Anmat is taking 11.6% stake to Nomu. PLUS: More real estate reforms from the cabinet

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi-US Forum to talk energy, AI and venture capital while Trump is in town

Good morning. We are seeing a calm morning in the Kingdom with a few updates from the IPO and energy markets, as we’re gearing for the highly-anticipated visit by President Donald Trump and a bunch of senior US government and business figures next week. The calm is a sharp contrast from a regional and global scene that is seeing major escalations (and some surprising de-escalations) this morning. Let’s dive in.

WEATHER- The forecast is dust and lots of it: Dust storms are expected to continue today across parts of the Eastern Province, Najran, Riyadh, Madinah, and coastal Makkah, with thunderstorms, hail, and strong winds expected in Jazan, Asir, Al-Baha, and southern Makkah, limiting visibility to zero.

Riyadh is expected to see a high of 36°C and a low of 23°C today, while Jeddah’s mercury will go as high as 32°C and as low as 25°C. Meanwhile, Makkah will see a 40°C high and 23°C low.

WATCH THIS SPACE-

US business executives are set to accompany US President Donald Trump in his visit to the Kingdom, where they’ll attend the Saudi-US InvestmentForum on 13 May. Discussions at the forum — that will gather over 125 speakers and 2k delegates in King Abdul Aziz International Conference Center — will cover key sectors including energy, financial services, AI and tech, manufacturing, defense, healthcare, and venture capital.

A host of Saudi and US government and business figures are scheduled to speak in the summit. Featured speakers include Minister of Energy Prince Abduaziz bin Salman, Saudi National Bank CEO Tareq Al Sadhan, General Authority for Military Industries Governor Ahmad Al Ohali, Boeing CEO Kelly Ortberg, Ceer CEO James Deluca, and FIFA President Gianni Infantino.

Among those attending the event from the US will be BlackRock’s Larry Fink, Citigroup’s Jane Fraser, Blackstone’s Steve Schwarzman, Franklin Templeton’s Jenny Johnson, Alphabet’s Ruth Porat, and IBM’s Arvind Krishna, Bloomberg reported. Many of the firms participating in the forum already have established ties with Saudi Arabia, frequently joining Riyadh’s flagship Future Investment Initiative.

“American investors have played a key role in the Saudi economy representing around USD 54 bn of FDI stock in the Kingdom, nearly one in every four dollars of FDI in Saudi Arabia,” the forum’s website said.

IN CONTEXT- Riyadh announced a potential USD 600 bn investment package earlier this year, which Trump hopes to raise to USD 1 tn. The Kingdom plans to leverage Trump’s visit to hit its foreign direct investment target of securing over USD 100 bn annually by 2030, about five times more than last year’s total, according to Bloomberg.

It’s shaping up to be a busy week: The forum takes place a day before a rumored GCC-US summit that will reportedly host all regional leaders in a meeting with Trump. The summit — that would be held in Riyadh — will reportedly focus on boosting Gulf investments in the US, securing support for US-Middle East policy, and discussing investments, arms agreements, and AI, in addition to regional issues including the Israeli-Palestinian conflict and Iran-US nuclear negotiations.

Adnoc Distribution plans to open 40-50 new fuel stations in Saudi Arabia this year and has already secured contracts for 15 stations in 1Q 2025, tapping into the Kingdom’s “large and growing” fuel retail market, it said in a statement to the Abu Dhabi Exchange (pdf).

The company is gunning for 300 stations in Saudi within two years, CEO Badr Saeed Al Lakmi told Asharq Business. Adnoc Distribution’s network in the Kingdom grew 67% y-o-y to 115 stations in 1Q 2025.

SETTING THE RECORD STRAIGHT-

Consultancy firm McKinsey denied rumors circulating on social media suggesting a rift with its Saudi partners, stating in a LinkedIn post that such claims are “simply false.” The rumors circulated amid reports of a “comprehensive review” led by Neom’s acting CEO Aiman Al Mudaifer to reassess budgets and progress of various developments, particularly some tourism projects along the Red Sea.

