Closing Bell: Saudi Arabia’s TASI closes in green at 12,103

The total trading turnover of the benchmark index was SR5.55 billion ($1.47 billion), as 99 of the listed stocks advanced, while 131 retreated. Shutterstock
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Updated 02 January 2025
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Closing Bell: Saudi Arabia’s TASI closes in green at 12,103

  • MSCI Tadawul Index also increased by 2.55 points, or 0.17%, to close at 1,517.16
  • Parallel market Nomu gained 11.83 points, or 0.04%, to close at 31,005.69 points

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Thursday’s trading session at 12,102.55 points, marking an increase of 25.24 points, or 0.21 percent. 

The total trading turnover of the benchmark index was SR5.55 billion ($1.47 billion), as 99 of the listed stocks advanced, while 131 retreated. 

The MSCI Tadawul Index also increased by 2.55 points, or 0.17 percent, to close at 1,517.16. 

The Kingdom’s parallel market Nomu reported increases, gaining 11.83 points, or 0.04 percent, to close at 31,005.69 points. This comes as 39 of the listed stocks advanced while as many as 43 retreated. 

The index’s top performer, Tihama Advertising and Public Relations Co., saw a 9.91 percent increase in its share price to close at SR16.86.  

Other top performers included Zamil Industrial Investment Co., which saw an 8.01 percent increase to reach SR35.05, while Al Yamamah Steel Industries Co.’s share price rose by 5.42 percent to SR36. 

AYYAN Investment Co. also recorded a positive trajectory, with share prices rising 4.99 percent to reach SR16. Fawaz Abdulaziz Alhokair Co. witnessed positive gains, with 4.49 percent reaching SR14.44. 

Arabian Cement Co. was TASI’s weakest performer, with its share price falling 5.81 percent to SR14.88. 

Riyadh Cement Co. followed with a 5.45 percent drop to SR30.35. Yamama Cement Co. also saw a notable decline of 5.26 percent to settle at SR33.35.  

Umm Al-Qura Cement Co. dropped 3.55 percent to SR17.94, while Methanol Chemicals Co. declined 3.03 percent to SR17.94, ranking among the top five decliners. 

In the parallel market Nomu, View United Real Estate Development Co. was the top gainer, with its share price surging by 22.64 percent to SR9.10. 

Other top gainers in the parallel market included Mulkia Investment Co., up 8.25 percent to SR40, and Enma AlRawabi Co., rising 6.67 percent to SR23.68. 

Naas Petrol Factory Co. and Meyar Co. were the other top gainers on the parallel market. 

Al-Modawat Specialized Medical Co. saw the largest decline on Nomu, with its share price slipping 8.05 percent to SR16. 

Naseej for Technology Co. fell 7.14 percent to SR65, while Saudi Azm for Communication and Information Technology Co. dropped 6.18 percent to SR28.10, ranking among the notable decliners on Nomu. 

On the announcement front, Al-Jouf Agricultural Development Co. said it has entered into a SR200 million Shariah-compliant bank facilities agreement with Banque Saudi Fransi to finance the company’s expansion plans and operational activities. 

Its share price closed at SR64.50, reflecting a 1.2 percent gain. 

Saudi Basic Industries Corp., or SABIC, announced that its Saudi affiliates have received official notification of increased feedstock prices, which is expected to affect the company’s production costs. 

SABIC’s shares closed at SR67.30, marking a decline of 0.59 percent. 

Sahara International Petrochemical Co., also known as Sipchem, received a notice from Saudi Aramco amending certain feedstock prices, effective Jan. 1. The financial impact is expected to result in a 2 percent increase in the total cost of sales, starting in the first quarter of the 2025 fiscal year. 

Sipchem’s shares ended the day at SR24.66, down 2.43 percent. 

National Agricultural Development Co., or NADEC, received a notification regarding an adjustment in fuel prices for its operational activities. The financial impact is estimated to result in a 1.5 percent increase in operating costs, to be reflected starting in the first quarter of fiscal year 2025. 

This change is expected to moderately raise production costs. NADEC’s shares closed at SR24.52, marking a 1.55 percent increase. 


From moros to mass tourism — historical bonds fuel Saudi-Spanish tourism takeoff, says ex-Balearic leader

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From moros to mass tourism — historical bonds fuel Saudi-Spanish tourism takeoff, says ex-Balearic leader

  • Jose Ramon Bauza says Saudi-Spanish tourism ties may be in their infancy but are poised for a fruitful relationship
  • ‘Kingdom has everything to become global leader on vacational and family destinations,’ former Spanish senator tells Arab News

MADRID: Saudi-Spanish tourism ties may still be in their infancy, but for Jose Ramon Bauza Diaz, they already have the makings of a “family affair.”

“We are at the very beginning of what should be a fruitful and successful relationship,” the former Spanish politician turned tourism consultant told Arab News on the sidelines of FITUR, the flagship global tourism fair.

“Everything has yet to be done. I think we are not starting from scratch, but we are at a starting point, and we have both the opportunity to do a lot of things together.”

Spain welcomed a record 93 million visitors in 2024, overtaking the US as the world’s second most visited country by international arrivals. The Kingdom represents a small proportion, with around 182,000 Saudis visiting in 2023.

Even so, Bauza believes the two countries are “warming up” fast, helped by deep historical links dating back to the presence of ‘moros’ — ancient Arabs whose legacy is etched into the Iberian Peninsula’s culture and architecture.

“We believe in the same principles. We believe in family, we believe in trust. We believe in doing things (together). We love being together; we are not people who want to be isolated,” he said. “This is a specific and privileged starting point.”

