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Tuesday, 2 Dec 2025

What We’re Tracking Today
Economy
Capital Markets
Ipo Watch
Ipo Watch
Ipo Watch
Also On Our Radar
Planet Finance
Calendar

Real GDP to grow 4.5% in 2026 -Moody’s. PLUS: November unwinds TASI’s gains with a 9% drop.

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Today at a glance

1

ECONOMY

Real GDP to grow 4.5% in 2026 -Moody’s.
2

CAPITAL MARKETS

November unwinds TASI’s October, September gains with 9% drop.
3

IPO WATCH

Cherry Trading dips on Tadawul debut.
4

IPO WATCH

EFSIM Facilities sets IPO price range at SAR 19-20.
5

IPO WATCH

CGS wraps up Tadawul IPO, with retail portion undersubscribed.
6

ALSO ON OUR RADAR

Health Ministry inaugurates health projects worth over SAR 1.6 bn in Hail.
7

PLANET FINANCE

US equities will keep leading in 2026 — and commodities are entering a new demand cycle.

Tuesday, 2 Dec 2025

What We’re Tracking Today
Economy
Capital Markets
Ipo Watch
Ipo Watch
Ipo Watch
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF to double Japan investments by 2030

Good morning, wonderful people. Capital markets are dominating today’s issue as we delve deep into TASI’s decline in November and take stock of a flurry of IPO updates, from Cherry’s muted first-day performance, to CGS wrapping up its main market IPO with the retail portion undersubscribed, to EFSIM setting a price range that could see it raise more than SAR 300 mn.

BUT FIRST- We take a little detour to cover Moody’s latest periodic review of Saudi’s credit standing. The verdict? Real GDP growth is forecast to accelerate to 4.5% in 2026, backed by robust growth in the non-oil sector.

ALSO- The finance ministry is gearing up to unveil our FY 2026 budget, likely today. All eyes will be on how spending and borrowing will play out amid weaker oil prices, after the pre-budget statement saw a lowering of revenue projections and an increase in expenditures, while highlighting global risks including geopolitical tensions, protectionist trade policies, supply chain disruptions, and uncertainty over US monetary policy.

HAPPENING TODAY-

Black Hat MEA kicks off today at the Riyadh Exhibition and Convention Center in Malham. The cybersecurity event will host over 45k visitors from 140 countries, 450 exhibitors, and 300 speakers and will feature over 500 hours of content across 12 stages, including live hacking demos, panels, workshops, and interactive sessions, with participants from Google Cloud, Cisco, Haboob, Saudi Information Technology Company, Infoblox, Microsoft, Interpol, Mastercard, and Riot Games.

WATCH THIS SPACE-

#1- PIF to double Japan investments by 2030: The Public Investment Fund (PIF) expects its total commitments in Japan to reach USD 27 bn by the end of 2030, adding to the USD 11.5 bn it has already pumped into the country since 2017, PIF Governor Yasser Al-Rumayyan said on X at the FII Priority Asia Summit in Tokyo.

Big returns: The fund expects investments in Japan to contribute more than USD 16 bn to Saudi’s GDP, Al Rumayyan said.

We’ve been deepening ties with Japan: Japanese banks plan to issue new loans to Saudi companies and develop financial products tailored to the Kingdom’s capital markets, Investment Minister Khalid Al Falih said at the Saudi-Japanese Investment Forum in Osaka. Saudi Arabia is also considering integrating Japanese firms into its special economic zones.

The story also got ink from Bloomberg.

#2- Russia abolishes visas for Saudis: Saudi Arabia and Russia signed an agreement to mutually cancel entry visa requirements for holders of ordinary and official passports, SPA reports. The agreement permits visa-free stays of up to 90 days within a 180-day period for citizens of both countries, while excluding travel for Hajj and Umrah, which remain subject to Saudi procedures. The agreement was signed on the sidelines of the Saudi-Russian Investment and Business Forum..

DATA POINT- Tourist flows between the two countries have surged in 2024, with 52.4k Saudis visiting Russia (a 5x increase) and more than 36k Russians visiting the Kingdom, according to Asharq Business.

#3- Saudi Arabia is reportedly stepping in as mediator between Afghanistan and Pakistan, hosting high-level talks between Afghanistan and Pakistan following recent border clashes along the Durand Line, CNN-News 18 reported (watch, runtime: 2:53).

