MANILA: Cash remittance from Filipino workers (OFW), particularly those in the Middle East, saw a steep decline from January to July this year, figures from the Central Bank of the Philippines (BSP) show.
A lawmaker noted that even the lifting of the ban on deployment of Filipinos to Kuwait last May failed to stop the remittance plunge.
Based on latest BSP data, there was 15 percent decrease in remittances from OFWs in the Middle East, although fund transfers from Libya and Israel fell the most at 73 percent and 61 percent respectively.
With that, Rep. Henry Ong, chairman of the House Committee Chair on Banks & Financial Intermediaries, said the policy shift in OFW deployment priorities must happen “sooner rather than later.”
“Filipinos are being held hostage by armed groups in Libya. Israel recently welcomed President Rodrigo Duterte on a brief visit. However, the remittances from these two countries pale in comparison with those from Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, and Oman, which were in the high double-digit percentages decline,” he said.
Remittances from Kuwait fell by 20.4 percent despite the resumption of OFW deployment last May. Bahrain showed negative 22.9 percent, transfers from Oman dropped by 38.3 percent and Saudi Arabia showed a slide of 10.4 percent.
Qatar is the exception. The remittances decline from Filipino workers there was only 6.3 percent.
The Leyte second district representative pointed out: “There should not even be Filipinos in Libya because the security situation there is horrible, but still Filipinos go because that is where they have found jobs on their own.
“OFWs clearly have bleak and low-paying job prospects here in the Philippines because our wages are way below what they can earn abroad, so we have no choice but to deploy them elsewhere, to countries that will pay them well and respect their rights as migrant workers and as people of varied gender.” .
For this to happen, Ong said the priority list of alternative countries “must include those states that are signatories to the international conventions on human rights, labor, social security, and migrant workers.
“The other criterion would be the economic growth prospects of the target host countries because that will determine how well they will be compensated for their services. OFWs will go where they are respected, wanted, and paid well.”
Ong lamented, though, that “it does not seem the concerned top officials have what it takes to help OFWs find better jobs in new host countries.
“They are just doing bureaucratic procedures and damage control on the problems that keep cropping up, but we do not see systemic, long-term solutions. Suffering through all that are the OFWs.”
Meanwhile, aside from the decrease in cash remittance, the Philippines also suffered a decline in deployment of OFWs in 2017 after 10 years of continuous growth.
Recruitment consultant and migration expert Emmanuel Geslani, citing statistics from the Philippine Overseas Employment Administrstion (POEA), said deployment of OFWs to 180 countries went down by 9 percent in 2017 compared ith the previous year. The year 2016, Geslani said, was a banner year of deployment for OFWs with total deployment hitting more than two million.
POEA records show that only 1,992,746 OFWs were deployed in 2017. Geslani said this is the first time after 10 years of continuous increase starting in 2008 with 1,236,613 deployment; 2009 with 1,422,382; 2010 with 1,476,826; 2011 with 1,687,463; 2012 with 1,802,031; 2013 with 1,826,804; 2014 with 1,832,668; 2015 with 1,841,205; and 2016 with 2,112,331.
Geslani said the decrease may be attributed to actors, such as the decline in the hiring of new workers to Saudi Arabia, from 219,134 in 2016 down to 163,238 in 2017.
A decrease in the number of new hires was also noted in the rest of the top ten OFW destinations, which include Kuwait, Qatar, Hong Kong, Taiwan, the UAE, Japan, Singapore, Malaysia and Oman.
“Another reason for the decline is the increasing shift of Saudi Arabia to employ more citizens to work in companies and malls as part of its ‘Saudization’,” Geslani continued.
In addition, more major projects in the Kingdom have been shelved or delayed, resulting in the exodus of more than 30,000 Filipino skilled workers in construction, maintenance services and oil industries, he added. “Crude oil, which has stayed in the $70-80 level, has prevented Middle East countries from going on construction and infrastructure projects, except for Qatar which is preparing for the football World Cup in 2022.”
Even the household service workers sector also dropped by 8 percent in 2017 owing to internal controls implemented by the Philippine labor officers in the Middle East, Geslani said.
For 2018, he predicts that deployment of household service workers is not expected to go beyond the 200,000 mark with the deployment ban imposed in Kuwait resulting in the loss of 40,000 jobs.
