RIYADH: This year, the Saudi delegation to the annual meeting of the World Economic Forum in Davos, Switzerland, will feature, for the first time, a “Saudi House.”

The centralized hub will serve as a meeting point for government officials, business leaders, and other stakeholders participating in the forum.

“Saudi House was designed to facilitate the participation of all the (Saudi) government entities taking part in Davos in one location,” Faisal Alibrahim, the Saudi minister of economy and planning, said in an interview with Arab News.

“We think putting everyone in one place will create the vibrancy that can demonstrate and echo the vibrancy we are seeing here in the Kingdom.”

Speaking ahead of the trip, he spoke of the importance of the Davos summit as a platform for dialogue and collaboration.

“We’re going there because the Kingdom today is a more integrated player,” Alibrahim said.

“We’ve learned more about what we need to do and what we need to achieve, but we also learned more about what we can offer to our partners, to people from all around the world,” he added.

Using this opportunity to create a positive impact on the global economy, Alibrahim will champion a key call in Davos for global leadership to move beyond tepid economic growth and embrace a more ambitious, “intrepid leadership-led” approach.

“Today, the world is looking at two things that sometimes can be seen as in conflicting directions,” he said. “One, we’re at this tepid growth trajectory today, between 2.7 percent and 3.2 percent, according to the World Bank or the IMF, and we’ve been in this economic stalemate for a few years for various reasons.”

He highlighted the stark contrast between this sluggish economic growth and the immense potential unlocked by technological advancements and innovation.

Alibrahim argued that a new era of “intrepid leadership-led” growth is essential to bridge this gap. “We need bold leadership,” he said. “We need to move from tepid growth to intrepid leadership-led growth that can really bring the two together and unlock the potential of the globe. That’s the wider theme.”

This is part of a full interview with Alibrahim, which discussed the importance of a stable Middle East for global prosperity, attracting foreign investment, how the Kingdom is shielded from external shocks and geopolitics, and balancing ambitious giga-projects with prudence, among other topics.

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 75.81 points, or 0.62 percent, to close at 12,331.87. 

The total trading turnover of the benchmark index was SR5.39 billion ($1.43 billion), as 148 of the stocks advanced and 78 retreated.    

Similarly, the Kingdom’s parallel market Nomu gained 101.41 points, or 0.32 percent, to close at 31,600.12. This comes as 49 of the listed stocks advanced, while 38 retreated.    

The MSCI Tadawul Index gained 10.75 points, or 0.70 percent, to close at 1,546.53.     

The best-performing stock of the day was Saudi Cable Co., which debuted on the main market on Sunday, with its share price surging 9.85 percent to SR113.80. 

Other top performers included Middle East Specialized Cables Co., with its share price rising 6.43 percent to SR45.50, and Zamil Industrial Investment Co., which saw its share price surge 5.65 percent to SR36.45. 

Saudi Reinsurance Co. recorded the biggest drop, with its share price falling 2.27 percent to SR56.00. 

Almoosa Health Co. saw its stock price decline by 2.60 percent to SR138.20, while Wataniya Insurance Co.'s share price dropped 1.75 percent to SR25.20.  

On the announcements front, Almarai Co. reported its consolidated financial results for the year ended Dec. 31. According to a Tadawul statement, the company posted a net profit of SR2.3 billion in 2024, marking a 12.8 percent increase compared to 2023. This growth was driven by higher revenue, disciplined cost control, and a favorable product mix. 

Despite the positive results, Almarai Co.’s share price ended the session at SR58.50, down 1.72 percent. 

City Cement Co. has signed a natural gas supply agreement with Saudi Aramco under the supervision of the Liquid Fuel Displacement Program. According to a bourse filing, the agreement aligns with efforts by the Ministry of Energy and the Ministry of Industry and Mineral Resources to achieve the program's objectives. 

The filing also noted that the shift from liquid fuel to natural gas is expected to reduce emissions from the company’s production processes and enhance operational reliability. The financial impact of the agreement will be disclosed at a later date. 

City Cement Co.’s share price closed the session at SR18.80, up 1.17 percent. 

Saudi Arabian Mining Co., or Ma’aden, has provided an update on the development of its third phosphate fertilizer manufacturing project. According to a Tadawul statement, none of the associated contracts involve related parties, and the financial impact of these contracts remains unclear and will be disclosed once available. 

Ma’aden’s share price closed the session at SR48.60, up 1.66 percent.