Saudi Arabia’s Vision 2030 enters final phase with strong momentum

Special Saudi Arabia’s Vision 2030 enters final phase with strong momentum
The latest annual report for 2024 reveals that of the 374 key performance indicators at the third level, 299 were fully achieved. (SPA/File)
Short Url
Updated 27 April 2025
Follow

Saudi Arabia’s Vision 2030 enters final phase with strong momentum

Saudi Arabia’s Vision 2030 enters final phase with strong momentum
  • Kingdom achieves 93 percent of key performance indicators — fully or partially — in nine years

RIYADH: Saudi Arabia’s Vision 2030 initiative has seen remarkable progress, with 93 percent of its key performance indicators either fully or partially met since its launch nine years ago, according to the latest official assessment.

The Vision 2030 program, which aims to diversify the economy, empower citizens, and foster a vibrant environment for both local and international investors, is evaluated through the performance of its Vision Realization Programs and national strategies.

These tools are central to the initiative’s execution and are assessed based on two main criteria: the advancement of initiatives and the performance of measurable indicators.

The latest annual report for 2024 reveals that of the 374 key performance indicators at the third level, 299 were fully achieved, with 257 of these surpassing their original targets. Another 49 indicators came close to full achievement, reaching between 85 and 99 percent of their goals.




Saudi Arabia's King Salman lays the foundation stone at the Qiddiya entertainment park near Riyadh on April 28, 2018. (SPA/File)

This progress demonstrates the effectiveness of long-term planning combined with strategic execution, contributing to transformative changes across the country. The success of Vision 2030’s Level-3 indicators indicates strong alignment between national planning and real-world implementation in various sectors.

Detailed metrics also capture tangible outcomes, such as increased hospital capacity, the rollout of digital services, and the issuance of tourism licenses. To ensure continued success, corrective actions are being taken to adjust both initiatives and performance metrics, with a focus on accelerating implementation and keeping the Vision’s objectives firmly within reach.

Strong delivery across initiatives

This performance aligns with strong delivery across Vision 2030’s portfolio of initiatives. As of 2024, 85 percent of all initiatives were either completed or progressing on track.

Out of 1,502 total initiatives launched under the Vision, 674 were completed and another 596 were advancing as scheduled.

This translates to an unusually high success rate for a transformation effort of this scale and complexity.




Saudi Arabia Formula One Grand Prix at the Jeddah Corniche Circuit on April 19, 2025. (AFP)

Each of these initiatives contributes to larger national priorities, ranging from housing and healthcare to digital innovation, clean energy, and cultural development.

Their successful implementation reflects years of investment in institutional capacity, coordination frameworks, and performance monitoring systems, much of which was built during the vision’s first and second phases.

A decade of economic reforms

These latest achievements are rooted in nearly a decade of groundwork, reforms, and phased rollouts that began in 2016 when Vision 2030 was first unveiled.

The first five years focused on stabilizing the macroeconomic base and introducing structural reforms, while the second phase emphasized scaling and acceleration.

The result is a development model that is now attracting international attention for its consistency and ambition.




The private sector’s role in the economy has also continued to expand. (AFP/File)

Between 2016 and 2024, Saudi Arabia undertook sweeping structural reforms to reduce its oil dependency, boost private sector engagement, and unlock new economic engines.

This included targeted policy interventions in tourism, logistics, mining, and tech — areas now becoming core drivers of non-oil growth.

The private sector’s role in the economy has also continued to expand, with its contribution to GDP reaching 47 percent in 2024, exceeding the year’s target of 46 percent.

In 2024, real non-oil GDP grew by 3.9 percent compared to 2023, driven by continued investment expansion in non-oil sectors, which saw a 4.3 percent increase in activity.

By the fourth quarter of 2024, the unemployment rate among Saudis dropped to 7 percent — meeting the Vision 2030 target six years ahead of schedule. This milestone marks an improvement from 12.3 percent at the end of 2016. At the same time, average annual inflation remained low at 1.7 percent, ranking among the lowest in G20 economies.


CLICK BELOW TO READ THE REPORT



This is a result of the efforts made to achieve an economic policy that balances growth with healthy inflation rates.

Foreign direct investment inflows reached SR77.6 billion in 2024, signaling growing international confidence in the Saudi market.

