Umm Al Qura for Development prices IPO at SAR 15, stands to rake in SAR 2 bn in proceeds

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: PwC banned from advisory contracts with PIF? + Lebanon looks to reactivate military aid package from Saudi

Good morning, ladies and gents. We welcome the second day of Ramadan with a brisk issue, which bodes well for the first couple of mornings without coffee.

Leading this morning’s news well: Umm Al Qura for Development prices IPO at SAR 15, standing to rake in SAR 2 bn in proceeds in Tadawul’s biggest listing so far in 2025. Also: PIF eyes stake in aerostructure unit of Italy’s Leonardo, and SNB offloads SAR 3.4 bn mortgage portfolio to Saudi Real Estate Refinance.

When do we eat? Maghrib is at 5:56 pm today in Riyadh. You’ll have until fajr prayers at 4:56 am tomorrow to finish your sohour.

WEATHER- Expect a windy day in Makkah, Madinah, and parts of Riyadh and the coastal areas, with a chance of rainfall on Jazan.

Riyadh: 21°C daytime / 8°C overnight
Makkah: 33°C daytime / 20°C overnight
Madinah: 25°C daytime / 10°C overnight

PSAs-

Riyadh transport hours during Ramadan: The Riyadh Metro will run during Ramadan from Sunday to Thursday between 8 am and 2am, on Fridays from 12pm-3am, and on Saturdays from 10am-2 am. Meanwhile, Riyadh buses will operate daily from 6:30am-3am, Riyadh Public Transport said in a post on X.

The Saudi Arabia Railways (SAR) will increase the Haramain High-Speed Train’s daily trips by 21% to 3.4k and available seats by 18% to 1.6 mn during Ramadan, SAR said in a post on X. SAR will offer 100 trips per day during the first week of Ramadan, rising to 120 by the 14th of the holy month and 130 during peak days. The 25 high-speed trains h will travel along a 453 km line connecting Makkah, Madinah, Jeddah, King Abdulaziz Airport, and King Abdullah Economic City.

The next round of e-invoicing: Companies that recorded more than SAR 1.3 mn in revenues subject to VAT in 2022, 2023, or 2024 will need to integrate their e-invoicing solutions with Zatca’s Fatoora platform by 30 November, according to a statement from Zatca. This is the latest phase of an e-invoicing rollout that began in late 2021.

WATCH THIS SPACE-

The Public Investment Fund (PIF) is reportedly banning PwC from securing advisory and consulting contracts from the fund and its subsidiaries until February 2026, Bloomberg reports, citing sources it says are in the know. The one-year ban does not apply to PwC’s auditing services, according to Bloomberg’s sources. The reason for the ban remains unclear, with the business information service saying that the PIF “did not explain reasons behind the move in messages sent to its portfolio companies.”

IN CONTEXT- The move comes two years after PwC set up its regional headquarters in Saudi Arabia, where it employs over 2k people. Saudi Arabia holds the largest consulting market in the region, valued at some USD 3.2 bn in 2023 — an 18.2% increase from 2022 — according to Al Monitor.

Lebanon looks to reactivate USD 3 bn military aid from Saudi: Lebanon’s President Joseph Aoun will request the reactivation of a USD 3 bn aid package to the Lebanese army when he visits the Kingdom next week, the president said in an interview with Asharq (watch, runtime: 47:53). The aid was halted in 2016 after Beirut failed to condemn attacks on Saudi diplomatic missions in Iran.

Saudi-Lebanese relations back on track? Foreign Minister Faisal Bin Farhan visited Lebanon in January, marking the first visit by a Saudi FM to the country in 15 years. Earlier that month, a “last minute push” by the Kingdom was reportedly the deciding factor in Aoun’s pick as Lebanon’s new president.

DATA POINTS-

#1- The Industry and Mineral Resources Ministry issued 1.3k new industrial licenses in 2024, with combined investments of more than SAR 50 bn, it said in a post on X. Meanwhile, some 1.1k factories with investments worth north of SAR 48 mn became operational throughout the year.

#2- Saudi national airlines have collectively placed aircraft orders exceeding USD 100 bn at list prices, Flynas’ CEO Bandar Al Mohanna told Asharq Al Awsat, without specifying the timeframe. Al Mohanna sees these orders as an important prospect for local banks to provide financing solutions for airlines.

