Moody’s downgrades Saudi banking sector outlook to stable

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Heathrow plans first dividend distribution in five years + Entaj retail subscription ends today

Good morning, wonderful people, and Ramadan Kareem. We have a brisk issue for you on the last workday before the holy month.

In today’s issue: Moody’s has downgraded Saudi’s banking sector outlook to stable, while Knight Frank explores how homeownership is getting increasingly difficult in the Kingdom. Meanwhile, Sabic’s earnings saw the petrochemicals giant back in the black in 2024, but still shy of analyst expectations. We have this and more in the news well below.

HAPPENING TODAY-

Entaj retail subscription ends today: The two-day retail subscription period for the Arabian Company for Agricultural and Industrial Investment’s (Entaj Foods) IPO ends today. Investors can book between 10 to 250k shares each, with the final allocation scheduled for Tuesday, 4 March.

REMEMBER- Entaj is taking a 30% stake to market, good for 9 mn shares, in a secondary offering whereby the company’s sole owner Arabian Agriculture Services will rake in all the proceeds. The offering would see the Riyad-based poultry producer raise some SAR 450 mn in IPO proceeds, giving Entaj a market cap of SAR 1.5 bn at listing. Strong demand from institutional investors saw the largest tranche closing at 208.4x oversubscription, with total orders hitting SAR 93 bn.

PSAs-

Individuals and businesses can share feedback on government e-platforms as part of the Digital Experience Maturity Index initiative which aims to assess user satisfaction with public platforms, the Digital Government Authority said in a post on X yesterday.

WEATHER- Riyadh is set for a 20°C high and a 10°C low today, while Jeddah’s mercury is set to peak at 29°C and hit a low of 21°C amid some winds. Meanwhile, Dammam will see some showers and a high of 18°C, and a low of 10°C.

WATCH THIS SPACE-

#1- Heathrow Airport plans first dividend distribution in five years: Heathrow Airport is planning to distribute a GBP 250 mn dividend to shareholders — including the Public Investment Fund, Qatar Investment Authority, and Paris-based equity firm Ardian — in the coming weeks, Financial Times reported. The London-based airport eyes expansion and is pushing to build a third runway, as it nears its “natural capacity limit,” CEO Thomas Woldbye said. This story also got ink in Reuters.

REMEMBER- The Public Investment Fund (PIF) completed the acquisition of a 15% stake in FGP TopCo, Heathrow Airport’s parent company, from Spanish infrastructure player Ferrovial and other shareholders, in December 2024. At the same time, Ardian snapped up 22.6% in the London airport for the same group of shareholders via a separate vehicle.

#2- Riyadh Development is weighing investment options for lands acquired from Remat Al Riyadh Development, CFO Mohammed Al Kulaib told Al Arabiya. The company is mulling developing a mixed-use complex in the 214k sqm Al Murooj site and setting up infrastructure in the 700k sqm Al Ramal site, with options for further projects or land sales.

Riyadh Development’s investment portfolio is valued at SAR 6.3 bn, including a 30% stake in the SAR 3.5 bn Sports Track Project, an 8% share in a SAR 1.8 bn real estate fund with Arab Bank, and a 40% stake in a SAR 227 mn logistics complex with Agility, Al Kulaib said. The company’s total share across these projects amounts to SAR 2.8 bn.

DATA POINTS-

Saudi drivers earned over SAR 2 bn in 2024 from ride-hailing apps in the Kingdom, Acting President of the Transport General Authority Rumaih Al Rumaih said in an event held by US ride-hailing giant Uber, state news agency SPA reported. The number of trips rose 26% y-o-y to 80.5 mn in 2024, with the total number of registered drivers increasing 27% y-o-y to 332k drivers. Meanwhile, the number of Saudi female drivers rose 48% y-o-y to 22k.