Optimism in the non-oil private sector was also reflected in the Purchasing Managers’ Index, which stood at 58.1 in the fourth quarter of 2024. This was a result of developments throughout the year and was driven by an increase in new orders.

Global recognition

Global institutions such as the International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank have revised Saudi growth forecasts upward, and all three major credit rating agencies — Moody’s, Fitch, and S&P — affirmed the Kingdom’s sovereign strength with stable outlooks.

The Public Investment Fund has continued to play a central role in financing and driving large-scale development.  

Its assets under management have reached SR3.53 trillion by the end of 2024 — more than tripled since the launch of Vision 2030 — exceeding their annual target.

The fund’s assets have made remarkable progress, growing by more than 390 percent from 2016 to 2024, with a compound annual growth rate of 22 percent, exceeding its annual target. This increase is primarily attributed to the fund’s proactive investment strategy across various sectors.




Detailed metrics also capture tangible outcomes, such as increased hospital capacity, the rollout of digital services, and the issuance of tourism licenses. (SPA)

In parallel, the value of Saudi Arabia’s discovered mineral resources has soared to SR9.4 trillion, a 92 percent increase from 2016 estimates, which stood at SR4.9 trillion.

By the end of 2024, the number of achieved investment opportunities surged to 1,865, surpassing the year’s target of 1,197.

Globally, Saudi Arabia has improved its standing in multiple international benchmarks.

It now ranks 16th in the International Institute for Management Development’s World Competitiveness Index, up 20 places since 2017.

The Kingdom has also made progress in digital governance, climbing 25 positions in the UN E-Government Development Index since 2016 to secure 6th place globally — bringing it within reach of its Vision 2030 goal to be among the top five nations.

These rankings highlight the Kingdom’s efforts to digitize services, modernize institutions, and improve public sector performance.

Social and sectoral progress

Social indicators have also advanced steadily. The homeownership rate climbed to 65.4 percent in 2024, exceeding the target of 64 percent for that year.

As part of the long-term goal to plant 10 billion trees, environmental programs have exceeded expectations. Around 115 million trees were planted as of 2024, while 188,000 hectares of degraded land were successfully rehabilitated.

The number of volunteers exceeded 1.2 million by the end of 2024, surpassing the 2030 target of 1 million.




Pilgrims arriving at Jeddah’s King Abdulaziz Airport for the annual Hajj. (AN photo by Nada Hameed)

The Kingdom’s expanded e-visa systems and upgraded infrastructure helped drive a historic rise in international pilgrim numbers.

Saudi Arabia recorded 16.92 million foreign Umrah pilgrims in 2024 — its highest ever, far exceeding the annual target of 11.3 million.

Adding to the momentum, Saudi Arabia is set to welcome the premier competition of the world’s most popular sport as the official host of the 2034 FIFA World Cup.

Looking ahead

Much of this progress was supported by the evolution of Vision Realization Programs, which were introduced in the early phase of Vision 2030 as medium-term delivery mechanisms.

Over time, these programs enhanced cross-government coordination, accelerated execution, and helped exceed multiple national targets.

Today, there are 10 VRPs operating across strategic sectors such as health, digital transformation, and tourism, as well as financial services and sustainability, each contributing to the delivery of Vision 2030’s core pillars of a vibrant society, a thriving economy, and an ambitious nation.




The next five years will be critical not only in achieving remaining goals but in sustaining the momentum well beyond the 2030 horizon. (SPA)

As the final stretch of Vision 2030 approaches, the Kingdom’s focus remains on institutional resilience, measurable outcomes, and global competitiveness.

While challenges remain in some areas, the combination of high delivery rates, adaptive governance, and strong financial management has positioned Saudi Arabia as a case study in long-term national transformation.

The next five years will be critical not only in achieving remaining goals but in sustaining the momentum well beyond the 2030 horizon.

 


Saudi bank lending hits $827bn in March, fastest growth in over 3.5 years

Saudi bank lending hits $827bn in March, fastest growth in over 3.5 years
Updated 31 min 56 sec ago
Follow

Saudi bank lending hits $827bn in March, fastest growth in over 3.5 years

Saudi bank lending hits $827bn in March, fastest growth in over 3.5 years

RIYADH: Saudi Arabia’s banking sector continued its robust lending expansion in March, with total credit reaching SR3.1 trillion ($827.2 billion), marking a 16.26 percent year-on-year increase. 

