Riyadh gears up for Trump visit, Saudi-US Investment Forum and a (potential) GCC summit

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Riyadh to get self-driving taxis soon?

Good morning, wonderful people. We are sharpening our proverbial pencils ahead of what is shaping up to be an all-important week for Saudi-US relations, with Riyadh set to host President Trump, accompanied by US business executives and governments officials, as well as GCC leaders. We have the details on what to expect in today’s lead story.

Also in this morning’s news well: The IPO pipeline is expanding with two new Nomu listings from Al Khaldi and Time Entertainment, First Avenue launches SAR 700 mn industrial real estate fund, and the earnings season continues in full swing with the likes of Bupa Arabia, Bahri and Acwa Power announcing 1Q results. Let’s dive in.

NEWS TRIGGERS-

Aramco is reportedly set to release its 1Q 2025 financial results today, with analysts expecting the oil giant to bring in a net income of SAR 97.9 mn for the quarter.

REMEMBER- Aramco’s net income fell 12.4% y-o-y in 2024 to USD 106.25 bn (SAR 398.42 bn), driven by lower revenue, reduced finance income, and a 3.9% rise in operating costs.

ALSO- The local Industrial Production Index for March is due to be released today by the General Authority for Statistics (Gastat), according to its calendar. February numbers reflected a 0.2% y-o-y drop, ending a four-month growth streak.

AND- Gastat is set to roll out fresh inflation data on Thursday, including the Consumer Price Index and Wholesale Price Index reports for the month of April.

HAPPENING TODAY-

The three-day Future Hospitality Summit kicks off today at the Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.

?️ WEATHER- Warnings for heavy rains, strong winds, hail, flash floods, and thunderstorms were issued for Al Baha, Asir, Makkah, and Madinah. Riyadh and Qassim will also face the stormy weather, though minus the rain.

Riyadh is expected to see a high of 40°C and a low of 25°C today, while Jeddah’s mercury will go as high as 33°C and as low as 28°C. Makkah will see a 42°C high and 30°C low.

HAPPENING THIS WEEK-

The four-day Riyadh International Industry Week launches tomorrow at the Riyadh International Convention & Exhibition Center. The Middle East’s largest industrial gathering will bring together over 16k industry leaders, featuring four trade shows covering plastics & petrochemicals, print & packaging, smart logistics, and smart manufacturing, alongside an expert-led summit, fostering networking, partnerships, and innovation.

Saudi Giga Projects Summit starts tomorrow at The Venue in Riyadh, offering in-depth updates on the Kingdom’s giga developments. The three-day Meed-organized event will cover construction progress, sector-wide prospects, and emerging technologies, offering a spotlight on key projects. More than 40 speakers, 150 company representatives, and 600 attendees will explore trends in supply chains, advanced manufacturing, and demand outlooks through a series of conferences, workshops, meetings, and closed receptions.

The 2025 Saudi Food Show kicks off tomorrow at the Riyadh Front Exhibition and Conference Centre, running through Wednesday, 14 May. Sponsored by the Industry Minister, the event brings together leading global food and beverage brands to showcase their latest products.

WATCH THIS SPACE-

US-based technology firm Salesforce began building its team in Saudi Arabia as part of a USD 500 mn investment over the next five years to accelerate AI adoption in the Kingdom, Mohammed Alkhotani, Salesforce Middle East’s senior vice president, told Bloomberg. The funding will support local hiring, training programs, and other initiatives.

The cloud solutions provider plans to open a regional headquarters in Riyadh and hire up to 40 employees in 2025. The company recently appointed Ibrahim Alseghayr (LinkedIn) as regional vice president and managing director for Saudi Arabia.

ICYMI- The company previously launched its first Middle Eastern office in Dubai in October 2024.

Riyadh is set to get the first self-driving taxis in the Kingdom soon, as part of a broader push towards smart and sustainable transportation, the Saudi Gazette reported, quoting the deputy of Transport Enablement at the TGA Omaimah Bamasag as saying. Speaking at the University of Jeddah’s AI conference, she highlighted that five Saudi cities have been identified for autonomous vehicles deployment, including taxis, trucks, cars and drones.

DATA POINTS-

#1- Expatriate remittances grew 30% y-o-y to SAR 15.5 bn in March 2025 — their highest since June 2016 — Argaam reports, citing central bank data. Meanwhile, remittances by Saudis rose 27% y-o-y to SAR 6.5 bn over the same month — the highest since 2022.

