Saudi aviation sector enters a new era

In March, Saudi Arabia announced the launch of its second national airline, Riyadh Air, owned by the Public Investment Fund. It is expected to add $20 billion to the non-oil GDP and create over 200,000 jobs. (Supplied)
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Updated 12 August 2023
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Saudi aviation sector enters a new era

  • Transitioning from ‘a period of recovery to sustained and upward growth,’ says GACA official

RIYADH: As the world emerges from the shadows of the COVID-19 pandemic, Saudi Arabia has started reaping the fruit of its efforts to wean its economy off of oil by increasing its focus on its travel and tourism sector.

The Kingdom’s aviation sector is witnessing rapid growth which many analysts say is not just due to large investments in airlines but a result of the ongoing socio-economic transformation process that began with the launch of Vision 2030 in 2016.

One of the several measures taken to boost the sector includes the launch of an e-visa service in 2019 ensuring easy access to millions of potential tourists eager to explore the art, culture, cuisine, archeological wonders, and natural beauty of the Arabian Peninsula.

“2023 is becoming a year in which Saudi aviation (industry) has moved beyond recovery (mode) and (entered) into an era of unprecedented milestones and achievements,” Mohammed Alkhuraisi, executive vice president of strategy and business intelligence at the General Authority of Civil Aviation, told Arab News. 

“In the first half of 2023, Saudi Arabia’s air traffic witnessed significant growth. This reflects a clear transition from a period of recovery to sustained and upward growth in the sector.”

The Kingdom’s fast-evolving aviation sector is reflective of its ambitions to emerge as a global travel destination rivaling its counterparts in the Gulf Cooperation Council. 




Saudi Arabia is creating unprecedented opportunities for global aviation through the Saudi Aviation Strategy. (Supplied)

It is also making its mark as an emerging business hub and center for culture and tourism drawing in visitors from all across the globe.

“The Kingdom of Saudi Arabia is focused on Vision 2030, which is the country’s grandiose and ambitious economic diversification agenda,” Giorgio Cafiero, an analyst for Gulf State Analytics told Arab News.

“Some of the key pillars of Vision 2030 include tourism, non-oil trade, logistics, and transportation,” Cafiero said. 

“Within this context, Saudi Arabia is trying to bring many tourists from many parts of the world into the country, while also making the King Salman International Airport, which is supposed to be completed by 2030, a major hub that can not only compete with the UAE and Qatar’s successful airports, and even surpass them. Saudi Arabia has the resources and the will to make this airport in Riyadh a major success. If the Saudis are successful on this front, the Kingdom’s tourism industry will stand to gain in many ways.”

Alkhuraisi said the Kingdom is better connected than ever before, with the total number of destinations connected to the country reaching 127, which is over 50 percent of the 2030 target set in the Saudi Aviation Strategy. 

HIGHLIGHTS

• The national flag carrier, Saudia, plans to launch 25 new routes in 2023.

• The number of flights to AlUla increased by 64 percent between April and June.

• Saudi Arabia launched a free 96-hour stopover visa and services to facilitate the UK, the US, and Schengen visas holders.

• The Kingdom also announced its plans to replace one of its busiest airports, Riyadh’s King Khalid Airport, with King Salman International Airport.

“Saudi Arabia is creating unprecedented opportunities for global aviation through the Saudi Aviation Strategy, which will triple passenger numbers to 330 million, extend connectivity to more than 250 destinations, and increase air freight capacity to more than 4.5 million tons per annum by 2030,” Alkhuraisi added. 

“The Saudi Aviation Strategy targets reflect the scale of investment and growth occurring right now in the Kingdom’s aviation sector.”

The GACA official said: “This year we have already witnessed the Saudi Aviation Strategy deliver real results for the Kingdom, including Saudi Arabia jumping 14 places on IATA’s 2023 International Air Connectivity Index (the highest-ranking increase of any aviation market), launching of a new national airline, Riyadh Air, and issuing a new license for an airline based in Dammam.”

