Depositors seek justice from Lebanese banks

Bank Audi has been accused of breaching financial law (File/Reuters)
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Updated 15 March 2022
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Depositors seek justice from Lebanese banks

At the beginning of March, dozens of Lebanese citizens with British passports saw their life savings evaporate before their eyes when Bank Audi told them their accounts had been closed.

The move came in an apparent retaliation for Lebanese-British businessman Vatche Manoukian’s UK court case ruling that forced the lender to transfer the depositor’s money that had been frozen in his account since the beginning of the Lebanese financial crisis in 2019.

But despite winning the case, Manoukian did not receive yet an official confirmation from Bank Audi that it will pay him back his money.

Anticipating further lawsuits, Bank Audi, SGBL and other leading Lebanese lenders quickly drafted bank checks left to their clients at notaries that can neither be cashed, transferred nor used to open other accounts, a move seen by many as illegal.

This unexpected action by the Lebanese banks infuriated depositors, and this week over a hundred of those affected will file a lawsuit against Bank Audi, followed by a petition to be sent to the UK parliament’s website.

Karen Karam, one of the dual national depositors affected by the Bank Audi case, explained that the magnitude of the scandal prompted her and many others to fight these banks in a bid to retrieve their money.

 “The problem in Lebanon is that the judiciary system has never condemned corruption and, therefore, it has become a common assumption that no one will do anything about it,” she told Arab News. 

“How can we continue to sit and watch all our hard won money disappear in front of our eyes and not act and speak up?”

Karam stressed what the banks are using is a form of blackmailing their clients to sign waivers with unjust terms and conditions to avoid lawsuits, in return promising to reopen their accounts but with further fund losses on the client’s side.

“This is completely unacceptable and we refuse to sign this document,” Karam emphasized.

Since the phone calls by Bank Audi on March 1, all eyes are set on the Depositors Union.

Founded in late 2019 after the freezing of the bank accounts, the union has been continuously and relentlessly offering advice and taking action to defend the rights of the depositors.

“The Union is working with a team of lawyers to reopen closed bank accounts and issue a collective lawsuit. We are in constant talks with the British Embassy that has shown support for this case. Although we are still at the beginning, we are hopeful we’re going to have justice,” said Dana Kahil Trometer, who is part of the union’s coordination and PR committee.

“We have been organizing ourselves and bringing back confidence and awareness to depositors that they are not helpless,” Trometer explained.

Trometer cited a spokesperson of the British Embassy as saying: “The matter has been deemed very serious and distressing.”

She added: “The British Embassy is not able to offer legal advice. Citizens should seek legal advice for themselves, from the list of lawyers on the UK government website. What we see is symptomatic of Lebanon’s failing economy and the government’s lack of action in creating economic reforms to avoid a deepening crisis.”

She confirmed that, contrary to current rumors, all British-Lebanese citizens, whether they are UK residents or not, are treated equally with no discrimination.

The reason why so many dual nationals opened accounts in Lebanese banks was due to high interest rates offered for new depositors in dollars as well as Lebanese pounds.

Given the Lebanese pound was pegged to the dollar, it seemed like a risk-free plan.

This, however, came tumbling down when the high rates became unsustainable and dollars from Lebanese bank accounts were transferred abroad after rumors that Banque du Liban was unable to inject liquidity.

This was further exacerbated by the 2019 mass protests sparked by the government’s plan to tax WhatsApp calls, vital for the Lebanese population to remain in contact with its diaspora.

So far, the Lebanese government has been busy shifting the blame from one of its members to another, neither taking action nor taking responsibility for the devastating crisis that has reached boiling point and described by the World Bank as one of the worst economic collapses in the world since the mid-19th century.

The situation has reached such dire levels that earlier this year an armed man took hostages at a bank, demanding the return of all his money.

Dina Abou Zor, one of the lawyers and founding members of the Depositors Union, describes the Bank Audi case as one of the most discriminatory since 2019, breaching all laws of the banking sector.

