GDP grows 3.9% y-o-y in 2Q, buoyed by the non-oil sector

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Taic taps Jadwa for USD 1 bn portfolio shift

Good morning, wonderful people. Today’s issue is a mixed bag of updates, featuring Gastat’s final figures for GDP growth in the second quarter, a new bond issuance from the Public Investment Fund, and a global asset management platform brought to you by Al Murjan and Abu Dhabi’s BlueFive.

ALSO- We spoke with Humain’s CEO Tareq Amin to discuss the company's ambitious vision for AI infrastructure in Saudi Arabia, their new Arabic-first generative AI product Humain Chat, and what they have in the pipeline. Let’s dive in.

HAPPENING TODAY-

Index Saudi Arabia kicks off today at the Riyadh Front Exhibition & Conference Center. The three-day expo brings together more than 400 exhibitors from over 40 countries and attracts around 17k visitors. The event showcases products across nine sectors, including furniture, furnishings, textiles, flooring, décor, kitchens, bathrooms, art, and fit-out services.

The International Beauty Expo kicks off today at the Jeddah Superdome. The three-day event brings together exhibitors and buyers from across the global beauty and personal care industry, showcasing the latest in cosmetics, skincare, fragrances, hair care, nail care, spa and salon equipment, and packaging solutions.

The three-day Seredo Real Estate Development and Ownership Exhibition also kicks off today at the Jeddah Superdome. The event brings together developers, investors, and key stakeholders to showcase projects and explore potential investments.

WEATHER- Heavy rain persists over Makkah and Al Baha, along with moderate to light showers over Madinah, Asir, Riyadh, Jazan, and Najran. Riyadh will witness temperatures peak at 42°C before cooling down to 32°C today, while Jeddah’s mercury will go as high as 38°C and as low as 31°C, and Makkah will see a 38°C high and 31°C low.

WATCH THIS SPACE-

Taic taps Jadwa for USD 1 bn portfolio shift: The Arab Investment Company (Taic) has appointed Jadwa Investment as financial advisor to oversee the reallocation of some USD 1 bn of its legacy asset portfolio as part of a strategic overhaul, CEO Abdullah Bakhraibah told Bloomberg. The company plans to fully liquidate its portfolio — including government bonds and letters of credit — and reinvest up to USD 800 mn this year, focusing on private markets, public equities, and venture capital.

Rings a bell? Bakhraibah voiced plans earlier last month to divest its entire 1.2 bn legacy portfolio as it pivots toward private markets, in a bid to lift average annual returns to 9% from 5%, following a strategic review that weighed closing the firm against a full overhaul.

Rawabi Marketing IPO pulled on Nomu: FMCG and chemicals distributor Rawabi Marketing International (RMI) scrapped its planned listing on Tadawul’s parallel market Nomu, according to a bourse filing. RMI had planned to float 1 mn shares (6.45% of its post-IPO capital) on Nomu to fund its growth plans before the primary offering was ultimately scrapped.

A tougher market for small caps? Earlier this year, both AlKhaldi Logistics and Dome International scrapped their plans to list on Nomu after failing to drum up enough investor demand. The string of cancellations points to higher execution risks on the parallel market, even as appetite for main market IPOs remains strong.

DATA POINTS-

The number of containers handled at Saudi ports rose 9.5% y-o-y in August to 750.6k TEUs, while transshipments increased 14.7% y-o-y to 189.4k TEUs, the Saudi Ports Authority (Mawani) said in a statement on Sunday. Exports were up 7.9% y-o-y during the month to 279.6k TEUs, while imports grew 7.8% y-o-y to 281.7k TEUs.

OIL WATCH-

Goldman Sachs expects a slightly larger oil surplus in 2026, revising its estimate to 1.9 mn bbl/d, up from 1.7 mn bbl / d, with the change tied to faster expected OECD stock builds between late 2025 and late 2026, Reuters reports.

