Non-oil merchandise exports up 4% in 2024. PLUS: PIF sells USD 1.25 bn in USD-denominated sukuk

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Non-oil sector in the Kingdom remains resilient -Fitch

Good morning, everyone, and happy THURSDAY. We wrap up the week on a high note, with a wealth of updates on trade, debt markets, public listings, and more.

In this morning’s news well: The Kingdom's non-oil exports rose by 4% in 2024, while oil exports saw a slight decline. Over in debt markets, the PIF successfully sold USD 1.25 bn in sukuk, as Saudi’s borrowing momentum continues.

ALSO- The cabinet approved amendments for the White Land Tax law amid wider real estate reforms, and the startup scene witnessed erad secure USD 16 mn in pre-series A funding. Meanwhile, Dome International plans to float a 14.5% stake on Nomu, adding to the busy pipeline of listings.

SPEAKING OF IPOS- We sat down with Baker McKenzie’s Nadine Nassar and Robert Eastwood to unpack the legal playbook for going public in Saudi Arabia — from restructuring and prospectus drafting to compliance after the listing. Let’s dive in.

HAPPENING TODAY-

BSF kicks off AT1 bond sale: Banque Saudi Fransi (BSF) opened books on a new six-year USD-denominated additional tier one (AT1) bond sale, it said in a filing to Tadawul. Initial price thoughts are out at around 6.875%, Zawya reports. The offering, which falls under the lender’s USD 3 bn capital note program, closes today.

ADVISORS- The lender enlisted HSBC, Mashreq, Abu Dhabi Commercial Bank, Citigroup Global, Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank, Merrill Lynch, Mizuho International, MUFG Securities, and Saudi Fransi Capital as joint lead managers.

WEATHER- Thunderstorms may rumble through Makkah, while clouds linger over Madinah and Riyadh.

Riyadh: 40°C daytime / 28°C overnight
Makkah: 49°C daytime / 26°C overnight
Madinah: 38°C daytime / 25°C overnight

WATCH THIS SPACE-

Non-oil sector in the Kingdom remains resilient in the face of global headwinds, Head of MEA in Fitch’s Sovereign Ratings Group Paul Gamble told Asharq Business in an interview.

Fitch ratings slightly bumped Saudi Arabia’s growth forecast to 3.5% in 2025, forecasting non-oil GDP expanding by 4.2% as well — despite lower oil prices, Gamble added. The ratings agency projects a deficit of 5.1% this year, backed by lower oil price forecasts at USD 65. This is a wider deficit than its earlier forecast of 3.8%.

REMEMBER- The World Bank cut its GDP growth forecasts for Saudi Arabia to 2.8% for 2025 and 4.5% for 2026, while the IMF revised its forecast downward by 0.3 percentage points to 3% for 2025 and by 0.4 percentage points to 3.7% for 2026.

PIF-owned aircraft leasing firm Saudi Arabia’s AviLease is planning to issue USD 2 bn in sukuk by 2027, starting with a USD 750 mn tranche this year, Asharq Business reports citing CEO Edward O’Brien. The new funding will add to the company’s USD 2.25 bn in existing loans, bringing its liquidity to 30% of total assets.

With a current fleet of 200 aircraft worth USD 8 bn, AviLease aims to grow its portfolio to 500 aircraft by 2030, capitalizing on strong domestic demand from airlines including Riyadh Air, Saudia, and flynas.

Seera Group’s travel platform Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026, CEO Muzzammil Ahussain told Khaleej Times. The company began appointing advisors, though details on the size and structure of the IPO remain under wraps, he said.

Almosafer reported a strong performance in 2024, with gross bookings exceeding SAR 6 bn, fueled by robust demand across domestic, regional, and international markets, according to Ahussain. Growth was particularly strong in the company’s Hajj and Umrah services, while shifting travel trends — driven by the rise of low-cost carriers and relaxed visa requirements — helped ramp up demand for budget travel and alternative accommodations, he added.

ALSO- PIF-backed California firm CloudKitchens is reportedly eyeing an IPO in Saudi or the UAE (or both) for its Middle East unit, Bloomberg reports, citing people it says are familiar with the matter. The ghost kitchen startup — cofounded by Uber’s former CEO Travis Kalanick — tapped Goldman Sachs to work on its potential debut.

While no final call on size or timing has yet been made, the move would mark a major regional play for a company whose KitchenPark facilities already operate in the Kingdom, UAE and Kuwait.

