SPGA denies rumors about residential land distribution in Riyadh
In a statement, the authority emphasized that all major initiatives and development projects are only announced through official channels.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Oil Prices Rise as Iran Suspends Cooperation with UN Nuclear Watchdog
Oil futures edged up on Wednesday as Iran suspended cooperation with the UN nuclear watchdog and markets weighed expectations of more supply from major producers next month, while the US dollar softened further. Brent crude was up 55 cents, or 0.8%, to $67.66 a barrel at 1301 GMT, while US West Texas Intermediate crude rose 58 cents, or nearly 0.9%, to $66.03 a barrel. Brent has traded between a high of $69.05 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East have ebbed following a ceasefire between Iran and Israel. Iran enacted a law on Wednesday that stipulates any future inspection of its nuclear sites by the International Atomic Energy Agency needs approval by Tehran's Supreme National Security Council. The country has accused the agency of siding with Western countries and providing a justification for Israel's air strikes, according to Reuters. "The market is pricing in some geopolitical risk premium from Iran's move on the IAEA," said Giovanni Staunovo, a commodity analyst at UBS. "But this is about sentiment, there are no disruptions to oil." Planned supply increases by the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, appear already priced in by investors and are unlikely to catch markets off-guard again imminently, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July 6, a similar amount to the hikes agreed for May, June and July. "We are all talking about additional supply coming to the market, but the supply has not really hit the market," UBS' Staunovo said. "Probably because it's being consumed domestically." Overall OPEC+ exports are relatively flat to slightly down since March, Staunovo said. He expects this trend to persist over the summer as hot weather drives higher energy demand. The greenback continued to weaken, falling to a 3-1/2-year low against its major peers on Wednesday. A weaker dollar tends to support oil prices, as it can boost demand for buyers paying in other currencies. The release of the key US monthly employment report on Thursday will shape expectations around the depth and timing of interest rate cuts by the Federal Reserve in the second half of this year, said Tony Sycamore, an analyst at IG. Lower interest rates could spur economic activity, which would in turn boost oil demand. Official US oil stockpile data from the Energy Information Administration is due to be released at 10:30 a.m. EDT (1430 GMT) on Wednesday. American Petroleum Institute data late on Tuesday showed US crude oil inventories rose by 680,000 barrels in the past week at a time when stockpiles are typically drawn down amid summer demand, sources said.
Arab News
an hour ago
- Arab News
Closing Bell: Saudi main index inches up to close at 11,129
RIYADH: Saudi Arabia's Tadawul All Share Index gained 8.04 points, or 0.07, to close at 11,129.64 on Wednesday. Total trading turnover reached SR5.41 billion ($1.44 billion), with 103 stocks posting gains and 140 declining. The Kingdom's parallel market, Nomu, also recorded an increase, gaining 130.72 points, or 0.48 percent, to settle at 27,375.84, as 32 stocks advanced and 41 retreated. The MSCI Tadawul 30 Index also gained 3.34 points, or 0.24 percent, to finish at 1,423.94. BAAN Holding Group Co. was the best-performing stock of the session, with its share price rising 9.73 percent to SR2.48. Saudi Industrial Export Co. followed with a 7.66 percent increase to SR2.39. Other gainers included Almunajem Foods Co., which rose to a fresh year high on Wednesday, closing at SR77 with a 5.77 percent increase. On the losing side, Buruj Cooperative Insurance Co. saw the steepest decline, falling 3.24 percent to SR17.92. Saudi Industrial Development Co. dropped 3.07 percent to SR30.9, and National Shipping Co. of Saudi Arabia declined 3.06 percent to SR23.75. On the announcements front, Saudi Arabian Mining Co., also known as Ma'aden, finalized its acquisition of all shares owned by AWA Saudi and Alcoa Saudi in two of its major subsidiaries, according to a statement on the Saudi Stock Exchange. The move follows the approval by Ma'aden's extraordinary general assembly on June 25 to increase the company's capital through a share issuance as consideration for acquiring the remaining stakes in Ma'aden Bauxite and Alumina Co. and Ma'aden Aluminium Co. According to Ma'aden, the acquisition was made