AlUla sets the stage for the next big tourism boom

AlUla is home to historic treasures, including the Nabataean city of Hegra, Saudi Arabia’s first UNESCO World Heritage site, and the tombs of Dadan, the stone-built capital of the Dadanite and Lihyanite Kingdoms. Shutterstock
Short Url
Updated 01 January 2023
Follow

AlUla sets the stage for the next big tourism boom

  • The city is preparing the groundwork to receive 250,000 tourists in 2023, says RCU CEO

RIYADH: With more than 200,000 years of history, AlUla is a rich destination of human and natural heritage. It is home to historic treasures, including the Nabataean city of Hegra, Saudi Arabia’s first UNESCO World Heritage site, and the tombs of Dadan, the stone-built capital of the Dadanite and Lihyanite Kingdoms.

It is also the abode of the city’s most prominent landmark, the Tantora or the sundial used by the locals of the old town to mark the start of the 40-day winter growing season. It lends its name to a festival called the Winter at Tantora.

Following the success of Winter at Tantora, which ended in February 2022, the CEO of the Royal Commission of AlUla, Amr AlMadani, announced that the destination would be open for tourists the whole year and help boost their numbers.

The city is preparing the groundwork to receive 250,000 tourists and visitors in 2023, according to the CEO.

During an exclusive interview with Arab News, AlMadani said the commission has already tested the potential of AlUla with the launch of Winter at Tantora.

This culturally significant festive season has always been filled with celebrations. The community has always been proud of its time-old traditions, and they continue to revive them every year.

HIGHLIGHTS

The heritage sites staged cultural and archaeological workshops while the old town and the oasis presented the historical shows.

On Feb. 13, the city inaugurated the first AlUla Arts Festival that offered visitors a captivating ensemble of carefully curated exhibitions and gigantic outdoor installations by a host of local and international artists.

The arts festival lit the excitement of the winter and led the festivity until the end of March.

The RCU announced a partnership agreement with the French operator Accor as part of its strategy to develop AlUla as a tourism destination for nature, culture and heritage. 

One of the attractions of AlUla is its weather, which is slightly more relaxed than many other parts of the Kingdom during the scorching Saudi summer.

The festival kicked off again Dec. 22, 2022, and will run till Jan. 21, 2023. It features a host of equestrian activities, including a new haute couture event for horses called Ikmah Fashion Cavalry, the competitive Fursan Endurance Race Cup and AlUla Desert Polo.

Where beauty meets art

The ancient oasis city also made a fortune out of its scenic beauty when it hosted a four-day event last February, celebrating the region’s homegrown citrus delights and stunning panorama of AlUla from the top of the Harrat Uwayrid.

While the heritage sites staged the cultural and archaeological workshops, the old town and the oasis presented the historical shows.

Naturally, where there is beauty, there must be art. So, on Feb. 13, the city inaugurated the first AlUla Arts Festival that offered visitors a captivating ensemble of carefully curated exhibitions and gigantic outdoor installations by a host of local and international artists.

The arts festival lit the excitement of the winter and led the festivity until the end of March.

Many international and Arab artists, including British singer Seal, Canadian comedian Russell Peters, international singer-songwriter and viral internet sensation Naika, and Iraqi singer Rahma Riad performed at the Maraya Concert Hall in AlUla.

One exhibition, “What Lies Within,” staged in AlUla’s Maraya Concert Hall, featured works from the private collection of Saudi collector Basma Al-Sulaiman.

“This is a celebratory moment for us,” Saudi artist Lulwa Al-Homoud, who curated the exhibition, told Arab News.

“Basma Al-Sulaiman has been working all these years to collect and preserve Saudi contemporary art.”

Free and open to all, Desert X AlUla 2022 also presented an international open-air art exhibition in the canyon of the AlUla desert.

Held between Feb. 11 and March 30, the exhibition showcased 15 extraordinary works by 15 artists created especially for AlUla.

