Jamjoom could raise over SAR 340 mn from Nomu listing

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Savvy Games is lining up multi-bn USD acquisitions in Asia + Ninja is gearing up for a 2026 IPO?

Good morning. This morning’s issue features a flurry of updates from IPOs, M&A transactions, and startups. Leading the news well is Jamjoom guiding on its Nomu listing at SAR 140-145, standing to raise over SAR 340 mn. Meanwhile, Mouwasat Medical is moving forward with a SAR 1.4 bn expansion plan that will see it opening up new hospitals and buildings.

ALSO- Kamco’s quarterly earnings report is showing a 16% y-o-y dip in 2Q, dragged down by the energy sector. Let’s dive in.

HAPPENING TODAY-

Marketing Home Group for Trading will debut on Tadawul’s main market today, according to a Tadawul disclosure. Shares will be allowed to fluctuate within a 30% range, with a static band of 10% for the first three trading days. Starting from the fourth day, shares will be allowed to trade at a 10% volatility as circuit breakers take effect.

REFRESHER- The firm floated a 30% stake in a secondary offering, with the retail tranche 200.2% covered and the institutional tranche nearly 10x oversubscribed. The company raked in SAR 408 mn in total proceeds from the offering, giving the company an implied market cap of SAR 1.36 bn at listing. Shares were priced at the top of the marketed range at SAR 85 apiece.

WEATHER- Thunderstorms and moderate rain are expected today in Asir and Al Baha, with lighter showers in Makkah, Najran, Jazan, and Eastern Province. Riyadh can expect a high of 42°C and a low of 33°C, while Jeddah will see temperatures peak at 37°C and drop to 31°C. Makkah‘s forecast is a high of 41°C and a low of 33°C.

HAPPENING TOMORROW-

NationalSignage Industrial Company (Sign World) will debut on Tadawul’s parallel market Nomu on Wednesday, according to a Tadawul disclosure. Shares will be allowed to fluctuate within a 30% range and with a static band of 10%.

REMEMBER- Sign World took a 20% stake — good for 1.5 mn shares — to the parallel market, a primary offering which was 108.74% covered, booking orders at an offering price of SAR 12 apiece, set at the lowest of the offering range. The company is set to have raised SAR 18 mn in proceeds, giving it a market cap of SAR 90 mn at listing, according to our calculations.

In the fourth issue of our Destination Sahel series, we’re bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

Subscribe to our Egypt edition to get the scoop delivered to your inbox, 3 September.

Missed the first three issues? Tap here to read the full series.

PSAs-

#1- Businesses subject to withholding tax must file their August tax returns by Wednesday, 10 September via Zatca’s website, the authority posted on X. Businesses subject to excise tax must submit their July and August tax returns by Monday, 15 September, and businesses subject to VAT have until Tuesday, 30 September 2025 to file their August tax returns.

#2- Title deed registration for over 65.2k residential plots in 19 neighborhoods within Jeddah is now available until 27 November 2025, Real Estate Registry (RER) said on X last week. Property owners can register online through the RER website or by visiting a service center.

WATCH THIS SPACE-

#1- PIF-owned Savvy Games Group is lining up multi-bn USD acquisitions in China and wider Asia, CEO Brian Ward told the Financial Times. US-China trade tensions created an opening for the Riyadh-based group to partner with Chinese developers looking for international reach, Ward said.

Savvy is already among the world’s ten largest publishers, according to Ward. Expansion has been driven by its US arm Scopely, acquired for USD 4.9 bn in 2023, which subsequently purchased rights to Pokémon Go and several other titles from Niantic in a USD 3.5 bn transaction that closed in May.

Releases such as Monopoly Go and Pokémon Go have grown Savvy’s Asian player base, though the portfolio is still heavily weighted toward Western markets. To balance that tilt, the company is exploring targets in Japan, South Korea and emerging hubs across Southeast Asia and Latin America, Ward added.

#2- Quick-commerce startup Ninja is reportedly in talks with investment banks to advise on a potential IPO that could hit the market as early as 2026, Bloomberg reports, citing people it says are familiar with the matter. The three-year-old company asked banks to pitch for roles as underwriters and advisers, though no final decision has been made on timing or size, and a listing could be pushed to 2027.

ICYMI- Ninja became one of the kingdom’s newest unicorns earlier this year, after raising USD 250 mn from a Riyad Capital-led round at a USD 1.5 bn valuation. A Ninja IPO would further swell Riyadh’s tech pipeline, which already includes fintech heavyweights like Tabby and Emkan Finance.

