Latest news with #SABIC
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
Saudi Market Closes at Highest Level in a Month at 11,068 Points
Saudi Arabia's main stock index (TASI) rose on Thursday by about 94.29 points, or 0.86%, closing at 11,068.27 points, its highest level in over a month. Trading liquidity reached SAR5.7 billion (approximately $1.5 billion), marking the biggest weekly gains in two years. Shares of Saudi Aramco, the heaviest-weighted stock in the index, advanced 0.66% to 24.30 riyals. In the banking sector, Al Rajhi Bank and Saudi National Bank shares climbed 0.85% and 0.98% respectively, closing at 94.7 riyals and 36 riyals. Mining giant Ma'aden and petrochemical company SABIC saw their shares rise by 0.39% and 0.73%, ending the session at 50.9 riyals and 54.9 riyals respectively. ADES Holding led the gainers, jumping 7% to 13.82 riyals, followed by Gypsum Co. (Jebsco), which rose 5.6% to 22.4 riyals. On the other hand, newly listed SMC Health Care recorded the steepest decline, falling 3.3% to 23.36 riyals, while shares of Mutawareh dropped 2.5% to 26.75 riyals. Meanwhile, the Saudi Parallel Market Index (Nomu) rose 0.8%, closing at 27,053.1 points. Trading value on Nomu reached 23.5 million riyals, with 3.2 million shares changing hands.
ITV News
3 days ago
- Business
- ITV News
Jobs at risk as Saudi firm Sabic confirms closure of Olefins 6 cracker on Teesside
A chemical plant is set to close on Teesside following a decision by its Saudi owner. It is understood about 100 jobs could be at risk at the Olefins 6 cracker, on the Wilton site at Redcar, as a result of the permanent closure which was confirmed by SABIC on Wednesday (25 June). Union bosses have labelled the move as a "devastating blow" to workers and the local economy. Petrochemical group Sabic said it regretted the decision which was communicated to employees and stakeholders this morning. A spokesperson said: "This decision is the result of a thorough analysis aimed at optimizing competitiveness and aligning with Sabic's long term strategic priorities to ensure the company remains agile and resilient in an evolving global landscape. "Sabic is committed to carrying out a meaningful collective consultation with employee representatives and a fair redundancy process consistent with applicable legal requirements, as well as implementing other support measures aimed at minimizing the impact on employees. "The exact number of job losses will be determined once this consultation has been completed." Unite said about 100 of its members face redundancy. The union's regional officer, Fazia Hussain-Brown, said: "The potential loss of so many jobs in the area is a devastating blow to our members and their families, as well as the local economy. "Unite will be actively engaging with Sabic throughout this consultation process, using all of the resources available to support our members." Sabic's Olefins 6 facility, which opened in 1979, produces the raw material ethylene. It has been offline since the end of 2020 and was due to be converted to run entirely on gas feedstocks. Since it has been down, Unite members have been paid to keep the plant safe and to have it ready to come back online for future operations. The union said its owner, Saudi-run Sabic, made a net profit of almost £300m, last year. However, last month it was reported that the firm could be looking to sell its European petrochemicals business amid high energy costs. The SABIC spokesperson added: "Sabic's LDPE plant operations in Teesside will continue to operate normally. "The company's priority is to support our employees during this difficult time and to remain focused on the safe, compliant, and reliable operation of its remaining assets on Teesside. "SABIC will continue to focus on enhancing operational efficiency to position the company for sustainable long-term profitable growth."