Who’s involved: A senior Afghan delegation — including Taliban member Anas Haqqani, Deputy Interior Minister Rahmatullah Najib, and Foreign Ministry spokesperson Abdul Qahar Balkhi — is in Riyadh for the discussions, while a Pakistani delegation has also arrived. In October, a similar truce was brokered by Qatar, but that truce shattered almost immediately.

What we stand to gain: Saudi has faced rising threats from the Tehrik-i-Taliban Pakistan militant groups, as well as and narcotics trafficking. Mediating a truce would help the Kingdom stabilize regional tensions, assert its leadership within the Organization of Islamic Cooperation, and position itself as a key mediator in the Muslim world.

OIL WATCH-

Saudi Aramco lifted its December official selling prices for liquefied petroleum gas, as tight global supply pushed benchmarks higher, Reuters reports, citing traders. Propane rose by USD 20 to USD 495 per ton, while butane increased USD 25 to USD 485 per ton.

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THE BIG STORY ABROAD-

European leaders reaffirmed support for Ukraine during President Volodymyr Zelenskiy’s visit to Paris, where he met French President Emmanuel Macron and joined a call with other EU leaders to coordinate positions on a revised US peace. The updated plan, which is still under negotiation, follows two rounds of US-Ukrainian talks and is expected to be reviewed in Moscow this week, where Trump’s special envoy Steve Witkoff will brief Russian President Vladimir Putin. (Reuters | New York Times | BBC | France24)

AND IN BUSINESS NEWS- Global stocks and cryptocurrencies fell yesterday as investors turned cautious ahead of key US economic data and the Federal Reserve’s 10 December policy meeting. The sell-off followed weeks of volatility driven by concerns over AI stock valuations and uncertainty about the economic outlook. (Financial Times | Reuters | Bloomberg)

ALSO- OpenAI has acquired a stake in Thrive Holdings, a private equity firm set up by top OpenAI backer Thrive Capital, in a new agreement that deepens the AI company’s ties with its investors and partners. The arrangement gives OpenAI a “meaningful” share in Thrive Holdings — which acquires and modernizes service firms like accounting and IT providers using AI. (Financial Times | Reuters | Bloomberg | CNBC | New York Times)

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2

ECONOMY

Real GDP to grow 4.5% in 2026 -Moody’s

Real GDP growth is forecast to accelerate from 4% this year to 4.5% in 2026, backed by robust growth in the non-oil sector thanks to the Kingdom’s diversification efforts, Moody’s said in its periodic review seen by EnterpriseAM. The global rating agency attributed its stable economic outlook for the Kingdom to this ongoing economic diversification, which is reducing the country's dependence on hydrocarbons in the long term.

Showing resilience: Non-oil growth is driven by mega-projects, strong private consumption, and lower unemployment. With less supportive oil prices, the government is utilizing a counter-cyclical fiscal policy to sustain its economic transformation, Moody’s said.

The fiscal deficit is projected to narrow to 3.5-4% of GDP over 2026-2027, from an estimated 5% this year, as oil prices are projected to decline from an average of USD 69 per barrel in 2025 to USD 60 per barrel in the next two years.

In line with projections: Moody’s projection comes in line with NBK’s forecasts of a fiscal deficit of 4% in 2026 from an expected 5% in 2025. Riyad Capital also sees fiscal deficit narrowing to 3.5% of GDP next year from a 5.2% forecast for this year.

The credit rating agency projects a sustained increase in Saudi’s government debt, climbing to an estimated 37% of GDP by the end of 2029 from 21% of GDP in late 2022 and 26% at the end of 2024.

The Kingdom’s credit worthiness breakdown: Saudi’s rating at “Aa3” is supported by the country’s large economy and diversification efforts, high incomes, a competitive advantage in the global oil market and strong government budget.

  • BUT- Oil market price volatility and the transition from carbon for energy still pose some risks.

A higher rating is contingent upon and reducing economic and fiscal reliance on oil, while crowding in the private sector and increasing non-oil sector developments at a faster rate than forecasted.

Risks still abound: Along with the risk of heightened geopolitical tensions, negative consequences would also emerge “if the government materially changed its prudent fiscal policy stance, such as by significantly and persistently increasing its non-hydrocarbon primary deficit that would be difficult to unwind during periods of low oil prices, or if oil prices were to decline sharply for a prolonged period compared to our baseline assumptions,” the report states.