#2- The Saudi Authority for Industrial Cities and Technology Zones (Modon) attracted over SAR 24 bn in new investments in 2024 , up 38% y-o-y, including SAR 18 bn in local and SAR 6 mn in foreign investments, it said in its 2024 annual report (pdf). The Authority facilitated the launch of over 875 industrial, logistic, and investment facilities, developed 10.5 mn sqm of industrial land, allocated over 9 mn sqm for new projects, and introduced 20 new digital services.

SPORTS-

Saudi Arabia’s Public Investment Fund (PIF) is now the title partner of the rebranded PIF Global Series, a five-event women’s golf tour on the Ladies European Tour, according to a press release. Spanning three continents, the series has a USD 13 mn prize pool and includes stops in Riyadh, Seoul, London, Houston, and Shenzhen.

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THE BIG STORY ABROAD-

India and Pakistan agreed to an immediate ceasefire yesterday that quickly turned out to be fragile, as both sides accused each other of violations and reportedly went back to exchanging fire, with multiple explosions heard around Indian-controlled Kashmir. The US-led talks had been hoped to de-escalate the serious confrontation between the nuclear-armed neighbors.

OVER IN BUSINESS- The UK sealed a trade agreement with the US, exempting the country from tariffs on steel and car exports but preserving the flat 10% reciprocal tariff applying to most goods. The agreement is the first since the tariffs were announced.

Talks are underway for more agreements, including a sit-down with Chinese officials in Switzerland yesterday that US President Trump hailed as “a total reset ... in a friendly, but constructive, manner.” The talks are reportedly set to continue today.

AND- White smoke arises: The Roman Catholic Church elected its first American pope, Pope Robert Francis Prevost (who will be known as Pope Leo), breaking what has been viewed as a long-standing taboo against tapping leaders from a big world power with influence in global affairs.

Riyadh gears up for a big week in Saudi-US relations, while US mulls fast-tracking foreign investments

It’s a big week for Saudi-US relations: Riyadh is gearing up to receive US President Donald Trump this week, in a visit that’s expected to see a flurry of announcements spanning the energy sector, trade and investments, as well as regional issues. The visit is part of a wider tour that starts in the Kingdom, with the UAE and Qatar to follow on the Donald’s itinerary.

SAUDI-US INVESTMENT FORUM

US business executives are set to accompany Trump in his visit to the Kingdom, where they’ll attend the Saudi-US Investment Forum on Tuesday. Discussions will cover key sectors including energy, financial services, AI and tech, manufacturing, defense, healthcare, and venture capital.

A host of Saudi and US government and business figures are scheduled to speak in the summit. Featured speakers include Minister of Energy Prince Abduaziz bin Salman, Saudi National Bank CEO Tareq Al Sadhan, General Authority for Military Industries Governor Ahmad Al Ohali, Boeing CEO Kelly Ortberg, Ceer CEO James Deluca, and FIFA President Gianni Infantino.

IN CONTEXT- Riyadh announced a potential USD 600 bn investment package earlier this year, which Trump hopes to raise to USD 1 tn. The Kingdom reportedly plans to leverage Trump’s visit to hit its foreign direct investment target of securing over USD 100 bn annually by 2030, about five times more than last year’s total.

It might not take long to see the results: The US is already planning to develop a fast-track process for screening foreign investments, in a move that would help ease Saudi investments in the country, according to a Treasury Department statement. The initiative would see the US gather information on investors on a portal ahead of investment agreements.

Saudi Arabia, the UAE, and Qatar are in discussions to be included in the initiative, sources in the know told Bloomberg.

EASIER PATH TO NUCLEAR AGREEMENT?

Washington also seems to have dropped normalization with Israel as a prerequisite for advancing a nuclear cooperation agreement with Riyadh ahead of Trump’s visit, Reuters reported, citing two sources it says are in the know.

Trump also hinted in statements to reporters he would not be stopping in Israel during his tour in the region, giving weight to numerous media reports that Washington and Tel Aviv might not be on the best of terms right now.

ICYMI- The US and Saudi Arabia are set to sign a broad energy cooperation agreement soon, expected to pave the way for a nuclear cooperation agreement, US Energy Secretary Chris Wright confirmed during a visit to Riyadh in April.

Progress has been slow: While an energy cooperation roadmap was signed in May 2024 and a bilateral agreement was reported as nearly complete, progress on the nuclear pact has been slow due to Saudi Arabia's reportedly non-wavering stance on uranium enrichment and spent fuel reprocessing, a position influenced by Iran's nuclear program.

A GCC-US SUMMIT, TOO?

Formal invitations for a GCC-US summit to be held this week in Riyadh have been sent by the Kingdom to regional leaders, Bahraini royal media adviser Nabeel Al Hamer said in a post on X. News about the GCC summit during US President Donald Trump’s visit to the Kingdom broke last week, with official Saudi sources yet to confirm the news.

