COP28 opens in Dubai with calls for accelerated climate action

Up to 200 global leaders will join over 80,000 delegates gathered in Dubai for the UN climate conference. (Abdulrahman Fahad Bin shulhub/AN)
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Updated 30 January 2024
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COP28 opens in Dubai with calls for accelerated climate action

  • Up to 200 global leaders will join over 80,000 delegates gathered in Dubai for the UN climate conference

DUBAI: Up to 200 global leaders will join over 80,000 delegates gathered in Dubai for the UN climate conference as governments prepare for negotiations on whether to agree, for the first time, to phase out fossil fuels – the main source of global warming.

With finance also high on the meeting agenda, the COP28 presidency has published a proposal on the eve of the summit for countries to formally adopt the outlines of a new UN fund to cover losses and damages in poor countries being hit by climate disasters like extreme flooding or persistent drought.

READ MORE: Click here for our coverage of COP28

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COP28 formally approves climate disaster fund arrangements

DUBAI: Countries at the UN COP28 climate summit on Thursday formally approved a deal on a new climate disaster fund.

The deal was adopted following the COP28 opening ceremony, drawing a standing ovation from delegates.

Representatives from developed and developing countries painstakingly crafted the agreement during negotiations this year. It will launch a fund to help vulnerable nations cope with the cost of climate-driven damage from drought, floods and rising seas.

UN weather agency says 2023 is the hottest year on record, warns of further climate extremes ahead

DUBAI: The UN weather agency said Thursday that 2023 is all but certain to be the hottest year on record, and warning of worrying trends that suggest increasing floods, wildfires, glacier melt, and heat waves in the future.

The World Meteorological Organization also warned that the average temperature for the year is up some 1.4°C from pre-industrial times – a mere one-tenth of a degree under a target limit for the end of the century as laid out by the Paris climate accord in 2015.

The WMO secretary-general said the onset earlier this year of El Niño, the weather phenomenon marked by heating in the Pacific Ocean, could tip the average temperature next year over the 1.5°C target cap set in Paris.

WATCH: Opening ceremony of COP28: UN Climate Change conference

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Jim Skea, chairman of the Intergovernmental Panel on Climate Change. (AFP)

“Human activity has led to changes in climate at a magnitude that is unprecedented over centuries and thousands of years,” according to Jim Skea, chairman of the Intergovernmental Panel on Climate Change.

“If we do not find immediate and deep emission reductions across all sectors, we will not meet the goals of the Paris agreement,” he said.

“Our assessments have identified multiple options to reduce greenhouse gas emissions and adapt to climate change, and these can be implemented right now. But they need to be scaled up and mainstreamed through policies and increased financing.”

“As the chair of the IPCC, the scientific community is poised for using the resources available to support the outcomes of COP28, in shaping climate actions based on science. But finally, let us recall, science by itself is no substitute for action,” Skea said.

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Simon Stiell, executive secretary of UNFCCC

“Today, we find ourselves in a rather different position, in humanity’s climate action journey. We are taking baby steps. Stepping far too slowly from an unstable world that lacks resilience, to working out the best responses to the complex impacts we are facing,” Simon Stiell, executive secretary of UNFCCC, said in his remarks at the opening of COP28.

“We must teach climate action to run. Because this has been the hottest year ever for humanity. So many terrifying records were broken. We are paying with people’s lives and livelihoods,” he said.

“If we do not signal the terminal decline of the fossil fuel era as we know it, we welcome our own terminal decline. And we choose to pay with people’s lives. If this transition isn’t just, we won’t transition at all. That means justice within and between countries. Sharing benefits across society. Ensuring that everyone – women, indigenous peoples and youth, in all their diversity - have equal opportunities to benefit from these transitions.”

“In 2024, countries will submit their first Biennial Transparency Report. This will mean the reality of individual progress can’t be concealed… And let this be your first official notice that early in 2025, countries must deliver new Nationally Determined Contributions. Please start working on them now,” Stiell said.

“Science tells us we have around six years before we exhaust the planet’s ability to cope with our emissions. Before we blow through the 1.5°C limit,” the executive secretary of UNFCCC said.

“This is the biggest COP yet – but attending a COP does not tick the climate box for the year. The badges around your necks make you responsible for delivering climate action here and at home... turn the badge around your necks into a badge of honor, and a life belt for the millions of people you are working for. Accelerate climate action. Teach it to run,” added.

