PIF subsidiary Surj invests in Professional Triathletes Organization

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi GDP expected to grow 3.8% in 2024 -Reuters poll

Good morning, wonderful people. We have a busy hump day issue for you this morning, the theme of which is investment and fundraising. Leading the news well this morning is news that PIF subsidiary Surj Sports Investment contributed to a USD 40 mn fundraising round for Professional Triathletes Organization, which is the body behind the T100 Triathlon Tour. We also have a handful of startup funding rounds — and a look at how Washington’s trade policies are weighing down on global investments. Let’s jump in.

HAPPENING THIS WEEK-

Local sports tech startups have until Thursday to register for the ASICS Innovation Pitchcompetition, which offers a prize pool of SAR 35k for the top three winners. The competition is launched in partnership with the Saudi Sports for All Federation following a three-year partnership agreement signed with ASICS back in January.

WEATHER- Riyadh is hitting a sweltering 45°C and will see a low of 31°C. Jeddah’s coastal heat will peak at 41°C and bottom out at a breezy 32°C, while Makkah’s high is forecast at 41°C and its low at 33°C.

PSAs-

#1- The Tadawul delisted government debt instruments valued at SAR 506.8 mn, as they reached their maturity date, it said in a statement on Sunday. The delisting follows a request submitted by the Finance Ministry.

#2- Holders of all types of expired visit visas in the Kingdom have been granted a 30-day grace period to leave the country legally, starting Saturday, 26 July, the General Directorate of Passports said on X yesterday. To take advantage of this window, individuals must first pay any outstanding fees or fines before submitting a departure request through the Tawasul service on the Absher platform.

#3- The Energy Ministry launched a new accelerator program called Taqatech in partnership with Riyadh-based startup hub The Garage, it said in a statement last week.

The details: The three-year program will support 60 startups over three cohorts, focusing on areas like energy efficiency, sustainability, local supply chains, and infrastructure to cut emissions and reduce costs. The program will see participating startups go through four phases over 6 to 12 months, including exploration and selection, acceleration, pilot project implementation, and concluding with investment rounds.

DATA POINTS-

#1- The GCC's nominal GDP reached USD 587.8 bn in 4Q 2024, marking a 1.5% y-o-y uptick from USD 579 bn, Emirati state news agency Wam reports, citing data from the GCC Statistical Center (GCC-Stat). Non-oil activities accounted for 77.9% of the region’s GDP, with oil activities contributing the remaining 22.1%.

By sector: The manufacturing sector led the charge, representing 12.5% of GDP, followed by wholesale and retail trade at 9.9%. Construction contributed 8.3% to the total, with public administration and defense accounting for 7.5%, finance and ins. 7%, and real estate 5.7%.

#2- Saudi Arabia is expected to record 3.8% growth this year, falling behind the UAE’s projected 4.8% growth, according to a Reuters poll of economists. Economists agreed that increased oil production and diversification efforts will help boost growth across the bloc compared to last year, with Qatar expected to grow 2.7%, and Oman seeing 2.8% growth. Also, Kuwait will see 3% growth and Bahrain — the only outlier — will see growth ease to 2.9%, from 3% last year.

#3- The number of factories in the Kingdom reached 12.5k in June, up from 11.2k during the same month last year, the Industrial and Mineral Resources Ministry said on X yesterday. A total of 83 new licenses were issued during the month, with estimated investments of SAR 950 mn, providing 1.2k jobs. Meanwhile, 58 factories began production last month, with a combined investment ticket of SAR 1.9 bn, providing 2k new jobs.

#4- Saudi Arabian Mining Company’s (Ma’aden) gold production increased 22% y-o-y in 2024 to a record 495k ounces, according to the company’s annual report (pdf). Growth was driven by investments in expanding existing mines and making new geological discoveries.

OIL WATCH-

Saudi Arabia may raise its official selling prices (OSPs) for crude heading to Asia for a second consecutive month in September, with Arab Light set to hit a five-month high, Reuters reports, citing unnamed sources in the refining sector.

By the numbers: The Kingdom’s flagship Arab Light grade could see its September OSP rise by USD 0.9 to USD 1.05 / bbl from August levels, which is between USD 3.1-3.25 / bbl above the Oman/Dubai benchmark — its highest since April. The September OSPs for Arab Extra Light, Arab Medium, and Arab Heavy could also rise by USD 0.8-0.95 / bbl.