“The first initiative is to gather and inform the depositors abroad, making them aware of the directions to take and of their rights,” Abou Zor said. “We are in a race against the clock in order to reopen as many accounts as possible given the banks have issued a 10-day grace period to reject the signing of their terms and conditions.”

She and her team are filing lawsuits in Lebanon and in the UK as well as suing through correspondent banks that have evidence of suspicious acts and money laundering by members of the Lebanese government. 

When asked what the British Embassy can effectively support, Abou Zor said that the British and all other embassies need to put pressure on the Lebanese government to urgently set in place a financial restructuring plan with capital control, one that has been due since 2019.

“We now have dozens of these lawsuits daily in Lebanon because people understand that they have to take matters into their own hands as has become custom in Lebanon,” she concluded.


S&P lifts Saudi Arabia’s rating on sustained economic shift away from oil

Updated 15 March 2025
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S&P lifts Saudi Arabia’s rating on sustained economic shift away from oil

RIYADH: Global ratings agency S&P raised Saudi Arabia’s rating to ‘A+’ from ‘A’ with a stable outlook on Friday, underpinned by the ongoing social and economic transformation in the country.
Fitch said the country’s Vision 2030 project provides some flexibility in managing capital expenditure and debt issuance.
The sustained momentum in this project can help boost activity in construction, logistics, manufacturing and mining sectors, prompting GDP growth over 2025-28, the report said.
Earlier this week, the ratings agency had said it expects Saudi government to cut capex and associated current spending in 2025.
With Saudi’s main aim to diversify its economy away from its reliance on the hydrocarbon sector, Fitch said the current investments should boost consumption by Saudi Arabia’s young population and increase the productive capacity of the economy.
Last week, Saudi Arabia’s Public Investment Fund had signed a new memorandum of understanding worth $3 billion with Italy’s state export credit agency SACE. The ratings agency said this will help maintain the country’s debt.
Fitch also anticipates that current sensitivity to oil prices will weaken fiscal and external imbalances through 2028.
It expects that Saudi’s giant Aramco’s decline in dividend will further dampen oil revenue.
"Large hydrocarbon reserves and low cost of production provide Saudi Arabia some resilience to a global energy transition to low-carbon alternatives, especially in a future scenario where fossil fuel demand will largely be met by a smaller number of the most efficient producers," S&P said.

It added that the Kingdom also "maintains its unique position as the world's largest swing oil producer (with spare installed production capacity permitting it to cut or raise production levels relatively quickly), as well as its leadership role in OPEC+ and its consequent ability to influence global oil price trends,"


Population growth, regulatory reforms and tourism reshaping Saudi real estate sector

Updated 14 March 2025
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Population growth, regulatory reforms and tourism reshaping Saudi real estate sector

RIYADH: Saudi Arabia’s real estate sector is poised for robust expansion thanks to an increasing population, growth in the tourism industry, and friendly government policies and regulatory reforms, experts told Arab News. 

The Kingdom’s Real Estate General Authority expects the property market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8 percent from 2024. 

Strengthening this sector is crucial for Saudi Arabia as it seeks to position itself as a global hub for tourism and business, by reducing its decades-old reliance on crude revenues. 

Speaking to Arab News, Matthew Green, head of research at CBRE in the Middle East and North Africa region, said that the expansion of the Kingdom’s real estate market is also influenced by various other factors including rapid urbanization, infrastructure development, and the rise in foreign direct investments.

“Saudi Arabia’s real estate market is supported primarily by the government’s aggressive investment program, particularly toward the giga-projects, which is driving non-oil production, fueling employment and population growth, and attracting FDI,” said Green. 

He added: “The country’s supportive demographics, which are characterized by the presence of a significant young and well-educated population, increasingly liberalized, and a rising middle class with greater disposable income levels than previous generations is also driving the growth of the real estate market in the Kingdom.”

