Al Jadaan outlines next year’s fiscal policy

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF targets SAR 4 tn in AUM by 2025

Good morning, ladies and gentlemen. As we slide into the weekend, we have a big handful of capital markets updates, while Finance Minister Mohamed Al Jadaan leads our news well as he discussed the government’s fiscal policy for next year after his ministry released its budget statement earlier this week. Let’s jump right in.

HAPPENING TODAY-

Shares of Al Fakhera Men’s Tailoring will begin trading on Nomu today, according to a Tadawul statement. Al Fakhera’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 20% stake IPO at the top of its indicative price range at SAR 6 per share, after the offering was 2.7x oversubscribed. The pricing would give Al Fakhera a market cap of SAR 180 mn at listing and should see it raise some SAR 36 mn in IPO proceeds.

IN OTHER CAPITAL MARKET NEWS-

Tamkeen HR’s share price jumped 30% in its debut trading session on Tadawul yesterday to close at SAR 65 apiece, up from its listing price of SAR 50, according to market data. The company will be subject to a price fluctuation cap of 30% during its first three trading sessions, before resetting to 10% on the fourth day.

REFRESHER- The labor agency took a 30% stake to Tadawul’s main market in a secondary share sale, where its institutional offering was sold out within hours of opening last month, and its retail offering was 14.4x oversubscribed earlier this month.

WINTER IS COMING- Riyadh’s mercury will log a high of 18°C, before dipping to 14°C today. Over in Madinah, the temperature will peak at 25°C, before dropping to 17°C. Meanwhile, Jeddah will still see some heat at a high of 31°C and a low of 24°C.

WATCH THIS SPACE-

#1- The Public Investment Fund (PIF) is looking to hit SAR 4 tn in AUM by 2025, up from SAR 3.5 tn as of October, according to the Finance Ministry’s budget statement for FY 2025 (pdf). The fund also plans to invest up to SAR 1 tn in domestic projects and contribute SAR 1.2 tn to non-oil GDP as part of its medium and long-term goals.

#2- Saudi expected to join sixth generation GCAP fighter project: Saudi Arabia is “likely to join” the Global Combat Air Program, a collaboration between Italy, Britain, and Japan to develop a future frontline fighter aircraft, Reuters quotes Italian Foreign Minister Antonio Tajani as saying. The Kingdom was previously cited by the newswire as a probable partner for the initiative due to its ability to foot part of the development costs and potential as a market for the fighter.

About the GCAP: The project involving Italian Leonardo, British BAE Systems, and Japan’s Mitsubishi Heavy Industries looks to field a flying prototype by the mid-2030s, with the eventual aim to produce a tactical fighter that can replace legacy aircraft such as the Eurofighter Typhoon in British and Italian service, and Japan’s Mitsubishi F-2.

#3- Saudi Telecom Company (STC) has joined PIF’s Private Sector Hub, a platform that connects private sector companies with PIF and its portfolio across priority sectors, according to a post on X. STC now joins companies like AUla, Neom, Ma’aden, and Saudi Railway Company to offer investors diverse opportunities aimed at developing key sectors and supporting the Kingdom’s long-term growth.

ICYMI: PIF sold a 2% stake in STC for SAR 3.86 bn earlier this month, marking the largest transaction of its kind in the Kingdom and MENA as PIF pushes ahead with its strategy to recycle capital and invest in emerging sectors.

#4- Due diligence procedures kicked off for the potential merger of Saudi Arabian Mining Company (Ma’aden) with Aluminum Bahrain (Alba), the Bahraini aluminium smelter said in a filing to the Bahrain Bourse (pdf).

REMEMBER- Ma’aden signed a share purchase agreement to acquire Sabic’s entire 20.6% stake in Alba in September, as well as a non-binding agreement to acquire a 51% stake in the Alba which would see it swap its full share capital of subsidiaries Ma’aden Aluminum and Ma’aden Bauxite and Alumina for new shares in Alba.

#5- The privatization of sports clubs could reel in some SAR 500 mn in revenues, with 25 local and international firms expressing interest in acquiring stakes in Saudi clubs that are part of the government’s privatization initiative, Sports Minister Abdulaziz Al Faisal was quoted as saying by local media (here and here).

