World Bank sees 1.1% GDP growth this year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: COP16 kicks off in Riyadh

Good morning, ladies and gentlemen. It’s another busy day in the Kingdom, starting off with the latest economic growth forecasts from the World Bank’s GCC Economic Update. Let’s jump right in.

HAPPENING TODAY-

#1- Look out for Cotam Unité flying overhead this morning: French President Emmanuel Macron was reportedly scheduled to arrive in the capital today on a three-day official visit at the invitation of the Crown Prince and Prime Minister Mohammed bin Salman. As of dispatch time, Macron’s agenda for December wasn’t yet published, and there has been no confirmation — as far as we can tell — of his arrival.

#2- It’s COP time in Riyadh: COP16 of the United Nations Convention to Combat Desertification kicks off today in Riyadh to drum up efforts to reverse land degradation and boost drought resilience via sustainability practices. The event wraps up on Friday, 13 December.

Trading on Walaa Cooperative Ins.’ SAR 467.5 mn rights offering kicks off today and wraps next Monday, 9 December, according to its updated prospectus (pdf). Shareholders can exercise their right to purchase additional shares, as offered in the rights issue until Thursday, 12 December, to maintain their shareholding percentage. Unsubscribed shares and fractions will be offered to institutional investors.

REFRESHER- The offering aims to boost Walaa’s capital by almost 50% to SAR 1.3 bn through adding 42.49 mn shares valued at SAR 11 apiece. The increase is intended to support the company’s expansion plans and to maintain its credit rating. The funds will be funneled towards investments and to increase its statutory deposit as per Sama regulations. Unsubscribed shares will be grouped into a rump offering for institutional investors.

ADVISORS- Walaa tapped Aljazira Capital as financial advisor, lead manager, and underwriter for the sale. Khaligyoun Legal Advisors is stepping in as legal advisor while Crowe Solutions and El Sayed El Ayouty will serve as auditors.

WEATHER- Riyadh will slightly warm up today with a high of 21°C, although the low will remain chilly at 11°C. Over in Madinah, the temperature will peak at 27°C and drop to 15°C. Meanwhile, Jeddah is still enjoying balmy weather with a high of 30°C and a low of 23°C.

HAPPENING THIS WEEK-

#1- Riyad Bank’s PMI report for November is set to be released tomorrow.

#2- Subscription for the December round of the government’s retail sukuk program Sah closes at 3pm tomorrow after kicking off yesterday, the National Debt Management Center said. The instruments carry a fixed yield of 4.83%. The minimum subscription amount per investor is set at SAR 1k, and the maximum is SAR 200k.

#3- Qualified investors have until this Thursday, 5 December to subscribe to Balsm Alofoq Medical’s 25% stake offering on Tadawul’s parallel market Nomu, after the window opened yesterday. Each investor can subscribe to a minimum of 10 shares and a maximum of 62.49k. The final allocation of shares is slated for Tuesday, 10 December.

#4- There are a handful of events scheduled for this week:

TOMORROW- The two-day Saudi Green Initiative Forum will kick off tomorrow, along with the Jeddah International Agriculture and Food Exhibition.
WEDNESDAY- The two-day Zakat, Tax and Customs Conference 2024 will kick off on Wednesday at the King Abdullah Financial District.
THURSDAY- The Red Sea International Film Festival kicks off this Thursday and runs until 14 December in Jeddah.

PSAs-

#1- New simplified permits for private aircraft owners: Private aircraft owners using their aircraft for private non-commercial use and operating their planes via foreign companies can now apply for a yearly permit from the General Authority for Civil Aviation (Gaca), eliminating the need for separate permits for each journey within and without the Kingdom, Gaca said.

#2- Micro and small enterprises can now submit their financial statements online on the Qawaem platform using a new service launched by the Saudi Business Center, state news agency SPA reports. The service is exclusive to companies that are exempt from appointing an external auditor.

