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Saudi Main Index Dips, Parallel Market Soars at Closing Bell

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped slightly on Thursday as it shed 16.89 points, or 0.15 percent, to close at 11,516.14. The total trading turnover of the benchmark index was SR9.25 billion ($2.47 billion), as 89 stocks advanced, while 116 retracted. The Kingdom’s parallel equity market, Nomu, continued its spectacular performance for the third consecutive day as it soared 2,048.72 points, or 8.21 percent, to reach 26,977.60. The MSCI Tadawul Index, however, dropped 0.05 percent to close at 1,518.74.
sport

Manchester City crowned European football royalty in Istanbul

ISTANBUL: In the presence of the UAE leadership, Manchester City joined footballing royalty as they became the kings of Europe. Finally, they had their Champions League — the trophy craved by their Abu Dhabi owners, manager Pep Guardiola, players and fans. A tense 1-0 win over Inter Milan in Istanbul confirmed their status as Europe’s elite club for the first time — and sealed a famous Treble, having already won the Premier League and FA Cup this season.
sport

“Champions League Final to Attract 450 Million Global Broadcast Viewers”

ISTANBUL: A global audience of 450 million viewers is expected to watch at least some part of the Champions League final between Manchester City and Inter Milan on Saturday, UEFA has estimated. The live, minute-by-minute average audience — a longtime gold standard in the broadcasting industry — of about 150 million is expected for the game in Istanbul that is being shown in more than 200 territories worldwide, UEFA said. It includes verified and estimated in-home TV viewers, fans streaming the game plus those watching in bars, restaurants and fan parks.
Business

Saudi Q1 Economy Grows 3.8% on Non-Oil Activities Rise

RIYADH: Saudi Arabia’s real gross domestic product grew by 3.8 percent year over year in the first quarter of 2023, primarily driven by expansion in non-oil activities, according to a report released by the General Authority for Statistics.    The GASTAT report noted that the Kingdom’s non-oil activities expanded by 5.4 percent in the first three months of 2023 compared to the same period a year ago.    However, the Kingdom’s real GDP decreased by 1.4 percent in the first quarter of 2023 compared to the last quarter of the previous year. 
sport

Indian Wrestlers End Protest After Assurances of Swift Probe Against Federation Chief

NEW DELHI: India’s top wrestlers said they had decided to suspend protests on Wednesday after the country’s sports minister promised a swift probe of their federation chief who they accused six months ago of sexually harassing female athletes. The wrestlers have been camping in New Delhi for months since April seeking the arrest of Wrestling Federation of India (WFI) President Brij Bhushan Sharan Singh, who has denied the allegations.
Business

NEOM secures $5.6bn for 1st phase of workforce residential communities development

RIYADH: Developmental work is fast gaining pace at Saudi Arabia’s futuristic city NEOM as the giga-project finalized contracts worth SR21 billion ($5.6 billion) to build the first phase of residential communities for the workforce. In one of the world’s largest public-private partnership deals for social infrastructure, NEOM signed up some of the leading Saudi developers to build 10 communities across the smart city that will accommodate an additional 95,000 occupants upon completion of the first phase. 
Business

Saudi Banks Remain Profitable in Q1 Despite Global Challenges: Alvarez & Marsal

RIYADH: Saudi Arabia’s top banks have continued to register steady earnings growth while maintaining profitability despite global headwinds amid rising interest rates, according to global professional services firm Alvarez & Marsal. The analysis by the New York-headquartered company revealed the Kingdom’s leading 10 banks collectively recorded 2.7 percent quarter-on-quarter growth in net profits during the first three months of the year to hit SR17.3 billion ($4.61 billion).
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