Under the theme of “Sarab,” the exhibition explored ideas of mirages and oases, both intrinsic to desert history and culture.

There was also a spiritual tinge to the festivity when during the holy month of Ramadan in April 2022, AlUla treated families to special accommodation offers, including iftar and sahoor settings and a myriad outdoor evening adventures.

Tourism destination

Far from city lights, remote desert lands create some of the world’s most enviable dark skies, making AlUla’s idyllic locale and dramatic rock formations spectacular for star and moon gazing.

During the same month, the RCU announced a partnership agreement with the French operator Accor as part of its strategy to develop AlUla as a tourism destination for nature, culture and heritage. 

The agreement will see Accor operating an expanded Ashar Resort under the Banyan Tree brand.

The deal opened 82 high-end villas, a luxury spa, and gourmet restaurants for discerning tourists. The offering

captured a sensitive design that allows each villa to blend discreetly into the striking natural scenery of the Ashar valley, located 15km from Hegra. 

In July, AlUla announced three direct flights a week from Riyadh and later increased it to five. It is also connected to Jeddah, with flights operating six days a week. The city also offers air connectivity to Dammam over weekdays.

One of the attractions of AlUla is its weather, which is slightly more relaxed than many other parts of the Kingdom during the scorching Saudi summer.

As a result, it is a popular location for visitors keen to enjoy outdoor activities such as cycling, camel riding, swimming or hiking during the day and stargazing at night.

Meanwhile, culture and heritage fans could sign up for guided tours of historic locations such as Hegra, AlUla Old Town, and about half a dozen other options around Dadan, Jabal Ikmah and other areas.

More adventurous or active visitors could also opt for ziplining, rock climbing, hiking on the hidden valley trail, or taking in the views from the air on a helicopter tour.

Stargazing is a favorite activity for those who prefer to relax and enjoy a slower-paced vacation. There were also live concerts and other performances in the Old Market Town.

On July 2, the RCU signed a tram design agreement with the leading French transportation company SYSTRA to advance the AlUla tram project, connecting the governorate to several stations, tracks, routes, landmarks and historical heritage sites.

The tram project aims to enhance the sustainability of AlUla transportation by reducing road congestion and noise levels. It also aims to effectively use sustainable electric energy and a link between centers, neighborhoods, heritage sites and tourist sites.

In August, the city announced the lineup of its key events and festivals in 2022, including the music festival Azimuth, AlUla Wellness Festival and Winter at Tantora. 

In October, the French hospitality company Accor opened its first Banyan Tree branded property in the Kingdom of Saudi Arabia’s AlUla city. 

RCU Hotels and Resorts head and executive director John Northen said: “The Banyan Tree AlUla opening marks the completion of the final development phase of Ashar Valley, which also houses the world-famous Maraya Hall.

AlUla’s newest gathering place started to receive people at its AlManshiyah Plaza, a lively community with restaurants and cafes, playgrounds and communal areas, and live music on Fridays.

The RCU is also developing AlUla’s old town, where they will inaugurate the 30-room boutique hotel. “It’s going to be completely different; you will feel like you traveled back in time and experienced something very unusual,” Northern told Arab News.

The city has also regenerated its 2,000 sq. km vast Sharaan Nature Reserve, a sanctuary for the Arabian leopards. “Here, we are developing two exciting hotels, one designed by the French architect Jean Nouvel, which will be crafted inside the mountain,” Northen said.

Between Sept. 30 and Oct. 22, AlUla Dates Festival saw an array of cultural activities; the event showcased the Al-Shannah date preservation method unique to AlUla.

In November, a new event called the Ancient Kingdoms Festival took place to bring the past into the present with experiences inspired by the significance of 7,000 years of successive civilizations on the Arabian Peninsula.

The festival offered a series of arts and outdoor events at the key heritage sites of AlUla.

