Closing Bell: Saudi indices start week in green closing at 11,892

The total trading turnover of the benchmark index was SR3.5 billion ($942.7 million), as 140 of the listed stocks advanced, while 86 retreated. (Shutterstock)   
Short Url
Updated 29 December 2024
Follow

Closing Bell: Saudi indices start week in green closing at 11,892

RIYADH: Saudi Arabia’s Tadawul All Share Index started the week with a 0.28 percent increase, or 33.28 points, to reach 11,892.75 points on Sunday.    

The total trading turnover of the benchmark index was SR3.5 billion ($942.7 million), as 140 of the listed stocks advanced, while 86 retreated.    

The MSCI Tadawul Index increased by 4.26 points, or 0.29 percent, to close at 1,494.56.     

The Kingdom’s parallel market Nomu also increased, gaining 166.10 points, or 0.54 percent, to close at 31,052.81 points. This comes as 42 of the listed stocks advanced while as many as 34 retreated.    

The index’s top performer, Buruj Cooperative Insurance Co., saw a 9.96 percent increase in its share price to close at SR20.10.    

Other top performers included Arriyadh Development Co., which saw a 9.34 percent increase to SR34.55, while Wataniya Insurance Co.’s share price rose 8 percent to SR23.22.   

The Mediterranean and Gulf Insurance and Reinsurance Co. also recorded a positive trajectory, with share prices rising 7.66 percent to reach SR26.70. Retal Urban Development Co. also witnessed positive gains, with 6.16 percent reaching SR16.20.  

Al-Baha Investment and Development Co. saw the steepest decline on TASI, with its share price slipping 4 percent to SR0.48. 

Saudi Cable Co. followed with a 2.94 percent decline to SR99.20. Almarai Co. also saw a drop of 2.46 percent to settle at SR55.50.  

Saudi Industrial Development Co.’s share also fell by 2.41 percent to settle at SR28.40, and Anaam International Holding Group’s decreased by 2.31 percent to sit at SR1.27.  

In Nomu, Miral Dental Clinics Co. was the best performer, with its share price rising by 7.47 percent to reach SR112.20.  

Among the gainers, United Mining Industries Co. saw its share price rise by 6.08 percent, reaching SR41.90, while Aqaseem Factory for Chemicals and Plastics Co. recorded a 5.65 percent increase, standing at SR8.41.  

Meyar Co. also fared well, with a 5.58 percent increase, and Arabian Plastic Industrial Co. rose by 4.65 percent.  

Alhasoob Co. shed the most in Nomu, with its share price dropping by 8.68 percent to reach SR61.  

Arabian Food and Dairy Factories Co. experienced a 7.71 percent decline in share prices, closing at SR85, while Bena Steel Industries Co. dropped 7.61 percent to settle at SR38.25.  

Lana Medical Co. and Arabian United Float Glass Co. were also among the top decliners, with Lana Medical Co. falling 4.07 and Arabian United Float Glass Co. declining 3.80 percent.


Islamic finance in Oman poised for 25% growth: Fitch 

Updated 01 February 2026
Follow

Islamic finance in Oman poised for 25% growth: Fitch 

RIYADH: Oman’s Islamic finance sector is on track to reach $45 billion this year, rising from $36 billion at the end of 2025, supported by a favorable macroeconomic environment, according to a report by Fitch Ratings. 

The rating agency said the anticipated 25 percent year-on-year growth will be underpinned by increasing demand for sukuk as both a funding mechanism and a public policy tool, alongside government-led initiatives and growing grassroots demand for Shariah-compliant financial products. 

Sukuk accounted for around 60 percent of US dollar-denominated debt issuance in 2025, a sharp decline from 94.3 percent previously, with the remaining share comprising conventional bonds. Despite this progress, Fitch highlighted ongoing structural challenges, including the absence of Islamic treasury bills and derivatives, an underdeveloped Omani rial sukuk and bond market, and the limited role of Islamic non-bank financial institutions. 

The performance of Oman’s banking sector continues to reflect steady advancement toward Vision 2040, the country’s long-term development strategy focused on economic diversification, private sector expansion, and enhanced financial resilience. 

Operating conditions remain supportive for both Islamic and conventional banks in Oman, buoyed by elevated, though gradually moderating, oil prices, the report noted. 

Expanding credit flows — particularly to non-financial corporates and households — are helping drive the growth of small and medium-sized enterprises and boost domestic investment. These trends are reinforcing Oman’s efforts to reduce dependence on hydrocarbons and build a more diversified economic base. 

Fitch projects loan growth of 6 to 7 percent in 2026, fueled by rising demand across both retail and corporate segments. In addition, the proposed 5 percent personal income tax, scheduled for implementation from 2028, is expected to have only a limited overall impact on banks, according to the agency. 

Islamic banking in Oman was introduced following the Central Bank of Oman’s preliminary licensing guidelines issued in May 2011, which allowed the establishment of full-fledged Islamic banks and Islamic banking windows operating alongside conventional institutions. 

This regulatory framework was formally entrenched in December 2012 through a royal decree amending the Banking Law, requiring the creation of Shariah supervisory boards and granting the central bank authority to establish a High Shariah Supervisory Authority.