Non-oil business activity remained strong in March

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WHAT WE’RE TRACKING TODAY

THIS MORNING: White House national security advisor Jake Sullivan postpones trip to Saudi after cracking a rib

Good morning, friends. Just a couple more workdays left and we can all slide into Eid Al Fitr vacation. We hope you’re looking forward to it as much as we are — and that you’re able to unwind a little bit this weekend. In the meantime: The late-Ramadan news slowdown is in full effect.

BUT FIRST- White House national security advisor Jake Sullivan postponed his planned trip to Saudi Arabia, Axios wrote overnight. A spokesman for the Biden administration told the outlet that Sullivan is recovering from a cracked rib suffered in a “minor accident.”

In the works: A “mega-deal” that would include normalization of ties with Israel, a US defense pact, a nuclear agreement, and an irreversible path to statehood for Palestine.

WEATHER UPDATE- It will be a game of contrasts today in Riyadh. Expect cloudy skieswith a high of 30°C, prompting T-shirts and summer abayas, and a low of 16°C, that will have us ready with sweaters and jackets. It’s more of the same over in AlUla. Meanwhile, the folks in Al Taif better pack an umbrella, as there’s a chance of rain and thunderstorms with a high of 25°C and a low of 15°C.

Looking ahead: There’s a chance of rain every day next week, according to the long-range forecast for the capital city.

So, when do we eat? Maghrib prayers are at 6:11pm in the capital city, and you’ll have until 4:21am tomorrow to hydrate and caffeinate ahead of fajr. Today is day 25 of Ramadan.

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WATCH THIS SPACE-

#1- IPO WATCH- Hotels and resorts operator Boudl is looking to list on Tadawul this year, Managing Director Khaled Alkhelaiwi to Al Eqtisadiah. He did not provide further details on the plan, but said Boudl was also looking to enter a number of regional markets, including Egypt, Morocco, Oman, and Turkey, as part of an expansion plan.

About Boudl: Established in 1959, Boudl has grown to become one of Saudi’s top hotels operators. It manages 60 hotels across the Kingdom under its brand name with its range including three-, four-, and five-start hotel offerings and hotel apartments.

#2- The Ministry of Industry and Mineral Resources has put six exploration licenses up for grabs for local and international mining companies, state news agency SPA reports. The ministry hopes prospectors will find gold, silver ores, copper, zinc, and lead. Technical bids are due by the beginning of May 2024 and a list of preferred bidders will be disclosed by the end of June.

REMEMBER- The ministry unveiled last month a fresh incentives package worth SAR 685mn to boost mineral exploration in the Kingdom. The program is being rolled out in collaboration with the Investment Ministry and aims to reduce early-stage risk for exploration companies.

#3- Fertilizers maker Sabic Agri-Nutrients has plans to launch a number of decarbonization projects in the next decade starting in 2026 in a bid to reach net-zero by 2050, according to the company’s BoD 2023 annual report (pdf)

DATA POINTS-

#1- MENA startups raised USD 429 mn in 1Q 2024, a 62% y-o-y decline, according to Wamda. Meanwhile, they raised USD 254 mn through 54 transactions in March 2024 with a 1.2% y-o-y increase.

Saudi startups dominated the charts in March, lining up USD 198 mn in funding through 25 transactions, including a USD 130 mn pre-IPO round for e-commerce app Salla. Twelve startups in the UAE raised USD 39 mn, while eight in Egypt raised USD 7 mn.

#2- Retail e-payments advanced 13% y-o-y in 2023, accounting for 70% of total retail payments, SAMA said in a post on X. Card payments via point of Sale (POS) increased by 24% y-o-y to 9 bn transactions, while mada card online payments rose 43% y-o-y to 874 mn, and payments through instant payment service (Sarie) saw a 26% y-o-y increase to 437 mn transactions.

#3- Some 118 industrial licenses were issued in February 2024 for projects with a combined investment of SAR 1.9 bn, the Industry and Mineral Resources Ministry said in a post on X. This is down 22.4% m-o-m from 152 issued industrial licenses in January.

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PSA-

You might be able to zip through passport control a bit quicker in Riyadh as the General Authority of Civil Aviation rolls out Saudi’s first self-service passport checks at King Khalid International Airport’s terminal three, GACA said in a post on X.

