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Arab News
25-05-2025
- Business
- Arab News
Closing Bell: Saudi main index slips to close at 10,999
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Sunday, falling 118.96 points, or 1.69 percent, to close at 10,999.78. The total trading turnover of the benchmark index stood at SR3.44 billion ($917 million), with 41 stocks advancing and 203 declining. Similarly, the Kingdom's parallel market Nomu dropped 242.96 points, or 0.89 percent, to close at 27,017.77. A total of 32 listed stocks advanced, while 56 retreated. The MSCI Tadawul Index also declined, losing 26.41 points, or 1.85 percent, to close at 1,402.40. The best-performing stock of the day was Saudi Steel Pipe Co., which saw its share price surge 4.79 percent to SR61.20. Other top performers included Raoom Trading Co., with its share price rising 4.35 percent to SR72.00, and National Industrialization Co., which gained 3.43 percent to close at SR9.36. ACWA Power Co. Fund recorded the most significant drop, falling 7.79 percent to SR251.00. Saudi Co. for Hardware saw its share price decline by 4.39 percent to SR29.40, while Alujain Corp. fell 4.38 percent to SR36.05. On the announcement front, Sumou Real Estate Co. said it has signed a development agreement with the National Housing Co. for the Areem Makkah project. The contract involves constructing residential units — primarily villas — on land allocated to Sumou within the Makkah Gate project in Makkah City, with an estimated value of SR680 million. According to a statement on Tadawul, the 42-month project is expected to positively impact the company's financial results once sales and implementation commence. Sumou Real Estate Co. ended the session down 1.17 percent at SR44.00. Dr. Soliman Abdul Kader Fakeeh Hospital Co. has signed a contract with Advanced Horizons Contracting Co. for the construction of a new medical center in Zahra, Jeddah. A bourse filing revealed that the contract is valued at approximately SR101.8 million. The full cost of construction and finishing will be funded by Yaser Yousef Naghi for Investment Co., as stipulated in the agreement. Under the ownership of Yaser Yousef Naghi for Investment Co. and the oversight of DSFH, AHC will carry out all construction and finishing work for the Zahra Medical Center. DSFH will provide the medical equipment and furniture separately, in accordance with the framework agreement. Dr. Soliman Abdul Kader Fakeeh Hospital Co. ended the session at SR42.85, down 0.35 percent. Mutakamela Insurance Co. announced it has obtained approval from the insurance authority to renew its license to operate in the Kingdom. The renewed license will allow the company to conduct insurance activities from Aug. 22, 2025, through Aug. 21, 2028, according to a Tadawul statement. Mutakamela Insurance Co. ended the session down 1.85 percent at SR15.02.
Trade Arabia
25-05-2025
- Business
- Trade Arabia
17 Bahraini firms to enter KSA under Tamkeen-AstroLabs scheme
Seventeen Bahraini companies will expand into the Saudi market through Tamkeen's Overseas Expansion Program in partnership with AstroLabs. AstroLabs, the Gulf's leading business expansion platform, in partnership with Tamkeen, will onboard a second wave of companies into its Overseas Expansion Program. Since the launch of the initiative, AstroLabs and Tamkeen have successfully onboarded two cohorts of high-potential businesses, all poised to solidify their presence in the Saudi market – a market with high growth opportunities and a strategic gateway to regional expansion. Tamkeen's partnership with AstroLabs aligns with its strategic priorities for 2025, which focus on enhancing the position and competitiveness of Bahrainis in the private sector, equipping Bahrainis with suitable skills for career development in the private sector, and prioritizing enterprise growth, digitization and sustainability and supporting the development of the ecosystem surrounding the labor market and private sector. Joe Kobrianos, Chief Strategy Officer at AstroLabs, stated: 'We're excited to work alongside Tamkeen to help Bahraini businesses on their regional-growth journey, and expand into the fast-growing Saudi market. Tamkeen has played a key role in enhancing the competitiveness of Bahraini companies, setting the stage for their next steps. These businesses have demonstrated strong growth and are now ready to scale into Saudi Arabia. At AstroLabs, we focus on building strong growth corridors and seamless soft-landing experiences, supporting high-growth businesses, from business registration all the way to making key introductions and unlocking access to the local market, we're here to guide them.' Marwa AlEskafi, Director of Workforce, Enterprise, and Startup Enablement at Tamkeen, commented: 'Our partnership with AstroLabs reflects Tamkeen's commitment to