Saudi takes the cake with 1H 2025 GCC primary issuances

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Football transfers galore

Good morning, wonderful people, and welcome to a new week. It’s not particularly busy as far as the local news cycle goes, but we may have hit peak earnings season. Leading this morning’s news well is the latest regional bond and sukuk issuance figures, as well as Wajd Life issuing its prospectus for its planned IPO on the Nomu.

ALSO- Crown Prince Mohammed bin Salman is reportedly due to visit US President Donald Trump in Washington in November, Bloomberg reports, citing people familiar with the matter. The Crown Prince’s visit — which will be his first to the White House since 2018, during Trump’s first presidential term — is designed to firm up a handful of investment plans between Washington and Riyadh announced during Trump’s regional tour in May.

HAPPENING TODAY-

The two-day EventTech meetup will kick off today at the Cultural House-Altaawun Public Library in Riyadh, bringing together tech enthusiasts, entrepreneurs, investors, and industry professionals. The event — organized by the National Events Center — will feature live demos, panel discussions, and networking sessions exploring how AI, data science, and other technologies are rephasing event experiences.

The Saudi Arabia Snooker Masters continues today and runs until 16 August at Green Halls in Jeddah. The event, which kicked off on Friday, the event sees 128 World Snooker Tour players and another 16 snooker players from Saudi Arabia playing for a pot worth more than GBP 2 mn. You can check out the schedule on the WST website.

Governor of Tabuk Prince Fahd bin Sultan will inaugurate 48 new environment, water, and agriculture projects today, worth over SAR 4.4 bn, the Tabuk Principal said on X yesterday. The projects include 23 ready initiatives valued at more than SAR 3.8 bn and 25 others about to kick off, with a combined cost of SAR 580 mn, state news agency SPA reports.

WEATHER- Riyadh is expected to see a high of 44°C and a low of 31°C today, while Jeddah’s mercury will go as high as 39°C and as low as 31°C. Makkah is expecting some showers amid a 42°C high and 31°C low.

PSAs-

Pilgrims can now use the Nusuk app without being connected to the internet, under a new partnership with telecom providers STC, Mobily, and Zain, the Hajj and Umrah Ministry said on X last week. The move lets citizens, residents, and visitors issue permits, book Haramain train tickets, navigate with maps, and chat with the app’s AI assistant while remaining offline.

WATCH THIS SPACE-

#1- An Arabic version of ChatGPT, built entirely by a Saudi team, will be launched at the end of this month, Humain CEO Tariq Amin told Al Arabiya on Thursday (watch, runtime: 14:33). Amin highlighted the capabilities of the local workforce, saying that Saudi talent is “amazing and just needs support and technology.” Amin aims for Humain to be one of the top five data center companies in the world.

Humain has a lot in the works: Since launching earlier this year, Humain has signed over USD 23 bn worth of agreements with US tech firms, including Nvidia, AMD, Amazon Web Services, and Qualcomm, Amin said in May. The company is also expected to launch a USD 10 bn venture capital fund this summer and has established in June a new division for advertising, video games, and film called Humain Create in partnership with US-based generative AI startup Luma A.

#2- The upside from Ades’ acquisition of Shelf Drilling: Ades International Holding ’s acquisition of Shelf Drilling will expand its operations to 19 countries from 13, upping its offshore rigs to 83 — 20% of world’s fleet — and boosting annual revenue by up to USD 900 mn by 1H 2026, CEO Mohamed Farouk told Al Arabiya (watch, runtime: 5:43). The transaction is expected to deliver a 13% return on investment over seven years.

IN CONTEXT- Ades International Holding, a subsidiary of Tadawul-listed Ades Holding, agreed to take over Dubai-based and Oslo-listed offshore drilling contractor Shelf Drilling last week in a SAR 1.4 bn (USD 379 mn) merger. The transaction is expected to close in 4Q, pending regulatory and customary clearances.

#3- The UAE’s Adnoc Distribution plans to add 160 new fuel stations in the Kingdom by 2026, bringing the total to 300, CEO Bader Al Lamki told Asharq Business on Thursday (watch, runtime: 8:42). This expansion, which has already seen its Saudi network double to 140 stations this year, is being achieved through a dealer-owned station model.

