Saudi CMA to boost market growth with SPACs, enhanced direct listings

Fahad bin Hamdan, assistant deputy for financing and investment at the CMA, speaks at a panel. AN photo
Fahad bin Hamdan, assistant deputy for financing and investment at the CMA, speaks at a panel. AN photo
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Updated 19 February 2025
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Saudi CMA to boost market growth with SPACs, enhanced direct listings

Saudi CMA to boost market growth with SPACs, enhanced direct listings

RIYADH: Saudi Arabia’s Capital Market Authority is working on the introduction of special-purpose acquisition companies in the capital market to streamline the listing process, according to a senior CMA executive.

The authority is also aiming to improve the framework for direct listings, which may include offerings on the main market, and plans to expand the investor base in the parallel market to boost supply, according to Fahad bin Hamdan, assistant deputy for financing and investment at the CMA.

In his remarks at a conference organized as part of the Capital Markets Forum in Riyadh, he emphasized that SPACs would offer companies an alternative path to going public, simplifying the traditional listing process and encouraging more market participation.

“One of the key initiatives the CMA is focusing on is the introduction of SPACs in the capital market, which will simplify the stock listing process. Additionally, we are enhancing the direct listing framework, potentially including direct listings in the main market,” said Hamdan.

He continued: “We also aim to expand the investor base in Nomu to increase supply. In collaboration with  Zakat, Tax, and Customs Authority, we are working to eliminate the withholding tax on all listed securities, a move that will help attract more foreign investment into the market.”

Streamlining IPO process

Hamdan also mentioned that the CMA may refine its initial public offering process to support Tadawul in making issuances and listings more accessible and appealing across various industries.

This initiative has already led to a 70 percent increase in listed stocks over the past four years, bringing the total to nearly 350 across both the main market and Nomu.

“If we look back four years, we had only five securities or stocks. Today, we have nearly 106 stocks, which reflects how much the market has grown and become more diverse, attracting investors from various sectors,” Hamdan explained.

He highlighted ongoing efforts in the debt market, noting that it has become a significant financing channel for both the public and private sectors.

The CMA has collaborated with key stakeholders, including the Saudi Central Bank, the National Debt Management Center, and Tadawul, to implement initiatives aimed at deepening the market.

Among the key actions taken, the CMA has simplified the offering documents for public debt issuances, allowed direct listing of privately placed debt instruments, and opened the debt market to international depository centers.

Foreign investor engagement has also broadened, attracting a diverse range of participants. To further encourage secondary market activity, the CMA eliminated commission fees on bond transactions, lowering costs and attracting more investors and issuers.

Debt issuances

In addition, the authority is working with ZATCA to introduce sukuk structures with zero tax burdens, removing a significant obstacle for local investors in a low-interest environment.

These reforms have had a notable impact, with the number of debt issuances doubling over the past three years, rising from 30 to 60.

According to Hamdan, the investor base in the debt market has expanded from 500 to over 50,000 participants. The number of transactions in the sukuk and debt market also surged by 893 percent from 2021 to 2023, reflecting the broader engagement from both issuers and investors.

“These amendments also helped reduce the concentration of banks’ ownership of debt instruments. Previously, banks held around 60 percent of total debt,” the official said.

He added: “Now, that figure has dropped to below 45 percent as investment companies, mutual funds, and retail investors have increased their participation.”

The CMA remains dedicated to further deepening the market in collaboration with its partners. In recent years, it has worked with Tadawul to introduce a market-making framework, initially applied to select stocks, aimed at enhancing liquidity and narrowing bid-ask spreads.

This framework is continually evolving to cover a broader range of asset classes, ultimately improving overall market efficiency.

Exchange-traded funds

The Saudi Exchange-Traded Funds market has also experienced substantial growth. Since its launch in 2010 with three ETFs focused on local equities, the sector has expanded to include sukuk ETFs for fixed-income exposure and gold ETFs.

