkhorayef met with leaders of ZGC Group, a government-backed innovation platform, to explore collaborations including advanced manufacturing, renewable energy, smart mobility, and aerospace technologies.
These discussions included plans for ZGC to establish operations in Riyadh in partnership with the National Industrial Development and Logistics Program.
These initiatives build on the growing depth of Saudi鈥揅hina economic ties. China is 黑料社区鈥檚 largest trading partner, accounting for 14 percent of the Kingdom鈥檚 exports and 28.9 percent of its imports in May, according to official statistics.
Alkhorayef鈥檚 official visit to China, which runs from Sept, 22 to 26, includes a series of high-level meetings with senior Chinese government officials such as the minister of natural resources, the minister of industry and information technology, the chairman of the National Development and Reform Commission, and the chairman of the State-owned Assets Supervision and Administration Commission.
He is also scheduled to meet with executives from leading industrial and mining companies including BOE, Kyland, and TBEA, as well as Ganfeng Lithium, China Minmetals Corporation, and Gotion Hi-tech, with discussions focused on technology transfer, advanced manufacturing, and investment opportunities in 黑料社区.
As part of the program, the Ministry of Industry and Mineral Resources will sign a work plan with the China Mining Association to strengthen cooperation in the mining sector.
The initiative is expected to cover knowledge exchange, identification of mineral opportunities, and new efforts to support the growth of 黑料社区鈥檚 mining industry, a central component of Vision 2030.
The Kingdom will also participate as guest of honor at the China International Industrial Fair in Shanghai in November, where it will present its industrial transformation agenda and highlight opportunities for collaboration with Chinese partners.
ZGC also presented a detailed showcase of its key factories and future plans for establishing a presence in Riyadh.
In a press statement published on its official X handle, the ministry stated: 鈥淭he visit aims to broaden economic partnerships between the two countries, attract high-quality investments, and transfer the latest technologies in the industrial and mining sectors.鈥
The minister's tour included visits to several ZGC subsidiaries. These included FlightWin, a company specializing in the manufacturing of helicopters and drones; UISEE, which develops autonomous vehicles used in airports and logistics operations; and China Power Energy Storage Energy, known for its innovations in energy storage and integrated renewable power systems.
ZGC Group鈥檚 potential entry into Riyadh through NIDLP highlights the relevance of its role as Beijing鈥檚 innovation platform.
The group supports companies across the 鈥淚dea鈥揑P鈥揑ndustry鈥揑PO鈥 chain, making it a strategic partner for localizing advanced manufacturing and research and development in 黑料社区.
Subsidiaries such as FlightWin and UISEE align directly with Vision 2030 goals.
FlightWin鈥檚 expertise in helicopters and unmanned aerial vehicles supports the Kingdom鈥檚 objective to localize 50 percent of defense procurement and expand aerospace services, while UISEE鈥檚 autonomous mobility solutions match efforts to digitize logistics and advance smart-city operations.
The focus on energy storage technology reflects 黑料社区鈥檚 broader renewable energy transition.
The Kingdom aims to generate 50 percent of its electricity from renewables by 2030. This has already created demand for large-scale storage.
Alkhorayef was joined by Saleh Al-Solami, CEO of the National Industrial Development Center, Jamil Al-Ghamdi, acting CEO of NIDLP, and other senior officials from the Saudi industrial and mining ecosystem.
Saudi-Japan ties strengthen with investment minister visit
In Japan, Minister of Investment Khalid Al-Falih chaired the 8th Saudi-Japan Vision 2030 Committee alongside Japan鈥檚 Minister of Economy, Trade and Industry Yoji Muto and State Minister for Foreign Affairs Hisayuki Fujii. The meeting reviewed bilateral progress and concluded with the signing of official minutes to reaffirm commitments under Vision 2030.
