RIYADH: The market capitalization of the Tadawul All Share Index surged to over $2.9 trillion in June, up from $420 million in 2015, according to a report by S&P Global Ratings.
The firm suggested that the increase indicates solid economic fundamentals and positive investor sentiment in Saudi Arabia.
Tadawul and the Capital Market Authority have launched several initiatives to expand the capital market in recent years as the Kingdom seeks to diversify its economy in line with the Vision 2030 initiative.
RIYADH: Saudi Arabia’s Tadawul All Share Index ended its trading on Thursday in the red, as it shed 7.19 points, or 0.06 percent, to close at 11,458.98.
The exchange will remain closed from June 23 as a part of the Eid Al-Adha holidays and trading will resume on July 2.
The total trading turnover of the benchmark index was SR6.33 billion ($1.69 billion) as 95 stocks advanced, while 124 retracted.
While the parallel market Nomu dropped by 1,118.48 points to close at 26,147.86, the MSCI Tadawul Index dipped slightly to end the day at 1,510.25.
RIYADH: In a bid to contribute to the housing supply and boost the real estate development efforts in Saudi Arabia, Arjan Architects and Bloominvest have joined forces to build more than 100 housing units in northern Riyadh.
The two parties established a joint real estate investment fund called Arjan Al-Maghamis which aims to develop a land area exceeding 30,000 sq. meters in the Kingdom’s capital, Al-Ekhbariya reported.
RIYADH: Saudi Arabia’s merchandise imports decreased 16.1 percent to SR57.9 billion ($15.4 billion) in April 2023 compared to SR69 billion in March 2023, according to the latest data released by the General Authority for Statistics.
However, the Kingdom’s merchandise imports increased by 1 percent in April 2023 compared to SR57.3 million in April 2022.
According to the report, overall merchandise exports decreased 25.2 percent to SR103 billion in April 2023 compared to SR137.7 billion in the same month last year.
RIYADH: China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles and other green cars, as it seeks to boost auto sales.
Weakening sales growth in the world’s biggest auto market has raised concern over China’s economic growth and while financial support was widely expected after an earlier government pledge to promote the industry, shares in major automakers jumped after the details were released.
RIYADH: Riyadh is set to have its first Shell-branded fuel station later this year after the British energy firm signed an agreement with Asyad Holding Group, as part of the Saudi Energy Ministry’s efforts to bring international companies into the Kingdom.
The agreement will pave the way for Shell International to open its fuel stations in the fourth quarter of this year, the ministry said in a press release.
PARIS: Riyadh Air has finalized a deal for 90 GEnx-1B engines to propel its upcoming fleet, it was announced on Wednesday.
The agreement also includes spare engines and a TrueChoice services package.
The deal follows the Saudi airline’s recent wide-body order for 39 Boeing 787-9 Dreamliner aircraft.
The signing ceremony took place at the Riyadh Air chalet during the Paris Air Show, where the airline introduced its new livery to the world.