In 2022, there were eight ETFs with a total of SR1.5 billion in assets under management. By 2023, this number had increased to 11 ETFs, with AUM rising to SR6.5 billion.

“Yet, we believe the ETF sector still has room for development and can play a bigger role in market transformation,” Hamdan said.

He continued: “This year, the CMA will conduct a full analysis of the ETF ecosystem to explore new strategies, such as active ETFs, and improve the efficiency of basket creation and liquidity enhancement mechanisms.”

The CMA is also focused on enhancing data dissemination and introducing measures such as short selling and securities lending for ETFs, which will make the market more attractive to both local and international investors.

Hamdan highlighted the growing interest from foreign investors, noting that several ETFs listed in other markets are now investing in Saudi equities.

Foreign investment

The CMA has made significant strides in opening the Kingdom’s market to foreign investors, a process that began two decades ago with the introduction of direct access for foreign residents. In 2015, the Qualified Foreign Investor regime was launched, marking a key milestone in the liberalization of Saudi markets. Since then, ongoing regulatory changes have further eased foreign access and reduced restrictions.

“These efforts have led to a fivefold increase in the number of QFIs over the past four years. By the end of 2023, QFI ownership in the Saudi market had surged to SR422 billion, a remarkable 2,000 percent increase over the past four years,” Hamdan said.

With these continued regulatory advancements, Saudi Arabia’s capital market is set for further growth, diversification, and deeper global integration, all in line with the Kingdom’s Vision 2030 objectives.


Saudi banks’ March profits jump 27% on lending boom

Saudi banks’ March profits jump 27% on lending boom
Updated 35 min 48 sec ago
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Saudi banks’ March profits jump 27% on lending boom

Saudi banks’ March profits jump 27% on lending boom
  • Total bank credit reached SR3.1 trillion in March, an annual increase of 16.26%
  • Saudi banks are expected to maintain stable profitability throughout the year

RIYADH: Saudi banks recorded a 27.1 percent year-on-year increase in net profits in March, reaching SR8.81 billion ($2.35 billion).

According to the Saudi Central Bank, also known as SAMA, this figure reflects earnings before zakat and tax.

The robust performance marks one of the strongest monthly earnings in recent years. It underscores growing confidence in the Kingdom’s banking sector amid steady economic activity and a strong pipeline of Vision 2030-related projects.

According to a January report by S&P Global Ratings, Saudi banks are expected to maintain stable profitability throughout the year. The analysis highlighted a favorable economic environment and declining interest rates as key enablers of continued credit expansion.

The robust banking performance aligns with the Kingdom’s broader non-oil economic momentum. Shutterstock

In particular, corporate lending is anticipated to remain the primary driver of loan growth in 2025, supported by increased construction activity, infrastructure investment, and government-led initiatives.

S&P expects lending growth to hover around 10 percent for the year, with corporate lending closely tied to Vision 2030 implementation leading the surge. Meanwhile, mortgage lending is projected to recover moderately in response to lower borrowing costs.

Saudi banks are also expected to continue leveraging international capital markets to fund growth. S&P estimated credit losses will stabilize at 50 to 60 basis points, supported by strong provisioning cushions built in recent quarters.

The March performance aligns with broader credit dynamics observed in Saudi Arabia. According to SAMA, total bank credit reached SR3.1 trillion in March, an annual increase of 16.26 percent, the highest growth in over three years.

Corporate loans accounted for 55.19 percent of the total, rising 22.3 percent year-on-year to over SR1.71 trillion.

The King Abdullah Financial District in Riyadh, Saudi Arabia. Shutterstock

This trend reflects a shift in Saudi lending priorities, with businesses now driving the lending landscape. The uptick in business credit signals increased private sector activity, particularly across construction, real estate, and manufacturing.

This robust banking performance aligns with the Kingdom’s broader non-oil economic momentum. According to the Riyad Bank Saudi Arabia Purchasing Managers’ Index compiled by S&P Global, the Kingdom recorded a PMI of 58.1 in March, the highest among its Middle Eastern peers and well above the 50.0 threshold, indicating expansion.

