Saudi Tourism Development Fund launches digital portal for easy access to finance

RIYADH: Saudi shares edged higher on Tuesday after two consecutive days of losses as investor sentiment improved on upbeat results.

TASI closed up 0.76% at 11,964, while the parallel market, Nomu, ended down 1.2% at 20,791.

Dubai, Qatar, Oman, Bahrain and Kuwait all advanced in line with Saudi Arabia, with the Omani stock market leading the way with a gain of 2.8%. However, the Abu Dhabi Stock Exchange fell 0.4%.

Elsewhere in the Middle East, the Egyptian EGX30 jumped 1%.

Oil prices edged higher on Wednesday, with Brent crude hitting $104.74 a barrel and US West Texas Intermediate trading at $95.64 a barrel as of 9:25 a.m. KST.

Stock market news

The Saudi National Bank, the Kingdom’s largest lender, posted a 59% increase in profits to SR9 billion ($2.4 billion) in the first half of 2022

Alinma Bank recorded a 29% rise in profit to SR 1.7 billion for the first half of 2022

Bank Albilad announced a 24% increase in profits for the first half of 2022, reaching SR 1 billion

Tibbiyah and BGI Almanahil Health for Medical Services have entered into a joint venture agreement to create an equally owned unit for clinical laboratory testing and bio-information services

BinDawood Holding Co. Receives Board Approval to Acquire an 80.5% Stake in Ykone, a Subsidiary of French Group TF1

The Board of SEDCO Capital REIT Fund has approved the acquisition of two income-generating assets worth SR700 million, located in Riyadh and Jeddah

Yanbu Cement Co. reported a 25% drop in profit to SR 87 million for the first half of 2022

Salama Cooperative Insurance Co. has invited its shareholders to vote on the board’s recommendation to reduce the company’s capital by 60% to SR 100 million


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