Closing Bell: Saudi main index closes in red at 11,038
The total trading turnover of the benchmark index was SR4.01 billion ($1.06 billion), as 51 of the listed stocks advanced, while 195 retreated.
The MSCI Tadawul Index decreased by 5.89 points, or 0.41 percent, to close at 1,415.42.
The Kingdom's parallel market Nomu gained 43.62 points, or 0.16percent, to close at 27,345.08. This comes as 39 of the listed stocks advanced, while 43 retreated.
The best-performing stock was SHL Finance Co., with its share price rising by 4.77 percent to SR23.70.
Other top performers included Arabian Centers Co., whose share price rose by 4.19 percent to SR22.15, and Mutakamela Insurance Co., which saw a 3.71 percent increase to SR16.21.
The worst performer of the day was Emaar The Economic City, whose share price declined by 3.63 percent to SR13.02.
Arriyadh Development Co. and Alistithmar AREIC Diversified REIT Fund also saw declines, with their shares dropping by 3.33 percent and 3.31 percent to SR31.32 and SR8.75, respectively.
On the announcements front, Asas Makin Real Estate Development and Investment Co. has signed a contract with First Avenue for Real Estate Development Co. to execute the Jadah Al-Huda residential project in Riyadh.
According to a statement on Tadawul, the 23,199 sq. meters project will feature modern townhouse units designed to meet high-quality standards and urban integration, aligning with the growing demand in Saudi Arabia's real estate market.
Valued at 14.5 percent of the actual construction cost, the 15-month contract is part of Asas Makin's expansion strategy to enhance its portfolio and diversify revenue streams.
The company expects the project to positively impact its financial results while contributing to the development of the Kingdom's real estate sector.
The firm's shares traded 0.8 percent higher in Wednesday's trading session on the main market to close at SR108.
First Avenue for Real Estate Development Co.'s shares traded 3.33 percent higher in the main market to close at SR8.99.
Al Yamamah Steel Industries Co. has announced the completion of construction and the start of trial operations at its new Al Yamamah Wind Power Systems Factory in Yanbu Industrial City.
The company confirmed in a statement that commercial operations will officially begin on Aug. 1, subject to regulatory approvals. The factory's financial impact is expected to be reflected in Al Yamamah's consolidated financial statements starting from the third quarter of 2025.
The company's shares traded 3.61 percent higher on the main market to close at SR34.42.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
16 minutes ago
- Arab News
New Arabic data governance platform to ‘elevate local talent,' says Governata co-founder
RIYADH: A newly launched platform will allow Saudi companies to align their data regulations with national AI policies, supporting local talent, according to the company's co-founder. Governata enables companies to coordinate with the Kingdom's National Data Management Office, or NDMO, and Saudi Data and AI Authority, or SDAIA, guidelines. All data remains hosted domestically to ensure compliance and cost control. Governata co-founder, Djamel Mohand, spoke to Arab News about the company's localization strategy. Mohand emphasized three advantages for Saudi businesses. First, on talent development: 'They can leverage local talents better,' he said, through locally built software that used government initiatives such as MISK and SDAIA. This enabled 'thousands of homegrown data engineers, data specialists and other experts to be involved in improvement of these technologies, not only distribute global tech.' Second, on organizational adoption: 'The localization aspect enables businesses to use this technology across the whole organization,' which Mohand said required a high level of cultural understanding to engage multiple business owners for full impact. Third, addressing data sovereignty, Mohand said the 'local closed-loop setup protects standard solutions, as hosting the data on-premises or in the local cloud has become the norm. However, this is not enough if local businesses want to ensure full data protection.' Mohand added that the Kingdom was leading in AI through big investments in GPU imports, local data centers and computing power capabilities. However, he warned: 'A bottleneck to enablement will occur if data infrastructure and company management are not aligned.' Governata claims to address this challenge. Mohand said: 'Our mission is to prepare Saudi organizations to leverage all this AI power being created by the country's leadership. 'As we elevate organizational maturity in data management, we elevate local talent,' he added. Mohand said that the platform activated 'thousands of data scientists, software engineers, integration specialists, domain experts and business managers from Saudi Arabia's outstanding talent pool' while developing skills internally.
Arab News
an hour ago
- Arab News
Saudi Arabia launches trial of autonomous vehicles in the capital
RIYADH: Saudi Arabia's Minister of Transport and Logistic Services and Chairman of the Transport General Authority Saleh Al-Jasser launched a trial of autonomous vehicles in Riyadh on Wednesday. It marks a major step toward enabling advanced technology and developing a smart and safe transportation ecosystem in the Kingdom, the Saudi Press Agency reported. The initiative supports the National Transport and Logistics Strategy and Vision 2030 goals by adopting sustainable mobility solutions powered by artificial intelligence. In this phase, autonomous vehicles will operate in real-world conditions, covering King Khalid International Airport and key locations across Riyadh, including major highways and selected city-center destinations. The Transport General Authority is supervising the project. During this stage, vehicles will carry passengers with a safety officer onboard to monitor systems. Al-Jasser said the launch reflects the Kingdom's ambitious vision to build a smart, integrated transport system that supports economic growth and improves quality of life. He added that enabling modern technologies and developing regulatory and operational frameworks are essential to transforming the transport sector. The project stems from a partnership between the Ministry of Interior, Ministry of Communications and Information Technology, the Saudi Data and AI Authority, and the General Authority for Survey and Geospatial Information. Other key participants include the Saudi Standards, Metrology and Quality Organization, along with private-sector partners Uber, WeRide, and AiDriver. Al-Jasser emphasized said the project showcases pioneering public-private partnerships, paving the way for safer and smarter mobility.
Argaam
3 hours ago
- Argaam
SGS finds 107 minerals, rocks; identifies 5,650 sites
The Saudi Geological Survey (SGS) announced that the number of minerals and rocks finds in the Kingdom has exceeded 107, with a total of 5,650 mineralization sites identified so far. It said the recently-updated geological surveys helped improve elemental distribution maps and statistical data, resulting in higher site counts between 2022 and 2024. Gold sites rose 1% from 850 to 859, silver increased 0.78% from 256 to 258, and copper grew 0.52% from 576 to 579. Clay rock sites climbed 1.73% from 347 to 353, crushed stone jumped by 1.25% from 319 to 323, and limestone edged up 0.35% from 571 to 573. SGS said these efforts align with the Saudi National Industrial Strategy (NIS) and the Integrated Strategy for Mining and Mineral Industries.