ALSO- Red Sea unit one step closer to an IPO: Shareholders of Tadawul-listed Red Sea International signed off on plans for its subsidiary First Fix to float 12 mn shares, good for 30% of the company, on the bourse, it said in a filing to Tadawul. It is unclear whether this will take place on Tadawul’s main or parallel market. The planned IPO, which was first announced in June, will be made up entirely of shares sold by the unit’s minority owners, leaving Red Sea International’s controlling 51% stake intact.

#3- Baosteel presses ahead with USD 4 bn Saudi steel plate plant: China Baowu Steel Group unit Baosteel confirmed that its Saudi steel plate project will see USD 4 bn in initial investment, Asharq Business reports, citing a company announcement. The Ras Al-Khair facility — a JV with Aramco and the Public Investment Fund (PIF) announced in May 2023 — is slated to come online by end-2026. Baosteel will contribute USD 1 bn to the project, while Aramco and PIF will each invest USD 500 mn.

The plant will be built to supply the oil and gas, shipbuilding, and construction industries in the MENA region. It will have capacity for 2.5 mn tons of direct reduced iron (DRI) and 1.5 mn tons of steel plate annually. Ownership will be split with Baosteel holding 50%, and Aramco and PIF each taking 25%.

Bigger picture: Baosteel is also in talks with potential partners on further steel investments across Asia, the Middle East, and North Africa, part of a broader push to diversify beyond China as the domestic real estate crunch weighs on demand.

#4- The new zoning system under the Kingdom’s White Land tax law is expected to bring more land to market within the next 6 to 18 months, especially the top-tier land plots, subject to 10% and 7.5% charge, Head of capital markets at JLL Saudi Arabia Saud Alsulaimani told Al Arabiya on Sunday (watch, runtime: 8:05). Mid-tier plots, subject to 5% charge, could follow once new benchmarks for pricing in Riyadh are established, while the lowest tier, subject to a 2.5% charge, is likely to remain relatively inactive, he added.

The updated system classifies developable white lands based on urban priority, supply and demand dynamics, and availability of services — replacing the previous flat 2.5% tariff. This reflects the government’s aim to expand urban areas gradually as services become available and the city grows sustainably, Alsulaimani added.

ICYMI- The Housing Ministry published the final executive regulations for the Kingdom’s White Land Tax Law last month, setting out a system that classifies all urban idle land into five categories based on development priorities.

OIL WATCH-

Aramco halts supplies to India’s Nayara: Saudi Aramco and Iraq’s state oil company Somo have suspended crude oil sales to India’s Nayara Energy, following European Union sanctions imposed in July on the Russian-backed refiner, Reuters reports, citing sources it says are familiar with the matter. Nayara typically gets around 1 mn barrels of Saudi crude and 2 mn barrels of Iraqi crude each month, but it did not receive shipments from either in August, Reuters said, citing data from Kpler and LSEG.

The refiner’s last Saudi delivery was on 18 July, when the very large crude carrier (VLCC) Georgios discharged 1 mn barrels of Arab Light alongside a similar volume of Basrah Heavy, the newswire adds, citing LSEG shipping data.

With Gulf flows suspended, Nayara — majority-owned by Russian entities like Rosneft — sourced all of its August crude from Russia, according to LSEG data and industry sources cited by Reuters. A Russian Embassy official in New Delhi told the newswire last month that Rosneft is supplying the refiner directly.

ALSO- Saudi Arabia leaves September LNG prices untouched: Saudi Aramco kept its September official selling prices (OSPs) for liquefied natural gas unchanged, Reuters reported yesterday, citing unnamed traders. The oil giant left prices for propane unchanged at USD 520 per ton, and for butane at USD 490 per ton.

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THE BIG STORY ABROAD-

It’s an oddly quiet morning on the global business front pages, with only two stories worth noting.

#1- Gold prices rise to fresh highs as traders react to a weakening greenback and expectations of a Fed rate cut this month. The price of gold at the benchmark London Bullion Market Association hit a record USD USD 3,475 per ounce during an auction yesterday, while spot market prices are nearing their all-time high. Meanwhile, silver hit a 14-year high of USD 40.76 per ounce.