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3

CAPITAL MARKETS

November unwinds TASI’s October, September gains 9% drop

Tadawul sinks back into the red: TASI closed November down 9.1%, finishing the month at roughly 10.6k points. This is a 12% YTD slump, marking the index’s sharpest monthly decline since mid-2022, and its steepest YTD drop in a decade, Capital Markets Analyst at CF Trade Sarah Alyasiri told EnterpriseAM. The benchmark swung between 10.6k and 11.6k over the month before settling near its lows and reversing two months of gains.

Total market cap stood at just under SAR 9 tn by the end of the month, with trading activity softening as 4.18 bn shares changed hands across 8.63 mn transactions worth SAR 86.76 bn. The banking sector took an 8% hit, while energy logged a 5.2% drop and materials went down by 9.2%, according to Asharq Business.

This wipes out October’s rebound: The gauge gained 1.3% in October, its second month of growth in a row, which had lifted TASI to 11.7k points and narrowed its YTD losses to 3.2%. That came after a stellar September, when TASI surged 7.5%, its sharpest gain so far this year on news foreign-ownership limits will be eased.

Why the nosedive? The pullback was driven more by liquidity pressures and cautious positioning than by any deterioration in fundamentals, Alyasiri said. She pointed to softer trading activity, capital being diverted toward IPOs and alternative markets, and a dip in risk appetite as factors that amplified selling pressure, particularly across heavyweight sectors. Global uncertainty, higher funding costs and the lack of near-term catalysts also weighed on sentiment.

Regulatory ambiguity played a role: A sharp reversal in sentiment was triggered by conflicting signals regarding foreign ownership limits, CEO of CI Capital KSA Fahd Al Tarzi told EnterpriseAM. While earlier speculation of a cap increase to 49% had fueled a rally in heavyweight equities, the market reacted negatively to later clarification from the Capital Markets Authority that dates and caps have not been determined yet and a review is not slated until 1Q 2026, which drove an immediate sell-off as speculative positions unwound, according to Al Tarzi.

New White Land taxes may also be involved, Al Tarzi added. The contraction in trading volumes is being driven by capital reallocation in response to the new fees on undeveloped lands, prompting ultra-high-net-worth investors to liquidate equity positions to cover looming tax liabilities. This structural shift has dried up market liquidity, with daily turnover dropping significantly as land owners rushed to raise capital or commence infrastructure development to mitigate the new costs, Al Tarzi told us.

The technical picture: The index is now trading near the 10.5k level, still within a broad sideways range and holding above major support around 10k, a zone reinforced by the 100-month moving average, Alyasiri told us. A break below that would be a bearish signal that could open the door to the 8.5k region, while a sustained move above 11.6k would be needed to restore bullish momentum and set a new directional trend.

Alyasiri adds that the outlook remains conditional rather than negative. Potential drivers of a recovery include improving liquidity, steadier oil prices, clearer global monetary policy signals in 2026, and supportive regulatory moves.

DATA POINT- The most active by value: Al Rajhi Bank topped the market with SAR 5.95 bn traded over the month, followed by Saudi Aramco at SAR 5.19 bn and Saudi National Bank at SAR 3.30 bn.

ICYMI- Equity turnover cooled across both the main and parallel markets in 3Q, with TASI averaging 11.5k points and main-market value traded slipping to SAR 326 bn from SAR 446 bn a year earlier, according to the CMA’s latest quarterly bulletin. Nomu saw similar softness, flattening around 25.47k as total value traded eased to SAR 2.05 bn from SAR 2.98 bn in 3Q 2024.

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4

IPO WATCH

! Cherry Trading dips on Tadawul debut

Car rental company Cherry Trading closed down 5.7% at SAR 26.40 on its Tadawul debut yesterday, playing into a pattern of muted first-day performance on the main market amid broader liquidity pressures. The stock traded between a low of SAR 25.9 and a high of SAR 29.0, with 9.24 mn shares changing hands across 23.7k trades worth SAR 257.6 mn.

The downbeat debut stands in contrast to the strong demand during the offering phase, where the retail tranche closed 6.5x oversubscribed and the institutional bookbuild drew 85.6x coverage, prompting the company to price at SAR 28 a share. Cherry floated a 30% stake, 9 mn shares, in a combined primary and secondary sale.