THE BIG STORY ABROAD-

The scramble to make sense of (and money with) generative AI dominates headlines on an otherwise quiet morning in the global business press. Here’s what you need to know:

Google may choose to charge for AI-powered search. It would be the first time the group’s core search product goes behind a paywall.
How one tech skeptic decided AI might be good for the middle class. Part of his answer: It’s going to help some of the less skilled knowledge workers do better work — without replacing them
Will AI boost productivity? Companies sure hope so, but it’s unclear whether the impact of AI is already showing up in US productivity data.

Paid ChatGPT customers can now use AI to edit DALL-E images and add elements or change-up the style.

SIGN OF THE TIMES- Men at Goldman Sachs’ primary UK unit make 54% more than women — and the gap has widened in the past 12 months, the FT writes. Expect the story to have legs: GS is publishing its gender pay gap report today.

OIL WATCH-

Surprising no one, Opec+ ministers left voluntary production cuts unchanged, according to a statement yesterday. The panel met online yesterday to review the cuts and welcomed Iraq and Kazakhstan’s pledge get in line. The group also welcomed Russia’s voluntary adjustments to be based on production instead of exports in the second quarter of 2024. The meeting came weeks after Opec+ members, led by Saudi and Russia, extended voluntary curbs that will remain in effect through June 2024.

In context: Oil prices are at just about their highest level in nearly six months at almost USD 90 per barrel.

CIRCLE YOUR CALENDAR-

The Gulf Film Festival (GFF) will open from Sunday, 14 April till Thursday, 18 April in Riyadh. Organized by the Film Commission in cooperation with the Gulf Cooperation Council (GCC) General Secretariat, the five-day event will showcase a selection of 29 films from across the region. It will also include three training workshops and six educational seminars focused on fostering artistic dialogue and raising awareness of cinema's social impact.

The Islamic Development Bank (IsDB) Group Private Sector Forum will open on Sunday, 28 April till Tuesday, 30 April at the Intercontinental Riyadh Hotel. It brings together business leaders and stakeholders for talks on potential investments and trade by the IsDB’s member countries. It will also showcase the IsDB’s role in promoting private sector investments and cross-border trade.

Automechanika Riyadh will open on Tuesday, 30 April till Thursday, 2 May at the Riyadh International Convention and Exhibition Center. The annual trade fair will showcase the automotive industry’s latest advances and innovations.

SPORTS-

WHISPERS-Al Awwal Stadium in Riyadh will reportedly host the Egyptian Premier League match between AlAhly and Zamalek on Monday, 15 April, Asharq Al-awsat reports, citing the Egyptian Clubs Association. There’s a chance for the second leg to be hosted in Jeddah. The story also got ink in Masrawy.

The second go in less than two months: Al Awwal hosted the Egypt Cup between Al Ahly and Zamalek last month with the Red Devils beating El Galaa El Baida 2-0.

Last night’s Saudi Pro League matches:

Al Shabab vs. Al Riyadh (1-0);
Al Fateh vs. Al Ettifaq (1-0).

Fixtures for matchday 27 of 34 (all scheduled for 10 pm):

Damac vs. Al-Nassr (Friday, 5 April);
Al-Khaleej vs. Al-Hilal (Friday, 5 April);
Al-Ittihad vs. Al-Taawoun (Friday, 5 April);
Al-Wehda vs. Al-Ahli (Friday, 5 April);
Al-Tai vs. Al-Shabab (Saturday, 6 April);
Al-Ettifaq vs. Al-Riyadh (Saturday, 6 April).

Saudi non-oil business activity remained strong in March as output levels hit a six-month high

Non-oil business activity remained strong in March 2024, fueled a rise in new orders as businesses acquired new customers, according to the Riyad Bank Saudi Arabia PMI (pdf) out yesterday. The headline purchasing managers’ index dipped to 57.0 in March from 57.2 in February, but remained firmly above the 50 threshold that separates growth from contraction.

Business conditions improved in 1Q 2024: “Business activity experienced a substantial uptick, marking the most significant growth in six months. The positive momentum also prompted accelerated purchasing activities and additional hiring, underscoring a buoyant market outlook,” said Riyadh Bank Chief Economist Naif Al-Ghaith.

