Oil exports dropped to an almost four-year low in April, while non-oil exports rose

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dar Al Arkan kicks off int’l sukuk issuance

Good morning, everyone, and happy THURSDAY. Market jitters caused by oil price volatility and US tariffs caught up with our trade data in April, leading oil exports to drop to a nearly 4-year low, while non-oil exports remained on a growth trajectory. Meanwhile, Specialized Medical Company saw a muted debut on Tadawul’s main market yesterday, following in the footsteps of Flynas and United Carton.

ALSO- S&P revised our GDP growth forecasts for the next few years, and the Capital Markets Authority is out with its statistical bulletin for 1Q 2025. Let’s dive in.

WEATHER- Riyadh is expected to see a high of 43°C and a low of 29°C today, while Jeddah’s mercury will go as high as 40°C and as low as 29°C. Makkah will see a 42°C high and 34°C low.

⚠️Get ready for summer: Temperatures in parts of Jazan, Najran, Riyadh, Eastern Province, Qassim, Hail, and the Northern Borders rose by an average of 8°C this June, the National Center for Meteorology said in a report (pdf). July is forecast to see an additional increase of up to 1°C, with August predicted to be the hottest month, likely bringing temperatures up by as much as 1.2°C in parts of Al Jawf, Hail, Qassim, Tabuk, and the Eastern Province.

WATCH THIS SPACE-

#1- Dar Al Arkan kicks off int’l sukuk issuance: Tadawul-listed property developer and operator Dar Al Arkan Real Estate Development has opened books on its five-year USD-denominated senior unsecured sukuk, with initial price thoughts (IPTs) in the 7.75% area, Zawya reported yesterday.

The details: The Reg S-compliant sukuk will be listed on both the London Stock Exchange and Nasdaq Dubai, with a fixed rate paid semi-annually. The Shariah-compliant notes, which are structured as an Ijara-commodity Murabaha, are expected to be rated B1 by Moody’s.

ADVISORS- Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Alkhair Capital, Al Rayan Investment, Arqaam Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank are joint lead managers and bookrunners on the transaction.

#2- BSF looks east for USD multi-mn syndicated loan: Banque Saudi Fransi (BSF) is looking to tap Asian lenders for a USD 750 mn 5-year syndicated loan to cover its general corporate expenses, Bloomberg reported yesterday, citing people it says are familiar with the matter. The facility is said to carry a margin of 95 bps over SOFR and includes an accordion feature that would allow the Tadawul-listed lender to upsize the financing amount after signing.

ADVISORS-BSF reportedly mandated Mizuho Bank and Sumitomo Mitsui Banking as lead arrangers and bookrunners on the potential transaction.

#3- Red Sea subsidiary lines up IPO: Tadawul-listed Red Sea International is preparing to list its electrical contracting arm, Fundamental Installation for Electrical Work (First Fix), the parent company said in a disclosure to the bourse yesterday. It is unclear whether First Fix intends to IPO on Tadawul’s main or parallel market, with further developments to be announced at a later stage. The potential offering is still pending regulatory and general assembly approval.

ALSO- One more Tadawul listing on the way: Car rental company Cherry Trading got the green light from the Capital Markets Authority (CMA) for listing a 30% stake on the main market, the CMA said in a statement.

ICYMI- Tadawul is sitting on a packed IPO pipeline: The main market is set to welcome a handful of IPOs in the near future, including Marketing Home Group, Dar Al Majed,and Ejada Systems, among many others. Meanwhile, the CMA has cleared Naf Company for Feed Industry, Qudra for Communications and IT, the National Signage Industrial Company, Wajd, and Hamad Mohammed Bin Saedan Real Estate to list on Nomu.

#4- Aslak buys more time to close Al Raeda share swap: Tadawul-listed United Wire Factories (Aslak) extended its MoU to acquire 40% of Jeddah-based Al Raeda Industrial Investment by way of a share swap, according to a disclosure to the exchange released yesterday. Aslak now has until the end of the year (Wednesday, 31 December) to wrap up due diligence procedures, and square away regulatory requirements.

IN CONTEXT- The pair inked a non-binding MoU for the potential buyout late last year, which will see Aslak receive Al Raeda shares in exchange for issuing new shares to the latter’s selling shareholders at SAR 29.7 a piece.

#5- Small grocery stores are now banned from selling tobacco, dates, meat, fruits and vegetables, under new rules issued by Municipalities and Housing Minister Majid Al Hoqail, Saudi Gazette reported on Tuesday. These items can be sold in supermarkets and hypermarkets, though meat sales require a separate license. The decision takes effect immediately, with a six-month grace period for existing shops.

