Humain to launch USD 10 bn AI VC fund this summer

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Flyadeal to launch flights to Syria as early as July + Reda Hazard Control is mulling a potential sale

Good morning, everyone, and happy THURSDAY. Our last issue in May is a packed with news of AI, energy and real estate investments that, from Humain, Acwa Power, Naif Alrajhi and Aljazira Capital. Let’s dive in.

WEATHER- A Red alert for Jazan with heavy rains, strong winds, zero visibility, flash floods, hail, and thunderstorms expected.

Riyadh is expected to see a high of 43°C and a low of 31°C today, while Jeddah’s mercury will go as high as 35°C and as low as 27°C. Makkah will see a 43°C high and 30°C low.

HAPPENING NEXT WEEK-

Shares of Axelerated Solutions will begin trading on Nomu parallel market on Sunday, 1 June, according to a Tadawul statement. The company’s shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The company priced its 10.7% stake Nomu IPO at SAR 27 per share, after its offering to qualified investors was 208% oversubscribed. The pricing would give Axelerated Solutions a market cap of SAR 756 mn at listing and should see it raise some SAR 3.8 mn in IPO proceeds.

PSAs-

New university admissions platform goes live: The Education Ministry launched the National Unified Admissions Platform to standardize university admissions across the Kingdom, according to state news agency SPA. The platform covers 28 public institutions, including 26 universities, the Technical and Vocational Training Corporation, and the Imdad Scholarship Program.

WATCH THIS SPACE-

#1- Homegrown budget carrier Flyadeal is gearing up to launch flights to Syria as early as July, after gaining the regulatory approvals to fly last week, CEO Steven Greenway told Reuters.

The airline is set to join several other carriers — like Qatar Airways, Turkish Airlines, and Royal Jordanian Airlines — who resumed flights to Syria following the fall of the Assad regime in December and the removal of US sanctions earlier this month. Rival UAE-based airline FlyDubai also said it plans to launch services to the country starting next month.

#2- Fire safety firm Reda Hazard Control is exploring a potential sale in what could mark a rare private equity play in the kingdom’s industrial space, Bloomberg reports, citing sources it says are in the know.

Reda has reportedly initiated talks with a handful of regional and international suitors, though no final decision has been made, the sources said. Reda also operates in Central and South Asia, North Africa and the US.

ADVISORS- The company is said to be working with Moelis & Co. as it weighs strategic options.

#3- Nomu-listed Saudi Azm for Communication and IT resubmitted a request to the exchange to transition to main market Tadawul, according to a disclosure. The company has previously received a rejection, as it failed to meet the required conditions. The company’s share price rose 3.4% to SAR 29 apiece at yesterday’s close.

What it takes: To move from Nomu to the main market, a company needs to meet stricter requirements. It must have a minimum market cap of SAR 300 mn and a solid financial track record of at least three years under consistent management. The company also needs to offer at least 30% of its shares to the public, have at least 200 public shareholders, and follow more rigorous financial disclosure rules.

#4- The travel and tourism sector is projected to contribute SAR 447.2 bn (c. USD 119.2 bn) to the Kingdom’s GDP this year, the World Travel & Tourism Council (WTTC) said in a statement.

The WTTC also expects the industry to employ some 2.7 mn people in 2025, and make a contribution to GDP above 10% on the back of “international and domestic spending.” It projects spending by foreigners to reach SAR 200 bn and that by locals to hit SAR 162.5 bn.

#5- The Kingdom joins China visa-free program: China added Saudi Arabia, along with Oman, Kuwait, and Bahrain, to its visa-free travel program, allowing citizens from the Gulf countries to stay in China for up to 30 days without a visa, according to a statement by the Chinese Ministry of Foreign Affairs. The program is running under a one-year trial period.

