Non-oil exports up 2.1% y-o-y in November

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Flynas IPO to happen this year? + PIF-backed Nesma & Partners is mulling going public

Good morning, ladies and gents. We’re kicking off a new week after a busy weekend for the Kingdom, which saw Gastat publishing its latest data on international trade and Crown Prince Bin Salman announcing a hefty USD 600 bn investment package in the US over four years. Meanwhile, we have a handful of IPO updates, with Derayah Financial announcing its offering details as it looks to be the first brokerage to list on Tadawul. We lay out all this and more in today’s issue.

HAPPENING TODAY-

The second edition of the Islamic Arts Biennale continues today in Jeddah under the title And All That Is In Between at the Western Hajj Terminal of King Abdulaziz International Airport. The exhibition — which kicked off yesterday — features historical artefacts from Muslim cultures alongside contemporary art while highlighting over 20 new commissions by local and international artists. The display will be on view until Sunday, 25 May.

WEATHER- The Kingdom is in for some light drizzles today. A rainy Riyadh will see a high of 20°C and a low of 12°C, while a windy Jeddah is expected to hit a high of 29°C and a low of 20°C. Makkah is also in for the same rain, with temperatures ranging from 29°C to 19°C.

PSAs-

SMEs can now sign up for an introductory session on the Saudi Innovation Grants Program. The session will take place on Tuesday, 28 January, at Monsha’at's SME Support Center in Riyadh between 6-8pm. The program provides funding of up to SAR 4 mn to support SMEs, among other means of support. The program offers two tracks, the Small Enterprise Innovation Research (SEIR) and the Small Enterprise Technology Partnership, Monsha’at said on LinkedIn.

WATCH THIS SPACE-

#1- Flynas’ long-awaited IPO could see the light of day this year: Budget airline Flynas is expected to receive final approval from the Capital Market Authority “soon” to take a 30% stake public, the company’s CEO Prince Al Waleed Bin Talal told Al Arabiya on the sidelines of the World Economic Forum. The company plans to go public this year, a separate source familiar with the matter told the news outlet. This comes after the company had initially planned to launch its IPO last year.

Background- Flynas is thought to have been mulling an IPO since 2008. It confirmed its IPO plans in April last year, having tapped Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital for the offering in late 2023.

#2- PIF-backed contractor Nesma & Partners is also mulling going public, Alturki Holding CEO Rami Alturki told Al Arabiya on the sidelines of the Davos meetings, without providing further details on the timeline or size of the potential offering. Nesma — owned by Nesma Contracting Limited, Alturki Holding, Rawabi Holding, and PIF — currently boasts a business volume of SAR 40 bn, distributed across its energy, infrastructure, and building portfolios.

#3- PIF-backed STC is seeking a seat on the board of Spain’s telecom giant Telefonica through its fully owned subsidiary Green Bridge Investment Company (Luxco), after raising its stake to 9.97% as of Thursday, STC said in a filing to the US Securities and Exchange Commission. This comes as STC and the Spanish government, which owns a 10% stake, look to overhaul the company under a new long-term strategy, Spanish Economy Minister Carlos Cuerpo told the Financial Times. Reuters also had the story.

Background- STC first planned to acquire a 9.9% stake in Telefonica for SAR 8.5 bn in September 2023. The acquisition saw STC becoming the telecom operator’s largest shareholder, which prompted the Spanish government to begin implementing a plan to increase its stake in Telefonica to 10% to ensure STC doesn’t become Telefonica’s single largest shareholder, given that it’s categorized as a defense service provider.

#4- Saudi will start hosting a regular high-level World Economic Forum meeting in Riyadh, with the first one scheduled for the spring of 2026, Economy Minister Faisal Alibrahim and WEF President Børge Brende announced on the final day of the forum meetings in Davos, according to state news agency SPA. “Hosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation that Saudi Arabia has become,” Alibrahim said.

#5- Dar Al Arkan mulls further listings for Dar Global in US markets: Dar Al Arkan Real Estate Development is considering listing its subsidiary, Dar Global, on markets beyond the London Stock Exchange (LSE) such as the New York Stock Exchange, Chairman Yousef Al Shelash told Asharq Business.

