Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth

Strategic partnerships with leading space agencies and organizations propel the Kingdom’s space aspirations to new heights. (Shutterstock)
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Updated 10 June 2024
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Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth

  • Vision 2030 envisions the Kingdom as a formidable player in space exploration and technology

RIYADH: Space exploration has transitioned from being solely government-driven to becoming an essential element of our everyday lives, significantly enhancing our quality of life. 

Saudi Arabia is charting a course toward the stars, propelled by an audacious vision that extends far beyond terrestrial boundaries. Vision 2030 envisions the Kingdom as a formidable player in the global arena of space exploration and technology. 

In an interview with Arab News, Amar Vora, head of space at Serco Middle East, noted that the genesis of Saudi Arabia’s cosmic aspirations can be traced back to 1985, with the historic journey of Saudi Prince Sultan bin Salman Al-Saud and the launch of Arabsat-1A. 

“Let’s not forget the impressive achievements of the King Abdulaziz City for Science and Technology, which has been helping to shape the national vision in space, building up knowledge, capacity, and infrastructure for over 20 years,” he said. 

Vora highlighted the 17 satellites launched by KACST since 2000, along with the Saudi Space Agency’s formation from the Saudi Space Commission.  

He added: “Space endeavors are no longer an exclusive playground for government; it is increasingly becoming a key component of our day-to-day lives, positively impacting our quality of life.”

Pioneering achievements 

Saudi Arabia’s journey into space began decades ago, and since then, the Kingdom has achieved remarkable milestones. 

Notably, the landmark partnership with Axiom Space marked a significant milestone, as astronauts Rayyanah Barnawi and Ali Al-Qarni embarked on the Ax-2 mission to the International Space Station in 2023.  

Barnawi became the first Saudi woman to journey into space, symbolizing Saudi Arabia’s commitment to gender equality and inclusivity in the realm of space exploration. 

Commenting on this endeavor, Vora said: “Of course, the Ax-2 mission provided the space community with a flavor of what’s to come from KSA’s space ambitions, becoming one of only a few countries to have achieved human spaceflight, and that in record time since the Saudi space decree was ratified!” 

He went on saying that partnerships with companies like Axiom Space “that are transforming and democratizing access to human spaceflight, highlight the ability of CST and SSA to capitalize on innovative solutions and services in the market.” 

Vora commended Barnawi’s efforts and said that this “is what we should come to expect from the Saudi and the global space sector. This is a sector that provides equitable representation and inspires and encourages engagement from people of all backgrounds and genders.”

Saudi Space Agency 

The Saudi Space Agency oversees the formulation and execution of the National Space Strategy, aimed at positioning the Kingdom as a leading spacefaring nation. 

Vora explained: “In doing so, SSA will be required to develop national capabilities in space, across the space value chain, from upstream (satellite systems and technologies), midstream (ground systems and operations), to downstream (data management and value-added services). The agency will also be responsible for promoting the uptake of space data across government and industries.” 

According to the top official, these advancements necessitate industry support for design, delivery, and operation, giving the agency a mandate to foster private sector expansion. 

This entails partnerships and investments with companies of varying sizes and backgrounds, both domestic and international, facilitated by the establishment of the National Space Co. 

“In implementing the strategic vision, SSA also has a key role to collaborate with international partners, leveraging international and long-standing experience and capabilities, with mutual interests in achieving scientific excellence,” Vora said.

Ambitions beyond earth 

Yet, Saudi Arabia’s cosmic ambitions extend far beyond the confines of earth’s atmosphere. 

With plans to develop a robust astronaut corps, participate in lunar exploration missions, and foster a thriving commercial space sector, the Kingdom is poised to carve out a formidable presence in the cosmos. 

Saudi Arabia is set to play a crucial role in the entire space value chain, focusing on localizing satellite technology production, enhancing space situational awareness, and utilizing space data for various sectors, including climate-related initiatives, according to Serco. 

A new report by the World Economic Forum predicts that the global space economy could reach $1.8 trillion by 2035, rivaling the semiconductor industry.  

Space technologies, like communications and earth observation, are expected to become as integral to daily life as semiconductors. 

The report emphasized that space will increasingly connect people and goods across industries, with benefits extending beyond financial gains to include addressing global challenges. 

Space endeavors are no longer an exclusive playground for government; it is increasingly becoming a key component of our day-to-day lives.