DATA POINTS-

#1- Consumer spending via point-of-sale (PoS) transactions in the Kingdom was down 1.5% w-o-w in the week ending 21 June, reaching SAR 10.9 bn, according to the Saudi Central Bank’s weekly report (pdf). The number of weekly transactions also fell 0.6% w-o-w to SAR 202.5 mn during the week.

The details: Food and beverages made up the bulk of consumers’ spending during the week in terms of value, but experienced a 7.2% fall w-o-w to SAR 1.6 bn. Restaurants and cafés came in second place, but also fell 14.3% w-o-w to just over SAR 1.5 bn. This was followed by gas stations spending, which dropped 5.1% w-o-w to just SAR 813.5 mn, and healthcare, which increased 16.8% w-o-w to SAR 712.6 mn.

Riyadh had the highest value of PoS transactions at just over SAR 3.9 bn, followed by Jeddah at just under SAR 1.6 bn.

#2- The Social Development Bank distributed some SAR 4.3 bn in financing in 1H 2025 to 43k citizens across the Kingdom, with SAR 1.8 bn going to 18k freelancers and productive families, SAR 1.5 bn to 5k SMEs, and SAR 1 bn in social financing to 20k citizens, state news agency SPA reported yesterday. Some 40k fresh savings accounts were opened during the same period as well.

#3- The Interior Ministry’s Absher platform processed over 42.6 mn digital transactions in May, according to a statement released on Tuesday. ِThe Absher Individuals app saw 39.4 mn operations, topped by digital wallet document reviews (31.7 mn transactions), while the Absher Business platform saw 3.1 mn operations.

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THE BIG STORY ABROAD-

Two big stories are getting plenty of ink in the foreign press this morning: Nato’s agreement to hike security spending, and the latest around Iran, from how much damage the US’ strikes on its nuclear facilities actually inflicted to what’s next for the nuclear agreement.

From the Hague, Nato agreed to increase spending to 5% of GDP — up from 2% as of this year — and renewed their “ironclad commitment” to security in a show of strength that pushes back against Russia. The move to hike spending is understood to be great news for US President Donald Trump, who has been calling on his European allies to increase spending on security. Trump also met with Ukrainian President Volodymyr Zelenskiy on the sidelines of the summit, as he looks to secure more US weapons. (Bloomberg | Reuters | Financial Times | Guardian | New York Times)

Over in Iran, speculation continues around the extent of damage on its nuclear facilities following the US’ attacks on three of its sites, with Trump asserting that the intelligence report from a day earlier was inconclusive and that the damage was actually severe. Iran’s Foreign Ministry spokesperson Esmail Baghaei later said the sites were “badly damaged” in a TV interview. It’s still unclear how badly they were hit, with some sources saying the nuclear program was set back only a few months’ time, and others — namely, Israel — saying it’s years. (Bloomberg | Reuters)

ALSO- Trump said Iran and the US will meet next week, saying a nuclear agreement could be on the table but that it might not be necessary given the damage that had already been inflicted on Iran’s nuclear program. (Bloomberg | NYT | Axios)

Oil exports down over 20% in April + non-oil exports up 6.8%

Oil exports dip to 4-year low in April: The Kingdom’s oil exports dropped 21.2% y-o-y to SAR 61.96 bn in April, its lowest level since June 2021, according to preliminary data from the General Authority for Statistics (Gastat) (pdf). Oil’s share of total exports also dropped by 8.9 percentage points y-o-y to 68.6%.

The drivers: April saw the markets receive a double hit, between Trump announcing sweeping tariffs and Saudi Arabia leading a sharp acceleration in Opec+ output hikes, according to Bloomberg analysts. The oil group announced a long-delayed plan to gradually return 2.2 mn bbl / d of oil to the market over 18 months in April.

Higher pressures: Lower oil prices — around the USD 65/bbl level — increase the risk of widening budget deficits and higher public debt levels, Mohamed Abu Basha, head of macro analysis at EFG Hermes, told Bloomberg. “Such pressures are manageable in the short-term, considering the kingdom’s strong balance sheet and access to credit. Low oil price for longer would most likely require a combination of a revisit to spending plans and implementation of fiscal consolidation measures,” Abu Basha added.

Proceeding with caution: The drop in oil revenues — coupled with global uncertainty — will see the Kingdom “take stock” of its spending priorities as it moves forward with capital-intensive Vision 2030 development projects, Finance Minister Mohammed Al Jadaan told Financial Times earlier in May.