#6- Granting data centers in the Kingdom embassy-like protection? The Kingdom is currently hashing out a regulatory framework that would grant data centers a protection status akin to that of embassies in a bid to lure more global players to relocate their data centers to the Kingdom, Finance Minister Mohammed Al Jadaan was quoted as saying by Argaam during a panel discussion in Davos.

#7- Al Rajhi Capital received the green light from the Capital Market Authority (CMA) for the public offering of its Global Real Estate Sector Fund, according to a statement from the authority.

IN OTHER CMA NEWS- Ertiyad Holding Group was fined SAR 6.1 mn after being found guilty of practicing brokering activities in the Saudi Exchange without authorization from the CMA, the authority said in a separate statement.

DATA POINTS-

#1- ADX-listed must-business operator Agility Global is mulling an IPO on Tadawul, CEO Tarek Sultan told Al Arabiya last week, without providing details on the size or timeline of the offering. Meanwhile, the company is eying fresh projects in Riyadh and Jeddah, he added.

More about Agility Global: Agility Global’s portfolio of companies includes air cargo and aviation fueling services firm Menzies Aviation, energy logistics company Tristar, and logistics infrastructure developer Agility Logistics Parks. Agility Global’s parent company is Kuwait-based, DFM-listed logistics firm Agi lity.

#2- Saudi Arabia’s business jet sector saw a record 23.6k flights in 2024, up 24% y-o-y, according to a press release. Domestic jet flights accounted for 9.2k, up 26% y-o-y, while international jet flights rose 15% y-o-y to 14.4k. The growth was driven by tourism hotspots like Sindalah, the Red Sea, and Ula, along with major events such as the Future Investment Initiative and Formula 1 Grand Prix in Jeddah.

OIL WATCH-

US President Donald Trump called for Opec+ to lower oil prices during his speech at Davos on Thursday, Bloomberg reports. Analysts, however, see no appetite within Opec+ to react to Trump’s demands, with RBC Managing Director Helima Croft noting that the group is unlikely to add more oil to the market without clear signs of prolonged tightness. Meanwhile, an Energy Aspects analyst echoed a similar sentiment, saying that “memories of 2018 and 2022” are “still too strong, so they will need to see sustained tightness before agreeing to add supply.”

On Opec’s side: Opec+ delegates see no reason to change their current policies as the risk of an oil surplus remains high due to China’s faltering fuel demand, as well as anticipated extra supply from the US with Trump pledging to ramp up oil output in a bid to boost the country’s energy dominance.

ALSO- Aramco is ramping up its trading activity, with the state-owned oil giant purchasing its first batch of US oil, WTI midland crude, through the trading window of S&P Global’s Platts system, Reuters reports.

SPORTS-

Al Nassr is prepping an official bid for Aston Villa's Jhon Durán after West Ham's GBP 57 mn offer for the Colombian striker was turned down, the Telegraph reports. Al Nassr aims to bolster their lineup for the second half of the season, with Durán targeted to support stars Cristiano Ronaldo and Sadio Mané. However, the SPL club is also aware that an offer of at least GBP 80 mn is required to entice Villa. Meanwhile, Villa, under manager Unai Emery, is determined to keep Durán and recently extended his contract until 2030.

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THE BIG STORY ABROAD-

With little to no business news in sight, Trump and Gaza are once again setting the agenda for the day. After less than a week since a ceasefire came into effect in the strip and the presidential inauguration, the global commentariat are still trying to figure out whether the fragile ceasefire will hold after its first six week phase and what Trump’s presidency will look like over the next four years once the dust settles from his first few chaotic days.