SPORTS-

Cristiano Ronaldo apologized to fans for the delayed kick-off in Al Nassr’s match against Al Wehda, which started an hour after the Al Nassr team bus arrived just nine minutes before the scheduled kick-off due to heavy traffic, Reuters reports. Al Nassr dispatched Al Wehda 2-0 to maintain third spot in the league standings — ahead of Al Qadisiyah only on goal difference — courtesy of a Ronaldo goal and a Sadio Mané penalty. Ronaldo leads the SPL goalscoring charts so far with 17 goals.

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THE BIG STORY ABROAD-

Nvidia posts strong 2024 earnings: US chipmaking giant Nvidia saw revenues rise 79% y-o-y to USD 38.3 bn in 4Q 2024, leading full-year earnings to more than double to reach USD 130.5 bn, exceeding analyst expectations. CEO Jensen Huang dismissed concerns of Chinese AI startup DeepSeek’s claims affecting the company’s performance, touting “amazing” demand for high-end chips.

CLOSER TO HOME- Hamas and Israel exchanged four dead Israelis for 642 Palestinian captives early this morning, days before the first phase of the fragile Gaza ceasefire is set to end. Meanwhile, US Special Envoy to the Middle East Steve Witkoff said a “summit” of regional real estate developers and planners will be held soon to discuss Trump’s forcible displacement plan.

“I think when people see some of the ideas that come from this, they’re going to be amazed,” Witkoff said, without providing further details.

ALSO- We might start looking elsewhere for Trump coverage: The White House denied reporters from Reuters, Associated Press and other news outlets from covering the US President’s first cabinet meeting held yesterday. The new policy, announced Tuesday, will see the Trump administration pick and choose who is allowed to cover events in “smaller spaces,” including the Oval Office.

Moody’s downgrades Saudi banking sector outlook to stable

Moody's revised its outlook for Saudi Arabia's banking sector from positive to stable due to tightening funding conditions, it said in its most recent Banking System Outlook report seen by EnterpriseAM. Customer deposits will remain the main funding source, although the share of higher-cost term deposits will increase, bringing down the overall rating.

The rationale: Reliance on confidence-sensitive capital market funding is expected to rise as credit demand outpaces deposit growth, pushing the loan-to-deposit ratio further above 100% in the next 12 to 18 months. Inflow of government deposits will help bridge the gap, while also increasing concentration risks.

Loan performance is expected to remain stable, with problem loans staying low at a 1.5% ratio. Exposure to high-risk sectors like real estate is expected to increase, but will be mitigated by strong government support, the agency said.

REMEMBER- Bank credit grew 14.4% y-o-y to SAR 3.0 tn in 4Q 2024. Personal loans continued to account for the lion’s share (46.2%), followed by corporate credit to the real estate sector, wholesale and retail trade, and electricity, gas, and water supplies.

The banking sector’s net income is projected to stabilize at 1.8%. While margins may face slight pressure from costlier funding, fee income is expected to rise in tandem with increasing loans, letters of credit and guarantee volumes.

A favorable environment: Moody’s forecasts non-oil GDP growth to remain strong at 4-5% this year, with high business confidence supporting positive operating conditions. The government’s diversification agenda and job creation will continue to drive economic expansion, boosting credit demand in the corporate sector.

Homeownership aspirations may be a distant dream for many in Saudi Arabia

Home ownership may be increasingly out of reach for Saudi nationals and expats, as high real estate prices and interest rates are seen as significant hurdles, according to a report (pdf) from real estate consultancy Knight Frank. The report’s findings are based on a survey of c.1k respondents, over 80.5% of which are Saudi nationals earning between SAR 10k-50k. Around 10% of the respondents are Saudi nationals with monthly incomes exceeding SAR 50k, and the remainder are expatriates earning SAR 30k or more per month.

REMEMBER- The government is rolling out policies — including buyer-friendly mortgages — as it looks to achieve a 70% home ownership target by 2030, but the Kingdom also needs to build out an additional 1.2 mn housing units by 2030 in order to meet that goal. The state-run National Housing Company has been tasked with building affordable housing options, with 200k homes in the pipeline and potential for that figure to reach 300k by the end of 2025, Knight Frank’s Chief Economist for MENA Christopher Payne estimates.

