Saudi Arabia Railways, Al-Jabr enter 4-year vehicle transport deal 

The deal underscores SAR’s steadfast commitment to providing sustainable solutions in the transport and logistics sector. SPA.
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Updated 30 November 2023
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Saudi Arabia Railways, Al-Jabr enter 4-year vehicle transport deal 

RIYADH: Saudi Arabia Railways and Al-Jabr Automotive have collaborated to transport thousands of vehicles annually by train from King Abdulaziz Port in Dammam, aiming to boost operational efficiency, reduce costs, and minimize damage and carbon emissions.  

The four-year contract plays a significant role in enhancing the efficiency of operational processes, cutting expenses, and minimizing the incidence of damage related to the transportation and handling of new cars. 

Furthermore, it serves to alleviate pressure on the port, as reported by the Saudi Press Agency.  

The contract marks a pioneering milestone in the Kingdom, aligning with SAR’s strategic initiative to broaden the scope of transportation services.  

This endeavor aims to cater to diverse customer segments, showcasing the national railway company’s commitment to innovation in the sector.  

The deal also underscores SAR’s steadfast commitment to providing sustainable solutions in the transport and logistics sector. Aligned with the National Strategy for Transport and Logistics, SAR aims to reduce carbon emissions by 25 percent by 2030, in harmony with the Kingdom’s environmental initiatives. 

Looking forward to outreaching new customers to achieve a tangible impact on the environment and society, Bashar bin Khalid Al-Malik CEO of SAR pointed out that the agreement represents a milestone moment towards achieving the strategic vision of a comprehensive transformation within the transport and logistics sector. 

He said: “We are taking a significant step through this agreement. Not only we are expanding and diversifying the services provided to our customers but also offering logistical transport solutions that contribute to reducing carbon emissions and enhancing traffic safety levels,” he said. 

He further emphasized that the recent collaboration underscores their complete dedication to realizing sustainability goals and offering transportation solutions that consider the future of the nation and succeeding generations. 

According to its website, Al-Jabr Automotive occupies a leading position in the Saudi automobile market, having 28 showrooms and 38 fully-fledged service centers across the Kingdom.  

The company offers a wide spectrum of new and used KIA Motors cars as well as quality after-sales services. It boasts a large distribution network covering major regions in Saudi Arabia.


Closing Bell: Saudi benchmark index closes lower at 10,540 

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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.