IoT revolutionizes Saudi agriculture toward sustainability and prosperity

IoT-enabled farming technologies play a crucial role in improving productivity and sustainability through precision monitoring and management, resource efficiency, and remote management. (SPA)
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Updated 26 June 2024
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IoT revolutionizes Saudi agriculture toward sustainability and prosperity

  • Transformative approach promises to revolutionize traditional agricultural practices

RIYADH: In Saudi Arabia’s vast agricultural terrain, a transformative shift is occurring, driven by the adoption of advanced technologies.

Despite challenges such as water scarcity, inefficient practices, and climatic hardships, integrating Internet of Things technologies in farming is bringing a sense of optimism.

This transformative approach promises to revolutionize traditional agricultural practices and offer a path toward a more resilient and prosperous future for Saudi farmers. 

In an interview with Arab News, economist and policy adviser Mahmoud Khairy said that improving productivity, resource efficiency, and sustainability in the farming sector are key factors driving the adoption of IoT applications in the Kingdom.

“These technologies enable farmers to monitor and manage their crops and livestock more effectively, leading to better yields and reduced costs,” he said.

Phil Webster, partner at the management consulting firm Arthur D. Little, told Arab News: “There has been significant uptake of these relatively nascent technologies compared to, say, five years ago.”

As the nation embraces IoT solutions, it embarks on a journey toward sustainable agriculture, where productivity, efficiency, and environmental stewardship converge to create a brighter future.

Transforming agricultural practices

The application of IoT in smart farming is revolutionizing traditional agricultural practices. Farmers can gather real-time data on various parameters crucial for crop growth by utilizing sensors, actuators, and connected devices. 

Soil moisture, temperature, humidity, livestock health, and crop growth data are collected and analyzed to make informed decisions. This data-driven approach enables farmers to optimize resource usage, improve crop yields, and minimize environmental impact.

Mishkat, a company specializing in sustainable and high-production farming, has highlighted its initiatives, such as vertical farming and impressive greenhouse facilities, which showcase the immense potential of IoT technologies in overcoming challenges.

The company aims to produce nutritious, authentic, and trusted food with minimal environmental impact, prioritizing sustainability, safety, and health.

“We want to be the leading experts in KSA on sustainable and high production farming techniques, delivering high- quality produce with maximum resource efficiency,” Mishkat says.

The firm’s unique fusion of vertical farming with greenhouse cultivation offers a sustainable solution to local pesticide-free and water-efficient production.

Nestled on the outskirts of Jeddah, Mishkat’s agricultural facility combines vertical farming with advanced greenhouse technology to offer a sustainable solution to local pesticide-free and water-efficient production.

This unique fusion of techniques presents a compelling vision for the future of agriculture in arid regions. Their facility includes a vertical farm where crops are grown in stacked layers.

This design, reminiscent of a multi-tiered tower, is more than just visually striking – it’s a smart solution to land scarcity. 

These technologies enable farmers to monitor and manage their crops and livestock more effectively, leading to better yields and reduced costs.

Mahmoud Khairy, economist and policy adviser

Complementing the vertical farm, Mishkat boasts two state-of-the-art greenhouses. These structures, armed with advanced climate control systems, provide an optimal environment for plant growth.

By modulating factors like temperature, humidity, and light, greenhouses ensure that the crops inside are shielded from the harsh climatic conditions typical of the Jeddah outskirts.

Mishkat’s headquarters is unique for several reasons: it is among the first commercial vertical farms in the Kingdom, offers rare greenhouse and vertical hybrid agricultural facilities, and is one of the few certified organically controlled environment farms globally.

In Riyadh, Bather Farm is also redefining urban farming with its cutting-edge vertical farming system.

By leveraging Agritecture Designer farm planning software and iFarm technology, Bather Farm optimizes crop production in an otherwise arid environment.

“At Bather Farm, we envision a greener and healthier Saudi Arabia, where agriculture gives to the people and planet more than it takes,” the firm says on its website.

This project underlines CEA’s potential to reinvent regional agriculture, paving the way toward food security and sustainability.

This melding of technology and agriculture underscores the potential for harmonizing urban living with sustainable farming practices.

E-farming boosting the economy

Economist and policy adviser Mahmoud Khairy emphasized the significance of adopting advanced agricultural solutions in Saudi Arabia.