What’s driving the rally? Concerns over US inflation and the independence of the Fed, with US President Donald Trump pressuring Chair Jay Powell and firing governor Lisa Cook, have pushed traders towards the safe haven asset. Meanwhile, questions regarding the future of the USD in the financial system have pushed global central banks to purchase more gold in efforts to diversify their holdings. (Financial Times | Wall Street Journal)

#2- Nestle fired CEO Laurent Freixe after an investigation confirmed he breached the company’s code of conduct by engaging in an “undisclosed romantic relationship” with a direct subordinate. The move exactly a year after he took office. Head of Nespresso Philipp Navratil will replace him, effective immediately. (Financial Times | Reuters | AP | Bloomberg | CNN)

Jamjoom’s Nomu IPO could see it raise up to SAR 345.7 mn

Jamjoom Fashion Trading — the retail brand creator behind Nayomi and Mihyar — is guiding on a price range of SAR 140-145 per share for its 30% stake Nomu IPO, according to a bourse disclosure. At the top of the range, the final pricing would see Jamjoom raise SAR 345.7 mn in IPO proceeds, implying a market cap of SAR 1.15 bn at listing, according to our calculations, putting it at the upper tier of Nomu debuts.

What’s next? The offer period, which kicked off yesterday, will end on Thursday, 4 September, with final allocations due on Tuesday, 9 September. Investors can subscribe to a minimum of 10 shares and a maximum of 396.6k shares each.

REFRESHER- Kamal Osman Jamjoom Trading (KOJ), the selling shareholder, is offloading 2.38 mn shares to qualified investors and will rake in net proceeds from the sale. KOJ will retain a 70% stake in the company post-IPO and will be subject to a 12-month lockup period.

ADVISORS- EFG Hermes KSA is serving as the financial advisor and lead manager on the transaction, while Zeyad Sameer Khoshaim Law Firm is providing counsel. PwC is the financial due diligence advisor, and Euromonitor International is the market consultant.

Receiving agents include Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, Al Bilad Investment, Al Jazira Capital, Alistithmar Capital, Derayah Financial, Alinma Capital, Arab National Bank Financial, Yaqeen Capital, Al Khabeer Capital, Al Awwal Investment (Sab Invest), Saham Capital, GIB Capital, EFG Hermes KSA, Musharaka Capital, and Awaed Alosool Capital.

ALSO IN THE NOMU PIPELINE- Wajd Life has recently set its Nomu IPO price range at SAR 5.5-5.7 apiece. Meanwhile, Sign World’s IPO was 108.7% covered last week, and Rawabi priced its shares at SAR 35 apiece. Property developer Hamad Mohammed Bin Saedan Real Estate set its IPO price at SAR 13.5, following the release of its prospectus earlier last month. The Capital Market Authority has also recently approved the listing of online supplement store Alwazn Almithaly for Trading and two new equity funds on the parallel market.

Mouwasat Medical moves forward with a SAR 1.4 bn expansion plan across Al Ahsa, Riyadh, and Qatif

MouwasatMedical Services’ board has approved a SAR 1.4 bn expansion plan to build a new hospital in Al Ahsa and add new facilities to its hospitals in Riyadh and Qatif, according to three separate Tadawul disclosures. All three projects are set to be self-financed, beside long-term shariah-compliant loans from undisclosed local banks.

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!_SubHead_! PROJECTS BREAKDOWN-

Mouwasat will build a SAR 700 mn hospital in Al Ahsa with a capacity of 200 beds. After acquiring regulatory approvals, construction works will kick off in 1Q 2026, and set to conclude in 2Q 2029, allowing the three-month pilot production period to begin in 3Q 2029. Commercial operations will follow in 4Q 2029 after securing both regulatory and Health Ministry approvals.

Also, Eastern Medical Services — a Mouwasat subsidiary in which it holds a 51% stake — will build a SAR 350 mn 100-bed new facility adjacent to Mouwasat Qatif Hospital. After obtaining regulatory approvals, construction is slated to begin in 4Q 2025 and be finalized in 2Q 2028, followed by three months of pilot production during 3Q 2028, paving the way for commercial operations to start in 4Q 2028.

Meanwhile, Mouswasat will invest SAR 330 mn in adding a new 100-bed building for its Riyadh Hospital. Construction is expected to begin in 1Q 2026 following regulatory approvals and is set to complete by 4Q 2028. The three-month pilot production period will begin in 1Q 2029, before commercial operations commence in 2Q 2029.

