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Closing Bell: Saudi main index slips to close at 10,945 

Closing Bell: Saudi main index slips to close at 10,945 
The best-performing stock of the day was Saudi AZM for Communication and Information Technology Co. Shutterstock
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Updated 10 sec ago
REEM WALID 

Closing Bell: Saudi main index slips to close at 10,945 

Closing Bell: Saudi main index slips to close at 10,945 
Updated 10 sec ago
REEM WALID 

RIYADH: Ƶ’s Tadawul All Share Index slipped on Thursday, falling 38.13 points, or 0.35 percent, to close at 10,945.80. 

The total trading turnover of the benchmark index reached SR4.92 billion ($1.31 billion), with 112 stocks advancing and 137 declining. 

The Kingdom’s parallel market Nomu gained 120.10 points, or 0.45 percent, to close at 26,898.25. A total of 49 listed stocks advanced, while 24 retreated. 

The MSCI Tadawul Index also edged down, losing 3.66 points, or 0.26 percent, to close at 1,408.07. 

The best-performing stock of the day was Saudi AZM for Communication and Information Technology Co., whose share price surged 9.96 percent to SR29.14. 

Other top performers included Northern Region Cement Co., which saw its share price rise 6.29 percent to SR8.11, and Obeikan Glass Co., which climbed 6.20 percent to SR37.

Sport Clubs Co. recorded the most significant drop, falling 7.34 percent to SR10.22. 

Gulf Union Alahlia Cooperative Insurance Co. also saw its share price decline by 4.56 percent to SR14.22. 

National Medical Care Co. dropped 3.51 percent to close at SR164.80. 

On the announcements front, Electrical Industries Co. released its interim financial results for the period ending June 30.

According to a Tadawul statement, the company recorded a net profit of SR260 million during the first six months of the year, reflecting a 47.9 percent rise compared to the same period a year earlier. The increase in net profit was attributed to a broader product mix and higher sales of items with stronger profit margins. 

Electrical Industries Co. ended the session at SR8.99, down 2.21 percent. 

Alinma Bank 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 SR3.08 billion in the period ending June 30, up 12.8 percent year on year.

This increase was primarily linked to growth in total operating income. Net income rose as operating income expanded by 8.5 percent, driven mainly by higher returns from financing and investments, along with increased fee and foreign exchange income. 

The bank also announced the board of directors’ recommendation to distribute SR746 million in cash dividends to shareholders for the second quarter of 2025.

According to a Tadawul statement, the total number of shares eligible for dividends stood at 2.4 billion, with a dividend per share of SR0.30 after the deduction of Zakat. The dividend represented 3 percent of the share’s par value. 

Alinma Bank closed the session at SR26.38, down 1.60 percent. 

Topics: Closing Bell Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

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Ƶ signs $6.4bn investment deals with Syria to boost reconstruction

Ƶ signs $6.4bn investment deals with Syria to boost reconstruction
Updated 17 sec ago
Nirmal Narayanan

Ƶ signs $6.4bn investment deals with Syria to boost reconstruction

Ƶ signs $6.4bn investment deals with Syria to boost reconstruction
Updated 17 sec ago
Nirmal Narayanan

RIYADH: Ƶ has signed investment deals worth $6.4 billion with Syria, marking a significant step in the Kingdom’s efforts to re-engage economically with the war-ravaged country and support its reconstruction drive. 

The agreements, spanning sectors such as real estate, telecommunications, and finance, were unveiled by Investment Minister Khalid Al-Falih during the Syrian-Saudi Investment Forum held in Damascus on July 25. 

The forum highlights Ƶ’s strong commitment to strengthening Syria’s financial landscape. In April, the Kingdom joined Qatar in settling the country’s $15 million debt to the World Bank. 

“During this forum, we will witness the signing of 47 agreements and memoranda of understanding with a total value approaching SR24 billion ($6.4 billion), said Al-Falih. 

The deals include $1.07 billion in the telecommunications sector, with Syria’s Ministry of Communications and several Saudi telecom companies aiming to deepen bilateral ties. 

Companies involved in the plans include Saudi Telecom Co., GO Telecom, digital security firm Elm, cybersecurity company Cipher, and education technology firm Classera. 

In the real estate and infrastructure sectors, deals worth $2.93 billion were announced, including the construction of three new Saudi-financed cement plants to support Syria’s reconstruction efforts. 

The two nations also agreed to enhance cooperation in agriculture. 

