Non-oil business activity expands at a six-month high in September

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Opec+ agrees on another output hike

Good morning, wonderful people. Good news is all over this morning’s news well, from non-oil private sector growth in the Kingdom accelerating to a six-month high in September, to Tadawul’s main index closing up 7.5% in September and pulling GCC stocks to strongest monthly gain in nearly two years.

ALSO- Almarai kicked off the 3Q earnings season, reporting a 7.5% increase in net income. Aljazira Capital is laying off what to expect from the third quarter, forecasting the banking and mining sectors to lead earnings growth. Let’s dive in.

HAPPENING TODAY-

It’s day two of the Saudi Lifestyle Week at the Riyadh International Convention and Exhibition Center, which wraps up tomorrow. The three-day event brings together global brands and local innovators to connect, collaborate, and capitalize on Saudi Arabia's rapidly evolving market.

WEATHER- Wet and windy: Heavy thunderstorms are set to drench Jazan and Asir today, bringing hail, strong winds, and possible flash floods. Rain will be lighter over Al Baha and Makkah, with fog likely forming there and across the Eastern Region.

Riyadh: 46°C high / 22°C low,
Jeddah: 37°C high / 28°C low
Makkah: 42°C high / 29°C low.

HAPPENING TOMORROW-

#1- The Global EV & Mobility Technology (GEMTECH) Forum takes place tomorrow in Riyadh. The two-day event will gather over 4k participants — including industry leaders, policymakers, engineers, and investors — to explore the future of sustainable transportation. The international event will feature more than 60 speakers holding discussion panels focusing on the latest advancements in electric vehicle technology, battery innovation, charging infrastructure, and autonomous mobility solutions.

#2- The subscription window for the October round of the government-issued retail sukuk program Sah closes tomorrow at 3pm, the National Debt Management Center said on X. The offering, which kicked off yesterday, offers a 4.83% annual return, with investment limits set at a minimum of SAR 1k and a maximum of SAR 200k per investor.

OIL WATCH-

Opec+ members will add a total of 137k bbl / d to production again next month, according to a press release. The group approved the same additional number of barrels for October as part of the group’s gradual unwinding of its 1.65 mn bbl / d voluntary cuts. The next meeting is scheduled for 2 November.

Opinions diverged among the bloc’s two biggest producers for this month’s hike. Russia reportedly pushed to maintain the same small hike as in October, citing both market stability and its limited ability to raise supply under Western sanctions, Reuters reports, citing two sources. Saudi Arabia, meanwhile, favored a faster pace of restoration — with proposals ranging from double to quadruple the final figure — as the Kingdom seeks to reclaim market share, Reuters said, citing sources before the meeting.

Only around 60% of the 2.2 mn bbl / d tranche planned for restoration between May and September has materialized, highlighting the limited spare capacity within the cartel, Bloomberg reports. The shortfall reflects both ongoing compensation for previous overproduction by some members and the possibility that others are already nearing their maximum output.

REMEMBER- Unsold Middle Eastern crude from the last trading cycle is stoking concerns that a long-anticipated global oil surplus may be starting to take shape. A better read of balances will emerge once Saudi and other Gulf suppliers issue November allocations to long-term contract buyers soon.

WATCH THIS SPACE-

Saudi-made cybersecurity products incoming? PIF-owned Saudi Information Technology Company (Site) plans to roll out the first locally made cybersecurity products, Rakeen and Metras, designed to protect devices and systems from cyberattacks, Executive Vice President Wael Ahmed Fattouh told Al Arabiya on Thursday (watch, runtime: 8:29). The goal is to reduce reliance on foreign technology and build national expertise, moving away from dependence on global providers like Norton and McAfee, supported by training programs run with the National Cybersecurity Authority, Fattough said.

IN CONTEXT- Saudi Arabia’s cybersecurity market grew 14% in 2024, bringing the sector’s total spending to SAR 15.2 bn. Public sector spending amounted to SAR 4.8 bn (32% of the market), while private sector spending totaled SAR 10.3 bn, accounting for the remaining 68% of the market.

