��������

RIYADH: ��������’s Tadawul All Share Index continued its upward movement for the second consecutive day, gaining 25.78 points, or 0.22 percent, to close at 11,611.68.

The total trading turnover of the benchmark index reached SR4.88 billion ($1.30 billion), with 153 of the listed stocks advancing and 97 declining.

The Kingdom’s parallel market Nomu also gained 13.65 points to close at 25,048.78.

The MSCI Tadawul Index advanced by 0.15 percent to 1,513.22.

Tourism Enterprise Co. was the best-performing stock of the day, with its share price increasing by 8.19 percent to SR17.04.

The share price of Alkhaleej Training and Education Co. rose 5.72 percent to SR28.10, while AYYAN Investment Co. climbed 5.34 percent to SR13.61.

Conversely, shares of Jamjoom Pharmaceuticals Factory Co., which announced its financial results on Oct. 21, declined 4.26 percent to SR152.80.

In a Tadawul filing, Jamjoom Pharmaceuticals said its net profit for the first nine months of this year stood at SR395.73 million, marking a rise of 29.78 percent compared with the same period in 2024.

The pharmaceutical firm’s third-quarter net profit rose 12.29 percent year on year to SR106.7 million.

Saudi Awwal Bank reported a net profit of SR6.4 billion for the first nine months of this year, representing an increase of 7.75 percent compared with the same period in 2024.

In a Tadawul statement, the bank said its third-quarter net profit reached SR2.14 billion, up 13.86 percent year on year.

Shares of Awwal Bank fell 1.18 percent to SR31.92.

��������n Mining Co., also known as Ma’aden, announced it had signed an engineering, procurement, and construction management contract worth SR391.1 million with ��������n Bechtel Co. and Bechtel Australia Pty Ltd.

The 39-month contract covers EPC management services for the construction of the Al Rjum mine project, which is expected to produce 3.6 million ounces of gold over 12 years, with estimated annual output of 300,000 ounces.

Ma’aden said the financial impact of the deal will be determined after construction completion and the start of production.

Shares of Ma’aden edged up 0.86 percent to SR64.20.

RIYADH: Egypt and the EU have signed a €4 billion ($4.63 billion) agreement to launch the second phase of the Macro-Financial Assistance and Budget Support Mechanism, aimed at strengthening the country’s macroeconomic resilience. 

The agreement was signed during the Egyptian-European Summit in Brussels and witnessed by President Abdel Fattah El-Sisi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa. 

On the Egyptian side, the MoU was signed by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, alongside Valdis Dombrovskis, European Commissioner for Economy and Productivity. 

Al-Mashat said the MFA is part of a broader partnership between Egypt and the EU, focusing on trade and investment ties to support fiscal stability and economic growth. 

The agreement comes as Egypt recorded a historic high of $8.5 billion in dollar resources in July, reflecting improved economic indicators, including rising remittances from abroad. 

Fitch Ratings affirmed Egypt’s long-term foreign-currency issuer default rating at “B” with a stable outlook in April, citing the country’s large economy, potential gross domestic product growth, and support from bilateral and multilateral partners. 

In an official post on the Egyptian Prime Minister’s Facebook page, the statement said: “She (Al-Mashat) noted that the second phase, worth €4 billion, came after ongoing coordination between various national authorities and the European Commission throughout the year to review the proposed structural reform matrix, which includes 87 reforms within the National Structural Reform Program.” 

It added: “She emphasized that these reforms aim to enhance macroeconomic stability and resilience, improve competitiveness and the business environment, and promote green transformation, including protecting the Red Sea ecosystem.” 

Al-Mashat added that the partnership supports Egypt’s ongoing economic reform efforts and enhance economic resilience in the face of external fluctuations. She also highlighted that financing helps the government extend debt maturities, enhance sustainability, and bridge funding gaps. 

The partnership underscores Egypt’s commitment to economic diversification and strategic international collaboration, as the government continues implementing reforms to stabilize public finances and attract investment. 

The North African country’s economy has shown resilience despite global headwinds, with foreign investment and policy reforms helping offset volatile markets, Standard Chartered said in its August outlook.