The prospects for the Saudi stock market remain strong in the medium term due to robust national growth and strong corporate profitability, top economists and traders said as the Tadawul All-Share Index (TASI) rose to a five-year high on Thursday.
The index climbed 74 points or 0.9 percent to 8,263 points, its highest level since September 2008.
“At current prices, the market is fairly valued so any upside will have to be carefully examined in terms of sustainability and liquidity,” John Sfakianakis, chief investment strategist at Masic in Saudi Arabia, told Arab News.
Faisal Alsayrafi, president of Financial Transaction House, said: "Investors are returning to the Saudi market because the fundamentals are very strong compared to other regional markets.”
He also said the available liquidity “is very high”.
Alsayrafi added: There is an increase of 60 to 65 percent in liquidity this year compared to last year.”
He said SABIC’s movements weighed on the main index. Saudi Basic Industries Corp. (SABIC) added 0.7 percent on Thursday.
He said: “SABIC shares were fluctuating in a narrow range for sometime. Now SABIC shares are showing some positive upward trend.”
Any increase in US stock markets also bodes well for the Saudi exchange, he told Arab News.
US stocks pulled back on Thursday from Wednesday’s record levels.
According to Reuters, the key Saudi index will have to post two consecutive gains above the previous peak of 8,223 points — hit in August this year — to confirm a breakout.
Commenting further on Thursday’s Tadawul peformance, Sfakianakis said: “With a 21 percent year-to-date performance, the Saudi market has largely achieved a valuation to catch up with its historical average ranges.”
Basil Al-Ghalayini, CEO of BMG Financial Group, said the physiological effect of Twitter’s debut floatation also contributed to positive market sentiment here.
Several factors have made a positive impact on investors’ confidence in Tadawul, he said. The recent announcement about two new IPOs in the Saudi market planned before the year-end and US Secretary of State John Kerry’s recent visit to Riyadh to restore the longstanding US-Saudi relationship also boosted market sentiment, he said.
The availability of liquidity in the hands of investors is adding strength to the market, said the CEO.
Banking shares index rose 1.1 percent on Thursday and the petrochemical index climbed 0.6 percent. Together, the two sectors make up 65 percent of the market’s total value.
Al-Rajhi Bank added 1.7 percent.
Saudi Telecom Co. surged 6.4 percent to a four-and-half-year high. The firm last month posted a surge in earnings and beat forecasts, Reuters reported.
At the end of last month, TASI closed at a level of 8,044.47. It gained 79.56 points (1 percent) over the close of the previous month.
On an YTD basis, TASI registered a positive increase of 18.28 percent (1,243.25 points). The highest close level for the index during October was 8,170.75. This was achieved on Oct. 24.
Blue chips drive Tadawul index to fresh record
Blue chips drive Tadawul index to fresh record
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
