ISTANBUL: Turkiye has transferred the shares of 12 companies held by its treasury, including three listed ones, to the Turkiye Wealth Fund, according to a presidential decree published in the country’s Official Gazette on Tuesday.
Stock exchange-listed Koza Altin, Koza Anadolu Metal and Ipek Dogal Enerji were among the companies whose shares were transferred to the wealth fund, which oversaw more than $300 billion in assets according to its 2022 report.
Shares of Koza Altin rose 8.9 percent while Koza Anadolu Metal was up 8.1 percent at the Borsa Istanbul open. Ipek Dogal Enerji shares jumped 9.94 percent to 54.2 lira after the decision while the benchmark index BIST 100 was little changed.
In a joint filing to the exchange, the companies said their listed shares will continue to trade on the Borsa Istanbul and there will be no change in their legal status.
Turkiye transfers treasury-held shares of 12 companies to wealth fund
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Turkiye transfers treasury-held shares of 12 companies to wealth fund
Closing Bell: Saudi main index slips to close at 10,999
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, falling 118.96 points, or 1.69 percent, to close at 10,999.78.
The total trading turnover of the benchmark index stood at SR3.44 billion ($917 million), with 41 stocks advancing and 203 declining.
Similarly, the Kingdom’s parallel market Nomu dropped 242.96 points, or 0.89 percent, to close at 27,017.77. A total of 32 listed stocks advanced, while 56 retreated.
The MSCI Tadawul Index also declined, losing 26.41 points, or 1.85 percent, to close at 1,402.40.
The best-performing stock of the day was Saudi Steel Pipe Co., which saw its share price surge 4.79 percent to SR61.20.
Other top performers included Raoom Trading Co., with its share price rising 4.35 percent to SR72.00, and National Industrialization Co., which gained 3.43 percent to close at SR9.36.
ACWA Power Co. Fund recorded the most significant drop, falling 7.79 percent to SR251.00.
Saudi Co. for Hardware saw its share price decline by 4.39 percent to SR29.40, while Alujain Corp. fell 4.38 percent to SR36.05.
On the announcement front, Sumou Real Estate Co. said it has signed a development agreement with the National Housing Co. for the Areem Makkah project. The contract involves constructing residential units — primarily villas — on land allocated to Sumou within the Makkah Gate project in Makkah City, with an estimated value of SR680 million.
According to a statement on Tadawul, the 42-month project is expected to positively impact the company’s financial results once sales and implementation commence.
Sumou Real Estate Co. ended the session down 1.17 percent at SR44.00.
Dr. Soliman Abdul Kader Fakeeh Hospital Co. has signed a contract with Advanced Horizons Contracting Co. for the construction of a new medical center in Zahra, Jeddah. A bourse filing revealed that the contract is valued at approximately SR101.8 million. The full cost of construction and finishing will be funded by Yaser Yousef Naghi for Investment Co., as stipulated in the agreement.
Under the ownership of Yaser Yousef Naghi for Investment Co. and the oversight of DSFH, AHC will carry out all construction and finishing work for the Zahra Medical Center. DSFH will provide the medical equipment and furniture separately, in accordance with the framework agreement.
Dr. Soliman Abdul Kader Fakeeh Hospital Co. ended the session at SR42.85, down 0.35 percent.
Mutakamela Insurance Co. announced it has obtained approval from the insurance authority to renew its license to operate in the Kingdom. The renewed license will allow the company to conduct insurance activities from Aug. 22, 2025, through Aug. 21, 2028, according to a Tadawul statement.
Mutakamela Insurance Co. ended the session down 1.85 percent at SR15.02.
Saudi Arabia restructures $32bn sukuk to strengthen debt strategy, local market
JEDDAH: Saudi Arabia has completed a sukuk restructuring and new issuance of over SR120 billion ($32 billion), advancing its strategy to enhance fiscal sustainability, optimize debt management, and deepen the local debt market.
According to the National Debt Management Center, the Kingdom finalized its sixth early repurchase transaction in the domestic market, involving the early redemption of government sukuk maturing between 2025 and 2029 valued at approximately SR60.4 billion.
To refinance these obligations, the NDMC issued new sukuk amounting to SR60.3 billion across five tranches with maturities stretching from 2032 to 2040.
The move supports Saudi Arabia’s broader efforts under Vision 2030 to diversify the economy, strengthen fiscal buffers, and develop domestic capital markets amid regional and global uncertainties.
In a release, the NDMC stated: “This initiative is a continuation of NDMC’s efforts to strengthen the domestic market and enables NDMC to exercise its role in managing the government debt obligations and future maturities.”
It added: “This will also align NDMC’s effort with other initiatives to enhance/optimize the public fiscal in the medium & long term.”
The new sukuk issuance was structured across five tranches with staggered maturity dates. The first tranche amounts to approximately SR21.5 billion and matures in 2032. The second tranche is around SR1.8 billion and matures in 2035, while the third tranche totals SR14.2 billion and matures in 2036. The fourth tranche is valued at SR5.9 billion and matures in 2039, while the fifth and final tranche is around SR16.9 billion, maturing in 2040.
