Terminal 4 at Cairo International Airport to boost Egypt’s aviation and tourism sectors

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 19.08 points, or 0.18 percent, to close at 10,433.98.

The total trading turnover of the benchmark index stood at SR2.76 billion ($738 million), with 85 stocks advancing and 171 declining.

The Kingdom’s parallel market Nomu also fell, shedding 113.37 points, or 0.45 percent, to close at 24,912.85, as 31 stocks advanced while 51 retreated.

The MSCI Tadawul Index edged down 0.83 points, or 0.06 percent, to 1,362.04.

Al Majed Oud Co. was the best-performing stock of the day, surging 9.97 percent to SR120.20. Other top gainers included Fawaz Abdulaziz Alhokair Co., up 3.67 percent to SR23.72, and Saudi Arabian Mining Co., which rose 2.85 percent to SR55.95.

On the other hand, Dar Al Majed Real Estate Co. posted the steepest loss, dropping 8.35 percent to SR11.64. Alandalus Property Co. fell 6.19 percent to SR18.48, while Tamkeen Human Resource Co. declined 4.40 percent to SR54.30.

On the announcements front, Saudi Azm for Communication and Information Technology Co. reported its annual financial results for the year ending June 30. According to a Tadawul filing, the company’s net profit rose 30.03 percent to SR39.2 million, driven by higher gross profit, stronger income from associates, increased other income, and lower zakat and tax expenses. This came despite higher operating and finance costs.

Revenue grew 16.32 percent to SR253.16 million, supported by new projects and stronger returns from ongoing operations. Shares of Saudi Azm closed at SR25.12, down 1.09 percent.

Saudi Fisheries Co. announced board approval to establish a limited liability company with 100 percent ownership and a capital of SR100,000. Its stock ended the session at SR92.50, up 0.38 percent.

Meanwhile, Tabuk Agricultural Development Co. disclosed it had signed a SR5 million contract with East Asia Agricultural Development and Investment Co. for onion crop production, sales, and marketing. The 10-month agreement is expected to positively impact the company’s 2026 financial results. Shares of Tabuk closed at SR9.69, down 0.10 percent.

RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources processed 524 requests for chemical clearance services in August, underscoring the Kingdom’s efforts to boost industrial investment and streamline regulatory processes. 

The requests included 510 permits for importing unrestricted chemical materials and 14 applications for importing restricted substances, the ministry said on social media platform X, adding that 838 export permit requests were also submitted during the same period. 

The chemical clearance service is part of a broader strategy to enhance operational efficiency and facilitate access to critical raw materials, supporting the growth of Saudi Arabia’s industrial sector. 

Mohammed Al-Kharaj, director general of industrial and mineral licenses at the ministry, said the chemical clearance service enables industrial investors to apply for import or export permits for chemical substances through the comprehensive industrial services platform. 

He explained that the service aims to streamline clearance procedures for chemical substances and provide a fully electronic process for industrial facilities, ensuring smooth and timely operations. 

Al-Kharaj stressed that the service enhances competitiveness in the chemical sector and contributes to strengthening its role in supporting the national economy. 

He added that chemical clearance services form part of the ministry’s digital transformation strategy, which focuses on improving operational efficiency and simplifying procedures for investors, thereby creating a more attractive investment environment in the Kingdom. 

According to the ministry, these measures reflect its commitment to enabling industrial facilities to access essential raw materials and chemical inputs in a timely manner. It said this plays a key role in supporting the growth and expansion of Saudi Arabia’s industrial ecosystem. 

Saudi Arabia’s industrial sector has shown steady growth in recent months, driven particularly by the chemicals segment. The Kingdom’s industrial output in July rose significantly, with the chemicals sub-sector alone increasing by about 8.9 percent year over year. 

In 2024, manufacturing sectors expanded by 4.7 percent, with the output of chemicals and chemical products forming part of that growth, along with refined petroleum goods and coke. 

These improvements are occurring in the context of broader government policies like the standardized industrial incentives program, which aims to boost competitiveness, attract high-value investment, and position the Kingdom as a global hub for manufacturing and chemicals.