Over in the states, Trump’s lightning offensive to reshape Washington has seen him pack the Environmental Protection Agency with petrochemical and chemical industry lobbyists, halting flights of Afghan refugees approved for US resettlement, and holding a fiery phone call with the Danish prime minister to demand that America buy Greenland. (Wall Street Journal | Reuters | New York Times)

Trump also put a halt to all foreign aid — bar Egypt and Israel — in a move that will see a 90-day pause that will see assistance from the world’s largest foreign aid donor cut off completely. Newly appointed State Secretary Marco Rubio will now reportedly vet all US foreign aid against the new administration’s foreign policy before turning back on to the tap, according to a State Department cable. The pause’s only exceptions were military aid to Egypt and Israel, in addition to emergency food assistance as mandated by the Gaza ceasefire agreement reached earlier this month. (Reuters | New York Times)

Also in our part of the world, the second release of Israeli and Palestinian hostages under the first phase of the ceasefire has been ranking high on the world’s digital front pages. Four female members of the Israeli Defence Forces were released by Hamas in exchange for 200 Palestinian hostages held by Israel to celebrating crowds awaiting their return. (Reuters | Associated Press | Wall Street Journal | Bloomberg | New York Times)

Non-oil exports up 2.1% y-o-y in November

The Kingdom’s non-oil exports rose 2.1% y-o-y in November, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — grew 19.7%, with re-exports increasing in value by 82.9% over the same period. Imports were also up 13.9% in November, while the surplus of the merchandise trade balance declined 44.3% y-o-y.

NON-OIL EXPORTS-

Still in the lead: The ratio of non-oil exports to imports jumped by 1.8 percentage points y-o-y to 36.6% in November, driven by a 19.7% rise in non-oil exports, and a 13.9% increase in imports.

Chemical goods are still our biggest non-oil export category, accounting for 24% of total non-oil exports in November, down 1.6% y-o-y. Plastics, rubber, and their derivatives followed, accounting for 21.7% of total non-oil exports, a 4% y-o-y increase.

Machinery and electrical equipment were the most imported goods during the month, accounting for 28.1% of all imports — a 22.4% y-o-y increase. Meanwhile, transportation equipment and parts accounted for 14.2%, marking a 22% y-o-y increase.

OUR TRADING PARTNERS-

China remains our top trade partner: The kingdom’s merchandise exports to China made up 14.9% of total exports in November, followed by Japan (9.9%) and the UAE (9.7%). Meanwhile, imports from China accounted for a little more than a quarter (27.3%) of Saudi’s total imports in the same period.

Other top suppliers: The US accounted for 10.2% of the Kingdom’s total imports, followed by the UAE (5.3%), making them our second and third-biggest sources of imports after China. Germany, India, Japan, Italy, Switzerland, Egypt and South Korea were among the Kingdom’s top 10 import markets, accounting for a combined 67.4% of total imports.

Ports in focus: Dammam’s King Abdulaziz Port handled 24.7% of imports in November 2024, followed by Jeddah Islamic Port (23.9%), and Riyadh’s King Khalid International Airport (14.9%).

ON THE OIL FRONT-

Oil exports inching lower: Oil’s share of total exports decline by 5.0 percentage points y-o-y to 70.3% in November. The 12.3% decrease in oil exports led to merchandise exports falling 4.7% y-o-y.

IN OTHER TRADE NEWS-

Saudi Arabia’s trade services grew 7% y-o-y in 2023 to SAR 540 bn, state news agency SPA reports, citing Commerce Minister Majid Al Kassabi. Meanwhile, the Kingdom has invested SAR 93.7 bn in digital infrastructure, with an additional SAR 75 bn earmarked for future projects, Al Kassabi said, without specifying a timeframe.

Saudi to invest USD 600 bn in the US

The Kingdom pledged an additional USD 600 bn package to increase its investment and trade portfolios with the US over the next four years, Crown Prince Mohammed bin Salman told newly-inaugurated US President Donald Trump on a phone call, state news agency SPA reports. The ticket is liable to increase if new prospects become available, the crown prince added.

What’s in the package? Details are scant, but Economy Minister Faisal Alibrahim said at Davos that the ticket will include investments as well as more public and private sector procurement, Reuters reports. Potential allocations could include US-made defense systems as well as more non-oil cooperation in the form of sports ventures and new acquisitions by PIF in American companies, the Associated Press speculates.

A hefty sum, even for Saudi: The planned four-year investment package comes asPIF plans to allocate more spending to local initiatives as it eyes USD 70 bn in local investments by 2026 as part of a pivot away from investments abroad. The committed investment package “is large, even by the standards of oil-rich Saudi Arabia,” Bloomberg says.

