Fresh Aramco shares start trading today

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fresh Aramco shares start trading today

Good afternoon, friends, and welcome to the start of a new week. It’s a relatively calm Sunday morning — as is typically the case — with updates on Aramco’s secondary offering continuing to take the spotlight.

PLUS- We sat down with homegrown restaurant management player Foodics CEO and co-founder, Ahmad AlZaini, for a chat about his business and future financing and expansion plans.

^^ We have both these stories and more in this morning’s news well, below.

Before we get started: Do you enjoy EnterpriseAM Saudi? If so, the best thing you can do to help us is to hit “forward” on this email and send it to a friend with a suggestion that they subscribe, too, if they find it valuable.

HAPPENING TODAY-

#1- Aramco’s newly sold shares will start trading on Tadawul today, after the final allocation of shares took place this past Friday. Excess subscription funds if any will be refunded by Tuesday, 11 June. We have more updates on the offering in this morning’s news well, below.

#2- Gulf foreign ministers are in Doha today to attend a GCC ministerial meeting to review the implementation of a declaration agreed during the Doha summit last December, state news agency SPA reported. They will also review reports by the GCC ministerial and technical committees related to joint Gulf action and strategic ties between GCC nations and global counterparts and blocs.

ALSO- GCC ministers will hold two separate meetings with Turkey and Yemen, according to SPA. The GCC-Turkey meeting will focus on a joint action plan and bolstering cooperation across the board between Gulf nations and Turkey, while the GCC-Yemen meeting will focus on supporting the political process in Yemen.

WEATHER- It’s going to be another scorcher, complete with thunderstorms: Makkah will withstand a daytime high of 46°C which will drop towards 31°C at night with thunderstorms expected at some point. Riyadh will experience some heat as well with a daytime high of 44°C and a low of 29°C during the night. Jeddah is the cooler of the three, experiencing highs of 40°C and lows of 28°C.

HAPPENING TOMORROW-

Blinken is coming back to the region — with no stop in Saudi? US Secretary of State Antony Blinken will visit Egypt, Israel, Qatar, and Jordan starting tomorrow until Wednesday to hold discussions on the latest ceasefire proposal laid out by US President Joe Biden, the State Department said. Saudi does not appear to be part of Blinken’s travel itinerary.

On the agenda: Blinken is set to “emphasize the importance of Hamas accepting the proposal on the table, which is nearly identical to one Hamas endorsed last month.” Blinken will also attend a conference in Amman co-hosted by Jordan, Egypt and the UN on urgent humanitarian response to war-torn Gaza.

REFRESHER– Blinken said last month that Riyadh and Washington may only be “weeks away” from concluding a bilateral defense pact. However, US Ambassador to Saudi Arabia Michael Ratney said last week that the agreement was still in the works as officials continue negotiating the terms. A timeline for the pact remains unclear, Ratney said, with a finalization of an agreement largely dependent on Israel’s approval of a two-state solution with Palestine as a precondition for the agreement along with a clearance from the US Senate.

PSAs-

#1- You can now make Eid plans: Businesses will be off for four days for Eid Al Adha starting Saturday, 15 June, the Human Resources and Social Development Ministry said in a post on X. Tadawul will be closed to trading after the closing bell on Thursday, 13 June and will reopen on Sunday, 23 June in observance of Eid Al Adha,

#2- Good news for travelers heading to Madinah: Passengers arriving at the Prince Mohammed Bin Abdulaziz International Airport will see a smoother entry into Madinah thanks to the newly inaugurated smart path solution, according to an Interior Ministry statement. The new system uses AI and biometric technology including face cameras to reduce the time and effort typically required for entry into the holy city. A similar system was rolled out at the King Khalid International Airport in Riyadh last year.

#3- Prospective investors in Al Baha’s planned coffee city project can bid for the project through the Furas platform, state news agency SPA reported. The site at the Qilwah governorate covers 5.5 mn sqm, while the site in Al Mandaq spans 581.7k sqm.

WATCH THIS SPACE-

#1- Showing the flag at the upcoming G7 summit: Crown Prince and Prime Minister Mohammed bin Salman will join 12 other heads of state in Italy for the G7 summit on 13-15 June, Reuters reports. This is the Kingdom’s first invitation to the summit.

