PwC AlUla seeks to invest in local talent

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Updated 22 February 2022
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PwC AlUla seeks to invest in local talent

ALULA: With the opening of a new office in AlUla, the heritage hub located in the northwest of Saudi Arabia, PwC seeks to serve the city’s startups and entrepreneurs, said the firm’s country senior leader in Saudi Arabia.

The move follows a five-year presence in the city since 2017 and seeks to “solidify PwC’s presence in AlUla,” Riyadh Al-Najjar told Arab News at the inauguration of the company’s offices in the city last week.

The company is conducting training sessions for local entrepreneurs to help them keep up with the ongoing transformation of the region, he said.




Riyadh Al-Najjar

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The company is conducting training sessions for local entrepreneurs to help them keep up with the ongoing transformation of the region.

PwC already had five offices in the Kingdom with around 1,800 employees.

Half of the company’s employees are Saudi nationals.

Describing AlUla as a “great example” of the Kingdom’s transformation, Al-Najjar said: “It’s fully aligned with our mission at PWC to solve important problems and build trust in society.”

He highlighted the importance of a solid partnership between the private and the public sectors. Al-Najjar said small and medium enterprises have a lot to contribute to Vision 2030 and the giga projects being carried out under its umbrella.

PwC already has five offices in the Kingdom with around 1,800 employees half of them are Saudi nationals. “There is a huge demand for Saudi talents, and we will continue to invest in them,” he said.


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.