RIYADH: Saudi Arabia’s Tadawul All Share Index gained on Wednesday, increasing by 4.26 points, or 0.04 percent, to close at 11,784.09.       

The total trading turnover of the benchmark index was SR5.1 billion ($1.3 billion) as 126 of the listed stocks advanced, while 93 retreated.   

On the other hand, the MSCI Tadawul Index also dropped 0.52 points, or 0.04 percent, to close at 1,471.85.  

Similarly, the Kingdom’s parallel market Nomu lost 44.90 points, or 0.18 percent, to close at 25,516.70. This comes as 31 of the listed stocks advanced while as many as 30 retreated.  

The best-performing stock of the day was Al-Baha Investment and Development Co. which saw its share price surge 8.33 percent to SR0.13.   

Other top performers include Miahona Co. as well as Al Kathiri Holding Co., whose share prices soared by 7.53 percent and 6.25 percent to stand at SR31.40 and SR2.89, respectively.   

Additional top performers included Tanmiah Food Co. and Saudi Enaya Cooperative Insurance Co. 

The worst performer was the Mediterranean and Gulf Insurance and Reinsurance Co., whose share price dropped by 5.78 percent to SR30.15.    

Other fallers were Saudi Reinsurance Co. as well as Zamil Industrial Investment Co., whose share prices dropped by 2.41 percent and 1.90 percent to stand at SR28.30 and SR23.74, respectively.   

Sustained Infrastructure Holding Co. and United Electronics Co. also saw falls.

In Nomu, Ghida Alsultan for Fast Food Co. was the top gainer with its share price rising by 7.36 percent to SR54.    

Other best performers in Nomu were Saudi Azm for Communication and Information Technology Co. as well as Armah Sports Co., whose share prices soared by 5.86 percent and 4.71 percent to stand at SR19.50 and SR73.30, respectively.   

Other top gainers also include Knowledge Tower Trading Co. and Edarat Communication and Information Technology Co. 

Leaf Global Environmental Services Co. was the major faller on Nomu, as the company’s share price dropped by 14.73 percent to SR52.10.    

The share prices of Saudi Top for Trading Co. as well as Naba Alsaha Medical Services Co. also fell by 9.74 percent and 5.66 percent to stand at SR6.49 and SR100, respectively.   

Others to see drops included Ladun Investment Co. and Future Care Trading Co. 

RIYADH: Saudi Arabia is set to bolster its air capabilities with four additional Airbus A330 MRTTs, aimed at enhancing the Royal Saudi Air Force’s critical refueling and transport operations. 

The initial Multi Role Tanker Transport aircraft from the order will undergo modification starting in early 2026 to fit its intended role, with all four expected to be operational by 2027, the company said in a press release. 

This aligns with the Kingdom’s goal of strengthening its defense sector, emphasizing localization as a top priority, with Saudi Arabia targeting to domesticate 50 percent of its defense spending by 2030. 

Saudi Arabia’s aviation sector is also expanding significantly, supported by investments worth billions of dollars under its Vision 2030 plan aimed at diversifying the economy away from fossil fuels and boosting the private sector.  

“This is the third contract signed by Saudi Arabia for the A330 MRTT, making the RSAF one of the largest MRTT operators in the world,” said Jean-Brice Dumont, head of air power at Airbus Defense and Space. 

Additionally, the contract includes a logistics support package covering spare parts, training services, and service support for the four new aircraft. 

The A330 MRTT is a new-generation tanker and transport aircraft, holding a 90 percent market share globally outside the US, with 82 orders from 15 countries across Europe, Asia, the Americas, and Oceania. 

All RSAF A330 MRTTs feature hose and drogue pods, a boom system, and refueling receptacles that enable refueling from boom-equipped tankers. 

In a post on X, Walid Abukhaled, CEO of SAMI, said: “This agreement signed by the Ministry of Defense with Airbus to transfer the technology and knowledge of ‘Airbus A330 MRTT,’ the aerial refueling transport aircraft, to the Kingdom through our joint venture, SAMIAirbus, is a step-in support of our efforts to improve the Saudi defense industries and achieve Saudi Vision2030’s objectives to localize our defense spending.”  

Airbus entered into an industrial participation agreement with the General Authority for Military Industries in January, supporting Vision 2030’s goal of diversifying the economy through regional industrial development. 

This agreement also includes technology transfer and knowledge sharing of the RSAF A330 MRTT to local firms. SAAMS, a joint venture of Saudi Arabian Military Industries and Airbus, will lead local industrialization efforts, the release added. 

In February, during the World Defense Show in Riyadh, Saudi Arabia’s Ministry of Defense signed 17 contracts and two memorandums of understanding with local and global companies aimed at enhancing the Kingdom’s armed forces’ military readiness, strengthening their capabilities, and improving combat efficiency.