Lower oil prices subdue Aramco’s 2Q results. PLUS: Non-oil business loses momentum in July.

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Alat, TKE get the go-ahead for USD 160 mn JV

Good morning, ladies and gents. Both the non-oil and oil sectors are vying for the lead in today’s issue. Aramco is out with its 2Q earnings, showing declines in net income and revenue as average oil prices tanked during the quarter. Meanwhile, non-oil activity expanded at a lower pace in July, as per Riyad Bank’s PMI, with output growth easing to its lowest rate in three and a half years.

Also in today’s issue: Ades Holding snapped up Dubai-based Shelf Drilling in a SAR 1.4 bn merger, while Bupa Arabia and Cenomi Retail saw their net income inch down in 2Q.

HAPPENING TOMORROW-

Marketing Home subscription ends tomorrow: Institutional investors have until Thursday to book a minimum of 50k shares and a maximum of roughly 800k shares in Marketing Home Group, which has set the indicative price range for its Tadawul IPO at SAR 80-85 per share. The company is offering 4.8 mn shares, representing 30% of its share capital, in a secondary sale.

REFRESHER- The IPO would raise SAR 408 mn, valuing the company at an implied SAR 1.36 bn at listing. Retail investors can subscribe on 19-20 August, with final allocations due on 24 August.

WEATHER- It's a regular ol’ summer day in Saudi, with Riyadh expected to see a high of 44°C and a low of 33°C today, while Jeddah’s mercury will go as high as 39°C and as low as 33°C. Makkah will see a 43°C high and 34°C low.

WATCH THIS SPACE-

#1- Alat gets green light for 15% TKE stake and USD 160 mn JV: PIF’s tech arm Alat and the vertical transportation firm TK Elevator (TKE) have secured the necessary approvals for their USD 160 mn JV to manufacture elevators and mobility solutions in Saudi Arabia — the first operation of its kind in the Kingdom by a global company, according to a press release. The agreements also finalize Alat’s 15% strategic equity investment in TKE.

REMEMBER- The approvals finalize the agreement initially announced in February 2025. The acquisition was reported to give TKE an equity value of some USD 12.6 bn, rising to USD 24.1 bn when taking into account the company’s net debt.

The details: The joint venture, based in Saudi Arabia, will manufacture elevators, escalators, and moving walks for the Kingdom and the Mena region. It will include a product development center and training facility aligned with TKE’s SEED Campus. The JV will also act as TKE’s local sales and service arm, with a regional team offering technical support and third-party maintenance through the TKE Universal Service program.

#2- Fitch Solutions’ research unit BMI sees Saudi Arabia's GDP growth maintaining its strength throughout the rest of 2025, keeping its full-year growth forecast unchanged at 3.8%, noting the robust performance in the 2Q this year, according to a research note seen by EnterpriseAM. The second quarter saw GDP grow 3.9% y-o-y, primarily supported by a strong momentum in the non-oil sector.

Rising oil output to sustain growth: The research unit also expects oil production to increase by 4.4% over the full year, keeping economic growth close to 4.0% in 2H 2025. Oil activities made a positive contribution of 0.9 percentage points in 2Q this year.

However, the non-oil sector is likely to lose momentum in 2H this year, BMI noted. Despite the strong growth in non-oil activities by a 4.7% y-o-y increase in the 2Q, the research unit expects a slight slowdown in the coming months due to weaker oil prices and a cooling construction activity.

2026 in focus: BMI projects the Kingdom’s economic growth to hold near 4%, driven by a continued increase in oil production and stabilizing prices. “Our Oil & Gas team expects

that oil prices will fall from an average of USD 80 per barrel in 2024 to USD 68 per

barrel in 2025, but will then only slip to USD 67 per barrel in 2026,” the research note read.

#3- PIF’s subsidiary Expo 2030 Riyadh Company (ERC) received contractors' interest on 24 July for Expo 2030’s initial infrastructure works, Meed reported yesterday. ERC divided the infrastructure tender into three lots, including the main utilities corridor, the northern and southern cluster of the nature corridor. The expression of interest was issued on 17 July.

ICYMI- US engineering firm Bechtel was appointed as Expo 2030 project manager last month to oversee infrastructure works across the 6 sq km site, including roads, utilities, and public spaces, as well as transforming the venue into a sustainable urban district.

IN CONTEXT- The PIF launched the ERC last month to manage the construction and operation of the Expo 2030 facilities, which is forecast to contribute approximately USD 64 bn to the Kingdom’s GDP during its development and another USD 5.6 bn while operational.

