
Tadawul to close for Saudi Foundation Day on Feb. 23
The Saudi Exchange (Tadawul) announced that the market will be closed on Sunday, Feb. 23, on the occasion of the Saudi Foundation Day.
Trading activities are set to resume on Monday, Feb. 24.

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Arab News
4 days ago
- Arab News
Closing Bell: Saudi main index closes in green before Eid holidays
RIYADH: Saudi Arabia's Tadawul All Share Index climbed on Wednesday, gaining 172.1 points, or 1.59 percent, to close at 11,004.53. The total trading turnover on the benchmark index was SR4.61 billion ($1.23 billion), with 191 listed stocks advancing and 50 declining. The Kingdom's parallel market Nomu surged by 257.9 points to close at 27,307.74. Meanwhile, the MSCI Tadawul Index edged up by 1.67 percent to 1,406.49. The best-performing stock on the main market was Saudi Industrial Investment Group, with its share price surging 7.03 percent to SR17.36. The share price of ACWA Power Co. also rose by 6.72 percent to SR269.80. Al-Babtain Power and Telecommunication Co. saw its stock price increase by 5.40 percent to SR5.40. Conversely, the share price of Saudi Steel Pipe Co. fell by 6.33 percent to SR56.20. Saudi Research and Media Group also saw a dip, with its share price easing 2.26 percent to SR127. On the announcements front, Saudi National Bank completed its offer of Saudi riyal-denominated Additional Tier 1 sukuk, with the settlement finalized on June 3. According to a statement on the Saudi Exchange dated May 11, the issuance was conducted through a private offer to eligible investors in the Kingdom. The total value of the sukuk offering amounted to SR1.73 billion. The bank issued 1,730 sukuk, each with a par value of SR1 million. The sukuk will offer an annual return of 6 percent from the issue date until June 3, 2030. The share price of Saudi National Bank increased by 0.88 percent to close at SR34.45. The announcement coincided with the implementation of the unified regulation for cross-border registration of investment funds among Gulf Cooperation Council countries, which came into effect in 2025, according to the Capital Market Authority. The regulation outlines requirements for registering and marketing investment funds across GCC countries and introduces a dedicated regulatory guide. It aims to clarify procedures for handling both local and Gulf-based funds, enhance financial market services, and reduce regulatory challenges. Additionally, the framework seeks to support mechanisms that attract international investments to the Saudi financial market and boost foreign ownership in investment funds. The broader goal is to improve liquidity in regional financial markets, enhance the competitiveness of GCC economies, and foster integration by unifying the policies and systems governing domestic, regional, and foreign investment activities. The regulation also aims to ensure a transparent and stable investment environment. Under the framework, the legislative committee in each host country will have the authority to set standards for approving fund registrations and supervising funds within its jurisdiction, including overseeing the appointed agent and their interactions with investors. Cross-border registration must be conducted through the capital market authorities of both the fund's country of origin and the host country. The regulation allows investment funds established in any GCC member state to be promoted in other countries applying the framework. It also outlines the process for offering Saudi funds in Gulf markets, with a focus on aligning with regulatory review mechanisms and cross-border registration requirements to ensure full compliance with approved guidelines.


Arab News
5 days ago
- Arab News
Closing Bell: Saudi main index closes in red at 10,832
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Tuesday, as it shed 17.66 points, or 0.16 percent, to close at 10,832.43. The total trading turnover of the benchmark index was SR3.55 billion ($946 million), with 123 of the listed stocks advancing and 106 declining. The Kingdom's parallel market Nomu gained 65.84 points to close at 27,049.84. The MSCI Tadawul Index edged down by 0.08 percent to 1,383.41. The best-performing stock on the main market was Fawaz Abdulaziz Alhokair Co., with its share price surging by 6.71 percent to SR17.50. The share price of Naseej International Trading Co. also rose by 6.14 percent to SR83. Saudi Research and Media Group also saw its stock price rising by 5.92 percent to SR150.40. Conversely, the share price of United Carton Industries Co., dropped by 3.98 percent to SR41. On the announcements front, Meyar Co. said that it received a contract worth SR1.67 million from the Municipality of Unaizah. In a Tadawul statement, the company revealed that the agreement includes the supply of curbs stones and interlock tiles to the municipality. It added that there are no related parties involved in the deal. The share price of Meyar Co. edged up by 0.93 percent to SR54. Dar Almarkabah for Renting Cars Co. said that it signed a chauffeur-driven car rental contract valued at SR6.98 million with Wareed Health Medical Co. In a Tadawul statement, the company revealed that the contract period is valid for 24 months, adding that the impact of the deal will be visible in the firm's financials during the second quarter of this year. The share price of Dar Almarkabah for Renting Cars Co. was unchanged at SR2.47.


Arab News
6 days ago
- Arab News
Saudi airline flynas' IPO oversubscribed by nearly 350%
RIYADH: Saudi low-cost carrier flynas finalized its initial public offering share allocation at SR80 ($21) per share, the top of its indicated range, following robust demand from institutional and retail investors. The pricing values the airline at an estimated market capitalization of SR13.6 billion at listing. The offering comes after flynas announced plans last month to float 30 percent of its share capital on the Saudi Exchange, becoming the first airline in the Kingdom to go public and the Gulf's first in nearly two decades. Between May 28 and June 1, 666,069 retail investors oversubscribed the offering by nearly 350 percent, receiving 10.25 million shares, or 20 percent of the total. Institutional investors showed even stronger appetite, oversubscribing their tranche by roughly 100 times, with orders totaling SR409 billion from both local and international buyers. In a press release, flynas stated: 'Each retail investor was allocated a minimum of 10 shares, with the remaining shares allocated on a pro-rata basis in proportion to the size of demand, resulting in an average allocation factor of 12.3 percent.' It added: 'Any surplus subscription funds will be refunded to retail investors no later than Thursday, 5 June 2025.' The company's shares are expected to list and begin trading on the Main Market of the Saudi Exchange once regulatory requirements are met with the Capital Market Authority and the exchange. The exact listing date will be announced in due course. The IPO marks a key milestone for the company as it seeks to strengthen its market position and expand its operational footprint. 'This strategic move will propel us toward becoming the leading low-cost carrier in the MENA region for short and medium-haul markets by 2030,' Bander Al-Mohanna, CEO and managing director of flynas, said last month. He added: 'Through this IPO, we are offering investors access to a unique and valuable asset in the rapidly growing KSA and GCC aviation sector.' The strong interest from both retail and institutional investors reflects rising confidence in the Kingdom's aviation sector and its broader economic diversification efforts. Launched in 2007, the airline holds a 23 percent share of Saudi Arabia's domestic aviation market and operates one of the youngest fleets in the region, with an average aircraft age of 3.2 years. The airline reported an 88 percent on-time performance rate in 2024. Proceeds from the IPO will be used to expand its fleet — including a major order for 225 Airbus aircraft — enhance services for Hajj and Umrah travelers, and invest in cargo operations. The strong capacity growth of flynas aligns with Saudi Arabia's national goal to establish itself as a global tourist and business destination. The Kingdom aims to attract over 150 million visitors by the end of this decade.