On the itinerary: The summit is reportedly set to focus on topics including investment, arms transfers, and AI, in addition to regional issues like the Israeli-Palestinian conflict and the Iran-US negotiations over Tehran’s nuclear program.

Al Khaldi gears up to float a 7% stake on Nomu

Al Khaldi issues prospectus for Nomu IPO: Al Khaldi Logistics is taking a 7% stake to Tadawul’s parallel market Nomu in a secondary share sale whereby selling shareholders will rake in net proceeds, according to the prospectus (pdf). Some 1.1 mn shares will be up for grabs in an offering limited to qualified investors. The Khobar-based transportation company lined up Capital Market Authority approval for the move back in December.

What’s next? The subscription period will run from Tuesday, 27 May, to Sunday 1 June, during which qualified investors can book up to 750k shares, and no less than 10 shares each. The final allocation of shares is slated for Tuesday, 3 June.

Post-IPO structure + lockup: The selling shareholder is selling down their position to a 23% stake, down from their current 30% holding. Their shares will be on lockup for 12 months from the first day of trading.

Use of proceeds: The selling shareholders will take home the net proceeds from the sale after deducting SAR 1.26 mn to cover IPO-related expenses. The company will not receive any of the funds raised from going public.

Earnings snapshot: Al Khaldi Logistics bottom line grew 36% y-o-y to SAR 57.8 mn in 2023, while its topline inched up roughly 2.8% to SAR 297.7 mn.

About Al Khaldi Logistics: Founded in 2008, Al Khaldi Logistics offers supply chain solutions including freight forwarding, warehousing, distribution, and customs clearance.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager. Baker Tilly is the legal accountant. Receiving agents include Alisthmar Capital, Alinma Capital, SNB Capital, Al Jazira Capital, Riyad Capital, ANB Capital, and Albilad Capital, among others.

Other Nomu listings to watch out for in 2025:

Last week, Hawiya Auctions priced its Nomu IPO of a 12% stake at SAR 13 per share. The real estate marketing company stands to rake in SAR 31.2 mn in proceeds.
Multi-sector operator Anmat, real estate investment firm Asas Makeen, IT company Axelerated Solutions, restaurant operator Al Kuzama Trading, and school operator Dome International were the latest to issue prospectuses for the move.
Meanwhile, Qudra for Communications and IT, the National Signage Industrial Company, Naf for Feed Industry, medical equipment supplier Wajd, and property developer Hammad Mohammed Bin Saedan Real Estate were given the CMA’s all-clear to list on the parallel market.

Time Entertainment to debut on Nomu with a 20% stake

Time Entertainment Company is taking a 20% stake (good for 200k shares) to the Nomu parallel market, it said in a prospectus (pdf). The event organizer lined up Capital Market Authority approval for the move in December 2024.

Use of proceeds: The company will distribute the full proceeds to selling shareholders — minus SAR 2.4 mn in IPO-related expenses. The company itself will not receive any proceeds from the offering.

Post-IPO structure + lockup: Following the IPO, the company’s four major shareholders will see their combined ownership diluted to 80% from 100%. Princess Aidan bint Nayef Al Tawil Al Otaibi, the largest shareholder, will see her stake reduced to 68% from 85% while each of the remaining shareholders will see their 5% holdings reduced by one percentage point. Their shares will be locked up for 12 months from the first day of trading.

IPO timeline: Qualified investors can book shares between Tuesday, 27 May, and Sunday, 1 June, with a minimum subscription of 10 shares and a maximum of 49.9k shares. The final allocation is slated for Tuesday, 3 June.

Earnings snapshot: Time Entertainment reported a net income of SAR 10.8 mn in 1H 2024, up from SAR 2.9 mn in 1H 2023. The company logged SAR 79 mn in revenue during the same period, up from SAR 16.7 mn in the first half of the past year.

ADVISORS- Al Khair Capital is quarterbacking the transaction as financial advisor and lead manager. Alsaleh, Alsahli & Partners Law Firm is serving as legal advisor with RSM as the bookrunner. Receiving agents include Derayah Financial, Albilad Capital, Alkhabeer Capital, AlJazira Capital, ANB Capital, BSF Capital, Alinma Capital, GIB Capital, Alistithmar Capital, Riyad Capital, SAB Invest, Yaqeen Capital, Sahm Capital and SNB Capital.

About Time Entertainment: Established in 2012, the company specializes in the organization of entertainment events, offering professional event consulting services, live creative experiences and shows as well as celebrations.

First Avenue launches SAR 700 mn industrial real estate fund

First Avenue for Real Estate Development launched the SAR 710 mn Aljada Industrial Real Estate Fund, according to a Tadawul disclosure. The fund targets the acquisition of a 3.6 mn sqm plot in Al-Dilam Governorate, south of Riyadh.

