Saudi Index Record a 158-Point Increase

Investors talk as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
Investors talk as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
TT
20

Saudi Index Record a 158-Point Increase

Investors talk as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
Investors talk as they monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)

The Saudi index recorded an increase of 158-point last week, a 2.24 percent, driven by the positive atmosphere and general optimism after authorities resumed economic activities in the Kingdom and eased measures imposed to curb the spread of COVID-19.

Over the past two days, the Saudi stock succeeded in reducing the severity of inflation of some indices, as the market recorded strong gains during eight consecutive trading sessions.

This indicates that it is possible for the operations to gain profit which will, in turn, drive the index upwards targeting levels beyond last Sunday's record.

The Saudi index closed this week’s tradings on levels above 7200 points, supported by strong gains achieved on Sunday and Monday.

Saudi stocks will start Sunday the week’s trading amid expectations that the index will maintain a level above 7129 points.

Meanwhile, the period for the listed companies to announce their financial results ends on June 22, as the performance of listed companies varied. About 90 companies are expected to announce their financial results soon, which will affect the general performance of the market index.

Until now, 108 companies have announced their financial results for Q1 of 2020, which saw an improvement in the financial performance of 57 companies.

Meanwhile, oil prices did not affect the Saudi market during the past few days. Brent crude recorded levels of $40 a barrel for the first time in three months, however, the Saudi index fell by about 70 to 80 points.

Saudi stock continued its positive performance despite the oil price crisis, which will soon end. However, the effect of OPEC and OPEC+ meetings remains a stimulus that will benefit the market especially with the agreement to extend oil production cuts.

OPEC, Russia, and allies agreed on Saturday to extend oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10 percent of global supplies from the market.



Gulf States Accelerate Adoption of Unified Digital Government Platforms

A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)
A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)
TT
20

Gulf States Accelerate Adoption of Unified Digital Government Platforms

A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)
A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)

Gulf governments are moving swiftly to leverage modern technology in reshaping citizen-government relations, with a strong push toward digital transformation and more efficient, user-centric public services.

At the forefront of this shift are unified government applications that constitute comprehensive digital platforms that combine smart technology with seamless usability.

According to a recent study by Strategy& Middle East, a member of the PwC network, these platforms are no longer optional but have become strategic necessities.

The study, titled “Unified Government Apps: Smart Choices for Services and Cost Control,” highlights that citizens and residents can now complete services such as issuing birth certificates, renewing business licenses, or applying for social support within minutes, without physically visiting a government office.

Tawakkalna: A Saudi Model

Saudi Arabia’s Tawakkalna app, originally launched as a health tool during the COVID-19 pandemic, has since evolved into a comprehensive digital gateway offering over 1,100 government services.

Dr. Esam Al-Wagait, Director of the National Information Center at the Saudi Data and Artificial Intelligence Authority (SDAIA), noted the Kingdom’s aim to build a proactive digital government powered by AI.

“We are creating an integrated system that uses advanced technology to predict citizen needs and deliver personalized experiences aligned with smart and sustainable city goals,” he said.

Engineer Saleh Mosaibah, Deputy Director of the National Information Center, added that unified platforms enhance inter-agency collaboration, reduce operational costs, strengthen cybersecurity, and boost Saudi Arabia’s regional and global competitiveness.

Challenges and Solutions

Despite progress, the study noted operational and technical challenges remain, particularly around user expectations for faster, smoother service. Repeated logins and redundant data entry were identified as key obstacles.

Engineer Hani Zein, Partner at Strategy& Middle East, stressed the need for seamless, single-entry platforms powered by artificial intelligence.

“Unified interfaces are the future. They improve service delivery, enhance quality of life, and align with Gulf digital transformation goals,” he said.

Investment and Private Sector Integration

Experts stress that building such applications requires significant investment in IT infrastructure, data integration, and cybersecurity. “These are not just tech expenses, they are investments in smarter, more cost-efficient governance,” said Mosaibah.

The private sector also presents growth opportunities. Licensed companies could offer services through government platforms for a fee, or strategic partnerships could bring in private funding and innovation without straining public budgets.

Building a Sustainable Model

To ensure sustainability, Zein recommends a three-pillar approach: an agile operational model inspired by startups, strong legal and financial frameworks, and robust risk management systems. These foundations, he said, enable governments to move quickly, innovate freely, and maintain public trust.

With the right strategy, Zein and Mosaibah believe Saudi Arabia is well-positioned to set global standards for integrated digital government, offering a world-class experience for citizens and residents alike.