REMEMBER- Air traffic across Saudi airports increased 15% y-o-y to 128 mn passengers in 2024. The Kingdom’s airports also saw 11% y-o-y growth in flight numbers to 905k during the same period, with a 16% y-o-y rise in air connectivity to 170 global destinations.

#3- Some 81.6% of those aged 15 years and above have attended at least one cultural event or venue in 2024, while 85.3% attended at least one entertainment event or activity, according to the Household Culture and Entertainment survey. The majority of the population (86.1%) spend their down time playing sports or engaging in entertainment activities, with walking cited as the most popular leisure activity (66.1%), followed by football (17.6%). Some 65.8% of respondents said they visited parks and gardens during the year, while literary gatherings and poetry evenings were cited as the least-visited cultural activities (2.5%).

OIL WATCH-

Aramco expected to lower April Arab Light Crude price for Asia: Aramco may cut the April official selling price (OSP) for Arab Light crude to Asia by c. USD 0.20 to USD 0.65 / bbl, according to a Reuters survey of four Asian refining sources. The pricing would place it at a premium of USD 3.25-3.70 / bbl over Oman/Dubai, down from USD 3.90 in March, which was the highest pricing in over a year. A separate Bloomberg survey suggests an average drop of USD 0.10 / bbl, though estimates range from a modest USD 0.15 decline to as much as USD 1 / bbl, according to Asharq Business.

The March OSPs for other Saudi crude grades are also expected to decline, with Arab Extra Light and Arab Medium projected to have a drop of at least USD 0.65 / bbl, while Arab Heavy is expected to fall between USD 0.10-0.65 / bbl, Reuters said.

REMEMBER- Opec+ has been mulling another delay of a series of monthly supply increases that are set to begin in April, with some fearing that global markets are too unstable to absorb a production increase. This would mark the fourth time that the group has decided to put off the roll back of production caps which first came into effect in 2022.

SPORTS-

Australia walked away with the AFC U-20 Asian Cup after Saudi Arabia lost 5-4 in a penalty shootout in the final match yesterday following a 1-1 draw, according to a post on X.

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THE BIG STORY ABROAD-

We could see the first phase of the Gaza ceasefire extended after Israel approved a US-brokered proposal. The agreement — pushed by Trump’s Mideast envoy Steve Witkoff — would see the first phase of the ceasefire agreement — which was supposed to end last night — extend through Ramadan and Passover (which ends on April 20). The extension would also see Hamas releasing half of the Israeli hostages held on the first day of its implementation. The rest would be released following an agreement on a permanent ceasefire. Israel has reserved the right to resume fighting after passover if negotiations to reach a permanent agreement stall. Hamas has so far rejected Israel’s proposed extension of the current truce but has yet to comment on Witkoff’s plan. (Bloomberg | Reuters | AP | CNN)

Before Israel accepted the proposal, Hamas had already rejected Israel’s attempt to extend the first phase of the agreement by six weeks, insisting on the second phase coming into effect with Israel completely withdrawing its troops. (Bloomberg | The Guardian | Washington Post)

MEANWHILE- The aftermath of Trump and Zelenskiy’s meeting is making headlines: Ukrainian President Volodymyr Zelenskiy’s high-stakes White House meeting with Donald Trump over the weekend unraveled into a public spectacle, leaving Ukraine scrambling for support. Trump dismissed Zelenskiy’s pleas for security guarantees, telling him to “come back when he is ready for peace,” hinting US aid could dry up entirely. Trump told reporters, “Either we’re going to end it or let him fight it out. And if he fights it out, it’s not going to be pretty, because without us, he doesn’t win.”

What happened next: “We are very grateful to the United States for all the support. I’m thankful to President Trump, Congress for their bipartisan support, and American people. Ukrainians have always appreciated this support, especially during these three years of full-scale invasion,” Zelenskiy said in a post on X. In a long thread, he mentioned how Ukraine and the US remain strategic partners "despite the tough dialogue” and that "it will be difficult without the US support.”

