Acwa Power’s first-ever China renewables agreements worth USD 312 mn

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Ma’aden is gearing up to invest USD 1.3 bn in Brazil + BSF, Al Rajhi Bank kick off sukuk offerings

Good morning, friends. It’s a very busy Wednesday for the Kingdom, with lots of news centered on two big areas: Mining and regulatory updates.

THE BIG STORY AT HOME is an update on the value and details of Acwa Power’s first foray into China’s renewable energy space, with the energy player announcing the value of its recently secured wind and solar power agreements in China.

^^ We have the full rundown on all of these stories in this morning’s news well, below.

WEATHER- Riyadh will see a high of 19°C and a low of 6°C today, while Jeddah’s mercury will go as high as 33°C before tapering off to 23°C. Makkah’s weather will see a 34°C high and 22°C low.

WATCH THIS SPACE-

#1- PIF’s mining unit Ma’aden is gearing up to invest USD 1.3 bn in Brazil and open its first office in Sao Paulo, Brazilian Mining Minister Alexandre Silveira told Reuters. The investment is set to support geological mapping efforts in the country and to establish partnerships with Brazilian players to examine subsoil in a sustainable manner. No further details were provided on the investment plans.

#2- BSF, Al Rajhi Bank kick off sukuk offerings: Banque Saudi Fransi (BSF) opened the door for subscription to its USD-denominated sukuk issuance, which is part of its shariah-compliant trust certificate issuance program, according to a disclosure on Tadawul. The minimum subscription is USD 200k, with additional increments of USD 1k. Al Rajhi Bank also kicked off its USD-denominated additional tier 1 sustainable sukuk offering, which was announced earlier this week as part of its international borrowing program, the lender said in a filing to Tadawul. The offering is now open to both local and international investors, with the minimum subscription value set at USD 200k, with additional increments of USD 1k.

BSF ADVISORS- Our friends at HSBC were appointed as global coordinators for BSF’s issuance, while Mashreq, Abu Dhabi Commercial Bank, Citigroup Global, Crédit Agricole Corporate and Investment Bank, Emirates NBD, Goldman Sachs, the Islamic Corporation for the Development of the Private Sector, Mizuho International, SMBC Bank International, and Saudi Fransi Capital were selected as joint lead managers.

AL RAJHI ADVISORS- Our friends at HSBC and Mashreq are joint lead managers and bookrunners on Al Rajhi’s transaction, along with JPMorgan Securities, Morgan Stanley, Al Rajhi Capital, Citigroup Global, Emirates NBD, Goldman Sachs, Dubai Islamic Bank, Credit Agricole, MUFG Securities EMEA, SMBC Bank International and Standard Chartered Bank.

#3- Some 29 new entertainment investment prospects in the Kingdom’s entertainment sector are now up on the Invest Saudi platform as the General Entertainment Authority and Investment Ministry seeks local and international bidders for the new projects, state news agency SPA reports. The proposed ventures include several entertainment offerings, including a mountain adventure park, a general amusement park, a water park, a virtual reality entertainment park, and e-gaming centers.

#4- Egypt-based financial services player CI Capital is planning to expand into the KSA with a Riyadh office before the end of 1H 2025, Managing Director and Head of Regional Markets Fahd Al Tarzi told EnterpriseAM. The more concrete target follows the financial services firm securing a service investment license from the kingdom’s Investment Ministry late last month.

What’s next? The firm is working on getting the necessary licenses from the Capital Market Authority ahead of its planned launch.

#5- Al Jouf Cement Company will incur an estimated 10.1% increase in production costs on the back of Aramco’s fuel and diesel price adjustment, it said in a disclosure to Tadawul. The adjustment is expected to impact the company’s financial results beginning 1Q 2025.

#6- Saudi nationals can visit Hong Kong without a visa for 90 days from 30 previously as of today, SCMP reports citing statements by Hong Kong Chief Executive John Lee Ka-chiu. Hong Kong passport holders will also have visa-on-arrival access to Saudi Arabia via six designated control points beginning today.

