Extra’s UIHC issues IPO prospectus

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Sama Water begins trading on the Nomu today

THE BIG STORY AT HOME-

eXtra’s financial services arm inches closer to Tadawul debut: Tadawul-listed United Electronics Company (eXtra) issued the prospectus for its financial services arm United International Holding Company, which will sell a 30% stake in an IPO on Tadawul’s main market.

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

HAPPENING TODAY-

#1- Shares of Jazan-based Sama Water will begin trading on Tadawul’s parallel market Nomu today, according to a Tadawul statement. Sama’s shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The company priced its IPO of a 20% stake at the top of its indicative price range at SAR 2.7 per share after its offering was 239.3x oversubscribed. The pricing will see Sama raise SAR 27 mn in proceeds, and give it a market cap of SAR 135 mn at listing.

WEATHER– Riyadh is looking at a high of 36°C, and a low of 24°C today. Over in Makkah, the temperature will peak at 40°C, before dropping to 29°C. Meanwhile, Madinah will see a high of 38°C, and a low of 25°C.

HAPPENING TOMORROW-

Seamless Saudi Arabia 2024 will kick off tomorrow at Riyadh Front Center, bringing together industry experts to share their experiences and discuss the latest innovations in payments, fintech, retail and e-commerce.

PSAs-

VAT-registered businesses with annual revenues exceeding SAR 40 mn must file their September tax returns by next Thursday, 31 October, according to a statement from the Zakat, Tax, and Customs Authority. Companies with revenues below SAR 40 mn are also required to submit their 3Q tax returns by the same deadline. Missing the deadline could incur penalties between 5-25% of the payable tax.

WATCH THIS SPACE-

#1- Tourism Minister Ahmed Al Khateeb inked several agreements in Beijing including with H World Group and Jin Jiang Group, to develop tourism partnerships. Al Khateeb also held meetings with China’s Civil Aviation Authority, airlines, and major firms including Trip.com, Alibaba, Huawei, Tuniu, and Klook, as the Kingdom looks to attract more Chinese tourists.

#2- The upcoming Biban24 Forum is expected to draw USD bns in agreements in sectors including technology, tourism, entertainment and culture, states news agency SPA reports citing statements made by Monsha’at spokesperson Badr bin Hamad Al Qad. The event will run from 5-9 November in Riyadh.

DATA POINTS-

#1- The Kingdom’s foreign reserve assets fell 3% m-o-m at SAR 1.71 tn in September, Argaam reports citing data from Sama. Foreign currency reserves — which represent some 95% of total foreign reserves — increased 4% y-o-y in September at SAR 1.61 tn.

#2- The value of point-of-sale (PoS) transactions in the Kingdom increased 7.1% y-o-y in August to SAR 58.5 bn, according to Sama’s monthly bulletin (pdf).

Restaurants and cafes were the largest category of spending, accounting for 14.2% of the month’s total, followed by food and beverage (14.0%), and health (5.8%). Riyadh took the largest share of the month’s transactions at 33.9%, followed by Jeddah (14.9%), and Dammam (4.9%).

#3- The Saudi box office raked in SAR 657 mn in 9M 2024, ِِAleqtisadiah reports citing data from the Saudi Film Commission. Tickets sold for films co-produced by Muvi Studios — the film production arm of local cinema giant Muvi Cinemas — exceeded 150k, an official said.

#4- Riyadh Season 2024 has drawn 2 mn visitors within a week of its launch, the Chairman of the General Entertainment Authority Turki Al-Sheik said in a post on X. The season is now in full swing, offering a wide range of attractions across 14 venues, including Boulevard World, Kingdom Arena, Boulevard City, The Venue, and Al-Suwaidi Park.

SPORTS-

Cameroonian-French Francis Ngannou took home the title at the Professional Fighters League Battle of the Giants in Riyadh, after knocking out Renan Ferreir in under four minutes of Round 1.

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THE BIG STORY ABROAD-

Israel’s ongoing battering of Lebanon and Gaza is still getting top billing in the foreign press, as it shifts its focus to sites it says are linked with Hezbollah’s financial operations in Lebanon, Reuters reports. Israel launched the bombing campaign yesterday, sending hundreds of Beirut residents fleeing from their homes.