Khairy highlighted that embracing IoT-enabled farming technologies and precision agriculture practices aligns with the nation’s broader economic and agricultural development objectives.

He added: “By embracing these technologies, the country aims to modernize its agricultural sector, create job opportunities, and reduce its dependency on food imports,” stressing that such advancements would bolster food security, diversify the economy, and minimize water usage in agriculture.

Moreover, Khairy pointed out that implementing data-driven approaches to optimize crop yields and resource efficiency could lead to several economic benefits.

By leveraging data analytics, farmers can make more informed decisions, resulting in increased productivity, higher revenues, and improved profitability. 

Partnerships and collaborations play a critical role in promoting the adoption and maintenance of digital technologies in agriculture.

Phil Webster, partner at Arthur D. Little

Khairy emphasized that compared to traditional methods, data-driven approaches offer a more precise and scientific way of managing agricultural operations. Therefore, they enhance productivity and resource efficiency while ensuring long-term economic viability and sustainability.

IoT-enabled farming technologies in Saudi Arabia’s agricultural sector play a crucial role in improving productivity and sustainability through precision monitoring and management, resource efficiency, and remote management, according to Khairy.

“These technologies, such as sensors and drones, provide real-time data on soil quality, crop health, and pest infestations, allowing farmers to make informed decisions on irrigation, fertilization, and pest control,” he explained.

Government support and collaboration

For IoT technologies to reach their full potential in Saudi agriculture, government support and collaboration are paramount.

Initiatives like the National Agricultural Development Co.’s AI solutions demonstrate the importance of leveraging technology for agricultural advancement.

By fostering collaboration among stakeholders and providing financial support, policymakers can facilitate the widespread adoption of IoT technologies.

Additionally, investment in research and development, infrastructure, and training programs is essential to equip farmers with the necessary skills and knowledge to embrace IoT solutions effectively.

Moreover, partnerships between government agencies, agricultural extension services, technology providers, and academic institutions can promote knowledge-sharing and innovation in the agricultural sector.

“Partnerships and collaborations play a critical role in promoting the adoption and maintenance of digital technologies in agriculture,” Arthur D. Little’s Webster emphasized.

He added: “The most important role of such collaborations is to ensure that there is good governance over the data that is collected at all parts of the food chain from farm to fork.” 

Webster explained that data governance is “clarity over how data – and any associated meta-data – is collected, in what form, and for use by whom (e.g., different parts of the agri-food supply chain, regulators, Government) and under what circumstances.”

He stressed the cruciality of such aspects in ensuring that business models involving the use and monetization of data work effectively.

Webster also called on farmers to take advantage of the Saudi government’s wide range of initiatives and programs to integrate digital technologies.

The General Authority for Statistics has recently launched the inventory survey of agricultural holdings in the Kingdom in order to provide essential data on plant and animal production, including cultivated areas and production quantities, as well as sales volumes, crop values, and livestock numbers at the regional level.

Commenting on the survey, Khairy said: “With this data, policymakers, researchers, and agricultural stakeholders can identify areas for improvement, pinpoint specific challenges faced by farmers, and tailor agriculture solutions to address the unique needs of different regions.”

As Saudi Arabia faces the challenges of water scarcity, climate change, and food security, embracing IoT technologies becomes imperative.

The integration of IoT in agriculture offers a pathway to overcome these challenges, enhance productivity, and promote sustainable farming practices.

Through collaboration, innovation, and government support, Saudi farmers can embark on a journey toward a more resilient and prosperous agricultural future.

“Owing to both demand and investment – as well as the increasing availability of IoT-enabled farming technologies – this future trajectory will no doubt continue,” Webster said.

He suggested that the nation could soon achieve self-sufficiency or become a net exporter, particularly in products like eggs.

Webster envisioned a revolution in agricultural supply chains, emphasizing a transition to alternative proteins with great potential in semi or fully-automated indoor farming, which promises heightened productivity and reduced production costs.

Khairy said that Saudi Arabia’s adoption of advanced farming technologies is “poised to make significant contributions to global food security and environmental conservation efforts.”

He added that through the incorporation of sustainable agricultural practices, farmers in the Kingdom can increase productivity while minimizing environmental impact.

“This not only ensures food security domestically but also allows Saudi Arabia to potentially become a key player in international food supply chains,” Khairy explained.


​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level

Updated 30 May 2025
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​​Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level

RIYADH: Credit card loans from Saudi banks posted their second-highest figure on record in the first quarter of 2025, after an annual rise of 12.53 percent.