European leaders rushed to contain the fallout, with UK Prime Minister Keir Starmer reaffirming Britain’s “full” backing and sealing a GBP 2.26 bn loan for Ukraine’s military. (Reuters | BBC | Bloomberg | New York Times)

Umm Al Qura for Development prices IPO at SAR 15, targets SAR 2 bn in IPO proceeds

Umm AlQura for Development and Construction priced its IPO at the top of its indicative range at SAR 15 per share, after the institutional tranche of the offering was 241x oversubscribed, raking SAR 473 bn in orders, according to a statement (pdf). The final pricing will see selling shareholders lock in some SAR 2 bn in total proceeds, giving the firm a market cap of SAR 21 bn at listing in what would be the biggest IPO on Tadawul so far this year. The story also got ink from Bloomberg.

REFRESHER- Umm Al Qura is taking a 9.1% stake to Tadawul's main market in a primary offering. It also secured a binding commitment from the Takatuf Holding Group to subscribe to the offering as its only cornerstone investor where it will pre-book 6.8% of the offered shares, accounting for 0.62% of the company’s total share capital after the offering.

Use of proceeds: Net proceeds from the offering will be allocated to covering land settlement costs, infrastructure development, and project financing for the group’s Masar destination. They will also support general corporate needs, including sales, marketing, administrative expenses, operations, and financing activities.

What’s next? A three-day bookbuilding period for retail investors is due to kick off on Wednesday, 5 March, whereby individual investors can book up to 2.5 mn shares each, with the minimum limit set at 10. The final allocation of shares is slated for Thursday, 13 March. A total of 13.08 mn shares (10% of the offering) is allocated for retail investors.

ADVISORS- Albilad Capital is quarterbacking the transaction as lead manager, while also being joint bookrunner and underwriter alongside GIB Capital, AlRajhi Capital, and Alinma Invest. Receiving agents include SNB Capital, SAB Invest, BSF Capital, ANB Capital, and Derayah Financial, among others.

IN OTHER IPO NEWS-

Derayah Financial’s retail offering — which wrapped up last week — was covered c.15x, with investors putting in SAR 2.26 bn in orders, according to a disclosure (pdf) to Tadawul. The two-day individual subscription period saw some 586.4k investors fully subscribe to the 4.99 mn shares on offer at SAR 30 apiece.

REFRESHER- The first brokerage firm to hit the main market is looking to raise some SAR 1.5 bn in what would make it the second-largest IPO in Saudi Arabia so far this year in terms of proceeds, coming in behind Umm Al Qura’s SAR 2 bn planned listing. Derayah Financial is seeking a valuation of SAR 7.49 bn at listing, following the secondary sale of a 20% stake. Its institutional offering was 162x oversubscribed, with orders exceeding SAR 243 bn.

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.

PIF eyes stake in aerostructure unit of Italy’s Leonardo

PIF in early talks to acquire Italian aircraft parts maker: The Public Investment Fund (PIF) has reportedly entered into discussions with Italian state-backed industrial giant Leonardo to acquire its cash-strapped aerostructure unit, Bloomberg reports, citing people it says are familiar with the matter. The ongoing talks may include plans to build a civil aviation manufacturing plant in Saudi Arabia, the people said.

The timing checks out: The sources said delegates from the PIF toured Leonardo’s southern Italy facilities earlier this week, just as CEO Roberto Cingolani — who recently confirmed securing a new investment partner — prepares to unveil details at the company’s strategy update on Tuesday, 11 March.

Throwing a lifeline: The PIF’s potential investment would provide much-needed financial support for Leonardo’s struggling aerostructure division which supplies key parts for Boeing’s 787 Dreamliner and Airbus A220 but has been hit by US production slowdowns.

A foot in the door for Saudi’s fighter jet ambitions: An agreement would pave the way for the Kingdom to be included in Leonardo’s next-generation fighter jet program, which is currently being developed with British and Italian partners.

About Leonardo: Founded in 1948, Leonardo, which is 30% owned by the Italian government, operates through five main divisions — Helicopters, Aircraft, Aerostructures, Electronics, and Cybersecurity. Its Aerostructures arm focuses on producing and assembling major structural components for commercial and military aircraft.

By the numbers: Leonardo’s aerostructure division employs some 4k people across four plants in southern Italy. The company reported revenues of EUR 746 mn last year and an EBITDA loss of EUR 151 mn.

REMEMBER- Italian Prime Minister Giorgia Meloni visited the Kingdom in January where she and Crown Prince and Prime Minister Mohammed bin Salman inked USD 10 bn worth of agreements, including a USD 3 bn multi-currency facility agreement from Sace to Neom backed by nine international banks.