The breakdown: The fund consists of SAR 475 mn in funding, including SAR 175 mn for purchasing the land and SAR 300 mn for development. The remaining SAR 235 mn are in the form of equity, where First Avenue holds a 5.25% stake and the investor owning the remaining 94.75%.

First Avenue will act as the project developer, earning a fee equal to 8% of the development cost. Meanwhile, Blominvest will serve as the fund manager.

So far, 55% of the land has been officially acquired after completing all legal and regulatory procedures. The transfer of the remaining portion is underway and expected to be finalized in a later phase.

First Avenue’s been busy in 2025: The company recently inked a inked a non-binding agreement with AWJ Real Estate Development to co-launch a fund aimed at acquiring and developing projects, with a focus on Le Perle assets. Plus, it owns 15% of the Al Shatea Real Estate Fund, which scooped up a SAR 188 mn commercial plot in Jeddah’s Al Shate’a district.

Real estate transactions hit USD 29 bn in 1Q 2025 -CBRE

Real estate transactions in the Kingdom hit USD 29 bn in 1Q 2025, showing positive market fundamentals, according to a report (pdf) by real estate consultancy CBRE. Fueled by robust demand in Riyadh’s residential, office, and hospitality markets, this momentum was supported by proactive government measures, strong investor sentiment, and continuous advancement in the construction industry.

On the office front, Riyadh saw demand outpacing supply, pushing Prime rents up 17% y-o-y, Grade A up 25%, and Grade B up 19% in 1Q 2025. Grade A occupancy reached 98%, while Grade B was similarly high. Similarly, Jeddah saw rising demand and rents, with Prime and Grade A occupancy above 90%, driven by economic diversification and proximity to industrial zones.

On the residential front, Saudi Arabia’s residential mortgage market grew significantly through February 2025, with new loans to individuals up 28.3% y-o-y to SAR 8.9 bn. Apartment lending fueled this surge with a 46.5% rise, signaling a gradual shift from standalone houses, which still account for 62.6% of financing.

MEANWHILE- The retail sector is on the up, with SAR 116 bn in sales in January and February, but a large pipeline of new malls risks oversupply. Major projects like Jawharat Riyadh (120k sqm, completing 2026) and Avenue Mall (370k sqm, completing 2027) will reshape Riyadh’s retail landscape, alongside long-term developments like New Murabba, Qiddiya and Diriyah Gate.

ICYMI- The Real Estate Price Index increased 4.3% y-o-y in 1Q 2025, with residential sector prices rising 5.1%. Key trends included a 5.3% increase in land prices, a 10.3% rise in villa prices, and a modest 1.2% growth in apartment prices. Riyadh saw the largest regional price increase at 10.7%.

Hospitality’s pipeline is busy: Over 426k new hotel rooms are planned to meet growing demand ahead of World Expo 2030 and FIFA World Cup 2034, with private tourism investment reaching SAR 14.2 bn, targeting USD 80 bn by 2030.

Industrial rents rose 14% y-o-y in Riyadh to SAR 206 per sqm per year in 4Q 2024 and 1.8% in Jeddah to SAR 221 per sqm per year. The National Industrial Strategy is driving growth with 105 new licenses in February 2025, 103 new factories launched in January with SAR 900 mn total investment and other major projects like SAL’s SAR 4 bn logistics hub and Modon’s SAR 1.75 bn factory contracts.

BUT- Saudi Arabia’s construction sector is facing challenges from global trade tensions and US tariff wars. These external pressures could lead to short-term increases in the cost of key construction materials, posing potential headwinds for ongoing and future developments.

REMEMBER- The Government has been intervening to ease price pressures in Riyadh, including launching a study on potential rental price caps, finalizing the White Land Tax to encourage housing development, lifting development restrictions on 81.5 sq km of land in northern Riyadh, along with a plan to release 10k-40k affordable residential plots annually through the Royal Commission for Riyadh City.

Housing market expected to grow on government backing, rising demand -S&P

The Kingdom’s residential real estate market is set to expand in 2025 despite rising prices, S&P Global said in a recent note. Demand will be sustained by government support, strong economic activity, and rising tourism, while the premium residency visa is expected to add after gaining some traction. However, affordability pressures, execution risks, and broader macroeconomic challenges — including high interest rates — remain key concerns.

Rising prices and rents push demand for mortgages: Residential prices have surged on strong demand and government-backed financing initiatives, like the Saudi Mortgage Guarantees Services Company (Dhamanat), with a reported 17.7% rise in mortgage issuance in 2024 to SAR 93.6 bn, S&P noted.