REMEMBER- Back in May, Adnoc Distribution said it plans to open 40-50 new fuel stations in the Kingdom this year, having already secured contracts for 15 stations in 1Q 2025.

#4- British creative design firm Territory Studio is launching its first Middle East studio in Riyadh, according to a press release. The studio will begin operations this year, with a larger, permanent facility scheduled to open next year. It will offer a wide range of services, including co-development, visual asset production, cinematic design, and UI/UX design. This expansion is backed by an MoU signed with Riyadh-based Savvy Games Group in July.

Cloud seeding has created its first summer rain in Riyadh over the Rumah area, the Saudi Gazette reported yesterday. The operation, led by the National Center for Meteorology, used specially equipped aircraft to disperse eco-friendly materials into clouds to stimulate precipitation. The Cloud Seeding Program aims to boost rainfall by up to 20%, provide an alternative water source, expand green areas, and combat desertification.

#5- Spinneys remains on track to open two new stores in Saudi Arabia in 2025, after opening two stores in the Kingdom and seeing “encouraging” performance from these branches, Spinneys CEO Sunil Kumar told Bloomberg (watch, runtime: 6:16). The two stores are part of Spinneys’ plans to open a total of 10-12 stores across the UAE and Saudi Arabia in 2025.

DATA POINTS-

#1- The General Authority for Competition approved 147 merger and acquisition transactions so far in 2025, including two conditional approvals, with several more under review, Senior Director of Mergers and Acquisition in the authority Talal Alhogail told Al Arabiya on Thursday (watch, runtime: 4:20).

#2- King Khalid International Airport served a record 3.9 mn passengers across 26k flights in July, making it the busiest month in the airport’s history, according to state news agency SPA. The airport also reported a one-day record with 142,538 passengers served, surpassing its previous record of 131,691 passengers in a single day.

OIL WATCH-

Asia-bound crude price raised again: Aramco raised the price of its flagship Arab Light crude bound for Asia by USD 1/bbl for September deliveries, taking the premium to USD 3.20/bbl above the Oman-Dubai benchmark, Bloomberg reports citing a price list it saw. That’s higher than the USD 0.90 hike traders had expected — and marks the second month in a row the Kingdom hikes prices, signaling confidence in the strength of demand. Prices to Europe were cut USD 1.30 across the board while shipments to the US saw a slight increase.

Saudi continues to lead Opec+ in boosting supply in a bid to regain market share, banking on sustained demand to absorb the added barrels. So far, fuel consumption has kept refining margins healthy, helping the market digest increased output. Aramco’s CEO Amin Nasser struck a bullish tone on an earnings call this week, saying crude demand in 2H could be more than 2 mn bbl/d higher than in 1H this year.

But not everyone’s convinced the market can keep up: Analysts warn the output surge expected this month and the next could push prices down later this year. JPMorgan and Goldman Sachs both expect Brent to dip to around USD 60/bbl in 4Q, if supply overshoots demand, Bloomberg said.

SPORTS-

It’s been transfers galore this past weekend, with Saudi Pro League clubs making major moves ahead of the new season.

Al Nassr reached an agreement to sign Barcelona defender Iñigo Martínez on a freetransfer, with the 34-year-old expected to sign until June 2026 with an option for a one-year extension, according to sports reporter Fabrizio Romano. Al Nassr has also opened talks with Bayern Munich to sign French winger Kingsley Coman, Romano said on X. The club is also targeting Brentford’s Yoane Wissa, facing competition from Newcastle, Tottenham, and Neom, L’Équipe reports.

Uruguayan striker Darwin Núñez gave the verbal go-ahead to join Al Hilal on a three-year contract until June 2028, with final details being completed, according to Romano. Liverpool will receive EUR 53 mn plus bonuses that could raise the deal to EUR 65 mn, and Al Hilal has agreed to Núñez’s salary terms.

Meanwhile, Al Ittihad is in negotiations to renew French midfielder N’Golo Kanté’s contract, which expires after the upcoming season, Asharq Al Awsat reports, citing sources it says are in the know. Kanté is open to extending his contract with his current USD 25 mn annual salary, while the club seeks to retain him on reduced terms.