#4- Al Ittefaq looks to tap advisors for debt restructuring: The Kingdom’s largest private steel manufacturer Al Ittefaq Steel Products is seeking proposals from restructuring advisors as it prepares for debt negotiations with its creditors, Bloomberg reports citing people it says are in the know. Among the largest of the creditors in question is Davidson Kempner Capital Management LP. No advisors have been officially appointed yet.

This is not the first time Al Ittefaq has faced debt issues, having undergone debt restructuring talks in 2009 for USD 1 bn, and again in 2011, and in 2016 for USD 2 bn, the business information service reported.

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THE BIG STORY ABROAD-

It’s a busy day in the international press this morning, from big plays in the sports streaming world, to AI developments, to the usual flavor of disruption from Trump’s executive orders.

A big play in sports: Disney’s ESPN will acquire NFL Network and other media assets from the National Football League, in exchange for the NFL taking a 10% equity stake in the sports network. Disney did not disclose the values of the sale, analysts estimate it lands in the ballpark of a USD 2-3 bn.

ALSO- AMD’s data center performance causes investor concerns: The US chipmaking giant’s share price fell some 6% after hours, after reporting lower-than-expected quarterly earnings. Muted data center revenue growth in 2Q — just 14% y-o-y to USD 3.2 bn — was a far cry from top dog Nvidia’s 73% growth in data center business over the first quarter.

The earnings season continues: Expect giants including McDonald’s, Disney, and Uber to report their quarterly earnings later today.

OVER IN TECH- OpenAI lives up to its name: ChatGPT’s maker decided to enter the open-source competition with DeepSeek and Meta head-on, releasing its first two “open-weight” models gpt-oss 120b and gpt-oss 20b. The new models are claimed to perform close to GPT’s smaller closed models.

AND- Trump cracks down on “de-banking”: US President Trump is about to issue an executive order that would crack down on “politicized or unlawful banking”, punishing US lenders who cut off accounts for political or religious reasons. The order — accompanied with claims of discrimination against conservatives — would extend to clients of “risky industries,” which translates into crypto users and traders.

Also worth reading this morning:

The US trade deficit narrowed in June due to a substantial decrease in imports, as the trade gap with China reached its lowest level in 21 years.
Norway ordered the world’s largest sovereign fund to review investments in Israelicompanies, after reports showed it financed businesses linked to Gaza war.
Elon Musk and Tesla are being sued for fraud, following claims that the world’s richest man concealed the risks of the Robotaxi and self-driving vehicles.

Saudi Aramco’s net income slips in 2Q on lower oil prices

Lower oil revenues weigh down on Aramco’s results: Saudi Aramco’s net income dipped 22% y-o-y to just above SAR 85 bn (USD 22.7 bn) in the second quarter, slightly underperforming the median estimate of 17 analysts at USD 23.7 bn, according to an earnings release (pdf).

The decline in net income came as revenue and sales income decreased 13.4% to SAR 407.1 bn (USD 108.6 bn), compared to the same period last year. Lower operating expenses and Zakat taxes helped cushion the blow.

First half performance: Net income reached SAR 182.6 bn (USD 48.7) bn in 1H 2025, down 13.6% y-o-y. Revenue and sales income inched down 7.8% to just shy of SAR 836.8 bn (USD 223.1 bn).

The drivers: The world’s largest oil company said the waning revenues were due to lower prices for crude oil, which logged an average realized price of USD 66.7/bbl, significantly down from USD 85.7/bbl in the same period last year. Lower prices of refined and chemical products also weighed down on income but were partially offset by higher sales.

The impact was expected: US tariffs and Opec+ hikes are starting to hit Aramco’s numbers this quarter, as Saudi’s oil revenues inched down 29% y-o-y in 2Q.

Capex is set to miss full-year guidance: Capital expenditure reached USD 24.9 bn in the first half, “running lower than [Aramco’s] guidance of USD 52-58 bn for the full year,” RBC analysts said in a note seen by CNBC. Spending tends to pick up in the second half of the year, but capex for the full year is expected to settle at the lower end of the range, RBC added.

The dividend situation: Aramco will distribute SAR 80.1 bn (USD 21.4 bn) in 2Q dividends on 28 August at SAR 0.33 per share, with performance dividends slashed to an inch of their life at some SAR 820 mn.

