Latest News from Argaam
Argaam
2 hours ago
- Business
- Argaam
Future development stages to focus on asset management: ElKuwaiz
Mohammed ElKuwaiz, Chairman of the Capital Market Authority (CMA), said the strength of the Saudi capital market showed a significant shift in its global development. Speaking at a panel discussion at Aseer Investment Forum on May 27, ElKuwaiz said the market is no longer viewed merely through the lens of investors, but also through the lens of entrepreneurs seeking funding. As a result, the market currently plays a dual role in both investment and financing. He added that the major leap witnessed by the capital market is evident in the remarkable increase in listings and offerings. In recent years, the number of listings in both the Main Market and Nomu reached nearly 40 and 50. Thus, the local market ranked eighth in the world in terms of market cap as well as the size of offerings and listings. He noted that the increase in listings was accompanied by diversity in sectors and corporate sizes, with 60% of listed companies in the market being small and medium-sized enterprises (SMEs). The Chairman also pointed out that this development included the diversity of investment and financing tools. "Today, we're talking about the stock market and the asset management industry, with investment funds surpassing SAR 1 trillion in assets under management (AUMS) in 2024." The debt instruments sector and the debt market are now nearly equal in size to the asset management sector. Additionally, the diversity of investor categories—including local, individual, international, and institutional investors—contributes to greater market stability, ElKuwaiz said. Saudi Arabia has the most mature stock market, and the next stages of development will focus on the asset management industry, which surpassed SAR 1 trillion, equivalent to roughly one-tenth of the local stock market cap of SAR 10 trillion. This demonstrates the significant growth potential for this sector in the coming period, whether in traditional assets such as equity and bond funds, real estate funds, or venture capital funds. The Chairman added the debt market in the Kingdom is smaller than the capital market, amounting to nearly SAR 1 trillion, compared to the equity market. However, in the past two years, the volume of financing through the debt market surpassed financing in the capital market, reflecting enormous upcoming financing opportunities.
Argaam
4 hours ago
- Business
- Argaam
Aseer draws SAR 50B investments: ADA
Hashem Al-Dabbagh, CEO of Aseer Development Authority (ADA), said that the authority exceeded its investment targets. The private sector investments in Aseer reached around SAR 25 billion, excluding investments by the Public Investment Fund (PIF), which also amount to about SAR 25 billion—bringing the total investments in the region to about SAR 50 billion. In an interview with Argaam on the sidelines of the Aseer Investment Forum, Al-Dabbagh, added that the first edition of the forum, held two years ago, saw investments worth SAR 1.7 billion. This figure grew over the following two years to exceed SAR 5 billion. The current forum witnessed the announcement of new investments worth SAR 4 billion, in addition to projects under study estimated at SAR 15 billion. PIF implements strategic projects in the region at a total value of nearly SAR 25 billion. These projects include Soudah Development Co., which involve luxury hotel and residential developments across six locations in Soudah, with investments exceeding SAR 10 billion. He also cited Al-Wadi project, which is developed by Ardara Co. in central Abha. The project aims to revive the historical riverbed through a comprehensive development of the surrounding areas, with investments of over SAR 10 billion. PIF's investments in the region also include other companies such as Aseer Investment, Qiddiya Development, with some projects still under study. Regarding ADA's strategy, Al-Dabbagh affirmed that it focuses on enhancing the tourism sector and its supporting industries, such as entertainment, agri-tourism, and retail centers. He pointed out that most of the investments attracted during the forum fall within these areas. He added that ADA is also exploring investment opportunities in other sectors, including renewable energy, mining, industry, and agriculture. Al-Dabbagh also revealed that the authority is working with relevant entities to implement a comprehensive development project for Abha Airport. The project aims to increase the airport's capacity to 10 million passengers annually in its first phase, and to 13 million in the second phase—compared to its current capacity of just 1.8 million passengers per year. The existing airport is operating beyond its designed capacity, currently handling more than 4 million passengers annually. This has led to the launch of a global design competition for a new airport with a Saudi countryside theme. One of the updated designs has been approved by the leadership. The project is being implemented through a public-private partnership, in coordination with the General Authority of Civil Aviation (GACA), the National Center for Privatization & PPP, and the Matarat Holding Company. Al-Dabbagh described the project as one of the key enablers of tourism and economic transformation in the region.