SPORTS-

Kawasaki dispatched Al Nassr three goals to one and advanced to the final of the AFC Champions League. The Japanese side took the lead early in the game, scoring twice in the first half. The second half saw Al Alami attacking without delivering the final punch, leaving spaces in the back for Azzurro Nero to widen the lead.

What’s next? Kawasaki Frontale will face Al Ahli in the final match scheduled for Saturday, 3 May, at 7:30 PM.

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THE BIG STORY ABROAD-

The US is grabbing most headlines in the global business press. The biggest story of the day: The US’ economy contracted by an annual 0.3% for the first time in three years last quarter, as President Donald Trump’s trade war spurred a rush to imports. (Financial Times | Bloomberg | Reuters | Wall Street Journal | Politico | AP)

Wall Street surprisingly shrugged off the news, with the S&P 500 recovering from earlier losses of 2% as investors bought the dip, anticipating intervention from the US Federal Reserve to bolster the economy. The Nasdaq slid 0.1%. (Bloomberg | FT | CNBC)

Stocks are expected to extend their gains into tomorrow with futures rising on the back of a strong set of earnings from Microsoft — which beat analyst estimates on good Azure cloud performance and gave positive guidance for the rest of the year — and Meta, which also beat estimates as it pledged to double down on capital spending in AI infrastructure, shrugging off the impact of tariffs. (CNBC | Reuters)

PLUS- The US and Ukraine inked an economic partnership that will give the US access to the Eastern European country’s natural resources, following weeks of negotiations that stalled amid tensions over a US-Russia ceasefire agreement the US is trying to broker. (Bloomberg | Reuters | FT | NYT)

Non-oil exports up 4% in 2024

The Kingdom’s non-oil merchandise exports rose 4% in 2024 to SAR 217.4 bn, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — were up 13.1% y-o-y to SAR 308 bn, with re-exports increasing in value by 43% to SAR 90.6 bn over the same period.

NON-OIL EXPORTS-

Still in the lead: The ratio of non-oil exports to imports jumped by 0.2 percentage points y-o-y to 35.3% in 2024. Imports were up 12.5%, a slower rate of growth than exports.

Chemical goods are still our biggest non-oil export category, accounting for 25.5% of total non-oil exports last year, down 2.8% from 2023. Plastics, rubber, and their derivatives followed, accounting for 23.5% of total non-oil exports, a 6.6% y-o-y increase.

Machinery and electrical equipment were the most imported goods during the year, accounting for 25.3% of all imports — a 28.5% y-o-y increase. Meanwhile, transportation equipment and parts accounted for 14.3%, marking a 5.5% y-o-y increase.

OUR TRADING PARTNERS-

China remains our top trade partner: The kingdom’s merchandise exports to China made up 15.2% of total exports in 2024, followed by South Korea (9.4%) and Japan (9.3%). Meanwhile, imports from China accounted for almost a quarter (23.9%) of Saudi’s total imports in the same period, followed by the US (8.4%), and the UAE (5.5%).

Other top suppliers: India, Germany, Japan, Italy, Egypt, Switzerland and South Korea

were among the Kingdom’s top 10 import markets, accounting for a combined 63.7% of total imports.

Ports in focus: Dammam’s King Abdulaziz Port handled 29.2% of imports in 2024, followed by Jeddah Islamic Port (20%), and Riyadh’s King Khalid International Airport (13.6%).

ON THE OIL FRONT-

Oil exports inching lower: Oil’s share of total exports declined by 4.2 percentage points y-o-y to 73.1%, amounting to SAR 837.7 bn. The 9.7% decrease in oil exports led to merchandise exports falling 4.5% y-o-y to SAR 1.15 tn.

PIF sells USD 1.25 bn in 7-year USD-denominated sukuk

The Kingdom is once again tapping into the debt markets: The Public Investment Fund (PIF) sold USD 1.25 bn in 7-year USD-denominated sukuk, Bloomberg reported, citing sources it said are familiar with the matter. The issuance raked in more than USD 8.2 bn in orders, sources said.

The yield: The issuance was priced at 110 basis points above US treasury bonds, tightened by 35 points from the initial price guidance.

We knew this was coming: The PIF was earlier reported to be planning a USD 1.5-2 bn sukuk issuance within weeks, as the Kingdom looks to fill budget gaps caused by falling oil prices. The PIF raised some USD 11 bn so far this year.

