UAE and China drive ��Ƶ’s non-oil exports in Q2: GASTAT

Increasing non-oil exports is a key ambition of ��Ƶ’s Vision 2030 economic diversification strategy. Shutterstock

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Updated 23 August 2024

Nirmal Narayanan

August 23, 2024 11:38

UAE and China drive ��Ƶ’s non-oil exports in Q2: GASTAT

Updated 23 August 2024

Nirmal Narayanan

August 23, 2024 11:38

RIYADH: ��Ƶ’s non-oil exports surged by 10.5 percent year-on-year in the second quarter of 2024, led by outgoing shipments to the UAE and China, official data showed.

According to the General Authority for Statistics, of the SR51.16 billion ($13.63 billion) registered by the sector in the three months to the end of June, non-oil goods worth SR15.07 billion were sent to the Kingdom’s Gulf neighbor, with SR7.08 billion going to the Asian powerhouse.

The UAE imported machinery and mechanical appliances worth SR5.83 billion, followed by shipments of transport equipment and chemical products valued at SR3.68 billion, and SR1.48 billion, respectively.

China also held the first position for the Kingdom’s imports, constituting 23.1 percent of the total incoming shipments valued at SR45.38 billion.

��Ƶ’s Vision 2030 economic diversification strategy has placed increasing non-oil exports at its heart, with the ambition of having the sector contribute to 50 percent of non-oil GDP by the end of the decade.

Other countries to import Saudi goods in the second quarter of 2024 included Bahrain with a value of SR5.79 billion and India with SR5.48 billion worth of merchandise.

Singapore imported SR3.13 in non-oil goods, while Turkiye and Belgium received SR2.93 billion and SR2.40 billion worth of products, respectively.

GASTAT noted that national non-oil exports excluding re-exports also witnessed a rise of 1.4 percent in the second quarter of this year, compared to the same period in 2023.

The authority revealed that chemical and non-allied products led the Kingdom’s non-oil exports during the second quarter, constituting 25.6 percent of the total outgoing shipments.

Plastic products from ��Ƶ accounted for 24.3 percent of the total non-oil exports from the Kingdom in the second quarter.

King Fahad Industrial Sea Port in Jubail sent the majority of the non-oil exports from the Kingdom, with outgoing shipments worth SR11.20 billion.

Ras Tanura Sea Port sent exports worth SR9.96 billion, followed by King Abdulaziz Sea Port in Dammam at SR7.84 billion and Jeddah Islamic Sea Port at SR8.09 billion.

King Khalid International Airport in Riyadh handled exports valued at SR5.86 billion, while goods worth SR5.86 billion and SR3.25 billion went through the King Abdulaziz International Airport and King Fahad International Airport.

��Ƶ’s merchandise exports steady in Q2

According to the GASTAT report, ��Ƶ’s overall merchandise exports witnessed a marginal decline of 0.2 percent in the first quarter of this year to SR294.51 billion, compared to the same period of the previous year.

The authority attributed this marginal decline to a decrease in oil exports which fell by 3.3 percent, due to ��Ƶ’s decision to reduce crude output, aligned with an agreement made by OPEC+.

To maintain market stability, the Kingdom had reduced its oil output by 500,000 barrels per day in April 2023, and this cut has now been extended until December 2024.

In the second quarter of 2024, exports to China amounted to 16.2 percent or SR47.58 billion of total outgoing shipments, making the Asian giant the favorite destination for the Kingdom’s outbound goods.

China was followed by South Korea, with the East Asian nation importing products worth SR26.40 billion from the Kingdom.

��Ƶ sent goods worth SR25.95 to Japan, while products valued at SR23.45 billion and SR19.35 billion were sent to India and the UAE during the second quarter of this year.

The US received inbound shipments worth SR15.66 billion from ��Ƶ during the second three months of 2024, followed by Bahrain and Poland at SR8.80 billion and SR5.65 billion, respectively.

Saudi imports up

According to GASTAT, ��Ƶ’s imports rose by 3 percent in the second quarter to SR196.14 billion, compared to the same period in 2023, while the merchandise trade balance witnessed a dip of 6 percent during the same period.