Khalid Al-Falih with Masayuki Hyodo, vice chair of Keidanren. X/@MISA
The high-level visit by Al-Falih highlights Saudi-Japanese collaboration, with trade between the two countries reaching $138.2 billion in 2024, making Japan 黑料社区鈥檚 third-largest trading partner, while Japanese investment in the Kingdom totaled $23.1 billion, focused on energy, water and waste management, transport and logistics, and manufacturing.
On its official X handle, the ministry stated: 鈥淭he Minister of Investment Khalid Al-Falih met leading financiers at the Saudi-Japan Financial Roundtable to explore sectoral opportunities, financial complementarities, and global challenges, while advancing cooperation between peers in the Kingdom and Japan.鈥
It added: 鈥淗eld under the Saudi鈥揓apan Vision 2030 framework, the roundtable congregated 40 senior leaders of Japan鈥檚 major industrial firms. The Ministry of Investment鈥揔eidanren Strategic Investment Platform was launched to foster quality investments and private-sector initiatives.鈥
Prince Faisal bin Bandar bin Sultan, chairman of the Saudi Esports Federation, and Masayuki Hyodo, vice chair of Keidanren, also took part in the roundtable discussions.
Oman鈥檚 Islamic finance sector to top $40bn amid regulatory reforms, sukuk growth: Fitch聽
Updated 23 September 2025
Nour El-Shaeri
RIYADH: Oman鈥檚 Islamic finance industry is expected to exceed $40 billion between the second half of 2025 and 2026, supported by ongoing regulatory reforms and strong demand for Shariah-compliant financial services, according to Fitch Ratings.
Despite being the smallest Islamic finance market in the Gulf Cooperation Council, Oman continues to post double-digit growth in Islamic banking and sukuk issuance.
Fitch estimated the industry鈥檚 size at $36 billion as of end-August 2025, with Islamic banking assets comprising nearly two-thirds of the total.
Islamic finance in the broader region continues to expand at scale. In the UAE the industry surpassed $285 billion in assets by the end of the first quarter of 2025, supported by strong demand and a deepening sukuk market, another Fitch report stated.
In 黑料社区, S&P Global forecasts sustainable sukuk issuance will reach between $10 billion and $12 billion in 2025, reflecting continued sovereign and corporate demand.
Meanwhile, the Association of South East Asian Nations鈥檚 Islamic finance assets neared $950 billion by mid-2025, with projections topping $1 trillion by 2026.
Regarding Oman, Fitch stated that 鈥済rowth will be supported by regulatory reforms, Islamic banks鈥 product and service enhancements, expanding branch and digital banking networks, rising public awareness, and the rise of sukuk as a key funding tool.鈥
Islamic banking assets stood at approximately $23.6 billion at the end of July, representing a year-on-year increase of 16.8 percent.
This growth significantly outpaced the 5.7 percent rise recorded by conventional banks over the same period.
Islamic banks and windows now account for about 20 percent of the total banking system assets, up from 18.1 percent at the end of the first half of 2024.
The Islamic windows of six conventional banks held 63 percent of total Islamic banking assets in the first half of 2025, up from 40 percent in the third quarter of 2022, leveraging their parent banks' infrastructure and client base.
The remaining assets are concentrated in two full-fledged Islamic banks. The Central Bank of Oman has introduced key structural reforms, including a regulatory framework for digital banks launched in June, and a new banking law issued in the first half of the year with dedicated provisions for Islamic banking.
The sukuk market continues to play a pivotal role in funding, accounting for about 30 percent of total Islamic finance assets.
It also represented 31 percent of total debt capital market issuance in the first eight months of 2025, excluding treasury bills.
Despite a slowdown in issuance due to the government鈥檚 fiscal consolidation efforts, Oman issued its first Islamic commercial paper earlier this year.
Fitch Ratings noted $7.25 billion in outstanding Omani sukuk as of mid-2025, all rated 鈥楤B+鈥 with a positive outlook and no defaults.
Liquidity management in the Islamic banking sector has improved following the CBO鈥檚 rollout of new instruments that allow it to provide liquidity against Shariah-compliant securities.
