Egypt, Algeria demand an immediate halt to ongoing military operations in Libya
Saudi listed firms see growth in 2024 with ACWA Power and Al Rajhi as top performers
RIYADH: Saudi Arabia’s listed companies witnessed significant growth in 2024, with ACWA Power and Al Rajhi Bank emerging as the top performers on the Tadawul All Share Index.
ACWA Power Co. led the index, contributing 295 points, followed by Al Rajhi Bank with a 207-point increase, according to data from SNB Capital cited by Al-Ekhbariya.
ACWA Power’s stock surged from SR255.89 at the start of 2024 to SR401.4 by year-end, reflecting big growth. Similarly, Al Rajhi Bank’s stock rose from SR86.8 to SR94.6 during the same period. Other notable contributors included Saudi Research and Media Group, adding 44 points to the index, Elm Co. with 43 points, and Ma’aden with 40 points.
However, not all listed companies experienced gains in 2024. Saudi Aramco recorded a significant decline, losing 177 points on the index as its stock price dropped from SR140 to SR111.8. SNB Capital fell by 70 points, followed by SABIC with a 62-point decrease, Banque Saudi Fransi with 32 points, and Sahara International Petrochemical Co., or Sipchem, with 30 points.
The Kingdom’s initial public offering market also saw robust activity in 2024, with 14 IPOs raising SR14.21 billion ($3.7 billion), marking a 19 percent year-on-year increase.
Almoosa Health and Fakeeh Care Group led the IPO market in terms of size, with Fakeeh attracting the highest individual participation, drawing 1.34 million unique investors.
Despite overall success, individual subscriptions accounted for only 13 percent of the total IPO volume, amounting to SR1.94 billion.
Modern Mills Co. led in subscription coverage, achieving a rate of 21.9 times, while the average individual coverage for the year’s IPOs stood at 11.87 times.
The food production sector dominated IPO activity, contributing 26.9 percent of total listings in 2024, with successful debuts by companies such as Modern Mills, Al-Rabie, and Al Arabiya.
IPO valuations varied significantly, with an average price-to-earnings ratio of 34 times. United International Holding recorded the lowest P/E, while Nice One topped the charts with a P/E of 118 times, making it the year’s most expensive IPO.
Looking ahead, SNB Capital forecasts an 8 percent annual profit growth for companies listed on the Tadawul in 2025, with the petrochemical sector expected to lead the way with a 74 percent rise in profits.
The allure of Al-Qahar: Adventure awaits in Jazan’s rugged terrain
- Region is distinguished destination for nature enthusiasts
RIYADH: The Al-Qahar Mountains, located in the Al-Raith Governorate in the northeastern part of Jazan, are a stunning testament to nature’s beauty, the area’s rich history, and the allure of adventure.
The mountains are among the Kingdom’s most prominent natural landmarks, rising over 2,000 meters above sea level, the Saudi Press Agency reported.
They are part of the Sarawat range, which stretches along the western coast of the Arabian Peninsula.
The Al-Qahar Mountains, a distinguished destination for nature and adventure enthusiasts, are characterized by their unique terrain, including high rocky peaks and deep valleys such as Wadi Lajab. The latter offers a panoramic scene in which vertical rock formations meet flowing water, creating a breathtaking spectacle.
The Jazan region is adorned with seasonal vegetation, including juniper and acacia trees, which enhance its exceptional beauty, particularly during the rainy season, the SPA added.
Al-Qahar Mountains also host ancient rock carvings that reflect the civilizations that once inhabited the area. Studies suggest that the mountains served as a significant trade route for caravans in the past, underscoring their economic and social importance.
The name Al-Qahar, which means dominance, is attributed to the rugged nature of the terrain, which has inspired local residents to create stories and legends passed down through generations.
The authorities in Jazan have implemented comprehensive development and service projects in the Al-Raith Governorate, providing promising investment opportunities in the tourism sector to harness the area’s natural and historic assets.
This development is not limited to Al-Raith but extends to all governorates in the region to support and enhance the infrastructure of the tourism industry.
The tourist attractions of Al-Qahar Mountains captivate both local residents and visitors throughout the year.
According to Ahmad Al-Wabrani, these main attractions include Wadi Lajab, hanging gardens, and massive caves that appeal to adventure and camping enthusiasts.
Faisal Al-Raithi has highlighted the strong bond between locals and the Al-Qahar Mountains, praising the efforts of the Heritage Commission in documenting rock carvings and developing the area.
Al-Qahar Mountains stand amid untouched nature, offering a vibrant natural landscape and serving as a testament to the region’s history and culture.
Visitors can enjoy the region’s natural splendor and embark on unforgettable adventures in a serene atmosphere boasting awe-inspiring views that captivate the heart.
Saudi Arabia records robust GFCF growth in Q3 2024, fueled by non-government sector investments
- Non-oil sectors grew by 4.3 percent year-on-year
- Unemployment rate dropped to 3.7 percent
RIYADH: Saudi Arabia solidified its status as a regional investment leader with a 7.4 percent year-on-year growth in gross fixed capital formation in the third quarter of 2024, led by the non-government sector.
The Ministry of Investment reported an 8.3 percent increase in the non-government division, reflecting the Kingdom’s ongoing efforts to boost private sector participation in its diversifying economy.
Government-related entities contributed to the overall GFCF growth, with a 2.3 percent increase in the third quarter of 2024.
