Net foreign assets’ surplus shrinks to SAR 1.45 tn in September. PLUS: Tadawul edges up 1.3% in October

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Opec+ pause boosts confidence as Morgan Stanley lifts Brent forecasts

Good morning. It seems we’re taking a breather from the fast pace of news over the past few weeks, which gives us a chance to look at Sama’s data on the banking sector in September, and how Tadawul’s main market performed in October.

The debt market is not slowing down though, with banks tapped for USD-denominated issuances from Avilease and GIB while Cenomi Centers and Alinma Bank are taking one step further into local sukuk. Earnings are also going strong with 3Q results out from STC, Ades Holding, Acwa Power, and more.

WEATHER- You are encouraged to look up today and enjoy the clearer skies expected all around the Kingdom.

Riyadh: 30°C high / 16°C low
Jeddah: 36°C high / 26°C low
Makkah: 38°C high / 27°C low
Dammam: 32°C high / 19°C low.

HAPPENING TOMORROW-

#1- Sahat Almajd Trading Company will ring the opening bell on the Nomu parallel market tomorrow, according to a Tadawul disclosure. The company’s shares will be allowed to trade within a 30% price fluctuation cap and a static 10% band.

REFRESHER- The firm floated a 12.5% stake — good for up to 4.4 mn shares — at SAR 7 apiece in a primary offering on Tadawul’s parallel market. Proceeds, excluding SAR 2 mn in IPO-related costs, will be used to fund Sahat Almajd’s growth plans and widen its operational assets by an estimated SAR 50 mn.

#2- The Biban Forum will kick off tomorrow at the Riyadh Front Exhibition and Conference. The four-day event, organized by Monsha’at, is expected to attract visitors from 150 countries, featuring discussion panels with 200 speakers, interactive workshops, and up to 1k exhibitions of breakthrough innovations targeting startups and SMEs.

#3- The Digital Government Forum will kick off tomorrow at the JW Marriott Hotel, Riyadh, bringing together over 2k participants, including 400 government entities and 100 companies and entrepreneurs, with more than 30 workshops on the agenda. The two-day event will highlight success stories in the Kingdom’s digital transformation, showcase innovation in public services, and explore future trends and potential investments in the digital sector.

PSAs-

Travelers entering or leaving the Kingdom through land, air, or sea ports are now required to obtain prior authorization to carry controlled medications, effective 1 November, Saudi Gazette reported on Sunday. Travelers must secure clearance through the Controlled Drug System platform before arrival or departure, with applicants required to submit a permit request with personal and trip details, and upload supporting documents including a prescription, medical report, and proof of identity.

WATCH THIS SPACE-

Eight out of 10 global executives surveyed by HSBC plan to increase their investments in the Kingdom within the next five years, while 60% of them plan to do so in the coming six months, HSBC Saudi Arabia CEO Faris Al Ghannam told Argaam on the sidelines of the Future Investment Initiative. Only 14% — among over 4k execs surveryed — were concerned about the possible impacts of global economic shifts on the Kingdom, compared to over 50% for other regions, signaling strong confidence, Al Ghannam added.

HSBC Saudi Arabia sees strong medium and long term avenues for investment in the Kingdom. Over half of the 60 Tadawul-listed companies now covered by the bank are rated as “Buy,” Al Ghannam said.

Morgan Stanley is turning more bullish on crude after Opec+’s decision to pause hikes in 1Q 2026, bumping its Brent forecast for 1H 2026 to USD 60/bbl from USD 57.50, arguing that the group’s move helps stabilize the market outlook even if it does not materially alter supply expectations, Bloomberg reports, citing a note from the bank.

The quota system and reality on the ground are diverging: Morgan Stanley estimates Opec+ output only rose around 500k bbl / d between March and October, well below the 2.6 mn bbl / d quota increase announced for that period.

Supporting the view: Opec+’s latest signal is giving the market some confidence that producers remain focused on managing supply through a softer demand season, reinforcing expectations of a steady path toward balance, Vijay Valecha, CIO of Century Financial said in a note seen by EnterpriseAM.

