Closing Bell: Saudi Arabia’s TASI concludes in red, drops to 12,128 points

A Saudi man monitors an exchange board at the Stock Exchange Market (Tadawul) bourse in Riyadh. File/AFP
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Updated 04 September 2024
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Closing Bell: Saudi Arabia’s TASI concludes in red, drops to 12,128 points

  • Nomu parallel market ended at 25,946.20, marking a decrease of 98.75 points, or 0.38%
  • MSCI Tadawul also dropped by 5.55 points, or 0.37%, ending at 1,511.82

RIYADH: Saudi Arabia’s Tadawul All Share Index closed Wednesday’s trading at 12,128.14 points, recording a drop of 52.23 points, or 0.43 percent. 

The Nomu parallel market ended at 25,946.20, marking a decrease of 98.75 points, or 0.38 percent. 

The MSCI Tadawul also dropped by 5.55 points, or 0.37 percent, ending Wednesday’s session at 1,511.82. 

By the end of trading, TASI recorded a trade value of SR7.4 billion ($1.9 billion), with 46 stocks advancing and 180 declining. In contrast, Nomu had a trading volume of SR32.8 million. 

Saudi Fisheries Co. stood out as the leading performer, registering a surge of 9.92 percent and closing at SR24.38. This comes on the heels of the company’s latest appointment of a new chairman and vice chairman of the board. 

Al-Baha Investment and Development Co. ended on a positive note with a growth of 7.69 percent, settling at SR0.14. 

Another notable performer, Saudi Steel Pipe Co. observed a 5.92 percent rise, concluding its trading at SR76.90. The National Co. for Glass Industries and Wataniya Insurance Co. also performed well, both rising by 4.33 percent to end at SR51.80 and SR32.50, respectively. 

Alistithmar AREIC Diversified REIT Fund experienced the most significant drop, plunging 5 percent to SR9.50. 

Shares of AlAhli REIT Fund 1 and Knowledge Economic City followed suit, declining to SR7.85 and SR15.38, translating to a dip of 3.33 percent and 3.27 percent, respectively. 

Americana Restaurants International PLC and Amlak International Finance Co. also reported downturns. 

In Nomu, Al Ashghal Al Moysra Co. was the top performer, reaching SR57, an increase of 8.16 percent. 

Leaf Global Environmental Services Co., Mohammed Hasan AlNaqool Sons Co., and Alhasoob Co. were also among the top gainers clinching 7.69, 6.19, and 4.63 percent changes to close at SR70, SR36.90, and SR52, respectively. 

Advance International Co. for Communication and Information Technology also closed the day in green with SR5, an increase of 4.17 percent. 

Natural Gas Distribution Co. was the worst performer on Nomu, closing at SR43.70, a 10.45 percent drop. 

Al Rashid Industrial Co. and Naba Alsaha Medical Services Co. followed dropping by 6.14 and 4.95 percent to close at SR38.95 and SR90.30, respectively. 

MOBI Industry Co. and Sure Global Tech Co. were also among Nomu’s worst performers. 


Dubai Aerospace to buy Macquarie AirFinance in $7bn deal

Updated 14 sec ago
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Dubai Aerospace to buy Macquarie AirFinance in $7bn deal

  • Combined fleet to total 1,029 aircraft across ‌79 countries
  • Acquisition adds 37 airline customers, expands into seven new countries
  • Deal expected to close in H2 2026, subject to regulatory approvals

DUBAI: Dubai Aerospace Enterprise said on Thursday it will buy aircraft leasing firm Macquarie AirFinance for an enterprise value of about $7 billion, creating a combined fleet of 1,029 planes and one of the world’s biggest lessors.

The sale, which followed a competitive bidding process, underscores strong investor appetite ‌for aircraft ‌assets as Boeing and Airbus struggle to ​ramp ‌up ⁠production to ​meet airline ⁠demand.

The global aircraft leasing market is dominated by AerCap Holdings N.V. and SMBC Aviation Capital, both based in Ireland.

The Macquarie AirFinance deal would lift DAE into the top tier, analysts said.

“(It) ... fast tracks Dubai Aerospace Enterprise to the forefront of global aircraft leasing,” said Tim Waterer, chief market analyst at KCM Trade, ⁠adding that the deal also diversifies the Dubai ‌state-owned lessor’s customer base and increases ‌exposure to newer aircraft, even as ​supply constraints at major manufacturers ‌persist.

The combined fleet will serve 191 airlines in 79 countries, ‌with narrowbody jets accounting for about 70 percent of the portfolio, DAE said.

The acquisition, which adds 37 airline customers including carriers in seven countries where DAE has no presence, will be funded through a mix ‌of debt and equity.

DAE CEO Firoz Tarapore said the deal would create a “bigger, stronger, more ⁠diversified and ⁠well-capitalized” company, adding that the combined entity’s scale would support more competitive pricing and a broader customer offering.

DAE is owned by the Investment Corporation of Dubai, the main investment arm for the government of the emirate. The company acquired Dublin-based AWAS, the world’s tenth biggest aircraft lessor, in 2017.

Macquarie AirFinance is owned by Australia’s diversified investment service provider Macquarie Group.

The deal has been approved by DAE’s board and is subject to regulatory approvals, DAE said in a statement.

It is ​expected to close in ​the second half of 2026.