Moving further into debt: Free cashflow logged a 20% y-o-y decrease to SAR 57.1 bn (USD 15.2 bn), coming in lower than dividends and pushing the company into a net debt position of SAR 115.6 bn (USD 30.8 bn) for the quarter, up from USD 24.7 bn in 1Q 2025. The gearing ratio — an indicator of borrowing levels — was up to 6.5%, compared to 5.3% in the first quarter.

Supply and demand to pick up in 2H? “Market fundamentals remain strong, and we anticipate oil demand in the second half of 2025 to be more than 2 mn barrels per day higher than the first half,” CEO Amin Nasser said in the release. Crude output is slated to increase in 2H after Opec+ completed the unwinding of 2.2 mn bpd in output instituted in 2023 this week, bringing Saudi Arabia’s quota to 9.75 mn bbl/d in its meeting.

Future plans: Aramco aims to unlock capital tied in “relatively low-return assets” like infrastructure, and invest in higher-return core investments, CFO Ziad Al Murshed said in an earnings call. The company is also looking at different geographies, currencies and instruments for debt issuances this year, Al Murshed added.

Market reax: The oil major’s shares was up 0.9%, closing at SAR 24.12. The price is down 14.1% YTD, despite Western oil companies’ stock prices rising, closing the premium gap that Aramco previously enjoyed over Western peers, according to Bloomberg analysts.

The news made the rounds in the international press: Reuters | CNBC | Bloomberg

Non-oil business activity continues to expand, but loses momentum

Non-oil business activity in Saudi Arabia expanded at a lower pace in July, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally adjusted figure stood at 56.3 in July, down from 57.2 in June. Growth was broadly supported by increases in output, new orders, stocks of purchases, and employment — despite output and new business growth easing during the month.

“July’s outturn would, on past form, be consistent with non-oil GDP growth of around 1% q-o-q at the start of 3Q, broadly in line with 2Q’s performance,” Capital Economics’ James Swanston wrote in a recent research note seen by EnterpriseAM.

Output continues growing, albeit at a slowing pace: While output expanded in July, the pace of growth was the slowest in three-and-a-half years, according to Riyad Bank. Work on existing projects and new orders helped sustain the expansion in output, but some companies noted higher competition and lower customer footfall dampening growth. New export orders also saw a decrease for the first time in nine months, which was attributed to difficulties in acquiring new foreign clients.

Purchasing activity rises at a slower pace: Firms’ purchasing activity also rose at a slower pace in July compared to the previous month. Sizeable inventory growth was recorded, driven by gains among manufacturers and wholesale and retail firms. While delivery times were shortened, the rate of improvement eased significantly due to customs delays.

New employment levels rise to accommodate growing output: Companies responded to higher activity and new orders by hiring new staff, marking another rise in employment after June’s survey showed the fastest increase in over 14 years. The increased hiring was partly driven by an uptick in backlogs, as existing contracts and constrained capacity delayed the completion of new orders.

Cost pressures soften despite rising labor costs: Input cost inflation remained a pain point for businesses, even as they reported a “modest slowdown.” Businesses responded to the cost pressure from rising input costs by raising output prices for the second consecutive month. These markups were most prominent among services, construction, and manufacturing businesses, while wholesale and retail price adjustments were more modest, according to Riyad Bank Chief Economist Naif Al Ghaith.

Business confidence for the year ahead remained positive but softened from June’s two-year high. Overall optimism was at its lowest level since July 2024. Firms still expect output to increase, supported by steady demand, strong project pipelines, and ongoing investment tied to Vision 2030. “Employment conditions are expected to stay supportive, helping firms manage future workloads,” Al Ghaith said.

What’s next for the Gulf overall? “We think that activity in non-oil sectors across much of the Gulf will continue to soften over the coming quarters. Low oil prices will more than offset rising output volumes and, in turn, export receipts will be weaker this year than last. Current account and budget balances will deteriorate, prompting officials to make fiscal policy less supportive,” Swanston said in the note.

ALSO FROM THE REGION-

In the UAE, the non-oil private sector (pdf) plunged to its lowest reading in over four years, as regional tensions continued to weigh on sales.
Egypt’s non-oil private sector activity (pdf) declined for the fifth consecutive month, although the rate of decline eased from the prior month.
Kuwait maintained solid growth (pdf), supported by a strong increase in new orders and business activity.

Ades Holding takes over Dubai-based Shelf Drilling in a SAR 1.4 bn merger

Ades is absorbing Shelf Drilling: Ades International Holding, a subsidiary of Tadawul-listed Ades Holding, has agreed to take over Dubai-based and Oslo-listed offshore drilling contractor Shelf Drilling in a SAR 1.4 bn (USD 379 mn) merger, according to a joint statement (pdf).