Price forecasts: The investment bank left its 2025 Brent and WTI price forecasts unchanged, and now sees 2026 averages at USD 56 and USD 52, Reuters said. Goldman linked Opec+’s decision to begin unwinding 1.65 mn bbl / d of cuts to still-low OECD commercial stocks, but stressed that the group is likely to retain flexibility and could pause quota increases from early 2026 if inventories begin to rise.

S&P Global is also projecting weaker crude prices by year-end, with dated Brent seen falling toward USD 55 a barrel as Opec+ continues to release additional supply, Reuters reports separately, citing co-president Dave Ernsberger of S&P Global Commodity Insights. Dated Brent under pins more than 60% of global oil trade and serves as a key benchmark for futures pricing.

Prices could dip below that level if surpluses deepen, Russian flows remain steady, and commercial stock-building slows, Ernesberger said. Under such conditions, futures markets could swing into wider contango, with prompt crude priced below forward contracts — a signal of ample supply.

ICYMI- Opec+ will raise output again next month, approving an additional 137k bbl/d from October as part of its accelerated rollback supply cuts. The cartel said that it will continue monthly hikes through September 2026, fast-tracking the return of 1.65 mn bbl/d that was previously set to stay offline until the end of 2026.

ALSO- The Kingdom cut official selling prices for October crude deliveries to Asia, with Arab Light reduced by USD 1 per barrel to a USD 2.2 premium over the Oman/Dubai average, Reuters reported, citing a document it says it had seen. Prices for Arab Extra Light, Arab Medium, and Arab Heavy were also lowered by USD 0.9-1.0 per barrel.

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THE BIG STORY ABROAD-

The front pages are shining the spotlight on US President Donald Trump and his past ties to Jeffrey Epstein, after House Democrats released — in a post on X — what they say is a handwritten birthday note from Trump to the convicted deceased fund manager. The message, allegedly referencing a “wonderful secret” the two shared, appears in a birthday book compiled for Epstein by his former accomplice Ghislaine Maxwell. Trump denied writing the note, and his chief of staff Taylor Budowich claimed the image is fake. (Bloomberg | CNBC | New York Times | BBC | The Guardian | Axios | Reuters)

AND IN US MARKETS- Nasdaq hits a fresh high ahead of key inflation data: The tech-heavy Nasdaq closed at an all-time high yesterday as investors braced for fresh US inflation figures out later this week. Chipmakers Broadcom and Nvidia were up 3% and 1%, respectively, pushing the index up 0.45%. The S&P 500 and the Dow Jones also closed in the green. Analysts say markets are pricing in a Fed rate cut this month, especially after last week’s underwhelming jobs report, CNBC reports.

ACROSS THE ATLANTIC- France’s government collapses amid budget standoff: French Prime Minister François Bayrou’s nine-month-old government was toppled yesterday after losing a confidence vote in parliament, deepening France’s fiscal and political crisis. Bayrou’s unpopular austerity plan — including tax hikes, spending cuts, and scrapping two public holidays — was rejected by a wide opposition front. His ouster leaves President Emmanuel Macron scrambling to name his fifth prime minister in less than two years. (Financial Times | Reuters | BBC | New York Times)

GDP jumps 3.9% y-o-y in 2Q 2025

The Kingdom’s real GDP grew 3.9% y-o-y in 2Q 2025, matching flash estimates made by the General Authority for Statistics (Gastat) in August, according to fresh data (pdf) from the authority. On a quarterly basis, growth came in at 1.7%, down from a preliminary estimate of 2.1%.

Non-oil activity continued to drive expansion: Non-oil activities grew 4.6% y-o-y, contributing the bulk (2.6 percentage points) of the Kingdom’s headline expansion, while seeing a modest 0.8% increase q-o-q. Oil activities grew 3.8% y-o-y, contributing 0.9 percentage points to overall growth. On a quarterly basis, the sector rose 5.6%, the fastest among all major activities.

