Saudi Mining Company Saleh's Stock Surges Despite Regional Tensions

Saudi Mining Company Saleh experienced a significant stock surge during its debut in Riyadh, according to Jin10. Despite the ongoing conflict between the U.S., Israel, and Iran, which has entered its 12th day, and continued missile and drone attacks in the Gulf region, the company managed to withstand the pressure. The mining and construction materials company's stock initially soared by 20%, reaching 54.20 riyals, compared to its initial public offering price of 45 riyals set on February 9. The gains later narrowed to 51.80 riyals. Trading was temporarily halted within the first 20 minutes of the market opening. Notably, the IPO price was determined more than two weeks before the hostilities began. Saudi Arabia has faced fewer direct attacks from Iran compared to the UAE. Nonetheless, several UAE companies are planning to go public as early as this year, with potential large-scale deals including Emirates Global Aluminium and Saudi contractor Mutlaq.