The report further noted that the ratio of non-oil exports, including re-exports, to imports increased in the second quarter, reaching 37.6 percent compared to 35.1 percent in the same period of the previous year.

“This increase is attributed to the increase in imports, which rose by 3 percent compared to the significant increase in non-oil exports, which rose by 10.5 percent during this period,” said GASTAT.

According to the authority, the most imported products during the second quarter were machinery and electrical equipment, which constituted 25.7 percent of the total inbound shipments to the Kingdom – a rise of 27.4 percent compared to the same period in previous year.

In the second quarter, transportation equipment and parts constituted 12.4 percent of the total imports, representing a decrease of 14.9 percent compared to the year-ago period.

Over the three-month period, ��Ƶ imported machinery and mechanical appliances worth SR20.45 billion from China, followed by base metal goods at SR4.98 billion and transport equipment at SR6.62 billion.

��Ƶ received inbound shipments worth SR16.52 billion in the second quarter, while imports from the UAE and India amounted to SR11.80 billion and 11.49 billion, respectively.

In the three months to the end of June, imports worth SR116.81 billion reached the Kingdom through the sea, while products worth SR55.76 billion and SR23.56 billion, reached via the air and the land.

According to the GASTAT report, King Abdulaziz Sea Port in Dammam was one of the most important ports through which goods crossed into the Kingdom, accounting for 28 percent of total incoming shipments in the second quarter valued at SR54.95 billion.

The other major ports of entry for imports were Jeddah Islamic Sea Port which handled imports worth SR38.86 billion, followed by Ras Tanura Sea Port and Deba Sea Port, which welcomed inbound shipments valued at SR5.17 billion and SR2.31 billion, respectively.

King Abdullah Sea Port and Baish Sea Port also handled incoming goods worth SR3.38 billion and SR1.82 billion, respectively.

Among the airports, King Khalid International Airport in Riyadh welcomed imports worth SR28.36 billion, while King Abdulaziz International Airport and King Fahad International Airport in Dammam received inbound cargoes valued at SR15.48 billion, and SR11.57 billion, respectively.

Saudi trade with China

With China being in the top position for Saudi imports and exports, there is a clear drive in the Kingdom to further develop and consolidate this important relationship.

Earlier this week, airfreight company Saudia Cargo announced a new “Landing in China in 24” campaign, designed to highlight its links to the Asian country.

According to a press release, the campaign is in close collaboration with the Made in Saudi initiative, championed by the Saudi Export Development Authority, which focuses on enhancing the global recognition and quality of Saudi products.

Marwan Niazi, vice president of commercial at Saudia Cargo, said: “Through this campaign, we aim to enhance our shipping capabilities and broaden our export scope to the Chinese markets by optimizing export operations and providing advanced logistic services that align with the growing global market demands and commercial connections.

“We have focused on facilitating the access of Saudi products to the Chinese markets and showcasing our logistical capabilities and operational efficiency.”

Topics: main Saudi exports General Authority for Statistics (GASTAT)

WEF panel offers first impressions of Donald Trump’s new order

Updated 21 January 2025

GABRIELE MALVISI

January 20, 2025 23:19

WEF panel offers first impressions of Donald Trump’s new order

Experts contemplate how the president’s ‘America First’ doctrine will mesh with the WEF’s globalist ethos
Davos panelists predict a lighter touch on tech regulation, more protectionism, and greater unpredictability

Updated 21 January 2025

GABRIELE MALVISI

January 20, 2025 23:19

LONDON: While world leaders, business titans, and policymakers gathered in Davos, Switzerland, for the opening of the World Economic Forum’s 55th annual meeting on Monday, all eyes were on Washington, where Donald Trump was being inaugurated for his second term.

This dual spectacle underscored the contrast between two seemingly opposing worldviews: Trump’s “America First” doctrine and the WEF’s globalist vision of “Collaboration for the Intelligent Age.”

The timing of Trump’s inauguration on the forum’s opening day seemed almost poetic. Experts noted the symbolic clash between the Davos elite, often described as the architects of a “new world order,” and Trump’s unapologetic brand of populism.

