Closing Bell: TASI closes in green on Wednesday, reaching 11,785 

The best-performing stock of the day was Al-Baha Investment and Development Co. Shutterstock
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Updated 11 July 2024
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Closing Bell: TASI closes in green on Wednesday, reaching 11,785 

RIYADH: Saudi Arabia’s Tadawul All Share Index gained on Wednesday, increasing by 4.26 points, or 0.04 percent, to close at 11,784.09.       

The total trading turnover of the benchmark index was SR5.1 billion ($1.3 billion) as 126 of the listed stocks advanced, while 93 retreated.   

On the other hand, the MSCI Tadawul Index also dropped 0.52 points, or 0.04 percent, to close at 1,471.85.  

Similarly, the Kingdom’s parallel market Nomu lost 44.90 points, or 0.18 percent, to close at 25,516.70. This comes as 31 of the listed stocks advanced while as many as 30 retreated.  

The best-performing stock of the day was Al-Baha Investment and Development Co. which saw its share price surge 8.33 percent to SR0.13.   

Other top performers include Miahona Co. as well as Al Kathiri Holding Co., whose share prices soared by 7.53 percent and 6.25 percent to stand at SR31.40 and SR2.89, respectively.   

Additional top performers included Tanmiah Food Co. and Saudi Enaya Cooperative Insurance Co. 

The worst performer was the Mediterranean and Gulf Insurance and Reinsurance Co., whose share price dropped by 5.78 percent to SR30.15.    

Other fallers were Saudi Reinsurance Co. as well as Zamil Industrial Investment Co., whose share prices dropped by 2.41 percent and 1.90 percent to stand at SR28.30 and SR23.74, respectively.   

Sustained Infrastructure Holding Co. and United Electronics Co. also saw falls.

In Nomu, Ghida Alsultan for Fast Food Co. was the top gainer with its share price rising by 7.36 percent to SR54.    

Other best performers in Nomu were Saudi Azm for Communication and Information Technology Co. as well as Armah Sports Co., whose share prices soared by 5.86 percent and 4.71 percent to stand at SR19.50 and SR73.30, respectively.   

Other top gainers also include Knowledge Tower Trading Co. and Edarat Communication and Information Technology Co. 

Leaf Global Environmental Services Co. was the major faller on Nomu, as the company’s share price dropped by 14.73 percent to SR52.10.    

The share prices of Saudi Top for Trading Co. as well as Naba Alsaha Medical Services Co. also fell by 9.74 percent and 5.66 percent to stand at SR6.49 and SR100, respectively.   

Others to see drops included Ladun Investment Co. and Future Care Trading Co. 


Work suspended on Riyadh’s massive Mukaab megaproject: Reuters

Updated 27 January 2026
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Work suspended on Riyadh’s massive Mukaab megaproject: Reuters

RIYADH: Saudi Arabia has suspended planned construction of a colossal cube-shaped skyscraper at the center of a downtown development in Riyadh while it reassesses the project's financing and feasibility, four people familiar with the matter said.

The Mukaab was planned as a 400-meter by 400-meter metal cube containing a dome with an AI-powered display, the largest on the planet, that visitors could observe from a more than 300-meter-tall ziggurat — or terraced structure —inside it.

Its future is now unclear, with work beyond soil excavation and pilings suspended, three of the people said. Development of the surrounding real estate is set to continue, five people familiar with the plans said.

The sources include people familiar with the project's development and people privy to internal deliberations at the PIF.

Officials from PIF, the Saudi government and the New Murabba project did not respond to Reuters requests for comment.

Real estate consultancy Knight Frank estimated the New Murabba district would cost about $50 billion — roughly equivalent to Jordan’s GDP — with projects commissioned so far valued at around $100 million.

Initial plans for the New Murabba district called for completion by 2030. It is now slated to be completed by 2040.

The development was intended to house 104,000 residential units and add SR180 billion to the Kingdom’s GDP, creating 334,000 direct and indirect jobs by 2030, the government had estimated previously.

(With Reuters)