ICYMI- The sovereign wealth fund last tapped the debt markets back in January, raising USD 4 bn from a two-tranche issuance that was nearly 4x oversubscribed, with an order book of approximately USD 16 bn. The issuance came as part of the PIF’s EUR Medium-Term Note Program, with the proceeds set to be “utilized for general corporate purposes. the fund said at the time. PIF also completed a USD 7 bn murabaha credit facility earlier in January as part of its “medium-term capital raising strategy.”

The Kingdom is expected to borrow quite heavily this year: The wider budget deficit will likely entail more public borrowing from Saudi Arabia and the country has already been the largest emerging market issuer of debt so far this year, just as it was in 2024,” Emirates NBD wrote in a note this week.

As of March 2025, Saudi Arabia’s total direct debt reached SAR 1.33 tn (USD 354.3 bn) — SAR 797.1 bn (USD 231.6 bn) in domestic debt and SAR 531.7 bn (USD 141.8 bn) in external debt. This marks a 9.3% increase from the previous year, highlighting the ongoing expansion of the Kingdom's debt portfolio.

Dome International is taking a 14.5% stake to Nomu

Dome International issues Nomu IPO prospectus: School operator Dome International for Investment is floating some 850k new shares on Tadawul’s parallel market Nomu, representing 14.53% of its post-IPO capital, according to the prospectus (pdf). The company lined up Capital Market Authority approval for the move back in March.

What’s next? The subscription period will run between 19-26 May, whereby qualified investors can book up to 292.5k shares each, with the minimum set at 10. The final allocation of shares will take place on Sunday, 1 June.

Use of proceeds: Dome International will use the proceeds from the primary share sale to finance its future projects and expansion plans. Around SAR 3.2 mn will be set aside to cover offering-related expenses.

Post IPO-structure + lockup: The firm’s five substantial shareholders will see their ownership diluted to a combined 73.9% stake down from 86.46% post-IPO. Their shares will be locked up for 12 months from the first day of trading, and they will not receive any proceeds from the sale.

About Dome International: Founded in 2015, the school operator owns and runs two K-12 schools in Riyadh offering both international and national curricula. The firm also specializes in non-residential construction including hospitals and hotels.

A snapshot of its latest financials: Dome International’s net income inched up roughly 2.9% y-o-y to SAR 3.6 mn in 1Q which ended on 31 October 2024, according to its latest earnings in the prospectus. Its revenue grew 7.6% y-o-y to SAR 21.3 mn over the same period.

ADVISORS- Watheeq Capital is quarterbacking the transaction as financial advisor, with Derayah serving as lead manager and RSM as the legal accountant. Receiving agents include SNB Capital, Riyad Capital, BSF Capital, and Al Jazira Capital among others.

IN CONTEXT- Plenty moving on Nomu this week: IT services provider Axelerated Solutions and restaurant operator Al Kuzama Trading both issued prospectuses to each float a 10.7% stake in primary offerings on the parallel market earlier this week. Subscriptions kick off early this month.

Other Nomu listings to watch out for in 2025:

Auto equipment distributor Service Equipment Company is guiding on a price range of SAR 80-84 per share for its upcoming Nomu IPO of a 30% stake;
Al Khalidi Logistics lined up the Capital Market Authority’s (CMA) approval in December to take a 7% stake to the parallel market;
Qudra for Communications and IT got the go-ahead from the CMA to list 5 mn shares — good for an 18.2% stake — on Nomu last month ;
Hawiya Auctions was also approved to offer a 12% stake — 2.4 mn shares — on Nomu;
The National Signage Industrial Company, a subsidiary of Tadawul-listed Arabian Contracting Services, was cleared last month to IPO a 20% stake — amounting to 1.5 mn shares — on Nomu;

Coffee with: Nadine Nassar and Robert Eastwood, Baker McKenzie

Behind every public listing lies a months-long process that starts well before announcing the offering, and stretches beyond the debut’s opening bell. At all stages of the process, legal advisors play a central role in getting companies ready to hit the market.

We sat down with Baker McKenzie’s Nadine Nassar (Linkedin) and Robert Eastwood (Linkedin) to unpack the legal playbook for going public in Saudi Arabia — from restructuring and prospectus drafting to compliance after the listing. The Chicago-based firm has played advisor to high-profile transactions in the Kingdom, including STC’s 2003 IPO.