THE NON-OIL SITUATION-

Non-oil merchandise exports rose 6.8% y-o-y to some SAR 17.7 bn in April 2025. Total non-oil exports — including re-exports — surged 24.6% y-o-y, bolstered by a 72% increase in re-exports value, despite a 10.9% decrease in merchandise exports during the same period. Meanwhile, imports grew 18.3% to about SAR 76.1 bn, and the surplus of the merchandise trade balance abated 61.7%.

Non-oil exports remained higher than imports, with the ratio rising to 37.2% in April, compared to 35.4% in the same month a year ago.

Plastics, rubbers, and their derivatives, making up 21.7% of non-oil exports, logged a 4% y-o-y increase. Chemical products, which comprised 21% of non-oil exports, inched up 2.3% y-o-y.

Machinery, electrical equipment, and parts were the most sought after by importers, increasing 25.4% y-o-y to nearly SAR 21.1 bn, and accounting for 27.7% of total imports. Transportation equipment and parts followed recorded a 64.5% y-o-y increase to around SAR 13.1 bn, with a 17.2% share.

China still tops the trade list: The Kingdom’s merchandise exports to China made up 12.6% of our total exports in April 2025, followed by Japan (10.1%) and the UAE (9.8%). Meanwhile, Chinese goods accounted for 25% of total imports over the same period, followed by the US (7.5%) and the UAE (6.8%).

SMC’s IPO prove another muted Tadawul debut

Tadawul logs another muted debut: Shares of private healthcare provider Specialized Medical Company (SMC) shed 3.5% on its Tadawul debut to close at SAR 24.16 a piece. The slump makes SMC the third company this year to close the first day of trading on the main market below its IPO price, joining Flynas (-3.4%) and United Carton Industries (UCIC) (-1.5%).

The company’s shares will still be subject to the usual Tadawul debut rules — a 30% price fluctuation cap and a static 10% band over the first three sessions, followed by a 10% daily circuit breaker onwards.

ICYMI- SMC took a 30% stake to market in a secondary offering that was 65x oversubscribed by institutional investors and 1.45x oversubscribed by retail investors. Shares were priced at SAR 25 each — the top of the indicative range — implying a market cap of SAR 6.3 bn at listing and raising SAR 1.9 bn for the selling shareholders (minus transaction-related costs).

Bad timing? The offering landed just as Tadawul is closing one of its weakest quarters on record, shedding 4.8% in May amid slumping oil prices, rising concerns over fiscal spending, and a broader flight from risk across Gulf markets. The Israel-Iran conflict and renewed US tariff threats added to the uncertainty, signaling wider investor caution rather than company-specific drawdowns.

Part of the lackluster performance may be chalked up to transaction mechanics. The stock’s top-end pricing may have left little room for upside, and the fact that it was a secondary offering (with no new capital injected into the business) may have curbed investor appetite. Retail demand was also more subdued than institutional interest, suggesting the investor base that typically drives first-day momentum wasn’t fully on board.

The weak debut marks a rare miss in the Kingdom’s healthcare IPO space, which has largely been a hotbed for first-day pops. Almoosa Health ’s stock gained 15% on debut in January, while Fakeeh Care’s shares were up 10% in one of the largest IPOs last year. Al Hammadi and Saudi German Healthcare led the way with high-profile IPOs a few years ago, with Dr Sulaiman Al Habib, Nahdi Medical, and drugmakers Jamjoom Pharma — Tadawul’s biggest IPO of 2023 — and Avalon Pharma in 2024 all following suit.

The main market IPO pipeline remains hefty, but may be facing delays due to the broader market jitters born out of the Israel-Iran war:

Companies that have yet to move beyond receiving the CMA’s approval include Marketing Home Group, and Dar Al Majed ;
Meanwhile, Ejada Systems, which missed its six-month IPO window, is set to resubmit an IPO application to the CMA;
Companies that tapped banks for potential IPOs include the PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, Riyad Capital, and BNPL platform Tabby ;
Alramz Real Estate and Al Othaim Investment announced plans to float a 30% stake on Tadawul this year;
F&B players Barns, Half Million, Deemah, and Hashi Bashi are said to be sounding out banks for potential debuts on the main market;
Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026;
PIF-backed CloudKitchens is reportedly eyeing an IPO in the Kingdom or the UAE (or both);
Meal subscription startup Calo is also said to be eyeing an IPO here at home by 2027.

