RIYADH: Saudi Arabia’s Tadawul All Share Index surged on Wednesday, gaining 35.28 points, or 0.30 percent, to close at 11,920.94.   

The total trading turnover of the benchmark index was SR5.65 billion ($1.50 billion), as 140 of the listed stocks advanced, while 81 retreated. 

The MSCI Tadawul Index increased by 6.50 points, or 0.44 percent, to close at 1,486.63. 

The Kingdom’s parallel market Nomu slipped, losing 20.70 points, or 0.08 percent, to close at 25,596.22. This comes as 34 of the listed stocks advanced, while 35 retreated.  

The best-performing stock of the day was Red Sea International Co., with its share price surging by 9.96 percent to SR53. 

Other top performers included Alistithmar AREIC Diversified REIT Fund, which saw its share price rise by by 8.02 percent to SR10.10, and Batic Investments and Logistics Co., which saw a 5.22 percent increase to SR3.63. 

The worst performer of the day was Gulf Insurance Group, whose share price fell by 2.59 percent to SR32. 

Tanmiah Food Co. and Walaa Cooperative Insurance Co. also saw declines, with their shares dropping by 2.56 percent and 2.55 percent to SR144.40 and SR22.20, respectively. 

On the announcement front, Saudi Fransi Capital announced the successful retail offering for Almajed for Oud Co.’s initial public offering, which saw an 821.33 percent oversubscription on Sept. 15.  

Priced at SR94 per share, the retail tranche attracted 236,127 investors, generating SR1.16 billion in demand, the company said in a Tadawul statement. 

It explained that each retail investor will receive a minimum of six shares, with additional shares allocated on a pro-rata basis. The institutional tranche will be reduced to 6 million shares, or 80 percent of the total offering. 

Savola Group has concluded its rump offering, reaching 814.2 percent subscription. A total of 35,102,497 unsubscribed shares were sold, generating proceeds of SR943.45 million. The average sale price per share was SR26.88, according to an official statement. 

In total, SR592.43 million will be distributed as net compensation to rights issue and fractional share owners. Share deposits into shareholders’ accounts will be completed by Sept. 26. The firm said that any excess proceeds beyond the offer price will be distributed to entitled parties by Oct. 13. 

RIYADH: Saudi Arabia’s electric vehicle ecosystem requires charging stations every 100 km along highways to support its growth, said a senior executive.  

Speaking to Arab News at the EV Auto Show in Riyadh, Mohamed Al-Mubarak, general manager of Charging Arabia, emphasized that the widespread availability of refueling infrastructure is essential to reducing range anxiety, ultimately benefiting the e-mobility sector. 

This comes as Saudi Arabia aims to convert 30 percent of Riyadh’s vehicles to electric by 2030, as part of a broader strategy to cut emissions in the capital by 50 percent and achieve carbon neutrality by 2060.

Al-Mubarak said: “It is important to have it (EV charging stations) on highways, so people can travel with their cars. As you know, the electric car ranges between 300 to 400 km, now up to 500 km. At least every 100 km, there should be a charging station.”  

Charging Arabia, which operates in Europe, Asia, Africa, and Saudi Arabia, focuses on EV charging station operations, AC and DC charger installations, and mobile charging services. 

He said the company is concentrating on the Saudi market because “the government is helping people in the EV charging business.”  

Al-Mubarak added: “Although there are only 1,000 cars in the market, it is not a big number. But it’s on the right track, and I think it’s going with the vision. By 2030, I think there will be thousands of electric cars in Saudi.” 

He revealed that the company has partnered with Saudi-based charging manufacturer Alfanar to enhance the Kingdom’s EV infrastructure. 

“As a charging station operator, we need to have chargers everywhere — public places, petrol stations, shopping malls, and public parking — so people can charge their cars,” said Al-Mubarak. 

Currently, Charging Arabia operates two stations in Riyadh and plans to expand with over 100 facilities in the Eastern Province. Al-Mubarak also identified electricity load management as a challenge as the number of EVs grows. 

Al-Mubarak suggested that the government could implement a scheme to help individuals purchase home AC chargers, allowing them to charge their cars overnight and wake up with a fully charged vehicle.