SABIC Deal Pushes Saudi Shares to Record Level

SABIC Deal Pushes Saudi Shares to Record Level
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SABIC Deal Pushes Saudi Shares to Record Level

SABIC Deal Pushes Saudi Shares to Record Level

Saudi Aramco's 70 percent purchase of Saudi Basic Industries Corp (SABIC) raised the weekly monetary value in the Saudi Stock Exchange to reach a historic level in which monetary liquidity recorded around SAR291.89 billion (USD77.83) on a weekly basis.

This coincided with the market index edging up for the fifth week in a row.

The Saudi Shares Exchange attained the longest series of weekly rises since the beginning of the year, in which the index made remarkable gains for five consecutive weeks. This occurred amid a positive performance of most trading firms and the start of the second tranche of the fifth phase of Saudi Arabia's inclusion of foreign funds affiliated to the FTSE Russell Emerging Market Index.

Saudi Shares Exchange’s trading saw a historic event last week which is Aramco’s acquisition of a 70 percent share of SABIC for SAR259.125 billion (USD69.1 billion). This deal reinforces Aramco’s strategy in diversifying its operations and income sources, and the fact that it isn’t an oil and gas firm only but also one of the biggest petrochemical companies worldwide.

Last week’s trading value recorded a sharp rise of SAR291.89 billion (USD77.83 billion) after sealing four SABIC deals for SAR259.1 billion (USD69.1 billion) compared to around SAR25.89 billion (USD96.90 billion) in the past week.

Saudi Aramco's weight in the FTSE Russell Secondary Emerging Markets index will increase from 0.51 percent to 0.77 percent on including the additional 450 million shares, which were allocated by Saudi Aramco to investors as bonus shares during the book-building process, FTSE Russell said in a statement.

In a related context, listed firms continued to declare fiscal results for Q1 of this year, in which 26 companies disclosed their quarterly outcomes last week bringing the total to 154 companies. A tally of 19 firms didn’t announce their results yet but will do by June 22 as a deadline.



Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
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Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 

Indonesia and Singapore signed initial deals on Friday to develop cross-border trade in low carbon electricity and collaborate on carbon capture and storage, ministers from both countries said in Jakarta.

The electricity deal reaffirmed an earlier agreement to export solar power from Indonesia to Singapore, with a group of companies planning to build plants and grid infrastructure to generate and transmit the power.

The memorandum of understanding signed by the two countries says they will aim to draw up policies, regulatory frameworks and business arrangements that will enable Indonesian power to be delivered to Singapore.

Indonesia expects to export 3.4 gigawatts of low-carbon power by 2035, according to a presentation slide shown by Indonesia's energy minister Bahlil Lahadalia.

In another MoU, the two countries said they would look into drawing up a legally binding agreement for carbon capture and storage that would allow cross-border projects to go ahead.

If successful, it will be the first such project in Asia, said Singapore government minister Tan See Leng.

Energy firms BP, ExxonMobil, and Indonesia's state company Pertamina are already developing CCS projects in Indonesia.

With its depleted oil and gas reservoirs and saline aquifers capable of storing hundreds of gigatons of CO2, Indonesia has allowed CCS operators to set aside 30% of their storage capacity for carbon captured in other countries.

The two countries also signed a deal for the development of sustainable industrial zones on several Indonesian islands near Singapore, including Batam, Bintan and Karimun.

Bahlil said the deals could bring in more than $10 billion of investment from the manufacturing of solar panels, the development of CCS projects and potential investment in industrial estates.