THE DEAD SEA, Jordan: The economic diversification strategy underway in Saudi Arabia will transform the country and is its best hope for the future, according to Khaled Biyari, chief executive of the Saudi Telecom Company (STC).
Biyari was speaking at the ongoing World Economic Forum (WEF) meeting for the Middle East and North Africa, held at the Dead Sea resort in Jordan, on a panel on the subject of the “peace-prosperity nexus.”
Asked whether the National Transformation Program (NTP) 2020 and the Vision 2030 — the two strategic plans to move the country away from oil dependency toward a more diversified economy — would succeed, he said there was no alternative.
“The amount of positive energy that the NTP and the Vision 2030 have brought into the country is something I have never seen before in my life. The government is very determined to achieve the key performance indicators outlined in the plans, and every government department is working day and night to get there. The success of the plans is the only option for us as a nation.”
Biyari said that he had three messages. “The first is one of hope. The young population of the Middle East brings energy and talent, and that is fuel for the future,” he said.
“Second, a note of caution. The policies of the last century will not be applicable in the future. We have to focus on getting the right regulations and governance.
“Third, a message to the shareholders. We need to bring about benefits for the population. Digitalization can help the country leapfrog and can impact education, healthcare, even farming. The private sector must adapt, or it will be swept away,” he said.
The panel discussed the “peace dividend” that might come if the region’s conflicts are resolved.
Borge Brende, the minister of foreign affairs for Norway, said that the Middle East “could count on Norway for investment, especially in education, where the county had doubled its overseas aid in the past three years.”
Brende also revealed that Norway would open an embassy in Tunisia later this year. “Democracy here is fragile and has to be supported. We will also provide more support for Lebanon and Jordan,” he said.
Ursula von der Leyen, the German defense minister, told the panel that economic progress was dependent on security and safety. “We have to fight Daesh, of course, but also we have to fight the extremists of the far right in Europe,” she said.
Philippe Le Houérou, CEO of the International Finance Corporation of Washington, said that the private sector had to be involved to facilitate economic growth, integration and entrepreneurship in the region.
“The ecosystem has to be right for entrepreneurs here. If it is not supportive entrepreneurs will leave the region and take their talent somewhere else,” he added.
Saudi economic reform ‘only option,’ says telco chief
Saudi economic reform ‘only option,’ says telco chief
Closing Bell: Saudi benchmark index closes lower at 10,540
RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72.
The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.
Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market.
Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million).
On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.
Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively.
Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.
Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.
Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent.
On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.
The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.
BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.
Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.
The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer.
In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.
The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.
Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.