DATA POINTS-

#1- The Saudi Central Bank’s (Sama) US Treasury holdings registered their highest level since February 2020 in November, reaching USD 144 bn, according to data compiled by Bloomberg. This accounts for 35% of all foreign assets held by Sama.

#2- Japan secured 41.8% of its total oil imports for October from Saudi Arabia, receiving some 4.4 bn liters of Saudi crude oil, down 8.5% y-o-y, according to statistics (pdf) from Japan’s Agency for Natural Resources and Energy. Meanwhile, the UAE emerged as Japan’s top supplier during the month, providing 47.8% of Japan’s oil imports for October, or 5 bn liters.

SPORTS-

Former footballer Rio Ferdinand’s The Ferdinand Group snapped up a minority stake in homegrown sports news platform Koora Break in a USD multi-mn transaction, according to a statement. The exact price tag for the transaction was not disclosed. Koora Break will use the funding secured from the former Manchester United captain-owned group to support its expansion into European and Asian markets.

What they said: Koora Break is spurring the “appetite for more coverage of football and sports across Saudi Arabia and the wider region, which will grow hugely ahead of World Cup 2034,” Bloomberg quoted Ferdinand as saying.

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THE BIG STORY ABROAD-

The never ending drama that is US politics is once again topping the digital front pages of the global press, with news out in the early hours of this morning that Joe Biden has pardoned his son Hunter Biden, who had earlier been convicted on gun and tax charges. The outgoing president justified the decision — and reversal of a previous pledge not to do so — by arguing that “Hunter was singled out only because he is my son” and that “raw politics” had infected the process. (New York Times | Washington Post | Wall Street Journal | Reuters | Associated Press | Financial Times | Guardian)

Diplomats, foreign policy wonks, and journalists are continuing to try to figure out how rebel forces were able to rapidly take over Syria’s largest city Aleppo, with a growing consensus emerging that the offensive came as Iran, Hezbollah, and Russia scaled back their presence in the country to focus on conflicts of their own. All eyes are now on the Syrian Armed Forces as it regroups to launch a counterattack backed by Russian airstrikes. (Financial Times | Reuters | AP | WSJ | New York Times | BBC | Guardian | Bloomberg)

Trump’s pick for his Middle East advisor is also turning heads, with the president-elect appointing Lebanese-American businessman — and "coincidentally" his daughter’s father-in-law — Massad Boulous to the role. (Reuters | Financial Times | Washington Post)

While in business news, the CEO of automotive giant Stellantis Carlos Tavares has abruptly resigned, amid a slump in profits and sales that led to a 43% drop in share value from the start of the year. (New York Times | Financial Times | Bloomberg | Guardian)

CIRCLE YOUR CALENDAR-

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 three-day XP Music Futures Conference kicks off in Riyadh’s Jax District 3 on Thursday, 5 December, bringing top music voices together for workshops, panels, and networking prospects. Tickets can be booked here.

World Bank revises down forecast for Saudi Arabia’s growth this year to 1.1%

The World Bank downgraded its forecast for the Saudi economy, now projecting 1.1% growth for this year, compared to the 2.5% it had forecast in May, according to the World Bank’s GCC Economic Update. Solid growth of 4.6% in the non-oil sector — a key element of the Kingdom’s ongoing diversification efforts — is expected to help offset a projected 6.1% contraction in oil GDP due to extended voluntary production cuts.

Major rebound set to follow? The World Bank sees economic growth further accelerating at an average rate of 4.7% during 2025-2026 as oil production recoups to its normal levels. Meanwhile, non-oil activity is expected to grow at a stable 4.5% over the same period.

The World Bank’s latest numbers are more or less aligned with the government’s projections: The Finance Ministry is targeting 0.8% GDP growth for 2024 and 4.6% for the next fiscal year, it said last week in its draft budget statement.

THE REGIONAL VIEW- The GCC is on track for 1.6% growth in 2024, the World Bank projects, penciling in a stronger 4.2% growth rate in 2025 and 2026, also driven by a 3.7% projected rise in non-oil sectors, according to the update.