“In the agricultural sector, we look forward to collaborating in Syria to develop high-quality joint projects, including model farms and processing industries,” said Al-Falih. 

In finance, a memorandum of understanding was signed between the Saudi Tadawul Group and the Damascus Securities Exchange to boost cooperation in the fintech sector. 

Al-Falih also announced the formation of a Saudi-Syrian Business Council, which is expected to further strengthen trade and economic ties between the two countries. 

Speaking at a separate panel discussion during the forum, Al-Falih said Syria is evolving into a more investment-friendly destination, despite ongoing challenges. 

“Syria is leaping forward as an investment-attractive country despite all challenges. Since the beginning of its new era, we have witnessed a genuine desire to provide investment opportunities for Saudi businessmen,” he added.

Topics: Saudi-Syria Ƶ Khalid Al-Falih Syria

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Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs 

Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs 
Updated 10 min 25 sec ago
Nour El-Shaeri

Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs 

Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs 
Updated 10 min 25 sec ago
Nour El-Shaeri

RIYADH: Ƶ’s Ministry of Sport has announced the privatization of three football clubs — Al-Ansar, Al-Kholood, and Al-Zulfi — marking the first set of teams offered to the public through initial public offerings. 

The move represents a significant milestone in the Kingdom’s initiative to open the sports sector to private investment and ownership. The IPOs also follow a broader privatization program launched last August.

The ownership of the three clubs will transfer to private entities: Al-Zulfi to Nujoum Al-Salam, Al-Kholood to Harburg Group, and Al-Ansar to a joint venture between Audat Al-Biladi and Ayana. 

The ministry, in cooperation with the National Center for Privatization, carried out the transfers after completing regulatory requirements and corporate restructuring, the authority stated.

“The National Center for Privatization carried out the necessary procedures to establish club companies and transfer their ownership to the new owners,” the statement said. 

In parallel, the ministry announced that the submission window for the acquisition of Al-Nahda Club has closed, although the evaluation process is still ongoing. Some investment entities requested an extension, and the ministry confirmed it is still reviewing these proposals. 

The body affirmed its commitment to ensuring the success of the privatization process, stating that “it is keen to ensure the success of the privatization process and to confirm that the submitted offers serve the interests of the clubs and their sporting future, contribute to advanced models, and achieve the strategic objectives of the project.” 

It also noted that “the other entities interested in acquiring clubs (notably Al-Orobah and Al-Washm) did not meet the required procedures and conditions for acquisition.” 

Furthermore, the ministry announced that applications are now open for those wishing to acquire other Saudi sports clubs. 

Interested parties can apply via the ministry’s official website, where they will undergo a multi-stage process including qualification screening, financial analysis, and competitive bidding.

Topics: Al-Ansar Al-Kholood Al-Zulfi Saudi football

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Pakistan central bank has room to slash interest rate by 100bps by December — analysts

Pakistan central bank has room to slash interest rate by 100bps by December — analysts
Updated 19 min 33 sec ago

Pakistan central bank has room to slash interest rate by 100bps by December — analysts

Pakistan central bank has room to slash interest rate by 100bps by December — analysts
  • Central bank’s Monetary Policy Committee to meet on July 30 to announce policy rate
  • Rate cut to reduce financing costs, boost productivity and support recovery, says analyst
Updated 19 min 33 sec ago
Ismail Dilawar

KARACHI: Pakistan’s central bank has room to slash the key interest rate by 100 basis points by December, financial analysts said on Thursday, noting that the move would reduce financing costs and boost productivity in the country.

The central bank’s Monetary Policy Committee (MPC) is scheduled to hold its meeting on July 30 to decide about the key interest rate. A majority of financial market participants expect the central bank to cut its key interest rate by 50 to 100 basis points next week, as per a report by Karachi-based brokerage firm Topline Securities. A majority, 56 percent, expect a 50 to 100 basis points rate cut next week, the report said while thirty-seven percent expect the policy rate to remain unchanged at 11 percent.

The findings reflect growing market confidence that declining inflation and easing global oil prices have created space for monetary easing. In its last meeting, the State Bank of Pakistan (SBP) kept the policy rate unchanged at 11 percent, citing uncertainty over the federal budget and regional tensions in the Middle East. This time, a stronger consensus appears to be building toward a rate cut.

