MENA Project Tracker — Jabal Omar project to be complete by year-end; Sharjah to have first IWP 

The Jabal Omar development Co. will be speeding up the progress of the second, third, and fourth phases of the Jabal Omar project. (Shutterstock)
Short Url
Updated 11 October 2022
Follow

MENA Project Tracker — Jabal Omar project to be complete by year-end; Sharjah to have first IWP 

RIYADH: Multinational energy corporation Chevron has been discussing the construction of a connection between its Aphrodite gas field in offshore Cyprus and Egypt before year-end, according to MEED.

The company is yet to figure out the gas route and the details of the project's development, according to Clay Neff, president of Chevron Middle East, Africa, and South America.

“We are hoping that towards the end of the year, we will know which direction we want to go. We are working towards that,” he added.

Jabal Omar project to be complete by year-end

The Jabal Omar development Co. will be speeding up the progress of the second, third, and fourth phases of the Jabal Omar project. The residential project is set to increase the capacity of pilgrims to 30 million aligned with Saudi Arabia’s 2030 Vision.

The company will complete both the second and third phases by the last quarter of 2022, while the fourth phase will be completed by the end of 2024, according to Al Arabiya.

SEWA to develop first IWP in Sharjah

Sharjah Electricity, Water & Gas Authority is looking to develop Sharjah’s first independent water project called 'Hamriyah IWP', which will have a capacity of 90 million imperial gallons a day.

The company will be issuing the request for qualifications by the end of October or the beginning of November.  

SEWA will utilize the water produced from the plant under a long-term water-purchase agreement, in addition to investing in the project company that will develop the project, reported MEED. 


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

Updated 30 December 2025
Follow

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.