DATA POINTS-

Medina recorded the highest occupancy rate for tourist hospitality facilities in the Kingdom in 1H 2025 at 74.7%, state news agency SPA reports, citing the Tourism Ministry’s Hospitality Sector Performance report. The city’s total number of licensed hospitality facilities reached 538, including 69 newly licensed establishments, while the hotel room inventory grew to 64.6k, with the addition of 6.6k new rooms during the same period.

SPORTS-

The Kingdom will resume paragliding after Sports Minister Abdulaziz Al Faisal greenlit its return, following new safety and regulatory measures, state news agency SPA reported on Wednesday. Upcoming plans include training programs, local competitions, and international events to grow the sport.

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THE BIG STORY ABROAD-

Gold and BTC hit fresh highs to start the week as investors flock to safe haven assets amid a government shutdown that is now entering its sixth day. Gold rose to USD 3,920.63 an ounce, before paring some gains, while BTC reached USD 125,689 for the first time early yesterday. BTC’s rise also comes during a month that has historically been a strong month for digital assets’ performance — earning it the nickname “Uptober.”

Gold’s rise is featured on Bloomberg and Financial Times’ front pages, while BTC’s new record got attention from Bloomberg, Reuters, and CNBC.

ALSO- Egypt is set to host talks between Israel and Hamas today to discuss the US President Donald Trump-proposed ceasefire agreement. The two sides will discuss the conditions for a ceasefire in Gaza and the details of the hostage exchange. Trump’s envoys Jared Kushner and Steve Witkoff are already in Cairo to finalize details of the hostage release and discuss the broader peace framework.

Trump is “positive” that the first phase of negotiations should be completed this week, he said in a social media post, while US Secretary of State Marc Rubio said we are closer than we have been “in a very long time” in an interview with Fox News Sunday, though the hostage release and prisoner exchange could be the easiest part of negotiations. The tougher parts? Discussions around rebuilding governing Gaza, he told ABC. (Bloomberg | Reuters | FT)

This comes after Hamas responded to Trump’s proposal over the weekend, with the foreign ministers of the UAE, Jordan, Indonesia, Pakistan, Turkey, Saudi Arabia, Qatar, and Egypt welcoming Hamas’ response in a joint statement and calling for an immediate launch of negotiations.

CIRCLE YOUR CALENDAR-

TheFinancial Academy Forum will be held on 8 October at King Abdullah Financial District Conference Hall in Riyadh. The annual event will gather over 3k participants from the Saudi financial sector, along with government officials and experts to discuss innovation, AI, sustainability, and finance leadership.

TheWorld Defense Show will return to Riyadh on 8-12 February 2026 at the Riyadh International Convention and Exhibition Center, featuring live demonstrations, networking programs, and sessions aimed at advancing local and global defense industries. The five-day event is expected to see over SAR 26 bn in defense orders and announcements, gathering over 773 exhibitors and 106k visitors from over 76 countries.

Non-oil private sector growth reaches six-month high in September

Non-oil private sector expansion in Saudi Arabia accelerated to a six-month high in September, powered by elevated output and demand, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally adjusted figure rose to 57.8 in September, up from 56.4 in August. The reading — well above the 50.0 mark that separates growth from contraction — signals a robust expansion, yet remains below January’s peak of 60.5.

New orders accelerated at a faster pace in September, as robust market conditions, new clients, elevated marketing and supportive pricing boosted domestic sales, and helped lift new work from international customers for the second consecutive month. New order sub-index surged to 63.3 in September, from 60.1 a month earlier, according to Reuters. Firms cited the uptick to “successful advertising campaigns and stronger demand from the GCC region,” Riyad Bank Chief Economist Naif Al Ghaith wrote in the report.

Output edged up at the fastest rate since February. The sub-index recorded its largest one-month gain in four years, with 27% of the survey participants reporting an expansion, while only 1% posted a decrease. “Overall, September’s survey highlights a resilient private sector that is navigating cost pressures while benefiting from firm demand and steady hiring,” Al Ghaith wrote.

Purchasing activity picked up to a three-month high, resulting in the biggest expansion in inventory level since April, according to the report. Firms actively built stocks to ensure smooth distribution and prepare for upcoming projects, the report read.