Standout sectors: Electricity, gas, and water activities logged the highest growth at 10.3% y-o-y, followed by finance, ins., and business services (up 7.0%), and wholesale and retail trade, restaurants, and hotels (up 6.6%).

Meanwhile, government activities increased 0.6% y-o-y, despite being down 0.8% q-o-q.

Mixed picture in expenditure: Private final consumption grew by 4.1% y-o-y. However, investment saw a downturn, with gross fixed capital formation decreasing by 0.8% y-o-y. Government spending also declined by 2.5% compared to the same period last year.

Varied outlooks: The IMF has recently raised its forecast for Saudi Arabia’s 2025 GDP growth to 3.6%, up 0.6 percentage points from its April outlook. It has also upgraded its 2026 forecast by 0.2 percentage points to 3.9%. A recent Reuters poll anticipates Saudi Arabia to record 3.8% growth this year. Meanwhile, the World Bank maintained its June estimates of 2.8% growth for 2025 and 4.5% for 2026.

REMEMBER- Gastat has recently updated its nominal and real GDP historical data over 2011-2024 as part of a revision project that looks to better capture economic transformation with more detailed insights into the performance of key sectors in the economy. GDP growth during 1Q 2025 was revised upwards to 3.4% y-o-y from the 2.7% reading reported back in May.

PIF prices USD 2 bn bond issuance

The Public Investment Fund (PIF) sold USD 2 bn in USD-denominated bonds, Bloomberg reports, citing a source it says is in the know. The order book exceeded USD 7.5 bn, tightening the pricing to 95 basis points over US treasuries, compared to initial price talk of around 120 bps, the source added.

Good timing? “Soft US labor-market data and the greater expectations of Federal Reserve rate cuts make it a favorable time for the PIF to return to the international debt market,” chief economist at Abu Dhabi Commercial Bank Monica Malik told Bloomberg.

A busy year: The PIF sold USD 4 bn in a bond issuance back in January, and closed a USD 7 bn murabaha credit facility — its first ever — in the same month, getting USD 7 bn from a syndicate of 20 banks. It also launched a commercial paper program in June.

ALSO FROM THE FUND- The PIF signed an MoU with Macquarie Asset Management to ramp up investments in infrastructure, digital infrastructure, energy storage, and EVs, according to a statement. Macquarie will also look into establishing a regional office in Riyadh.

IN OTHER DEBT NEWS-

Al Rajhi is teeing up an FCY debt sale: Tadawul-listed lender Al Rajhi Bank is set to issue USD-denominated tier 2 social trust certificates under its updated international issuance program, it said in a bourse disclosure. Proceeds will support the lender’s financial and strategic objectives under its Sustainable Finance Framework. The bank lined up a syndicate of global banks including our friends at HSBC, alongside Citi, Goldman Sachs, JP Morgan, and Standard Chartered and Al Rajhi Capital as joint leads.

Al Murjan, Abu Dhabi’s BlueFive to establish a global asset management investment platform

BlueFive, Al Murjan to launch global Islamic finance platform: Abu Dhabi’s BlueFive Capital and Jeddah-based Al Murjan Group are partnering to set up a joint shariah-compliant asset management investment platform, according to a press release (pdf).

The transaction: BlueFive will acquire a minority stake in Sidra Capital, Al Murjan’s Islamic asset manager specializing in private assets. In return, Al Murjan will take a minority stake in BlueFive786, BlueFive’s newly launched shariah-compliant investment arm based in Singapore.

What BlueFive786 will do: The firm will focus on offering Islamic investment products — including retirement and savings schemes — to savers and retirees in Southeast Asia, particularly Indonesia, Malaysia, Bangladesh, Brunei, and Singapore.

What’s next? BlueFive will establish an office in Riyadh to work alongside Sidra Capital in managing and executing investments in Saudi Arabia. The tie-up is meant to give both sides broader access to cross-border investments and to support the rollout of co-branded Islamic investment products.

