IoT revolutionizes Saudi agriculture toward sustainability and prosperity

IoT-enabled farming technologies play a crucial role in improving productivity and sustainability through precision monitoring and management, resource efficiency, and remote management. (SPA)
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Updated 26 June 2024
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IoT revolutionizes Saudi agriculture toward sustainability and prosperity

  • Transformative approach promises to revolutionize traditional agricultural practices

RIYADH: In Saudi Arabia’s vast agricultural terrain, a transformative shift is occurring, driven by the adoption of advanced technologies.

Despite challenges such as water scarcity, inefficient practices, and climatic hardships, integrating Internet of Things technologies in farming is bringing a sense of optimism.

This transformative approach promises to revolutionize traditional agricultural practices and offer a path toward a more resilient and prosperous future for Saudi farmers. 

In an interview with Arab News, economist and policy adviser Mahmoud Khairy said that improving productivity, resource efficiency, and sustainability in the farming sector are key factors driving the adoption of IoT applications in the Kingdom.

“These technologies enable farmers to monitor and manage their crops and livestock more effectively, leading to better yields and reduced costs,” he said.

Phil Webster, partner at the management consulting firm Arthur D. Little, told Arab News: “There has been significant uptake of these relatively nascent technologies compared to, say, five years ago.”

As the nation embraces IoT solutions, it embarks on a journey toward sustainable agriculture, where productivity, efficiency, and environmental stewardship converge to create a brighter future.

Transforming agricultural practices

The application of IoT in smart farming is revolutionizing traditional agricultural practices. Farmers can gather real-time data on various parameters crucial for crop growth by utilizing sensors, actuators, and connected devices. 

Soil moisture, temperature, humidity, livestock health, and crop growth data are collected and analyzed to make informed decisions. This data-driven approach enables farmers to optimize resource usage, improve crop yields, and minimize environmental impact.

Mishkat, a company specializing in sustainable and high-production farming, has highlighted its initiatives, such as vertical farming and impressive greenhouse facilities, which showcase the immense potential of IoT technologies in overcoming challenges.

The company aims to produce nutritious, authentic, and trusted food with minimal environmental impact, prioritizing sustainability, safety, and health.

“We want to be the leading experts in KSA on sustainable and high production farming techniques, delivering high- quality produce with maximum resource efficiency,” Mishkat says.

The firm’s unique fusion of vertical farming with greenhouse cultivation offers a sustainable solution to local pesticide-free and water-efficient production.

Nestled on the outskirts of Jeddah, Mishkat’s agricultural facility combines vertical farming with advanced greenhouse technology to offer a sustainable solution to local pesticide-free and water-efficient production.

This unique fusion of techniques presents a compelling vision for the future of agriculture in arid regions. Their facility includes a vertical farm where crops are grown in stacked layers.

This design, reminiscent of a multi-tiered tower, is more than just visually striking – it’s a smart solution to land scarcity. 

These technologies enable farmers to monitor and manage their crops and livestock more effectively, leading to better yields and reduced costs.

Mahmoud Khairy, economist and policy adviser

Complementing the vertical farm, Mishkat boasts two state-of-the-art greenhouses. These structures, armed with advanced climate control systems, provide an optimal environment for plant growth.

By modulating factors like temperature, humidity, and light, greenhouses ensure that the crops inside are shielded from the harsh climatic conditions typical of the Jeddah outskirts.

Mishkat’s headquarters is unique for several reasons: it is among the first commercial vertical farms in the Kingdom, offers rare greenhouse and vertical hybrid agricultural facilities, and is one of the few certified organically controlled environment farms globally.

In Riyadh, Bather Farm is also redefining urban farming with its cutting-edge vertical farming system.

By leveraging Agritecture Designer farm planning software and iFarm technology, Bather Farm optimizes crop production in an otherwise arid environment.

“At Bather Farm, we envision a greener and healthier Saudi Arabia, where agriculture gives to the people and planet more than it takes,” the firm says on its website.

This project underlines CEA’s potential to reinvent regional agriculture, paving the way toward food security and sustainability.

This melding of technology and agriculture underscores the potential for harmonizing urban living with sustainable farming practices.

E-farming boosting the economy

Economist and policy adviser Mahmoud Khairy emphasized the significance of adopting advanced agricultural solutions in Saudi Arabia.

Khairy highlighted that embracing IoT-enabled farming technologies and precision agriculture practices aligns with the nation’s broader economic and agricultural development objectives.