ALSO IN M&A-

#1- The shareholders of South African construction equipment outfit Barloworld rejected Jeddah-based Zahid Group’s takeover offer, which had proposed purchasing all shares at ZAR 120 apiece, valuing the company at some USD 1.3 bn, according to a press release. The rejection triggered a standby offer by the Zahid consortium at the same price. Bloomberg also has the story.

What swayed the vote: The transaction failed to meet the 75% approval threshold, with key shareholders — including the Public Investment Corp., which holds a 22% stake — rejecting it due to concerns over corporate governance and the board's handling of the transaction. Other investors, such as London-based Silchester International Investors, had previously stated their refusal to sell for less than ZAR 130 per share.

IN CONTEXT- Heavy equipment distributor Zahid and Entsha placed a bid to fully acquire Barloworld in December 2024, offering a 30% premium on its last closing price and a ZAR 3.10 dividend. Zahid, holding a 19% stake in the firm, was looking to reap gains from an uptick in construction activity in the African market, projected to expand 27% by 2029 on the back of government outlays for infrastructure and strong consumer demand.

#2- Saudi Tourism Development to fully acquire Manafea: Saudi Tourism Development (STDC) is acquiring the remaining 70% stake in Manafea Andalus for Development and Real Estate Investment from Tadawul-listed developer Alandalus Property for SAR 15 mn, Alandalus said in a disclosure to the bourse. STDC already holds a 30% stake in Manafea. The sum will be paid out in three equal installments, with Alandalus set to use the proceeds to finance its expansion projects.

About Manafea: Manafea’s primary focus is managing and operating leasing for commercial centers across the Kingdom. The company’s net income more than doubled in 2023, coming in at SAR 1.5 mn, according to the filing. The company’s asset book value stood at SAR 17.4 mn as of the end of 2023.

SNB offloads SAR 3.4 bn mortgage portfolio to Saudi Real Estate Refinance

SRC acquires SAR 3.4 bn mortgage portfolio from SNB: The Saudi National Bank (SNB) agreed to sell a SAR 3.4 bn real estate financing portfolio to the Saudi Real Estate Refinance Company (SRC), the real estate finance arm of the Public Investment Fund, according to a press release. The move comes as the Kingdom aims to modernize and expand its real estate finance sector.

The details: SNB offloaded the portfolio to boost liquidity, allowing it to issue more loans to new borrowers in a bid to increase homeownership among Saudi nationals, according to the press release. The agreement also helps lay the foundation for creating residential mortgage-backed securities, to encourage local and global investors to tap into the local market.

SRC has been growing its portfolio: SRC signed an agreement in December to acquire a SAR 1 bn mortgage portfolio from Bidaya Finance. It also inked an MoU with Saudi Mortgage Guarantees Services Company (Damanat) in October that would see Damanat provide coverage for the mortgage portfolios owned by SRC.

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 to meet that goal. The state-run National Housing Company has been tasked with building affordable housing options, with 200k homes in the pipeline as it targets 300k by the end of 2025, according to recent estimates.

More and more earnings

TAWUNIYA-

The Company for Cooperative Ins. (Tawuniya) reported a 65.8% y-o-y increase in net income at SAR 1.02 bn in 2024, it said in a disclosure to Tadawul. The company’s ins. revenues saw 19.7% y-o-y growth during the year at SAR 18.27 bn, driven by growth across its main divisions.

Looking ahead: Tawuniya plans to enter Saudi Arabia’s reins. sector in 2025, with a decision expected within the next two quarters, CEO Othman Al Qasabi told Asharq Business (watch, runtime: 13:00). The company holds a 30% share in the market, with health ins. accounting for 70% of its portfolio, Al Qasabi said.

ELM-

PIF-owned digital solutions provider Elm Company’s net income grew 34.7% y-o-y to SAR 1.8 bn in 2024, according to a disclosure to Tadawul. Elm’s top line grew 25.6% y-o-y to SAR 7.4 bn during the year on the back of growth in digital and process outsourcing businesses, which offset a 35.2% increase in operating expenses.

ALSO- Elm’s BoD is distributing SAR 310.8 mn in interim dividends for 2H 2024 at SAR 4 apiece, it said in a separate disclosure. Distribution is scheduled for Monday, 17 March.

