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RIYADH: ������Ƶ’s Tadawul All Share Index ended the week on Thursday with a slight gain, rising 5.89 points, or 0.05 percent, to close at 10,920.27. 

The total trading turnover reached SR4.38 billion ($1.16 billion), with 417.32 million shares traded. A total of 111 stocks advanced while 136 declined. 

The MSCI Tadawul 30 Index also edged higher, adding 2.66 points, or 0.19 percent, to finish at 1,409.74. 

On the Kingdom’s parallel market Nomu, the index advanced by 115.90 points, or 0.43 percent, closing at 26,924.98. Of the listed companies, 47 gained while 31 declined. 

Sport Clubs Co. led the gainers, climbing 9.97 percent to SR11.25. They were followed by Al Babtain Power and Telecommunication Co., which rose 5.03 percent to SR56.40, and Bupa Arabia for Cooperative Insurance Co., which added 4.27 percent to close at SR168.60.

Miahona Co. and Saudi Azm for Communication and Information Technology Co. were also among the top performers, gaining 4.23 percent and 3.85 percent, to close at SR27.10 and SR29.66, respectively. 

Saudi Steel Pipe Co. recorded the steepest decline of the session, falling 4.02 percent to SR51.30. It was followed by Yamama Cement Co., which dropped 3.8 percent to SR32.88, and Halwani Bros. Co., down 3.19 percent to SR42.42. 

Arab Insurance Cooperative Co. and Astra Industrial Group also posted losses of 2.92 percent and 2.57 percent, respectively. 

On the announcement front, Umm Al-Qura Cement Co. reported a 6.6 percent year-on-year decline in revenue for the first half of 2025, with sales amounting to SR122.5 million compared to SR131.2 million in the same period last year. 

Net profit also dropped, falling 30.8 percent to SR20.8 million from SR30.1 million over the same period. 

The company attributed the decline in revenue to a decrease in the average selling price per tonne. 

The fall in net profit was linked to the lower sales value and a reduction in other revenues, despite a decline in general and administrative expenses, financing costs, and zakat. 

Shares of Umm Al-Qura Cement Co. closed at SR15.61 on Thursday, down 0.32 percent. 

Almarai Co. confirmed the completion of its acquisition of Pure Beverages Industry Co., following its initial agreement signed on June 15. 

The company stated that the transaction reinforces its strategy to expand its beverage portfolio and strengthen its market presence, while supporting future growth plans. 

Almarai added that the acquisition was finalized with no change to the previously disclosed cost of SR1.04 billion. 

Shares of Almarai Co. closed at SR47.90 on Thursday, down 0.04 percent. 

RIYADH: Artificial intelligence adoption in the Global South is set to accelerate under a new UAE-led partnership with Malaysia and Rwanda aimed at expanding ethical AI use and knowledge sharing. 

The agreement, signed under the World Economic Forum’s Center for the Fourth Industrial Revolution global network, builds on an initiative launched by the UAE and Rwanda at the 2024 WEF Annual Meeting in Davos, according to a press release. 

The partnership comes amid rising global concern that emerging technologies could exacerbate inequality. The UN estimates the AI market will reach $4.8 trillion by 2033, warning that without inclusive frameworks, the Global South risks being left behind. 

Gobind Singh Deo, minister of digital in Malaysia, said his country “is proud to join forces with the UAE and Rwanda in this visionary initiative to bridge global AI expertise and accelerate digital transformation for a more inclusive and sustainable future.” 

He added: “This partnership involving Malaysia Center4IR, C4IR UAE, and C4IR Rwanda reflects our collective goal for a future that is driven by responsible AI innovation.” 

Singh Deo expressed hope that the C4IR Network AI Fellowship Program, developed through the collaboration, would act as a crucial bridge connecting AI leaders and experts across continents. 

“By sharing knowledge, exchanging talent, and co-creating solutions, we aim to address the critical challenges and harness the immense potential of AI for the benefit of not only our nations, but the wider global community,” he added. 

The memorandum of understanding was witnessed by UAE Minister of State for Artificial Intelligence Omar Al-Olama and Malaysia’s Singh Deo. It aims to deepen South-South collaboration on technology policy, research, and skills development. 

With Malaysia now joining, the expanded C4IR AI Fellowship Program will support talent exchange, joint innovation, and responsible governance frameworks led by Global South countries. 

“This expanded partnership will help the Global South to unlock greater value from AI and Fourth Industrial Revolution applications,” said Khalfan Belhoul, CEO of Dubai Future Foundation. 

“Guided by our leadership, the UAE is committed to building and strengthening global collaboration to achieve inclusive, sustainable development through technology and knowledge sharing,” he added. 

Crystal Rugege, managing director of the Rwanda Center for the Fourth Industrial Revolution, noted that the strategic partnership complemented Rwanda’s flagship initiatives, including the AI Innovation Lab and the Global AI Summit on Africa, thereby enhancing efforts to promote cutting-edge research, knowledge transfer, and capacity building. 

“By strengthening responsible AI governance and accelerating practical AI adoption, we are committed to empowering Rwanda, our partner countries, and the global AI ecosystem to fully leverage AI for sustainable and inclusive development,” she added. 

The Global Center for the Fourth Industrial Revolution Network brings together public and private sector partners to harness emerging technologies while managing their risks. It promotes the responsible use of these technologies through a global network of independent centers.