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Saudi Stock Market Value Settles at USD 482.6bn

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015. REUTERS/Faisal Al Nasser/File Photo Reuters
A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015. REUTERS/Faisal Al Nasser/File Photo Reuters
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Saudi Stock Market Value Settles at USD 482.6bn

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015. REUTERS/Faisal Al Nasser/File Photo Reuters
A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015. REUTERS/Faisal Al Nasser/File Photo Reuters

The market value of Saudi shares settled at SAR1.81 trillion (USD482.6 billion), with the local market preparing to list and trade shares of Leejam Sports Company starting Monday.

Market attractiveness has been reinforced by profit gaining operations witnessed by the Saudi stock market in the past days.

In this context, Tadawul announced that starting Monday (Sep. 10) Leejam Sports Company will be listed and traded – daily fluctuation rate of the share price would be 10 percent.

Saudi stock exchange concluded last week’s trading, dropping around 3.3 percent i.e. 260 points, closing at 7,688 points compared to the previous week closure at 7,948 points.

The Saudi shares market managed to retain a huge part of its gains achieved in 2018, in which the Saudi shares market index is accomplishing a positive performance of 6.5 percent during the current year.

Saudi shares index closed at 7687.76 points with a trading value of more than SAR3.7 billion (USD1 billion approximately). The total number of traded shares on Thursday exceeded 159 million shares distributed over 124,000 deals.

These developments coincide with the issuance of the 54th SAMA Annual Report that has proven the stability of the financial sector in Saudi Arabia, marking a 6.3 percent growth in the local banks' capitals and reserves in 2017.

SAMA Report reviewed the monetary and banking developments in the kingdom during 2017 in addition to the latest updates regarding the foreign sector and the oil and non-oil sectors, not to mention funding and insurance activities.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.