Are Saudi companies more interested in the ‘Egypt story’?

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Some 300 UK companies are heading to Riaydh in May 2024 for a gov’t investment conference

Good morning, friends. We have an oddly Egypt-heavy issue for you this morning with signs that a number of Saudi investors are starting to kick the tires on Egypt after the country floated its currency a little more than a month ago. There are confirmed investments in EVs and HR-tech and rumored interest (possibly multi-bn USD) in tourism.

It’s a bit serendipitous: Our sister publication, EnterpriseAM Egypt, is announcing this morning the first entry on its 2024 event calendar — the Enterprise Optimism Forum. We have more on that below for those of you interested in heading to Cairo to check it out.

Also making headlines this morning: More than 300 British companies will descend upon Riyadh next month for Saudi Great Futures, a two-day, UK government-sponsored investment conference backed by our friends at HSBC.

Deputy Prime Minister Oliver Dowden will be leading the delegation here as part of a year-long campaign that UK official hope will result in expanded “trade, tourism, education, and cultural activity.” Dowden is no stranger to Saudi — the Tory MP spoke last fall at the Future Investment Initiative — check out his remarks here.

The pitch: “The Saudis have a respect and appetite for British intelligence, ingenuity, skills and experience from architecture to education, clean tech to AI, luxury to fashion and creativity to construction,” the event website declares. Dowden’s office notes that the “five lead gigaprojects” will see investment of c. USD 3 tn through 2030.

The event runs 14-15 May (Tuesday and Wednesday).

HAPPENING TODAY-

#1- Foreign Minister Prince Faisal bin Farhan landed in Brussels yesterday to participate in the EU-GCC High Level Forum, state news agency SPA reported. The forum, which kicks off today, aims to “enhance the political dialogue between the EU, the GCC and their member states, and to further strengthen coordination on issues related to regional and global stability and security,” according to a statement by the EU last week.

#2- Trucks and buses on the road are being watch by an automatic monitoring system that launched yesterday, the Transport General Authority (TGA) said in a post on X. The system will watch for road violations as well as expired operating cards and other breaches of traffic rules. The system will monitor cargo transport, international bus services, as well as truck and bus rentals.

PSA- WEATHER- Riyadh can expect a windy morning with a high of 35°C and a low of 23°C. AlUla will see similar weather, with a high of 33°C and a low of 22°C. Meanwhile, Al Taif will have a cloudy day, with temperatures ranging from 29°C to 18°C.

THE BIG STORY AT ABROAD-

It’s a quiet morning in the global business press, with earnings season looking set to dominate headlines for the rest of the week.

Reporting this week: Everyone from General Motors, Tesla, Visa, and Halliburton to Microsoft, Hilton, Nestlé, TotalEnergies, and Sainsbury’s. Tech giants Alphabet and Meta will also release results. Pundits hope strong earnings will hit the ‘reset’ button for US investors who have soured after the S&P’s day-over-day losses last week.

Donald Trump will become the first former US president to stand trial on criminal charges when opening arguments begin in a Manhattan courtroom today. The Donald is estimated to have spent more than 25% of his campaign donations on legal fees.

The war in Gaza and tensions between Iran and Israel continue to get plenty of front-page space in the business press, with the FT noting that Washington is set to impose sanctions on an ultra-orthodox Israeli military unit over human rights abuses (Axios first broke the story) and the WSJ giving prominent placement to a piece headlined Inside the white house’s frenetic scramble to avert a full-blown Middle East war.

Israel killed 18 children yesterday in attacks on Rafah in which four adults also died, the Associated Press reports.

ALSO WORTH A MOMENT of your time this morning:

US companies are becoming more intolerant of “office activists,” as underlined by Google’s firing of staff who had occupied the office of its cloud CEO in protest of a contract with Israel. (WSJ)
Golden visas are losing their appeal in much of Europe, with Spain being the latest to phase out its program. (NYT)
Bns in dirty money are flying under the radar at the world’s busiest airports. (WSJ)

SIGN OF THE TIMES- BTC miners are looking at AI and power centers as they look to cope with reduced revenues following the halving this past weekend, CNBC writes.

AND- It’s the first day of Passover (our best wishes to readers who are celebrating) and International Earth Day.

OUR NEXT CONFERENCE IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

** Interested in attending? Tap or click here to let us know. Seating is limited.

IPO WATCH-

#4- Schools operator Horizon Educational will offer 500k shares on Nomu — good for a 20% stake, Argaam reported yesterday, citing the company’s prospectus. Qualified investors will be able to place orders starting from Sunday, 12 May through Monday, 20 May. A final allocation will then follow on Sunday. The Capital Market Authority approved the issuance in December.

