Low oil price scenario could widen budget deficit -EFG Hermes’ Shams El Din

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Ma’aden reportedly in talks with partners for rare earths processing facility + Liger operator taps advisor for Nomu IPO

Good morning. It’s a relatively calm day in the Kingdom (although we wish we could say the same elsewhere.) Markets are still rife with uncertainty as tariffs and countermeasures between the US and trading partners continue to roil markets.

The big story today: We sat down with EFG Hermes’ Head of Research Ahmed Shams El Din to give us his take on scenarios for oil prices, and what they could mean for budget deficits and gigaprojects in the Kingdom.

HAPPENING TODAY-

It’s the final day of the Sports Investment Forum (SIF) at the Ritz Carlton hotel in Riyadh, and the final hours for industry specialists and leaders to build cross-border partnerships. The forum’s objectives include showcasing advanced technologies, improving player and fan experiences, promoting sports academies, and using AI for sports analysis and smart stadiums.

WEATHER- Expect clear skies in Riyadh, while Makkah and Madinah are to see some clouds.

Riyadh: 38°C daytime / 24°C overnight
Makkah: 40°C daytime / 26°C overnight
Madinah: 38°C daytime / 24°C overnight

HAPPENING TOMORROW-

Tesla is debuting in the Kingdom tomorrow at the Bujairi Terrace in Riyadh. The event will showcase the company’s electric vehicles, solar-powered products, and new technology, including an autonomous taxi and humanoid robot.

WATCH THIS SPACE-

Ma’aden is considering partnering with at least one foreign company to a rare earths processing facility and a magnet plant in the Kingdom, Reuters reports, citing three sources it says are in the know. Four companies are under consideration, including Australia’s Lynas Rare Earths, Canada’s Neo Performance Materials, China’s Shenghe Resources, and US-based MP Materials.

When? Ma’aden might choose a partner by the end of June and complete feasibility studies by December, the sources said, with no official confirmation from Ma’aden or any of the companies involved.

ALSO FROM MA’ADEN- The minerals giant received an approval to acquire an additional 25.1% (128 mn shares) stake in Ma’aden Bauxite and Alumina Company (MBAC), bringing its ownership of shares to 100%, said the Egyptian Competition Authority in a statement (pdf).

REFRESHER- Maaden agreed to buy a 25.1% stake in its JV with Alcoa US-based Alcoa for USD 1.1 bn in September 2024. The agreement gave Ma’aden full control of both Ma’aden Aluminium Company and MBAC.

Liger operator taps Amwal as advisor ahead of Nomu IPO: Homegrown food and beverages firm Eradah has enlisted Amwal Financial as the financial advisor for its potential IPO on Tadawul’s parallel market Nomu, according to a press release. The move — part of the company’s plans to expand its domestic offerings — is contingent upon regulatory approvals.

About Eradah: Founded in 2019, Eradah owns and operates seven F&B names across the Kingdom including cake and coffee chain Liger, Green Bottle, pastry-maker JIC and specialty coffee roastery Seed, according to the press release.

The Kingdom is now home to Meta’s latest AI language model: Meta’s Llama 4 Scout and Maverick language models are now available in the Middle East on GroqCloud through a newly launched data center in Dammam, according to a press release. The high-performance inference platform was developed by US-based AI infrastructure firm Groq in partnership with the Communications and Information Technology Ministry and Meta.

REMEMBER- Groq and Aramco Digital agreed to invest USD 1.5 bn to launch the world’s largest AI inference node in Saudi during Leap 2025. The facility aims at hosting Groq’s language models while onboarding developers and processing tokens on a large scale.

SFD to support renewables in Solomon Islands: The Saudi Fund for Development (SFD) signed a USD 10 mn development loan agreement to help develop renewable energy infrastructure in the Solomon Islands, according to a press release. The project includes 35.5 MW of solar power plants with energy storage systems. The agreement marks SFD’s first development loan to the Pacific region.