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COP28 President designate Sultan Al-Jaber. (Abdulrahman Fahad Bin shulhub/AN)

In his opening speech, COP28 President designate Sultan Al-Jaber urged delegates as well as oil companies to work together at the UN climate summit. He said, “we must ensure that this COP delivers the most ambitious global stocktake possible.”

He stressed that the COP28 is committed to unlocking finance to ensure that the global south does not have to choose between development and climate action.

While Al-Jaber hailed the initiative of national oil companies to step up, he said “it is not enough.” “They can do more. Every nation, every sector and every one of us has an urgent role to play.”

 

 

“We can bring mitigation, adaptation and means of implementation which includes finance under one umbrella,” according to Al-Jaber, who also runs state-run Abu Dhabi National Oil Company.

“I ask you to start this COP with a new mindset, adopt different thinking, be flexible. Ensure the most ambitious global stocktake. I want this COP to be the COP that maximizes mitigation on momentum,” Al-Jaber said.

He stressed that the ‘role of fossil fuels’ must be part of climate deal. “It is essential that no issue is left off the table,” according to the UAE official. He added that “let this be the COP where we deliver our promises from the $100 billion on loss and damage.”




COP28 president Sultan Ahmed Al-Jaber receives a gavel from Egyptian foreign minister and COP27 President Sameh Shoukry during the United Nations Climate Change Conference opening in Dubai on Nov. 30, 2023. (Reuters)

“This is the presidency that made a bold choice to proactively engage oil and gas companies. We had many hard discussions. That was not easy. But today, many of these companies are committing zero methane emissions by 2030 for the first time. And now, many national oil companies have adopted net zero 2050 targets for the first time,” Al-Jaber said in his speech.

“The next two weeks will not be easy. Let us remember, our task is not about only negotiating texts. It is about improving lives, it is about people,” he added.

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Sameh Shoukry, the COP27 president

“Rather than increasing climate finance from developed countries, actually, it is decreasing in relation to growing needs and the increasing growth of financing in developing countries,” said Shoukry, the COP27 president.

The UN’s COP28 climate summit in Dubai opened Thursday with a moment of silence for the victims of the conflict in Gaza.

Sameh Shoukry, the Egyptian foreign minister who chaired the previous COP talks in Egypt last year, urged delegates to “stand for a moment of silence” in memory of two climate diplomats who recently died “as well as all civilians who have perished during the current conflict in Gaza”.

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An early breakthrough on the damage fund — which poorer nations have demanded for years — could help grease the wheels for other compromises to be made during the two-week summit.

The UN and hosts the UAE say the COP28 talks will be the most important since Paris in 2015, when nations agreed to limit global warming to well below 2°Celsius since the preindustrial era, and preferably to a safer limit of 1.5°C.

Scientists say the world is not on track to achieve these targets and nations must make faster and deeper cuts to emissions to avert the most disastrous impacts of climate change.

 

 

A central focus will be a stocktake of the world’s limited progress on curbing global warming, which requires an official response at these talks.

“Right now, we’re taking baby steps where we should be taking great leaps and great strides to get us to where we need to be,” said UN climate chief Simon Stiell on Wednesday.

The COP28 climate conference should aim for a complete “phaseout” of fossil fuels, UN Secretary-General Antonio Guterres earlier said, warning of “total disaster” on humanity’s current trajectory.

“Obviously I am strongly in favor of language that includes (a) phaseout, even with a reasonable time framework,” Guterres said.

Climate change is the biggest threat to human health in Africa and the rest of the world, the head of the continent's public health agency said.

Mitigating that risk was top of his agenda, Jean Kaseya, the director general of the Africa Centres for Disease Control and Prevention, said as he headed to the COP28 climate summit in Dubai.

with agencies


Saudi Arabia, UAE dominate healthcare deals in GCC, JLL says

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Saudi Arabia, UAE dominate healthcare deals in GCC, JLL says

RIYADH: Saudi Arabia and the UAE accounted for almost all investment activity in the Gulf’s health care sector over the past four years, underscoring the region’s growing appeal to investors, according to JLL. 

The two countries were behind nearly 92 percent of the almost 400 transactions recorded in the Gulf Cooperation Council between 2021 and April 2025, the professional services firm said in its latest report. 

