��������Ƶ

RIYADH: Mining presents significant opportunities for collaboration between ��������Ƶ and Finland, a senior Finnish minister stated, emphasizing the “almost unlimited potential” of their bilateral relationship.

In an interview with Arab News on the sidelines of the Future Minerals Forum in Riyadh on Jan.14, Wille Rydman, Finland’s minister for economic affairs, highlighted that ��������Ƶ’s partnership with Finnish companies could play a key role in achieving sustainability within the Kingdom's mineral sector.

��������Ƶ already enjoys a robust relationship with Finland in the energy sector. In October 2024, the two countries signed a memorandum of understanding to accelerate collaboration in areas such as clean power technologies, stable electricity systems, and climate change mitigation solutions.

“I think that there is almost unlimited potential in our bilateral trade relations. As we are now meeting here in the Future Minerals Forum, the focus is heavily on the mining industry. And I think that’s one of the arenas where our countries can cooperate even deeper in the future,” Rydman said.

He added: “Finnish companies are very known for their sustainability, their ability for doing (a) sustainable mining industry. I’m very confident that they can also give a lot of know-how and business potential for ��������Ƶ’s mineral sector.”

Rydman further emphasized that Finnish collaboration in the mining sector would assist ��������Ƶ in meeting its energy transition targets. Strengthening the industry, he noted, is essential for achieving these goals, as minerals are crucial for the electrification of societies.

“It’s been globally very well recognized how important a role critical raw materials are playing in the future energy transition, and how important it is to maintain those critical supply and value chains when it comes to minerals and mining industry,” the minister explained.

He also pointed out that ��������Ƶ’s Vision 2030, which includes objectives like responsible mining and the use of green energy, presents valuable opportunities for Finnish companies to operate within the Kingdom.

“The aims and targets that ��������Ƶ has put for itself are actually kind of targets and aims where Finnish companies have been succeeding very well, especially when it comes to the mining industry, responsible mining, green energy, green and clean transition. And that’s why I think that Finnish companies entering ��������Ƶn markets can help ��������Ƶ to reach those targets,” Rydman said.

The minister also extended an invitation to Saudi investors to explore opportunities in Finland.

RIYADH: ��������Ƶ’s benchmark Tadawul All Share Index rebounded on Tuesday, rising by 62.81 points, or 0.52 percent, to close at 12,172.75.

The index saw a total trading turnover of SR6.10 billion ($1.63 billion), with 150 stocks advancing and 87 declining.

The Kingdom’s parallel market also posted gains, rising by 82.65 points to finish at 31,317.09. The MSCI Tadawul Index increased by 0.50 percent, closing at 1,517.21.

The day’s biggest gainer was Nice One Beauty Digital Marketing Co., with its share price surging 9.81 percent to SR54.30.

Other notable performers included Americana Restaurants International PLC – Foreign Co., which rose 9.01 percent to SR2.42, and Fawaz Abdulaziz Alhokair Co., which gained 8.08 percent to SR15.78.

On the downside, Savola Group saw its share price drop by 2.23 percent, closing at SR37.35.

On the announcements front, Al Jouf Cement Co. announced that recent adjustments to fuel prices in ��������Ƶ would lead to a 10.1 percent increase in production costs.

The company said the impact would be reflected in its financial performance for the first quarter of 2025. As a result, Al Jouf Cement’s share price declined by 0.92 percent, closing at SR10.74. KnowledgeNet Co. revealed that it had signed a SR3.12 million contract with Beltone Securities Brokerage, Beltone Securities Holding, and Beltone Fixed Income to provide financial brokerage and custody services.

The deal will see KnowledgeNet replace its existing systems with the TradeNet Back Office System and TradeNet Custody System, which the company believes will improve the efficiency of its operations. KnowledgeNet’s share price rose by 1.60 percent, closing at SR35.

Ataa Educational Co. also announced that its shareholders had approved a 12.5 percent cash dividend, totaling SR1.25 per share, for the financial year ending July 31, 2024. Despite the dividend approval, the company’s share price fell by 0.27 percent, closing at SR74.50.