Usual caps apply: Cherry’s shares will be allowed to fluctuate within a 30% range, with a static band of 10% for the first three trading days. Starting from the fourth day, shares will be allowed to trade at a 10% volatility as circuit breakers kick in.

IN CONTEXT- This is the smallest IPO on the main market so far this year: Cherry’s SAR 252 mn raise sits at the very bottom of the 2025 proceeds table, coming in just below Sport Clubs Company (SAR 257 mn) and well behind mid-tier floats such as Marketing Home Group (SAR 408 mn) and Entaj (SAR 450 mn).

Looking ahead, EFG Hermes noted that the company’s post-listing performance will depend on fleet-utilization efficiency, the adoption of digitized fleet-management solutions, and the robustness of its governance practices, as well as overall liquidity conditions, according to a press release (pdf).

ADVISORS- - Our friends at EFG Hermes KSA, along with BSF Capital, acted as financial advisors, bookrunners and underwriters. Receiving agents included Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, Al Bilad Investment, Al Jazira Capital, Alistithmar Capital, Derayah Financial, ANB Capital, Yaqeen Capital, Al Khabeer Capital, Sab Invest, Saham Capital, GIB Capital, Musharaka Capital and Awaed Alosool Capital.

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5

IPO WATCH

EFSIM Facilities sets IPO price range at SAR 19-20

Riyadh-based EFSIM Facilities Management is guiding on a price range of SAR 19-20 per share for its IPO on Tadawul’s main market, according to a press release (pdf). The final offer price, which should be determined after bookbuilding ends on 22 December, could see the IPO fetch some SAR 336 mn in proceeds at the top of the range, implying a market cap of SAR 1.12 bn at listing.

REFRESHER- The facilities management provider is offering a 30% stake (post-IPO), good for 16.8 mn shares, in a combined primary and secondary sale on Tadawul. The listing includes 11 mn new shares and 5.8 mn secondary shares sold by existing shareholders EFS Group, AlKhafrah, Lama, Career First, and Khaled AlKuwaiz, whose combined interest will fall to 70%. Only the primary portion of the offering will flow to the company.

Institutional subscription opened yesterday, and will run until 7 December. Institutional investors can subscribe to between 50k and 2.8 mn shares each. Meanwhile, retail buyers will get a 30% clawback from 18 to 22 December, where they can subscribe for a minimum of 10 shares and up to 750k shares. Final allocations should take place by 25 December.

ADVISORS- Our friends at EFG Hermes KSA are acting as financial advisor, lead manager, underwriter, and bookrunner. Zeyad Sameer Khoshaim (K&A) is legal counsel to the issuer, while White & Case is the underwriter counsel. PwC handled financial and tax due diligence, Deloitte is auditor, and Arthur D. Little provided market research.

Receiving agents include EFG Hermes KSA, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Yaqeen Capital, AlKhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Capital.

ALSO IN THE PIPELINE-

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6

IPO WATCH

CGS wraps up Tadawul IPO, with retail portion undersubscribed

Consolidated Grünenfelder Saady Holding’s (CGS) retail offering closed undersubscribed, with nearly 79k subscribers taking up 4.3 mn shares at SAR 10 apiece, representing 14.2% of total shares on offer, it said in a press release (pdf). Some 20% of the total IPO was open to retail buyers, according to the prospectus. Final allocations are due tomorrow, with the first day of trading still under wraps.

REFRESHER- This comes after last week’s stellar institutional offering, which closed 61.1x oversubscribed and prompted CGS to price its IPO at SAR 10, the top end of the range. The offer price values the company at around SAR 1 bn at listing and will see selling shareholders raise roughly SAR 300 mn in gross proceeds. CGS, which holds 41% of Saudi Arabia’s automotive refrigeration and vehicle-body solutions market, is floating a 30% stake, equivalent to 30 mn existing shares, in a fully secondary sale on Tadawul. Post-listing, substantial shareholders will retain a combined 70% stake under a six-month lockup.

This puts CGS toward the bottom of this year’s Tadawul IPO league table: Its roughly SAR 300 mn raise slots well below mid-sized offerings such as Marketing Home Group (SAR 408 mn) and comfortably under Entaj (SAR 450 mn).

Advisors: Aljazira Capital is acting as the financial advisor, lead manager, underwriter, and joint bookrunner alongside Arqaam Capital. Himmah Capital is advising the selling shareholders, with Latham & Watkins providing legal counsel. PwC is acting as the financial due diligence advisor, Ernst & Young as the auditor, and Euromonitor International as the market consultant.

