Saudi GDP still on track for stronger 2025 growth, Riyad Capital says

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Budget is up for discussion at cabinet today

Good morning, wonderful people. We have a meaty issue for you this morning, leading with the latest growth projections from Riyad Capital, which — despite seeing a downwards revision — still expect Saudi’s GDP growth to accelerate in 2025.

PLUS- We have the latest from United International Holding Company’s Tadawul IPO, which saw its retail tranche closing with a 9.1 oversubscription rate.

HAPPENING THIS WEEK-

#1- The Cabinet will convene today to discuss the draft budget for 2025, state news agency SPA reports.

#2- Riyadh-based event planner Mufeed’s shares will begin trading on the Nomu parallel market today, according to a Tadawul statement. Mufeed’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 Riyadh-based event planner priced its 10% stake IPO at SAR 77 per share, after its retail offering was 5x oversubscribed. The pricing would give Mufeed a market cap of SAR 508.2 mn at listing and should see it raise some SAR 46.2 in IPO proceeds.

#3- Time to swap out your thobe for wizard robes? A Harry Potter-themed park is opening at Riyadh Season’s Boulevard City on Thursday, 28 November, according to a post on X. Tickets can be booked here.

WEATHER- Riyadh is looking at a high of 26°C and a low of 17°C today. Over in Madinah, the temperature will peak at 28°C, before dropping to 15°C. Meanwhile, a windy Jeddah will see a high of 29°C, and a low of 23°C.

PSAs-

#1- The first batch of public parking spaces available for private sector investments is now live, with the Riyadh Municipality looking to draw in private sector players to develop more than 15k parking spaces in total across 40 plots, according to a post on X.

#2- Property owners in some districts of Madinah are required to register their properties between 26 December and 31 March, 2025, s tate news agency SPA reports. The districts included in this phase are the Prophet's Mosque, Bada’ah, Al Naqa, and Al Manakha. Registration can be carried out online through the Real Estate Registry website or in person.

WATCH THIS SPACE-

#1- Qualified investors have until next Sunday, 1 December to subscribe to Digital Research Company’s (DRC) 22.5% stake offering on Tadawul’s parallel market, Nomu, after the window opened yesterday. Each investor can subscribe to a minimum 10 shares and a maximum of 84.4k shares. The final allocation of shares is slated for Wednesday, 4 December.

#2- The Industry and Mineral Resources Ministry plans to offer 21 mineral belts in international tenders by 2027, according to state news agency SPA. The belts cover a combined total area of 106.4k sq m.

DATA POINTS-

#1- Saudi Arabia is on track to top the Middle East region in investment banking fees in 2024, overtaking the UAE, which follows closely behind, according to LSEG data cited by the I FR. The kingdom saw its investment banking fees grow 44% y-o-y through 13 November to reach USD 493 mn, while fees in the UAE increased 10% y-o-y during that period to USD 478 mn. Saudi Arabia’s growth was driven by developments in Saudi's equity and debt markets like Aramco’s USD 6 bn debt issuance and Savola’s SAR 6 bn rights offering.

Other metrics: Debt capital market fees in Saudi Arabia rose 46% y-o-y through mid-November to USD 156 mn, while those in the UAE added 35% to USD 131 mn. Meanwhile, equity capital market fees in the Kingdom doubled y-o-y to USD 168 mn, and those in the UAE dropped to USD 98 mn.

#2- Some 93% of Saudi companies have AI strategies, but only 7% have the infrastructure to implement them, Cisco Saudi Arabia’s CEO Salman Faqeeh told Asharq Al Awsat, citing a 2023 study from his firm.

#3- Franchise registration in the Kingdom grew 9.7x over nearly three years with 1.8k franchises added as of 3Q 2024, the Commerce Ministry said in a post on X. The major sectors that brought in new franchises are hospitality and restaurants, logistics and transport, and wholesale and retail.