The attacks come a day after a drone reportedly exploded near Prime Minister Benjamin Netanyahu’s home and only a few days after Israel killed Hamas leader Yahya Sinwar. Sinwar’s killing is also fueling speculations over where the war could go next, with some expecting more attempts towards a ceasefire, despite Hezbollah vowing more retaliation against Israel, Semafor reports.

OVER IN EUROPE- Moldovan President Maia Sandu is accusing “foreign forces” of interfering with a crucial vote to decide if the country will join the EU, after most votes were counted showing a 53% majority voting “no” to the referendum. Still, the decision remains too close to call due to the tight margin and the impact of votes among the large Moldovan diaspora. (Financial Times | The Guardian | Reuters)

AND FURTHER EAST- Indonesian ex-military general Prabowo Subianto was sworn in as president yesterday, vowing to tackle corruption and accelerate economic growth in the country during his time in office. (Reuters | France24)

AND IN THE BUSINESS PRESS- US stocks are expected to continue their rally through to the end of the year despite the impact of US elections, with the latest Bloomberg Markets Live Pulse survey forecasting the S&P 500 to end the year at a new record.

CIRCLE YOUR CALENDAR-

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

The Human Resources and Manpower Expo kicks off on Sunday, 27 October at the Riyadh International Exhibition and Convention Center, expecting over 1k exhibitors and 22k visitors.

The five-day Jeddah International Motor Show revs up on Tuesday, 29 October, running through Saturday, 2 November. The event will showcase motorcycle and drift shows, sim and kart racing, a lineup of custom-tuned cars, and more.

WWE Raw is coming to RIyadh for the first time ever on 2-3 November, kicking off on the back of the WWE Crown Jewel event the day prior, Turki Alalshikh said in a post on X. You can book your Raw tickets here, and your Crown Jewel tickets here.

eXtra’s United International Holding Company gears up to debut a 30% stake on Tadawul’s main market

UIHC inches closer to Tadawul debut: Tadawul-listed United Electronics Company (eXtra) is looking to take a 30% stake — good for 7.5 mn shares — of its financial services arm United International Holding Company (UIHC) to Tadawul’s main market, the company said in a prospectus (pdf). The offering will be open to institutional and retail investors, and will see parent company eXtra pocket all of the proceeds. The story got coverage in Bloomberg.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

ICYMI- Shareholders of electronics retailer eXtra approved the IPO of UIHC — which owns and operates Tasheel Finance — in April before the Capital Market Authority gave its okay for the move in June.

Use of proceeds + lockup: The selling shareholder (eXtra) will pocket all proceeds from the offering after an estimated SAR 37 mn are put aside to cover IPO related expenses. Some of the funds will be channeled towards “repaying a part of eXtra’s debt estimated at SAR 190 mn,” eXtra CEO Mohamed Galal had said earlier. It’s still unclear how much the company aims to raise from the offering.

Subscription limits: Institutional investors will be able to subscribe to 100% of the offering, booking a maximum of 1.25 mn shares and minimum of 50k shares each. Meanwhile, retail investors will be allocated 10% of the offering “if there is sufficient demand,” where they will be able to subscribe to a maximum of 250k shares, and a minimum of 10 shares each.

The timeline:

Subscriptions for institutional investors will run for an eight-day period beginning on Monday, 28 October;
The final IPO price will be set on Tuesday, 12 November;
Subscriptions for retail investors will run for two days beginning on Tuesday, 19 November;
The final allocation of shares is set to take place no later than Monday, 25 November;
Excess funds will be refunded by Thursday, 28 November.

Ownership structure: eXtra owns 99% of UIHC, which also owns and operates Procco Financial Services in Bahrain. eXtra Bahrain owns the remaining 1% of UIHC.

A snapshot of FY 2023: UIHC’s net income grew 10% y-o-y to SAR 212. 2 mn in 2023, according to audited financial results in the prospectus. Revenues were up 25.6% at SAR 523.9 m over the same period.

Looking ahead: UIHC says it wants to be the largest provider of shariah-compliant consumer finance in the Kingdom operating across multiple categories. It benefits from access to the 14 mn customers that pass through eXtra’s 48 stores across the country and is broadening the base of companies that it works with.