Employment maintained robust momentum as firms significantly raised their hiring to handle elevated workloads and enhance sales teams. Hiring growth saw a slight monthly dip but remained historically sharp, helping maintain work backlogs broadly stable.

Input cost inflation remained elevated, lifted by increasing wages, and broader inflation. Selling prices went up at a moderate rate, hitting a four-month low, as some firms eased their prices to sustain their competitiveness.

Business sentiment improved for the second month in a row, as firms pointed to increased demand and ongoing projects as key drivers of their positive outlook.

LOOKING AHEAD- Non-oil sector activity across much of the Gulf is forecast to moderate, Capital Economics’ James Swanston noted in a research note seen by EnterpriseAM last month. “Low oil prices will more than offset rising output volumes and, in turn, export receipts will be weaker this year than last,” Swanston wrote, adding that “current account and budget balances will deteriorate, prompting officials to make fiscal policy less supportive.”

ELSEWHERE IN THE REGION-

In the UAE, the headline PMI (pdf) edged up to 54.2, up from 53.3 in August
Egypt’s non-oil private sector activity (pdf) deepened its contraction in September, falling to 48.8, from 49.2 a month earlier.
Kuwait’s non-oil private sector saw a softened expansion in business conditions, with the headline PMI dropping to 52.2 in September, from 53.0 in August (pdf).

Tadawul leads GCC stocks to strongest monthly gain in nearly two years on ownership-cap move

TASI climbed 7.5% to 11.5k points in September, breaching the 11k mark for the first time since May, according to market data. The benchmark’s total market cap hit SAR 9.3 tn by the end of of the month, with SAR 127.4 bn in value traded across 5.8 bn securities and 113 mn transactions. TASI’s YTD loss narrowed to 4.4%, and market cap rose to SAR 9.31 tn.

IN CONTEXT- The rally followed news that broke in late September that the Capital Market Authority (CMA) is planning to scrap the 49% foreign ownership limit on listed companies, triggering heavy overseas buying and sending TASI into its sharpest one-day rally since 2020 on the following day.

Gainers and laggards: Bahri’s led the monthly gainers with its stock rising 24.6%, followed by Maaden (24.4%) and Chubb (24.4%). Meanwhile, Sports Club’s stock weakened the most, dipping 12.6%, followed by Alakaria (12.6%), and Build Station (11.8%).

Most active by value: Al Rajhi was up 14% m-o-m in terms of value traded to SAR 12 bn, followed by MBC Group at SAR 8 bn, and Aramco at SAR 7.6 bn.

Foreign investors are bullish: Qualified foreign investors were net buyers on the Main Market with purchases totaling SAR 8.04 bn in September, according to Tadawul data (pdf). The level is the highest since 2019, per Argaam ’s tally. Government-backed entities followed with net purchases of around SAR 7.3 bn, while Saudi individual investors were the largest net sellers at SAR 7.2 bn.

ICYMI- Saudi is ramping up its push to attract foreign capital with a number of market reforms, introducing draft regs that grant all foreigners direct access to Saudi stocks.

On a quarterly basis: TASI rose 3.0% q-o-q in 3Q 2025, reaching a high of 11.7k points during the period, according to a separate report. Trading activity was robust, with 326 bn shares traded across 32.2 mn transactions, and total traded value hitting SAR 326 bn. A total of 261 companies were active on the exchange during the quarter.

Sport Clubs led gainers, jumping 34.8%, followed by EIC (+30.1%), and SHL (+24.7%). Meanwhile, Walaa Ins was the biggest decliner, falling 30.4%, followed by UCA (-26.3%), and Nice One (-25.1%). By trading activity, TECO was the most active by volume with 5.38 bn shares, while Al Rajhi Bank dominated by value at SAR 21.3 bn, ahead of Saudi Aramco (SAR 19.1 bn), and Cenomi Retail (SAR 15.4 bn).

Propping up the region: GCC equities logged their strongest collective monthly performance in nearly two years last month, mainly lifted by Tadawul’s surge, according to Kamco Invest’s GCC Markets Monthly Report (pdf). UAE equities slipped in September, diverging from strong regional gains, with the FTSE ADX Index down 0.8% and the DFM General Index dropping 3.7%.