The drivers: Consumption in Asia remained robust, with Chinese refiners ramping up production this month to meet the 3Q rising demand and to replenish diesel and gasoline stocks, currently at multi-year lows. In the Middle East, domestic consumption continued growing during the summer, straining exports.

In August, Saudi Arabia raised Arab Light OSP by USD 1 per barrel for both Asian and European buyers after the 12-day armed conflict between Iran and Israel rattled markets.

SPORTS-

#1- Al Ahli offloads Gomes, locks down Majrashi: Al Ahli renewed its contract with Saudi right-back Ali Majrashi for another four seasons, it said in a statement on Saturday. Meanwhile, the club has reportedly sold Brazilian midfielder Alexsander Gomes to Brazil’s Atlético Mineiro during the current summer transfer window after recurring injuries hindered his performance, Al Watan reported on Sunday, citing unnamed sources.

#2- Al Nassr appointed Portugal’s Simão Coutinho as its new sporting director, as part of a comprehensive restructuring of the club’s leadership, it said on X. Coutinho replaced Spain’s Fernando Hierro, whose contract had ended.

Al Nassr has onboarded many Portuguese to its ranks: The club appointed former player Jose Semedo as acting CEO earlier this month and signed a two-year contract extension with Cristiano Ronaldo last month. It also tapped Jorge Jesus as head coach with a one-year contract.

#3- This year’s edition of Saudi Games is being postponed and will not be held this year, state news agency SPA reports, citing a Supreme Organizing Committee announcement. The decision ensures that both the Kingdom and its athletes can adequately prepare for key international tournaments, including the Islamic Solidarity Games, to be hosted in the Kingdom in November, the World Games in China, and the Asian Youth Games in Bahrain.

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THE BIG STORY ABROAD-

The EU is already souring on the trade agreement it reached with the US a day earlier. The EUR dropped the most in over two months against the USD yesterday, falling more than 1% after having risen to a three-year high last week amid hopes for an agreement. German Chancellor Friedrich Merz said the agreement would have knock-on effects across the bloc, even possibly extending to the US, while French Prime Minister Francois Bayrou criticized the EU’s “submission.” The agreement secured a 15% tariff on the EU’s exports to the US.

Negotiators are still expected to hammer out the details of the agreement for a non-binding text that could take weeks to complete. This means volatility is still on the table, chief Germany economist at Oxford Economics said in a note. (Bloomberg | Financial Times)

Meanwhile, officials from the US and China met yesterday in Stockholm to begin talks to resolve disputes and either extend the 90-day truce on tariffs agreed in May for another three months or reach a permanent agreement ahead of a 12 August deadline. (Reuters)

Speaking of deadlines… US President Donald Trump is giving Russian President Vladimir Putin a tighter deadline for a ceasefire in Ukraine, telling him he now has 10-12 days to do so or face additional economic pressure from the US. (Wall Street Journal | Reuters | Bloomberg)

ALSO- Trump went against Israeli Prime Minister Benjamin Netanyahu’s recent statements and said that many were starving in Gaza, and that the US will work on opening food centers “with no fences or boundaries to ease access.” (Reuters | Bloomberg)

Surj participates in USD 40 mn funding round for PTO to back its regional expansion

Public Investment Fund (PIF) subsidiary Surj Sports Investment joined a series C funding round for the Professional Triathletes Organization (PTO), with participation from PTO’s founding investor Sir Michael Moritz, San Francisco-based Cordillera Investment Partners, and Verance Capital, Surj said in a press release yesterday. A total of USD 40 mn was raised in the round, which also saw Warner Bros. Discovery participating, according to Bloomberg.

We knew this was happening: SURJ has been in discussions with the PTO in recent weeks, initially eyeing a USD 20 mn investment. London-based Oakvale Capital advised the PTO on the transaction. PTO is the body behind the T100 Triathlon Tour, and Saudi Arabia is expected to be a future host location for the T100 series, as part of the agreement.