What’s on the agenda: Leaders are expected to chew over topics on artificial intelligence, energy, along with discussing challenges in Africa, China, and the Mediterranean.

#2- Amended rules for buyback, sale of listed companies shares up for national dialogue: The Capital Market Authority (CMA) has put forth proposed amendments to the buyback and sale of listed companies’ shares on the government’s survey platform Istitlaa for public consultation until Saturday 6 July. You can review the draft here (pdf).

What we know: The proposed amendments see a share buy-back cap in a single day increased to 25% of the average trading volume of a company’s shares in the five days preceding a transaction. This would be raised from a current cap of 10% of total quantity approved by the general assembly in one trading day. The CMA said the amendment aims to scrap a link between the number of shares bought back during a single trading day and the percentage of shares approved for buyback by the general assembly. The maximum limit for treasury share sales was also increased to 25% based on the same rationale from a current cap of 10%.

#3- Texas-based design firm HKS has set up shop in Saudi, expanding its office network to 29 cities globally, it said in a statement. HKS already boasts around 50 years of experience worth of design projects in the Kingdom, delivering work on the Arena in Diriyah and the AMAALA Triple Bay Master Plan among others, according to the statement.

#4- Subscription to Sedco Capital’s SAR 1 bn multi-asset shariah-compliant traded fund will run until Thursday, 27 June, a three-week extension from its original deadline of Thursday 6 June, Tadawul said in a statement on X.

REMEMBER- Sedco wants to place 70% of the fund with institutional investors and will build a “diversified portfolio of local and international private and public investments that are compatible with Shariah standards and controls.” It will invest up to 80% of its assets in local and global equities and “income assets” and another 20% in less-liquid “global private equity investments.”

#5- The Kingdom has been elected as a member of the UN’s Economic and Social Council (ECOSOC) for the 2025-2027 term, the Foreign Ministry said in a post on X. The Kingdom will aim through its membership to advance its sustainable development goals, digital transformation and others, the ministry said.

#6- We might be getting direct flight routes connecting Saudi and Russia with talks currently underway between authorities in both countries to establish direct flights, an official at the Russian Embassy in Riyadh told Aleqtisadiah. It is still too early to determine exact dates for the launch of direct flights between different airports in both countries, the official said.

#7- The Environment Ministry launched an environmental grants and incentives program aimed at boosting investments in the sector, state news agency SPA reported. The program will provide incentives and grants to small and medium sized enterprises, companies, research centers, and others. It aims to promote investments in the environment and meteorology sector and improve environmental adherence across various development sectors.

DATA POINTS-

#1- Some 30.8k additional Saudi employees joined the private workforce last month, the National Labor Observatory said in a post on X. The total number of private sector workers reached 11.37 mn — including 2.35 mn Saudi nationals comprising 1.38 mn men and 971.3k women. A total of 9 mn expats are employed in the private sector.

#2- Tasi snapped its longest losing weekly streak since the end of 2022 to close in the green last week at 11.5k points, Aleqtisadiah reported. The weekly rise was driven by a rally in listed banks.

OIL WATCH-

Oil prices slipped at market close on Friday on the back of US employment data lowering expectations of near-term rate cuts by the Federal Reserve, which investors “weighed against” Opec+’s decision on the phaseout of voluntary cuts starting October, Reuters reported. Brent crude futures fell 0.3% to USD 79.62 a barrel, while US West Texas Intermediate slightly slipped to USD 75.53. Despite oil prices being supported by Opec+, crude still posted its third consecutive weekly loss with Brent down 2.5% and WTI dipping 1.9%. Meanwhile, US labor data showed an accelerated job surge, maintaining the Federal Reserve’s plans to begin lowering rates until September at the earliest.

REMEMBER- Opec+ could start pumping more oil into the market over the fall. The alliance will keep in place current production cuts of 3.66 mn barrels per day (bbl / d) until the end of this September, before beginning to “phase out the cuts of 2.2 mn bbl / d over the course of a year from October 2024 to September 2025.” They are scheduled to meet again on Sunday, 1 December 2024.

Also on the Opec+ front: Energy Minister Prince Abdulaziz bin Salman said the oil cartel could backtrack on planned oil production increases if the market was not strong enough, Reuters reported. Bin Salman criticized Goldman Sachs for having a bearish outlook on oil, which he said is based on incorrect data. Some media reports and forecasts “fiddle with the market,” The National quotes the minister as saying.