Nice One sets price range for Tadawul IPO at SAR 32-35 apiece

Nice One Beauty Digital Marketing Company is guiding on a price range of SAR 32-35 per share for its offering of a 31.5% stake on Tadawul’s main market, it said in a press release (pdf). The pricing could see Nice One raise up to SAR 1.2 bn in proceeds, and would give it a market cap of SAR 3.9 bn at listing, according to EnterpriseAM calculations. The story also got ink in Bloomberg.

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The institutional bookbuilding period kicked off yesterday, running until Sunday, 8 December, where investors will be able to subscribe to 100% of the offering, booking a maximum of 5.75 mn shares, and a minimum of 100k shares each.

Use of proceeds: Selling shareholders will cover SAR 53.4 mn of the IPO’s expenses, with net proceeds distributed pro rata. The company will supplement these with loans and cashflows, allocating 35-45% to working capital, branding, and sales, 15-25% to logistics and technical upgrades, and 35-45% to potential M&A.

What’s next? The two-day retail subscription begins on Tuesday, 24 December, with investors eligible for up to 10% of the shares, subject to demand. Each retail investor can subscribe to a maximum of 250k shares, and a minimum of 10 shares. Final allocations of shares are slated for no later than 31 December.

ADVISORS- Our friends at EFG Hermes are acting as financial advisor, bookrunner, and underwriter on the transaction, alongside SNB Capital, which is quarterbacking the transaction as lead manager. Baker McKenzie will provide counsel to the issuer, while PwC will serve as financial due diligence advisor. 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, Yaqeen Capital, Alkhabeer Capital, and Sahm Capital.

Saudi Exchange rolls out new market rules for listed companies

Issuers on Tadawul could soon be required to maintain an average closing price of at least SAR 1 for 15 consecutive trading days, according to the Saudi Exchange’s draft amendments to market rules (pdf). The changes also include reducing spread constraints and revising tick sizes in the main and parallel markets, excluding debt instruments. The draft amendments are currently up for public consultation.

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New minimum price rule: Issuers who fail to maintain an average closing price of at least SAR 1 for 15 consecutive trading days must disclose the violation and take corrective action by raising the share price to SAR 3 or higher through a stock consolidation within three months. Failure to comply will result in the suspension of trading in the issuer's shares, as announced on Tadawul’s website. Off-market trading will be permitted for a maximum of five days following the suspension.

Trading + suspension rules: Trading will be suspended for two days following an issuer’s shareholders’ decision on a stock split, resuming automatically after the suspension ends. A new provision allows off-market trading for up to five days after any trading suspension.

Price bands for tick changes have been expanded:

A price band below SAR 25 will have a tick size of SAR 0.01;
Price bands of SAR 25-49.98 will have a tick size of SAR 0.02;
Price bands of SAR 50-99.95 will have a tick size of SAR 0.05;
Price bands of SAR 100-249.90 will have a tick size of SAR 0.10;
Price bands of SAR 250-199.80 will have a tick size of SAR 0.20;
A price band of SAR 500 or above will have a tick size of SAR 0.50.

The Kingdom’s top ten listed banks turned in solid 3Q results

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The aggregate net income of Saudi’s top 10 listed banks grew 5.3% q-o-q in 3Q 2024 to SAR 20.5 bn, supported by higher non-interest income and cost efficiency, according to global consulting firm Alvarez & Marsal’s (A&M) Saudi Arabia Banking Pulse 3Q report (pdf).

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Meet the banks: Saudi National Bank (SNB), Al Rajhi Bank, Riyad Bank, Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), Arab National Bank (ANB), Alinma Bank, Bank Albilad, Saudi Investment Bank (SIB), and Bank Aljazira (BJAZ) were included in the third quarter line up. A&M’s quarterly Baking Pulse report gives the rundown on the financial performance of the top 10 listed banks in the Kingdom by assets, highlighting their income, profitability, size, liquidity, risk, and capital.