The outlook is further buoyed by geopolitical tensions, following reports of a Ukrainian drone strike on a Russian Black Sea oil port that raised concerns over potential supply disruptions, Valecha said.

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THE BIG STORY ABROAD-

OpenAI’s endless thirst for computing power is dominating headlines this morning. The ChatGPT maker signed a USD 38 bn agreement with cloud arm Amazon Web Services to gain access to its Nvidia GPUs for the next seven years. The processing power — which will be immediately available to OpenAI — will help ChatGPT respond to user prompts and train newer models, with plans to expand capacity in the next few years.

A vote of confidence: Amazon’s share price jumped 4% to close at USD 254 yesterday — an all-time high and a sign of relief for investors who worried Amazon was falling behind the AI race. Chipmaker Nvidia also gained some 4.4%, landing just below USD 209. (Bloomberg | CNBC | Reuters | Financial Times)

ALSO- New York is set for a showdown: The state’s general election will see Democratic nominee — and front-runner with a double-digit lead in the polls — Zohran Mamdani go up against former governor Andrew Cuomo, who landed a late endorsement from Donald Trump. The president lashed out against “Communist” Mamdani and vowed to cut federal assistance to New York under the young progressive candidate. The race — one of the most politically charged in the US in a while — is already seeing unprecedent voter turnout. (New York Times | Fox | Axios | Semafor)

AND- A scandal is rocking Israel: Top military lawyer Yifat Tomer-Yerushalmi is now behind bars facing accusations of breach of trust and obstruction of justice. Tomer-Yerushalmi admitted last week to leaking a controversial surveillance video last year that showed Israeli soldiers severely abusing a Palestinian inmate at the notorious Sde Teiman camp. The prosecutor then disappeared for a few hours on Sunday night leaving behind a cryptic note and her car, sparking uproar, speculation and a nationwide search campaign that retrieved her safely. Prime Minister Netanyahu earlier called the leak “the most severe diplomatic attack Israel has faced.” (Associated Press | Financial Times | Bloomberg)

ALSO WORTH NOTING THIS MORNING-

China is increasing energy subsidies to the country’s biggest data centers, cutting bills by up to half to help out tech giants, unnamed sourced told the Financial Times.
Starbucks is set to relinquish control of China operations to Boyu Capital in a USD 4 bn buyout. (CNN)

Net foreign assets’ surplus shrinks to SAR 1.45 tn in September

Net foreign assets’ surplus in the Kingdom’s banking sector narrowed in September to SAR 1.45 tn, compared to SAR 1.47 tn in August, according to the Saudi Central Bank’s (Sama) latest monthly statistical bulletin (pdf).

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The breakdown: Sama’s net foreign assets ended September with a surplus of SAR 1.6 tn, down from August’s hike of SAR 1.62 tn. Meanwhile, commercial banks saw their deficit shrinking to SAR 146.5 bn in September, from SAR 158.3 bn a month earlier.

The total assets of commercial banks ticked up to SAR 4.93 tn by the end of September, compared to SAR 4.92 tn in the previous month, representing a 12.6% y-o-y rise. Bank credit across all segments increased 14.3% y-o-y to SAR 3.3 tn by the end of the month.

Personal loans continued to dominate credit, coming in at more than SAR 1.45 tn, followed by corporate credit to real estate activities with SAR 363.9 bn, wholesale and retail trade at SAR 216 bn, and electricity, gas, and water supplies at around SAR 210.2 bn.

MEANWHILE- Residential mortgages financed by banks went down 14.7% y-o-y to just above SAR 5.8 bn during the same period, with a total of 8k contracts.

Settled letters of credit financing private sector imports decreased 4.1% y-o-y to SAR 15 bn by the end of September. Around SAR 2.1 bn went to vehicles, while SAR 2.8 bn was allocated to building materials, SAR 1.5 bn for food items, SAR 286 mn for machinery, and SAR 472 mn for appliances.

