Closing Bell: Saudi indices close in green for second day in a row

The total trading turnover of the benchmark index was SR5.1 billion ($1.3 billion), as 172 of the listed stocks advanced, while 65 retreated. File/SPA
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Updated 30 December 2024
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Closing Bell: Saudi indices close in green for second day in a row

  • MSCI Tadawul Index increased by 11.41 points, or 0.76%, to close at 1,505.97
  • parallel market Nomu gained 460.61 points, or 1.48%, to close at 31,513.42

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 0.91 percent, or 108.17 points, to reach 12,000.92 points on Monday.

The total trading turnover of the benchmark index was SR5.1 billion ($1.3 billion), as 172 of the listed stocks advanced, while 65 retreated.

The MSCI Tadawul Index also increased by 11.41 points, or 0.76 percent, to close at 1,505.97. 

The Kingdom’s parallel market Nomu also reported increases, gaining 460.61 points, or 1.48 percent, to close at 31,513.42. This comes as 39 of the listed stocks advanced, while as many as 47 retreated.

The index’s top performer, Saudi Reinsurance Co., saw a 10 percent increase in its share price to close at SR51.70.  

Other top performers included Saudi Industrial Development Co., which saw an 8.98 percent increase to reach SR30.95, while Walaa Cooperative Insurance Co.’s share price rose by 7.42 percent to SR19.68. 

Middle East Specialized Cables Co. recorded a positive trajectory, with share prices rising 6.17 percent to reach SR43.90. Fawaz Abdulaziz Alhokair Co. also witnessed positive gains, with 5.07 percent reaching SR12.84. 

Alkhaleej Training and Education Co. was TASI’s worst performer, with the company’s share price falling by 3.26 percent to SR31.15. 

Sustained Infrastructure Holding Co. followed with a 2.86 percent drop to SR32.25. National Medical Care Co. also saw a notable decline of 2.11 percent to settle at SR167.40. 

Elm Co. and Arriyadh Development Co. were among the top five worst performers, with shares dropping by 2.06 percent to settle at SR1,114.80 and by 2.03 percent to sit at SR33.85, respectively. 

On the announcement front, WSM for Information Technology Co. has finalized its acquisition of Wasl Technology Information Systems Limited Co., marking the conclusion of a transaction valued at SR8.5 million. 

The company announced the signing of the final purchase agreement on Dec. 29 with Tanabw for Information Technology, effectively transferring Wasl Technology Information Systems into a branch of Tanabw. 

The acquisition process began with the signing of a non-binding memorandum of understanding on Oct. 27, followed by regulatory approval on Nov.10 when WSM received a No Notification Required Certificate from the General Authority for Competition. Value Capital acted as the financial adviser for the deal. 

The transaction is expected to expand WSM’s technology capabilities and strengthen its presence in the IT sector. Further details on integration plans and strategic objectives post-acquisition have yet to be disclosed, the company stated in a bourse statement.

WSM closed Monday’s trading session with a 4.30 percent increase to reach SR49.70. 

Also, Waja Co. has announced the signing of a Shariah-compliant bank facility agreement with Alinma Bank, securing financing worth SR16 million. The agreement, finalized on Dec.30, has a tenure of one year. 

The facility is backed by a promissory note from the company and will be used to support Islamic financing for letters of credit, various Islamic bank guarantees, and tawarruq transactions.

Waja’s move aligns with its strategy to enhance its financial capabilities while adhering to Islamic banking principles. 

The financing is expected to bolster the company’s liquidity and operational flexibility, enabling it to pursue its business objectives effectively. Further updates regarding the utilization of funds were not disclosed, according to a bourse filing.

Waja Co.’s share price dropped 0.25 percent on Monday to settle at SR7.86. 


From barrels to bytes: How AI is powering Saudi Arabia’s industrial transformation

Updated 08 January 2026
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From barrels to bytes: How AI is powering Saudi Arabia’s industrial transformation

  • Inside the Kingdom’s drive to merge energy expertise with digital intelligence

RIYADH: Artificial intelligence is moving beyond concept to become a cornerstone of Saudi Arabia’s energy sector, reshaping how oil, gas, and power systems are managed and optimized.

Industry giants like Saudi Aramco are embedding smart systems into their operations to boost efficiency, reliability, and sustainability—key pillars in the Kingdom’s efforts to modernize its industrial base and diversify its economy.

According to the International Energy Agency, oil and gas companies were among the first to adopt digital technologies. The agency estimates that applying AI to power plant operations and maintenance could save up to $110 billion annually by 2035 through reduced fuel consumption and maintenance costs.

