Saudi Arabia raises the bar in green hydrogen production: KAPSARC

RIYADH: Saudi Arabia’s main index ended higher for a second session following a sharp drop earlier in the week sparked by economic concerns.

The Tadawul All-Share Index rose 1.39 percent to reach 11,120 at the end of Wednesday, while the parallel market Nomu rose 1 percent to 19,916.

Abu Dhabi’s main followed the Saudi trend to close 0.4 percent up to 9,740 on Wednesday.

In a different direction, Dubai’s and Kuwait’s indexes ended Wednesday in red, shedding 0.9 percent and 1.51 percent, respectively.

In energy trading, Brent crude traded at $88.35 a barrel and WTI crude reached $81.34 a barrel, as of 9:15 a.m. Saudi time.

Stock news

Yousef Al-Benyan, the CEO of SABIC, has resigned after being appointed Minister of Education by Royal Decree; accordingly, Abdulrahman Al-Fageeh was appointed as acting CEO for six months effective Sep. 28, 2022.

Saudi Azm for Communication and Information Technology Co. reported SR19 million ($5 million) in profit for the fiscal year ending June 30, 2022, an increase of 23 percent.

Alkhorayef Water and Power Technologies Co. raised credit facilities with Saudi British Bank to SR509 million.

Sumou Real Estate Co. signed an agreement with National Housing Co. to develop an area in Dammam for a total of SR305 million.

Leen Alkhair Trading Co. was approved by the Capital Markets Authority to register and offer 958,750 shares on the Nomu-Parallel Market.

Meshkati Trading Co. received approval from the CMA to offer 900,000 shares on the Nomu-Parallel Market.

Arriyadh Development Co. has declared a cash dividend of SR0.25 per share for the first half of 2022.

National Fertilizer Co. will distribute an interim cash dividend of SR1.5 to shareholders in the first half of 2022.

Retal Urban Development Co. has sold its 50 percent stake in a land plot in Al-Khobar for SR113 million.

Ladun Investment Co. said it completed the process of acquiring raw lands in Riyadh.