Output levels hit a six-month high: The output sub-index rose to 62.2 in March, up from 61.5 in the previous month, recording its highest level since September 2023, Reuters reports. This was supported by faster growth in new orders which leaped to 64 in March up from 62.2 in February, along with strong demand, particularly in the manufacturing sector, according to the business newswire. Foreign sales saw an uptick for the second consecutive month, albeit at a moderate pace, the report reads.

There was a significant surge in new orders for non-oil firms, with the rate of expansion accelerating for the second consecutive month. Three times as many firms experienced an increase in new business volumes compared to those that reported a decline.

Cost inflation rose at the slowest pace in eight months, due to a marginal increase in staff salaries which is the smallest seen since the beginning of 2023.

Businesses logged their highest expectations for business activity in the next 12 months since November, according to the report. This positive outlook is fueled by favorable demand conditions, encouraging companies to up their staffing levels and boost inventories.

Average selling prices rose modestly last month, though they did so faster than in February. Some respondents noted that stronger client demand allowed them to raise prices, while others cited challenges in adjusting pricing strategies due to intense competition.

FROM THE REGION-

Kuwait’s first publicly released PMI (pdf) showed an increase to 53.2, up from 52.7;
The UAE PMI (pdf) dipped to 56.9, down from 57.1;
The Egypt PMI (pdf) rose slightly to 47.6, up from 47.1;
The Qatar PMI (pdf) dipped to 50.6, down from 51.

How Saudi’s PIF has shaped itself into a major global sports power

How the PIF has shaped itself into a major global sports power: The Public Investment Investment Fund has become one of the world’s most influential sports investors, shaping the conversation on everything from golf, combat sports, and esports to (more recently) tennis. But nowhere has its influence been more pronounced than in football, the world’s most popular sport, where its growing influence has raised charges that the Kingdom is engaged in “sportswashing.”

In the words of Crown Prince and Prime Minister Mohamed bin Salman: “When you want to diversify your economy, you have to work in all sectors … if you want to have tourism, you have to develop your culture, entertainment and sports sectors…,” the Crown Prince, who chairs the PIF, said in an interview (watch, runtime: 33:23) last year. “Sport used to contribute to Saudi GDP by 0.4%, now it’s 1.5%,” he said.

“If sportwashing is going to increase my GDP by 1.5%, then I will continue to do sportwashing,” the Crown Prince said in response to allegations that Saudi’s spending spree on sports in general — and football in particular — are part of a concerted drive to reshape our image on the world stage.

Newcastle was among the first to take big bucks from the PIF, with no time wasted: A USD 408 mn takeover of English Premier League side Newcastle by a PIF-led consortium forever changed the club. It helped the Toons shift from being a mid-table side occasionally at risk of relegation to one that bumps shoulders with Mbappe’s Paris Saint Germain in the UEFA Champions League — the Toons routed PSG 4-1 in their first ever matchup in Tyneside.

The PIF has so far injected close to USD 1 bn into the club, with the acquisition setting them back more than USD 400 mn and transfers costing them up to USD 474 mn. Some USD 109 mn of that figure was spent in their first transfer window of owning the club, according to FootballTransfers. The following year, they dished out USD 200 mn, with USD 75.5 mn going for Swedish star Alexander Isak.

Something smells like City here: The PIF’s entry to football is often compared to its peers in Abu Dhabi, which acquired a 90% stake in Manchester City in 2008 at a transaction valued at EUR 200 mn. The takeover by the Abu Dhabi United Group (ADUG), an investment company for the Abu Dhabi royal family, helped transform the club with multiple key transfers that helped it break records to become the first English football team to win the treble since their rival Manchester United in 1999.

All roads lead to Roma: Serie A side AS Roma is the latest club PIF is coveting, with Forbes reporting that “negotiations are underway” for a near USD 1 bn acquisition, which could be extended by an additional USD 325 mn to build a new stadium in Rome. Serie A clubs have since been on the PIF’s radar for a while now, with the Kingdom hosting multiple Italian football clubs events. Three of the earlier five Italian Super Cup Finals were held in the Kingdom. The Lega Serie A also plans to open a new office in Riyadh after opening its first base in the region in Abu Dhabi.