New letters of credit — an indicator for future imports — declined 14.5% y-o-y to SAR 15.5 bn by the end of the month. This included around SAR 2.6 bn for motor vehicles, SAR 1.7 bn for building materials, SAR 987 mn for machinery, SAR 494 mn for food items, and SAR 807 mn for appliances.

ALSO- Broad money supply (M3) increased 7.8% y-o-y to SAR 3.2 tn by the end of September. Demand deposits (46.6%) topped the list of currency supply components, followed by time and savings deposits (36.3%), other quasicash deposits (9.6%), and banknotes in circulation outside banks (7.5%). Meanwhile, total liabilities reached over SAR 5.5 tn, recording a 6.5% y-o-y increase.

SOUND SMART- M3 is the broadest measure of money supply in a given economy. It includes banknotes, current accounts, and other money that can be quickly mobilized (what econ-nerds call M2) as well as large time deposits, institutional money market funds, short-term repurchase agreements, and larger liquid funds.

Gov’t bonds went up again in September: Government bonds grew for the second straight month in September to SAR 643 bn, marking an increase an 11.9% y-o-y. Meanwhile, bank credit to public institutions increased 35.3% y-o-y to SAR 235 bn.

Tadawul edges up 1.3% in October, narrowing its YTD loss to 3.2%

TASI extended its monthly gains to October, closing the month up 1.3% to 11.7k points. The rise narrows its YTD loss to 3.2%, according to Kamco Invest’s GCC Markets Monthly report (pdf). This marks Tadawul’s second month in a row to close in the green.

The benchmark’s total market cap hit SAR 9.67 tn by the end of October, with SAR 122.3 bn in value traded across 5.9 bn securities and 10.4 mn trades.

Some 11 out of 21 sectors on Tadawul ended October in the green, led by utilities (+10.9%), consumer discretionary distribution & retail (+8.7%), and energy (+5.4%), according to Kamco Invest’s report. Materials (-1.0%) and banks (-0.6%) were among the laggards.

Gainers and Laggards: Sasco (+27.2%), Aldrees Petroleum (+22.4%), and Petro Rabigh (+21.8%) were among the top gainers on the Tadawul in October, while Naseej (-35.4%), United Cooperative Assurance (-17.6%), and Cenomi Retail (-15.1%) led the decliners.

Most active by value: Al Rajhi Bank (SAR 8.7 bn), Aramco (SAR 7 bn) and Alinma Bank (SAR 3.9 bn) were the most actively traded stocks by value.

IN CONTEXT- The modest gain follows a stellar September, when TASI jumped 7.5% to 11.5k after the CMA signaled plans to lift the 49% foreign-ownership cap on listed firms spurring heavy overseas buying and the gauge’s sharpest one-day surge since 2020. The Kingdom has been 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.

ELSEWHERE IN THE REGION- GCC equities rose for the second month in a row, with the MSCI GCC climbing 1.2%. The FTSE ADX and the DFM both broke their two-month losing streak in October, up 0.9% and 3.8%. Egypt’s EGX30 outperformed both the UAE, Kuwait, and Saudi Arabia, climbing 4.4% in October. Meanwhile, Oman was up 8.3% last month, while Bahrain was up 5.9% and Kuwait was up 2.7%.

Avilease, GIB tap banks for USD issuances + Alinma, Cenomi Centers are joining the sukuk rush

The Kingdom’s debt markets are showing no signs of slowing, with banks tapped for USD-denominated issuances from Avilease and GIB. Meanwhile, Cenomi Centers and Alinma Bank are taking one step further into local sukuk.

#1- PIF-backed Avilease tapped banks for an upcoming five-year USD-denominated bond issuance, Al Arabiya reported citing fixed-income service IFR. Investor calls started yesterday and will continue today, IFR said.

Who’s in: The aircraft lessor picked Citigroup and Mitsubishi UFJ as joint global coordinators. They will also act as active bookrunners and lead managers for the issuance, alongside Abu Dhabi Commercial Bank, BNP Paribas, First Abu Dhabi Bank, HSBC, and Mizuho Financial Group.

Passive bookrunners will include Kuwait’s Ahli United Bank, Saudi Fransi Capital, Crédit Agricole, Emirates NBD Capital, GIB Capital, JP Morgan, Morgan Stanley, Natixis, Riyad Capital, and SNB Capital.