REMEMBER– Some 14 football clubs from various divisions are set to go private in the second phase of a privatization program. The first batch of clubs set in the second phase includes Al Zulfi, Al Nahda, Al Okhdood, Al Ansar, Al Orouba, and Al Kholoud. Meanwhile, the second batch will include Al Shoulla, Hajar, Al Najma, Al Riyadh, Al Rawda, Jeddah, Al Taraji, and Al Sahel.

#6- Homegrown payments services provider Geidea is set to expand to Egypt, offering up its SoftPos service following its rollout in Saudi and the UAE, according to a press release. The service allows for payments through Android phones, similarly to Apple and Google Pay.

DATA POINTS-

#1- The Saudi Industrial Development Fund approved SAR 12 bn in loans to back projects valued at SAR 59 bn in 2024, state news agency SPA quotes Industry and Mineral Resources Minister Bandar Alkhorayef as saying. A total of 1.1k industrial licenses are expected to be issued by the end of this year, Alkhorayef said, adding that 900 factories went online this year.

#2- The Kingdom awarded SAR 185 bn worth of contracts for oil projects in 1H 2024, up 47% y-o-y, Al Watan reports, citing data from the US-Saudi Business Council.

#3- The digital economy contributes SAR 298 bn to the Kingdom’s overall economy, Communications and Information Technology Minister Abdullah Al Swaha was quoted as saying during the 2025 budget forum by local media (here and here).

#4- Tourist arrivals at Al Ahsa rose 16% y-o-y in 2023, Al Watan reports. Some 38% of the province’s tourists came from Bahrain, while 26% came from Qatar.

OIL WATCH-

Energy Minister Abdulaziz bin Salman discussed maintaining global oil market stability and the importance of abiding by Opec+ production cuts in a phone call with Russian Deputy Prime Minister Alexander Novak and Kazakhstan’s Energy Minister Almasadam Satkaliyev, state news agency SPA reports. The three officials also looked at “compensating for any excess production” during the call, Reuters reports, citing unnamed sources. The discussion came ahead of the oil cartel’s meeting this weekend, which will revolve around delays to oil production hikes.

SPORTS-

#1- Abdullah Al Qahtani will take on Jordan’s Abdelrahman Alhyasat in the PFL MENA Featherweight Championship this Friday, MMA UK reports. Al Qahtani fell to the undefeated Alhyasat in their semifinal last month, and he only qualified to the following stage due to an injury to Egypt’s Islam Reda. “Fighting on home soil with the Saudi crowd behind me will be a strong support as I aim to secure the belt,” he said.

#2- The ball is in Mo Salah’s court for a potential Saudi move: While many Saudi clubs are actively pursuing Mohamed Salah, the needle will not move until Salah decides to leave Liverpool for a career in the Saudi Pro League, Sky Sports News Chief Reporter Kave Solhekol wrote in an opinion piece to Sky Sports. “There is no indication that has happened. There is no change in the situation, at the moment,” he added.

REMEMBER-Liverpool turned down a GBP 150 mn bid from Al-Ittihad for Salah in September 2023.

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THE BIG STORY ABROAD-

The newly-minted ceasefire agreement between Israel and Hezbollah in Lebanon is still making the rounds in the international press this morning. Reuters and the New York Times are focusing more on how the past year of warring with Israel left Hezbollah with many of its top brass — and hundreds or thousands of its soldiers — dead, giving the group a “long road to recovery.” Bloomberg also has the story.

MEANWHILE- The French government will not abide by the International Criminal Court’s arrest warrant for Israeli Prime Minister Benjamin Netanyahu, with Paris justifying its position by saying that Israel is not a member of the court. The statement from France came on the back of Netanyahu accepting the ceasefire agreement with Hezbollah, which France and the US brokered. (Financial Times | Wall Street Journal | Guardian)

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.

The Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.

The Jeddah International Agriculture and Food Exhibition is scheduled for 3-5 December at Jeddah Center for Exhibition and Events.