DATA POINTS-

#1- Car rental contracts rose over 22% y-o-y to more than 1.5 mn in 1Q 2025, according to a Transport General Authority post on X. Riyadh accounted for the highest share of contracts at 31.6%, followed by Makkah at 24.9%, the Eastern region at 15%, Madinah at 6.4% and Aseer at 6.1%.

#2- Some 1.18 mn pilgrims have arrived in the Kingdom as of Tuesday, the General Directorate of Passports said in a post on X. Around 1.1 mn pilgrims entered via airports, 60.4k via land, and 4.3k via sea.

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THE BIG STORY ABROAD-

It’s all about the Trump administration in the global front pages this morning.

Trump tariffs blocked: A US trade court blocked US President Donal Trump’s Liberation Day tariffs, invalidating them in a move that is expected to destabilize the president’s economic policies. “The court does not pass upon the wisdom or likely effectiveness of the President’s use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it,” the judge panel said. (Reuters | AP | Bloomberg | FT)

Imposing tariffs is a move that usually requires congressional approval. Congress has the sole authority to regulate trade with other countries, the court said.

We’ll keep our eyes peeled over the weekend for how markets react to the decision.

And that’s a wrap on Musk’s time in government: Elon Musk will be bidding farewell to the Trump administration, leaving his post as head of the Department of Government Efficiency. The bn’iare made the announcement on X, saying “as my scheduled time as a Special Government Employee comes to an end, I would like to thank President realDonaldTrump for the opportunity to reduce wasteful spending.” (Reuters | AP | Bloomberg)

OIL WATCH-

Saudi Arabia may cut its crude prices for Asian buyers in July to a six-month low as rising Opec+ supply continues to pressure benchmark prices, refiners told Reuters. The official selling price for flagship Arab Light crude could fall by USD 0.40-0.50 from June to USD 0.90-1 a barrel, according to refiners.

Prices for other Saudi grades — Arab Extra Light, Arab Medium, and Arab Heavy — are also expected to drop by USD 0.30-0.45 per barrel from the previous month.

REMEMBER- The Kingdom hiked its crude oil selling price for buyers in Asia by USD 0.20 a barrel for June, undercutting previous forecasts.

PIF-Backed Humain to launch USD 10 bn AI VC fund this summer

PIF-backed AI outfit Humain plans to launch a USD 10 bn venture capital fund this summer, targeting AI startups across the US, Europe, and parts of Asia, Humain CEO Tareq Amin told the Financial Times. The company is in talks with several US tech groups, including OpenAI, xAI, and Andreessen Horowitz about its plans, Amin said.

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Humain is seeking a US tech partner for its data center business, which aims to become one of the world’s largest AI infrastructure providers. While Amin did not specify the names, he indicated that talks are progressing with several major players in the sector.

Data security and sovereignty are top of mind. Customers will have access to real-time audits of data usage, Amin Said. Upcoming Saudi legislation is expected to allow data centers to fall under the jurisdiction of the tenant AI company’s home country. Still, it is uncertain whether this approach will satisfy stringent data sovereignty rules, such as those in the EU, which restrict storing sensitive data in foreign jurisdictions.

What’s next? Humain plans to begin chip procurement within 30 days, with an initial 50MW data center — powered by 18k Nvidia chips — set to launch in 2026, before scaling up to 500MW over time. The company is also planning a massive Riyadh data center park, three times the size of Groq’s USD 1.5 bn AI inference node.

Looking ahead, the company targets establishing 1.9 GW of data center capacity by 2030, with plans to reach 6.6 GW in 2034. The buildout is projected to cost around USD 77 bn at current market rates. By 2030, Humain hopes to handle 7% of the global AI training and inferencing workload.

Since launching earlier this year, Humain has signed USD 23 bn worth of agreements with US tech firms, including Nvidia, AMD, Amazon Web Services, and Qualcomm, Amin said.

