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AS IT HAPPENED: Future Investment Initiative - Day One

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The Future Investment Initiative (FII), an international platform for debate between global leaders, investors and innovators, kicks off in Saudi Arabia on Wednesday. (AFP)
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The Future Investment Initiative (FII), an international platform for debate between global leaders, investors and innovators, kicks off in Saudi Arabia on Wednesday. (AN Photo)
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Updated 28 January 2021
Arab News
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AS IT HAPPENED: Future Investment Initiative - Day One

  • A host of high-profile experts coming together under the theme “The Neo-Renaissance
  • Jamaican eight-time Olympic gold medalist Usain Bolt among speakers
Updated 28 January 2021
Arab News

RIYADH/LONDON: The Future Investment Initiative (FII), an international platform for debate between global leaders, investors and innovators, kicked off in Saudi Arabia on Wednesday with a host of high-profile speakers brought together under the theme “The Neo-Renaissance.”

Opening remarks at the King Abdul Aziz International Conference Center (KAICC) came from Yasir Al-Rumayyan, Governor of Saudi Arabia's Public Investment Fund (PIF) and FII Institute Chairman.

Other speakers include Jamaican eight-time Olympic gold medalist Usain Bolt, Matteo Renzi, former prime minister of Italy and Kevin Rudd, former Australian prime minister.

Follow the coverage below (all times GMT):

18:40 - FII CEO Richard Attias brings day one to a close, and that ends our first day coverage here at Arab News. Remember to come back to www.arabnews.com/fii2021 for coverage of the second day's discussions.

18:30 - ICYMI: Saudi Arabia has revamped over half of the 400 foreign direct investment (FDI) regulations, as foreign investment rose in 2020 compared to 2019, said Minister of Investment Khalid bin Abdulaziz Al-Falih.

“We have performed better than most, and ultimately, investors trust a government that provides security to them and the population. Saudi Arabia handled it better than most, as investors want to trust governments that look after them. Saudi Arabia, through our leadership, has shown that,” he stated. READ MORE HERE.

18:20 - The value of mergers and acquisitions declined globally by 5% year-on-year to $3.6 trillion in 2020, the lowest level since 2017, according to studies. But two sectors where there was still significant activity were technology and pharma.

Sarah Al-Suhaimi, chairwoman at Tadawul and CEO of NCB Capital in Saudi Arabia joins the panel to discuss a blueprint for financial leaders assessing future market opportunities and public-private partnerships needed to ensure sustainable growth.

18:15 - ICYMI: The COVID-19 pandemic has led to the restructuring of the global health care system, with an accelerated shift in focus away from hospitals to providing more facilities to homes, speakers told delegates at the Future Investment Initiative (FII) conference place in Riyadh.

Dr. Harsh Vardhan, India’s Minister of Health and Family Welfare, said another health care trend was a closer collaboration between the government and citizens, where all elements of society must work together to ensure the safety and wellness of the whole country. READ MORE HERE.

18:05 - We've reached the penultimate panel of day one of the FII, which looks at the "new pathways" to global growth, after the pandemic resulted in a steep rise in unemployment and sharp contraction in specific segments of the economy, with input from CEO of Bahrain's Mumtalakat Holding Company Khalid Al-Rumaihi and Senegal's economy minister Amadou Hott.

17:55 - Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, said that Saudi Arabia is working with so many countries on green hydrogen and blue hydrogen.

“Easily and simply, I could say, that we will be pioneering more of that blue hydrogen and green hydrogen,” Prince Abdulaziz said. READ MORE HERE.

17:40 - Saudi Arabian finance minister Mohammed bin Abdullah Al-Jadaan joins his Bahraini counterpart Shaikh Salman bin Khalifa Al-Khalifa to discuss how the Gulf nations are adapting to the challenges of economic diversification posed by the COVID-19 pandemic.

 

 

17:35 - ICYMI: Saudi Arabia is cultivating the trust of global investing institutions as it seeks to attract foreign funds into the Kingdom’s ambitious development plans, Khalid Al-Falih, the Minister of Investment, told the Future Investment Initiative (FII) summit. READ MORE HERE.