About the company: Established in 2007, Horizon Educational provides pre-school, kindergarten, and primary, middle and secondary education for male and female students at its educational complex in Riyadh’s Al Wurud district.

WATCH THIS SPACE-

#1- The subscription period for the third round of retail saving sukuk program Sah began yesterday, the National Debt Management Center (NDMC) said in a post on X. The instruments carry a fixed yield of 5.59%. The minimum subscription amount for the April issuance was set at SAR 1k, while the maximum is SAR 200k per investor for the total duration of the program. Get your orders in before tomorrow.

BACKGROUND- The Finance Ministry and the NDMC launched the shariah-compliant retail saving instrument in a bid to diversify the nation’s savings offerings. The program features monthly issuances by the NDMC that carry annual fixed yields varying in value from month to month depending on market conditions. Every issuance matures in 12 months and has no subscription fee.

#2- SFD to provide funds to support SMEs to Oman: The Saudi Fund for Development signed a USD 67 mn development financing agreement with the Oman Development Bank to support SMEs in the neighboring country, a statement by the fund read yesterday. The agreement aims to support the Omani bank’s financing programs for SMEs and bolster social and economic growth. It comes under a USD 150 mn program provided by the Kingdom through the SFD to the sultanate.

Not the first: The fresh financing package comes months after the SFD inked a similar agreement worth USD 53.3 with the Omani bank in September.

#3- A delegation from the Federation of Saudi Chambers will visit Thailand next month to look for business and possible investment, the federation said in a post on X. The announcement was made during a meeting between the federation’s chairman, Hassan Al Huwaizi, with Thailand’s Ambassador to Saudi, Dam Bontam. No further details were provided.

***

CIRCLE YOUR CALENDAR-

Riyadh will host the 2024 IsDB Group annual meeting from Saturday, 27 April until Wednesday, 30 April.

Riyadh will host the Egypt-born RiseUp Summit from Saturday, 27 April until Tuesday, 30 April at the King Abdulaziz City for Science and Technology (KACST).

Riyadh will host a special meeting of the World Economic Forum on 28-29 April.

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.

Is Ajlan & Bros eyeing a multi-bn USD investment in Egypt’s tourism industry?

Ajlan & Bros Holding is looking at Egypt’s tourism sector: The investment firm has reportedly submitted an offer to the Egyptian government to secure a land plot at Sharm El Sheikh’s Ras Gamila, Asharq Business reports, citing an unnamed source it says is familiar with the matter. Cairo24 first broke the news last week that Ajlan & Bros was interested.

The details: If the transaction goes through, the company plans to launch 10 hotels with 3k keys in the first phase of the development at a cost of USD 1.5 bn. The first phase would feature 10 four and five-star hotels, adding 3k rooms to the country’s hotel capacity, Asharq writes.

But that’s not the full ticket: There’s no clarity on how much Ajlan & Bros could pay for the right to develop the site, nor on how much the total project could be worth. UAE wealth fund ADQ agreed in February of this year to pay USD 24 bn to acquire the development rights for Ras El Hekma on Egypt’s Mediterranean coast.

AND- Ajlan & Bros has more projects under its radar in Cairo: The group has submitted separate offers for companies included in Egypt’s privatization program, Asharq said, adding talks on those offers should wrap up within the coming six months.

A spokesman for Egypt’s Enterprise Ministry told online outlet Ahram Online that no offers would be considered until an advisor is hired to work on the investment plan for the Red Sea project. We’re taking that with a grain of salt: The Egyptian press has speculated for more than a month now that Ras Gamila is in play.

What’s Ras Gamila? The cape separates a wide, sandy lagoon from the Red Sea generally described as one of the most beautiful dives on Egypt’s globally popular Sharm coast. Ras Gamila is directly across the Strait of Tiran from Neom and not far from the site of a proposed bridge that would link Neom to Sinai.

Waja Group ventures into the EV industry in Egypt in partnership with Arab Organization for Industrialisation

Waja Group is setting out to manufacture EVs in Egypt under a framework agreement signed with the Egyptian government-owned automaker Arab Organization for Industrialisation (AOI), according to two separate statements here and here. This appears to be Waja’s first venture in Egypt.

What we don’t know: There’s no publicly available information about the size, ownership split, brand portfolio, or production plans of the JVs. Waja boasts a portfolio of three companies working in the construction, communication, and IT sectors, but it is unclear how its expertise will be leveraged within the scope of this project.