effective, and share allocation procedures were completed on July 1. The newly issued shares were deposited in favor of AWA Saudi and Alcoa Saudi, with the holdings officially listed on the same day. The acquisition involved Ma'aden purchasing AWA Saudi's entire stake in Ma'aden Bauxite and Alumina Co., totaling 128,010,000 ordinary shares — equivalent to 25.1 percent of the company's issued capital. It also included Alcoa Saudi's full shareholding in Ma'aden Aluminium Co., amounting to 165,001,125 ordinary shares, or 25.1 percent of the company's issued capital. To execute the transaction, Ma'aden increased its capital from SR38.03 billion to SR38.89 billion — a 2.26 percent rise. As a result, the total number of its ordinary shares grew from 3.80 billion to 3.89 billion. Under the new share distribution, Alcoa Saudi received 67,612,162 new ordinary shares, representing 1.74 percent of Ma'aden's post-acquisition capital, while AWA Saudi received 18,365,385, or 0.47 percent of the capital. Additionally, Ma'aden paid AWA Saudi SR562.5 million in cash as part of the transaction. The company emphasized that the acquisition does not involve any related parties. The financial implications of the deal will be reflected in Ma'aden's consolidated financial statements for the fiscal year ending June 30. Ma'aden's share price closed 1.72 percent higher to reach SR53.25. Saudi National Bank announced its plan to redeem its SR2 billion tier-1 capital sukuk in full on July 15, marking the 10th anniversary of the instrument's issuance. The sukuk, which was launched on July 15, 2015, will be redeemed at face value — 100 percent of the issue price — in accordance with the terms and conditions set at issuance, the bank stated in a press release published on Tadawul. The move follows Saudi National Bank's securing of the necessary regulatory approval to proceed with the redemption. The full principal amount, along with any accrued but unpaid periodic distributions, will be paid to sukuk holders on the redemption date. The SR2 billion sukuk issuance comprised 2,000 certificates, each with a face value of SR1 million. It represented 100 percent of the issued sukuk under this offering. Following the redemption, the total value of the sukuk issuance will be reduced to zero. This redemption reflects the bank's capital management strategy and its ongoing commitment to optimizing its financial structure. The bank's share price closed 0.34 percent higher on Wednesday's session to SR35.84.
Arab News
an hour ago
- Arab News
Gulf bourses end mixed on US tariff uncertainty
LONDON: Stock markets in the Gulf ended mixed on Wednesday as investors monitored global trade developments ahead of the US' potential re-imposition of sweeping tariffs on July 9. President Donald Trump said on Tuesday he was not thinking of extending the July 9 deadline for countries to negotiate trade deals with the US, and continued to express doubt that an agreement could be reached with Japan. Saudi Arabia's benchmark index edged 0.1 percent higher, after two consecutive sessions of losses, helped by 1.7 percent rise in Saudi Arabian Mining Company. The cautious mood dominating the region contributed to mixed sector performances, said Joseph Dahrieh, managing principal at Tickmill. 'Investors are awaiting further developments to gain more clarity, while low oil prices continue to pose a risk, despite a positive economic outlook,' he said. Among gainers, oil giant Saudi Aramco rose 0.8 percent. Oil futures edged up as Iran suspended cooperation with the UN nuclear watchdog and markets weighed expectations of more supply from major producers next month, while the US dollar softened further. Dubai's main share index dropped 0.4 percent, hit by a 1.3 percent fall in toll operator Salik Company. Separately, Dubai commuters may soon have a new way to beat traffic, as Joby Aviation successfully completed the first test flight of its fully-electric air taxi in the emirate this week — a significant step toward the city's goal of integrating airborne transport into its mobility network as early as next year. In Abu Dhabi, the index eased 0.1 percent, while the Qatari index closed flat. A report on Tuesday suggested that the US labor market stayed resilient in May, sharpening the focus on US nonfarm payrolls figures due on Thursday as investors try to gauge when the Federal Reserve is likely to cut interest rates next. Fed Chair Jerome Powell on Tuesday reiterated the US central bank's plans to 'wait and learn more' before lowering rates. Outside the Gulf, Egypt's blue-chip index added 0.4 percent, with Talaat Moustafa Holding rising 0.9 percent.
