Investors pile into first post-war IPO

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WHAT WE’RE TRACKING TODAY

Ziorak eyes Nomu listing

Good morning, friends. We have a packed issue today, led by massive institutional demand for Dar Al Balad, our first post-war IPO. We’re also tracking PIF’s SAR 8 bn move into the halal food supply chain, the infrastructure overhaul prepping Aseer for the World Cup, and a post-mortem on why the Kingdom’s USD 150 mn cinematic epic stalled at the box office.

Watch this space

Ziorak inches closer to its Nomu IPO: Mayar Holding subsidiary Ziorak plans to submit an application to the Capital Markets Authority to list 30% of its shares following a capital increase, according to a Tadawul disclosure.

Behind the listing: The move is part of Mayar’s strategy to expand operations in the plastics manufacturing sector, including irrigation pipes, landscaping irrigation projects, footwear manufacturing, and related industries.

ADVISORS- Mayar Holding previously appointed Mefic Capital as financial advisor to arrange the offering and listing of Ziorak.

ENERGY — Aramco is holding May’s liquefied petroleum gas (LPG) official selling prices steady, with propane at USD 750 per ton and butane at USD 800 per ton, Reuters reports, citing traders.

LPG prices are still running high as Aramco continues to hold back LPG shipments from its Juaymah export facility for May. The facility, which has yet to recover from structural damage sustained in late February, accounts for about 3.5% of global seaborne LPG exports. The disruption is tightening the market and pushing buyers — particularly in Asia and India — to seek alternatives.

COMPANIES — Is Careem winding down its operations in Saudi? FWDstart reported the Dubai-based super app is stripping away most of its consumer services in the Kingdom. And while no official announcement has been made, Careem co-founder was quoted as referring to a “strategic pause of [its] Quick Commerce verticals in KSA.” He said that “Careem KSA is winding down most of its platform services,” with the exception of Rides and Bikes. The move has left dozens of Careem employees out of work.

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Sports

A major upset for Al Nassr gives Al Hilal hope for SPL title: Al Qadsiah ended Al Nassr’s unbeaten 20-match run with a commanding 3-1 victory at Prince Saud bin Jalawi Stadium in Dammam on Sunday, in what may prove to be the most consequential result of the season.

The hosts drew first blood in the 24th minute through Mohammed Abu Al Shamat, before João Félix pulled Al Nassr level just before the break. But the second half belonged entirely to the home side — Al Nassr held 58% possession throughout but was unable to convert its dominance into goals, with Cristiano Ronaldo largely ineffective on the night.

The defeat carries immediate title race implications. Al Nassr — which had been five points clear at the top — has now handed Al Hilal a lifeline, with the second-placed side having a game in hand and facing Al Khaleej today.

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The big story abroad

The US-Iran war is once again dominating headlines after Iran attacked the UAE and the US sank Iranian boats crossing the Strait of Hormuz, casting doubts about an already shaky ceasefire.

The details: Iran launched a fresh wave of attacks across the UAE — its first since the ceasefire took place almost a month ago — most notably targeting the country’s Fujairah Oil Industry Zone. Meanwhile, the US said it sank several small Iranian boats and shot down missiles and drones launched from Iran as it pushed to open up the strait through its so-called Project Freedom.

It remains unclear what this means for peace negotiations, but it appears that they’re still on track. “As talks are making progress with Pakistan's gracious effort, the US should be wary of being dragged back into quagmire by ill-wishers. So should the UAE,” Iran’s Foreign Minister said on X earlier this morning.

Oil jumped following the exchange of attacks, with Brent futures rising some 6% to USD 114.44 per bbl.

Analysts don’t think investors are grasping the gravity of the situation, with some saying that the energy crisis could be pushing global economies into a big recession. “We think oil should be higher and the equity market should be a lot, lot weaker,” head of market intelligence at Energy Aspect Amrita Sen told CNBC, explaining that there is an “extremely misplaced euphoria.”

Circle your calendar

The International Conference on Theory and Practice of ElectronicGovernance will take place from Monday, 28 September to Thursday, 1 October at Prince Sultan University in Riyadh. The UN-backed event brings together academics and policymakers to explore how digital technologies can enhance public services, governance, and citizen engagement.

