RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, shedding 24.01 points, or 0.21 percent, to close at 11,252.90.

The total trading turnover on the benchmark index stood at SR4.04 billion ($1.08 billion), with 98 stocks advancing and 148 declining.

The Kingdom’s parallel market Nomu edged down by 41.88 points to close at 27,437.62, while the MSCI Tadawul Index fell 0.19 percent to 1,442.43.

The best-performing stock on the main market was SHL Finance Co., with its share price rising 9.98 percent to SR21.26. Al Sagr Cooperative Insurance Co. followed, gaining 6.47 percent to SR14.80, while Fawaz Abdulaziz Alhokair Co. climbed 5.80 percent to SR33.20.

Zamil Industrial Investment Co. recorded the steepest decline of the day, with its share price falling 2.75 percent to SR46.00.

On the announcement front, Almoosa Health Co. said it signed an SR192 million contract with MASAH Specialized Construction Co. to carry out preliminary construction and foundation work for the Almoosa Specialist Hospital project in Al-Hofuf.

In a press statement, the company said the financial impact of the 14-month contract will be reflected after the completion of the hospital’s construction. The company added that there are no related parties involved in the deal.

Almoosa Health’s share price inched up 0.12 percent to close at SR165.00.

Sports Club Co. completed its retail offering ahead of its planned listing on the Kingdom’s main market. Saudi Fransi Capital, the lead manager, financial adviser, bookrunner, and underwriter for the IPO, confirmed the development.

According to a statement, 259,690 investors participated in the retail subscription period, with a final offer price of SR7.50 per share. Saudi Fransi Capital added that retail orders totaled approximately SR247.7 million, representing an oversubscription rate of 533.6 percent.

JEDDAH: Oman’s tourism sector contributed over 2.12 billion rials ($5.51 billion) to the Gulf country’s national economy in 2024, up from 1.75 billion rials in 2018, according to official data.

The latest figures from the National Center for Statistics and Information indicate that this increase reflects a compound annual growth rate of 3.2 percent, reinforcing the industry’s role as a key pillar in the sultanate’s economic diversification strategy.

The sector’s contribution to gross domestic product also rose to 2.7 billion rials, up from 2.3 billion rials in 2018, underscoring tourism’s expanding macroeconomic impact, according to the Oman News Agency.

European travelers significantly boosted Oman’s tourism sector in 2024, driving a 10.2 percent rise in hotel revenues during the first five months of the year, according to NCSI data released last July.

The country’s growing appeal among European tourists, alongside strong local and regional demand, reflects its broader strategy to diversify its tourism base and bolster the hospitality sector, in line with similar initiatives across Gulf Cooperation Council member states.

Minister of Heritage and Tourism Salim bin Mohammed Al-Mahrouqi said the growth in visitor arrivals, spending, and economic value reflects the result of focused and ambitious efforts by the ministry to promote Oman as a rich and diverse tourism destination, according to ONA.

He added that the latest indicators serve as a testament to the government’s economic diversification policies and effective inter-agency coordination that supports investment and accelerates project implementation.

Al-Mahrouqi also said that the ministry continues to adopt innovative marketing strategies, strengthen partnerships with the private sector, and develop offerings to enhance the overall visitor experience.

GDP growth forecast at 2.2% in 2025

The sultanate’s economy is forecast to grow by 2.2 percent in 2025, up from 1.7 percent the previous year, supported by a recovery in oil activities and steady non-oil sector expansion, according to the Ministry of Economy’s 2025 economic outlook.

Inflation is projected to rise modestly to 1.3 percent, up from 0.6 percent in 2024. Still, it will remain within the target range of Oman’s 10th five-year plan, aided by continued government subsidies and stable global commodity prices.

The ministry estimates GDP at constant prices will increase from 38.3 billion rials in 2024 to 39.2 billion rials in 2025. Oil activities are expected to rebound with 1.3 percent growth after a 3 percent contraction in 2024, while non-oil sectors are projected to grow by 2.7 percent.

Medium-term momentum is expected to continue through 2026 and 2027, bolstered by strategic projects and higher oil production, ONA reported.