Kuwait climbed 3.5% on strength in healthcare and real estate;
Oman rose 3.0% to an eight-year high as S&P reaffirmed its BBB- rating with a stable outlook, marking its third consecutive monthly gain;
Bahrain added 1.0% with trading value up 71.5%;
Qatar slipped 1.5%, pressured by banks and transport.

Busy pipeline ahead for debt and equity capital markets in Saudi + UAE, investment bankers say

The MENA region raised USD 4.7 bn from equity capital markets in 1H 2025, according to LSEG data cited at a panel discussion hosted by Zawya on Thursday. Bankers on stage agreed liquidity is rising, passive inflows are growing, and the region is entering a more sophisticated phase of development, with a busy pipeline in 2026 — though the immediate outlook hinges on a handful of agreements set to price in the coming weeks in Saudi Arabia.

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Reforms undertaken since the early 2020s — including the potential relaxation of foreignownership limits in Saudi Arabia — have helped broaden the investor base and deepen liquidity. Meanwhile, investors are shifting investment from historically dominant markets like the US and Europe to the region, which offers stability and resilience.

This shift also means that the GCC is increasingly being viewed less as an emerging market and more as a stable, developed market — or a new category that rests between the two, one panelist said — anchored by the USD peg. This shift in perception, they said, will make it easier to diversify deal pipelines and execute more transactions simultaneously.

On the equity side, Saudi Arabia — a standout over the past five years — is now in a “digestive” phase as issuers and investors negotiate on valuations, Karim Meleka, co-head of investment banking at EFG Hermes, said. Two or three Saudi transactions are set to launch in the coming weeks, which, if successful, could catalyze others into the market. Meanwhile, the UAE, in particular, has a very healthy pipeline well into 2026 and 2027 and has been “fantastic” for IPOs, follow-ons, and rights issues, he added.

For the first time, follow-ons and rights issues are outpacing IPOs in MENA. Lorenzo Vertechi, senior director of ECM at Emirates NBD Capital, noted that while IPOs typically account for 80% of activity in the region, this year has seen a shift toward secondary offerings. Meleka added that the “post-covid euphoria” is over, and investors are demanding more sophisticated equity stories and more disciplined valuations.

Debt markets are also in record-setting territory. The region has already seen USD 160 bn in bonds and sukuk this year, up from USD 136 bn in all of 2023, and is on track to breach USD 180 bn by year-end, according to Khaled Darwish, HSBC’s head of CEEMEA DCM. MENAT overall is approaching USD 200 bn in issuance, with Saudi Arabia alone accounting for USD 80 bn. Sukuk issuance has been particularly strong, with USD 82 bn coming to market so far this year, thanks in part to renewed confidence from both regional and Asian investors.

Hedge funds are also beginning to play a bigger role, adding liquidity and depth, said Meleka. Execution, however, remains a challenge: Vertechi pointed out that it takes a week between allocations and trading in the UAE, compared to a day in Europe, while in Saudi Arabia, the process can stretch to a month. Regulators in both markets are working on reforms that could help shorten timelines and further attract international investors.

Asian institutions, in particular, are stepping up allocations as they diversify away from the US, Darwish said. Refinancing will also be a key theme moving forward as a wave of existing issuances matures, which could see investors demand higher premiums for emerging market exposure, he added.

On the supply side, structural drivers remain intact. Sarmad Mirza, Standard Chartered’s head of corporate and SSA DCM MENA, said the region’s supercycle of growth is fueling demand for funding, with USD 2 tn of infrastructure projects in the pipeline and the region’s GDP growth expected at 4.5% next year. Private sector participation is also rising, with succession planning among family businesses becoming a more prominent theme, and private equity just beginning to emerge as a driver of exits in equity markets.

Darwish described 2025 as a “transformational year” for MENA capital markets, with the combination of liquidity, reform momentum, infrastructure investment, and a more diversified investor base creating a foundation for sustainable growth. The near-term test will be whether upcoming deals clear the market, setting the stage for what bankers expect could be another record year.

3Q earnings for Saudi firms to grow 6.8% led by banking and mining, Aljazira Capital

Some 65 Tadawul-listed firms (Aramco excluded) are projected to post a 6.8% y-o-y growth in net income in 3Q 2025, reaching a cumulative SAR 23.3 bn, according to Aljazira Capital’s Saudi Stock Market Forecasts Rep ort (pdf). The growth is expected to be driven primarily by strong performances in the banking, mining (led by Ma’aden), and petrochemicals sectors.