ICYMI- The Public Investment Fund reportedly barred PwC from advisory contracts for a year starting in February, after the firm allegedly tried to hire ex-Neom audit chief Jason Davies. PwC has since removed several senior executives from its Middle East arm in a bid to make amends with the PIF, media reports said.

MEANWHILE- firms like Deloitte and EY have been expanding their Saudi presence, and are bidding for consultancy contracts on gigaprojects.

DATA POINTS-

Consumer spending via point-of-sale (PoS) transactions in the Kingdom posted a strong increase of 36.2% w-o-w in the week ending Saturday, 3 May to settle at SAR 15.5 bn, according to the Saudi Central Bank’s report (pdf). The number of weekly transactions also rose by 20.7% w-o-w to 241 mn.

The details: All sectors surveyed in the report recorded w-o-w gains, with the food and beverage sector making up the biggest chunk of spending in terms of value during the week, growing by 44.9% w-o-w to some SAR 2.4 bn. Restaurants and cafés came in second place, rising by 28.8% w-o-w to SAR 2.1 bn. This was followed by gas stations, which surged 26.1% w-o-w to just over SAR 1 bn, and health, which jumped 30.2% to SAR 953.3 mn.

Riyadh had the highest value of PoS transactions at SAR 5.3 bn, followed by Jeddah at SAR 2.1 bn.

Trademark applications in the Kingdom rose 15.7% y-o-y to 52.5k in 2024, while registered trademarks increased 13.5% to 31.8k, according to a Saudi Authority For Intellectual Property statistical report (pdf). The top three corporate filers were Kabushiki gaisha Shueisha with 542 applications, followed by Neom with 223, and Target Brands with 191.

By sector, restaurant and hospitality services accounted for the largest proportion at 9.3%, followed by commercial and administrative services at 7.3% and hardware and software products at 7.1%.

OIL WATCH-

Saudi Arabia hiked its crude oil selling price for buyers in Asia despite Opec+ decision to accelerate production for June, Bloomberg reports, citing a price list it said it had seen. Aramco bolstered the price of all its crude offerings — including the Arab Light grade — by USD 0.20 a barrel in June for all its largest Asian buyers, undercutting previous forecasts that pricing would be increased by USD 0.30.

Opec+ could ramp up production rates to as much as 2.2 mn bbl / d by November, sources from the group told Reuters.

MEANWHILE-Aramco’s cut May’s official selling prices for propane by USD 5 to USD 610 per metric ton, while butane rates dipped by USD 15 to USD 590 a ton, traders told Reuters

SPORTS-

Al Hilal’s Salem Al Dawsari claimedthe AFC Champions League Golden Boot with 10 goals, becoming the first Saudi national to claim the title, edging out Riyad Mahrez who failed to score in the final.

A silver lining in an otherwise tough weekend: The club parted ways with coach Jorge Jesus and watched rivals Al Ahli clinch their first AFC Champions League Elite title.

The Public Investment Fund (PIF) poured USD 4.6 bn into Liv Golf, with USD 1.9 bn since January 2024, Reuters reports. The league’ parent company Liv Investments raised its authorized capital twice this year, totaling USD 674.3 mn, with the PIF’s investments projected to exceed USD 5 bn by the end of 2025, according to the Money in Sport newsletter. Liv Golf reported USD 82 mn in revenue from January to October last year, the newswire added.

ICYMI- Last month, Liv Golf’s rival PGA Tour turned down a USD 1.5 bn investment by the PIF into PGA Tour Enterprises, reportedly for its rejection of a condition that Liv Golf should remain intact.

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THE BIG STORY ABROAD-

It’s all about conflicts escalating (and de-escalating) in the global press this morning.

Tensions are flaring on the Indian-Pakistani border, with Delhi mounting targeted aerial attacks against what it called “terrorist sites” inside Pakistan and the Kashmir province, killing 8 and injuring dozens. The attacks have been framed as a retaliation against deadly terrorist attacks that hit India last month.

Pakistani military officials said they shot down five Indian planes in response, and that troops are exchanging fire along the ceasefire line in Kashmir.