17:20 - Amin Nasser, President and CEO of Saudi Aramco and Abdullah Amer Al-Swaha, Saudi Arabia's Minister of Communications and IT join Dr. Thomas A. Kennedy, Executive Chairman, Board of Directors, Raytheon Technologies to discuss the future of global technology policy.

17:05 - As we look ahead into 2021 and beyond, where will the greatest opportunities be to invest in assets with high conformity to environmental, social and governance (ESG) principles? Our next panel, which include a NEOM investor and the CEOs of Nasdaq and London Stock Exchange, are discussing their predictions.

16:45 - Our next panel is Playing to Win: How will global investment drive the future of the sports industry? And the panelists are discussing how Saudi Arabia was able to mitigate the effects of the COVID-19 pandemic to continue hosting world-class sporting events — such as the Dakar Rally, FIA Formula E and golf's Saudi International. 

Alejandro Agag, CEO of ExtremeE (Pictured, R), said the reason this can happen in the Kingdom is because “everything works in Saudi Arabia... nothing is impossible here.”

Moderator: Richard Attias, CEO, FII Institute

• Bader Alkadi, Advisor to the Minister of Sport, Saudi Arabia 

• Dr. Amina Mohamed, Cabinet Secretary for Sports, Culture and Heritage of the Republic of Kenya

• Alejandro Agag, Founder and CEO, Extreme E, UK

• Usain Bolt, Eight-Time Olympic Gold Medalist, Jamaica

• Jean Todt, President, Fédération Internationale de l’Automobile, France

The panel also included a brief appearance from eight-time Olympic gold medalist Usain Bolt who spoke about athletes having to compete in the COVID-19 era without spectators.

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16:00 - Prince Abdulaziz bin Salman, Saudi Arabia's Minister of Energy, first has a discussion with Palki Sharma Upadhyay, the executive editor at WION, which precedes a panel discussion on how the energy sector can be part of and power the post-COVID-19 crisis recovery.

15:50 - ICYMI: Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), is concerned about the different valuation of financial and other assets that has been a feature of markets affected by the coronavirus (COVID-19) pandemic. READ MORE HERE.

15:40 - Next up, Peggy Johnson, CEO of Magic Leap, is in discussion with Turqi Al-Nowaiser of Saudi Arabia's Public Investment Fund about the expected investment ($72.8 billion by 2024) in AR/VR and how it will revolutionize the sector.

15:30 - ICYMI: Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF), said that the sovereign wealth fund is looking to invest not only in large companies but in the entire spectrum of technology. READ MORE HERE.

15:15 - Next up, our panelists will discuss how work will change in the post-COVID era, and how the pandemic and its aftermath will influence the way CEOs reshape their companies to provide stability and hope to a workforce living in a new social, political, and economic reality.

Moderator: Edie Lush, Executive Editor, Hub Culture, UK

• Yousef Abdullah Al-Benyan, Vice Chairman and CEO, SABIC, Saudi Arabia (pictured)

• Patrice Caine, Chairman & CEO, Thales Group, France

• Todd Gibbons, CEO, BNY Mellon, USA

• Daniel S. Loeb, Founder and CEO, Third Point LLC, USA

• Andrew N. Liveris, Special Advisor, Public Investment Fund, Saudi Arabia

15:05 - Next is a brief discussion between Lameen Abdul-Malik, Nobel Peace Prize 2005 and Head of THINK and Anand Mahindra, chairman of the Mahindra Group in India.

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14:45 - The health of nations: A CEO’s guide to investing in the next decade of global health is our third panel. 

Some context for you: The global healthcare market is expected to surpass $11 trillion by 2022, while Deloitte data shows funding for health technology innovators surpassed $7.4 billion in 2019 and continues to rise.

So how can business and government expand access to healthcare, train healthcare workers, remove regulatory barriers, and encourage investment in advanced health technologies?

