Good morning, wonderful people. Our eyes will be looking to the skies tonight in search for the crescent of Dhu al Hijjah, as the Hajj season is officially in full swing. Some 1 mn people should be in the Kingdom by today, set to head to Makkah’s Mount Arafat next week to complete the holy pilgrimage.

Our big stories today: Non-oil exports were up 9% y-o-y in the first quarter, Riyad Capital laid out its outlook for the Kingdom’s economy in 2025 and 2026, and a lot of updates from our bustling IPO scene featuring SMC, Time Entertainment and Al Kuzama. Let’s dive in.

HAPPENING TODAY-

#1- United Carton Industries’ (UCIC) shares will begin trading on the main market today, according to a Tadawul statement. The shares will be allowed to fluctuate within a 30% range for the first three days of trading, after which price fluctuations will be capped at 10% as circuit breakers take effect.

REFRESHER- The company priced its 30% stake IPO at SAR 50 per share — the top end of the marketed range — raising SAR 600 mn in proceeds and giving the company a valuation of SAR 2 bn at listing. This was a secondary share sale, with existing shareholders receiving the full proceeds after deducting SAR 24 mn in offering expenses.

#2- The three-day Saudi Warehousing and Logistics Expo kicks off today in the Riyadh International Convention and Exhibition Center, gathering supply chain professionals to discuss the future of the logistics industry and its latest technologies.

WEATHER- Thunderstorms and strong winds could be in store today in parts of Asir and Jazan while the weather leans dusty in Eastern Province, Riyadh, Qassim, Hail, Madinah, and Najran.

Riyadh is expected to see a high of 43°C and a low of 28°C today, while Jeddah’s mercury will go as high as 38°C and as low as 27°C. Makkah will see a 44°C high and 30°C low.

PSAs-

The Musaned platform introduced a new feature that allows employees in the Kingdom to upload their resumes once their current contracts expire, it said in a post on X. The new feature allows employers to screen potential candidates based on skills and experience before hiring them.

WATCH THIS SPACE-

A GCC-Malaysia free trade agreement may be in the works: The Gulf Cooperation Council and Malaysia’s Ministry of Investment, Trade and Industry signed a joint statement in Kuala Lumpur yesterday to kick off free trade agreement negotiations between the GCC and Malaysia, state news agency SPA reported.

Building up to today and tomorrow: Our Foreign Minister Faisal bin Farhan landed in the Malaysian capital yesterday where he will be representing the Kingdom in a host of summits including today’s GCC-ASEAN summit, a trilateral summit involving the GCC, ASEAN, and China, and two accompanying forums, SPA reported separately.

DATA POINTS-

#1- The Industry and Mineral Resources Ministry issued 92 new industrial licenses in April, estimated to bring in some SAR 2 bn in investments, it said in a post on X. Meanwhile, some 80 new factories kicked off production last month with SAR 900 mn in estimated investments.

#2- Ride-hailing apps activity increased 87% y-o-y to 27.9 mn trips in 1Q 2025, the Transport General Authority said in a post on X. During the same period, active male drivers increased 69% to 234.5k, while female drivers rose 83% to 13.2k. Riyadh took the lead in the number of trips, accounting for 41.1% of total trips, followed by Makkah (23.2%) and the Eastern region (15.7%).

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THE BIG STORY ABROAD-

France and Vietnam inked agreements valued at USD 10 bn yesterday during President Emmanuel Macron’s visit to Hanoi, including purchasing 20 Airbus planes, as well as partnerships on nuclear energy and defense. Macron will be heading to Indonesia and Singapore next, in a similar bid to bolster trade relations and get ahead of US trade agreements that could come at the expense of EU countries.

OVER IN GAZA- Deadly airstrikes continued on schools-turned-shelters and more targets in Gaza yesterday, with death tolls - estimated to be in the dozens overnight - increasingly hard to calculate due to the virtual collapse of medical services.

Efforts to secure the ceasefire are facing increasing uncertainty, with Reuters reportingearlier Hamas accepted a proposal for a temporary truce by US special envoy Steve Witkoff, only for Witkoff himself to deny it later, calling the group’s response “unacceptable.”

ALSO- The Swiss-based Gaza Humanitarian Foundation announced it begandistributing food to people in the enclave through its distribution hubs yesterday. The US and Israel-backed private group is already facing setbacks after its executive director Jake Wood resigned, stating that “it is not possible to implement this plan while also strictly adhering to the humanitarian principles of humanity, neutrality, impartiality, and independence.” Its chief operating officer, David Burke, reportedly resigned as well.

CIRCLE YOUR CALENDAR-

Aluminium Arabia will take place from 27 to 29 April 2026 at The Arena in Riyadh, according to a press release. The event will place the Kingdom’s aluminum sector under the spotlight, bringing together global producers, processors, and tech providers. Key themes include localization, industrial innovation, and sustainable aluminum production.

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