CLOSER TO HOME- Oman said in a surprise announcement it brokered a ceasefire last night between Yemen’s Houthis and the US, shortly after US President Trump confirmed strikes on the Houthis will stop in return for an end to attacks on US ships in the Red Sea. The ceasefire apparently blindsided Israel, just hours after waging airstrikes that took Yemen’s main airport out of service.

Trump also hinted at a “very, very big announcement” ahead of his scheduled trip to the Middle East next week, stopping short of providing any details but saying it’s “really positive.”

The teaser came during a tense-but-civil meeting in the Oval Office with Canadian PM Mark Carney, where Carney assured Canada is “not for sale,” to which the Donald responded, “time will tell.” The meeting aimed to bridge differences on tariffs and trade.

SPEAKING OF TRADE- US Treasury Secretary Scott Bessent is heading to Switzerland this week for the first officially confirmed trade negotiations with China, sparking hopes of de-escalation between the world’s two largest economies.

ALSO WORTH READING THIS MORNING-

Drone attacks by Sudanese paramilitary RSF on key infrastructure left Port Sudan without power. The widespread attacks also targeted army bases and fuel depots.
Conservative leader Friedrich Merz was elected Chancellor yesterday, needing a second round of voting after his loose coalition in the German parliament failed to secure enough votes in the first round.

Anmat is taking 11.6% stake to Nomu

Anmat gears up for a Nomu IPO: Multi-sector operator Anmat is floating 5 mn new shares on Tadawul’s parallel market Nomu, representing 11.63% of its post-IPO capital, as it seeks to raise fresh capital to help fund projects already in the pipeline, according to its IPO prospectus (pdf). The company lined up the Capital Market Authority’s approval back in December.

Where the money is going: Some SAR 2.5 mn of total proceeds are earmarked to cover transaction-related costs. Meanwhile, net proceeds will be used to finance two of Anmat’s already-awarded projects that are expected to cost some SAR 45 mn.

Timeline: The subscription period will run between 22-27 May, during which qualified investors can book up to 2 mn shares each, with the minimum limit set at 100. The final allocation of shares is slated for Sunday, 1 June.

Shareholding structure post-transaction: The company’s two substantial shareholders will see their ownership diluted to c. 88.4%, down from 100%. Their shares will remain on lockup for 12 months from the first day of trading, and they will not receive any proceeds from the sale.

By the numbers: Anmat’s net income grew 31.7% y-o-y to SAR 3.9 mn in 1H 2024, while its revenue was up nearly 89% at SAR 83.2 mn over the same period.

ADVISORS- Merchant’s Capital is quarterbacking the transaction as financial advisor, with Alinma Capital serving as lead manager on the transaction. RSM is serving as independent auditor. Receiving agents include Al Jazira Capital, Albilad Capital, Alkhabeer Capital, and ANB Capital, among others.

About Anmat: The diversified company operates across the construction, technology, and communication sectors. Founded in 2008, Anmat has since expanded its activities to include wholesale, trade, manufacturing, public services, and energy.

Other Nomu listings to watch out for in 2025:

Real estate investment firm Asas Makeen, IT company Axelerated Solutions, restaurant operator Al Kuzama Trading, and school operator Dome International were the latest to issue prospectuses for a Nomu IPO with bookbuildings due to kick off over the coming month.
Meanwhile, Al Khalidi Logistics, Qudra for Communications and IT, Hawiya Auctions, the National Signage Industrial Company, Naf for Feed Industry, medical equipment supplier Wajd, and property developer Hammad Mohammed Bin Saedan Real Estate were given the CMA’s all-clear to list on the parallel market.

Ministry of Housing to sell units to people not eligible for housing support, amid wider real estate reforms

The Cabinet approved a move to let the Ministry of Municipalities and Housing sell residential units from its projects to people who are not eligible for housing support, according to state news agency SPA.

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The decision comes a week after the Cabinet approved a series of amendments to the White Land Tax law, that will see a new tax on vacant, ready-for-use properties, limited to 5% of their market value based on comparable annual rent. The tax on undeveloped land plots will also rise to a maximum of 10% of the property's value, increasing from 2.5%. Regulations for the amended law were scheduled for release within 90 days.

