Saudi minister seeks US expertise to boost Kingdom’s municipal, housing sectors

Saudi Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail meeting with US waste management systems firm HDR. X/@majedhogail
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Updated 21 August 2024
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Saudi minister seeks US expertise to boost Kingdom’s municipal, housing sectors

RIYADH: Saudi Arabia is aiming to leverage US expertise to boost efficiency in its municipal and housing sectors after a government official met with American firms.

During his visit to the US, Saudi Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail held talks with infrastructure firm Parsons Corp. to discuss using data to improve project execution, site safety, and technology integration for better service access and connectivity to residential areas.

Al-Hogail also met with representatives from waste management systems company HDR,  where he and his accompanying delegation reviewed the firm’s global projects and discussed potential collaboration opportunities in specialized areas.

The minister commenced his US tour on Aug. 18, primarily aiming to attract prominent companies to the Saudi market, focusing on real estate development, financing, and supply chains, as well as modern construction technologies and urban infrastructure.

In a post on his X account, Al-Hogail said his meetings with Parsons Corp. and HDR took place “in the context of searching for innovative and integrated solutions and models for city management.”

He also said he wanted to “enhance the efficiency of work in the municipal and housing sectors and attract the best experiences and solutions.”

The meetings are part of Saudi Arabia’s initiative to integrate smart technology into urban development, with the Kingdom aiming to have at least 10 of its cities rank among the top 50 in the world. 

The minister also met with the Saudi-US Business Council team to review their scope of work and explore investment opportunities. He expressed interest in collaborating with the council to support his ministry’s municipal and housing initiatives and programs.

In another post, Al-Hogail said he held talks with leaders of the US Chamber of Commerce to discuss enhancing cooperation with Saudi Arabia and American firms.

“We focused on building effective partnerships and sharing expertise among specialized companies. We reviewed investment opportunities in the Kingdom and explored possibilities for strategic agreements in infrastructure, public health, and other areas.” the minister said.


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.