RIYADH: Saudi Arabia’s Tadawul All Share Index saw a positive close on Sunday, gaining 127.90 points, or 1.09 percent, to settle at 11,853.78.

The benchmark index recorded a trading turnover of SR4.67 billion ($1.24 billion), with 207 stocks advancing and 35 declining.

Similarly, the Kingdom’s parallel market, Nomu, also posted gains, rising by 139.42 points, or 0.45 percent, to close at 31,275.27. In this market, 50 stocks rose while 30 saw declines. The MSCI Tadawul Index followed suit, gaining 15.52 points, or 1.05 percent, to close at 1,494.79.

Arriyadh Development Co. was the top performer of the day, with its share price soaring by 9.91 percent to SR36.05.

Other notable gainers included Saudi Research and Media Group, whose shares climbed 7.97 percent to SR189.60, and Banan Real Estate Co., which saw a 6.27 percent rise, closing at SR6.95.

On the downside, Saudi Paper Manufacturing Co. experienced the largest drop, falling 3.62 percent to SR58.50. Al-Baha Investment and Development Co. also saw a decline of 2.56 percent, with its shares ending at SR0.38.

Meanwhile, Tihama Advertising and Public Relations Co. saw a 1.84 percent decrease, closing at SR16.

Saudi Reinsurance Co. announced its annual financial results for the year ending Dec. 31.

The company reported a net profit of SR440 million for 2024, a remarkable 628 percent increase compared to 2023. This surge was primarily driven by capital gains from the sale of its stake in Probitas Holding, which amounted to SR365.9 million.

Additionally, the company’s board of directors recommended a 46.6 percent increase in capital by distributing 51.48 million bonus shares to shareholders, translating to four shares for every nine held.

The increase also includes 2.5 million shares allocated for a long-term incentive plan for employees, boosting the company’s capital by an additional 2.16 percent. Despite these strong results, Saudi Reinsurance Co. saw its share price dip by 0.53 percent, closing at SR48.10.

Najran Cement Co. also released its annual financial results for the year ending Dec. 31. The company reported a net profit of SR68.4 million for 2024, reflecting a 24.05 percent increase from 2023. This growth was driven by higher sales and improved gross margins, despite rising general and administrative expenses and finance costs. Najran Cement Co.’s stock rose by 3.34 percent, closing at SR8.75.

RIYADH: Saudi Arabia has unveiled a new environmental financing initiative worth SR1 billion ($266.6 million), supported by Riyad Bank, to encourage private sector participation in sustainable and eco-friendly projects.

Abdulrahman Al-Fadhli, Saudi Arabia’s minister of environment, water, and agriculture and chairman of the Environmental Fund’s board of directors, officially introduced the program on Sunday.

The launch coincided with the unveiling of a new digital platform for the Incentives and Grants Program, designed to foster innovation and boost environmental investments.

This initiative aligns with Saudi Arabia’s Vision 2030 objectives, which focus on promoting environmental sustainability and enhancing the quality of life.

Munir bin Fahd Al-Sahli, CEO of the Environmental Fund, emphasized that the financing program is aimed at attracting private sector investments to strengthen environmental infrastructure and meteorological services. He also noted that the program will encourage businesses across various sectors to adopt sustainable practices through innovative financial solutions.

Al-Sahli described this partnership as a major step forward in funding environmental projects, highlighting that the new platform would offer incentives and support for outstanding environmental initiatives. These efforts are part of a broader national strategy to protect the environment and foster sustainable development.

The financing program represents a significant milestone in enhancing environmental investments in the Kingdom. It provides businesses and entrepreneurs with resources and incentives to develop projects that not only improve quality of life but also contribute to sustainable environmental growth.

The new electronic platform for the Incentives and Grants Program, which was launched alongside the financing initiative, is designed to streamline the process for beneficiaries and ensure efficient execution of environmental projects. The platform aims to promote eco-friendly practices, foster innovation, and encourage investment in the environmental sector, while also ensuring regulatory compliance across various industries.

Al-Sahli reiterated the fund’s commitment to offering both financial and technical support to ensure lasting positive impacts on the environment. He urged stakeholders in the environmental sector to explore the various opportunities available through the platform.

The Incentives and Grants Program is expected to drive investment in environmental projects and improve compliance levels among institutions. It will provide grants and incentives to a broad range of entities, including small and medium-sized enterprises, corporations, research centers, universities, and nonprofit organizations.

The Environmental Fund continues to develop and implement programs focused on protecting natural resources, reducing pollution, and raising environmental awareness. Through collaborations with government and private entities, it strives to balance economic growth with environmental conservation.