Acwa Power plans USD 10 bn energy push in Malaysia

Acwa shakes hands with key Malaysian entities: Acwa Power inked an MoU with the Malaysian Investment Development Authority to mull developing up to 12.5 GW of power generation capacity by 2040 with an initial investment of USD 10 bn, according to a press release. The agreements were signed during the ASEAN-GCC Summit in Kuala Lumpur.

There’s more: Acwa also inked strategic partnership agreements and heads of terms for joint development agreements with Malaysian utility Tenaga Nasional Berhad, state investment arm Terengganu, and renewable energy player UEM Lestra. The partnerships will focus on feasibility studies and co-development of projects, including floating solar PV, combined-cycle gas turbine (CCGT), and large-scale water desalination.

We knew this was coming: Acwa started conducting feasibility studies with Malaysia’s Uem Lestra Berhad in March to establish independent water and power facilities and explore incorporating large-scale solar farms and CCGT solutions.

REMEMBER– Acwa Power announced plans last year to invest USD 10 bn in Malaysia over the next decade.

IN OTHER ENERGY NEWS-

GE Vernova tapped for Qurayyah turbines: GE Vernova secured an order for five 7H-Class gas turbines — three 7HA.03 and two 7HA.02 units — from Tecnicas Reunidas and Orascom Construction, set to be installed at the Qurayyah Independent Power Plant (QIPP) expansion project in the Eastern Province, according to a press release. This follows the USD 2.6 bn EPC contract inked in March between Tecnicas Reunidas and Orascom under a JV for the QIPP expansion.

BACKGROUND- The contracts are part of wider agreements announced earlier this month during the Saudi-US Investment Forum, by which Saudi Arabia will purchase USD 14.2 bn in gas turbines from GE Vernova.

REFRESHER- The Saudi Electricity Company and Acwa Power signed a SAR 13.4 bn power purchase agreement with the Saudi Power Procurement Company for the QIPP expansion back in February. The project will see the development of a 3.01 GW CCGT power plant ready for carbon capture and a 380 kV electrical substation.

Non-oil economy may be losing momentum -Capital Economics

Saudi Arabia’s non-oil economy has started to lose momentum, as the shift to “a more aggressive” oil production will weigh on oil prices, means a greater level of fiscal consolidation is in the pipeline, which will in turn depress non-hydrocarbon activity further, London-based research house Capital Economics (CE) said in a note seen by EnterpriseAM.

Signs of weakness: Non-oil business activity in the Kingdom grew at its slowest rate in eight months in April, in a slowdown that was primarily driven by a drop in new order growth. The seasonally adjusted headline figure came in at 55.6 in April, dipping from a reading of 58.1 in March. CE also noted that the Ipsos/LSEG survey of consumer confidence has slipped to its lowest reading since July. Timely point of sale transactions data have also shown a slump so far in 2Q, although most measures of consumer spending were strong over 1Q, CE added.

“Low oil prices suggest that activity in the non-oil economy will remain soft,” as lower oil export receipts are projected to widen the Kingdom’s twin budget and current account deficits. “The focus appears to be turning toward fresh fiscal consolidation to smooth the adjustment. Recent reports point to cuts to capital spending focused on gigaprojects. More goods are also now subject to the 15% VAT rate,” the note reads.

REMEMBER- Recent flash estimates from the General Authority of Statistics (Gastat) showed that Saudi Arabia’s economy expanded 2.7% y-o-y in 1Q 2025, driven by a 4.2% increase in non-oil activities and a 3.2% rise in government services. Oil activities declined 1.4% in the quarter as the Kingdom continued to implement voluntary output cuts under Opec+ agreement.

On a quarterly basis: The Kingdom’s seasonally adjusted real GDP rose 0.9% q-o-q in 1Q 2025, largely driven by a 4.9% q-o-q jump in government activities and a 1.0% increase in non-oil activities. Oil activities fell by 1.2% compared to 4Q 2024, softening the overall momentum.

