Aramco just closed the biggest secondary offering in EMEA since 2000

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Smasco shares start trading on the Tadawul today

Good morning, ladies and gentlemen. It’s the penultimate workday before the extended Eid Al Adha holiday, but the news cycle hasn’t quite entered vacation mode.

THE BIG STORY TODAY-

Aramco closed what is the “largest secondary offering in EMEA” in more than two decades, raising USD 11.2 bn from its sale of a 0.64% stake. Meanwhile, the World Bank maintained its growth forecast for the Kingdom in 2024 and 2025, with expectations that the economy will pick up steam next year.

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

HAPPENING TODAY-

Shares of Saudi Manpower Solutions start trading on Tadawul’s main market this morning at SAR 7.50 apiece. The Riyadh-based labor agency’s stock will be allowed to trade within a ±30% range for the first three days before being capped at no more than 10% up or down after that before circuit breakers kick in. (All shares on Tadawul are subject to the 10% up-or-down rule.

REMEMBER- Smasco’s IPO drew in strong demand, with the institutional tranche of the offering closing 128x oversubscribed, drawing in orders worth SAR 115 bn. The company is taking a 30% stake to market in a secondary share sale, with the pricing of the offering set to raise some SAR 900 mn for Smasco.

Up next for capital markets: Miahona, Rasan, and Fourth Mills are all in the last legs of their IPOs.

ALSO- The Public Investment Fund’s FII Priority summit is on its second day today in Rio de Janeiro and comes to a close tomorrow. The invitation-only event, headlined Invest in Dignity, will bring together government officials and senior business and finance executives to deliberate on key topics including renewables, AI tech, and biodiversity. Check out the event’s factsheet (pdf). The last such event was held in February 2024 in Miami, while the Asia iteration was held in Hong Kong in December 2023.

WEATHER- Look for more heat, with some thunderstorms: Riyadh will see thunderstorms with a daytime high of 45°C which will drop towards 31°C at night. Makkah will see cloudy weather with a daytime high of 44°C and a low of 31°C, while Madinah is set for the mercury to peak at 45°C and hit a low of 31°C.

HAPPENING TOMORROW-

Crown Prince Mohammed bin Salman is scheduled to attend the G7 Summit, which kicks off tomorrow 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. The summit wraps on Saturday.

PSAs-

#1- The Industry and Mineral Resources Ministry has updated requirements to obtain industrial licenses, it said in a post on X. The list of requirements — which varies depending on the industrial project’s progress — include a valid commercial register covering all industrial activity, safety and environmental approvals from authorities and other approvals from relevant authorities.

#2- All government entities in the Kingdom are going to be required to integrate their e-services into the Tawakkalna platform as mandated by The Digital Governance Authority (DGA), Okaz reported citing a directive from the DGA governor.

The details: The first phase of the integration process will cover about 30% of government e-services, with the second phase aiming to add another 35% by the end of 3Q 2024, reaching a total of 65% by 2025, it said. The DGA is looking to have all government bodies integrated into Tawakkalna by July 2026.

WATCH THIS SPACE-

#1- Shalfa gets green light for Nomu IPO: Riyadh-based waste management company Shalfa Group has lined up Capital Market Authority (CMA) approval to debut its shares on Tadawul’s parallel market Nomu, according to a CMA statement. Shalfa is looking to offer a 15% stake in the company to qualified investors.

#2- Abu Dhabi-based investment firm Eshraq Investments is looking to expand in the UAE and Saudi in a handful of “key” sectors, including technology, artificial intelligence, and healthcare, Chairman Fahad Al Qassim told CNBC Arabia (watch, runtime: 13:54).

#3- Some 351 residential and commercial properties across the Kingdom are part of 26 public auctions held by the Entrustment and Liquidation Center (Infath), according to state news agency SPA. The auctions — which kicked off yesterday and run until the end of the month — will be held in Riyadh, Makkah, Madinah, Al Qassim, Al Jawf, Hail, Tabuk, Asir, Al Sharqiya, and Jizan. More details are available on the Infath Auction Page.

DATA POINT-

Remittances from expats living in the Kingdom rose 14% y-o-y to SAR 11.4 bn in April, Arab News reported, citing data from Saudi Central Bank (Sama).