The agreement will see the business partners launch a new JV to produce, sell and market EVs for local consumption “at competitive market prices,” in Egypt along with a focus on potential exports to other Arab and African countries.

The first phase of manufacturing will unfold at one of AOI’s existing factories in Egypt, and phase two is set to kick off once the JV’s new facility is ready to go online.

IN CONTEXT- The AOI assembles Jeep vehicles and produces everything from home appliances to license plates, plastic and woven products. It is also involved in megaprojects including Egypt’s railway upgrade and water treatment plants.

Khawarizmi Ventures leads USD 1 mn pre-seed round for Egypt-based HR-tech startup Bluworks

Khawarizmi Ventures led a USD 1 mn pre-seed funding round for Egypt-based blue-collar HR-tech startup Bluworks, the startup said in a press release (pdf). The homegrown early-stage startup investor was joined by Acasia Ventures, Camel Ventures, and a group of angel investors.

Use of proceeds: The funds are earmarked for building the company’s product portfolio, and growing its team, the statement reads.

Meet Bluworks: Founded in 2022, Blueworks is an HR-tech platform that manages the lifecycle of blue-collar employees across industries, automating the hiring, onboarding, and managing processes. The company is currently focused on the F&B and retail sectors, with plans to expand into manufacturing, construction, and facility management.

The pitch: Blueworks said it can down the length of time it takes to close payroll accounts to just one day, down from up to 10 days, according to CEO Hussein Wahdan. “Since the process of managing this type of workforce is so manual, errors frequently occur, leading to penalties and deducted salaries with no oversight for the workers, causing them to leave and ultimately contributing to high turnover rates.

Could KSA be their second home? “We are excited about getting strategic investors on-board that can provide us with access to both local and regional markets, to which we are looking to expand,” said co-founder Farah Osman. “There is no shortage of industry use cases similar to Egypt around the world, and we are eager to tackle them with our innovative workforce management solutions.”

Bluworks intends to step foot into GCC markets in the medium term, Osman told EnterpriseAM Egypt.

Why Khwarizmi invested: “Like with many emerging markets, solutions to automate workforce management are still lacking. We believe that the Bluworks team has the right mix between local understanding, and the commercial and technical capability to lead this space in Egypt and later in other regional markets,” said Khwarizmi Ventures Venture Partner at Ameer Sherif notes.

What we don’t know: There’s no publicly available information about the size of the stake the VCs picked up or the valuation at which the transaction was executed.

Khwarizmi isn’t new to Egypt: The VC outfit has invested in the series A round of Egypt-based BNPL Khazna and social commerce startup Brimore.

Saudi Azm inches closer to a main market transition

Nomu-listed Saudi Azm Communications and IT is gearing up for a move to Tadawul’s main market, it said in a regulatory filing to the exchange. The Riyadh-based company has appointed AlRajhi Capital as financial advisor on the transaction.

About Saudi Azm: The IT services provider was founded in 2017 and offers services including operational support, system integration, management consulting services, and web development.

It does a lot of government business, with clients including Neom, Misk Foundation, Riyad Bank, along with a number of ministries, according to its website.

A snapshot of its 2023 results: Saudi Azm’s net income grew 25.5% y-o-y in 2023 to SAR 24 mn, according to its annual report (pdf). Revenues were up 24.8% y-o-y to SAR 190.4 mn over the same period. Additionally, the company’s project portfolio grew 45% y-o-y last year, which was accompanied by a 70% y-o-y increase in the number of new clients, and an 80% partners retention rate.

Azm has what it takes to join the heavyweights league: The company has market cap of SAR 1.07 bn, and has 52.9% of its shares floored on Nomu, satisfying some of the minimum requirements to upgrade to the main market, which include a capitalization of SAR 300 mn and floating a 30% stake at the minimum. Issuers on main market Tadawul are required to have at least 200 public shareholders at the time of listing, and a minimum of three years worth of audited financial statements.

Saudi Azm’s network of affiliates includes Itmam Consultancy, Azm Fintech, Azm Digital, Business Innovation Mine, Future Communications, Pega Saudi Azm, Azm X and Aqarek, according to its latest results (pdf). Although its website suggests are also among its affiliate companies, it is unclear whether all of them are subsidiaries of Saudi Azm.

Market reax: The company’s Nomu shares rose 11.6% to SAR 17.90 a piece at market close yesterday.

