RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Monday, falling 39.31 points, or 0.35 percent, to end the day at 11,213.59.

The total trading turnover on the benchmark index reached SR4.54 billion ($1.21 billion), with 60 stocks advancing and 190 declining.  

The MSCI Tadawul 30 Index also retreated, shedding 5.46 points, or 0.38 percent, to close at 1,436.97. 

The Kingdom’s parallel market Nomu declined by 80.73 points, or 0.29 percent, closing at 27,356.89. Of the listed stocks, 22 advanced while 56 retreated.  

The best-performing stock was Alistithmar AREIC Diversified REIT Fund, with its share price rising by 9.91 percent to SR9.43. 

Other top performers included Saudi Industrial Investment Group, which saw its share price rise by 4.56 percent to SR17.42, and Al Hassan Ghazi Ibrahim Shaker Co., which saw a 4.48 percent increase to SR29.40. 

On the downside, Emaar The Economic City posted the steepest drop of the day, falling 4.12 percent to SR13.73.  

Naseej International Trading Co. fell 4.03 percent to SR102.50, and MBC Group Co. dropped 3.79 percent to SR34.02. 

On the announcements front, Jarir Marketing Co. reported estimated net profits of SR197.2 million for the first half of 2025, marking a 15.2 percent increase from the same period last year. 

In a statement on Tadawul, the company attributed the estimated increase to a 4.5 percent rise in gross profit, driven by higher sales of after-sales services along with improved profit margins and an increase in other income. 

Jarir’s shares gained 1.27 percent, closing at SR12.79.

Advanced Petrochemical Co. also announced its estimated financial results for the same period. The firm’s net profits were estimated to reach SR82 million, up by 95.2 percent from the same period last year. 

The company said that the increase was driven by an 8 percent rise in net revenues, lower propane and purchased propylene prices. 

Advanced Petrochemical Co. also announced the completion of construction and successful operational launch of its Propane Dehydrogenation plant, capable of producing 843,000 tonnes of propylene annually, along with two PolyPropylene plants operated by Advanced Polyolefins Industry Co. with a combined capacity of 800,000 tonnes per year. 

The facilities, located in Jubail Industrial City, mark a significant milestone in the company’s expansion in the petrochemical sector, according to a statement. 

APOC, a joint venture between Advanced Global Investment Co. and SK Gas Petrochemical Pte., will begin contributing to Advanced Petrochemical Co.’s consolidated financial results starting in the third quarter of 2025. 

Advanced Petrochemical shares closed 0.32 percent higher at SR31.48. 

RIYADH: Chinese electric vehicle giant BYD Co. is aiming to triple its presence in Saudi Arabia after Tesla Inc.’s recent market entry, the firm’s managing director for the Kingdom has announced.

Currently operating three showrooms, BYD plans to expand to 10 locations by late 2026, according to Jerome Saigot. 

The expansion comes after Tesla entered the Saudi market in April with a Riyadh showroom, joining BYD and fellow Chinese firm Geely.

The development aligns with Saudi Arabia’s broader strategy to establish itself as a regional EV hub, targeting 30 percent EV adoption by 2030 as part of its Vision 2030 economic diversification plan.

“Saudi is a complex market. You need to go fast. You need to think big,” Saigot said in an interview with Bloomberg, adding: “We are not here to stay at 5 (thousand) or 10,000 cars a year.” 

Saudi Arabia’s Public Investment Fund has been aggressively investing in the EV sector, backing Lucid Motors, launching its brand, Ceer, and supporting charging infrastructure development. 

However, EVs still account for just over 1 percent of total car sales, as high costs, limited charging infrastructure, and extreme weather remain challenges, Bloomberg reported, citing data from PwC.

Saigot told Bloomberg that Tesla’s presence in the Kingdom was a positive development, helping to boost consumer awareness of EVs.

“The more Tesla communicates on marketing, the better it is for us,” said Saigot, who started at BYD in April after serving in previous roles at Nissan Motor Co. and Great Wall Motor Co.

BYD has been closing the gap with Tesla globally, outselling the US automaker in Europe for the first time in April. 

The Kingdom’s push toward electric mobility is gaining momentum, with Tesla’s recent market entry seen as a potential catalyst for faster adoption. Alessandro Tricamo, partner at Oliver Wyman, told Arab News in an interview earlier this month that nearly half of Saudis are now considering an EV purchase. 

“Tesla’s entry into the Saudi market is potentially a significant win-win situation,” he said, pointing to the brand’s appeal in a car-centric market and the company’s need to expand beyond declining Western sales. 

Also in an interview earlier this month, Taline Vahanian of Marsh UAE warned of risks for the sector, including battery degradation in extreme heat and costly insurance premiums, which could slow adoption.