Big bucks abroad, big bucks at home: The PIF’s football push is also being directed at the local football scene privatization. Top clubs Al Ittihad, Al Ahli, Al Nassr, and Al Hilal were transferred to the PIF last June. The four clubs have been reshaped as corporations in which PIF holds a 75% stake, with the remaining 25% being up for grabs via their general assemblies. A second wave of football privatization is in the works, Deputy Sports Minister Bader Alkadi said last month.

With even more top global player transfers: More players are inbound, joining the likes of Karim Benzema, Cristiano Ronaldo and Neymar, according to officials. It remains unclear if the transfers would be of the same caliber as their predecessors, but Liverpool star Mo Salah is among those names that could be coming to Saudi.

And then there’s the biggest target of them all: The World Cup: Saudi officially kicked off in March its bid to host the 2034 FIFA World Cup. It’s a foregone conclusion that the cup is coming here: The Kingdom has been confirmed the sole bidder after Australia said it would not be throwing its hat in the ring. Officials have already begun refurbishing sports facilities and stadiums for the tournament. The Fifa Congress should confirm Saudi is the official host by the end of this year.

There’s no visible ceiling to the scope of the PIF’s ambitions to become a major global sports power as it eyes investments in tennis, golf and others. It signed a “multi-year strategic partnership” with ATP Tour in February to become the official naming partner of ATP rankings and partner in several ATP Tour events. Saudi is also looking to bid for the hosting of the ATP Masters 1000 event. It is also seeking to run a tennis event featuring the world’s best players before the Australian Open in January. The women’s tennis tour is also on the fund’s radar as it eyes hosting rights for the 2024 WTA finals.

And talks on a merger of PIF-backed upstart Liv Golf and the PGA and European tours is still in the cards, with a “constructive” meeting in the Bahamas last month between PIF and PGA Tour.

Cenomi Retail to divest up to 18 more brands this year

Cenomi Retail are planning to wrap up the sale of an additional 18 brand assets this year as it pushes forward with a rationalization strategy, it said in a statement yesterday. It's the third phase of a program that kicked off last year as Saudi’s largest franchise retailer looks to optimize operations by downsizing its brand portfolio and focusing on its most successful names.

What we know: The third phase, which will see the sale or exit of “non-core brands,” will include Cenomi Retail’s Apple premium reseller Aleph, makeup brand KIKO, sports retailer Decathlon, and variety store chain Flying Tiger Copenhagen, among others. The retail giant hopes to rake in SAR 650 mn in proceeds, according to the statement. The completion of Cenomi Retail’s program will shrink its core portfolio to 13 brands from an earlier 75 with its store footprint down to 367 from a current 1.05k.

Cenomi said it will prioritize top-tier fashion and food and beverages brands including Inditex brands such as Zara. The retailer has plans to boost its offerings of Cinnabon, Subway and Jamba.

We knew this was happening: Cenomi Retail’s BoD approved this week a program that it said would include the sale of an additional 24 brands under its turnaround strategy without providing further details. The announcement came as the BoD recommended lowering the company’s capital to SAR 100 mn as part of a capital restructuring to “offset accumulated losses” which came in at SAR 1.1 bn in FY 2023.

ICYMI- Cenomi Retail said earlier this week that it is selling more franchise rights to Abdullah Al Othaim Fashion, adding five brands to a sale agreement it inked back in December for additional consideration of SAR 219 mn. The move comes a few months after it wrapped up a strategic sale of its fashion subsidiary Innovative Outfit Trading along with franchise rights for 16 brands to Al Othaim. The transactions are valued at an aggregate price of SAR 360 mn, including estimated inventory consideration, according to the retailer.

Cenomi Retail is the largest franchise retailer in the Kingdom and the only listed business of its type in the region. The retailer is currently active in 1k stores across 326 malls in nine countries, with brands spanning womenswear, menswear, kids and baby, department stores, shoes and accessories and cosmetics. This is in addition to operating a number of restaurants and coffee shops including Subway and Cinnabon.

The PIF-owned National Water Company awards EUR 95 mn sustainable water infrastructure contract to Spain’s Ayesa

PIF-owned National Water Company (NWC) has awarded a EUR 95 mn contract to Spanish tech and engineering company Ayesa to design 190 sustainable sanitation and drinking water projects across the Kingdom, Ayesa said in a statement (pdf). The full-scope project, including this contract, has a capex allocation of EUR 5 bn.