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Banking to lead the charge: The banking sector is expected to post a 12.3% y-o-y increase in net income to SAR 8.3 bn, underpinned by robust balance sheet expansion and higher fee income. Loan growth among covered banks is projected to reach 15.0% y-o-y, with Alrajhi Bank, as the top performer, forecast to see its net income grow 18.1% y-o-y to SAR 6 bn.

Petrochemicals rebound: The petrochemicals sector is expected to swing back into the black with a net income of about SAR 2.3 bn, after recording losses of SAR 3.6 bn in the previous quarter. The recovery is attributed to improved margins, as the decline in feedstock prices outpaced the fall in product prices.

Mining to sustain momentum: Ma’aden is projected to achieve a significant 137.3% y-o-y rise in net income to SAR 2.3 bn, supported by higher gold and diammonium phosphate prices.

Not all sectors are expected to see growth: The telecom sector is forecast to post a 22% y-o-y decline in earnings, primarily due to the inclusion of SAR 1.8 bn in withholding tax reversals in the same quarter last year. Adjusted for these one-offs, the sector would record a 14.7% y-o-y earnings growth, reaching SAR 4.4 bn.

The cement sector is expected to see a 42.3% y-o-y drop in net income to SAR 328.8 mn amid an ongoing price war — especially in the Central and Eastern regions — which has offset a 13% y-o-y increase in sales volume. The energy sector’s earnings are also expected to fall 27.5% y-o-y, led by an 89.8% drop in Arabian Drilling’s net income due to rig suspensions and discounted day rates on certain offshore rigs.

Mixed fortunes for other sectors: Performance is to remain uneven in the retail, where Almarai, Almajed Oud, Tasheel, BinDawood, Americana, and Leejam are forecast to record higher earnings, while Tanmiah, Almunajem, and Al Othaim are projected to see weaker bottom lines. The healthcare sector is forecast to deliver 10.3% y-o-y net income growth at SAR 1.3 bn, though individual company results could vary depending on their expansion phases. The tourism and transportation sector is projected to post a 7.9% y-o-y increase in combined net income, driven mainly by Seera and Budget Saudi.

Almarai’s bottom line widens 7.5% y-o-y in 3Q 2025

Dairy giant Almarai’s net income increased 7.5% y-o-y to SAR 613.2 mn in 3Q 2025, coming slightly short of analysts’ expectations of SAR 615 mn, the company’s earnings release (pdf) showed. The growth was attributed to increasing gains in the dairy and juice, bakery, and poultry segments. Revenue climbed 6.6% y-o-y to SAR 5.6 bn during the same period.

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In 9M 2025, the company’s bottom line rose 5.8% y-o-y to SAR 2 bn, while its top line climbed 5% y-o-y to SAR 16.6 bn. The increase came on the back of strong volume growth across all segments.

Alamar Foods names Eugeniu Comarnitchi as interim CFO !_StoryHedWeb_! Alamar Foods names Eugeniu Comarnitchi as interim CFO

Alamar Foods appointed Eugeniu Comarnitchi (LinkedIn) as an interim CFO, after Mario Jimenez (LinkedIn) ending his year-long tenure by stepping down due to personal reasons, the company said in a disclosure to Tadawul yesterday. Comarnitchi was promoted from his previous role as director of financial planning and margins, which he held for the past two years.

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Al Babtain to acquire remaining 40% stake in Al Babtain Metalogalva for SAR 8.5 mn

M&A WATCH-

Al Babtain to become the sole owner of its Portuguese subsidiary: Al Babtain Power and Telecommunications signed a binding share purchase agreement to acquire the remaining 40% stake (8.5k shares) in its joint venture, Al Babtain Metalogalva, from its Portuguese partner Metalogalva - Irmãos Silva for SAR 8.5 mn, it said in a Tadawul disclosure yesterday.

What will change? Funded through internal resources, the acquisition will give Al Babtain full ownership once the transfer is registered, after which the company will become a Saudi single-shareholder entity, removing all references to the Metalogalva name.