The White Land Tax amendments are expected to lead to an increase in supply over time, especially in high-demand markets such as Riyadh, Jeddah, and Makkah, Fouad Bekkar, CEO of AI real-estate marketing firm Coralytics, told EnterpriseAM. The added supply might help ease long-term price pressures — especially in the residential sector.

BUT- “There is a risk that some landowners may delay compliance or pass on associated costs to end buyers, potentially impacting affordability in the short term,” Bekkar said. Smaller developers may also face challenges related to capital mobilization, or navigating valuation and registration requirements.

To mitigate these risks, authorities will need to “pair the tax with streamlined development pathways, accessible financing, and transparent enforcement mechanisms,” Bekkar said. The tax would also have to be applied consistently across regions or property types, to avoid speculation in untaxed areas.

The new decisions come as part of wider real estate reforms launched early March, including lifting land freezes in the north of the capital, and new rental regulations aimed at balancing the landlord-tenant relationship. The refoms aim to expand land availability, improving rental regulations, and reining in soaring property prices in Riyadh.

ICYMI- Riyadh saw the highest increase in its real estate prices in 1Q 2025, up 10.7% y-o-y. Last year, apartment prices in Riyadh rose 10.6% y-o-y, while villa prices increased 6.3%. Overall, the real estate price index rose 4.3% y-o-y over the same period, driven primarily by a 5.1% rise in residential property prices and a 2.5% uptick in commercial real estate prices.

IN OTHER REAL ESTATE NEWS-

NHC plans to establish industrial logistics zones to support projects in the western and eastern regions, CEO Mohammad Albuty told Aleqtisadiah. The Riyadh logistics zone is in an advanced stage in partnership with a major Chinese firm, with work set to begin “very soon.”

On the residential front: The company is developing residential projects covering up to 100 mn sqm, aiming to deliver 300k units this year and another 300k by 2030 as part of a bigger plan to build affordable housing options to close the 1.2 mn housing units gap needed to achieve a 70% home ownership target by 2030. It may add another 100k housing units this year to the 200k already in the pipeline.

EV maker Rivian to invest USD 120 mn in US supplier park expansion

Abdul Lateef Jameel-backed EV maker Rivian is investing USD 120 mn to build a supplier park expansion near its facility in the US state of Illinois, according to a press release issued on Monday. The expansion aims to support the company ramping up its production of the smaller and cheaper R2 SUV models next year. Construction is set to be completed in 2026.

There’s a lot to gain: The supplier park is expected to reduce shipping, logistics, and warehousing costs as suppliers move into the park. It will also support increased production of its R1 SUVs and commercial vans and create hundreds of jobs over the next two years.

There’s more in the works: The company signed a USD 6.6 bn federal loan agreement with the former Biden Administration for its stalled Georgia plant. Rivian had paused the construction of a plant in Georgia that it was planning to use to manufacture R2 to cut costs and speed up production before moving over to Illinois, according to Reuters.

BACKGROUND- Rivian reported a 36% decline in 1Q deliveries in April after it expected to deliver between 46k-51k EVs this year, falling short of Wall Street analysts’ estimates of around 54.8K, it said in a shareholders’ letter earlier this year. The company also lowered its annual production forecast in October by over 14% due to parts shortage and demand slowdown after closing its Illinois facility for three weeks in 2024 to streamline its manufacturing processes and reassess the costs of building its vehicles.

Education and literacy rates continue to rise in 2024

Over 99% of Saudi children aged 14-16 finished primary school education, supported by parent involvement as well as student positive attitude and satisfaction, according to a Gastat’s Education and Training Statistics 2024 report (pdf).

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Beyond high school: Those aged 15–24 achieved a literacy rate of 99.8%, while some 65% obtained formal or informal education or training, said a separate report (pdf) by Gastat. STEM fields led among university graduates, accounting for 28.94% of majors, followed by health-related and other disciplines, with the average number of schooling years standing at 12.28.