Film Commission approves lower sales tax on local box office to help expand industry

Your next movie ticket could cost you less: The board of the Film Commission approved imposing a lower sales tax on the sale of tickets at the local box office, state news agency SPA reported. It said the move will help encourage private cinema operators to reduce ticket prices and drive demand. The goal: More cinemas nationwide and more local films playing on the big screen.

In context: The average price of movie tickets ranges somewhere between SAR 45 to SAR 70 depending on whether the ticket is standard or VIP. Over 61 mn tickets were sold across cinemas in the Kingdom in the six years since a 35-year cinema ban was lifted in 2018, Saudi Gazette reported, citing data from the General Authority for Media Regulation. This has brought in some SAR 3.7 bn in revenues by the end of March this year, according to the authority.

And more: The board also approved slashing licensing fees levied on operators to run permanent, temporary and specialized cinemas, it said. Those looking to operate permanent cinemas will pay somewhere between SAR 5k to SAR 25k depending on cities (think small and big cities), according to Saudi Gazette. This is down from a previous range of SAR 84k to SAR 210k for permanent cinemas. The cost for temporary cinemas will now come in at SAR 5k to SAR 15k, down from a previous range of SAR 42k to SAR 105k.

REMEMBER- Saudi has made big strides to become one of the region’s leading film production markets. There’s a Muvi on every street corner, production houses are setting up shop, investment is pouring in, more film festivals are shining a spotlight on local talent, and the industry regularly makes the pages of Variety.

Want to dig deeper? See our explainer here.

GULF CINEMA WRAP-UP

Speaking of movies: The Riyadh-hosted Gulf Cinema Festival wrapped up on Saturday. Here’s a list of the folks taking home awards:

Saudi film Hajjan earned best feature film;
Omar Al Atawi went home with best actor for his part in Hajjan;
Jerry Fassbender’s work on Hajjan secured best photography;
Bahraini artist Maryam Zeman was named best actress for her role in May Ward;
Oman’s Clouds snatched the best short film prize;
UAE’s Swim 62 was recognized as the best documentary;
Ziad Al-Hussein was named best director for his film Shiabni Hani;
Khaled Al Kammar was awarded the best original soundtrack prize for his work on Saudi film Hwjn.

ALSO- Hajjan and Hwjn will be screened at the Malmö Arab Film Festival taking place today through Sunday, 28 April, state news agency SPA reported yesterday.

GCC insurers’ income to expand between 5-15% in 2024 –S&P

GCC ins. providers are expected to see their income climb between 5-15% in 2024 on the back of “ongoing economic expansion in the region and rate increases,” S&P Global said in a report. “Favorable economic conditions and rate adjustments for motor and medical lines will remain key growth drivers,” S&P credit analyst Emir Mujkic says. Saudi ins. providers are projected to outpace other firms in the region.

Saudi ins. providers had an “exceptional” year, with the market posting 27% y-o-y growth in 2023, according to S&P. Last year was the first in which all 25 providers in the Kingdom were in the black, reporting a combined net income of SAR 3.2 bn during the year, compared to SAR 300 mn in 2022, when “more than half of Saudi insurers reported a net loss,” S&P notes.

Credit conditions to hold firm: The rating agency projects that GCC insurers’ credit conditions will “remain broadly stable,” buoyed by “robust capital buffers, adequate growth,” and higher earnings.

While not currently impacting the ins. industry, geopolitical instability remains the most critical risk for Gulf providers, as a regional escalation of the war would be detrimental to the entire region’s economies and their banking systems. Coupled with sluggish global economic growth, GCC insurers’ credit conditions and investment portfolios would be affected. Insurers with weaker capitalization and heightened risk exposure are expected to bear the brunt of worsened credit conditions in the scenario of prolonged geopolitical tensions as high-risk assets would “come under pressure.”

Consolidation could soften the blows: S&P Global foresees more insurers merging to increase their capital this year as tighter regulations would put more pressure on smaller and underperforming ins. firms to meet their solvency capital requirements.

Almarai’s net income up 9% y-o-y in 1Q on back of improved costs management

Dairy giant Almarai’s net income rose by 9% y-o-y to SAR 692.2 mn in 1Q 2024 on the back of improved expenses management and stabilized commodity costs, it said in an earnings release (pdf). Revenues rose 8% to SAR 5.5 bn thanks to volume growth led by its dairy and poultry segments.

All thanks to Ramadan: Almarai said its dairy and juice segment saw improved sales in its core GCC markets during the quarter ahead of Ramadan. Its bakery category also grew during the period on the back of a higher efficiency in production and seasonal consumption adjustments.