To facilitate the transaction, the Ministry of Finance — as the issuer — and the NDMC appointed HSBC Saudi Arabia, SNB Capital, and Al Rajhi Capital, as well as AlJazira Capital and Alinma Investment, as joint lead managers.
The Kingdom’s current cost of debt stands at 3.6 percent per annum — among the lowest in emerging markets — and benefits from a low-risk profile, supported by a diversified financing strategy, the ongoing development of the domestic market, and conservative, transparent risk thresholds for managing the debt portfolio.
The move aligns with the country’s Vision 2030 and its Financial Sector Development Program, which targets expanding the banking sector’s assets from SR2.63 trillion in 2019 to SR3.515 trillion by 2025, increasing the stock market’s capitalization to 80.8 percent of gross domestic product, and growing the volume of debt instruments to 24.1 percent of gross domestic product.
The program also aims to promote digital financial innovation, boost SME financing from 5.7 to 11 percent of bank lending, expand the insurance sector’s role in the non-oil economy, and raise the share of non-cash transactions to 70 percent, while maintaining adherence to international financial stability standards.
It also ensures adherence to international standards on financial stability to safeguard the sector’s robustness.
Oman’s non-oil exports surge 8.6% in Q1 2025
- UAE remained the top importer of Omani non-oil products, with imports totaling 292 million rials
- Oman’s oil exports declined in the first quarter, falling to 3.69 billion rials from 4.39 billion rials a year earlier
RIYADH: Oman’s non-oil exports rose by 8.6 percent year on year in the first quarter of 2025, reaching 1.618 billion Omani rials ($4.2 billion), according to newly released figures.
These exports now represent 28.6 percent of the country’s total exports, which stood at 5.659 billion rials during the same period, the Oman News Agency reported.
The growth reflects ongoing efforts to boost non-oil trade, support domestic industries, attract foreign investment, localize development initiatives, and offer incentives to the private sector.
This aligns with Oman Vision 2040, which aims to diversify the economy, reduce oil dependence, enhance industrial and logistics sectors, and strengthen overall financial stability.
Oman’s non-oil exports comprise a wide range of products, including industrial goods, metals, plastics, machinery, electrical equipment, and chemicals.
According to the statement, the UAE remained the top importer of Omani non-oil products, with imports totaling 292 million rials in Q1 2025 — 18 percent of total non-oil exports. Saudi Arabia followed with 259 million rials, India ranked third at 172 million rials, South Korea was fourth at 154 million rials, and the US came fifth with 88 million rials.
Meanwhile, Oman’s oil exports declined in the first quarter, falling to 3.69 billion rials from 4.39 billion rials a year earlier, in line with lower global oil prices. The average price of Omani crude dropped to $75.3 per barrel, compared to $79.7 per barrel in Q1 2024.
Re-exports also decreased, totaling 351 million rials in Q1 2025, down from 434 million rials in the same period last year. The UAE was the top destination for re-exported goods from Oman, with imports worth 126 million rials — 35.8 percent of the total. Iran followed with 63 million rials, Kuwait with 24 million rials, Saudi Arabia with 22 million rials, and Germany with 10 million rials.
Commodity imports into Oman rose 10.9 percent year on year, reaching 4.312 billion rials in the first quarter of 2025, up from 3.889 billion rials the previous year. The UAE was the leading exporter to Oman, accounting for 995 million rials (23 percent of total imports). Kuwait came second with 466 million rials, followed by China (437 million rials), India (338 million rials), and Saudi Arabia (306 million rials).
Oman’s inflation up
Oman’s general inflation index increased by 0.9 percent year on year in April 2025, based on 2018 as the base year, according to the Consumer Price Index released by the National Center for Statistics and Information.
The most significant price increases were recorded in the personal goods and miscellaneous services category, which rose by 7.0 percent. This was followed by the health sector (3.2 percent) and transportation (3.1 percent). Prices also climbed in restaurants and hotels (1.5 percent), clothing and footwear (0.6 percent), culture and entertainment (0.3 percent), and education (0.1 percent).
Conversely, the food and non-alcoholic beverages category saw a decline of 0.3 percent, while furniture, household equipment, and maintenance prices dipped 0.1 percent.
Prices in housing, utilities, communications, and tobacco remained stable with no notable changes.
Egypt’s manufacturing index rises 3.9% in March
- Egyptian exports to Arab nations rose by 18% to $16.2 billion, while imports grew by 14% to $14.3 billion
- Saudi Arabia remained Egypt’s top Arab trading partner, with bilateral trade surpassing $11.3 billion
RIYADH: Egypt’s manufacturing and extractive industries index — excluding crude oil and petroleum products—rose by 3.9 percent in March, reaching 120.47 points, up from 115.93 in February, according to the Central Agency for Public Mobilization and Statistics.
The increase was largely driven by seasonal demand for food and a significant boost in steel rebar production, CAPMAS reported.
The monthly index, which uses the fiscal year 2012-13 as its base and reflects producer prices from January 2020 onward, is part of Egypt’s ongoing efforts to enhance industrial measurement standards.