The UAE led with 198 deals, followed closely by Saudi Arabia with 170. 

JLL said the trend reflects both markets’ push to expand health care infrastructure under national transformation programs, including Saudi Arabia’s Vision 2030 and the UAE Ministry of Health and Prevention’s 2023–26 strategy. 

In August, consultancy firm Research and Markets projected the GCC health care innovation market to grow from $121.9 billion in 2025 to $170.5 billion by 2030. 

Sandeep Sinha, head of health care and life sciences advisory at Middle East and Africa at JLL, said: “The GCC health care sector presents a dynamic and rapidly evolving investment landscape with exceptional growth potential across the health care value chain.” 

He added: “For investors, this creates multiple entry points for capital, spanning digital health innovations and infrastructure development that ensure sustainable returns while advancing health outcomes.” 
Demographics and digitalization 
JLL highlighted demographic expansion, government-led initiatives, and a surge in digital health adoption as key growth drivers. A health-conscious, tech-savvy youth population is fueling demand for preventive care, wellness services, and digital health solutions, while an aging population increases demand for geriatric care and chronic disease management. 

“By 2030, projections indicate the region’s population will reach 69.92 million, creating unprecedented demand for comprehensive health care services across all specialities,” said JLL. 
The report added that national transformation programs, including Saudi Vision 2030 and the UAE Ministry of Health and Prevention’s 2023–26 strategy, are also acting as powerful catalysts, actively injecting direct capital and fostering public-private partnerships. 
Under Vision 2030, Saudi Arabia aims to modernize and improve the Kingdom’s health care system by implementing new technologies. The program also seeks to increase private-sector participation to achieve national health goals and ensure everyone has access to high-quality care. 
JLL further noted that advanced digital infrastructure in Saudi Arabia and the UAE is improving patient access and efficiency, with initiatives such as the UAE’s Riayati platform and Saudi Arabia’s unified Electronic Health Records system leading to a structural transformation in how health care services are conceived, delivered, and accessed. This provides a strong foundation for both domestic and foreign investors. 
“As the market matures, investors are prioritizing strong value propositions, supported by sustained government commitment to develop world-class medical facilities, reinforcing the sector’s position as a strategic investment priority,” added Sinha. 

The shift toward patient-centered care models is another growth driver, increasing spending on patient interaction platforms, premium facilities, and advanced diagnostic technologies that promote holistic patient experiences. 

According to JLL, the digitalization wave sweeping across the health care ecosystem has accelerated strategic partnerships with global technology leaders, fueling investments in health-tech innovations such as telemedicine and AI-powered diagnostics. 

In June, during the BIO International Convention, Saudi Arabia signed more than a dozen high-impact memoranda of understanding between its leading health institutions and international biotechnology and health care organizations. 

During the convention, King Faisal Specialist Hospital and Research Center partnered with US-based Germfree to localize cleanroom and laboratory manufacturing, while King Abdullah International Medical Research Center formalized a collaboration with California-based Illumina in genomics research. 
Deal landscape 
Early-stage investments concentrated on health-tech and outpatient services across wellness, mental health, beauty and skin care, and home care sectors. Meanwhile, 28 percent of M&A activity focused on hospitals and clinics, reflecting ongoing industry expansion and consolidation. 
According to market intelligence firm Tracxn, the GCC health care sector witnessed total funding of more than $1.13 billion, with the largest funding in 2016 at $324 million. In 2024, the sector attracted $255 million, up from $2 million in 2023 and $63.3 million in 2022. 
JLL reported 170 early-stage funding rounds and 91 M&A deals between 2021 and April 2025. During this period, major sovereign wealth funds, including Mubadala and ADQ, led strategic acquisitions of companies such as Diabtec, Gulf Inject, and Well Pharma Medical Solutions. 
The report added that the IPO landscape in the GCC health care sector is also maturing, leveling off following a sharp increase in 2021 and 2022. 
“This reflects strong investor interest, with health care providers, medical suppliers, and pharmaceutical companies leading market activity. Market analysts expect more IPOs soon due to impending economic concerns, such as the US tariffs and forecasts of lower oil prices in 2026,” said the report. 

The GCC region saw 27 IPOs between 2021 and April 2025. A major health care IPO in 2025 was Saudi Arabia’s Almoosa Health, which raised $450 million. 

