Saudi Shares Close Flat Amid Saudi-US Civil Nuclear Cooperation Deal Talks

The Tadawul All Share Index closed flat on Sunday amid Saudi Arabia’s meeting with the US regarding bilateral deals between the two countries.

According to Saudi Exchange data, the index closed with 12,198.38 points, with 60 shares in the green and 160 in the red. The session was led by Lazurde Co. for Jewelry (SASE:4011), which closed 10% higher.

Saudi Arabia’s Crown Prince Mohammed bin Salman met with US National Security Adviser Jake Sullivan for semi-final versions of its US security guarantees and civil cooperation deals. The country is considering entering the civil nuclear agreement for its Vision 2030 reform plan and nuclear weapons expertise development.

In earnings news, Alandalus Property (SASE:4320) lost 4.02% as it reported lower profit and revenue for the first quarter. The commercial real estate company attributed the loss to increased financing, revenue costs, and decreased profits from sister companies, while Kingdom Holding (SASE:4280) closed flat despite reporting higher profit for the first quarter.

“The reason of the increase in the net profit during the current quarter compared to the same quarter of the last year is due to increase in gain in sale of investment property, increase in share of results from equity-accounted investees, decrease in financial charges, increase in finance income and decrease in withholding and income tax,” Kingdom Holding, a Saudi-based conglomerate, said in its earnings statement.

On the corporate front, Retal Urban Development (SASE:4322) signed a 660-million-Saudi-riyal sub-development deal with National Housing Co. The real estate company will develop 295 residential units in Riyadh, Saudi Arabia for 42 months. Shares of Retal Urban closed 0.22% in the red.