Opec+ can still work around market uncertainties: “It’s a year and a half agreement, it has all the mechanics, some of the mechanics are not new, we have also exercised it before… Especially this issue of pausing or reversing,” bin Salman said on the alliance previously pausing the pumping of more oil when necessary.

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THE BIG STORY ABROAD-

An Israeli raid to release hostages is dominating headlines across the globe, but the detail that 210 Palestinians were killed in the operation targeting four hostages is tellingly absent from much of the international press. “To [release] four people, Israel killed dozens of innocent civilians,” a paramedic told Reuters, describing the bombardment that centered on a market place and mosque as a “massacre.”

Some corners of the international business press are focused once again on tech oligarch Elon Musk and Tesla shareholder opposition to his record USD 56 bn pay award, with a Norwegian sovereign wealth fund making clear its intention to vote no on the award when it comes up for a vote on Thursday.

AND- the European Central Bank slashed rates on Thursday for the first time in five years, just a day after the Bank of Canada also cut rates. But we won’t be seeing the Fed following suit anytime soon, say traders, who still see rates keeping steady when the Fed meets to review interest rates this week and then again when it meets in July.

CIRCLE YOUR CALENDAR-

The G7 Summit in which the Crown Prince is expected to take part will begin on Thursday, 13 June to Saturday, 15 June in Italy’s Borgo Egnazia resort in Apulia. Talks are set to focus on AI, energy, and addressing opportunities and challenges in Africa, China, and the Mediterranean.

Saudi Film Nights by the Film Commission will land in Australia this month with screenings of four Saudi films, state news agency SPA reported. Movie enthusiasts in Sydney and Melbourne can watch adventure movie Hajjan, short film Me & Aydarous, comedy film Alhamour H.A and animated short movie Saleeg between Wednesday, 26 June to Friday, 28 June.

The Global EV and Mobility Tech Forum will open its doors on Wednesday, 10 July to Thursday, 11 July at the Riyadh International Convention and Exhibition Center. The event will bring together policymakers, NGOs, and startups.

The Conference on Arbitration and Dispute Resolution in Energy, Oil, and Gas will be held in GCC countries for the first time in 2025, coming off the signing of a partnership between the GCC Commercial Arbitration Center, the Scottish Arbitration Center, and the International Conference on Law, according to state news agency SPA. The conference will bring together experts in international arbitration to discuss the legal, geopolitical, economic, and security aspects and challenges related to energy disputes in the GCC.

Aramco expected to allocate 60% of secondary offering to foreign investors after strong demand

Aramco is set to allocate c. 60% of the shares offered in a secondary share sale to foreign investors, Bloomberg reported yesterday, citing sources it says are familiar with the matter. The allotment comes as its secondary offering drew in greater international demand than its blockbuster IPO in 2019 which was left reliant on local buyers.

Newly sold shares will start trading on Tadawul today, after the final allocation of shares took place on Friday, 7 June. Excess subscription funds if any will be refunded by Tuesday, 11 June.

Foreign investors flocked to the offering: More than 50% of the offering was allocated to foreign investors, Reuters reported, citing two sources it says are familiar with the matter. “There were multiple orders from the US, UK, Hong Kong and Japan,” one of the sources said. The offering will see over 120 new foreign investors added to the state-owned oil giant, according to one of the sources. “The overall demand for the offering was greater than USD 65 bn across global blue chip institutions and the domestic retail offering,” the source said.

REMEMBER- Aramco reportedly held roadshows in the US and the UK to shore up demand for its offering.

The oil giant set the final price for its secondary share sale below expectations at SAR 27.25 per share, pricing its stock in the lower half of its proposed range of SAR 26.7 to SAR 29.0 a share, state news agency SPA reported. The pricing indicates that Aramco would raise c. USD 11.2 bn, according to our math. This falls just below the USD 12 bn mark that pundits had initially penciled in for the sale. The offering was 4-5x oversubscribed, Reuters reported, citing a source it says is in the know.

This is the highest-value offering of its kind globally in the last three years, Bloomberg reports.