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THE BIG STORY ABROAD-

Truce in Lebanon coming soon? Israel and Hezbollah are expected to clinch a ceasefire agreement “within days” following US and French-mediated negotiations, with the Israeli cabinet set to vote on an agreement later today. The agreement is likely to pass, officials say, particularly as Israeli Prime Minister Benjamin Netanyahu is “under pressure” from Washington to push through a ceasefire by the end of this week. The two sides made “significant progress” towards a pact despite some sticking points — including Israel looking to secure the right to strike southern Lebanon regardless of the ceasefire — and while Israel continued to hammer Beirut with more deadly attacks. (Reuters | New York Times | Bloomberg | Wall Street Journal)

ACROSS THE POND- The international press is also giving top billing to US president-elect Donald Trump’s vow to slap China, Mexico, and Canada with fresh tariffs once he’s in office. In two separate posts on his social media platform, Truth Social, Trump said he plans to impose an additional 25% tariff on goods coming in from Canada and Mexico and 10% for all imported Chinese goods as a punitive measure for illegal drug trading and immigration issues. (CNBC | Politico | Financial Times | WSJ | Reuters | Bloomberg | NYT)

CIRCLE YOUR CALENDAR-

Red Bull’s Les Mills is bringing the Middle East’s largest fitness festival to Riyadh on Saturday, 30 November, at The Arena. The 12-hour event features global trainers, full-day workouts, exclusive Adidas products, and a women-only “Her Zone.” You can book your tickets online.

The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 begins on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

The Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world's largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

The FIFAe Finals 2024 returns to Riyadh from 5-12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event will feature multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event will showcase talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.

The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Register here.

Riyad Capital pencils in 4.8% GDP growth for next year

Riyad Capital sees Saudi’s GDP growing at a 1.2% clip this year, before accelerating to 4.8% in 2025. The latest figures mark a downwards revision from its 3Q estimates of 1.5% growth for 2024 and 5.6% for 2025, according to its 4Q Economic Chartbook (pdf).

Maintaining momentum: After returning to growth in 3Q 2024 for the first time since 2Q 2023, Saudi’s economic growth is expected to remain on an upwards trajectory into 2025, with expansion in both the oil and non-oil sectors, Riyad Capital says. Non-oil activities are expected to grow 4.8%, following 4.3% projected growth for this year, as state-backed investments continue to push the diversification agenda. Meanwhile, oil sector growth is forecasted at 5.8% in 2025, following a decline of 5% in 2024, though the phasing out of 1 mn bbl / d in voluntary production cuts may extend into 2026, limiting growth.

How Riyad Capital’s 2024 growth estimates compare: Growth projections for 2024 have trended down all year, with the Finance Ministry recently downgrading its 2024 growth forecast to 0.8%, down from the 4.4% the government had penciled in for the year last December. Moody’s put its 2024 growth projections at 1.7% last week, while the World Bank set a 1.6% projection in October, marking a downward revision from initial projections of 4.1% and 2.5%. Meanwhile, the IMF cut back an earlier 4% estimate to 2.7% in January, before slashing it again to 2.6% in April, 1.7% in July, and finally 1.5% in October.

2025 expectations are looking aligned: The Finance Ministry sees Saudi’s GDP growing at 4.6% in 2025, while the World Bank and the IMF pegged next year’s growth at 4.9% and 4.6%, and Moody’s at 4.7%. Analysts are broadly in agreement that a resumption of oil flows due to the phasing out Opec+ production cuts as well as considerable investments in the non-oil economy will drive faster growth next year.

On the fiscal front: Riyad Capital expects the fiscal deficit to come in at 2.9% of GDP for this year and the next on the back of increased government spending.

Inflation is expected to remain tame, with an estimated 1.7% rate for 2024 rising slightly to 2% in 2025.

Penciling in lower interest rates: Riyad Capital expects an additional 125 bps in cuts by the end of 2025, building on the combined 75 bps cuts already implemented by the US Federal Reserve and the Saudi Central Bank (SAMA). The firm also expects SAMA to push down its 3M Saudi Arabian Interbank Offered Rate (Saibor) to 5.15% by the end of the year, and 4.25% by the end of 2025, down from its current 5.4%.