The rise in manufacturing activity also coincides with Egypt’s strengthening economic ties with Arab markets. Total trade volume with Arab countries reached $30.5 billion in 2024—a 16 percent increase from $26.3 billion in 2023.
Egyptian exports to Arab nations rose by 18 percent to $16.2 billion, while imports grew by 14 percent to $14.3 billion. Saudi Arabia remained Egypt’s top Arab trading partner, with bilateral trade surpassing $11.3 billion. Egyptian exports to the Kingdom totaled $3.4 billion, followed by the UAE at $3.3 billion and Libya at $2 billion. On the import side, Egypt received $7.9 billion in goods from Saudi Arabia, $2.7 billion from the UAE, and $947 million from Kuwait.
Sector-wise, the food manufacturing index jumped 10.18 percent in March, rising to 160.02 from 145.24 in February—driven by Ramadan-related consumption. The base metals sector saw even sharper growth, climbing 22.89 percent to 65.92 from 53.64, largely due to heightened steel rebar production amid robust construction and infrastructure activity.
However, not all sectors fared equally. The tobacco products index plummeted by 27.44 percent to 118.84, down from 163.78 in February, reflecting a drop in cigarette consumption. Similarly, the printing and reproduction of recorded media sector fell 14.43 percent to 115.18, attributed to the seasonal completion of textbook printing contracts.
CAPMAS emphasized that the new figures reflect both seasonal trends and long-term structural shifts in Egypt’s industrial landscape.
Conflict-hit states suffer GDP losses of over 60%, says IMF’s Jihad Azour
- Ongoing conflicts have severely disrupted economic activities, infrastructure, and trade in these areas
- Azour says diversification efforts have helped GCC nations weather global uncertainty
RIYADH: Conflict-hit Middle Eastern countries have suffered severe economic shocks, with output losses surpassing 60 percent of gross domestic product in some cases, a senior International Monetary Fund official said.
Speaking at an event on Global and Regional Economic Developments and Outlook in Riyadh, Jihad Azour, director of the IMF’s Middle East and Central Asia Department, identified Lebanon, Syria, the West Bank, and Gaza as among the most affected.
The ongoing conflicts have severely disrupted economic activities, infrastructure, and trade in these areas, leading to deep recessions and humanitarian challenges that have compounded the economic fallout.
“Those countries over the last few years have been subjected to a lot of suffering, with a strong negative economic impact, with loss of outputs that could exceed 50 or 60 percent of GDP,” Azour said.
He noted that the ripple effects of these conflicts have extended beyond their immediate borders, saying: “Those conflicts did not only affect countries who were subjected … but also had an impact on the neighborhood.”
According to Azour, Egypt lost around $7 billion in Suez Canal revenues in under a year, largely due to disruptions in maritime trade routes. Meanwhile, Jordan saw a drop in tourism revenue, a sector crucial to its economic output and employment.
The director highlighted that global trade tensions are another major contributor to economic uncertainty, citing the sharp increase in tariffs.
“The rise in tariffs was extremely high. Went from something, for example, for the US — then less than 5 percent — to a peak of 30 percent. This is a big change in such a short period of time,” he said.
He emphasized that rapid developments, whether geopolitical or economic, are defining today’s global landscape, making it increasingly difficult for nations to maintain consistent projections.
“We are at a moment where history is accelerated and developments are shaped very quickly,” he said.
In contrast to the turmoil facing some countries, Azour highlighted the relative stability and resilience of the Gulf Cooperation Council economies.
Reflecting on the region’s evolving economic landscape, Azour said that diversification efforts have helped GCC nations weather global uncertainty.
“GCC economies have benefited from the effort of diversification to maintain a level of growth that could withstand any volatility in oil prices or any cut in oil production,” he said.
He continued: “Over the last three to four years, we had a sustainable level of growth around 3 to 4 percent, 5 percent in certain cases. Thanks to the reforms and to the acceleration of transformation, this has helped GCC countries to maintain a high level of growth, despite the fact that the agreement under the OPEC+ has been extended several times.”
Looking ahead, the IMF official expressed cautious optimism, suggesting that despite the current uncertain environment, the economic outlook across the region remains positive, particularly for oil-exporting nations.
“Let me first say that we expect, despite this maybe foggy background, we expect economies to recover this year across the board, in most of the countries in the region, yet the pickup of growth is going to be stronger in the oil-exporting countries, in particular in GCC, where we expect it also to increase by 1 percent this year and another 1 percent in 2026,” he said.
According to Azour, the anticipated recovery is largely fueled by strong performance and a stable contribution from non-oil sectors across the Gulf, driven by long-term diversification efforts.
He also offered a more hopeful outlook for countries affected by conflict, noting signs of stabilization and early recovery.
“We expect the post-conflict countries to preserve a certain level of growth this year and for some to start recovering,” he said.
Azour added: “The good news is inflation is still under control in most of the countries except a few where the level of inflation is still at double-digit, but for most of the countries, it’s already now getting closer to their objective set in their monetary policy.”
In a region facing mounting challenges, the IMF’s outlook underscores that reform, stability, and smart investment aren’t just options — they’re imperatives for resilience.