AND- Al Ettifaq has finalized its foreign squad for the season, retaining key players like goalkeeper Marek Rodák, defender Jack Hendry, midfielder Georginio Wijnaldum, and forward Moussa Dembélé, Ahsarq Al Awsat reports. New international additions include midfielder Ondrej Duda, Egyptian striker Ahmed Hassan Kouka, Costa Rican defender Francisco Calvo, and South African midfielder Mohau Nkuota — bringing the total number of foreign players to 11, including three naturalized.

Domestically, Al Ettifaq’s Mohamed Abdel Rahman was sold to Al Ahli while rising talent Ziyad Al Ghamdi joined the club. Clubs including Al Ahli and Al Nassr are showing interest in other players like Khalid Al Ghannam and Abdullah Madu, with Al Ettifaq open to high-value offers.

Outgoing Al Ettifaq players include Thamer Al Khaibari, who moved to Neom, and Demarai Gray, who joined Birmingham City. Coach Saad Al Shehri was given full authority over the squad and approved the release of Hamdan Al Shamrani following his loan spell.

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THE BIG STORY ABROAD-

It’s a slow morning in the international business press this morning, as is often the case on Sundays. In the absence of market-moving news, the latest developments between Russia and Ukraine are leading headlines, following a meeting between US Vice President JD Vance and officials from Ukraine, the UK, and others in Europe to discuss the latest push for peace from Washington — including a US proposal that would see “some swapping of territories” between Russia and Ukraine.” Russian President Vladimir Putin also put forth a proposal that would start with Ukraine ceding control of parts of Donetsk in exchange for a ceasefire. The story is getting ink in the Wall Street Journal, Reuters, and CNBC.

MEANWHILE- Market watchers will also be keeping an eye on US inflation data for June, due out on Tuesday, which economists think will indicate a slight uptick as the effects of higher tariffs are starting to be felt by consumers, Bloomberg says. The data will be an important indicator of how much room the Federal Reserve still has to play with before it enacts more rate cuts, which the market already expects to happen next month.

Saudi leads GCC primary issuances in 1H 2025

Saudi Arabia claimed the second-highest value of primary issuances across the GCC, accounting for 52% of the total regional value of issuances in 1H 2025, a recent report (pdf) by Kuwait Financial Centre (Markaz) showed. The Kingdom raised USD 47.9 bn across 71 bonds and sukuk issuances during the first six months of the year.

Elsewhere in the region: The UAE came in second place, with Emirati entities raising USD 24 bn through 69 issuances during 1H this year, accounting for 26% of the total regional value. Qatari entities came in third place, with USD 10 bn raised across 58 issuances, a slight dip from 1H 2024, while Bahraini entities raised USD 5.6 bn through seven issuances. Then come Kuwaiti entities with USD 3.39 bn from four issuances, followed by Omani entities with less than USD 1.1 bn across six issuances. The Kuwaiti government returned to the debt market for the first time since 2017 with a USD 1.6 bn bond issuance, which was primarily marketed to local banks.

More issuances at a smaller value: While the region saw 215 sovereign and corporate issuances during 1H of this year, compared to 152 during the same period last year, the total value raised dropped 5.5% y-o-y to USD 92 bn.

Corporate issuances take the lion's share: Total GCC corporate primary issuances jumped 67% y-oy during the period to reach USD 60.2 bn. Government-related entities accounted for 12% of the total, issuing USD 11.2 bn worth of debt.

Saudi Arabia also seized the largest chunk of corporate issuances in the region, with a total of USD 28.5 bn. The single largest corporate issuance came from the Public Investment Fund (PIF) with a value of USD 2.4 bn.

A wider look at the macro picture: While the number of GCC bonds and sukuk primary issuances surged to 215 sovereign and corporate issuances during the 1H of this year, compared to 152 during the same period last year, the total value raised dropped 5.5% y-o-y to hit USD 92.0 bn, down from USD 97.4 bn a year earlier.