Further accelerating travel and easy access to the Kingdom, this year the government announced the launch of a free 96-hour stopover visa and services to facilitate the UK, the US, and Schengen visas holders, as well as permanent residents of the UK, the US, and any EU country to obtain tourist e-visas through a simple online portal. 

2023 is becoming a year in which Saudi aviation (industry) has moved beyond recovery (mode) and (entered) into an era of unprecedented milestones and achievements.

Mohammed Alkhuraisi, executive vice president of strategy and business intelligence at the General Authority of Civil Aviation

Ali Shihabi, a Saudi analyst and writer, told Arab News: “Aviation is a driver of growth as Dubai showed us. The more air connections you develop, the more traffic, tourism, and business come.” 

AlUla, a key tourist destination of the Kingdom, is also attracting foreign and domestic tourists. According to the Royal Commission of AlUla, the total number of flights to the historic destination increased by 64 percent between April and June, while the total number of passengers increased by 74 percent. 

The surge in the sector could be gauged through the fact that until March Wizz Air, a multinational airline, operated on 17 routes in the Kingdom and added 9 more destinations in April. 

The national flag carrier, Saudia, plans to launch 25 new routes in 2023. According to official data, it welcomed 14 million guests, with 76,000 daily passengers. 

“During the first half of 2023, Saudia showcased its crucial role in supporting tourism, business, Hajj, and Umrah sectors through strategic partnerships,” Capt. Ibrahim Koshy, CEO of Saudia, told Arab News. 

The Kingdom has also announced its plans to replace one of its busiest airports, Riyadh’s King Khalid Airport, which has a capacity of approximately 25 million passengers per year, with King Salman International Airport. This means that the Saudi capital will be able to host 120 million passengers per year by 2030. Estimated to be among the biggest in the world, the new airport, while still smaller in size than Dammam’s King Fahd International Airport, is expected to add an additional $7.18 billion to the Kingdom’s non-oil gross domestic product. It seeks to compete with other top GCC airports.

In March, Saudi Arabia announced the launch of its second national airline, Riyadh Air, owned by the Public Investment Fund. It is expected to add $20 billion to the non-oil GDP and create over 200,000 jobs. Its goal is to serve over 100 destinations by 2030 and connect the Kingdom’s capital to major international cities. 

During the first half of 2023, Saudia showcased its crucial role in supporting tourism, business, Hajj, and Umrah sectors through strategic partnerships.

Ibrahim Koshy, CEO of Saudia

“Riyadh Air was launched to shape the future of air travel, drawing on authentic Saudi hospitality and the latest digital technologies to offer an exceptional guest experience,” Riyadh Air CEO Tony Douglas told Arab News. “Riyadh Air will shape the future of air travel and empower Saudi Arabia’s aviation ecosystem. The airline will serve as a catalyst for the National Transport and Logistics Strategy and help realize its aviation sector goals by optimizing the Kingdom’s strategic location and connecting the three continents of Asia, Africa, and Europe.”

Further expansion for Saudi’s aviation sector comes with the soon-to-be-opened solar-powered Red Sea International Airport, in Hanak, Tabuk. Part of Red Sea Global, the multi-project luxury and sustainable tourism project under development and wholly owned by the PIF, it will open in the fourth quarter of this year and begin with domestic flights and offer international flights in 2024. 

“Saudi Arabia, through its Vision 2030, has opened the country to the world, welcoming international tourists, staging major sports events, including Formula 1, golf, boxing, tennis, and e-racing, as well as putting on major musical and entertainment events, Mdlbeast, for example, holding major business exhibitions (FII, Global Mining Forum, etc.), and staging unprecedented political meetings,” Amr Khashoggi, a Saudi economist and board chairman at Amkest Group, told Arab News. 

Khashoggi also said he believed that a large number of people are coming to the Kingdom seeking medical treatment.

“Saudi Arabia has now become a global travel destination for many reasons,” he added.


Saudi gold demand defies price surge amid cultural, digital shift

Updated 20 June 2025
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Saudi gold demand defies price surge amid cultural, digital shift

RIYADH: Gold prices may be at record highs, but that has not stopped Saudi consumers from buying. In the first quarter of 2025, demand for gold jewelry in the Kingdom jumped 35 percent year on year, even as global demand fell 21 percent, according to the World Gold Council.