UIHC’s retail offering was 9.1x oversubscribed

UIHC wraps retail tranche of Tadawul IPO with strong investor demand: The United International Holding Company (UIHC) — which owns and operates the Tas’heel brand name — closed the retail tranche of its IPO with a 9.1x oversubscription rate after booking SAR 903.5 mn in orders from 214.9k investors, according to a statement (pdf). The retail offering saw subscribers put in orders for 750k shares — equivalent to 10% of all shares on offer — with the shares going at SAR 132 apiece. The financial services arm of United Electronics Company (eXtra) is taking a 30% stake to Tadawul’s main market.

Individual subscribers will receive a minimum of 3 shares each, while remaining shares will be allocated on a pro rata basis at an average allocation factor of 1.6974%.

REMEMBER- Institutional investors booked 90% of the IPO last month in an offering that was 132x oversubscribed and sold out within minutes of opening. Strong investor demand priced UIHC’s shares at the top of the guidance range at SAR 132 apiece, giving it a market cap of SAR 3.3 bn upon listing and generating SAR 990 mn in proceeds.

What’s next? The final allocation of shares wrapped up yesterday and shares will be listed on Tadawul’s main market after the company crosses the t’s and dots the i’s with the Capital Market Authority and Tadawul.

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 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.

Modon launches the world’s largest food cluster in Jeddah

Jeddah is now the home of the world’s largest food cluster: The Saudi Authority for Industrial Cities and Technology Zones (Modon) inaugurated Jeddah Food Cluster at an 11 mn sqm area in Jeddah’s second and third industrial cities, state news agency SPA reports. The food manufacturing hub contributes to all stages of the food value chain and uses advanced infrastructure to link manufacturers and service providers. It has also been certified by Guinness World Records as the world’s largest food cluster, Modon said.

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The project includes 124 operational factories with a combined SAR 4.4 bn in investments, with some 4 mn tons in annual output. These include 76 ready-made factories that comply with the standards of the Saudi Food and Drug Authority, a central laboratory to maintain food safety, and some 134k sqm of shared warehousing space for cold and dry storage, SPA said. The cluster’s components are linked through suppliers and infrastructure to support efficient and sustainable supply chains. The new cluster expects to attract an additional SAR 20 bn in investments within the next 10 years, while exporting SAR 8 bn worth of goods per year and contributing SAR 7 bn to GDP.

PLUS- Modon inked five agreements to improve operations at the newly-inaugurated cluster, with the accords targeting industrial growth, workforce development, and food safety, SPA reported separately. The agreements include:

An agreement with Umm Al-Qura University and the National Industrial Academy to train and qualify national talent for industrial and mining sectors;
An MoU with the Food Industries Institute to develop training programs to enhance skills in the food industries sector, localize jobs, and boost expertise within industrial cities, including the Jeddah Food Cluster;
An MoU with the Inspection, Diagnostics and Laboratory Analysis Company (EDAC) to conduct quality control and food safety tests;
An agreement with PIF-owned Halal Products Development to raise awareness on halal product standards, support investors with consulting and links to local manufacturers, and facilitate access to global markets.
A strategic partnership with Kon Arabia to organize the Saudi Food Exhibition and Conference in April 2025 in Riyadh.

Arabica Star sets Nomu IPO price at SAR 64 apiece

Arabica Star priced its Nomu IPO at SAR 64 a share, after its offering was 16.1x oversubscribed, lead advisor Yaqeen Capital said in a Tadawul filing. The final pricing sees Arabica Star raising SAR 17.6 mn in proceeds, giving it a market cap of SAR 70.4 mn at listing, according to EnterpriseAM Saudi calculations.

REFRESHER- The coffee shop and restaurant operator is taking a 25% stake (representing 275k shares) to the Nomu parallel market, after it lined up Capital Market Authority approval in September. Final allocation of shares concludes today.

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Post-IPO structure: Hammoud Mohammed Saleh Al Hamoud will sell down his 99% stake to 79.9% and Qamasha Ibrahim Abdulaziz Al Hamid’s ownership will be reduced to 0.08% from 0.1%.

Use of proceeds: SAR 2.5 mn of the proceeds will go to covering IPO-related expenses. The rest of the proceeds will be channeled towards establishing a central kitchen and opening new branches.