Operating income rose 6.0% q-o-q, on the back of a 3.5% uptick in net interest income (NII) and a 15.2% increase in non-interest income. Five out of the 10 surveyed lenders reported an improvement in cost efficiency, while operating expenses grew by 4.9% — slower than the increase in operating income. Meanwhile, aggregate impairment charges were up 30.4% q-o-q, offsetting some of the gains in profitability.

Despite Sama cutting interest rates in step with the US Federal Reserve, net interest margins (NIM) remained stable at 2.9%, snapping a three-quarter streak of contraction. The spread between yield on credit and cost of funds was up 10 bps q-o-q at 5.1%. Other profitability measures showed stability or growth, with return on equity up 56 bps at 17.4% and return on assets holding steady at 2.0%.

Loans and advances (L&A) were up 3.7% q-o-q, overtaking deposit growth (+1.4% q-o-q). The uptick in loan book growth drove a 2.3 percentage point q-o-q increase in the loan-to-deposit ratio to 100.1%. Corporate and wholesale lending were the primary drivers for the bump in L&A, growing 4.4% q-o-q. The category now accounts for some 56.1% of total loans and advances, while retail credit (+2.7% q-o-q) represents 43% of total L&A.

ICYMI: Finance Minister Mohammed Al Jadaan expects interest rates to continue to decline into next year, yielding upshots for consumers, private sector investments, and homeownership. The Saudi state also intends to benefit from decreased cost of borrowing by issuing loans to bridge budget deficits.

Cost of risk deteriorated in 3Q: The cost of risk increased by 7 basis points q-o-q to 0.35% on the back of higher impairment charges. Six out of the 10 surveyed banks reported an increase in their cost of risk, with SAB leading the pack with a 30 bps q-o-q bump to 0.49%. Meanwhile, Alinma and Albilad saw the most substantial improvement in their risk profiles during the period, with their costs of risk falling 27 bps at 0.42% and 11 bps at 0.20%.

NWC launches SAR 11.6 bn worth of water projects in Aseer, Qassim, and Al Baha provinces

PIF-owned National Water Company (NWC) has launched water and sanitation projects worth SAR 11.6 bn (USD 3.2 bn) across the Kingdom’s Aseer, Qassim, and Al Baha provinces, Trade Arabia reports. The projects include extensions to water networks, new reservoirs, and wastewater treatment plants aimed at improving the reach and quality of water supply in the provinces.

Aseer accounted for the lion’s share of total investments: The province will see 87 new projects valued at over SAR 5 bn, including the construction of reservoirs, a distribution station, and a water treatment plant. This follows the recent implementation of projects in Aseer that included 302 km extensions to water networks and a connection to a 19 km transmission line linking Tarjis Dam treatment plant to Namas Governorate.

Qassim scales up water infrastructure: The province is set to benefit from 66 water and environmental projects worth upwards of SAR 4.2 bn. This includes the construction of 579 km of water transmission lines, seven reservoirs with a total capacity of 109k cubic meters, and a 294k cubic meters per day pumping station. The latest batch of water projects come following the installation of 355.2 kilometers of sewage networks and the implementation of SAR 1.2 bn worth of waste treatment plants and related infrastructure in the region.

And Al Baha is also getting a water upgrade: NWC has lined up investments worth SAR 1.7 bn for the province, including 10 projects focused on water, six on agriculture, and one in the environmental sector. The undertakings include water purification plants, water and sewage networks, and two reservoirs with a capacity of 75k cubic meters each.

Edtech startup Aanaab secures USD 7 mn series A round

Homegrown edtech startup Aanaab raised USD 7 mn from Jeddah-based investor Dallah Investment Holding in a series A round, according to a press release. The statement did not disclose additional information on whether Dallah’s investment is debt or equity based.

The startup will use the funds to expand its activities, add more training programs to include new sectors, and to upgrade its technological infrastructure through AI.

