Closing Bell: Saudi Main Index Closes in Green at 10,741

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 25.17 points, or 0.23 percent, to close at 10,741.99. 

The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), with 78 listed stocks advancing and 179 declining. 

The MSCI Tadawul Index also increased, rising 8.31 points, or 0.58 percent, to close at 1,437.91. 

The Kingdom’s parallel market Nomu lost 14.75 points, or 0.07 percent, to close at 22,141.58. A total of 27 listed stocks advanced, while 39 declined. 

Top performers 

The best-performing stock was Umm Al Qura for Development and Construction Co., with its share price surging 5.22 percent to SR17.94. 

Other top performers included Knowledge Economic City, whose share price rose 4.77 percent to SR13.84, and Arab National Bank, whose shares gained 4.22 percent to SR21.71. 

Biggest fallers

The worst performer was SAL Saudi Logistics Services Co., whose share price fell 5.41 percent to SR164.40. 

Tourism Enterprise Co. fell 5.19 percent to SR15.33, while Bawan Co. declined 4.95 percent to SR36.10. 

Corporate announcements 

Knowledge Economic City announced the signing of a real estate development agreement with Alrashid Properties to develop the Multaqa Residences project, a mixed-use development spanning 149,520 sq. meters within Knowledge Economic City in Al-Madinah Al-Munawarah. 

Under the agreement, Alrashid Properties, as the appointed developer, will handle the project’s design, engineering, financing, construction, marketing, sales, delivery and maintenance, while KEC will retain ownership of the land throughout the 54-month development period as the master developer. 

The project, based on an indicative land value of SR9,000 per sq. meter, carries an estimated development cost of approximately SR2.6 billion, excluding land value, with total project revenue projected at approximately SR5 billion. 

Sales proceeds exceeding the agreed benchmark development cost will be shared between the two parties under a profit-sharing mechanism. 

The project overlooks Multaqa Mall and is located near the Hilton and JW Marriott hospitality developments, positioning it within an integrated destination that supports Saudi Vision 2030’s tourism, quality-of-life, and Pilgrim Experience Program objectives. 

KEC said in a bourse filing that there is no related-party involvement in the transaction, and that the financial impact will be recognized in line with International Financial Reporting Standards as the project progresses.