ACWA Power starts commercial ops at Uzbekistan's 2 wind power plants
ACWA Power Co. received notifications, on April 3, from the project companies of both the 500 megawatts (MW) Dzhankeldy Wind Farm and the 500 MW Bash Wind Farm in Uzbekistan, confirming the issuance of commercial operation certificates for their full production capacity, according to a Tadawul statement.
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Arab News
a day ago
- Arab News
Closing Bell: Saudi main index rises to close at 10,610
RIYADH: Saudi Arabia's Tadawul All Share Index rose on Thursday, gaining 19.58 points, or 0.18 percent, to close at 10,610.71. The total trading turnover of the benchmark index was SR6.4 billion ($1.7 billion), as 116 of the stocks advanced and 115 retreated. The Kingdom's parallel market Nomu lost 28.01 points, or 0.11 percent, to close at 26,175.83. This came as 35 of the listed stocks advanced while 41 retreated. The MSCI Tadawul Index lost 0.54 points, or 0.04 percent, to close at 1,367.14. The best-performing stock of the day was Alistithmar AREIC Diversified REIT Fund, whose share price surged 9.97 percent to SR7.50. Seera Group Holding also recorded strong gains, with its share price rising 7.99 percent to SR23.80, while Banan Real Estate Co. climbed 7.14 percent to close at SR4.50. Southern Province Cement Co. recorded the most significant drop, falling 5.19 percent to SR27.40. Ataa Educational Co. also saw its stock prices fall 3.43 percent to SR59.10. Leejam Sports Co. also saw its stock prices decline 3.01 percent to SR116. On the announcements front, Advance International Communications and Technology said it has completed the conversion of one of its branches into an independent limited liability company under the name Innovation Passage Technology Co. According to a statement on Tadawul, the move is part of the company's strategy to restructure its operations by separating the wholesale business sector. The new entity will take over all wholesale functions and operations. The company stated that the transformation is not expected to have a significant financial impact and that any further updates will be announced as they arise. Alujain Corp. announced that its board of directors has approved the distribution of SR51.9 million in cash dividends for the second quarter of 2025. A bourse filing revealed that the number of shares eligible for dividends is 69.2 million, with the dividend per share set at SR0.75. The dividend represents 7.5 percent of the share's par value. Alujain shares closed the session up 2.74 percent at SR35. United Cooperative Assurance Co. announced the signing of a memorandum of understanding with Arabia Insurance Cooperative Co. to evaluate a potential merger. According to a Tadawul filing, both parties will conduct technical, financial, tax, legal, and actuarial due diligence, and will enter into non-binding discussions regarding the terms and conditions of the proposed transaction. United Cooperative Assurance shares closed at SR6.70, up 0.75 percent.
Asharq Al-Awsat
a day ago
- Asharq Al-Awsat
Primary Listings Maintain Strategic Allure in Saudi Market Despite Slower Momentum
Despite a noticeable slowdown in the pace of initial public offerings (IPOs) during the first five months of 2025, the Saudi stock market continues to attract strategic listings, reinforcing its commitment to the economic diversification goals of Vision 2030. The lull follows an exceptional year in 2024, with analysts attributing the current deceleration to a combination of global factors. Chief among them are the 7% decline in the Tadawul All Share Index (TASI) since the start of the year and intensifying geopolitical and trade tensions, particularly in the Middle East. Nonetheless, investor sentiment remains cautiously optimistic, buoyed by quality offerings in high-impact sectors. A case in point is the recent IPO of flynas, which debuted on the Saudi stock exchange (Tadawul) amidst heightened regional instability, notably the escalating Iran-Israel conflict. The airline's listing garnered strong institutional interest, generating an oversubscription of over SAR 409 billion ($109 billion). However, its first trading session reflected market nervousness, with shares dropping as much as 12% before recovering to close at SAR 77.80, a 2.75% loss. The debut saw a flurry of trading activity, with over 12 million shares exchanged in under an hour, valued at nearly SAR 900 million. The challenges facing regional carriers, ranging from airspace closures to route changes, have significantly inflated operational costs. Still, the IPO marked the first major listing on the main market since the outbreak of recent military tensions, underlining investor interest in key sectors despite a turbulent backdrop. flynas floated 51.3 million shares, representing 30% of its post-offer capital, with 80% allocated to institutional investors and 20% to retail. The company's market cap at listing was SAR 13.7 billion. The broader IPO landscape has been quieter compared to 2024, which saw 40 offerings totaling SAR 15.2 billion, including 14 listings on the main market and 26 on the parallel market (Nomu). The Saudi bourse ranked 9th globally in IPO volume and 7th in IPO returns last year, according to the Capital Market Authority's (CMA) board member Abdulaziz bin Hassan. Yet despite fewer IPOs this year, the focus has shifted toward strategic sectors. The March listing of Umm Al Qura for Development & Construction (Masar), which soared 30% on its debut, highlights investor appetite for real estate plays tied to national projects. Masar's shares climbed from SAR 15 at IPO to SAR 23 by early June. In contrast, United Carton Industries Company, which listed in late May at SAR 50, fell to SAR 41.35 amid a 46% drop in first-quarter profits. Still, experts note the firm's market niche in corrugated packaging gives it long-term relevance. Commenting on market dynamics, Mohammed Al-Farraj, Senior Head of Asset Management at Arbah Capital, emphasized the resilience of the Saudi exchange. He noted that Vision 2030 continues to drive economic diversification and investor confidence, even as oil prices exert a more contained influence, mainly on energy giants like Aramco. Al-Farraj also pointed to macroeconomic factors such as inflation and interest rates, stressing that elevated costs in housing and construction materials are pressuring real estate margins. However, expectations of interest rate cuts later in 2025 could provide a much-needed boost to real estate and financial services.
Argaam
a day ago
- Argaam
SAL signs addendum contract for SAR 9.6M Dammam station production services
SAL Saudi Logistics Services Co. signed an addendum to a contract with Almajal Service Master Co., under which SAL will receive productivity services for its Dammam station, at a value of SAR 9.6 million. According to a statement on Tadawul, the contract addendum extends from June 1, 2025, to May 31, 2026, and is renewable for an additional two years through an extension signed by both parties. SAL noted that the original contract, dated May 17, 2020, was disclosed in the company's prospectus, and that the addendum is effective June 1, 2025. It also confirmed that there are no related parties involved.