Al Jadaan outlines next year’s fiscal policy following the release of the budget statement

Finance Minister Mohammed Al Jadaan outlined the government’s fiscal strategy for 2025 after his ministry released its budget statement for the upcoming fiscal year. Here’s what you need to know:

No new taxes anytime soon: There are no plans for major changes to tax policies next year or in the foreseeable future, Finance Minister Mohammed Al Jadaan told Al Arabiya (watch, runtime: 2:13). The government is focused on supporting growth rather than burdening the economy with higher taxes, as economic growth will lead to greater public revenue via taxes and other means, he explained. However, the Saudi government does intend to take measures to improve compliance with existing tax policies, Al Jadaan added.

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

So, how will the government bridge the budget deficit? Saudi Arabia will tap local and global debt markets in 2025 to finance the budget gap, Al Jadaan confirmed in a separate interview with Asharq Business (watch, runtime: 19:04). This will involve new bond and sukuk issuances for domestic and external markets in both local and foreign denominations, as well as alternative financing, Al Jadaan said.

The strategy will benefit from the interest rate reversal and a decreased cost of borrowing, with falling interest rates also yielding upshots for consumers, private sector investments, and homeownership. The government does not intend to employ central bank reserve assets to bridge the budget deficit as these resources are set aside for unexpected shocks and not for financing planned spending, the minister added.

Deficits aren’t all that bad: Deficits of SAR 100-140 bn can be beneficial, Al Jadaan said, as long as the returns on public spending exceed the cost of borrowing. This rationale anchors the government’s attitude towards fiscal expansion in 2025, 2026, and 2027, the minister explained. At the same time the government is mindful that fiscal expansion is only sustainable if debt is accessible at reasonable cost. Moreover, deficits should not overload the domestic economy and cause inflation. “This balance is very important,” Al Jadaan said.

Speaking of public spending: All government projects and strategies have secured funding all the way to 2030, the Saudi Gazette quotes Al Jadaan as telling reporters. The minister delineated between public finances and the Public Investment Fund (PIF), which has a separate governance framework and is distinct from the Finance Ministry. The fund “establishes companies dedicated to specific projects, allocates budgets to them, and assigns independent boards of directors responsible for their management and execution,” Al Jadaan explained.

Straightening out PIF’s priorities: Al Jadaan also echoed recent statements that Neom is a “multi-decade project” while less ambitious schemes such as Diriyah are “already operational.”

At the end of the day, the diversification agenda is making a difference: Some non-oil sectors are seeing “more growth than planned” with the government planning to “double down” on those successes, Economy and Planning Minister Faisal Al Ibrahim told Bloomberg in another interview yesterday (watch, runtime: 3:34). Saudi Arabia crossed the 50% mark for the contribution of non-oil sectors to the GDP in 2023, with this figure now at 52%, Al Ibrahim said. This represents a “structural shift” in the Saudi economy, bringing the country closer to its target of weaning itself from over dependence on oil.

Hospital operator Almoosa Health plans to debut a 30% stake on Tadawul

Homegrown healthcare provider Almoosa Health to take a 30% stake to Tadawul’s main market, according to the prospectus (pdf). Part of the proceeds — after deducting an estimated SAR 52.4 mn in offering expenses — will be distributed to the selling shareholders, while the remaining will fuel the company’s growth plans and to repay outstanding debt. It lined up CMA approval last October. The story also got ink in Bloomberg.

Pre-set allocations: Of the 13.3 mn shares on offer, 21% will be newly issued shares to be added in the form of a capital increase. Tawuniya and Al Fozan Holding will be allocated 22% of the offering as anchor investors, and 30% of the offering will be allocated to public funds.

Subscription limits: Institutional investors will be able to subscribe to 100% of the offering, booking a maximum of 2.2 mn shares, and a minimum of 100k shares each. Meanwhile, retail investors will be allocated up to 20% of the offering subject to demand and can book between 10 and 250k shares each.

Timeline: Subscriptions for institutional investors will run from next Tuesday, 4 December through to 10 December, while subscription for retail investors will run for a two-day period beginning on 23 December. Final allocations of shares are slated for no later than 29 December.

Post-IPO structure + lockup: The hospital operator’s substantial shareholders, Abdulaziz bin Abdullah Almoosa Investment Co. (95%) and Abdulaziz Abdullah Almoosa Charity Co. (5%), will see their combined ownership diluted from 100% to 69.7%. They will not be able to sell down their positions for a six-month period starting from the first day of trading.

