Closing Bell: Saudi Main Index Closes in Red at 11,012

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 102.73 points, or 0.92 percent, to close at 11,012.64.

The total trading turnover of the benchmark index was SR5.74 billion ($1.52 billion), as 83 of the listed stocks advanced, while 177 retreated.

The MSCI Tadawul Index also decreased, down 19.88 points or 1.34 percent to close at 1,465.74.

The Kingdom’s parallel market Nomu gained 114.57 points, or 0.5 percent, to close at 23,002.51. This comes as 36 of the listed stocks advanced, while 31 retreated.

The best-performing stock was Gas Arabian Services Co., with its share price surging by 6.06 percent to SR16.62.

Other top performers included ARTEX Industrial Investment Co., which saw its share price rise by 5.07 percent to SR11.20, and Al Majed Oud Co., which saw a 4.49 percent increase to SR142.

On the downside, the worst performer of the day was Yanbu Cement Co., whose share price fell by 6.45 percent to SR15.51.

Raoom Trading Co. and Almasane Alkobra Mining Co. also saw declines, with their shares dropping by 4.29 percent and 3.79 percent to SR66.90 and SR71, respectively.

On the announcement front, Dar Al Majed Real Estate Co. — also known as Almajdiah — announced that it has signed an agreement with Jadwa Al Manzel Real Estate Fund, appointing the company as the exclusive developer of a residential project in Riyadh valued at SR211.6 million.

According to a Tadawul statement, the project involves developing, executing, managing, and marketing a plot of approximately 27,000 sq. meters in the Al Khuzama District, with plans for diversified residential apartments to be sold under the Off-Plan Sales regulatory framework.

The 24-month contract follows a Cost Plus development model, with Jadwa Al Manzel represented by Ahdath Real Estate Data Co.

Almajdiah noted that the deal aligns with its broader strategy to expand its footprint in high-quality residential and commercial development across Riyadh, with financial benefits expected to materialize progressively in line with project completion milestones.

The company disclosed a related-party interest, noting that Board Member and Acting CEO Abdulsalam bin Abdulrahman Al-Majed serves on the board of Jadwa Al Manzel Real Estate Fund, and that Dar Al Majed holds a 10 percent stake in the fund’s units.

Almajdiah’s share price dropped by 0.27 percent on the main market to SR7.36.