Future outlook 
The report outlined trends likely to strengthen the GCC health care investment landscape. Investments targeting digital health solutions and telemedicine platforms are expected to grow, with larger funding rounds for established digital health players. 
The health-tech sector is projected to mature further, driving increased M&A as larger entities acquire successful startups to integrate innovative solutions. JLL also anticipates accelerated AI and data analytics adoption, with capital directed toward solutions that improve diagnoses, optimize treatment, and enhance operational efficiency. 
Investment momentum is also expected to shift toward preventive health care frameworks and personalized medicine, including genetic testing, longevity-focused clinical programs, health monitoring technologies, and smart health coaching platforms. 
“The future of health care investment in the GCC region isn’t just about financial returns – it’s about contributing to a fundamental transformation of regional health care delivery that will impact millions of lives for generations to come,” concluded JLL. 


Saudi carrier flynas secures $134m facility from SAB for fleet expansion

Updated 22 min 57 sec ago
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Saudi carrier flynas secures $134m facility from SAB for fleet expansion

RIYADH: Saudi Arabia’s budget carrier flynas has signed a SR504 million ($134.4 million) Murabaha facility with Saudi Awwal Bank to finance the delivery of new Airbus A320neo aircraft, strengthening its ongoing fleet expansion drive. 

According to a bourse disclosure, the 12-year facility — finalized on Aug. 28 — is secured by promissory notes, aircraft mortgages, and the assignment of insurance, reinsurance, and warranty rights tied to the airframes and engines.  

The funding supports flynas’ broader aircraft acquisition program, which includes 195 narrow-body planes — 159 A320neo and 36 A321neo models — under its existing purchase agreements with Airbus. 

The deal follows another SR495 million Murabaha financing signed in February with Bank AlJazira to fund the acquisition of three Airbus A320neo aircraft. The agreement marked a step toward deepening collaboration between the aviation and financial sectors, while prioritizing Saudi institutions in future growth initiatives. 

In its filing, the airline described the latest facility as a key milestone in advancing its fleet expansion plans, enabling it to meet rising passenger demand, boost operational efficiency, and support broader capital restructuring initiatives. 

“It also reflects flynas’ commitment to aligning with the rapid growth of the aviation sector in the Kingdom, driven by the Saudi Vision 2030 programs, which aim to position the Kingdom as a global hub for travel, tourism, and logistics,” the carrier added. 

This facility aligns with earlier developments in flynas’ ongoing fleet expansion strategy.  

In July 2024, the airline signed a landmark agreement with Airbus for 160 aircraft—comprising 130 A320 family jets and 30 A330neo wide-bodies — bringing its total order book to 280 aircraft.   

It also signed a separate memorandum of understanding for 75 A320neo and 15 A330-900 aircraft.   

In recent months, flynas has taken delivery of several A320neo jets, bringing the total number in its fleet to 57 as of May.   

The airline expects to receive over 100 additional Airbus aircraft by 2030, with wide-body deliveries beginning in 2027.  

These moves support flynas’s ambition to expand its domestic and international network while enhancing service quality and operational efficiency.   

In June, flynas finalized its initial public offering, pricing shares at SR80 apiece, the top of its indicated range, giving the airline a market capitalization of SR13.6 billion.  

The offering — the first airline IPO in the Gulf in nearly two decades — saw heavy demand, with institutional investors oversubscribing by around 100 times and retail investors by 350 percent.


Oman-Iraq trade rises to $622m in H1 2025 

Updated 53 min 34 sec ago
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Oman-Iraq trade rises to $622m in H1 2025 

RIYADH: Trade exchange between Oman and Iraq grew to 239.2 million Omani rials ($622 million) in the first half of 2025, marking a 1.2 percent rise from a year earlier. 

Statistics from the National Center for Statistics and Information showed that bilateral trade increased from 156.5 million rials during the same period in 2024, Oman News Agency reported. 

Omani exports to Iraq reached 32.8 million rials, while imports from Iraq totaled 206.4 million rials in the first six months of 2025. 

The surge in trade underscores deepening economic ties between Muscat and Baghdad, driven by collaborative agreements on trade, transportation, and investment, as well as efforts to diversify their economies away from oil dependency. 