In context: The NWC has pledged to invest EUR 200 bn by 2030 into a comprehensive water cycle infrastructure across the Kingdom in a bid to boost the provision of safe drinking water and delivery of effective sanitation services, the statement reads.

Design + environmental consultancy services: Ayesa will design hydraulic infrastructure across four regions — south, west, northwest, and north — including storage tanks, pumping stations, treatment plants, purification facilities, and distribution networks with the goal of increasing the quality and reliability of clean water networks. Ayesa will also provide environmental impact assessment and ecological assessment during the construction bidding phase. The company also says it will make sure the energy consumption is optimized throughout the water treatment process and materials procurement.

Abdulaziz Alnowaiser appointed as Emaar, The Economic City’s new CEO

Emaar, The Economic City’s (EEC) has appointed Abdulaziz Alnowaiser (Linkedin) as its new CEO, effective 1 May, the real estate developer said in a disclosure to Tadawul yesterday. Alnowaiser’s most recent role was CEO of Tahakom Investments, a wholly owned subsidiary of the PIF. He previously served as M&A advisor and vice-president finance (CFO) at Solutions by STC. He was also Al Othaim Real Estate Investments’ CFO and House of National Consulting Company’s CEO. EEC is linked to Dubai’s real estate property giant Emaar.!

Partial commercial operation begins at Acwa Power’s Sirdarya CCGT power plant in Uzbekistan. Plus: electric vehicles, debt and capital markets

ENERGY-

#1- More than halfway through for Acwa Power’s Sirdarya CCGT power plant in Uzbekistan: Renewables giant Acwa Power has achieved partial commercial operation for its 1.5 GW Sirdarya Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan, it said in a disclosure to Tadawul yesterday. Some 461 MW will be added, bringing total online capacity under commercial operation to 918 MW out of the project’s planned 1.5 GW capacity. Acwa Power owns 51% of the project.

Background: Acwa Power signed with Uzbekistan’s Energy Ministry in 2020 a USD 1.2 bn, 25-year power purchase agreement for the development and operation of the 1.5 GW CCGT power plant in Sirdarya. The project achieved financial close in 2021 with USD 750 mn in loans provided by a syndicate of seven international banks, including EBRD, Standard Chartered, OPEC Fund for International Development and others. Acwa Power sold a 49% stake to China’s Silk Road Fund (SRF).

#2- Power and automation technologies provider ABB aims to raise its exports to Saudi to USD 40 mn by the end of the year, from USD 2 mn last year, its Local Division Manager in Egypt Mohamed Salem told Asharq Business. He said the local market was the second biggest for the company after the Egyptian market with projects with the private sector in Neom, airports and ports infrastructure and others. ABB has secured USD 15 mn in low and medium-voltage networks and panels orders from Saudi in the first quarter of the year, he said, with the firm eyeing a business volume of USD 20 mn to USD 30 mn by the end of this year.

ELECTRIC VEHICLES-

US’s Canoo to supply Jazeera Paints with EVs: American EV company Canoo has inked a vehicle sales agreement with local paint manufacturer Jazeera Paints, according to a press release. Jazeera Paints will initially purchase 20 of Canoo’s LDV 130 and LDV 190 delivery vehicles in 2024, with the option to expand by up to 180 more. The vehicles mark Canoo's first international sales to the Kingdom, leveraging Canoo's recently approved Foreign Trade Zone to reduce unit costs and increase profit margins.

DEBT WATCH-

Jubail Chemical Industries (JANA) — a Nama Chemicals subsidiary — signed a SAR 35 mn short-term Murabaha facility agreement with the Saudi Export Import Bank (Saudi EXIM) to finance its working capital, the parent company said in a disclosure to Tadawul yesterday. The agreement, backed by a promissory note, expires on 9 October 2024, with a possibility of extension.

CAPITAL MARKETS-

Local fund manager Yaqeen Capital’s exchange traded fund — Yaqeen S&P ESG MENA ETF — is all cleared for trading on the main market Tadawul after obtaining an approval from the Capital Market Authority (CMA), according to a statement.

REAL ESTATE-

Al Hammadi Holding sold a 35.6k sqm plot of land in Riyadh’s Al Rayyan at a price of SAR 124.6 mn to Emaar Ocean, it said in a disclosure to Tadawul yesterday. The sale comes under Al Hammadi’s plan to solidify financial position and future growth plans, it said.