According to data from the Saudi Central Bank, also known as SAMA, this represents the highest annual rise in three years and eight months. 

The surge was primarily fueled by corporate lending, which rose from 52.46 percent of total bank credit in March 2024 to 55.19 percent this year. Credit extended to businesses grew by 22.3 percent over this period to exceed SR1.71 trillion. 

This shift underscores how businesses are now the dominant force shaping Saudi Arabia’s lending landscape, signaling the economy’s accelerating diversification.     

Real estate activities continued to lead within the corporate loan mix, comprising 22 percent of business lending and growing by an impressive 40.5 percent year-on-year to reach SR374.5 billion. 

The sector’s continued expansion reflects heightened demand for housing, commercial infrastructure, and new development projects across the Kingdom’s mega-cities and giga-projects under Vision 2030. 

Other key sectors included wholesale and retail trade, which held a 12.43 percent share with SR212.8 billion in lending. Manufacturing accounted for 11.05 percent, with SR189.18 billion in loans. The electricity, gas, and water supply sector comprised 10.6 percent, with loans totaling SR181.43 billion. 

Each of these areas benefited from increased public and private sector spending and reforms targeting industrial growth and economic resilience. 

Notably, education — while accounting for just 0.55 percent of corporate loans — posted the highest growth rate across all sectors at 44.7 percent, reaching SR9.35 billion. This surge aligns with the Kingdom’s efforts to expand educational access and upgrade academic infrastructure in line with long-term human capital goals. 

Financial and insurance activities also showed strong momentum, expanding 38.41 percent to hit SR161.23 billion, ranking third in growth after real estate and education. The rise reflects increased demand for financial services, greater insurance penetration, and fintech integration across key economic sectors. 

Meanwhile, retail lending stood at SR1.39 trillion in March, growing 9.6 percent year on year. However, its share of total credit declined from 47.54 percent in March 2024 to 44.81 percent this year, reflecting a gradual shift in the banking sector’s focus from consumer finance to business-driven growth. 

This moderation in retail lending share comes despite strong performance in personal loans, auto finance, and housing credit, indicating that corporate and commercial financing now command greater attention from lenders responding to market trends and government priorities.   

Improved lending quality 

According to an April 2025 report by McKinsey & Company, the quality of lending in Saudi Arabia has improved across nearly all major sectors. Based on their analysis of expected credit loss versus lending volume from 2020 to 2023, sectors such as services, finance and insurance, and utilities have shown both increased lending and lower credit risk. 

A key finding in McKinsey’s data is that financial institutions in Saudi Arabia are increasingly diversifying their portfolios toward sectors with lower ECL growth and higher lending volumes. For example, the services and financial sectors have exhibited strong improvements in lending quality, while construction and agriculture continue to show relatively higher risk levels.  

A bubble chart in the report maps lending volume against changes in ECL, revealing that the Saudi banking sector is pivoting toward sectors with improving credit profiles. 

Sectors like manufacturing, trade, electricity, and utilities now dominate lending — not only in volume but also due to their lower risk outlooks. This trend aligns with national efforts to prioritize economic diversification and reduce overexposure to volatile or high-risk sectors. 

In the Gulf Cooperation Council, construction and trade sectors are growing steadily — according to McKinsey — at 5 to 8 percent annually, while real estate is expanding around 8 percent, supported by projects across Saudi Arabia and Qatar. Manufacturing is also gaining traction, bolstered by targeted industrial strategies. 

Meanwhile, emerging industries such as education, finance, and food services are collectively growing at rates of 20 percent or more annually.   

Capital market innovation 

McKinsey also noted that Saudi banks are transitioning from a traditional “originate-to-hold” model to a more agile “originate-to-distribute,” or OTD, model. This shift enables banks to issue loans and then offload risk through tools like loan trading, securitization, and syndicated deals, freeing up capital for further lending. 

In a milestone for Saudi financial markets, 2025 saw the signing of the Kingdom’s first residential mortgage-backed securities. Legal frameworks are being developed to enable more such instruments, providing capital-light financing options and paving the way for a more liquid corporate bond market.   

