TASI ends in red as oil prices fall, recession fears grow: Closing bell

TASI ended Thursday with a 1.15 percent decline at 12,142, while the parallel Nomu fell 1.44 percent to 21,326. (Shutterstock)
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Updated 01 September 2022
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TASI ends in red as oil prices fall, recession fears grow: Closing bell

RIYADH: The Saudi stock market ended September’s first trading session in the red due to weaker oil prices and recession concerns.

TASI ended Thursday with a 1.15 percent decline at 12,142, while the parallel Nomu fell 1.44 percent to 21,326.

In energy trading, Brent crude declined to $94.20 a barrel, while US West Texas Intermediate reached $88.37 a barrel, as of 3:19 p.m. Saudi time.

Saudi Enaya Cooperative Insurance Co. gained 6.28 percent following the Saudi Central Bank's approval to reduce its capital to SR100 million ($27 million).

Saudi oil giant Aramco ended with 1.07 percent, while Methanol Chemicals Co. fell 0.94 percent following the news that it appointed ex-Aramco member Habes Al Shammary as chief operation officer on Sept. 1.

In the banking sector, Alinma Bank’s share price dropped 2.11 percent, while Al Rajhi, the Kingdom’s largest valued bank and a major market player, was down by 1.44 percent.

The Saudi National Bank, the country’s biggest lender, saw its share price decline by 2.15 percent, while Saudi British Bank, which was voted the Kingdom's best bank in 2022, edged down 0.75 percent.

Taiba Investments increased 0.35 percent, following the award of an SR431 million contract to Saudi Arabian Construction Co. for the construction of the Sheraton Taiba Hotel in Madinah.


Egypt–Saudi power link set to boost regional energy integration, minister says 

Updated 22 February 2026
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Egypt–Saudi power link set to boost regional energy integration, minister says 

RIYADH: Electricity interconnection projects between Egypt and Saudi Arabia will strengthen regional energy cooperation and economic integration, Egypt’s minister of electricity and renewable energy said during a visit to a key cross-border power facility. 

Mahmoud Esmat made the remarks while inspecting the Egypt–Saudi electricity interconnection station linking the two countries’ power grids, where he reviewed construction progress and equipment testing ahead of trial operations expected in the coming weeks, according to a statement from the Egyptian State Information Service. 

The project is described as the first of its kind in the Middle East in terms of scale, manufacturing technology, operation, and application in grid interconnection lines. 

The initiative supports the state’s broader vision to implement sustainable solutions aimed at ensuring the stability of the national unified grid and enhancing the reliability and quality of electricity supply. 

It also aligns with Egypt’s allocation of 136.3 billion Egyptian pounds ($2.8 billion) to the electricity and renewable energy sector in its 2025–26 development plan, nearly double the 72.6 billion pounds set aside the previous year. 

The plan focuses on diversifying energy sources, expanding renewable capacity, and strengthening the national grid to meet rising demand. 

The statement said: “The minister toured the station’s departments and control and operation center, following up on the completion of testing for all equipment and components in preparation for launching operations and synchronizing the project with the unified power grids of Egypt and Saudi Arabia in the coming weeks.” 

It added: “Esmat reviewed the implementation rate of the project and testing works, as well as the project’s timeline. He highlighted finalization of operational tests at the Badr transformer station and the Sakakin Taba 2 station, as well as the 500 kilovolts overhead transmission line extending approximately 320 km.”  

The minister said the project forms part of broader efforts to build an integrated power network connecting the two countries, facilitating efficient and flexible electricity exchange and laying the groundwork for a unified Arab electricity market. 

He added that the initiative reflects a clear vision and comprehensive strategy to strengthen the efficiency of the energy system while delivering both immediate and long-term solutions to safeguard grid stability and enhance service quality.