The RCU also made its foray into the metaverse with an immersive 3D model of Hegra’s Tomb of Lihyan, son of Kuza, recreating a UNESCO World Heritage Site on the metaverse for the first time.

The landmark will be available to online visitors on Decentraland, a virtual world platform that allows users to buy and visit virtual plots of land. Visitors will also be able to take a 360-degree tour of the 72-feet tall tomb, set among a realistic recreation of AlUla’s desert landscape.

But that is not all. In November, Catmosphere Foundation launched its second Catwalk, building on the success of the 2021 event, which attracted more than 27,000 participants from 102 countries.


Saudi bank loans reach highest growth rate in 19 months, surpassing $761bn

Updated 08 November 2024
Follow

Saudi bank loans reach highest growth rate in 19 months, surpassing $761bn

RIYADH: Saudi bank loans reached SR2.85 trillion ($760.84 billion) in September, representing an annual growth rate of 12.16 percent — the highest in 19 months, according to recent data.

Figures from the Saudi Central Bank, also known as SAMA, showed that corporate lending dominated the sector, making up around 53.5 percent, with individual loans comprising the remaining figure.

The former category grew by 15.75 percent, outpacing the 8.3 percent annual growth in personal loans, underscoring the increasing demand for business financing across key sectors.

Real estate activities led corporate lending, accounting for 20.37 percent of all business loans and growing by 28.63 percent to reach SR310.83 billion.

The wholesale and retail trade sector followed, constituting 13.07 percent of these loans, with SR199.45 billion in financing. Lending to manufacturing came third, making up 11.78 percent, totaling SR179.83 billion.

Loans to the electricity, gas, and water supply sectors accounted for 11.25 percent of total lending, amounting to SR171.62 billion. This category experienced a growth rate of 29.35 percent.

While professional, scientific, and technical activities represented a small portion of total corporate loans at just 0.63 percent, they posted the highest annual growth rate of 79.6 percent, amounting to SR9.69 billion.

In September, Saudi banks’ loans-to-deposits ratio slightly declined to 79.66 percent, down from 79.71 percent in the same month of 2023, as per data from the SAMA.

The calculation includes loans minus provisions and commissions, providing a clearer view of actual lending capacity.

SAMA has set a regulatory limit of 90 percent for loans-to-deposits ratios, balancing banks’ lending capacity with liquidity stability while supporting economic growth through corporate and individual borrowing.

Compared to other GCC nations, such as the UAE where loans-to-deposits ratios can exceed 100 percent, SAMA’s cap reflects a more cautious approach, prioritizing liquidity stability in the banking sector.

Corporate real estate lending in Saudi Arabia has surged as banks align with Vision 2030’s targets for urban expansion, economic diversification, and investment attraction. 

This focus on real estate as the largest component of corporate lending is supported by robust demand for infrastructure, from commercial and residential developments to giga-projects like NEOM and the Red Sea.

Riyadh is a key beneficiary, attracting regional and international companies, which has increased the need for high-quality office spaces. 

The office market in the Saudi capital has seen a boost from the Regional Headquarters Program, drawing numerous global companies seeking a central base in the Middle East.

The government’s recent regulatory advancements are also pivotal in driving this lending trend. With improved transparency and a structured land registry, investors and developers now have greater confidence in the market.

The General Authority for Statistics recently reported a 2.6 percent annual rise in the real estate price index in the third quarter of this year, highlighting demand for residential and commercial spaces.

Major cities like Jeddah and Riyadh have seen considerable price increases in both land and building categories, driven by strong demand across residential, office, and mixed-use spaces.

The Real Estate General Authority anticipates that Saudi Arabia’s property market, one of the Middle East’s fastest-growing sectors, will reach a market volume of $69.51 billion in 2024 and $101.62 billion by 2029, with a projected compound annual growth rate of 8 percent.

Catalyzing growth in sectors under Vision 2030

Saudi Arabia’s scientific, professional, and technical services sector is driven by a rapid expansion of research, development, and innovation.