Philippines posts 15 percent drop in cash remittance from Middle East
Philippines posts 15 percent drop in cash remittance from Middle East
- There has been a 15 percent decrease in remittances from Overseas Filipino Workers (OFWs) in the Middle East, with fund transfers from Libya and Israel falling the most at 73 percent and 61 percent — Central Bank of the Philippines
- Remittances from Kuwait fell by 20.4 percent despite resumption of OFW deployment; Bahrain showed negative 22.9 percent; transfers from Oman dropped by 38.3 percent; and Saudi Arabia showed a slide of 10.4 percent
Saudi aviation sector soaring after record growth, major expansions
JEDDAH: Saudi Arabia’s aviation sector reached new heights over the past 12 months, marked by a surge in passenger numbers, a fleet expansion with new jet acquisitions, and strategic global partnerships.
These advancements are part of a broader vision to establish the Kingdom as a global aviation hub and a top-tier destination for travelers worldwide.
Saudi Arabia is investing billions of dollars as part of its Vision 2030 plan to diversify its economy away from fossil fuels, boosting its private sector, and enhancing connectivity, as well as solidifying its role in the global aviation industry.
As part of this plan, aviation goals for the Kingdom include delivering seamless experiences to 330 million passengers across over 250 destinations, and the transportation of 4.5 million tons of air cargo by 2030.
“This transformative strategy offers lucrative opportunities for the private sector to contribute to the realization of the country’s ambitions,” said President of the General Authority of Civil Aviation Abdulaziz bin Abdullah Al-Duailej.
He added that among these opportunities are the privatization potential of 27 airports, which are currently in preparation for transfer to private ownership.
“Moreover, numerous aircraft requests and destination openings have been approved, providing further avenues for private sector involvement in the sector’s growth and development.” Al-Duailej added.
Passenger numbers and air freight volume surges
Between January and September, Saudi Arabia’s aviation sector achieved record growth, with passenger numbers reaching 94 million, accounting for a 15 percent increase.
The number of flights also saw a 10 percent rise compared to 2023, while air freight volumes approached 1 million tonnes, reflecting a 52 percent increase.
These achievements were announced at GACA’s 14th Steering Committee Meeting for activating the National Strategy for the Aviation Sector, held in October in Dammam.
GACA President Abdulaziz bin Al-Duailej highlighted the expansion of air connectivity during this period, with flights departing to over 150 destinations weekly.
Saudi business aviation soars with Vision 2030 growth
Saudi Arabia’s business aviation sector is booming, driven by the Kingdom’s expanding economy, major government infrastructure investments, and a rising influx of high-net-worth individuals.
Valued at $1.2 billion in 2023, the sector is expected to grow at a compound annual rate of 8.88 percent from 2025 to 2029.
The growth was highlighted in the GACA’s roadmap, unveiled at Riyadh’s Future Aviation Forum in May.
Global firms tapped for King Salman Airport expansion
In 2024, global firms such as Foster & Partners, Jacobs Engineering, Mace, and Nera were selected for the next phase of King Salman International Airport’s development in Riyadh.
Led by the King Salman International Airport Development Co., a subsidiary of the Kingdom’s Public Investment Fund, the collaborations will support the airport’s expansion, positioning it as a key hub for tourism and transportation.
Riyadh Air expands fleet, partnerships ahead of 2025 launch
In October, Riyadh Air signed an agreement to purchase 60 Airbus A321neo single-aisle aircraft as it plans to commence its operations in 2025.
The deal was signed at the 8th Future Investment Initiative in Riyadh.
In the same month the company said that it had plans to order wide-body aircraft capable of seating more than 300 passengers in 2025.
In August, the new airline announced it had secured a multi-year agreement to become the official airline partner of Concacaf, the FIFA Confederation for North, Central America, and the Caribbean.
The deal aims to enhance the airline’s presence in global sports and support Concacaf’s national and club competitions across the Americas.
In June, Riyadh Air signed agreements with Singapore Airlines and Air China, to establish strategic partnerships and expand its global network.
The agreements focus on interline connectivity, codeshare, frequent flyer programs, cargo services, customer experience, and digital innovation.
The company partnered with China Eastern Airlines to enhance connectivity and digital transformation and with Delta Air Lines to expand North American routes.