Among the broader working-age population (15 and above), over 29% participated in education or training programs. However, engagement among the youth almost doubled that of adults. Individuals with higher education were the most active learners, reporting a 77.06% engagement rate in skill development.

The majority of the training programs were provided at the workplace, with some 54.63% of trainees registering in employer-sponsored programs. Some 20% of trainees registered for programs offered by higher education institutions, and another 9.38% received instruction at voluntary organizations.

Online learning remains competitive: Virtual and in-person remain the preferred modes of learning, accounting for some 38% each. However, women showed a greater preference for virtual and hybrid learning than men. The diverse offerings reflect a growing flexibility in adult learning environments and caters to an in-kind demand across the Kingdom.

Looking ahead: A reported 60.45% of the population aged 15 and older expressed interest in joining a learning activity in the next three years. Slightly more men (61.02%) than women (59.39%) reported such intentions; however, the high desire for continued learning indicates a widespread cultural shift.

Ma’aden posts 58% jump in net income in 1Q

SAUDI ARABIAN MINING-

Saudi Arabian Mining (Ma’aden) posted a 58% y-o-y surge to net income to SAR 1.6 bn in 1Q 2025, supported by higher JV contributions, lower finance costs, and reduced zakat and tax, partly offset by higher expenses and the absence of last year’s SAR 199 mn insurance gain, it said in an earnings release (pdf). Revenue rose 16% y-o-y to SAR 8.5 bn, driven by higher commodity prices and increased sales volumes across most products.

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A busy quarter: Key milestones for the mining giant included advancing phase one of its third phosphate fertilizers project in Wa’ad Al Shamal and Ras Al Khair, to 35% completion with SAR 3.5 bn in contracts awarded, new gold and copper finds at Wadi Al Jaww and Jabal Shayban, and strong drilling results at Mansourah-Massarah. Maaden completed its SAR 3.62 bn acquisition of Sabic’s 20.6% stake in Alba, signed a non-binding mining JV agreement with Aramco, and expanded globally with new offices and warehouses. It also issued a USD 1.25 bn sukuk, nine times oversubscribed, and fully redeemed its SAR 3.5 bn Ma’aden Phosphate Company sukuk.

Limited impact of tariffs: Ma’aden expects minimal direct impact from US tariffs, citing its competitive cost structure, globally critical products, and geographically diversified customer base.

Looking ahead: Maaden raised its 2025 CAPEX guidance to SAR 7.55–9.55 bn, with 70% earmarked for growth. The first phase of its Phosphate 3 project is set to complete construction by 2026-end, with production starting in 2027 and full capacity by year-end.

UNITED ELECTRONICS COMPANY-

United Electronics Company (eXtra) posted a 10.2% y-o-y increase in net income to SAR 103.4 mn in 1Q 2025, according to a disclosure to Tadawul. Revenue rose 10.1% y-o-y to SAR 1.7 bn during the same period, compared to SAR 1.6 bn. Growth was driven by increasing cliX sales, growing loyalty program, and a 29% expansion in the consumer finance portfolio.

ALSO- Our friends at United International Holding — now named Tasheel on the Saudi Exchange — reported a 10.4% y-o-y increase in net income to SAR 57.8 mn in 1Q 2025, according to a disclosure to Tadawul. Revenue jumped 25.3% y-o-y to SAR 174.7 mn during the same quarter, up from SAR 139.4 mn. Growth was driven by a 29% expansion in the consumer finance portfolio as more customers obtained financing, though higher operating expenses and expected credit loss provisions partially offset gains.

ALMOOSA HEALTH-

Almoosa Health Company saw its net income jump 272% y-o-y to SAR 51.1 mn in 1Q 2025, according to an earnings release (pdf). The rise was driven by higher inpatient and outpatient volumes at Almoosa Specialist Hospital, improved operational cost efficiency, and lower finance costs following a loan settlement.

Revenue grew 16.5% y-o-y to SAR 323 mn during the same period, supported by expansion in specialty offerings and strong performance across the medical services, rehabilitation, and pharmaceutical segments.

