Closing Bell: TASI rises 1.3% as market breadth remains positive
Closing Bell: TASI rises 1.3% as market breadth remains positive /node/2605529/business-economy
Closing Bell: TASI rises 1.3% as market breadth remains positive
Red Sea International Co. led the main market gainers with a 9.97 percent jump. Shutterstock
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Updated 15 sec ago
Nour El-Shaeri
Closing Bell: TASI rises 1.3% as market breadth remains positive
MSCI Tadawul 30 Index climbed 1.16% to close at 1,377.63
Parallel market Nomu ended 0.80% higher at 26,358.07
Updated 15 sec ago
Nour El-Shaeri
RIYADH: Ƶ’s Tadawul All Share Index rose 1.29 percent to close at 10,710.24 on Monday, supported by broad-based gains across sectors.
Trading activity remained healthy, with turnover hitting SR4 billion ($1 billion) and the market recording 225 advancers versus 20 decliners.
The MSCI Tadawul 30 Index also climbed 1.16 percent to close at 1,377.63. The parallel market Nomu ended 0.80 percent higher at 26,358.07.
Red Sea International Co. led the main market gainers with a 9.97 percent jump to SR38.60. Al-Rajhi Co. for Cooperative Insurance followed with an 8.86 percent gain to close at SR113.
Other top performers included National Gypsum Co., which rose 7.61 percent to SR19.52; Americana Restaurants International, up 6.86 percent at SR2.18; and Naseej International Trading Co., which added 6.53 percent to reach SR78.30.
On the downside, Sustained Infrastructure Holding Co. was the biggest decliner, falling 3.07 percent to SR25.30.
Alistithmar AREIC Diversified REIT Fund dropped 1.58 percent to SR8.12, while Eastern Province Cement Co. slipped 1.17 percent to SR29.50.
Other notable fallers included Knowledge Economic City, down 0.92 percent at SR12.86, and Saudi Industrial Investment Group, which closed 0.71 percent lower at SR16.70.
On the announcement front, Etihad Atheeb Telecommunications Co., known as GO Telecom, confirmed the completion of its acquisition of a 51 percent stake in Ejad Tech for Information Technology.
The deal, valued at SR86.7 million, was finalized using internal company resources. The group stated that SR40 million was paid upon signing, with the remaining SR46.7 million to be disbursed in two instalments contingent upon target achievements — SR23.7 million by the end of 2025 and SR23 million by the end of 2026.
GO Telecom said the acquisition is part of a strategic initiative to broaden its business base and enter new sectors. Ejad Tech is recognized as one of the top five digital transformation service providers in the Middle East.
GO Telecom shares closed up 0.98 percent at SR93.10.
Direct domestic use of crude for power and industry slipped to 377,000 bpd, a decline of 1.6%
Crude intake fell 17.22% to 1.84 million bpd
Updated 2 min 45 sec ago
Dayan Abou Tine
RIYADH: Ƶ pumped 9 million barrels per day of crude in April, a 0.54 percent month-on-month increase, according to the latest data from the Joint Organizations Data Initiative.
The same dataset showed that crude exports rose to 6.17 million bpd, up 7.16 percent from March.
Direct domestic use of crude for power and industry slipped to 377,000 bpd, a decline of 1.6 percent versus the previous month and 6 percent below the April 2024 tally.
Demand from local refineries also eased. Crude intake fell 17.22 percent to 1.84 million bpd.
JODI, a platform overseen by the International Energy Forum, compiles monthly oil statistics supplied voluntarily by national governments. The Kingdom’s figures are published with a roughly two-month lag, providing one of the few publicly available windows into Saudi production, exports, and domestic consumption patterns.
6.17 mb/d: Ƶ's crude exports rose by 412 kb/d.
— JODI (@JODI_Data)
For much of the period between 2020 and 2024, the wider OPEC+ alliance had been restraining supplies to shore up prices, beginning with the record 9.7 million-bpd collective cut agreed in April 2020 at the height of the pandemic and tapering only gradually through April 2022.
Additional curbs followed, with the group instituting a 2 million bpd reduction in October 2022 and layered on a series of voluntary cuts totaling 1.6 to 2.2 million bpd from May 2023, moves that remained in force into early 2025.
