Saudi Arabia's Tadawul stock exchange has launched a new index that tracks the top 50 companies ranked by their market value on the Arab world’s biggest bourse.
The TASI 50 index comprises companies that cover 90 per cent of Tadawul’s free float market cap with a minimum annual traded value ratio of 5 per cent, the bourse said in a statement on its website on Sunday.
The ratio signifies the proportion of the total stock value traded annually, ensuring the companies included in the index are actively traded and not illiquid or rarely transacted.
The index, which can be used as a benchmark for exchange-traded funds (ETFs), futures and options, is a “comprehensive representation of the largest companies in the market”, Tadawul said.
"This index offers a benchmark for investment products, allowing investors to track and benchmark performance based on specific criteria," said Mohammed Al Rumaih, chief executive of the Saudi Exchange.
"With this index, both local and foreign investors can access a diverse range of investment opportunities in our dynamic and growing capital market," he added.
Saudi Arabia, the Arab world's biggest economy, has introduced a series of measures to attract international investors as part of efforts to draw foreign investment, diversify the economy and reduce its reliance on oil.
Tadawul, which is among the top 10 global stock markets, became the third publicly traded regional stock exchange after the Dubai Financial Market and Boursa Kuwait when it was listed in December 2021.
“The launch of the TASI 50 Index is a significant milestone towards the achievement of the Financial Sector Development Programme of Saudi Vision 2030,” Tadawul said.
The kingdom and the wider GCC region have had a flurry of initial public offerings amid strong investor demand as economies rebound at a quicker pace from the coronavirus pandemic-induced slowdown and liquidity has been shored up by high oil prices.
The volume of IPOs on bourses in the Mena region rose by 44 per cent annually in the second quarter of 2023 amid robust economic growth, according to global consultancy EY.
Growth in Mena IPO deals was driven by Saudi Arabia and the UAE, the top two regional economies, EY said in a September report.
The number of listings rose to 13 in the three months to the end of June.
Last month, regional broadcaster MBC Group raised 831 million Saudi riyals ($222 million) in an IPO after pricing it at the top of the range.
The company set the final offering price at 25 riyals a share, for its offering of a 10 per cent stake amid “robust investor demand”. The pricing valued the group at 8.3 billion riyals.
Europe's top EV producers
- Norway (63% of cars registered in 2021)
- Iceland (33%)
- Netherlands (20%)
- Sweden (19%)
- Austria (14%)
- Germany (14%)
- Denmark (13%)
- Switzerland (13%)
- United Kingdom (12%)
- Luxembourg (10%)
Source: VCOe
SPECS
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The biog
Family: wife, four children, 11 grandchildren, 16 great-grandchildren
Reads: Newspapers, historical, religious books and biographies
Education: High school in Thatta, a city now in Pakistan
Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India
Happiness: Work on creative ideas, you will also need ideals to make people happy
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
RESULTS
%3Cp%3E%0D%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Marfa%20Deira%20%E2%80%93%20Conditions%20(PA)%20Dh80%2C000%20(Dirt)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Wadheha%2C%20Bernardo%20Pinheiro%20(jockey)%2C%20Majed%20Al%20Jahouri%20(trainer)%0D%3Cbr%3E%3Cstrong%3E6.35pm%3A%20%3C%2Fstrong%3EDubai%20Creek%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EBarq%20Al%20Emarat%2C%20Bernardo%20Pinheiro%2C%20Ismail%20Mohammed%0D%3Cbr%3E%3Cstrong%3E7.10pm%3A%20%3C%2Fstrong%3EMina%20Hamriya%20%E2%80%93%20Handicap%20(TB)%20Dh95%2C000%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Tahdeed%2C%20Dane%20O%E2%80%99Neill%2C%20Michael%20Costa%0D%3Cbr%3E%3Cstrong%3E7.45pm%3A%3C%2Fstrong%3E%20Mina%20Rashid%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C900m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3ESeyaasi%2C%20Xavier%20Ziani%2C%20Salem%20bin%20Ghadayer%0D%3Cbr%3E%3Cstrong%3E8.20pm%3A%20%3C%2Fstrong%3EAl%20Garhoud%20Sprint%20DP%20World%20%E2%80%93%20Listed%20(TB)%20Dh132%2C500%20(D)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Mouheeb%2C%20Ray%20Dawson%2C%20Michael%20Costa%0D%3Cbr%3E%3Cstrong%3E8.55pm%3A%3C%2Fstrong%3E%20Mirdiff%20Stakes%20Jebel%20Ali%20Port%20%E2%80%93%20Conditions%20(TB)%20Dh120%2C000%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Seyouff%2C%20Antonio%20Fresu%2C%20Michael%20Costa%0D%3Cbr%3E%3Cstrong%3E9.30pm%3A%3C%2Fstrong%3E%20Jebel%20Ali%20Free%20Zone%20%E2%80%93%20Handicap%20(TB)%20Dh95%2C000%20(D)%202%2C000m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EAjuste%20Fiscal%2C%20Jose%20da%20Silva%2C%20Julio%20Olascoaga%3C%2Fp%3E%0A
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
The Kites
Romain Gary
Penguin Modern Classics
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