Latest news with #RIYADH
Arab News
3 hours ago
- Business
- Arab News
LIV Golf and Roshn partner on ‘Rising Stars' program
RIYADH: Roshn has joined LIV Golf as a global Pillar Partner for 19 international tour stops during the 2025 and 2026 seasons. Part of the partnership involves training initiatives through the 'Rising Stars' program. Roshn Group and LIV Golf will look to increase youth access to the sport and promote talent development. The initiative is a central part of 'Potential Unleashed,' LIV Golf's sustainability and community engagement program. And it is in collaboration with 'Yuhyeek,' Roshn Group's community and social responsibility program. The 'Rising Stars' program is a pioneering initiative to nurture and shape the Kingdom's next generation of golf talent. It will last six months and include up to 20 players, aged 8 to 15, who will receive mentorship from LIV Golf players and a Saudi Arabia-based training program, starting from July 2025. Roshn Group and LIV Golf will also select a few Rising Stars Ambassadors who are amateur or emerging golfers in Saudi Arabia. They will attend LIV Golf events to be mentored by professionals, and join PRO-AM activities. During LIV Golf UK by JCB, at JCB County Club, from July 25 to 27, the Rising Stars team will receive training from LIV professionals. Mohammed Ashour, associate director of corporate social responsibility at Roshn Group, said: 'For the Roshn Rising Stars program, this journey to LIV Golf UK represents a pivotal moment in their development, offering unparalleled access to LIV Golf's professional golfers and coaches.' 'This immersive training opportunity provides enthusiastic young athletes with direct mentorship and exposure to the highest levels of the sport,' he added. 'Through initiatives like this, Roshn Group is directly investing in the future of Saudi talent, equipping them with the skills, confidence, and global perspective needed to truly excel in the sport of golf and beyond.'
Arab News
21 hours ago
- Business
- Arab News
Closing Bell: Saudi main index rises to close at 10,983
RIYADH: Saudi Arabia's Tadawul All Share Index rose on Wednesday, gaining 140.73 points, or 1.30 percent, to close at 10,983.93. The total trading turnover of the benchmark index was SR5.34 billion ($1.42 billion), as 207 of the stocks advanced and 46 retreated. Similarly, the Kingdom's parallel market Nomu gained 38.14 points, or 0.14 percent, to close at 26,778.15. This comes as 43 of the listed stocks advanced while 35 retreated. The MSCI Tadawul Index gained 21.53 points, or 1.55 percent, to close at 1,411.73. The best-performing stock of the day was Sport Clubs Co., whose share price surged 18.60 percent to SR11.03. Other top performers included Middle East Specialized Cables Co., whose share price rose 7.56 percent to SR33.56, as well as Tourism Enterprise Co., whose share price surged 5.88 percent to SR1.08. SICO Saudi REIT Fund recorded the most significant drop, falling 5.13 percent to SR4.07. Obeikan Glass Co. also saw its stock price fall 3.22 percent to SR38.84. Saudi Azm for Communication and Information Technology Co. also saw its stock prices decline 3.21 percent to SR26.50. On the announcements front, Bank Albilad has announced its interim financial results for the period ending on June 30. According to a Tadawul statement, the firm recorded a net profit of SR1.46 billion during the first six months of the year, reflecting an 11.5 percent rise compared to the same period a year earlier. This climb is primarily attributed to a 9 percent increase in net income, driven by a rise in total operating income. Dividend income, net gain on fair value through statement of income instruments, and other operating income have decreased. Total operating expenses increased by 7 percent, primarily driven by higher general and administrative costs, salaries and employee benefits, as well as depreciation and amortization. Despite this, there was a decline in net impairment charges for expected credit losses. Bank Albilad ended the session at SR25.78, up 3.20 percent. The Saudi Investment Bank has also announced its interim financial results for the first half of the year. A bourse filing revealed that the company recorded a net profit of SR 1.01 billion for the period ending June 30, up 9.3 percent year over year. This jump is primarily linked to an increase in total operating income. The Saudi Investment Bank ended the session at SR14.05, up 1.28 percent. Yanbu Cement Co. also announced its condensed consolidated financial results for the six-month period ending on June 30. According to a Tadawul statement, the firm recorded a net profit of SR51.5 million during the first half of 2025, reflecting a 47.4 percent decrease compared to the same period a year earlier. The drop in net profit for the current period compared to last year is mainly due to lower domestic sales revenues driven by a decline in average selling prices, reduced margins from export sales, higher financing costs, and increased general and administrative expenses. Yanbu Cement Co. ended the session at SR18.32, down 0.05 percent.
Arab News
a day ago
- Politics
- Arab News
UN report praises Kingdom's achievements in integrated water resources management
RIYADH: Saudi Arabia shared its experience of advancing water security and sustainability in a region of extreme water scarcity during the SDG 6 Water Action Agenda Special Event in New York. The event was held on the sidelines of the High-Level Political Forum on Sustainable Development at the UN's headquarters, the Saudi Press Agency reported on Wednesday. It followed UN-Water's recognition of Saudi Arabia as one of the countries showing clear and measurable progress in integrated water resources management under SDG (Sustainable Development Goals) 6. The Kingdom's delegation, led by Abdulaziz Al-Shaibani, the deputy minister for water at the Ministry of Environment, Water and Agriculture, presented Saudi Arabia's approach to accelerating the progress of SDG 6. The event spotlighted successes in the sector and countries making significant strides. Saudi Arabia was highlighted in the report as a success story for its rapid progress in integrated water resources management, the SPA added. Al-Shaibani said that the Kingdom's efforts had brought notable improvements in efficiency, coordination, and service quality between 2017 and 2023. The Kingdom's integrated water resources management indicator rose from 57 percent to 83 percent during this period, marking one of the fastest global increases under SDG indicator 6.5.1, he said. Al-Shaibani stressed that strong support from the Kingdom's leadership had enabled significant structural and organizational reforms to aid sustainable water management. With substantial investments to expand and modernize water infrastructure, these efforts had raised the Kingdom's 'enabling environment' score from 42 percent in 2017 to 87 percent in 2023, he added.