The launch of the Saudi Minds Platform by the Research, Development, and Innovation Authority in October is playing a key role in this shift.

This platform creates an advanced digital environment to support the RDI ecosystem, providing resources to researchers, innovators, and institutions.

By promoting knowledge exchange, international collaboration, and access to funding, the platform fosters a thriving scientific landscape, which, in turn, stimulates demand for financial services, driving lending growth in this sector.

As Saudi Arabia intensifies its efforts toward Vision 2030, investments in innovation and technology are expected to continue to fuel further growth in the RDI-driven economic landscape.


Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

Updated 08 November 2024
Follow

Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

RIYADH: Saudi Arabia’s venture capital ecosystem continues to boost the regional startup space, with one company plowing $20 million into the early stage-focused Booster IV fund.

Saudi Venture Capital Co. announced it was pouring the money into the fund, which is managed by Beco Capital and focuses on investments across the Gulf region.

Booster IV aims to support high-growth or disruptive startups, targeting companies from the seed stage up to series A. 

The fund’s investment strategy spans various sectors with a strong emphasis on Saudi Arabia and the broader Gulf region, and currently oversees $495 million in assets across four funds.

“Our investment in Booster IV, managed by Beco Capital, aligns with our fund investment program and our strategy to support funds that back early stage startups in Saudi Arabia,” said Nabeel Koshak, CEO and board member of SVC.

Established in 2018, SVC is a subsidiary of the SME Bank, part of Saudi Arabia’s National Development Fund.

The company is dedicated to stimulating and sustaining financing for startups and small and medium-sized enterprises, supporting them from the pre-seed stage up to pre-IPO through funding and co-investments in high-potential startups.

Saudi’s BIM Ventures and Japan’s SBI Holdings launch $2bn-targeted BIM Capital

Supplied.

Saudi Arabia-based venture studio BIM Ventures and Japan’s SBI Holdings have launched a joint venture aiming to drive growth across Saudi Arabia and the broader Middle East.

BIM Capital’s investment strategy spans private equity, venture capital, debt funds, and real estate development, with a target of attracting over $200 million in foreign direct investment and managing assets exceeding $2 billion.

The firm will leverage its expertise to identify high-growth sectors, with a particular emphasis on technology ventures, emerging industries, and real estate development, offering investors access to innovative, transformative opportunities.

Mush Social raises $1.2m in pre-seed funding led by Nifal Consulting

Saudi-based Mush Social has closed a $1.2 million pre-seed funding round led by Nifal Consulting, with support from Nahr Al-Jazeera Holding and angel investors.

Founded in 2022 by Abdulhadi Al-Asmi, Mush Social operates a social platform where users can earn points and own virtual assets through its interactive map feature, potentially monetizing their online interactions.

The funds will support the development of advanced technologies to enhance user value from their engagements on the platform.

Ayen acquires Egyptian contech Elmawkaa in seven-figure deal

The deal will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform. Supplied

Saudi property tech company Ayen has acquired Egyptian construction technology firm Elmawkaa in a seven-figure Saudi riyal transaction.

Founded in 2018 by Abdulrahman Al-Mulqi, Ali Al-Mohsen, and Aymen Al-Sarory, Ayen provides data-driven property evaluation solutions.

The acquisition will integrate Elmawkaa’s construction materials marketplace into Ayen’s platform, strengthening its market position across the Gulf Cooperation Council region.

Elmawkaa, established in 2017, offers a digital marketplace for competitive quotations on building materials, aimed at streamlining procurement for construction companies.

Aramco Ventures backs IOTA Software’s $10.4m series A2 round

Aramco Ventures has joined a $10.4 million Series A2 funding round for IOTA Software, a cloud-native platform for industrial performance optimization, led by Altira Group with participation from Oxy Technology Ventures and Second Avenue Partners.