DATA POINTS-

#1- The Saudi Central Bank (Sama) saw its net foreign assets decline 0.6% y-o-y in December 2024 to SAR 1.55 tn, according to recent data from Sama.

#2- The Kingdom received over 18.5 mn international pilgrims for Hajj and Umrah in 2024, Hajj and Umrah Minister Tawfiq Al Rabiah said during the Hajj Conference and Exhibition, according to the Saudi Gazette.

#3- Consumer spending via point-of-sale transactions in the Kingdom fell 11.2% w-o-w for the week ending 11 January at SAR 13.4 bn, according to Sama’s weekly POS report (pdf). Meanwhile, the number of transactions was down 3.7% at 216.5 mn.

The breakdown: Restaurants and cafes saw the highest spending during the week, dipping 1% w-o-w at SAR 2.1 bn, followed by beverages and food at SAR 1.9 bn, down 11.6%. Meanwhile, Riyadh had the highest value of PoS transactions at SAR 4.6 bn, followed by Jeddah at SAR 2 bn.

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THE BIG STORY ABROAD-

As we inch closer to Trump once again taking office, US politics are dominating the international front pages.

Trump’s pick to run the Pentagon faces the Senate: Pete Hegseth — President-elect Donald Trump’s Secretary of Defense nominee — faced the Senate yesterday in a confirmation hearing that saw his lack of experience and controversial comments brought to light. Despite being grilled over his past actions, Hegseth appears to near Senate approval. (Reuters | CNBC | AP | FT)

The Los Angeles wildfires continued to make headlines, with strong winds expected to carry fire-sparking embers over the area, which has been enduring massive destructive fires over the past week. (AP | Reuters)

CIRCLE YOUR CALENDAR-

#1- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#2- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#3- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.

#4- The UFC returns to the Kingdom on 1 February, kicking off its 2025 collaboration with Riyadh Season, according to Forbes. The main event will see former middleweight champion Israel Adesanya face Nassourdine Imavov. Adesanya, on a two-fight losing streak, needs a win to remain in title contention, while Imavov enters with a four-fight winning streak.The co-main event will see Shara Magomedov square off with Michael “Venom” Page. The card also includes several ranked fighters, with matchups spanning multiple divisions. Full card here.

#5- The Formula One 2025 Saudi Arabian Grand Prix will kick off on 20 April, featuring 50 laps at the 6.174-km Jeddah Corniche Circuit. Tickets are available here.

Acwa Power debuts in China’s renewables sector, with USD 312 mn investments in solar and wind

PROJECT UPDATE- Acwa Power’s recently secured renewables portfolio in China includes USD 312 mn in solar and wind investments, representing an “initial batch” of Acwa’s planned investments that will eventually ramp up to a 1 GW portfolio, according to a statement (pdf).

Acwa’s first partners: The renewables giant will develop a 132 MW solar photovoltaic (PV) portfolio in Guangdong province in partnership with Sungrow Renewables, and a 200 MW wind energy project with turbine manufacturer Mingyang Smart Energy Group, with a combined investment of USD 312 mn. The timeline for the two projects and the allocation of investments were not disclosed.

We knew this was coming: Last month, Acwa said it aimed to secure a 1.3 GW pipeline of renewables developments in China by the end of 2024, with plans to invest up to USD 50 bn by 2030 in renewables, green hydrogen, and desalination. Acwa plans to invest between USD 6-10 bn in China this year, after investing USD 2 bn during its first year of operations in China, Acwa Executive Vice President for China Lyu Yunhe said in December.

A research center is also on the cards: Acwa Power earlier inked an R&D partnership with China’s Lujiazui Bureau to establish a USD 54 mn (SAR 202 mn) Shanghai research center focused on the development of solar, wind, energy storage, green hydrogen, and desalination technologies, during the Future Investment Initiative (FII) forum in late October,

IN OTHER ENERGY NEWS-

Saudi Arabia and Italy inked a five-year MoU to bolster energy cooperation, including the potential supply of Saudi-made hydrogen to Europe via Italy, according to a statement from the Saudi energy ministry. The proposed agreement also includes initiatives on cutting methane emissions, power connections, and carbon capture and storage systems.