Mortgages have become the main financing tool to access a house amid affordability pressures, totaling about USD 180 bn by the end of last year. Meanwhile, rising demand for off-plan projects is boosting off-plan mortgage uptake, S&P said.

REMEMBER- Residential sales grew 38% y-o-y to 202.7k transactions worth SAR 164.8 bn in 2024.

Market shifts reshape the sector: Rising homeownership costs are driving a social shift toward apartment living and off-plan purchases with mortgages instead of villas, townhouses, and turnkey homes, the report reads.

The government remains central to market growth through homeownership targets, set at 70% by 2030, with 65.4% achieved in 2024, S&P noted. The authorities are working with developers to boost housing supply, projecting to add 400k units across major cities to raise the total offerings to 3.9 mn by 2028. New policies are also coming into place to regulate annual land allocations, aiming to ease some supply pressure and stabilize prices.

LOOKING AHEAD- While global trade tensions and oil price volatility pose additional risks, population growth, Vision 2030 initiatives, and urban housing shortages are likely to result in a resilient demand, S&P said. Interest rate cuts should also further boost mortgage growth.

BUT- Execution risks persist due to the increased prevalence of off-plan mortgages. Moreover, the premium residency visa program has so far had limited impact, probably due to the high minimum investment requirement at SAR 4 mn, the rating agency added.

Bahri, Acwa Power, ELM and more post 1Q earnings

BUPA ARABIA-

Bupa Arabia for Cooperative Ins. Co. (Bupa Arabia) saw its net income rise 5.8% y-o-y to SAR 380.2 mn in 1Q 2025, according to a disclosure to Tadawul. This growth was primarily driven by a 15.2% increase in ins. service results due to improvements in claims management and seasonal trends, as well as a 17.8% rise in net investment results. Meanwhile, ins. revenues showed a marginal increase of 0.8% y-o-y to SAR 4.41 bn in the same period.

BAHRI-

The National Shipping Company of Saudi Arabia (Bahri) reported a 17.6% y-o-y increase in net income to SAR 532.8 mn in 1Q 2025, according to a disclosure to Tadawul. Revenue fell 6.3% y-o-y to SAR 2.17 bn in the same period, pulled down by weaker performances by Bahri Chemicals, Bahri Oil, and Bahri Dry Bulk due to lower global shipping rates.

ACWA POWER-

Acwa Power’s bottom line increased 44% y-o-y to reach SAR 427 mn in 1Q 2025, pushed up by higher gross profit, operating profit, and deferred tax credit as well as lower impairment expenses, according to its investor report (pdf) issued on Thursday. The top line rose 57% y-o-y to SAR 1.97 bn, buoyed by higher development and construction management services, increased O&M revenue, and a rise in electricity sales.

Looking forward: The company is planning to advance green hydrogen investments and sustainable infrastructure in China and consolidate its market presence in Bahrain through acquisitions of power and desalination assets.

ELM-

Elm Company’s net income jumped 43.5% y-o-y to SAR 495 mn in 1Q 2025, fueled by lower operating expenses, a rise in other income and fair value gains, it said in a disclosure to Tadawul. Revenue increased 14.5% y-o-y to SAR 1.88 bn in the same period, steered by growth across its digital business (up 18.1%), professional services (up 48.4%), and business process outsourcing segments.

MEDGULF-

The Mediterranean and Gulf Ins. and Reins. Co. (MedGulf) saw its net income decrease 25.2% y-o-y to SAR 19.6 mn in 1Q 2025, weighed down by a 56.4% decline in the net income of ins. results caused by weaker performance in the motor and property & casualty lines, it said in a disclosure to Tadawul.

MEANWHILE- Ins. revenues increased by 20% y-o-y to SAR 1 bn, boosted by growth across the company’s business lines, particularly in medical business.

ARABIAN SHIELD INS.-

Arabian Shield Ins. posted a 73.1% y-o-y drop in net income to SAR 6.5 mn in 1Q 2025, brought down by rising ins. services, according to a disclosure to Tadawul. However, ins. revenues grew 15.5% y-o-y to SAR 451 mn thanks to a strong performance across the company’s main segments.

SAPTCO-

Saudi Public Transport Company’s (SAPTCO) net loss narrowed to SAR 20.1 mn in 1Q 2025, compated to SAR 48.6 mn in the same period last year, nourished by a 131.2% increase in gross profit and higher income from an associate company, according to a disclosure to Tadawul.

Revenue accompanied the positive trend, growing by 10.6% y-o-y to SAR 341.3 mn, pushed by a rise in public transport operations. The company’s accumulated losses reached SAR 352.4 mn, or 28.2% of its capital.