Aramco could raise even more if a greenshoe option is exercised by its stabilizing manager, Merrill Lynch KSA, who can purchase up to 10% of shares being offered at the set final price “to cover short selling operations resulting from any overallotment of shares.” This means Aramco can raise the stake on offer to 0.7% — up from 0.64% — to raise roughly USD 12.4 bn, according to Reuters.

Merrill Lynch KSA may stabilize the share sale per the applied price stabilization mechanism in IPOs, it said in a statement to Tadawul (pdf). It said the stabilization period will run starting today until Tuesday, 9 July, it said. It set overallottment shares at 154.5 mn shares — or 10% of total offered shares — by the government, which is the over allotment shareholder.

What the pundits are saying: “We like Aramco. It’s selling at a reasonable price and we recommend it for investors as a three-year strategic investment,” Anita Gupta, head of equity strategy at Emirates NBD told Bloomberg, adding that the “dividend yield is bigger than other mega-caps or oil majors.”

BACKGROUND- The transaction comes as the government — which holds an 82% stake in Aramco — looks to unlock non-oil sources of income to plug its budget deficit and push bns of USD worth of gigaprojects out of the pipeline. Think massive investments in sports, AI, tourism, and infrastructure. Proceeds from the sale will likely be “funneled to the Public Investment Fund (PIF)” — which owns a further 16% stake, analysts told Reuters.

ICYMI- The follow-on offering sold out within hours of kicking off last Sunday before wrapping up on Wednesday, 5 June. The institutional tranche of the sale accounted for 90% of the shares on offer, while no more than 10% were allocated to retail investors. The offering was Regulation S compliant, making it easier for global institutional investors to take part. News of the sale was hogging liquidity in the market, as investors held on to funds for fresh paper. Strained liquidity coupled with oil production cuts had pushed Aramco’s shares to their lowest level in over a year.

ADVISORS- SNB Capital is lead manager. HSBC, BofA, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, Merrill Lynch, and SNB Capital will act as joint global coordinators, bookrunners and financial advisors. Our friends at EFG Hermes KSA will act as domestic bookrunners alongside Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital. Meanwhile, M. Klein and Company and Moelis will act as independent financial advisors. Meryll Lynch will act as the stabilization manager. White & Case is legal counsel to Aramco, while PwC is auditor. Receiving agents include, Alinma Bank, Al Rajhi Banking and Investment Corporation, Arab National Bank, Banque Saudi Fransi, Riyad Bank, Saudi Awwal Bank, Saudi National Bank.

Saudia Group mulls wide-body jets from Airbus, Boeing

Saudia Group is in talks with Airbus and Boeing to boost its wide-body jet capacity, Saudia Group General Manager Abdullah Alshahrani told Reuters. The number of wide-body jets for Saudia Airlines and Flyadeal is still being decided, but Saudia Group will place an order this year, Alshahrani said.

The rationale: “A lack of production slots at Airbus, especially for the A320, forced the group to look at wide-body jets,” Alshahrani said on the sidelines of the CAPA India aviation conference in New Delhi.

ICYMI- Saudia ordered 105 narrow-body aircraft from Airbus last month, valued at USD 19 bn, marking the largest aircraft order in the Kingdom’s history.

What’s next? Alshahrani said Saudia Group intends to visit COMAC’s China facility in September to evaluate the jets for future consideration, although it’s “not the time” to place an order. Saudia officials met with reps from Air India last week to talk about partnerships including a codeshare agreement, he added.

IN OTHER AVIATION NEWS-

Hong Kong flag airline Cathay Pacific will launch direct passenger flights to Riyadh starting 28 October, it said in a statement. It will launch three weekly return flights between Hong Kong and Riyadh using their Airbus A350-900 aircraft on Mondays, Thursdays, and Saturdays.

What they said: “This new service will offer more travel options and greater convenience for our customers traveling to and from Saudi Arabia, as well as promote opportunities for business, trade and tourism,” Cathay Pacific CEO Ronald Lam said.

We’ve been expecting this: Last month, Saudi Air Connectivity Program CEO Majid Khan said the program was expected to announce “big news” in the first week of June on a new route connecting Asia to the Kingdom. Another announcement on a destination “from the west” is set to be made after the summer, Khan said, refusing to disclose further details.