According to the Saudi Central Bank, also known as SAMA, this borrowing of SR30.66 billion ($8.18 billion) is just 2 percent below the all-time peak recorded at the end of 2024.

SAMA figures also revealed that consumer loans reached SR479.78 billion in what was a 6.41 percent rise during the same period. 

The vast majority – over 90 percent – of consumer lending falls into a broad “other” category, which includes debt consolidation, personal family expenses, or any borrowing not classified under the specific purposes.

This indicates that many Saudis take personal loans for a range of needs, from home renovations to weddings, but each of those specific uses is a relatively small slice of the overall figures.

Multiple factors are supporting the rapid growth of the credit card segment. A central driver is the national push toward a cashless society under Vision 2030, which has seen SAMA implementing policies to promote electronic payments and reduce dependence on cash.

This includes expanding point-of-sale infrastructure, mandating that businesses accept electronic payments, and fostering fintech innovation. As a result, 79 percent of all retail transactions in 2024 were electronic, card or digital payments, up from 70 percent the year before, according to an April release by SAMA.

In parallel, banking penetration has expanded, with nearly all bank cards in the Kingdom now enabled for contactless payments. By 2023, 98 percent of in-person card transactions were contactless — up from just 4 percent in 2017— according to Visa executive Andrew Torre, speaking to Arab News in October.

There is a push toward a cashless society under Vision 2030. Shutterstock

The COVID-19 pandemic accelerated this shift to tapping cards and phones, ingraining cashless habits. With nearly 50 million payment cards in circulation and a decline in ATM usage, the ecosystem is primed for card spending over cash.

Another factor is consumer behavior and economic policy. Strong consumer spending in Saudi Arabia — supported by economic growth and initiatives to boost household income — has encouraged more use of credit for purchases.

Rather than delaying purchases, many consumers are comfortable using credit cards to buy now and pay later, especially with the availability of installment plans.

Additionally, banks and payment networks are actively marketing credit cards with attractive promotions. Cashback deals, reward points, airline miles, and no-fee installment offers are abundant, which incentivizes consumers to use credit cards for both large and small purchases.

The entry of Shariah-compliant credit cards has also played a role. By addressing religious sensitivities, Islamic banks have made credit cards acceptable to a wider customer base that previously avoided interest-based products.

Furthermore, the growth of e-commerce and digital services in Saudi Arabia has naturally increased credit card adoption. Online retailers, food delivery apps, ride-hailing, and travel platforms often work best with card payments, so as these services proliferate, so does card usage.

Consumer loan usage and slower growth trends

Credit cards and personal consumer loans differ fundamentally in structure, usage, and cost. Consumer loans in Saudi Arabia are typically taken as a fixed amount to be repaid in installments over a set term, usually at relatively lower interest or profit rates.

They are often used for significant expenses like buying a car, financing education, or other big-ticket needs, and come with a structured repayment plan that helps borrowers budget effectively.

By contrast, a credit card provides a revolving credit line up to a predefined limit, with no fixed repayment period as long as the borrower makes minimum payments.

Traditional consumer loans, which are often called personal loans, remain much larger in absolute terms than credit card debt in Saudi Arabia, but their growth has been relatively sluggish in recent quarters.

These loans — which exclude mortgages — totaled SR471 billion by the end of 2024, and saw annual growth in the mid-single digits compared to double-digit growth for credit cards.

In early 2024, growth was even slower. In the first quarter, consumer lending was up less than 1 percent year-on-year, and in the second quarter around 2 percent, before accelerating later in the year according to SAMA data.

Saudi Central Bank. File

The uses of consumer loans are generally for big one-time expenditures or needs. The largest defined sub-category is financing for vehicles, which accounted for roughly 2.5 percent to 3 percent of total consumer loans in 2024. Other specific purposes include education loans and loans for furniture and durable goods, and vehicle and private transport means.

The recent slower growth of consumer loans compared to credit cards can be attributed to a number of factors.

High interest rates over 2022 to 2023, as global rates climbed, made borrowing via fixed loans less attractive, potentially dampening demand. By contrast, credit card lines were often already in place and could be tapped without a new loan application.

Another factor is the growing availability of credit card installment plans and Buy Now, Pay Later services, which are increasingly used to cover expenses that previously required personal loans. 