Leadership moves: BlueFive Capital founder and CEO Hazem Ben-Gacem (LinkedIn) and co-founder Yasser Bajsair (LinkedIn) will join the board of Sidra Capital. Taufiq Bahamdain (LinkedIn), CEO of Al Murjan Group, and board member Shahid Shaikh (LinkedIn) will represent Al Murjan on the board of BlueFive786.

REMEMBER- BlueFive has been on an expansion drive, having acquired DIFC-based private wealth manager Neo Capital last week. The firm also closed a USD 2 bn debut fund in July and recently unveiled a USD 500 mn China-focused PE fund with CICC Capital.

Coffee With: Humain CEO Tareq Amin on Saudi’s AI transformation

Launched back in May, PIF’s Humain is already dominating Saudi’s AI sector through new products, infrastructure, and high-impact partnerships that aim to transform work, entertainment, and beyond.

We sat down with CEO Tareq Amin, to discuss the company's ambitious vision for AI infrastructure in Saudi Arabia, and their new Arabic-first generative AI product Humain Chat. Amin also shared insights into Humain's commitment to cultivating local Saudi talent, and strategic partnerships aimed at reshaping the future of entertainment. Edited excerpts from our conversation:

Humain was driven by a bold national vision — to ensure that Saudi Arabia builds its own AI infrastructure rather than relying on technology made elsewhere. As part of this architecture, we have seen that AI innovation is often fragmented with compute, cloud, and models, and is more spread across organizations, which creates unnecessary complexities. Humain was created to solve this fragmentation by integrating the entire value chain.

Our latest product, Humain Chat, was built to empower more than 400 mn Arabic speakers and 2 bn Muslims worldwide who have been underserved by generative AI. We first rolled out across the Kingdom, and we have plans to roll out in phases around the world. For the first time, people can create, learn, and connect in their own language, culture, and context. I encourage everyone to download the app now and engage with it regularly. This is a point of pride for Saudi Arabia, and the more that you use it, the better it becomes.

What sets Humain Chat apart is its deep understanding of dialects and cultural nuances. Launched last month, our app is powered by ALLaM 34B, the most advanced Arabic-first LLM built in the Arab world. We believe ALLaM 34B was built on the largest Arabic dataset ever assembled, then refined with input from over 600 domain experts and 250 evaluators.

I could not be prouder of the brilliant Saudi talent that we have at the company. Humain Chat was built by a Saudi-majority team comprised of more than 120 AI specialists, with 35 PhD holders on board. We are committed to cultivating local talent by hiring and enabling Saudi professionals with the tools, prospects, and support they need to ensure that the Kingdom and its people play a leading role in shaping the future of AI. This means not only bringing in top Saudi experts into our core teams, but also ensuring young developers and researchers are a key part of the process of building and advancing Humain’s future.

Our model is hosted on Saudi servers, ensuring data sovereignty and security while giving users confidence that their information is managed in compliance with the Kingdom’s regulations and privacy standards. It also provides faster performance with lower latency and quicker load times, one of the notes that users have praised in reviews.

It also reflects Humain’s commitment to building capacity in Saudi Arabia, strengthening the digital ecosystem while ensuring users benefit from infrastructure that is sovereign, secure, and optimized for their needs. This is fully aligned with Vision 2030, which includes AI as a national priority and a driver of economic growth supporting the Kingdom’s capability to develop advanced technologies.

We’ve just begun construction of our first data centers in the Kingdom, located in Riyadh and Dammam, which are expected to launch in the second quarter of next year. Looking ahead, we anticipate strong and sustained demand for data centers driven by the rapid rise of AI workloads and digital transformation across the region. To meet this demand, we plan to build 1.9 GW of new data center capacity by 2030 and scale that up to 6.6 GW by 2034. At the same time, we’re expanding and diversifying our ecosystem of partners to support this ambitious growth.

