Saudi Arabia's Stock Market Update and Aramco's Investment in Blue Hydrogen
Key Ideas
- Saudi Arabia's stock market saw a positive trend with the Tadawul All Share Index closing at 11,778.08 points and various companies experiencing gains and losses.
- Aramco's purchase of a 50% stake in Blue Hydrogen Industrial Gas is expected to boost the development of a hydrogen network in Saudi Arabia's Eastern Province, aiming to reduce carbon emissions and diversify energy sources.
- Several companies in the kingdom, such as Umm Al Qura for Development and Construction, reported positive financial results, with increased profits and revenues for the year.
- Financial updates dominated the news, with companies like Horizon Food and Enma Alrawabi showcasing higher profits, while Wafrah for Industry And Development and Pan Gulf Marketing Co. reported lower results for 2024.
Shares in Saudi Arabia ended Monday trading on a positive note, with the Tadawul All Share Index closing at 11,778.08 points. Among the 28 indices, 22 rose, with the household & personal products index leading at 3.96%. Companies like Umm Al Qura for Development and Construction saw gains as they began trading on the main market 30% higher than their initial public offering. Saudi Arabian Oil, known as Aramco, closed higher as it finalized the purchase of a 50% stake in Blue Hydrogen Industrial Gas. This investment is expected to contribute to the development of a hydrogen network in the Eastern Province of Saudi Arabia. The company aims to leverage this network alongside a CCS hub in Jubail to reduce carbon emissions and diversify their energy portfolio, as stated by Aramco's Executive Vice President, Ashraf Al Ghazzawi. Additionally, financial updates were a key highlight, with companies like Horizon Food and Enma Alrawabi reporting increased profits and revenues for the year, while others like Wafrah for Industry And Development and Pan Gulf Marketing Co. reflected lower results for 2024.