While the oil sector has been “a drag on growth,” CE sees a potential reverse, as OPEC+ shifted towards regaining oil market share. The hike is estimated to “lift the Kingdom’s oil production from 9 mn bpd in April to 9.2 mn bpd in June – a 3% q-o-q increase in output from Q1,” according to the note.

Looking ahead: Crude production in Saudi Arabia is expected to surge 13% from the current level to 10.1 mn bpd, according to CE estimates, as it expects OPEC+ to fully unwind the 2.2 mn bpd of voluntary oil output cuts by 4Q. This will boost oil GDP and elevate overall GDP growth by some 0.8% to 4.8% this year. The figure is well below the IMF’s growth forecast of 3.7% next year.

Growth in the non-oil sector will likely weaken to below 3% y-o-y as of the year-end, and further slow to less than 2% y-o-y by 2026, “which would be more akin to the growth rates recorded in 2016-2017 than those seen in recent years.”

Asas Makeen’s Nomu IPO was 19.5x oversubscribed ahead of listing

Property developer Asas Makeen for Development and Real Estate Investment’s Nomu secondary offering was 19.5x oversubscribed, according to a filing to Tadawul. The subscription period, which wrapped up earlier this week, reeled in strong demand from qualified investors at the final IPO price, booking SAR 1.6 bn in orders. Final allocations took place yesterday.

REFRESHER- The company priced its Nomu IPO of a 10% stake at SAR 80 per share, which could see it raise some SAR 80 mn in proceeds, implying a market cap of SAR 800 mn at listing.

ADVISORS- Yaqeen Capital is acting as lead manager and financial advisor on the transaction, while RSM is the auditor. Receiving agents include Alistithmar Capital, Alinma Capital, SNB Capital, Aljazira Capital, Riyad Capital, ANB Capital, Derayah, Alrajhi Capital, BSF Capital, SAB Invest, AlKhabeer Capital, Sahm, and GIB Capital.

ALSO IN THE NOMU PIPELINE-

Al Kuzama Trading’s offering was 108.4% covered, pricing it at SAR 107 per share — the top of the range it was guiding on.
Axelerated Solution’s offering was 208% oversubscribed by qualified investors;
Dome International extended its subscription period to Sunday, 1 June.
Naf for Feed and Industries recently issued a prospectus to float a 20% stake;
Anmat, Hawiya Auctions, Dkhoun, Al Khaldi Logistics, Adeer Real Estate, and Dome International were the latest to price their Nomu IPOs;
Meanwhile, Qudra for Communications and IT, the National Signage Industrial Company, 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.

Naif Alrajhi Investment and Aljazira Capital to launch a SAR 1.7 bn real estate investment fund

Naif Alrajhi Investment and Aljazira Capital launched a closed SAR 1.7 bn real estate investment fund, according to a press release. The fund will focus on developing two real estate projects in Riyadh and Jeddah.

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The details: The fund will back a luxury residential project in Al Khuzama district in Riyadh, In Jeddah, it will support a mixed-use development in North Jeddah along King Abdulaziz Road, featuring residential and commercial buildings, a luxury hotel, retail space, offices, and dining venues.

This fund marks the latest in a series of real estate pushes by Aljazira Capital. The firm formed a SAR 2 bn agreement with Ajdan Real Estate Development to launch the Aljazira Ajdan Real Estate Fund and build mixed-use towers in Riyadh in September 2024. More recently, Aljazira was also reported to be working alongside Dallah Healthcare, Dallah Real Estate, and Tatweer to launch a fund targeting a mixed-use development on Riyadh’s King Fahd Road.

ICYMI- Naif Alrajhi Investment partnered with Morocco’s Travaux Généraux de Construction de Casablanca to jointly develop construction and real estate projects in Saudi through the TGCC’s local subsidiary.