Saudi Arabia also takes the lead on this front: Saudi Arabia dominated the GCC debt market of bonds and sukuk in the 1H 2025, accounting for 52% of the total regional value. Saudi entities raised USD 47.9 bn across 71 bonds and sukuk issuances during the period. However, this marks a 19.76% y-o-y dip from USD 59.7 bn through 40 issuances in the first six months of 2024.

ALSO- Conventional issuances in the region saw a 7.8% y-o-y rise to USD 51.6 bn in 1H 2025, with the Saudi government emerging as the largest single issuer of conventional bonds during the period, with a total value of USD 5 bn. However, sukuk issuances in the region dropped 18% y-o-y during the period, totalling USD 40.4 bn.

USD-dominated issuances overwhelmingly led the region's debt market during the period, with a total of USD 73.1 bn through 146 issuances. This represents a substantial 79% of the region’s total value raised through primary issuances. SAR-dominated debt ranked second by value, raising USD 7 bn from eight issuances.

Wajd Life issues prospectus for Nomu debut

Medical equipment supplier Wajd Life is taking a 25% stake (2.5 mn shares) to Tadawul’s parallel market Nomu in a secondary offering, it said in its prospectus (pdf). The issuance will be equivalent to the firm’s post-IPO capital. The pricing of the offering has yet to be announced. Wajd had secured regulatory approval for the Nomu debut back in March.

Who’s selling? The firm’s four majority shareholders will collectively retain an 80% stake in the post-IPO structure, down from 100% stake pre-IPO. The proceeds from the offering will be earmarked for financing Wajd’s growth plans, including expanding its footprint, improving its operational efficiency, and bolstering its financials.

The timeline: Subscriptions will run for five days, from 31 August through to 4 September, with the IPO limited to qualified investors. Investors will be able to book between 100 and 624.9k shares each. The final allocation of shares is scheduled for 9 September, while refunds are scheduled for 11 September.

About Wajd: Founded in 2013, the company operates in medical and non-medical services, supplying and importing equipment, spare parts, and maintenance. It is officially licensed by the Saudi Food and Drug Authority (SFDA).

Advisors: Yaqeen Capital is quarterbacking the transaction as the company’s financial advisor and lead manager. Our friends at EFG Hermes KSA, along with Derayah Financial, Alinma Capital, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, Alibilad Capital, AlJazira Capital, Alistithmar Capital, ANB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Alosool Capital are all receiving agents.

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, and property developer Hammad Mohammed Bin Saedan Real Estate had also lined up the regulator's approval earlier to IPO on Nomu. Sign World also issued its prospectus last month.

Tadawul overhauls Nomu investor, listing rules with draft amendments

Investors could soon find it easier to access Tadawul’s parallel market Nomu, while issuers would face tougher valuation requirements under draft amendments published by Tadawul, according to a statement. The proposed changes would, if approved, introduce a broader category of qualified investors on Nomu, raise the minimum market value for publicly held shares, revise aggregate market cap requirements, and clarify the listing treatment for demergers. The draft is now open for public consultation until Tuesday, 19 August 2025. Check out the proposed draft here (pdf).

More doors open for qualified investors: The amendments defined qualified investors on Nomu, including institutional investors, discretionary clients, foreign investors, and legal persons. It also includes individuals meeting any of the following:

SAR 30 mn+ in market transactions over the past 12 months;
Net assets of more than SAR 5 mn;
Three years’ experience in the financial sector;
CMA-recognized securities certification;
Relevant professional certification from an internationally accredited body;
Board members and committee members of Nomu-listed companies.

Companies listing on Nomu will need to meet both a reduced minimum float percentage and a higher float market value. At least 10% of shares must be owned by the public at the time of listing, down from a previous requirement of 20%, while publicly held shares must be worth no less than SAR 50 mn (compared to SAR 30 mn required previously). A minimum of 50 public shareholders is still required.

Aggregate market cap thresholds revised: At the time of listing, companies must satisfy this criteria:

The expected aggregate market value of all listed shares must be at least SAR 50 mn for IPOs (up from SAR 10 mn);
Direct listings require a minimum expected market cap of SAR 100 mn.

There’s now clearer requirements for demerger listings. The updated rules require that the demerged entity is clearly distinct from the issuer’s retained business, and that the issuer maintains sufficient operations and assets post-demerger to justify continued listing. Additionally, the demerged entity must be independently operational, with its own executive and administrative teams.