Moderator: Dr. Peter H. Diamandis, Founder and Executive Chairman, XPRIZE Foundation, Board of Trustees Member, FII Institute, USA

• Dr. Harsh Vardhan, Minister of Health and Family Welfare, Science and Technology, Earth Sciences, India

• Dr. Bernd Montag, CEO, Siemens Healthineers, Germany

• Dr. Ali Parsadoust, Founder and CEO, Babylon Health, UK

14:30 - Kirill Dmitriev of the Russian Direct Investment Fund speaks briefly about the fund's achievements last year - including the Sputnik V vaccine - and how looking ahead to 2021, it wants to work closer with Saudi Arabia on transforming the Kingdom into a leading investment destination and continue to work on oil price regulation.

14:00 - Our second panel discussion looks at how, with lower oil prices and costs of the pandemic taking their toll, global business leaders and policymakers will strengthen investment and trade partnerships in the midst of new geopolitical realities and economic possibilities.

Moderator: Fatima Daoui, Anchor Business News, Al Arabiya 

H.E. Khalid bin Abdulaziz Al-Falih, Minister of Investment, Saudi Arabia

• H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, Egypt 

• H.E. Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, UAE 

• Lord Grimstone of Boscobel, Kt, Minister for Investment, Department for International Trade and the Department for Business, Energy & Industrial Strategy, UK 

• Eric I. Cantor, Vice Chairman and Managing Director, Moelis & Company, USA

13:45 - PHOTOS: 200 seats have been allocated for FII guests in the plenary hall, as well as for the media in the event's media center.

13:20 - ICYMI: The fifth edition of the Future Investment Initiative (FII) will take place from Oct. 25th to 28th, Richard Attias, CEO of organizing body the FII Institute, confirmed on Wednesday. READ MORE HERE.

13:10 - The first panel discussion of the day asks how the global investment community can leverage the economic downturn brought about by the COVID-19 pandemic, in order to build a stronger, more sustainable future for all. Panelists for this talk are: 

Moderator: David Rubenstein, Co-Founder and Co-Executive Chairman, The Carlyle Group, USA

• H.E. Yasir Al Rumayyan, Chairman, FII Institute and Governor and Board Member, Public Investment Fund, Saudi Arabia

• Ray Dalio, Co-Chairman and CIO, Bridgewater Associates, USA

• Laurence D. Fink, Chairman and CEO, BlackRock, USA

• Dr. Thomas P. Gottstein, CEO, Credit Suisse Group, Switzerland

• David M. Solomon, Chairman and CEO, The Goldman Sachs Group, USA

13:00 - The opening remarks from Yasir Al Rumayyan, Chairman of the FII Institute and governor and board member of Saudi Arabia's Public Investment Fund, will get us started on day one.

12:45 - Follow Arab News' special coverage of this year’s FII, at our dedicated online section. 

12:30 - Jamaican eight-time Olympic gold medalist Usain Bolt is one of the star speakers lined up to take part in the event, you can hear him at 7 p.m. KSA (4 p.m. GMT)...

12:15 - Hello, and welcome to the first day of coverage of the Future Investment Initiative (FII) - guests and media participants attending the two-day event have limited access due to the exceptional circumstances of the coronavirus disease (COVID-19) pandemic. 

Topics: business economy FII 2021 Future Investment Initiative (FII) Saudi Arabia

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Saudi Rasan to offer 30% shares for IPO on Tadawul

Updated 05 May 2024
Arab News
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Saudi Rasan to offer 30% shares for IPO on Tadawul

Updated 05 May 2024
Arab News

RIYADH: Saudi-based fintech Rasan Information Technology Co. is set to offer 22.74 million shares for an initial public offering on the Kingdom’s main market.

The company, along with its subsidiaries, will list the shares, which represent 30 percent of its issued share capital, on Tadawul through the sale of 17.4 million existing ordinary shares as well as 5.3 million new ordinary shares, according to a statement.

While the existing ordinary shares account for 23 percent of the company’s issued share capital, the new ordinary shares represent 7 percent.

