Saudi Stock Market Soars to Seventh Largest Globally Amid Mixed Performance and Economic Diversification Efforts
Saudi Arabia Becomes Seventh Largest Stock Market Amid Mixed Performance and Economic Growth Projections
The Saudi stock market has soared to become the seventh largest globally, underscoring the robust real economy, according to Mohammed bin Abdullah Elkuwaiz, chairman of the Capital Market Authority. While this reflects strong business financing, the Tadawul All Share Index (TASI) saw a dip, closing at 12,226.10 points, a 0.37 percent drop.
Despite TASI's decline, Al-Baha Investment and Development Co. surged 10 percent and CHUBB Arabia Cooperative Insurance Co. gained 5.39 percent. On the other hand, Bupa Arabia for Cooperative Insurance Co. fell by 5.82 percent, showcasing a mixed performance in the market.
Meanwhile, at the Future Hospitality Summit in Dubai, Germany's EVUM Motors forecasts its electric vehicles will reach environmental break-even in three years, significantly advancing global carbon reduction initiatives. The summit also highlighted sustainable developments like NEOM's environmental efforts and Dubai's expanding tourism.
In other economic news, Saudi Arabia's Ministry of Finance projects a 4.6% GDP growth by 2025, despite anticipating a $101 billion budget deficit. Supported by non-oil sector growth, this aligns with the country’s Vision 2030 for economic diversification and sustainable development, demonstrating strong fiscal resilience.
Enhancing security, Minister of Interior Prince Abdulaziz bin Saud bin Naif inaugurated the new General Directorate of Public Security building in Riyadh, alongside launching an Innovation Center and the Center for Indicators and Artificial Intelligence, which are set to modernize security operations and digital services.
Prince Abdulaziz also introduced advanced digital services on the Absher platforms, including accident reporting and digital license management, aiming to streamline Public Security services and improve accessibility to citizens, marking a significant step towards digital transformation in public services.
Despite TASI's decline, Al-Baha Investment and Development Co. surged 10 percent and CHUBB Arabia Cooperative Insurance Co. gained 5.39 percent. On the other hand, Bupa Arabia for Cooperative Insurance Co. fell by 5.82 percent, showcasing a mixed performance in the market.
Meanwhile, at the Future Hospitality Summit in Dubai, Germany's EVUM Motors forecasts its electric vehicles will reach environmental break-even in three years, significantly advancing global carbon reduction initiatives. The summit also highlighted sustainable developments like NEOM's environmental efforts and Dubai's expanding tourism.
In other economic news, Saudi Arabia's Ministry of Finance projects a 4.6% GDP growth by 2025, despite anticipating a $101 billion budget deficit. Supported by non-oil sector growth, this aligns with the country’s Vision 2030 for economic diversification and sustainable development, demonstrating strong fiscal resilience.
Enhancing security, Minister of Interior Prince Abdulaziz bin Saud bin Naif inaugurated the new General Directorate of Public Security building in Riyadh, alongside launching an Innovation Center and the Center for Indicators and Artificial Intelligence, which are set to modernize security operations and digital services.
Prince Abdulaziz also introduced advanced digital services on the Absher platforms, including accident reporting and digital license management, aiming to streamline Public Security services and improve accessibility to citizens, marking a significant step towards digital transformation in public services.