2Q results keep pouring in

MAADEN-

Saudi Arabian Mining (Ma’aden) posted 119.6% y-o-y bottom line growth in 2Q 2025 to SAR 1.9 bn on revenues of SAR 9.4 bn, up 31.1% y-oy, it said in its earnings release (pdf). On a six-month basis, Ma’aden’s net income grew 73.1% to SAR 3.5 bn, while revenues were up 23.4% y-o-y to SAR 17.9 bn. Ma’aden attributed the growth to higher sales volumes and commodity prices — despite raw material costs also rising — as well as lower expenses for financing, zakat, and income taxes.

Looking ahead: Ma’aden maintained its 2025 capex guidance at SAR 7.55-9.55 bn, with 7% allocated for growth. The company expects to complete its phosphate 3 phase 1 expansion project by the end of 2026 and expects to bring it online in 2027, reaching full capacity by the end of 2027. “I am confident that we will deliver strong results in the second half of 2025 as we progress our growth strategy, drive forward with our exploration program, and maintain operational excellence across our businesses,” CEO Bob Wilt is quoted as saying in the release.

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SAVOLA GROUP-

Savola Group’s net income fell 34.1% y-o-y to SAR 97.3 mn in 2Q 2025, which the company attributed to the effect of no longer gathering income from its previously-owned stake in Almarai, according to a disclosure to Tadawul. Revenues during the quarter rose 18.2% y-o-y to SAR 6.06 bn on the back of growth from its food processing and retail segments.

Savola’s 1H 2025 net income fell 39.1% y-o-y to SAR 294.9 mn, with revenues rising 11.3% y-o-y to SAR 13.7 bn.

PETRO RABIGH-

Petro Rabigh’s net loss widened in 2Q 2025 to SAR 1.37 bn, compared to a net loss of SAR 1.1 bn, according to a disclosure to Tadawul. The company’s revenues also fell 59.5% y-o-y to SAR 4.05 bn, which is attributed to a “full shutdown” of its units for 60 days for “comprehensive, scheduled periodic maintenance across all operational facilities and production units.”

On a six-month basis: Net losses narrowed to SAR 2.06 bn, compared to SAR 2.47 bn in 1H 2024, while revenues dropped 13.6% y-o-y to SAR 15.5 bn. The company’s accumulated losses hit SAR 7.34 bn by the end of 1H, equivalent to 43.9% of its share capital.

SAL SAUDI LOGISTICS SERVICES-

Saudi Logistics Services (SAL) saw its net income rise 4% y-o-y to SAR 162 mn in 2Q 2025, according to an earnings release (pdf) and a disclosure to Tadawul. The firm’s topline declined 3% y-o-y to SAR 394 mn for the same period. SAL’s Logistics Division's lower revenues — caused by a shift in project timelines — were the main reason for topline decline, management said. SAL’s bottom line shrank 13.3% y-o-y to SAR 315 mn in 1H 2025, with revenues down 9% y-o-y to SAR 778 mn.

Behind the income slump: Management attributed the drop-off in 1H’s net income to a decline in the Handling Division’s revenue, as handling levels returned to normal after the exceptionally high volumes in 1Q 2024 caused by supply chain disruptions in the Red Sea.

Looking ahead: SAL is maintaining a positive outlook, expecting an increase in demand for integrated logistics solutions, fueled by the expansion of e-commerce, accelerating industrial activity, and enhanced regional connectivity, CEO Omar bin Talal Hariri said.

Dividends: SAL’s board greenlit a SAR 121.6 mn dividend payout for 2Q 2025 at SAR 1.52 per share, set to be distributed on 9 September, it said in a separate disclosure.

AL HAMMADI HOLDING-

Our friends at Al Hammadi Holding saw their net income fall 47.4% y-o-y to SAR 62 mn in 2Q 2025, weighed down by a SAR 10.9 mn provision for credit losses and the absence of SAR 55.3 mn in one-off gains from a land sale booked in the same quarter last year, it said in a disclosure to Tadawul on Thursday. Meanwhile, revenue rose 13.2% y-o-y to SAR 298.2 mn, supported by higher income from the medical services and pharma products sectors.

