RIYADH: Saudi Arabia supports the International Monetary Fund (IMF) proposal to allocate new special drawing rights worth $650 billion to increase reserves, said Finance Minister Mohammed Al-Jadaan, during his participation in The Spring Meetings 2021, Al Arabiya reported.
This would support efforts for economic recovery by providing additional liquidity to the global economic system, he said.
Special drawing rights were set up by the IMF in 1969 and are intended to supplement the money reserves of member countries.
The IMF this week raised its forecast for economic growth in the Kingdom to 2.9 percent from 2.6 percent.
The Kingdom will do what it takes to accelerate the recovery and will commit to economic and structural reforms guided by Vision 2030 to achieve sustainable growth, he added.
Al-Jadaan emphasized the economic recovery in the second half of last year, driven by the non-oil sector and a drop in the unemployment rate.
The minister also stressed the importance of focusing efforts and actions on debt risk management to help countries address vulnerabilities, especially in low-income countries.
He urged the IMF to continue its work to mitigate the negative effects of the pandemic around the world.
Saudi Arabia supports IMF proposal to boost global reserves by $650bn
https://arab.news/8nvy3
Saudi Arabia supports IMF proposal to boost global reserves by $650bn
Closing Bell: Saudi main index closes in green at 11,134
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 185.3 points, or 1.69 percent, to close at 11,133.58.
The total trading turnover of the benchmark index was SR6.84 billion ($1.82 billion), as 205 of the listed stocks advanced, while 53 retreated.
The MSCI Tadawul Index increased, up 25.93 points, or 1.76 percent, to close at 1,496.09.
The Kingdom’s parallel market Nomu gained 145.25 points, or 0.62 percent, to close at 23,513.27. This comes as 35 of the listed stocks advanced, while 33 retreated.
The best-performing stock was Middle East Healthcare Co., with its share price surging 10 percent to SR36.30.
Other top performers included Bupa Arabia for Cooperative Insurance Co., which saw its share price rise by 7.89 percent to SR155.90, and Derayah Financial Co., which saw a 7.07 percent increase to SR26.66.
On the downside, Advanced Building Industries Co. recorded the biggest decline of the day, with its shares falling 4.45 percent to SR40.38.
Aldrees Petroleum and Transport Services Co. fell 4.4 percent to SR121.80, while CHUBB Arabia Cooperative Insurance Co. declined 3.77 percent to SR24.
On the announcement front, Saudi Arabian Mining Co. said it has commenced its offering of US dollar-denominated trust certificates, commonly known as sukuk.
The issuance, which runs from Jan. 22 to Jan. 29, is targeted at eligible investors in the Kingdom and internationally.
While the final size, pricing, maturity, and returns of the offering will be determined based on market conditions, the minimum subscription has been set at $200,000.
According to a Tadawul statement, Maaden has appointed a syndicate of 14 joint lead managers, including Albilad Investment, Citigroup, and Goldman Sachs, as well as HSBC, J.P. Morgan, and SNB Capital, to manage the issuance.
Maaden’s share price closed at SR72.45 on the main market, marking a 1.43 percent decrease.