Almarai’s net income grew 87% q-o-q from SAR 371 mn in 4Q 2023. Its revenues were up 11% q-o-q from SAR 4.9 bn in the final quarter of 2023.

The robust performance during 1Q helped the dairy producer “absorb the adverse impact of the EGP devaluation,” it said, adding that dairy and feed commodities remain anchored despite the Red Sea shipping crisis. Almarai owns and operates the Beyti brand in Egypt.

What they said: “We expect this positive momentum to continue at the topline driven by stable macroeconomic momentum and improved tourism in general,” Almarai said.

REMEMBER- Almarai wants even more: Almarai said in March that it plans to spend SAR 18 bn over the next five years as part of a strategic plan aimed at maximizing sales. It plans to ramp up investment in supply chain, development, sustainability, operational efficiency, and technology.

Saudi Cable’s new chairman + new CEOs at Herfy and Nayifat Finance

#1- The board of Tadawul-listed Saudi Cable has appointed Abdullah Alghabin (Linkedin) as its new chairman, it said in a disclosure to Tadawul yesterday. Alghabin is replacing Sabri Alghamdi (Linkedin), who resigned from his post due to work commitments, but will remain a board member at the company. Alghabin has over 27 years of experience in executive and project management. He was the chairman of Jouf Cement and agriculture firm Thimar Development.

A broad shakeup at Saudi Cable: The board named last week Fawaz Mubarak Al Muqbel as its new CEO.

#2- The board of Tadawul-listed Herfy Food Services has appointed Mohammad Al Bargothy (Linkedin) as its new CEO after the resignation of its CEO Sam Badr for personal reasons, it said in a disclosure to Tadawul yesterday. Al Bargothy boasts over 20 years of experience in fast-food operations across global brands in the region, holding key roles in McDonald's Kuwait, Pizza Hut in Jordan and Shawermer in Saudi among others.

#3- The board of Tadawul-listed Nayifat Finance Company has appointed Fahd Ibrahim Al Mufarrij (bio) as its new CEO after the resignation of its CEO Bandar Al Baiz for personal reasons, it said in a disclosure to Tadawul yesterday. Al Mufarrej, who has more than 35 years of expertise, heads Al Baraka Banking Group’s audit committee. He also sits on the board of Al Baraka and the Saudi Printing and Packaging Co. He previously served as director of the banking supervision department at the Saudi Central Bank (Sama).

Roshn, Cisco could deploy IoT in smart cities. Plus: Neom, debt and services

SUSTAINABILITY-

Roshn, Cisco to explore deploying IoT in smart cities designs: PIF-owned real estate developer Roshn signed a MoU with global networking equipment maker Cisco to employ the use of the Internet of Things (IoT) in designing and building smart sustainable cities, state news agency SPA reported yesterday. The MoU will also see Cisco deploy its advanced technologies to empower an innovation center that is being set up by Roshn.

SMART POLICY- The use of IoT (think smart lighting systems and smart thermostats) in smart cities helps improve energy consumption optimization, leading to lower costs and a reduced carbon footprint. It also has a role in ensuring the structural stability of roads, bridges and others through collected data by IoT sensors to help authorities schedule necessary maintenance to lower risks of accidents.

(** Tap or click the headline on this section to read it with all of the links on our website.)

NEOM-

Neom’s global roadshow “Discover Neom” in China concluded yesterday with talks on potential investments and progress at the USD 500 bn development, it said in a statement yesterday. The tour, which also saw stops at Beijing and Shanghai last week, comes as planners seek to assure investors that Neom’s build-out plan remains unchanged amid reports of a scale back of plans for the futuristic city.

DEBT-

Amlak International Finance has renewed a SAR 864.5 mn Shariah-compliant credit facility agreement with the Saudi Investment Bank for one year, it said in a disclosure to Tadawul yesterday. The financing sees a number of offered guarantees, including the assignment of receivables to the bank and a promissory note. It will help Amlak boost financing to its clients, according to the disclosure.

SERVICES-

Batic-owned Smart Cities Solutions secured a 10-year contract with solutions by stc to provide qualified employees to manage, operate and maintain 164k public parking spaces across 12 zones in Riyadh, it said in a disclosure to Tadawul. The investment size exceeds 10% of Batic’s 2023 annual revenue figure.