Stitch lands USD 10 mn in seed round to scale up its financial infrastructure platform

Fintech infrastructure provider Stitch secured USD 10 mn in a seed funding round, according to a press release published yesterday. Participating investors included Arbor Ventures, COTU Ventures, Raed Ventures, and SVC, along with family offices and industry veterans like Marqeta founder Jason Gardner (LinkedIn) and Abdulmalik AlSheikh (LinkedIn).

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Use of proceeds: The fresh funding will be used to expand Stitch’s team and platform capabilities across MENA and East Africa.

About Stitch: Founded in 2022 by Mohamed Oueida, Stitch provides an API-driven platform for financial and non-financial institutions to build and launch banking and payment solutions. Their client base spans Saudi Arabia, the UAE, and Eastern Africa, serving companies like Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing, and Tanmeya Capital.

Adel Al Ghadhban tapped as Taqa’s interim CEO, Khalid Nouh steps down

Industrialization and Energy Services Company (Taqa) appointed Adel Al Ghadhban as Interim Chief Executive Officer starting 1 June, following Khalid Nouh’s decision to step down as CEO, Taqa said in a press release seen by EnterpriseAM. Nouh’s resignation comes as part of the company’s “ongoing evolution and long-term strategic growth agenda”, the statements reads.

Al-Ghadhban has over 30 years of experience across the energy and manufacturing sectors, including in portfolio management and finance. He has spent 20 years with Taqa, where he is the current executive vice president for ventures, as well as Chief Investment Officer.

Four Saudi firms receive Schneider Electric’s global EcoXpert Award

Four local companies brought home global awards at Schneider Electric’s Innovation Day in Prague, with each receiving a global EcoXpert Award as outstanding partners, according to a press release.

The winners include:

Jeddah-based Power Center Factory, a manufacturer of electrical switchgear and control systems;
Riyadh-based Saudi Manufacturing Operations & Technical Systems (MOTS), a manufacturer of low voltage and medium voltage switchgears;
Riyadh-based Saudi Electrical and Electronic Control Systems Industry (SELCO), a provider of electrical, electronic control, and industrial services;
Jeddah-based Al Mayssan Technical Services (MTS), a provider of building control and automation solutions.

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About the program: Schneider Electric’s EcoXpert partner program is a global partner training and certification initiative focused on delivering advanced energy management and automation solutions to drive efficiency and sustainability.

Hyperview + DHL to pilot hydrogen-powered trucks in Jubail

AUTOMOTIVE-

Homegrown hydrogen mobility firm Hyperview Saudi signed an MoU with DHL Global Forwarding to pilot hydrogen-powered trucks in Jubail, according to a press release. Over three months, the HTO2.1 model will be tested for performance, efficiency, and emissions reduction under real-world conditions. The trial also examines the readiness of local hydrogen refueling infrastructure.

ICYMI- Hyperview announced last February it will establish the Kingdom’s first hydrogen-powered truck factory and the Middle East’s first autonomous driving hardware factory in Jeddah under an MoU signed with the Public Investment Fund. The project will kick off with a USD 50 mn investment for its initial phase and targets to produce 1k hydrogen trucks and 300k self-driving hardware units annually.

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TECH-

Aramco Digital and India’s LTIMindtree have launched a new IT services company in the Kingdom, according to a statement. The joint venture, LTIM Aramco Digital Solutions for Information Technology Company (NextEra), is backed by Aramco’s Namaat Industrial Investments Program and will focus on AI, cloud services, digital engineering, sustainability, and customer-centric solutions.

We knew this was coming: Aramco Digital had a USD 12.3 mn MoU with LTIMindtree back in March to establish the new digital and IT services joint venture.

RETAIL-

NHC + Naver Cloud partner to invest in local super map JV: The National Housing Company’s digital arm NHC innovation and South Korea’s Naver Cloud signed a contract to establish an AI-powered advanced smart city solution joint venture called Naver Innovation, aiming to manage a portfolio exceeding SAR 2 bn, according to a statement.