McKinsey projects that OTD volumes in Saudi Arabia could nearly double by 2030, improving banks’ return on assets and equity through faster lending cycles and increased fee income. This is expected to enhance financial sector efficiency while supporting large-scale projects through innovative funding channels.  

ESG and digital transformation 

The report also highlighted the growing role of environmental, social, and governance standards in shaping Saudi lending. With national sustainability agendas in place, many banks are embedding ESG principles into their credit frameworks, including the issuance of green bonds and sustainability-linked loans. 

At the same time, operational efficiency is improving. Front-office productivity is rising as banks invest in AI-driven analytics, advanced risk modeling, and automation. This not only increases competitiveness but also enables faster, more accurate credit decisions in a dynamic market. 

The combined effect is a more resilient, innovative, and inclusive lending landscape — one that supports diversified economic growth while safeguarding financial stability. 

With credit demand projected to grow by 12 to 14 percent annually through the end of the decade, Saudi banks are expected to maintain strong momentum. 

Still, McKinsey emphasizes that sustained growth will require banks to boost productivity and embrace operational innovation.  

Some banks have already shown improvement, but the corporate and investment banking sector still has room to optimize client service and internal efficiency. 

Currently, front-office productivity varies widely among GCC banks. Coverage teams in lagging institutions spend just 20 percent of their time on client-facing activities, compared to 30 percent among industry leaders. McKinsey projects that future top performers will raise that figure to 40 percent by 2030 — a shift that will require significant investment in AI and internal digitization. 

GCC banks are also closing the gap with global peers in analytics and automation. As these capabilities scale, AI-powered operations are expected to drive faster risk modeling, more responsive lending, and greater agility.  

As the region’s markets mature and international competition intensifies, CIB institutions must evolve to offer more sophisticated solutions — such as capital-light lending, securitization, and structured finance. 

Banks that adapt and build long-term investor relationships will be best positioned to shape the market and capture the most promising opportunities.  


Saudi Arabia’s non-oil sector growth continues in April as PMI hits 55.6 

Saudi Arabia’s non-oil sector growth continues in April as PMI hits 55.6 
Updated 05 May 2025
Follow

Saudi Arabia’s non-oil sector growth continues in April as PMI hits 55.6 

Saudi Arabia’s non-oil sector growth continues in April as PMI hits 55.6 

RIYADH: Saudi Arabia’s non-oil private sector continued to expand in April, with the Riyad Bank Purchasing Managers’ Index reaching 55.6, indicating sustained growth in business activity, a new survey showed.  

According to the latest Riyad Bank Saudi Arabia PMI report compiled by S&P Global, the April reading marked a slight drop from 58.1 in March but remained comfortably above the neutral 50.0 mark that separates expansion from contraction. 

Despite the marginal decline, Saudi Arabia’s PMI for April was still higher than the UAE’s reading of 54.0 and Kuwait’s 54.2. 

Naif Al-Ghaith, chief economist at S&P Global Market Intelligence, said: “As of April 2025, Saudi Arabia’s non-oil economy continues to assert itself as a pivotal component of the nation’s economic landscape.”  

He added: “The diversification efforts have continued to bear fruit, underscoring the Kingdom’s strategic shift away from oil dependency toward a more balanced and sustainable economic framework.”  

The PMI survey signalled a strong increase in employment levels across the non-oil private sector in April. 

The rate of hiring growth accelerated to its joint-fastest pace in ten and a half years, matching the level recorded in October 2023, as companies expanded their staffing capacity in response to rising sales and increased activity. 

As a result, staff cost inflation surged to a record high in April, reversing the slowdown in cost pressures seen in March. 

“Employment in the non-oil private sector has been particularly vibrant. This surge in employment is a response to rising sales and increased business activity, prompting firms to expand staffing capacities,” said Al-Ghaith.  

The report added that business activity at Saudi Arabia’s non-oil companies increased sharply at the start of the second quarter, with firms commonly reporting an expansion in output due to higher sales, new project approvals, and strong tourist numbers. 

“While output growth remains robust, it is somewhat tempered by global economic uncertainties and competitive pressures affecting client spending. Nonetheless, employment figures continue to climb, indicating a sustained growth trend since last May,” added Al-Ghaith.  

He further noted that Saudi Arabia had successfully managed inflation compared to other nations, highlighting the Kingdom’s effective control of domestic prices amid global uncertainties. 