CaptionMatthew Green, head of research at CBRE in the Middle East and North Africa region. Supplied

Saud Al-Sulaimani, country head of JLL in Saudi Arabia, echoed those views and said that government policies, including the Sakani program and Real Estate Investment Trusts — as well as new mortgage laws and foreign ownership regulations — are propelling the growth of the property sector. 

“Sakani program supports home ownership by providing financial aid and land to Saudi citizens, while REITs encourage institutional investment in the sector,” he said.

“Relaxed ownership laws are making the Kingdom’s real estate market more attractive to international investors. All these factors are driving the growth of the real estate sector in the Kingdom.”

Founded in 2017 by the Saudi Ministry of Housing and the Real Estate Development Fund, the program aims to increase the proportion of families that own a home in the Kingdom to 70 percent by 2030, in line with the economic diversification strategy Vision 2030.

In January, Saudi Arabia’s Capital Market Authority approved foreigners to invest in Saudi-listed companies owning real estate in Makkah and Madinah. 

Effective from Jan. 27, the amendment aims to boost the capital market’s competitiveness and align with the Vision 2030 economic diversification objectives, the authority said in a statement.

“The landmark change to allow international investors to access the property markets in the Holy Cities through listed companies, announced this week, will help to begin addressing the pent-up demand from international investors hungry to access real estate markets in the Kingdom’s Holy Cities,” Faisal Durrani, head of research at Knight Frank, told Arab News. 

He added: “This change in investor rules, combined with last January’s introduction of Premium Residency Visas, one of which is connected to property ownership, is a clear indication of the direction of travel and the strongest hint yet of authorities’ plans around boosting inward international real estate investment.”

Faisal Durrani, head of research at Knight Frank. Supplied

Susan Amawi, general manager of Knight Frank in Saudi Arabia, said that construction activities in Saudi Arabia are expected to rise in the coming years with the Kingdom targeting to deliver 1.04 million homes by the end of the decade. 

“Government programs such as Wafi and Sakani have pushed the national homeownership rate to around 64 percent; however surging home values are testing the limits of affordability. With plans underway to deliver 1.04 million homes across the country by 2030, we expect to see a significant ramping up in construction activity and jobs as the 2030 deadline nears,” said Amawi. 

Regional headquarters program driving growth

Al-Sulaimani told Arab News that the regional headquarters program is one of the crucial factors acting as a catalyst for growth of the commercial real estate sector in the Kingdom.

“The program has led to increased demand for high-quality office spaces and mixed-use developments, spurring investments across key industries, including offices, hospitality, and data centers,” he said.

The JLL official added: “This influx of international businesses is reshaping real estate dynamics, with an increased focus on smart technologies, sustainability, and specialized assets, creating a thriving environment for global talent.” 

Saudi Arabia’s Minister of Investment Khalid Al-Falih presented IBM executives with a regional HQ license in April 2024. IBM

Knight Frank’s Amawi said that the strong economic growth in the Kingdom, combined with the regional headquarters program has driven up demand levels for premium office space, while vacancy rates have approached record lows of around 2 percent in Riyadh. 

“Office rents for Grade A space in Riyadh too have responded to the sharp upturn in occupier requirements, rising by 51 percent in the last three years alone,” said Amawi. 

Real estate and tourism 

Durrani said that Saudi Arabia’s ambition to attract more than 150 million visitors by the end of the decade is creating several opportunities in the hospitality real estate sector. 

“For domestic tourism to flourish in Saudi Arabia, care and attention must be paid to the development of attractions in secondary and tertiary cities if they are to compete and thrive alongside all the new giga-project hospitality offerings,” he said.

Durrani added that cost-effective accommodation facilities are needed to meet the demand of travelers and address the issue of expensive stays. 

“With 28 percent of Gen Z Saudis highlighting high costs as a barrier to domestic travel … so there remains an opportunity to develop more cost-effective accommodation options,” added Durrani. 

Green of CBRE echoed similar views and said that diverse accommodation options are crucial to strengthening the real estate sector in the Kingdom. 

