Saudi Tadawul Group in wrapping up its three-day Capital Markets Forum today. The event, held under the theme “Powering Connections”, saw a strong push towards digitizing Tadawul’s activities through new apps, as well as the Saudi Capital Market Awards (SCMA) in 2024. Here are the highlights from the first two days:

#1- BMG tapped as financial advisor for Dalipal Saudi expansion: Chinese oil and gas pipes manufacturer Dalipal Holdings tapped homegrown BMG FinancialGroup as financial advisor for its upcoming private offering, whereby the company is looking to raise USD 600 mn from strategic investors to support the first phase of its Saudi expansion, BMG CEO Basil Al Ghalayini told Al Arabiya on the sidelines of the Capital Markets Forum in Riyadh. Negotiations are underway with family businesses and funds to finance the company’s private offering.

More on Dalipal’s Saudi plans: The Hong Kong-listed company — capitalized at some USD 2 bn — has acquired a 1 mn sqm plot in King Salman Industrial City in Dammam where it plans to establish an export-oriented manufacturing hub that will supply oil, gas, and hydrogen pipelines to the region, Europe, and America, Al Ghalayini explained. Dalipal is also planning a dual listing on the Saudi Exchange to raise an additional USD 1.5 bn by 4Q 2025 for the second phase of its Saudi expansion.

BMG also inked contracts with six companies in the Hajj and Umrah sector that are looking to list on Nomu or the main market. The company is currently advising on the listing arrangements for a total of 15 firms, with 12 targeting Nomu and three shooting for the main market, Al Ghalayini added.

#2- Tadawul launched the Saudi Exchange App (Google Play), which looks to integrate all of STG’s services for investors, firms, and other market players in an easy-to-use platform, it said in a press release (pdf). STG’s innovation arm Wamid also partnered with Google Cloud and Deloitte to develop capital market data products.

The app joins new digital offerings announced at the CMF, including a new IPO management platform to boost equity market efficiency, and the Edaa Connect platform that will serve as a central hub for subscription and redemption of mutual fund investments.

#3- Tadawul also inked a number of agreements, including an MoU with the Financial Academy to establish finance programs under collaborations with local and international universities, another MoU with Jakarta Futures Exchange (JFX) allowing JFX members access to the Saudi Exchange. The Securities Clearing Center Company (Muqassa) also signed an MoU with FIS Global to provide technologies supporting the Saudi derivatives market.

ALSO- The group unveiled plans for more CMF conferences this year, with a Hong Kong event slated for May and an inaugural New York function in October.

#4- Aljazira Capital and Target launched a SAR 1 bn fund at CMF, dubbed the Aljazira Target Al Narjus Real Estate Fund, according to a CMF post on X. No further details were provided.

** PLUS- Our friends at EFG Hermes, HSBC Saudi Arabia, and snagged awards at the 2024 Saudi Capital Market Awards (SCMA). We have the full list in the news well below.

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