Saudi Arabia’s Ministry of Economy and Planning reported in February that non-oil activities now make up 52 percent of gross domestic product, having grown 20 percent since the launch of Vision 2030.

With the government targeting $100 billion in annual foreign direct investment by 2030, the expansion of the banking and non-oil sectors plays a critical role in attracting global capital and supporting long-term economic sustainability. As corporate activity intensifies and lending strategies evolve, Saudi banks appear well-positioned to balance growth, profitability, and resilience.


MAGRABi Retail Group acquires Kefan Optics, eyes potential IPO

MAGRABi Retail Group acquires Kefan Optics, eyes potential IPO
Updated 20 min 6 sec ago
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MAGRABi Retail Group acquires Kefan Optics, eyes potential IPO

MAGRABi Retail Group acquires Kefan Optics, eyes potential IPO

RIYADH: Eyewear giant MAGRABi Retail Group has signed a deal to acquire Kuwait’s optical chain, Kefan Optics, as part of its strategy to expand its footprint in the Gulf market.

Known for its professional eye care services, technical expertise, and loyal customer base, Kefan Optics provides MAGRABi a strategic entry point in Kuwait’s competitive optical retail sector.

The acquisition is projected to increase MAGRABi’s top-line sales by 5 percent and boost its earnings before interest, taxes, depreciation, and amortization by more than 10 percent within the first year following integration.

In an exclusive interview with Arab News, MAGRABi CEO Yasser Taher said the deal would elevate the company’s market share in Kuwait from 5 percent to an estimated 30 percent, positioning the company as a market leader in the country’s optical retail sector.

“Kefan is a highly trusted optician in Kuwait,” said Taher, adding: “They are highly recognized as a very professional optician, they provide high-quality technical service, and the brand is associated with professional optometry ... so they come across as a great fit in terms of clientele.”

Instead of phasing out the Kefan brand, MAGRABi plans to preserve its legacy while enhancing its operations. Planned changes include a refreshed logo, redesigned stores, and a revamped customer experience, all supported by advanced omnichannel capabilities tailored to younger demographics, particularly Gen Z.

Amin Magrabi, chair of MAGRABi Retail Group, called the deal a milestone in the company’s regional expansion. “This acquisition marks another defining moment in our transformation journey. We are proud to strengthen our presence in Kuwait and reinforce our leadership in a region poised for consolidation,” he said in a press statement.

“Our goal remains clear: to lead the evolution of eye care in the Middle East,” Magrabi added.

Kefan Optics Chairman Wael Al-Subaih noted the brand’s long-standing history and welcomed the transition.

“For 47 years, Kefan Optics — a proud, family-owned business — has been at the forefront of the optics and lenses industry in Kuwait, serving its valued clients through 37 branches across the country,” he said in a press statement. 

“Today marks a significant milestone as Kefan Optics continues its journey of excellence under the Magrabi Retail Group. We celebrate this new chapter with great optimism and extend our best wishes to all involved,” Al-Subaih added.

Deal timeline and financing

Although the acquisition agreement has been signed, the deal remains subject to regulatory approvals from Kuwait’s Competition Authority and Saudi Arabia’s General Authority for Competition. Taher anticipates a formal closing by late August or early September 2025.

“There are a lot of approvals that we should be able to get,” he said. “There are also other stakeholders, including shopping malls and so on. So it’s the usual closing process of any transaction. Yet, the deal is done, and we have already assigned a signed agreement that we are presenting accordingly to authority approvals.”

Regarding the financing structure, Taher said the company follows a hybrid model.

“We would usually try to fund 70 percent from banks and 30 percent from our own equity,” he added.

IPO on the horizon

Looking ahead, MAGRABi is exploring the possibility of going public, though no formal steps have been taken yet.

