RIYADH: Saudi Arabia’s Tadawul All Share Index edged higher on Monday, rising by 47.67 points, or 0.39 percent, to close at 12,379.54.

The benchmark index saw a total trading turnover of SR6.3 billion ($1.7 billion), with 116 of the listed stocks advancing, while 117 declined.

The MSCI Tadawul Index also gained 5.22 points, or 0.34 percent, to finish at 1,551.75. In contrast, the Kingdom’s parallel market, Nomu, ended the day lower, losing 281.88 points, or 0.89 percent, to close at 31,318.24, with 43 stocks advancing and 45 retreating.

Thimar Development Holding Co. emerged as the best-performing stock of the day, with its share price jumping 10 percent to SR51.70.

Other notable gainers included Arabian Pipes Co., which saw a 6.37 percent increase to SR13.36, and Middle East Specialized Cables Co., which rose by 4.95 percent to SR47.75.

Saudi Reinsurance Co. and ACWA Power Co. also posted solid gains, with their share prices surging by 4.82 percent and 4.41 percent, respectively, to SR58.70 and SR435.20.

Alamar Foods Co. saw the sharpest decline, with its share price dropping 3.33 percent to SR78.50. Nice One Beauty Digital Marketing Co. and Naseej International Trading Co. also recorded losses, with their shares slipping 2.91 percent and 2.60 percent, respectively, to SR56.80 and SR97.30.

Saudi Industrial Investment Group saw a 2.40 percent dip, closing at SR17.90, while Riyadh Cables Group Co. dropped 2.34 percent, settling at SR141.80.

Meyar Co. secured SR5.5 million in financing from Riyadh Bank to support its business expansion and enhance operational efficiency.

According to a bourse filing, the five-year financing agreement is part of the bank’s guarantee and bills program. The funds will be used to expand Meyar’s operations, develop production lines, and strengthen supply chains to boost overall efficiency. The investment aligns with the company’s strategic goals of increasing productivity and scaling its operations.

On the market, Meyar saw a 5.06 percent increase in its share price, reaching SR70.60.

Saudi Top Trading Co. announced the completion of construction at its West Coast Factory, which is set to begin trial production in the first quarter of 2025.

Located at the Rabigh PlusTech Park, the factory will start receiving raw materials, including polymer scrap, rubber, and synthetic wax, from Rabigh Refining and Petrochemical Co. This development follows a memorandum of understanding signed with Petro Rabigh in December 2022.

Under the MoU, Saudi Top Trading secured a 30-year lease on a site to produce 50,000 tonnes annually of polymer compounds, rubber, and waxes. With construction now completed, Saudi Top Trading is poised to enhance its production capabilities and leverage its partnership with Petro Rabigh.

RIYADH: The UAE’s M1 money supply saw a monthly rise of 1.5 percent at the end of October, reaching 909.9 billion dirhams ($247.7 billion), according to the latest figures released by the country’s central bank.

The summary report revealed the rise was primarily driven by a 14.9 billion dirhams increase in monetary deposits, which offset a 1.3 billion dirhams decline in currency circulating outside banks.

M1 supply includes liquid money that can be used for spending or transactions. It consists of cash, including coins and paper bills, and funds in checking accounts that are readily accessible for daily transactions.

The UAE’s M2 money supply, which includes M1 and quasi-monetary deposits, rose by 0.9 percent, reaching 2.27 trillion dirhams at the end of October, up from 2.25 trillion dirhams in September.

This growth was driven by an increase in M1 and a 7.5 billion dirhams rise in quasi-monetary deposits.

The country’s M3 money supply, which encompasses M2 and government deposits, grew by 1.3 percent, reaching 2.75 trillion dirhams at the end of October, compared to 2.72 trillion dirhams in September.

The report highlighted that the increase was largely attributed to the expansion of M2 and a 13.8 billion dirhams rise in government deposits.

The M3 money supply is calculated by adding government deposits held at banks operating in the UAE and the Central Bank to the M2 money supply.

The UAE’s monetary base saw a slight decline of 0.1 percent, falling to 743 billion dirhams at the end of October from 743.5 billion dirhams in September.

The decrease was primarily driven by a 11.4 percent drop in banks’ and other financial corporations’ current accounts and overnight deposits with the central bank.

This decline overshadowed increases in currency issuance by 0.8 percent, reserve accounts by 0.05 percent, and monetary bills and Islamic certificates of deposit by 6.2 percent.

The UAE’s gross banking assets, including bankers’ acceptances, grew by 1.3 percent, reaching 4.46 trillion dirhams at the end of October, up from 4.4 trillion dirhams in September.

The UAE’s gross credit rose by 0.6 percent, reaching 2.17 trillion dirhams at the end of October, compared to 2.16 trillion dirhams in September.

This increase was driven by a 0.6 percent rise in domestic credit and a 0.7 percent increase in foreign credit.

Domestic credit growth was driven by a 0.2 percent increase in lending to the government sector, a 3.0 percent rise in lending to the public sector, and a 0.1 percent increase in lending to the private sector, which outweighed a 1.8 percent decline in credit to non-banking financial institutions.

The country’s total bank deposits climbed by 1.5 percent, reaching 2.80 trillion dirhams at the end of October, up from 2.76 trillion dirhams in September.

This growth was driven by a 1.2 percent rise in resident deposits and a 4.7 percent increase in non-resident deposits.

The increase in resident deposits was attributed to higher deposits from the government sector by 2.3 percent, government-related entities by 3.6 percent, and the private sector by 1.1 percent, which offset a 13 percent decline in funds from non-banking financial institutions.