About Almoosa: The healthcare provider currently operates two hospitals in the Eastern Province with 730 beds between them and is currently serving 1 mn patients annually, according to its intention to float document (pdf). It intends to double its capacity to 1.4k beds by 2028.

ADVISORS- Our friends at EFG Hermes will act as underwriters and bookrunners on the transaction, alongside Banque Saudi Fransi Capital, which is also acting as the lead manager and financial advisor. PwC will act as financial due diligence advisor as well as market consultant, while Latham and Watkins is providing counsel. Moelis is advising the selling shareholders.

Eyewa secures USD 100 mn in a series C funding round

Riyadh- and Dubai-headquartered eyewear startup Eyewa closed a USD 100 mn series C led by US-based General Atlantic, with participation from Badwa Capital and Turmeric Capital, according to Menabytes. There’s no information about the specific contributions of each investor, and the size of shares they received in return.

Eyewa plans to use the funds to expand its footprint by opening 100 new stores in 2025, while expanding to Qatar. It also plans to launch a production facility and fulfillment center in Riyadh in the next few months.

Previous funding rounds: The retailer previously raised USD 21 mn in a series B round co-led by Kingsway Capital and Nuwa Capital in 2021, USD 7.5 mn in series A funding in 2019, and a USD 1.1 mn seed round in 2018.

About Eyewa: Eyewa operates an e-commerce platform alongside 150 retail stores across Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman. The company offers a range of eyewear products, including prescription glasses, sunglasses, blue-light-blocking glasses, and contact lenses, according to its website. Eyewa began its offline expansion in 2021, debuting its first store in Dhahran, Menabytes added. The company was founded by Anass Boumediene (LinkedIn), Mehdi Oudghiri (LinkedIn), and Abdullah AlRugaib (LinkedIn).

Awards for Flyadeal + Saudia Airlines + Saudi Red Sea Authority

Budget carrier Flyadeal secures aviation’s highest safety accreditation: Flyadeal received the International Air Transport Association (IATA) Operational Safety Audit (IOSA) certification, the industry’s highest safety standard, according to a statement. The audit evaluated the airline’s adherence to safety protocols across maintenance, flight operations, and security. The accreditation opens the door for IATA membership, potentially linking Flyadeal to a global network of over 320 airlines.

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

Saudia Airlines received the best business class crew in North America award at the Business Travel Awards, it said in a post on X.

The Saudi Red Sea Authority (SRSA) took home the 2024 Japan Tourism Award at the Japan Tourism Expo in Tokyo, according to state news agency SPA. SRSA’s Environmental Protection of Coastal Tourism initiative was recognized for balancing marine conservation with sustainable tourism.

**Our Thursday Kudos section recognizes companies that are doing well — or doing well by others. Have something you want us to consider? Email ksa@enterprise.news

Saudi + Russia block amendment to phase out fossil fuels in UN Climate Change Resolution

Saudi and Russia say no to “transitioning away from fossil fuels” in UN General Assembly climate change resolution: An EU-sponsored UN General Assembly amendment to the non-binding resolution that called for the doubling down on renewable energy and energy efficiency while phasing out fossil fuels was voted down following opposition from oil producing states led by the Kingdom and Russia, the New York Times reports. The Saudi delegation argued that the language of the proposed amendment lacked balance.

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

Not the first time: A Saudi delegate was accused of altering a negotiating text at COP29 to exclude transition pathways, while Western news outlets such as the New York Times and Bloomberg portrayed Saudi as a “spoiler-in-chief” and a “wrecking ball” in global climate talks.

A flurry of M&A news from Avilog + Naif Al Rajhi Investment + Sadirat + Zamil Group

M&A WATCH-

#1- Avilog to acquire 49% of Sats Saudi Arabia to boost air cargo capabilities: Avilog Logistics Services, an investment vehicle owned by Albawardi Holding Group and Abdulkadir Al Muhaidib and Sons, agreed to purchase a 49% stake in the Saudi arm of Singapore-based logistics firm Sats, according to a press release.