ALETIHAD COOPERATIVE INS.-

Al Etihad Cooperative Ins. Company swung into the red, reporting a net loss of SAR 11.9 mn in 1Q 2025, compared to a net income of SAR 2.7 mn in the same period a year ago, according to a disclosure to Tadawul. Ins. revenues declined 22.4% y-o-y to SAR 288.3 mn during the quarter, mainly due to lower gross earned premiums in the motor and medical segments, while investment income dropped 41% y-o-y to SAR 16.7 mn, contributing to the overall decline in profitability.

Sico names Wissam Haddad as CEO

Riyadh-based Sico Capital appointed Wissam Haddad (LinkedIn) as CEO, according to a statement. Haddad brings over 22 years of experience across investment banking, private equity, real estate, and corporate finance, most recently serving as Sico’s Investment Banking Head for 11 years.

Local businesses fear lower government spending ahead

Local businesses’ fear of potential retreating government expenditure earned a spotlight from the Financial Times, with Saudi entrepreneurs are concerned about the potential impact of falling oil prices on contracts.

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Businesses could face changes in government contract awards, including delays or cancellations, as well as shifts in bank lending and the cost of capital, Senior Research Scholar at Columbia University Karen Young told the FT.

“If oil prices drop further they will stop using us,” an unnamed tech entrepreneur told the financial publication. “We have diversified our revenue streams to mitigate that risk.”

Oil prices faced a similar slump between 2014 and 2016, causing payment delays to government contractors and long-term damage to many local businesses, the newswire claimed.

Local businesses follow the gov’t lead: “We are still seeing people spending money,” the news outlet echoed a cautious optimism from a foreign executive who runs a restaurant chain across the Kingdom. However, he said that he will keep monitoring fluctuations in the supply chain, which might affect revenues.

The salmon-colored paper voiced the positive effects of Vision 2030 since its launch in 2016, which saw non-oil exports reach an all-time high in 2024. However, challenges remain, as oil prices pierced the USD 60 bbl / d to hit a four-year low, pushing government departments to review their spending priorities.

Emkan secures SAR 1 bn Sharia-compliant facility from Saudi Investment Bank

DEBT WATCH-

Homegrown fintech Emkan Finance inked a SAR 1 bn Sharia-compliant credit facility agreement with the Saudi Investment Bank to support its expansion plans, according to Argaam. The funding will go towards growing Emkan’s financing services, especially its deferred payment product.

MANUFACTURING-

Aictec + ZKTeco to launch USD 1.5 mn tech factory: Advance International Company for Communication and Information Technology (Aictec) signed an MoU with China’s ZKTeco to set up a USD 1.5 mn (SAR 5.53 mn) factory in the Kingdom, Zawya reports. ZKTeco will hold a 60% stake in the joint venture, which will make and assemble security and access control systems for the Saudi market, aiming for a later regional expansion.

M&A-

Forus Invest acquired a 10% stake in Dubai-based Canater for USD 1 mn, it said in a post on LinkedIn. The supply chain and logistics solutions provider will direct the new funds toward digital infrastructure support, market expansion, and government collaborations.

About Canater: Founded in 2025, Canater offers integrated cross-border trade services, including digital contracts, financing, warehousing, logistics, and real-time shipment tracking.

ADVERTISING-

Arabian Contracting secures Cairo billboard contract: Arabian Contracting Services — through its affiliate Arabiya United for Advertising Service — signed a 10-year contract with Egypt’s MOT Investment and Development for billboard rights at 28 bus stations and 10 pedestrian bridges along the Cairo bus rapid transit route, it said in a disclosure to Tadawul.

On a roll: Arabian Contracting Services inked earlier this week a SAR 563.2 mn, 10-year agreement with the Royal Commission for Riyadh City to lease the internal advertising spaces within the King Abdulaziz Public Transport Project, covering trains and buses.

EDUCATION-

Ataa + Ikueikan eye tech-focused schools in the Kingdom: Ataa Educational Company signed a one-year, non-binding MoU with Japan’s Ikueikan Educational Group to explore opening new schools in the Kingdom and introducing Japanese teaching methods, it said in a disclosure to Tadawul. The focus will be on giving students hands-on skills in areas like AI and robotics.