About the platform: Co-founded in 2018 by CEO Mounira Jamjoom (Linkedin), COO Naila Al Khalawi (LinkedIn) and board member Fouad Al Farhan (LinkedIn), Anaab is a digital training platform that offers Arabic language courses, licensing, and qualifications to advance the professional development of K-12 teachers. Upwards of 200k teachers and 250 schools across 10 countries in MENA have so far enrolled onto the platform.

REMEMBER- Aanaab secured an undisclosed investment from US-based edtech VC Rethink Education in June to upgrade its training solutions for school teachers and professionals.

New appointments at Mobily + Tihama Advertising

Etihad Etisalat (Mobily) tapped Abdulkarim Ibrahim Al Nafie as its new chairman , while Nabeel Mohamed Al Amudi (LinkedIn) was appointed vice chairman, according to two disclosures to Tadawul here and here (pdf). The two were appointed for a four-year term, ending 30 November 2028.

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Tihama Advertising, Public Relations and Marketing tapped Hatem Ali Talib Bargash as its new chairman, while Saleh Ghodier Al Rashid was appointed vice chairman, it said in a filing to Tadawul.

It’s a mixed bag for Saudi in the int’l press

Bloomberg looks at Saudi’s multi-pronged approach to its diplomatic relations, particularly with Iran and the US ahead of US president-elect Donald Trump’s new term in office. The Crown Prince reportedly recently proposed boosting trade with Iranian officials as part of efforts to ease tensions with the West and decrease backing for proxy militias, the business information services says, citing sources it says are with knowledge of Riyadh's moves.

Foods + meds as the on-ramp for USD 1 bn? Trade between Riyadh and Tehran could preliminarily focus on food and medical products, which would not violate European and US sanctions on Iran, a source tells Bloomberg. The agreement might involve private Saudi companies, with transactions potentially taking place through a third country such as Iraq. Currently, trade between Iran and Saudi Arabia is minimal, but Iranian officials have expressed interest in increasing it to as much as USD 1 bn annually.

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The Crown Prince has also reportedly dispatched National Security Adviser Musaad Al Aiban to Washington last month to rekindle discussions for a defense agreement with the US. The aim is to secure an agreement before President Joe Biden leaves the Oval Office.

ICYMI- The government is reportedly moving toward a limited military agreement with the US, shifting away from earlier talks about a full-scale defense treaty with Washington in exchange for normalizing relations with Israel, Reuters reports citing two Saudi and four Western officials.

Saudi Arabia, along with other petro-states, opposed proposals to cap plastic production at the UN Intergovernmental Negotiating Committee talks in South Korea, favoring recycling initiatives over mandatory production limits, Reuters reports.

A farm in Bada gets international ink for transforming arid land into productive farmland: The Bada farm, developed by agritech startup Iyris, Red Sea Global, and Sabic, features a greenhouse with water purification systems and recycled plastic roofing to optimize growing conditions for crops like cucumbers, tomatoes, and chili peppers, Bloomberg reports. Now in its second season, the 0.75-hectare farm aims to boost food security and cut reliance on imports, supplying produce to local supermarkets and Red Sea Global's luxury resorts as a scalable model for sustainable agriculture.

Fourth Milling is set to increase flour production to 1.1k tons

MANUFACTURING-

Fourth Milling jumps on the bandwagon of accelerating flour production: Fourth Milling (MC4) is set to increase flour production by 11.7% to 1.1k tons, after the General Food Security Authority (GFSA) authorized flour millers to export their products, according to a disclosure to Tadawul. The move will also allow MC4 to ramp up its output of finished products, including bran and animal feed. Similarly, Arabian Mills said last week it is boosting production at three major branches by 11.7% to a combined total of 1.5 mn tons.

IN CONTEXT- The expansion comes as Saudi Arabia’s flour mills gear up to tap global markets under a new GFSA policy, allowing licensed companies to export surplus production once local needs are met. Under the new policy, flour milling firms must reimburse the government for wheat subsidies on exported quantities, ensuring domestic supply remains prioritized.

