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IPO
Dar Al Balad’s retail tranche 3.7x oversubscribed
The sizable retail participation is the latest sign that demand for Saudi IPOs remains resilient
Contractor Mutlaq Al Ghowairi is coming to Tadawul
This is a secondary sale, meaning MGC itself won’t receive any proceeds from the IPO
Cerebras pops on first day of trading in biggest year for AI in capital markets yet
The IPO is the first of several potential blockbusters that could make this the year…
M&A
BlueFive Capital to restructure and absorb a struggling Gulf General Ins.
The agreement sets a capital restructuring plan with a 42% stake for BlueFive
Fakeeh Care moves to full ownership of Al Fagih
This is the latest in a wave of consolidation among the Kingdom's listed hospital operators
HPDC finalizes its SAR 8 bn investment in MBRF’s Sadia Halal
Sadia is currently gearing up for a Tadawul listing
Saudi General Food Security Authority awards latest wheat tender
Plus: Jamjoom Pharma to acquire Pfizer’s KAEC manufacturing plant
Debt
Dar Al Arkan raises USD 600 mn + Alinma Bank kicks off a new sukuk issuance
Alinma Bank and Dar Al Arkan are issuing USD-denominated offerings
THIS MORNING: Dar Al Arkan eyes fixed-rate USD financing
Rising deposits bolster Saudi banks’ liquidity amid slower credit expansion
Why SAR denominated paper will be hard to ignore for global funds
The dual inclusion is projected to trigger over USD 10 bn in “automatic” inflows
SRMG doubles down in Thmanyah, Al Akaria awards Porta Jeddah contract
PLUS: FinMin’s May sukuk issuance raises over SAR 2.4 bn
Macro + Economy
Inflation cools in April
Readings remain stable at well under the 2% level, as higher oil prices could…
Saudi’s fiscal resilience could face a reality check when Hormuz reopens
Saudi’s budget deficit could hit SAR 250 bn if oil prices soften and spending…
THIS MORNING: A sub 4% deficit? Only if Hormuz reopens for Saudi Crude exports
Autonomous buses are coming to Quba Mosque
Budget deficit widens to eight-year high in 1Q
The gap was driven by a 20% y-o-y increase in expenditure and a 1%…