BAKU: Saudi billionaire Mansour Ojjeh, a major force behind the McLaren team’s success in Formula One, has died aged 68, the British team announced on Sunday.
Born in Paris, Ojjeh bought into McLaren in 1984 and with former partner Ron Dennis established it as one of the major forces in F1.
“It is with deep sadness that McLaren Racing announces the death of Mansour Ojjeh, shareholder of McLaren since 1984,” McLaren announced ahead of Sunday’s Azerbaijan Grand Prix.
“Mr Ojjeh passed away peacefully this morning in Geneva, aged 68, surrounded by his family, to whom the team sends its most heartfelt condolences.”
McLaren chief executive Zak Brown said his death “had devastated everyone” at the team.
“Mansour has been etched into the heart and soul of this team for nearly 40 years and was intrinsic to its success,” Brown added.
“He was a true racer in every sense. Ultra-competitive, determined, passionate and, above all, perhaps his defining characteristic: sporting.
“No matter the intensity of the battle, Mansour always put sport first.”
With Mansour on board McLaren won seven of their eight constructors world titles since 1984 and 10 of their 12 drivers’ crowns.
Lewis Hamilton, who won the first of his seven world titles at McLaren, said before the start of Sunday’s grand prix in Baku: “I carry a heavy heart into the race after the loss of a close friend, Mansour Ojjeh.
“He had the biggest heart and always carried the biggest smile. I am so grateful to have known such a man. This man loved unconditionally. Rest in peace brother, love you always.”
McLaren ‘devastated’ by death of Saudi stakeholder Mansour Ojjeh
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McLaren ‘devastated’ by death of Saudi stakeholder Mansour Ojjeh
- Born in Paris, Ojjeh bought into McLaren in 1984 and with former partner Ron Dennis established it as one of the major forces in F1
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