ALSO- Mouwasat’s board greenlit a SAR 200 mn dividend payout for 1H 2025 at SAR 1 apiece, it said in a Tadawul disclosure yesterday. The distribution date is yet to be decided.

Listed companies’ earnings dip 16.1% y-o-y in 2Q 2025 to USD 33 bn

Listed companies in the Kingdom saw their aggregate net income fall 16.2% y-o-y in 2Q 2025 to SAR 123.6 bn, compared to SAR 147.6 bn, according to Kamco Invest’s latest Tadawul Corporate Earnings Report (pdf). The decline was driven by weak performance in the energy, basic materials, and transportation sectors, which was partially offset by strong earnings from banking, real estate, and telecom.

The banking sector led the growth, contributing SAR 23 bn in net income during 2Q 2025, up 17.7% y-o-y. All banks had their quarterly results in the black, with Al Rajhi Bank yielding the highest net income at SAR 6.2 bn, up 30.9% y-o-y. Meanwhile, Saudi National Bank saw its net income increase 17.3% y-o-y to SAR 6.1 bn, Riyad Bank posted an 11.1% y-o-y increase in net income to SAR 2.6 bn, and Banque Saudi Fransi reported a 24.3% y-o-y jump in net income to SAR 1.4 bn.

The telecom sector came second with SAR 4.8 bn in net income during the period, marking a 17.6% y-o-y growth. The increase was mainly driven by STC posting a 15.7% y-o-y rise in net income to SAR 3.8 bn and Mobily logging a 25.5% y-o-y increase in net income to SAR 830 mn.

The utilities sector recorded strong performance in 2Q 2025, led by Saudi Electricity Company, which saw its net income increase 41.7% to SAR 3.1 bn. The gains were partially offset, however, by Acwa Power posting a 23.6% decline in net income to SAR 481.8 mn.

MEANWHILE- The energy sector trailed behind with a 19.9% y-o-y dip in net income to SAR 84.9 bn in 2Q 2025, compared to SAR 106.1 bn. Saudi Aramco pulled down the sector, as its net income slipped 19.3% y-o-y to SAR 85.6 bn during the quarter due to lower revenues from lower oil prices. Bahri ’s net income also dropped 44% y-o-y to USD SAR 407.5 mn.

1H zoom-in: During the first six months of the year, combined income from Saudi Arabia-listed companies slipped 8.6% y-o-y to SAR 259.9 bn. The drop primarily came on the back of a 13.5% y-o-y decline in the energy sector’s net income to SAR 180.8 bn, followed by the basic materials sector, whose aggregate net income shed 76.5% y-o-y to SAR 1.9 bn. While sectors like transportation, ins., and diversified financials also pulled down the aggregate income for the period, strong performance in sectors like banking, real estate, and telecom partially offset this decline.

THE REGIONAL PICTURE-

GCC earnings under pressure: Aggregate net income for GCC-listed firms fell 8.7% y-o-y to USD 56.7 bn in 2Q 2025, according to the GCC Corporate Earnings Report (pdf). Softer oil and petrochemical prices were the main drag, with lower Brent crude prices resulting in energy earnings falling 18% y-o-y to USD 25.5 bn. 1H 2025 earnings across the GCC slipped a milder 3.4% y-o-y to USD 115.4 bn.

The main offset came from banking, where net income hit a record USD 16.6 bn, up 10.3% y-o-y. Gains were broad-based across six of seven exchanges, lifted by higher net interest (+6.9%) and non-interest income (+25%), which outweighed a 42% rise in impairments.

Abu Dhabi outpaced Dubai in 2Q earnings: Abu Dhabi-listed companies posted an 18.3% y-o-y rise in net income to USD 10.3 bn in 2Q 2025, while Dubai-listed firms saw their bottom line fall 5.7% y-o-y to USD 6.5 bn. This makes Abu Dhabi the region’s best performer during the quarter in absolute terms.

Alamar Foods, Obeikan, Burherizzr, WSM make fresh M&A plays

M&A flurry kicks off September: Four Tadawul-listed companies dropped updates on acquisitions spanning tech, glass manufacturing, food services, and restaurants as the Kingdom’s M&A pipeline continues to hum.

#1- Alamar Foods snaps up 29 Domino’s outlets: Alamar Foods, Domino’s master franchisee in the region, signed a SAR 40 mn binding offer to acquire the assets and operations of 29 Domino’s branches in Makkah and Taif from the owner of Future First Catering Establishment, previously run under a sub-franchise arrangement, according to a filing to Tadawul. The transaction, which is subject to customary closing conditions, will be financed through internal resources alongside Shariah-compliant facilities, with financial impact expected next quarter.

