Good morning, wonderful people. It’s another brisk issue on what’s shaping up to be a (very) slow Ramadan morning. Excitement is in the air as we anticipate Eid festivities to commence in less than a week.

In today’s issue: CMA is out with new draft regulations on issuing debt instruments through crowdfunding platforms, and SHL Finance renewed SAR 1.9 bn sharia-compliant credit facilities with ANB. Meanwhile, Nayla Finance closed a seed funding round that saw the fintech startup raise USD 4 mn, and more companies publish their full-year earnings. Let’s dive in.

HAPPENING TODAY-

Umm Al Qura for Development and Reconstruction will ring the bell on the main market Tadawul today, the stock exchange announced. The company’s shares are allowed to fluctuate within a ±30% band on the first three days of trading, with a static fluctuation band of ±10%. Starting from the fourth day, shares will be allowed to trade at ±10% as circuit breakers take effect, and the static fluctuation limit will be removed.

ICYMI- PIF-backed Umm Al Qura’s institutional offering was 241x oversubscribed, with total orders hitting SAR 473 bn, pushing the firm to price its IPO at SAR 15 apiece — the top of its indicative price range. This gives the firm an estimated market cap of SAR 21 bn at the time of listing.

WEATHER- Riyadh is windy today, while Makkah is seeing thunderstorms. Madinah is set for scattered rain.

  • Riyadh: 21°C daytime / 13°C overnight
  • Makkah: 37°C daytime / 24°C overnight
  • Madinah: 27°C daytime / 12°C overnight

PSAs-

We’re getting four days off for Eid: The Eid Al Fitr holiday for private and non-profit sectors in the Kingdom will start on Sunday, 30 March and run through Wednesday, 2 April. The central bank had also declared celebrations will run from 30 March to 2 April.

WATCH THIS SPACE-

Demand for off-plan sales and rental units in the Kingdom grew 60% on average over the past five years, as developers increasingly adopt the model to market and monetize projects ahead of completion in a bid to fast-track delivery, the Real Estate General Authority’s Spokesperson Tayseer Al Mufarrej told Aleqtisadiah.

How were things last year? The authority issued over 200 off-plan sales and leasing licenses in 2024, covering more than 104k units across multiple regions in the Kingdom, Al Mufarrej said.

CMA gives all-clear for Wajd Life’s listing on Nomu: Medical equipment supplier Wajd LifeTrading Company secured approval to offer a 20% stake — good for 2.5 mn shares — on Tadawul’s parallel market Nomu, the Capital Market Authority said in a statement. A prospectus for the offering is yet to be published.

About Wajd: Founded in 2013, the company operates in medical and non-medical services, supplying and importing equipment, spare parts, and maintenance. It is officially licensed by the Saudi Food and Drug Authority (SFDA).

DATA POINTS-

Our holdings of US treasuries drop to 15-month low: The Kingdom’s holdings of US treasury securities dropped to USD 126.9 bn at the end of January, marking lowest level in 15 months, according to data from the US Treasury Department. Saudi Arabia retained the 17th rank among the largest holders of US treasuries worldwide, the only GCC country among the top 20.

The drivers: The change could “reflect market fluctuations or potential portfolio rebalancing as the Kingdom navigates global economic conditions,” according to Arab News.

The Industry and Mineral Resources Ministry issued 23 new mining licenses in January, including 10 for building materials quarry, eight for exploration, and five for exploitation, the ministry said in a post on X. The total active mining licenses in the Kingdom currently stand at a little over 2.4k.

Where will you go this Eid? Around 84% of Saudis are planning to visit family and friends during Eid Al Fitr, while 79% intend to shop, with shopping malls being a major draw, Al Arabiya reports, citing Toluna & MetrixLab data. Additionally, 66% will visit amusement parks, and 57% will participate in cultural activities.

Spending is expected to rise: Over 50% said they will spend the most on shopping, while 44% will focus on dining out, 43% on social activities, and 41% on entertainment. Discounts and cashback offers are driving the rise in consumer spending during Eid, Al Arabiya said.

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THE BIG STORY ABROAD-

Israel ramps up airstrike, killing tens: Israeli airstrikes killed two senior Hamas leaders in Gaza between Saturday and Sunday, in what appears to be a renewed escalation of the war. Hamas said political bureau member Ismail Barhoum was killed in an Israeli strike on the surgery department of Nasser Hospital in Khan Younis on Sunday, which also killed a handful of civilians. A separate strike on Saturday reportedly killed Salah Al Bardaweel, another top political figure in the group. Israeli Defense Minister Israel Katz confirmed the strike targeted Barhoum, describing him as a key figure in the group. At least 45 people were killed in the strikes on Rafah and Khan Younis on Sunday alone.

Tel Al Sultan under siege: Israeli troops have surrounded the Tel Al Sultan neighborhood in western Rafah, issuing evacuation warnings and claiming the operation aims to “dismantle terror infrastructure sites.” (Reuters | AP)

AND- Ukrainian and US delegations held talks in Saudi Arabia yesterday as part of a fresh diplomatic effort to end the war in Ukraine, with US special envoy Steve Witkoff expressing optimism about progress toward a ceasefire. (Reuters | BBC | FT | New York Times)

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