In April, the carrier announced a partnership with Artefact to build a data analytics platform and develop AI solutions, enabling hyper-personalization, improved guest experiences, and optimized operations.
The collaboration aims to revolutionize Saudi aviation through advanced artificial intelligence applications.
“Through AI integration, we aim to redefine travel standards, offering personalized, seamless digital-first experience to our guests ahead of our maiden flight in 2025,” Abe Dev, the airline’s vice president of digital and innovation said.
In May, the airline said it had plans to bolster its aircraft lineup through additional orders, as it requires “a very large fleet” to establish itself alongside regional giants, according to its CEO Tony Douglas.
This move comes as the Kingdom’s second flag carrier ordered 39 Boeing 787-9 jets in 2023, with options for 33 more. “We’re going to make a number of additional orders,” Douglas said.
The airline’s initial destinations will include major cities in Europe, the US East Coast, and Canada, with the inaugural flight scheduled to depart by June 2025.
Saudia boosts aviation with key partnerships, fleet growth
In December, Saudia entered a strategic partnership with Air France-KLM to expand and localize its maintenance, repair, and overhaul capabilities. This collaboration aims to enhance the Kingdom’s aviation infrastructure and contribute to its economic growth.
In July, the Saudia Group and German aerospace company Lilium NV, developer of fully electric vertical takeoff and landing aircraft, entered into an agreement to purchase 50 confirmed Lilium Jets, with an option for an additional 50 aircraft. The deal will make the Saudi carrier the first airline in the region to invest in sustainable air mobility.
In May, Saudia and Riyadh Air signed an agreement during the Future Aviation Forum to collaborate on training aviation professionals.
During the same event, Saudia Group announced a $19 billion order for 105 A320neo family aircraft, the largest Airbus deal in Saudi history. The planes, including A320neo and A321neo models, will be split between Saudia and its low-cost carrier flyadeal, with deliveries starting in early 2026.
Flyadeal receives first owned plane, aims for 100 by 2030
In 2024, Saudia’s low-cost airline flyadeal took delivery of its first wholly-owned aircraft, an Airbus A320neo.
Announcing the milestone in June, the airline revealed plans to expand its fleet to around 50 aircraft by the end of 2025, doubling to 100 by 2030. As part of its growth strategy, flyadeal also launched seven weekly flights between Riyadh and Sarajevo, utilizing an Airbus A320.
Looking ahead, the airline announced the addition of three new domestic routes starting January. Services from Dammam to Najran and four weekly flights to Tabuk commenced on Jan. 1, followed by three weekly flights to Yanbu starting from Jan. 2.
Flynas secures 280-aircraft deal amid record growth
Flynas, named the Best Low-Cost Airline in the Middle East for the seventh consecutive year, reported a 47 percent rise in passenger numbers, exceeding 7 million in the first half of 2024.
In November, the airline announced new African routes, with flights from Riyadh to Entebbe, Uganda, and Jeddah to Djibouti starting Jan. 8, 2025, under its “We Connect the World to the Kingdom” initiative.
In July, Flynas signed a deal at the Farnborough Airshow to purchase 160 Airbus aircraft, doubling its orders to 280 planes, including 30 wide-body A330neo and 130 narrow-body A320 models. The carrier also celebrated receiving its 53rd A320neo as part of a SR32 billion ($8.5 billion) order for 120 planes.
Saudi banks’ money supply hits $786bn, time and savings deposits share at 15-year high
RIYADH: Saudi banks money supply reached SR2.95 trillion ($785.51 billion) in November, marking a 10.3 percent rise compared to the same month last year, according to official data.
Figures released by the Saudi Central Bank, also known as SAMA, revealed that time and savings deposits have reached their highest percentage share of the money supply in over 15 years, accounting for 33.61 percent or SR989.99 billion.
These deposits also recorded the fastest growth rate among all components of the money supply, increasing by 18.10 percent.
Demand deposits accounted for the largest share at 48.76 percent, a slight decline from their 50 percent share a year earlier, though they grew by 7.69 percent during this period. The remaining components collectively made up 17.63 percent of the total money supply.
Edmond Christou, senior industry analyst at Bloomberg Intelligence told Arab News, “Local lenders’ role in financing projects requires more cash, underpinning the likes of Saudi Fransi, ANB, Rajhi and SNB issuing euro-denominated medium-term notes.”