With zero-interest installment offers and flexible repayment options — particularly appealing to younger consumers — many now prefer to finance mid-sized purchases through these tools rather than committing to long-term bank loans.

All of this has led to personal loan growth being moderate. Nonetheless, consumer loans did rise in absolute terms, primarily driven by continued needs for cars, education, and other big expenses. 

The credit card segment’s growth outpaced consumer loans by a wide margin, highlighting a shift in how Saudis finance their spending toward more flexible, short-term credit and digital payment tools, and slightly away from traditional fixed personal borrowing.


UAE, China, India among top destinations for Saudi Arabia’s non-oil goods: GASTAT

Updated 30 May 2025
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UAE, China, India among top destinations for Saudi Arabia’s non-oil goods: GASTAT

RIYADH: The UAE emerged as the leading destination for Saudi Arabia’s non-oil exports during the first quarter of 2025, with shipments valued at SR21.32 billion ($5.68 billion), marking a 33.91 percent increase compared to the same period last year, according to the latest data from the General Authority for Statistics.

Machinery and mechanical appliances were the most exported items to the UAE, amounting to SR10.19 billion. This was followed by transport equipment worth SR5.16 billion and chemical products totaling SR1.11 billion.

Plastic goods were also significant, with exports to the UAE reaching SR942 million, while precious stones and base metals recorded SR860.8 million and SR848.4 million, respectively.

The increase in non-oil exports aligns with the objectives of the Kingdom’s Vision 2030, which seeks to diversify the economy and reduce dependency on oil revenues. Saudi Minister of Economy and Planning Faisal Alibrahim recently noted that non-oil activities now contribute 53.2 percent to the Kingdom’s gross domestic product.

GASTAT also reported a 9.27 percent rise in Saudi Arabia’s non-oil exports to the UAE compared to the previous quarter, further emphasizing the Kingdom’s economic diversification momentum.

China ranked second among Saudi Arabia’s non-oil export destinations in the first quarter, receiving goods valued at SR6.51 billion — an annual increase of 17.93 percent. Major exports to the Asian country included plastic products worth SR2.58 billion, chemical products totaling SR2.32 billion, and minerals valued at SR533.4 million.

India was another prominent trade partner, with non-oil exports reaching SR5.75 billion in the first quarter, up 14.08 percent from the same period in 2024.

Other key export destinations included Turkiye, which received goods worth SR2.96 billion; Egypt at SR2.56 billion; and the US at SR2.48 billion.

Singapore imported SR2.28 billion worth of goods from Saudi Arabia, while Bahrain received SR2.21 billion, Belgium SR2.11 billion, and Kuwait SR1.97 billion.

Overall, Saudi Arabia’s non-oil exports rose by 13.4 percent year on year in the first quarter, totaling SR80.72 billion.

Key ports played a vital role in this trade activity. King Fahad Industrial Sea Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR9.93 billion. Jeddah Islamic Sea Port followed closely with SR9.76 billion, while Jubail Sea Port and King Abdulaziz Sea Port in Dammam facilitated exports worth SR7.17 billion and SR6.69 billion, respectively.

On land, Al-Batha Port processed SR5.53 billion in exports. Al-Hadithah and Al-Wadiah ports recorded export values of SR2.10 billion and SR1.43 billion, respectively.

Among airports, King Khalid International Airport in Riyadh led with SR8.52 billion worth of non-oil goods exported in the first quarter, an increase of 12.84 percent compared to the previous year.

King Abdulaziz International Airport followed with SR6.16 billion, while King Fahad International Airport in Dammam and Prince Mohammad bin Abdulaziz International Airport in Madinah recorded SR741.8 million and SR4.2 million, respectively.

King Khalid International Airport in Riyadh. Shutterstock

Merchandise exports 

Despite growth in the non-oil sector, overall merchandise exports declined by 3.2 percent year on year in the first quarter, falling to SR285.78 billion. GASTAT attributed this drop to an 8.4 percent decline in oil exports, which caused the share of oil in total exports to decrease from 75.9 percent in the first quarter of 2024 to 71.8 percent in the same period this year.

Asia remained the largest market for Saudi exports, accounting for SR213.14 billion. Europe followed at SR34.51 billion, with Africa and the Americas receiving SR23.19 billion and SR13.80 billion, respectively.

