Saudi Arabia’s Crown Prince reveals strategic office for the development of the Northern border region

The Crown Prince’s announcement comes as an extension of a number of strategic offices and development agencies in several regions (Shutterstock)
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Updated 20 February 2023
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Saudi Arabia’s Crown Prince reveals strategic office for the development of the Northern border region

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the establishment of the Strategic Office for the Development of the Northern Border region to enhance the quality of life in the area.

The office will aim to raise the level of development in cities and governorates of the northern region by investing in economic, natural and historical elements in the area. 

The development project will be responsible for launching qualitative initiatives and programs that contribute to creating an attractive investment environment for capital, which will achieve a great development and economic renaissance and provide job opportunities, according to the Saudi Press Agency. 

Moreover, the office will coordinate between government agencies to support development in the cities and governorates of the northern borders, organizing their development mechanisms, and measuring the performance of government agencies, by reemploying potential and natural resources. 

The Crown Prince’s announcement comes as an extension of a number of strategic offices and development agencies in several regions to address difficulties and obstacles that prevent maximizing the utilization of economic growth. 

The office greatly reflects the Kingdom’s keenness to turn all cities and regions into major attractions for internal and external investments in addition to global tourism, political, economic, cultural and sports events. 

The northern border area occupies an area of 133 square kilometers of the Kingdom’s territory, is inhabited by 400,000 people and contributes SR27 billion ($7.2 billion) to the gross domestic product. 

The area holds a huge stock of phosphate, equivalent to seven percent of the global reserve, as well as large reserves of natural gas. 

Riyadh also spread into the region with fields of herbs and pastures as well as 15,000 kilometers of natural reserves. The area is home to many archaeological sites that date back to pre-Islamic times such as the foundations of the wall of the Dawqara, and the Rafha governorate, which was a station for pilgrims, and the archaeological sites in Lina, Luke and the historical village of Zabala.   


Closing Bell: Saudi main index closes in red at 11,183

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Closing Bell: Saudi main index closes in red at 11,183

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.

The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.

The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.

The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.

The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.

Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.

On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.

Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.

On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.

In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”

Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.

The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.