… and Trump wants more: “I'll be asking the Crown Prince, who's a fantastic guy, to round it out to around USD 1 tn,” Potus told the World Economic Forum in Davos via videoconference on Thursday. The president also remarked to reporters today that his first international trip could be to Saudi, Reuters reports.

The Kingdom has already invested USD 770 bn in the US so far, Finance Minister Mohammed Al Jadaan told Bloomberg (watch, runtime: 8:01) last week. The minister’s tally presumably includes agreements worth more than USD 110 bn of immediate investments, to increase to USD 350 bn over 10 years, which were signed early in Trump’s first term in the White House during his historic visit to Saudi in 2017.

Derayah Financial is set to become the first brokerage to go public on Tadawul

Online brokerage firm Derayah Financial is taking a 20% stake to Tadawul’s main market in a secondary share sale with 49.95 mn company shares up for grabs, according to an intention to float (ITF) document (pdf). The Regulation S-compliant offering makes it easier for global institutional investors to participate. The story got ink from Reuters and Bloomberg.

IN CONTEXT- The firm’s potential IPO would make it the first brokerage to list on Tadawul. Derayah lined up Capital Market Authority approval for the move back in September 2024, and is reportedly seeking a valuation of USD 2 bn for its IPO, Bloomberg reported early last week. The offering of a brokerage firm is evidence of the widening base and growing trading activity in the local capital market for investors to tap into.

A 10% clawback for retail investors: The IPO will initially be limited to institutional investors. If there is sufficient demand, retail investors will be able to subscribe to some 10% of the offering. The clawback mechanism strikes a balance between institutional investors, who often drive the price discovery process during book-building, and individual investors, who are crucial for broader market participation and liquidity. Institutional investors have a minimum subscription limit of 100k shares, and a maximum of about 12.48 mn shares, while a retail investor can subscribe to anything between 10 and 250k shares.

This is a secondary offering, meaning selling shareholders will take home all of the proceeds from the sale — after covering IPO-related expenses valued at SAR 51 mn. They will be subject to a lock-up period of 24-months from the first day of trading, during which they will not be able to execute any transactions on their shares.

What’s next? While the IPO is pending regulatory approvals, the company is reportedly going to announce its price range on 2 February, Bloomberg reports, citing transaction terms it has seen. Derayah has actively courted a diverse group of institutional investors ahead of its IPO, and expects to rake in interest from both local and international players, the group’s CEO Mohammed AlShammasi told Bloomberg News. The offering will run from 20-22 February, with final allocation on 27 February.

Post-IPO structure: Substantial shareholders will see their combined ownership diluted to 60.5% from 75.5%. The company’s largest three shareholders will see the following changes: Taha Abdullah Al-Kuwaiz will sell down his 24.2% stake to 19.3%, Abdulaziz Ibrahim AlJammaz & Brothers’ ownership will be reduced to 7.6% from 9.5%, and Sanad Investment will lower its holding from 9.3% to 7.4%.

Derayah’s financials + performance: The firm claims to hold a 14% share in the local online brokerage market. Its dividend distribution ratio in 2023 stood at 69%, up from 15% in 2020. It also logged SAR 228 mn in net income in 1H 2024, up 70% compared to 1H 2023. Derayah also has a debt-free, cash-rich balance sheet that sets it up for future growth. Derayah’s assets under management (AUM) came in at SAR 15.1 bn as of June 2024.

… and a strong presence in the IPO scene: Derayah acted as a receiving agent in some of the Kingdom’s heftiest IPOs of 2024, including beauty retailer's Nice One’s SAR 908 mn main market listing, along with some Nomu IPOs including Digital Research Company, Jana Medical, Sama Water, Shmoh Almadi, Al Battal Factory for Chemical Industries, and Arabica Star, among others. It also served as the lead manager in Multi Business Group’s Nomu IPO.

ADVISORS- Our friends at HSBC Saudi Arabia are quarterbacking the transaction as the sole lead financial advisor, bookrunner, global coordinator, and lead manager, with Baker McKenzie acting for HSBC as the sole underwriter. Receiving agents include Derayah Financial Company, Alinma Investment, Al-Istithmar Capital, Aljazira Capital, Alkhabeer Capital, Al Rajhi Capital, ANB Capital, BSF Capital, GIB Capital, Riyad Capital, SAB Invest, Sahm Capital, SNB Capital, and Yaqeen Capital.