The non-government sector’s performance aligns with Saudi Arabia’s Vision 2030 objectives, which aim to shift the economy from oil dependency by fostering a vibrant private division.
In line with these goals, the Ministry of Investment issued 3,810 investment licenses in Q3 2024, marking a significant 73.7 percent year-on-year increase.
Non-oil sectors grew by 4.3 percent year-on-year during the same period, further supporting the Kingdom’s economic diversification efforts.
Key sectors saw notable growth, including wholesale and retail trade, restaurants, and hotels rose 5.8 percent, and construction increased 4.6 percent. Transport and communication grew by 4.5 percent, and finance and real estate advanced by 4.2 percent, driven by consumer spending and a dynamic financial sector.
These expansions contributed to the Kingdom’s overall real gross domestic product growth of 2.8 percent year-on-year for the quarter, despite a marginal 0.05 percent increase in oil activities.
The real estate sector also played a pivotal role in the third quarter of 2024, with the Real Estate Price Index rising by 2.6 percent y-o-y. While residential property costs increased by 1.6 percent, commercial properties saw a more pronounced growth of 6.4 percent. However, agricultural real estate prices declined by 8.7 percent, reflecting sectoral disparities.
Complementing these trends, real estate loans by banks witnessed a 13.3 percent year-on-year increase, showcasing heightened investor interest in property development and acquisitions.
Saudi Arabia’s economic resilience is further evident in labor market improvements. The unemployment rate dropped to 3.7 percent in this period, a 0.5 percentage point decrease from the same quarter in 2023. The Saudi unemployment rate fell to 7.8 percent, a one percentage point decline year-on-year.
Pakistan begins voting for PSL Fans’ Choice Awards
- Voting for six categories will take place on PSL official YouTube Channel at 6pm every day till January 10
- PSL Players’ Draft is scheduled for Jan. 11, while the 2025 edition will be held between April 8 and May 19
ISLAMABAD: The voting process for the much-awaited Pakistan Super League (PSL) Fans’ Choice Awards began on Sunday, the Pakistan Cricket Board (PCB) said, with voting for the best batter taking place on PSL’s official YouTube channel from 6pm Pakistan time.
PSL is set to welcome its landmark 10th edition later this year. The Fans’ Choice Awards mark the celebration of some of the star players who have entertained fans and contributed toward the popularity of the Twenty20 league worldwide.
The nominees for the best batter of the HBL PSL included the top-three leading run-getters across the nine seasons — Babar Azam (3,504 runs), Fakhar Zaman (2,525 runs) and Mohammad Rizwan (2,403 runs).
“The voting for the six categories will take place on the official YouTube channel of the HBL PSL till Friday, 10 January and the winners of the Fans’ Choice Awards will be announced on Saturday, 11 January at the Players’ Draft ceremony,” the PCB said in a statement.
A total of six lucky fans, who would cast their votes on the PSL YouTube channel between Jan. 5 and Jan. 10, will also become eligible to win 2025 edition tickets through a lucky draw.
The six categories for the awards include, best batter, best bowler, best all-rounder, most valuable players, best individual performance, and the PSL icon.
Nominees will be revealed on the PSL official social media handles at the start of voting every day till Jan. 10.
Riyadh Metro fully operational with Orange Line launch
- Six lines and 85 stations transform urban connectivity in the capital
RIYADH: The Riyadh Metro network on Sunday officially reached full operational capacity with the inauguration of the Orange Line, also known as the Al-Madinah Al-Munawwarah Axis.
The milestone marks the completion of the capital’s ambitious six-line metro project, a significant step in modernizing urban transport and advancing Saudi Arabia’s Vision 2030 goals.
The Orange Line stretches for 41 km, connecting Jeddah Road in the west to the Second Eastern Ring Road in the east, running parallel to Khashm Al-Aan in the east.
Stations on the line include Jeddah Road, Tuwaiq, Al-Dawh, Harun Al-Rashid Road, and An Naseem, which is a key interchange with the Purple Line, enhancing accessibility and convenience for residents and visitors alike.
Coinciding with the Orange Line launch, the Royal Commission for Riyadh City announced the opening of three new Blue Line stations: Al-Murooj, Bank Al-Bilad, and King Fahad Library. These additions along the Al-Olaya-Al-Batha Axis strengthen the network’s integration, connecting major commercial hubs, residential areas and cultural landmarks.
The Riyadh Metro is one of the largest public transport projects in the region, featuring six lines, 176 kilometers of track, and 85 stations.
Its completion is a milestone in advancing Saudi Arabia’s Vision 2030 goals, aimed at diversifying the economy and reducing reliance on oil through investments in sustainable infrastructure.
The metro is expected to play a key role in encouraging people to use public transport, easing traffic congestion and reducing environmental pollution in the capital.
Developed in collaboration with global consortiums, the project was launched in 2013 with contracts valued at $22.5 billion. Despite challenges, including disruptions from the COVID-19 pandemic, its completion is an example of Saudi Arabia’s commitment to enhancing infrastructure and urban living standards.
Operating daily from 6 a.m. to midnight, the metro offers a reliable, eco-friendly alternative to private vehicles. Passengers can plan their journeys using the Darb app or buy tickets at station offices and self-service machines.
As Riyadh continues its transformation into a global metropolis, the fully operational metro establishes the city as a model for sustainable urban development.
By enhancing connectivity and delivering efficient transit solutions, the Riyadh Metro supports economic growth, elevates quality of life, and reinforces Riyadh’s position as a leader in urban innovation and progress.
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