Saudi Stock Gains Exceed 10% Since Beginning of 2019

Traders in the Saudi Stock Exchange market (Reuters)
Traders in the Saudi Stock Exchange market (Reuters)
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Saudi Stock Gains Exceed 10% Since Beginning of 2019

Traders in the Saudi Stock Exchange market (Reuters)
Traders in the Saudi Stock Exchange market (Reuters)

The gains achieved by the Saudi stock exchange market have amounted to more than 10 percent since the beginning of 2019.

Meanwhile, the market’s performance during the past week was volatile, starting with profit-gaining and concluding with qualitative gains during Thursday’s trading.

The value of total transactions during the week increased by 38 percent, amounting to about SAR24.7 billion riyals ($6.58 billion) compared with SAR17.91 billion ($4.77 billion) during the previous week.

Last week, the market recorded a decline of 2.7 percent. This came at a time when the market value stabilized at SAR2.005 trillion ($534.6 billion) while the average annual cash dividend yield for listed companies stabilized at 3.38 percent.

Purchases by foreign investors from the Saudi stock exchange market are expected to continue.

According to financial results of companies listed on the Saudi stock market, profits of cement companies jumped by 62.2 percent, while bank profits rose by 12.7 percent and, profits of energy companies rose 5.6 percent.

Results showed improvement in the financial performance of 86 companies (more than half of the major listed companies that announced their financial results).

The total results of listed companies showed that they have gained a profit of SAR23.2 billion ($6.1 billion) during Q1 2019.

Meanwhile, MSCI Inc, the world’s largest index provider, said 30 Saudi Arabian securities would be added to its closely watched and widely duplicated emerging-markets index.

It said they represent an aggregate weight of 1.42 percent in the MSCI Emerging Markets Index. All changes will be implemented as of the close of May 28, it said.

MSCI said late last year it would allow companies that give shareholders unequal voting rights to remain on its current equity indexes, backing down from an earlier proposal that would have reduced exposure to such companies.



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.