“Thank you to the World Economic Forum for having us, but most of all for having an exquisite sense of humor by asking us to say what’s going to happen in the Trump administration,” Sam Jacobs, editor-in-chief of Time magazine, quipped during the forum’s first panel, titled “First Impressions: Inauguration Day.”

This year’s conference invites participants to explore ways to tackle shared challenges like climate change, technology, and economic inequality through global collaboration. Yet, as economics writer Kate Andrews observes, it is “an idea that means little to nothing if the world’s largest economy — and leader in AI development — is not on board.”

Indeed, Trump’s policies are expected to pivot sharply from the multilateralism championed by the WEF. He has already signaled a return to “America First” economics, emphasizing trade protectionism and other barriers, which are likely to reverberate across the global economy.

Adding to this is his close alignment with US tech leaders, including Meta CEO Mark Zuckerberg, Tesla and X owner Elon Musk, and OpenAI CEO Sam Altman. Their collective support suggests that Trump’s new administration will embrace a less regulated approach to tech innovation, particularly in artificial intelligence, diverging from the more cautious frameworks championed by both former president Joe Biden and the WEF.

“I think the technology race is one that is going to be instrumental in that economic conversation,” Mina Al-Oraibi, editor-in-chief of UAE’s The National, told the panel, highlighting Trump’s likely focus on countering China’s influence in tech and trade.

Still, not all experts see Trump’s policies as a stark departure from those of his predecessor. Patrick Foulis, foreign editor of The Economist, noted that Trump’s strategies could echo some elements of Biden’s economic doctrine.

“Trump, in one sense, represents continuity, and in some sense, he’s actually the intellectual author of the Biden policy. But I think we have very, very solid grounds to doubt his ability to apply over a sustained period of time that kind of strategy,” he said during the panel.

The goal, Foulis argues, is for Trump to “exert more influence over the world economy,” relying less on incentives and more on coercive measures like debt manipulation, tariffs, and tech controls.

In what some view as an olive branch, WEF President and CEO Borge Brende said Donald Trump planned to deliver a 45-minute video address to the forum on Thursday.

The complex relationship between Trump and the WEF remains a study in contrasts. While Trump’s “America First” doctrine appears to run counter to the WEF’s globalist ethos, his presence — or lack thereof — consistently draws attention.

Despite ideological differences, Trump’s influence remains too significant for the forum to overlook. His pivotal role in brokering the recent Gaza ceasefire underscores his relevance on the global stage.

“We’re meeting here in Davos with a ceasefire finally in place in Gaza and after a terrible, devastating war over 15 months. It has changed the region, and in some ways, it changed the world. And Trump 2.0 actually facilitated the ceasefire,” Al-Oraibi said, adding that the “Trump factor” was instrumental in bringing a deal that the Biden administration failed to pull off.

Newly sworn-in President Donald Trump takes part in a signing ceremony at the White House. (Reuters)

“Trump clearly said there had to be a ceasefire before inauguration. And that moment crystallizes what people are expecting under a Trump administration. That comes with many lessons from its first stint at the White House, but also lessons learned about what can be possible in the Middle East.”

Over the past year, the Middle East has experienced seismic changes, including Hezbollah’s diminished influence in Lebanon and the fall of the Bashar Assad regime in Syria. Experts predict that while Trump’s foreign policy will in some ways build on Biden’s, the focus will be more on targeted economic strategies rather than broad hegemonic goals.

“I see the Trumpian agenda essentially as a more comprehensive and forceful expression of American power on a much more limited geographic scope,” said Foulis.

While Trump’s foreign policy appears increasingly selective and driven by economic interests rather than purely hegemonic ambitions, Al-Oraibi believes the Middle East will remain central to US priorities, particularly as attention on Gaza and Palestine shows little sign of waning.

“The fact that the ceasefire was put in place just before the inauguration of Donald Trump shows that they realize this is not something that they want hanging over their heads from day one, but it is a long road ahead,” she said, adding that the administration may want to take advantage of the momentum to bring about a solution to the Palestinian question and possibly promote a two-state solution.