Kingdom’s 2025 GDP growth revised up to 3.7% — S&P Global

S&P Global Ratings raised forecasts for the Kingdom’s GDP growth by 0.2 percentage points to 3.7% in 2025, citing an increase in the country’s oil production to 9.5 mn bbl / d starting July, up from 9 mn in 1H 2025, the agency said in its Economic Outlook Emerging Markets report published on Tuesday.

The outlook isn’t as positive for the next two years: The agency also lowered its GDP growth forecast for 2026 by 0.3 percentage points to 3.9%, and brought down its forecasts for 2027 to 3.2%, and for 2028 to 3.1%. The revisions were attributed to the revised GDP methodology by the Kingdom’s General Authority of Statistics (Gastat).

REMEMBER- Gastat recently updated its nominal and real GDP historical data over 2011-2024 as part of a revision project that looks to better capture economic transformation, with more detailed insights over the performance of key sectors in the economy. GDP growth during 1Q 2025 was hence revised upwards to 3.4% y-o-y from the 2.7% figure reported back in May.

Under the new GDP series, “2024 non-oil GDP increased by around 20% in nominal terms, which in turn automatically implies a smaller effect of Vision 2030 investments in relative terms, and therefore, smaller effect on headline GDP growth,” the report reads.

More optimistic than other predictions: The World Bank kept its GDP growth forecasts unchanged earlier this month for the Kingdom at 2.8% in 2025 and 4.5% in 2026. In April, the IMF cut its forecasts for the Kingdom’s GDP growth in 2025 to by 0.3 percentage points to 3%, and by 0.4 percentage points to 3.7% in 2026, compared to its January estimates. The downward revisions reflect ongoing uncertainty around oil production levels and the pace of non-oil sector expansion.

How the equity + debt capital market fared in 1Q 2025

The Kingdom’s capital markets saw a rebound in equity offerings in 1Q 2025, despite private debt placements outpacing equity on the corporate funding front, according to the Capital Market Authority’s (CMA) latest quarterly bulletin (pdf). Saudi stock ownership remained heavily concentrated in institutional hands, while retail investors were net buyers for the second straight quarter.

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Nomu listings accounted for the lion’s share of IPO approvals in the first quarter of the year. A total of nine parallel market IPOs were approved in 1Q with 21 more in the pipeline, compared to 5 approvals on the main market, with 16 pending regulatory sign-off.

Equity issuance surged y-o-y: Public equity offerings hit SAR 42.6 bn across 13 transactions in 1Q 2025, nearly tripling the SAR 15.3 bn recorded in 1Q 2024. Debt issuance, meanwhile, remained muted, with just one public debt instrument raising SAR 70 mn over the same period.

Institutional ownership took a minor hit: Institutions held 95.3% of the SAR 9.9 tn total market value in 1Q 2025, down from 96.0% of SAR 10.9 tn in 1Q 2024. Retail investors, meanwhile, increased their share to 4.7%, up from 4.0% a year earlier, marking a notable shift amid rising retail participation.

Retail continued to buy the dip: Retail investors were net buyers once again in 1Q, while institutions accounted for 47.9% of total sell-side trades versus 47.7% on the buy side. Meanwhile, government-related entities (GREs) were net sellers.

Private debt still leads fundraising: Private debt placements raised SAR 13.2 bn across 22 issuances in 1Q 2025, up 7.3% y-o-y from SAR 12.3 bn across 16 issuances in the same quarter last year. Private equity placements, meanwhile, fell by 38.8% in value to SAR 589.3 mn from SAR 963.5 mn in 1Q 2024, with the number of transactions holding steady at six, compared to eight. That 1Q’s debt-to-equity ratio at over 22x, up from around 12.8x a year earlier.

ALSO- Capital market institutions had a good start to the year. Total industry revenues hit SAR 4.8 bn, up from SAR 4.1 bn in the same period last year. Investments remained the top contributor at SAR 1.6 bn, followed by asset management (SAR 1.5 bn), dealing (SAR 633.6 mn) and investment banking (SAR 416.6 mn).

Tadawul’s 1Q performance captures a pre-crisis snapshot, before markets were rattled by escalating geopolitical tensions, including the Israel-Iran conflict and renewed tariff threats from the US. While our capital markets held firm in early 2025, the picture changed swiftly in 2Q when Tadawul ranked as the worst-performing major global exchange in May, as risk-off sentiment, regional instability, and weaker liquidity weighed on investor appetite.