Arab News
4 days ago
- Business
- Arab News
Closing Bell: TASI rises 2.37% to close at 10,964
RIYADH: Saudi Arabia's Tadawul All Share Index rose 254.04 points, or 2.37 percent, to close at 10,964.28 on Tuesday. Total trading turnover reached SR8.48 billion ($2.26 billion), with 248 stocks posting gains and five declining. The Kingdom's parallel market Nomu also recorded an increase, gaining 492.72 points, or 1.87 percent, to settle at 26,850.79, as 73 stocks advanced and 22 retreated. The MSCI Tadawul 30 Index, meanwhile, gained 29.06 points, or 2.11 percent, to finish at 1,406.69. Red Sea International Co. was the best-performing stock of the session, with its share price rising 9.97 percent to SR42.45. Salama Cooperative Insurance Co. followed with a 9.92 percent increase to SR13.52. Other gainers included Saudi Cable Co., which rose to a fresh year high on Tuesday, closing at SR147.20 with a 6.05 percent increase. On the losing side, SABIC Agri-Nutrients Co. saw the steepest decline, falling 4.58 percent to SR104.2. Saudi Arabian Oil Co. dropped 1.62 percent to SR24.34, and Taleem REIT Fund declined 0.85 percent to SR9.30. Dar Al Arkan Real Estate Development Co. announced its intention to issue a dollar-denominated, fixed-rate, Shariah-compliant sukuk under Regulation S, as it seeks to broaden its funding base and support general corporate purposes. The Riyadh-based property developer has appointed a consortium of regional and international banks to act as joint lead managers and bookrunners for the issuance. These include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Alkhair Capital, as well as Al Rayan Investment and Arqaam Capital. Other participants are Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, and First Abu Dhabi Bank. The list also features J.P. Morgan, Mashreq, and Sharjah Islamic Bank, as well as Standard Chartered Bank, and Warba Bank. The appointed banks will arrange a series of fixed income investor calls starting June 24, ahead of the planned sukuk offering in global capital markets. The transaction remains subject to market conditions and regulatory approvals, including compliance with Financial Conduct Authority and International Capital Market Association stabilization rules. The offering is classified as a benchmark senior unsecured sukuk under Regulation S, which allows for international placement with institutional investors. The value of the sukuk will be determined based on market conditions at the time of issuance. According to the company's statement on Tadawul, the proceeds from the issuance will be used for general corporate purposes. The board of directors approved the sukuk issuance on May 29. Dar Al Arkan's share price closed the session 2.70 percent higher to reach SR19.
Leaders
6 days ago
- Business
- Leaders
Mining in Mauritania: A Leading Sector with Promising Horizons
By: Mokhtar Ould Dahi Mauritania's Ambassador to Saudi Arabia Moktar Ould Dahi Over the past decades, mining has become a critical driver of growth and a key source of employment. In this article, Mokhtar Ould Dahi, Ambassador of Mauritania to Saudi Arabia, explores the sector's current impact and its promising future horizons. Mauritania's Mining Sector The mining sector in Mauritania is classified as a leading and promising sector—leading at present, as evidenced by its contribution of 23% of budgetary revenues, 78% of the country's total export revenues, and 18.9% of the Gross Domestic Product (GDP), as well as providing tens of thousands of direct and indirect job opportunities. It is also a promising and ambitious sector for the future, as confirmed by the mineral map, which indicates 900 mineral occurrence points across the country's vast area of 1.2 million km². Some of these minerals have been found in very large reserves (including Africa's largest iron ore reserve) and are already being produced. The government holds an ambitious investment vision for the mining sector aimed at multiplying and diversifying production. This vision rests on 3 pillars: Increasing the production of clean energy. Conducting precise geological mapping for critical minerals used in the energy transition, with an aim for processing and manufacturing. Developing the necessary infrastructure—roads, ports, and maps that facilitate transport and export—as well as providing water resources for processing, and investing in 'environmentally friendly mining.' Despite confirming 900 mineral occurrences and substantial reserves of various minerals, including: 6 billion tons of gypsum ore 15 billion tons of iron ore (the largest reserve and second-largest producer in Africa) 250 million tons of phosphate 150 million ounces of gold 28 million tons of copper ore 100 million pounds of uranium 400 million tons of black earth Only 4 out of 16 licensed operations are currently active (as of 2025) in production and export of iron, gold, copper, and black earth. In 2024, Mauritania's exports included: 14.3 million tons of iron 620,000 ounces of gold 13 million tons of copper There are four major upcoming projects, including: Two in iron production and export (the 'Aouj' project in partnership with Glencore, and the 'Takamul' project with SABIC