RIYADH: Saudi Arabia’s Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail convened a meeting in the Chinese capital, Beijing, with several heads of Chinese banks, the Saudi Press Agency reported on Tuesday.
The meeting was held to discuss potential investment and development opportunities in infrastructure projects within the municipal and housing sectors in Saudi Arabian cities.
During the meeting, Al-Hogail engaged in discussions with the heads of the Export-Import Bank of China, China Development Bank, and Industrial and Commercial Bank of China Limited.
They focused on Saudi Arabia’s housing plans and programs, which entail providing housing schemes and improving the quality of the housing sector.
They also covered aspects regarding master plans for building technologies and project sustainability and plans that encompass financing and refinancing programs from banks to facilitate housing development.
Al-Hogail explored opportunities for joint cooperation and collaborated on various financing models for infrastructure projects in Saudi Arabia.
He expressed his keenness to open new horizons and avenues for Saudi-Chinese investment and to strengthen partnerships with Chinese banks and companies that specialize in urban infrastructure development, housing, and financing.
Al-Hogail is currently serving as patron of the Saudi-Chinese Business Forum, which is set to launch in Beijing on Wednesday and will be attended by officials from the ministry, Saudi investors, Chinese companies, and businessmen.
The forum is designed to review investment opportunities and advantages provided by the Kingdom, particularly within the areas of infrastructure and housing.
“The ultimate goal is to attract the best Chinese companies for investment and foster stronger partnerships between the two nations,” SPA said.
Saudi Arabia and China sealed 35 investment agreements worth around $30 billion during the visit of Chinese President Xi Jinping to the Kingdom last December. Among these was an action plan to activate the housing memorandum of cooperation provisions, signed by Al-Hogail and Wang Wentao, China’s commerce minister.
Last month, Al-Hogail visited Turkiye, where he attended the launch of the Saudi-Turkish Business Forum in Istanbul. He also met with several Turkish officials, businesspeople, and investors.
The visit to Turkiye also sought to enhance cooperation opportunities with Turkish companies in urban and real estate development, construction, contracting and smart cities.
Saudi minister explores green industrial complex plans during China visit
https://arab.news/mm5bu
Saudi minister explores green industrial complex plans during China visit
Closing Bell: Saudi main index closes in green at 10,917
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04.
The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated.
The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06.
The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53.
Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59.
Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price.
On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59.
ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56.
Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97.
On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.
The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.
Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase.
Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.
The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.
According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.
Its share price remained unchanged on Nomu at SR16.40.