Saudi and UAE to lead GCC IPO charge in 2025 -EFG Hermes

Capital markets in the GCC are in for a solid 2025, with EFG Hermes particularly bullish on the IPO outlook for Saudi Arabia and the UAE, Ali Khalpey, the investment bank’s head of equity capital markets, told Zawya. The bank sees more consumer-focused companies hitting the market this year, supported by a rally in activity from both private and government players in 2Q 2025.

Tadawul is looking at more private sector engagement and mid-sized IPOs this year, following some of 2024’s more high-profile listings including Nice One, Fakeeh Care, and Miahona. “I think, given the domestic liquidity in Saudi, transaction sizes could be from as small as USD 175 mn to as much as USD 2 bn … Though there may not be mega IPOs this year, we will certainly see shares sales worth USD 500 mn to USD 1 bn,” he said, describing Tadawul as the “most mature” market in the MENA region.

IN CONTEXT- Our friends at EFG Hermes Saudi Arabia are planning to quarterback seven IPOs on the Saudi Exchange this year, in sectors including education, healthcare, retail, and F&B. A recent report by Kamco Invest found that the Kingdom has 31 listings in the pipeline for 2025, 26 of which are announced, while another four are mandated and one is rumored. These include the PIF’s Saudi Global Ports, Nupco, Tabreed District Cooling, Flynas, Tabby, and Ejada Systems.

From the region: High-pricing and upsizing may be weighing on Emirati IPOs, as several offerings in 2024, including Spinneys, Lulu Retail and Talabat, stumbled on their debut due to aggressive pricing and last minute upsizing. According to Khalpey, these factors may have dampened investor sentiment. “Pricing is an art,” he said, stressing the importance of aligning valuation expectations with market demand.

Last year was a banner year for IPOs in the region. EFG Hermes helped raise a total of USD 7.2 bn from some 11 IPOs on Tadawul, ADX, DFM and Boursa Kuwait last year, and USD 12.5 bn from six secondary offerings. The firm played a part in major transactions, including Aramco’s USD 11.2 bn secondary offering — the largest follow-on offering in the GCC. It also acted as a joint bookrunner for Miahona’s USD 148 mn IPO and facilitated the USD 2 bn divestment of Delivery Hero’s stake, which stood out as the largest UAE IPO of the year.

EFG Hermes came in first place in the Mena ECM underwriting league table in 2024, with a 9.6% market share, while HSBC Holdings came in second (7.9%) and Goldman Sachs followed with a 7% market share, according to LSEG.

Riyad Bank wraps up SAR 2 bn AT1 sukuk offering

Riyad Bank closed a SAR 2 bn additional tier 1 (AT1) capital sukuk offering on Thursday, it said in a disclosure to Tadawul. The offering — executed via private placement as part of the bank’s SAR-denominated SAR 10 bn AT1 sukuk program — saw 8k certificates sold at 6% annual return, each with a SAR 250k par value. The offering is also perpetual, meaning that there is no fixed maturity date. However, the sukuk are callable under specific terms defined in the terms sheet.

Where will the money go? Proceeds from the sale will support the lender’s capital base and general banking purposes.

REMEMBER- Riyad Bank had announced its intention to sell the sukuk on 1 January, with subscriptions kicking off a week later. The lender tapped Riyad Capital as sole lead manager for the offering.

Saudi is ramping up its chicken production

Saudi Arabia has nearly doubled its poultry production in the past decade as part of Crown Prince Mohammed bin Salman’s push for food self-sufficiency, to address an 80% reliance on food imports that leaves the Kingdom vulnerable to shocks. Saudi Arabia’s chicken production is growing at 6% a year — one of the fastest rates in the world, Bloomberg said, citing consultancy firm Gira.

ALSO FROM BLOOMBERG- Foreign miners seem to be more interested in taking home Saudi capital than committing their own funds towards local mining ventures, with downstream projects such as smelters and refineries also lagging behind in the local mining sector, the business information service reports. Some investors are also hesitant to pump capital into Saudi before ongoing projects prove commercial viability. “We’re at the show me stage,” Canada Nickel CEO Mark Selby said at the Future Minerals Forum.