“We are expecting inflation to average 5-7 percent in FY26, leaving a room of a total of 100 basis points cut in our view after adjusting it for real rate of 400 basis points,” Shankar Talreja, Topline Securities’ head of research, told Arab News.

Talreja said he expected the SBP to announce a policy rate cut of 50 basis points when it meets next week.

“We are expecting the policy rate to bottom out at 10 percent by December 2025,” he said.

Shahid Ali Habib, the chief executive officer at brokerage research firm Arif Habib Ltd., said he also expected the interest rate to be slashed by 50 basis points. The SBP has slashed the key policy rate by an aggressive 11,000 points from a record 22 percent over the last one year, as inflation eases in the South Asian country.

“A rate cut now could reduce financing costs, boost productivity and support recovery after a modest 2.68 percent GDP growth in FY25,” Habib said.

The expectations come as Prime Minister Shehbaz Sharif’s government aims to increase the GDP of Pakistan’s debt-ridden economy by 4.2 percent this year, up from the 2.7 percent last fiscal year.

Backed by the International Monetary Fund’s $7 billion loan, Pakistan’s economy has stabilized in recent months with inflation ebbing to 3.2 percent in June and the current account showing a surplus of $328 million last month.

Pakistan’s easing inflationary pressures have been the main driving force behind the central bank’s aggressive policy rate cuts. Habib said Pakistan’s macroeconomic situation was improving, saying that he sees FY26 inflation averaging on 5.4 percent and core inflation at around 8 percent this fiscal year.

However, Talreja said the decline in borrowing costs could be a “non-event” for Pakistan’s booming stock market, which has already factored in the expected change.

Pakistani stocks have risen 19 percent since January with the benchmark KSE-100 Index hitting a record 140,585 points during intraday trading last week, according to the Pakistan Stock Exchange data.

“The majority of the impact is already taken by the markets, the treasury bills are trading at 10.7 percent which already incorporates around 50 basis points cut,” Talreja noted.

Talreja said if slashed further, the policy rate will nonetheless provide some respite to businesses as the cost of financing will further come down.

“Honestly, either 50 or 100 basis points won’t matter significantly as we have already eased over 11,00 basis points in the last one year,” the analyst said.

Topics: Pakistan economy State Bank of Pakistan (SBP)

Saudi economy minister holds global talks to boost bilateral ties, economic cooperation

Saudi economy minister holds global talks to boost bilateral ties, economic cooperation
Updated 37 min 46 sec ago
Reem Walid

Saudi economy minister holds global talks to boost bilateral ties, economic cooperation

Saudi economy minister holds global talks to boost bilateral ties, economic cooperation
Updated 37 min 46 sec ago
Reem Walid

RIYADH: Ƶ’s Minister of Economy and Planning is intensifying global engagement through a series of high-level meetings aimed at strengthening bilateral relations and economic cooperation with key international markets.

On the sidelines of the UN’s High-level Political Forum on Sustainable Development 2025, Faisal Al-Ibrahim met with his Ethiopian counterpart, Fitsum Assefa, to discuss enhancing bilateral economic, commercial, and investment ties and other topics of mutual interest, according to a statement.

This supports the ministry’s goal to advance Vision 2030 by fostering economic diversification, attracting investment, and strengthening the national economy.

Its main priorities include crafting long-term strategies, aligning policies to ensure sustainable growth, and identifying strategic opportunities, as well as promoting data-driven policymaking, enhancing economic expertise, and building institutional capacity.

In a post on X, the ministry noted: “Minister of Economy and Planning meets with Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary, to discuss strengthening trade and development ties between the two countries, and other topics of common interest, on the sidelines of HLPF25.”

Al-Ibrahim also met with Ireland’s Minister for Climate, Environment, and Energy, and Minister for Transport, Darragh O'Brien, to review enhancing collaboration in economic policy, trade, and development, as well as exploring potential investment opportunities under Saudi Vision 2030.

He also held talks with the Minister for Regional Development of the Czech Republic, Petr Kulhanek, to discuss regional and infrastructure development, sharing best practices in sustainable growth, and exploring opportunities for economic expansion.

Additionally, the minister held talks with Beatriz Carles de Arango, Minister of Social Development of Panama, to explore collaboration on sustainable development, social protection strategies, and advancing shared priorities for human capital investment.

“I had the pleasure of meeting Mohammad Ishaq Dar, Deputy Prime Minister and Minister for Foreign Affairs of Pakistan at HLPF25, to discuss deepening bilateral economic ties, enhancing public policy coordination, and promoting sustainable growth,” Al-Ibrahim said on his X account.

