Marketing Home Group is coming to Tadawul. PLUS: Big banks exceed expectations in 2Q

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Sport Clubs Company to debut on Tadawul’s main market today

Good morning, wonderful people. We made it halfway through the week, and all it takes is a little push to get to the much-needed weekend and prepare for the final workweek of July.

In today’s issue: Marketing Home Group is out with its IPO prospectus, taking a 30% stake to Tadawul’s main market. Big banks are also topping this morning’s news well with a flurry of earnings releases that exceeded analyst expectations and reported double-digits growth, boding well for the health of our banking sector. Let’s dive in.

HAPPENING TODAY-

Sport ClubsCompany will make its debut on Tadawul’s main market today, according to a Tadawul disclosure. Shares will be allowed to fluctuate within a 30% range, with a static band of 10% for the first three trading days. Starting from the fourth day, shares will be allowed to trade at a 10% volatility as circuit breakers take effect.

REFRESHER- The firm floated a 30% stake in a hybrid offering, which saw its retail offering 5.3x oversubscribed and its institutional tranche 44.1x oversubscribed. The company raked in SAR 257.3 mn in proceeds, set to fund expansion and upgrades. Shares were priced at the top end of the indicative range at SAR 7.5 apiece.

WEATHER- Riyadh will blaze through the day with a scorching high of 44°C, cooling slightly to 30°C as evening sets in. Jeddah will simmer under coastal heat, topping out at 41°C before settling at a balmy 31°C later on. In Makkah, the heat will climb to 43°C, then ease down to a warm 34°C as the sun goes down.

WATCH THIS SPACE-

Saudi Arabia attracted USD 35.5 bn in energy-related investments under China’s Belt and Road Initiative investments in 1H 2025, the highest energy engagement globally, according to a joint research report (pdf) by Griffith University and the Beijing-based Green Finance and Development Center. The Kingdom also drew USD 7.2 bn in BRI construction investments during the same period, placing it in second place globally.

The Middle East accounted for 8.2% of China’s total BRI investments in 1H 2025, with construction engagement in the region totaling USD 19.4 bn. The UAE came after Saudi Arabia in regional construction investment, receiving USD 7 bn in investments.

REMEMBER- Chinese-Saudi collaboration has continued to gather momentum in 2025. The Saudi-Chinese Forum for Product Export and Agricultural Sustainability concluded with 57 agreements worth over SAR 14 bn. Aramco Asia Singapore, a subsidiary of Aramco, also established a USD 4 bn joint venture with China’s Sinopec and its unit Fujian Petrochemical to support port operations and crude oil transportation. Meanwhile, Tencent Cloud committed USD 150 mn to launch the Middle East’s first AI-supported cloud region in Saudi Arabia.

Sukna Capital aims to raise at least SAR 50 mn from the initial closing of its open-ended, shariah-compliant direct lending fund, expecting that figure to reach around SAR 400 mn during the first year of the launch, CEO Fares Bardeesi told Al Arabiya yesterday (watch, runtime 04:47). The fund will target institutional investors during its first year, with plans to pull in individual investors later.

REMEMBER-Sukna secured approval from the Capital Market Authority last week to roll out the region’s first open-ended, shariah-compliant direct financing fund. We talked to Sukna Capital’s CEO Fares Bardeesi to find out what SMEs need from financial structures — and what businesses can do themselves — to secure the finance needed to keep the lights on and expand their operations.

Saudi Azm for Communication and Information Technology and Obeikan Glass declined in their debut on the main market. Obeikan Glass's stock fell by 2.63% to SAR 37, while Azm shed 5.4% to close yesterday's session at SAR 28.60.

The Saudi Exchange had suspended trading of Azm and Obeikan shares last Tuesday, as both companies prepared to transition from the Nomu parallel market. Both companies were listed on Nomu in early 2022.