“There is a strong intention to become a publicly listed company. No official approvals have been obtained from the board or the shareholders yet, we’re still working toward the plan and to be ready. The timelines are not in the immediate future,” Taher said.

Interestingly, as part of the Kefan Optics transaction, existing shareholders will have the opportunity to participate in MAGRABi’s future IPO, aligning both companies’ long-term interests.

M&A vs. organic growth

MAGRABi has been expanding through a combination of organic growth and strategic acquisitions, including its purchase of Rivoli Vision in 2024. Still, Taher emphasized that mergers and acquisitions only make sense when there are strong operational synergies.

“To have a successful M&A strategy, you must have very strong synergies to deploy; otherwise, you’re paying a very high premium for an acquisition, and you will not be able to improve results,” he said. “If that’s the case, then for sure, organic would be a better option, because M&A definitely comes at a premium.”

In Kefan Optics’ case, the synergies are clear. MAGRABi gains a well-established brand with loyal customers, while Kefan benefits from enhanced operational support.

“We chose that option because it makes financial sense for us, but strategically, we would like to be as well recognized as a local player in every market. So, if our brand is not necessarily highly recognized in this market. We would prefer to operate with a highly recognized and trusted brand in this market, which is the case in Kuwait,” Taher explained.

Sustained financial growth

Taher highlighted MAGRABi’s consistent financial performance, with the company targeting a 15-20 percent compound annual growth rate — and achieving it. In 2024, organic growth reached 14-15 percent compared to 2023.

When including the impact of the Rivoli Vision acquisition, net sales and EBITDA each rose by 43 percent year over year.

The company’s mainstream brand, Doctor M, also saw a 70 percent increase in sales, while online sales grew 25 percent during the same period.

“The big growth drivers remain our M&A,” Taher noted. “The introduction of Rivoli Vision as part of the MAGRABi Retail Group, also our mainstream banner, Doctor M, is a very big contributor. We’ve also been able to grow our online business by 25 percent year over year.”

Elevating the brand

MAGRABi intends to apply its retail expertise and backend capabilities — such as procurement, supply chain logistics, lens manufacturing, and retail analytics — to optimize Kefan Optics’ performance.

“We can definitely modernize the brand,” Taher explained. “Our intention is to keep the brand but evolve it into a premium and more appealing modern brand. We will refresh the brand, create a more appealing positioning, push the brand a bit more into the premium segment, and rebrand the logo and stores.”

He also pointed to the benefits of incorporating MAGRABi’s central glazing lab and digital retail tools to improve operational efficiency and enhance customer service.

Omnichannel strategy and future plans

As part of its growth strategy, MAGRABi aims to become a leading omnichannel retailer in the Middle East, investing in technology, customer experience, and product innovation.

“The objective is to really become one of the best omnichannel retailers in the Middle East, across all categories,” Taher said. “We’re investing a lot on tech and new customer experience, new services, new product ranges. It’s a fully empowered proposition.”

The company is also actively pursuing further acquisitions across the region.

“M&A is a key pillar of our growth. We are active, and we have a pipeline that we’re working on, and we’re extremely excited about being able to deploy our capabilities across more and more banners, in different markets,” Taher confirmed.

With the Kefan Optics acquisition and IPO plans in motion, MAGRABi is positioning itself as the dominant force in the region’s optical retail sector.

As Taher concluded: “It will be a very proud moment for us to take a brand that is highly trusted, like this in Kuwait, highly recognized in Kuwait, and evolve it to the next level and modernize it.”