MESC-

Middle East Specialized Cables Co. (MESC) saw its net income contract by 26% y-o-y to SAR 19.2 mn in 1Q 2025, due to a pause in shipping related to Eid celebrations and rising S&M expenses, according to a disclosure to Tadawul. Revenue grew 16.4% y-o-y to SAR 339 mn in the same period, aided by a higher demand and stronger performance of distribution channels.

SAUDI RE-

Saudi Reins. Co. (Saudi Re) reported an 11.4% y-o-y increase in net income to SAR 35.4 mn in 1Q 2025, supported by a 28.2% rise in the net profit of reins. results and a 73.8% increase in net investment income, it said in a disclosure to Tadawul. Meanwhile, reins. revenues grew 56.3% y-o-y to SAR 323.4 mn.

QASSIM CEMENT-

Qassim Cement Company reported a 26.8% y-o-y expansion in net income to SAR 94.1 mn in 1Q 2025, fed by rising sales and lower S&M and G&A expenses, it said in a disclosure to Tadawul. Revenue followed the trend to clock a 54.1% y-o-y gain to SAR 302.7 mn, driven by an increase in sales volume and the full integration of the recently acquired Hail Cement Company.

New governors, deputy ministers appointed in latest royal decrees

The Kingdom announced a series of royal decrees marking appointments and leadership changes across government ministries, regional administrations, and advisory roles, according to a state news agency SPA.

Jazan has a new governor and deputy governor: Prince Mohammed bin Abdulaziz bin Mohammed bin Abdulaziz Al Saud was appointed as Jazan Governor (Minister rank), succeeding Prince Mohammed bin Nasser bin Abdulaziz Al Saud. Meanwhile, Prince Nasser bin Mohammed bin Abdullah bin Jalawi Al Saud was appointed as Jazan Deputy Emir (Excellent rank).

Other appointments include:

Prince Fahd bin Saad bin Faisal bin Saad Al Awal Al Abdulrahman Al Saud was relieved from his membership at the Shura Council and appointed as Al Qassim Deputy Emir;
Prince Abdulaziz bin Muhammad bin Abdulaziz bin Ayyaf Al Muqrin was assigned to act as Deputy Interior Minister, succeeding Nasser bin Abdulaziz Al Daoud, who was appointed as National Guard Deputy Minister;
Fahd bin Abdullah Al Askar was appointed as Deputy Chief of the Royal Court;
Mohammed bin Saud bin Musa Al Tamimi became Governor of the National Emergency Management Authority (Minister rank), leaving his role as Governor of the Communications, Space and Technology Commission;
Inas bint Sulaiman bin Mohammed Al Essa was appointed as Education Deputy Minister.

Saudi’s effort to de-escalate the Indian-Pakistani crisis is getting ink

Saudi Arabian de-escalation efforts are getting ink in the foreign press, amid escalating tensions between Pakistan and India following an alleged terror attack. The New York Times highlighted Minister of State for Foreign Affairs Adel Al Jubeir’s direct meetings in Delhi on Thursday and Islamabad on Friday. The US remained in the periphery, in contrast to its past involvement in similar crises, the newspaper said.

IN CONTEXT- The neighbouring countries have been exchanging fire after India accused Pakistan of involvement in a terror attack in Indian-controlled Kashmir. The NYT shed light on the Kingdom’s strong ties with both countries, with Pakistan being a key security ally and India being a key economic partner.

The newspaper alluded to Saudi Arabia’s and UAE’s efforts in previous episodes of the conflict. In 2019, following cross-border attacks, the two Gulf nations sent high-level envoys to both countries. In 2021, the UAE brokered a renewal to the ceasefire along the line of control in Kashmir.

“It’s in their [Gulf states] interest to make sure that the region is stable”, Time Magazine quoted the director of the centre for Muslim States and Societies at the University of Western Australia Samina Yasmeen. The Kashmir attack occurred while Modi was in Jeddah discussing the India-Middle East-Europe Economic Corridor and a potential USD 100 bn investment deal.

MBC Group is setting up a new HQ in Diriyah

REAL ESTATE-

MBC Group inked a land transfer agreement with Diriyah Company to acquire and develop plots within the Diriyah Project for its new headquarters, according to a disclosure to Tadawul. Under the agreement, Diriyah Company will oversee the development, design, and construction of the 138.4k sqm site — including offices, filming studios, and a visitor center — under a forthcoming detailed development works agreement.

Here, there, everywhere: MBC has been on a regional expansion push, launching facilities in Al Narjis in 3Q 2024 and headquarters in Riyadh’s Diplomatic Quarter back in 2022.