#2- Obeikan pens JV buyout: Obeikan Glass inked a SAR 22.9 mn sale and purchase agreement to take over the stakes of AGC France Holding (50%), Obeikan Investment Group (18.6%), and Saudi Advanced Industries (12.4%) in their coated-glass joint venture Obeikan AGC, it said in a bourse disclosure. The move, which is still subject to regulatory approval and customary closing conditions, will lift Obeikan’s ownership to 100% from 19%, giving it full control over strategy and operations.

#3- Burgerizzr closes Shovel acquisition: Shatirah House Restaurant (Burgerizzr) finalized terms to acquire 60% of Shovel Coffee Bean Trading in a transaction valued at SAR 10.3 mn, with a quarter of the proceeds earmarked to boost Shovel’s capital, it said in a disclosure. Burgerizzr first announced the acquisition last week, saying it would fund the stake from internal resources to tap into the Kingdom’s fast-growing coffee sector.

#4- WSM clears competition hurdle: WSM for Information Technology said it has received a no-notification-required certificate from the General Authority for Competition for its planned acquisition of Cyber Zone for Cybersecurity, according to a filing to Tadawul. The update follows the non-binding MoU WSM signed last month with Prime Capital Holding Company to buy up 100% of Cyber Zone.

IN OTHER M&A NEWS-

Saudi Industrial Export (Sadirat) extended its non-binding MoU with Entaj Industrial Services to acquire its subsidiary, Advanced Energy Trading and Contracting, it said in a Tadawul disclosure yesterday. The one-year extension, ending on 31 August 2026, aimed at the completion of studies and procedures regarding the acquisition. Sadirat signed a non-binding MoU with Entaj to acquire the capital of its subsidiary Advanced Energy Trading and Contracting in November 2024 .

Salasa earmarks USD 30 mn for Saudi, GCC expansion -Alhazmi

E-commerce fulfillment startup Salasa will use the USD 30 mn funding secured lastmonth to level up its operations infrastructure, develop proprietary technology, and expand its global footprint, Co-founder and CBO Hasan Alhazmi told EnterpriseAM. Salasa raised the funding in a series B funding round led by Artal Capital, with participation from SVC, Wa’ed Ventures, 500 Global, Alsulaiman Group, and other strategic investors.

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The details: Salasa plans to develop a distribution network of urban fulfillment centers and dark stores across the Kingdom to offer instant delivery, while providing merchants with inventory distribution services, accurate forecasting, and operational control, Alhazmi said.

“We’re becoming a tech-first company, not by adding more tools, but by building fulfillment around intelligence, automation, and regional insight,” Alhazmi added.

Salasa will be expanding at home and across the GCC markets over the next two years, beginning with deeper penetration in the Saudi market by launching more dark stores in fast-growing urban zones to support two-hour and same-day delivery services, Alhazmi said. Globally, the company plans to expand its bonded zone operations, a move intended to streamline customs processes and facilitate smoother cross-border trade for its clients.

Growth measures: Salasa will be looking at a series of KPIs — such as measuring the rate at which merchants adopt new platform features, the efficiency of their deliveries, and the cost per order, Alhazmi added. The company also tracks the percentage of fully automated orders, as well as their overall growth and expansion into new markets.

Batic Investments and Logistics taps Abdulmalek Al Mudraa as CEO

Batic Investments and Logistics appointed Abdulmalek Al Mudraa (LinkedIn) as CEO, the company said in a disclosure to Tadawul yesterday. Al Mudraa had been the general manager of Batic Real Estate since 2023 and has also been serving as the managing director of the Saudi Transport and Investment (Mubarrad) since the start of this year.

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ALSO- Naf Company for Feed for Industry appointed Basil Fayez Azar Al Harbi as acting CEO, following the resignation of Murshid Abdulaziz Al Murshidi by mutual agreement, it said in a disclosure to Tadawul yesterday. Al Harbi joined Naf in March 2023 as a supervisor in the sales and personnel department, before he was promoted to Purchasing Manager in July 2024, a role he will continue to hold while serving as acting CEO.