Ahmad AlZaini, CEO and co-founder of Foodics

Ahmad AlZaini, CEO and co-founder of Foodics: Operating in Saudi, the UAE and Egypt, homegrown restaurant management player Foodics specializes in providing advanced integrated technological solutions. Since its inception, it has raised USD 198 mn through several funding rounds. EnterpriseAM sat down with Foodics CEO and cofounder Ahmad AlZaini (LinkedIn) to discuss the ins and outs of his business, the biggest challenges it faces, and future financing and expansion plans.

Enterprise: How did Foodics start?

Ahmad AlZaini: Essentially, Foodics was the first project I founded with my partner Musab Al Othmani — first established as an Alwans product, offering tech services and consultations to others. This product later evolved into an independent product developer, and one of the products that resulted from this was Foodics.

Our journey started when a restaurant owner approached Alwans asking for some tech solutions to manage his business digitally, and based on our extensive personal experience with restaurants and cafes — where we spent most of our time during university — we came up with this idea to develop an integrated platform that enables restaurant owners to manage their operations smoothly and expand their business.

Currently, Foodics provides restaurant owners with a comprehensive cloud-based electronic point-of-sale and restaurant management system that can also be applied to traditional restaurants, cafes, fast-food outlets, bakeries, food trucks, cloud kitchens, and non-food retail stores. Since its founding in 2014 in Khobar, Saudi Arabia, Foodics has expanded to the UAE, Kuwait, and Egypt.

E: What services does Foodics offer?

AA: Foodics offers a comprehensive package of tech solutions that target the restaurant and cafe industry. This includes a cloud-based restaurant management system and a PoS system that centralizes operations from orders to inventory management. Our Foodics Online system also works to improve direct sales, enabling customers to order and pay electronically without any intermediaries.

Another product we offer is Foodics Kiosk, which is a self-service ordering and payment solution. Most recently, we launched the Foodics Accounting service which is a financial data management solution, as well as the Foodics App which introduces F&B business owners to external applications that can be integrated with our systems.

E: What are the biggest challenges that face your business?

AA: Attracting talent is the biggest challenge for startups, and we are no exception. The market is open, healthy with high demand and boasts a ready availability of funds and investors, which makes attracting, developing and retaining talent a real cornerstone for success and sustainability.

E: What’s one thing you can’t compromise on when it comes to managing your company?

AA: Helping restaurant and cafe owners grow and develop their businesses, facilitating their journey from a small food cart to a restaurant chain is our main mission at Foodics. My constant focus is to always make this clear to the team. Also, our second-tier leadership team must always show their commitment to this core mission and vision — that is something I can never overlook.

E: What are the key performance indicators that you monitor on a daily or weekly basis?

AA: I have three main indicators that I always monitor: Improving communication within the team in a way that focuses on the company’s main mission, the quality and customer acceptance of our products, and whether these actually present smart solutions to their challenges faced by our stakeholders. Also, when I come to assess issues that arise within the company, I evaluate the company’s growth rate per employee to see if it aligns with globally recognized healthy rates, which clarifies to me if an intervention is needed with a specific employee or team. I think this is a healthy way to cope with things, as some issues might arise from the company’s policies and not employees.

E: What is the total amount of funding the company has raised since its inception?

AA: We have raised USD 198 mn through several funding rounds, but the founders of Foodics still remain among the largest individual shareholders in the company. Some of the world’s leading venture capital funds participated in out funding rounds including Prosus — one of the world’s largest investors in the tech sector, PIF-owned Sanabil Investments, STV, Endeavour Catalyst Fund and Vision Ventures which is supported by India’s Sequoia Capital. Two years ago, Foodics raised USD 170 mn in the biggest software-as-a-service (SaaS) series C funding round in the MENA region, which was led by Prosus and Sanabil Investments.

E: What are your financing plans for the future?

AA: We were profitable this year and we are not seeking funding for development plans. We’re currently planning another funding round this year, allowing old investors to exit and attract new ones. This round might also go towards financing the company’s plans for M&A of several regional early-stage startups.

E: Do you plan to exit Foodics or reduce your stake in it?

AA: For me, passion will be the deciding factor on whether or not I exit. I still have enough passion to continue this journey, and as long as that’s the case and I have the energy to keep growing and developing the business, the journey will continue. My main goal is to keep the company on track to achieve its goal and mission, and as long as I can do this I will remain as CEO.

E: What are your plans for Foodics’ expansion and growth?