LVMH-backed luxury date gifting, fine foods, and cafe brand Bateel International eyes tapping New York’s market next year, Bateel’s CEO Nurtac Afridi told Newsweek yesterday. The move is part of a wider plan to increase Bateel’s global portfolio to 500 outlets, up from its current 180 in 25 countries.

REMEMBER- Last April, Bateel announced plans to triple its revenues and grow its store count to over 500 by 2029, up from just under 200. The expansion plan includes building a new factory and tripling the number of palms in its local plantation. It will also market dates globally as a “healthy snack” and scout for new locations across the world.

Sumou Holding is looking to set up its first real estate investment fund in Egypt, Chairman Ayedh Al Qahtani told Prime Minister Moustafa Madbouly during a meeting yesterday. The fund would be part of a broader plan to make a “major investment” in Egypt: “We will announce our first project in the Egyptian market,” he said. He added that Sumou is already active in Egypt through its subsidiary Adeer and is considering investing in Downtown Cairo.

DATA POINTS-

#1- The Kingdom’s delivery sector handled 101 mn orders in 2Q 2025, according to the Transport General Authority’s post on X. Riyadh accounted for the largest share at 45%, followed by Makkah at 21.2%, and the Eastern Province at 15.9%.

#2- Passenger traffic on the Kingdom’s rail network reached 7.9 mn in 1H 2025, up 8% y-o-y, Saudi Arabia Railways said on X. A total of 21.2k passenger trips were recorded during the period. Meanwhile, freight transport climbed 13% y-o-y to nearly 14.9 mn tons.

OIL WATCH-

Saudi Arabia slightly increased its crude oil exports in May to 6.191 mn bbl / d, up from 6.166 mn bbl / d in April, according to data from the Joint Organisations Data Initiative. The Kingdom’s petroleum product exports dipped by 10k bbl / d m-o-m to 1.369 mn bbl / d in May.

Production continues to climb: Saudi crude output rose to 9.184 mn bbl / d in May — a 179k bbl / d increase from April. Refinery crude throughput also ticked up by 17k bbl / d m-o-m to 2.721 mn bbl / d.

SPORTS-

Al Hilal withdrew from the 2025-2026 Saudi Super Cup, it said in a statement yesterday. The decision stems from scheduling conflicts following its participation in the Fifa Club World Cup, where playing in the Super Cup would violate mandatory 28-day player leave regulations.

Many reasons: Al Hilal also cited possible health and injury risks for its players due to fatigue over the long season, which would compromise key players’ availability for the national team’s World Cup qualifiers. The late announcement of Hong Kong as the host city was also cited as a contributing factor.

The Blue Waves’ decision to withdraw could result in penalties, including a ban from participating in the next one to two editions of the tournament, in addition to a fine of up to SAR 500k from the Saudi Arabian Football Federation, Sky News reports, citing Deutsche Presse-Agentur.

ALSO- The Saudi Pro League will scrap Derby Week from its 2024-2025 season, despite its success in boosting viewership and marketing last year, people familiar with the matter told Asharq Al Awsat. The move comes as clubs face tight schedules in the new campaign. The league has been reviewing last season’s challenges and is expected to release the full fixture list within two weeks, with the season kicking off on 29 August.

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THE BIG STORY ABROAD-

The White House is stepping up its pressure campaign on the Fed. Chills went down the spines of business leaders and bankers around the world yesterday after Treasury Secretary Scott Bessent called for a probe into “the entire Federal Reserve institution,” telling CNBC that “What we need to do is examine the entire Federal Reserve institution and whether they have been successful.” Trump and his allies have been putting pressure on Fed boss Jay Powell to cut interest rates. The story leads the front page of the Financial Times this morning.

The stock market shrugged off Bessent’s remarks, with the S&P 500 notching another record high yesterday.

MEANWHILE- China is “stoking the anxiety” of foreign investors with moves against three foreigners, including a US government employee and a senior US banker (both of whom have been forbidden from leaving the country) and a Japanese pharma exec (now sentenced to jail). The New York Times has the story, noting that the moves come even as Beijing continues to court foreign capital.