Amar Vora, head of space at Serco Middle East

“Intensified collaboration between diverse stakeholders from the public and private sectors will be key to unlocking and maximizing the industry’s exponential potential for years to come,” it added. 

From satellite manufacturing to space tourism, the Kingdom is primed to capitalize on the burgeoning space industry, diversifying its economy and driving innovation. 

Abdullah Al-Dawsari, who is an aerospace and defense project manager, told Arab News that “Saudi Arabia has the opportunity to leapfrog in key emerging areas of the space economy.” 

He said that this could be done through “strategically investing in next-generation capabilities by developing advanced satellite manufacturing using robotics, 3D printing, modular designs, offering low-cost launch services and rocket manufacturing by innovating in materials, propulsion, and reusability.” 

He added: “Providing innovative incentives like grants, tax benefits, and funding opportunities for research and development in the space sector and removing bureaucratic barriers can further stimulate the industry.” 

“Ultimately, space is becoming a cornerstone for economic growth, and this is exactly the vision and direction we are seeing from Saudi’s recent strides in space,” Serco’s top official said. 

The economic benefits of space exploration are manifold, according to Vora. Space technologies and data are critical assets for numerous industries, including agriculture, mobility, environment, defense, and many others.  

“We are seeing that space-enabled services have a role in the Saudi giga projects; for example, we see increased awareness, interest, and uptake from NEOM, Red Sea Global, and others,” he said. 

Economist and policy adviser, Mahmoud Khairy, said in an interview with Arab News that Saudi Arabia’s endeavors in space “isn’t just about reaching for the stars; it’s about building a smarter economy.” 

He added: “By venturing into space, Saudi Arabia aims to not only boost its global standing but also inspire young Saudis to pursue careers in science and tech. It’s all part of a bigger plan to transform the economy, putting the Kingdom on the map as a leader in space exploration while paving the way for a brighter, more sustainable future.”

Regulatory framework  

The Communications and Space Technology Commission has recently released regulations and a permit application to encourage private sector involvement in the earth observation services market. This initiative aims to boost GDP through value-added products. 

The initiative will grant permits to entities establishing EO platforms, facilitating data collection and processing. The documents outline requirements for applicants and emphasize user rights and data security. Interested parties are encouraged to review and apply for the permit.   

Key initiatives, such as the Center of Excellence for Earth and Space Science and the Center of Excellence for Aeronautics and Astronautics, underscore Saudi Arabia’s commitment to fostering world-class capabilities in space technology and research.  

Moreover, strategic partnerships with leading space agencies and organizations propel the Kingdom’s space aspirations to new heights. 

Vora emphasized that “strategic partnerships are essential in realizing the vision of the space sector in Saudi Arabia.” 

Saudi Arabia’s endeavors in space isn’t just about reaching for the stars; it’s about building a smarter economy.

Mahmoud Khairy, economist and policy adviser

He added: “For an emerging space-faring nation, partnerships enable effective knowledge transfer and opportunities to learn from past successes and failures. It allows the ability to share resources, risk, and infrastructure, advance scientific and technological research, and gain access to state-of-the-art innovations from a global ecosystem.” 

Vora explained that the most famous and widely referenced example of international partnerships and collaboration is the International Space Station, where it showcases the benefits of national collaboration. 

He went to say: “Private space companies providing both B2G (business to government) and B2B (business to business) services are now the norm, along with the utilization of space data-driven solutions across adjacent industries.” 

He went on explaining that this can be done by “introducing advanced technologies and services such as high-resolution imaging, data analytics for climate monitoring, urban planning solutions, and defense and security applications.” 

Al-Dawsari added: “Private companies, with their flexibility and innovative approaches, can significantly contribute to the space industry.” 

Private sector involvement in Saudi Arabia’s space industry has key implications for economic growth. It drives innovation, creates jobs, and attracts foreign investment, enhancing the Kingdom’s global competitiveness, according to Khairy.

A unique cosmic identity 

Beyond scientific and economic gains, Saudi Arabia’s cosmic journey holds profound societal implications.  

By inspiring the next generation of scientists, engineers, and explorers, the Kingdom is cultivating a legacy of innovation and discovery that transcends borders.  

“Beyond the clear economic benefits of Saudi’s endeavors in space, it undoubtedly has an impact on society,” Vora noted. 

National space endeavors along with international collaboration provides a catalyst for engagement in STEM fields through inspiration and integration into education, he highlighted. 