The details: The agreement will see Ades pay NOK 14 (c. SAR 5) per share, representing a 62% premium to Shelf Drilling’s close on 4 August. The buyer will tap its available credit lines to finance the acquisition. All of Shelf Drilling’s existing shares will be cancelled in exchange for the banknote payment once the transaction is finalized, and the company will be delisted from Oslo to become a wholly-owned private subsidiary of Ades.

What’s next: The transaction is expected to close in 4Q, pending regulatory and customary clearances,. It will also require approval by a two-thirds vote at a general meeting scheduled for mid-September. Shelf Drilling’s BoD has already approved and recommended the merger, with support from shareholders holding 15% of the stock.

Getting that capacity in there: The merger combines 83 rigs, including 46 premium jack-ups, and extends Ades’s reach into new markets. Shelf Drilling adds a USD 1.5 bn firm backlog to the mix, taking the combined group’s order book to USD 9.45 bn. Ades expects USD 40-50 mn in annual cost synergies over the medium term, with the transaction forecast to lift earnings per share and ramp up free cashflow. The transaction will also enable Ades to call and settle Shelf Drilling’s USD 1.3 bn senior notes and Norwegian bond obligations, thereby optimizing the capital structure of the enlarged group.

About Shelf Drilling: Founded in 2012, the international shallow-water offshore drilling contractor operates across the Middle East, Southeast Asia, India, West Africa, the Mediterranean, and the North Sea.

Earnings snapshot: Shelf Drilling reversed two years of net losses in 2024, recording USD 52.6 mn in net income last year up from a net loss of USD 17.2 mn in 2023, according to Ades’s disclosure to Tadawul. The firm’s revenue stood at USD 985.2 mn over the same period, up 8.5% y-o-y.

ICYMI- Ades Holding’s net income slipped 5.2% y-o-y to SAR 191.7 mn in 2Q, while revenues inched up 3.5% y-o-y to SAR 1.6 bn. Meanwhile,

ADVISORS- SpareBank 1 Markets is quarterbacking the transaction as Ades’s sole financial advisor, with Schjødt and Maples Group providing counsel. Meanwhile, Evercore is advising Shelf Drilling, with Advokatfirmaet Thommessen AS, Conyers and Latham & Watkins providing counsel.

Market reax: Ades’ share prices soared 10% to SAR 14.45 on market close.

Bupa Arabia’s net income fell 29.3% y-o-y, Cenomi Retail’s net loss expands to SAR 85 mn in 2Q 2025

BUPA ARABIA-

Bupa Arabia for Cooperative Ins. saw its net income drop 29.3% y-o-y to SAR 286.3 mn in 2Q 2025, as a 40.8% y-o-y decline in ins. services due higher inflation and seasonal claims overshadowed a 54.7% surge in gross written premiums and a 12% reduction in operating expenses, it said in a Tadawul disclosure yesterday. Meanwhile, revenue expanded 3.4% y-o-y to SAR 4.7 bn over the same period, driven by an increase in ins. contracts.

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On a 1H basis, the ins. provider’s bottom line slipped 12.8% to SAR 666.5 mn, while its ins. revenues expanded 2.1% y-o-y to SAR 9.1 bn.

CENOMI RETAIL-

Cenomi Retail fell into the red in 2Q 2025, recording a SAR 85.3 mn net loss, compared to SAR 84.1 mn in net income during the same quarter last year, it said in an earnings release (pdf). The loss was driven by an 80.8% drop in operating income and a 279.7% rise in other operating expenses, including FX losses from EUR appreciation and a tax settlement with Zatca.

Revenue declined 7% y-o-y to SAR 1.1 bn due to the seasonal sales boost from Ramadan falling entirely in 1Q, rather than between quarters last year.

On a 1H basis, Cenomi Retail reported a SAR 83.2 mn net loss, widening from SAR 67.6 mn a year earlier, while revenue rose 2% y-o-y to SAR 2.5 bn.

ICYMI- Al Futtaim Group’s planned acquisition of a 49.95% stake in Cenomi Retail cleared a regulatory checkpoint earlier this week, after receiving the greenlight from the General Authority for Competition. The two retail giants had inked a share purchase agreement for SAR 2.5 bn (USD 667 mn) last month. In addition to buying the stake from the founding Alhokair family shareholders, Al-Futtaim will provide a SAR 1.3 bn loan to shore up Cenomi’s finances and fund its recovery.