The worsening situation in Gaza has prompted 28 countries to call for an immediate end to the war and to condemn Israel for the “drip feeding of aid and the inhumane killing of civilians” who are seeking food and water. The countries include the UK, France, Canada, Italy, and others. (Reuters | Guardian | BBC | France 24)

Israel yesterday launched an air and ground offensive in Deir al Balah, the last place in Gaza which until now had not suffered significant damage from the war. Talks on a ceasefire are continuing, though Hamas officials told Reuters the ongoing attacks are only complicating the situation. (Reuters | Guardian)

ALSO- If your company uses a hosted SharePoint server, expect some disruptions. Microsoft has warned of active cyber attacks affecting its SharePoint collaboration software, impacting so far 100 organizations who use the server on-prem. The problem? The attack has run deep, providing full access to systems and content, allowing hackers to execute code over the network and even bypass future potential fixes. If your firm is one of the many affected, Microsoft issued guidance for entities using the server to patch their on-site systems. (Reuters | CNBC | AP | Bloomberg)

Marketing Home Group is taking a 30% stake to the main market

Marketing Home Group issues IPO prospectus: Marketing Home Group (MHG), the brand operator of Ceramic Home, is taking a 30% stake — good for 4.8 mn shares — to Tadawul’s main market via a secondary offering, according to its prospectus (pdf). This comes a little over four months after the Riyadh-based building materials retailer and distributor lined up the Capital Market Authority’s (CMA) approval for the move.

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Big money goes in first: Initially, 100% of the IPO will be offered to institutional investors, including 30% reserved for public funds. They will be able to book a maximum of c. 800k and a minimum of 50k shares each between 3-7 August.

Retail investors will have a 20% clawback to subscribe to the IPO between 19-20 August, provided there is sufficient demand, where they will be able to book between 10 and 250k shares each. Final allocations will be made on Sunday, 24 August.

Sellers will keep holding the reins: MHG’s three major shareholders will retain 57.5% of the company post-IPO, down from 82.2%. They will also rake in net proceeds from the sale after some SAR 21 mn are set aside to cover transaction-related expenses. Their shares will be subject to a six-month lockup period from the first day of trading.

A snapshot of its financial performance: The company posted SAR 282.3 mn in revenue last year, up 6.1% y-o-y from SAR 266.1 mn in 2023. Meanwhile, net income was down 30% y-o-y at SAR 40 mn over the same period, weighed down by a faster rise in operating expenses and cost of sales.

About MHG: Founded in 2006, the Riyadh-based company boasts a portfolio of subsidiaries, including MHG International, Illus Lighting Limited, AlQafari Engineering Consultancy, Build Station, and Ice Bear Contracting, with operations extending beyond Saudi Arabia to Spain, China, the UAE, Kuwait, Oman, Bahrain, and Egypt, according to its website.

IN CONTEXT- The move comes as Tadawul’s benchmark index TASI regains footing after closing 1H in the red, where it shed 7.2%. While the index hasn’t fully recovered YTD, it has stabilized around the 11k mark, with recent issuances, including a pickup in listing activity, pointing to gradual improvement in sentiment. For sellers, that opens a more favorable window to monetize stakes as demand returns to large-cap and mid-cap names.

ADVISORS- Alinma Capital is quarterbacking the transaction as financial advisor, lead manager, bookrunner and underwriter, with Stat Law Firm providing counsel. PwC Public Accountants is acting as financial due diligence advisor, while Euromonitor International is serving as market consultant.

Receiving agents include our friends at EFG Hermes KSA, Alrajhi Capital, SNB Capital, Saudi Fransi Capital, Riyad Capital, AlBilad Investment, AlJazira Capital, Derayah Financial, ANB Capital, Yaqeen Capital, and Al Khabeer Capital, among others.