The latest PMI data also signalled a steep increase in purchasing activity, with the growth rate reaching a three-month high. 

S&P Global noted that expectations among non-oil firms for output in one year’s time increased slightly from March, although overall business optimism remained below the long-run survey average. 

Looking ahead, Al-Ghaith said the Kingdom’s fiscal prospects remain positive for 2025. 

“Forecasts suggest a 3 percent expansion in overall gross domestic product and a 4.5 percent increase in non-oil sectors, continuing the upward trajectory in non-oil activities,” said Al-Ghaith.  

He added: “This growth is crucial for sustaining the economic transformation outlined in Vision 2030, which aims to foster diverse, innovative industries.” 


Oil Updates — crude tumbles as OPEC+ accelerates output hikes, surplus looms

Oil Updates — crude tumbles as OPEC+ accelerates output hikes, surplus looms
Updated 05 May 2025
Follow

Oil Updates — crude tumbles as OPEC+ accelerates output hikes, surplus looms

Oil Updates — crude tumbles as OPEC+ accelerates output hikes, surplus looms

SINGAPORE: Oil prices fell more than $1 a barrel on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook, according to Reuters.

Brent crude futures dropped $1.34, or 2.19 percent, to $59.95 a barrel by 10:17 a.m. Saudi time while US West Texas Intermediate crude was at $56.87 a barrel, down $1.42, or 2.44 percent.

Both contracts touched their lowest since April 9 at Monday’s open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day.

The June increase from the eight producers in the OPEC+ group will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44 percent unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations.

“The May 3 OPEC+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus,” Tim Evans, founder of Evans on Energy said in a note.

The premium between the front-month Brent contract and that for delivery in six months was 4 cents a barrel, narrowing from 47 cents in the previous session.

However, the spread flipped to a discount, known as a contango structure, of 11 cents a barrel earlier on Monday, for the first time since December 2023, reflecting expectations that the later-dated market is amply supplied or demand may drop.

Barclays and ING have also lowered their Brent crude forecasts following the OPEC+ decision.

Barclays reduced its Brent forecast by $4 to $66 a barrel for 2025 and by $2 to $60 for 2026, while ING expects Brent to average $65 this year, down from $70 previously.

“We now expect OPEC+ to phase out the additional voluntary adjustments by October 2025 but also expect slightly slower US oil output growth,” Barclays analyst Amarpreet Singh said in a note.

The net impact of the higher OPEC+ output and lower US output has increased Barclays’ estimate of supply in 2025 by 290,000 bpd for 2025 and 110,000 bpd for 2026, he said.

ING analysts led by Warren Patterson said the global oil balance is expected to move deeper into surplus throughout 2025.

“The oil market has been dealing with significant demand uncertainty amid tariff risks. This change in OPEC+ policy adds to uncertainty on the supply side,” they added.


Trump says he wants a fair trade deal with China 

Trump says he wants a fair trade deal with China 
Updated 05 May 2025
Follow

Trump says he wants a fair trade deal with China 

Trump says he wants a fair trade deal with China 

ABOARD AIR FORCE ONE: US President Donald Trump on Sunday said the US was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal. 

Trump told reporters aboard Air Force One that he had no plans to speak with Chinese President Xi Jinping this week, but US officials were speaking with Chinese officials about a variety of different things. 

Asked if any trade agreements would be announced this week, Trump said that could “very well be” but gave no details. 

Trump’s top officials have engaged in a flurry of meetings with trading partners since the president on April 2 imposed a 10 percent tariff on most countries, along with higher tariff rates for many trading partners that were then suspended for 90 days. 

He has also imposed 25 percent tariffs on autos, steel and aluminum, 25 percent tariffs on Canada and Mexico, and 145 percent tariffs on China. 

He suggested that he did not expect to reach an agreement with some countries, but could instead be “setting a certain tariff” for those trading partners in the next two to three weeks. It was not immediately clear if he was referring to the reciprocal tariffs announced on April 2, which are due to kick in on July 8 after a 90-day pause. 

Trump repeated his claim that China had been “ripping us for many years” on global trade, adding that former President Richard Nixon’s move to reach out and establish relations with China was “the worst thing” he ever did. 

Trump sounded more upbeat about China and the prospects for reaching an agreement in an interview with NBC News that was taped on Friday and broadcast on Sunday. 