In a shift of strategy, OPEC+ members agreed in early May to bring back barrels in stages, scheduling incremental increases for May, June, and July and signaling room for a further 2.2 million bpd to return by November if market conditions allow.
A separate market context came from the June Monthly Oil Market Report issued by OPEC on June 16, in which the producer group said the global economy “has outperformed expectations” in the first half of 2025 and should remain resilient in the second half.
JODI update by the numbers:
56 countries updated the database with the most recent April 2025 data.
— JODI (@JODI_Data)
OPEC kept its forecasts for oil demand growth in 2025 and 2026 unchanged but trimmed its projection for non-OPEC+ supply growth in 2026 to 730,000 bpd, 70,000 bpd lower than the previous month, citing plateauing US shale output.
Geopolitical risk also featured prominently in late-June trading. Iran’s parliament approved a bill to shut the Strait of Hormuz, the 33-km wide passageway that carries close to one-fifth of the world’s crude exports.
Tanker-tracking data compiled by Reuters shows supertankers making U-turns, idling near the Gulf, or zigzagging to avoid the choke point as companies rush to limit their exposure. In response, freight rates for the largest vessels more than doubled, and Brent crude hit a five-month high.
A full closure — still subject to sign-off by Iran’s higher supervisory bodies — would force Gulf exporters to divert cargoes around Africa or rely on overland pipelines, moves that analysts say could squeeze near-term supply and push oil prices sharply higher. The Strait routinely handles about 20 percent of globally traded oil, underlining why even the threat of disruption can jolt energy markets.
Digital transformation to boost Saudi industrial productivity by up to 25%, says Aramco CEO
Amin Nasser said effective integration of digital technologies could increase Kingdom’s industrial productivity by 15%
He was speaking during the Saudi Industry Forum in Dhahran
Updated 23 June 2025
Nadin Hassan
RIYADH: Integrating digital technologies is set to increase Ƶ’s industrial productivity by 15 to 25 percent, according to Aramco President and CEO Amin Nasser.
Speaking during the Saudi Industry Forum in Dhahran, Nasser stated that the Kingdom’s shift into a new industrial era calls for an increased focus on digital transformation and the need to align it with proactive cybersecurity strategies.
This comes as Ƶ works to solidify its position as a regional and global digital powerhouse, backed by major advances in artificial intelligence, data centers, e-government, and human capital development.
The Kingdom has emerged as the Middle East and North Africa’s largest digital economy, with a market value exceeding SR495 billion ($131.9 billion) in 2024 — equivalent to 15 percent of its gross domestic product, according to figures from the Ministry of Communications and Information Technology.
In his remarks, Nasser said: “Preliminary estimates suggest that effective integration of digital technologies could increase Ƶ’s industrial productivity by 15 percent to 25 percent.”
The Saudi Industry Forum 2025 is sponsored by Eastern Province Governor Prince Saud bin Naif bin Abdulaziz. X/@sif_2030
He added: “Thanks to successive technological developments, industries will emerge over the next 10 years dominated by advanced technologies to a degree we have never seen before.”
Nasser noted that the world is undergoing profound geopolitical shifts and intensifying competition across technological, industrial, and economic domains — trends that are accelerating the transformation of Ƶ’s industrial landscape.
He emphasized the need to prepare for this future, particularly as the Kingdom continues to invest in artificial intelligence, the Internet of Things, robotics, and automation.
These technologies, he explained, are aimed at more than just optimizing factory operations; they are vital for enhancing industrial productivity and ensuring operational reliability.
“At Aramco, we are working to establish a digital infrastructure that becomes an integral part of empowering the industrial sector,” Nasser said, adding: “This includes the launch of Aramco Digital Company, as well as a 450 MHz private wireless network dedicated to industrial use by the private sector.”
He continued: “Aramco Digital has also introduced an edge artificial intelligence service — AI on the Edge — designed for critical industrial facilities and complex applications, such as crowd management during Hajj.”
In the cybersecurity sphere, Aramco established Cyberani in 2021, a company focused on delivering industrial-grade solutions and software protection technologies.
“Aramco is working on projects to develop artificial intelligence platforms, data centers, and smart industrial complexes,” Nasser said.
