Jadwa expects a decline in Saudi activity due to omicron impact

Aerial view of downtown Riyadh (Shutterstock)
Short Url
Updated 04 January 2022
Follow

Jadwa expects a decline in Saudi activity due to omicron impact

Output in Saudi Arabia is expected to slip in the coming period as omicron worries mount among firms, a Saudi investment bank said in a report.

Jadwa Investment expects the Kingdom’s economy to expand by 7 percent in 2022 and by 3.1 percent in the following year. In addition, Saudi Arabia’s real gross domestic product is projected to have grown by 2.7 percent in 2021, it said in the report.

This was in line with IHS Markit’s – a London-based analytics and solutions firm – newly released report on Monday. The company’s data showed that the growth of the Saudi private non-oil sector experienced a nine-month low as demand and confidence weakened in December.

Regarding global oil prices, the Riyadh-based firm said that higher demand in 2022 is set to drive oil prices upwards despite some reported concerns over near-term volatility. Jadwa expects Brent oil prices to average around $71 per barrel in 2022.

Following October’s 17-month high of oil exports, the investment bank forecasts the Kingdom’s oil shipments to continue strengthening in the short term, with oil exports revenues set to reach $230 billion in 2022, up from $200 billion in the previous year.


Closing Bell: Saudi main index closes in red at 11,183

Updated 16 February 2026
Follow

Closing Bell: Saudi main index closes in red at 11,183

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.

The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.

The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.

The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.

The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.

Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.

On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.

Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.

On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.

In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”

Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.

The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.