Earnings snapshot: Al Babtain Metalogalva, which designs and produces steel structures for the solar energy sector, posted a net income of SAR 15.7 mn in 2024, recovering from a net loss of SAR 5.5 mn in 2022. It also logged SAR 414 mn in revenues during the year.

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REAL ESTATE-

Diriyah Company launched Faena Residences, a branded residential project in Wadi Safar, according to a statement. The development comprises 20 villas adjacent to the planned 130-room Faena Wadi Safar Hotel and near a Greg Norman-designed golf course and an equestrian club. The collection includes 12 four-bedroom, six five-bedroom, and two six-bedroom villas, with sales set to open later this month.

Plus benefits: Homeowners will enjoy preferred rates at the neighboring hotel, discounts on spa treatments and catering services, and invitations to community events. In partnership with Accor, owners will also receive Diamond tier status in the Accor Live Limitless loyalty program.

REMEMBER- Diriyah Company secured a SAR 6 bn financing agreement from Banque Saudi Fransi to develop its Wadi Safar project in March. The financing follows a SAR 8 bn contract awarded in July 2024 to a joint venture between Al Bawani and Urbacon Saudi for the construction of four luxury hotels, the Royal Diriyah Equestrian and a Polo Club within the development.

EXPANSION-

Siemens Mobility set up a new Riyadh office to manage operations locally and regionally, according to a press release. The expansion follows the appointment of Frank Hagemeier last month as CEO of Siemens Mobility Saudi Arabia, leading the strategic planning and business development of Siemens Mobility products and services.

DEBT WATCH-

Perfect Presentation for Commercial Services (2P) signed a SAR 120 mn shariah-compliant financing agreement with the National Bank of Kuwait, it said in a disclosure to Tadawul yesterday. The one-year facility, secured by promissory notes, will be used to support newly awarded projects, including issuing letters of guarantee and credit.

AI hype intensifies — but signs of a bubble burst are alarming

The AI hype is igniting investors' sentiment, pushing the US stock market to record highs while increasing the risks of rapid selloff, Bloomberg reported, citing Goldman Sachs Group’s trading desk. The trend, driven by a strong fear of missing out (FOMO), is at its highest levels since December 2024, causing investors to overlook risks like uncertainties in valuations, trade market, and the slowing labor market.

AI gains on optimism: Some 40% of clients surveyed expect the S&P 500 Index to outpace global peers in October, putting the bullish sentiment at its highest level since December 2024. The heavy-tech index closed on a record high 27 times from June to 3 October, primarily due to AI bullishness, according to Bloomberg’s data.

Going strong: Goldman Sachs clients indicated they plan to double down on their investments in the so-called “Magnificent Seven” tech companies like Amazon and Microsoft. Over 50% of people surveyed are eyeing AI infrastructure stocks, with the majority expecting momentum to outplay the S&P 500 by year-end.

BUT- Is the AI bubble about to burst? Signs of a peak bubble are now live, including massive capital expenditure by major tech companies and US stock market concentration, Ian Harnett says in the Financial Times. Flying-high stock prices, as well as in-sector companies sealing agreements with each other and purchasing one another’s products, are also among signs of a bubble burst, Harnett argued.

Others concur: “While almost all indicators point up, this setup also increases the probability of rapid unwinds down the road. Buyers beware,” Oscar Ostlund, global head of content strategy, market analytics and data science for Goldman’s digital platform Marquee told Bloomberg.

History repeats itself: The pattern mirrors historical tech revolutions, most notably the TMT (dot-com) bubble of the late 1990s, which also saw a boom in infrastructure spending before it reached its endgame, Harnett added. Tech bubbles tend to burst not because the technology itself fails, but due to external pressures like regulation, competition, or slowing customer demand, he said.

The long-term scene could be more nuanced. A burst, while painful for late-stage investors, is often a necessary part of the innovation cycle, Harnett argues. The “creative destruction” inherent to bubbles ends up giving access to new technologies at lower prices, leading to the technology being embedded in society, he added.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning. Japan’s Nikkei is leading the gains with a 4.5% increase in early trading, following a record high yesterday after pro-stimulus Sanae Takaichi was picked to head the ruling Liberal Democratic Party — and possibly become Japan’s first female prime minister. Meanwhile, Wall Street futures are little changed amid the US government shutdown.