PIF thrice recognized at the GlobalCapital Bond Awards

PIF claims distinctions from GlobalCapital: The Public Investment Fund (PIF) has been named the Overall Most Impressive Emerging Markets Issuer and Most Impressive Issuer in the Middle East at the 2025 GlobalCapital Bond Awards, the PIF said on X on Tuesday.

ALSO- Ahmed Alrobayan (LinkedIn), Head of Public Markets within the Global Capital Finance Division, was recognized as the Middle East’s Most Impressive Funding Official.

About the awards: The GlobalCapital Bond Awards stand as the only honors dedicated to the international bond markets. Winners are determined directly by industry peers through a market-wide poll with this year’s awards recognizing outstanding performance between April 2024 and March 2025.

Al Othaim Markets, Ebdaa Al Qasr hit a wall in acquisition talks

M&A WATCH-

Abdullah Al Othaim Markets ended talks to acquire a 51% stake in Ebdaa Al Qasr Marketing after both parties failed to reach a final agreement, it said in a disclosure to Tadawul yesterday. Al Othaim had signed a non-binding MoU in March with Al Musbah Group to acquire a 51% stake in Ebdaa Al Qasr Marketing — the brand operator of high-end supermarket chain Manuel Market — which was valid for 90 days.

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REAL ESTATE-

Hawyia Auctions sold residential plots worth SAR 919.5 mn in Riyadh’s Al Raed district as part of the Al Jawhara masterplan auction, it said in a disclosure to Tadawul yesterday. Hawyia Auctions’ shares started trading on Tadawul’s Parallel Market Nomu last Sunday, after its IPO on was 310.7% oversubscribed.

HOSPITALITY-

King Abdullah Sports City is getting two new hotels: The Sports Ministry signed Koushan Real Estate Development, IHG Hotels and Resorts, and Zuhair Fayez to build, manage, and operate two new international hotels within King Abdullah Sports City in Jeddah, state news agency SPA reported on Tuesday. The 16k sqm development will include 585 rooms, a fan zone, health clubs, pools, international restaurants, and conference facilities.

IN CONTEXT- The Ministry pitched 36 potential investments at the Sports Investment Forum (SIF) in April, including four state-owned sports assets across four major cities and another 32 assets to develop sports club facilities and services. This is part of the Kingdom’s plan to unlock private sector investments to shore up investment ahead of the 2034 FIFA World Cup.

MEDIA-

Homegrown B2B platform CoProduction Salon signed a three-year strategic agreement with the Saudi Media Forum to host its next edition in Riyadh, starting with the upcoming Future of Media Exhibition, it said in a press release yesterday. The Salon will connect producers, platforms, and investors through a structured B2B format that includes data analysis, project marketing, and financing matchmaking.

About the Forum: The Saudi Media Forum gathers leading local and international media professionals to discuss strategic partnerships, digital media, green technology in media, podcasting, the 2034 World Cup, and the impact of AI on media.

STARTUP WATCH-

The Sidra Hackathon wrapped up earlier this week with SAR 500k in total prizes awarded to the top three teams, which were competing on developing sustainable solutions, according to an emailed statement (pdf) to EnterpriseAM. The event was held at Riyadh’s Princess Nourah bint Abdulrahman University, with 86 teams participating and 10 reaching the final round.

The awardees: First place and SAR 250k went to Drop of Palm Trees, a project that uses AI- and IoT-powered mats to improve irrigation efficiency. NanoClean took second place and SAR 150k for its solar- and nanotech-based system that cleans up oil spills and converts them into biofuel. The third-place prize of SAR 100k went to Masar, which developed a smart water management system for agriculture.

FINANCIAL SERVICES-

Derayah Financial appointed Bahrain-based Shariyah Review Bureau as Sharia advisor to ensure full compliance of its operations, products, and activities, it said in a disclosure to Tadawul yesterday. The Bureau will set up a supervisory committee to conduct audits and report findings annually to Derayah’s board.

Emerging markets outperform developed world despite tariff concerns

Emerging markers rally despite global turmoil: Developing economies are posting some of the strongest market gains of 2025 as the winds of US exceptionalism start to turn, defying expectations that trade wars resulting from US tariffs and ongoing conflicts in the Middle East would hit emerging markets particularly hard.

An MSCI share gauge and JPMorgan EM local currency bond index posted gains of roughly 10% this year, nearly double the 4.8% gain seen in developed markets tracked by the MSCI World index, the Financial Times reports.