ADVISORS- Our friends at HSBC Saudi Arabia are quarterbacking the transaction as sole financial advisor and lead manager, while also acting as joint bookrunners and underwriters with the good folks at EFG Hermes KSA. The Law Firm of Salah Al Hejailan will provide legal counsel to the issuer, with Freshfields Bruckhaus Deringer providing counsel to the issuer outside of the Kingdom. Meanwhile, EY was appointed as financial due diligence advisor, and PwC as auditor. Receiving against include, SAB Invest, Al Rajhi Capital, BSF Capital, Alinma Investment, and Riyad Capital, among others.

Aramco-DHL JV ASMO inks SAR 300 mn agreements with Aramco Digital, SAP, Oracle

Aramco-DHL JV Advanced Supply Management Operations (better known as ASMO) locked in SAR 300 mn (USD 81 mn) in agreements with Aramco Digital, SAP, and Oracle to “digitalize and advance the transformation of the supply chain and procurement landscape,” it said in a press release (pdf). The JV was launched in February.

The agreements come in addition to several other MoUs ASMO signed to deepen its local foothold, it said in the statement. The agreements, spanning energy, chemicals, refining, healthcare and aviation, aim to rev up the Kingdom’s procurement and supply chain sector, according to the press release.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The details: In the chemicals and refining sectors, ASMO partnered with Luberef, Petro Rabigh, Sasref, Satorp and Yasref. In the energy sector, the JV inked agreements with Baker Hughes, Cameron Al-Rushaid, Haliburton, Schlumberger Middle East, Weatherford. On the manufacturing front, ArcelorMittal, JESCO, Tenaris and Vallourec were in the mix, while other agreements were signed with Aloula Aviation and John Hopkins Aramco Healthcare in the aviation and healthcare sectors. No further details were provided on the agreements.

About ASMO: The company is slated to be the first regional hub for end-to-end supply chain services for the energy, chemical, and industrial sectors, and looks to drive efficiencies, savings, and economies of scale in the procurement, storage, and transportation of goods and services within the Kingdom and the region.

Sama updates debt-based crowdfunding regs

The Saudi Central Bank (Sama) has issued amendments to regulations governing debt crowdfunding, according to a press release. The final set of amendments include feedback that Sama received from the general public and from experts after publishing a list of draft proposals earlier this year.

Uhh Enterprise… what is debt crowdfunding again? Debt crowdfunding, also known as peer-to-peer lending, allows firms to tap a large pool of angel investors via online platforms. The approach allows startups and smaller companies to raise capital without having to go through banks and traditional lenders that typically have more stringent requirements for issuing loans.

Some requirements didn’t change: Debt crowdfunding companies seeking licenses from Sama will still need to have a minimum capital of SAR 5 mn, the amendments showed. Sama will have a say in amending the capital requirement depending on market conditions or the firm’s business model or its activities.

But with an added caveat: Debt crowdfunding companies must now obtain a written non-objection from Sama before disposing of shares held by major shareholders or ones held by indirect owners if the change affects 5% or more of total shares and voting rights.

More protection for investors: Debt crowdfunding companies must disclose pertinent information to prospective investors on their websites, including the default rates.

Some of the proposed amendments to licensing did not go through: The proposed amendments published earlier in the year had scrapped a rule that licenses would fall through if a company fails to begin operations within six months of obtaining its license, or if a company suspends operations for three consecutive months or six months in total without Sama approval, or if a license is not renewed. The latest changes see these rules retained and companies must submit a written renewal request to Sama at least three months before their license expires.

Other amendments made the cut: “Large commercial enterprises” and licensed real estate projects looking to tap crowdlending are exempted from a funding cap of SAR 7.5 mn that Sama had set for beneficiaries. Debt crowdfunding companies can also exceed the cap when providing funding for other categories of beneficiaries if they receive a written no-objection from Sama.

Debt crowdfunding companies can now contribute funds to campaigns, provided that their contribution does not exceed 25% of the full amount requested by a beneficiary. Total financing via a platform is capped at 40x the company’s capital reserves unless Sama gives written consent. Moreover, individual investors are capped at a maximum contribution of SAR 250k, with high net value and high income eligible participants exempt from this rule.

DIG DEEPER- More details on the updated regs can be found here (pdf).

Fresh regs for home delivery services

New standards for home delivery services: The Municipalities and Housing Ministry is seeking feedback on municipal requirements for home delivery services (pdf) that outline standards for professionalism, hygiene, and safety, as well as the necessity for municipal licenses and commercial activity permits. The regs will be up for public consultation on Istitlaa until Thursday, 31 October.

