Saudi Arabia ramps up infrastructure to become a global logistics hub

RIYADH: After ending final week’s buying and selling session within the pink, the Tadawul All Share Index edged up 0.32 % to shut at 11,307.77 on Sunday.

The parallel market Nomu additionally ended the day 9.83 factors larger at 21,331.91 and the MSCI Tadawul Index climbed up by 0.36 % to 1,524.68.

The entire buying and selling turnover on the benchmark index amounted to SR5.2 billion ($1.39 billion).

The highest performer of the day was Saudi Arabian Amiantit Co., as its shares went up by 9.09 % to SR48.

It was adopted by Thob Al Aseel Co. and Methanol Chemical substances Co., as their share costs surged by 4.42 % and 4.4 % respectively.

Al-Etihad Co-operative Insurance coverage Co.’s shares plunged by 3.19 % to SR17.62.

CMA is to not cost fee on sukuk buying and selling

Saudi Arabia’s Capital Market Authority on Sunday stated it would now not cost commissions on sukuk and bonds buying and selling to facilitate buyers and improve liquidity within the native market.

The choice will take impact on Could 1, stated an official assertion.

It added that the choice will assist enhance the competitiveness of the native market and broaden the bottom of native buyers in authorities debt issuances.

“It’s hoped that the choice will contribute to motivating issuers to listing native currency-denominated sukuk and bonds within the Saudi debt market, and encourage buyers to commerce these devices, which is able to assist deepen the debt market and enhance its liquidity, whereas diversifying financing choices for the private and non-private sectors, by creating a brand new class of property for all segments of buyers,” it stated.

Main bulletins

Ghida Alsultan for Quick Meals Co. revealed that its internet revenue elevated by 28 % to achieve SR19.5 million in 2022, from SR15.3 million in 2021. The corporate attributed the rise in internet revenue to a rise in gross sales and the institution of the Foil Burger cloud model.

The United Worldwide Transportation Co., also called Price range Saudi, signed a gross sales and buy settlement to accumulate 70 % — value SR126.4 million — of Abroad Improvement Co.’s possession in Saudi Arabia.

On April 30, One Investments Co. issued its prospectus to drift 300,000 shares, accounting for 10 % of its SR30 million capital on Nomu. The corporate stated the share sale will run from Could 18 to 25 for certified buyers.