He added: “By embracing these technologies, the country aims to modernize its agricultural sector, create job opportunities, and reduce its dependency on food imports,” stressing that such advancements would bolster food security, diversify the economy, and minimize water usage in agriculture.

Moreover, Khairy pointed out that implementing data-driven approaches to optimize crop yields and resource efficiency could lead to several economic benefits.

By leveraging data analytics, farmers can make more informed decisions, resulting in increased productivity, higher revenues, and improved profitability. 

Partnerships and collaborations play a critical role in promoting the adoption and maintenance of digital technologies in agriculture.

Phil Webster, partner at Arthur D. Little

Khairy emphasized that compared to traditional methods, data-driven approaches offer a more precise and scientific way of managing agricultural operations. Therefore, they enhance productivity and resource efficiency while ensuring long-term economic viability and sustainability.

IoT-enabled farming technologies in Saudi Arabia’s agricultural sector play a crucial role in improving productivity and sustainability through precision monitoring and management, resource efficiency, and remote management, according to Khairy.

“These technologies, such as sensors and drones, provide real-time data on soil quality, crop health, and pest infestations, allowing farmers to make informed decisions on irrigation, fertilization, and pest control,” he explained.

Government support and collaboration

For IoT technologies to reach their full potential in Saudi agriculture, government support and collaboration are paramount.

Initiatives like the National Agricultural Development Co.’s AI solutions demonstrate the importance of leveraging technology for agricultural advancement.

By fostering collaboration among stakeholders and providing financial support, policymakers can facilitate the widespread adoption of IoT technologies.

Additionally, investment in research and development, infrastructure, and training programs is essential to equip farmers with the necessary skills and knowledge to embrace IoT solutions effectively.

Moreover, partnerships between government agencies, agricultural extension services, technology providers, and academic institutions can promote knowledge-sharing and innovation in the agricultural sector.

“Partnerships and collaborations play a critical role in promoting the adoption and maintenance of digital technologies in agriculture,” Arthur D. Little’s Webster emphasized.

He added: “The most important role of such collaborations is to ensure that there is good governance over the data that is collected at all parts of the food chain from farm to fork.” 

Webster explained that data governance is “clarity over how data – and any associated meta-data – is collected, in what form, and for use by whom (e.g., different parts of the agri-food supply chain, regulators, Government) and under what circumstances.”

He stressed the cruciality of such aspects in ensuring that business models involving the use and monetization of data work effectively.

Webster also called on farmers to take advantage of the Saudi government’s wide range of initiatives and programs to integrate digital technologies.

The General Authority for Statistics has recently launched the inventory survey of agricultural holdings in the Kingdom in order to provide essential data on plant and animal production, including cultivated areas and production quantities, as well as sales volumes, crop values, and livestock numbers at the regional level.

Commenting on the survey, Khairy said: “With this data, policymakers, researchers, and agricultural stakeholders can identify areas for improvement, pinpoint specific challenges faced by farmers, and tailor agriculture solutions to address the unique needs of different regions.”

As Saudi Arabia faces the challenges of water scarcity, climate change, and food security, embracing IoT technologies becomes imperative.

The integration of IoT in agriculture offers a pathway to overcome these challenges, enhance productivity, and promote sustainable farming practices.

Through collaboration, innovation, and government support, Saudi farmers can embark on a journey toward a more resilient and prosperous agricultural future.

“Owing to both demand and investment – as well as the increasing availability of IoT-enabled farming technologies – this future trajectory will no doubt continue,” Webster said.

He suggested that the nation could soon achieve self-sufficiency or become a net exporter, particularly in products like eggs.

Webster envisioned a revolution in agricultural supply chains, emphasizing a transition to alternative proteins with great potential in semi or fully-automated indoor farming, which promises heightened productivity and reduced production costs.

Khairy said that Saudi Arabia’s adoption of advanced farming technologies is “poised to make significant contributions to global food security and environmental conservation efforts.”

He added that through the incorporation of sustainable agricultural practices, farmers in the Kingdom can increase productivity while minimizing environmental impact.

“This not only ensures food security domestically but also allows Saudi Arabia to potentially become a key player in international food supply chains,” Khairy explained.


Saudi ministers highlight real estate and urban-planning successes under Vision 2030

Updated 29 April 2025
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Saudi ministers highlight real estate and urban-planning successes under Vision 2030

  • Housing minister Majid Alhogail praises accomplishments including development of the Khuzam modern-housing suburb on the outskirts of Riyadh
  • ‘We have worked in the municipal and housing sector to redefine the city as a balanced, green, smart environment that meets needs and inspires ambition for residents,’ he says

RIYADH: Ministers on Monday showcased the achievements so far within Saudi Arabia’s real estate and housing sector since the launch in 2016 of Vision 2030, the Kingdom’s plan for national development and diversification, and the effects it is having on future strategies.