INVESTMENT WATCH-

#1- Stonepeak is opening its second Middle East office in Riyadh to boost infrastructure investments, appointing senior execs Steven Ciobo and Fadi Kerbaj to the base, it said in a press release. This move is part of the firm's broader strategy to capitalize on the region’s push for foreign institutional investment in infrastructure projects.

About Stonepeak: Stonepeak is a USD 73 bn alternative investment firm specializing in real estate, energy transition, digital infrastructure, logistics and transport. The Riyadh office follows the firm’s establishment of a presence in Abu Dhabi one year ago, Bloomberg reports.

#2- The SIDF Investment Company (SIC) and Tameed have launched a SAR 200 mn institutional investment program to provide SMEs with capital financing, state news agency SPA reports. SMEs with government or major private sector approval will access private sector investment opportunities via Tameed’s crowdfunding electronic platform, providing necessary liquidity to support their operational and production cycles.

IN CONTEXT- Last March, the SIC and London-based asset management firm Ashmore partnered to set up Saudi Arabia’s first private industrial investment fund, with a target size of SAR 400 mn. SIC was established last November by the Industry and Mineral Resources Minister Bandar Al Khorayef with an initial capital of SAR 2 bn to promote private investment in energy, mining, and logistics projects.

CAPITAL MARKETS-

Hamah Capital has earned approval from the Capital Market Authority (CMA) to begin managing securities-related investments and funds, according to a statement from the authority.

About Hamah Capital: The Riyadh-based company was established in January 2025 and manages investments, operates funds, and provides securities-related advice.

MANUFACTURING-

Basic Chemical Industries (BCI) inked a six-month MoU with South Africa’s AECI to set up a chemical manufacturing facility in Jubail, according to a disclosure to Tadawul. The joint venture aims to localize the production of specialized chemicals for water treatment, mining, and industrial uses at a new facility near BCI’s Chlor-Alkali plant in Jubail Industrial City.

SPORTS-

The Saudi Pro League partnered with Globant to launch an AI-powered competition management platform, the SPL said in a press release. Luxembourg-based tech firm Globant will deploy its Sportian Competition Management Solution for the SPL, creating a digital ecosystem to manage future seasons. The AI-driven platform will automate player registration, transfers, line-ups, referee assignments, and compliance, streamlining SPL operations.

This partnership marks Globant’s entry into Saudi Arabia’s sports sector, building on its global portfolio serving LaLiga, MotoGP, among others.

STARTUP WATCH-

Center of Digital Entrepreneurship (CODE) launched the fifth edition of Tech Pioneers program, featuring two fintech-focused incubators leveraging AI, targeting innovative startups in Riyadh and Jeddah, according to an X post from the Communications and IT Ministry. The four-month program offers technical, administrative, and financial support, helping participants access markets, investors, and digital resources.

Saudi Arabia led the regional IPO chart in 1Q -EY

MENA markets raised USD 2.4 bn in IPO proceeds across 14 listings last quarter, up from just 10 in 1Q 2024, marking a 106% increase in proceeds, according to EY’s MENA IPO eye report (pdf). IPO activity was heavily concentrated in Saudi Arabia, with only one listing in the UAE, and another in Oman. Despite the narrow distribution and global market jitters, EY sees the region’s IPO pipeline remaining intact.

KSA tops the charts: The Kingdom was home to 12 out of the 14 IPOs in the region last quarter, raising roughly USD 1.9 bn in proceeds across five main market listings and nine on Tadawul’s parallel market Nomu. Saudi real estate company Umm Al Qura for Development was the region’s highest grossing IPO in 1Q, contributing 22% to overall proceeds from the region, followed by hospital operator Almoosa Health (19%). The largest contributions came from real estate management (28%), health care equipment and services (24%), financial services (21%), and consumer discretionary distribution and retail (17%).

Meanwhile, the UAE saw one IPO in 1Q. The Abu Dhabi Exchange (ADX) was home to the UAE’s first and only IPO so far this year. Software company Alpha Data took a 40% stake to market in March, raising USD 163 mn.

Oman was the only other IPO contributor in the region last quarter. The LNG transport unit of state-backed logistics giant Asyazd Group Asyad Shipping ’s debut of a 20% stake on the Muscat Exchange raised USD 333 mn.

Top performing IPOs: Eleven stocks closed higher on their trading debut, with six — including Umm Al Qura for Development & Construction, Arabian Company for Agricultural and Industrial Investments (Entaj), and Derayah Financial — hitting the 30% daily limit set by regulators. 11 out of 14 IPOs were trading above their IPO prices as of 31 March. Umm Al Qura for Development & Construction posted the strongest performance, with a gain of 60%, followed by Riyadh-based Basma Adeem Medical Company, which recorded a 50% increase.

