Saudi Arabia’s stock market experienced modest growth this week, led by gains in major companies and strengthened energy partnerships. The Tadawul All Share Index edged up 0.04% to close at 11,597.35 points, according to the Associated Press. Red Sea International’s shares surged nearly 10%, while Allied Cooperative Insurance also performed strongly. In contrast, Riyad Bank recorded a 5.29% drop.
A significant development was the new civil nuclear technology agreement between Saudi Arabia and the United States, signaling a deepening energy alliance with long-term implications. The Saudi Research and Media Group secured a three-year media services contract worth 252 million riyals annually, resulting in a 4.85% share boost. United Mining Industries Co. marked a successful main market debut, rising 4.75% after leaving the Nomu Parallel market. Tadco’s renewed memorandum of understanding with Topian for hydroponic greenhouse projects lifted its shares by 2.83%.
These moves highlight the kingdom’s efforts to diversify its economy, with growth seen in insurance, technology, and energy. Strengthening international partnerships and expanding into new sectors reflect Saudi Arabia’s broader strategy to reduce dependence on oil and enhance its economic resilience.