Appetite for home ownership in Saudi Arabia among nationals fell 11 percentage points to 29% this year compared to 2023, the report shows, with the highest-earning segment showing the strongest appetite for buying a home this year. Across nationals and Saudi-based expats, that number is slightly higher at 33%. Around 31% of all respondents said they have no interest in transacting on a home in 2025 because they already own a property, while 13% cited high real estate prices as their main reason. Meanwhile, some 67% of the highest-earning bracket of nationals cited high interest rates as a “major hurdle” to their home ownership plans.

STATS BY GEOGRAPHY-

Apartment prices in Riyadh rose 10.6% y-o-y in 2024, while villa prices increased 6.3%. Home sales grew 44.2% y-o-y to 63k transactions, with the total value rising over 30% to SAR 75.7 bn. Despite this growth, Knight Frank noted that many mid-market buyers are struggling to afford homes due to the rapid price increases seen in recent years.

Jeddah recorded the highest transaction growth, with residential sales up 53% y-o-y in 2024 to 28.1k, driven by the Saudi Central Bank lowering the minimum down payment for property purchases to 5%. However, rising apartment prices (+3.1% y-o-y), alongside declining villa prices (-1.7% y-o-y) indicate affordability challenges, according to the report. Demand is also increasing as citizens reinvest government compensation into real estate.

The Holy Cities: In Makkah and Madinah, high-net-worth international Muslim buyers are eyeing the market heavily and are anticipating regulatory changes allowing market entry. Knight Frank reports that 82% of Saudi non-residents plan to invest around USD 2 bn in real estate once permitted.

Saudi Arabia also faces a potential oversupply of luxury housing within the next five years unless foreign ownership laws are reformed to attract new sources of demand, head of Middle East research at Knight Frank Faisal Duranni tells Bloomberg. This potential oversupply comes as domestic demand remains constrained since only a small segment of the Saudi population may be able to afford new housing.

The solution? More affordable housing and better access to developer-linked financing are needed — especially for expatriates — amid high interest rates, according to Knight Frank. “An important aspect of home financing … is the ability of expats, and indeed international buyers, to access local financing options,” the report said. Knight Frank suggests that building smaller rental homes and introducing “rent-to-own” schemes could provide developers with a strategic exit plan, offering flexibility to buyers. Additionally, it suggests introducing more branded residential developments in the Kingdom.

Looking ahead: “What we are experiencing now is an organic slowing in demand as the 70% home ownership target approaches and as residential values start to peak in the current cycle. The rampant house price growth across the country, too, is curbing the appetite to purchase,” said Knight Frank’s Regional Partner for Strategy and Consulting Harmen de Jong. The consultancy estimates that 115k homes must be built annually for the next six years to meet demand but warns that supply may not meet expectations.

Saff approves 2024 budget + New stadium for Newcastle United?

The Saudi Arabian Football Federation (Saff) reported SAR 1.5 bn in total revenues and grants in 2024, which covered league operations, club support, national team programs, and administrative expenses, Asharq Al Awsat reports. Saff’s financials were approved during its 17th ordinary general assembly last Tuesday, according to a post on X.

The breakdown: The budget included SAR 243 mn for leagues and competitions, SAR 308 mn for club support and prizes, and SAR 303 mn dedicated to national team training camps and tournaments. Meanwhile, salaries and benefits for employees and staff — across 18 national teams — accounted for SAR 259 mn, while SAR 116.9 mn was allocated for the referees’ committee. The budget also included SAR 102 mn in transportation expenses and SAR 65 mn for strategic projects.

Also from the assembly: Saff’s fiscal year will now start 1 January and end December 31, ditching the old fiscal year which started mid-year. The federation will also form a club oversight committee to monitor the compliance of privately owned clubs with financial and operational regulations.

IN OTHER SPORTS NEWS-

New stadium for Newcastle United? PIF Governer and Newcastle United Chairman Yasir Al Rumayyan was presented with plans for a revamped St. James’ Park as well as plans for a brand new stadium at a meeting with senior club management last Monday, The Telegraph reports.

