RIYADH: Cairo and Khartoum have agreed to establish a sovereign fund to finance projects between the two countries, sources told Al Arabiya on Thursday. They revealed Egyptian-Sudanese discussions to establish a railway line between the two countries, and to remove entry visas between Egypt and Sudan.
Egypt President Abdel Fattah El-Sisi received Dr. Abdullah Hamdok, Prime Minister of Sudan, at the Federal Palace on Thursday.
The meeting dealt with “following up issues of bilateral relations between the two sides, in light of the president’s recent visit to Khartoum, as well as developments in regional issues of mutual interest,” Presidency official spokesman, Bassam Radi, said.
The two sides also reviewed the latest developments around Ethiopoia’s Grand Renaissance Dam.
Sudan and Egypt are seeking to build a united front in an ongoing row over the controversial dam being built by Ethiopia on the Blue Nile.
The dispute hinges on how much water Ethiopia will release downstream if an extended drought occurs.
Sudan Prime Minister’s visit to Egypt follows the visit that President Abdel Fattah El-Sisi made to Khartoum last week.
Cairo and Khartoum said to plan sovereign fund amid dam controversy
https://arab.news/gbv7r
Cairo and Khartoum said to plan sovereign fund amid dam controversy
- Joint railway among potential projects
- Row with Ethiopia over dam discussed
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