OIL WATCH-

#1- Opec still expects strong global oil demand: Opec maintained predictions that global oil demand will grow 2.2 mn barrels per day (bbl / d) this year and 1.85 mn bbl / d next year, the group said in its monthly report (pdf). It expects the services sector to maintain “stable momentum” throughout the second half of the year. “It is projected to be the main contributor to the economic growth dynamic in 2H24, particularly supported by travel and tourism, with a consequent positive impact on oil demand,” the report said.

The Kingdom’s crude oil production was slightly down by 32k barrels in May to 9 mn barrels per day, the report says, citing figures from secondary sources.

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 bbl / d until the end of 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.

#2- China-bound oil exports are set to take a dip in July: Traders see Saudi crude oil deliveries to China falling to 36 mn barrels next month from 39 mn barrels in June, as Chinese refineries opt for cheaper sources of oil, Reuters reports. This comes even as Aramco cut its July official selling prices to Asian buyers, ending a five-month hike, the newswire reported earlier.

More Russian oil is flowing into Beijing: China’s oil imports from Moscow rose 166% to 378 mn tons in the first four months of the year, while that from Riyadh fell 16.5% to 1.6 mn bbl / d.

SPORTS-

#1- The national team lost 1-2 to Jordan in the AFC FIFA World Cup qualifiers at Al Awwal Stadium in Riyadh yesterday. Jordan now sits at the top of their group with 13 points after five wins and a loss, with Saudi coming in second with 13 points following four victories, a tie, and a loss.

#2- Formula E is set to return to Saudi in a double-header, with the two races taking place on 14 and 15 February at a new track location in Diriyah, according to Formula E’s season calendar.

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THE BIG STORY ABROAD-

The global press’ attention is squarely focused on the ongoing courtroom drama that is US politics, with news that US President Joe Biden’s son Hunter was convicted for obtaining a gun by lying about his drug use dominating the front pages in the states and beyond. Some think the verdict could be a help, rather than a hindrance, to the Biden campaign, with the New York Times writing that the verdict undercuts a key Trump talking point — and fundraising pitch — about a rigged justice system.

MEANWHILE IN TECH NEWS- Apple’s AI collab with OpenAI already seems to be paying off, with Apple shares shooting up 7.3% on the Nasdaq by the end of trading yesterday after having fallen nearly 2% the day before.

The expected boost in iPhone sales could see Apple become the world’s largest company once again, with its market cap now sitting at USD 3.18 tn, just behind the world’s most valuable company Microsoft with USD 3.22 tn.

FROM THE FRONT LINES OF THE TRADE WAR- The US Treasury is turning up the heat on foreign financial institutions with ties to Russia with plans to expand its secondary sanctions on the country. Any foreign financial institutions involved with sanctioned Russian entities will now be treated as if it's dealing with Russia’s military-industrial complex.

CIRCLE YOUR CALENDAR-

Norah — Saudi’s first film to screen at Cannes — will hit theaters at home and abroad starting Thursday, 20 June, state news agency SPA reported. It tells the story of an illiterate young orphan Norah, crossing paths with an artist called Nader, who moved to the village to be a school teacher. The encounter helps Norah unleash a passion for art and a better future.

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.

Aramco raises USD 11.2 bn in follow-on offering

Aramco closed its follow-on offering, raising USD 11.2 bn in what was the “largest secondary offering in EMEA since 2000,” the government and the state-owned oil giant said in a statement (pdf). The offering was also the largest in equity capital markets in the region since Aramco’s own blockbuster IPO in 2019. Newly sold shares began trading on Tadawul on Sunday, after the final allocation of shares took place on Friday, 7 June.

What they said: “This landmark transaction achieves the goals of diversifying and broadening Aramco’s shareholder base with strong participation from new international and local investors, further supporting the liquidity of our shares,” Aramco’s CEO Amin Nasser said.

REFRESHER- 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. Foreign investors were big buyers in the offering, with the majority of the institutional tranche — which accounts for 90% of the shares on offer — allocated to “investors located outside of the Kingdom,” according to Aramco. The follow-on offering saw foreign institutional ownership in the oil giant clock in at a 0.73% stake.

Aramco could still raise more if stabilizing manager Merrill Lynch KSA exercises a greenshoe option. The investment bank can purchase up to 10% of shares being offered at the set final price “to cover short positions resulting from any overallotments.” If the greenshoe is exercised, Aramco could raise the stake on offer to 0.7% — up from 0.64% — to raise roughly USD 12.4 bn. The stabilization period runs until Tuesday, 9 July.