Large appetite

Institutional investors still have an appetite for Saudi IPOs: Dar Al Balad for Business Solutions priced its IPO at the top of its guiding range at SAR 9.75 per share — implying a transaction size of around SAR 205 mn (USD 55 mn) — after the institutional book-build came in 66.6x oversubscribed, the company said in its final price announcement (pdf) yesterday.

What it means for valuation: The pricing values the company at SAR 682 mn (USD 182 mn) — or roughly 13.5x its 2025 net income of SAR 51 mn. Not cheap for an IT services firm, but not out of line with the multiples Tadawul-listed tech names have been trading at.

Why it matters: As the first Gulf IPO since the war broke out in late February, this level of oversubscription is the clearest data point yet on whether institutional money is still willing to put capital to work in Saudi and the region.

What’s next?

Retail gets its turn: Individual subscriptions kick off on Sunday, 10 May and run through Thursday, 14 May. Retail allocations are capped at 6.3 mn shares (30% of the offering), with a 10-share floor and a 100k-share ceiling per applicant. Final allocations land on 18 May and refunds will be processed by 21 May.

Tranche dynamics: The issuance manager can shrink the share allocated to public funds from 30% to as little as 21% (4.41 mn shares) if retail demand turns out as strong as the institutional response suggests. That means the more retail investors pile in, the less public funds get.

Listing date: Tadawul will announce the start of trading once the regulatory housekeeping is wrapped up, but if the timeline holds, expect shares to start changing hands in the back half of May.

What we’re watching: Whether Berain — the bottled water player whose CMA approval landed the same day Dar Al Balad published its prospectus — moves quickly to take advantage of the same window.

ADVISORS- AlJazira Capital is quarterbacking the transaction as financial advisor, lead manager, and underwriter. It is also acting as joint bookrunner alongside Emirates NBD. Baker McKenzie is counsel.

HPDC finalizes investment in MBRF’s Sadia Halal

HPDC seals its investment in Sadia: PIF-owned Halal Products Development Company (HPDC) finalized its SAR 8 bn investment in Brazil-based MBRF’s food platform Sadia Halal, according to a press release.

REMEMBER- HDPC is picking up MBRF’s infrastructure in the region. The newly formed Sadia Halal will include all the manufacturing facilities, distribution centers, and logistics assets owned by MBRF across Saudi Arabia, the UAE, Qatar, Kuwait, and Oman. Direct export operations of poultry, beef, and processed halal food products to markets across MENA are also part of the new entity.

What’s HDPC’s share? The firm confirmed its commitment to hold a minimum 20% stake in Sadia, up from 10% previously. Sadia’s regional headquarters will also reportedly relocate to the Kingdom.

Next stop: Tadawul. Sadia has already initiated the required steps and procedures for a potential listing on Tadawul, according to the presser. Meanwhile, HPDC has the option to increase its holding to up to 40% ahead of the anticipated IPO.

Why it matters: The move signals that the Kingdom is attempting to widen its supply chain influence and capitalize on the food resources already present in the region, especially as the regional conflict caused shipment disruptions and limited the options available to GCC countries.

Regional options are the safest choices: Saudi Arabia is boosting its food sector resilience by expanding capacity and investing in overland logistics such as rail links through neighboring countries. The regional conflict drove this strategy as owning farmland and assets abroad doesn’t ensure that those supplies will reach the Kingdom safely if key routes like the Strait of Hormuz and Bab Al Mandab are disrupted.

Aseer gears up with roads, rails, and runways for 2034

Aseer is getting an infrastructure overhaul ahead of the 2034 World Cup. As the Kingdom prepares for its role as a host city, the Aseer Development Authority has outlined a package of large-scale transport, aviation, and tourism projects aimed at improving connectivity and expanding capacity across the mountainous region.

Roads, rails, and more

Slicing road travel time in half: Chinese contractors are developing a 130-km road project linking Abha and Jizan, Aseer Development Authority Vice President Abdulqader Amir told Aleqtisadia. The project features 26 bridges and tunnels, aiming to reduce travel time from three hours to 90 minutes. Initial costs are estimated at SAR 19 bn, potentially rising to SAR 39 bn under a build-operate model.

Putting Aseer on the right track(s): Plans are in motion to connect the Bisha region to the national railway network, Amir said. Plus, Greater Abha is getting a ground-based metro-style system — connecting Abha, Khamis Mushait, and Al Majardah with the rest of the region — to manage congestion during peak seasons, he added.

