JPMorgan lifts Saudi bond weighting, Marble Design eyes main market, Mayar’s Ziorak shelves IPO

A weightier entry

JPMorgan raised the Kingdom’s expected weighting in its Government Bond Index for Emerging Markets to 2.71%, up from the 2.5% projected in April, Reuters reported on Thursday. The index will include eight SAR-denominated sovereign sukuk with a combined notional value of USD 79 bn, up from c. USD 69 bn previously. Saudi Arabia’s weighting will be phased in over 10 months starting 29 January 2027.

REMEMBER- In our May deep dive, market experts told us the move could attract more foreign investment into Saudi local-currency debt — over USD 10 bn, Saudi Exchange CEO Mohammed Al-Rumaih said — as funds tracking the benchmark adjust their portfolios. The Kingdom is also set to join Bloomberg’s emerging-market local-currency bond index in 2027.

Another TASI hopeful

Riyadh-based Marble Design Company has moved a step closer to transferring from Nomu to the main market after publishing its 2025 board report on Thursday, according to a Tadawul filing. The report covers disclosures required under the Capital Market Authority’s corporate governance rules for the transfer, which the marble maker’s board approved in April when it appointed Estidamah Capital as its financial advisor. The move still requires regulatory clearance.

REMEMBER- Four Nomu-listed companies moved to the main market this year — Alwasail Industrial, Nofoth Food Products, Armah Sports, and Ladun Investment. To qualify for the transfer, companies need at least two years on Nomu, at least 30% of their shares in public hands, a minimum of 200 public shareholders, and an average market cap of SAR 200 mn over the preceding six months.

Ziorak taps the IPO brakes

Mayar Holding’s irrigation subsidiary Ziorak put its planned Nomu IPO on hold, citing geopolitical and economic challenges, according to a Tadawul filing. Ziorak’s board postponed completing its application to the Capital Market Authority for a capital increase that would see new shares equal to 30% of its post-increase capital offered to investors. The filing doesn’t outline a revised timetable.

Why it matters: Mayar’s 1H 2026 financials (pdf) name the IPO as one of its working-capital funding plans. Its auditor flagged a material uncertainty over the group’s going-concern status, though management said it expects adequate resources for at least 12 months.

One loose end: The same financials say Ziorak submitted its IPO application in June, while the latest filing says submission procedures are incomplete. The company has not explained the discrepancy.

REMEMBER- Ziorak outlined its IPO plans in May, having appointed Mefic Capital as financial advisor. At the time, the offering was framed as part of Mayar’s expansion plans across plastics manufacturing, irrigation systems, and related industries.