Housing minister Majid Alhogail highlighted in particular his ministry’s achievements over the past year, including the development of the Khuzam modern-housing suburb on the outskirts of Riyadh.

“This model is one of the examples that greatly helped in changing the concept of housing into a living environment,” he said.

“Last year was a leader in many achievements, investments, industry and logistics services, where the municipal sector plays a significant and influential role.”

The municipal and housing sector accounts for 14 percent of the Kingdom’s gross domestic product, the housing sector provides more than 500,000 jobs, and more than 300,000 entities operate under the supervision of the Ministry of Municipalities and Housing, Alhogail said.

He also noted the growth of investment in the real estate market, adding: “The construction and real estate sector contributed more than 16 percent of total foreign investment flows, reflecting investors’ confidence in the readiness of cities and the regulatory environment we are continuously developing.”

He also highlighted the important need to create a balanced environment within modern smart cities that can better serve the needs of citizens and enhance their quality of life, and said this is something to which he is fully committed.

“We have worked in the municipal and housing sector to redefine the city as a balanced, green, smart environment that meets needs and inspires ambition for residents,” he said as he stressed the importance of ensuring cities are designed for the benefit of people rather than for cars.

“By the end of this year, we also aim to achieve a 61 percent increase in residents’ access to public spaces within an 800-meter radius.

“Regarding quality of life in the municipal sector, we have been keen since day one to ensure that the city is not just a place to live but rather a complete space for life.”

Six Saudi cities are now officially ranked as smart cities by the IMD World Smart Cities Index, Alhogail noted — AlUla. Makkah, Madinah, Riyadh, Jeddah and Alkhobar — reflecting the achievements within the sector.

His ministry considers effective urban planning as the starting point for the development and improvement of municipal spaces, he continued. This was also reflected by the launch last month of the Saudi Architecture Characters Map, guided by Crown Prince Mohammed bin Salman, which aims to enrich the urban landscape through the celebration of 19 distinct architectural styles inspired by the Kingdom’s cultural and natural heritage.

The Saudi media minister, Salman Aldosari, also spoke about the achievements to date within the sector and noted that some objectives were met ahead of schedule.

Acknowledging the challenges and opportunities arising from Vision 2030, he said that Saudi ambitions have surpassed the obstacles, adding: “The year 2024 (was) the year of records.”


Saudi Arabia, Egypt strengthen industrial ties with new initiatives

Updated 28 April 2025
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Saudi Arabia, Egypt strengthen industrial ties with new initiatives

RIYADH: Saudi Arabia and Egypt are advancing efforts to strengthen their industrial and economic partnership, as officials emphasized the importance of trade facilitation, industrial integration, and government-backed support. 

Speaking at the Saudi-Egyptian Industrial Forum in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef announced that the Saudi Export-Import Bank has completed SR1.3 billion ($346.5 million) in operations, highlighting the strong bilateral relationship between the two nations.

“The industrial strategy emphasizes the importance of industrial integration with other countries, especially Egypt,” he stated, noting that cooperation pathways include industry, mining, and trade, as well as supply chains, human resources, research, and innovation. 

He highlighted the vital role of government agencies in supporting exporters and importers from both countries.

Bandar Al-Ameri, chairman of the Saudi-Egyptian Business Council, highlighted that trade between the Kingdom and Egypt increased by 28 percent in 2024, citing the strengthening economic partnership between the business communities of the two nations.

Al-Ameri pointed to the signing of a bilateral investment protection agreement as a strategic achievement and emphasized Egypt’s role as a major economic partner and gateway to African markets. 

Hassan Al-Hwaizy, chairman of the Federation of Saudi Chambers, welcomed the Egyptian delegation, stating that Saudi-Egyptian economic relations are based on genuine partnership rather than figures alone. 

He called for enhancing cooperation in industry and trade and encouraged the establishment of joint projects, specifically to serve African markets. 

Vice Minister of Industry and Mineral Resources for Industrial Affairs Khalil Ibn Salamah explained that the industrial partnership focuses on five strategic sectors, including pharmaceuticals, automotive, construction materials, textiles, and food industries. 

He emphasized the strategic alignment between the industrial initiatives of both countries and urged Egyptian manufacturers to seize the opportunities available in the Saudi market, noting the Kingdom’s target to establish 24,000 new factories over the next decade. 