FedEx opens Riyadh HQ to oversee Gulf operations and launches new logistics services

LOGISTICS-

US-based logistics giant FedEx inaugurated its new head office in Riyadh, set to manage operations in Qatar, Bahrain, and Kuwait, head of the Middle East, Indian Subcontinent, and Africa operations at FedEx Kami Viswanathan‏ told Aleqtisadiah yesterday.

The expansion includes launching an air and ocean logistics division and providing new services like a non-stop air connection from the West to the Kingdom, which will cut delivery time down to 48 hours, Viswanathan‏ said. Four gateways and four operational stations will be introduced across Riyadh, Jeddah, and Dammam, the Transport General Authority said on X.

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TECH-

MIS lands maintenance contract for equipment at government healthcare facilities in a Riyadh cluster: Al Moammar Information Systems Company (MIS) signed a SAR 126.1 mn contract with the Health Ministry’s Third Health Cluster in Riyadh to maintain and repair medical devices and equipment at affiliated primary healthcare centers for five years, it said in a disclosure to Tadawul yesterday.

Wealthy individuals drive record inflows into private credit as institutions pull back

Private credit funds are seeing record investments from wealthy investors, offsetting weaker demand from large institutions, the Financial Times reports. 1H 2025 saw US investors alone plow USD 48 bn into private credit funds, surpassing the FY total for 2023 and on track to beat the USD 83.4 bn record set in 2024, according to investment bank RA Stranger.

Policy tailwinds are reshaping the market: In August, US President Donald Trump signed an executive order allowing private equity and credit into 401k retirement plans. Managers had long lobbied for access to retirement savers, and are increasingly tailoring products for this retail base. Moody’s has called the shift “one of the biggest new growth frontiers in the industry.”

Blackstone remains the dominant player, with its Bcred fund drawing USD 6.5 bn YTD and USD 11.7 bn over the past 12 months. On average, more than USD 50 mn of fresh orders are placed daily, helping lift Bcred’s assets to USD 73 bn, up more than 50% in two years.

Rivals are closing in: Apollo Debt Solutions raised USD 6.4 bn over the past year, Blue Owl took in around USD 7 bn across two funds, and Ares collected USD 5 bn. Cliffwater, a smaller manager, has emerged as a major competitor, attracting nearly USD 11 bn to a fund now worth over USD 30 bn. That competition has chipped away at Blackstone’s dominance, with its share of the non-traded BDC market falling to 28%, compared to an almost 90% market share in 2021.

Europe is seeing similar momentum: Assets in evergreen private debt funds — vehicles that don’t wind down and allow continuous inflows — more than doubled y-o-y to EUR 24 bn by June, Novantigo data shows. The number of such funds has jumped from six in 2022 to 37 this year, with Blackstone, Ares, and HPS among those fundraising.

The boom comes as institutional appetite wanes. Preqin data shows commitments from pensions and endowments have declined each year since 2021, amid a broader downturn in the leveraged buyout industry as it struggles to return capital and generate fresh inflows.

Still, concerns linger that the flood of banknotes could weigh on returns. “It’s a tricky investment environment driven by the imbalance between supply and demand of capital,” Sixth Street’s Joshua Easterly said, adding, “[c]ompetition is elevated, and it’s increasingly difficult to generate outsized returns.”

MARKETS THIS MORNING-

Asian markets are once again trading mixed, with South Korea’s Kospi leading gains with a 0.7% rise following slower-than-expected inflation growth in August. Meanwhile, Japan’s Nikkei is also up 0.6%, while Hong Kong’s Hang Seng is flat and China’s CSI 300 is down 0.1%.

Over on Wall Street, futures are inching up after a losing session for all three indices yesterday, as we kick off what is known to be a seasonally weak month for stocks.

TASI	10,671	-0.3% (YTD: -11.4%)
MSCI Tadawul 30	1,382	0.0% (YTD: -8.5%)
NomuC	25,933	0.0% (YTD: -17.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	35,159	0.0% (YTD: +18.2%)
ADX	10,010	-0.8% (YTD: +6.3%)
DFM	5,969	-1.6% (YTD: +15.7%)
S&P 500	6,460	-0.6% (YTD: +9.8%)
FTSE 100	9,196	+0.1% (YTD: +11.3%)
Euro Stoxx 50	5,367	+0.3% (YTD: +9.6%)
Brent crude	USD 68.15	+1.0%
Natural gas (Nymex)	USD 2.97	-0.8%
Gold	USD 3,552	+1.0%
BTC	USD 108,791	+0.5% (YTD: +16.2%)
Sukuk/bond market index	913.75	-0.4% (YTD: +1.3%)
S&P MENA Bond & Sukuk	148.41	-0.2% (YTD: +6.1%)
VIX (Volatility Index)	16.12	+5.0% (YTD: -7.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 3.9 bn. The index is down 11.4% YTD.