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INFRASTRUCTURE-

Alkhorayef Water and Power Technologies has secured a contract with the Saudi Water Authority (SWA) to operate and maintain water treatment plants at Wadi Aldawaser, Alsalil, Alsafa in Najran, and Alwajid, it said in a filing to Tadawul. The 24-month agreement — which is valued at SAR 58.8 mn — is set to cover the areas of Wadi ad-Dawasir, Alsalil, Al Safa in Najran, and Alwajid.

LOGISTICS-

#1- Saudi Logistic Services — a unit of Saudi Manpower Solutions (Smasco) — landed a SAR 84.8 mn project with the Human Resources and Social Development Ministry, it said in a disclosure to Tadawul. The two-year agreement will see it provide and operate residences for unemployed domestic workers.

#2- Mawani adds new shipping service to King Abdulaziz Port: The Saudi Ports Authority (Mawani) added Ocean Network Express’ (One) Pakistan Gulf Express service to King Abdulaziz Port, it said in a statement. The new shipping service, which has a 2.5k standard container capacity, will link the Dammam port to the ports of Jebel Ali in the UAE, Hamad in Qatar, and Karachi in Pakistan.

LOCALIZATION-

Gov’t kicks off the final phase of e-documenting plan for localization contracts: Contracts related to localizing operations and maintenance for businesses in which the government holds at least a 51% stake are now required to be documented on the e-platform Qiwa as the Human Resources and Social Development Ministry rolled out the third and final phase of its e-documenting plan targeting businesses of all sizes, according to a statement.

REMEMBER- The ministry kicked off phase two of the initiative, which covered large businesses only, back in June. The initiative covers contracts for services including maintenance, catering, IT, and others.

REAL ESTATE-

The Real Estate Development Fund, the Saudi Real Estate Refinance Company (SRC), and the Saudi National Bank signed an MoU to boost liquidity in the secondary real estate sector and support mortgage refinance and real estate securitization, state news agency SPA reports.

ALSO- The Saudi National Bank launched a new mortgage finance product on the sidelines of the MoU signing ceremony, offering prospective homebuyers an interest rate of 2.59%.

DEBT WATCH-

The Natural Gas Distribution Company lined up a SAR 22.1 mn, five-year loan with Riyadh Bank to fund the expansion of its natural gas network in Riyadh’s Second Industrial City, it said in a disclosure to Tadawul.

BlackRock pushes further into alternative assets with planned USD 12 bn acquisition

BlackRock is closing in on a USD 12 bn acquisition that would help its push to become a major player in alternative assets. The world’s largest asset manager is reportedly in the final stages of acquiring US-based investment firm HPS Investment Partners, Bloomberg reports, citing sources with knowledge of the matter. The transaction could be announced as early as this week following the Thanksgiving holiday in the US, according to the Financial Times.

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For what it’s worth: If the acquisition goes through, BlackRock would have more than USD 500 bn of alternative assets to its name. The asset manager currently manages USD 11.5 tn.

Background: HPS Investment Partners had reportedly been looking at a potential IPO earlier this year, with Bloomberg reporting in September that the firm was in talks with potential investors for a listing that would value the company at USD 10 bn or more. Reports of BlackRock’s interest in acquiring HPS emerged the following month.

With domination of the public equity market under its belt, BlackRock wants to recreate its success in private assets. “BlackRock Chief Executive Officer Larry Fink has moved aggressively to expand in private markets, and buying HPS would mean BlackRock has clinched the two largest-ever acquisitions of alternative asset managers in less than a year,” Bloomberg says. The firm acquired Global Infrastructure Partners for USD 12.5 bn in October, marking “the biggest asset management merger of the decade,” according to Pitchbook.

The era of asset manager consolidation: 2024 is on track to become a record year for M&A in asset management in terms of transaction value, according to Pitchbook. As of 8 October, some 112 asset manager consolidation transactions worth USD 27.3 bn, with the global wave “driven by more managers seeking to develop into increasingly diversified multi-strategy platforms to attract a broader class of investor,” Pitchbook says.