empowering Bahraini entrepreneurs, equipping them with the necessary tools to scale their operations, and unlocking new opportunities for regional growth. We continue our commitment in supporting Bahraini entrepreneurs through our various programs and initiatives, and we are proud to see the positive impact of this program on the previous Cohort and are looking forward to witnessing the growth prospects it will bring to this new batch of innovative businesses.' The first cohort with AstroLabs brought together a dynamic group of 10 leading Bahraini companies. These include United Paper Industries (Bahrain Pack), a prominent manufacturer of paper and corrugated cardboard packaging solutions; Right Calories, a renowned food services provider offering balanced dietary plans; Xtrude, an innovator in advanced 3D manufacturing processes; and City Glass, a specialist producer of premium architectural and decorative glass products. The cohort also featured Tanami Capital, a firm delivering Sharia-compliant global investment solutions; Oreem, a comprehensive logistics provider; Boxon Vision, a creative agency delivering advertising and design solutions; Cinqo Media, a strategic communications and advertising provider; and Al-Anzour Physiotherapy and Rehab Complex that offers quality physiotherapy and rehabilitation services. Among the Cohort 2 are - Creative Matter Advertisement, a dynamic creative agency with a decade-long legacy in Bahrain, specialising in branding, digital marketing, and content creation; Fathom Media, a Bahrain-based marketing and technology agency founded in 2013, joins with its 30-strong team delivering innovative branding, web and app development, and strategic marketing services; Gems Industrial Services, established in 2016, brings its expertise in engineering, maintenance, and industrial services, catering to Bahrain's vital oil and gas sectors; Braxtone Group, a regional insurance service provider offering industry-leading insurance solutions with deep local market expertise; DOO, an AI-powered platform that is transforming customer engagement through intelligent automation solutions tailored to startups, SMEs, and enterprises; Alfaa Graph, a specialist engineering office, which delivers architectural scale models and 3D design services to real estate developers and investors; Nexcel Computer Solutions, a leading IT solutions provider offering a broad range of technology products and services to businesses of all sizes; and Loyale, a mobile loyalty app that ensures customers always have their loyalty cards handy while enabling businesses to effortlessly track customer activities. These companies have shown strong market leadership and strategic ambition, with many already operating in Saudi Arabia. Their next step is to formalise their presence by setting up legal entities and enhancing operations. AstroLabs will support this expansion with end-to-end services, including business registration, compliance, and growth support, along with access to digital tools and expert consultancy. Through this partnership, the Bahraini companies from both cohorts join a growing network of over 800 international firms that have expanded into Saudi Arabia with AstroLabs' support. Working hand-in-hand with public and private sector partners, AstroLabs designs tailored programs that foster innovation, bridge industry gaps across key sectors in the Gulf, and facilitate market expansion into emerging economies. To date, AstroLabs has empowered over 1,800 companies to scale across the region, providing a robust and professional business environment that ensures seamless market entry, particularly in Saudi Arabia and the UAE. –
Arab News
11-05-2025
- Business
- Arab News
Closing Bell: Saudi main index slips to close at 11,346
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Sunday, losing 17.52 points, or 0.15 percent, to close at 11,346.59. The total trading turnover of the benchmark index was SR3.32 billion ($896 million), as 108 of the stocks advanced and 128 retreated. The Kingdom's parallel market, Nomu, also lost 508.04 points, or 1.82 percent, to close at 27,423.45. This comes as 30 stocks advanced while 45 retreated. The MSCI Tadawul Index followed suit and lost 0.22 points, or 0.02 percent, to close at 1,451.79. The best-performing stock of the day was SHL Finance Co., whose share price surged 8.74 percent to SR19.90. Other top performers included SICO Saudi REIT Fund, which saw its share price rise 6.54 percent to SR4.40, as well as National Medical Care Co., whose shares surged 4.93 percent to SR149. Middle East Specialized Cables Co. recorded the steepest decline, falling 8.33 percent to SR33. Fawaz Abdulaziz Alhokair Co. followed with a 6.62 percent drop to SR14.94, while Saudi Chemical Co. slipped 6.47 percent to SR8.39. On the announcements front, MBC Group Co. reported its interim