In the interview, he acknowledged that he had been “very tough with China,” essentially cutting off trade between the world’s top two economies, but said Beijing now wanted to reach an agreement. 

“We’ve gone cold turkey,” he said. “That means we’re not losing a trillion dollars ... because we’re not doing business with them right now. And they want to make a deal. They want to make a deal very badly. We’ll see how that all turns out, but it’s got to be a fair deal.” 


Closing Bell: Saudi main index slips to close at 11,411 

Closing Bell: Saudi main index slips to close at 11,411 
Updated 04 May 2025
Follow

Closing Bell: Saudi main index slips to close at 11,411 

Closing Bell: Saudi main index slips to close at 11,411 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 132.17 points, or 1.14 percent, to close at 11,411.50. 

The total trading turnover of the benchmark index was SR3.5 billion ($944.3 million), as 41 stocks advanced and 198 retreated.    

Similarly, the Kingdom’s parallel market Nomu lost 116.45 points, or 0.41 percent, to close at 28,013.32. This comes as 30 of the listed stocks advanced while 39 retreated.    

The MSCI Tadawul Index lost 20.74 points, or 1.41 percent, to close at 1,451.17.     

The best-performing stock of the day was Umm Al Qura for Development and Construction Co., whose share price surged 2.77 percent to SR25.95.   

Other top performers included National Industrialization Co., which saw its share price rise 2.26 percent to SR9.49, and Arabian Contracting Services Co., whose share price increased 1.69 percent to SR132.00. 

Zahrat Al Waha for Trading Co. recorded the most significant drop, falling 7.05 percent to SR27.70. 

Saudi Automotive Services Co. saw its stock prices fall 5.67 percent to SR61.50. 

Emaar The Economic City also saw its stock prices decline 4.50 percent to SR14.00. 

On the announcements front, Dar Alarkan Real Estate Development Co. reported its interim financial results for the period ending March 31. 

According to a Tadawul statement, the company posted a net profit of SR209.34 million in the first quarter of 2025, marking a 36.2 percent increase compared to the same quarter in 2024.  

The rise in net income was primarily driven by higher property sales. Increased lease revenues, lower finance costs, and greater non-operating income from Islamic Murabaha deposits also contributed to the gains, though these were partially offset by higher operating expenses and reduced earnings from associates. 

Dar Alarkan Real Estate Development Co. ended the session at SR21.04, down 1.05 percent. 

Saudi Aramco Base Oil Co. – Luberef has announced its interim financial results for the first quarter of 2025. A bourse filing showed the company recorded a net profit of SR221.5 million for the period ending March 31, reflecting a 7.3 percent decline compared to the same quarter last year. The drop in earnings was mainly due to lower by-product crack margins, despite an increase in base oil crack margins. 

Luberef’s shares closed the session at SR98.70, down 0.20 percent. 

Dr. Sulaiman Al Habib Medical Services Group has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the firm posted a net profit of SR557.01 million in the first quarter of 2025, marking a 1.09 percent increase compared to the same quarter in 2024. The growth was primarily driven by higher revenue, although fixed operating costs from recent strategic expansions have temporarily weighed on profit margins. These expansions are still ramping up and are expected to gradually reach full operational efficiency. 

The company’s shares closed at SR289.00, down 2.15 percent. 

The National Agricultural Development Co. reported its consolidated financial results for the first quarter of 2025, posting a net profit of SR103.42 million for the period ending March 31 — a 2.06 percent rise compared to the year-earlier period.  

The increase was supported by higher revenue, reduced general and administrative expenses, stronger operating profit, and increased treasury income. These gains were partially offset by higher cost of sales, increased impairment losses on trade and other receivables, and a decline in finance costs. 

NADEC shares ended the session at SR22.20, down 1.54 percent. 

Saudi Basic Industries Corp. announced a net loss of SR1.21 billion for the first quarter of 2025, compared to a net profit of SR250 million in the same period last year. The loss was primarily due to a SR1.05 billion decline in gross profit, driven by higher feedstock prices and increased operating expenses. These included non-recurring costs of SR1.07 billion linked to a strategic restructuring initiative aimed at improving long-term performance and reducing costs. 

SABIC shares closed at SR60.70, down 2.77 percent.