Companies Listed on 'Tadawul' Make Profits Worth 17B in 9 Months

Reuters
Reuters
TT

Companies Listed on 'Tadawul' Make Profits Worth 17B in 9 Months

Reuters
Reuters

Recent figures issued by the Saudi Stock Exchange (Tadawul) reveal that the percentage of ownership of foreign investors increases from week to another in Saudi Arabia.

This indicates that the Kingdom’s stock market has become one of the most attractive for foreign investments.

It also proves the vitality of the financial market on one hand and the confidence of foreign investors in the Saudi economy and listed companies on the other hand.

Meanwhile, foreign ownership in the Saudi stock market has jumped to more than nine percent of the total market.

The stock market index continued Monday the positive gains it had started last week, with about 48 points. On Sunday, it achieved gains of about 77 points.

The Saudi companies listed on the local stock market ended on Monday the announcement period of their financial results for the Q3 2019.

These results are the complementary for the first nine months of this year.

While the net profit achieved during the nine months period amounted to about SAR64.7 billion ($17.2 billion).

According to the announced results, 85 listed companies (more than 50 percent of the listed companies in the local market), have achieved a positive development in their financial results for the first nine months of 2019 compared to the same period last year.

This positive development takes two forms, one is the growth in profits, the largest number of companies, and the other is the marked decline in the amount of losses realized.

Based on these results, which are somehow in line with expectations of financial experts, the Saudi Stock Market Index has become close to 8,000 points, driven by the gains achieved by the market over the past few days.

In this context, the Saudi stock market index ended trading on Monday up 0.6 percent to close at 7922 points, amid transactions worth a total of about SAR2.7 billion ($720 million).



CEO of Cisco Saudi Arabia: Our Investments in the Kingdom Continue to Support Digital Transformation

The logo of US networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. (Reuters)
The logo of US networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. (Reuters)
TT

CEO of Cisco Saudi Arabia: Our Investments in the Kingdom Continue to Support Digital Transformation

The logo of US networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. (Reuters)
The logo of US networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. (Reuters)

Saudi Arabia has demonstrated a strong commitment to IT infrastructure amid significant advancements in the Kingdom’s tech sector on global indices. This has positively impacted Cisco, a global leader in security and networking solutions, which has reported consistent performance in line with the opportunities available in the country and reaffirmed its decision to continue investing in Saudi Arabia to support its digital transformation initiatives.

In an interview with Asharq Al-Awsat, Salman Faqeeh, CEO of Cisco Saudi Arabia, said the Kingdom showcased the strength and efficiency of its infrastructure during the COVID-19 pandemic, positively influencing Cisco’s operations over the past few years.

Cisco, a technology company listed on the US stock market and headquartered in Silicon Valley, California, specializes in developing, manufacturing, and selling networking devices, software, and communication equipment.

Faqeeh stated that Cisco is committed to playing a key role in supporting Saudi Arabia’s digital transformation through strategic investments. In 2023, the company opened a regional office in Riyadh to strengthen its operations across the Middle East and North Africa and deepen its presence in the Kingdom. Senior executives also held high-level meetings with government and private sector leaders to solidify partnerships in the local market.

Faqeeh stressed that the company has consistently invested in programs to accelerate digital transformation, supporting the Kingdom’s efforts in key sectors and fostering an innovation ecosystem. He added that since the launch of Saudi Arabia’s Digital Transformation Program in 2016, part of Vision 2030 aimed at enhancing digital skills and promoting innovation, Cisco has implemented more than 20 projects in critical areas such as healthcare, education, and smart cities.

Faqeeh praised the Kingdom’s achievements in digital transformation, citing its significant progress on global indices. Saudi Arabia ranked second among G20 countries in the 2024 ICT Development Index and led in cybersecurity readiness.

Boosting cybersecurity is a top priority for Saudi Arabia, particularly given the rising number of cyberattacks globally, he added. In this context, he pointed to Cisco’s efforts to provide solutions that protect data and digital infrastructure, citing a 2023 Cisco study, which revealed that 99% of surveyed organizations in the Kingdom increased their cybersecurity budgets, although 67% reported experiencing security incidents in the past year.

He also addressed challenges in artificial intelligence (AI), highlighting a recent Cisco study that found 93% of Saudi companies have AI strategies, but only 7% are fully prepared with the necessary infrastructure to implement these technologies.

Moreover, Faqeeh underscored the impact of Cisco’s Networking Academy program in Saudi Arabia, which has trained over 336,000 individuals, including more than 35% female participants—one of the highest percentages globally.

Regarding academic collaborations, he emphasized Cisco’s ongoing partnership with the King Abdullah University of Science and Technology (KAUST), aimed at improving the educational environment and empowering academic staff and students with cutting-edge solutions.

Cisco is also committed to environmental sustainability, aiming for net-zero greenhouse gas emissions by 2040. Faqeeh noted the company’s focus on delivering energy-efficient technology solutions and contributing to the Kingdom’s goals for carbon neutrality.

The company will participate as a strategic sponsor in the Black Hat cybersecurity conference, set to take place in Riyadh from November 26–28. According to Faqeeh, the company aims to use this platform to strengthen collaboration with clients and partners in the Kingdom, offering innovative security solutions that protect data and facilitate the safe adoption of AI technologies.