PIF-backed Soudah Development to plant more than 1 million trees in Soudah, parts of Rijal Almaa

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Updated 23 October 2021
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PIF-backed Soudah Development to plant more than 1 million trees in Soudah, parts of Rijal Almaa

RIYADH: Soudah Development, a Public Investment Fund company, on Saturday announced a new environmental initiative to plant more than 1 million trees across Soudah and parts of Rijal Almaa by 2030.

It was announced at the Green Saudi Initiative Forum. The landmark project will support the Saudi Green Initiative, which aims to plant 10 billion trees, reduce carbon emissions by 4 percent, and raise protected areas to more than 30 percent of the Kingdom’s total land area.

Protecting and expanding vegetation cover is at the heart of Soudah Development’s sustainable development strategy to transform Soudah and parts of Rijal Almaa into a luxury mountain tourism destination set atop Saudi Arabia’s highest peak. 

Deploying best-in-class irrigation techniques, the initiative to plant more than 1 million trees by 2030 will restore forests across a 627 square km area, boost natural environments, enhance ecological balance, and support the reintroduction of local species of flora and fauna.
Hussam Almadani, CEO of Soudah Development, said: “Investing in the country’s extraordinary natural resources has been a guiding principle since Crown Prince Mohammed bin Salman launched Soudah Development. We have assembled some of the world’s foremost sustainability leaders to support our goals as we deliver a new era of sustainable luxury tourism in Saudi Arabia.”

He added: “We are extremely proud to announce our initiative to plant more than 1 million trees by 2030. It consolidates our efforts to promote world-class sustainable development and demonstrates the high standards we set for ourselves when it comes to promoting environmental leadership.”

By adopting global best practices, renewable energy and latest advanced technologies, Soudah Development is working to reduce water and electricity consumption, divert waste away from landfill and achieve carbon neutrality.

 


Closing Bell: Saudi main index closes higher at 10,596 

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Closing Bell: Saudi main index closes higher at 10,596 

RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks. 

Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion. 

Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77. 

Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.  
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46. 

Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.  

On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31. 

Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.  

On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom. 

The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.  

The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74. 

Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT. 

The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.  

MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.