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RIYADH: Loan agreements worth $92.7 million signed by the Saudi Fund for Development are set to boost the water, housing, infrastructure, and health sectors across Barbados.

The first deal, valued at $58.5 million, aims to improve the primary healthcare system by constructing two new medical centers and rehabilitating seven others to expand services and enhance the quality of care.

The second agreement, worth $34.2 million, will support an urban renewal project focused on water, housing, and infrastructure development to enhance flood protection and improve resilience to environmental changes, according to the Saudi Press Agency.

CEO of the SFD, Sultan bin Abdulrahman Al-Marshad, signed the deals with the Prime Minister of Barbados, Mia Amor Mottley.

This is consistent with the SFD’s history of supporting over 800 development projects, totaling $20 billion, in more than 100 countries since its inception in 1974.s.

SPA’s report noted: “These two agreements represent the first steps of development cooperation between the SFD and Barbados.”

It added: “This development cooperation embodies the Fund’s keenness to support small island developing states; to overcome economic, environmental and development challenges, as well as the importance of international cooperation and solidarity to achieve sustainable development goals, to contribute to enhancing social growth and economic prosperity in developing countries.”

The entity’s goal is to support sustainable progress in developing nations by offering soft loans and grants to fund key development projects. The SFD’s mission includes raising living standards, promoting economic and social advancement, and strengthening development aid through strategic partnership

In July, the SFD allocated $32 million to boost social infrastructure in Bosnia and Herzegovina, targeting science, technology, and higher education facilities.

At the time, the fund allotted $19 million for the construction of a Science and Technology Park and $13 million for the development and outfitting of a new student dormitory at the Borisa Starovic Public Institution Student Center in Foca, in the country’s southeastern region.

In the first nine months of 2024, the SFD supported various initiatives across the world, including a $101 million investment for the Shounter and Jagran-IV Hydropower Projects in Pakistan, a $55 million loan to bolster Turkiye’s education sector, and a $5 million grant to fund a water project in Benin.

RIYADH: ������Ƶ’s Tadawul All Share Index closed Wednesday’s trading session higher at 10,914.38, marking an increase of 90.47 points, or 0.84 percent. 

The total trading turnover of the benchmark index reached SR4.32 billion ($1.15 billion), with 145 stocks advancing and 100 declining. 

The MSCI Tadawul Index also rose, climbing 13.03 points, or 0.93 percent, to close at 1,407.08. 

The Kingdom’s parallel market Nomu gained 83.19 points, or 0.31 percent, to close at 26,809.08. A total of 35 stocks advanced, while 36 retreated. 

Thimar Development Holding Co. was the session’s top performer, with its share price rising 10 percent to close at SR34.98. 

Other notable gainers included ACWA Power Co., which rose 5.92 percent to SR223.50, and Halwani Bros. Co., up 4.38 percent to SR43.82. 

Tanmiah Food Co. also posted gains, with its share price increasing 4.30 percent to SR91. 

Sport Clubs Co. recorded the steepest decline, with its shares falling 7.17 percent to SR10.23. 

Nahdi Medical Co. followed with a 5.53 percent drop to SR123.10, after announcing a 3.8 percent year-on-year decline in net profit to SR238.4 million for the second quarter ending June 30. 

The company said on Tadawul that the drop in profit was primarily due to increased discounts and promotional offers by its Egyptian subsidiary to enhance competitiveness amid currency fluctuations.

Higher selling and distribution expenses related to new product marketing also weighed on earnings. 

BAAN Holding Group Co. declined 4 percent to close at SR2.40. 

Specialized Medical Co. posted a loss of 3.78 percent, closing at SR19.60, while Alandalus Property Co. declined 2.45 percent to SR19.53.