We knew this was coming: Avilease was reportedly talking to banks for the debut issuance since September, targeting at least USD 500 mn from the initial bond under its USD 2 bn program, which is set to hit the market by year-end, according to Reuters’ sources.

#2- PIF-owned Gulf International Bank (GIB KSA) has also tapped banks for its debut USD-denominated additional tier 1 (AT1) issuance, Zawya reports. The perpetual non-call 5.5-year Reg S notes will be issued under the bank’s USD 1.5 bn AT1 capital note program. Investor calls kicked off yesterday in London, as GIB seeks to sound out demand.

ADVISORS: Citi and GIB Capital are joint global coordinators, while our friends at Mashreq, ADCB, BofA Securities, Emirates NBD Capital, FAB, SMBC, and Standard Chartered are joint lead managers and bookrunners.

#3- Cenomi Centers opened books on a senior unsecured SAR-denominated sukuk issuance, carrying an 8.5% yield and a six-year maturity with a call option after the third year, it said in a disclosure to Tadawul, without disclosing the total amount it’s looking to raise.

The details: The sale, open to both retail and institutional investors until Sunday, 16 November, marks the first drawdown under its SAR 4.5 bn sukuk program approved by the CMA earlier this year. The notes, priced at par at SAR 1k each with a minimum subscription of one unit, will be treated as capital for zakat purposes and pay returns quarterly. Al Rajhi Capital is acting as financial advisor, sole arranger, and trader.

ICYMI- The launch follows Cenomi’s October announcement teeing up the program to refinance existing debt, including a USD 875 mn sukuk maturing in October 2026, for which it hired Rothschild & Co. as advisor. S&P has said refinancing risks remain “manageable” but warned delays could pressure liquidity. The mall operator holds ratings of BB (Fitch, negative outlook), B+ (S&P, stable), and A- (Tassnief, stable).

#4- Alinma Bank is teeing up a USD-denominated Tier 2 sukuk issuance under its trust certificate issuance program to support the lender’s general banking operations, it said in a filing to Tadawul without disclosing the target size, pricing or maturity. The issuance will be offered to eligible investors both here at home and abroad, pending regulatory approvals. The announcement comes a little over two months since Alinma Bank closed a USD 500 mn sustainable AT1 issuance.

ADVISORS- The lender tapped Alinma Capital, ASB Capital, Citigroup Global Markets, DBS Bank., Goldman Sachs International, JP Morgan Securities and Standard Chartered Bank as joint lead managers on the transaction.

GFH uptakes new SAR 200 mn logistics portfolio in Riyadh’s Industrial District

GFH expands its logistics portfolio in KSA: GFH Partners — the Dubai-based global asset management arm of Bahraini GFH Financial Group — has acquired a fully leased, high-spec logistics facility in Riyadh’s industrial district at a SAR 200 mn (USD 53 mn)

investment ticket, according to a press release. The acquisition marks the asset manager’s fourth logistics asset in the Kingdom.

Built different: The facility — spanning over 40k sqm — includes multiple truck docking bays, robust electric capacity, and 12-meter clear heights within its operational space. The hub’s location next to Riyadh’s Eastern and Southern ring roads is set to boost its connectivity to multi modal transport corridors — positioning it as a gateway for major logistics firms, Gulf News reports.

A boon for GFH: Following the acquisition, GFH’s total logistics and industrial assets in the GCC are set to reach nearly SAR 1.5 bn — with its global portfolio currently exceeding SAR 26 bn in managed assets. The firm’s logistics platform now has the capacity to host over 120 tenants across the Kingdom and the UAE — with facilities in Dubai South, Dammam, Riyad, and Jafza.

A long time coming: GFH Financial Group inked a partnership agreement with European real estate developer Panattoni’s Saudi arm to develop premium logistics facilities worth SAR 2 bn (USD 500 mn) in Riyadh, Jeddah, and Dammam over a five-year timeframe last year.