About Arabica Star: Founded in 2012 in Buraidah, Arabica Star operates coffee shops and restaurants. Its activities include dine-in restaurants, takeout services, food trucks, coffee shops, ice cream parlors, and fresh juice bars. The company manages seven sub-registers across Riyadh, Buraidah, Al Rass, and Unaizah.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager with RSM as bookrunner. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, BSF Capital, SAB Invest, Alkhabeer Capital, and Sahm Capital.

Saudi banks outperform GCC peers in credit + revenue growth for 3Q

Credit facilities in the Kingdom rose 12.2% y-o-y in 3Q 2024 — the highest growth rate in the GCC, according to a report from Kuwait’s Kamco Invest (pdf). This figure saw a 3.7% q-o-q increase to SAR 2.85 tn “backed by broad-based growth in almost all sectors in the economy.” Real estate credit grew by 7.7% q-o-q in 3Q, while the electricity, water, gas, and health services sectors saw a 7.5% increase. Loans for personal use, construction, and manufacturing grew an average of 2.7% q-o-q.

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Banks in the Kingdom recorded their highest q-o-q gross loan growth in nine quarters during 3Q, driven by robust lending across nearly all sectors. Gross loans for Saudi-listed banks rose by 3.7%, reaching USD 737.4 bn in the period. Bloomberg data revealed that asset yields for Saudi banks improved, supported by increased loans to SMEs, as well as growth in mortgage and fixed-rate balances. Additionally, short-term credit facilities surged by 15%, while medium- and long-term lending each increased by 8% during the quarter.

Domestic banks reported total customer deposits of USD 781.2 bn at the end of the quarter, reflecting 4.6% growth. This increase in deposits provides support to the Saudi banking sector, helping to mitigate potential liquidity challenges that could arise from the current lending trends. Without this growth, banks would likely need to depend on external funding to maintain liquidity, Kamco Invest says.

Saudi banks saw a slight q-o-q decline in their loan-to-deposit ratio, which stood at 92.8% in 3Q, down from 93.6% in 2Q.

The Kingdom recorded the highest q-o-q growth in total bank revenues at 6.2% followed by Qatar and Oman. UAE-listed banks also recorded healthy q-o-q growth of 3.9%.

The Kingdom scored the second-highest increase among GCC countries in terms of non-interest income. Domestic banks reported a strong q-o-q growth of 12.4% in non-interest income during 3Q. This contributed to the region-wide growth of 6.9%, a three-quarter high.

Ranking second in the GCC in terms of return on equity: Banks in the Kingdom also reported a stable Return on Equity (RoE) of 12.8% at the end of 3Q, matching the performance of Qatari banks. UAE-listed banks led the region with the highest RoE at 16.8%.

IN OTHER BANKING NEWS-

Saudi banks saw strong growth in credit and loan issuance during 3Q, with total banking credit seeing a 12.2% y-o-y increase to SAR 2.85 tn, driven largely by long-term loans, Al Watan reports, citing a Sama report. Despite rising interest rates weighing on categories like real estate, the overall growth points to a strong appetite for consumer financing.

Long-term loans were the largest loan category, accounting for nearly half of the total credit granted. It saw a growth of 10.5% y-o-y to SAR 1.35 tn, with regional projects landing contracts worth USD 54.2 bn during the same period. Short-term loans grew 12.6% y-o-y to SAR 1.1 tn, while medium-term loans saw the highest growth rate (16.9% y-o-y) at SAR 431.7 bn during the same period.

Personal loans grew 20.1% y-o-y to SAR 447.8 bn in the same period. Among personal loans, long-term loans had the highest growth rate at 27.3% to SAR 225.2 mn.

Knowledge Net sells two subsidiaries to Saudi Development Fund

Knowledge Net has sold two of its indirectly owned subsidiaries to the Saudi Development Fund (SDF) for a combined SAR 25.6 mn, it said in two separate filings to Tadawul (here and here).

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The details: The Nomu-listed tech player has sold all of its stakes in Multi Financial Technology (amounting to 53.4%) for SAR 13.6 mn, as well of its entire holding in Takharej for Information Technology (amounting to 93.1%) for SAR 12 mn. The transactions are part of a long-term push by the company to capitalize on the returns of its proprietary technology developed by its companies, the disclosures read.