AA: We have added additional income streams through our payment services in 2022, and our revenues from these services have since quadrupled in 1Q 2024. We are currently planning to grow our payment solutions in Saudi as well as Egypt. On a personal level, I wish to see startups in various sectors following Foodics’ model, especially if the founders are ex-Foodics that have benefited from their experiences with us.

Aramco still the top story in the foreign press

Aramco’s follow-on offering continued to dominate the headlines on Saudi in the foreign press over the weekend after it set its share price at the bottom half of the proposed range (we have chapter and verse in this morning’s news well, above). Bloomberg | Reuters | Financial Times | CNBC | The Wall Street Journal.

Hoffmann Green Cement breaks ground on first unit in Saudi. Plus: real estate, aviation and debt

INFRASTRUCTURE-

#1- Local conglomerate Shurfah Group broke ground with French firm Hoffmann Green Cement on the no-clinker cement maker’s first unit in Saudi, Hoffman Green Cement said in a statement (pdf). Construction of the H-KSA 1 began at Rabigh less than a year after Shurfah and Hoffman Green Cement signed a 22-year exclusive licensing agreement to build several Hoffmann Green units in the country under efforts to decarbonize the construction sector.

Under the agreement, Shurfah will be tasked with financing, building, and operating four production units across the Kingdom. They will also commercialize the French company’s green cement exclusively. Construction is expected to be completed by the end of 2025.

#2- Tawzea Aquapor — a unit of Tadawul-listed Sisco Holding — was awarded a SAR 33 mn contract to supply 1 mn cbm of water for the Trojena dam project, according to a filing to the exchange.

AVIATION-

Riyadh Air + EgyptAir: The Public Investment Fund’s new flagship carrier Riyadh Air inked an MoU with EgyptAir that will see passengers traveling between the two countries benefit from a wider range of services, according to a joint statement. “There will be benefits between both airline’s loyalty programs and numerous other advantages and rewards that we look forward to sharing with our guests,” said Tony Douglas, CEO of Riyadh Air. No further information was provided.

DEBT WATCH-

Obeikan Glass has lined up a SAR 50 mn shariah-compliant credit facility from Al Rajhi Bank to finance its working capital, according to a disclosure to Tadawul. The Nomu-listed company secured a similar facility from Saudi Awwal Bank last week.

MANUFACTURING-

Al Rashid Industrial has acquired a SAR 9.2 mn plastic products plant in the Qassim industrial city from International Jewelry Boxes Factory in a bid to ramp up production, it said in a disclosure to Tadawul. The purchase is financed through the company’s own resources.

HEALTHCARE-

Mouwasat Medical Services and Tadawul-listed Al Dawaa Medical Services established a SAR 1 mn joint venture — Modawaa and Rieaya Medical Company — in Al Khobar, according to two separate disclosures here and here. Mouwasat holds a 51% stake in the JV, while Al Dawaa holds the balance.

DEVELOPMENT FINANCE-

SFD extends its reach to Nicaragua: The Saudi Fund For Development has pledged USD 103 mn in soft loans to support the healthcare sector in Nicaragua, it said in a social media post on X. The fresh funds will be directed towards building and equipping the Carlos Centeno Departmental Hospital, a 300-bed facility spanning an area of 25k sqm.

Turkey could levy a tax on stocks

Is Turkey mulling a tax on stock and crypto investments? Bloomberg reported on Tuesday that Turkey is close to imposing a transaction tax on trading in stocks and cryptocurrencies, citing official sources, who revealed that the Finance Minister discussed the plan last week. Treasury and Finance Minister Mehmet Simsek yesterday denied the news, saying only that the government is considering a “very limited” transaction tax.

The tax would come as part of a monetary tightening plan, aimed at shoring up Turkey’s fiscal position and boosting price stability, Reuters reports.

The Turkish market seesawed on the news, reversing losses yesterday after Borsa Istanbul fell to a near three-week low on Tuesday, closing at 1.8%.

Turks are taking a liking to the market: This move could reel in substantial proceeds as more Turks are investing in the stock market, which saw equity accounts surge to 8.3 mn this year, a nearly seven-fold increase since early 2020, Bloomberg said, citing the Central Securities Depository of Turkey.