Background: The transaction comes as the government looks to unlock non-oil sources of income to plug its budget deficit and push USD bns worth of gigaprojects out of the pipeline. Think massive investments in sports, AI, tourism, and infrastructure. Proceeds from the sale will likely go into the Public Investment Fund’s coffers, analysts previously told Reuters.

ADVISORS- SNB Capital is lead manager. HSBC, BofA, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, Merrill Lynch, and SNB Capital are joint global coordinators, bookrunners and financial advisors. Our friends at EFG Hermes KSA are domestic bookrunners alongside Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital. Meanwhile, M. Klein and Company and Moelis are independent financial advisors. Merrill Lynch is 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.

World Bank sees Saudi’s economic growth at 2.5% in 2024, 5.9% in 2025

The World Bank maintained its forecast on the Kingdom’s economic growth at 2.5% this year, according to its Global Economic Prospects report (pdf). The unchanged outlook comes after the multilateral lender slashed its growth expectations in April, saying it expects GDP to grow at a 2.5% clip in 2024, down from the 4.1% it had penciled in back in January.

Picking up steam: The World Bank also kept its forecast for 2025 unchanged, saying it sees the economy growing 5.9% next year. This remains an upward revision from its January 4.2% forecast. The Finance Ministry is targeting GDP growth of 4.4% in its budget for this fiscal year, Finance Minister Mohamed Al Jadaan said in December 2023.

The drop in oil production “constrained” oil activity across Saudi and other GCC nations, the World Bank said, leading the Saudi economy to contract in 1Q 2024. State statistics agency Gastat data out earlier this week showed GDP contracting during the first quarter of the year, falling 1.7% y-o-y to SAR 1 bn. This is a slightly smaller figure than the 1.8% y-o-y drop that the authority had initially forecast on the back of a decline in oil activity.

Non-oil activity will continue to lead the charge as oil output takes a step back, according to the World Bank. “This growth is attributed to robust non-oil activity, driven by strong private consumption and investment, supported by fiscal and monetary policies. In 2025, a gradual resumption of oil activity is expected to raise growth,” the World Bank said.

REMEMBER- Non-oil growth is central to the government’s diversification push, designed to reduce the economy's reliance on oil revenues.

BUT, BUT, BUT… Fiscal surpluses are expected to continue shrinking in Saudi and other nations on the back of a drop in oil revenues and higher expenditures on mega projects, the World Bank said. The government recorded a budget deficit of SAR 81 bn — 2% of GDP — in FY 2023, compared to a SAR 16 bn surplus in its approved budget for the year. This is in line with an openness by policymakers to accept small deficits as the price of continuing to invest in growth.

Brazil’s Patria Investments looking to expand in Saudi as it banks on growth potential

Brazilian alternative asset giant Patria Investments is exploring potential investments in the Kingdom along with its portfolio companies, CEO Alexandre Saigh told Bloomberg. At least three of Patria’s companies, including gym club operator Smartfit and acai maker Frooty, are looking to expand to the local market, Saigh said.

A reciprocal arrangement: Patria — one of the leading asset managers in Latin America — is also looking to purchase fertilizers from Saudi on top of bitumen it already imports for a highway project in Brazil that it is working on with the Public Investment Fund (PIF), Saigh said. He did not provide details on the ongoing cooperation with the PIF.

The Saudi pitch: “We see Saudi Arabia as a country to expand in. A very interesting place with a young population and rising middle class — a lot of [potential],” Saigh said.

Patria sees value in Vision 2030: Brazil could play a key role in Vision 2030, allowing the Kingdom to boost its efforts for diversification, mining, green energy and food security, Saigh told the business information service. Both nations list one another as top 20 trading partners, with c. USD 7 bn of inflows last year, according to data compiled by Bloomberg. This figure could grow further to reach USD 10 bn by 2030 as Saudi focuses on some of its booming non-oil industries, including tourism and hospitality as it brings in more imports from Brazil, according to Gulf Research Center.

REMEMBER- Saudi and Brazil have been cozying up since a key visit by Brazilian President Luiz Inacio Lula da Silva to the Kingdom in November for talks focused on strengthening bilateral ties. Earlier this year, some 150 local and Brazilian investors took part in the Saudi-Brazilian Business Forum to mull potential investments between the two countries. Earlier this month, Brazilian private equity firm EB Capital Gestao de Recursos said it is seeking USD 300 mn from Saudi investors to launch a USD 600 mn fund with a launch set by 3Q 2024. The two countries also inked an MoU recently to cooperate on developing and localizing defense technologies.