For Saudi Arabia, this technological momentum offers both a blueprint and an opportunity. Under Vision 2030, integrating data and intelligent automation is transforming how energy is explored, refined, and delivered.

At the heart of Saudi Aramco’s operations is a digital transformation strategy centered on artificial intelligence, big data, and the industrial Internet of Things. These technologies are applied at every stage of production—from mapping reservoirs and optimizing drilling to improving efficiency and safety.

AI also underpins Aramco’s Digital Transformation Program, which develops in-house smart tools and data-driven platforms designed to cut emissions, reduce costs, and enhance performance while ensuring a reliable energy supply.

A prime example is the Upstream Innovation Center, where engineers have implemented AI solutions that reduce fuel gas use in boilers, improve efficiency, and detect potential leaks through fiber-optic monitoring. At the Khurais oil field, more than 40,000 sensors monitor approximately 500 wells via an Advanced Process Control system—the first of its kind for a conventional oil field at Aramco. Digitization at Khurais has increased production by around 15 percent, doubled troubleshooting speed, and lowered both costs and environmental impact.

These advances illustrate how Aramco’s network is evolving into a connected, adaptive model, blending traditional engineering expertise with digital intelligence.

DID YOU KNOW?

• AI could save up to $110 billion a year in global power plant fuel and maintenance costs by 2035.

• Advanced Process Control enables real-time monitoring of hundreds of oil wells in the Kingdom.

• AI-powered simulations now replace weeks of manual analysis, enabling faster operational decisions.

As Saudi Arabia develops an AI-driven energy economy, the King Abdullah University of Science and Technology is bridging the gap between digital innovation and industrial application. 

Bernard Ghanem, chair of the Center of Excellence for Generative AI, said the university is working with Saudi Aramco to develop AI systems that predict the chemical properties of materials and accelerate research into direct air capture technologies for carbon dioxide removal.

He told Arab News that KAUST is partnering with SABIC and ACWA Power to apply AI in process optimization and materials discovery, turning lab-scale research into practical solutions for the energy sector.

Ghanem said KAUST’s generative AI materials program combines a robotic chemistry lab with its AI Chemist foundation model, a system that accelerates the development of catalysts, battery materials, and membranes for clean energy applications.

“This is our lab of the future, automating experimentation and speeding up energy innovation,” he said.

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Mani Sarathy, professor of chemical engineering at KAUST, noted that AI-based reinforcement learning tools are already improving efficiency in hydrocarbon refineries by enhancing simulations and shortening analysis cycles.

“AI is helping energy companies run complex simulations that once took weeks, enabling faster and more precise operational decisions,” he told Arab News.

Sarathy added that the next phase will combine automation with expert oversight. Hybrid human-AI control systems, he explained, are likely to become standard in critical operations, balancing digital autonomy with safety and reliability as Saudi industries expand AI deployment.

These efforts highlight KAUST’s growing role in transforming AI from an academic discipline into a driver of industrial innovation in Saudi Arabia’s energy sector under Vision 2030.

Meanwhile, Skeleton Technologies is bringing AI-driven energy storage solutions to Saudi partners, solutions that are already reshaping industrial systems across Europe and beyond. In Europe, the company combines artificial intelligence and advanced materials to reduce energy use and improve efficiency in data centers, electricity grids, and defense systems.

“Our solutions allow AI infrastructure to consume less electricity and reduce grid connection needs, making AI operations more energy efficient,” Arnaud Castaignet, vice president of government affairs and strategic partnerships at Skeleton, told Arab News.

Inside its factories, Skeleton uses AI-driven digital twin models, created with Siemens Digital Industries, to simulate production, optimize operations, and enable predictive maintenance, Castaignet said. At the core of its technology is curved graphene, a proprietary carbon material that gives Skeleton’s supercapacitors exceptional conductivity.

“It allows our supercapacitors to charge and discharge within microseconds, around 12 microseconds, something batteries cannot do,” Castaignet said.

The company’s flagship Graphene GPU system, built on these supercapacitors, cuts energy use in AI data centers by up to 40 percent and reduces grid requirements by 45 percent while boosting computing performance. The devices are free of lithium, nickel, and cobalt, relying instead on graphene derived from silicon carbide—essentially sand—processed entirely in Germany.

“To build sustainable AI infrastructure, you need energy-saving hardware as well as renewable power,” Castaignet added. “Our Graphene GPU shows both can work together.”

As Saudi Arabia continues linking engineering expertise with digital intelligence, its industrial progress is measured not only in barrels of oil but also in bytes, data, and the smart systems shaping its energy future.