Where the money’s going: The capital will support the PTO’s regional and global expansion plans. The investment also supports the development of the T100 endurance race series, launched in 2024, which features a 100-km format (2 km swim, 80 km bike, 18 km run), Surj said. Funds will go toward refining race formats and deepening athlete and fan engagement. Events have already been held in London and Dubai.

ICYMI- Surj has been on a diversification spree this year, announcing a joint venture with Gerard Piqué’s Kings League to launch the seven-a-side football league Kings League MENA, with Saudi Arabia set to host the first edition later this year. The fund is also in talks with Dazn Group to establish Dazn Mena, a Saudi sports broadcasting JV. In addition, Surj has been linked to a potential USD 500 mn investment in a proposed global T20 cricket league, still in early development.

Sign World is taking 20% stake to Nomu in primary offering

Sign World issues prospectus for Nomu IPO: The National Signboards Company for Industry (Sign World) is taking 1.5 mn shares to Tadawul’s parallel market Nomu — equivalent to 20% of the firm’s post-IPO capital — in a primary offering, it said in its prospectus (pdf). The sale, which targets qualified investors, will help fund Sign World’s future growth plans. The firm secured regulatory approval for the move just over four months ago.

A growth play, not exit: This is the first primary issuance on the parallel market since Anmat Technology’s IPO in May — an uncommon structure for Nomu listings, which are more commonly designed to facilitate shareholder exits. Al Mohandess Group Holding, Sign World’s sole owner, will see its share diluted to 80% post-listing and will be restricted by a 12-month lockup period from the first day of trading.

What’s next: Subscriptions will open on Sunday, 17 August and wrap up on Sunday, 24 August. Qualified investors will be able to book between 10 and c.375k shares each at the final offer price, which is yet to be determined. Final allocations are due on Wednesday, 27 August.

Keeping the whole pie: Sign World will allocate net proceeds from the IPO to funding its SAR 37 mn expansion plan, new metal structures, machinery upgrades, and vehicle purchases. Some SAR 6 mn will go toward covering transaction-related expenses, with no proceeds distributed to shareholders.

Latest earnings: The company’s net income grew 28% y-o-y to SAR 3.7 mn in 9M 2024, while its revenue was down 8.9% y-o-y at SAR 55.4 mn over the same period.

About Sign World: Founded in 2011, the Riyadh-based company manufactures architectural and traffic signage, including wayfinding signs, gantries, billboards, and LED displays. The company operates a 20k sqm facility in the capital with over 200 employees. It executes projects for both government and private sector players across the Kingdom.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as the company’s financial advisor and lead manager.

Receiving agents include our friends at EFG Hermes KSA, along with Derayah Financial, Alistithmar Capital, Alinma Capital, SNB Capital, AlJazira Capital, Riyad Capital, Albilad Capital, Al Rajhi Capital, BSF Capital, Sab Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, Awaed Capital, ANB Capital, and Yaqeen Capital.

ALSO IN THE NOMU PIPELINE- The Capital Market Authority has most recently cleared Nayomi brand operator Jamjoom Fashion Trading, online supplement store Alwazn Almithaly for Trading, along with two new equity funds to list on the parallel market. Qudra for Communications and IT, medical equipment supplier Wajd, and property developer Hammad Mohammed Bin Saedan Real Estate had also lined up the regulator's approval earlier to IPO on Nomu.

PIF named the most valuable sovereign wealth fund brand globally in 2025

Brand Finance named the Public Investment Fund (PIF) the most valuable sovereign wealth fund brand globally in 2025, with its brand valuation rising 11% y-o-y to USD 1.2 bn from USD 1.1 bn, according to a report (pdf) by the London-based brand valuation consultancy.

Driving the growth: The increase is largely attributed to the fund’s rapid growth in its assets under management, strong portfolio performance — especially among Saudi firms — dividends from Aramco, and progress on Saudi Vision 2030 projects. The PIF’s brand visibility has also been boosted by “high-visibility domestic and international investments, including moves into sports, aerospace, and infrastructure,” according to the report.

Rounding out the top three: Norway’s Norges Bank Investment Management secured the second spot among sovereign wealth fund brands with a brand valuation of USD 841 mn, followed by China Investment Corporation in third place with a valuation of USD 695 mn.