The details: The JV will initially provide urban planning information, such as flood forecasting and population distribution analysis under a local map service, with plans to develop it into a digital twin app for major cities later on, according to a press release. No investment ticket was disclosed.

REMEMBER- The NHC launched NHC Innovation last January to manage its 10 digital platforms serving 20 mn users and handling 500 mn operations per year, with SAR 250 bn in financial transactions in 2024.

AVIATION-

Saudia signed a two-month wet lease agreement with Filipino airline Cebu Pacific toprovide its budget carrier flyadeal with two Airbus A320 aircraft, complete with pilots, crew, and maintenance during July and August, Reuters reported yesterday, citing a press conference. No ticket was disclosed.

ALSO- The budget airline is planning to operate long-haul routes and expand into Southeast Asia under its partnership with Cebu, tapping work migrants and Haj pilgrims to connect the Philippines, Malaysia, and Indonesia to the GCC, CEO Steven Greenway was quoted as saying by the newswire.

INFRASTRUCTURE-

Egis to supervise Phase 1 of Riyadh integrated logistics project: French engineering firm Egis was appointed as Package Administration and Supervision Consultant for the Riyadh Integrated Special Logistics Zone (SILZ), according to a press release. The firm will oversee the delivery of core infrastructure, including roads, utilities, landscaping, and buildings during Phase 1.

About SILZ: Launched in 2022, SILZ is the Kingdom’s first Special Economic Zone and the national logistics platform program’s inaugural project. It spans over 3 sq km in the vicinity of King Khalid International Airport, aiming to capture some 4.5 mn tons of air freight worth of electronics, medicine, aviation parts, luxury goods, and aircraft components.

MARITIME-

The Saudi Ports Authority (Mawani) added SeaLead’s new RESIN shipping service to Jeddah Islamic Port, it said in a statement. The new service, which has a 1k standard container capacity, will link the Jeddah port with the ports of Nhava Sheva Port in India, Sokhna Port in Egypt, Djibouti Port, and Jebel Ali Port in the UAE.

Mawani by numbers: Ports supervised by Mawani handled 625.4k TEUs in April 2025, up 13.4% y-o-y. The growth was driven by a 22.5% y-o-y jump in imported containers to 259.4k TEUs and an 8% rise in exported containers to 233.8k TEUs.

REGULATION WATCH-

The eligibility age for housing support is now 20 years instead of 25, following the cabinet’s latest updates to the Sakani Program’s regulations, the program said in a post on X.

More details: Requirements for divorced wives and mothers to support housing applications were removed, and the necessary divorce period for eligibility will now be set by executive regulations, eliminating the prior two-year waiting period for divorced mothers.

Wall Street banks eye dipping toes into crypto amid regulatory changes

Crypto could soon go mainstream on Wall Street, with US banking giants reportedly meeting behind closed doors to discuss making a move into crypto as the Trump administration brings in friendlier crypto regulations, four unnamed industry insiders told Reuters. Despite 22% of Americans holding cryptocurrencies — or one in five — according to Gemeni Trusts’ Global State of Crypto report for 2025, large American banks have so far mostly been prevented from jumping on the bandwagon due to heavy regulations.

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Change is coming, but it will come slowly at first, the newswire’s sources said. Any moves into crypto will be small in scale at first, in the form of partnerships with crypto firms and in pilot programs as they test the limits of incoming regulations and try to avoid any potential legal blowback. Although guidelines have become clearer, the banking sector is still calling for more details on what they can and cannot do when it comes to once legal, difficulty-fraught digital tokens.

US President Donald Trump has been key in driving the push, with the self-described first ”crypto president” on talking up plans to reduce crypto regulations and create a strategic BTC reserve, both on the campaign trail and in the Oval Office.

His companies have been getting in on the action too, with the Trump Media and Technology Group planning to raise USD 2.5 bn to buy up crypto.

