Closing Bell: Saudi main index closes in red at 11,484

The best-performing stock on the main market was Bawan Co. Shutterstock
Short Url
Updated 03 November 2025
Follow

Closing Bell: Saudi main index closes in red at 11,484

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Monday, slipping 52.72 points, or 0.46 percent, to end at 11,483.57. 

The total trading turnover of the benchmark index reached SR6.11 billion ($1.63 billion), with 58 stocks advancing and 198 declining. 

The Kingdom’s parallel market Nomu also edged down 0.88 percent to 24,725.15, while the MSCI Tadawul Index fell 0.39 percent to 1,492.48. 

The best-performing stock on the main market was Bawan Co., as its share price increased by 3.64 percent to SR57. 

Shatirah House Restaurant Co. gained 3.55 percent to SR16.61, while Raoom Trading Co. advanced 3.47 percent to SR62.70. 

Conversely, shares of Elm Co. fell 8.6 percent to SR850, making it one of the session’s biggest decliners. 

On the announcements front, ACWA Power reported that its net profit for the first nine months of 2025 rose 2.01 percent year on year to SR1.28 billion. 

In a Tadawul statement, the utility giant attributed the steady growth to higher gross profit, lower development costs, reduced provisions and write-offs, and increased operating income. 

The company added that its third-quarter net profit climbed 13.12 percent year on year to SR371.16 million. However, its share price dropped 4.81 percent to SR235.60. 

Meanwhile, Alinma Bank announced plans to issue dollar-denominated Tier 2 sukuk under its Trust Certificate Issuance Program. 

In a Tadawul filing, the bank said the issuance would be carried out through a special purpose vehicle and offered to eligible investors in Saudi Arabia and abroad.

Alinma noted that proceeds from the issuance would be used for general banking purposes, with the amount and terms determined based on market conditions.

Shares of Alinma Bank inched up 0.15 percent to SR25.92. 


Saudi Arabia ranks 5th worldwide in AI sector growth, leads Arab nations 

Updated 10 sec ago
Follow

Saudi Arabia ranks 5th worldwide in AI sector growth, leads Arab nations 

RIYADH: Saudi Arabia has secured the fifth rank globally and first in the Arab region for growth in the artificial intelligence sector, the Saudi Press Agency reported, citing data from Global AI Index. 

According to the report, this development underscores the Kingdom’s progress in AI, reflecting the success of Saudi Arabia’s development plans and its ability to achieve high international competitiveness under its economic diversification strategy Vision 2030. 

The Kingdom aims to position itself as a technological hub by the end of this decade as it continues its economic diversification efforts, reducing its reliance on crude oil revenues. 

In November, a survey report released by KPMG also highlighted Saudi Arabia’s progress in the technological sector. 

It noted that 84 percent of CEOs in the Kingdom are ready to deploy AI responsibly, well above the global benchmark of 76 percent, supported by the country’s data governance ecosystem, including national initiatives led by the Saudi Data and Artificial Intelligence Authority. 

“During the period measured by the Global AI Index, Saudi Arabia launched a wide range of national initiatives led by SDAIA. These initiatives strengthened Saudi Arabia’s position on the index,” said SPA. 

SDAIA’s initiatives during the period included multiple projects, particularly the Rowad Package initiative, which empowers entrepreneurs and startups to authenticate customer data through electronic linkage to the National Information Center’s databases. 

The authority also launched the AI Ethics Incentive Badges initiative to raise awareness of ethical practices and promote the responsible use of technologies.

This initiative offers a comprehensive framework to help organizations and developers align with global best practices.

SPA added that over 50 accreditation certificates have been granted to national AI companies for developing AI-based products serving priority sectors in the Kingdom. 

The Gaia generative AI accelerator, backed by SDAIA and the National Technology Development Program with New Native as a partner, is also accelerating startup development, enabling new companies to launch and scale more effectively.

“These efforts also extended to the SDAIA Academy, which has focused on building national capabilities and empowering young talent through advanced training programs in data and AI, offered in partnership with international organizations,” reported SPA. 

It added that SDAIA Academy has trained over 1 million Saudis in data and AI skills through the SAMAI initiative, carried out in partnership with various government entities.

This training program is considered one of the world’s largest, targeting the general population.

“These achievements highlight SDAIA’s success in the field of data and AI, both nationally and internationally. They reinforce its role as the Kingdom’s central authority for regulation, development, and application, and advance the nation toward leadership in data- and AI-driven economies,” concluded SPA. 

In October, Humain, an AI company owned by Saudi Arabia’s Public Investment Fund, partnered with AirTrunk, which is backed by BlackRock and the Canada Pension Plan Investment Board, to develop hyperscale data centers in the Kingdom.

The first phase of the collaboration includes an estimated $3 billion investment to build a major data-center campus in Saudi Arabia, according to a press statement.