Additionally, the regulator issued a draft framework for Shariah-compliant finance and leasing operations.
However, the sector continues to face structural limitations, including underdeveloped Islamic hedging products and limited foreign investor participation in riyal-denominated sukuk due to the lack of connections with international securities depositories.
Beyond banking, the takaful segment reported an 18 percent market share of gross direct premiums as of end-2024, with premiums rising 19.3 percent year on year to $238.4 million.
Meanwhile, assets under management in Islamic funds remain small, estimated at about $400 million as of August, and are expected to stay limited in the medium term.
Fitch noted that while Oman鈥檚 Islamic finance industry remains the smallest in the Gulf Cooperation Council due to the country鈥檚 relatively late adoption and smaller economy, ongoing reforms under the government鈥檚 鈥榁ision 2040鈥 strategy present growth opportunities.
鈥淏usiness conditions remain favourable for Omani banks 鈥 Islamic and conventional 鈥 due to still-high, albeit moderating, oil prices,鈥 the report stated, adding that the proposed five percent income tax from 2028 is likely to have only a limited impact on banks, though Islamic banks may be slightly.
黑料社区 and Norway forge stronger economic ties at Oslo business forum聽
Updated 23 September 2025
Miguel Hadchity
RIYADH: 黑料社区 and Norway are set to deepen economic cooperation in logistics, advanced manufacturing, and digitization following a two-day business forum in Oslo.
A delegation led by 黑料社区鈥檚 Minister of Commerce Majid bin Abdullah Al-Kassabi included 30 senior officials from key government entities and the private sector, and engaged in a series of ministerial meetings and business sessions to strengthen bilateral trade and investment ties, the Saudi Press Agency reported.
The talks took place against the backdrop of a 360 percent surge in bilateral trade between the countries from 2020 to 2024, reaching $828 million.
During the forum, Al-Kassabi highlighted the economic transformation driven by Saudi Vision 2030.
On his official X account, he said: 鈥淚 discussed with my friend His Excellency the Minister of State for Labor and Social Integration, Kjetil Vevle, and the Minister of State for Fisheries and Ocean Affairs, Even Tronstad Sagbakken, areas of cooperation between the business sectors to develop skills that meet the aspirations of future labor markets, maritime logistics services, and smart mobility systems.鈥
He noted that the Kingdom has implemented more than 900 legislative and regulatory reforms to build a competitive economy, helping to propel 黑料社区鈥檚 gross domestic product to over $1.3 trillion, making it the largest economy in the Middle East.
Majid bin Abdullah Al-Kassabi. X/@malkassabi
The minister told more than 130 government and private-sector leaders that Norwegian companies are already active in the Kingdom, with plans to expand cooperation in logistics, advanced manufacturing, and digitization.
The ministerial agenda included meetings with Norwegian officials, including Minister of Trade and Industry Cecilie Myrseth on trade and reform experiences, Minister of Labour and Social Inclusion Kjetil Vevle on skills development, and Minister of Fisheries and Ocean Policy Even Tronstad Sagebakken on port development, maritime logistics, and smart mobility systems.
The business segment featured a meeting with Svein Tore Holsether, president of the Confederation of Norwegian Enterprise. Holsether said Saudi Vision 2030 has encouraged many Norwegian companies to collaborate with Saudi partners, noting that over 100 Norwegian companies visited the Kingdom in the past year.
The forum also held three specialized workshops focused on maritime technology, innovation in aquaculture and fish farming, and promoting circular economy and industrial decarbonization solutions.
Delegates visited leading Norwegian companies on the second day, including DNV, a global leader in maritime risk management and quality assurance; TOMRA, a circular economy solutions provider through reverse vending and sorting systems; and Fishglobe, which specializes in sustainable aquaculture technology.
The visit concluded with a celebration of 黑料社区鈥檚 95th National Day at the Saudi Embassy in Oslo, attended by Norwegian officials and members of the diplomatic corps.
