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Foreigners Pump $426 Mn into Saudi Shares Through Direct Investment

Foreigners Pump $426 Mn into Saudi Shares Through Direct Investment
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Foreigners Pump $426 Mn into Saudi Shares Through Direct Investment

Foreigners Pump $426 Mn into Saudi Shares Through Direct Investment

Every week foreign investors pump cash into the Saudi Stock market to buy Saudi shares listed on the local capital market, showing the attractiveness of the Kingdom’s financial market.

In this context, the Saudi Stock Exchange (Tadawul) announced that the net purchases of foreign investors through foreign direct investment has amounted to about SAR1.6 billion ($426.6 million) last week, a high liquidity that confirms the vitality of investment in the domestic market.

Foreign residing investors have bought more than SAR11 million ($2.93 million) during last week. While foreign investors tended to sell with net liquidity of about SAR44 million ($11.7 million) during the same week through swap agreements.

With the opening of the trading week on Sunday, the index of the Saudi stock market closed on green unlike SABIC, which announced a decline in profits for H1 2019 by 54.7 percent compared to H1 2018.

SABIC fell 0.7 percent and Saudi Arabia's index rose to 8,859 points, gaining 40 points amid a cash flow of two billion riyals ($533.3 million).

The market value stood at SAR2.06 trillion ($549.3 billion) on Sunday while its gains have amounted to13.19 percent since the start of trading.

The average dividend yield of listed companies in the Saudi stock market is around 3.29 percent, which is attractive to an investor looking for cash dividends away from day-to-day trades that require a lot of know-how.

In this regard, Al-Sorayai Group achieved the biggest gains on Sunday with about 10 percent, following a recommendation by the company’s board of directors to reduce the capital by 70.9 percent to cover the accumulated losses.

Notably, foreign strategic investors have become more likely to buy in Saudi companies listed on the capital market.

The Capital Markets Authority (CMA) has recently confirmed that strategic investors can acquire strategic shares in listed companies according to a package of obligations.

It excluded foreign strategic investors from the condition of owning more than 49 percent of listed companies in the domestic market, indicating the vitality of the country’s financial market.

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Saudi Arabia Reiterates Categorical Rejection of Israel’s Ongoing Attack against Palestinians, Relief Agencies

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
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Saudi Arabia Reiterates Categorical Rejection of Israel’s Ongoing Attack against Palestinians, Relief Agencies

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)

The Saudi government reiterated on Tuesday its categorical rejection of the Israeli forces’ ongoing attacks against civilians and humanitarian and relief agencies.

It called on the international community to assume its responsibilities towards these violations against the Palestinian people.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the cabinet meeting that was held in Riyadh.

The ministers were briefed on the telephone calls Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, held with Russian President Vladimir Putin and French President Emmanuel Macron.

They reviewed the talks held by senior Saudi officials with their counterparts from different countries, at bilateral and multilateral levels, with the aim of strengthening ties, intensifying efforts to open up new horizons in various fields and achieve aspired goals, and bolstering efforts exerted to tackle global challenges.

The cabinet tackled the outcome of the second meeting of the Saudi-French Ministerial Committee, and the efforts to strengthen cultural, tourism, and economic partnerships between AlUla and Paris, in view of the special relations between their countries and commitment to developing ties in all sectors.

The cabinet commended the outcome of the second meeting of the Ministerial Committee on Political, Security, Social, and Cultural Cooperation, established under the Saudi-India Strategic Partnership Council, which underscored the importance of coordination and cooperation on issues of common interest, particularly those related to economic development and international security and peace.

It reviewed the latest regional and international developments, focusing on the situation in the Palestinian territories.

The cabinet reiterated its concern over extremist Israeli statements about imposing sovereignty over the West Bank, and the construction and expansion of settlements.

These actions undermine peace efforts, threaten regional security and stability, and are a blatant violation of international laws and relevant UN resolutions, it warned.

Domestically, the cabinet hailed the support lent by King Salman to the current Riyadh Economic Forum, saying that the recommendations of the 11th session of the forum can be expected to give further impetus to the national economy and bolster the private sector's role in the Kingdom's comprehensive development.

The cabinet recognized the success of the "Cityscape Global 2024" exhibition held in Riyadh, which aligns with national goals and offers promising prospects to the real estate sector. The value of the transactions concluded at the exhibition surpassed SAR230 billion, with sales from local and international developers exceeding SAR20 billion. The exhibition attracted over 172,000 visitors, underscoring the success of the Kingdom's efforts to position itself as a global hub for exhibitions and conferences.

Moreover, the cabinet praised the outcomes of the "Jeddah Declaration", issued during the Fourth High-Level Ministerial Meeting on Antimicrobial Resistance, commending the initiatives and mechanisms that bolster the global commitment to a multifaceted approach in tackling global health challenges and seeking solutions through research, development, and innovation.

The cabinet said the Fourth Edition of the Saudi Green Initiative Forum, set for December 3-4, will be geared toward expediting efforts aimed at fostering a more sustainable future. The initiative has had concrete positive impacts on climate and environmental initiatives, helping boost the total capacity of renewable energy sources to over four gigawatts, planting about 95 million trees, and translocating 1,660 endangered animals across the Kingdom.