The options on the table: The plans include a fresh GBP 1.5 bn multi-sport 70k-seater stadium, to be built on an overlapping area with Newcastle's current home venue, and set to become England’s second-largest club ground following Manchester United’s Old Trafford. The alternative scenario would see the club developing its current stadium involve raising the capacity to 60k, which will come at a cost of GBP 800 mn. The development plan would be completed within five years.

It remains unclear which of the two scenarios Al Rumayyan will opt for, although the newspaper cites sources “behind the scenes” as saying they are “confident that the new stadium proposal will eventually get the green light.”

ALSO- The first phase of Sports Boulevard will open its doors today, marking a 40% completion rate for the project, state news agency SPA reports. This phase — spanning 83 km of the route that will be opened to visitors — includes Wadi Hanifa, the Promenade, Al Rimal Sports Park, as well as the internal track at the Princess Nourah University.

Sabic posts SAR 1.54 bn net income, rebounding from loss but missing projections

SABIC-

Saudi Basic Industries Corp’s (Sabic) net income turned positive in 2024 with SAR 1.54 bn, reversing its first recorded net loss of SAR 2.77 bn the year prior, the company said in an earnings release (pdf ). Revenues declined 1% y-o-y to SAR 139.98 bn, driven by a 2% drop in sales volumes, partially offset by a 1% increase in average selling prices. The petrochemicals giant fell short of expectations amid ongoing industry challenges, according to Bloomberg analysts.

The drivers: The lower sales were primarily recorded in chemical products, while polymer sales increased, contributing to the higher average selling price. Persistent overcapacity — especially in polymers —and slower ethylene demand growth continue to pressure utilization rates, CEO Abdulrahman Al-Fageeh said in the release. “Additionally, the continued geopolitical situation has sustained uncertainty, exposing the industry to further challenges,” Al-Fageeh told Bloomberg.

In 4Q 2024, Sabic posted a SAR 1.89 bn net loss, widening from SAR 1.73 bn a year earlier, it said in a separate release (pdf). The quarterly results were significantly below Bloomberg analyst expectations, which put the company in the black at SAR 951.7 mn. Meanwhile, revenues for the quarter fell slightly to SAR 34.7 bn in the same period, compared to SAR 35 bn in 4Q 2023, as oversupply and weak petrochemical demand pressured prices.

IN CONTEXT- Global chemical companies have been facing rising costs and shrinking margins, with supply growth in China and potential trade wars adding to recovery challenges, Bloomberg reported.

Market reax: Sabic shares fell 2.14% to SAR 64.00, their lowest level since 2020, Bloomberg reports.

Looking ahead: Despite the challenging outlook, analysts point to Sabic's operational efficiency, strong balance sheet, and government support as key strengths. The company projects its capital expenditure between USD 3.5-4 bn in 2025, amid a capital efficiency program it already launched in a bid to boost competitiveness while it looks for "selective investment” opportunities, Executive Vice President for Corporate Finance Salah Al Hareky told reporters, according to Reuters.

Highlights of the year: Moody’s upgraded Sabic’s credit rating to AA3, citing competitive costs and strong liquidity. The company raked in some SAR 3.6 bn from selling its entire 20.62% stake in Aluminium Bahrain to Ma’aden. Sabic also shelled out USD 6.4 bn in January to develop a refining hub in China’s Fujian, and opened the world’s first pilot plant for steam cracker furnaces powered by renewable energy. Sabic distributed USD 2.7 bn in dividends in 2024.

STC-

PIF-backed Saudi Telecom Company’s (STC)’s net income increased 85.7% y-o-y to SAR 24.7 bn in 2024, it said in an earnings release (pdf). Almost a third of the income came from transferring a 51% stake in Tawal to parent company PIF for SAR 8.9 bn. Meanwhile, Revenues were up 5.7% y-o-y to SAR 75.9 bn, driven by a 0.9% increase in revenue from STC KSA and a 16.4% rise in subsidiary revenues.

On a 4Q basis: The telecom giant saw its net income increase 487% y-o-y to SAR 13.5 bn. Meanwhile, revenues increased 9% y-o-y to SAR 19.3 bn in the same period.