That surge comes amid a global price rally, with gold breaching $3,500 per ounce in April, up from around $2,370 a year earlier — driven by geopolitical tensions, inflation fears, and aggressive central bank buying. 

“This rapid increase in the price of the bullion can be attributed to one main reason – central bank buying,” Vijay Valecha, chief investment officer at Century Financial, told Arab News. 

Yet despite the soaring cost, Saudi Arabia’s deep-rooted gold culture continues to shine, with consumers purchasing 11.5 tonnes of gold jewelry in the first quarter, up from 8.5 tonnes a year earlier.

“This feat occurred despite the 34 percent rise in prices in early 2025, demonstrating Saudi consumers’ strong demand and purchasing power,” said Valecha.

Vijay Valecha, chief investment officer at Century Financial. Supplied

Gold in the Kingdom is more than a financial asset — it represents tradition, adornment, and intergenerational wealth. From bullion bars to minimalist 18-carat jewelry, Saudi buyers are proving resilient even as other regional markets, such as the UAE and Kuwait, witness sharp declines in demand.

Hamza Dweik, head of trading for the MENA region at Saxo Bank, emphasized gold’s cultural role, telling Arab News: “Gold is deeply embedded in Saudi traditions, especially during weddings and festive occasions. This cultural attachment ensures a steady baseline of demand, even during price surges.”

Global factors

Valecha explained that following the conflict in Ukraine, many countries grew concerned about holding excessive reserves in US dollars, prompting nations such as China and Russia to increase their gold purchases.

“China has spearheaded record levels of global central bank purchases of gold. Hence, looking ahead, the trend of gold buying by central banks is expected to continue,” he added.

​​Another push came in May, when Moody’s downgraded the US credit rating from Aaa to Aa1, citing “a sustained increase in government debt (exceeding $36 trillion), rising interest payment ratios, and persistent fiscal deficits exacerbated by political dysfunction and policy uncertainty.”

Valecha added that this marked the first time the US lost its top-tier rating from all three major agencies. 

Cultural drivers

In different parts of the Kingdom, people buy gold for different reasons. In the north, around 70 percent of buyers view gold primarily as an investment, while in the south, it is more closely tied to tradition and adornment. Gold bars and coins are also gaining popularity, with people stocking their safes with bars of varying weights and purity.

In the first quarter, gold demand in Saudi Arabia grew 15 percent year on year to 4.4 tonnes. Jewelry preferences are also shifting — from favoring diamonds to a growing obsession with gold.

More young buyers are opting for 18-carat pieces due to their affordability, modern style, and lighter tone, as they appear less yellow than 21- and 24-carat gold.

“They also have a less flashy design/colour, which makes them better for everyday use,” Valecha explained.

Hamza Dweik, head of trading for the MENA region at Saxo Bank. Supplied

Digital platforms and online gold purchases are also on the rise, blending tradition with technology — from buying fractional gold and using savings apps to investing through exchange-traded funds.

“Younger generations are blending tradition with technology — embracing digital gold platforms, fractional ownership, and ETFs, while still participating in cultural gifting. This is reshaping how gold is marketed and consumed,” Dweik added.

While countries including the UAE and Kuwait have seen gold demand decline, Saudi Arabia is moving in the opposite direction, with domestic consumers leading the surge, supported by strong spending habits.

Consumer spending in the Kingdom hit an all-time high in March, rising 17 percent to SR148 billion ($39.44 billion) — the highest monthly increase since May 2021 — before easing to SR113.9 billion in April.

The shift in consumer behavior is evident across the Kingdom. Jewelers in Riyadh spoken to by Arab News reported a growing interest in custom pieces, lighter-weight ornaments, and contemporary designs that suit both festive occasions and everyday wear. 

The 18-carat trend, once seen as a budget-friendly option, has become a fashion choice, according to the jewelers. More women are purchasing gold for themselves, breaking away from the traditional gift-only narrative. 