A new airport, and a bigger arrival gate for Aseer: A new Aseer airport also entered the final bidding stages for development, Amir said. It will be built north of the existing airport and will eventually increase capacity to 12 mn passengers annually. Construction is expected to kick off in early 2027, with completion targeted within five years.

Aseer is a hard region to traverse. Between the 3k-meter peaks of Al Soudah and some 4k scattered villages, the geography is a puzzle. Throw in heavy rain and thick mountain fog, and you can see why the transport network needs a more planned, bespoke approach compared to flatter urban hubs like Riyadh.

The stadium’s also getting an expansion: Work has kicked off on King Khalid University Stadium’s expansion to a 45k-seat capacity, with implementation expected to begin by the end of this year.

Hospitality is getting an injection too

Getting Aseer’s hotels World Cup-ready: Some SAR 5 bn in private-sector investment has been pumped into the region — most of which is going to hospitality and hotel projects to expand Abha’s hotel capacity to 15k rooms for the World Cup. Meanwhile, the flagship, PIF-backed, SAR 15 bn luxury entertainment and hotel project Soudah Peaks is expected to break ground within a year and wrap up within three to five years.

A broader tourism play

Hedging risk through geo-diversification: Aseer has been working to attract some SAR 15 bn in private investments to make the region a year-round tourism destination. The recent push to develop Aseer’s infrastructure and touristic capabilities signals a move to decentralize the Kingdom’s tourism portfolio away from Riyadh and the Red Sea. By developing the southern highlands, the Kingdom is creating a more diversified tourism map that can mitigate the impact of regional geopolitical tensions.

Desert Warrior disappoints

The Kingdom’s most expensive film ever made has continued to disappoint. Desert Warrior, the USD 150 mn Saudi epic backed by MBC Studios and starring Avengers star Anthony Mackie and Academy Award laureate Ben Kingsley, grossed just USD 87k from 6.1k admissions in Saudi Arabia over its opening weekend, ranking eighth at the local box office.

Across the wider Middle East, total ticket sales have struggled to clear USD 225k, while the US run brought in roughly USD 596k from some 1k screens. Recovering anything close to the production budget at the box office is off the table, and industry headlines are now placing Desert Warrior alongside the costliest flops in cinema history.

A troubled road to the screen: The film was already wounded long before it reached the box office. Principal photography wrapped in February 2022, but a lengthy and difficult post-production stretched the timeline by four years. Director Rupert Wyatt — of Planet of the Apes fame — briefly walked away from the project in October 2024 over creative differences before returning to finish editing, with Gary Ross brought in for uncredited rewrites along the way.

Distribution was another headache: Film distributor Vertical only acquired the rights in February 2026, and industry sources flagged that Desert Warrior struggled to identify a clear demographic, looking like a big-budget Hollywood film without a compelling narrative.

The war might have put an extra damper on it. The release landed in the middle of the most disruptive regional crisis in years, with audiences across the GCC preoccupied by the US-Iran conflict, the Hormuz fallout, and rolling security alerts.

The silver lining: Desert Warrior is the most expensive production ever shot in the Kingdom, with principal photography in Neom and Tabuk, and Saudi crews receiving on-the-job training as part of the broader push to build out a domestic film industry. The USD 150 mn spend built filmmaking infrastructure in Saudi Arabia that future productions can continue to draw on, meaning the strategic case might not collapse with the box office.

What to watch: Whether decision makers read Desert Warrior as a timing problem (war + a troubled five-year post-production) or a strategic one (Saudi tentpoles can’t crack global audiences). New projects are already in the pipeline, including Unbroken Sword from Game of Thrones director Alik Sakharov. The bigger question for the sector is whether the next big swing lands in a calmer geopolitical window to truly test the case for big Saudi productions.

Earnings season heats up

More 1Q earnings: A handful of companies released their latest financials yesterday, giving us an indication of how they started off the year.

Al Rajhi Takaful

Al Rajhi Takaful Company for Cooperative Ins. (Al Rajhi Takaful) reported a 25% y-o-y increase in net income to SAR 113.5 mn in 1Q 2026, according to a Tadawul disclosure. The growth was attributed to a 27.1% jump in ins. service results, alongside a sizable boost from investment income. The firm’s revenue rose by 24.8% y-o-y to SAR 1.5 bn on higher volumes.