REMEMBER- PIF’s total assets under management rose 18% y-o-y to SAR 4.3 tn in 2024, while its net income fell 60% to SAR 25.8 bn over the same period. In 2025, the fund earned a perfect 100% score in the Governance, Sustainability, and Resilience (GSR) rankings, making it one of only nine state-owned investors globally to achieve a triple-digit rating.

Saudi Arabia sees air carrier + airport complaints climb in June

Air carrier complaints jumped 52.2% y-o-y to 1.37k in June, according to our calculations based on data shared by the General Authority of Civil Aviation (Gaca). Airport complaints also rose 10.8% y-o-y to reach 82 during the month.

Flynas recorded the fewest complaints per 100k passengers in June, receiving 26 complaints, followed by Saudia with 32, and flyadeal with 34. All three airlines resolved all complaints on time.

Among international airports serving over 6 mn passengers annually, King Khaled International Airport had the lowest complaint rate at 0.4 per 100k passengers, with 15 total complaints. Prince Mohamed International Airport had the highest complaint rate at three per 100k passengers, with 15 total complaints. King Abdulaziz and King Fahad international airports recorded a rate of one complaint per 100k passengers.

For airports serving fewer than 6 mn passengers annually, Abha International Airport recorded the lowest complaint rate at 0.2 per 100k passengers, followed by King Abdullah and Arar international airports, recording one complaint per 100k passengers. Taif, Prince Sultan, and Hail international airports followed with a rate of two complaints per 100k passengers, while Prince Naif and Najran international airports logged four. Meanwhile, Prince Abdulmohsen International Airport had the highest complaint rate at nine per 100k passengers, with Al Qaisumah closely following with eight complaints per 100k passengers.

Always on time: All domestic and international airports achieved a 100% on-time complaint resolution rate.

Flex League lines up six-figure USD in seed funding

Local sports tech startup Flex League raised an undisclosed six-figure USD in a seed funding round from PAD-L Group and The Professional Tennis Academy (Vamos), Jawlah reported yesterday.

Use of proceeds: The company will use the funding to improve its court booking technology, grow its team, and expand into new sports and cities across the Kingdom.

About Flex League: Flex League provides SaaS solutions for managing racquet sports tournaments. The startup’s services include a tournament management platform for venues and corporates, flexible league formats, a skill-based player ranking system, and internal sports events for companies. It operates on a subscription and usage-based revenue model and plans to evolve into a fully integrated court reservation platform.

Sawt raises USD 1 mn in pre-seed round, drumming up support for its Arabic AI models

Homegrown voice AI startup Sawt secured USD 1 mn (SAR 3.75 mn) in a pre-seed funding round led by business intelligence firm T2 and STV’s new AI Fund, according to a press release published yesterday.

Use of proceeds: The company will use the funding to scale up its technical infrastructure, expand its team, and further develop its Arabic-native voice AI models to facilitate handling mns of interactions, aiming at enhancing customer service in the region using always-on, Arabic-native voice agents.

About Sawt: Founded in 2024 by Abdulmalik Alsaeed (LinkedIn), Sawt offers a voice-first AI platform that helps businesses automate customer support, bookings, and sales through natural-sounding, 24/7 voice agents.

Hanadi Al Ali takes over as Aliph Group’s new Managing Director

Private equity firm Aliph Group appointed Hanadi Al Ali (LinkedIn) as managing director to lead its expansion in Saudi Arabia, according to a press release. She was previously vice-president of placement and advisory at Malaz Capital, a Saudi-based investment management company, and has more than 25 years of experience in the financial services, investment, and wealth management sectors.

Arabian Cement + Saudi Kayan Petrochemical still stuck in the red in 2Q

ARABIAN CEMENT-

Arabian Cement Company’s net income fell 29.1% y-o-y to SAR 20.5 mn in 2Q 2025, weighed down by lower average selling prices and higher sales costs, it said in a disclosure to Tadawul yesterday. Revenues rose 32.9% y-o-y to SAR 232.8 mn during the same period. The company’s bottom line dropped 46.9% y-o-y to SAR 44.1 mn in the first half of the year, while its revenue increased 16.9% y-o-y to SAR 470.9 mn.

