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Saudi Index Records Highest Close Since August 2022

Saudi trader monitors stocks at the Saudi stock market in Riyadh (Reuters)
Saudi trader monitors stocks at the Saudi stock market in Riyadh (Reuters)
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Saudi Index Records Highest Close Since August 2022

Saudi trader monitors stocks at the Saudi stock market in Riyadh (Reuters)
Saudi trader monitors stocks at the Saudi stock market in Riyadh (Reuters)

Saudi Arabia's benchmark Tadawul All Share Index (TASI) closed 0.1%, or 17 points, higher at 12,502 points today, Feb. 18, recording the highest close since August 2022.
Total turnover reached nearly SAR 9.2 billion.
A total of 386.39 million shares were exchanged, in which 155 companies recorded an increase in value, while 65 companies closed with a decline.
The shares of the most profitable National Agricultural Development Company (NADEC) rose by 9.97% after it announced profits of 216 percent.
It increased 18% to $80.5 million due to the growth of its revenues in the Saudi and Gulf markets.
Several economic experts attributed the rise in the Saudi market's recording to the size of the recently launched investment funds, which began selectively implementing purchases of stocks last January to support its investment portfolios.
The experts told Asharq Al-Awsat that the market reacted positively to most of the listed companies' quarterly announcements.
The financial advisor Mohammed al-Maimoni, believes the Saudi market began at the beginning of 2024 with a record rise in the index until it currently reached about 12,502 points.
Maimoni told Asharq Al-Awsat that the positive reports about the Saudi economy increased foreign investors' interest in the Saudi market.
He added that the Federal Reserve's intention to start lowering interest rates and stabilizing their prices positively impacted traders and market stability.
The expert explained another important factor that led to the increase in the Saudi market: the size of the investment funds that were recently launched as a public offering and began entering the market in late December 2023.
The funds began entering the market at the beginning of January. It subsequently made purchases of several stocks selectively and in a balanced manner for its investment portfolios, which generally contributed to the market recording these successive increases.
For his part, the CEO of Razeen Capital Company, Mohammad al-Suwaid, said that the hikes in the Saudi stock market come as a natural reaction to the quarterly results of registered companies.
Suwaid explained to Asharq Al-Awsat that there was a growth difference, with some companies witnessing a slowdown while others saw growth, several companies experienced contraction, and some others recorded good results during the past period.
The Saudi market will benefit during the coming period from the results of the state's general budget, which will witness an increase in government spending, said Suwaid, asserting that it would positively impact the financial results for listed companies, which may be reflected next April.

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Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
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Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)

Saudi Arabia has tripled its foreign investment inflows and increased the number of investors tenfold since the launch of Vision 2030. More than 1,200 international investors have also obtained premium residency in the Kingdom.

These figures were revealed by Minister of Investment Khalid Al-Falih during the 28th Global Investment Conference, held in Riyadh on Monday under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister.

Al-Falih emphasized that premium residency is a key enabler for attracting foreign investment, as it simplifies procedures for investors and enhances their ability to seize the opportunities available in Saudi Arabia, solidifying the Kingdom’s position as a global investment hub. Residency holders, he noted, are treated as if they were in their home countries.

Since the introduction of Vision 2030, investment inflows have tripled, and the GDP has grown by 70%, reaching $1.1 trillion—half of which comes from non-oil sectors, he continued.

Al-Falih also stressed the immense opportunities in areas such as digital infrastructure and research-driven economic growth. He identified sustainability and circular carbon economy projects as key focus areas for future investment.

He acknowledged the geopolitical risks and labor shortages that pose challenges to investment. However, he projected that the Global South is poised to attract half of global financial flows by 2025.

The minister went on to say that hosting the Global Investment Conference in Riyadh provides Saudi Arabia with a platform to present its strategic vision to international partners and highlight its status as a trusted partner in sustainable economic growth.

Nivruti Rai, Managing Director and CEO of Invest India and President of the World Association of Investment Promotion Agencies (WAIPA), underscored the importance of international collaboration in achieving sustainable growth and digital transformation. She lauded Vision 2030 as a model for economic and social progress, underlining the role of technology, education, and tourism in driving development.

The world has consumed nearly 2.5 trillion metric tons of greenhouse gas emissions, leaving only 500–700 billion metric tons for sustainable use, she noted, while underscoring the need for countries like Saudi Arabia and India to lead innovation in renewable energy sources such as solar, wind and green hydrogen.

Saudi Arabia’s commitment to innovation in energy and water was also commended, with Rai describing mega projects like NEOM as a “dream come true” and a leading example of integrating technology and sustainability to improve quality of life.

During a panel discussion, Saudi Minister of Economy and Planning Faisal Al-Ibrahim revealed that investment and fixed capital now constitute 25% of the GDP. He noted that Vision 2030 has unlocked vast opportunities in previously untapped sectors, including mining, tourism, culture, and entertainment, significantly contributing to the Kingdom’s non-oil growth.

Al-Ibrahim stressed the importance of adopting advanced technologies in renewable energy, green hydrogen, defense, education, and healthcare.

He stressed Saudi Arabia’s role as a central platform for accessing new markets and boosting global economic stability through continuous innovation.

Egyptian Minister of Investment and Foreign Trade Hassan Al-Khatib highlighted the importance of Saudi-Egyptian cooperation and sound policy adoption to attract investments in promising sectors.

Saudi investments in Egypt would significantly contribute to fostering a favorable investment climate, he said.

Greek Deputy Minister of Foreign Affairs Kostas Fragogiannis discussed Greece’s focus on attracting investments in gas, including talks with Saudi Arabia and other nations, to access European markets.

The Invest in Saudi Arabia platform organized the three-day Global Investment Conference from November 25 to 27 in collaboration with WAIPA. This major event brings together global leaders, investors, and stakeholders to explore opportunities in sustainable growth and digital transformation, aiming to diversify and enhance global investment strategies.