GASCO-

National Gas and Industrialization’s (Gasco) net income increased 9.4% y-o-y to SAR 248.7 mn in 2024, driven by higher gross income and lower zakat expenses, it said in a disclosure to Tadawul. Meanwhile, revenues grew 16.7% y-o-y to SAR 2.9 bn on the back of an increase in gas sales, as well as rising returns from cylinder sales and commercial projects.

ADVANCED PETROCHEMICAL-

Advanced Petrochemical reported a SAR 259 mn net loss, falling to the red from a SAR 171 mn net income in 2023, according to a disclosure to Tadawul. The drop was attributed to a 10% rise in propane prices and losses from the South Korean petrochemical company SK Advanced — which posted losses the past three years, prompting the company to consider an exit, CEO Fahad Al Mutrafi told Al Arabiya.

Meanwhile, the company’s revenues fell 7.6% y-o-y to SAR 2.2 bn, driven by a 10% drop in sales volume due to periodic scheduled maintenance.

GIG-

Gulf Ins. Group (GIG) saw its net income fall 3.4% y-o-y to SAR 92.4 mn in 2024, driven by lower car ins. revenues and higher operating expenses, it said in a disclosure to Tadawul. Meanwhile, revenues were down 6.5% y-o-y at SAR 1.46 bn.

ARABIAN PIPES-

Arabian Pipes reported a 27.3% y-o-y increase in its net income to SAR 168.2 mn in 2024, driven by growing sales volumes due to higher production and supply efficiency rates, it said in an earnings release (pdf). Revenues increased 4.5% y-o-y to SAR 1.1 bn in 2024, buoyed by recent acquisitions which allowed the company to increase sales and production levels.

ALSO- The board recommended distributing SAR 22.5 mn in dividends for 2024 at SAR 0.15 apiece, the pipe maker said in a separate disclosure to Tadawul. The executive board also recommended a 33% capital increase to SAR 200 mn through the capitalization of retained earnings, with shareholders getting an additional share for every 3 shares owned, according to another disclosure. The increase will finance future expansion plans.

Arab Energy Fund issues USD 650 mn 5-year senior bond

DEBT WATCH-

#1- The Arab Energy Fund (formerly Apicorp) issued a USD 650 mn 5-year senior unsecured bond under its Global Medium-Term Note Program, according to a press release. The bond was rated Aa2 (stable) by Moody’s and AA+ (stable) by Fitch and priced at 80 bps above the secured overnight financing rate (SOFR) Mid-Swap, with a yield of 4.9%. The issuance was increased from an initial USD 500 mn to USD 650 mn due to strong demand, after the order book was 1.4x oversubscribed. Investors placed orders over USD 935 mn, with 40% of the orderbook coming from outside the MENA region.

ADVISORS- BSF Capital, Doha Bank, First Abu Dhabi Bank, Mashreq, Nomura, and Standard Chartered served as joint lead managers and bookrunners.

#2- The government-backed savings program Sah plans to adopt the ijara structure in its next issuance, according to a statement by the National Debt Management Center (NDMC). The ijara-based Sah sukuk, a shariah-compliant government-backed savings product for individuals, will receive subscriptions between today and Tuesday through SNB Capital, Aljazira Capital, Alinma Investment, Sab Invest, and Al Rajhi Capital.

Uhm, Enterprise … What’s ijara? Ijara is a shariah-compliant financing tool that allows individuals to save and/or acquire private property. For example, a person might lease a home from a bank for a fixed period, after which ownership is transferred to the client.

#3- Budget carrier Flynas lined up a SAR 495 mn (USD 132 mn) murabaha facility with Bank AlJazira to finance the purchase of three Airbus A320neo aircraft, it said in a post on LinkedIn.

REMEMBER- Flynas placed a USD 30 bn order with Airbus back in July for 30 wide-body A330neo and 130 narrow-body A320 aircraft, doubling its total Airbus orders to 280 — with deliveries set to roll out between 2027 to 2034.

FOOD-

The General Authority for Industrial Cities and Technology Zones (Modon) signed two new contracts to support food localization efforts, it said in a LinkedIn post. One of the agreements was signed with the Tadawul-listed milling company First Mills to invest SAR 80 mn in a 54k sqm plot. The other agreement was signed with ready meals manufacturer Al Zad Food to invest SAR 154 mn in a 19k sqm plot. Both plots are located in Jeddah’s 3rd Industrial City.

