RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Wednesday’s trading session at 11,681.11 points, marking an increase of 94.71 points or 0.82 percent.

The total trading turnover of the benchmark index was SR6.066 billion ($1.617 billion), as 189 of the listed stocks advanced, while 54 retreated.

The MSCI Tadawul Index also surged by 14.14 points, or 0.96 percent, to close at 1,488.74

The Kingdom’s parallel market Nomu reported an increase as well, gaining 181.35 points, or 0.64 percent, to close at 28,463.11 points. This comes as 48 of the listed stocks advanced while as many as 34 retreated.

The index’s top performer, Musharaka REIT Fund, saw a 10 percent increase in its share price, closing at SR4.84.  

Other top performers included Al-Baha Investment and Development Co., which saw a 9.97 percent increase to SR3.31, while Mulkia Gulf Real Estate REIT’s share price rose 9.96 percent to SR5.52. 

Alistithmar AREIC Diversified REIT Fund also recorded a positive trajectory, with share prices rising 9.92 percent to reach SR6.90.

Allied Cooperative Insurance Group was TASI’s worst performer, with the company’s share price falling by 3.35 percent to SR15. 

Etihad Etisalat Co. followed with a 3.17 percent drop to SR61. This decline comes after the firm’s consolidated interim financial results for the first quarter.

The company reported a 20.21 percent increase in its net profit, reaching SR 767 million, compared to the same period in 2024.

Saudi Printing and Packaging Co. also saw a notable decline of 3.03 percent to settle at SR 12.80. 

On the parallel market, National Building and Marketing Co. was the top gainer, with its share price surging by 9.88 percent to SR198.

Other top gainers in the parallel market were Arabian Plastic Industrial Co. and Ghida Alsultan for Fast Food Co., with their share prices surging by 8.51 percent and 5.65 percent, to reach SR51 and SR44.9, respectively.

Al Mohafaza Co. for Education was the major faller on Nomu, as the company’s share price slipped by 9.59 percent to SR23.10.

Yamama Cement Co. also announced its financial results for the first quarter of 2025, reporting a 23.51 percent increase to SR142 million compared to the same period of last year.

The company said in a statement on Tadawul that the increase in profit was mainly due to an annual rise in the average selling price and an increase in sales volume for the current quarter.

The firm’s share price closed on Wednesday’s session at SR36.7, increasing by 2.92 percent.

JEDDAH: Saudi Arabia and Ethiopia plan to boost economic cooperation in key sectors — including agriculture, manufacturing, and tourism — as officials from both nations met at a forum in Riyadh. 

The event, organized by the Federation of Saudi Chambers, brought together more than 150 representatives from the public and private sectors of both countries, the Saudi Press Agency reported, and marked the first major gathering since the establishment of the Saudi-Ethiopian Business Council last year. 

The initiative aligns with Saudi Arabia’s strategy to strengthen economic ties with African nations and explore new investment opportunities and markets, recognizing Ethiopia’s potential as a favorable investment environment, a key trade gateway to the continent. 

Ethiopia’s State Minister for Trade and Regional Integration Abdulhakim Mulu invited Saudi investors to explore opportunities in key sectors including agriculture, food industries, and tourism, as well as hospitality and manufacturing.  

He emphasized Ethiopia’s rapid economic growth and the government’s commitment to improving infrastructure and fostering a favorable investment climate. 

Federation of Saudi Chambers Chairman Hassan Al-Huwaizi stated that Saudi Arabia is actively working to strengthen its relations with African countries, particularly Ethiopia, which serves as a strategic gateway for Saudi exports to the continent. 

“He noted Ethiopia’s natural resources and potential in agriculture, food industries, and mining, adding that the limited trade volume, which is merely SR1.3 billion ($347.1 million), indicates untapped investment opportunities,” SPA reported. 

The Saudi-Ethiopian Business Council was formally approved by the Saudi General Authority for Foreign Trade last year to enhance bilateral trade and investment. Its formation followed agreements reached during a prior forum held on June 5 in Addis Ababa. 

As both nations seek to deepen their economic engagement, the council is expected to play a pivotal role in unlocking new opportunities, boosting bilateral trade, and fostering a more integrated economic partnership between Saudi Arabia and Ethiopia. 

According to a 2024 World Bank report, Ethiopia — home to 126.5 million people as of 2023 — is the second most populous nation in Africa and one of the continent’s fastest-growing economies, recording a 7.2 percent growth rate in the 2022/2023 fiscal year. 

Despite this progress, Ethiopia remains one of the world’s poorest countries, with a gross national income per capita of $1,020. The country aims to achieve lower-middle-income status by 2025, building on years of infrastructure-driven growth that have helped reduce poverty and improve access to essential services.