A survey conducted by Argaam on the investments of local equity funds—which invest in the Saudi stock market—showed notable variation in fund ownership across telecom companies.
The survey covered 119 investment funds with total net assets of SAR 38.2 billion by the end of Q1 2026, based on quarterly fund disclosures listing each fund’s top 10 investments.
According to the survey, Etihad Etisalat Co. (Mobily) ranked first in terms of the number of funds holding its shares, followed by stc and Etihad GO Telecom Co. (GO Telecom).
The number of funds holding shares in Mobily reached 50, with total investments amounting to SAR 1.2 billion. The average investment ratio stood at approximately 3.3% (the company’s investment value relative to the total assets of all investing funds). Meanwhile, stc ranked first in terms of total investment value at SAR 1.4 billion, held by 49 investment funds.
The number of funds holding shares in stc rose by nine to 49 funds, up from 40 in the previous quarter. The stock traded at SAR 44 at the end of September 2025, versus SAR 43 in early Q1 2026.
No. of Investment Funds and Investment Value in Telecom Sector*
Company
No. of Funds Holding Shares
Change vs. Previous Quarter
Average Investment Ratio
Total Investment Value (SAR mln)
Mobily
50
+2
3.3%
1,194.1
stc
49
+9
3.9%
1,398.3
GO Telecom
11
-1
0.4%
134.5
* Based on quarterly disclosures of the funds’ top 10 investments.
The study also showed that Al Rajhi Capital was the most heavily invested fund manager in the telecom sector, with investments totaling SAR 640.5 million, followed by Jadwa Investment with SAR 537.3 million.
The telecom sector represented the highest share of net asset value for SNB Capital at 10.9%, followed by AlJazira Capital at 10.6%, among the top 10 managers by investment value.
Top 10 Managers by Investment Value in Telecom Sector (SAR mln)*
Fund Manager
Investment Value in Telecom Sector
Total NAV
Sector Allocation as % of NAV
Al Rajhi Capital
640.5
10,304.8
6.2%
Jadwa Investment
537.3
5,398.5
10.0%
SNB Capital
458.8
4,195.3
10.9%
SAB Invest
271.5
3,080.5
8.8%
Riyad Capital
230.9
2,285.1
10.1%
AlJazira Capital
149.5
1,406.7
10.6%
Derayah Financial
96.9
2,342.1
4.1%
Kamco Invest
94.9
1,133.7
8.4%
Albilad Capital
72.9
963.3
7.6%
Alpha Capital
65.6
2,010.9
3.3%
* Statistics are based on the top 10 disclosed investments by the funds.
A survey conducted by Argaam on the investments of local equity funds—which invest in the Saudi stock market—showed notable variation in fund ownership across telecom companies.
The survey covered 119 investment funds with total net assets of SAR 38.2 billion by the end of Q1 2026, based on quarterly fund disclosures listing each fund’s top 10 investments.
According to the survey, Etihad Etisalat Co. (Mobily) ranked first in terms of the number of funds holding its shares, followed by stc and Etihad GO Telecom Co. (GO Telecom).
The number of funds holding shares in Mobily reached 50, with total investments amounting to SAR 1.2 billion. The average investment ratio stood at approximately 3.3% (the company’s investment value relative to the total assets of all investing funds). Meanwhile, stc ranked first in terms of total investment value at SAR 1.4 billion, held by 49 investment funds.
The number of funds holding shares in stc rose by nine to 49 funds, up from 40 in the previous quarter. The stock traded at SAR 44 at the end of September 2025, versus SAR 43 in early Q1 2026.
No. of Investment Funds and Investment Value in Telecom Sector*
Company
No. of Funds Holding Shares
Change vs. Previous Quarter
Average Investment Ratio
Total Investment Value (SAR mln)
Mobily
50
+2
3.3%
1,194.1
stc
49
+9
3.9%
1,398.3
GO Telecom
11
-1
0.4%
134.5
* Based on quarterly disclosures of the funds’ top 10 investments.
The study also showed that Al Rajhi Capital was the most heavily invested fund manager in the telecom sector, with investments totaling SAR 640.5 million, followed by Jadwa Investment with SAR 537.3 million.
The telecom sector represented the highest share of net asset value for SNB Capital at 10.9%, followed by AlJazira Capital at 10.6%, among the top 10 managers by investment value.
Top 10 Managers by Investment Value in Telecom Sector (SAR mln)*
Fund Manager
Investment Value in Telecom Sector
Total NAV
Sector Allocation as % of NAV
Al Rajhi Capital
640.5
10,304.8
6.2%
Jadwa Investment
537.3
5,398.5
10.0%
SNB Capital
458.8
4,195.3
10.9%
SAB Invest
271.5
3,080.5
8.8%
Riyad Capital
230.9
2,285.1
10.1%
AlJazira Capital
149.5
1,406.7
10.6%
Derayah Financial
96.9
2,342.1
4.1%
Kamco Invest
94.9
1,133.7
8.4%
Albilad Capital
72.9
963.3
7.6%
Alpha Capital
65.6
2,010.9
3.3%
* Statistics are based on the top 10 disclosed investments by the funds.