The Saudi-Egyptian Industrial Forum, held in Riyadh under the patronage of the Saudi Minister of Industry and Mineral Resources, gathered more than 300 leaders and investors from the Saudi and Egyptian industrial sectors. 

Organized by the Federation of Saudi Chambers in cooperation with the Federation of Egyptian Industries, the forum focused on strengthening strategic cooperation and promoting pathways for industrial integration. 

The event also showcased available investment opportunities in priority sectors under the Kingdom’s National Industrial Strategy, emphasizing the growing Saudi-Egyptian industrial base, which aims to expand investments in the pharmaceutical, automotive, construction materials, textiles, and food industries. 


Saudi debt capital market nears $500bn mark amid global uncertainty

Updated 28 April 2025
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Saudi debt capital market nears $500bn mark amid global uncertainty

  • Kingdom’s sukuk dominance and Vision 2030 progress fuel 16 percent annual growth, Fitch Ratings reports

RIYADH: Saudi Arabia’s debt capital market continued its upward trajectory in the first quarter of 2025, defying global challenges and uncertainties.

The market reached $465.8 billion by the end of March, marking a 16 percent year-on-year increase, with sukuk accounting for 60.4 percent of the total, according to Fitch Ratings.

The Kingdom’s debt market is poised to surpass $500 billion in outstanding value by the end of 2025, driven by strong economic fundamentals, diversified funding strategies, and continued progress under Vision 2030.

Fitch Ratings, in its latest report, noted that the sector’s further expansion this year will be supported by increased fiscal deficits, heightened project financing needs, and regulatory initiatives aimed at boosting non-oil economic growth.

“Saudi entities were the largest US dollar debt issuers among emerging markets (excluding China) in the first quarter of 2025. The country also led global dollar sukuk issuance and was the largest debt capital market issuer in the GCC,” said Bashar Al-Natoor, global head of Islamic finance at Fitch Ratings.

He added: “We expect lower oil prices and increasing deficits will drive issuance in 2025 and 2026. Banks, corporates and projects are likely to seek more diverse funding through the DCM, enhancing market development. We rate about 80 percent of the outstanding US dollar Saudi sukuk market, with almost all investment-grade and no defaults.”

Issuance in the first quarter of 2025 surged by 202.4 percent compared to the previous quarter, reaching $37.3 billion. Environmental, social, and governance debt made up 9 percent of dollar-denominated DCM issuance during the period.

The expansion of Saudi Arabia’s asset management industry, whose assets under management have now exceeded SR1 trillion, is also playing a key role in supporting the growth of the Kingdom’s debt capital market.

Saudi momentum

In an interview with Arab News on the sidelines of the Fitch on Saudi Arabia event held in Riyadh, Al-Natoor lauded the Kingdom debt market for weathering global economic challenges.

“I think that by itself is something that’s very notable, because there is a lot of turbulence and there is a lot of uncertainties, and despite that, we’ve still seen the market growing,” Al-Natoor said, adding that he expected to see continued growth.

He went on to say that a range of bodies — including government, corporates, financial institutions and banks — are involved with developing the debt capital market, then funding the maturities that are coming.

“All of these are drivers, and key drivers for further growth, growth of the debt capital market,” he said.

Al-Natoor noted that several factors, including the need to diversify funding sources and the ambitious project underway in the Kingdom, are acting as key drivers of growth for Saudi Arabia’s debt capital market from the issuer side.

On investor appetite, he said: “We’re having a vibrant market in the first quarter where it shows that local investor, regional investor and international investor, of course, at varying degrees, are still interested in the market, so there is an investor appetite in that.”

He cautioned, however, that the Saudi market is not insulated from global volatility.

“Of course the appetite of the investors, maybe some uncertainties, will have a toll on the market itself. However, the actual fundamentals of the market growth are still intact, and the market is still expected to grow in the future,” Al-Natoor said.

According to Fitch, the Kingdom’s budget deficit is forecasted to widen to 5.1 percent of gross domestic product in 2025, up from 2.8 percent in 2024, with oil prices expected to average $65 per barrel.

Government debt is projected to rise to nearly 37 percent of GDP by the end of 2026, from 29.9 percent in 2024.

Foreign investor participation in government local issuances increased to 7.7 percent at the end of the first quarter, compared to 4.5 percent at the end of 2024.

About 94.2 percent of rated Saudi sukuk remain within the “A” category, with almost all issuers maintaining stable outlooks.