On a 1H basis, the company’s bottom line dropped 25.3% y-o-y to SAR 135.9 mn, while its topline grew 11% y-o-y to SAR 600.1 mn.

Dividends: Al Hammadi’s board signed off on distributing a total of SAR 56 mn in dividends for 2Q 2025, equivalent to SAR 0.35 per share, according to a separate disclosure.

CATRION CATERING HOLDING-

Catrion Catering Holding posted a net income of SAR 65.4 mn in 2Q 2025, falling 10.7% y-o-y, on the back of higher finance costs tied to lease liabilities, lower finance income, and a share from its associate’s losses, it said in a disclosure to Tadawul on Thursday.

However, revenue edged up 1.2% y-o-y to SAR 571.5 mn, supported by higher in-flight catering revenue from foreign and private airlines, which offset a decline in integrated hospitality revenue.

On a 1H basis, the company’s net income slipped 2.9% y-o-y to SAR 140.2 mn, while revenue grew 3.9% y-o-y to SAR 1.2 bn.

BAWAN-

Bawan recorded a 117.9% y-o-y rise in net income to SAR 50.4 mn in 2Q 2025, according to a disclosure to Tadawul released on Thursday. Revenue also rose 52.7% y-o-y to SAR 966.1 mn over the same period. The growth was supported by the contribution of newly acquired oil and gas industries, as well as strong performances across the electrical, plastic, and metal segments.

On a 1H basis, the company’s bottom line grew 66.2% y-o-y to SAR 86.9 mn, while its topline rose 23.7% y-o-y to SAR 1.9 bn.

CEO Mohammed Al Balawi has a bullish outlook for Bawan’s 2025 financial performance, supported by confirmed contracts exceeding SAR 2.8 bn, he told Argaam. Looking forward, after investing SAR 300 mn and acquiring new segments like Petronash Global, Bawan’s primary goals are to maximize returns on these investments and reduce the group’s debt.

NATIONAL GAS AND INDUSTRIALIZATION COMPANY-

The National Gas andIndustrialization Company (Gasco) reported a 7.1% y-o-y drop in net income to SAR 53.9 mn in 2Q 2025, on the back of rising operating expenses and lower investment, finance, and other income as well as a lower zakat reversals, it said in a disclosure to Tadawul on Thursday. Meanwhile, revenue grew 15.1% y-o-y to SAR 740.1 mn thanks to higher gas sales volume and prices as well as higher services returns.

On a 1H basis, Gasco’s bottom line fell 15.2% y-o-y to SAR 115.9 mn, while its topline rose 16.9% y-o-y to SAR 1.6 bn.

THEEB RENT A CAR-

Theeb Rent a Car saw its net income rise 7.2% y-o-y to SAR 47.8 mn in 2Q 2025, it said in a disclosure to Tadawul on Thursday. Revenue also rose 13.4% y-o-y to SAR 364.9 mn over the same period. Figures’ growth was mainly driven by higher short and long-term rental revenues and increased used car sales.

Over the first half of the year, the company’s net income rose 9.5% y-o-y to SAR 93.2 mn, while revenue grew 11.6% y-o-y to SAR 701.6 mn.

Almarai re-elects Prince Naif bin Sultan as Chairman

Dairy giant Almarai has re-elected Prince Naif bin Sultan bin Mohammed bin Saud Al Kabeer (LinkedIn) as its board chairman, with Sulaiman Al Muhaidib (LinkedIn) as vice chairman, it said in a disclosure to Tadawul. Their appointments became effective on Thursday, 7 August for a four-year term.

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Prince Naif bin Sultan has been chairing for over 25 years the boards of multiple high profile companies, including Zain, the Arabian Shield Insurance, Sultan Holding, the International Manufacturing Industries, the International Chemical Industries, and 70 Investment. Meanwhile, Al Muhaideb is also the Chairman of the Al Muhaidib Group and holds other key positions, including chairman of Savola and Rafal Real Estate Development.