More to come? Rio de Janeiro is hosting this week the PIF-backed FII Institute’s first Latin America-focused investment conference as officials from both countries look to deepen ties. Dubbed FII Priority Rio de Janeiro 2024, the event will bring together Brazil’s Lula and PIF boss Yasir Al Rumayyan along other Saudi and Brazilian officials. The event — which wraps up tomorrow — will also see the participation of several leading Brazilian firms, including miner Vale, meat processor JBS and digital banking platform Nu Holdings, according to Bloomberg. The last such event was held in February 2024 in Miami, while the Asia iteration was held in Hong Kong in December 2023.

Some of these are familiar faces: Manara Minerals — a JV between Saudi Arabian Mining (Ma’aden) and the PIF set up for international mining investment — completed last month the acquisition of a minority stake in Brazilian miner Vale Base Metals. The transaction is worth an estimated USD 2.6 bn. Brazilian planemaker Embraer has also partnered with the Kingdom to help develop its aerospace industry, hoping to secure the sale of 33 planes to Saudi, according to local Brazilian media.

And more is coming in the pipeline: Brazil’s BRF — one of the world’s largest poultry suppliers — is planning a new plant in Saudi that could see the Kingdom produce chicken locally for the first time, the business information service reported, citing sources it says are of the know. The plans come nearly a year after PIF-owned Saudi Agricultural and Livestock Investment Company (Salic) acquired a 10.7% stake in BRF.

What the pundits are saying: Deeper ties between Saudi and Brazil “is born of a desire to increase the relevance of the Global South and position it as a counterweight to the traditional dominance by the US and West,” Goldman Sachs economist Farouk Soussa told Bloomberg. “Brazil has many industries complimentary to Saudi Arabia,” he said. “It can be a key ally in food security and metals.”

Acwa Power set to increase capital by SAR 7.1 bn to fund expansions

The board of renewables giant Acwa Power has recommended increasing its capital by SAR 7.1 bn through a rights issuance, it said in a disclosure to Tadawul yesterday. The funds will be channeled towards supporting Acwa Power’s growth plans, which aim to triple its assets by 2030.

In numbers: Acwa Power sees spending on its projects between 2025 and the end of the decade surging to USD 2-2.5 bn annually from an earlier range of USD 1-1.3 bn annually, according to the disclosure. “This capital increase will allow Acwa Power to continue to invest in the growth of its portfolio while maintaining a strong financial position,” Acwa Power said.

What’s next: The recommendation is still subject to the approval of regulatory authorities and the general assembly, Acwa Power said. The company also needs to appoint a financial advisor for the issuance and submit the necessary paperwork to the Capital Market Authority.

Market reax: Acwa Power’s fell 8% during intraday trading, but pared back its losses to close down 2.7%. The company is gearing up for the capital increase amid a 570% surge in its share price since its 2021 listing, according to Bloomberg.

About the company: Acwa Power is a leading power generation, renewable energy, and water desalination company that is 44% owned by PIF. Its portfolio includes mega projects in Central Asia, Africa and others. Most of its projects are overseas, with Acwa Power planning expansions to China. Its portfolio — which has an investment size of USD 87.9 bn — has an energy generation capacity of 57.1 GW and a desalination capacity of 8 mn m3/day, according to its website.

All Aramco, all the time

Surprising no one, Aramco is still the hot topic in Saudi for the foreign press. News of Aramco completing its follow-on offering yesterday is getting coverage from Reuters, AFP and others. Reuters is also putting the offering — which took a year in the making — in perspective and how the sale largely dominated by foreign investors would have been “a far cry from five years ago” where Aramco’s blockbuster IPO in 2019 was left reliant on local buyers.

IN CONTEXT- Saudi is looking to tap new pockets to fund the economy’s diversification away from oil and plug the government’s budget deficit.

Neom’s The Line also got a mention in The New York Times, in which guest columnist Philip Oldfield is the latest to opine on the project’s sustainability and affordability. Neom officials have repeatedly assured contractors and bankers that the buildout of the city was proceeding on schedule.

Aramco’s Wa’ed Ventures invests in UAE-based contech startup Tenderd

STARTUP WATCH-

#1- Aramco’s Wa’ed Ventures backs another UAE-based tech startup: UAE-based contech startup Tenderd raised USD 30 mn in a series A funding round from new and existing investors, including Aramco-backed VC fund Wa’ed Ventures, according to a statement. The round was led by AP Moller Holding. New investors include Quadri Ventures and Saurya Prakash (Linkedin), while Nakhla Ventures, SOMA Capital, and Liquid 2 Ventures made follow-on investments. Tenderd will use the funds to develop its technology and expand its global footprint.