Use of proceeds: The raised funds will be retained to support its cashflow, which will go towards supporting the company’s expansion and growth plans.

OCO Global taps Mohammad Raza as its ME managing director

North Ireland-based OCO Global tapped Mohammad Raza (LinkedIn) as its Middle East managing director, according to a press release. Raza previously held executive positions at Ernst and Young and at EY Parthenon over a 20-year career. OCO opened a new office in Saudi last March — its second in the Middle East.

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Ezditek, Gcore plan to establish an AI factory in Saudi Arabia for developing generative AI products

AI-

AI factory coming to town? Local digital infrastructure services firm Ezditek partnered with Luxembourg-based cloud and AI solutions provider Gcore to establish an AI factory in the Kingdom for building, training, and deploying generative AI products under a JV they formed, according to a press release from Gcore. The facility, which will be located at one of Ezditek’s data centers, will target both the local and global markets. The facility’s incorporation procedures are currently taking place, pending regulatory approvals. No investment tickets were disclosed.

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ENERGY-

Al-Babtain Power and Telecom will supply 500 kV HVDC overhead transmission lines to Hyundai Engineering and Construction (Hyundai E&C) under a SAR 777.2 mn contract, it said in a disclosure to Tadawul. The two-year contract will go into effect in 3Q 2025.

BACKGROUND- Hyundai E&C is doing plenty in the Kingdom: Hyundai E&C secured a contract earlier this month from the Saudi Electricity Company for high-voltage transmission lines. It also secured another contract last year to build an HVDC transmission line linking Neom with the southwestern port city of Yanbu. Reports also emerged earlier this year indicating that a Hyundai E&C-led consortium will be working on the second phase of Aramco’s Jafurah Gas Field in a USD multi-bn contract.

FINTECH-

Local peer-to-peer lending platform MoneyMoon received Shariah certification from the Shariyah Review Bureau, according to a press release. It received the green light from the Saudi Central Bank to conduct its activities in September.

RAILWAY-

Kuwait’s Central Agency for Public Tenders opened four bids for a 12-month design contract for a Kuwait-Saudi railway project, the International Railway Journal reports. The 111 km railway will connect Kuwait City to the Saudi border and is part of the larger USD 200 bn GCC railway initiative. Among the bids opened, Turkey’s Proyapi Engineering and Consulting submitted the lowest offer at KWD 2.5 mn. Other bidders are China Railway Company with a bid of KWD 6.8 mn, Spain’s Sener (KWD 8.8 mn), and Systra Turkey (KWD 9.7 mn).

What’s next? The design phase will pave the way for construction tenders, with the project expected to be completed by late 2030. This is a separate project from the 650 km long line that will connect Kuwait’s Shadadiyah to Riyadh.

Tickets for Saudi Railways Company’s Haramain High-Speed Rail tickets will now be available for purchase through Kuwait Airways’ reservation system and stations through a partnership agreement between the two companies, according to Arab Times. The partnership will initially focus on Hajj and Umrah campaigns.

How will the incoming Trump administration affect the markets?

A Trump presidency is likely to bring with it big changes in geopolitics and the global economy, so investors need to take a close look at how the incoming Trump administration will affect the markets — and what to do protect and strengthen their portfolios, Swiss investment bank UBS writes in its Year Ahead 2025 report (pdf).

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One winner under the Trump administration will be US stock markets, thinks UBS, which it has backed up with its forecast that the S&P 500 should reach 6.6k points by the end of 2025 — a roughly 10% jump from where the index stands now. In addition to expectations of decent growth, the Fed continuing to cut rates, and the rise of AI — which had all been priced in before the election — the approaching Trump presidency brings with it pledged tax cuts and deregulation that UBS thinks will help support US stocks.

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But stock markets elsewhere may not be so fortunate, with Trump’s proposed tariffs — particularly on China — potentially making a big dent in investor confidence. With the president elect already floating a 60% tariff on Chinese goods and a 10% tariff on imports from elsewhere, the bank forecasts the likelihood of market volatility over the pond in Europe and in the world’s second largest economy.