But there are still some big names on Wall Street who are proudly standing by their crypto scepticism, including JPMorgan CEO Jamie Dimon who as recently as last week said that “when I look at the [BTC] universe, the leverage in the system, the misuse in the system, the money laundering issues, trafficking, I’m not a fan of it.”

REMEMBER- BTC reached a new all-time high in trading at the end of last week, surpassing its previous January peak to reach USD 111.9k, before paring back gains. The digital currency is up 12.9% this month alone and 14.8% YTD, after having spent much of the year in the red YTD on the back of trade war escalation fears pushing some to let go of the asset.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning. Japan’s Nikkei and the Kospi are looking at gains of 1.6%, the Shanghai Composite and the Hang Seng are also in the green, up 0.4% and 0.2%, respectively.

TASI	11,053	+1.2% (YTD: -8.2%)
MSCI Tadawul 30	1,414	+1.1% (YTD: -6.3%)
NomuC	26,933	+1.3% (YTD: -14.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	32,494	+0.3% (YTD: +9.3%)
ADX	9,743	+0.7% (YTD: +3.4%)
DFM	5,527	+0.4% (YTD: +7.1%)
S&P 500	5,889	-0.6% (YTD: +0.1%)
FTSE 100	8,726	-0.6% (YTD: +6.8%)
Euro Stoxx 50	5,378	-0.7% (YTD: +9.9%)
Brent crude	USD 64.90	+1.3%
Natural gas (Nymex)	USD 3.20	-5.7%
Gold	USD 3,312	-0.3%
BTC	USD 107,423	-1.2% (YTD: +14.8%)
Sukuk/bond market index	913.9	0.0% (YTD: +1.3%)
S&P MENA Bond & Sukuk	143.3	+0.2% (YTD: +2.4%)
VIX (Fear gauge)	19.33	+2.0% (YTD: +11.4%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.2% yesterday on turnover of SAR 4.6 bn. The index is down 8.2% YTD.

In the green: Cenomi Retail (+5.8%), ATAA (+5.5%) and Kingdom (+5.2%).

In the red: UCIC (-4.9%), Banan (-2.4%) and Nama Chemicals (-1.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.3% yesterday on turnover of SAR 20.2 mn. The index is down 14.4% YTD.

In the green: Leen Alkhair (+16.7%), UFG (+9.5%) and Alrashid Industrial (+9.4%).

In the red: Future Care (-7.7%), View (-4.9%) and Almuneef (-4.9%).

CORPORATE ACTIONS-

Bahri gets CMA’s go-ahead to hike capital: The National Shipping Company of Saudi Arabia (Bahri) received the green light from the Capital Markets Authority (CMA) to hike its capital by 20% to SAR 9.2 bn through a one-for-four bonus share issuance, according to a statement from the authority.

The increase will be funded via SAR 1.9 bn in retained earnings, pending the shareholders’ approval at an upcoming extraordinary general assembly, set to be held within six months.

Tawuniya approved a SAR 225 mn dividend distribution for FY 2024 at SAR 1.5 per share, according to a disclosure to Tadawul (pdf). The distribution date is set for 22 June.

CALENDAR

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

27 May-1 Jun (Tuesday-Sunday): Al Khaldi’s Nomu IPO subscription period

27-29 May(Tuesday-Thursday): Saudi Warehousing and Logistics Expo, Riyadh International Convention and Exhibition Center.

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

30 May (Friday) King’s Cup final (Al-Ittihad vs Al-Qadisiyah), Al-Inma Stadium, King Abdullah Sports City, Jeddah.

JUNE

1 June (Sunday): Axelerated Solutions begins trading on the Nomu parallel market.

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

5-10 June (Thursday-Tuesday): Markets close for Eid Al Adha.

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.

15 October (Wednesday): Russian-Arab Summit.

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

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

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

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

11-13 November (Tuesday-Thursday): TouriseSummit, 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.

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

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.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, 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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