China was the top destination for overall merchandise exports, receiving SR44.91 billion worth of goods — an increase of 3.26 percent compared to the first quarter of 2024. India received SR28.04 billion in goods, followed by Japan with SR26.48 billion, South Korea at SR25.03 billion, and the UAE at SR24.85 billion.

Imports in Q1

Saudi Arabia’s imports also grew during the first quarter, rising by 7.3 percent year on year to SR222.73 billion.

Machinery, mechanical and electrical equipment led imports, totaling SR57.40 billion, followed by transport parts at SR32.56 billion and base metals at SR21.30 billion. Chemical imports stood at SR19.60 billion, while minerals accounted for SR12.12 billion.

Goods imported from Asia were valued at SR128.50 billion, while imports from Europe and the Americas reached SR52.94 billion and SR27.01 billion, respectively. African nations contributed SR12.53 billion in imports, and goods from Oceania were valued at SR1.73 billion.

China remained Saudi Arabia’s largest source of imports, sending goods worth SR59.33 billion.

These included mechanical appliances and electrical equipment valued at SR23.93 billion, transport parts worth SR9.50 billion, base metals at SR6.43 billion, and even works of art and antiques amounting to SR3.19 billion. The US followed with SR17.58 billion in exports to the Kingdom, while India’s exports totaled SR12.27 billion.

Sea routes were the dominant entry channels for imports, accounting for SR113.11 billion. Air and land ports handled SR61.63 billion and SR25.99 billion, respectively. King Abdulaziz Sea Port in Dammam was the leading sea entry point with SR59.97 billion in imports. Jeddah Islamic Sea Port and Ras Tanura port followed with SR47.78 billion and SR8.73 billion.

Over land, Al-Batha Port and Riyadh Dry Port managed goods worth SR10.78 billion and SR8.29 billion, respectively. By air, King Khalid International Airport in Riyadh received imports valued at SR29.96 billion in the first quarter. King Abdulaziz International Airport and King Fahad International Airport handled SR18.60 billion and SR12.39 billion, respectively.

Reflecting continued expansion of the non-oil economy, Saudi Arabia recorded a Purchasing Managers’ Index of 55.6 in April, according to S&P Global and Riyad Bank. This score surpassed those of the UAE at 54 and Kuwait at 54.2, indicating robust growth in non-oil business activity. A PMI reading above 50 signals economic expansion, while a figure below 50 suggests contraction.


Oil Updates — crude set for 2nd weekly decline as market eyes another OPEC+ output hike

Updated 30 May 2025
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Oil Updates — crude set for 2nd weekly decline as market eyes another OPEC+ output hike

BEIJING/SINGAPORE: Oil prices were on track for a second consecutive weekly decline on Friday, weighed down by expectations of another OPEC+ output hike in July and fresh uncertainty after the latest legal twist kept US President Donald Trump’s tariffs in place.

Brent crude futures slipped 31 cents, or 0.48 percent, to $63.84 a barrel by 7:24 a.m. Saudi time. US West Texas Intermediate crude fell 31 cents, or 0.51 percent, to $60.63 a barrel.

The Brent July futures contract is due to expire on Friday.

Both contracts have fallen 1.5 percent so far this week.

The downward trajectory largely stemmed from the prospect of rising supplies as investors priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, when eight of its members meet on Saturday.

“The stage is set for another bumper production increase,” Westpac’s head of commodity and carbon research Robert Rennie said in a note, potentially higher than the 411,000 barrels per day hike decided on at the previous two meetings.

The potential hike comes as the global surplus has widened to 2.2 million barrels per day, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note.

They expect prices to remain within current ranges before easing into the high $50s by year-end.

In the US, Trump’s tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court’s decision on Wednesday to put an immediate block on the most sweeping of the duties.

The block had sent oil prices falling more than 1 percent on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked their way.

Oil prices have lost more than 10 percent since Trump announced his “Liberation Day” tariffs on April 2.

On the demand front, recession worries fueled by the tariff war have clouded the outlook. Adding to US-China trade tension, Washington ordered a broad swathe of companies to stop shipping goods, including ethane and butane, to China without a license and revoked licenses already granted to certain suppliers.

Global oil demand improved from the previous week, driven by a rebound in US oil consumption with robust travel over the Memorial Day long weekend, JPMorgan analysts noted.

That said, the monthly expansion in global oil demand is tracking at approximately 400,000 bpd as of May 28, 250,000 bpd below expectations, they said. 


Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says 

Updated 29 May 2025
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Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says 

  • Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5%
  • He reaffirmed the company’s commitment to maintaining high dividends

RIYADH: Saudi Aramco will continue tapping bond markets in the future despite maintaining one of the lowest gearing ratios in the energy industry, according to a top official. 

In an interview with Bloomberg, Aramco President and CEO Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5 percent. That’s significantly lower than the industry average, where many peers operate with levels between 15 and 20 percent.

“Our gearing today is around 5 percent — still one of the lowest gearing, you know. It’s almost half of the average compared to other energy industry players in the market, and we will continue to tap into that additional bond markets in the future,” Nasser said. 

He continued: “But we have a low gearing ratio, which still, as you consider it, is very low compared to any players in the markets.” 

The low gearing ratio, which reflects strong financial discipline and limited reliance on debt, is part of what enables Aramco to maintain stability amid market fluctuations. 

Gearing is commonly used by analysts and investors to assess a company’s financial leverage, with lower ratios often indicating a stronger balance sheet and reduced financial risk. 

In the interview, Nasser also reaffirmed the company’s commitment to maintaining high dividends. “We have a strong balance sheet, and our dividend is one of the highest, the highest globally. We’re expecting to pay dividends that go to the majority shareholder and other shareholders, which is the government, of $85.4 billion this year.” 

He said the company benefits from having spare capacity, which allows it to bring more barrels to the market. “For every million barrels, that will have a huge impact on our net income. I would say it will give you a $10 cushion for every million barrels that you put into the market.”   

Nasser added: “We have today close to 3 million barrels of spare capacity, so other companies do not have that to cushion any drop in prices. For us, we do have that spare capacity that is healthy, strong, and when you put it, it allows you to increase significantly your net income.” 

He emphasized the company’s ability to withstand lower oil prices due to its operational efficiency and robust infrastructure.

“We are the lowest cost producer. Our extraction cost is $3, and it still is $3. And with low extraction cost, healthy balance sheet, and our investment that is continuing to be capturing opportunities that we have,” Nasser said. 


Closing Bell: Saudi main index closes in red at 10,990 

Updated 29 May 2025
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Closing Bell: Saudi main index closes in red at 10,990 

  • Parallel market Nomu dropped 123.20 points to close at 26,809.75
  • MSCI Tadawul Index declined by 0.70 percent to 1,403.80

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, as it shed 62.35 points, or 0.56 percent, to close at 10,990.41. 

The total trading turnover of the benchmark index was SR10.20 billion ($2.72 billion), with 169 of the listed stocks advancing and 74 declining. 

The Kingdom’s parallel market Nomu also dropped 123.20 points to close at 26,809.75. 

The MSCI Tadawul Index declined by 0.70 percent to 1,403.80. 

The best-performing stock on the main market was Saudi Reinsurance Co. The firm’s share price soared by 9.31 percent to SR50.50. 

The share price of East Pipes Integrated Co. for Industry increased by 7.83 percent to SR124. 

Arabian Drilling Co. also saw its stock price edging up by 5.12 percent to SR84.20. 

Conversely, the share price of Makkah Construction and Development Co. declined by 5.65 percent to SR96.80. 

On the announcements front, Al Moammar Information Systems Co., also known as MIS, said that it signed a contract valued at SR58.93 million with the Saudi Data and Artificial Intelligence Authority to operate and maintain the National Unified Visa Platform.

In a Tadawul statement, the company stated that the contract is valid for 36 months, with no related parties involved in the deal. 

MIS added that the contract is expected to have an impact on the company’s financial results starting from the third quarter of this year. 

The share price of MIS rose by 1.66 percent to SR134.80. 

Al Kathiri Holding Co. said that its subsidiary, Saraya Al Diyar Investment Co., has entered into a long-term lease agreement valued at SR143.1 million with the Aseer Municipality to build and operate a mixed-use hotel and commercial complex in Abha. 

Under the deal, Saraya Al Diyar Investment Co. will establish a four-star hotel with 180 keys, as well as retail and entertainment facilities in the project that spans a total area of 53,000 sq. meters. 

The new contract is in line with Al Kathiri Holding’s strategic direction to diversify its investment portfolio and expand into promising, high-impact sectors, aligning with the goals of Saudi Vision 2030, the company said in the statement. 

Al Kathiri Holding Co.’s share price was unchanged at SR2.08 by the end of Thursday’s trading.