This is just the beginning. Humain Chat marks the first product in our Humain IQ portfolio, as our AI researchers and developers are dedicated to pushing the boundaries of innovation and creating solutions that address complex industry challenges. We have a strong pipeline of products and technologies that we can’t wait to bring to market — and you will be hearing more about them over the coming weeks.

On the media, video games, and advertising side, Humain Create aims to develop cutting-edge AI tools capable of generating photorealistic images and videos for gaming and other media applications. These tools will not only enhance creative production but also open new prospects across the entire value chain. We hope to continue to develop our strategic partnerships in this space to play an impactful role in the national strategy.

Our partnership with Luma AI is key to our strategy to reshape the future of entertainment. By combining Humain’s advanced AI infrastructure with Luma’s advanced generative models, we can deliver lightning-fast inference and hyperreal content generation at a global scale. Beyond infrastructure, this partnership enables us to codevelop next-generation models, fine-tune capabilities, and empower creators to push the boundaries of immersive experiences.

In-gaming ads will allow brands to reach and engage with their target audiences in a unique and immersive way. Using our technology, ads are seamlessly integrated into gameplay, creating an interactive experience that feels natural rather than disruptive. We use advanced algorithms to dynamically insert ads within the game environment, considering factors such as player behavior, game context, and ad relevance. This ensures that each ad is delivered in a way that is both impactful for the brand and respectful of the player's experience.

At Humain, we leverage AI across various aspects of our internal operations. We have big news for enterprises that we plan to announce soon, which will revolutionize the way we work. Our team has already been testing these AI-powered tools that will enhance workflows, automate routine tasks, and improve overall efficiency.

Orbii locks in USD 3.6 mn in Prosus Ventures-led seed funding round

Integrated credit infrastructure platform Orbii secured USD 3.6 mn in a seed funding round led by Prosus Ventures, with participation from VentureSouq, Dash Ventures, Taz Ventures, and Sanabil 500, it said in a statement on Sunday.

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Where’s the money going? The fresh funds will go toward expanding Orbii’s engineering and data science teams and increasing its footprint in Saudi Arabia and the UAE as it targets powering USD 1 bn in SME loans by 2026.

About Orbii: Established in 2024 by Nuaman Ali (LinkedIn), Guillaume Kieffer‏ (LinkedIn), and Nasara Mughal (LinkedIn), with headquarters in Riyadh, Dubai, and Abu Dhabi, the company provides AI-driven credit infrastructure to digital lenders, fintechs, payment companies, and B2B ecosystems across MENA.

Najran Cement names Ataa Bakkar as interim CEO

Najran Cement appointed Ataa Bakkar (LinkedIn) as interim CEO for six months, it said in a disclosure to Tadawul yesterday. Bakkar brings 22 years of experience in the cement and building materials industries to the role, having served as VP of commercial affairs at Najran Cement, commercial director at Al Safwa Cement, and CEO of Global Gypsum Company.

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Shahbandr launches Arabic AI toolkit for e-commerce

ECOMMERCE-

Shahbandr launches MENA’s first Arabic AI toolkit for e-commerce: Shahbandr AI went live in the Kingdom and MENA, touted as the region’s first integrated Arabic AI toolkit for e-commerce stores, Shahbandr said in a press release (pdf). Available free of charge to merchants on the Shahbandr platform, the toolkit provides a full Arabic interface and enables users to generate images, videos, audio, and marketing copy from a single dashboard.

REAL ESTATE-

Umm Al Qura to sell two Masar plots for SAR 438.8 mn: Umm Al Qura for Development and Construction signed two reservation agreements with Mosa Abdulaziz Almosa and Sons Group Real Estate Company to sell two land plots in Makkah’s Masar Destination for a combined SAR 438.8 mn, it said in a disclosure to Tadawul yesterday. The two plots, which cover 4.9k sqm, are earmarked for hospitality projects, with one plot valued at SAR 237.4 mn and the other at SAR 201.5 mn. Final sale agreements are expected within six months.

