Saudi Real Estate Developer Almjadiah Gains in Trading Debut

Shares in Saudi Arabian developer Dar Al Majed Real Estate Co. rose in their first day of trading, signaling renewed momentum for newly-listed companies after a series of choppy debuts.

The stock of the company — better known as Almjadiah — rose as much as 3.3% to 14.46 riyals ($3.85) before paring gains on the Saudi exchange. The broader benchmark was down about 0.4%.