ALSO- The company’s board is distributing SAR 10 bn in special dividends for 2024 at SAR 2.00 a piece, pending shareholder approval at the next General Assembly meeting, it said in a disclosure to Tadawul. The eligibility date will be the second trading day after the meeting, with the distribution date to be announced later.

STC will also distribute a SAR 2.7 bn interim dividend for 4Q 2024 at SAR 0.6 per share, according to a separate disclosure. Eligibility is due Monday, 3 March, while distributions are set for Monday, 24 March.

ALMOOSA HEALTH-

Almoosa Health’s net income decreased 3.8% y-o-y to SAR 94.4 mn in 2024, driven by higher finance costs and depreciation as the new rehabilitation and long-term care hospital became operational, it said in an earnings release (pdf). Meanwhile, the company reported a 22.8% y-o-y increase in revenues to SAR 1.2 bn, on the back of a 108.6% growth in rehabilitation revenues.

ALSO- The company’s BoD recommended the distribution of SAR 44.3 mn in dividends at SAR 1.00 per share for 2024. Eligibility criteria will be announced in the upcoming general assembly meeting.

HALWANI BROTHERS-

Halwani Brothers returned to the black, reporting a net income of SAR 44.7 mn in 2024, compared to a net loss of SAR 98 mn in 2023, it said in a disclosure to Tadawul. The company attributed the recovery to an improved sales mix, higher sales in the Kingdom and rising overall exports.

MEANWHILE- Revenues were up 9.8% y-o-y to SAR 969.1 mn in the same period, pushed by geographical expansion facilitated by growing sales channels and restructuring of the sales department, the disclosure said.

Riyad Bank fully redeems USD 1.5 bn sukuk

DEBT WATCH-

Riyad Bank fully redeemed its USD 1.5 bn fixed rate reset tier 2 sukuk five years ahead of their maturity, it said in a disclosure to Tadawul. The bank redeemed all 7.5k shares at face value on Tuesday, with bondholders receiving USD 200k apiece.

DISPUTE WATCH-

Batic + Eastern Region Municipality in conflict over parking facilities: Batic Investments and Logistics is prepared to take legal action to challenge the Eastern Region Municipality’s decision to take over the operations of parking facilities and spaces in Dammam and Khobar, Batic said in a disclosure to Tadawul.

ICYMI- The Eastern Province Municipality is planning to take over the management and operation of parking facilities in Dammam and Khobar, it said on Tuesday. The municipality also said it plans to introduce a new, more flexible parking system in response to public dissatisfaction. In the meantime, parking will be available without charge. Batic’s subsidiary Smart City Solutions (SCS) currently holds long-term contracts to develop, construct, and operate parking spaces and facilities at Khobar and Dhahran until 2044, and Dammam until 2045.

GAMING-

Saudi esports club Twisted Minds and Riyadh Season launched Twisted Labs, a new entertainment and esports hub featuring nine entertainment zones and a dual-access system for visitors and staff, it said in a LinkedIn post. The new facility is located in Riyadh’s Boulevard City and it will serve as the company’s HQ, housing training facilities, offices, and production studios.

IN CONTEXT- Saudi authorities are targeting the gaming industry as part of economic diversification efforts, expecting it to contribute SAR 50 bn to the national economy by 2030. The Kingdom hosted the 2024 Esports World Cup and is set to host the first Olympic Esports Games within the next three years. PIF’s Savvy acquired Scopely for USD 4.9 bn in 2024 and, more recently, Savvy’s subsidiary Scopely was reportedly in talks to acquire Pokémon Go developer Niantic.

LOGISTICS-

TGA boosts maritime safety initiatives: The Transport General Authority (TGA) has set up a new maritime accident investigation bureau platform to provide a comprehensive suite of accessible services for marine accident investigations, according to a statement. The digital portal is equipped with features including swift electronic notifications of accidents, news updates, weather and navigational warnings, and information about the marine environment.