In the green: EIC (+4.0%), Go Telecom (+3.7%) and Sabic Agri-Nutrients (+3.1%).

In the red: Petro Rabigh (-5.7%), ANB (-4.6%) and DWF (-4.4%).

THE CLOSING BELL: NOMU-

The NomuC closed flat yesterday on turnover of SAR 28.2 mn. The index is down 17.6% YTD.

In the green: Taqat (+8.3%), Alqemam (+8.1%) and Lime Industries (+6.7%).

In the red: Knowledgenet (-9.9%), Dar Almarkabah (-9.6%) and Future Care (-8.0%).

CORPORATE ACTIONS-

Marketing Home Group for Trading’s board recommended the distribution of SAR 24 mn in cash dividends for 1H 2025 at SAR 1.5 per share, it said in a disclosure to Tadawul yesterday. The distribution date will be set in a later date.

CALENDAR

SEPTEMBER

1-3 September (Monday-Wednesday): Saudi Drone Exhibition, Riyadh Front Exhibition & Conference Center.

3 September (Wednesday): Last day of the retail subscription period for Rawabi Marketing International’s IPO.

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

3-4 September (Wednesday-Thursday): The first International Forum for Talent in Higher Education, Jeddah University’s Conference Center.

5 September (Friday): The Visual Arts Commission will hold two public dialogues in Seoul during Frieze Seoul Week under its Art & Ideas program.

7 September (Sunday): Final allocations are due for Rawabi Marketing International IPO.

9-11 September (Tuesday-Wednesday):The Saudi Food and Drug Authority and the UN’s Food and Agriculture Organization’s Hack4safeFood, Riyadh.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

10 September (Wednesday): Deadline for businesses subject to withholding tax to file their August tax returns via Zatca’s website.

15 September (Monday): Deadline for businesses subject to excise tax file their July and August tax returns via Zatca’s website.

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

15-17 September (Monday-Wednesday): Global Infrastructure Forum, Riyadh International Convention and Exhibition Center.

16-18 September (Tuesday-Thursday): Kids & Toys Expo, Riyadh Front Exhibition & Conference Center.

16-18 September (Tuesday-Thursday): Gifts & Homeware Expo, Riyadh Front Exhibition & Conference Center.

16-18 September (Tuesday-Thursday): Stationery & Paper Expo, Riyadh Front Exhibition & Conference Center.

17-18 September (Wednesday-Thursday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

29 September-1 October (Monday-Wednesday): Intersec Saudi Arabia, Riyadh International Convention and Exhibition Centre, Riyadh.

30 September (Tuesday): Deadline for businesses subject to VAT to file their August tax returns.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

5 October-8 January 2026: Title deed registration for 3.2k properties in Al Yasmin district, Hail.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

12 October-15 January 2026: Title deed registration for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 October (Wednesday): Russian-Arab Summit.

16 October (Thursday): Aviation Impact Middle East, Hyatt Regency Riyadh Olaya .

17 October (Friday): Saudization for private healthcare roles enters its second phase.

21 October (Tuesday): The Visual Arts Commission will hold a public talk and a live performance in Paris through Asia NOW under its Art & Ideas program.

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

27-30 October (Monday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

28-29 October (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

7-8 November (Sunday-Monday): The Visual Arts Commission will conclude its Art & Ideas program with a two-day symposium in Riyadh.

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

9 November (Sunday): The deadline for applications for the second batch of the Standard Incentives for the Industrial sector deadline.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

19-22 November (Wednesday-Saturday): PIF Saudi International Golf Championship, Riyadh Gold Club.

20 November (Thursday): Deadline for title deed registration for 14.6k properties across 21 neighborhoods in Qassim.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

23-27 November (Sunday-Thursday): Global Industry Summit by United Nations Industrial Development Organization, Riyadh.

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

27 November: Deadline for title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center – Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

OCTOBER

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2026:

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.

Signposted to happen sometime in 2027:

The World Water Forum takes place in Riyadh.
The Ocean Race finishes in Amaala on the Red Sea.
Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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