Are we behind the eight ball on mining? “I think we have a good base, but I wouldn’t say it’s happening fast enough,” Industry and Mineral Resources Minister Bandar Alkhorayef said in an interview.

Saudi-Egyptian real estate consortium to invest USD 2 bn in developments overlooking the Nile

A Saudi-Egyptian consortium to invest USD 2 bn in Egypt’s hospitality and leisure sector: Local developer Sumou Holding and its subsidiary Adeer inked an MoU with Egypt’s MIDAR and Hassan Allam Holding to invest USD 2 bn in hospitality and leisure projects along the Nile in Cairo or within MIDAR’s cities, according to a press release (pdf).

Hassan Allam and Somou are no strangers: Sumou Holding inked an MoU in March last year with Hassan Allam Properties — the real estate arm of our friends at Hassan Allam Holding — to set up a JV to open up cross-border investments for the companies in Saudi Arabia and Egypt and to share expertise. Hassan Allam also inaugurated its Saudi HQ in March.

REMEMBER- Adeer has big plans for Egypt: The Sumou subsidiary plans to invest USD 400 mn in the Egyptian real estate sector over the next five years, CEO Bassel El Serafy said in July. Adeer is also looking to acquire half of Egyptian developer Melee Development, which it currently works with on a SAR 1 bn project developing three Saudi sports clubs across Riyadh, Jeddah, and Khobar. Additionally, Adeer had unveiled plans mid-last year to build a mixed-use development in the eastern part of Cairo with Egyptian real estate developer Paragon Developments, the first phase of which is expected to generate EGP 80 bn (SAR 6.3 bn) in sales.

HOSPITALITY-

Catrion to provide catering services for Saudi German Health hospitals: Catrion Catering Holding landed a three-year, SAR 114 mn contract with Saudi German Health to supply meals and beverages, among other services for employees and patients, at the company’s hospitals in Jeddah, Riyadh, Dammam, Hail, Aseer, Makkah, and Madinah, according to a disclosure to Tadawul.

TECH-

AI services providers are now required to apply for accreditation certificates from the Saudi Data and AI Authority (SDAIA) in a move which aims to boost reliability and oversight, state news agency SPA reports. The one-year certificates will include incentive tags that categorize the level of risk associated with using or developing the product or service. Applications are available on SDAIA’s website.

AEROSPACE-

Neo Space + Esri Global partner to boost Saudi Geospatial sector: PIF-backed Neo Space Group inked an MoU with geographic information system technology provider Esri Global to strengthen the geospatial sector in Saudi Arabia, according to a statement. Under the agreement’s terms, Neo Space and Esri will also partner on training programs and workshops to develop Saudi skills and expertise in geospatial services.

FDI growth continued in 2024, but uncertainty weighs on prospects for 2025

Global FDI rose 11% y-o-y to USD 1.4 tn in 2024, though figures dipped 8% when excluding European conduit economies, according to the latest Global Investment Trends Monitor (pdf) released by UN Trade and Development. Greenfield projects dropped 8% y-o-y in terms of count, while their values fell 7% — although still remaining only second to their 2023 peak.

The Middle East attracted USD 70 bn in FDI last year, marking a 13% increase y-o-y, with diversification initiatives and mega-projects in renewable energy, technology, and tourism leading the way, Khaleej Times quotes the report as saying. The kingdom alone recorded USD 30 bn in FDI inflows, spurred by transformative projects like the USD 500 bn Neom development. Despite global fluxes, the Middle East and the GCC stood out as resilient regions, driven by diversification strategies and sustainability-focused investments.

International project finance — mostly critical for infrastructure projects — continued a downward trend with a 26% fall in volume and a decline of about a third in terms of value. Meanwhile, cross-border M&A activity fell 13% y-o-y, though total values increased by 2%.

Expect “moderate growth” for FDI in 2025, though not without downside risks. toxic mashup of geopolitical tensions, inflation, and shifting trade dynamics could spur uncertainty among investors and spell trouble for global FDI flows. Still, some investors — private equity funds in particular — are expected to use up a lot of their dry powder, especially on tech firms amid the ongoing AI boom.