Big banks exceed expectations in 2Q + Sipchem moves to the red

A flurry of big banks are out with their results for the second quarter — and it’s looking good. Saudi National Bank and Al Rajhi — the Kingdom’s two biggest banks — managed to exceed analyst expectations, logging over SAR 6 bn each in quarterly net income, while Riyad Bank and Banque Saudi Fransi reported double-digit growth.

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SAUDI NATIONAL BANK-

Saudi National Bank (SNB) saw its net income increase 17.3% y-o-y to SAR 6.1 bn in 2Q 2025, backed by a 6.6% rise in total operating income and a 20.6% increase in fees from banking services, it said in a disclosure to Tadawul yesterday. The earnings beat Bloomberg analysts’ estimates, which had expected the bank to rake in SAR 5.5 bn in net income, Asharq Business reports.

Total income from financing grew 4% y-o-y to SAR 11.6 bn in the second quarter, while its total income from investments rose 10.4% y-o-y to SAR 3.6 bn.

In 1H, the lender’s bottom line increased 18.4% y-o-y to SAR 12.2 bn. Total income from financing increased 3.3% to SAR 22.5 bn, while total income from investments was up 13.4% y-o-y to over SAR 7 bn.

Dividends on the way: SNB’s board greenlit distributing SAR 6 bn in dividends for 1H 2025 at SAR 1.00 per share, the bank said in a separate disclosure. The distribution date is set for Thursday, 14 August.

ALSO- SNB renewed SAR 1.5 bn in shariah-compliant banking facilities for Arabian Internet and Communications Services Company (Solutions by STC), according to a separate disclosure. The agreement, backed by a promissory note, includes a SAR 1 bn, one-year facility for working capital and LCs/LGs, along with a SAR 500 mn, five-year loan that was used to acquire Giza Systems Company.

AL RAJHI BANK-

Al Rajhi Bank’s net income rose 30.9% y-o-y to SAR 6.2 bn in 2Q 2025, driven by increasing net finance and investment income, banking services fees, and other operating income, it said in a Tadawul disclosure yesterday. The bank’s bottom line beat Bloomberg analysts’ expectations at SAR 5.8 bn, according to Asharq Business.

Total income from financing was up 19% y-o-y to SAR 11.3 bn, while total income from investments climbed 34.7% y-o-y to SAR 2.4 bn.

During 1H, net income increased 32.5% y-o-y to SAR 12.1 bn. The bank’s total income from financing saw an 18.8% increase to SAR 22.2 bn, while its total income from investments increased 37.6% y-o-y to SAR 4.6 bn.

Market reax: The bank’s stock gained 1.6% to close at SAR 96 yesterday.

ALSO- Al Rajhi Bank granted Quara Finance a SAR 100 mn, four-year shariah-compliant credit facility to ramp up sales volume in a bid to meet the Riyadh-based company’s long-term goals, according to a disclosure to Tadawul. The loan is backed by a promissory note from the owners and an assignment of receivables covering the facility with an excess of 125%.

RIYAD BANK-

Riyad Bank’s net income rose 11.1% y-o-y to SAR 2.6 bn in 2Q 2025, supported by growth in financing and investment income, trading gains, and fee-based revenues, according to a disclosure to Tadawul.

Total income from financing rose 12.1% y-o-y to SAR 5.8 bn, while investment income increased 22.4% to SAR 736 mn.

In 1H, the bank’s net income grew 15.2% y-o-y to SAR 5.1 bn, with financing income up by 11.9% to SAR 11.5 bn and investment rising 18.1% y-o-y to SAR 1.4 bn.

ALSO-Riyadh Bank’s board approved distributing SAR 2.5 bn in dividends for 1H 2025 at SAR 0.80 per share, the bank said in a separate disclosure. The distribution date is set for Sunday, 17 August.

BSF-

Banque Saudi Fransi (BSF) posted a 24.3% y-o-y increase in net income to SAR 1.4 bn in 2Q 2025, driven by higher net finance income, exchange gains, fee and commission income, and other operating income, alongside lower provisions for expected credit losses, according to a disclosure to Tadawul.