While physical stores remain popular for high-value purchases, particularly during wedding seasons and religious festivals, digital platforms are making inroads. Online retailers like L’azurde are adapting to this demand by offering buy-now-pay-later plans, making gold more accessible to a wider audience. Popular jewelry items include 21-carat necklaces and rings, while younger buyers favor 18-carat pieces for daily wear.

Market outlook

Looking ahead, both Valecha and Dweik expect prices to remain strong. Valecha predicts gold could reach $3,700 per ounce by year-end, though he cautions short-term investors. “Buyers should assess their investment horizon — long-term holders may still find value, while short-term buyers should be mindful of volatility,” he said.

“Sustained central bank purchases, heightened investor appetite in a period of uncertainty in the economic landscape, and projected interest rate cuts drive this bullish projection. The projected price under a recession scenario is as high as $3,880 per ounce,” Valecha added.

Dweik agreed, and said: “While structural drivers support continued growth, potential corrections could occur if inflation eases or interest rates rise.”

Saudi Arabia may also be poised to grow into a regional gold trading hub. Valecha believes that with the right infrastructure and regulatory framework, the Kingdom could play a larger role in the global market. “To elevate its status, a modern, transparent gold market ecosystem and enhanced refining capabilities would be essential,” he said.

With deep-rooted traditions, rising investment activity, and a modernized retail environment, Saudi Arabia’s gold market is not only resilient — it is evolving. In a time of global uncertainty, gold continues to shine across the Kingdom.


Where the money is flowing: AI, agritech, and fintech set to lead Saudi venture capital ecosystem

Updated 20 June 2025
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Where the money is flowing: AI, agritech, and fintech set to lead Saudi venture capital ecosystem

RIYADH: Saudi Arabia’s venture capital ecosystem is entering a pivotal phase of growth, fueled by a surge in domestic and international investment targeting sectors aligned with the Kingdom’s Vision 2030.

Agriculture tech, fintech, artificial intelligence, and clean energy are emerging as key pillars of this transformation, driven by regulatory reforms, demographic shifts, and a rising global investor appetite.

The country’s ambition to become a regional innovation hub is drawing sustained capital inflows, placing it at the center of the broader emerging venture market investment narrative.

Domestic ambition shapes sectoral disposition

Said Murad, senior partner at investment firm Global Ventures, cited Saudi Arabia’s high food import dependency and its ambitions to boost domestic production as key in drawing funds to the Kingdom.

“Agritech and climate-related technologies will certainly contribute to the next phase of investment growth,” he told Arab News in an interview.

Complementing this trend, Philip Bahoshy, CEO of MAGNiTT, pointed to fintech, AI, clean energy, logistics, and advanced manufacturing as areas expected to dominate future funding.

“These sectors align with Vision 2030’s push for economic diversification and digital transformation,” he told Arab News, with health tech and deep tech also gaining traction due to increasing research and development support and regulatory tailwinds.

Philip Bahoshy, CEO of MAGNiTT. Supplied

AI, in particular, is emerging as a dominant investment theme in the region. According to MAGNiTT’s 2025 predictions, the sector is set to double its share of venture capital funding in emerging venture markets this year, following a surge of high-profile deals in 2024.

“AI was the main driver of investment activity both in the private and public markets in the US and other mature markets in 2024,” the platform noted, referencing data from PitchBook.

In the first nine months of 2024, AI accounted for 41.3 percent of US venture capital funding. In Saudi Arabia, this momentum is reflected in deals such as Intelmatix’s $20 million Series A round and Amazon Web Services’s planned data center investment, both signaling the Kingdom’s rising stake in the global AI landscape.

MAGNiTT also cited broader geopolitical and commercial developments in the AI space, including chip export agreements, as indicators of the sector’s rising importance in the region.

“Based on our proprietary data, we expect AI funding to double in 2025 due to increased investor attention to innovative AI startups,” the company stated.

Beyond AI, Global Ventures’ investment in Iyris, an agritech company spun out of King Abdullah University of Science and Technology, illustrates the potential of local innovation to address long-standing structural challenges.

“Iyris is positively disrupting agricultural practices for mid-to-low-tech farmers, particularly in hot climates,” Murad said.