The potential transaction is set to support Sats Saudi Arabia’s expansion plans, including the establishment of a new cargo facility in Jeddah and the implementation of multi-modal operations across the Kingdom. The company currently operates in Dammam, Riyadh, and Jeddah, serving 27 airline customers.

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

#2- Homegrown Zamil Group acquires half of Wolffkran’s Saudi business: Local investment conglomerate Zamil Group acquired a 50% stake in Wolffkran for Equipment, the Saudi crane rental and service arm of German Wolffkran that launched in Riyadh at the end of 2023, according to media reports (here and here). No details were provided on the transaction value. The joint venture will work on building Saudi Arabia’s first tower crane manufacturing facility.

REMEMBER- The partnership builds on a previous agreement signed in February in which the two companies agreed to establish a tower crane production facility with a target output of 150 luffing jib and trolley cranes annually for the Mena region. Both companies also agreed on building a rental fleet of around 300 tower cranes in the Kingdom under their joint venture.

#3- Naif Al Rajhi Investment acquired a strategic stake in Jordanian AI and large language models firm Mawdoo3, according to a LinkedIn statement from Mawdoo3. Mawdoo3 will use the funding to plan its global expansion out of Saudi Arabia, scale up its offerings, and accelerate regional digital transformation. The size and value of the acquired stake were not disclosed.

#4- Sadirat eyes stake in Entaj Industrial Services’ subsidiary: Saudi Industrial Export Company (Sadirat) inked a six-month non-binding MoU with Entaj Industrial Services to consider a potential full or partial acquisition of the latter’s subsidiary Advanced Energy Trading and Contracting, according to a disclosure to Tadawul. The proposed acquisition is subject to due diligence, which will be followed by negotiating a final agreement. No financial advisors have been tapped yet.

MANUFACTURING-

Americana subsidiary the Agricultural Growth and Processing Company is investing SAR 375 mn in a new frozen French fries plant in Riyadh with Farm Frites, according to a statement. Set to open in 1Q 2026, the 100k sqm facility in Sudair Industrial City will have an initial capacity of 70k tons annually, with future expansion plans.

DEBT WATCH-

Saudi Awwal Bank (SAB) kicked off its SAR-denominated Additional Tier 1 Sukuk issuance, comprising both fixed-rate and floating-rate tranches, according to a statement to Tadawul. The offering, aimed at institutional and qualified investors, has a minimum subscription of SAR 1 mn and is expected to run until 5 December, depending on market conditions. The sukuk are perpetual, with no fixed redemption date, though early redemption is possible under specific conditions. The offer will be priced and structured based on market conditions.

Background: SAB said it was mulling the issuance earlier this week, via private placement under its SAR 20 bn issuance program. The proceeds will go to supporting SAB’s capital base and long-term strategic objectives. HSBC Saudi Arabia was tapped as the lead manager for the issuance.

CAPITAL MARKETS-

#1- Tadawul cleared Merril Lynch KSA to conduct market making activities on United Cooperative Assurance in the main market and Saudi Top in the Nomu parallel market, it said in a statement.

#2- The Capital Market Authority (CMA) greenlit the public offering of two funds, including Kamco Investment’s Kamco SAR Murabha Fund, as well as its Kamco Freestyle Saudi Equity Fund (Shariah), it said in two separate statements (here and here).

#3- Dubai-based Amanat Holdings tapped SNB Capital to run its IPO of a 30% stake in its education unit in Riyadh in 1H 2025, Reuters reports, citing two sources familiar with the matter. The IPO could raise some USD 300 mn.

We knew this was coming: The company said in May that it plans to carve out its education platform into its own holding company and tap advisors to list it on a GCC stock exchange, without identifying where it would list it or the size or value of the potential stake sale. Amanat had also reportedly tapped EFG Hermes and First Abu Dhabi Bank for a listing of its healthcare unit as soon as this year that could potentially raise some USD 200 mn.

AVIATION-

Transavia France is adding two Jeddah flights: Budget airline Transavia France will launch two weekly flights connecting Lyon and Paris to Jeddah starting 12 December, the General Authority of Civil Aviation said in a post on X.