US Bonds are also likely to soon lose their shine, after having seen their yield rise on the announcement of Trump winning the White House earlier this month. The bank is telling investors to lock in return now before more interest rate cuts from the Fed and Trump’s desire to relax fiscal policy facing likely hurdles in Congress sends yields down.

An increasingly strong greenback is also set for a reckoning, according to the bank, with the USD’s post-election honeymoon forecast to be a short-term thing as it becomes apparent that is both overvalued and overstretched.

Gold prices should be back on the up in 2025, allowing the safe-haven asset once again to take its place as an important hedge for investors against inflation, geopolitics, and other concerns. The bank — which advises that investors keep 5% of their investments in gold — sees the previous metal rising to USD 2.9k per oz, a nearly 10% increase from current prices.

MARKETS THIS MORNING-

Asian markets are mostly starting the day off in the red despite US stocks hitting new records the day before, with Japan’s Nikkei leading the pack in the red at -1.3% and Korea’s Kospi at -0.7%. China’s Shanghai index is in the green by 0.3% and Hong Kong’s Hang Seng is up 0.4%.

TASI	11,788	-0.7% (YTD: -1.5%)
MSCI Tadawul 30	1,478	-0.9% (YTD: -4.7%)
NomuC	30,865	-0.1% (YTD: +25.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,271	-0.4% (YTD: +21.6%)
ADX	9232	0.0% (YTD: -3.6%)
DFM	4768	+1.0% (YTD: +17.5%)
S&P 500	5987	+0.3% (YTD: +25.5%)
FTSE 100	8292	+0.4% (YTD: +7.2%)
Euro Stoxx 50	4800	+0.2% (YTD: +6.2%)
Brent crude	USD 73.15	-2.7%
Natural gas (Nymex)	USD 3.37	+7.7%
Gold	USD 2,642.60	-3.5%
BTC	USD 93,749.90	-4.3% (YTD: +122.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.7% yesterday on turnover of SAR 12.3 bn. The index is down 1.5% YTD.

In the green: NCLE (+6.5%), Retal (+6.5%) and Jadwa REIT Saudi (+5.8%).

In the red: Chemical (-5.0%), SASCO (-4.8%) and Batic (-3.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 120.4 mn. The index is up 25.8% YTD.

In the green: Aldawliah (+10.2%), AME (+9.9%) and Leaf (+5.9%).

In the red: Naseej Tech (-5.7%), Naas Petrol (-5.4%) and Alrashid Industrial (-5.2%)

CORPORATE ACTIONS-

Saudi Re has received Capital Market Authority approval for a SAR 427.7 mn capital hike, which will be executed through issuing 26.7 mn shares, the authority said in a statement. The issued shares will be snapped up by the PIF at SAR 16 a piece, in exchange for a 23.1% stake.

CALENDAR

NOVEMBER

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

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26-28 November (Tuesday-Thursday): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

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

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

30 November (Thursday): Red Bull’s Les Mills, The Arena, Riyadh.

DECEMBER

1 December (Sunday): Opec+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

2-4 December (Monday-Wednesday): Emmanuel Macron expected to visit Riyadh.

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

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

3 December (Tuesday): Riyad Bank PMI for November.

3-4 December (Tuesday-Wednesday): Saudi Green Initiative (SGI), Riyadh.

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

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4 December (Wednesday): Banan Real Estate shares halt trading on Nomu.

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

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

5-12 (Thursday-Thursday): FIFAe Finals 2024, SEF Arena, BLVD Riyadh City.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

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

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

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

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

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

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

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

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): Federal Open Market Committee meeting.

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

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

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

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

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

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

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

19 February (Wednesday): Derayah REIT dividend distribution.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

APRIL 2025

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

17 April (Thursday): Implementation of new Saudization rates in four private-sector healthcare professions in select cities.

MAY 2025

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

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

JUNE 2025

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

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

JULY 2025

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

SEPTEMBER 2025

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

17 October (Friday): Nationwide implementation of Saudization rate in four private-sector healthcare professions.

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER 2025

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

DECEMBER 2025

December: The Fortune Global Forum 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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