Part of a global push: SFD pledged USD 150 mn to support mining in Balochistan in December, agreed to develop a framework with the Saudi Global Water Organization to finance water projects around the world in October, and signed a USD 83 mn development loan agreement with El Salvador to fund a water treatment and biogas power generation project in June.

DATA POINTS-

Consumer spending via point-of-sale (PoS) transactions in the Kingdom slipped 47.6% w-o-w in the week ending Saturday, 5 April to c. SAR 10.5 bn, according to the Saudi Central Bank’s report (pdf). The number of weekly transactions also fell by 22% w-o-w to 191.6 mn.

The details: PoS transactions on restaurants and cafes were the only item that witnessed a growth in terms of value, rising only 2.6% w-o-w to SAR 2.2 bn. Clothing and footwear registered the steepest slip in value with a dip of 82.0% w-o-w, to just over SAR 569.9 mn.

Riyadh once again had the highest value of PoS transactions at SAR 3.3 bn, followed by Jeddah at SAR 1.5 bn— albeit both fell by 49.9% and 49.7% w-o-w respectively.

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THE BIG STORY ABROAD-

US President Donald Trump’s decision to follow through with his threat of a 104% tariff on Chinese goods is the single big story abroad across the global business pages — along with the market sell-off it triggered despite relative calm across markets earlier in the day.

The tariff, which reaches up to 120% for some goods, pushed stock losses to the USD 10 tn mark — with the S&P 500 experiencing a sharp swing after gaining some 4% earlier in the day, to end the day 1.6% down. The index is now down 18.9% — dangerously close to the 20% mark defining a bear market.

Wait, why had markets rallied earlier? Markets had reacted positively earlier to signs that Trump is open to negotiations with some countries over the tariffs, with the administration scheduling talks with South Korea and Japan, and Italian Prime Minister Giorgia Meloni due to visit the US next week. (Bloomberg | Reuters | FT | WSJ)

AND- Oil prices also hit a fresh four-year low on the news, with Brent crude futures reaching USD 62.82 a barrel. (Reuters)

We have more on the escalating trade war — and the potential response from China — in Planet Finance, below.

CIRCLE YOUR CALENDAR-

The 2025 Middle East Poultry Expo returns to Riyadh from 14 to 16 April at the Riyadh International Convention and Exhibition Center. The 15 sqm venue is gearing up to receive more than 320 exhibitors from over 40 countries, marking a significant growth compared to last year ’s 207 exhibitors from 37 countries.

Low oil price scenario could widen budget deficit, delay gigaprojects -EFG Hermes’ Shams El Din

The Kingdom could see more delays in gigaprojects as lower oil prices adds fiscal pressure: As economists, analysts, investors, and portfolio and fund managers everywhere digest how the US’ new tariff regime and the ensuing global market turmoil will trickle down to countries here in the region, we sat down with EFG Hermes’ Head of Research Ahmed Shams El Din to give us his take on what might happen next.

The key takeaway for Saudi Arabia — a lot of it depends on where oil prices end up. Saudi Arabia is more exposed to oil prices than the UAE, and Kuwait as well, Shams El Din told us. Oil prices have already taken a beating since the tariffs were announced, with Brent Crude reaching a low of USD 63 at one point. So, how might we see things play out in a low oil-price scenario? Below are edited excerpts from our conversation on what the Kingdom might expect, and how headwinds might impact national projects:

The breakeven oil price for Saudi Arabia is USD 82-83 a barrel, so for Saudi Arabia, you can expect a very big budget deficit between 4-5% this year, up from 2.3% in 2024. If oil prices drop to the USD 50 range, it could widen even further. The current account in the Kingdom is also more exposed than the UAE, which will be okay if oil prices hover around the late USD 50s or early USD 60s range.