Commenting on the strengthening ties, Faisal Al-Rawas, chairman of the Oman Chamber of Commerce and Industry, said Iraqi Prime Minister Mohammed Shia Al-Sudani’s recent visit to Oman reflects the depth of bilateral relations and growing economic cooperation. 

“It also demonstrates the two countries’ aspirations to expand the scope of economic cooperation and integration, which enhances the role of the private sectors in both countries in strengthening bridges of partnership,” ONA cited him as saying. 

The figures also showed that 11,558 Iraqi visitors traveled to Oman during the first seven months of 2025, underscoring the growing people-to-people exchange. 

Meanwhile, the Ministry of Commerce, Industry and Investment Promotion revealed that the number of Iraqi companies investing in Oman reached 1,304 in the first half of 2025, with a combined capital of 94.3 million rials. 

Iraqi investment accounted for 68.2 percent of total foreign participation, ONA reported. 

Key Omani exports to Iraq during this period included electrical cables, gold jewelry, and marble, while natural gas, petroleum derivatives, and liquefied propane dominated imports from Iraq. 

Both countries are bound by several agreements, including deals on economic and trade cooperation, air services, and a free trade zone initiative. 

Al-Rawas emphasized that Omani companies benefit from advanced infrastructure, investment incentives, and access to special economic and free zones. Oman’s strategic location, he said, could help Iraqi products reach markets in Asia and Africa. 

Highlighting Iraq’s potential, Al-Rawas said the country represents an attractive investment destination, adding that Iraq’s “Development Road” project offers significant opportunities for international logistical integration, linking the Gulf with Europe. 

He expressed hope for Omani companies to play a role in the project, particularly in the transport and logistics sectors. 

The chamber, he added, is committed to strengthening business partnerships, fostering joint investments, and promoting knowledge exchange to diversify income sources, create jobs, and reinforce the historic and fraternal ties between the two nations. 


Egypt doubles power sector spending to $2.8bn in 2026 

Updated 50 min 32 sec ago
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Egypt doubles power sector spending to $2.8bn in 2026 

RIYADH: Egypt has allocated 136.3 billion Egyptian pounds ($2.8 billion) to the electricity and renewable energy sector in its 2025-26 development plan, nearly double the 72.6 billion pounds set aside last year, according to the Ministry of Planning.

The plan emphasizes energy diversification, expanding renewable power, and strengthening the national grid to meet rising demand.

It follows a string of recent investments in Egypt’s energy sector, including financial closure agreements with Norway’s Scatec for a $600 million solar plant and a $1 billion wind project in June.

Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation.  Supplied

Days later, Engie completed the 650-megawatt Red Sea Wind project ahead of schedule. Egypt has also reaffirmed its commitment to a €4 billion ($4.65 billion) undersea cable project with Greece, backed by the EU, to export renewable electricity to Europe.

“The electricity and renewable energy sector is responsible for providing electric power to all users across various production and consumption areas,” said Rania Al-Mashat, minister of planning, economic development and international cooperation.

“It contributes to achieving sustainable development goals and continuously improving the quality of services provided to citizens.”

For 2025-26, electricity and renewable energy output is projected to reach 655.6 billion pounds, climbing to 984.5 billion pounds by 2028-29. Sector production is forecast to rise from 285 billion pounds to 430 billion pounds over the same period, reflecting annual growth rates of 15 to 20 percent.

Public investment will cover 73 percent of total spending, with the private sector contributing 27 percent. Around 45 percent of the public share will come from holding companies and public enterprises. Projects under a debt swap agreement with Germany worth 830 million pounds will enhance renewable energy transmission and grid capacity.

The plan also targets near-universal electricity access, increasing coverage to 99.8 percent of the population by June 2026. Other goals include raising annual generation to 235 billion kilowatt-hours, adding 1,200 MW of thermal capacity, and reducing transmission losses to 16.5 percent from 19.6 percent in 2023/2024.

Egypt’s regional integration efforts will expand cross-border interconnection capacity to 3,900 MW by 2025/2026, up from 780 MW today. Key projects include upgraded links with Jordan, Libya, and Sudan, the Saudi interconnection, and a 1,650-km undersea cable with Greece and Cyprus.

On the renewables front, clean energy’s share of total production is set to reach nearly 20 percent by 2025-26, up from 12 percent in 2023-24. Solar and wind capacity will expand to 6,470 MW, supported by 2,900 sq. km of allocated land.