He added: “Saudi central bank putting state funds on time deposits helped bank cash flow, along with open market operations and $31 billion of debt sales since 2022 or $25 billion excluding SNB’s CDS.”
According to the analyst, this surge in term deposits is a development driven by tighter liquidity conditions and elevated interest rates. The rise reflects strategic measures by local banks to navigate strong loan demand while attracting funds to stabilize their balance sheets.
Recent data from SAMA revealed that deposit growth is slightly behind loan issuance, putting some pressure on liquidity. Loans grew 13.33 percent year-on-year in November, outpacing the 10.52 percent increase in deposits. This imbalance has pushed banks to compete for depositors by offering attractive returns on term deposits.
Saudi Arabia has been driving substantial government projects to support its Vision 2030 ambitions, with a heavy emphasis on construction activity to transform its infrastructure, tourism, and overall economic landscape.
These projects, ranging from mega cities like NEOM to significant infrastructure developments, require vast amounts of funding, and banks have played a crucial role in financing them. To support these large-scale endeavors, the demand for credit has surged.
Interest rates in Saudi Arabia also reached elevated levels, partly due to the riyal’s peg to the US dollar, which has been influenced by the Federal Reserve’s tightening monetary policy aimed at combating inflation.
This led to a peak in interest rates, which climbed to as high as 6 percent. However, as inflation levels have moderated, there has been a shift in the monetary policy since September, with SAMA implementing three rate cuts — one of 50 basis points, followed by two additional 25 basis point reductions.
This shift signals a more accommodating policy stance, likely to ease some of the pressure on borrowing costs while maintaining financial stability.
The rise in term deposits underscores a shift in the Saudi banking sector’s approach to funding. Banks are incentivizing savers with higher returns to ensure stability, particularly as demand for credit grows due to Saudi Arabia’s ambitious Vision 2030 projects.
Term deposits provide a more predictable funding source compared to demand accounts, which can fluctuate significantly. The strategic shift helps banks align their funding structure with long-term lending requirements, particularly for infrastructure and construction projects.
Higher Saibor spread to boost funding
The elevated 115-basis point spread between the Saudi Interbank Offered Rate, known as Saibor, and the US Secured Overnight Financing Rate illustrates the tight liquidity landscape, according to Christou.
A higher Saibor compared to SOFR means that borrowing and funding costs in Saudi Arabia are relatively higher than those in the US. Historically, this spread hovered around 70 basis points, but sustained demand for credit has kept it significantly higher.
“The 115-bp Saibor spread over the secured overnight financing rate versus the normalized 70-bp historical range -nevertheless an improvement against the 2022 liquidity crisis – shows liquidity remains tight,” the analyst said.
In an environment where deposit inflows remain moderate, banks have also turned to external borrowing, including issuing euro-denominated bonds, to bridge funding gaps.
Local lenders like Al Rajhi Bank, Saudi National Bank, and Banque Saudi Fransi have leveraged such instruments to support their liquidity needs, according to the analyst.
While liquidity remains constrained, the current environment is an improvement over 2022 according to the analyst, when Saudi banks faced acute pressures due to surging credit demand.
SAMA’s debt issuance of over $31 billion since 2022, combined with other supportive measures, has alleviated some of the strain. However, the banking sector must continue to address systemic challenges to sustain long-term growth, Christou said.
Loan-to-Deposit ratio below limit
The loan-to-deposit ratio in Saudi banks has remained steady at 82.16 percent in November, despite the fact that loans grew by over 13 percent annually, which outpaced the deposits growth over the same period.
The LDR is a key indicator used by banks to measure the proportion of loans granted compared to the deposits they hold. In this case, even though the demand for loans has increased at a faster pace than deposit growth, the ratio has stayed below the regulatory limit of 90 percent.
The stability in the LDR is likely due to support from other sources of funding, such as debt issuance and private placements. These alternative funding methods have helped banks maintain their liquidity and ensure they can continue to lend without being overly reliant on deposits, according to Christou.
According to a June report by the International Monetary Fund, the Saudi banking sector is resilient, with stress tests indicating that both banks and non-financial businesses can withstand shocks, even in challenging scenarios.
However, close attention is needed to balance credit growth, funding, and systemic risks, especially as large-scale government projects under Vision 2030 accelerate.