Vehicle specification: Vehicles (cars or bikes) must be exclusively dedicated to delivery, properly licensed, and branded with the company’s name or trademark. They must be regularly cleaned, sterilized, and kept free from pollutants or odors. Hot and cold foods must be transported separately, and medications must be sealed in secure bags.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Packaging + handling: Food must be packaged in non-absorbent, odorless, and safe materials, with separate compartments for hot and cold items. Drinks should be tightly sealed, preferably in metal cans, and all packaging must carry warnings in Arabic and English. Additionally, tools and surfaces used must be food-grade and comply with approved specifications.

Delivery worker licensing + attire: Delivery workers must have valid permits, a health certificate, and wear unified company-branded uniforms. They are required to maintain good hygiene practices, wear masks and gloves, and refrain from placing food on passenger seats. Workers are prohibited from delivering food if they are ill and are encouraged to participate in food safety training.

ICYMI- The Transport General Authority halted last week the issuance of new licenses for motorcycles used to deliver mobile app orders This pause will remain in effect until new regulations are released as part of a broader push to regulate the sector. Companies currently operating under licenses obtained during the experimental phase will not be affected, but the pilot phase has officially ended.

Saudi Tadawul Group, Nadec, Sipchem release 3Q 2024 earnings

SAUDI TADAWUL GROUP-

Saudi Tadawul Group Holding’s net income increased 37.2% y-o-y to SAR 140.4 mn in 3Q 2024, according to a disclosure. The increase was primarily due to a 20.6% y-o-y rise in operating revenues at SAR 359.1 mn, which offset a 17.3% increase in operating expenditures at SAR 235.5 mn. The rise in operating revenues came on the back of higher trading and post-trade services activity, greater trading values, and an uptick in revenues from non-trading linked services.

9M 2024: The group’s net income rose 69.5% y-o-y to SAR 505.7 mn, while revenues increased 39.1% y-o-y to SAR 1.1 bn.

By the numbers: A total of 36 securities were listed across Tadawul’s main and parallel markets during the first nine months of the year, according to the firm’s 3Q investor bulletin (pdf). The new listings include funds, debt instruments, as well as the first companies to make the transfer from Nomu to Tadawul. The average daily traded value across the main and parallel markets reached SAR 8 bn during the period, with total market cap hitting SAR 10.2 bn. There are now 336 companies listed across both Tadawul and Nomu.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

NADEC-

The National Agricultural Development Company (Nadec) reported a 50.6% y-o-y increase in net income to SAR 113.4 mn in 3Q 2024, driven by reduced selling, marketing, and financial expenses, an impairment reversal, and increased treasury income, it said in a disclosure to Tadawul. Meanwhile, revenues dipped 8.1% y-o-y to SAR 791.1 mn as gains from the new protein segment were offset by declining performance in the dairy and food processing segments.

On a 9M basis: Nadec’s bottom line grew 83.4% y-o-y to SAR 326.6 mn while its topline saw a 1.8% uptick during the period at SAR 2.4 bn. The gains were mainly driven by revenues from the new protein segment despite being partially offset by declines in dairy, food processing, and agricultural sales.

REMEMBER: Nadec held a 14.9% stake in Arabian Mills prior to the company taking a 30% stake to Tadawul in a secondary offering earlier this month. The company raked in SAR 151.1 mn in proceeds from the transaction prior to deducting costs related to the offering, according to our calculations.

SIPCHEM-

Sahara International Petrochemical Company (Sipchem)’s net income dropped 55.7% y-o-y to SAR 103.2 mn in 3Q 2024, it said in a disclosure to Tadawul. The decline came on the back of higher feedstock and raw material costs, lower sales volumes, and lower gains from JVs and associates. Revenues dropped 9.1% y-o-y to SAR 1.6 bn, mainly due to lower sales volumes, which was partly offset by higher prices for some products.

On a 9M basis: Sipchem’s bottom line declined 60% y-o-y to SAR 406.2 mn, driven by lower revenues, rising feedstock, raw material, and distribution costs, and a lower share in gains from investments. Revenue declined 4.6% y-o-y to SAR 5.3 bn due to scheduled maintenance and lower selling costs impacting sales.