Cap hike: The company also secured approval from the Capital Market Authority to double its capital to SAR 2 bn via a one-for-one bonus share issue, funded by transferring SAR 1 bn from retained earnings. This will raise the firm’s outstanding shares to 200 mn from 100 mn.

Saudi German Health

Saudi German Health saw its bottom line shrink 84% y-o-y to SAR 25.7 mn in 1Q 2026, according to a Tadawul disclosure. The decline was mainly due to the absence of a one-off SAR 114 mn gain from a land sale the previous year, alongside new fees from the national health ins. platform on Health Ministry revenues and losses from a minority investee. Meanwhile, revenues rose 4.3% to SAR 765.2 mn, driven by a higher patient volume and the ramp-up of subspecialty services.

Walaa Cooperative Ins.

Walaa Cooperative Ins. swung to a net income of SAR 16.2 mn in 1Q 2026, recovering from a loss of SAR 68 mn the year prior, according to a Tadawul disclosure. The turnaround was driven by an improved ins. service result, a shift to net investment gains, and income from a subsidiary. Revenues, however, fell 19.7% y-o-y to SAR 633.2 mn, weighed by declines across most segments — led by a nearly 50% drop in non-linked P&S and a 42% fall in motor.

Aldawaa Medical Services

Aldawaa Medical Services’ net income dropped 8.4% y-o-y to SAR 321.8 mn in 2025. The decline was driven by higher spending on expansion, digitalization, and distribution, as well as one-off losses and impairment provisions. Revenues climbed 4.4% to SAR 6.7 bn, supported by growth across its retail (+3%), distribution (+24.8%), and logistics (+43%) segments.

Dividends: The company’s board signed off on a SAR 53.6 mn dividend payout for 4Q 2025 at SAR 0.63 apiece. The distribution date is set for 20 May.

BinDawood inches closer to acquiring majority stake in Vaza Food

GAC greenlights BinDawood’s majority stake in Vaza Food

BinDawood moves closer to acquiring 51% stake in Vaza Food: BinDawood Holding received the green light from the General Authority for Competition (GAC) to proceed with its SAR 217.9 mn acquisition of a 51% stake in Vaza Food Company, according to a Tadawul filing. The non-objection certificate clears the primary regulatory path for the grocery retail giant to finalize its majority control of the food player.

Ades snaps up drilling contract in Nigeria

Ades Holding will provide offshore drilling services in Nigeria for Seplat Energy under a SAR 347.6 mn (USD 92.7 mn), two-year contract, the firm said in a Tadawul disclosure. The contract includes two optional one-year extensions, with operations expected to start in the second half of 2026 following the completion of the current regional campaign.

Mawani standardizes 15-day cap on transit storage fee exemption periods

Mawani released details about the exemption periods for transit storage fees, which are set at a maximum of 15 days for a duration of two months. The Saudi Ports Authority had announced last week it was allowing importers and exporters to release goods from port terminals before settling storage fees.

The details: The exemption applies to transit cargo, including containers, flatbeds, trailers, and hazardous goods at Jeddah Islamic Port. The same exemption was extended for general cargo and RoRo (excluding containers) at King Abdulaziz Port in Dammam, King Fahd Industrial Port in Yanbu, Yanbu Commercial Port, and the Port of Neom, according to another announcement.

Bidding opens for nationwide kidney care project

Expressions of interest and requests for qualification are open until 15 June for the Chronic Kidney Disease Care and National Dialysis Services project, Zawya reports. Launched by the Health Ministry, Defense Ministry, and National Center for Privatization & PPP, the project aims to serve at least 11.5k patients nationwide. The six-year contract will see private sector partners design, finance, and maintain facilities while delivering full renal care services, with the project split into four regional packages.

GameStop’s Gulf gambit

GameStop CEO Ryan Cohen is courting GCC sovereign wealth funds (SWFs) to bridge the equity gap in his USD 55.5 bn unsolicited takeover bid for eBay, the Wall Street Journal reports. GameStop, a meme stock and the world’s largest video game retailer, already owns around 5% of the legacy marketplace platform — which trades at roughly 4x its market cap. Both the buyer and the target are listed on Nasdaq.