This comes following the Capital Market Authority’s approval in March of the fintech firm’s application for registering its share capital and offering the total number of ordinary shares, with a nominal value of SR1 ($0.27) per share.

Moreover, the offering proceeds after deducting IPO-related expenses will be distributed to the selling shareholders equally based on their shareholding in the existing ordinary shares.

The remaining proceeds are set to be distributed to the company in order to expand its current operations and products, market and develop new products, as well as finance the general purposes of the firm and its subsidiaries.

The final price of the offer shares, which account for the existing and new ordinary shares combined, will be determined by the existing shareholding and the company, in consultation with the financial advisers, following the book-building process and prior to commencement of the subscription period for individual subscribers.

The financial advisers include Saudi Fransi Capital and Morgan Stanley Saudi Arabia.

Topics: IPO Tadawul

Saudi Aramco raises June’s Arab light crude price to Asia

Updated 05 May 2024
Arab News
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Saudi Aramco raises June’s Arab light crude price to Asia

Updated 05 May 2024
Arab News

RIYADH: Saudi Aramco raised June’s official selling price for the flagship Arab light crude it sells to Asia, according to an official statement.

Differentials for the flagship Arab Light grade were priced at Platts Dubai/DME Oman +$2.90 per barrel, up from +$2 a barrel in April.

This was the highest OSP in five months and largely in line with expectations, based on a firmer market structure and higher spot premiums last month for tradable Middle East grades such as Oman, Al Shaheen and Upper Zakum.

The higher OSPs also came after the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, maintained the first quarter round of voluntary cuts into the second quarter, while the global crunch on supplies of sour crude also underpinned Middle East grades.

Arab Medium was increased by $1 per barrel to +$2.35 per barrel, while Arab Heavy was hiked $1.10 a barrel to +$1.60 per barrel.

For Northwest Europe, the Arab Light OSP was set +$2.10 per barrel over ICE Brent futures, up from +$0.30/b while Medium was hiked from minus $0.40/b to +$1.10/b. Both grades were hiked to reflect the relative weakness in Brent compared to sour barrels.

Arab Light for April to the US Gulf was kept unchanged at +$4.75 per barrel over ASCI, while Medium was at +$5.45/b and Heavy at +$5.10/b, respectively, both slightly lower on the month.

Topics: Saudi Aramco OSP Brent arab light China

Hong Kong, Chinese investors set eyes on Saudi market

Updated 05 May 2024
Reina Takla
MANAL AL-BARAKATI
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Hong Kong, Chinese investors set eyes on Saudi market

  • A delegation of business leaders is set to explore diverse sectors in the Kingdom
Updated 05 May 2024
Reina Takla MANAL AL-BARAKATI

RIYADH: Hong Kong and Chinese companies are gearing up for substantial investments in the Saudi market, marking a significant step toward strengthening economic ties, a top official said. 

A delegation of 30 business leaders from Hong Kong and mainland China is set to explore diverse sectors in the Kingdom, propelled by the ambitious Vision 2030 outlined by Saudi leadership, King Leung, global head of financial services and fintech at Invest Hong Kong, said in an interview with Arab News. 

Explaining the reason for his visit to Riyadh, Leung said: “I’m bringing a delegation of 30-plus executives across different disciplines to explore ways to do business in Saudi Arabia. This is not just about attracting inbound (investment), but also helping mainland Chinese companies use Hong Kong as a base to springboard to key markets like Saudi Arabia.” 

Outlining the potential for co-investment between the two nations, he said: “Definitely, it’s going to be a huge number,” a sentiment that echoes the palpable excitement among Hong Kong investors who are eager to tap into the vast opportunities offered by the Saudi market. 

The convergence of interests between Hong Kong and Saudi Arabia is underpinned by a notable synergy observed between businesses in both regions, the executive said, with an eye on forging strategic partnerships. 

Hong Kong delegates, including private sector leaders and venture capitalists, are eager to explore avenues for collaboration that align with the objectives of Vision 2030. 