Oil Updates — crude retreats as US, China growth concerns weigh 

Oil Updates — crude retreats as US, China growth concerns weigh 
Updated 16 min 48 sec ago
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Oil Updates — crude retreats as US, China growth concerns weigh 

Oil Updates — crude retreats as US, China growth concerns weigh 
  • US credit rating cut by Moody’s
  • China’s retail sales disappoint

LONDON: Oil slipped on Monday, weighed down by Moody’s downgrade of the US sovereign credit rating and official data that showed slowing growth in China’s industrial output and retail sales.
Both developments raised concerns over the outlook for the world’s two biggest economies and oil consumers, a week after Beijing and Washington’s agreement to roll back most tariffs on each other’s goods pushed oil prices higher.
“The weaker-than-expected Chinese data is not helping crude oil, although I would describe the setback as modest,” said UBS analyst Giovanni Staunovo.
Brent crude futures lost 46 cents, or 0.7 percent, to $64.95 a barrel by 11:43 a.m. Saudi time, while US West Texas Intermediate crude slipped by 26 cents, or 0.4 percent, to $62.23. The nearby June WTI contract expires on Tuesday.
Both contracts rose more than 1 percent last week.
Also weighing on the market were comments from US Treasury Secretary Scott Bessent that President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in “good faith.”
“Today’s weakness is simply a continuation of crude’s wild ride going nowhere, with the latest move triggered by the Moody’s downgrade and not least Scott Bessent’s warning,” said Ole Hansen of Saxo Bank.
The official Chinese data on Monday showed growth in industrial output slowed in April, though performance was still better than economists had expected.
Investors are keeping an eye on progress in the Iran-US nuclear talks, with uncertainty over the outcome limiting losses in oil prices.
US special envoy Steve Witkoff said on Sunday that any deal must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran.
“The US-Iran nuclear negotiations are not clear cut and may take many months,” said John Evans of oil broker PVM. 


Argaam names top CEOs of 2024 in finance, tech, health and more

Argaam names top CEOs of 2024 in finance, tech, health and more
Updated 19 May 2025
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Argaam names top CEOs of 2024 in finance, tech, health and more

Argaam names top CEOs of 2024 in finance, tech, health and more

RIYADH: Last week, the Argaam Financial Portal team organized the inaugural Argaam Summit, bringing together a distinguished group of experts and specialists from the financial sector to discuss the future trends of the financial market in the Kingdom of Saudi Arabia.

The summit sessions addressed a range of vital topics of interest to investors in the financial markets, including macroeconomics, global challenges, prospects for developing the Nomu Parallel Market, incentives for attracting companies to list in the financial market, as well as digital transformation and innovation in financial markets.

One of the summit’s highlights was the launch of the first edition of the Argaam Award for Best CEOs of 2024, aimed at highlighting leaders who have made a real difference in their companies.

This award reflects Argaam Financial Portal’s commitment to supporting transparency, governance, and institutional excellence. Its criteria were developed based on a precise methodology that includes the company’s financial and operational performance, the direct impact of the CEO, and the level of disclosure and transparency.

Notably, the Best CEO Award was presented in a grand ceremony for each sector based on several criteria, such as the CEO’s tenure, which must be no less than two years, and the company’s growth rates compared to the previous year in key indicators like net profits, shareholders’ equity, revenues, assets, margin improvements, return on equity, and return on assets, while considering sector-specific financial indicators.

Additionally, the company’s level of disclosure and transparency was evaluated, including the presence of transparent governance, adherence to accounting standards, and an active investor relations department.

Banking sector

Waleed Abdullah Al-Muqbil.

Waleed Abdullah Al-Muqbil, CEO of Al Rajhi Bank since 2020, has over 24 years of experience in the banking sector.

Under his leadership, the bank maintained its market share despite challenges from rising interest rates and recorded significant growth in deposits, financing, and assets.

In 2024, it surpassed its closest competitor, the National Commercial Bank — which merged with Samba Bank — becoming the leader among Saudi banks in customer deposits and financing. The bank also achieved its highest quarterly profits in history and set record levels across various financial indicators.

Telecommunications sector

Aliyan bin Mohammed Al-Watied.

Aliyan bin Mohammed Al-Watied, CEO of STC Group since 2020, has over 20 years of experience in the telecommunications sector.

Under his leadership, the company expanded into new areas such as the Internet of Things, fintech, and data centers, contributing to revenue growth and increased market share in 2024.

