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RIYADH: ��������’s Tadawul All Share Index rose on Wednesday, gaining 26.39 points, or 0.23 percent, to close at 11,529.36. 

The total trading turnover of the benchmark index was SR5.99 billion ($1.59 billion), as 116 of the listed stocks advanced, while only 131 retreated. 

The MSCI Tadawul Index also increased, up 6.46 points or 0.43 percent, to close at 1,506.44. 

The Kingdom’s parallel market Nomu gained 116.96 points, or 0.46 percent, to close at 25,589.40. This comes as 48 of the listed stocks advanced, while 34 retreated. 

The best-performing stock was Saudi Kayan Petrochemical Co., with its share price surging by 6.37 percent to SR6.01. 

Other top performers included Nahdi Medical Co., which saw its share price rise by 4.45 percent to SR124.30, and Gulf Union Alahlia Cooperative Insurance Co., which saw a 3.94 percent increase to SR13.97. 

CHUBB Arabia Cooperative Insurance Co. rose 3.82 percent to SR41.32, while Middle East Paper Co. gained 3.19 percent to SR28.50. 

On the downside, Fawaz Abdulaziz Alhokair Co. slipped 3.24 percent to SR27.48, making it the session’s weakest performer. 

Derayah Financial Co. fell 3.09 percent to SR30.72, while Alujain Corp. dropped 2.46 percent to SR34.94. 

Amlak International Finance Co. fell 2.44 percent to SR12.39, while Makkah Construction and Development Co. dropped 2.41 percent to SR87.05. 

On the announcements front, Sustainable Infrastructure Holding Co. has signed an agreement to acquire a 51 percent majority stake in Port Services & Storage Co. for up to SR132 million. 

According to a press release, the deal, which includes an initial payment and future performance-based earn-outs, is slated for completion in the final quarter of 2025, pending regulatory approval. 

This strategic acquisition aims to strengthen SISCO’s integrated logistics platform, expand its footprint in the Eastern Province, and create synergies with its existing logistics real estate assets. 

SISCO Holding’s shares traded 0.18 percent higher on the main market to close at SR33.06. 

RIYADH: ��������’s asset management industry is on track to surpass $400 billion by 2026, cementing the Kingdom’s position as the largest in the Gulf Cooperation Council, according to a new report. 

Fitch Ratings said Islamic funds are expected to remain dominant, though the industry remains exposed to oil price sensitivity, as well as local, regional, and global market volatility and geopolitical risks. 

Despite market turbulence — with Tadawul’s equity market capitalization down around 13 percent year on year by the end of August — the sector continues to be supported by strong fundamentals. 

The growth reflects a broader regional trend, with total GCC assets rising 9 percent to $2.2 trillion by the end of 2024, according to a report released last month by Boston Consulting Group. 

Bashar Al-Natoor, global head of Islamic Finance at Fitch Ratings, said: “��������’s AMI is on a steady growth path, supported by ongoing reforms and deeper local capital markets.” 

He added: “Shariah-compliant funds remain the majority, with product breadth widening across areas such as new IPOs, sukuk and bonds, ETFs and private credit.” 

Al-Natoor also noted that new initiatives, including voluntary pension and savings schemes, should enhance access and liquidity. 

“Although market volatility and oil-price sensitivity pose near-term risks, foreign participation is rising, and Saudi sukuk largely carry investment-grade ratings, supporting resilience.” 

Investor confidence is rising, with the Public Investment Fund forming strategic partnerships with global asset managers, including BlackRock and Franklin Templeton, representing roughly $12 billion in potential inflows. 

Fitch noted that international and regional institutions accounted for about 15 percent of industry revenue in the first half of 2024, while Saudi bank-affiliated managers retained 63.5 percent. 

“The industry AUM grew 21 percent yoy at end-1H25 to $306.1 billion with roughly half in private funds, followed by discretionary portfolio management, and public funds,” the report added. 

While Saudi bank-affiliated managers still control the majority of revenue, Fitch said the government’s strategic vision aims to grow the industry’s AUM from 23 percent of the gross domestic product in the first half of 2025 to 40 percent by 2030, signaling a profound deepening of the Kingdom’s capital markets.

This projected growth is the latest milestone in a decade-long expansion. The Kingdom’s asset management industry grew 12 percent annually from 2015 to 2024, with total assets reaching nearly $295 billion by the first quarter of 2025, according to S&P Global. 

This sustained upward trajectory, supported by robust growth in local capital markets, has been actively fostered by regulators working to boost the sector’s appeal.