“All these things that we are now finding out allow business leaders to see that some businesses from Hong Kong actually have very, very good synergy with Vision 2030 in your country.”  

“It’s hard to quantify the exact number, but definitely, it’s going to be (a) huge number. I have to say these investments cut across different sectors, where you can imagine the market size is enormous,” he said, emphasizing the allure of megaprojects such as NEOM and the King Salman Park, which are set to transform the Saudi investment landscape. 

These projects not only serve as magnets for investment but also catalyze growth in ancillary sectors such as financial services and consumer products, the head of financial services emphasized. 

“These are megaprojects. So, all these things are going to really attract a lot of business activities, of course, initially in construction. But once you have all this construction coming in, then you need the other peripheral sectors to service them, like financial services, consumer products, and payments. So, all these things present a lot of opportunities that really get our delegates and investors from Hong Kong and China very excited,” he further explained. 

Another testament to the nation’s favorable investment ecosystem is its “impressive GDP growth and low debt ratio,” factors that instill confidence among investors. 

Among the sectors garnering attention are green energy and advanced manufacturing, the delegate said, affirming that Saudi Arabia is “paving the way for the future” of clean energy. 

Hong Kong-based companies, armed with cutting-edge technologies, are eyeing opportunities to contribute to Saudi Arabia’s sustainable development goals. 

“I understand that your country is also paving the way for the future, including adopting green energy now. So, one green energy company that I have been talking to in mainland China, they have been in the green hydrogen space for some time, and they are evaluating to put a green hydrogen factory in Saudi Arabia.” 

Thus, projects such as the green hydrogen factory, poised to harness solar power for hydrogen production, exemplify this collaborative spirit. 

“Now, of course, the reason why they’ve done that, part of it, is because the way they generate hydrogen is to use solar power. So they need to go to a place where this is something in abundance. Now, at the same time, you also have some highly visionary, highly capable investment vehicles from the PIF and other funds,” he noted. 

Furthermore, the burgeoning fintech ecosystem in Saudi Arabia presents fertile ground for collaboration between Hong Kong and the Kingdom.  

Fintech companies from Hong Kong are eager to leverage their expertise to enhance banking services and drive digital transformation initiatives in the Kingdom, the executive noted, adding, “In our delegation, we have roughly, I’ll say between 10 to a dozen or so fintech companies that are very keen to see if they can bring the business and set up in Saudi Arabia so that they’re able to service the banks here.” 

On the opposite end, recognizing the potential for synergy, banks from Saudi Arabia are contemplating establishing a presence in Hong Kong to bolster their trade and financial services, he said. 

This strategic move aims to capitalize on Hong Kong’s strategic position as a gateway to the Chinese market, thereby facilitating closer economic ties between Saudi Arabia and China. 

“Of course, we would love to see some Saudi companies set up in Hong Kong. In fact, two of the significant meetings we had were with banks, and now these banks are interested in setting up a presence in Hong Kong,” the official said. 

“This is because of the close trading relationships, and they would like to have a presence in Hong Kong to serve, for example, Chinese customers. This way, they can facilitate services like trade finance and various other services handled by the headquarters in Riyadh,” he added. 

This comes after a pivotal moment in strengthening the economic ties between Hong Kong and Saudi Arabia, marked by the signing of a memorandum of understanding between Invest Hong Kong and the Ministry of Investment of Saudi Arabia last year. 

As a result of this agreement, delegates from Hong Kong have been afforded unique insights into Saudi Arabia’s macroeconomic landscape, grand vision, and burgeoning investment opportunities, further fueling their enthusiasm for collaboration and investment in the Kingdom. 

“Last year, our leader at Invest Hong Kong signed an MoU with MISA. That MoU brought us even closer together. They have been very kind to bring in leaders from different aspects to educate us about your country, from macroeconomic data to the grand vision from leaders in both the public and private sectors,” he said.  

Leung said they also shared insights into projects that have already gained significant traction. “All in all, our delegation was super impressed by the progress made by the country,” he concluded. 