Soaring Chinese demand pushes global gold prices to all-time high

Chinese demand pushes gold to record highs: China extended its lead over India as the world’s biggest buyer of gold bars, coins, and jewelry. Chinese demand for gold and bar coin investments surged 27% over the past year and demand for gold jewelry rose 10% in the same period. Demand from China pushed the precious metal to a record-breaking USD 2.4k an ounce this year, Bloomberg reports.

The view from the trading floor: Gold (Comex) is up around 20% YTD and was trading at just over USD 2.4k last night in after hours trading.

(** Tap or click the headline on this section to read it with all of the links on our website.)

ALSO worth knowing about on this fine spring morning:

BlackRock, the world’s largest asset manager, has stepped up security for CEO Larry Fink (a frequent visitor to Saudi) amid an “anti-woke backlash.” (Financial Times)
The UK’s Financial Conduct Authority is under fire from “City bosses who fear it will drive businesses out of UK” if it goes ahead with a plan to name-and-shame companies under investigation. (Financial Times)
Tesla is again under the microscope, this time in a Bloomberg story that writes “The stock is sliding, a cheaper electric car is deprioritized and the CEO is riling the workforce with his biggest layoffs yet.”

THE MARKETS THIS MORNING-

Asian markets are rebounding from Friday’s sell-off, with the Hong Kong’s Hang Seng leading the gainers, up nearly 2.3% in early trading. That’s raising hope that positive sentiment (or perhaps a bit of wishful thinking?) could see the Nasdaq (down 5.5% last week) and S&P (down >3% last week) snap their six-day losing streaks.

In context: The two big US benchmarks were dragged down last week by a tech selloff.

What to watch for this week: 1Q 2024 results announcements from Alphabet, Meta, and Microsoft.

Right now: US and European equities futures were up slightly in overnight trading.

TASI	12,518	+0.1% (YTD: +4.6%)
MSCI Tadawul 30	1,571	-0.3% (YTD: +1.2%)
NomuC	26,940	+0.9% (YTD: +9.8%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	28,623	+1% (YTD:+15.0%)
ADX	9,126	-0.6% (YTD: -4.7%)
DFM	4,175	-0.8% (YTD: +2.8%)
S&P 500	4,967	-0.9% (YTD: +4.1%)
FTSE 100	4,918.1	-0.4% (YTD: +8.7%)
Euro Stoxx 50	7,896	+0.2% (YTD: +2.1%)
Brent crude	USD 87.12	-0.2%
Natural gas (Nymex)	USD 1.77	+1.1%
Gold	USD 2,401	-0.5%
BTC	64,795.8	-0.3% (YTD: +65.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% yesterday on turnover of SAR 6.4 bn. The index is up 4.6% YTD.

In the green: BATIC (+9.96%), Al Rajhi Takaful (+9.96%) and Gulf General (+9.9%).

In the red: SPM (-3.4%), Alyamamah Steel (-2.8%) and Jarir (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.9% yesterdayon turnover of SAR 36.5 mn. The index is up 9.8% YTD.

In the green: Azm (+11.6%), United Mining (+8.3%) and Raoom (+6.4%).

In the red: NBM (-6.8%), Rawasi (-5.6%) and Al Qemam (-5.1%)

CORPORATE ACTIONS-

Shareholders of Tadawul-listed Tasnee have approved the transfer of SAR 905.3 mn from its statutory reserve to retained earnings, it said in a disclosure to Tadawul yesterday. They also approved a SAR 3.5 mn remuneration to board members for FY 2023.

CALENDAR

APRIL

21-27 April (Sunday-Saturday): Innovation Week 2024 at KACST, Riyadh.

21-24 April (Sunday-Wednesday): International Conference on Renewable Energy Generation and Application 2024, Dhahran.

24-25 April (Wednesday-Thursday): Middle East Change Management Conference 2024, Riyadh.

27-29 April (Saturday-Tuesday): RiseUp Saudi at KACST, Riyadh.

27-30 April (Saturday-Wednesday): IsDB Group Annual Meetings, Riyadh.

27-30 April (Saturday-Wednesday): Saudi International Luxury Week 2024, Jeddah.

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

28-29 April (Sunday-Monday): International Conference on Economics Finance and Accounting 2024, Riyadh.

28-30 April (Sunday-Tuesday): Saudi Mechanical Engineering Technology Conference and Exhibition 2024, Al Khobar.

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.

30 April (Tuesday): GC Summit Saudi Arabia 2024, Riyadh.

30 April (Tuesday): HR Leaders Conference Riyadh 2024, Riyadh.

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.

20-22 May (Monday-Wednesday): Future Aviation Forum 2024, 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

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

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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