SAMI Navantia launches center of excellence to boost Saudi naval industry capabilities 

he Commander of the Royal Saudi Navy, Vice Admiral Fahd bin Abdullah Al-Ghufail. SPA
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Updated 20 March 2024
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SAMI Navantia launches center of excellence to boost Saudi naval industry capabilities 

RIYADH: Saudi Arabia’s naval industry will receive a technological boost as SAMI Navantia launches a new facility to enhance defense sector capabilities.

The Naval Systems Integration and Development Center of Excellence was inaugurated at SAMI Navantia Naval Industries’ headquarters in Riyadh, in the presence of the Commander of Royal Saudi Naval Forces, Vice Admiral Fahd bin Abdullah Al-Ghufaili.

SAMI Navantia is a joint venture between Saudi Arabian Military Industries and Navantia S.A., a Spanish state-owned shipbuilding company, aimed at advancing naval industry capabilities.

To optimize the center’s performance, the company has invested in computer equipment and software, implemented clear procedures, and developed policies, the Saudi Press Agency reported. 

This underscores the firm’s commitment to providing high-quality products for naval forces. Such investments also reinforce SAMI Navantia’s prominent position in the systems industries, it added.

According to the SAMI website, the excellence center aims to enhance capabilities efficiently, provide advanced technologies, and introduce modern approaches to meet the requirements of the RSNF.

The event was attended by senior executives from both firms, marking a significant milestone in the company’s journey to contribute to the goals of Saudi Vision 2030, the SPA report added.

It also states that, to ensure the center performs its mission effectively, SAMI Navantia, with support from SAMI, has invested in computer equipment and programs, adding that the firm also established clear procedures and policies that reaffirm its commitment to delivering the best products to serve the naval forces and solidify its position as a leading company within the sector.

SAMI stated that the center aims to integrate and advance naval systems through high-performance software, bolstering local expertise and fostering the forces' autonomy. This involves providing cutting-edge capabilities like artificial intelligence, cybersecurity, and integrating unmanned vehicles.

In its statement, SAMI said that it aims to build a strong partnership with the RSNF, becoming its technological partner, adding that it is committed to training and developing national personnel to work alongside the naval forces in strengthening the defense sector in line with the goals outlined in Saudi Vision 2030.

SAMI CEO Walid Abukhaled stated that they are proud of the level of cooperation that binds them to the RSNF and SAMI Navantia. He added that they are fully committed to providing support to the naval forces and look forward to achieving further progress and innovation through qualified national hands.


Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
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Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.

The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.

The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.

The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.

Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.

On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.

Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.

On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.

In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”

The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.

“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.

RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.