Key takeaways: After a strong showing last year, Saudi Arabia’s IPO pipeline is gaining yet more momentum. As it currently stands, there is no clear damper on IPO appetite from market uncertainty and volatility caused by the Trump administration’s sweeping tariffs, Nassar and Eastwood said. Instead, companies looking to list in Saudi Arabia have to look at the usual suspects that could get in the way of an IPO process, including meeting governance requirements and navigating language barriers in a predominantly Arabic-speaking market. Edited excerpts from our conversation:

The Kingdom dominated regional IPO activity in 2024, accounting for 42 out the 53 market debuts in the GCC last year. The 2025 pipeline looks set to be similarly busy, with 31 additional listings slated for this year.

The firm is currently advising on listings in the retail sector — which it expects will remain active for the foreseeable future. Their portfolio of IPOs also span the real estate sector (think Dar Al Majed), food & beverages, as well as education, a sector that will likely be a hotspot for upcoming IPOs, Nassar said.

Getting ready: IPO candidates typically engage legal advisors 8-9 months prior to announcing their intention-to-float. Their work includes running early-stage due diligence and restructuring governance to align with Tadawul and the Capital Market Authority (CMA) requirements before any formal filing can proceed.

The firm’s role extends well beyond the listing date, to maintain compliance with ongoing obligations to Tadawul post-IPO, the pair said. Eastwood noted that timely disclosure requirements, particularly those regarding related-party transactions, are among the most complex areas post-IPO.

“We've had clients come back to us post-IPO to build frameworks for handling related-party transactions as their businesses grow. [...] Related-party disclosure is a major focus for the CMA and a hallmark of a mature capital market,” Eastwood added.

When it comes to the IPO outlook, uncertainty caused by US President Donald Trump’s global tariffs isn’t bringing the party to an end just yet, despite reports of a number of big US IPOs being delayed, Nassar and Eastwood said. For now, “the IPOs that we are working on remain full-steam ahead despite the current volatility,” and it remains too early to tell if it will impact the IPO pipeline in the Kingdom, the pair shared.

Regulatory reforms helped widen the pool of international investors. Eastwood pointed to the CMA’s decision to lower the assets-under-management threshold for qualified foreign investors (introduced in 2015) to USD 500 mn, down from USD 5 bn. This single move unlocked access to Saudi equities for a much broader base of foreign institutions. Today, many Tadawul IPOs include a Regulation S component marketed to foreign investors, often with the help of international banks, Nassar added.

Governance is one of the biggest hurdles: While any joint stock company can list its shares, governance issues — such as shared assets, intercompany loans, and informal internal financing — can derail the listing process. These types of issues are particularly common in family-owned or state-linked entities, and must be unwound before proceeding, Eastwood explains.

Foreign issuers also face their own set of compliance challenges. CMA rules mandate at least three independent board members (or one-third of the board), which can be a friction point for international firms looking to cross-list on Tadawul, Nassar said. IFRS conversions can also prove a heavy lift for foreign firms that are unfamiliar with Saudi accounting standards.

The mandatory use of Arabic is another sticking point: “For non-Arabic speaking companies, the burden is heavy. All disclosures — including continuing obligations — must be in Arabic and English. That’s a cost and risk,” Eastwood said. Language barriers can — in some cases — lead companies to consider exiting a market, Nassar added.

The Kingdom officially approves amendments to the White Land Tax law

We officially have fresh amendments to taxes on White Lands: The Cabinet approved an anticipated series of amendments to the White Land Tax law last Tuesday, in a bid to tackle land hoarding and improve housing supply in high-demand areas across the Kingdom, the Municipal and Rural Affairs and Housing Ministry said in a post on X.

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Fresh tax on vacant properties: New taxes will be applied on vacant but ready-for-use properties — a category previously excluded — based on comparable annual rent, but capped at 5% of the property’s market value, AlArabiya reported, citing the Housing Minister Majid Al Hoqail.

Higher white land tax: The annual fee on undeveloped land plots now can reach up to 10% of the property’s value, up from the previous 2.5% fixed rate. Also, any undeveloped land plot — or combined plots — totaling 5k sqm or more and located within designated zones, will be subject to the white land tax. This simplifies and unifies the previous multi-staged criteria for land plots subject to the tax.

Timeline: Regulations for the amended law are set to be published within 90 days of the law’s appearance in the Official Gazette, with rules governing vacant property fees following within one year.