MARKETS THIS MORNING-

Asian markets are mostly starting the day in the green, with China’s Shanghai index up +1.0%, Hong Kong’s Hang Seng in the green by +0.2%, and Japan’s Nikkei inching up to +0.1%, while Korea’s Kospi is down -0.1%

TASI	11,742	+0.9% (YTD: -1.9%)
MSCI Tadawul 30	1,472	+0.8% (YTD: -5.1%)
NomuC	30,173	-0.7% (YTD: +23.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,497	+0.8% (YTD: +22.5%)
ADX	9235	-0.3% (YTD: -3.6%)
DFM	4847	+0.5% (YTD: +19.4%)
S&P 500	6032	+0.6% (YTD: +26.5%)
FTSE 100	8287	+0.1% (YTD: +7.2%)
Euro Stoxx 50	4804	+1.0% (YTD: +6.3%)
Brent crude	USD 71.84	-1.3%
Natural gas (Nymex)	USD 3.36	+5.0%
Gold	USD 2,681.00	+0.6%
BTC	USD 97,781.70	+1.0% (YTD: +130.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.9% yesterday on turnover of SAR 4.6 bn. The index is down 1.9% YTD.

In the green: GIG (+8.4%), Saico (+4.6%) and Lazurde (+4.3%).

In the red: Tamkeen (-11.3%), Etihad Etisalat (-3.1%) and Northern Cement (-1.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% yesterday on turnover of SAR 119.7 mn. The index is up 23% YTD.

In the green: Paper Home (+7.4%), Horizon Educational (+6.1%) and Alqemam (+5.6%).

In the red: Jana (-17.3%), Almuneef (-10.3%) and Miral (-7.3%)

Most adults in Saudi meet weekly activity targets, while children lag

More than half of adults in Saudi (58.5%) aged 18 and over meet the recommended weekly physical activity threshold of 150 minutes, according to the General Authority for Statistics’s 2024 physical activity report (pdf). Meanwhile children and adolescents in Saudi (ages 5-17) reported lower activity levels, with only 18.7% putting in the recommended 60 minutes of daily physical activity. Riyadh had the least active children in the Kingdom with only 14.7% putting in recommended hours, while children in Al Baha were the most active in Saudi at twice Riyadh’s rate (30.4%).

SOUND SMART- The World Health Organization (WHO) recommends that adults aged 18-64 shoot for “at least” 150-300 minutes of moderate aerobic exercise per week, or 75-150 minutes of vigorous exercise. Children and adolescents are encouraged to exercise for 60 minutes a week.

Saudis are less active than non-Saudi expats, and men are notably more active than women. Some 62.5% of non-Saudi adults of both genders meet daily physical activity requirements, compared to 54.1% of Saudis. Meanwhile, 64% of Saudi and non-Saudi males put in their required weekly workouts, compared to less than half (46.3%) of Saudi and non-Saudi women. In terms of age groups, individuals between the ages of 30-39 recorded the highest levels of activity, with 62.6% engaging in sufficient exercise, while those aged 80 and above reported the lowest activity with just 12.2% putting in enough hours per week.

Their go-to workout? Travel-related physical activities, such as walking, cycling for commuting, ranked as the most common form of exercise for adults in Saudi, accounting for 56% of physical activity. Non-work related physical activity made up 39% of the total, with work-related activity accounting for the remaining 31%.

CALENDAR

DECEMBER

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

5-7 December (Thursday-Saturday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

5-8 December (Thursday-Sunday): XP Music Futures Conference, Riyadh.

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 December (Sunday): Launch day for Riyadh Metro lines two and three.

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.

24-25 December (Tuesday-Wednesday): Retail subscription period for Nice One’s Tadawul IPO.

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.

5 January (Sunday): Launch day for Riyadh Metro line 3.

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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