MINING-

Kefi Gold and Copper raised its resource estimate for the Jibal Qutman gold project by 23% to 902k ounces, it said in a statement (pdf). Following additional drilling, the company indicated that indicated resources rose by 69% to 748k ounces, meaning that 83% of estimated gold reserves are now suitable for mine planning.

We’ve been waiting for this: After striking gold early last year, Kefi said that it expected feasibility study results and a preferred production start-up plan for Jibal Qutman to be completed in 2H 2024. Kefi owns a 25% stake in Jibal Qutman through a JV with local partner and investment holding company Artar.

Mining plans: Kefi plans to begin mining for oxide ore at Jibal Qutman by the end of this year while it continues to explore the wider 35-kilometer mineralized zone, with promising results from early drilling at the Asfingia prospect. Mining for gold is expected to start next year, pending approval from Saudi authorities.

FINANCIAL SERVICES-

urpay signed an agreement with Western Union to offer international money transfer services via urpay’s digital wallet, according to a post on X. urpay customers will be able to complete international money transfers to bank accounts, mobile wallets, and Western Union branches at selected locations.

About Urpay: Launched in 2021, urpay provides over 6.5 mn users with more than 50 services, including payments, mobile top-ups, and money transfers.

SUSTAINABILITY-

Airlines at Red Sea Int’l Airport are getting access to SAF refueling: Red Sea Global (RSG) and daa International — the operators of the Red Sea International Airport (RSI) — signed an agreement with the Arab Petroleum Supply Company to supply sustainable aviation fuel (SAF) to all airlines, according to a press release yesterday. RSG subsidiary Fly Red Sea will exclusively power its fleet with SAF and lower-carbon aviation fuel with SAF refueling being available to all other airlines at RSI.

SOUND SMART- SAF is an alternative fuel made from non-petroleum feedstocks — raw materials or biomass like cooking oil and waste chemically and physically identical to conventional jet fuel. The use of SAF at RSI — blended at 35% SAF and 65% standard Jet A1 – is expected to reduce each aircraft’s emissions by up to 35%.

AVIATION-

Wizz Air will begin operating direct flights between Madinah and London starting next August, the Air Connectivity Program said in a post on X. The budget carrier will operate seven flights a week between Prince Mohammed bin Abdulaziz International Airport and London Gatwick, according to a press release.

STARTUP WATCH-

Saudi-based OT cybersecurity firm CQR closed a USD 3 mn funding round, led by Shorooq, according to a press release. The funds will be used to scale and expand its AI capabilities, and also enhance its operational technology security. No further details were provided on the funding round.

About CQR: Pronounced “secure,” CQR specializes in AI-driven, product-based solutions for critical infrastructure sectors like oil & gas, manufacturing, and power plants. The firm was founded in 2023.

MENA’s private equity market is in for a year of cautious optimism

The outlook for private equity (PE) dealmaking in the MENA region in 2025 is cautiously optimistic, with expectations that reduced regulatory pressures and a supportive investment climate will create favorable conditions for dealmaking in high-growth sectors, according to Magnitt’s MENA PE report (pdf).

PE firms are likely to focus more on exits as investors prioritize liquidity and returns, taking advantage of improved financing options. Although global economic risks persist, the shifting market landscape presents opportunities for investors to adjust their portfolios and seize value during this transition.

2024 IN REVIEW-

PE investments took a hit in 2024, with Magnitt attributing the decline to tightening credit conditions, valuation mismatches, and global macroeconomic uncertainty. The region saw just 68 PE transactions in 2024, down from 90 in 2023 and 97 in 2022, marking the lowest total in three years. Transaction value also dropped sharply to USD 4.9 bn from USD 8.1 bn in 2023, reflecting fewer large-cap transactions. This slowdown was compounded by a lack of LBOs, a key driver of PE growth between 2020 and 2021, as higher interest rates increased debt financing costs.

Saudi Arabia and the UAE were the region's leading PE markets, with mega-transaction (over USD 1 bn) comprising just 47% of total transaction value, down from 77% in 2023, signaling a shift away from high-value acquisitions. Saudi Arabia accounted for 58% of MENA’s total PE transaction value last year, while the UAE contributed 30%, and Egypt 12%. Saudi Arabia has outpaced the UAE in transaction value for the last two years.