The amendments come as part of wider real estate reforms launched early March, including lifting land freezes in the north of the capital, and new rental regulations aimed at balancing the landlord-tenant relationship. The refoms aim to expand land availability, improving rental regulations, and reining in soaring property prices in Riyadh.

IN CONTEXT- Although more than 70k new units are expected to be delivered in Riyadh, demand continues to outpace supply, pushing prices up. The capital is estimated to require 120k-130 new units annually, while the private sector only meets 40-45% of that demand, Al Hogail said last Monday. NHC will partner with local and international developers to fulfill about 38% of the gap, he added.

A snapshot of the market: Riyadh saw the highest increase in its real estate prices in 1Q 2025, up 10.7% y-o-y. Last year, apartment prices in Riyadh rose 10.6% y-o-y, while villa prices increased 6.3%. Overall, the real estate price index rose 4.3% y-o-y over the same period, driven primarily by a 5.1% rise in residential property prices and a 2.5% uptick in commercial real estate prices.

erad raises USD 16 mn in pre-series A funding round

Riyadh-based alternative financing platform erad secured USD 16 mn (c. SAR 60 mn) in a pre-series A round, backed by global and regional investors including Y Combinator, Nuwa Capital, Khwarizmi Ventures, Aljazira Capital, VentureSouq, Oraseya Capital, and Joa Capital, according to a statement.

Where will the money go? The platform will use the proceeds to scale operations across the region, boost local hiring, and expand its suite of shariah-compliant financing solutions to support revenue-generating small and medium-sized businesses.

About erad: Founded by Salem Abu Hammour (LinkedIn), Faris Yaghmour (LinkedIn), Abdulmalik Almeheini (LinkedIn), and Youssef Said (LinkedIn) in 2022, the Riyadh-based SMEs financing platform serves clients across retail, F&B, e-commerce, and healthcare.

ICYMI- SMEs are benefiting from a flurry of additional attention and support from a variety of lenders. Build-now-pay-later startup Buildnow raised USD 9.7 mn to support SMEs in the construction sector, and debt crowdfunding startup Lendo lined up a USD 690 mn (SAR 2.6 bn) warehouse facility to boost lending capacity, expand product offerings, and widen coverage for SMEs.

1Q 2025 earnings are still rolling in

AMERICANA RESTAURANTS INTERNATIONAL-

Restaurant giant Americana Restaurants International saw its bottom line grow 19.8% y-o-y in 1Q 2025, reaching USD 31.9 mn, according to its financials (pdf). The company’s revenues also surged by 16.2% y-o-y to USD 573.4 mn in 1Q.

Americana’s growth was mainly fueled by higher sales and the company’s expansion of its store footprint, which now totals 2.6k outlets across 12 countries, according to a separate earnings release (pdf). The company’s growth in net income attributable to the parent company shareholders, up 16.5% y-o-y to USD 32.6 mn, was supported by its strong topline and improved gross margins through cost-cutting measures.

ALSO- The company’s shareholders approved a USD 127 mn dividend distribution at some USD 0.015 per share for FY 2024, according to a Tadawul filing (pdf). The distribution date will be announced later.

MODERN MILLS-

Modern Mills’ net income inched up 1% y-o-y to SAR 65.6 mn in 1Q 2025, on the back of lower finance costs and a modest revenue growth, it said in a disclosure to Tadawul. Higher bran supply for feed supported a 0.8% y-o-y revenue growth to SAR 259.9 mn despite lower feed sales.

SUMOU REAL ESTATE-

Sumou Real Estate reported a 17% y-o-y rise in net income in 1Q 2025 to SAR 22.4 mn, it said in a disclosure to Tadawul. The developer’s revenue also was up 25.3% y-o-y to SAR 101.5 mn over the same period.

BASIC CHEMICAL INDUSTRIES-

Basic Chemical Industries saw its net income plummet 72.3% y-o-y to SAR 2.9 mn in 1Q 2025, according to a disclosure to Tadawul, due to lower average selling prices and increasing zakat and tax expenses. Revenue dipped 10.1% y-o-y to SAR 161.6 mn, pulled down by a drop in chemicals sales including industrial, toll manufacturing and water treatment chemicals as well as polymers and adhesives.

RASAN IT-

Ins. provider Rasan IT, saw its net income jump 216.7% y-o-y to SAR 30 mn in 1Q 2025, it said in a disclosure to Tadawul. Revenue rose 80% y-o-y to SAR 120.5 mn, backed by growth in policy sales and clients, the rollout of additional business lines and distribution channels, and cross-selling and upselling initiatives.