Receiving agents include Aljazira Capital, BSF Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Investment Company, Alistithmar Capital, Derayah Financial, Alinma Capital, ANB Capital, Yaqeen Capital, Alkhabeer Capital, Sab Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG Hermes KSA, and Awaed Alosool Capital.

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7

ALSO ON OUR RADAR

Health Ministry inaugurates health projects worth over SAR 1.6 bn in Hail

HEALTHCARE-

The Health Ministry inaugurated 37 health projects worth over SAR 1.6 bn in the Hail region, alongside eight community participation projects, state news agency SPA reports. The new projects include Hail General Hospital, alongside initiatives by the Saudi Red Crescent Authority. Developmental works involve upgrading the endoscopy, pediatric care, and diabetic foot sections at King Khalid Hospital, while Moqaq General Hospital saw the development of dental clinics, and a new health center was inaugurated within the Hail Health Cluster.

M&A WATCH-

Aqaseem Factory to acquire 40% of Leader Express: Aqaseem Factory for Chemicals and Plastics Company signed a six-month non-binding MoU to acquire a 40% stake in Leader Express Car Services Company, which operates over 67 service centers in Saudi Arabia, it said in a disclosure to Tadawul. The transaction will be financed from Aqaseem’s own resources and is subject to legal and financial due diligence, as well as regulatory and shareholder approvals.

ADVISORS- Aqaseem Factory tapped Value Financial Company to provide a fair opinion on the transaction, with specialized advisors to be appointed for the valuation and due diligence process, according to a corrective statement. Leader Express has not appointed a financial advisor yet.

REAL ESTATE-

SMC Healthcare plans Al Wadi Fund for hotel or healthcare development: SMC Healthcare plans to establish the Al Wadi Real Estate Fund, a close-ended, Shariah-compliant investment vehicle, that will be used to develop either a five-star hotel or a healthcare project on the site, it said in a disclosure to Tadwul. The fund will be structured through SMC contributing its land parcel as an in-kind stake in exchange for equity. BLME Capital is serving as fund manager.

CAPITAL MARKETS-

The Public Investment Fund (PIF) and its commercial notes received an inaugural short-term credit rating of A-1 with a stable outlook from S&P Global Ratings, according to a press release. The wealth fund also holds long-term Aa3 and short-term P-1 ratings with a stable outlook from Moody’s, and long-term A+ and short-term F1+ ratings from Fitch.

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8

PLANET FINANCE

UBS sees upside for US stocks next year as China stabilizes and commodity demand strengthens

A clearer macro backdrop, falling inflation, and steady earnings growth could set up a stronger year for global markets in 2026, according to UBS’s latest Year Ahead outlook. The bank expects global equities to rise by around 15% through next year, led by resilient corporate profitability and long-term investment themes such as AI-driven power demand, healthcare innovation, and the energy transition.

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

The US is still the engine of global equity returns, says UBS, which anchors its 2026 outlook in the US, where strong earnings momentum — including a prediction the S&P 500’s earnings per share will rise 10% y-o-y to USD 305 — supports the bank’s call that the index could reach 7.7k by year-end. The Magnificent 7 remain central to that view, with UBS estimating that the group will contribute nearly half of earnings growth next year as AI adoption, higher corporate investment, and supportive policy continue to drive profitability.

UBS also flags several sectors that it thinks are entering stronger phases. Healthcare stands out thanks to policy stability and the continued boom in obesity meds. Utilities are poised to benefit from rising power demand tied to AI infrastructure, while their valuations remain at an 18% reduction from historical averages. Banks are expected to deliver more stable returns, with sector-wide return on equity rising toward 11.5% and balance sheets still looking solid.

Europe also shows encouraging signs. UBS upgraded Europe to “Attractive,” pointing to a sharper earnings rebound — predicted to be up 7% y-o-y in 2026 and 18% y-o-y in 2027 — and cheaper valuations, with equities still trading at a 22% reduction from historical norms. Easier financial conditions after 200 bps of European Central Bank cuts and Germany’s investment plans also strengthen the case.

Investors should also look towards emerging markets, with UBS highlighting emerging markets as offering a way to get diverse exposure to AI and semiconductors outside of the US, as tech now makes up over 40% of the MSCI EM index. Fed easing and a softer USD should help deliver “high single-digit” returns by end-2026, according to the lender.