of Saudi Arabia) A uranium production project in partnership with Aura Energy of Australia A project for the production and export of phosphate Encouragingly, the other 12 licenses, currently in the testing and confirmation phase, have reached advanced stages and are expected to transition to production and export of minerals like iron, gold, uranium, phosphate, and black earth. Rising Global Interest There is growing international interest in Mauritania's mining sector. The relevant institutional bodies have issued 129 exploration licenses for minerals such as gold, uranium, copper, iron, phosphate, quartz, and chromium. These are still within the customary timeline for exploration procedures, as outlined in the mining code. It is expected that more than four of these will soon transition to exploitation and export. To attract investors, Mauritania's mining code offers competitive and attractive tax incentives compared to other mineral-producing countries. These include: The exploitation license is granted via a Council of Ministers decree, valid for up to 30 years and renewable The state receives 10% of the company's capital for free, and can acquire another 10% through purchase The company must begin exploitation within two years of license issuance The exploiting company is exempt from customs duties, taxes, and the commercial and industrial profit tax for three years from the date of its first shipment Mauritania will host the seventh edition of the 'Mauritanides' event from September 8–10, 2025. This is a well-organized and content-rich forum dedicated to investment opportunities in the mining sector, including lectures and exhibitions, bringing together all relevant stakeholders. I take this opportunity to call on all investors and stakeholders in the mining sector in Saudi Arabia to register and actively participate in this high-level development event. By the grace of Allah, it will lead to the establishment of Mauritanian-Saudi investment partnerships in the extraction and production of minerals in Mauritania. Stable, Resource-Rich Destination for Investment All indicators point to abundant and diverse mineral wealth in Mauritania, alongside encouraging tax incentives, and a business-friendly climate. This is all backed by a stable political and security environment, reinforced by a natural democratic political scene, effective military and security strategies (praised by experts), and government policies focused on social justice and strengthening the rule of law. Related Topics : Khorayef, Silveira Discuss Cooperation Opportunities in Mining Sector Mining Sector Accelerates Saudi Arabia's Bold Economic Vision Bangladesh in Turmoil: Violent Protests Roil the Country, Government Extends Curfew Saudi Arabia to Increase Oil Production to 12.3 mln bpd in 2028 Short link : Post Views: 50
Arab News
17-06-2025
- Business
- Arab News
Closing Bell: Saudi main index slips to close at 10,714
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Tuesday, as it shed 153.22 points or 1.41 percent to close at 10,713.82. The total trading turnover of the benchmark index was SR4.97 billion ($1.32 billion), with 20 of the listed stocks advancing and 228 declining. Saudi Arabia's parallel market Nomu also shed 214.39 points to close at 26,458.24. The MSCI Tadawul Index declined by 1.14 percent to 1,378.44. The best-performing stock on the main market was Saudi Research and Media Group. The company's share price increased by 6.88 percent to SR170.80. The share price of SABIC Agri-Nutrients Co. advanced by 4.82 percent to SR108.80. Zamil Industrial Investment Co. also saw its stock price climb by 4.71 percent to SR40. Conversely, the stock price of media giant MBC Group Co. dropped by 6.56 percent to SR33.45. On the announcements front, Tadawul, in a statement, said that shares of Saudi low-cost air carrier flynas will begin trading on the main market under the symbol 4264 from June 18. The daily and static fluctuation limits for the company's stocks will be set at 30 percent and 10 percent, respectively, during the first three days of trading. On June 17, Saudi National Bank announced the issuance of US dollar-denominated Tier 2 debt instruments through a special purpose vehicle, targeting qualified investors both inside and outside the Kingdom. The financial institution added that the final issuance value and offering terms will be determined based on market conditions, according to a Tadawul statement. The minimum subscription value is $200,000, with a 10-year maturity period. The debt instruments will be listed on the London Stock Exchange's International Securities Market. The share price of SNB edged up by 0.58 percent to SR34.50. Advance International Co. for Communication and Information Technology announced that it completed the offering and subscription of SR-denominated Murabaha sukuk valued at SR6 million. Murabaha sukuk is a financial instrument based on Islamic finance principles, offering an interest-free investment option. In a Tadawul statement, AICTEC said that the offering aims to strengthen the company's working capital as well as support capital expansions. The stock price of AICTEC rose by 3.57 percent to SR2.90.