برعاية وتشريف سمو أمير المنطقة الشرقية
اتحاد الغرف السعودية ممثلاً باللجنة الوطنية الصناعية ينظم
والذي يهدف الى تعزيز دور القطاع الصناعي بالمملكة
— اتحاد الغرف السعودية (@CSC_SA)
He warned of the risks accompanying digital advancement, stating: “A technical malfunction or external interference through digital systems or control platforms could impact operations and disrupt the performance of industrial and economic facilities — especially those that do not invest sufficiently in digital protection.”
Highlighting the human element in digital security, he stated: “The most critical aspect of proactive protection systems is the development of human capabilities and deep expertise.”
Nasser concluded by stressing the importance of localizing digital supply chains and enhancing technological resilience.
“Building future Saudi industries supported by flexible supply chains, competitive costs, and excellence in artificial intelligence is essential and highly important — but it is not enough unless it is accompanied by proactive investment in digital protection,” he said.
The Saudi Industry Forum 2025, held from June 23–25 at the Dhahran International Exhibition Center, is sponsored by Eastern Province Governor Prince Saud bin Naif bin Abdulaziz.
The event aims to elevate the Kingdom’s industrial sector in alignment with Saudi Vision 2030, which seeks to diversify income sources and increase the sector’s contribution to the gross domestic product.
Egypt records 77% rise in remittances over 10 months
Between January and April, remittance inflows rose 72.3% year on year to $12.4 billion
Annual urban headline inflation rate accelerated to 16.8% in May, up from 13.9% in April
Updated 23 June 2025
Reem Walid
RIYADH: Remittances from Egyptians working abroad rose by more than 77 percent in the first 10 months of the 2024-25 fiscal year, reaching a record $29.4 billion.
Between January and April alone, remittance inflows rose 72.3 percent year on year to $12.4 billion, official data from Egypt’s central bank showed.
The sharp increase underscores growing confidence among expatriates in the country’s financial system and reflects a broader improvement in Egypt’s external financial position.
The Central Bank of Egypt attributed the surge to recent measures aimed at stabilizing the exchange rate and encouraging the use of formal remittance channels.
The impact of these policies is also evident in the rise of Egypt’s net international reserves, which climbed to $48.5 billion at the end of May, up from $47.8 billion in March.
In a statement, the central bank noted: “On a monthly basis, remittances in April 2025 increased by 39 percent year on year, reaching approximately $3 billion, compared to $2.2 billion in the same month last year.”
The Central Bank of Egypt attributed the surge to recent measures aimed at stabilizing the exchange. File/Reuters
The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program. These reforms have bolstered Egypt’s foreign currency position and helped attract more international capital.
In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent.
Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in April, driven largely by continued pressure on non-food prices.
These inflation trends come as Egypt’s broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt.
The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a “Caa1” rating denotes high credit risk, the positive outlook reflects the government’s efforts to control inflation and stabilize interest rates.
Saudi PIF launches commercial paper program to diversify funding sources
Program will enable PIF to issue short-term debt through offshore special-purpose vehicles
Moody’s Ratings said programs will operate under newly established special purpose vehicles
Updated 57 min 14 sec ago
Miguel Hadchity
RIYADH: Ƶ’s Public Investment Fund has launched its first commercial paper program, introducing a new tool to diversify its funding sources and enhance short-term liquidity management.
A commercial paper is a debt instrument used to raise short-term funding, offering faster access to funds than traditional loans. It is widely used in global financial markets, offering PIF greater flexibility in meeting its needs while aligning with its dynamic investment priorities.
The CP program will enable PIF to issue short-term debt through offshore special-purpose vehicles, enhancing its liquidity management and complementing its long-term capital-raising initiatives.
PIF is Ƶ’s primary investment arm, tasked with advancing economic transformation under Vision 2030. Shutterstock
According to a press release, the initiative, which includes US and Euro CP sub-programs, has received top-tier credit ratings of Prime-1 from Moody’s and F1+ from Fitch, underscoring its strong financial standing.
PIF has consistently demonstrated its ability to pioneer new financial instruments. In 2022, it became the first sovereign wealth fund globally to issue a green bond, including a landmark century green bond, followed by a successful $3.5 billion sukuk issuance, according to the fund.
PIF’s Head of Global Capital Finance and Investment Strategy and Economic Insights, Fahad Al-Saif, emphasized the program’s role in strengthening the fund’s resilient and adaptive financial framework.
today announced the establishment of its commercial paper program, adding a new source of funding to its existing instruments.