JAMJOOM PHARMACEUTICALS-

Jeddah-based Jamjoom Pharmaceuticals Factory’s net income rose 52.5% y-o-y to SAR 157 mn in 1Q 2025, driven by a drop in finance costs, as well as income from its Algerian JV, it said in an earnings release (pdf). Revenue was up 18.7% y-o-y to SAR 457.5 mn, backed by higher production in both GCC and Egypt-based facilities, as well as strong performance across “key therapeutic areas.”

Calo steps into UK with Fresh Fitness Food, Detox Kitchen acquisition. PLUS: CMA approves Al Rajhi’s SAR 10 bn debt issuance

M&A WATCH-

#1- Saudi-based meal subscription startup Calo made its first move outside the Gulf by snapping up two UK meal delivery brands — Fresh Fitness Food and Detox Kitchen, according to Waya reports. There’s no publicly available information about the size of the transactions.

The acquisitions build on Calo’s growing footprint in the Kingdom, the UAE, Bahrain, Qatar, and Kuwait, and comes on the heels of a USD 25 mn Series B raise last December. Detox Kitchen is already integrated into the Calo family, and Fresh Fitness Food will join later this month.

Next up: the company is eyeing Europe and the U.S., with plans for an IPO here at home by 2027.

#2- Tadawul-listed Walaa ins. inches closer to acquiring 88% of Dubai-based AspireUnderwriting Agency for SAR 68 mn after it had lined up approval from the Ins. Authority, it said in a filing to Tadawul. The transaction, which is still pending approval from the Dubai Financial Services Authority, is part of Walaa’s strategy to expand its inbound reins. footprint.

DEBT WATCH-

CMA approves Al Rajhi’s SAR 10 bn debt issuance: The Capital Market Authority approved Al Rajhi Banking and Investment Corporation’s request to issue debt instruments worth up to SAR 10 bn under a public program, according to a statement. The approval is valid for six months, and the first issuance must be listed within this period for the approval to remain in effect.

REFRESHER- Moody’s affirmed Al Rajhi Takaful’s Ins. Financial Strength Rating (IFSR) of A3 with a stable outlook this week, based on a strong market position, steady good profits, and low reserve risk.

MANUFACTURING-

Ajyal partners with Iraqi gov’t to launch silica hub in Al Anbar: Ajyal Company signed an agreement with the Iraqi state-owned State Company for Glass and Refractories Industry to build a large industrial complex in Al Anbar focused on silica-based manufacturing, according to Iraq’s Industry and Mineral Resources Ministry statement.

The project will use locally sourced silica to produce items like flat glass, ceramics, bottles, and electrical insulators. No details about the investment value or production scale were disclosed.

FINANCING-

The Saudi Central Bank (Sama) licensed Nayla Finance to offer microfinance services, according to a statement. The move brings the total number of licensed companies to seven, and the total number of licensed finance companies in the Kingdom to 66.

Investors flee Wall Street turmoil for gold, EMs, and niche markets

Investor exodus from Wall Street spurs search for alternative safe havens: US policy shocks are driving investors out of Wall Street to niche and previously riskier assets, including emerging markets, Latin American currencies, and gold.

Where is the money going? Banknotes and emerging markets are the top choices for investors looking for a refuge from Wall Street’s volatility, according to a JP Morgan survey of the IMF and World Bank’s spring meetup attendees, cited by Reuters. Some investors are also turning to regions with stronger outlooks, including Saudi Arabia after strong gains for stocks in the past three weeks, and India, which enjoys good trade ties with the US.

Emerging markets are also gaining favor: Investors with large portfolios are turning to volatile emerging markets and esoteric credit, considering them relatively safe for the time being. Emerging market bonds are among assets that can now be considered “attractive risk-adjusted opportunities,” Principal’s Mike Goosay told the newswire.

Many smaller, higher-risk markets outperformed in April, with Mexican equities up 14% and Latin American currencies gaining 3%. This comes at a time when US stocks posted a third monthly loss, and the greenback hit a three-year low over the same period.

BUT- The sheer volume of capital exiting the US seems to be overwhelming safe havens, Goshawk Asset Management’s Simon Edelsten told Reuters. The JPY was pushed up over 4% this month, while Germany’s 10-year bond yield slumped to nearly 200 basis points below US treasuries. Gold — the traditional safe haven — also bounced to a record USD 3.5k per ounce on April 22.