Looking ahead, Al-Natoor said: “We don’t have specific numbers, but we do expect that the growth momentum to continue in 2025 and 2026 maybe step further.”

He added that changes to “global scenery” could have an impact on appetite and liquidity in this area, which may lead to a “toll on the growth” of debt capital markets that lasts into next year.

Al-Natoor noted that government entities and banks are currently the primary drivers of debt issuance in Saudi Arabia.

While major corporations such as Aramco and the Public Investment Fund have also begun tapping into the debt capital market, their participation has not significantly shifted the overall market structure.

He suggested that although more corporate issuers may gradually enter the market, the dominant role of government and banks in issuance activity is expected to remain unchanged in the short to medium term.

“The actual strategy of diversifying funding is to take it down the chain from the government to banks to corporates to projects to infrastructure and so the actual long-term ambition is to involve more of these,” he said.

Al-Natoor continued: “However, over the short to medium term, we do expect that the government and the banks will play a big role.”

He added that it will take time until “the momentum goes down the chain.”

Economic resilience

In a separate interview with Arab News, Paul Gamble, head of Middle East and Africa Sovereigns at Fitch Ratings, highlighted that Saudi Arabia’s non-oil economy showed resilience despite global uncertainty.

“If you look at the experience of 2024, we saw pretty good non-oil growth at a time of really heightened geopolitical tensions in the region,” Gamble said.

Regarding Saudi Arabia’s Vision 2030 economic transformation, Gamble stressed the importance of separating reform-driven non-oil GDP expansion from government spending-driven growth.

“You have to balance the domestic reform angle — labor market reforms, social reforms, business environment reforms — against the element of non-oil growth that’s driven by government spending and GRE (government-related entities) spending,” he said.

Gamble cautioned that if oil prices remain low and government capital spending is cut significantly, it could impact private sector confidence.

He noted: “For the moment, we’re still looking for pretty healthy non-oil growth. Our forecast is 4.2 percent for non-oil growth this year for Saudi Arabia.”

Discussing fiscal pressures, Gamble said: “We’ve revised down our oil price forecast to $65 a barrel, which widened our budget deficit forecast for Saudi Arabia to 5.1 percent of GDP. That will continue to put debt on an upward trend.”

He added: “Oil prices were broadly unaffected, and metrics like tourism inflows and private sector confidence remained strong.”

In the wider Gulf region, Gamble said: “From a rating perspective, four GCC sovereigns have stable outlooks. Bahrain and Oman are exceptions.”

He explained that Bahrain faces significant fiscal challenges at current oil prices, while Oman benefits from past deleveraging efforts and non-oil economic development, supporting its positive outlook.


Saudi aviation surpasses localization goals, boosts women in leadership 

Updated 28 April 2025
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Saudi aviation surpasses localization goals, boosts women in leadership 

JEDDAH: Saudi Arabia’s aviation industry exceeded its 2024 Saudization target, reaching 14,317 national employees — 124 percent of its 2025 goal — as the Kingdom accelerates efforts to become a global aviation hub.   

The General Authority of Civil Aviation said women hold 17 percent of leadership roles across airports, airlines, and ground services.   

The initiative is part of a broader labor market strategy to boost Saudization, a program launched in 2011 to increase domestic employment in the private sector through industry-specific quotas.  

It has helped reduce Saudi unemployment from 12.8 percent in 2018 to 7.1 percent by mid-2024, surpassing the Vision 2030 goal of 8 percent. The Kingdom has set a new target of 5 percent unemployment by 2030. 

In an official release, Abdulaziz bin Abdullah Al-Duailej, GACA’s president, noted that the authority had succeeded in its “Saudization of Aviation Jobs” initiative, achieving notable results in 2024.   

He emphasized that this progress reflects the depth and inclusiveness of the Vision (2030) and embodies the Kingdom’s comprehensive development across all sectors, the release added.  

His comments coincided with the release of the 2024 annual report on Saudi Vision 2030, which showed that the Kingdom had achieved 93 percent of its strategic goals over the past nine years. 

According to the annual report, Saudi Arabia’s airports handled 128 million passengers in 2024, marking a 45.8 percent increase since the launch of Vision 2030 in 2016, while air cargo volumes topped 1.2 million tonnes. 

GACA president stated that the authority achieved 100 percent of its key performance indicators and initiatives under the Vision Realization Programs. Saudi Arabia ranked 17th globally in the International Air Transport Association’s Air Connectivity Index — surpassing the 2024 target by two ranks. 