The funds will enable IOTA to expand its engineering, product, and customer success teams, enhance its technology infrastructure, and strengthen marketing efforts. IOTA’s platform aggregates business and operations data to aid decision-making across industrial sectors.

Warburg AI secures $250k in seed funding for financial AI solutions

UAE-based Warburg AI has raised $250,000 in seed funding from undisclosed investors.

Founded in 2024 by Ben Pfeffer, Lancelot De Briey, and Madiyar Ismagulov, Warburg AI develops adaptive artificial intelligence and machine learning tools for financial institutions, with a focus on algorithmic trading, real-time risk management, and asset optimization.

The capital will be directed toward product development and expansion of its customer solutions team.

Brands.io raises seed funding to expand AI-focused domain services

UAE’s Brands.io, an AI-driven domain name provider, has raised an undisclosed amount in seed funding from unnamed investors.

Founded in 2024 by Chetan Gera, Brands.io offers customized domain names tailored for AI companies. 

The investment will fuel platform development, add technical features, and support the company’s expansion into Europe, the Middle East, and Africa, with a strong focus on strengthening its GCC presence.

NorthLadder raises $10m in series B for expansion in pre-owned electronics market

NorthLadder aims to capitalize on the increasing demand in the expanding pre-owned smartphone market. Supplied

UAE-based NorthLadder, a trade-in platform for pre-owned electronics, has raised $10 million in a Series B funding round led by stc Group’s corporate venture capital arm, tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures.

Founded in 2021 by Mihin Shah and Sandeep Shetty, NorthLadder offers a secure platform for reselling pre-owned devices, addressing growing demand in this sector.

With the new capital, NorthLadder plans to enhance its technology and expand its presence, particularly in Europe.

CE-Ventures co-leads $10m funding round for CrossBridge Bio’s cancer therapies

UAE-based CE-Ventures, the corporate venture capital arm of Crescent Enterprises, has co-led a $10 million funding round for CrossBridge Bio, a Houston-based biotech firm focused on developing dual-payload antibody drug conjugates for targeted cancer treatments.

The round also included participation from TMC Venture Fund, Portal Innovations, Alexandria Ventures, and several pre-seed investors.

The investment will support the advancement of CrossBridge Bio’s lead candidate, CBB-120, which targets solid tumors.

Additionally, the funding will enable the company to expand its pipeline of dual-payload ADCs and further develop its proprietary linker technology, which it claims could bring a new level of precision to cancer therapy.

Saudi Arabia’s signature startup event Biban 24 sees deals to support SMEs

Biban 24, Saudi Arabia’s premier event for startups and SMEs, saw over $5 billion in agreements and financing initiatives signed during the first three days.

Organized by the General Authority for Small and Medium Enterprises, or Monsha’at, the Riyadh-based forum secured more than 40 agreements and numerous financing portfolios aimed at bolstering Saudi Arabia’s SME sector in alignment with Vision 2030 goals.

These deals, amounting to more than SR18 billion ($4.79 billion) on the first day, SR1.35 billion on the second,  and SR580 million on day three,  included partnerships with leading Saudi banks, international memoranda of understanding, and investment opportunities designed to enhance access to funding and expand support networks for SMEs.

The event, themed “A Global Destination for Opportunities,” underscores Monsha’at’s commitment to creating a conducive environment for SMEs to thrive, positioning them as key drivers of economic diversification.


Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

Updated 08 November 2024
Follow

Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

RIYADH: Saudi Arabia’s central bank has implemented its second interest rate reduction of 2024, lowering the benchmark by 25 basis points to 5.25 percent.

This adjustment mirrors the recent US Federal Reserve decision, which also cut rates by the same amount to a target of 4.5 - 4.75 percent.