 

 

Topics: SaudiVision2030 Investment China Hong Kong ties economy

Japan keen to forge partnerships with Saudi Arabia in the field of IT, says minister

Updated 05 May 2024
Nada Hameed
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Japan keen to forge partnerships with Saudi Arabia in the field of IT, says minister

Updated 05 May 2024
Nada Hameed

JEDDAH: Lauding Saudi Arabia’s efforts in developing giga-projects and the ongoing digital transformation in the country, a top Japanese official expressed his country’s willingness to strengthen collaboration with the Kingdom in the field of information technology.

Speaking to Arab News, Japanese Minister for Digital Transformation Taro Kono described his recent visit to one of the crown jewels of Vision 2030, NEOM, as truly remarkable.

The minister said that “he had the opportunity to fly over the project and witnessing it firsthand was truly remarkable.”

Since the launch of Vision 2030, Saudi Arabia has been in overdrive to diversify its economy away from oil and emerge as a hub of tourism, entertainment, technology, and renewable energy. On its road to transformation, the Kingdom is forging strategic partnerships with its global allies to achieve its target and work on mutually beneficial arrangements.

“I heard a lot about NEOM and The Line, I saw that the progress made was very impressive. And we heard the vision from the CEO. And it’s very convincing. So I was very glad that I came to NEOM this time. It was a very short (trip), but I think it was worth it,” the minister told Arab News.

NEOM, often referred to as the “city of the future,” is a $500-billion megacity project situated in the northwest region of Saudi Arabia. Encompassing 26,500 sq. km, the project aims to become a global leader in technology, innovation, and tourism through futuristic urban design and sustainable energy solutions.

Talking about Saudi Arabia’s demography, the minister said it is “a very young country” where the majority of the people are under the ages of 30-35. “And I see the Kingdom becoming more vibrant. And projects like NEOM” show that the country is swiftly moving forward.

Acknowledging the Kingdom’s success in adapting to the latest technologies, particularly related to cybersecurity, Kono praised the country’s leadership and its vision. He expressed his eagerness to forge a partnership with his Saudi counterpart to “learn from the Kingdom’s success.”

“I think the Kingdom is building up its resilience against any malicious attacks in cyberspace. So, I believe it is very ready to take a bold step forward. And I had a meeting with Saudi Minister of Communications and Information Technology Abdullah Al-Swaha and I think there’s a lot to learn from the Kingdom,” the Japanese minister said, adding that he had instructed his team to get in touch with their Saudi counterparts to learn from their approach.

Kono, however, stressed the need to develop non-English datasets to train artificial intelligence and proposed collaboration between Japan and Saudi Arabia in this regard.

While Japan has historically led in hardware technology, the minister admitted a lag in digital technology investment. Recognizing this gap, he signed a memorandum of cooperation with Al-Swaha to learn from Saudi Arabia’s IT advancements.

He said that although Japan excelled in analog technology during the 20th century, admittedly, they have fallen behind in investing in digital technology.

Their discussions reportedly included topics such as E-ID utilization, where Kono hopes to collaborate on developing mutual use cases to propel Japanese progress. He added: “I think the Kingdom and Japan could work together to advance in the field of IT software AI, so very much looking forward to that.”

With shared visions such as Vision 2030 and upcoming events like Expo 2025 in Osaka and Expo 2030 in Riyadh, the two countries have maintained a strong relationship for nearly seven decades.

Kono believes there is immense potential for collaboration between the two countries, particularly in joint projects for Expo 2025 in Osaka and Expo 2030 in Riyadh. “I am looking forward to continue working closely with the Kingdom,” he added.

Expo 2025 is scheduled to be held in Osaka, Japan. It will be held for 184 days This will be the third time for the Japanese city to host the event. Earlier Osaka hosted the global event in 1970 and then in 1990.

The theme for Expo 2025 is “Designing Future Society for Our Lives,” focusing on creating a better future through innovation and sustainability. The expo will provide a platform for countries to share their ideas and solutions to global challenges.