The liquidity issue is also in favor of the UAE, where oil prices might exacerbate already tight liquidity in the Kingdom. Despite the fact that Saudi Arabia enjoys massive foreign reserves, the crisis relative to its ambition is a challenge. The funding is mostly top-down, so a shift to bottom-up funding is necessary, including active DCM private issuances, crowdfunding — any and all saving tools that can be used to fund their projects. The top-down model prioritizes projects and supports the big players, but the SME sector — which is huge and very influential in the non-oil sector in Saudi — is very important.

That means that you can expect substantial delays with some projects. There will be a second round of recalibration and reprioritization.

There might also be a second round of regulatory reforms — maybe like allowing non-resident deposits or relaxing foreign ownership limits for stocks. The stock market is very big, with a weight of around 4.5%, but active managers’ ownership is well below that at about 1.5%. This means there is captive demand for bns of USDs that can be poured into the Saudi capital market.

On the debt side, which is even more important for liquidity generation, we have started to see cross-border funding. We’ve started to see banks in the UAE become active in Saudi Arabia because you have excess liquidity here and tight liquidity there. Emirates NBD and First Abu Dhabi Bank have been active in project financing. They are in most of the banking syndicates that are bidding for the projects, so this will continue to happen.

IN THE REGION-

Volatility is the name of the game for the foreseeable future: What we’ve learned from working in capital markets for years is that markets are always correlated on the downside. What's happening will definitely reflect negatively on regional markets as we're seeing today [...] unless they reach a very fast resolution on the political side, but the volatility will continue.

The good news is that the region’s fundamentals are stronger this time around than in any previous crisis that we’ve come across, he said. If we’re talking about foreign reserves, the currency peg, and external balances, I think this region will prove to be one of the very few emerging markets that still offer a lot of prospects and a much better return on a risk-adjusted basis than others.

Ades Holding secures 10-year renewal contract for offshore drilling

Ades Holding renews drilling contract: Tadawul-listed energy player Ades Holding snapped up a 10-year renewal contract for one of its key standard offshore jack-up rigs from an undisclosed major national oil company, according to a statement (pdf). The total backlog value for the resumption is estimated at nearly SAR 1.1 bn (USD 290 mn), according to a disclosure to Tadawul.

What we know: The rig was among six units operating in the Kingdom that were previously suspended. Ades Holding is yet to confirm the rig commencement date; as of now, the jack-up rig is completing a medium-term contract in Egypt.

Looking ahead: Ades Holdings looks to “continue focusing on securing further renewals and backlog additions in our key markets to boost long-term revenue visibility, and to capitalize on the prevailing tightness in the global offshore jack-up market,” CEO Mohamed Farouk said.

SOUNDS FAMILIAR? The firm secured 10-year renewals from Aramco back in October for two of its Saudi onshore rigs — Ades 13 and Ades 14 — which have been in service since 2019. The contract was valued at around SAR 946 mn.

Expanding into new markets: The firm was awarded a SAR 1 bn offshore jack-up drilling contract by PTTEP Energy Development in the Gulf of Thailand in December. The contract spans five years with an optional three-year extension. It also closed six new onshore contracts for drilling services with the Kuwait Oil Company worth a combined SAR 2.4 bn in August.

National Water Company breaks ground on 30 water, sewage projects worth SAR 2 bn

NWC starts working on SAR 2 bn pipeline network across Riyadh: The National Water Company (NWC) broke ground on 30 new water and sewage projects across Riyadh valued at around SAR 2 bn, according to a statement. The projects include around 1.9k km of new pipelines.

The details: The water projects include 16 developments across the city of Riyadh and neighboring governorates within the province. This includes the neighborhoods of Al Taawun, Al Janadriyah and Laban, Dirab, and Diriyah, the governorates of Al Quway'iyah, Afif, Dawadmi, Al Muzahmiyya, Ar Rayn, Al Kharj, Hotat Bani Tamim, Al Hariq, Al Majma'ah, Az Zulfi, and Thadiq, and the centers of Al Ayinah and Al Jubaylah. The projects cover over 1.1k km of new pipelines, 18 water tanks with a total capacity of 85k cubic meters, and pumping stations that can handle more than 247k cubic meters of water per day.