Vora added: “It’s great to see the mandate imposed by KSA last year to integrate space and earth sciences into secondary education curricula.” 

As Saudi Arabia ventures into space, the Kingdom remains committed to promoting sustainability and responsible stewardship of the cosmos.  

Sustainability comes in various forms in relation to Saudi’s space policy, according to Vora. 

“First, it’s KSA’s vision to create a sustainable, localized space industry and ecosystem — this requires support from the government in establishing an industry with long-term market opportunities,” he explained.  

Vora went on saying: “It’s how the national space program contributes toward Saudi’s vision to be a leader in environmental and climate sustainability. It’s what I call sustainability from space.”  

As space access becomes easier and launches more frequent, our space environment faces congestion and the risk of debris colliding with satellites. Improved technologies, regulations, and in-orbit solutions are needed to monitor and mitigate space debris.  

“Saudi space policy demonstrates leadership in this domain, enhancing the Kingdom’s role in the sustainability of space through investment in technologies to track and monitor space debris,” Vora emphasized. 

Khairy highlighted that space exploration requires a “whole army” of experts, from scientists and engineers to technicians and support staff.  

“As the space industry grows, so does the need for all sorts of services, from manufacturing to transportation. That means more jobs for Saudis across the board,” he added.

Sovereign wealth funds 

The pivotal role of sovereign wealth funds has become increasingly apparent in recent times, particularly in the Middle East.  

They have spearheaded economic diversification efforts, as reported by Euroconsult, a consulting firm specializing in the space sector. 

The report added: “Prominent funds like the UAE-based Mubadala Investment Company, the Saudi Public Investment Fund (PIF), and the Oman Investment Authority (OIA) have allocated substantial resources to finance local, regional and international space projects and companies.” 

Notable examples include partnerships like the one between Saudi Telecom Co. and PIF to establish IoT Squared, a technology firm specializing in the Internet of Things, as well as OIA’s acquisition of an equity stake in SpaceX. 

These investments not only support local, regional, and international space projects and companies but also bring tangible benefits to the countries involved, the report added. 

Economist Khairy said that the PIF is “already planning to invest heavily in the space sector and could be a major player in funding the Kingdom’s space dreams.” 

He added: “With its hefty financial resources and focus on long-term investments, it could provide the cash needed to launch satellites, conduct research, and build space infrastructure. Plus, investing in space could boost Saudi Arabia’s global reputation and competitiveness, drawing in even more investment and talent.” 

“When Saudi Arabia aims for the stars, it’s not just about the thrill of discovery; it’s about building a brighter economic future right here at home,” Khairy concluded. 


Ma’aden, Bahrain’s Alba to form global aluminum powerhouse with new deal

Updated 16 September 2024
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Ma’aden, Bahrain’s Alba to form global aluminum powerhouse with new deal

RIYADH: Saudi Arabian Mining Co., known as Ma’aden, has signed a non-binding agreement with Aluminium Bahrain B.S.C., or Alba, to potentially create a global aluminum producer.

The agreement, dated Sept. 16, outlines plans to merge Ma’aden’s aluminum operations with Alba’s, forming a force in the global aluminum market.

The deal aims to leverage over 75 years of combined operational and financial expertise to enhance their competitive edge on the global stage, according to a press release.

Under the terms of the agreement, Ma’aden will transfer the entire share capital of Ma’aden Aluminum Co. and Ma’aden Bauxite and Alumina Co. to Alba, including the rights to market and sell products from Ma’aden Aluminum Co.

In exchange, Ma’aden will acquire newly issued shares in Alba. The specifics regarding the number of shares and Ma’aden’s ownership stake in Alba will be determined at a later date, as noted in a bourse filing.

This announcement comes on the heels of a deal made just a day earlier, in which US industrial giant Alcoa Corp. agreed to sell its stakes in Ma’aden Aluminum Co. and Ma’aden Bauxite and Alumina Co. to Ma’aden.

In this transaction, Alcoa will receive $150 million in cash and newly issued shares representing approximately 2.21 percent of Ma’aden’s share capital after the deal is completed.

The agreement with Alba also includes the possibility of a cross-listing on the Saudi Stock Exchange, pending further negotiations. The deal is effective immediately and will remain valid until Dec. 31.

It aligns with Ma’aden’s growth and sustainability strategy, aiming to strengthen its presence in Saudi Arabia and the broader Middle East region.