While banks are well-capitalized, profitable, and maintain high liquidity with low nonperforming loans, there are potential risks tied to fast credit growth and the increasing reliance on non-deposit funding sources.
To manage these risks, SAMA may need to adjust its policies, such as revisiting loan-to-value limits, debt burden guidelines, and loan-to-deposit ratios.
Enhanced tools, like a countercyclical capital buffer, can also help prepare for future challenges. Moreover, better monitoring — such as tracking house prices and bank exposures to large projects — would provide a clearer picture of risks.
Oil Updates — crude extends gains on optimism over policy support for growth
SINGAPORE: Oil prices extended gains on Friday after closing at their highest in more than two months in the prior session, amid hopes that governments around the world may increase policy support to revive economic growth that would lift fuel demand.
Brent crude futures rose 22 cents, or 0.3 percent, to $76.15 a barrel by 7:20 a.m. Saudi time, after settling at its highest since Oct. 25 on Thursday. US West Texas Intermediate crude was up 25 cents, or 0.3 percent, at $73.38 a barrel, with Thursday’s close its highest since Oct. 14.
Both contracts are on track for their second weekly increase after investors returned from holidays, improving trade liquidity.
Factory activity in Asia, Europe and the US ended 2024 on a soft note as expectations for the New Year soured due to growing trade risks from Donald Trump’s impending return to the US presidency and China’s fragile economic recovery.
“The December PMIs for Asia were a mixed bag, but we continue to expect manufacturing activity and GDP growth in the region to remain subdued in the near term,” Capital Economics analysts said in a note, referring to purchasing managers’ indexes data published on Thursday.
“With growth set to struggle and inflation below target in most countries, we think central banks in Asia will continue to loosen policy.”
Lower interest rates should spur more economic growth that would lead to higher fuel consumption.
Investors are eyeing further interest rate cuts by the Federal Reserve this year to support the US economy, while China’s President Xi Jinping has pledged more proactive policies to promote growth.
“As China’s economic trajectory is poised to play a pivotal role in 2025, hopes are pinned on government stimulus measures to drive increased consumption and bolster oil demand growth in the months ahead,” StoneX analyst Alex Hodes said.
The market also eyes upcoming crude prices from top oil exporter Saudi Arabia. Saudi Arabia may raise crude prices for Asian buyers in February for the first time in three months, tracking gains in Middle East benchmark prices last month, traders said.
In the US, the world’s biggest oil consumer, gasoline and distillate inventories jumped last week as refineries ramped up output, though fuel demand hit a two-year low.
Crude stockpiles fell less than expected, down 1.2 million barrels to 415.6 million barrels last week compared with analysts’ expectations for a 2.8-million-barrel draw.
Traders are paying close attention to recent weather forecasts as expectations of a cold snap in the US and Europe over the coming weeks could boost demand for diesel as a substitute for natural gas for heating.
Investors are also bracing for Trump’s presidency ahead of his Jan. 20 inauguration.
“Trump’s tariffs on China and their impact on global demand patterns will be central to oil prices in 2025,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Saudi Arabia closes $2.5 billion Shariah-compliant credit facility for budget financing
RIYADH: The National Debt Management Center has announced the successful arrangement of a Shariah-compliant revolving credit facility valued at SR9.4 billion ($2.5 billion).
This three-year facility is intended to support the Kingdom’s general budgetary requirements and was secured with the participation of three regional and international financial institutions.
This credit arrangement is in line with Saudi Arabia’s medium-term public debt strategy. It aims to diversify funding sources to meet financing needs at competitive terms, while adhering to robust risk management frameworks and the approved annual borrowing plan.
In November, Saudi Arabia approved its state budget for the fiscal year 2025, with projected revenues of SR1.18 trillion and expenditures totaling SR1.28 trillion, resulting in a deficit of SR101 billion.
The Finance Ministry forecasts a robust 4.6 percent growth in the Kingdom's real gross domestic product for 2025, a significant increase from the 0.8 percent growth expected in 2024. This growth is anticipated to be driven by a rise in activities within the non-oil sector, according to the ministry’s statement.
Saudi Arabia’s total debt is projected to reach SR1.3 trillion in 2025, or 29.9 percent of GDP, which is considered a sustainable level to meet the country’s financing needs.