Fintech startup Stream raises USD 4 mn to boost payments innovation

Riyadh-based fintech company Stream raised USD 4 mn in a seed funding round, according to a press release (pdf) out yesterday. The round was led by Outliers VC and attracted a strong investor base, adding to the firm’s existing backers such as BYLD Ventures and a group of angel investors, including Abdulla Elyas, cofounder of Careem.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Where will the money go? The company plans to use the funds to expand its product development efforts across engineering, compliance, and payment capabilities, while enhancing its user experience and internal systems to support its growing subscriber base.

About Stream: Founded in 2024 by Ibrahim Aldlaigan (LinkedIn), Stream offers a billing and payments platform designed to help businesses across Saudi Arabia and the wider Mena region streamline how they invoice and collect payments. The platform automates the full payment lifecycle, from issuing branded, app-free invoices to scheduling payments and managing collections through local rails.

STC, Ades Holding, Acwa Power and more post 3Q earnings

STC-

Saudi Telecom Company (STC) reported a 11.5% y-o-y drop in net income to SAR 4.1 bn in 3Q 2025 — yet exceeded Bloomberg’s forecasts at SAR 3.5 bn, it said in a disclosure to Tadawul. The decline was due to the absence of last year’s one-off gains, including a SAR 1.5 bn tax provision reversal and SAR 385 mn from discontinued operations.

Revenue grew 3.6% to SAR 19.3 bn, driven by stronger performance across its commercial, business, and carriers and wholesale units.

Over the first nine months, STC’s bottom line edged up 3.1% y-o-y to SAR 11.6 bn, while its top line was up 2.6%to SAR 57.9 bn.

ALSO- The telecoms giant will distribute around SAR 2.7 bn in 3Q dividends for its shareholders at SAR 0.55 apiece, according to a separate disclosure. The distribution date is set for 26 November.

ADES HOLDING-

Ades Holding saw its net income rise 7.8% y-o-y to SAR 219.1 mn in 3Q 2025, driven by gains from its investments in equity instruments despite higher depreciation and interest costs, it said in an earnings release (pdf) yesterday. Meanwhile, revenue grew 5.2% y-o-y to SAR 1.7 bn, supported by the deployment of reallocated rigs from the Kingdom and the contribution of two premium rigs acquired from Vantage Drilling in September 2024.

On a 9M basis, the company’s net income inched up 0.2% y-o-y to SAR 607.5 mn, while revenue rose 1.6% y-o-y to SAR 4.7 bn.

ALSO-Ades expects to complete its acquisition of Shelf Drilling this month, adding around USD 350 mn to EBITDA and USD 900 mn to annual revenue, representing 35% y-o-y growth, CEO Mohamed Farouk told Al Arabiya (watch, runtime: 8:21). The company started operating a new offshore rig and five onshore rigs across the Kingdom, Kuwait, Qatar, and Nigeria, with the new rigs expected to add roughly USD 80 mn in yearly revenue, he added.

RIYADH CABLES GROUP-

Riyadh Cables Group reported a 19.9% y-o-y increase in net income to SAR 281.6 mn in 3Q 2025, the firm said in a disclosure to Tadawul yesterday. Meanwhile, revenue grew 12.2% y-o-y to SAR 2.7 bn over higher sales volumes.

Over the first nine months, the company’s net income surged 45.1% y-o-y to SAR 817.2 mn, supported by a 21.8% y-o-y rise in revenue to SAR 7.9 bn.

ACWA POWER-

Acwa Power’s net income rose 13.1% y-o-y to SAR 371.2 mn in 3Q 2025, below Bloomberg’s analysts expectations of SAR 631 mn, it said in a disclosure to Tadawul yesterday. The growth was supported by higher finance and other income and lower development costs but was partly offset by a lower share of results from equity-accounted investees, higher zakat and tax charges, and weaker gross income. Meanwhile, revenue dipped 5% y-o-y to SAR 1.7 bn, reflecting reduced income from development services, water output, and other services.

For the first nine months of 2025, the company’s bottom line edged up 2% y-o-y to SAR 1.3 bn, while its top line increased 17.8% y-o-y to SAR 5.4 bn.