ALSO- Arabian Cement’s board greenlit a SAR 50 mn dividend payout for 1H 2025 at SAR 0.5 per share, it said in a separate disclosure. The distribution date is set for 14 August.

SAUDI KAYAN PETROCHEMICAL CO.-

Saudi Kayan Petrochemical Company’s net loss widened to SAR 496.4 mn in 2Q 2025, compared to SAR 250.1 mn in the same period last year, according to a disclosure to Tadawul. The company cited lower average selling prices, higher raw material costs, and a one-off ins. payment of SAR 130 mn last year as reasons for the decline. Revenue rose 5.9% y-o-y to SAR 2.2 bn during the quarter, driven by higher sales volumes despite weaker pricing.

On a 1H basis, Saudi Kayan’s net loss increased to SAR 1.3 bn from SAR 770 mn in the same period last year, as gains from higher sales volumes were outweighed by increased input costs and lower product prices. Meanwhile, revenue grew 5.2% y-o-y to SAR 4.3 bn over the six-month period.

AL MAJED OUD-

Al Majed Oud’s net income fell 56.1% y-o-y in 2Q 2025 to SAR 24.3 mn, mainly due to a shift in seasonal sales patterns, it said in a disclosure to Tadawul yesterday. Similarly, revenue dropped 19.6% y-o-y to SAR 208.7 mn over the same period. On a 1H basis, the company’s net income rose 21.5% y-o-y to SAR 145.2 mn, while revenue increased 19.7% y-o-y to SAR 618.8 mn.

SIDF extends two-year SAR 80 mn loan to Al Jouf Agricultural Development Company

DEBT WATCH-

Al Jouf Agricultural Development Company secured a SAR 80 mn, two-year loan from the Saudi Industrial Development Fund, according to a disclosure to Tadawul. The facility — backed in full by a promissory note and mortgage on the company’s olive oil and pickles factory — will finance working capital needs.

M&A WATCH-

Miral Dental Clinics signed a non-binding MoU with Saudi Medical Consultants Company to explore the possible acquisition of a 70% stake in the firm, as part of its plan to grow its specialized medical services, according to a disclosure to Tadawul. The MoU is valid for six months and may be extended. The agreement is still under discussion and depends on a final agreement and regulatory approvals.

FINANCIAL SERVICES-

The Capital Market Authority approved Artal Capital Company’s request to publicly offer its Artal Monthly Distribution Fund, it said in a statement. Artal Capital had lined up approval from the Capital Market Authority for the public offering of its Saudi Equity Freestyle Fund earlier this year.

REAL ESTATE-

#1- Five more plots sold at Masar Destination: Umm Al Qura for Development and Construction sold five land plots in Makkah’s Masar Destination for over SAR 1.6 bn to Saqeefat Al Asima, an affiliate of Mohammad Abdul Aziz Al Habib and Partners Real Estate Company, it said in a post on X. The plots will see five hospitality towers developed on their combined 15.6k sqm area. Umm Al Qura will use the sale proceeds to finance working capital and ongoing projects.

Masar Destination plots have been flying off the shelves: Since mid-June, Umm Al Qura has sold a combined 13k sqm of land for over SAR 891 mn across four separate transactions. The sales included two plots to Wijhat Albait Real Estate for SAR 235.1 mn, a plot to Tomooh AlKhaleej for SAR 264.9 mn, another to the Watheeq Fund for SAR 145.3 mn, and a fourth to the Home Investment Fund for SAR 255.8 mn.

#2- The Sedco Capital REIT Fund agreed to sell its Atelier Lavie property in Jeddah for SAR 515 mn, it said in a Tadawul disclosure. The unnamed buyer has put in a SAR 5 mn deposit and will transfer the remaining amount within 60 business days. The fund had originally purchased the asset in 2023 for SAR 492.5 mn.

Use of proceeds: Sedco Capital, the fund’s manager, will use the proceeds from the sale to acquire new properties and repay existing bank loans.

ENERGY-

Misk City to get a 621 kWp rooftop solar installation: Riyadh’s nonprofit Misk City signed a 20-year solar energy agreement with Emerge, a JV of Masdar and EDF power solutions, to develop, finance, build, and operate a 621-kilowatt peak (kWp) rooftop solar photovoltaic plant, it said in a press release last week. No financial details were disclosed.