Growth investments dominated last year, with 71% of PE activity focused on acquiring minority stakes in growth companies, up from 54% the previous year. This shift reflects changing market dynamics and evolving investor preferences. In contrast, buyouts fell to 29% of PE transactions, down from 46% in 2023, and there were no leveraged buyouts in 2024 or 2023.

Despite these challenges, sectoral trends remained resilient, with healthcare (19%), finance (16%), and food and beverage (13%) sectors accounting for the majority of MENA’s PE activity, with healthcare reclaiming the top spot after losing it for two years.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, the Shanghai Composite is down 0.3%, the Hang Seng is down 0.2%, and the Kospi is looking at losses of 0.9%. Meanwhile, Japan’s Nikkei is flat.

TASI	12,233	-0.6% (YTD: +1.6%)
MSCI Tadawul 30	1,533	-0.7% (YTD: +1.5%)
NomuC	31,286	+0.04% (YTD: -0.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,632	-0.1% (YTD: +3%)
ADX	9,643	+0.3% (YTD: +2.4%)
DFM	5,352	+0.2% (YTD: +3.8%)
S&P 500	5,956	0.0% (YTD: +1.3%)
FTSE 100	8,731	+0.7% (YTD: +6.8%)
Euro Stoxx 50	5,528	+1.5% (YTD: +12.9%)
Brent crude	USD 72.53	-0.7%
Natural gas (Nymex)	USD 3.91	-6.4%
Gold	USD 2,932	+0.1%
BTC	USD 84,228	-4.4% (YTD: -9.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.6% yesterday on turnover of SAR 5.8 bn. The index is up 1.6% YTD.

In the green: Chubb (+10%), Naseej (+9.6%) and East Pipes (+4.1%).

In the red: Saudi Ceramics (-5.3%), Yansab (-4.2%) and SIIG (-3.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.04% yesterday on turnover of SAR 28.1 mn. The index is down 0.6% YTD.

In the green: Mulkia (+10%), Alrazi (+9.5%) and SPC (+9.4%).

In the red: Bena (-9.7%), Amwaj International (-7.7%) and Meyar (-6.1%).

CALENDAR

EVENTS WITH NO SET DATE

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

FEBRUARY

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

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 (TBC).

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

31 March (Monday): Deadline for applying to the World Intellectual Property Organization (WIPO) Global Awards 2025

APRIL

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

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

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

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.

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

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

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

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.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), 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.

30 June (Monday): Deadline for Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca).

JULY

July: The World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

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.

4-13 December (Thursday-Saturday): Red Sea International Film Festval, Jeddah.

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.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

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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Moody’s downgrades Saudi banking sector outlook to stable

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Moody’s downgrades Saudi banking sector outlook to stable

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Homeownership aspirations may be a distant dream for many in Saudi Arabia

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Saff approves 2024 budget + New stadium for Newcastle United?

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Sabic posts SAR 1.54 bn net income, rebounding from loss but missing projections

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Riyad Bank fully redeems USD 1.5 bn sukuk

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MENA’s private equity market is in for a year of cautious optimism

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Sections

About

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Get EnterpriseAM daily

Moody’s downgrades Saudi banking sector outlook to stable

An independent publication supported by

Today at a glance

THIS MORNING: Heathrow plans first dividend distribution in five years + Entaj retail subscription ends today

Get Enterprise daily

Related

This publication is proudly sponsored by

Moody’s downgrades Saudi banking sector outlook to stable

Related

Homeownership aspirations may be a distant dream for many in Saudi Arabia

Related

Related

Saff approves 2024 budget + New stadium for Newcastle United?

Related

Sabic posts SAR 1.54 bn net income, rebounding from loss but missing projections

Related

Riyad Bank fully redeems USD 1.5 bn sukuk

Related

MENA’s private equity market is in for a year of cautious optimism

Related

CALENDAR

Related

An independent publication supported by

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