Tadawul Equities Close Week Higher; Saudi Arabia, US Enter Nuclear Deal
Saudi Exchange-traded shares closed the week in the green as Saudi Arabia's new peaceful nuclear partnership with the US pushed the Tadawul All Share Index 0.27% higher on Thursday.The US and Saudi Arabia struck a deal known as a 123 agreement, along with a bilateral safeguards agreement, to boost their cooperation on energy and technologies. The agreement is still subject to the review of the US Congress."The agreement also builds on the longstanding energy cooperation between the two countries, supporting efforts to diversify energy sources, advance cutting-edge technologies, and expand opportunities for cooperation and investment in ways that serve the mutual interests of the two friendly countries," Saudi's Ministry of Energy said.In other news, market watchers are also focusing on the latest updates on the US and Iran conflict. The US launched attacks on Iranian targets, marking the 12th consecutive day of strikes. The attacks targeted Iranian military sites, storage facilities, and air defense assets.On the corporate front, Electrical Industries Co. (SASE:1303) shares jumped 9.93% as it reported a 54.6% rise in net profit and a 32% increase in revenue for the six months ended June 30. The improved net profit was attributed to higher sales and a greater number of sold products with higher profit margins.Meanwhile, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, and the Public Investment Fund's joint ownership of Humain secured the European Commission's clearance as the regulator said the deal would not raise competition concerns. Aramco shares closed 0.98% higher at closing.Looking ahead to next week, the local economic calendar will see the release of the kingdom's May export and import figures on July 26, with the preliminary GDP growth rate data for the second quarter to follow on July 30.