Under the agreement, Italy can act as an entry point for Saudi renewable hydrogen and ammonia to Europe, which is “much closer, more competitive and strategic than other alternatives in the North Sea,” Italy’s energy and environment minister Gilberto Pichetto Fratin told Reuters.

Industry Ministry awards six mining licenses

The Industry and Mineral Resources Ministry awarded exploration licenses for six sites in Riyadh and Makkah under its seventh exploration tender, according to state news agency SPA. The tender saw 11 firms submitting a total of 24 bids, the ministry said. The concessions are expected to carry copper, zinc, gold, silver, and lead deposits.

The awardees:

Al Masane Al Kobra landed three licenses to explore concessions in North Jabal Al Khallah and South Jabal Al Khallah in Riyadh, and Jabal Al Daama in Makkah;
The Um Ajlan concession in Riyadh went to a consortium of ARTAR and Gold and Minerals Company ;
A consortium of the Arabian Gulf Mining Company and India’s Skylark secured a license for Wadi Al Laith in Riyadh;
Canada’s Power Nickel landed exploration rights for Jabal Baydan in the Hijaz Mountains.

More licenses coming: The ministry also plans on putting on offer 50k sq km of mineral concessions during the ongoing Future Minerals Forum, with prospects for gold, copper, and zinc.

REMEMBER- Saudi Arabia has big mining plans: The ministry launched a SAR 685 mn incentive package last year as part of efforts to expand the sector and tap reserves of gold, phosphate and others. The goal is to attract local and foreign mining investors as part of a push to become a global hub for metals critical for the energy transition and become an EV manufacturing hub. The nation’s untapped mineral resources are worth c. USD 2.5 tn, or 90% more than the last forecast in 2016.

Updates on Manara’s Reko Diq acquisition and other news from FMF

PIF-backed Manara Minerals may pull the trigger on its investment in Pakistan’s Reko Diq mine within the next two quarters, Reuters quotes Pakistani Petroleum Minister Musadik Malik as saying on the sidelines of the ongoing Future Minerals Forum (FMF). Malik is also hopeful concerning significant copper-related announcements this year which may involve further investments by Manara at Reko Diq and surrounding mines.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

REMEMBER: Saudi reportedly secured approval from Pakistan’s cabinet to acquire a 15% stake in the Reko Diq copper-gold mining project for USD 540 mn last month, according to unconfirmed Pakistani media reports. Manara Minerals — a JV between the Public Investment Fund and Ma’aden — submitted an offer to acquire the stake in August, with reports at the time suggesting that the offer could be worth USD 1 bn.

Where things currently stand: Financial, commercial, and legal due diligence have been completed and both parties have agreed to valuation frameworks, clearing the way for pricing negotiations, Arab News quotes Malik as saying. “We have done all the homework that was needed,” the minister said.

Why it matters: Reko Diq — one of the world’s largest copper-gold mines — is largely undeveloped. The mine is 50% owned by Barrick Gold, 25% by Pakistan's federal government, and 25% by Pakistan’s Balochistan province. Production is expected to kick off 2028, with the estimated total project cost is between USD 6-6.5 bn, requiring USD 3-3.5 bn in debt financing.

ALSO FROM FMF’s OPENING DAY-

Congo looks to Saudi investors to diversify mining partnerships: The Democratic Republic of Congo, the world’s largest cobalt supplier, is seeking Saudi investment to reduce dependence on Chinese miners which currently dominate the sector, Reuters reports citing statements from a senior Congolese gov’t official at the Riyadh-based mining conference.

AND- A UK delegation looks to seal a mining pact with Saudi at the conference: The UK government plans on sealing a critical minerals partnership with the Kingdom at FMF, Reuters reports citing statements by the British government. British Industry Minister Sarah Jones will represent Britain at the agreement’s signing, as she leads a trade mission to Saudi. Some 16 British mining players will be part of the mission, including Cornish Lithium and Beowulf Mining, among others looking to tap the Saudi critical minerals market.

