Saudi Arabia's Tadawul All Share Index edged down on Sunday, shedding 25.56 points, or 0.23 percent, to close at 10,907.67. The total trading turnover of the benchmark index stood at SR2.49 billion ($660 million), with 92 stocks advancing and 165 declining. The Kingdom's parallel market Nomu gained 96.85 points to close at 23,105.57. The MSCI Tadawul Index declined 0.27 percent to 1,454.33.
Top Performers and Losers
The best-performing stock on the main market was Mutakamela Insurance Co., whose share price rose 9.94 percent to SR9.95. The share price of Saudi Fisheries Co. increased 9.92 percent to SR65.35. Salama Cooperative Insurance Co. also saw its share price climb 9.90 percent to SR8.99. Conversely, the share price of Al Mawarid Manpower Co. declined 4 percent to SR100.90.
Jabal Omar Development Plans
On the announcements front, Jabal Omar Development Co. revealed plans to capitalize on the recent inclusion of the Jabal Omar Project among the geographic areas where non-Saudis are permitted to own real estate, following approval by the Council of Ministers. In a Tadawul statement, the company said it plans to offer 400 existing hotel-serviced residential units for sale this year as the first phase, with the proceeds primarily used to reduce its outstanding debt. Jabal Omar also plans to develop the seventh and final phase of the project. This phase will adopt a development strategy focused on increasing the number of hotel-serviced residential units designated for sale and leveraging off-plan property sales to reduce financing requirements. This approach is expected to enhance the company's profitability and cash flows by lowering financing costs and minimizing the capital investment required for this phase, the statement added.
Impact of Foreign Ownership Rules
The company said it expects the Cabinet's approval of the executive regulations governing foreign real estate ownership to have a positive impact by broadening the base of potential investors and property owners, particularly among Muslims around the world. It added that the move is expected to boost demand for real estate assets and property products in the designated areas. The share price of Jabal Omar Development Co. rose 0.47 percent to SR14.91.