Cooling systems for Oxagon AI data center: Local data infrastructure firm DataVolt signed an MoU with LG Electronics and its local partner Shaker Group to provide cooling systems for a new AI data center being developed in Neom’s industrial city, Oxagon, according to a press release. The agreement includes the supply of large-scale chillers and coolant distribution units for the facility.

REFRESHER- DataVolt signed a USD 5 bn agreement with Oxagon in February to set up a fully sustainable AI data center with an initial capacity of 300 MW, to be eventually ramped up to 1.5 GW.

CAPITAL MARKETS-

Morgan Stanley Saudi Arabia received the Exchange’s approval to conduct market making activities on RaoomTrading and Americana Restaurants International as of today, according to a Tadawul disclosure. The move comes after the firm was cleared earlier this month to make markets for 16 other securities listed on Tadawul and Nomu.

Emerging markets flood debt markets as investors chase yield

Emerging market borrowers are rushing to tap global debt markets at the fastest pace in at least a decade, taking advantage of a brief risk-on window before a possible return of volatility to the market, Bloomberg reports. More than USD 27 bn worth of issuances were priced last week alone, including sales from Saudi Arabia, Brazilian oil giant Petrobras, and Turkey’s sovereign wealth fund.

The surge has pushed YTD EM issuances to nearly USD 511 bn — the busiest similar time period since 2021. JPMorgan now forecasts a record year of nearly USD 240 bn in sovereign issuances, with September already logging USD 8.5 bn — more than half the average for the month. Even Brazil, which typically relies on local markets, has tapped global markets three times this year.

Investor appetite has been outsized: Saudi Arabia’s USD 5.5 bn sukuk drew USD 17.5 bn in orders, while Turkey’s USD 1 bn sale was 10x oversubscribed. Demand has narrowed EM risk premiums, with the extra yield over US Treasuries falling to 298 bps on average — the tightest since 2019, according to JPMorgan’s gauge. The strong appetite shows investors are “preemptively anticipating some volatility,” said Aayush Sonthalia of PGIM Fixed Income.

This backdrop has lured steady inflows into EM-dedicated debt funds for 20 consecutive weeks, totaling USD 1.9 bn in the week ending 3 September, EPFR data shows. Local currency debt is up 13% this year, with USD-denominated bonds up by more than 8% — both outpacing developed-market debt returns of 6.5%.

Still, strategists warn the window may be short-lived. Persistent inflation, heavy sovereign borrowing, and political instability in core markets from the UK to Japan are unsettling global bonds, raising the risk that higher US yields will push up EM borrowing costs.

More agreements are in the pipeline: Saudi Aramco is preparing a USD sukuk this month, and Mexico may issue up to USD 10 bn to fund a Pemex bond buyback — with Indonesia, Kuwait, Oman, and Nigeria all expected to follow by year-end.

MARKETS THIS MORNING-

Equity markets in Asia are firmly in the green this morning, maintaining gains on the back of Japan’s prime minister stepping down over the weekend, and tracking a positive day for US tech stocks yesterday. Japan’s Nikkei hit an all-time high yesterday and is up in early trading, while the Shanghai index is trading flat.

Over on Wall Street, markets are on track to follow suit and open in the green, after the tech-heavy Nasdaq, the Dow Jones, and the S&P 500 all closed up yesterday.