He flagged the need for a mix of hotel rooms, long stay suites, private unit rentals — such as Airbnb — as well as lower cost hostels and other budget-friendly room options.

Al-Sulaimani said that the launch of high-profile and futuristic mega and giga-projects attracted global attention and investments, and symbolizes a progressive shift in Saudi urban development. 

“The focus on tourism and entertainment, alongside massive investments in infrastructure, from transportation to utilities and logistics, are creating a more conducive environment for real estate development,” said the JLL official. 

Real estate and technology

Al-Sulaimani added that the adoption of new technologies and digital solutions is critical to streamlining operations and boosting the efficiency of the Saudi property landscape. 

He said advanced technologies to create smart, sustainable, and highly efficient urban environments are fueling innovations and unlocking new growth opportunities for property tech in the Kingdom. 

“Companies can leverage AI and data analytics to enhance transparency, improve decision-making, and predict market trends. The development of smart cities focuses on integrating IoT and sustainable technologies, offering residents an improved quality of life,” said Al-Sulaimani. 

Green shared that view, and said improving customer experience and service through technology adoption should be a key target for all companies operating in the real estate sector. 

“In the context of the real estate market, the use of virtual and augmented reality for property tours and AI-powered chatbots for instant support and more personalized feedback are becoming more common globally but continue to lag in parts of the region,” said Green. 

He added: “In addition, generating efficiencies and streamlining operations through use of property management software and better integration of smart building technologies can also enhance property value and tenant comfort.” 

Uniqueness of Saudi Arabia’s real estate sector 

Speaking with Arab News, experts unanimously highlighted the uniqueness of the housing sector in Saudi Arabia.

“The Kingdom’s real estate market is one of the fastest growing globally and certainly of the most exciting. The opportunity for investors continues to grow as the government unveils ever more ambitious projects, designed to spur economic growth in the non-oil sector and to also showcase Saudi Arabia’s arrival on the global investment stage,” said Amawi. 

Green said that the ongoing construction of giga-projects gives the Kingdom’s real estate sector an upper hand compared to other countries in the region. 

The CBRE official added that Saudi Arabia’s rich cultural heritage is also a further standout for tourism-related developments, creating a unique opportunity to establish a tangible cultural tourism offering in the region. 

“The size and scale of the Saudi’s giga-projects remain a notable differential against other regional markets, with the Kingdom still very much in its nation-building stage against more mature real estate markets in the UAE,” said Green.


Intersection between family offices and early-stage startups poised to expand, experts say

Updated 14 March 2025
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Intersection between family offices and early-stage startups poised to expand, experts say

RIYADH: Family offices have traditionally been influential in private capital investment, but their role in business funding and early-stage startups has often remained under the radar.  

Historically, these entities have prioritized wealth preservation, stability, and strategic investments aligned with their company interests.  

A shift is underway, however, with family offices increasing their exposure to venture capital through direct investments, fund allocations, and partnerships with startup incubators.  

Family offices across the Middle East and North Africa are recalibrating their investment strategies, emphasizing stability and selective diversification, according to a Campden Wealth and HSBC Global Private Banking report.  

Real estate remains a dominant asset class, accounting for 34 percent of portfolios and showing a net increase in interest of 44 percent, which reflects the difference between the share of family offices planning to raise their holdings and those intending to reduce them, demonstrating strong momentum in property investments.  

Bonds and commodities are also gaining traction, with net increases in interest of 33 percent and 50 percent, respectively, as family offices prioritize reliable asset classes amid global economic uncertainties. 

In contrast, MENA family groups show a limited appetite for expanding their exposure to private equity or debt, with minimal net change reported in these categories.  

This stands in stark contrast to family offices in Europe and North America, where private equity remains a primary focus.  

Despite the restrained interest in private equity overall, 58 percent of MENA family groups are active in VC, favoring early-stage investments such as angel and seed funding at 50 percent, as well as growth-stage opportunities at 50 percent. 