DALLAH HEALTHCARE-

Dallah Healthcare saw its net income rise 12.5% y-o-y to SAR 141.9 mn in 3Q 2025, supported by higher sales, a SAR 29.5 mn Murabaha remeasurement gain, and a 95% reduction in Dallah Al Khobar Hospital’s losses following operational improvements, it said in a disclosure to Tadawul yesterday.

Revenue climbed 25.2% y-o-y to SAR 1.1 bn — its second-highest quarterly result — supported by increased capacity and the March 2025 acquisitions of Al Salam and Al Ahsa Medical Services, which contributed 87% of growth.

On a 9M basis, the company’s bottom line climbed 18% y-o-y to SAR 421.7 mn, while its top line increased 23.3% y-o-y to just shy of SAR 3 bn.

Dividends: The healthcare provider’s board greenlit the distribution of SAR 50.6 mn in interim dividends for 3Q 2025 at SAR 0.5 per share, according to a separate Tadawul disclosure. Distribution is set for 30 November.

USD 2.6 bn Hajr power project taps Italy’s Cannon Artes for a desalination plat

INFRASTRUCTURE-

Italy-based Cannon Artes won a contract to design and supply a seawater desalination plant for the 3 GW Hajr Expansion CCGT IPP project in the Eastern Province, it said in a press release yesterday. The facility will treat 34k cubic meters of seawater daily to provide demineralized, potable, and service water for the combined-cycle-gas-fired power plant. No financial details were disclosed.

BACKGROUND- The USD 2.6 bn project is being developed under an agreement signed in March by a JV between Acwa Power, Saudi Electricity Company, and Haji Abdullah Alireza & Company, with Orascom Construction and Técnicas Reunidas as EPC contractors.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

M&A WATCH-

Homegrown workforce management solutions startup WakeCap has acquired the Brazilian workforce safety and operations platform Trackfy, as part of its strategy to expand globally and extend its capabilities across the full industrial lifecycle, according to a press release published yesterday. No financial details were disclosed.

The acquisition integrates Trackfy’s operations and maintenance solutions into WakeCap, creating a unified platform that spans from project delivery to daily industrial operations. The move also marks WakeCap’s entry into Latin America, with Brazil serving as its new regional headquarters.

REMEMBER- WakeCap acquired Silicon Valley-based Crews by Core last year, setting up an R&D base in the US. Beside the last acquisition of Brazil’s Trackfy, WakeCap already operates in the US, Saudi Arabia, UAE, and Japan.

MINING-

Twelve local and global companies were qualified for in the second wave of the government’s Exploration Enablement Program (EEP), the Industry and Mineral Resources Ministry posted on X on Sunday. In collaboration with the Investment Ministry, a total of 38 applications by the selected companies were licensed to mine across an area of 3k sq km, with over SAR 664 mn committed for exploration spending, Al Arabiya reported.

ENERGY-

Aramco’s Jafurah Cogeneration Independent Steam and Power Plant (ISPP) kicked off commercial operation, General Electric’s energy spin-off company GE Vernova said in a press release yesterday. Described as GE Vernova’s first locally-made H-Class gas turbine and set to be one of its most efficient power facilities, the plant — southeast of Dammam — is expected to produce up to 314 tons per hour of steam and 320 MW of electricity. By 2030, the Jafurah gas field is set to deliver up to 630k barrels of natural gas liquids and condensates and over 420 mn standard cubic feet of ethane per day.

FINANCIAL MARKETS-

The Capital Market Authority greenlit the public offering of open-ended, shariah-compliant Arbah Capital’s Arbah SaudiEquity Fund, it said in a statement yesterday.

America’s top ten richest have seen their wealth rise more than 500% since 2020, but not everyone else has been as fortunate

The collective wealth of the 10 richest Americans has surged by USD 698 bn in the past year alone, and the prospect of the world’s first tn’aire no longer seems as absurd as it once did, with Elon Musk already half way there, according to a report (pdf) from Oxfam America. In only the short few years since 2020, these same 10 individuals have seen their wealth adjusted for inflation rise 526%.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

In America at least, it seems that a rising tide doesn’t necessarily lift all boats, with the USD 8.4 mn gain for households in the top 1% from 1989 to 2022, outpacing the median household gain of only USD 83k for the period. Zooming in on the top 0.1%, that figure picks up again all the way to USD 39.5 mn.