L'azurde Company for Jewelry names acting CEO

Tadawul-listed L’azurde Company for Jewelry has named Ihab Ibrahim (LinkedIn) as its acting CEO, according to a disclosure to Tadawul. Ibrahim was the COO of Lazurde Egypt since 2011.

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Saudi universities take top three spots in 2025 QS World University Rankings for the Arab region

EDUCATION-

King Fahd University of Petroleum and Minerals maintained its top spot at the 2025 QS World University Rankings for the Arab region, according to a press release (pdf). Meanwhile, King Saud University came in third place, right after Qatar University, and down one spot from 2024. The Kingdom was the second-most represented country, with 34 universities featured in the rankings.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

MANUFACTURING-

Almarai added two cheese production lines with investments worth EGP 1 bn (SAR 77.2 mn) to its Beyti factories in Egypt, according to a press release.

REAL ESTATE-

#1- The Public Investment Fund (PIF) launched a real estate development and managing firm, Smart Accommodation for Residential Complexes Company, in a bid to address the housing needs of staff working in major construction and development projects nationwide, according to a press release. This includes public and private sector staff. No further information was provided.

#2- First Avenue signs off on major Riyadh office project: Alidara Real Estate tapped First Avenue Real Estate Development to finalize a 34k sqm office complex in Riyadh under a SAR 75 mn contract, First Avenue said in a filing to Tadawul. The project is expected to wrap up within 20 months.

DEBT WATCH-

#1- MBC Group repaid a SAR 497.3 mn outstanding loan it had received from Istedamah Holding using available liquidity, it said in a disclosure to Tadawul. The loan agreement dates back to October 2022. No further information was provided.

#2- Arabian Plastic Industrial Company refinanced credit lines worth a combined SAR 102.5 mn from the Saudi Investment Bank (Saib), according to a disclosure to Tadawul. The funding will be allocated to support the expansion of a production facility in Al Kharj, obtain letters of credit to purchase raw materials, and fulfill the company’s working capital needs.

TECH-

Solutions, Jedco launch a tech JV: Solutions by stc and Jeddah Development and Urban Regeneration Company (Jedco) launched a SAR 3 mn tech consultancy JV dubbed Amana Tech, according to a disclosure to Tadawul. The JV will work to “execute and operate technical and digital solutions to the projects managed by Jedco and its subsidiaries.” The new company is 70% owned by Solutions, and 30% by Jedco.

LOGISTICS-

IAG Cargo restores London-Jeddah route for the first time since covid: UK freight carrier IAG Cargo is resuming its flight route between London Heathrow and King Abdulaziz Airport in Jeddah for the first time since the covid-19 pandemic starting on 2 November, according to a press release. The Boeing 787 widebody aircraft will be flying between the two countries six times a week.

Global economy on the edge: High stakes at the World Bank / IMF annual meetings

Central bank governors, finance ministers, and policymakers are gathering in Washington, DC, today to kick off the World Bank / IMF annual meetings, where the conversation is expected to center on the most urgent challenges confronting the global economy — slow growth and rising debt. The meetings will wrap this Saturday, 26 October.

We’re one regional war up this year: While it’s been two years since Russia’s invasion of Ukraine and inflation is finally easing across much of the world, this year’s meetings take place amid sluggish economic growth and rising geopolitical tensions in the Middle East. It’s seen that the widening of Israel’s war could place pressure on global finances, while threatening financial markets, trade, and stability — given that it could involve major commodity exporters.

IN CONTEXT- World Bank President Ajay Banga estimated that damage from Israeli strikes on Gaza is now in the USD 14-20 bn range, adding that the World Bank had provided USD 300 mn, 6x what was normally given, to the Palestinian Authority to help it cope with the ongoing crisis. That amount was small compared to the “large number” that would be needed should the conflict spiral to the wider region, he explained.

The big themes in Washington: IMF Managing Director Kristalina Georgieva warned on Thursday (watch, runtime: 3:56) of a challenging economic outlook, stressing the need for fiscal discipline, Bloomberg reports. “Our forecasts point to an unforgiving combination of low growth and high debt — a difficult future,” Georgieva said, urging governments to rein in borrowing and avoid further fiscal deterioration. Check out our coverage of the World Bank’s semi-annual MENA economic outlook.

A sobering economic outlook: “Medium-term growth is forecast to be lackluster, not sharply lower than pre-pandemic, but far from good enough. Not enough to eradicate world poverty, nor to create the number of jobs we require, nor to generate the tax revenues that governments need to service heavy debt loads while attending to vast investment needs, including for the green transition,” the IMF chief said.