The findings reflect a measured approach, balancing traditional, stable investments with selective forays into innovation-driven sectors. 

Paula Tavangar, chief investment officer at Injaz Capital, a regional investment firm, believes that the shift is moving quickly.

In an interview with Arab News, Tavangar emphasized that Saudi family offices are increasingly expanding beyond traditional asset classes and recognizing VC as a key investment opportunity. 

“With above half already investing in early-stage companies, this shift is well underway,” she said. However, she noted that while many family offices seek direct access to promising early-stage investments, they often lack the infrastructure to efficiently evaluate and structure deals.

This shift in investment strategy is driven in part by second-generation family office leaders who are more innovation-focused. 

Paula Tavangar, chief investment officer at Injaz Capital. Supplied

“They seek exposure to both local and global early-stage opportunities, whether through setting up their own shop, being an LP (limited partner) in VC funds, or mandating external experts like us,” Tavangar said. 

Injaz Capital has been actively sourcing and reviewing deals for family offices in both early- and growth-stage investments in Saudi Arabia. “For example, we invested in the latest round of Xpence, a smart business spend platform,” she said.

While fintech and e-commerce have traditionally dominated Saudi VC, Tavangar noted these sectors are becoming saturated. 

Family offices are shifting toward industries aligned with their core businesses and national priorities, including deep tech, renewables, and health tech.

“Healthcare spending is expected to total $180 billion by 2029, with increasing incentives for private investment,” she said, citing a $10 billion localization gap in the Kingdom’s pharmaceuticals and medical devices sector. 

Injaz Capital is addressing this through MENA Hayah, its health tech-focused investment platform.

The relationship between family offices and VC firms is changing. Currently, about 70 percent of these groups in MENA source deals through their own networks instead of investing in VC funds, but this trend is shifting.

“As the Saudi startup ecosystem matures, family offices are increasingly exploring structured partnerships with VC firms,” Tavangar said. Many prefer co-investment models in late-seed and series A+ rounds over traditional fund commitments.

Large family groups are also launching sector-specific investment arms and collaborating with specialized VCs to gain proprietary deal flow and expertise. 

“The goal is not just to follow an investment trend but to help build an environment where family offices can contribute meaningfully to economic growth while effectively managing risk,” Tavangar added.

Speaking with Arab News, Thomas Kuruvilla, managing partner of Arthur D. Little Middle East and India, explained that family offices have typically avoided VC due to their preference for control and long-term investment horizons.  

“Minority stakes in VC funds often fail to provide this comfort,” he noted. VC firms tend to focus on short-term portfolio diversification and exit strategies, whereas family offices emphasize stability.  

Additionally, many family groups have been cautious about early-stage investments because generating quick returns often contradicts the values they seek to instill in future generations. 

CaptionThomas Kuruvilla, managing partner of Arthur D. Little Middle East and India. Supplied

Kuruvilla highlighted several factors driving a change in approach, adding: “Younger family members are more tech-savvy and comfortable investing in emerging technologies.” 

Furthermore, portfolio diversification is becoming a priority, with family offices seeking access to disruptive business models and new technologies.  

Reputation building is also a motivator, as participation in prestigious VC funds enhances their credibility as serious venture investors.  

As a result, family offices are becoming major players in VC, offering long-term perspectives, sector expertise, and capital beyond mere financial investment. 

Speaking to Arab News, Achal Aroura, head of multi-family office EMEA at Klay Capital Limited, highlighted that many family offices have been investing in startups for years.

However, these investments often go unnoticed because they are structured as bilateral rather than traditional VC transactions. 

“The reason they go unnoticed is that these investments are not seen as traditional venture capital investments, but rather strategic investments made by these families and their existing businesses,” he explained.  

He added that firms like Klay are helping family offices take a more institutionalized approach, facilitating early-stage investments through venture funds, direct deals, and collaborations with startup incubators.  

Family offices tend to invest in industries that align with their broader investment goals and expertise.  