There’s also a stark disparity in terms of race, with average White households seeing their wealth increase 7.2x more than Black households and 6.7x more than Hispanic households. Gender was also a determiner, with male-headed household wealth gains outpacing those headed by women by 4x.

In addition to the concentration of wealth, there’s also a concentration of stocks, with 24% of shares in the stock market owned by just the top 0.1% and 49.9% by the top 1%. In contrast, just 1.1% of the stock market is owned by the bottom 50%, despite the prominent role it plays in many Americans’ retirement plans.

Oxfam sees inequality getting worse in years to come, pointing to the Trump administration’s “massively regressive tax reform, major cuts to the social safety net, and

significant rollbacks for worker’s rights.” It estimates that Trump’s One Big Beautiful Bill Act — which we imagine Oxfam would describe rather differently — will cut taxes on the top 0.1% by USD 311k in 2027, while raising taxes for those earning less than USD 15k a year, marking “the single largest transfer of wealth upwards in decades.”

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning — Japan’s Nikkei and the Hang Seng are both looking at gains, while the Shanghai Composite and Kospi are both in the red, down 0.1% and 1.6%, respectively.

TASI	11,484	-0.5% (YTD: -4.6%)
MSCI Tadawul 30	1,492	-0.4% (YTD: -1.1%)
NomuC	24,725	-0.9% (YTD: -21.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	38,623	+1.4% (YTD: +29.9%)
ADX	10,024	-0.8% (YTD: +6.4%)
DFM	6,019	-0.7% (YTD: +16.7%)
S&P 500	6,852	+0.2% (YTD: +16.5%)
FTSE 100	9,701	-0.2% (YTD: +18.7%)
Euro Stoxx 50	5,679	+0.3% (YTD: +16.0%)
Brent crude	USD 64.89	+0.2%
Natural gas (Nymex)	USD 4.23	-0.8%
Gold	USD 4,008	-0.2%
BTC	USD 106,333	-3.6% (YTD: +13.8%)
Sukuk/bond market index	914.89	-0.1% (YTD: +1.4%)
S&P MENA Bond & Sukuk	152.05	-0.2% (YTD: +8.7%)
VIX (Volatility Index)	17.17	-1.6% (YTD: -0.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.5% yesterday on turnover of SAR 6.1 bn. The index is down 4.6% YTD.

In the green: Bawan (+3.6%), Burgerizzr (+3.6%) and Raoom (+3.5%).

In the red: Elm (-8.6%), Americana (-5.8%) and Herfy Foods (-5.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 24.4 mn. The index is down 21.5% YTD.

In the green: Alfakhera (+8.5%), Pro Medex (+5.4%) and Mayar (+4.4%).

In the red: Naas Petrol (-9.6%), SMC (-8.9%) and Taqat (-8.6%).

CALENDAR

NOVEMBER

1-8 November (Saturday- Saturday): WTA Tour Finals, Riyadh.

5-6 November (Wednesday-Thursday): Digital Government Forum, JW Marriott Hotel in Riyadh

5-8 November (Wednesday-Saturday): Biban 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.

13 November (Thursday): Crown Prince Mohammed bin Salman’s visit to Washington.

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.

3-5 December (Wednesday-Friday): Beyond Profit Forum, Ritz-Carlton Hotel, 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.

16-17 December (Tuesday-Wednesday): Global Airports Forum (GAF) 2025, Riyadh International Convention and Exhibition Center, Riyadh.

19 December (Friday): The 2025 Saudi Toyota Championship wraps up.

25 December (Thursday): Title title deed registration deadline 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): Title deed registration deadline for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

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.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

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.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, 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:

November: 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.
6 July-23 August (Monday-Sunday): Esports World 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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