Arab News
a day ago
- Business
- Arab News
Saudi POS value holds above $3bn for 4th consecutive week
RIYADH: Hotel spending in Saudi Arabia surged by 2.1 percent in the week ending July 19, driving total point-of-sale transactions to SR12.19 billion ($3.25 billion), even as most other sectors saw declines. Total POS value remained above the $3 billion mark for the fourth consecutive week despite a 7.1 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. The hotel sector recorded SR287.44 million in transaction value, with the number of transactions slipping 2.1 percent to 822,000, while overall POS transactions across all sectors declined 4.8 percent to 212.73 million. According to SAMA's bulletin, the clothing and footwear sector saw the largest decrease, dropping by 13 percent to SR719.45 million. Spending on communications ranked next, dropping 12.5 percent to SR102.94 million. Restaurants and cafes — the sector with the biggest share of total POS value — recorded a 6.9 percent decrease to SR1.79 billion, while the food and beverages sector saw a 6.6 percent decrease, totaling SR1.73 billion and claiming the second-biggest share of this week's POS. Spending on miscellaneous goods and services ranked third despite a 9.9 percent decline to SR1.36 billion. The top three categories accounted for approximately 39.9 percent of the week's total spending, amounting to SR4.88 billion. The smallest decline was seen in spending on building materials which decreased by 0.2 percent to SR330.02 million, followed by expenditure on transportation which saw a 0.6 percent dip to SR718.02 million. The health sector saw a decrease of 8.1 percent to SR740.27 million, while the furniture sector declined by 3.7 percent to SR265.57 million. Spending on jewelry dipped by 11.7 percent to SR269.61 million, followed by a 9.9 percent decrease in spending on recreation and culture. Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.20 billion, a 6 percent decrease from the previous week. Jeddah followed closely with a 7.2 percent dip to SR1.76 billion, while Dammam ranked third, down 6.9 percent to SR582.99 million. Abha saw the smallest decrease, inching down 1.1 percent to SR207.48 million, followed by Makkah with a 4.5 percent decrease to SR507.03 million. Hail recorded 3.69 million deals in transaction volume, down 7.6 percent from the previous week, while Tabuk reached 4.16 million transactions, dropping 9.1 percent.
Arab News
2 days ago
- Business
- Arab News
Kuwait economy rebounds in Q1 with 1% growth
RIYADH: Kuwait's economy returned to positive territory in the first quarter of 2025, recording a 1 percent year-on-year increase in real gross domestic product, according to a report from the National Bank of Kuwait. The rebound marks the end of seven consecutive quarters of contraction, driven primarily by a gradual recovery in the non-oil sector. The bank's analysis noted that the non-oil economy continued to expand, supported by sustained momentum in manufacturing, real estate, and transportation sectors, while the impact of previous oil production cuts has begun to fade. In parallel, Kuwait's oil production began increasing in April, adding 135,000 barrels per day, which is expected to benefit the overall economy in the coming months despite still-muted gains from the oil sector. The growth comes as the World Bank and the International Monetary Fund project that the GCC economy will grow by around 3.2–3.5 percent in 2025, supported by the rollback of OPEC+ production cuts and ongoing efforts to diversify the economy, despite global headwinds. NBK's analysis stated: 'With the negative effects of earlier voluntary oil production cuts beginning to fade, oil GDP recorded only a marginal decline, the softest since Q2 2023.' Growth in Kuwait's non-oil sector slowed to 2 percent year-on-year in the first quarter of 2025, down from 4 percent in the previous quarter, reflecting a moderation in manufacturing activity. Meanwhile, the oil sector contracted by 5.7 percent year on year, compared to a 0.3 percent contraction in the same period of 2024. Average oil output in the first quarter declined to 2.4 million bpd, an annual drop of 0.7 percent. However, NBK's report pointed to a likely improvement starting in the second quarter of this year, as Kuwait began unwinding OPEC+ production cuts in April, which could raise output to 2.2 million bpd. 'Originally planned to be unwound over the course of 18 months, OPEC+ has accelerated the pace of supply hikes with output now on a path to be fully restored in September, a full year ahead of schedule,' the report stated. This, combined with ongoing support for non-oil activity and the implementation of key public investment projects, is expected to help stabilize GDP growth. Across the Gulf region, the economic performance in the first quarter of 2025 also showed broad strength. Saudi Arabia reported a robust 3.4 percent year‑on‑year rise in GDP, driven by a 4.9 percent expansion in non‑oil activities, while oil output fell slightly by 0.5 percent, according to GASTAT. The UAE's non-hydrocarbon economy continued to drive growth, supporting full-year GDP forecasts of around 4.4 percent, underpinned by steady oil output and surging sectors of services, construction, and trade. CPI up Consumer prices in Kuwait rose in June, with the Consumer Price Index increasing by 0.29 percent from the previous month to 136.9. On an annual basis, inflation reached 2.32 percent compared with June 2024. The food and beverage group recorded the highest annual increase at 5.11 percent, driven by rising costs across categories including cereals, meat, dairy products, and vegetables. Other notable annual increases included clothing and footwear with 3.93 percent, miscellaneous goods and services with 4.80 percent, and health at 2.94 percent. Conversely, the transportation group recorded a decline of 1.81 percent year on year.