“Harnessing the combined scale and expertise of both businesses to forge a new global champion will not only advance Ma’aden’s ambitions for aluminum but also significantly boost the economic ties between Bahrain and Saudi Arabia,” Ma’aden CEO Bob Wilt said.

“By bringing together two of the region’s most experienced players in the sector, we are setting the stage for stronger economic growth, enhanced job creation, and increased aluminum production capacity. This partnership will elevate our competitive edge on a global scale,” he added.

Echoing Wilt’s sentiments, Alba Chairman Khalid Al-Rumaihi said this partnership will cement the company’s position as the largest regional aluminum producer.

“Our partnership will not only deepen the strong ties between Bahrain and Saudi Arabia but also contribute to Bahrain’s economic diversification and job creation. This is a compelling proposition and an exciting moment for Alba, Ma’aden, and our respective stakeholders, and we look forward to sharing further updates in due course,” Al-Rumaihi said.

The financial impact of the transaction will be assessed following a comprehensive due diligence process.

Completion of the deal is not guaranteed and depends on the satisfactory conclusion of financial, tax, legal, technical, and commercial evaluations, as well as obtaining necessary regulatory and corporate approvals.

Ma’aden has engaged Merrill Lynch Kingdom of Saudi Arabia as its financial adviser and AS&H Clifford Chance as its legal adviser. Alba has appointed Moelis & Co. UK LLP as its financial adviser.

This development comes as Ma’aden reports strong financial performance, with a net profit of SR2 billion ($532 million) for the first half of the year, marking a 160 percent increase compared to the same period in 2023.


Saudi investment licenses for Egyptian firms double in 2024, says minister 

Updated 16 September 2024
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Saudi investment licenses for Egyptian firms double in 2024, says minister 

RIYADH: Saudi Arabia’s issuance of investment licenses to Egyptian businesses more than doubled in 2024, reflecting a significant boost in economic collaboration between the two nations, according to a senior minister.

At a meeting with Egyptian Prime Minister Mostafa Madbouly, organized by the Federation of Chambers in Riyadh, Saudi Investment Minister Khalid Al-Falih underscored Egypt’s increasing role as a key economic partner for the Kingdom. This follows Saudi Arabia’s exports to Egypt totaling $6.44 billion in 2022, while Egypt’s exports to the Kingdom reached $2.35 billion, as reported by the Observatory of Economic Complexity.

“During 2024, it (investment licenses) grew by more than 100 percent over the previous year, and Egyptian investors created more than 80,000 jobs in the Saudi economy,” the minister said.

He further emphasized the importance of the Egyptian market to the Kingdom, noting its broad involvement in sectors such as tourism, transportation, infrastructure, real estate development, agriculture, energy, and information technology.

“We, in the Kingdom, believe that strengthening cooperation with Egypt will benefit both the Saudi and Egyptian economies, which are, as I mentioned, the nucleus and heart of the Arab economy,” Al-Falih added.

The minister also pointed out that collaboration and integration between the two countries, along with leveraging their competitive advantages, would accelerate regional economic growth. He highlighted the relevance of this cooperation in light of global economic shifts supporting global supply chains, environmental preservation, and emerging sectors like information technology and artificial intelligence.

“The Saudi investor will not only provide Egypt with his investments but will be a partner with international companies that invest with him in the Kingdom and in all countries of the world. We aspire for Egypt to be an extension of investments in the Kingdom, giving us the weight of the large strategic market and the free trade agreements that Egypt enjoys,” he concluded.

During the meeting, Prime Minister Madbouly noted that Saudi Arabia remains the primary destination for Egyptian expatriates. “Our goal is to raise Egyptian exports from $35 billion to $145 billion,” he said.

Madbouly also emphasized Egypt’s efforts to resolve issues faced by Saudi investors, stating that many problems have been addressed, with ongoing work to tackle remaining challenges. He highlighted Egypt’s aim to attract more Saudi investments, especially with new incentives such as the golden license.

Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, who also attended the meeting, stressed the importance of listening to investors. “We know the challenges that the investor faces and find solutions to them,” he stated.

El-Khatib added: “The goal in this field is for me to have a clear investment policy that puts the competitiveness of the Egyptian economy at the heart of this strategy.”