ENTERTAINMENT-

Aeropact is coming to Sand&Fun airshow this year: The Saudi Aviation Club signed an agreement with Poland-based airshows organizer Aeropact to manage airshows at this year’s edition of the Sand&Fun aviation show, state news agency SPA. It will feature 100+ civil and military aircraft from 19-23 November later this year at Thumamah Airport.

Traders don’t know why gold is on a tear

Gold hit another record high yesterday, hitting USD 2,299.70 in after-hours trading after the US Federal Reserve signaled it would still probably push ahead with rate cuts later this year.

But longtime market watchers are finding it hard to interpret what drove a 7% gain in the past 10 days or so, the Financial Times writes.

“The quietest, most confusing rally”: Pundits the FT spoke with say none of the factors that have driven the metal’s bull run in the past year and a half are in play now. “Those include record levels of central bank buying, Chinese households looking for havens … or the war in Ukraine and the Middle East.”

So, what could it be? There’s absolutely no consensus. Possibilities include:

A move into gold as a hedge against volatility (tense elections around the world this year, Chinese rhetoric on Taiwan, uncertainty about the regional banking industry in the US);
Momentum traders piling into the asset class as it continued to climb;
Retail “stealth buyers,” whose transactions are more difficult to track (think: heavy retail demand in countries like China and Egypt).

So is gold going to tumble? It’s a split decision. Some pundits worry that if they don’t understand what’s driving the market, it’s a sign we’re due for a correction. A Standard Chartered analyst, on the other hand, says, “It does look like we have new [durable] appetite in the gold market. There are too many unknown events that investors want to hedge for,” she said, citing elections, risks of conflict escalation or the return of a banking crisis.

INTEREST RATE WATCH-

Rate watchers on both sides of the Atlantic were reading the sheep’s entrails yesterday, parsing Eurozone inflation data and Fedspeak for signs of when we might see rate cuts in advanced economies.

In Europe: Inflation is expected to fall 0.2 percentage points to 2.4% in March on average across the Eurozone, according to preliminary estimates released yesterday by the EU statistics agency Eurostat. Falling inflation will bolster expectations that the European Central Bank will cut interest rates as early as June, but not at next week’s meeting.

In Amreeka: Jay Powell says “it is too soon to say whether the recent [inflation] readings represent more than just a bump. We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2%.” We should see rate cuts this year, the commentocracy thinks, but it’s anyone’s guess when.

THE MARKET THIS MORNING-

The Kospi and Nikkei are both up in early trading this morning, but markets are closed in Shanghai and Hong Kong as China observes the Qingming festival. It’s also a national holiday in Taiwan. US and European futures inched higher overnight. The Dow has edged downward in the last three trading sessions, while the Nasdaq and S&P 500 inched up yesterday.

Sound smart: The Qingming festival is sometimes called the “tomb-sweeping festival” in the Western press. Families get together to spruce up their ancestors’ graves and will traditionally leave commemorative offerings including incense sticks, flowers, folder paper creations, and food.

TASI	12,622	+1.2% (YTD: +5.5%)
MSCI Tadawul 30	1,615	+1.6% (YTD: +4.1%)
NomuC	26,063	-0.3% (YTD: +6.3%)
USD : SAR (SAMA)	3.75 sell	3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	27,937	0.0% (YTD: +12.2%)
ADX	9,209	-0.5% (YTD: -3.9%)
DFM	4,240	-0.7% (YTD: +4.4%)
S&P 500	5,212	+0.1% (YTD: +9.3%)
FTSE 100	7,937	+0.03% (YTD: +2.6%)
Euro Stoxx 50	5,069	+0.5% (YTD: +12.1%)
Brent crude	89.5	+0.7%
Natural gas (Nymex)	1.84	-1%
Gold	2,299.70	+0.83%
BTC	65,696	-0.1% (YTD: +56.6%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.2% yesterday on turnover of SAR 8.3 bn. The index is up 5.5% YTD.

In the green: Salama (+6.6%), Jabal Omar (+6.3%) and SSP (+6.2%).

In the red: Cenomi Retail (-8.4%), Savola Group (-3.3%) and Saudi Cable (-2.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.3% yesterday on turnover of SAR 59.9 mn. The index is up 6.3% YTD.