The “Tajra2 2” strategy was adopted to enhance its role as a key enabler of digital transformation, alongside implementing a program to improve operational efficiency.

Financially, the company maintained revenue growth, achieved an increase in operating profits compared to the previous year, and continued to grow shareholders’ equity while maintaining its market share.

It also announced future dividends for the next three years, reflecting the management’s commitment to implementing its long-term strategy to investors.

Healthcare sector

Ahmed bin Saleh Baabir.

Ahmed bin Saleh Baabir, CEO of Dallah Healthcare, holds a Ph.D. in Agricultural Engineering from Iowa State University, US.

Under his leadership, Dallah Healthcare actively acquired several hospitals, increasing the number of hospitals and beds, thereby enhancing its market share in the healthcare sector.

Financially, the company continued to achieve revenue growth, recorded an increase in operating profits compared to the previous year, and maintained its position in the market.

Insurance sector

Tal Hisham Nazer.

Tal Hisham Nazer, CEO of Bupa Arabia since 2011, holds an MBA from the Wharton School, University of Pennsylvania, 2001.

Under his leadership, Bupa strengthened its position as a leader in the health insurance sector in the Kingdom, capturing a 26 percent market share in the insurance sector and 45 percent in the health insurance sector, maintaining this share despite significant market competition.

Financially, the company recorded its highest insurance revenues in 2024, supported by an increase in total written premiums, and achieved its highest profits, positively impacting shareholders’ equity, which reached record levels.

Transportation sector

Fawaz Abdullah Ahmed Danish.

Fawaz Abdullah Ahmed Danish, CEO of Budget, holds a Bachelor’s degree in Law from King Abdulaziz University, 1993. 

Under his leadership, Budget maintained its market share by expanding its fleet and opening new showrooms, in addition to executing strategic acquisitions of companies like Al Alamiah Cars and Overseas Development, increasing the fleet size to over 53,000 vehicles in 2024 compared to 35,000 in 2023.

Financially, the company experienced a historic surge in revenues and profits driven by these acquisitions, with shareholders’ equity rising by approximately 45 percent compared to the previous year, reaching unprecedented levels.

Agriculture sector

Mazin Abdullah Ba Dawood.

Mazin Abdullah Ba Dawood, CEO of Al-Jouf Agricultural, holds a Bachelor’s degree in Chemical Engineering from King Abdulaziz University, 1993.

Under his leadership, the company enhanced its position as an industrial agricultural company by expanding its share in the olive oil market and opening a potato chip production plant in 2024, contributing to increased revenues.

Financially, the company achieved historic revenues in 2024, with profits and shareholders’ equity reaching their highest levels in nearly a decade, driven by a strategic transformation plan toward an integrated model combining agriculture and industry.

Retail sector

Mohammed Jalal Ali Fahmy.

Mohammed Jalal Ali Fahmy, CEO of Extra Stores, holds a Bachelor’s degree in Accounting from Ain Shams University, 1985.

Under his leadership, Extra Stores achieved its highest revenue and profit levels in 2024 since its establishment, supported by growth in the retail sector and expansion in consumer financing through “Taseel,” while maintaining market share and increasing the number of branches to 55 in three countries.

The company also embraced digital transformation and enhanced its e-commerce, with shareholders’ equity reaching its highest levels following the partial listing of its stake in United Electronics Co.

Oil and gas sector

Mohammed Farouk Abdulmajid Abdulkhaleq.

Mohammed Farouk Abdulmajid Abdulkhaleq, CEO of Addes, holds a Ph.D. in Systems and Control Engineering from Case Western Reserve University, Ohio, US.

Under his leadership, Addes faced challenges last year due to the suspension of some rigs in Saudi Arabia but successfully redistributed these rigs to new markets such as Qatar, Thailand, and Egypt, enhancing its financial performance and reducing dependence on a single market through geographic diversification.

Real estate sector

Abdullah bin Faisal Al-Braikan.