Mastercard chooses Saudi for its first regional Cyber Resilience Center

BANKING-

Mastercard has launched its first Middle East Cyber Resilience Center in the Kingdom, Mastercard’s General Manager for Saudi Arabia, Bahrain, Jordan, and the Levant Saud Swar told Asharq Al Awsat on Thursday. Riyad Bank is the center’s first partner, collaborating on training, risk assessment, and adopting global standards. The center is also intended to support national programs like FinTech Saudi and the National Cybersecurity Authority.

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The center’s operations focus on three areas, including training personnel through Arabic certifications and university partnerships, defining performance benchmarks for organizations, and testing readiness with simulated cyberattack workshops. Mastercard plans to eventually expand the center’s services beyond finance into sectors like health, transportation, and critical infrastructure.

AVIATION-

Riyadh Air partners with Amadeus: PIF-owned Riyadh Air signed a global distribution agreement with Spain-based travel technology firm Amadeus, giving it access to a network of travel agents in over 190 countries, Amadeus said in a press release on Thursday. Amadeus will also distribute Riyadh Air’s future New Distribution Capability content to offer more customized packages and manage indirect sales. Financial details remain undisclosed.

REFRESHER- Saudi’s newest airline delayed its takeoff from earlier this year to 3Q 2025, citing Boeing delivery setbacks. The airline voiced plans in June to serve 100 cities by 2030, aiming to add a destination every two months once it’s operational. The carrier has already secured landing slots for its debut routes and will unveil its first destination and ticketing plans in the upcoming months.

SPORTS-

The Public Investment Fund (PIF) and Golf Saudi have launched 3D mapping platform PIF Future Fairways, offering golf enthusiasts an immersive experience, according to a statement released last Wednesday. The platform will be accessible to the public at PIF Global Series tournaments throughout 2025 and into the 2026 season, including the PIF Championship in London (8-10 August), Aramco Houston Championship (5-7 September), Aramco Shenzhen Championship in China (6-8 November).

The platform was also used to unveil three new golf courses within the PIF’s giga-projects on the Red Sea coast, including Shura Links on Shura Island, Laheq Golf Course on the Red Sea coast, and Trojena Northern Golf Course in the Neom Highlands. The initiative is part of a broader plan to more than triple the number of golf courses in Saudi Arabia by 2030.

DEBT WATCH-

PIF-owned Saudi Real Estate Refinance Company (SRC) signed an agreement to acquire a real estate finance portfolio from Arab National Bank (ANB), it said on X on Thursday. Extending their existing partnership, the acquisition aims to increase liquidity for primary lenders like ANB, allowing them to expand home financing options to citizens. No financial details were disclosed.

ICYMI- SRC had also agreed to buy a mortgage portfolio of undisclosed value from Bank Albilad last month for the same reasons and had also acquired a SAR 3.4 bn real estate financing portfolio from the Saudi National Bank in March.

FINANCIAL SERVICES-

The Saudi Central Bank (Sama) licensed AL-AN Alkhaligia to offer consumer microfinance services through financial technology, bringing the total number of licensed finance companies in the Kingdom to 67, it said in a statement on Thursday.

REMEMBER- The Saudi Central Bank launched last month a new e-commerce payments interface to integrate the mada payment system into the global payment networks, offering additional payment options to users and allowing banks to offer financing solutions to e-commerce businesses.

REAL ESTATE-

First Avenue awarded development contract for Al Shati project in Jeddah: First Avenue for Real Estate Development, in partnership with La Perle Real Estate Fund, will develop a 7.8k sqm mixed-use project in Jeddah’s Al Shati District, featuring commercial, residential, and hospitality units, it said in a filling to the bourse last Wednesday.

More details: Under a 36-month contract, First Avenue — holding a 38.6% stake in the fund — will oversee design, permitting, construction, and marketing, earning 12% of final project costs. The total project value is yet to be determined in a later stage.

European earnings falter in 2Q as US counterparts power ahead

European companies’ earnings are lagging behind their US counterparts in 2Q after a strong start to the year for European stocks, the Financial Times reports. While the US had begun to lose favor amid US President Donald Trump’s unpredictable policy environment, European stocks rallied to start the year, marking their best performance against US stocks in nearly a decade. Allocations to Eurozone stocks were at a four-year high at the beginning of this year, according to a Bank of America survey of fund managers showed, while funds have been flowing out of the US and into Europe amid bigger fiscal stimulus packages and lower interest rates in Europe, and a lack of predictability in the US.