In a statement, the central bank – also known as SAMA – said: “In light of global developments, and in accordance with the Central Bank’s objective of maintaining monetary stability, it has decided to reduce the Repurchase Agreement rate by 25 basis points to 5.25 percent, and the Reverse Repurchase Agreement rate by 25 basis points to 4.75 percent.​”

Unlike the higher September cut of 50 basis points, this move is a strategic recalibration of monetary policy, aimed at easing high borrowing costs that have been sustained to combat inflation over the past two years.

Gulf Cooperation Council central banks align interest rates with the US Federal Reserve due to their currency pegs to the dollar, despite having stable inflation rates.

Both the UAE and Bahrain reduced rates by 25 basis points, while Qatar opted for a slightly larger 30-point cut.

Kuwait, however, took a different approach. Its central bank, which pegs its currency to a basket, rather than exclusively to the dollar, lowered rates by 25 basis points in September to 4 percent but did not announce further cuts in November as of date.

Over the past two years, the US Federal Reserve has aggressively tightened its monetary policy to tackle inflation, driving up interest rates in an effort to bring prices down.

Although inflation has made progress toward the Fed’s 2 percent target, it remains slightly elevated, and high costs persist for consumers.

The labor market has shown signs of cooling, with unemployment inching up but still at low levels. The Fed’s ongoing challenge is balancing inflation control with the need to maintain a healthy, resilient job market.

The decision to cut interest rates could have far-reaching implications for the GCC, particularly for Saudi Arabia’s economy.

The Kingdom’s non-oil sectors, already a key focus under Vision 2030, stand to benefit significantly from the influx of cheaper credit.

Sectors such as construction, real estate, and services, which have seen substantial growth, are expected to experience further acceleration.

Lower borrowing costs could spur investments in infrastructure and technology, both vital to the Kingdom’s diversification away from oil.

Corporate lending is also expected to see a boost, with businesses, especially in capital-intensive industries like real estate, poised to take advantage of more affordable financing.

This could translate into more ambitious expansion plans, particularly for projects aligned with Vision 2030 goals, such as NEOM and the Red Sea Project.

The real estate market in particular could see a further surge as cheaper credit fuels demand for housing. 

Riyadh’s growing population and influx of expatriates are likely to drive this trend, with lower interest rates making mortgages more affordable.


Oil Updates – prices fall more than 1 percent as Hurricane Rafael risk recedes

Updated 08 November 2024
Follow

Oil Updates – prices fall more than 1 percent as Hurricane Rafael risk recedes

LONDON: Oil prices fell on Friday on receding fears over the impact of Hurricane Rafael on oil and gas infrastructure in the US Gulf while investors also weighed up fresh Chinese economic stimulus.

Brent crude oil futures lost 93 cents, or 1.23 percent, to $74.70 a barrel by 5:15 p.m. Saudi time. US West Texas Intermediate crude was down $1.05, or 1.45 percent, at $71.31.

The benchmarks have reversed Thursday’s gains of nearly 1 percent, but Brent and WTI are still on track to finish 2 percent up over the week, with investors also examining how US President-elect Donald Trump’s policies might affect oil supply and demand.

Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut in, is forecast to weaken and move slowly away from US Gulf coast oilfields in the coming days, the US National Hurricane Center said.

Downward price pressure also came from data showing crude imports in China, the world’s largest oil importer, fell 9 percent in October — the sixth consecutive month to show a year-on-year decline.

“The weakening of oil imports in China is due to weaker demand for oil as a result of the sluggish economic development and rapid advance of e-mobility,” said Commerzbank analyst Carsten Fritsch.

China kicked off a fresh round of fiscal support on Friday, announcing a package that eases debt repayment strains for local governments.

The nation’s economy has faced strong deflationary pressures in the face of weak domestic demand, a property crisis and mounting financing strains on indebted local governments, limiting their investment capability.

“There were no additional stimulus measures targeting domestic demand, hence the disappointment weighing on prices,” UBS analyst Giovanni Staunovo told Reuters.