The startup launched the National Food Production Initiative in 2023, partnering with SABIC and Red Sea Global to establish a sustainable farming project in Bada, Saudi Arabia, aimed at regenerating unproductive land and enhancing food security.

Fintech remains another strong area of interest, supported by a digitally connected population and a push toward financial inclusion.

“With 98 percent internet penetration and 97 percent smartphone adoption among the 18-to-78-year age group, the Kingdom has one of the world’s most digitally enabled populations,” Murad said.

He views this as a key enabler for innovation in financial services, both consumer-facing and enterprise-driven.

Focused sectors, broad appeal

Capital inflows into Saudi Arabia are being driven not only by sector performance but also by global institutional interest in the region.

According to MAGNiTT, firms including BlackRock, Golden Gate Ventures, and Polen Capital have already established offices or acquired licenses in the Kingdom, the UAE, or Qatar.

Others, including General Catalyst and the BRICS Investment Fund, have made their investment debuts or launched dedicated MENA-focused funds.

“In 2025, we expect even more investors and asset managers to set up offices in the EVM regions, particularly Saudi Arabia and the UAE,” MAGNiTT stated, attributing this to the region’s “friendly business-enabling environment.”

Said Murad, senior partner at investment firm Global Ventures. Supplied

Deal flow in the Kingdom has grown across all funding stages. “Saudi Arabia saw a surge in pre-seed and seed-stage funding,” said Murad, noting that demand for later-stage capital is increasing as startups validate their models and seek international expansion.

Supporting this trajectory is a growing exit pipeline. In 2024, Saudi Arabia completed 42 initial public offerings, ranking seventh globally in capital raised.

“This growing pipeline of exits signals the increasing maturity of the country’s capital markets and reinforces the long-term viability of its venture ecosystem,” Murad added.

As international capital intensifies, local venture firms are adapting their strategies to remain competitive.

“Regional players active in the market will understand local nuances, ultimately providing a competitive advantage,” Murad said.

He emphasized that investors offering operational support and showcasing portfolio success stories will be best positioned to attract international limited partners.

The Kingdom’s regulatory environment is increasingly seen as a strength in the region’s venture capital narrative.

“Government initiatives and the regulatory framework are geared to venture capital firms investing in startups in a secure, forward-thinking, and robust environment,” Murad said.

Still, he cautioned that strong business fundamentals remain essential. “The need for entrepreneurs to have strong, sustainable business models with good unit economics is as necessary as ever,” said the Global Ventures partner.

Despite global uncertainties, Saudi entrepreneurs may be better equipped than most to navigate a challenging macroeconomic environment.

“At Global Ventures, we refer to the ‘adversity advantage’— a natural upside for regional entrepreneurs who are used to working with, and around, resource scarcity,” Murad said.

“This has empowered them, by design, to build businesses more resilient and adaptable to challenges,” he added.


Oil Updates — prices fall as US delays decision on direct Iran involvement

Updated 20 June 2025
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Oil Updates — prices fall as US delays decision on direct Iran involvement

SINGAPORE: Oil prices fell on Friday after the White House delayed a decision on US involvement in the Israel-Iran conflict yet they remained on course for a third consecutive weekly rise.

Brent crude futures were down $2.57, or around 3.3 percent, to $76.28 a barrel by 3:04 p.m. Saudi time but still set to gain nearly 3 percent on the week.

US West Texas Intermediate crude for July — which did not settle on Thursday as it was a US holiday and expires on Friday — was up marginally at $75.19.

The more liquid August contract was up around 0.4 percent, or 31 cents, to $73.19.

On Thursday prices jumped almost 3 percent after Israel bombed nuclear targets in Iran, while Iran — OPEC’s third-largest producer — fired missiles and drones at Israel. Neither side showed any sign of backing down in the week-old war.

Brent prices retreated after the White House said President Donald Trump would decide whether the US will get involved in the Israel-Iran conflict in the next two weeks.

“However, while Israel and Iran carry on pounding away at each other there can always be an unintended action that escalates the conflict and touches upon oil infrastructure,” PVM analyst John Evans said.