Saudi entertainment authority to provide up to $26.6m in support to SMEs

Updated 16 September 2024
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Saudi entertainment authority to provide up to $26.6m in support to SMEs

  • Initiative aims to enhance and empower the entertainment industry in the Kingdom
  • Program offers coverage of up to 90%, depending on the size of the enterprise

RIYADH: Saudi Arabia’s General Entertainment Authority has increased its financial support for small and medium enterprises in the sector to up to SR100 million ($26.6 million), according to an official announcement. 

The initiative, in partnership with the Kafalah financing guarantee program for SMEs, aims to enhance and empower the entertainment industry in the Kingdom, as stated in a post by the GEA on the X platform. 

The program offers coverage of up to 90 percent, depending on the size of the enterprise. 

Initially launched in 2022, the initiative provided financing of up to SR15 million for medium enterprises, SR5 million for small companies, and SR2.5 million for micro-businesses through approved banks and financing firms. Specific details about the new SR100 million support have not yet been disclosed. 

This program is part of a broader effort to support and stimulate investments in the entertainment sector, coordinated by the Ministry of Finance, the General Entertainment Authority, and the Quality of Life Program Center. It aligns with the objectives of Saudi Vision 2030, which is to support and develop the entertainment industry in the Kingdom. 

Vision 2030 aims to transform Saudi Arabia’s entertainment sector by increasing household spending on recreation from 2.9 percent to 6 percent by 2030. 

It seeks to generate over SR120 billion in investments, create 100,000 direct and indirect jobs, and enhance the sector’s contribution to the economy.

Since its inception in July 2022, the undertaking has provided approximately SR70 million in financing and guarantees to entertainment establishments across Saudi Arabia. 

By the end of June 2023, a total of 16 establishments had benefited from the program, with the value of guarantees reaching SR31.3 million, supporting micro, small, and medium-sized enterprises. 

The initiative aims to further develop the entertainment sector by contributing to the growth of beneficiary establishments, helping them evolve into a major entity within the industry. 

It also seeks to provide necessary guarantees for financing and increase funding for businesses in entertainment and related services, including the sector’s supply chain and infrastructure. 

Additionally, the initiative aims to enhance the entertainment sector’s ecosystem and promote sustainability. 


Saudi Arabia to develop map of iron, steel manufacturers as industry leaders meet in Riyadh

Updated 16 September 2024
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Saudi Arabia to develop map of iron, steel manufacturers as industry leaders meet in Riyadh

  • Kingdom ranked fourth globally in terms of largest producers of reduced iron and 20th in terms of production capacity, said head of Federation of Saudi Chambers
  • Saudi Arabia has 41 factories with a production capacity of 14 million tonnes, employing 15,000 workers

JEDDAH: Saudi Arabia aims to create a comprehensive map of iron and steel manufacturers across the Kingdom and the Arab world, as top leaders have gathered in Riyadh to discuss the latest sector developments.

Speaking during the first Saudi International Iron and Steel Conference, Walid bin Hamad Al-Arenan, secretary-general of the Federation of Saudi Chambers, said that the Kingdom’s steel industry is one of the most crucial economic sectors.

The country’s efforts to advance its mineral and mining industry are part of Saudi Arabia’s broader strategy to diversify an economy that has long been dependent on oil. 

The event is especially significant in light of ongoing domestic and global developments shaping the vital sector, a cornerstone of economic growth.

Under the patronage of the Minister of Industry and Mineral Resources, Bandar Alkhorayef, the three-day event began on Sept.16 at the King Faisal International Conference Hall, according to the Saudi Press Agency.

Organized by the Federation of Saudi Chambers through the National Committee for Steel Industry, the event featured a range of local and international industry leaders and experts.

Al-Arenan said that an important objective of the private sector is to increase the gross domestic product from 40 percent to 65 percent, adding: “This is a significant target, reflecting both the role of the private sector and the support provided by the government.”

Presenting data on the industry within the Kingdom, Al-Arenan said: “We have 780 million tonnes of reserves, and we are ranked fourth in the world in terms of the largest producers of reduced iron and 20th in terms of production capacity.” 

He added that the country has 41 factories with a production capacity of 14 million tonnes, employing 15,000 workers.

He further said the steel and iron event will be held quarterly to support the sector.

Bandar Al-Sulaim, chairman of NCSI, said that the forum aims to discuss local and global updates in the steel sector.

He added that the committee represents 70 percent of steel producers in the Kingdom and is working on creating and disseminating a map of steel manufacturers in Saudi Arabia and the greater region, in addition to being a member of global and Arab steel associations. 