MANUFACTURING-

Sipchem gets the go-ahead to allocate feedstock for upcoming petrochemical complex: Sahara International Petrochemical Company (Sipchem) received the Energy Ministry’s green light to allocate the feedstock for the establishment of a joint petrochemical complex with US-based LyondellBasell in Jubail Industrial City, according to a disclosure to Tadawul.

Sipchem will own 60% of the new facility, with LyondellBasell owning the remaining 40%. The facility has a projected production capacity of 1.5 mn tons of ethylene and 1.8 mn tons of derivative products per annum, including basic and specialty polymers.

Bybit hack fuels BTC sell-off amid broader market jitters

BTC has fallen 12.7% since the cyberattack on crypto exchange Bybit on 21 February, which industry insiders described as the biggest crypto theft of all time. The theft of the roughly USD 1.5 bn of digital tokens at points led to the value of BTC reaching as low as USD 79.3k, marking a 28.2% drop from a record high of USD 109.2k on 20 January, the day of Donald Trump’s inauguration.

The theft has left some crypto investors spooked, with the cyberattack targeting a cold wallet — understood to be one of the safest and most secure ways to store tokens. Concerns about the security of decentralized finance are pointed to by market participants as the reason for the sell off.

The FBI has linked the Bybit theft to North Korea, warning that stolen assets — converted into BTC and other digital tokens — are being laundered across multiple blockchains, it said in a statement last week. With the country’s demonstrated ability to conduct sophisticated operations to steal cryptocurrency — amounting to USD 1.3 bn in 47 separate heists in 2024, according to a report cited by the Guardian — the fear is that large crypto heists will become more commonplace as hackers continue to uncover vulnerabilities.

BTC’s decline isn’t just about Bybit, as investor enthusiasm for pro-crypto policies under the Trump administration has begun to wane amid rising inflation concerns and a perceived stalling of political momentum in support of digital tokens, Forbes reports.

TASI	12,112	-1.0% (YTD: +0.6%)
MSCI Tadawul 30	1,515	-1.2% (YTD: +5.5%)
NomuC	31,404	+0.4% (YTD: -0.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,610	-0.1% (YTD: +2.9%)
ADX	9,613	-0.3% (YTD: +2.1%)
DFM	5,361	+0.2% (YTD: +3.9%)
S&P 500	5,955	+1.6% (YTD: +1.2%)
FTSE 100	8,810	+0.6% (YTD: +7.8%)
Euro Stoxx 50	5,464	-0.2% (YTD: +11.6%)
Brent crude	USD 72.81	-1.0%
Natural gas (Nymex)	USD 3.83	-2.5%
Gold	USD 2,849	-1.6%
BTC	USD 85,855	-1.9% (YTD: -8.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.0% on Thursday on turnover of SAR 8.3 bn. The index is up 0.6% YTD.

In the green: Awpt (+4.5%), Spm (+2.7%) and Banan (+2.6%).

In the red: Zain Ksa (-4.6%), Siig (-4.1%) and Shaker (-3.9%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.4% on Thursday on turnover of SAR 44.3mn. The index is down 71.3% YTD.

In the green: Leaf (+9,6%), Ame (+9.4%) and Bena (+8.0%).

In the red: Leen AlKhair (-8.9%), Ufg (-8.0%) and Cmcer (-5.3%).

CORPORATE ACTIONS-

Emaar,The Economic City completed a 53.8% capital reduction to SAR 5.2 bn, canceling some 610k shares to eliminate capital losses, it said in a disclosure to Tadawul. The master developer of King Abdullah Economic City accumulated net losses and revenue drops in 1Q 2024, 2Q 2024, and 3Q 2024.

Scientific & Medical Equipment House shareholders pledged to collectively hold a 43% stake in the company through 2026 and to subscribe to additional shares if necessary to maintain this percentage, according to a disclosure to Tadawul. The shareholders include six major stakeholders, each holding at least 5%, and 11 additional shareholders with a combined 13% ownership.

CALENDAR

MARCH

1-30 March: Ramadan.

5-7 March (Wednesday-Friday): Retail bookbuilding period for Umm Al Qura for Development and Construction’s Tadawul IPO.

13 March (Thursday): Final allocation of shares for Umm Al Qura for Development and Construction’s Tadawul IPO.

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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