Elm, PIF’s digital security company, wins $55 million contract with the Department of the Interior

RIYADH: Saudi Arabia’s main stock market posted its first monthly decline of 2022 in May as investors worried about a slowing global economy.

TASI ended the month down 5.9% at 12,921, after adding 0.11% in Tuesday’s trading session.

Most Gulf indices jumped on Tuesday in line with Saudi Arabia, with Abu Dhabi gaining 1.5% ahead of its biggest quote from petrochemical company Borouge.

Stock exchanges in Dubai, Qatar, Bahrain and Kuwait advanced between 0.1 and 0.7%, while the Omani index lost 0.5%.

Elsewhere in the Middle East, Egypt’s EGX30 index rose 0.4%.

Oil prices extended their gains on Wednesday. Brent crude added nearly 1% to $122.84 a barrel and U.S. West Texas Intermediate was trading at $115.39 a barrel as of 9:24 a.m. KST.

Stock market news

Saudi Aramco has signed a contract worth SR145 million ($39 million) with Group Five Pipe Saudi Co. for the supply of spiral steel pipes

Banan Real Estate Co. shareholders approved payment of SR6 million dividend for the second half of 2021

Amwaj International Co.’s initial public offering was 976% oversubscribed, with an offer price of SR72 per share for a possible Nomu listing

Etihad Atheeb Telecommunication Co. losses narrowed slightly to SR37.4 million in the year ended March 31, 2022, supported by increased sales

Saudi Reinsurance Co. has hired Al Rajhi Capital as financial advisor to manage underwriting for rights issue as part of plan to raise capital to SR 1.34 billion

National Building and Marketing Co. has filed a new application for the transition of the Nomu parallel market from the Saudi Stock Exchange to the main market

Alinma Bank appointed Abdulmalik Al-Hogail as Chairman of the Board and Saad Al-Kroud as Vice Chairman for a three-year term

Al Hassan Ghazi Ibrahim Shaker Co. has received Capital Market Authority approval to increase its capital to SR249 million

Al Hassan Ghazi Ibrahim Shaker Co. has signed an initial agreement with Italy’s Bompani to set up a joint venture cooker factory

National Gypsum Co. has appointed Ahmed Al-Thenayan as president, Fahad Al-Thenayan as general manager and Saud Al-Thenayan as vice president.

Najran Cement Co. secured a Sharia-compliant loan worth SR279 million to finance its working capital

Calendar

June 2, 2022

Closing of the subscription for new shares of Anaam International Holding Group

June 6, 2022

End of Saudi Real Estate Co. rights trading

June 9, 2022

Closing of the subscription for new shares of Saudi Real Estate Co.

Sylvia B. Polson