Participants voiced concerns over the decline in manufacturing in regions like the EU, where raw steel production dropped to a record low of 126 million tons in 2023. In contrast, India, the second-largest steel producer, and the US have reported positive growth rates.

The Kingdom is ranked 12th worldwide in terms of production capacity for steel billets and slabs. The market size for long and flat steel products is 18 million tons.

Saudi Arabia’s iron and steel industry generated a production value of $5.4 billion in 2023, representing 7.2 percent of the total production in the Middle East and North Africa region, highlighting the nation’s significant role in regional industry and its growing influence in the sector.

This is based on a May 2023 report by London-based market research company Euromonitor International on Saudi Arabia’s basic iron and steel industry, following the International Standard Industrial Classification of All Economic Activities.

The industry’s export share rose to 27 percent of total production output, indicating an increasing focus on international markets. The growth in exports is contributing to the sector’s improved profitability, which stood at 22.9 percent, making it the ninth highest in the region. This indicates that the industry is performing efficiently compared to its regional counterparts.

In terms of market structure, the number of companies decreased to 300, reflecting a trend toward industry concentration. The top five firms alone accounted for 57.1 percent of total production value, demonstrating the dominance of a few large players in the market, according to the analytical report. 

Among them, Saudi Iron and Steel Co. emerged as the largest player, contributing 33 percent of the industry’s total production value.

The Kingdom’s market size for basic iron and steel reached $11.6 billion in 2023, making it the fifth largest in the region. Investments played a crucial role, accounting for 54.4 percent of total demand, driven by infrastructure and industrial projects, which are key growth drivers for the industry.


Closing Bell: Saudi markets end in red across all indices

Updated 16 September 2024
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Closing Bell: Saudi markets end in red across all indices

  • Parallel market, Nomu fell by 36.02 points, or 0.14%, to end the day at 25,733.93
  • MSCI Tadawul 30 Index decreased by 1.94 points, or 0.13%, closing at 1,476.66

RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 11,867.37 points, down by 32.93 points or 0.28 percent on Monday.

The parallel market Nomu also saw a decline, falling by 36.02 points, or 0.14 percent, to end the day at 25,733.93. The MSCI Tadawul 30 Index decreased by 1.94 points, or 0.13 percent, closing at 1,476.66.

The main index, TASI, recorded a trading volume of SR5.4 billion ($1.44 billion), with 65 stocks advancing and 160 declining. Nomu, in contrast, reported a trading volume of SR32.7 million.

Year-to-date, TASI has dropped 100.02 points or 0.84 percent, while Nomu has gained 1,204.95 points or 4.91 percent. This time last year, TASI was around 11,104 points, and Nomu stood at 22,791.81 points.

Among the top performers on TASI, Al-Baha Investment and Development Co. saw its share price rise by 5.88 percent to SR0.18. Riyadh Cement Co. followed with a 4.48 percent increase, closing at SR26.80.

Rasan Information Technology Co. also made gains, climbing 4.32 percent to SR60.4. Saudi Paper Manufacturing Co. and SEDCO Capital REIT Fund increased by 4 percent and 3.74 percent, respectively, closing at SR67.60 and SR8.05.

Conversely, Saudi Fisheries Co. experienced the largest decline, falling 5.33 percent to SR24. Saudi Arabian Cooperative Insurance Co. and Mediterranean and Gulf Insurance and Reinsurance Co. also faced losses, with shares decreasing to SR17.80 and SR24.80, reflecting declines of 4.61 percent and 4.06 percent, respectively. Al-Babtain Power and Telecommunication Co. and Saudi Reinsurance Co. also reported losses.

On Nomu, Al-Modawat Specialized Medical Co. was the top performer, with its share price surging 11.15 percent to SR14.56. Meyar Co. and Meyar Co. also saw significant gains, closing at SR68 and SR34.80, representing increases of 8.11 percent and 7.41 percent, respectively. Banan Real Estate Co. and Saudi Lime Industries Co. also performed well.

On the downside, Saudi Azm for Communication and Information Technology Co. was the worst performer in Nomu, declining by 4.62 percent to SR21.90. Other underperformers included Qomel Co. for Education and Mohammed Hadi Al Rasheed and Partners Co., with share prices falling by 4.3 percent and 4.28 percent to SR129.20 and SR76, respectively.

Naas Petrol Factory Co. and Al Rashid Industrial Co. also experienced declines, ending the day at SR67.20 and SR34, respectively.