“The one thing that is clear is the US remains the most important superpower,” she said. “Yet there’s still so much that can go wrong.”

Besides foreign and economic policy, the panel also explored how Trump’s new administration might handle energy and climate issues — both pillars of forum discussions. While a rollback of Biden’s green policies is expected, experts believe the energy transition has become too entrenched to reverse completely.

“If for Trump, that energy transition can be reframed as a nationalist cause, so something that benefits the American economy, I don’t think he’s going to oppose it,” said Jacobs.

As speculation builds around the consequences of Trump’s return to the Oval Office, many experts caution that lessons from his first term may only partially apply this time around.

What is certain, according to Jacobs, is that a Trump 2.0 presidency promises to be “200 times more unpredictable, and more volatile than the first term,” emphasizing that the real focus should be on “where points of tension emerge” rather than specific policies.

For the WEF, Trump’s presence offers both challenges and opportunities. As the world grapples with interconnected crises, Davos prides itself on providing a platform for critical dialogue. The stakes are high, however, and Trump’s return to power adds another layer of complexity to an already transformative moment in world history.

Topics: WEF 2025 Trump Returns Editor’s Choice

��Ƶ committed to embracing sustainability-driven growth in tourism sector, minister says at WEF

Updated 20 January 2025

DANIEL FOUNTAIN

January 20, 2025 23:05

��Ƶ committed to embracing sustainability-driven growth in tourism sector, minister says at WEF

Ahmed Al-Khateeb spoke in Davos ahead of launch of briefing paper on the future of travel and tourism sector
He said ��Ƶ continues to place a strong emphasis on supporting SMEs and entrepreneurs

Updated 20 January 2025

DANIEL FOUNTAIN

January 20, 2025 23:05

DAVOS: The tourism sector in ��Ƶ, which has undergone a transformative shift in recent years, must continue to grow with sustainable practices front and center, according to the country’s tourism minister.

Speaking at a media briefing on Monday attended by Arab News at the World Economic Forum’s annual meeting in Davos, Ahmed Al-Khateeb said it was vital the tourism industry embraced a sustainable agenda if it was to continue its upward trajectory without impacting natural environments and the communities living in them.

The Kingdom has been working with major global organizations, including the WEF, UN Tourism, and the World Travel and Tourism Council in order to achieve this, the minister said.

Al-Khateeb was speaking ahead of the launch of a WEF briefing paper on the future of the travel and tourism sector, as well as a new whitepaper from the Ministry of Tourism on investments in the sector, which showcases ��Ƶ’s position as one of the fastest-growing tourism destinations globally.

He emphasized that the Kingdom was approaching sustainability from three key perspectives: environmental, economic and social. He added that focusing on the environment alone would not garner satisfactory results.

Saudi Tourism Minister Ahmed Al-Khateeb spoke at a media briefing on Monday, attended by Arab News, at the Saudi House on the sidelines of the World Economic Forum’s annual meeting in Davos. (SPA)

He said: “People travel to explore other peoples and cultures and to enjoy nature and the environment. If we don’t protect the environment, presented by nature, people will not travel. We need to ensure sustainability across all sectors — environmentally, economically, and socially.

“In 2019 we commissioned a study with the WTTC and Oxford Intelligence to analyze the sustainability of our industry, which revealed that our sector contributes to about 8 percent of global greenhouse gas emissions.

“While this isn’t as high as initially feared, it’s still a concern. If we don’t come up with the right tools to reduce this in the best-case scenario, or at least maintain this, with the very high and fast growth of our industry in the next decade, we’re afraid this number will double to 15 or 16 percent in the worst-case scenario.”

The Kingdom has already begun addressing these concerns by launching campaigns to reduce food and water waste, in conjunction with hospitality chains like Hilton and Marriott. And in 2023 it spearheaded initiatives such as the Sustainable Tourism Global Center, working with international organizations like the UN and the WTTC to promote responsible tourism practices worldwide.

