RIYADH: Members of the Organization of Arab Petroleum Exporting Countries held their annual meeting on Thursday to discuss activating regional green initiatives.
OAPEC assigned its Executive Office to coordinate with Saudi Arabia and work with member states as part of the Middle East Green Initiative launched by Crown Prince Mohammed bin Salman in March.
Saudi Energy Minister Prince Abdulaziz bin Salman, who presided over the meeting, opened the session by calling on member countries to cooperate in order to achieve the organization’s goals.
The meeting also discussed adopting a circular carbon economy to help address the issue of carbon emissions in an economically sustainable manner, and including it each country’s national contributions.
The ministers also approved Qatar to host the 12th Arab Energy Conference at the end of 2023.
OAPEC Secretary-General Ali Sabt Ben Sabt welcomed the ministers, and said he looked forward to their continued support for the organization’s activity.
The meeting approved the OAPEC’s estimated budget project for next year.
The council reviewed reports and studies on oil and energy, and followed-up on the outcomes of the UN Climate Change Conference held in Glasgow last month.
Syria will assume the presidency of the next session of the Council of Ministers and the Executive Office of the organization, for a period of one year, starting from January. The next OAPEC Council of Ministers meeting will be held in Kuwait in December next year.
Arab energy ministers step up coordination on Saudi Arabia’s Middle East Green Initiative
https://arab.news/rbgw2
Arab energy ministers step up coordination on Saudi Arabia’s Middle East Green Initiative
- The ministers approved Qatar to host the 12th Arab Energy Conference at the end of 2023.
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