What’s at stake: With an estimated USD 2.5 tn in untapped mineral resources , the Kingdom is looking to attract FDI and position itself as a global hub for the critical minerals trade and supply chain. Meanwhile, the UK is looking to secure a long-term supply of critical minerals such as copper, lithium and nickel which are essential for on the rise industries such as EVs and AI.

FROM FMF’s MINISTERIAL ROUNDTABLE-

The Industry and Mineral Resources Ministry agreed with Djibouti, Jordan, the UK, Zambia, Austria, and France to work on developing the local mining sector, SPA reports. The agreements were signed during ministerial meetings at FMF, with discussions centered on sustainable development, capacity building, and the role of mining in driving global economic and social progress.

DATA POINT- The global minerals sector requires USD 6 tn in investment over the next decade, Industry Minister Bandar Alkhorayef said during the opening of the roundtable, stressing the need for international collaboration to meet rising demand, according to Aleqtisadiah.

Breaking down amendments to the Saudi-foreign business councils regs

Members of Saudi-foreign business councils must be either owners of companies that have business in the counterpart foreign country or members of the company’s executive team, according to fresh amendments to the Saudi-foreign business councils regulations (pdf). This is a new condition that’s not part of the existing regulations (pdf). The new rules are up for public consultations on Istitlaa until Tuesday, 4 February, and will go into effect once published in the Official Gazette.

Here’s what you need to know about the new regulations:

#1- New council formation rules: The executive committees must have a minimum of seven members and a maximum of 15. It is not permissible for the head of a council to be re-elected for more than two consecutive terms for the same council. The president of a chamber or one of their deputies may not hold the position of president or vice president of a council. A member of a business council may participate in the membership of any other business councils and may join the executive committee of up to three business councils — up from two in the current rules.

#2- Membership in the council is suspended if a member fails to attend a total of three consecutive meetings or five non-consecutive meetings, in addition to other conditions. The existing rules set the limit at four non-consecutive meetings.

Why join a business council? Zero-cost benefits for council members include access to the electronic database of their respective council, which outlines potential investments in the relevant country, among other resources. Members can also opt for paid benefits, which include invitations to meetings with ambassadors or senior government officials from the relevant country.

#3- A new advisory committee will be established — chaired by the president of the Federation of Business Councils — to deliberate on ideas that serve the interest of the councils. Its members include the presidents of Saudi business councils, the secretary general, and a representative from relevant government entities. The committee meets at least once a year.

#4- Financial support from members is considered the primary source of funding for the councils. The annual amount that will be collected from members will be decided by the president of each council. While this is currently one of the funding streams for the councils, it’s not deemed the primary source of funding, implying that the current amounts will be raised.

SPEAKING OF BUSINESS COUNCILS-

The Saudi-Portuguese Business Council inked tripartite agreements with the Portuguese Business Federation and the Arab-Portuguese Chamber in Lisbon to strengthen economic, trade, and investment ties, focusing on public-private partnerships, infrastructure, and renewable energy, according to Mubasher. The council will also partner with Portuguese firm Movie Light to produce a Saudi-Portuguese investment and trade-focused podcast.

Some 250 Portuguese companies interested in investing in Saudi Arabia participated in an intensive training program led by Saudi financial and legal experts, organized by the council, Mubasher said. The initiative supports Saudi Arabia's efforts to attract global companies to establish regional HQs in the Kingdom.

The program included workshops on government incentives, foreign investment licensing, special residency privileges, and guarantees for licensed projects. Additionally, it provided insights into banking services, including account opening, financing solutions, digital banking, international transfers, and investment support, to facilitate Portuguese companies' entry into the local market.

Fresh regs for customs consultancies licensing

The government introduced revamped regulations (pdf) for customs consultancy licensing, designed to enhance professionalism and compliance within the sector. The updated regulations outline stricter criteria for licensing, renewals, and penalties for non-compliance, while setting a clear roadmap for improving service standards across the industry. The rules will be up for public consultation on Istitlaa, until Wednesday, 5 February.

Here’s what you need to know about the new regulations:

#1- Who can apply? The new rules require applicants to be Saudi nationals with a bachelor’s degree or equivalent, at least three years of relevant work experience, and a clean criminal record. Candidates must also pass a professional exam administered by the Zakat, Tax, and Customs Authority (Zatca).