Tenderd has some plans with Aramco up its sleeves: “We are in the process of engaging with Aramco and we have plans in the works,” Tenderd CEO Arjun Mohan told Bloomberg, without providing further details.

About the startup: Tenderd was founded in 2018 by Arjun Mohan (Linkedin), and offers customers AI-generated data analytics to optimize asset usage and lower emissions, specifically catering to heavy industries like construction, energy, and logistics. Tenderd's current investors include Peter Thiel, Paul Graham, and Y Combinator.

#2- Some 20 startups graduated from King Faisal University’s sector-agnostic startup accelerator program in Al Ahsa, according to a statement. The fresh graduates made sales worth a combined SAR 900k and created 92 new jobs during their time at the accelerator.

REAL ESTATE-

#1- Thimar Development has committed SAR 6 mn to Osool and Bakhit’s real estate fund to finance the development of a new residential tower in Riyadh for 37 months, it said in a filing to Tadawul. Construction will be carried out by Four Ways International in its capacity as developer.

#2- Kidana Development — the main developer of holy sites — completed work on its Kidana Al Wadi project which will feature 10 residential towers in Makkah’s Mina and accommodate over 30k pilgrims, state news agency SPA reported.

AVIATION-

Riyadh Air partners up with CellPoint Digital to improve cross-border payment: The Public Investment Fund’s new flagship carrier Riyadh Air will provide cross-border payment tech for the airline as part of a partnership with omni-channel payment provider CellPoint Digital, according to a joint statement.

The pitch: Riyadh Air will use CellPoint Digital’s payment orchestration platform to process transactions. The platform’s intelligent routing minimizes the number of declined transactions, preventing travelers from abandoning the booking.

TRADE-

The Saudi Export-Import Bank (Saudi Exim Bank) signed an MoU with Export Credit Greece to boost Saudi non-oil exports to Greece, it said in a post on X. The MoU comes a few weeks after Saudi Exim Bank signed a non-binding agreement with Australian investment bank Macquarie Group to provide credit facilities worth USD 500 mn to fund exports of non-oil products. It also recently signed a line of credit agreement worth USD 100 mn with Turkish state-owned Ziraat Bank to fund exports of Saudi’s non-oil products.

GOVERNANCE-

Oversight and anti-corruption authority Nazaha inked a financing agreement with the United Nations Office on Drugs and Crime, it said in a social media post on X. The agreement will see the setup of a platform, Safe Riyadh for Information Exchange, to cooperate on combating corruption and exchanging expertise. No further information on the agreement was provided.

INFRASTRUCTURE-

The Riyadh Infrastructure Projects Center issued its inaugural drilling license for infrastructure works in the capital earlier this week, it said in a post on X. This is the first license to be issued by the center since it became earlier this year the main authority to issue licenses for infrastructure projects before commencement of work. The center’s scope of authority allows it to amend, renew, withdraw, revoke or cancel licenses whether temporarily or permanently, along with fees collection.

TECH-

Tadawul-listed Perfect Presentation (2P) will provide digital solutions to hospitals affiliated with the Hafar Al Batin health cluster after securing a SAR 63.3 mn project from the Health Ministry, it said in a disclosure to Tadawul.

EDUCATION-

Nomu-listed Naseej Technology has landed a SAR 16.2 mn project with King Abdulaziz University that will see it upgrade and provide technical support for the school’s academic system, according to a filing to Tadawul. No further information was provided.

DIGITAL SOLUTIONS-

LTIMindtree sets up shop in Saudi: Global digital solutions firm LTIMindtree opened its regional headquarters in Riyadh as part of expansion to the region, it said in a statement. “We believe Saudi Arabia's ambitious Vision 2030 provides an ideal framework for us to leverage our extensive technology expertise and help empower the Kingdom’s talent and technological landscape,” LTIMindtree’s CEO and Managing Director Debashis Chatterjee said.

Expectations of only one rate cut this year rise as the Fed wraps two-day meeting today

The US Federal Reserve is now expected to make one only interest rate cut this year, down from expectations of at least two or three rate cuts this year, amid persistent concerns about the lingering inflationary pressures, according to a new Financial Times-Chicago Booth economist poll. Over half of the 39 polled academic economists forecast a single 25-bps cut in 2024, while a quarter of the analysts anticipate no cuts at all. The forecast comes as the Fed wraps its two-day June meeting today.