Abdullah bin Faisal Al-Braikan, CEO of Retal Urban Development, holds a Bachelor’s degree in Architecture from King Faisal University in Dammam, class of 2006.

Under his leadership, Retal achieved a record-breaking project volume in 2024 and reported its highest revenues since inception.

This growth was driven by exceptional development contracts, resulting in unprecedented gross and net profits, in addition to the highest number of units sold in the company’s history.
 
Information technology sector

Omar Abdullah Al-Naamani.

Omar Abdullah Al-Naamani, CEO of Solutions by STC, holds a Bachelor’s degree in Computer Engineering from King Saud University, 1994.

Under his leadership, Solutions strengthened its position in the IT sector in Saudi Arabia, capturing a market share of 22.7 percent, thanks to a series of strategic acquisitions and alliances over the past years.

The company has continued its growth trajectory since the COVID-19 pandemic, and by the end of 2024, it recorded its highest-ever revenue and profit levels, driven by an increase in cumulative contract value.


Closing Bell: Saudi main index slips to close at 11,438 

Closing Bell: Saudi main index slips to close at 11,438 
Updated 18 May 2025
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Closing Bell: Saudi main index slips to close at 11,438 

Closing Bell: Saudi main index slips to close at 11,438 
  • Kingdom’s parallel market Nomu lost 185.50 points, or 0.67%, to close at 27,655.56
  • MSCI Tadawul Index lost 6.21 points, or 0.42%, to close at 1,456.55

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 46.11 points, or 0.40 percent, to close at 11,438.94. 

The total trading turnover of the benchmark index was SR3.68 billion ($983 million), as 85 of the stocks advanced and 153 retreated.

The Kingdom’s parallel market Nomu lost 185.50 points, or 0.67 percent, to close at 27,655.56. This comes as 26 of the listed stocks advanced while 52 retreated.

The MSCI Tadawul Index lost 6.21 points, or 0.42 percent, to close at 1,456.55.

The best-performing stock of the day was Etihad Atheeb Telecommunication Co., whose share price surged 6.44 percent to SR102.40.

Other top performers included Miahona Co., with its share price rising 4.59 percent to SR26.00, and Middle East Paper Co., which surged 4.55 percent to SR29.85.

SICO Saudi REIT Fund recorded the most significant drop, falling 5.72 percent to SR4.45.

Saudi Advanced Industries Co. also saw its stock prices fall 5.11 percent to SR26.95.

Jabal Omar Development Co. also saw its stock prices decline 3.38 percent to SR24.00.

On the announcements front, Bank Albilad raised $650 million from its US dollar-denominated additional tier 1 sukuk issuance. According to a Tadawul statement, the total number of sukuk stands at 3,250 with a par value of $200,000, a return of 6.5 percent per annum, and perpetual maturity. 

Bank Albilad ended the session at SR27.10, down 0.74 percent.

Sadara Basic Services Co. reported a net loss of SR1.26 billion for the first quarter of 2025, marking a 48 percent increase from the same period last year, according to a bourse filing.

The company attributed the deeper loss primarily to planned turnaround activities during the quarter, though this was partially offset by lower feedstock consumption and reduced interest expenses.

Rawasi Albina Investment Co. announced the completion of the memorandum of association and commercial registration of its new wholly owned subsidiary, Nemo Al Jazirah Co., with a capital of SR5,000. 

According to a Tadawul statement, the limited liability company will begin operations after finalizing all administrative and technical incorporation requirements. 

Shares of Rawasi Albina Investment Co. closed at SR4.00, gaining 2.25 percent. 

Middle East Pharmaceutical Industries Co. has renewed a Shariah-compliant credit facility agreement with Alinma Bank for SR50 million. 

According to a stock exchange disclosure, the one-year financing is backed by a promissory note worth SR55 million. The facility will be used to support the company’s working capital and asset financing needs.

Shares of the company ended the session at SR126.60, down 0.32 percent.