In the green: Al Mujtama Medical (+9.7%), Amwaj International (+7.1%) and Al Hasoob (+6.8).

In the red: NBM (-9.4%), Riyadh Steel (-8.5%) and Al Rashid Industrial (-6.9%)

CORPORATE ACTIONS-

#1- Shareholders of dairy giant Almarai have approved the distribution of a SAR 1 bn dividend for 2023 at SAR 1 apiece, it said in a disclosure to Tadawul yesterday. Dividends will be distributed Tuesday, 16 April.

#2- Pilgrimage sites developer Jabal Omar has submitted an application to the Capital Market Authority (CMA) to raise its capital by SAR 547.5 mn through a debt conversion, it said in a disclosure to Tadawul yesterday. The move, recommended by Jabal Omar’s BoD in December, will see the developer convert the SAR 547.5 mn debt owed to creditors Central District Cooling Company and Makkah Construction and Development Company into ordinary shares.

Saudi Arabia’s most-watched mosalsalat of Ramadan 2024

Fasting isn’t the only shared experience we look forward to during Ramadan. Beyond the spiritual reflection lies another staple of the Holy Month: Entertainment. Our friends at Publicist Inc, the regional communications and public relations firm headquartered in Egypt, compiled data from 24 sources and 34 reports to analyze entertainment habits in the MENA region, giving us insight into an season-specific industry worth USD bns every year.

Tap or click here to read the report (pdf).

Egypt is still the biggest producer of Ramadan serials, accounting for 58% of all regional output.

What are we watching in the Kingdom? Five shows streaming on Shahid dominated the small screen this year, led by the Kuwaiti Zawga Wahida La Takfi. Khyout El Maazeeb, El Sharar, and Gak El Elm also made the cut, as did Egyptian entry Neama El Avocato.

The shows we spent the most time Googling:

Al Sharar
Zawja Waheda La Takfi
Ne’ma El Avocato
Haq Arab
El Atawla

Period dramas stole the spotlight: The most popular genre in The Kingdom was the period drama, “showcasing a significant leap in production value and quality compared to past years,” Publicist says.

Saudi serials edge out Kuwait for most popular GCC-produced shows this season: The improved production values are making a dent in the GCC market, where Saudi shows have pulled ahead in viewership to dethrone Kuwaiti productions as the most popular series to emerge from GCC production houses.

While four actresses garnered praise for their performances, the public eye turned toward international celebrities’ involvement in Ramadan campaigns. Lubna Bokhamsen, Maryam Hussain, Amal Alrmdan, and Reem Abdallah were commended for their acting chops, but Messi and Cristiano claimed center stage for their ad work for Sayyar and Noug.

CALENDAR

APRIL

5 April (Friday): Start of Eid Al Fitr vacation for banks and stock market

8-11 April (Monday-Thursday): Saudi Super Cup, Abu Dhabi.

9 April (Tuesday): Start of Eid Al Fitr vacation for businesses

13 April (Friday): Last day of Eid Al Fitr — it’s business as usual from Saturday onward.

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

16 April (Tuesday): FEI World Cup Equestrian, Riyadh.

28-29 April (Sunday-Monday): World Economic Forum Special Meeting, Riyadh.

28-30 April (Sunday-Tuesday):Islamic Development Bank (IsDB) Group Private Sector Forum, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

30 April-2 May: Automechanika Riyadh 2024 at Riyadh International Convention and Exhibition Center.

MAY

2-5 May (Thursday-Sunday): Townhall Expo, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Logistics, Riyadh.

13-15 May (Monday-Wednesday): Smart Future Expo, Riyadh.

13 May (Monday): Saudi Giga Projects, Riyadh.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

20-21 May (Monday-Tuesday): Future Projects Forum, Four Seasons Hotel, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

4-7 June (Tuesday-Friday): Saudi Sports Show, Riyadh.

4-7 June (Tuesday-Friday): Aqarat Expo, Riyadh.

5 June (Wednesday): World Environment Day.

14-22 June (Friday-Saturday): Banks and capital markets closed for Eid Al Adha holiday.

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

23 September (Monday): National Day (national holiday)

NOVEMBER

19-23 November (Tuesday-Saturday): Sand&Fun Aviation Show, Thumamah Airport.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

DECEMBER

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference

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