Stocks rally as investors digest Russian sanctions; oil dips: opening bell

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Updated 13 March 2022
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Stocks rally as investors digest Russian sanctions; oil dips: opening bell

RIYADH: Saudi stocks start the week higher after oil prices begin to ease as the impact of sanctions on Russia appears baked in.

At Sunday's opening session, TASI climbed 0.50 percent to 12,747, while Nomu dropped 0.10 percent to 24,763.

Across the energy sector, Brent crude was trading at $112.67 per barrel, and WTI at $109.33 a barrel as of 10:15 a.m. Saudi time.

Al-Jouf Agricultural Development Co. rose 5.19 percent to lead gainers, while Malath Cooperative Insurance Co. fell 3.12 percent to lead fallers.

Elm Co. edged up 0.30 percent, as it recorded an increase in profit of 85 percent in 2021 in its first post-listing earnings disclosure.

The shares of Saudi Aramco, the largest player on the Saudi oil market, edged up 1.22 percent.

Within the financial sector, Al Rajhi Bank gained 1.17 percent, while Alinma Bank edged up 0.44 percent.

Nama Chemicals Co. gained 1.40 percent, as it turned in a profit of SR27 million ($7.2 million) in 2021.

Arabian International Healthcare Holding Co., or Tibbiyah, rose 4.42 percent, despite recording a 14 percent decline in net profit in 2021.

 


Saudia airline receives 27m tourists, visitors during 2025 

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Saudia airline receives 27m tourists, visitors during 2025 

RIYADH: Collaboration between Saudi Arabia’s national carrier Saudia and the Saudi Tourism Authority in 2025 resulted in the Kingdom receiving approximately 27 million tourists and visitors from 24 countries on Saudia flights.

Khaled Tash, Group chief marketing officer of Saudia, praised the partnership with the STA, noting that it will contribute to reaching the target of 150 million tourists by 2030, following the achievement of the initial target in 2023. 

The announcement was made during the launch of a Saudia aircraft adorned with the “Spirit of Saudi” logo at Saudia Technic’s maintenance, repair and overhaul village in Jeddah. 

The launch forms part of the strategic partnership with the STA aimed at enhancing the Kingdom’s position as a global tourism destination. 

The aircraft will fly to 25 destinations worldwide during 2026, serving as a mobile promotional platform reflecting authentic Saudi hospitality and supporting Vision 2030 goals to attract visitors from around the world.   

In a statement to the Saudi Press Agency, Tash said the aircraft selected for the partnership is the Boeing B787-9, designed for long-haul flights to some of the Kingdom’s farthest destinations, including Jeddah–Washington routes, as well as East Asia and China. 

For his part, Abdullah Al-Dakhil, the official spokesperson for the STA, affirmed that air connectivity is a key pillar of the tourism sector. He pointed out that the aim of this partnership, utilizing the international Boeing B787-9 aircraft, which attracts visitors from around the world, is to make the aircraft, with all its amenities, a creative promotional platform for travelers during their journey to Saudi Arabia. 

This will allow them to experience authentic Saudi hospitality even before arriving in the Kingdom, where diverse destinations, seasons and international events await year-round. 

Saudi Arabia is investing billions of dollars as part of its Vision 2030 plan to diversify its economy away from fossil fuels, boosting its private sector, and enhancing connectivity, as well as solidifying its role in the global aviation industry.  

As part of the plan, the Kingdom aims to serve 330 million passengers across more than 250 destinations and transport 4.5 million tonnes of air cargo by 2030.