Argaam
8 hours ago
- Business
- Argaam
ASAS Makeen IPO on Nomu 1949% covered
Yaqeen Capital, the financial advisor and lead manager for the initial public offering (IPO) of ASAS Makeen Real Estate Development Co., announced the completion of the offering on the Nomu -Parallel Market, which was 1949.5% oversubscribed at SAR 80 a share. A total of 19.49 million shares were requested, representing a subscription value of SAR 1.56 billion during the offering period from May 19 to 25, the brokerage said in a statement to Tadawul on May 28. Yaqeen Capital will finalize the required procedures with Tadawul before determining ASAS Makeen's debut date. According to Argaam 's data, ASAS Makeen earlier announced floating 1 million shares on Nomu at a nominal value of SAR 80 each. These shares represent 10% of the company's SAR 100 million capital, divided into 10 million shares at a par value of SAR 10 each.
Argaam
8 hours ago
- Business
- Argaam
Axelerated Solutions to make Nomu debut on June 1
The Saudi Exchange (Tadawul) announced that Axelerated Solutions for Information and Communication Technology Co. 's shares will list and start trading on the Nomu -Parallel Market on June 1, with the symbol 9637 and ISIN Code SA16AGDKMIH2. The stock will trade with daily and static price fluctuation limits of +/-30% and +/-10%, respectively, according to a statement today, May 28. For More IPOs Separately, the Securities Depository Center Co. (Edaa) said Axelerated Solutions's subscribed securities were deposited today into the accounts of eligible shareholders. According to Argaam data, the company earlier floated 3 million shares on Nomu at SAR 27 per share. The offering was 208.10% subscribed. The offered shares represented 10.71% of the company's SAR 28 million post-IPO capital, divided into 28 million shares with a nominal value of SAR 1 each.
Argaam
9 hours ago
- Business
- Argaam
alrajhi bank recognized for SAR 44 million contribution to Autism Center of Excellence
Under the patronage of His Excellency the Governor of the Saudi Central Bank, Mr. Ayman Alsayari, the Autism Center of Excellence (ACE) honored alrajhi bank —represented by Chairman Mr. Abdullah bin Sulaiman Al Rajhi—for its SAR 44 million contribution to the establishment and operation of the center over a five-year period. This recognition reflects the bank's unwavering commitment to social responsibility and inclusive development. The award was presented during a ceremony held on Wednesday, May 28, celebrating the completion of the ACE project. Speaking on the occasion, Mr. Abdullah Al Rajhi said, 'Our support for the Autism Center of Excellence stems from a deep belief in the vital role of the private sector in community engagement. We are proud to work alongside all relevant stakeholders and contribute to our wise leadership's efforts to deliver world-class care for individuals with autism spectrum disorder across the Kingdom.' He also extended his gratitude to the Ministry of Human Resources and Social Development and the Saudi Central Bank for championing the initiative to establish the Autism Center of Excellence, adding, 'With praise to Allah and the dedicated efforts of the ACE team, the Kingdom is now home to one of the largest and most advanced autism centers in the Middle East—positively impacting over 500,000 individuals with autism in Saudi Arabia.' Mr. Al Rajhi further acknowledged the center's team for their exceptional work in supporting individuals with autism and their families through specialized services including rehabilitation, research, professional training, family assistance, and vocational programs. He emphasized that ACE has become a national benchmark for autism care and service excellence. Established in 2019 under the sponsorship of the Ministry of Human Resources and Social Development and Saudi banks through the Saudi Central Bank, the Autism Center of Excellence serves individuals with autism and related developmental disorders. The center is dedicated to enhancing quality of life and elevating the standards of rehabilitation care across the Kingdom. alrajhi bank's support of ACE is part of its broader commitment to sustainable development and social impact. The bank has championed various healthcare initiatives, including the establishment of alrajhi medical centers, funding 91 kidney transplants, and contributing to the "Nation of Giving" campaign during the COVID-19 pandemic. In education, the bank launched the "Orphan Education Sponsorship Program," covering tuition fees for 200 students annually. It also contributed SAR 80 million to the King Saud University Endowment and SAR 20 million to the King Fahd University of Petroleum and Minerals Endowment. In the housing sector, alrajhi bank partnered with the Developmental Housing Program to build 222 homes for families in need. In recognition of these impactful efforts, alrajhi bank received first place in the 'Gold Category for Social Responsibility Practices' awarded by the Ministry of Human Resources and Social Development.