Prospects look good for the Middle East: The GCC region is expected to see vibrant FDI growth in 2025, fueled by improved financing conditions and an increase in mergers and acquisitions, the Khaleej Times quotes the report as saying.

TASI	12,354	-0.1% (YTD: +2.6%)
MSCI Tadawul 30	1,543	-0.1% (YTD: +2.3%)
NomuC	30,847	-0.5% (YTD: -2.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,998	+0.1% (YTD: +0.9%)
ADX	9,564	+0.2% (YTD: +1.5%)
DFM	5,226	-0.4% (YTD: +1.3%)
S&P 500	6,101	-0.3% (YTD: +3.7%)
FTSE 100	8,502	-0.7% (YTD: +4.0%)
Euro Stoxx 50	5,219	0.0% (YTD: +6.6%)
Brent crude	USD 78.5	+0.3%
Natural gas (Nymex)	USD 4.03	+2.1%
Gold	USD 2,806.6	0.5%
BTC	USD 105,216.50	+0.1% (YTD: +12.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 6.7 bn. The index is up 2.6% YTD.

In the green: Almoosa (+10.0%), Jouf Cement (+8.2%) and Northern Cement (+6.6%).

In the red: Saudi Re (-2.9%), Mesc (-2.7%) and Kingdom (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% yesterday on turnover of SAR 47.6 mn. The index is down 2.0% YTD.

In the green: Qomel (+20.7%), Itmam (+12.9%) and Saudi Top (+6.1%).

In the red: First Avenue (-4.7%), Keir (-3.7%) and Aqaseem (-3.4%)

CORPORATE ACTIONS-

Kingdom Holding-led consortium abandons SAR 6.8 bn fund plans: A SAR 6.8 bn fund agreement between Kingdom Holding Company (KHC), Sumou Holding Company, and Jeddah Economic Company (Jec) to acquire the Alinma Jeddah Economic City Fund has been mutually terminated after the fund was deemed unnecessary, according to a filing to Tadawul.

Bin Farhan pays visits to Lebanon and Syria

FM lands in Beirut for the first time in 15 years: Foreign Minister Prince Faisal bin Farhan lauded the reformist rhetoric coming from Lebanon’s newly elected president Joseph Aoun during a visit to Beirut, the first visit by a Saudi FM to Lebanon in 15 years, Reuters reports. “These reforms will boost the confidence of Lebanon's partners and open space for the country to regain its rightful place in the Arab and international spheres,” bin Farhan said, pledging that the Kingdom will continue supporting Lebanon to overcome challenges.

Bin Farhan also stopped by Syria over the weekend, where he was received by the country’s new leader Ahmed Al Sharaa, state news agency SPA reports. The kingdom is in active talks with the US and Europe to lift economic sanctions on Syria, Bin Farhan said from Damascus.

ALSO- Italian Prime Minister Giorgia Meloni arrived in Jeddah yesterday for an official visit to Saudi Arabia, state news agency SPA reports. The Italian PM’s visit follows the recent signing of a five-year MoU between the two countries to bolster energy cooperation, including the potential supply of Saudi-made hydrogen to Europe via Italy.

CALENDAR

JANUARY

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

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

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.

31 January (Friday): Deadline for businesses to update their registered customs items.

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

FEBRUARY

1 February (Saturday): UFC Fight Night: Adesanya vs Imavov, The Venue, Riyadh.

2 February (Sunday): Flyadeal launches direct flights to Karachi, Pakistan, departing from Riyadh and Jeddah twice a week.

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

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

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

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.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

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

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

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

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

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

19-20 February (Wednesday-Thursday): The Capital Markets Forum, The Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

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

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH

1-30 March: Ramadan (TBC).

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

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

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

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

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

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

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

MAY

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

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

23 May (Friday): Guns N’ Roses Show, Riyadh.

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

JUNE

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

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

JULY

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.

AUGUST

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

NOVEMBER

3-9 November (Monday- Sunday): WTA Tour Finals.

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

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear Emergencies, Riyadh.

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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