Sewage network expansion: The sewage projects include 14 developments in areas like Al Munsiyah, Al Mu'ayzilah, Al Hazm, Namar, and Al Awali, along with several nearby towns. They involve some 760 km of pipelines and new lift stations with a daily capacity of 117k cubic meters, with a total cost of over SAR 902 mn.

This latest batch of projects builds on previous announcements in 2024, including 46 projects worth over SAR 1.6 bn in May and 20 projects valued at nearly SAR 1 bn in August. Roughly a year ago, the NWC pledged to invest EUR 200 bn by 2030 in a comprehensive water cycle infrastructure across the Kingdom.

PIF-backed Avilease to lease out eight carriers to Turkish Airlines

PIF-owned AviLease will lease eight Airbus A320neo jets to Turkish Airlines under a long-term contract, according to a statement. The investment ticket and leasing period have not been disclosed.

What we know: Two of the eight aircraft have already been delivered, and the remaining six are slated for delivery throughout this year, state news agency SPA reports.

Doubling down on expansion plans: The Riyadh-based aircraft leasing firm snapped up an unsecured USD 1.1 bn five-year loan to expand its fleet back in 2023. The jet lessor indicated the loan will be used for general corporate purposes, including the acquisition of additional aircraft. Last October, AviLease acquired nine aircraft from Avolon, bringing the company’s portfolio at the time to 167 owned aircraft.

AviLease is looking to expand its fleet to 300 jets by 2030. The growth push should see the lessor’s cargo traffic double and increase its balance sheet to USD 20 bn from USD 8 bn by 2030, through M&A, buying individual planes, and placing large orders for aircraft, said its CEO Ted O’Byrne. The firm also hopes to issue up to USD 2 bn in USD-denominated bonds annually as part of its strategy to help the Kingdom diversify away from oil and become a trade and logistics hub.

Pakistan’s Haball eyes Saudi expansion after USD 52 mn pre-Series A round

Haball plans Saudi expansion amid wider Middle East play: Pakistan-based fintech Haball secured plans to expand into the Kingdom before the end of the year and establish a regional office, it said in a statement (pdf).

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The announcement comes after a pre-Series A round saw the startup raise USD 52 mn, including USD 5 mn in equity and a USD 47 mn strategic financing facility, led by Zayn VC and Meezan Bank.

Why it matters: Islamic banking in Pakistan has been rapidly rising, reaching USD 34.5 bn as of mid-2024, with supply chain finance expected to exceed USD 9 bn. Haball’s expansion into Saudi will allow it to capitalize on our well-established Islamic banking ecosystem, which logged some SAR 2.7 tn in assets by the end of FY 2022, according to the Saudi Central Bank's latest annual report (pdf).

About Haball: Launched in 2017 by Omer bin Ahsan (LinkedIn), the Karachi-based fintech company specializes in shariah-compliant digital payment and financing solutions aimed at optimizing supply chains. It offers services such as digital invoicing, payment collection, and tax compliance — catering to some 8k SMEs and multinationals. The company has so far processed more than USD 3 bn in payments and disbursed some USD 110 mn in financing.

Reuters also had the story.

eXtra, UIHC net income up 10% y-o-y in 1Q

United Electronics Company’s (eXtra) estimated net income was up 10.1% y-o-y at SAR 103.4 mn in 1Q 2025, it said in a disclosure to Tadawul. The growth was driven by higher revenues, a better sales mix and expansion in the consumer finance portfolio, as well as a lower cost of finance in the retail segment thanks to proceeds from the United International Holding (UIHC)’s IPO.

Revenues also grew 10% y-o-y during the same period to SAR 1.7 bn, buoyed by growth in the retail segment on the back of higher cliX sales and an expanded Jood customer base — its paid loyalty program.