Iran has in the past threatened to close the Strait of Hormuz, a vital route for Middle East oil exports.

However, oil exports so far have not been disrupted and there is no shortage of supply, said Giovanni Staunovo, an analyst at UBS.

“The direction of oil prices from here will depend on whether there are supply disruptions.”

An escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to $100 per barrel of oil being a reality, said Panmure Liberum analyst Ashley Kelty.


OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

Updated 19 June 2025
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OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

RIYADH: OPEC+ has proven to be the “central bank” and regulator of the global oil market, providing much-needed stability, Saudi Arabia’s energy minister said.

Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance’s role in balancing oil markets amid global economic uncertainties.

“I would have to say that OPEC+ had proven to be an instrument that if it wasn’t invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,” the energy minister said.

Prince Abdulaziz also highlighted the ongoing partnership between Saudi Arabia and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation.

“I’m looking forward to host Alexander — the co-chair of our joint committee — to Saudi Arabia this year, with the biggest, most sizable business community participation,” he said.

Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities.

“We have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in Saudi Arabia or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,” he added.

The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming Saudi Arabia’s commitment to cooperation with partners to maintain market stability.

Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom’s support amid external restrictions.

“It’s been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we’re trying to maneuver with the restrictions that are existing today,” he said.

“That has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.”

On whether Saudi Arabia and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective.

“You give me a question that is not evidently seen happening, I don’t have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,” he said.

The minister clarified that OPEC+ consists of 22 member states and is not dominated by Saudi Arabia and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes.

“To respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,” he added.

He concluded by highlighting OPEC+’s reputation as a reliable and adaptive organization.

“What we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,” he said.


Closing Bell: Saudi main index rises to close at 10,610 

Updated 19 June 2025
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Closing Bell: Saudi main index rises to close at 10,610 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 19.58 points, or 0.18 percent, to close at 10,610.71.   

The total trading turnover of the benchmark index was SR6.4 billion ($1.7 billion), as 116 of the stocks advanced and 115 retreated.    

The Kingdom’s parallel market Nomu lost 28.01 points, or 0.11 percent, to close at 26,175.83. This came as 35 of the listed stocks advanced while 41 retreated.    

The MSCI Tadawul Index lost 0.54 points, or 0.04 percent, to close at 1,367.14.     

The best-performing stock of the day was Alistithmar AREIC Diversified REIT Fund, whose share price surged 9.97 percent to SR7.50. 

Seera Group Holding also recorded strong gains, with its share price rising 7.99 percent to SR23.80, while Banan Real Estate Co. climbed 7.14 percent to close at SR4.50. 

Southern Province Cement Co. recorded the most significant drop, falling 5.19 percent to SR27.40. Ataa Educational Co. also saw its stock prices fall 3.43 percent to SR59.10. 

Leejam Sports Co. also saw its stock prices decline 3.01 percent to SR116.

On the announcements front, Advance International Communications and Technology said it has completed the conversion of one of its branches into an independent limited liability company under the name Innovation Passage Technology Co.

According to a statement on Tadawul, the move is part of the company’s strategy to restructure its operations by separating the wholesale business sector. The new entity will take over all wholesale functions and operations. The company stated that the transformation is not expected to have a significant financial impact and that any further updates will be announced as they arise. 

Alujain Corp. announced that its board of directors has approved the distribution of SR51.9 million in cash dividends for the second quarter of 2025.

A bourse filing revealed that the number of shares eligible for dividends is 69.2 million, with the dividend per share set at SR0.75. The dividend represents 7.5 percent of the share’s par value. 

Alujain shares closed the session up 2.74 percent at SR35.

United Cooperative Assurance Co. announced the signing of a memorandum of understanding with Arabia Insurance Cooperative Co. to evaluate a potential merger.

According to a Tadawul filing, both parties will conduct technical, financial, tax, legal, and actuarial due diligence, and will enter into non-binding discussions regarding the terms and conditions of the proposed transaction.  

United Cooperative Assurance shares closed at SR6.70, up 0.75 percent.