RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 121.61 points, or 1.06 percent, to close at 11,625.10. 

The total trading turnover of the benchmark index was SR5.6 billion ($1.49 billion) as 112 stocks advanced, while 110 retreated. 

On the other hand, the Kingdom’s parallel market Nomu slipped 492.33 points, or 1.85 percent, to close at 26,118.24. This comes as 25 stocks advanced, while 35 retreated.

Meanwhile, the MSCI Tadawul Index rose 19.25 points, or 1.34 percent, to close at 1,455.32.

The best-performing stock of the day was East Pipes Integrated Company for Industry. The company’s share price surged 8.96 percent to SR163.00.

Other top performers included Al Hassan Ghazi Ibrahim Shaker Co. as well as Mouwasat Medical Services Co.

The worst performer was Astra Industrial Group whose share price dropped by 3.92 percent to SR147.

On the announcements front, East Pipes Integrated Co. for Industry announced the sign off of several contracts with Saudi Arabian Oil Co., or Aramco, with value exceeding SR1.65 billion for the manufacturing and supply of steel pipes.

According to a Tadawul statement, the financial impact of the 19-month contract will be reflected from the final quarter of the financial year 2024-25 to final quarter of the financial year 2025-26.

Moreover, Group Five Pipe Saudi Co. announced contracts sign off with Saudi Aramco worth SR186 million to manufacture and supply spiral-welded steel pipes.

A bourse filing revealed that the financial impact of the two-month contract is expected to be reflected starting from the second quarter of the fiscal year 2025.

Additionally, Gulf Union Al-Ahlia Cooperative Insurance Co. announced that it signed an insurance contract with Saeed Raddad Group to provide cooperative health insurance services to its employees and their families for one year.

According to a Tadawul statement, the contract value exceeds 5 percent of the gross written premiums according to the audited financial statements for the year 2023.

The one-year contract is expected to have a positive impact on Gulf Union Al-Ahlia Cooperative Insurance Co.’s financial results for 2024 and 2025.

Meanwhile, Ataa Educational Co. announced its interim financial results for the period ending April 30.

A bourse filing revealed that the company’s net profit hit SR44 million in the nine months ending in April 2024, reflecting a 7.4 percent surge when compared to the corresponding period a year earlier. 

This jump is primarily owed to the acquisition of minority interest in Al-Yasmine, Al-Alsun, and Jeel Al-Majd companies, increased revenues in the education sector by 4 percent, and a decrease in operating costs by 2 percent.

RIYADH: Artificial intelligence is emerging as the most integral tool for accelerating project management, signaling a big change in the sector, stated a senior Aramco official at an industry gathering in Riyadh.

Margarete Schramboeck, board member at Aramco Digital and former minister of Economy and Digital Affairs of Austria, said the energy firm is always at the forefront when it comes to partnerships, with many of these in cybersecurity, industrial automation, and telecom. 

She shared her insights during an interview with Arab News on the sidelines of the Global Project Management Forum held in Riyadh from June 2 to 3 – an event which is set to attract more than 2,000 attendees.

Reflecting on the growing use of advanced technology in the industry, Schramboeck said: “New forms of generative AI help us in all the process implementations, (and) inclusive AI means a completely new way of tackling projects.”

Speaking at the forum during a panel discussion titled “Opportunities and Success Factors in Giga Projects,” Ghanem Al-Mohammadi, former minister of municipal and rural affairs, challenged the traditional definition of giga-projects in urban development. He argued that it should consider interconnectedness, transformational impact, and sustainability. 

“People would gauge a project based on cost, but I would define a giga-project by its interconnectedness as a project that serves a city and can drive transformational growth,” he remarked.

Al-Mohammadi added: “Not only does it share complexity, but it also shares many attributes like stakeholder management and communication.” 

Participating in the discussion, Saadi Adra, CEO of Advisors, noted that managing 400 relatively small projects collectively adds up to the complexity of a giga-project.

While there isn’t a solid definition of giga-projects, Hesham Al-Babtain, EPMO general manager at the Ministry of Human Resources and Social Development, noted that the term gained popularity locally with Saudi Vision 2030’s large-scale projects such as NEOM and Qiddiya. 

In 2020, a royal order was issued to merge the Ministry of Civil Service with the Ministry of Labor and Social Development, forming the Ministry of Human Resources and Social Development. 

“Since then, we reached 2.2 million with the labor market, the unemployment rate decreased to 7.7 percent, and women’s participation in the labor market exceeded 35 percent,” said Al-Babtain.  

Laura Barnard, chief impact driver of PMO Strategies, emphasized the importance of ensuring that people understand that the most significant aspect is not the financial cost, but rather the positive impacts on society and the world through outcomes. 

“When you talk to business leaders, they are saying I’m willing to spend more or take longer if you can promise me that we’re going to get those even bigger, better business outcomes, change the world for the better, no matter what project it is,” he said. 

Benjamin Breen, global director of construction and vice president of Asia Pacific at the Project Management Institute, noted that “the definition of project success has evolved, moving beyond traditional metrics like time, cost, and quality.” 

He emphasized the need to redefine success, citing the Sydney Opera House as an example of a project with lasting impact despite initial challenges. 

The Global Project Management Forum serves as the flagship event for the profession, and showcases experts and industry leaders discussing the latest trends and topics in the sector, as well as emerging technologies and innovation.