But the tax could reduce volatility, analysts say: “In the short term, this sounds like pain for the equity market, but in the long term, it means a huge gain, [as this tax may] reduce volatility, enhance the investment culture and reduce speculation,” Burak Cetinceker, a money manager at Strateji Portfoy in Istanbul told Bloomberg.

ALSO IN PLANET FINANCE- Gamestop shares fell almost 40% on Friday after the company reported a 29% y-o-y dip in net sales during 1Q 2024 and shared its plan to sell more shares. Meme stock trader Roaring Kitty’s held his first livestream in three years to sway investor sentiment, but failed to stop the sell-off. (Financial Times)

TASI	11,560	+0.1% (YTD: -3.4%)
MSCI Tadawul 30	1,450	+0.3% (YTD: +6.5%)
NomuC	26,230	+1.2% (YTD: +6.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	26,429	-0.8% (YTD: 6.2%)
ADX	8,957	+0.2% (YTD: -6.5%)
DFM	3,982	+0.1% (YTD: -1.9%)
S&P 500	5,347	-0.1% (YTD: +12.1%)
FTSE 100	8,245	-0.5% (YTD: +9.0%)
Euro Stoxx 50	5,051	-0.4% (YTD: +11.7%)
Brent crude	USD 79.62	-0.3%
Natural gas (Nymex)	USD 2.92	+3.4%
Gold	USD 2,325	-2.8%
BTC	USD 69,362.10	+0.2% (YTD: +64.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% on Thursday on turnover of SAR 6.5 bn. The index is down 3.4% YTD.

In the green: Miahona (+29.9%), Saudi Cement (+3.8%) and Taiba (+2.7%).

In the red: Saudi Cable (-7.9%), Awpt (-7.6%) and Atheeb Telecom (-4.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.2% on Thursday on turnover of SAR 31.4 mn. The index is up 6.9% YTD.

In the green: Miral (+14.4%), Future Care (+11%) and Mayar (+7%).

In the red: Mobi Industry (-5.5%), Lana (-5.2%) and Pan Gulf (-4.9%)

CORPORATE ACTIONS-

#1- The National Shipping Company of Saudi Arabia approved the distribution of SAR 406 m in dividends for 2023 at SAR 0.55 per share, it said in a filing to the exchange.

#2- Jamjoom Pharma approved the distribution of SAR 105 mn in dividends at SAR 1.5 per share for 2H 2023, it said in a filing to the exchange. The distribution date is set for Thursday, 13 June.

#3- Zahrat Al Waha for Trading will distribute dividends amounting to SAR 30.4 mn for 2023 at SAR 1.4 per share on Wednesday, 12 June, it said in a disclosure to Tadawul.

#4- Ladun Investment approved SAR 10 mn in dividends at SAR 0.02 per share for 2H 2023, it said in a disclosure to the exchange.

#5- Saudi Cement approved paying a SAR 191 mn dividend at SAR 1.3 per share for 1H 2024, it said in a disclosure to Tadawul. Eligible shareholders can cashout on Wednesday, 26 June.

#6- Makkah Construction and Development will distribute a SAR 247.2 mn dividend payout at SAR 1.5 per share starting on Thursday, 13 June, it said in a filing to the exchange.

#7- Salama Cooperative Ins. submitted a request to the Capital Market Authority to increase its capital to SAR 300 mn by issuing bonus shares worth SAR 100 mn, according to a disclosure to the exchange.

CALENDAR

JUNE

10 June (Monday): The Grand Hajj Symposium, Makkah.

10 June (Monday): #teamLabBorderless, Jeddah.

10 June (Monday): Deadline to register for school bus services for the upcoming academic year.

13-15 June (Thursday-Saturday): G7 Summit, Italy.

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

20 June (Thursday): Norah premiers in theaters.

28 June (Friday): Start of Jeddah Season 2024, Jeddah.

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

12 July (Friday): PFL MENA 2, The Green Halls, Riyadh.

10-11 July: (Wednesday-Thursday): Global EV & Mobility Tech Forum, Riyadh International Convention & Exhibition Center, Riyadh.

AUGUST

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

SEPTEMBER

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

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

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

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

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

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

OCTOBER

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

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.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

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

DECEMBER

1 December (Sunday): Opec+ to meet

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

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY 2024

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

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

2027

The World Water Forum takes place in Riyadh.

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