REMEMBER- Global public debt is on track to surpass USD 100 tn by year’s end, representing 93% of global GDP, the IMF said in a blog post ahead of the full release of its October 2024 Fiscal Monitor report this Wednesday. Emerging markets are also facing a wall of debt that many could struggle to repay, with a handful of countries at risk of defaulting over the next decade, S&P Global has said.

US + China in the spotlight: With both high debt levels and modest growth on the horizon, the IMF is warning that spillover risks from the US and China could raise borrowing costs globally. “Governments must work to reduce debt and rebuild buffers for the next shock — which will surely come, and maybe sooner than we expect.” Georgieva said. China cut its loan prime rates by 25 bps today, with additional clarity on economic momentum coming from the 3Q industrial profit data later in the week.

Europe faces fiscal challenges: The UK has already been warned of potential market backlash if it fails to stabilize its debt, as Chancellor Rachel Reeves prepares to present the 30 October budget. In the Eurozone, key reports this week include inflation data and consumer sentiment surveys, with Moody’s poised to deliver a rating decision on France that markets are closely watching.

And Russia eyes further tightening: Russia is considering another rate hike this Friday to tame inflation, potentially restoring the benchmark rate to 20% — a level last seen during the emergency hike in 2022. Meanwhile, Hungary is expected to keep rates unchanged.

MARKETS THIS MORNING-

It’s a mixed start to the week in Asia-Pacific markets, as investors adopt a wait-and-see approach to gauge the effect of China cutting its loan prime rates. Meanwhile, Wall Street futures suggest US markets are set to open in the green.

TASI	11,883	-0.2% (YTD: 0.7%)
MSCI Tadawul 30	1,487	-0.2% (YTD: -4.1%)
NomuC	26,558	+1.3% (YTD: +8.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	29,529	-2% (YTD: +18.6%)
ADX	9,288	+0.1% (YTD: -3.0%)
DFM	4,469	+0.2% (YTD: +10.1%)
S&P 500	5,865	+0.4% (YTD: +23.0%)
FTSE 100	8,358	-0.3% (YTD: +8.1%)
Euro Stoxx 50	4,986	+0.8% (YTD: +10.3%)
Brent crude	USD 73.06	-1.9%
Natural gas (Nymex)	USD 2.26	-3.8%
Gold	USD 2,730	+0.8%
BTC	USD 68,687	+0.6% (YTD: +62.6%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 4.5 bn. The index is down 0.7% YTD.

In the green: Arabian Drilling (+6.2%), Red Sea (+6.2%) and Sadr (+3.6%).

In the red: AlBaha (-7.4%), Sfico (-3.7%) and AlEtihad (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.3% yesterday on turnover of SAR 88 mn. The index is up 8.3% YTD.

In the green: Al-Dawliah (+22.6%), Keir (+18.2%) and Saudi Top (+14.3%).

In the red: NBM (-7.9%), First Avenue (-7.9%) and Knowledge Tower (-5.9%)

CALENDAR

OCTOBER

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

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

22-24 October (Tuesday-Thursday): Seamless Saudi Arabia 2024, Riyadh Front Center, Riyadh.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

27-30 (Sunday-Wednesday): Human Resources and Manpower Expo, Riyadh International Exhibition and Convention Center, Riyadh.

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

29 October – 2 November (Tuesday-Saturday): Jeddah International Motor Show, Superdome, Jeddah.

30 October – 3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

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

NOVEMBER

2 November (Saturday): WWE Crown Jewel, Riyadh.

3 November (Sunday): WWE Raw, Riyadh.

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

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

5-9 November (Tuesday-Saturday): Biban24 Forum, The Front Exhibition and Conference Center, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

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

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

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

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

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

19-20 November (Tuesday-Wednesday): The Women’s Economic Forum 2024, Dammam.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

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

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

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

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

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

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

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

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

22 February (Saturday): Founding Day.

MARCH 2025

31 March- 3 April (Monday-Thursday): Eid al-Fitr.

MAY 2025

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

26 June (Thursday): 2024-2025 academic year ends.

SEPTEMBER 2025

23 September (Tuesday): Saudi National Day.

2026

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

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

2027

The World Water Forum takes place in Riyadh.

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