Revised projections for the 2024 budget indicate a deficit of SR115 billion, with total debt expected to rise to SR1.2 trillion, or 29.3 percent of GDP.
The 2025 budget places a strong emphasis on maintaining essential services for citizens and residents while increasing investment in key projects and sectors. The government's focus remains on preserving fiscal stability, ensuring long-term sustainability, and managing reserves effectively. By maintaining manageable debt levels, Saudi Arabia aims to safeguard its resilience against unforeseen economic challenges.
Closing Bell: Saudi Arabia’s TASI closes in green at 12,103
- MSCI Tadawul Index also increased by 2.55 points, or 0.17%, to close at 1,517.16
- Parallel market Nomu gained 11.83 points, or 0.04%, to close at 31,005.69 points
RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Thursday’s trading session at 12,102.55 points, marking an increase of 25.24 points, or 0.21 percent.
The total trading turnover of the benchmark index was SR5.55 billion ($1.47 billion), as 99 of the listed stocks advanced, while 131 retreated.
The MSCI Tadawul Index also increased by 2.55 points, or 0.17 percent, to close at 1,517.16.
The Kingdom’s parallel market Nomu reported increases, gaining 11.83 points, or 0.04 percent, to close at 31,005.69 points. This comes as 39 of the listed stocks advanced while as many as 43 retreated.
The index’s top performer, Tihama Advertising and Public Relations Co., saw a 9.91 percent increase in its share price to close at SR16.86.
Other top performers included Zamil Industrial Investment Co., which saw an 8.01 percent increase to reach SR35.05, while Al Yamamah Steel Industries Co.’s share price rose by 5.42 percent to SR36.
AYYAN Investment Co. also recorded a positive trajectory, with share prices rising 4.99 percent to reach SR16. Fawaz Abdulaziz Alhokair Co. witnessed positive gains, with 4.49 percent reaching SR14.44.
Arabian Cement Co. was TASI’s weakest performer, with its share price falling 5.81 percent to SR14.88.
Riyadh Cement Co. followed with a 5.45 percent drop to SR30.35. Yamama Cement Co. also saw a notable decline of 5.26 percent to settle at SR33.35.
Umm Al-Qura Cement Co. dropped 3.55 percent to SR17.94, while Methanol Chemicals Co. declined 3.03 percent to SR17.94, ranking among the top five decliners.
In the parallel market Nomu, View United Real Estate Development Co. was the top gainer, with its share price surging by 22.64 percent to SR9.10.
Other top gainers in the parallel market included Mulkia Investment Co., up 8.25 percent to SR40, and Enma AlRawabi Co., rising 6.67 percent to SR23.68.
Naas Petrol Factory Co. and Meyar Co. were the other top gainers on the parallel market.
Al-Modawat Specialized Medical Co. saw the largest decline on Nomu, with its share price slipping 8.05 percent to SR16.
Naseej for Technology Co. fell 7.14 percent to SR65, while Saudi Azm for Communication and Information Technology Co. dropped 6.18 percent to SR28.10, ranking among the notable decliners on Nomu.
On the announcement front, Al-Jouf Agricultural Development Co. said it has entered into a SR200 million Shariah-compliant bank facilities agreement with Banque Saudi Fransi to finance the company’s expansion plans and operational activities.
Its share price closed at SR64.50, reflecting a 1.2 percent gain.
Saudi Basic Industries Corp., or SABIC, announced that its Saudi affiliates have received official notification of increased feedstock prices, which is expected to affect the company’s production costs.
SABIC’s shares closed at SR67.30, marking a decline of 0.59 percent.
Sahara International Petrochemical Co., also known as Sipchem, received a notice from Saudi Aramco amending certain feedstock prices, effective Jan. 1. The financial impact is expected to result in a 2 percent increase in the total cost of sales, starting in the first quarter of the 2025 fiscal year.
Sipchem’s shares ended the day at SR24.66, down 2.43 percent.
National Agricultural Development Co., or NADEC, received a notification regarding an adjustment in fuel prices for its operational activities. The financial impact is estimated to result in a 1.5 percent increase in operating costs, to be reflected starting in the first quarter of fiscal year 2025.
This change is expected to moderately raise production costs. NADEC’s shares closed at SR24.52, marking a 1.55 percent increase.
