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Saudi Stock Value Market Exceeds $2.13 Trillion

Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) (Reuters)
Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) (Reuters)
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Saudi Stock Value Market Exceeds $2.13 Trillion

Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) (Reuters)
Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) (Reuters)

The market value of Saudi stocks exceeded $2.13 trillion dollars driven by 200 points increase in the market index, as a jump in oil prices and positive corporate earnings from the banking sector boosted the stocks.

Saudi Aramco closed at 1.3 percent at 32.35 riyals above its initial public offering price of $8.6, for the first time in 70 days.

The shares of 138 listed companies closed positively on Monday and cash liquidity jumped to levels close to $1.36 billion registering a 27-percent increase compared to Sunday.

Saudi Arabia's index surged 1.4 percent, a 96-points increase, amid active trading compared to the previous sessions.

Meanwhile, about 80 Saudi companies listed in the local market announced their financial results for Q1 of 2020, with 44 companies recording an improvement in their performance, compared to 36 companies that have seen a decline.

The remaining 100 companies are expected to announce their financial results soon, which will affect their shares during the announcement period.

Oil prices climbed on Monday, supported by output cuts and signs of gradual demand recovery amid easing coronavirus curbs and resumption of economic activity.

The booming oil markets also influenced the Saudi stock, as Brent crude jumped 6.1 percent at $34.49 a barrel, while Nimex had a 9 percent increase, exceeding $32 a barrel.

Notably, Saudi index is approaching the 7000-point barrier as traders hope that the market index will exceed this barrier before closing for Eid el-Fitr, backed by the oil prices, given that they improve or maintain the same current levels.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.