TASI	10,497	-0.9% (YTD: -12.8%)
MSCI Tadawul 30	1,363	-0.9% (YTD: -9.7%)
NomuC	25,346	-0.7% (YTD: -19.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	34,602	+0.4% (YTD: +16.3%)
ADX	9,960	-0.7% (YTD: +5.6%)
DFM	5,935	-0.9% (YTD: +15.1%)
S&P 500	6,495	+0.2% (YTD: +10.4%)
FTSE 100	9,221	+0.1% (YTD: +12.8%)
Euro Stoxx 50	5,363	+0.8% (YTD: +9.5%)
Brent crude	USD 66.19	+0.3%
Natural gas (Nymex)	USD 3.09	0.0%
Gold	USD 3,677	0.0%
BTC	USD 111,665	+0.8% (YTD: +19.4%)
Sukuk/bond market index	916.03	-0.06% (YTD: +1.54%)
S&P MENA Bond & Sukuk	149.46	+0.5% (YTD: +6.8%)
VIX (Volatility Index)	15.11	-0.5% (YTD: -12.9%)

THE CLOSING BELL: TADAWUL-

The TASI inched down 0.9% yesterday on turnover of SAR 4.4 bn. The index dipped 12.8% YTD.

In the green: Lazurde (+6.1%), Al Masane Al Kobra Mining (+3.7%) and Ataa Educational (+3.5%).

In the red: Thimar (-10.0%), Saudi Real Estate (-6.2%) and Saudi Cable (-5.5%).

THE CLOSING BELL: NOMU-

The NomuC closed 0.7% yesterday on turnover of SAR 43.1 mn. The index was down 19.5% YTD.

In the green: Meyar (+29.8%), Taqat (+9.0%) and Multi Business (+6.4%).

In the red: Sign World (-10.9%), Al Battal Factory (-9.9%) and Riyadh Steel (-9.1%).

CORPORATE ACTIONS-

ChubbArabia Cooperative Insurance got the Capital Market Authority’s greenlight to boost its capital by SAR 100 mn to SAR 400 mn, the authority said in a statement. The move will raise the number of shares to 40 mn from 30 mn by issuing one bonus share for every three shares held. Chubb will fund the transaction by transferring SAR 52 mn from retained earnings and SAR 48 mn from its statutory reserve.

Saudi Reins.Company was cleared by the Capital Market Authority for a SAR 539.8 mn capital hike via a bonus share issuance, the authority said in a statement. The move will raise the number of shares to 169.8 mn from 115.8 mn by issuing four bonus shares for every nine shares held, fully funded by the company’s retained earnings.

SaudiNetworkers Services’ board approved a 25% capital increase to SAR 75 mn via a bonus share issuance, it said in a Tadawul disclosure yesterday. The SAR 15 capital increase will be funded from the outfit’s retained earnings with shareholders receiving one bonus share for every four shares held. The move is pending regulatory approval.

ALSO- The board nodded to a SAR 12 mn dividends payout for 1H 2025 at SAR 2 apiece, starting on Thursday, 25 September, according to a separate Tadawul disclosure.

CALENDAR

SEPTEMBER

7-9 September (Sunday-Tuesday): Saudi Woodshow, the Arena Riyadh Venue.

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): Index Saudi Arabia, Riyadh Front Exhibition & Conference Center.

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): Smart Cities Saudi Expo 2025, Riyadh International Convention & Exhibition Center.

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.

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

23 September (Tuesday): Saudi National Day.

28-30 September (Sunday-Tuesday): Jeddah Construct, Jeddah Superdome.

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

29-30 September (Monday-Tuesday): Cultural Investment Conference, King Fahd Cultural Center, 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.

6-8 October (Monday-Wednesday): Saudi Lifestyle Week, Riyadh International Convention & Exhibition Center.

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.

12 October-15 January 2026: Title deed regiswatch tration for about 157.3k properties in 78 neighborhoods across 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.

21-22 October (Tuesday-Wednesday): Saudi Festival of Creativity (Athar), JAX District, Riyadh.

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.

5-9 November (Wednesday-Sunday): Jewellery Salon Expo, 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.

25-26 November (Thursday-Saturday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

25-29 November (Thursday-Monday): General Aviation Airshow 2025 - Sand & Fun, Riyadh.

27 November (Saturday): 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

1-3 December (Monday-Wednesday): Industrial Transformation Saudi Arabia, Riyadh International Convention & Exhibition Center.

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.

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

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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