Prices had risen on Thursday on expected actions by the incoming Trump administration, such as tighter sanctions on Iran and Venezuela, which could limit oil supply to global markets.

“In the short-term, oil prices might rise if the new President Trump is quick on the draw with oil sanctions,” said PVM analyst John Evans.

US Federal Reserve Chair Jerome Powell said on Thursday that Trump’s proposed policies of broad-based tariffs, deportations and tax cuts would have no near-term impact on the US economy, but the Fed would begin estimating the impact of such policies on its goals of stable inflation and maximum employment.

The Fed cut interest rates by a quarter of a percentage point on Thursday.


Closing Bell: GCC stock markets up in wake of Trump’s election win

Updated 07 November 2024
Follow

Closing Bell: GCC stock markets up in wake of Trump’s election win

RIYADH: Following Donald Trump’s victory in the US presidential election, stock markets across the Gulf Cooperation Council saw a strong rally.

Markets posted gains, with Saudi Arabia’s Tadawul All Share Index finishing 0.31 percent up to close at 12,130.80 points on Thursday. This came after Crown Prince Mohammed bin Salman congratulated Trump on winning the election in a phone call on Wednesday, according to the Saudi News Agency.

Dubai’s Financial Market mirrored the upward momentum, climbing 0.60 percent. Abu Dhabi’s Securities Exchange also saw a lift, finishing the day up 0.44 percent.

Bahrain’s Bourse recorded a rise of 0.52 percent, while Kuwait’s main market similarly rose, closing with a 0.10 percent gain.

However, the Muscat Securities Market in Oman saw a 0.17 percent decrease, while the Qatar Stock Exchange was closed for a public holiday. 

The total trading turnover of the benchmark index on TASI was SR7.53 billion ($2 billion) as 113 of the listed stocks advanced, while 111 retreated.   

Similarly, the MSCI Tadawul Index increased by 2.03 points, or 0.13 percent, to close at 1,521.79.

The Kingdom’s parallel market Nomu also climbed by 415.36 points, or 1.44 percent, to close at 29,269.00. This comes as 49 of the listed stocks advanced while as many as 22 retreated.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged by 7.13 percent to SR78.10.

Other top performers include Miahona Co., and Theeb Rent a Car Co., with Miahona’s share price climbing 6.75 percent to SR29.25 and Theeb’s rising 6.59 percent to SR79.30.

Naseej International Trading Co. and Al Moammar Information Systems Co. also posted rises.

The worst performer was Saudi Arabian Mining Co., whose share price dropped by 4.09 percent to SR53.90.

Other worst performers were Abdulmohsen Alhokair Group for Tourism and Development, whose share price fell by 3.18 percent to SR2.74, and ACWA Power Co., which saw a 2.95 percent drop to SR441.20.

On an announcement front, ACWA Power Co. announced its results for interim financial results for the first nine months of 2024, ending on Sept. 30, with revenues surging by 13.3 percent to reach SR1.74 billion, compared to SR1.542 billion in 2023.

The increase was primarily driven by higher revenue from electricity sales, operation and maintenance services, and additional income from development projects and construction management, the company said on Tadawul. 

BinDawood Holding Co. also disclosed its financial results for the third quarter, with revenues slightly increasing by 0.189 percent to reach SR1.361 compared to the same quarter last year.

The company closed Thursday’s trading session at SR7.02, a 0.29 percent increase.

Saudi Steel Pipe Co. also released its financial results for the nine months of the year, recording SR381 million in revenues, a 20.18 percent increase compared to the same period last year.

The company closed today’s trading session at SR71.40, decreasing by 1.27 percent.

The United International Transportation Co. disclosed a 37.052 percent increase in revenues for the first nine months to reach SR505.8 million, compared to SR369.07 million during the same period last year.

This was primarily driven by the expansion of a long-term lease fleet and the resulting higher lease revenues.

The company closed at SR84, with its stock valie declining by 1.55 percent.