China’s improvements in tech innovation, stronger domestic liquidity, and resilient earnings have set the stage for further upside. Valuations are above historical averages, but remain well below prior cycle peaks, leaving room for expansion as fundamentals improve. Policy continues to favor advanced manufacturing and technology under the Five-Year Plan, while rising domestic investor participation is adding support. UBS sees US-China tensions as a source of volatility — but also as a chance to add exposure on dips.

Commodities are another bright spot in the 2026 outlook. UBS expects attractive returns across major commodity groups due to tightening supply-demand balances and ongoing geopolitical risk. In precious metals, the bank sees continued upside supported by persistent official-sector buying, fiscal uncertainty, and global risk hedging. In energy, 2025 underperformance sets up a rebound once non-OPEC+ supply growth slows and demand recovers through mid-2026. Industrial metals — led by copper — should benefit from structural shortages tied to the energy transition and recent supply disruptions. Agriculture, which slumped through 2025, becomes more appealing next year as tight cocoa and coffee markets, weather risks, and low livestock inventories support prices.

The bank recommends maintaining 30-70% of portfolios in equities depending on risk appetite, with the US representing at least half of any global allocation. Up to 30% of equity exposure can be dedicated to long-term themes like AI infrastructure, health-span innovation, and decarbonization. Commodities may play a tactical role of up to 5% in diversified portfolios, while factor-based and systematic strategies can complement regional positioning.

MARKETS THIS MORNING-

Asian markets are mostly in the green in early trading this morning, with the Kospi leading gains, up 1.6%, and the Nikkei and Hang Seng trailing behind.

TASI

10,543

-0.5% (YTD: -12.4%)

MSCI Tadawul 30

1,382

-0.5% (YTD: -8.4%)

NomuC

23,995

+0.4% (YTD: -23.8%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.5% repo

4.0% reverse repo

EGX30

4,302

-0.4% (YTD: +39.4%)

ADX

9,747

+0.4% (YTD: +3.5%)

DFM

5,837

+0.4% (YTD: +13.2%)

S&P 500

6,813

-0.5% (YTD: +15.8%)

FTSE 100

9,703

-0.2% (YTD: +18.7%)

Euro Stoxx 50

5,667

0.0% (YTD: +15.8%)

Brent crude

USD 63.27

+0.2%

Natural gas (Nymex)

USD 4.89

-0.6%

Gold

USD 4,236

-0.9%

BTC

USD 86,604

-0.7% (YTD: -7.5%)

Sukuk/bond market index

919.01

-0.1% (YTD: +1.9%)

S&P MENA Bond & Sukuk

152.33

-0.1% (YTD: +8.9%)

VIX (Volatility Index)

17.24

+5.4% (YTD: -0.6%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.5% yesterday on turnover of SAR 3.6 bn. The index is down 12.4% YTD.

In the green: Alistithmar Reit (+3.6%), SRMG (+3.2%) and Rasan (+3.1%).

In the red: SIDC (-8.3%), Aljazira Reit (-5.8%) and Cherry (-5.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.4% yesterdayon turnover of SAR 21.7 mn. The index is down 23.8% YTD.

In the green: INMAR (+18.2%), ITMAM (+9.7%) and NBM (+9.6%).

In the red: HKC (-9.8%), Alfakhera (-6.0%) and Almodawat (-5.8%).

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CALENDAR

NOVEMBER

30 November -11 December (Sunday-Thursday): The Absher Tuwaiq Hakathon (remote).

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.

2-4 December (Tuesday-Thursday): Black Hat MEA, Riyadh Exhibition and Convention Center, Malham.

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

7 December (Sunday): Beginning of real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

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.

11 December (Thursday): Public school holiday.

11-13 December (Thursday - Saturday): The Absher Tuwaiq Hakathon (in-person).

15-17 December (Monday-Wednesday): Host Arabia, Riyadh Front Exhibition and Conference Center.

15-17 December (Monday-Wednesday): Saudi HORECA, Riyadh Front Exhibition and Conference Center.

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.

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.

10-18 January (Saturday-Sunday): Public school mid-year break.

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.

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

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, 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.

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday) King Salman Stadium design-and-build contract prequalification submission deadline.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

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.

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

  • 2H: Sabic’s USD 6.4 bn Fujian project in China to start production 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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