EY expects more IPO activity from tech firms this year: “In 2025, we can potentially expect to see an increase in IPOs from the technology sector including online retail, fintech, foodtech and classifieds,” the firm’s MENA IPO leader Gregory Hughes said.

What’s in the pipeline? EY says at least 21 more companies are expected to go public across MENA markets this year. Saudi Arabia continues to dominate the pipeline, with 17 firms already cleared by the CMA, while the UAE has three announced IPOs in the works, and Egypt has announced one, the report reads.

MENA stock exchanges delivered mixed results last quarter, with three posting gains and six ending the quarter in negative territory. Boursa Kuwait’s Premier Market Index led regional performance with a strong 10.7% gain, followed by the EGX30, which rose 8%. In contrast, Saudi Arabia’s Tasi recorded a marginal decline of 0.4%. On the weaker end of the spectrum, the MSM General Index in Oman posted the steepest drop, falling 4.6%, while the Qatar Exchange General Index declined 3.2% over the same period.

TASI	11,364	-0.3% (YTD: -5.6%)
MSCI Tadawul 30	1,452	-0.3% (YTD: -3.8%)
NomuC	27,931	+0.6% (YTD: -11.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,772	-0.2% (YTD: +6.8%)
ADX	9,626	-0.1% (YTD: +2.2%)
DFM	5,313	0.0% (YTD: +3.0%)
S&P 500	5,660	-0.1% (YTD: -3.8%)
FTSE 100	8,555	+0.3% (YTD: +4.7%)
Euro Stoxx 50	5,310	+0.4% (YTD: +8.5%)
Brent crude	USD 63.91	+1.7%
Natural gas (Nymex)	USD 3.80	+5.7%
Gold	USD 3,344	+1.2%
BTC	USD 103,243	+0.3% (YTD: +10.4%)
Sukuk/bond market index	911.37	+0.0% (YTD: +1.0%)
S&P MENA Bond & Sukuk	143.4	-0.1% (YTD: +2.5%)
VIX (Fear gauge)	21.90	-2.6% (YTD: +26.2%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% on Thursday on turnover of SAR 4.7 bn. The index is down 5.6% YTD.

In the green: Almajed Oud (+9.9%), SAICO (+4.4%) and MBC Group (+3.8%).

In the red: Gulf General (-10.0%), UCA (-9.2%) and Saudi German Health (-5.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.6% on Thursday on turnover of SAR 44 mn. The index is down 11.3% YTD.

In the green: Leen Alkhair (+20.9%), MEYAR (+16.4%) and Naseej Tech (+5.8%).

In the red: Pan Gulf (-7.7%), Mufeed (-6.3%) and Aljouf Water (-4.5%).

CORPORATE ACTIONS-

Saudi AutomotiveServices Company (Sasco) plans to sell real estate assets worth over SAR 500 mn in 2025-2026 to bolster cash flow, leverage the assets’ market value to support expansion and increase shareholder value, it said in a disclosure to Tadawul.

Sasco’s board also approved a subsidiary restructuring to boost efficiency and performance, transferring the Saudi Automobile and Touring Club to Ostool Al Naqil Company to grow logistics operations, and Al Nakhla Al Oula Contracting to Sasco Petroleum Services Stations, it said in a separate disclosure to Tadawul.

Saudi Tadawul Group greenlit a dividend payout of SAR 402 mn at SAR 3.35 per share for FY 2024, to be distributed on Monday, 19 May, it said in a disclosure to Tadawul (pdf).

The BoD of Raoom Trading approved a SAR 4.69 mn dividend distribution at SAR 0.375 per share for 1Q 2025, with distribution date set for 2 June, it said in a disclosure to Tadawul.

Iranian FM lands in town ahead of Trump visit

Foreign Minister Faisal bin Farhan met his Iranian counterpart Abbas Araghchi in Jeddah yesterday, to discuss strengthening bilateral ties across various sectors and the latest regional developments, the Foreign Ministry said in a post on X. Araghchi’s visit comes ahead of Trump’s visit to the region and amid nuclear talks with the US mediated by Oman.

ALSO- Crown Prince Mohammed bin Salman and Foreign Minister Faisal bin Farhan met with Palestinian Vice President Hussein Al Sheikh on Thursday to discuss developments in and assistance to Palestine, the Foreign Ministry said in a post on X.

CALENDAR

MAY

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

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

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

12-14 May (Monday-Wednesday): Saudi Food Show 2025, Riyadh Front Exhibition and Conference Centre, Riyadh.

12-15 May (Monday-Thursday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

26-29 May (Monday-Thursday): Hawyia Auctions Nomu IPO offering period.

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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