RIYADH: The Tadawul All Share Index in Saudi Arabia experienced a positive surge on Tuesday, rising by 113.55 points, or 0.95 percent, to close at 12,027.17.

The benchmark index recorded a total trading turnover of SR8.22 billion ($2.19 billion), with 111 stocks gaining ground while 116 declined.

The MSCI Tadawul Index also saw an increase, gaining 16.72 points to end the day at 1,508.72. In contrast, the parallel market faced a setback, dropping 105.82 points to close at 24,543.25.

A significant factor in the main index’s performance was the impressive 29.97 percent surge in Al Majed Oud Co.’s share price, which reached SR158.80. Other notable performers included Al-Baha Investment and Development Co., whose shares rose by 9.09 percent to SR0.36, and Fawaz Abdulaziz Alhokair Co., with a 7.19 percent increase to SR10.58.

Dar Alarkan Real Estate Development Co. saw its share price hit an all-time high of SR14.58 during the day, the highest since October 2022. It closed at SR14.54, marking a 5.82% increase from the previous session.

On the downside, Saudi Fisheries Co. was the worst performer, with its share price declining by 4.19 percent to SR27.45.

Additionally, Arabian Mills for Food Products Co. began trading on Tadawul on Oct. 8, marking the 10th listing on the Kingdom’s main market this year. The food company started trading at SR66 but closed Tuesday’s session at SR65.80, a decrease of 0.30 percent.

On the announcements front, United Electronics Co., known as eXtra, reported a net profit of SR356.7 million for the first nine months of the year, representing a 34.91 percent increase compared to the same period in 2023.

The company attributed this growth to increased retail segment sales driven by stable demand in the Saudi market. Following the announcement, eXtra’s share price rose by 2.96 percent to SR93.90.

JEDDAH: Saudi Arabia’s fisheries and aquaculture production rose by 55.56 percent in 2023 to over 140,000 tonnes, underscoring the Kingdom’s commitment to food self-sufficiency and sustainable development.

The Ministry of Environment, Water, and Agriculture said that the country has set new records in saltwater and inland aquaculture projects, achieving unprecedented production levels compared to the 90,000 tonnes recorded in 2021, according to the Saudi Press Agency.

MEWA added that the total catch from marine fisheries in the Red Sea and Arabian Gulf reached 74,700 tonnes, marking a 16.2 percent increase from 64,300 tonnes at the end of 2022, bringing the combined production from aquaculture projects and marine fisheries to 214,000 tonnes last year.

Saudi Arabia’s National Fisheries Development Program is focused on sustainably boosting the economic role of the fisheries and aquaculture sector. The initiative emphasizes optimizing natural resource use, increasing the division’s contribution to the gross domestic product, achieving self-sufficiency in seafood, and diversifying income sources.

Aquaculture in the Kingdom began in 1982 and has evolved significantly, positioning the nation as a leading exporter of white shrimp. The country has set an ambitious target to produce 600,000 tonnes of fish by 2030 while fostering local investments and generating job opportunities.

The ministry is implementing strategic programs to boost fish product self-sufficiency, improve quality standards, introduce new species for farming, and attract investments. It also aims to raise individual fish consumption to 13 kg annually.

The authority said that key fish species produced in Saudi Arabia include Nile tilapia, sea bass, sea bream, shrimp, and varying proportions of other groups.

The ministry said the fisheries sector is experiencing rapid growth due to its developmental efforts and increased investments. It highlighted a significant rise in aquaculture projects across marine, inland waters, and closed systems. Furthermore, expanding development loans in aquaculture and marine fisheries has contributed to this progress.

The ministry also underscored its focus on promoting modern technologies, supporting and facilitating investment procedures, and enhancing the capabilities of small-scale fishermen.

MEWA said that these efforts are designed to empower the private sector and enhance agriculture’s contribution to the national economy, aligning with the objectives of Saudi Vision 2030.

The Kingdom annually exports 59,844 tonnes of fish and shrimp, totaling SR1.1 billion ($293 million), shipping the seafood to international markets.