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Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi Stocks Resume Trade Activity, Jump 137 Pts
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Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi stock market gains jumped on Tuesday with trade activity resuming after a two-day holiday celebrating the Kingdom’s 88th National Day.

Jumping 137 points, the Saudi index closed at 7,905 points on Tuesday, well above its 200-day average. Analysts read into the jump as a positive technical signal for the index.

The number of shares traded exceeded 121 million shares in over 99 thousand transactions.

In a related context, the Saudi Arabian Capital Market Authority (CMA) approved the initial public listing of 30 percent, or 6 million shares, of Gulf Steel Works Company.

"The prospectus will contain the information and data that the investor needs to know before making the investment decision or not, especially with respect to share prices and financial statements of companies," the market regulator said in a statement.

The prospectus will include all relevant information including the share price, the company's financial statements, activities and management. The document will be published within sufficient time prior to the start of the subscription period.

According to the CMA, the approval will be valid for six months from the board resolution date and will be canceled if the offering and listing of the company's shares are not completed within this period.

However, the CMA approval of the request should not be considered as an endorsement of the feasibility of the investment in the offering or in the shares of the company concerned.

The decision to approve the request means that the regulatory requirements have been complied with in accordance with the Capital Market Law and its Implementing Regulations, the CMA’s statement added.

These developments come after the Saudi Council of Economic and Development Affairs (CEDA) approving the Financial Sector Development Program 2020, which is one of the main programs to achieve goals of the Saudi Vision 2030.

The program’s objectives include creating a diversified and effective financial services sector to support the development of the national economy, diversify its sources of income, and stimulate savings, finance, and investment by addressing the sector’s challenges.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.