Driving the turnaround: Weakened confidence in the US on the back of increasingly erratic policy stances have shed a more positive light on emerging markets, and the growing US budget deficit and debt obligations are pulling investors away from US Treasuries, despite favorable yields. A weaker greenback is also easing pressure on central banks in emerging markets, allowing them to lower borrowing costs, helping to boost growth.

This comes after a somewhat rocky start to the year, with USD 22 bn removed from EM shares and bond funds. Some USD 11 bn returned later in May and June, with emerging market local-currency bond funds seeing record inflows in mid-June, Reuters reported, as investors look elsewhere amid lower interest rates in developed markets, a slowdown in global growth, and an anticipated downturn in USD bond yields.

The MSCI Emerging Markets index could gain as much as 3% by June 2026, with domestic-focused businesses better positioned than exporters, Morgan Stanley strategists predict in the 2025 Midyear Investment Outlook. The firm projects India to lead emerging market performance, forecasting 18-20% annual earnings growth over the next four to five years.

The next bull market? Wall Street players like Morgan Stanley Investment Management, AQR Capital Management, Bank of America and Franklin Templeton among those predicting that the tide is turning in favor of EMs — calling them “the next bull market,” — Bloomberg reports citing Bank of America’s Michael Harnett.

Investor bullishness on emerging markets is at a two-year high, with 44% of fund managers expressing optimism, Bloomberg reports, citing a HSBC survey. The consensus view expects emerging market equities to outperform developed markets over the next three months.

MARKETS THIS MORNING-

Most Asian markets are in the red this morning, with Japan’s Nikkei being the only outlier, rising 1%. South Korea’s Kospi lost 1.8%, while Hong Kong’s Hang Seng is down 0.7%. Over on Wall Street, futures are unchanged, after the S&P 500 ended yesterday flat, and the Nasdaq and Dow Jones logged small gains.

TASI	10,974	+0.1% (YTD: -8.8%)
MSCI Tadawul 30	1,407	+0.1% (YTD: -6.8%)
NomuC	26,837	-0.1% (YTD: -14.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	33,003	+1.2% (YTD: +11.0%)
ADX	9,811	+0.2% (YTD: +4.2%)
DFM	5,613	+0.4% (YTD: +8.8%)
S&P 500	6,092	-0.0% (YTD: +3.6%)
FTSE 100	8,719	-0.5% (YTD: +6.7%)
Euro Stoxx 50	5,252	-0.9% (YTD: +7.3%)
Brent crude	USD 67.74	+0.1%
Natural gas (Nymex)	USD 3.40	-0.2%
Gold	USD 3,349.80	+0.2%
BTC	USD 107,906.69	+1.8% (YTD: +14.2%)
Sukuk/bond market index	914	+0.3% (YTD: +1.3%)
S&P MENA bond & sukuk	145.1	+0.4% (YTD: +3.7%)
VIX (Volatility Index)	16.76	-4.1% (YTD: -3.4%)

THE CLOSING BELL: TADAWUL-

The TASI inched up 0.1% yesterday on turnover of SAR 6.1 bn. The index is down 8.8% YTD.

In the green: Sisco Holding (+9.9%), SPPC (+9.8%) and Sarco (+5.5%).

In the red: SMC Healthcare (-3.4%), Zamil Indust (-2.3%) and Alarabia (-2.1%).

THE CLOSING BELL: NOMU-

The NomuC slipped 0.1% yesterday on turnover of SAR 24.5 mn. The index is down 14.7% YTD.

In the green: FAD (+10.0%), NGDC (+9.0%) and Almodawat (+8.1%).

In the red: Naas Petrol (-7.8%), Future Care (-6.5%) and Aldawliah (-6.1%).

CORPORATE ACTIONS-

Ma’aden’a board approved boosting its capital by 2.3% to SAR 38.9 bn to acquire the remaining 25.1% stakes of its subsidiaries, the Ma'aden Bauxite and Alumina Company (MBAC) and the Ma’aden Aluminium Company (MAC), it said in a disclosure to Tadawul. The SAR 859.8 mn capital increase will be executed by issuing over 85 mn new shares to the sellers, AWA Saudi and Alcoa Saudi, as payment for their shares in MBAC and MAC.

SAL Saudi Logistics Services will distribute a dividend payout of SAR 114.4 mn for 1Q 2025 at SAR 1.43 per share, according to a disclosure to Tadawul (pdf). The distribution date is set for 15 July.

CALENDAR

JUNE

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

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

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.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, 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-invoicing 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 22nd 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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