A case of big eats… bigger? This reverse-scale acquisition will need a massive third-party equity injection to cross the finish line, which Cohen is turning to our part of the world to find. The structure also includes USD 9.4 bn from GameStop’s own coffers and a USD 20 bn debt commitment from Toronto-based investment bank TD Securities, leaving some USD 26.1 bn to be filled by SWF equity.

It’s not a shot in the dark. GCC SWFs love playing equity bridge for marquee Western take-privates. The hunt for regional capital tracks with the Public Investment Fund’s (PIF) record USD 55 bn leveraged buyout of Electronic Arts and its minority position in Nintendo through its gaming arm, Savvy Games Group.

How the bid stacks up: At USD 125 per share, the 50-50 cash-and-stock offer represents a 20% premium to eBay’s close on Friday and a 46% premium to its closing price in early February, CNBC reports.

The logic? eBay is bloated and undervalued. “EBay should be worth — and will be worth — a lot more money,” Cohen, who sits on a meme-era cashpile, told WSJ, adding that he wants to make it the “legit competitor to Amazon.”

What’s next: eBay’s board has to respond. If it rejects the offer, Cohen said he’s prepared for a hostile proxy fight.

Pundits are skeptical: “Though the companies overlap in collectibles and resale, we see low probability of an [agreement],” according to Bloomberg Intelligence analysts Poonam Goyal and Sydney Goodman. Bernstein analysts separately wrote that they “see real challenges to structuring this [agreement].”

Market reax: eBay popped as much as 13.4% in after-hours trading to USD 118, but still traded well below offer, suggesting the market isn’t fully buying the takeover. GameStop, meanwhile, added roughly 4% to USD 27.6.

MARKETS THIS MORNING-

Markets in Japan, Korea, and mainland China are closed today in observance of holidays. When they open, we’ll be closely watching how investors react to renewed tension in the Middle East. It remains unclear how US equities will open with futures flat.

TASI	11,091	-0.9% (YTD: +5.7%)
MSCI Tadawul 30	1,476	-1.2% (YTD: +6.4%)
NomuC	22,807	-0.6% (YTD: -2.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	51,974	-0.7% (YTD: +24.3%)
ADX	9,821	+0.3% (YTD: -1.7%)
DFM	5,780	+0.2% (YTD: -4.4%)
S&P 500	7,201	-0.4% (YTD: +5.2%)
FTSE 100	10,364	-0.1% (YTD: +4.4%)
Euro Stoxx 50	5,764	-2.0% (YTD: -0.6%)
Brent crude	USD 113.80	-0.6%
Natural gas (Nymex)	USD 2.85	-0.6%
Gold	USD 4,530	-0.1%
BTC	USD 79,978	+1.8% (YTD: -8.7%)
Sukuk/bond market index	914.97	-0.2% (YTD: -0.5%)
S&P MENA Bond & Sukuk	151.40	+0.1% (YTD: -0.3%)
VIX (Volatility Index)	18.29	+7.7% (YTD: +22.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.9% yesterday on turnover of SAR 6.1 bn. The index is up 5.7% YTD.

In the green: Al Sagr Cooperative Ins. (+10.0%), Amana Cooperative Ins. (+10.0%), and Saudi Enaya Cooperative Ins. (+6.7%).

In the red: Middle East Healthcare (-7.3%), Nofoth Food Products (-7.3%), and Al Majed Oud (-6.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 20.9 mn. The index is down 2.1% YTD.

In the green: Digital Research Co. (+16.9%), Mayar Holding (+6.9%), and Marble Design (+6.2%).

In the red: Leaf Global Environmental Services (-8.7%), National Signage Industrial (-7.0%), and Taqat Mineral Trading (-7.0%).

CALENDAR

MAY

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

24-28 May (Sunday-Thursday): Eid Al Adha holiday.

JUNE

15-17 June (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

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

21-24 June (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

22-24 June (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

JULY

6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

AUGUST

30 August-1 September (Sunday-Tuesday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

31 August-3 September (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

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

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

NOVEMBER

25-29 November (Wednesday-Sunday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
September: Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center;
November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;
SkyMove Air Cargo MENA, 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;
Capital Markets Forum takes place in March in Riyadh.

Signposted to happen sometime in 2Q 2027:

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

2027

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

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