Saudi Stock Index Loses Nearly 1,000 Points within a Week

The Saudi stock market recorded a sharp decline during the week’s trading. (Asharq Al-Awsat)
The Saudi stock market recorded a sharp decline during the week’s trading. (Asharq Al-Awsat)
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Saudi Stock Index Loses Nearly 1,000 Points within a Week

The Saudi stock market recorded a sharp decline during the week’s trading. (Asharq Al-Awsat)
The Saudi stock market recorded a sharp decline during the week’s trading. (Asharq Al-Awsat)

Saudi Arabia’s Tadawul All Share Index (TASI) dropped 4.1% by 542 points on Thursday, to close at 12,837 points, with the total value of traded shares reaching nearly SR10.2 billion.

In the last four trading sessions, the Saudi benchmark deepened its losses to more than 980 points. This comes as financial markets and global stock exchanges, led by the US, are witnessing a sharp decline following inflation data that raised fears of a continued tightening of monetary policy by the Federal Reserve and global central banks.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 27.38 points, to close at 22,646.74 points, with a value of SR31 million and an overall tally of more than 429,000 stocks traded in 2,171 deals.

Meanwhile, the Saudi Central Bank (SAMA) issued the annual report on the performance of the insurance market, which assessed the sector’s developments and financial results during 2021, as well as its contribution to the Kingdom’s GDP.

According to the report, the insurance sector grew 8.4 percent in 2021, with a total written premium at SR42 billion ($11.2 billion).

The report further stated that the contribution of insurance sector to non-oil GDP decreased slightly by -0.01 percent to reach 1.91 percent, while the overall loss ratio increased to reach 83.4 percent in 2021 compared to 76.7 percent in 2020.

It added that the losses of the insurance sector amounted to 47 million riyals during the past year, compared to a net profit of 1.38 billion riyals in 2020, noting that the improvement in the income of investment operations helped limit the decline in the sector’s performance.



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)
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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.