With only four meetings left in the year, “rapid-fire” cuts in the current climate are unlikely, economists say. “The Fed’s narrative is going to be very similar to what we’ve been hearing: ‘We’ve made progress bringing down inflation; we’re not in a hurry to cut rates,’” Nathan Sheets, a former senior economist at the Fed, currently global chief economist at Citi, told the Associated Press.

The key data everyone is waiting for: US inflation figures will be out today, ahead of the Fed’s “dot plot,” which will set expectations for the rate cuts to come. Inflation fell to 3.4% in April.

When will the Fed deliver the cut? A third of the polled economists anticipate the Fed pulling the trigger on the first cut in September, the Fed’s final meeting before the presidential elections. Investors are also banking on the Fed to begin cutting rates in September as well, according to the CME FedWatch Tool.

Traders are already unwinding their positions on a rally following the meeting, as investors price in just one cut this year, Bloomberg reports. Yields on 10-year notes have also climbed near 4.48% earlier this week.

Economists’ optimism for a soft landing for the US economy has also increased, with 52% of FT’s poll respondents now predicting that the US will not fall into a recession until 2026 or beyond, compared to 46% in March.

MARKETS THIS MORNING-

Asian markets are once again mixed as investors mull inflation data out in China, as well as expectations of inflation data from India and the US later today. Hong Kong’s Hang Seng and Japan’s Nikkei both opened lower, while South Korea’s Kospi was up 0.45%. Wall Street futures are little changed as traders await the Fed’s decision today.

TASI	11,775	-0.7% (YTD: -1.6%)
MSCI Tadawul 30	1,473	-0.9% (YTD: -5.0%)
NomuC	26,848	+0.3% (YTD: +9.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	26,082	+0.7% (YTD: +4.8%)
ADX	9,000	+0.1% (YTD: -6.0%)
DFM	4,009	+0.9% (YTD: -1.3%)
S&P 500	5,375	+0.3% (YTD: +12.7%)
FTSE 100	8,148	-1.0% (YTD: +5.4%)
Euro Stoxx 50	4,965	-1.0% (YTD: +9.8%)
Brent crude	USD 81.92	+0.4%
Natural gas (Nymex)	USD 3.11	-0.7%
Gold	USD 2,333.00	+0.3%
BTC	USD 67,298.30	-3.4% (YTD: +59.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.7% yesterday on turnover of SAR 11.5 bn. The index is down 1.6% YTD.

In the green: Mihaona (+10.0%), Cenomi Retail (+9.4%) and Chemical (+8.6%).

In the red: Bahri (-3.3%), Acwa Power (-2.7%) and Srmg (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 187.6 mn. The index is up 9.5% YTD.

In the green: Osool and Bakheet (+10.3%), Naseej Tech (+10.0%) and Keir (+3.1%).

In the red: Alqemam (-6.8%), Food Gate (-6.7%) and Meyar (-5.4%)

CORPORATE ACTIONS-

Shareholders of Tadawul-listed Tanmiah Food approved paying SAR 38 mn in dividends for FY 2023 at SAR 1.9 per share, it said in a disclosure to Tadawul. The distribution date is set for Thursday, 4 July.

Eligible shareholders of national shipping company Bahri will cashout on dividends of SAR 0.55 apiece for FY 2023 on Monday, 1 July, Bahri said in a disclosure to Tadawul. This comes a week after shareholders approved the board’s recommendation on a dividend payout of SAR 406 mn.

Crown Prince bin Salman discuss bilateral ties, regional crisis with Kuwaiti Crown Prince

Crown Prince and Prime Minister Mohammed bin Salman discussed bilateral ties and regional developments with newly-appointed Kuwaiti Crown Prince Sabah Khaled Al Sabah during a meeting in Riyadh, state news agency SPA reported. The Kuwaiti Crown Prince delivered a letter to King Salman, where he expressed his appreciation for special ties with the Kingdom and “keenness to move forward with consolidating and developing cooperation across all sectors…amid challenges in the region and the world.”

CALENDAR

JUNE

1-30 June (Saturday- Sunday): Monsha’at’s support meetings, Riyadh, Jeddah, Alkhobar, and Madinah.

10-16 June: Hajj Media Forum, Makkah.

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

1-3 October ( Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

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.

14-15 February (Friday-Saturday): Formula E, Diriyah.

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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