Latest news with #KnowledgeEconomicCity
Argaam
22-05-2025
- Business
- Argaam
Knowledge Economic City secures SAR 150M financing from Al Rajhi Bank
The Knowledge Economic City Co. secured a Sharia-compliant corporate financing worth SAR 150 million from Al Rajhi Bank, which will go to finance the company's working capital and support the execution of its strategic objectives. In a statement to Tadawul, the company said that the financing term is four years, noting that the guarantees offered for the financing are lands mortgage and promissory notes. There are no related parties to the agreement, it said.
Zawya
18-03-2025
- Business
- Zawya
Saudi: Knowledge Economic City's losses plunge 54% in 2024
Knowledge Economic City suffered 54% lower net losses at SAR 20.95 million in 2024, compared to SAR 45.55 million in 2023. Revenues hiked by 137.51% year-on-year (YoY) to SAR 158.80 million at the end of December 2024 from SAR 66.86 million, according to the financial results. Meanwhile, the loss per share plummeted to SAR 0.06 last year from SAR 0.13 in 2023. The accumulated losses hit SAR 406.23 million as of 31 December 2024, representing 12% of the capital. In the first nine months (9M) of 2024, the group's net losses enlarged by 99.41% YoY to SAR 47.62 million from SAR 23.88 million. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Express Tribune
27-01-2025
- Business
- Express Tribune
Saudi Arabia allows foreign investment in Makkah, Madinah real estate firms
Listen to article Saudi Arabia has announced a landmark decision allowing foreign investment in listed companies that own real estate within Islam's holiest cities, Makkah and Madinah. The move, unveiled by the Saudi Capital Market Authority (CMA), aligns with the Kingdom's Vision 2030 strategy to diversify its economy and attract foreign capital. Effective immediately, foreigners can invest in shares or convertible debt instruments of companies owning property in these sacred cities. However, foreign ownership is capped at 49% of a company's shares, and strategic foreign investors are prohibited from holding stakes in these entities. The CMA stated the initiative aims to stimulate investment, enhance the capital market's competitiveness, and provide liquidity for ongoing and future developmental projects in Makkah and Madinah. These reforms support the Kingdom's ambition to reduce reliance on oil revenues and boost foreign direct investment (FDI), with a target of $100 billion by 2030. The pilgrimage sector, a significant contributor to Saudi Arabia's economy, plays a central role in this effort. In 2019, the Kingdom earned approximately $12 billion from Hajj and Umrah, and it aims to welcome 30 million pilgrims annually by 2030. The CMA highlighted that foreign investment in Makkah and Madinah's real estate sector is part of broader reforms, including allowing non-Saudis to invest in the Saudi stock market, access swap agreements, and directly acquire debt instruments. Previously, in 2021, the CMA permitted non-Saudis to subscribe to real estate funds focusing on properties in the two cities, paving the way for this recent development. While foreigners remain restricted from directly owning property in the holy cities, they are allowed to lease properties under specific conditions. This reform aims to align Saudi Arabia with neighboring countries that allow foreign property ownership in designated zones. The announcement sparked a positive reaction in the stock market. Real estate firms with significant holdings in Makkah and Madinah saw their share prices surge. Knowledge Economic City's stock rose by 9.89% to SR16.66 ($4.44), Jabal Omar Development Co. increased by 10% to SR25.85, and Makkah Construction and Development Co. climbed by 9.84% to close at SR106. These measures underline the Kingdom's commitment to making its capital market a key funding source for developmental projects, enhancing its appeal to regional and international investors, and strengthening the local economy.
Arab News
27-01-2025
- Business
- Arab News
Closing Bell: Saudi main index sheds, Nomu gains
RIYADH: Saudi Arabia's Tadawul All Share Index dropped on Monday, losing by 13.27 points, or 0.11 percent, to close at 12,372.89. The total trading turnover of the benchmark index was SR7.1 billion ($1.9 billion), as 91 of the listed stocks advanced, while 147 retreated. The MSCI Tadawul Index also dropped by 6.80 points, or 0.44 percent, to close at 1,538.59. The Kingdom's parallel market Nomu increased, gaining 118 points, or 0.38 percent, to close at 31,014.29. This comes as 40 of the listed stocks advanced while 45 retreated. Jabal Omar Development Co. was the best-performing stock of the day, with its share price surging by 10 percent to SR25.85. Other top performers included Knowledge Economic City, which saw its share price rise by 9.89 percent to SR16.66, and Makkah Construction and Development Co., which saw a 9.84 percent increase to SR106. Taiba Investments Co. and Jadwa REIT Al Haramain Fund also saw a positive change, with their share prices surging by 9.81 percent and 5.78 percent to SR51.50 and SR6.59, respectively. Raoom Trading Co. saw the steepest decline of the day, with its share price easing 5.18 percent to close at SR183. Nice One Beauty Digital Marketing Co. and Al-Baha Investment and Development Co. recorded declines, with their shares slipping 4.92 percent and 4.26 percent to SR56 and SR0.45, respectively. ARTEX Industrial Investment Co. also faced a loss in today's session, with its share price dipping 4.06 percent to SR16.08 while Lumi Rental Co. saw a 4.01 percent drop to settle at SR76.60. On Nomu, International Human Resources Co. saw the highest gain, with a 10.95 percent increase, reaching SR5.98. Knowledge Tower Trading Co. followed with a 9.28 percent increase to SR17.42, while Enma AlRawabi Co. reached SR24.44 — a 6.26 percent growth. National Building and Marketing Co. and AME Co. for Medical Supplies were also among the top performers, with 5.44 percent and 5.14 percent increases to reach SR189.80 and SR122.80, respectively. Mulkia Investment Co. was Nomu's worst performer of the day, witnessing a 9.86 percent decline to settle at SR33.35. Albattal Factory for Chemical Industries Co. and Arabian Food and Dairy Factories Co. also saw declines of 6.25 and 5.91 percent to settle at SR60 and SR94, respectively. Academy of Learning Co. and Leaf Global Environmental Services Co. saw drops of 5.71 and 5.08 percent to settle at SR9.58 and SR112.