Investors increasingly pour into options to hedge against extreme market swings even as US stocks continue to soar

All may not be as it seems on Wall Street, with investors increasingly looking to protective puts, volatility hedging, tail risk hedging, and other strategies to insure against the potential of market volatility and even market crashes, even as the Dow Jones, S&P 500, and Nasdaq all hit multiple all-time records in quick succession this month amid a post-election market rally.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

To say that US markets are bullish would be an understatement, with the S&P 500 up 3.7% since the election on 5 November, the Nasdaq is up 3.8% over the same period, and the Dow Jones is leading the pack up by 5.9%. Some big name and established companies have also seen their share prices rise more in just the last few weeks than many do over several years, with Axon Enterprise seeing its share price an impressive 44.0%, Tesla stocks up 37.1%, and Vistra Corp witnessing a 26.8% rise in the price of its stocks.

But some traders are preparing for the possibility that the good times could come to an abrupt end sooner than expected, as trackers that gauge the uptake of protection measures against market volatility picked up in the second half of this month. The Nations TailDex Index

— which measures the market’s expectations of a potential dramatic drop in equity prices — initially reacted well to Trump’s electoral victory, but is now noting a souring of the mood among investors, having picked up 28.2% since 14 November. It’s a similar story for the Cboe Skew Index — which measures the perception of tail risk in S&P 500 investment returns in the next 30 days — with the gauge picking up 19.7% since 12 November after a brief post-election respite and now sitting firmly in high-risk territory.

Caution, more than panic, is what is driving the buys, RBC Capital Markets’ Amy Wu Silverman told Reuters, as investors are more likely being cautious in the face of the likelihood of an uptick in US inflation and unpredictable trade disruptions from Trump’s proposed draconian tariffs — as opposed to a full-fledged market crash. “While investors broadly remain long equities, the tails are fatter … this is partly from a rise in geopolitical risk premium and certainly potential policy risk as Trump returns to the presidency and potentially enacts tariffs and other measures,” she explained. Susquehanna’s Chris Murphy, agrees, explaining that “the general idea is there is an 80-95% chance of pretty low volatility … but there’s just more of a tail event being factored in.”

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with Japan’s Nikkei leading in the green at +0.5% and Korea’s Kospi at +0.3%, while China’s Shanghai index is edging into the red at -0.1% and Hong Kong’s Hang Seng is down -0.5%.

TASI	11,591	-1.2% (YTD: -3.2%)
MSCI Tadawul 30	1,452	-1.5% (YTD: -6.4%)
NomuC	30,165	-1.4% (YTD: +23.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	29,846	-1.5% (YTD: +19.9%)
ADX	9285	-0.1% (YTD: -3.1%)
DFM	4805	-0.5% (YTD: +18.4%)
S&P 500	5,999	-0.4% (YTD: +25.8%)
FTSE 100	8275	+0.2% (YTD: +7.0%)
Euro Stoxx 50	4733	-0.6% (YTD: +4.7%)
Brent crude	USD 72.83	+0.03%
Natural gas (Nymex)	USD 3.20	-7.6%
Gold	USD 2664.80	+0.7%
BTC	USD 96,384.30	+5.1% (YTD: +127.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.2% yesterday on turnover of SAR 6.0 bn. The index is down 3.2% YTD.

In the green: Tamkeen (+30.0%), Budget SaudI (+6.5%) and Anaam Holding (+6.0%).

In the red: Saudi Cable (-6.7%), SHL (-4.7%) and Fipco (-4.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.4% yesterday on turnover of SAR 82.6 mn. The index is up 23.0% YTD.

In the green: Purity (+15.4%), Watani Steel (+8.2%) and Horizon Food (+7.6%).

In the red: SPC (-13.6%), Alnaqool (-8.6%) and Miral (-8.5%)

CALENDAR

NOVEMBER

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

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.

3-5 December (Tuesday-Thursday): Jeddah International Agriculture and Food Exhibition, Jeddah Exhibition and Convention Center, Jeddah.

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.

4-10 December (Wednesday-Tuesday): Bookbuilding and institutional offering for Almoosa Health’s IPO.

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.

23-25 December (Monday-Wednesday): Retail offering for Almoosa Health’s Tadawul IPO.

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

29 December (Sunday): Final allocation for Almoosa Health’s Tadawul IPO.

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

State budget approval and release.

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

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

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

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

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

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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