Mist covers the sky at an elevation 2800 metres above sea level, at the Jabal Marir (Mount Marir) park in Al-Namas in ��Ƶ's Asir Province, on August 16, 2022. (AFP)

From the economic perspective, Al-Khateeb highlighted how important small and medium-size enterprises were to the sector, making up 80 percent of the global tourism industry.

Ensuring the viability of these SMEs was crucial as the sector grows, especially thanks to their job-creation potential, he said. This was increasingly the case for women, including in ��Ƶ where a milestone 25 percent of tourism sector jobs in 2023 were held by females, he added.

��Ƶ continues to place a strong emphasis on supporting SMEs and entrepreneurs, which includes initiatives to train and support the next generation of tourism leaders, with 100,000 Saudis being trained annually through a partnership with UN Tourism, Al-Khateeb said.

This picture shows a view of the ancient town of Hegra in ��Ƶ’s AlUla desert on January 27, 2024. (AFP)

He added: “We’ve funded over 1,500 small businesses through the Saudi Tourism Development Fund over the past two years, and we continue to make the sector more attractive as a viable business opportunity for entrepreneurs.

“I am very optimistic. We want to further promote the sector, for it to prosper and to grow. We want to make this sector more important in ��Ƶ, and we took a decision to invest in the sector to open it up.”

With the value of the global tourism industry expected to grow to $11 trillion by 2030, Al-Khateeb said that ��Ƶ recognized the importance of both government and private sector collaboration, adding: “(Governments) design, but (the private sector) implement, they invest, they take the risk.”

He added: “The private sector is very important in our industry: It’s run by the private sector and we believe and we know in ��Ƶ how important it is. That’s why we invited the private sector for the first time to join the G20 meetings held in Riyadh, and since then they have been joining all of them.”

Topics: WEF 2025 ��Ƶ tourism

‘Unlock the full potential of human capital by making healthcare an utmost priority,’ Saudi minister tells WEF

Updated 21 January 2025

Zaira Lakhpatwala

January 20, 2025 21:50

‘Unlock the full potential of human capital by making healthcare an utmost priority,’ Saudi minister tells WEF

Faisal Alibrahim said healthy, resilient and productive human capital is the backbone of economic vitality
Participating in a session at Saudi House, he said health was a major part of ��Ƶ’s Vision 2030 agenda

Updated 21 January 2025

Zaira Lakhpatwala

January 20, 2025 21:50

DUBAI: Healthy, resilient, and productive human capital is the backbone of economic vitality, Faisal Alibrahim, the Saudi minister of economy and planning, told a panel discussion at the World Economic Forum in Davos on Monday.

“However, we see an interesting story where we invest billions in energy, education and other solutions, but the investments in healthcare seem to be taking a second priority,” he added.

Part of Saudi House, a centralized hub serving as a meeting point for government officials, business leaders and other stakeholders at the forum, the panel was moderated by Faisal J. Abbas, editor-in-chief of Arab News.

It featured health experts such as Dr. Sania Nishtar, CEO of Gavi, the Vaccine Alliance; Sir Jeremy Farrar, chief scientist at the World Health Organization; Rayan Fayez, deputy CEO of NEOM; and Dr. Nouf Al-Numair, secretary-general of the Saudi Ministerial Committee for Health in All Policies.

Alibrahim said health was a major part of ��Ƶ’s Vision 2030 agenda and it was “important for us to unlock the full potential of human capital in the Kingdom by making healthcare our utmost priority.”

Al-Numair said: “��Ƶ has taken concrete and very clear steps to adopt health in all policies.”

The initiative started “by issuing a royal decree that puts public health as a priority in all laws and regulations to prevent diseases and to increase the life expectancy of our population,” she added.

One of the committee’s policies is reducing the amount of salt and bread in foods, aimed at curbing hypertension, which affects cardiovascular health and, in turn, mortality.

“Eventually, (this) will increase the life expectancy in our population, so we have a clear understanding of what success looks like, which is linked to certain KPIs,” said Al-Numair.

A significant part of health is prevention and one of the most important tools for prevention is vaccination, Nishtar told the panel.