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On a quarterly basis: Net income fell 41.8%, down from SAR 177.7 mn in the previous quarter, while revenues were up 3.9% over the same period.

The company doesn’t expect any major downfalls in lieu of the tariffs implemented byUS President Donald Trump, CEO Mohamed Galal told Al Arabiya, adding that larger players with multiple revenue sources are better positioned to weather market volatility and even gain some market share.

MEANWHILE- UIHC, a subsidiary of eXtra which owns and operates Tas’heel Finance, saw its estimated net income grow 10.4% y-o-y to SAR 57.8 mn in 1Q 2025, it said in a disclosure to Tadawul. Revenues were up 24.8% y-o-y to SAR 174 mn over the same period, driven by higher consumer finance revenues.

On a quarterly basis: UIHC’s net income fell 10.1%, down from SAR 64.3 mn in the previous quarter, while revenues inched up 0.8% over the same period.

MBC names Mike Sneesby as CEO

MBC Group appointed Mike Sneesby (Linkedin) as its new CEO, effective 1 May, according to a press release (pdf). Sneesby succeeds Samuel James Kilion Barnett (Linkedin), who will take on a new executive role in Europe while continuing to serve as an advisor to the board. Sneesby previously served as CEO at Nine Entertainment, Stan, and Cudo.

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Aramco to onboard LNG from US-based NextDecade

Aramco to onboard 1.2 mn mtpa of LNG from NextDecade: Aramco — through an undisclosed subsidiary — inked a 20-year liquefied natural gas (LNG) sale and purchase agreement (SPA) with US-based LNG development firm NextDecade Corporation for the offtake from its Rio Grande Train four LNG facility, according to a statement (pdf). The investment ticket for the agreement was not clarified.

What’s on the cards: Aramco will be uptaking some 1.2 mn mtpa of LNG over 20 years on a freeonboard basis. The agreement is still subject to a positive final investment decision, which is contingent on obtaining sufficient financing to develop Train four and the related infrastructure. The Rio Grande LNG export plant’s phase 1 is forecasted to be completed by early 2029 at a cost of USD 18 bn.

Rings a bell? Aramco signed a non-binding agreement with US LNG development company NextDecade to supply 1.2 mtpa of LNG for 20 years back in June. Aramco had been in talks with NextDecade for a long-term gas purchase agreement from the Texan company’s Rio Grande facility.

Aramco 💚 Texas: Aramco signed a non-binding agreement to take a 25% stake in the second phase of Sempra’s Port Arthur LNG export plant in Texas back in June. The agreement would also include Aramco locking down five mn tons of LNG shipments from the plant each year for 20 years. The firm has also been involved in negotiations with Houston-based Tellurian over a potential stake purchase in the US firm’s 27.6 mtpa Driftwood LNG plant in Louisiana.

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M&A WATCH-

#1- Schlumberger gets competition watchdog’s OK to acquire ChampionX: NYSE-listed global tech player Schlumberger (SLB) lined up approval from the General Authority for Competition (GAC) to takeover American oilfield services firm ChampionX in a move set to be finalized in 3Q, according to a statement from the regulator. The approval is set to be valid for five years, and will monitor the company’s fulfilment of certain conditions.

BUT- This comes after the UK’s competition authority declined to clear the transaction just last month — meaning the companies could be barred from integrating operations or bidding jointly within the UK.

#2- Al Khaleej unit nabs majority stake in Kuwaiti IT firm: Advanced Communications Systems and Solutions (Smart Link) — the customer service unit of AlKhaleej Training and Education — inked a SAR 14.3 mn agreement to acquire a 51% stake in Kuwait-based IT services provider Mazaya Integrated Computer Solutions, the Tadawul-listed parent company said in a disclosure to the exchange. The move supports the company’s plans to broaden its offerings and customer reach.