Total income from financing rose 2.5% y-o-y to SAR 3.6 bn, while income from investments climbed 10.7% y-o-y to SAR 682 mn.

In 1H, the bank’s bottom line rose 20.3% y-o-y to SAR 2.7 bn, on the back of a 13.8% increase in total operating income. Income from financing increased 5.1% y-o-y to SAR 7.2 bn, while investment income was up 15.6% to SAR 1.3 bn.

ALSO- BSF’s board approved distributing SAR 1.3 bn in dividends for 1H 2025 at SAR 0.55 per share, the bank said in a separate disclosure. The distribution date is set for Wednesday, 13 August.

SAUDI AWWAL BANK-

Saudi Awwal Bank (SAB) reported a 5.4% y-o-y rise in net income to SAR 2.1 bn in 2Q 2025, according to a disclosure to Tadawul. Income from financing activities grew 10.1% y-o-y to SAR 4.3 bn, while income from investments inched up 1.7% to SAR 1.2 bn during the quarter.

In 1H, SAB posted a 4.9% y-o-y increase in net income to SAR 4.3 bn. Total income from financing reached SAR 8.5 bn, up 10.6% y-o-y, while total income from investments increased 0.7% y-o-y to SAR 2.3 bn.

SIPCHEM-

Sahara InternationalPetrochemical’s (Sipchem) moved to the red, reporting a net loss of SAR 169.2 mn in 2Q 2025, down from SAR 121.5 mn in the same period last year, it said in a disclosure to Tadawul yesterday. The downturn was driven by increased feedstock costs and a SAR 171 mn investment loss in an associate company.

Sipchem’s revenue rose 7.7% y-o-y to SAR 1.9 bn, driven by higher sales volumes, though tempered by lower selling prices for some products.

On a 1H basis, the company’s bottom line shed 91.4% y-o-y to SAR 26.1 mn, while revenue increased 4.9% to SAR 3.9 bn.

Japan’s ASICS + Sports for All Federationlaunch a competition for sports tech startups

Japan’s ASICS Ventures is inviting Saudi sports tech startups to participate in the ASICS Innovation Pitch competition, offering a prize pool of SAR 35k for the top three winners, according to the company’s website. The competition is launched in partnership with the Saudi Sports for All Federation (SFA) following a three-year partnership agreement signed with ASICS back in January.

Requirements: Startups interested in applying must be registered or based in Saudi Arabia, have been operating for over two years, and possess experience in technology and human resources. Companies must prepare feasibility studies on their proposals, and their offered products or services must be available to the market or ready for commercial operations.

By collaborating with innovative tech startups, the Japanese firm aims to promote interest in sports among Saudis and increase participation rates in physical activity, President of ASICS Ventures Akihiro Mori told EnterpriseAM Saudi.

Up for competition? Companies have until Thursday, 31 July to register via the website. The six finalists will be named on Sunday, 2 November, with the top candidate receiving SAR 20k, the runner-up getting SAR 10k, and the third-place winner earning SAR 5k. All finalists must show up on the Pitch Day in Riyadh.

Why Saudi Arabia? ASICS chose Saudi Arabia as the first Arab country to host ASICS accelerator program initiatives due to its strong economic growth prospects and the important part sports play in its national strategy, Mori told us. “Saudi Vision 2030 outlines a bold ambition to diversify the economy and improve quality of life, including a target to increase weekly physical activity participation from 13% to 40% of the population.” The Kingdom also enjoys “a large youth population and a strong interest in leveraging digital technology to create new services and industries,” he added.

Partnership with SFA paved the way for ASICS’ first competition in our neck of the woods. “It's important for us to make sure that many startups and consumers in Saudi Arabia become aware of this event. We’re truly grateful to the SFA, as they have already taken actions to promote the event through various channels,” Mori said.

ASICS is not new to the Kingdom, as it opened its first store in Riyadh in 2023. ASICS also signed a partnership agreement with SFA to sponsor the Riyadh Marathon, held in February. Globally, they hosted six accelerator programs in Japan, Europe, and India over the past seven years.