financial results for the period ending March 31. According to a statement on Tadawul, the company posted a net profit of SR263.5 million in the first quarter of 2025, marking a 117.2 percent increase compared to the same period in 2024. The surge in profit was primarily driven by a SR190 million rise in gross profit, attributed to higher revenues during the month of Ramadan. MBC Group Co. ended the session at SR43.90, up 0.47 percent. Al-Rajhi Co. for Cooperative Insurance also announced its interim financial results for the first quarter. A bourse filing showed that the company posted a net profit of SR90.7 million for the period ending March 31, representing an 18.4 percent decline compared to the same quarter last year. The drop in net profit was primarily attributed to a decrease in the insurance service result before re-takaful, total comprehensive income, and total investment income, as well as an increase in other operating expenses and gross written premiums. Al-Rajhi Co. for Cooperative Insurance ended the session at SR123.40, down 2.76 percent. Saudi Ground Services Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR97.6 million in the first quarter of 2025, marking a 37 percent increase compared to the same period in 2024. The growth was primarily driven by an SR18.3 million rise in revenue year on year. Saudi Ground Services Co. ended the session at SR49.00, down 1.53 percent. Saudi Chemical Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company reported a net profit of SR82.33 million for the period ending March 31, reflecting a 9.9 percent decline compared to the same quarter last year. The decrease was attributed to higher finance costs, the revaluation of derivative financial instruments related to interest rate exposure, and an increase in zakat and tax provisions. Saudi Chemical Co. ended the session at SR8.95, down 6.47 percent. Dallah Healthcare Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR155.56 million in the first quarter of 2025, marking a 30.3 percent increase compared to the same period a year earlier. The rise in profit was driven by higher revenues, along with non-recurring gains of SR51 million resulting from the company's 33.33 percent stake in a real estate fund through an in-kind contribution of land. Dallah Healthcare Co. ended the session at SR120, up 0.17 percent. Tamkeen Human Resource Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing revealed the company recorded a net profit of SR26 million for the period ending March 31, representing a 40.54 percent increase compared to the same quarter last year. The surge in earnings was attributed to growth in the group's revenues, gross profit, and operating profit. Tamkeen Human Resource Co. ended the session at SR55.30, up 3.61 percent. Umm Al Qura for Development and Construction Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company posted a net profit of SR159.6 million for the period ending March 31, reflecting a staggering 3,219.3 percent increase compared to the same quarter a year earlier. The sharp rise in profit was primarily driven by a significant surge in revenues. Umm Al Qura for Development and Construction Co. ended the session at SR24.26, up 0.34 percent. Taiba Investments Co. has announced its interim financial results for the period ending March 31. According to a statement on Tadawul, the company reported a net profit of SR131.3 million in the first quarter of 2025, marking a 36.6 percent increase compared to the same quarter last year. This growth is mainly attributed to the rise in operating revenues during the first quarter of 2025. Taiba Investments Co. ended the session at SR43.25, up 1.5 percent.
Arabian Business
09-05-2025
- Business
- Arabian Business
Saudi insurance sector records $960m profit in 2024
The Insurance Authority has issued the Saudi Insurance Market Report, which highlights the Insurance sector's developments and financial performance throughout 2024 and its contribution to the national GDP. According to the authority, the insurance sector recorded growth in total written premiums, with notable increases in protection and savings insurance. The report revealed an increase in the insurance sector's contribution to the non-oil GDP, reaching 2.59 per cent in 2024. Saudi insurance sector Additionally, it indicated that the insurance sector achieved profits of SR3.6bn ($960m) in 2024, compared to a net profit of SR3.2bn ($853m) in 2023, driven by improved insurance service results and more substantial investment income. The Saudi Insurance Market Report also detailed key regulatory developments, including the issuance of several regulations and the introduction of a standard policy for various insurance products. These efforts align with the authority's commitment to advancing the sector, enhancing its economic contribution, and prioritising policyholders.