Lucid’s market impact, and football clubs ramping up the competition

On the latest episode of RiyalDeal (watch, runtime: 30:22), the spotlight was on EV manufacturer Lucid Motors. Tom Burges Watson hosted Middle East President Faisal Sultan (LinkedIn). that Lucid will go online in two unnamed GCC countries next year, part of an expansion strategy in the region, complementing its presence in the region besides the Kingdom and the UAE, Sultan said.

Highlighting Lucid’s Saudi manufacturing plant, its second after Arizona’s, Sultan said that Lucid eyes expanding its production with new EVs, including its newly launched Lucid Gravity SUV and a more affordable mid-sized vehicle to be announced as soon as next year.

ALSO- Kurat Al Mal by Radio Asharq (watch, runtime 05:05) saw Thamer Al Humaid (LinkedIn) discuss how market value became a main pillar in determining a football club’s competitiveness rather than historical reputation or strength, at a time when the Saudi Pro League is fundamentally changing.

Al Humaid shed light on Al Qadsiah to demonstrate the impact of market value. Despite not being one of the traditional “big four," its EUR 120 mn market valuation — exceeding that of Al Ittihad (EUR 113 mn) — opened doors for it to secure high-profile players like Pierre-Emerick Aubameyang from Marseille in July 2024 and the top scorer from the Italian League (Serie A), Mateo Retegui last month.

ALSO WORTH WATCHING-

The Mo Show (watch, runtime: 1:18:54) chats with Tareq Amin (LinkedIn), CEO of PIF’s subsidiary Humain about the company’s journey from an idea during an AI brainstorming in Saudi’s Royal Court in August last year, to its launch in May.
Sabah Al A’mal (watch, runtime 03:36) saw Salman Al Qarni unpack rental transactions retreating to about 50% in Riyadh and 42% in eastern Riyadh during the last four months, as the market awaits real estate reforms to bring down inflated prices.

The Kingdom bets on Aseer’s cool peaks to lure tourists

Saudi Arabia’s mountain tourism dreams are on Bloomberg’s radar. The Kingdom has been funneling money into Aseer to boost its tourism potential through the Public Investment Fund, with plans to build luxury resorts, restore heritage sites like Rijal Almaa, and upgrade basic services and infrastructure. The rustic approach in Aseer stands out from some of the flashier megaprojects elsewhere in the Kingdom — with a focus on natural landscapes and cultural heritage rather than futuristic skyscrapers or ultra-luxe glampsites.

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Major projects in motion: The business news service highlighted the Seven Legends Aseer Resort as one of the region’s works-in-progress — a mountain retreat set to open in 2029 with private villas, hotel rooms, and grass skiing. The Soudah Peaks is also in the pipeline, bringing hotels and homes to the Kingdom’s tallest mountain and offering outdoor activities like hiking.

What Aseer needs: With fewer than 100k international visitors a year, Aseer needs to expand quality accommodation beyond Abha as well as upgrade transport and infrastructure and provide clear travel information to quell safety concerns over its proximity to the Yemeni border, Bonjour Saudi CEO Cecilia Pueyo told Bloomberg. Stronger promotion of its climate and attractions will also help draw in more visitors.

Ajlan & Bros’ arm secured the Shariah-compliant financing from regional and Saudi banks, allocating it for expansion

DEBT WATCH-

Ajlan & Bros unit, Abdul Aziz Al Ajlan Sons for Commercial and Real EstateInvestment, secured its first syndicated Murabaha facility, raising USD 300 mn from a group of regional and Saudi banks, Zawya reports citing Gulf Daily News. The seven-year, unsecured financing will be used to fund the group’s expansion initiatives and diversify its funding sources.

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ADVISORS- Gulf International Bank-Saudi Arabia (GIB), First Abu Dhabi Bank (FAB), and Kuwait Finance House Bahrain serves as lead arrangers, with GIB acting as the main coordinator.

STARTUP WATCH-

EdfaPay earns triple PCI certification: Homegrown fintech EdfaPay became the first company in the Kingdom and the wider Mena region to receive three certifications from the PCI Security Standards Council, including PCI MPoC Solutions, Software and services, according to a press release.

Why it matters: These certifications confirm that EdfaPay’s mobile payment technology, which works on regular smartphones and tablets, is secure for both contactless and PIN-based transactions.