Hiring outlook, Michelin Guide, and eXtra’s journey are the talk of the town

On the latest episode of The RiyalDeal (watch, runtime: 41:07), the spotlight was on the Kingdom’s labor strategy. Tom Burges Watson hosted Chief Investment Officer of Haytham & Company Ali Raza, who welcomed the newly announced skill-based work permit system, saying it's a needed shift to better align foreign talent with local demands while still prioritizing Saudization through mentorship and long-term partnerships.

Saudi CEO of Cooper Fitch Trefor Murphy also offered a broader regional hiring outlook, saying that 2Q 2025 hiring in Saudi grew 2% y-o-y, led by finance, logistics, and AI. Murphy noted a growing trend of companies hiring international advisors instead of C-level execs, as local professionals rise to fill senior roles.

ALSO- The Mo Show (watch, runtime: 46:04) saw Mohammed Islam chat with Gwendal Poullennec, International Director of the Michelin Guide, about Michelin’s official launch in Saudi Arabia. Anonymous inspectors are already on the ground, initially focusing on hubs like Riyadh and Jeddah with plans to expand across the Kingdom, Poullennec said.

A word for the chefs: Poullennec encouraged Saudi chefs to focus on creating authentic experiences for their guests rather than cooking for the guide, assuring them that true talent will be recognized.

ALSO WORTH WATCHING-

The First Class’s host Fatima Daoui sat with United Electronics Company’s (eXtra) CEO Mohamed Galal (watch, runtime 48:58), as they talked in depth about the development journey of eXtra from early stages and challenges to a company with a market value surpassing SAR 7 bn.

Sepco3 awarded contract for Yanbu wind project

RENEWABLES-

Shandong Electric Power Construction Corporation No. 3 (Sepco3) was awarded the EPC contract for the 700 MW Yanbu wind energy project in Madinah, the third in its Saudi portfolio after Alghat and Waad Shamal, Trade Arabia reported on Sunday.

IN CONTEXT- The Saudi Power Procurement Company inked a power purchase agreement (PPA) earlier this month for the 700 MW Yanbu wind energy project with a consortium of Japan’s Marubeni and Abdulaziz Al Ajlan Sons (Ajlan & Bros). The project, which has a levelized cost of energy at USD 0.017 per kWh, is valued at over SAR 1.7 bn.

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LOGISTICS-

The Saudi Ports Authority (Mawani) added CStar Line’s FRS1 shipping services to Jeddah Islamic Port, connecting it to five regional and international ports, it said in a statement. The new service — which has a capacity of 2k TEUs — will connect the Jeddah port to the ports of Aqaba in Jordan, Sokhna in Egypt, and Ningbo, Shanghai, and Nansha in China.

A flurry of new services: The Jeddah maritime gateway added some 15k TEUs throughout June alone, launching new links between the Kingdom and its GCC and MENA neighbors, as well as India, among other destinations in Asia.

SPORTS-

Qiddiya City partnered with global young golfers pathway Faldo Series to support talents in the Kingdom and globally, it said in a press release on Sunday. As part of the partnership, Qiddiya revealed plans for an 18-hole championship golf course, set to open in 2026, along with a clubhouse, academy, and training facilities, slated to launch in 2028.

AVIATION-

Flynas will launch three direct weekly flights between Jeddah and Prishtina in Kosovo, starting 1 October, it said in a statement last week. Flights will operate on Wednesdays, Fridays, and Sundays between King Abdulaziz International Airport in Jeddah and Prishtina International Airport.

Volatility cost global corporates USD 320 bn in lost earnings since 2017

Volatility takes a bite out of earnings: The top 3.5k listed companies globally, with over USD 1 bn in annual revenue, have lost some USD 320 bn in earnings since 2017 due to geopolitical tensions and economic uncertainty, the Financial Times reported yesterday, citing an EY-Parthenon study. One in four of the 3.5k companies saw a 5% decrease or more in EBITDA margin in the period between 2017-2024.