Although “there is a lobby of naysayers,” she added that her experience across countries has been varied with some showing a strong demand for vaccines.

“We are looking at our resource envelope, and we’re trying to raise more money, because the demand (for vaccines) from countries is so huge,” she said.

The WHO’s Sir Farrar called for a more horizontal structure with health and science built into different verticals — such as education and transport — along with a “governance structure, which ensures an inclusive voice for every ministry and every constituency.”

“Then, you have the opportunity to not have health as seen through the lens, frankly, of illness, but to have health seen through the lens of well-being,” he said.

He also asserted the need for countries to be able to adopt such a structure “either to address inequalities within the countries or inequalities between the countries.”

Health and well-being are a core part of the 15 sectors NEOM has identified as the “economic engines” of the futuristic city, said Fayez.

He said: “A lot of people hear about NEOM as this mega project or giga project, but it’s important to highlight that it is not the real estate or the infrastructure alone that makes NEOM.”

He explained that NEOM’s healthcare strategy is driven by four principles — prevention when possible, world-class treatment when needed, use of technology and sharing with the globe.

Topics: WEF 2025 ��Ƶ Editor’s Choice

Saudi banking sector poised for stability with 10% lending growth: S&P Global

Updated 20 January 2025

Nirmal Narayanan

January 20, 2025 17:40

Saudi banking sector poised for stability with 10% lending growth: S&P Global

Mortgage lending in the Kingdom is set for growth, supported by lower interest rates
Credit losses are expected to range between 50 and 60 basis points over the next 12 to 24 months

Updated 20 January 2025

Nirmal Narayanan

January 20, 2025 17:40

RIYADH: ��Ƶ’s banking sector is set to maintain profitability this year, with lending projected to grow by 10 percent, driven by corporate loans linked to Vision 2030 projects, according to a new analysis.

In its latest report, S&P Global said that stable credit growth, fueled by lower interest rates and a supportive economic environment, will underpin the sector’s performance.

The ��Ƶ Banking Sector Outlook 2025 report projects that credit growth will bolster banks’ profitability, stabilizing the return on assets at 2.1 to 2.2 percent — aligning with its 2024 estimates.

The growth is. part of the Kingdom’s spending on Vision 2030 programs, which has increased at an annual rate of 33.8 percent since the initiative’s inception, revealed Saudi Finance Minister Mohammed Al-Jadaan in a statement in November.

“We expect Saudi banks will continue resorting to international capital markets to help fund growth related to Vision 2030,” said Zeina Nasreddine, credit analyst at S&P Global Ratings. “Banks are poised for stable profitability in 2025 as the volume effect compensates for lower margins.”

The analysis aligns with data from the Saudi Central Bank, which reported a 13.33 percent year-on-year increase in bank loans to SR2.93 trillion ($782 billion) in November, the highest growth rate in 22 months. Corporate loans were the main driver, rising 17.28 percent to SR1.58 trillion.

S&P Global’s report also said that mortgage lending in the Kingdom is set for growth, supported by lower interest rates and expanding demographics driving demand in the residential real estate sector.

Credit losses are expected to range between 50 and 60 basis points over the next 12 to 24 months, supported by banks’ strong provisioning buffers.

External funding needs will persist due to Vision 2030 investment requirements, though recent mortgage-backed securities initiatives could provide some relief, the agency said.

“NIM (Net interest margin) is expected to drop by 20- 30 bps by the end of 2025 relative to 2023 as SAMA follows the Fed’s rate cuts to maintain its currency peg,” said S&P Global.

The report anticipates nonperforming loan formation will remain slow in 2025, with NPLs increasing to 1.7 percent of systemwide loans by the end of the year, up from 1.3 percent in September, owing to fewer write-offs.

S&P Global said that Saudi banks are well-capitalized, ensuring their creditworthiness, adding that earnings generation is sufficient to support asset growth, with the dividend payout ratio expected to average 50 percent in 2025.

��Ƶ is projected to witness an average gross domestic product growth of 4 percent between 2025 and 2027, compared to 0.8 percent in 2024.