Europe has also been hit hard: After briefly benefiting from US outflows, European markets are now under pressure as the EUR’s sharp rise threatens export competitiveness. The currency has climbed 10% in two months, stalling equity gains and prompting Bank of America to warn of a possible 10% further decline in European stocks.

MARKETS THIS MORNING-

Asian markets are mostly on the rise this morning, with Hong Kong’s Hang Send up 0.5%, and Japan’s Nikkei up 0.4%, while Shanghai Composite is slightly inching down 0.2%. Meanwhile, Wall Street futures are signalling a higher open for US markets, after Microsoft and Meta earnings beat analyst expectations.

TASI	11,672	-0.6% (YTD: -3.0%)
MSCI Tadawul 30	1,489	0.3% (YTD: -1.4%)
NomuC	28,277	-0.2% (YTD: -10.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	32,126	+0.3% (YTD: +8.0%)
ADX	9,534	+0.1% (YTD: +1.2%)
DFM	5,307	+1.3% (YTD: +2.9%)
S&P 500	5,569.06	+0.2% (YTD: -5.3%)
FTSE 100	8,494.85	+0.4% (YTD: +3.9%)
Euro Stoxx 50	5,160.22	-1.7% (YTD: +5.4%)
Brent crude	USD 63.12	-1.8%
Natural gas (Nymex)	USD 3.5	+0.8%
Gold	USD 3,275.36	-0.4%
BTC	USD 94,210.36	-0.1% (YTD: -0.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.6% yesterday on turnover of SAR 6.9 bn. The index is down 3.0% YTD.

In the green: Jamjoom Pharma (+9.9%), Alyamamah Steel (+4.7%) and Buruj (+4.5%).

In the red: MBC Group (-4.4%), Nice One (-4.0%) and Saudi Re (-3.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 25.8 mn. The index is down 10.2% YTD.

In the green: Paper Home (+5.3%), Knowledgenet (+4.3%) and Enma Alrawabi (+3.9%).

In the red: Albattal Factory (-6.1%), Tibbiyah (-5.7%) and Taqat (-5.7%).

CORPORATE ACTIONS-

Tadawul-listed Saudi Advanced Industries Company (SAIC)’s board doubled its proposedFY 2024 dividend to SAR 1.0 per share from SAR 0.50 — raising the total distribution to SAR 59 mn, it said in a disclosure to Tadawul. Distribution date will be announced following shareholder approval.

Japanese FM Iwaya Riyadh to deepen strategic ties

Japan’s Foreign Minister Takeshi Iwaya met with Foreign Minister Prince Faisal bin Farhan in Riyadh yesterday to commemorate 70 years of bilateral relations, according to Japan’s Foreign Ministry statement. During the visit, the diplomats were set to discuss the strengthening of bilateral relations.

Minister Iwaya highlighted energy security and technology transfer as the basis of Saudi-Japanese relations, referring to the signature of an MoU to establish a co-chaired partnership council last February, in an op-ed published by Arab News,

ALSO- Jordan’s Foreign Minister Ayman Safadi met with Bin Farhan in Riyadh yesterday, according to a statement by Jordan’s Foreign Ministry on X. The two discussed ways to strengthen bilateral ties and reviewed the latest regional and international developments, including preparations for the upcoming two-state solution conference to be co-chaired by Saudi Arabia and France and held in New York from 17 to 20 June.

CALENDAR

MAY

May: World Intellectual Property Organization (WIPO) Global Awards 2025 announces finalists.

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

4-8 May (Sunday-Thursday): Adeer Real Estate Nomu IPO offering period.

5 May (Monday): Opec+ meeting.

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

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

11-13 May (Sunday-Tuesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

12-14 May (Monday-Wednesday): 2025 Saudi Giga projects Summit, Riyadh.

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

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

29 May (Thursday): 2024-2025 academic year ends.

JUNE

4-9 June (Wednesday-Monday): Hajj.

6-10 June (Friday-Tuesday): Eid Al Adha.

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

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

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

JULY

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

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

29-30 July (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

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

NOVEMBER

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

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

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

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

30 November (Sunday): Zatca 21st E-invocing integration wave deadline.

DECEMBER

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

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 December (Wednesday): Zatca 22st E-invoicing integration wave deadline.

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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