The impact of volatility was also illustrated by the UK’s FTSE 100 index, where the study found that 40% of price fluctuations occurred on the days of major geopolitical and economic events — concentrated over the past three years — including the US inflation rebound, Russia’s war on Ukraine, the UK gilt market meltdown, the Israel-Hamas war, and Donald Trump’s return to the White House.

“After years of cheap money and relative geopolitical stability, a wave of macro shifts — from trade tensions to global conflicts — now means that government policy and global events are having a greater impact on value and profits than in many decades,” EY-Parthenon UK’s macro and geostrategy leader Mats Persson told the salmon-colored paper.

Chinese corporates took the hardest hit, with 40% of 833 companies surveyed losing a combined USD 73 bn of EBITDA, with losses concentrated in the real estate, steel, and construction sectors.

Against the headwinds: Many American and British companies managed to go against the current and post EBITDA far above their peers, including US’ Caterpillar, UPS, Pfizer, Merck, and Johnson & Johnson, and the UK’s Next, Croda, Rio Tinto, and Spirax.

Adaptability is key: Those top performers were the ones who “have successfully diversified their portfolio, managed their cost base, identified and understood various policy changes and updated their governance to reflect a different world,” Persson said.

MARKETS THIS MORNING-

Asian markets are little changed in early trading this morning, with Japan’s Nikkei up 0.1%, while Hong Kong’s Hang Seng and the Shanghai Composite are both down 0.1%. Wall Street futures are also holding steady, after the S&P 500 notched another record high yesterday, shrugging off the Trump administration’s tug-of-war with the Fed.

TASI	10,981	+0.2% (YTD: -8.8%)
MSCI Tadawul 30	1,409	+0.3% (YTD: -6.7%)
NomuC	27,080	-0.3% (YTD: -14.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	34,130	+0.2% (YTD: +14.8%)
ADX	10,235	-0.3% (YTD: +8.7%)
DFM	6,045	-0.8% (YTD: +17.1%)
S&P 500	6,306	+0.1% (YTD: +7.2%)
FTSE 100	9,013	+0.2% (YTD: +10.3%)
Euro Stoxx 50	5,343	-0.3% (YTD: +9.1%)
Brent crude	USD 69.21	-0.1%
Natural gas (Nymex)	USD 3.32	-0.2%
Gold	USD 3,414	+0.2%
BTC	USD 117,550	0.0% (YTD: +25.7%)
Sukuk/bond market index	912.88	0.0% (YTD: +1.2%)
S&P MENA Bond & Sukuk	145.72	0.0% (YTD: +4.1%)
VIX (Volatility Index)	16.65	+1.5% (YTD: -4.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 4.3 bn. The index is down 8.8% YTD.

In the green: SHL (+10.0%), Salama (+5.6%) and Miahona (+5.2%).

In the red: Sipchem (-5.7%), Azm (-5.4%) and Alistithmar Reit (-4.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.3% yesterday on turnover of SAR 20.3 mn. The index is down 14.0% YTD.

In the green: WSM (+10.0%), Jana (+6.3%) and Asas Makeen (+5.4%).

In the red: Leen Alkhair (-9.5%), Horizon Educational (-7.6%) and Alhasoob (-6.4%).

CALENDAR

JULY

8 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.

31 July (Thursday): Deadline for companies with SAR 40 mn in revenues from goods and services during June and 2Q 2025 to integrate e-invoicing solutions with Fatoora.

31 July (Thursday): Deadline for companies to register for the ASICS Innovation Pitch competition.

AUGUST

5 August (Tuesday): Saudi Aramco to publish 2Q 2025 earnings.

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

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

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

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 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

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.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, 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

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

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

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

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

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

22 November (Saturday): The Ring IV, ANB arena, 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.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

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

28-30 November (Friday-Sunday): UIM F1H2O World Championship, 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.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

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

OCTOBER

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2026:

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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