#2- Stricter compliance measures: Consultants must adhere to a code of conduct, including safeguarding client confidentiality, notifying Zatca of address changes, and maintaining proper records for at least five years. They are also required to attend training programs as directed by the authority.

#3- Tougher penalties: Violators will face escalating penalties ranging from warnings to license suspension or cancellation. Consultants involved in customs smuggling or tax evasion will be permanently disqualified.

#4- Streamlined operations: Licensing is now valid for three years, with renewals contingent on meeting regulatory requirements. Consultants who fail to practice for a year risk license cancellation, while those whose licenses are revoked may reapply after three years.

These changes will come into effect upon their publication in the Official Gazette.

Influencer marketing startup Halo AI closes USD 6 mn seed round

Saudi-based influencer marketing platform Halo AI closed a USD 6 mn seed funding round, led by Raed Ventures and Shorooq, according to a press release. Strategic investors include former C-level executives from Snapchat, and leaders at Microsoft, Airbnb, and Amazon also participated in the round.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Where is the money going? Halo AI will use the funds to expand to Dubai and Kuwait, before extending to the rest of the region, Europe, and North America.

About Halo AI: Founded by Vito Strokov (Linkedin), Rami Saad (Linkedin), and Alex Gadalin, Halo AI officially launched in Saudi last month. The startup uses AI to connect brands with nano- and micro-influencers in niche markets, optimizing campaigns in real time.

Cabinet approves energy cooperation framework + customs security committee

The council of ministers signed off on a guiding framework for MoUs on energy cooperation with foreign countries, SPA reports. Cabinet also approved the organization of a high-level central committee which will oversee the activities of security agencies at land and sea customs points.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Also approved at its weekly meeting yesterday:

Two MoUs on Islamic affairs with Chad and Nigeria;
Authorizing the Health Ministry to draft and sign an MoU with Grenada on health cooperation;
An MoU on anti-corruption with Djibouti;
A cooperation agreement on intellectual property with Turkey;
A counterterrorism agreement with China;
An MoU with Brazil on the peaceful exploration and use of space;
An MoU with Bahrain’s Supreme Council for Women on administrative development.

US shale revolution reduces reliance on Saudi oil, Bloomberg says

Spurred by the US shale revolution and rising Canadian oil production, the US’ reliance on Saudi oil has declined over the past two decades, Javier Blas says in a Bloomberg opinion piece. Blas looks at the shifting dynamics, marked by the closure of Riyadh’s New York oil office last year and a 40-year low in Saudi crude imports in the same year.

MEANWHILE- While Blas claims that this shift fulfills a long-held US ambition of energy independence, he argues that the Kingdom remains a key geopolitical player, capable of impacting global oil prices through production cuts and pricing tactics, ensuring its relevance in the global market.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

BRF Arabia closes SAR 316.2 mn acquisition of Addoha Poultry

M&A WATCH-

Saudi-Brazilian JV completes acquisition of Addoha Poultry: BRF Arabia —a joint venture between Brazilian food processor BRF SA and PIF-owned Halal Products Development — completed its acquisition of a 26% stake in Addoha Poultry for SAR 316.2 mn (USD 84.3 mn), Reuters reports. Some USD 58 mn of the proceeds are earmarked for expanding production at Addoha, Vice President for the Halal Market at BRF Igor Marti told Bloomberg earlier.

AVIATION-

Budget carrier Flyadeal is close to finalizing an order for 10 Airbus A330neo aircrafts, in its first serious foray into wide-body jets, Reuters reports citing unnamed sources. The order is expected to be officially announced in the next few weeks, with the first aircraft scheduled to arrive in 2027, the sources add.

CYBERSECURITY-

France-based post-quantum tech and cybersecurity company SealsQ is looking to roll out more products in Saudi Arabia in partnership with its Swiss parent company WISeKey and the Kingdom’s largest private enterprise Juffali Group, according to a press release. The partnership will see WISeKey Arabia — a JV between SealsQ and WISeKey — introduce advanced tech tools in Saudi Arabia, including quantum-resistant cryptography and IoT security in a bid to enhance security across local businesses and government operations.