LOGISTICS-

Folk Maritime expands its fleet: PIF-owned regional liner and feeder provider Folk Maritime added a new vessel — M/V Folk Jazan — to its fleet to boost regional maritime connectivity, according to a statement. The vessel, which will be registered at the Jeddah Islamic Port, has a carrying capacity of just over 2k TEUs and was built by China’s Zhejiang Shipbuilding Company in 2008.

REMEMBER- Folk Maritime is lining up a multi-mn USD fleet expansion over the next five years. The shipping firm plans to buy or charter 15-18 container ships in the next three to five years to increase access for the Kingdom’s smaller ports and alleviate demand for road transportation.

INS.-

Fitch Ratings affirmed Arabian Shield Cooperative Ins.’s Insurer Financial Strength (IFS) rating at A-, as well as its National IFS rating at AA(sau), with stable outlooks, the credit rating agency said in a note. The rating was underpinned by the company’s growing business volumes, well-diversified product mix, competitiveness in the motor and medical markets, and strong capitalization, financial performance, and reins. protection.

MEDIA-

Saudi Research and Media Group (SRMG) launched a new media solutions company, SRMG Media Solutions (SMS), to serve as the exclusive media sales representative for SRMG's portfolio, according to a disclosure to Tadawul. The new outfit will make use of data and technology, enabling advertisers to connect brands with over 170 mn users globally through digital, TV, audio, and print channels.

ICYMI- Taoq Public Relations, an SRMG subsidiary, inked a three-year contract worth SAR 240 annually last July to provide media and marketing services to an unnamed advertising company. Under the contract, Taoq will provide multilingual media and consulting services across multiple platforms.

China braces for a “fight to the end” against US tariffs

Trade war escalates with no end in sight: We seem to be heading to a long war of attrition between the world’s biggest two economies, after China’s commerce ministry vow ed to “fight to the end” against what it labeled as “unilateral bullying” by the US. Beijing is already deploying a number of monetary and fiscal measures to absorb tariff shocks, with little signs that the crisis will be resolved any time soon.

IN CONTEXT- The Trump administration announced yesterday it will move forward with an additional 50% tariff on Chinese goods, bringing average tariffs on Beijing’s exports to over 120%. The combined tax includes the existing 20% tariffs over fentanyl trafficking accusations and the more recent 34% unilateral tariffs, as well as pre-existing 20% tariffs from before Trump’s second term.

The Chinese government allowed the CNY to depreciate on Monday in a bid to improve export competitiveness, fixing the rate against the USD at an 18-month low of just below CNY 7.20. Beijing will likely move forward with gradual depreciation rather than sudden currency moves to avoid destabilizing its economy, Barclays Asia Cross-Asset Strategy Head Kaanhari Singh told the Financial Times.

Other fiscal measures could include increased subsidies and export tax rebates to support affected industries. While such measures carry the risk of exacerbating industrial overcapacity and fueling deflationary pressures, the risk may be worth it for Beijing who “does not view the US measures as conducive to creating the right atmosphere for negotiations,” Bo Zhengyuan, Partner at Plenum, told Reuters.

State-owned companies are also pledging to increase share purchases and engage in stock buybacks, in a bid to stabilize the stock market which saw a 7% drop on Monday’s session, before paring back some of the losses yesterday.

Tariffs could push China to seek alternative markets, potentially deepening trade ties with the EU and other developing nations in a bid to mitigate some of the impact. Beijing was Washington’s second largest source of imports last year, logging USD 439 bn in Chinese imports, while US exports to China reached USD 144 bn.

BUT- Not everyone inflicted with tariffs is in a confrontational mood, and traditional alliances might end up prevailing. The EU is exploring ways to resolve the conflict without taking distance from Washington as “sooner or later, we will sit at the negotiation table with the US and find a mutually acceptable compromise,” EU Trade Commissioner Maros Sefcovic said yesterday.