According to the press release, GACA, during the 1445 Hajj season, launched the Kingdom’s first aerial taxi trial and granted licenses for cutting-edge aviation technologies.  

“Several new terminals were opened, and expansions were made to various regional airports as part of the Kingdom’s efforts to adopt future-forward solutions and enhance sustainability in air transport,” it added.  

The GACA chief further highlighted the sector’s advancements since the launch of the National Aviation Strategy, including the privatization of airports, the development of King Salman International Airport, the establishment of Riyadh Air, and the ordering of 548 new aircraft. 


Closing Bell: Saudi main index edges up 0.24% to close at 11,784

Updated 28 April 2025
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Closing Bell: Saudi main index edges up 0.24% to close at 11,784

RIYADH: Saudi Arabia’s Tadawul All Share Index increased on Monday, gaining 28.42 points, or 0.24 percent, to close at 11,784.63.    

The total trading turnover of the benchmark index was SR6.4 billion ($1.7 billion), as 86 of the stocks advanced and 154 retreated.  

The MSCI Tadawul Index rose 1.09 points, or 0.07 percent, to close at 1,498.77.

The Kingdom’s parallel market, Nomu, dropped 149.32 points, or 0.52 percent, to close at 28,420.71. This comes as 33 stocks advanced while 46 retreated.   

TASI’s top performer was Umm Al Qura for Development and Construction Co., which surged by 9.84 percent to reach SR25.90.   

Other top performers included Al-Babtain Power and Telecommunication Co., whose share price rose 6.73 percent to SR47.55, as well as Saudi Reinsurance Co., whose share price surged 6.14 percent to SR51.   

Riyadh Cables Group Co. was also among the top performers, increasing 5 percent to SR130.20. 

Despite reporting financial gains, Nice One Beauty Digital Marketing Co. was the worst performer, with its stock price falling 3.85 percent to SR37.50.   

Allied Cooperative Insurance Group also saw its stock price decline 3.85 percent to SR14.48. Arabian Internet and Communications Services Co. also dropped to SR290, a 3.33 percent decrease.  

On the announcements front, Nice One Beauty Digital Marketing Co. reported a notable rise in its interim financial results for the three-month period ending March 31. 

The company posted a 29.96 percent increase in sales year on year, reaching SR324.97 million, compared to SR250.05 million in the same quarter of the previous year. 

This growth was attributed to stronger order volumes, new customer acquisitions driven by efficient marketing campaigns, a broader product range, and improved fulfillment efficiency, with a positive contribution from the seasonal impact of Ramadan. 

Net profit rose 10.2 percent to SR24.12 million from SR21.91 million the previous year, supported by higher revenue and reduced selling and marketing expenses, although partially offset by increased operating expenses and zakat charges.  

Separately, Banque Saudi Fransi announced its intention to issue US dollar-denominated additional tier 1 capital notes under its Additional Tier 1 Capital Note Program. 

This move follows a resolution by the bank’s board of directors on Aug. 19, authorizing executive management to proceed with the issuance. 

The offering, expected to be made available to eligible investors in Saudi Arabia and internationally, will have its amount and terms determined based on market conditions. 

The issuance aims to enhance BSF’s tier 1 capital and support general banking activities. The bank has appointed Abu Dhabi Commercial Bank PJSC, Citigroup Global Markets, and Credit Agricole Corporate and Investment Bank, as well as Emirates NBD Bank PJSC, HSBC Bank plc, Mashreqbank PSC, Merrill Lynch Kingdom of Saudi Arabia, Mizuho International plc, MUFG Securities EMEA plc, and Saudi Fransi Capital as joint lead managers. 

BSF noted that the offer will be subject to regulatory approvals and emphasized that the announcement does not constitute an invitation to purchase or subscribe to securities. 

Almasane Alkobra Mining Co. reported strong growth in its interim financial results for the three-month period ending March 31, driven by a significant increase in revenue and net profit. 

Sales rose by 63.4 percent year on year to SR219.77 million, compared to SR134.5 million in the same quarter of the previous year.  

The company attributed the rise to higher quantities sold for zinc and increased prices for copper, zinc, and gold, despite a decline in copper volumes due to a five-week maintenance shutdown announced earlier on Tadawul. 

Net profit surged 265.2 percent to SR55.24 million from SR15.12 million in the same quarter last year, supported by a SR49 million rise in gross profit, improved sales, and lower production costs, despite higher taxes and severance expenses.  

AMAK’s share price rose by 1.3 percent to reach SR62.50.