ALSO- SealsQ and WiseKey are set to launch a USD 250 mn DeepTech Venture Studio in partnership with Hedera and the Hashgraph Association. The proposed VC will focus on backing startups in blockchain, AI, quantum computing, and other cutting-edge technologies.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

TRANSPORT-

#1- Makkah gets new transportation service: The Royal Commission for Makkah City and Holy Sites launched a new transportation service on Monday, Makkah Taxi, which will operate 24/7 throughout 47 locations across the city, state news agency SPA reports. The service features hybrid and electric vehicles, and eyes boosting its fleet to 1.8k vehicles by the end of the year.

#2- Riyadh Metro saw five new stations go online yesterday, with Al Wurud 2, the National Museum, and Al Batha on the blue line and Dhahrat Al Badi’ah and Al Jaradiyah on the orange line, according to local media reports (here and here).

Remember- The orange line (Line 3) — the final link in Riyadh’s network — was launched last week, bringing the total number of operating metro lines to six. This milestone follows a successful pilot earlier in December, which introduced three of the network’s six lines, followed by the launch of Lines 2 and 5 mid-month.

TOURISM-

Homegrown corporate travel agency Arjaa Travel partnered with ATPI Group to integrate their business travel solutions, including travel planning, cost optimization, and travel policy compliance, according to a press release.

DEBT WATCH-

The National Shipping Company of Saudi Arabia (Bahri) lined up a USD 800 mn (SAR 3 bn) Murabaha revolving credit facility with Al Rajhi Bank, according to a disclosure to adawul. The five-year facility will be used to fund the company’s working capital and capital expenditures needs.

GAMING-

Savvy and Japan’s SBI Holdings team up: PIF-backed Savvy Games Group and SBI Holdings inked an MoU that will see SBI Holdings introduce Japanese gaming companies to Savvy’s Esports ecosystem, facilitating their entry into the Saudi and Mena markets, according to a press release.

HOSPITALITY-

Prince Alwaleed bin Talal’s Kingdom Holding is taking on the reconstruction of Beirut's Four Seasons Hotel, aiming to reopen it by 1Q 2026, according to Al Arabiya.

Sukuk market is set to maintain its momentum this year

The global sukuk market is expected to keep the ball rolling well into 2025, with global issuances forecast to hit USD 190-200 bn this year, despite the spillover of geopolitical volatility in key sukuk markets, according to a report by global ratings agency S&P Global. As global liquidity conditions improve, FCY-denominated sukuk are set to account for USD 70-80 bn of the total volume this year — compared to USD 72.7 bn in 2024. Sustainable sukuk are expected to contribute around USD 10-12 bn — a slight increase from USD 11.9 bn last year.

This forecast follows a solid 2024 for the global sukuk market, with sukuk issuances totaling USD 193 bn, slightly down from USD 197.8 bn in 2023 due to tighter liquidity and fiscal constraints in Turkey and Pakistan. Meanwhile, total FCY sukuk taken to market were up 29% y-o-y to USD 72.7 bn last year, primarily driven by an uptick in borrowing activity from the GCC region led by Saudi Arabia, Malaysia, and Indonesia.

Monetary easing + geopolitical stability support the outlook: S&P sees monetary easing continuing, supporting the financing needs of major sukuk issuers, particularly in the GCC where diversification away from oil revenues trigger an expansion in financing needs, according to S&P. This accompanied by a stabilizing macroeconomy and supportive liquidity conditions should encourage issuers to debut more offerings.

A roadblock may be ahead: The sukuk market could face a shake-up in the coming years, with the expected downside risks of the Sharia Standard 62 by the Accounting and Auditing Organization for Islamic Institutions (AAOIFI) forecasted to take shape next year. If implemented, the new standard — which would shift the focus from contractual obligations to underlying assets — could increase sukuk issuance costs and introduce additional risks for investors, the rating agency wrote.

Want to go deeper in all things sukuk? Our favorite Islamic finance podcast Majlis & Markets by Hassan Jivraj covered the broader sukuk topic extensively — including Shariah standards 59 & 62 — with S&P Global Ratings’ Global Head of Islamic Finance Mohamed Damak and AAOIFI Secretary General Omar Ansari in two separate episodes.

