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Tadawul Shares Close Wednesday Flat Amid Lower Oil Prices

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Saudi Exchange-traded shares closed Wednesday 0.03% in green after oil prices declined following US President Donald Trump's comments that the Iran war will end "very quickly."

Brent Crude oil futures fell 2.10% to $108.941 per barrel as investors grew optimistic that the US and Iran could very soon reach an agreement, despite contradicting statements from both sides. To that end, while responding to Trump's remarks of coming within an hour of resuming a military campaign, Iran threatened to extend the war beyond the Middle East in case the US struck again, Reuters reported.

In macro news, the kingdom's operating revenue index rose 10.2% year over year in March, according to a report by the General Authority for Statistics. On a monthly basis, operating revenue was up 8.1%.

The statistics agency said that the change was attributed to an "increase in manufacturing activities by 4.0% mining and quarrying activities, which increased by 25.5% and increases in wholesale and retail trade and repair of motor vehicles activities by 4.6% and increases of 4.8% and 17.6% in construction activities and financial and insurance activities, respectively."

Meanwhile, Saudi Arabia's employee compensation indices in March climbed 10% and 0.4% on an annual and monthly basis, respectively. However, issued building permits declined 0.7% to 5,162 in the reporting month from a year ago, the short-term business indicators statistics report showed.

In corporate news, Saudi artificial intelligence company Humain reportedly engaged Goldman Sachs to advise on a financing package for the construction of data centers in Riyadh, which could potentially be worth 20 billion Saudi riyals. The Public Investment Fund unit is also looking to finance graphics processing unit chips for 2 gigawatts of capacity, which represents a third of its 2034 target, Reuters reported, citing sources.

On the earnings front, Etihad GO Telecom Co. (SASE:7040) logged a 17.73% year-over-year jump in net profit, while revenue grew 31.19% for the fiscal year ended March 31. Shares of the Saudi Arabia-listed telecommunications group closed 0.37% higher.

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