RIYADH: Saudi Arabia’s investment minister said his ministry’s participation in the G20 summit in India “highlights the Kingdom’s interest in stimulating mutual investments” worldwide and “showcasing its unique investment environment,” the Saudi Press Agency reported.
Khalid Al-Falih added that a “large governmental delegation” is participating in the summit, which takes place on Sept. 9-10.
The delegation is led by Crown Prince Mohammed bin Salman, “who is spearheading an agenda with international economic and developmental dimensions.”
Saudi Arabia is an important member of the G20 due to its “political and economic influence,” its “ability to impact global economic policymaking,” and “its pivotal role when it comes to ensuring the stability of global energy markets,” Al-Falih said.
He highlighted the importance of technological transformation and digital infrastructure when it comes to the progress and prosperity of nations.
“The Kingdom has secured high rankings in global indicators related to digital transformation, quality of life, and the quality of digital infrastructure,” he said.
“Additionally, it has advanced ranks globally in the field of digital government, and achieved historic results in the e-government development indicator, as it ranked 31st in 2022, which is 12 ranks higher than in 2020.
“The Kingdom also ranked 27th out of 193 states in the 2022 Telecommunications Infrastructure Indicator.
“This was all made possible through the efforts that are being exerted to make the Kingdom a leading model when it comes to the provision of digital services.”
Al-Falih added: “Saudi Arabia ranked sixth in the 2023 Global Competitiveness Index for economic performance, and 13th in the IMD World Competitiveness Ranking for business efficiency.
“Therefore, the Kingdom became one of the best countries in the world when it comes to global competitiveness strategies.”
Since joining the G20, “the Kingdom has proven itself through effective contributions when it comes to promoting cooperation and working with all member states in order to implement the reforms needed by the global financial system, ensure the stability of financial markets, strengthen control measures, promote risk management measures, apply integrity and transparency standards, support future investment processes and promote partnerships in the field of investment,” he said.
“This stemmed from Saudi Arabia’s keenness to ensure the stability of the global economy and its growth.”
Saudi Arabia keen to stimulate investments at G20 summit: Al-Falih
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Saudi Arabia keen to stimulate investments at G20 summit: Al-Falih
- Saudi Arabia is an important member of the G20 due to its “political and economic influence,” says Al-Falih
Closing Bell: Saudi benchmark index closes lower at 10,540
RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72.
The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.
Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market.
Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million).
On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.
Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively.
Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.
Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.
Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent.
On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.
The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.
BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.
Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.
The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer.
In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.
The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.
Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.