Expo 2030 is scheduled to be held in Riyadh. As the first World Expo to be hosted in the Middle East, it presents an opportunity for the region to showcase its cultural heritage, technological advancements, and vision for the future. The theme for Expo 2030 in Riyadh is “The Era of Change: Together for a Foresighted Tomorrow.” It is expected to align with Saudi Arabia’s Vision 2030 goals of diversifying the economy and promoting innovation.

Kono said: “When we had our expo in Osaka for the first time, I was probably seven or eight years old. But it gave us sort of a good, big push for the economy, or not just the economy, for society as well. Expo brings in a lot of our dreams, and dreams we had back then come true. So, this Expo 2025 will hopefully bring in another dream. And I hope it will make a bridge to 2030 and we (Saudi Arabia and Japan) can work together to make our dreams come true.”

Topics: Saudi Arabia Japan Interview IT

Closing bell: Saudi main index rises to close at 12,373 

Updated 05 May 2024
ARAB NEWS 
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Closing bell: Saudi main index rises to close at 12,373 

Updated 05 May 2024
ARAB NEWS 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 20.78 points, or 0.17 percent, to close at 12,373.11.  

The total trading turnover of the benchmark index was SR5.26 billion ($1.4 billion) as 92 of the stocks advanced, while 129 retreated.  

Similarly, the Kingdom’s parallel market Nomu also rose 332.34 points, or 1.26 percent, to close at 26,790.15. This comes as 27 of the stocks advanced, while as many as 31 retreated. 

Meanwhile, the MSCI Tadawul Index jumped 4.56 points, or 0.29 percent, to close at 1,551.76. 

The best-performing stock of the day was Zahrat Al Waha for Trading Co. whose share price surged 9.97 percent to SR47.45. 

Other top performers include Raydan Food Co. as well as Saudi Cable Co. 

The worst performer was Gulf Insurance Group whose share price dropped by 9.94 percent to SR34.90. 

Other subdued performers included Al-Baha Investment and Development Co. as well as Salama Cooperative Insurance Co. 

On the announcements front, Saudi Tadawul Group Holding Co. has announced its interim financial results for the period ending on March 31. 

According to a Tadawul statement, the company’s net profit hit SR201.5 million in the first quarter of 2024, reflecting a 121 percent surge when compared to a similar quarter last year. 

The increase was mainly driven by a rise in operating revenues, operating expenditures, and earnings per share as well as a climb in gross profit and operational profit. 

Moreover, the National Agricultural Development Co. also announced its interim financial results for the first three months of 2024. 

A bourse filing revealed that the firm’s net profit reached SR101.3 million by the period ending on March 31, up 168 percent in comparison to the corresponding period in 2023. 

The increase in net profits is primarily attributed to a rise in revenue, a decrease in the cost of sales, and a reduction in finance costs, among other factors. 

Furthermore, Gulf Insurance Group also announced its interim financial results for the first quarter of the year. 

According to a Tadawul statement, the company reported a net loss of SR20.2 million, contrasting with a net profit of SR56.6 million in the same period of the previous year. 

This loss is primarily attributed to a decrease in insurance revenue combined with adverse movement in reinsurance contracts. 

Additionally, Saudi Aramco Base Oil Co., also known as Luberef, announced its interim financial results for the period ending on March 31. 

A bourse filing revealed that the firm’s net profit stood at SR239 million at the end of the first quarter of 2024, reflecting a 46.3 percent drop when compared to the same quarter a year ago. 

The decline in net profit for the current quarter compared to the same quarter of the previous year is attributed to a decrease in base oil crack margins. 

Meanwhile, Saudi Cable Co. disclosed its annual financial results for the period ending on Dec. 31. 

According to a Tadawul statement, the company reported a net profit of SR36.5 million in the first three months of 2024, a significant improvement from the net loss of SR584.9 million recorded in the corresponding period a year ago. 

Topics: Saudi Tadawul Group stock

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