The US-based agency further said that Vision 2030 initiatives are anticipated to drive medium-term non-oil growth, fueled by increased construction activities and a growing services sector supported by rising consumer demand and an expanding workforce.

The report also highlighted the Kingdom’s booming tourism sector, with growth in the hospitality industry driven by improved visa processes and enhanced leisure options.

Topics: ��Ƶ Saudi banking S&P Global Saudi economy Vision 2030

Closing Bell: Saudi main index closes in the green, reaches 12,379

Updated 20 January 2025

Nour El-Shaeri

January 20, 2025 16:35

Closing Bell: Saudi main index closes in the green, reaches 12,379

Updated 20 January 2025

Nour El-Shaeri

January 20, 2025 16:35

RIYADH: ��Ƶ’s Tadawul All Share Index edged higher on Monday, rising by 47.67 points, or 0.39 percent, to close at 12,379.54.

The benchmark index saw a total trading turnover of SR6.3 billion ($1.7 billion), with 116 of the listed stocks advancing, while 117 declined.

The MSCI Tadawul Index also gained 5.22 points, or 0.34 percent, to finish at 1,551.75. In contrast, the Kingdom’s parallel market, Nomu, ended the day lower, losing 281.88 points, or 0.89 percent, to close at 31,318.24, with 43 stocks advancing and 45 retreating.

Thimar Development Holding Co. emerged as the best-performing stock of the day, with its share price jumping 10 percent to SR51.70.

Other notable gainers included Arabian Pipes Co., which saw a 6.37 percent increase to SR13.36, and Middle East Specialized Cables Co., which rose by 4.95 percent to SR47.75.

Saudi Reinsurance Co. and ACWA Power Co. also posted solid gains, with their share prices surging by 4.82 percent and 4.41 percent, respectively, to SR58.70 and SR435.20.

Alamar Foods Co. saw the sharpest decline, with its share price dropping 3.33 percent to SR78.50. Nice One Beauty Digital Marketing Co. and Naseej International Trading Co. also recorded losses, with their shares slipping 2.91 percent and 2.60 percent, respectively, to SR56.80 and SR97.30.

Saudi Industrial Investment Group saw a 2.40 percent dip, closing at SR17.90, while Riyadh Cables Group Co. dropped 2.34 percent, settling at SR141.80.

Meyar Co. secured SR5.5 million in financing from Riyadh Bank to support its business expansion and enhance operational efficiency.

According to a bourse filing, the five-year financing agreement is part of the bank’s guarantee and bills program. The funds will be used to expand Meyar’s operations, develop production lines, and strengthen supply chains to boost overall efficiency. The investment aligns with the company’s strategic goals of increasing productivity and scaling its operations.

On the market, Meyar saw a 5.06 percent increase in its share price, reaching SR70.60.

Saudi Top Trading Co. announced the completion of construction at its West Coast Factory, which is set to begin trial production in the first quarter of 2025.

Located at the Rabigh PlusTech Park, the factory will start receiving raw materials, including polymer scrap, rubber, and synthetic wax, from Rabigh Refining and Petrochemical Co. This development follows a memorandum of understanding signed with Petro Rabigh in December 2022.

Under the MoU, Saudi Top Trading secured a 30-year lease on a site to produce 50,000 tonnes annually of polymer compounds, rubber, and waxes. With construction now completed, Saudi Top Trading is poised to enhance its production capabilities and leverage its partnership with Petro Rabigh.

Topics: TASI NOMU MSCI stocks

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UAE and China drive ��Ƶ’s non-oil exports in Q2: GASTAT

UAE and China drive ��Ƶ’s non-oil exports in Q2: GASTAT

��Ƶ’s non-oil exports rise 7.3% in June: GASTAT

��Ƶ’s refined crude exports up 12% to 1.37m bpd: JODI data

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UAE and China drive ��Ƶ’s non-oil exports in Q2: GASTAT

UAE and China drive ��Ƶ’s non-oil exports in Q2: GASTAT

��Ƶ committed to embracing sustainability-driven growth in tourism sector, minister says at WEF