— Public Investment Fund (@PIF_en)
“The establishment of our CP program reflects the continued strength and depth of PIF’s capital raising strategy; one that is dynamic, resilient, and fit for purpose, aligning funding solutions with our long-term investment priorities,” he said.
In a press release, Moody’s Ratings said that the programs will operate under newly established special purpose vehicles, CPDE Investment Co. and CPNL Investment Limited.
“PIF has an excellent liquidity profile,” Moody’s said in its rating rationale, citing the fund’s cash reserves of SR106 billion ($28 billion) and undrawn credit facilities as key strengths.
Commercial paper is a commonly used short-term liquidity tool in global financial markets, and the establishment of this program by reflects its agile capital raising strategy.
— Public Investment Fund (@PIF_en)
According to the agency, the USCP program will support maturities of up to 397 days, while the ECP program will cover maturities of up to 364 days, with proceeds earmarked for general corporate purposes.
PIF is Ƶ’s primary investment arm, tasked with advancing economic transformation under Vision 2030. Through strategic partnerships and investments, the fund aims to build future-ready industries, create employment opportunities, and promote sustainable development.
As the driving force behind Ƶ’s Vision 2030, PIF has established 103 companies since 2017, fostering economic diversification and sustainability.
Saudi Vision 2030 puts government performance at heart of economic growth drive, says minister
Updated 23 June 2025
REEM WALID
RIYADH: Ƶ’s Vision 2030 prioritizes enhancing the performance of government bodies and institutions across the public, private, and non-profit sectors, recognizing their vital role in driving economic growth, according to the Kingdom’s economy minister.
Speaking at the 7th edition of the King Abdulaziz Quality Award, Minister of Economy and Planning Faisal Alibrahim, who also chairs the award’s supervisory committee, said the initiative boosts competitiveness and strengthens the investment climate.
It also drives economic complexity and broadens the reach and quality of services both locally and globally — ultimately generating high-value jobs for the Saudi population, the Saudi Press Agency reported.
This aligns with the Kingdom’s progress in the 2024 World Competitiveness Yearbook published by the Swiss-based Institute for Management Development, which ranked Ƶ 16th out of 67 of the world’s most competitive countries. The business efficiency axis, in particular, advanced from 13th to 12th place.
The overall ranking marked a one-position improvement for the Kingdom, driven by gains in business legislation and infrastructure, placing the Kingdom 4th among G20 countries.
“Today, we celebrate national institutions that have proven that institutional excellence is not a slogan, but rather a strategic choice and a consistent management approach,” Alibrahim said in his remarks during the event.
He added: “The King Abdulaziz Quality Award is not just an occasion for recognition, but rather an ongoing journey to create models, stimulate performance, and raise the ceiling of institutional ambition.”
Alibrahim highlighted the role of the Saudi National Model for Institutional Excellence, which he described as a practical tool for enhancing capabilities, improving performance, and maximizing institutional impact.
The model is a framework that promotes organizational excellence across key sectors, using the King Abdulaziz Quality Award as a benchmark.
It focuses on leadership, strategic planning, and measurable outcomes in areas like academic quality and stakeholder satisfaction, guided by scientific methods and national standards.
Prince Mohammed bin Turki bin Abdullah, secretary-general of the King Abdulaziz Quality Award, said the initiative serves as a national platform to promote positive competition and consolidates the principles of governance.
A total of 63 organizations were recognized across gold, silver, and bronze categories for their application of high standards in quality, governance, and innovation.
The gold-level government winners included the Ministry of Health, the Ministry of Human Resources and Social Development, the Saudi Industrial Development Fund, and the General Organization for Social Insurance. Other winners included the Ministry of Transport and Logistics, the Royal Commission for AlUla, and the Council of Cooperative Health Insurance.
Thirty-four entities were awarded at the bronze level following a comprehensive evaluation process that measured performance, efficiency, and commitment to continuous improvement.
Ƶ’s quality award program mirrors similar efforts in more than 90 countries and reflects the Kingdom’s ambition to embed institutional excellence into its economic model.
The King Abdulaziz Quality Award is positioned as the national benchmark for organizational performance, aiming to drive sustained development across key sectors.