TASI	11,529	+0.3% (YTD: -4.2%)
MSCI Tadawul 30	1,502	+0.2% (YTD: -0.5%)
NomuC	25,476	+0.7% (YTD: -19.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	37,211	+0.8% (YTD: +25.1%)
ADX	10,073	+0.1% (YTD: +6.9%)
DFM	5,918	0.0% (YTD: +14.7%)
S&P 500	6,716	0.0% (YTD: +14.2%)
FTSE 100	9,491	+0.7% (YTD: +16.1%)
Euro Stoxx 50	5,652	+0.1% (YTD: +15.4%)
Brent crude	USD 65.39	+1.3%
Natural gas (Nymex)	USD 3.39	+2.0%
Gold	USD 3,933	+0.6%
BTC	USD 123,509	+0.9% (YTD: +32.0%)
Sukuk/bond market index	918.00	+0.1% (YTD: +1.8%)
S&P MENA Bond & Sukuk	150.83	0.0% (YTD: +7.8%)
VIX (Volatility Index)	16.65	+0.1% (YTD: -4.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 4.3 bn. The index is down 4.2% YTD.

In the green: Obeikan Glass (+7.7%), Bahri (+5.7%) and Sport Clubs (+5.2%).

In the red: Sumou (-2.6%), Northern Cement (-2.2%) and Saudi Re (-2.0%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% yesterday on turnover of SAR 42.7 mn. The index is down 19.1% YTD.

In the green: Shalfa (+10.4%), Naas Petrol (+10.0%) and SMC (+9.7%).

In the red: Mayar (-8.7%), AME (-7.7%) and Alfakhera (-6.4%).

CORPORATE ACTIONS-

Al Modawat Specialized Medical Company plans to raise its capital by 200% to SAR 71.3 mn through a bonus issuance, it said in a disclosure to Tadawul. The SAR 47.5 mn hike will be funded by capitalizing the share premium balance, granting shareholders two bonus shares for every one held. The proposal will be voted on at the company’s extraordinary general meeting on 26 October.

Shmoh Almadi’s board greenlit a SAR 4.7 mn dividend payout for 1H 2025 at SAR 0.5 per share, it said in a disclosure to Tadawul yesterday. The distribution date is set for 22 October.

Atlas Elevators for General Trading and Contracting’s board approved a SAR 2.9 mn dividend distribution for 1H 2025 at SAR 0.5 apiece, it said in a disclosure to Tadawul yesterday. The distribution is set for 21 October.

CALENDAR

25 September-19 December (Thursday - Friday) 2025 Saudi Toyota Championship.

28 September-1 January: Title deed registration for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

OCTOBER

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

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

2-11 October (Thursday-Saturday): Riyadh International Book Fair 2025, Princess Nourah Bint Abdul Rahman University.

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.

8 October (Wednesday): The Financial Academy Forum 2025, King Abdullah Financial District, 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 registration for about 157.3k properties in 78 neighborhoods across the Eastern Province.

12 October-15 January 2026: Title deed registration for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and 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.

19 October (Sunday): Canadian Medical Center Company’s (CMCER) shares will halt for the transfer.

19-20 October (Sunday-Monday): Saudi Rail International, Riyadh Front Exhibition and Conference Center.

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-Thursday): 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.

5-8 November (Wednesday-Saturday): Binam Forum 2025, Riyadh Front Exhibition and Conference Center.

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.

10-12 November (Monday-Wednesday): BioFach Saudi Arabia, Riyadh International Convention & Exhibition Center.

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

16-17 November (Sunday-Monday): Jeddah Fintech Week 2025, Jeddah Hilton, Jeddah.

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.

30 November-1 December (Sunday-Monday): FII Priority Asia Summit, Tokyo.

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.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, 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 December (Thursday): Deadline for title deed registration for 64.4k properties across neighborhoods in Madinah, Makkah, 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.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, 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.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

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 International Convention and Exhibition Center, 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

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

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.

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), 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.
The Intervision international music competition will take place in Saudi Arabia.

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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