More details: The plant will be situated on a carport structure, among other assets within the city, and aims to reduce Misk City’s carbon footprint and help it achieve Leadership in Energy and Environmental Design (LEED) and ParkSmart sustainability certifications.

DISPUTE WATCH-

The Riyadh Labor Court dismissed a SAR 15.4 mn labor lawsuit filed by former general manager Sari Ibrahim Al Maayouf against Tihama Education Company, a subsidiary of Tihama Advertising and Public Relations, according to disclosure to Tadawul.

BACKGROUND- Al Maayouf was seeking compensation for the remaining period of his five-year employment contract, alleging his termination was “without a legitimate reason,” according to a separate Tadawul disclosure published last year. Tihama countered that the termination was justified, citing a separate ruling from the Securities Disputes Appeal Committee that banned Al Maayouf from working in public companies for 10 years.

AI-

Aramco and US-based data analytics platform Cloudera are developing AI-powered solutions for the Kingdom's digital oil and gas sector, according to a press release. Under the MoU signed between the two, Cloudera and Aramco will explore joint research and development efforts focused on big data, AI, and data science. Both companies will also invest in training Saudi talent in data engineering, analytics, and AI to build local expertise.

EDUCATION-

Future Vision + Al Maarefa University to invest up to SAR 200 mn in digital training program: Future Vision for Health Training Company signed a three-year agreement valued at up to SAR 200 mn with Al Maarefa University to run a large-scale Saudi digital training program to qualify 50k trainees, it said in a Tadawul disclosure yesterday. The company expects to see a positive financial impact in 4Q 2025.

LOGISTICS-

A new Egyptian-Saudi-Iraqi trade corridor just completed a successful trial run: A pilot shipment has successfully traveled along a new multimodal corridor connecting Egypt, Saudi Arabia, and Iraq, according to Saudi state news agency SPA. The shipment began in Cairo, passed through Safaga Port, crossed the Red Sea to Saudi Arabia’s Neom Port, and then continued overland to Erbil, Iraq.

It takes half the time: The trial found that the corridor slashed delivery time for Saudi Arabia-bound shipments coming from Egypt by more than 50% compared to traditional routes.

US trade policy grinds down global corporate investment, with less impact on financial markets

“Sands in the wheels” of global trade and capital spending: While financial markets project an image of stability, the global economy is showing deepening scars from Washington’s trade policies, with companies worldwide freezing investments and living with slimmer margins to absorb the fallout from the highest US tariff rates since the 1930s, Bloomberg reports. The economic pressure is set to intensify as another one of President Donald Trump’s tariff deadlines goes into effect this Friday.

How bad are the tariffs, actually? The average US tariff has increased to almost 13.5% from 2.5% last year before Trump took office, with that number expected to rise further to 16% after the latest agreement with the EU is implemented, according to Bloomberg Economics estimates. Tariffs act like “a tax that puts sand in the wheels of supply chains and global trade,” even if they are not as high as previously feared, Daniel Harenberg of Oxford Economics said.

Trump’s “America First” policies could cost the global economy USD 2 tn by 2027, according to projections by Bloomberg Economics. Business investment forecasts for 2026 have been lowered across all G7 nations and nearly halved for the US, Canada, Japan, and Italy specifically. Uncertainty from the trade war has led companies to delay major investments amid the highest US tariff rates in decades, and some investments that have been announced are mainly geared towards restructuring supply chains to work around tariffs, UNCTAD said in its annual World Investment Report.

Reality check: Despite Trump’s claims of a “booming” economy, tariffs continue to erode corporate net income. Treasury Secretary Scott Bessent celebrated the investment rebound as “CapEx Comeback;” however, it is largely an artificial pre-tariff surge that has since stalled.

The global macroeconomic picture stands in contrast with a rally on Wall Street pushing stock valuations to near-record highs, but the “euphoric” conditions are sparking fears of a market bubble, the Financial Times reports. The S&P 500 hit record peaks, Nvidia became the first USD 4 tn public company, “meme stocks” reappeared, and BTC rose past USD 120k. This is a “dangerous set up,” showing parallels to the dot-com boom, as investors, relieved by recent trade agreements, drive markets higher despite underlying risks,” Pimco CIO Dan Ivascyn warns.