Kuruvilla identifies real estate, artificial intelligence, and healthcare, as well as biotechnology, renewable energy, and fintech as key areas of interest.  

“Many Middle Eastern family offices incorporate Islamic finance principles, ensuring compliance with ethical and religious guidelines,” he added.  

Aroura echoed these observations, noting a focus on technology-enabled startups in real estate, finance, and consumer sectors.  

“Lately, we have seen a lot of interest in data centers and AI-enabled startups and businesses,” he said. 

Obediah Ayton, chairman of Dhabi Hold Co., provided a contrasting perspective, explaining that family holdings — common in the UAE — differ from family offices in their investment approach. 

“A family office typically invests in liquid strategies or acts as LPs in VC funds,” he told Arab News.

In contrast, family holdings deploy capital directly from the business level, which can lead to frustration around the speed of investment decisions.  

Ayton explained that startups approaching family holdings or offices typically need to demonstrate alignment with the family’s business interests, such as solving an operational problem or reducing supply chain costs.  

“The times we have seen investment is normally by an Al-Futtaim investing in mobility — why? Because eventually, they want local distribution or vice versa, to expand their own products through that vertical into new markets,” he said. 

Obediah Ayton, chairman of Dhabi Hold Co. Supplied

Ayton also emphasizes that family offices rarely lead funding rounds due to a lack of in-house capabilities and risk appetite. Instead, they prefer to see reputable investors already involved. 

“Sitting on a cap table rarely happens, and if they do, they want to see good names that priced the business and revenues,” he explained. “If a startup with no revenue comes along, as opposed to a startup with known investors, I know which one is better for my job security within the family business.”  

To optimize their participation in VC, family offices are adopting various strategies. Kuruvilla suggests leveraging their industry knowledge and entrepreneurial experience to support portfolio companies.  

Direct investments allow for greater control, while partnerships with VC firms enhance due diligence. He also noted the growing involvement of younger family members, which introduces fresh perspectives and ensures long-term commitment to venture investing. 

Aroura outlined three primary ways family offices are engaging in startups: “Through early-stage venture capital funds, direct seed investments with founders, and through early-stage incubators from within the venture capital ecosystem.”  

These approaches provide a balance between institutional expertise, direct influence, and exposure to high-growth startups. 

The intersection between family offices and VC firms is also evolving. Kuruvilla highlights increased capital allocations to alternative assets, including co-investment opportunities that offer access to high-quality deal flow and shared risk management.  

“Family offices offer patient capital, ideal for emerging technologies and industries requiring substantial upfront investment,” he said.  

Sector expertise also plays a role, as family offices that leverage their industry knowledge tend to achieve better growth outcomes. Additionally, a focus on impact investing is emerging, particularly among younger generations who prioritize sustainability and social good. 

Aroura emphasized that VC funds bring an institutional approach to early-stage investing, helping family offices diversify their risk while accessing a curated portfolio of startups.  

“Family offices are starting to support venture capital funds, as these funds bring experience and an institutional approach to building a portfolio of companies that helps to diversify their risk of investing in early-stage startups,” he explained.
 


Oil Updates — crude set to close week stable as investors mull path to Ukraine ceasefire

Updated 14 March 2025
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Oil Updates — crude set to close week stable as investors mull path to Ukraine ceasefire

LONDON: Oil prices were stable on Friday after a more than 1 percent loss in the previous session, as investors weighed the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets.

Brent crude futures were up 26 cents, or 0.37 percent, to $70.14 a barrel at 4:22 p.m. Saudi time, after settling 1.5 percent lower in the previous session.

US West Texas Intermediate crude was at $66.80 a barrel, up 25 cents, or 0.38 percent, after closing down 1.7 percent on Thursday.

Prices are set to end the week more or less stable from last Friday, when Brent settled at $70.36 and WTI at $67.04.

“Brent oil has hovered around the $70 mark for the past two weeks. Whether it will remain at this level in the coming week depends on the political news situation,” Commerzbank analysts said in a note.