A short-lived spell: Despite this, US stocks have quickly regained favor with strong earnings from US mega cap firms buoying stock performance, while in Europe, the region’s stock rally began to lose momentum, the salmon colored writes. Around half of the companies listed on Stoxx Europe 600 have already reported their 2Q earnings, and they imply the index will stay flat in terms of earnings growth on an annual basis, the FT said. On the other hand, the S&P 500 is on track to see a 9% y-o-y increase in average earnings growth, the FT cites BofA as saying.

Exporters, especially automakers, were among the biggest of Europe’s earnings disappointments, with carmakers seeing the sharpest downward revisions to 2025 earnings forecasts of any sector. Volkswagen, Stellantis, and Mercedes-Benz all issued warnings over the potential impact of Trump-era tariffs.

The financials sector is still a bright spot: Banks like Deutsche Bank, UBS, and BNP Paribas have consistently outperformed expectations, with strong performance from their trading businesses helping them all post earnings that topped analyst forecasts.

The EUR is not helping: The EUR gained c. 12% against the greenback this year, which is good for investors allocating to European equities, but not for many European companies who make their earnings in USD, senior equities strategist at Goldman Sachs Sharon Bell said. Earnings transcripts found that more than 80% of Stoxx 600 companies flagged currency fluctuations as a drag on their earnings.

The US is where the money is at: Analysts say Europe still lacks the big, leading businesses the US has. “You have to back it up with earnings and profits and economic growth,” said Grant Bowers, senior vice-president at investment firm Franklin Templeton. “You need the corporations to follow through — and Europe struggles to have these leading businesses.”

Things could be even more challenging in 2H: The direct tariff impact for European companies is currently “extremely small,” Bell said, adding that full impact will materialize in 2H.

TASI	10,930	-0.2% (YTD: -9.2%)
MSCI Tadawul 30	1,407	-0.2% (YTD: -6.8%)
NomuC	26,649	-0.2% (YTD: -15.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	3,615	+1.1% (YTD: +17.1%)
ADX	10,312	-0.1% (YTD: +9.5%)
DFM	6,149	+0.3% (YTD: +19.2%)
S&P 500	6,389	+0.8% (YTD: +8.6%)
FTSE 100	9,096	-0.1% (YTD: +11.3%)
Euro Stoxx 50	5,348	+0.3% (YTD: +9.2%)
Brent crude	USD 66.59	+0.2%
Natural gas (Nymex)	USD 2.99	-2.5%
Gold	USD 3,491	+1.1%
BTC	USD 116,752.80	-0.1% (YTD: +24.8%)
Sukuk/bond market index	912.30	0.0% (YTD: +1.1%)
S&P MENA Bond & Sukuk	147.74	-0.1% (YTD: +4.9%)
VIX (Volatility Index)	15.15	-8.6% (YTD: -12.7%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% last Thursday on turnover of SAR 4.5 bn. The index is down 9.2% YTD.

In the green: Bawan (+9.9%), Banan (+9.7%) and Alsagr Insurance (+5.8%).

In the red: Abo Moati (-4.8%), Al Hammadi (-4.4%) and SRMG (-3.0%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% last Thursday on turnover of SAR 20.9 mn. The index is down 15.3% YTD.

In the green: Apico (+14.9%), Al Naqool (+7.8%) and Paper Home (+6.0%).

In the red: Horizon Educational (-9.9%), Osool and Bakheet (-8.5%) and Mobi Industry (-7.0%).

Foreign Ministry denounces Israeli plan to take full military control of Gaza

Saudi Arabia condemned “in the strongest possible terms” the Israeli cabinet’s decision on Thursday to occupy Gaza, and Israel’s continued crimes of ethnic cleansing against Palestinians, according to a Foreign Ministry statement. The “inhumane ideas and decisions” taken by Israel show the government’s “failure to understand the emotional, historical, and legal ties of the Palestinian people to this land and their right to it, based on international law and humanitarian principles.

CALENDAR

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

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

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.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, 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.
5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

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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