Tourism is a central pillar of Saudi Arabia’s Vision 2030, with the Kingdom only fully opening up to global visitors about a decade ago. In 2025 it welcomed more than 122 million domestic and international visitors, a 5 percent year-on-year rise that keeps it on track to reach 150 million by the end of the decade.

Religious tourism has been a key driver alongside a strong push into the luxury segment, but Bauza warned that overreliance on a narrow niche could limit the sector’s full potential.

“Saudi (Arabia) is currently very focused on the luxury (segment); that’s perfect — it is (already) one of the best in the world (in that market). But I think the Kingdom can (also) be the best in the world in vacation tourism, family tourism, and the upper middle to high-end (segment),” he said.

Drawing on Spain and Europe’s experience as industry leaders, he argued that no country can afford to compromise on quality.

“Everyone that (sets) quality (apart) is penalized,” he stressed. “Saudi has everything to be a top luxury destination. But as well that, to be the top vacational and family destinations (offering) high quality standards.”

Despite sluggish global growth, the tourism market is set to expand in the coming years, driven by rising consumer demand and easier access to international travel. The sector already accounts for just under 10 percent of global gross domestic product, supports more than 330 million jobs, and is growing about 1.5 times faster than the world economy. A recent report by the World Economic Forum and Kearney projects that annual tourist trips will reach 30 billion by 2034.

For Bauza — who during his tenure as a Member of the European Parliament served as chair of the Tourism Task Force and a member of the delegation for relations with the Arabian Peninsula — these numbers underline both the scale of opportunity and the difficulty of expanding responsibly, especially when it comes to sustainability.

“I always prefer to talk about quality than quantity,” he said. “When I was president of the Balearic Islands, I was not running for how many million tourists we had, but (rather) on how many quality tourism opportunities we could offer.” He added that with the right strategy, quality and quantity could grow together without “over-touristifying” a destination.

Spain has wrestled with over-tourism in recent years, triggering local protests over the sheer volume of visitors. The Balearic Islands, Barcelona, Andalusia and other hotspots have seen mounting anger over the impact on daily life, from water shortages to urban changes that increasingly cater to tourists rather than residents.

“What’s important is to have properly scaled infrastructure to provide the best services,” Bauza said, arguing that destinations needed clear plans taking residents’ needs into account as well as the efficiency and resilience of buildings and infrastructure.

“If we know we will grow in an area in the next 10 or 15 years, we need to provide the infrastructures and the structures (in advance),” he said, adding cities must be designed for both those who live there and the visitors who arrive from around the world, with “a common way of thinking that tourism is part of the way of living.”

Riyadh has made sustainability a core principle of its development blueprint. Flagship projects such as the Red Sea Project, Neom and Amaala are framed around 100 percent renewable energy, biodiversity conservation and bans on single-use plastics in a bid to create “nature-first” destinations.

Bauza said Saudi Arabia — which skipped this year’s FITUR despite a strong regional presence — has a chance to learn from mature tourism markets where rapid growth has brought economic gains but also environmental and social strain when not managed holistically.

“We have the knowledge of the tourism sector,” he said. “As a former president of the Balearic Islands, I’m proud that the big global brands are not only Spanish, they are from Mallorca and Ibiza. We can put this (experience) on the table — not to (tell) anyone what to do, not at all. (But) just to say to them: ‘Look at what we’ve done, see if it works for you. Copy it (if it fits). Let’s do it together because we have decades of experience’.”

In 2021, the tourism ministers of Saudi Arabia and Spain signed a joint statement to “redesign tourism,” agreeing to cooperate on three pillars — sustainability, digital transformation (including smart destinations and data sharing) and human-capital training.

These commitments were renewed in May 2025, when Madrid and Riyadh sealed four new private-sector deals to deepen investment and economic cooperation, with tourism highlighted as a strategic priority.

Spain now sees Saudi Arabia as a key Middle Eastern growth market. The 182,000 Saudis who visited in 2023 made the Kingdom Spain’s top Gulf Cooperation Council source market within a broader Gulf visitor base of 434,000 that year. That momentum has spurred a rise in investment flows.

Leading Spanish hospitality groups such as Melia Hotels International and Barcelo Hotel Group — both out in force at FITUR — are expanding their footprint in the Kingdom. At TOURISE 2025, Melia, Spain’s largest hotel operator, signed a Memorandum of Understanding with Saudi Arabia’s Tourism Development Fund to develop around 1,000 hotel rooms, while Saudia has launched direct Jeddah-Barcelona flights to complement services to Madrid and better integrate Saudi hubs with Spanish gateways.

Bauza welcomed the progress but said more must be done to unlock the full potential and build out services beyond core hospitality.

“Tourism is much more than hotel, much more than a restaurant, much more than a boutique, much more than an airport, much more than a museum. Tourism is an experience,” he said. “The goal is for Saudi people and Spaniards to work together. And the message is: It’s about to come (soon).”

“We need to trust each other, and we’re well prepared to take this step forward hand in hand, identifying the best options for quality tourism, not just quantity. Saudi Arabia is absolutely ready — globally, I see no country more committed.”

He added: “The key word is trust. We need to trust one each other, and we’re very well prepared to do this step forward together hand by hand, identify(ing) the best options for quality, not quantity tourism. And Saudi Arabia is absolutely prepared. Globally speaking, I cannot see any country who is much more committed.”

Bauza called for the Kingdom to secure a strong presence at FITUR to tell its own story: “If you’re not here, you’re not visible. You need a specific strategy for (showing) the many spectacular things you’re doing in tourism. I know because I’ve been there, but people who are not there, they don't know. (And) nobody’s telling them.”