JEDDAH: Saudi Arabia is poised to sign an agreement to harness solar energy for a water desalination project in Senegal, alongside additional investments totaling €250 million ($291.57 million), Investment Minister Khalid Al-Falih said.
Al-Falih, leading a high-level Saudi delegation to the “Invest in Senegal Forum 2025” on behalf of Crown Prince Mohammed bin Salman, said the 300-megawatt photovoltaic project will be integrated with the desalination facility and other development initiatives.
The delegation includes public sector representatives and 400 private sector delegates, with Saudi Arabia serving as the forum’s guest of honor.
According to the Observatory of Economic Complexity, Saudi exports to Senegal reached SR9.21 million in February 2025, while imports totaled SR105,000, resulting in a positive trade balance of SR9.1 million. Between February 2024 and February 2025, exports declined by SR1.28 million (12.2 percent), and imports fell by SR913,000 (89.7 percent).
Speaking in the presence of Senegal’s President Bassirou Diomaye Faye, Al-Falih said: “Senegal and Africa are a top priority for our external investments.”
He expressed confidence that Saudi companies participating in the forum would soon announce new investments and partnerships in Senegal.
“Relations between Saudi Arabia and Senegal are historic, deeply rooted in Islamic brotherhood and shared values,” Al-Falih added, highlighting leadership-level visits since Senegal’s independence. He noted that Senegal’s Vision 2050 and the Invest in Senegal Forum signal a strong commitment to development and international partnerships.
The minister also highlighted Africa’s growing role in global investment, referencing Crown Prince Mohammed bin Salman’s announcement at the Saudi-African Summit of $25 billion in new investments across the continent.
Al-Falih detailed one of the Kingdom’s flagship initiatives: the Grande-Cote seawater desalination project. ACWA Power has signed an agreement to invest nearly €750 million to build a renewable energy-powered desalination plant, capable of supplying up to 400,000 cubic meters of potable water per day to Dakar and surrounding areas.
“This project addresses climate change and advances energy transformation in Senegal,” he said.
Saudi Arabia to invest in solar-powered desalination project in Senegal, says minister
https://arab.news/8n4hd
Saudi Arabia to invest in solar-powered desalination project in Senegal, says minister
Closing Bell: Saudi main index slips to close at 10,588
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 127.15 points, or 1.19 percent, to close at 10,588.83.
The total trading turnover of the benchmark index was SR2.57 billion ($685 million), as 28 of the stocks advanced and 232 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 108.53 points, or 0.46 percent, to close at 23,719.13. This comes as 22 of the stocks advanced while 47 retreated.
The MSCI Tadawul Index lost 17.17 points, or 1.22 percent, to close at 1,393.34.
The best-performing stock of the day was Sport Clubs Co., whose share price surged 3.69 percent to SR9.00.
Other top performers included Flynas Co., whose share price rose 2.55 percent to SR72.30, as well as National Industrialization Co., whose share price surged 2.13 percent to SR10.09.
Consolidated Grunenfelder Saady Holding Co. recorded the most significant drop, falling 6.61 percent to SR8.90.
Sustained Infrastructure Holding Co. also saw its stock prices fall 5.75 percent to SR30.82.
CHUBB Arabia Cooperative Insurance Co. also saw its stock prices decline 5.72 percent to SR22.40.
On the announcements front, Wataniya Insurance Co. said it has received a notice of award for a one-year contract with Saudi National Bank to provide general insurance as well as protection and savings insurance services, in line with agreed terms and conditions.
According to a Tadawul statement, coverage will begin on Jan. 1, 2026. The contract value exceeds 15 percent of the company’s total revenues, based on its latest audited financial statements for 2024.
Wataniya Insurance Co. ended the session at SR14.35, up 1.92 percent.
Fawaz Abdulaziz Alhokair Co., or Cenomi Retail, has announced executing a SR1.5 billion facility agreement structured as a short-term loan with Emirates NBD – Kingdom of Saudi Arabia. A bourse filing revealed that the financing duration is three years with an option to extend for a total of two years.
Cenomi Retail ended the session at SR20.00, up 0.26 percent.
First Milling Co. has announced the Board of Directors’ recommendation to amend the firm’s bylaws Article “Company Management” to increase the number of board members from seven to eight. This change reflects the firm’s commitment to broadening the range of expertise and skills on its board, in line with its growth and expansion plans for the next phase.
The company reiterated its commitment to fulfilling all necessary procedures and obtaining approvals from the relevant authorities. The recommendation will be submitted to the upcoming General Assembly, with the date to be announced in due course.
First Milling Co. ended the session at SR49.22, down 1.06 percent.