REAL ESTATE-

View United Real Estate Development Company signed a SAR 122 mn contract with Dr. Yousef bin Othman Al Hazeem to build a residential tower in Riyadh, according to a disclosure to Tadawul. The project will follow the off-plan sales model and is expected to take 30 months to complete once necessary license is issued.

REFRESHER- View Real Estate Development inked a SAR 164 mn contract with Al Shams Holding Company in January to build and sell a residential tower in Riyadh’s Al Nakheel neighborhood.

Wall Street warns pullback is coming, but says buy the dip

Some of Wall Street’s biggest names are bracing clients for turbulence ahead. Strategists at Morgan Stanley, Deutsche Bank, and Evercore are cautioning that US equities, particularly the S&P 500, look vulnerable to a near-term slide after a blistering rally since April pushed valuations to overheated levels, Bloomberg reports.

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How steep are we talking? Morgan Stanley forecasts a correction of up to 10% this quarter, citing the drag from tariffs on consumers and corporate margins. Evercore sees the potential for an even steeper 15% drop, while Deutsche Bank’s Parag Thatte argues that equities are overdue for at least a modest pullback after more than three months of gains.

The warnings come as US economic data turns shaky: US inflation is ticking higher, job growth is softening, and consumer spending is losing steam. Seasonality is also working against stocks, with August and September historically (for the past 30 years to be specific) the weakest months for the S&P 500, averaging losses of 0.7% each versus a 1.1% monthly gain on average, according to data compiled by Bloomberg.

Buy the dip? Evercore and Deutsche Bank advised investors to stay the course and use any weakness as a buying window, particularly in sectors benefitting from the ongoing AI boom, noting that the long-term bull-cycle remains intact.

MARKETS THIS MORNING-

Asian markets are showing mixed performance this morning, with Japan’s Nikkei and the Shanghai Composite both in the green, up 0.6% and 0.1%, respectively, and the Hang Seng and Kospi in the red.

TASI	10,922	+0.8% (YTD: -9.3%)
MSCI Tadawul 30	1,408	+0.8% (YTD: -6.7%)
NomuC	26,853	-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	3,570	+0.6% (YTD: +15.7%)
ADX	10,331	+0.3% (YTD: +9.7%)
DFM	6,166	+0.7% (YTD: +19.5%)
S&P 500	6,299	-0.5% (YTD: +7.1%)
FTSE 100	9,143	+0.2% (YTD: +11.9%)
Euro Stoxx 50	5,250	+0.1% (YTD: +7.2%)
Brent crude	USD 67.64	-1.6%
Natural gas (Nymex)	USD 3.00	-0.4%
Gold	USD 3,434	0.0%
BTC	USD 113,903	-1.2% (YTD: +21.8%)
Sukuk/bond market index	912.67	+0.2% (YTD: +1.2%)
S&P MENA Bond & Sukuk	147.50	+0.2% (YTD: +5.4%)
VIX (Volatility Index)	17.85	+1.9% (YTD: +2.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% yesterday on turnover of SAR 5.5 bn. The index is down 9.3% YTD.

In the green: SPPC (+10.0%), Ades (+10.0%) and SIIG (+8.3%).

In the red: UCA (-7.9%), Nice One (-7.1%) and Gulf Union Alahlia (-5.2%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 22.7 mn. The index is down 14.7% YTD.

In the green: Horizon Educational (+5.9%), Balady (+4.6%) and Taqat (+4.4%).

In the red: NGDC (-9.0%), Future Care (-7.6%) and Arabica Star (-7.6%).

CORPORATE ACTIONS-

Alamar Foods will distribute SAR 25.3 mn in dividends for 2Q 2025 at SAR 0.50 apiece, starting 2 September, it said in a disclosure to Tadawul yesterday.

Almasane Alkobra Mining tapped SNB Capital as the market maker for its shares for 12 months starting Tuesday, 5 August, according to a Tadawul disclosure. The move follows the approval of the Capital Market Authority.

CALENDAR

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

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

7 August (Thursday): Deadline for institutional investors to book a minimum of 50k shares and a maximum of roughly 800k shares each in Marketing Home Group IPO.

11-12 August (Monday-Tuesday): Monsha’at’s Jadeer Tour in Khobar, SME Support Center, Khobar.

19-20 August (Tuesday-Wednesday): Marketing Home Group IPO retail subscription period for investors to request 10k-250k shares each.

24 August (Sunday): Final allocations are due for Marketing Home Group IPO.

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.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, 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.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

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.

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

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.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, 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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