MARKETS THIS MORNING-

It’s a sea of red in Asian markets, with Japan’s Nikkei, South Korea’s Kospi, China’s Shanghai and the Hang Seng Index all down in early morning trading as investors are in wait-and-see mode with ongoing US-China trade talks. The picture is only slightly rosier over on Wall Street, where futures indicate the Dow Jones, S&P 500, and Nasdaq will all open just barely in the green later today.

TASI	10,885	-0.7% (YTD: -9.6%)
MSCI Tadawul 30	1,399	-0.8% (YTD: -7.3%)
NomuC	26,781	-0.8% (YTD: -14.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	34,076	+14.6% (YTD: -1.4%)
ADX	10,362	+0.2% (YTD: +10.0%)
DFM	6,168	+0.3% (YTD: +19.6%)
S&P 500	6,390	0.0% (YTD: +8.6%)
FTSE 100	9,081	-0.4% (YTD: +11.1%)
Euro Stoxx 50	5,338	-0.3% (YTD: +9.0%)
Brent crude	USD 70.18	+2.5%
Natural gas (Nymex)	USD 2.99	-3.9%
Gold	USD 3,367	-0.8%
BTC	USD 118,259	-0.8% (YTD: +26.4%)
Sukuk/bond market index	913.31	+0.2% (YTD: +1.2%)
S&P MENA bond & sukuk	146.42	0.2% (YTD: 5.5%)
VIX (Volatility Index)	15.03	+0.7% (YTD: -13.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.7% yesterday on turnover of SAR 4.6 bn. The index is down 9.6% YTD.

In the green: Sport Clubs (+9.9%), SHL (+6.5%) and ACIG (+6.1%).

In the red: Teco (-9.8%), BSF (-5.3%) and Raydan (-4.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.8% yesterday on turnover of SAR 29.5 mn. The index is down 14.9% YTD.

In the green: Future Vision (+19.1%), Dar Almarkabah (+7.3%) and Knowledgenet (+6.8%).

In the red: Horizon Food (-10.0%), Naas Petrol (-8.5%) and Qomel (-7.8%).

CORPORATE ACTIONS-

#1- AlliedCooperative Ins. Group (Acig) is planning to raise its capital by SAR 9 mn by issuing new shares while suspending rights issue shares, it said in a disclosure to Tadawul yesterday. The move comes after the Ins. Authority obliged the company to provide a correction plan to meet the ins. companies’ minimum paid-up capital requirement of SAR 300 mn.

The details: The offering will be limited to eligible institutions and investors, subject to the approval of the Ins. Authority, the Capital Market Authority, Acig’s general assembly, and other regulatory bodies. Acig has yet to tap a financial advisor.

#2- Sabic Agri-Nutrients will distribute about SAR 1.7 bn in interim dividends for 1H 2025 at SAR 3.5 apiece, it said in a Tadawul disclosure yesterday. The distribution is slated to kick off on 19 August.

#3- Tourism Enterprises’ (Shams) board recommended a reverse stock split to increase the nominal value of its shares to SAR 10 from SAR 0.50 each, it said in a disclosure to Tadawul on Sunday. The consolidation will see the number of shares reduced to 57.8 mn from 1.2 bn without impacting the company’s total capital. The move is pending shareholders’ approval.

Saudi Arabia + Syria ink energy cooperation agreement

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Saudi Arabia and Syria signed an MoU to formalize their energy-sector partnership, state news agency SPA reported on Sunday. The energy cooperation agreement, inked during Energy Minister Abdulaziz bin Salman’s meeting with his Syrian counterpart Mohammed Al Bashir in Riyadh, covers joint efforts and knowledge exchange in areas of oil and gas and electricity to support Syria’s development.

ICYMI- The Saudi-Syrian Investment Forum wrapped up last week with 47 agreements worth some SAR 24 bn signed. The energy sector got some SAR 549 mn in investments from Khashoggi Holding, Absal Energy Solutions, Pemco, and Utec for the joint production of electric generators and other electric manufacturing plants in Syria.

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

3 August (Sunday): Opec+ meeting to decide on production levels for September.

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.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

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.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, 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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