Russian President Vladimir Putin said on Thursday that Moscow supported a US proposal for a ceasefire in Ukraine in principle, but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting.

“Russia’s tepid support of a 30-day ceasefire proposal with Ukraine has reduced confidence around a ceasefire in the short term,” IG market analyst Tony Sycamore said.

Raising pressure on Putin to come to a peace agreement over Ukraine, the Trump administration said on Thursday that a license allowing energy transactions with Russian financial institutions expired this week.

Chinese state firms are also curbing Russian oil imports on sanctions risks, sources told Reuters.

On Friday, China and Russia stood by Iran after the US demanded nuclear talks with Tehran, with senior Chinese and Russian diplomats saying dialogue should only resume based on “mutual respect” and all sanctions ought to be lifted.

“Most price projections were to the downside in the short term, but geopolitical tension could still cause supply disruptions,” ANZ analysts said in a note to clients.

The International Energy Agency warned on Thursday that global oil supply could exceed demand by around 600,000 barrels per day this year, due to growth led by the United States and weaker than expected global demand.

Unstable macroeconomic conditions caused by escalating trade tensions between the US and other nations prompted the IEA to cut its demand growth estimates for the last quarter of 2024 and the first quarter of this year.

“High risks on the demand side and increasing supply from OPEC+ argue against a sustained recovery in oil prices,” Commerzbank analysts said.


Closing Bell: Saudi main index closes in green at 11,725

Updated 13 March 2025
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Closing Bell: Saudi main index closes in green at 11,725

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 20.95 points, or 0.18 percent, closing at 11,725.88 on Thursday. The total trading volume for the benchmark index reached SR6.20 billion ($1.65 billion), with 141 stocks advancing and 94 declining.

The MSCI Tadawul Index also saw an increase, rising by 2.36 points, or 0.16 percent, to close at 1,479.27.

In contrast, the Kingdom’s parallel market, Nomu, slipped by 37.56 points, or 0.12 percent, closing at 31,135.85. This decline came as 54 stocks rose, while 29 saw a decrease.

The top-performing stock of the day was Rasan Information Technology Co., which saw its share price surge by 9.87 percent to SR79.

Other strong performers included Saudi Chemical Co., whose share price climbed by 5.89 percent to SR8.45, and Saudi Research and Media Group, which gained 5.66 percent, reaching SR175.60.

On the other hand, Nice One Beauty Digital Marketing Co. was the worst performer, with its share price dropping by 4.99 percent to SR40.90.

National Shipping Co. of Saudi Arabia and Alandalus Property Co. also faced declines, with their shares falling by 4.29 percent and 3.55 percent, respectively, to SR29 and SR23.90.

On the announcements front, First Milling Co. reported a net profit of SR250.9 million for 2024, marking a 13.9 percent increase compared to the previous year.

The company attributed this growth to higher sales, improved product mixes and pricing, as well as the introduction of new products.

Additionally, continued growth in small-pack goods, which offer higher profit margins, alongside efficiency improvements, cost leadership, and enhanced cash management, contributed to the rise, with increased interest income from Shariah-compliant Murabaha deposits.

Despite the positive results, First Milling Co.’s share price remained unchanged at SR60.90 during today’s trading.

Umm Al-Qura Cement Co. also reported impressive results, with a net profit of SR47.7 million for 2024, a staggering 1,107 percent increase from the previous year’s SR3.9 million.

This growth was driven by higher sales volumes and values, as well as reductions in administrative expenses, financing costs, and zakat. Despite the strong performance, the company’s shares fell by 1.98 percent, closing at SR18.78.

Lastly, ADES Holding Co. announced that it had received a Shariah Evaluation Report confirming its compliance with Islamic guidelines for the year ending Dec. 31.

The report, issued by the Shariyah Review Bureau, affirmed that the company’s activities aligned with Shariah standards. ADES Holding’s shares closed 0.74 percent lower on the main market at SR16.10.