MARKETS THIS MORNING-

It’s a mixed morning for Asian markets, with Japan’s Nikkei down 2.7%, while Shanghai Composite remains unchanged. Meanwhile, Wall Street futures indicate more losses on market open, after the S&P 500 dropped 12% over the last four days.

TASI	11,303	+1.0% (YTD: -6.0%)
MSCI Tadawul 30	1,432	+0.8% (YTD: -5.1%)
NomuC	28,473	-0.6% (YTD: -9.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,649	+0.6% (YTD: +3.1%)
ADX	8,989	+0.1% (YTD: -4.6%)
DFM	4,890	+1.9% (YTD: -5.2%)
S&P 500	5,062	-0.2% (YTD: -13.4%)
FTSE 100	7,962	+3.4% (YTD: -3.5%)
Euro Stoxx 50	4,796	+3.0% (YTD: -3.6%)
Brent crude	USD 62.82	-2.2%
Natural gas (Nymex)	USD 3.48	+0.4%
Gold	USD 2997.60	+0.3%
BTC	USD 76,750.20	-4.0% (YTD: -18.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.0% yesterday on turnover of SAR 8 bn. The index is down 6.0% YTD.

In the green: Zamil Indust (+9.9%), SPM (+8.2%) and Aldrees (+6.8%).

In the red: Americana (-5.0%), Almajed Oud (-3.8%) and Abo Moati (-2.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 36.2 mn. The index is down 9.5% YTD.

In the green: HKC (+10.0%), Mulkia (+9.8%) and Aljouf Water (+9.3%).

In the red: Horizon Educational (-10.0%), Alhasoob (-9.8%) and Rawasi (-6.9%).

CORPORATE ACTIONS-

Bank AlJazira’s shareholders will vote on its proposed 25% capital increase to SAR 12.81 bn through a rights issue on Monday, 28 April, according to a filing to Tadawul. The increase will see shareholders receive an additional four shares for each share currently held. The increase will be funded by transferring SAR 1.3 bn from the bank’s statutory reserve account and an equal amount from its retained earnings account.

Tadawul-listed Americana Restaurants’ shareholders will vote on its proposed dividend policy for FY 2024 on Tuesday, April 29, according to a disclosure (pdf) to the exchange. The company’s BoD recommended a USD 126.99 mn dividend at roughly USD 0.015 per share, representing 75.4% of its total share capital.

FM lands in the US on an official visit

Foreign Minister Faisal bin Farhan arrived in the US yesterday on an official visit, during which he’ll meet US Secretary of State Marco Rubio to discuss bilateral relations, the Foreign Ministry said in a statement.

What else is on the agenda? Bin Farhan will reportedly coordinate the visit of President Trump to the Kingdom later this spring, an unnamed source told Reuters. The discussions will also reportedly include the war in Gaza as well as developments in Yemen.

CALENDAR

APRIL

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

10 April (Thursday): Tesla launch event, Bujairi Terrace, 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.

14-15 April (Monday-Tuesday): MESH Core Riyadh Conference for Innovation in Healthcare, Riyadh

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

14-16 April (Monday-Wednesday): Umrah and Ziyarah Forum, King Salman International Convention Center, Madinah.

14-16 April (Monday-Wednesday): 2025 Middle East Poultry Expo, Riyadh International Convention and Exhibition Center, Riyadh.

17-23 April (Thursday-Wednesday): 11th edition of the Saudi Film Festival, Dhahran.

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah Corniche Circuit, 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- 3 May (Friday-Saturday): AFC Champions League Elite Finals, Jeddah.

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

29 April (Tuesday): Deadline to submit feedback on proposed amendments to the rules for special purpose entities (SPEs).

MAY

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

3 May (Saturday): Canelo Alvarez vs William Scull, Anb arena, Riyadh.

5 May (Monday): Opec+ meeting.

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

9 May (Friday): PFL Mena Season 2 Kick-off

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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