The minister also met with Larry Fink, chairman and CEO of BlackRock, to explore expanding investment opportunities in the Kingdom.

Topics: Saudi Minister of Economy and Planning Faisal Al-Ibrahim

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Ƶ inks Turkish defense deals to accelerate localization of land systems

Ƶ inks Turkish defense deals to accelerate localization of land systems

Ƶ inks Turkish defense deals to accelerate localization of land systems
Updated 24 July 2025
MOHAMMED AL-KINANI

Ƶ inks Turkish defense deals to accelerate localization of land systems

Ƶ inks Turkish defense deals to accelerate localization of land systems
Updated 24 July 2025
MOHAMMED AL-KINANI

JEDDAH: Ƶn Military Industries has signed technology transfer-focused agreements with three leading Turkish defense firms to accelerate the localization of advanced land systems manufacturing in the Kingdom.

The Public Investment Fund-owned group signed the deals with Nurol Makina, FNSS, and Aselsan under the patronage and presence of Khalid bin Hussein Al-Biyari, assistant minister of defense for executive affairs; Ahmed bin Abdulaziz Al-Ohali, governor of the General Authority for Military Industries; and Haluk Gorgun, president of Turkiye’s Defense Industries Agency, according to a statement.

Driven by Vision 2030 goals, the Kingdom is pursuing defense self-sufficiency to reduce reliance on imports. At the forefront of this transformation is SAMI, established in 2017, with a mandate to localize 50 percent of the country’s defense spending by the end of the decade through strategic partnerships and joint ventures with leading global manufacturers.

“The agreements were signed by Mohammed bin Saud Al-Hodaib, executive vice president of SAMI Land. Each of the recently signed agreements varies in scope and purpose, with the ultimate goal of localizing SAMI Land’s capabilities.” SAMI said.

It added that the first agreement with Nurol Makina focuses on technology transfer and the manufacturing of military vehicles produced by the Turkish company, while the deal with FNSS Defense Systems outlines cooperation on technology transfer and the production of armored combat vehicles and weapon turrets.

“SAMI Land will also leverage its agreement with ASELSAN (Askeri Elektronik Sanayi), for technology transfer to localize the manufacturing of combat turret systems within Ƶ,” the statement said.

Technology transfer and manufacturing under these agreements will take place at the SAMI Land Industrial Complex, or SLIC, which is scheduled to begin operations in the fourth quarter of this year and will adhere to the highest international standards for land systems manufacturing.

“It will serve as a center of excellence for the manufacturing of 4x4, 6x6, and 8x8 armored vehicles, in addition to armed turrets.” SAMI said, adding that SLIC operates under Industry 4.0 standards, leveraging artificial intelligence, the Internet of Things, and robotics to carry out advanced unmanned operations managed by intelligent systems, thereby enhancing efficiency and quality without direct human intervention.

The statement said that SAMI Land is committed to advancing the company’s strategic objectives by supporting the localization of the Kingdom’s defense industries through the development of advanced industrial capabilities and the delivery of high-quality products and services across the entire product lifecycle, meeting the needs of its clients.

Al-Ohali inaugurated the Saudi pavilion at the International Defense Industry Fair, IDEF 2025, being held at the Istanbul Fair Center from July 22 to 27, as part of SAMI’s expanding global presence.

During the event, Al-Ohali met with Haluk Gorgun, where they discussed recent developments in the defense industry and explored ways to strengthen bilateral cooperation, reflecting the depth of strategic ties between the two countries and supporting the Kingdom’s aspirations for more impactful partnerships in this vital sector.

As part of GAMI’s efforts to enhance localization, the Saudi pavilion at IDEF 2025 saw Al-Esnad Factory, a leading Saudi private facility specializing in military parts manufacturing, sign three memorandums of understanding with leading Turkish companies, including MDH Makel Group, AKSA Group, and Ayyazilim Co.

“These strategic partnerships reflect GAMI’s efforts to enable the sector and transfer and localize technology,” the authority said in a post on X.

Last July, SAMI signed MoUs with Turkish firms Baykar, Fergani Space, and Aselsan to localize capabilities in drones, aerospace, and advanced electronics, further strengthening bilateral defense cooperation and enhancing the Kingdom’s industrial base.

Topics: Ƶn Military Industries (SAMI)

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