Al-Mashat stressed that the plan “focuses on diversifying energy sources and benefiting from renewable resources, alongside enhancing energy efficiency and planning to meet future demand.” She added that investments will also improve access and quality of energy services.

Private sector participation will be encouraged through land allocations, expanded licensing, and financing support via development partnerships. Current projects include the new Mallawi transformer station, rehabilitation of Matariya station, and two overhead transmission lines by Orascom and Al Nowais, financed under a €54 million debt swap with Germany’s KfW Development Bank.

Further support includes technical assistance programs with the French Development Agency worth 37 million and 33 million pounds, as well as a 125 million-pound EU-funded grid enhancement project to expand the 10th of Ramadan and Zahraa Nasr City stations.

Al-Mashat also pointed to the success of Egypt’s NWFE platform, which has attracted $4 billion in concessional financing over the past two and a half years. The funds have helped develop 4.2 GW of renewable capacity out of a 10-GW target by 2028, reinforcing Egypt’s push to become a regional energy hub.


Closing Bell: Saudi main market ends lower at 10,670 

Updated 01 September 2025
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Closing Bell: Saudi main market ends lower at 10,670 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Monday, slipping 26.33 points, or 0.25 percent, to end at 10,670.56.

The total trading turnover reached SR3.87 billion ($1.03 billion), with 208.26 million shares changing hands, as 61 stocks advanced while 186 declined.

The MSCI Tadawul 30 Index edged down 0.56 points, or 0.04 percent, to 1,381.50.

The Kingdom’s parallel market Nomu also fell, losing 9.80 points, or 0.04 percent, to settle at 25,933.23, with 36 gainers against 45 losers.

Among the top performers, Electrical Industries Co. rose 4.02 percent to SR9.31, followed by Etihad Atheeb Telecommunication Co., which gained 3.74 percent to SR111. SABIC Agri-Nutrients Co. added 3.14 percent to close at SR118.40, while Al Masane Al Kobra Mining Co. increased 2.94 percent to SR63.10. Saudi Industrial Investment Group also climbed 2.89 percent to SR19.60.

On the losing side, Rabigh Refining and Petrochemical Co. dropped 5.71 percent to SR6.61, while Arab National Bank slipped 4.58 percent to SR23.10. Development Works Food Co. retreated 4.35 percent to SR118.60, Qassim Cement Co. fell 3.30 percent to SR41.64, and AYYAN Investment Co. declined 3.15 percent to SR11.69.

In corporate announcements, Red Sea International Co. reported the results of its ordinary general assembly meeting held on Aug. 31, 2025. Shareholders approved a major transaction involving its subsidiary, the Fundamental Installation for Electric Work Co., in which Red Sea holds a 51 percent stake.

The deal includes offering 12 million ordinary shares of the subsidiary — equivalent to 30 percent of its share capital — through an initial public offering on the Saudi Exchange. Red Sea will retain its 51 percent holding. 

Shares of Red Sea closed 2.84 percent lower at SR43.80.

Separately, the Saudi Exchange confirmed the listing and trading of Marketing Home Group for Trading Co. on the main market effective Sept. 2, 2025. The company’s shares will have daily price fluctuation limits of 30 percent and static limits of 10 percent during the first three days, reverting to 10 percent thereafter.

Obeikan Glass Co. announced it had signed a sale and purchase agreement to acquire all shareholder stakes in Obeikan AGC Co., a joint venture in which it previously held 19 percent. The SR22.9 million deal covers shares held by AGC France Holding, Obeikan Investment Group, and Saudi Advanced Industries Co. Following the acquisition, Obeikan Glass will assume full ownership of Obeikan AGC. 

Its shares ended the session down 0.57 percent at SR28.10.

Meanwhile, Jamjoom Fashion Trading Co., the Saudi apparel and lifestyle group behind brands Nayomi and Mihyar, announced the price range and launch of its initial public offering on Nomu.

The IPO price range has been set between SR140 and SR145 per share, valuing the offering at SR334 million to SR346 million and giving the company a market capitalization at listing of SR1.11 billion to SR1.15 billion.

The offering comprises 2,384,340 shares, or 30 percent of the company’s capital, owned by Kamal Osman Jamjoom Trading Co. The subscription period for qualified investors runs from Sept. 1 to 4, with allocation expected by Sept. 9 and refunds by Sept. 11.