MARKETS THIS MORNING-

Asian markets were mostly in the green this morning, following Wall Street’s mixed performance on the back of moves on tech stocks. Japan’s Nikkei was up 0.4%, while Shanghai Composite was down 0.2% in early trading. Meanwhile, Wall Street futures are slightly in the green as investors anticipate US inflation report.

TASI	12,173	+0.5% (YTD: +1.1%)
MSCI Tadawul 30	1,517	+0.5% (YTD: +0.5%)
NomuC	31,317	+0.3% (YTD: -0.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	28,967	+1.4% (YTD: -2.6%)
ADX	9,498	+0.4% (YTD: +0.8%)
DFM	5,246	+0.3% (YTD: +1.7%)
S&P 500	5843	+0.1% (YTD: -0.7%)
FTSE 100	8,202	-0.3% (YTD: +0.4%)
Euro Stoxx 50	4,980	+0.5% (YTD: +1.7%)
Brent crude	USD 80.31	-0.9%
Natural gas (Nymex)	USD 3.98	+1.3%
Gold	USD 2,684.60	+0.2%
BTC	USD 96,376.20	+2.0% (YTD: +3.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.5% yesterday on turnover of SAR 6.1 bn. The index is up 1.1% YTD.

In the green: Nice One (+9.8%), Americana (+9.0%) and Cenomi Retail (+8.1%).

In the red: Savola Group (-2.2%), Buruj (-2.2%) and Spimaco (-2.1%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 67.4 mn. The index is down 0.5% YTD.

In the green: Alashghal Almoyasara (+11.5%), WSM (+9.4%) and Quara (+6.0%).

In the red: View (-7.1%), Lana (-5.6%) and First Avenue (-4.5%)

CALENDAR

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

13-16 January (Monday-Thursday): The Hajj Conference and Exhibition, Superdome, Jeddah.

13-16 January (Monday-Thursday): Hajj Conference and Exhibition, Superdome, Jeddah.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

15-16 January (Wednesday-Thursday): The International Learning and Technology Conference, Effat University, Jeddah.

18 January (Saturday): Deadline for companies to amend status under the New Companies Law.

21 January (Tuesday): Data Center Nation, Mandarin Oriental Al Fasisaliah, Riyadh.

21-23 January (Tuesday-Thursday): The International Exhibition for Material Handling, Equipment, Warehouse Supplies, Forklifts & Heavy Equipment, Riyadh International Exhibition Center.

21-23 January (Tuesday-Thursday): Saudi International Exhibition for E-Marketing and E-Commerce, Riyadh International Convention and Exhibition Center.

24-25 January (Friday-Saturday): UIM E1 World Championship Jeddah, Jeddah.

25 January (Saturday): The opening of the 2025 Islamic Arts Biennale, Western Hajj Terminal of King Abdulaziz International Airport, Jeddah

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

28-29 January (Tuesday-Wednesday): Federal Open Market Committee meeting.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

31 January (Friday): Deadline for businesses to update their registered customs items.

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

FEBRUARY 2025

1 February (Saturday): UFC Fight Night: Adesanya vs Imavov, The Venue, Riyadh.

2 February (Sunday): Flyadeal launches direct flights to Karachi, Pakistan, departing from Riyadh and Jeddah twice a week.

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

6-8 February (Thursday-Saturday): LIV Golf season opener, Riyadh Golf Club, Riyadh.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference.

14-15 February (Friday-Saturday): Formula E, Diriyah.

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

19-20 February (Wednesday-Thursday): The Capital Markets Forum, The Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

APRIL 2025

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

MAY 2025

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

23 May (Friday): Guns N’ Roses Show, Riyadh.

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

26 June (Thursday): 2024-2025 academic year ends.

JULY 2025

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

AUGUST 2025

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER 2025

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER 2025

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

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER 2025

1-4 December (Monday-Thursday): International Conference on Nuclear Emergencies, Riyadh.

December: The Fortune Global Forum 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

2026

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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