DISPUTE WATCH-

Chairman of Al Fakhera Men’s Tailoring Sulaiman Al Yahya was acquitted in a lawsuit by the Criminal Court in Riyadh, according to a Tadawul disclosure. Al Yahya was accused of violating the Anti-Commercial Fraud Law by offering discounts without a license from the Commerce Ministry. A preliminary ruling in November found the discounts to be promotional offers, not a criminal act. The final judgment upheld the ruling, confirming there was no evidence of guilt and dismissing the case.

That’s the last of them: This was one of four lawsuits against Al Yahya, all now resolved. In January, Riyadh’s Commercial Court ruled in his favor, dismissing a case that sought 58% of his ownership due to a lack of jurisdiction. The court also dismissed two other cases — one from a supplier claiming unpaid property rent and another over a property eviction.

US trade deficit hits record high as companies scramble to beat Trump’s new tariffs

The US trade deficit widened to an all-time high in March 2025, expanding 14% m-o-m to USD 140.5 bn as businesses rushed to bring in goods before the tariffs introduced by President Donald Trump came into effect, according to latest Commerce Department data. The deficit has widened 92.6% year-to-date. Imports from a number of nations soared to record levels, while imports from China hit a five-year low amid a sharp drop in shipping volumes.

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Imports surge past forecasts: The deficit was USD 3.5 bn wider than the USD 137 bn forecast by economists polled by Reuters. The overall goods trade deficit widened 11.2% m-o-m to a record USD 163.5 bn during the month, while imports rose 4.4% m-o-m to a high of USD 419.0 bn.

Why the surge? “Businesses are clearly scrambling as they try to find a way through this time of unprecedented change,” FWDBONDS Chief Economist Christopher Rupkey told the newswire. “But the worst is undoubtedly yet to come because the import tariff collections did not start to roll in earnest until after the White House ‘Liberation Day’ announcement on 2 April.”

Rush to import before tariffs bite: Imports from Mexico, the UK, Ireland, the Netherlands, Belgium, France, Germany, Italy, India, and Vietnam hit record highs as buyers scrambled to get ahead of Trump’s trade measures. ”Imports from the EU were substantial in March, particularly from Ireland, and may decline in April,” Citigroup economist Veronica Clark said. “But if anything, imports from some Asian countries may rise further as larger 40%-50% tariffs were delayed until July.”

What about exports? Exports rose a mere 0.2% m-o-m to a record USD 278.5 bn in March. Goods exports climbed 0.7% to USD 183.2 bn — their highest level since July 2022 — driven by a USD 2.2 bn increase in industrial supplies and materials. Auto and auto parts exports also added USD 1.2 bn, but that was offset by a USD 1.5 bn drop in capital goods.

The news received attention from: Reuters | Bloomberg | AP

MARKETS THIS MORNING-

Asian markets are in the green this morning. The Shanghai Composite is up 0.6%, the Hang Seng is looking at gains of 1.6%, and Korea’s Kospi is up 0.3%. Meanwhile, Japan’s Nikkei is down 0.1%.

TASI	11,434	+0.1% (YTD: -5.0%)
MSCI Tadawul 30	1,457	+0.2% (YTD: -3.4%)
NomuC	27,953	-0.7% (YTD: -11.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	32,285	+0.2% (YTD: +8.6%)
ADX	9,623	+0.6% (YTD: +2.2%)
DFM	5,353	+0.2% (YTD: +3.8%)
S&P 500	5,607	-0.8% (YTD: -4.7%)
FTSE 100	8,597	0.0% (YTD: +5.2%)
Euro Stoxx 50	5,263	-0.4% (YTD: +7.5%)
Brent crude	USD 62.01	+3.0%
Natural gas (Nymex)	USD 3.49	-1.8%
Gold	USD 3,441	+3.6%
BTC	USD 94,799	+0.1% (YTD: +1.3%)
Sukuk/bond market index	911	-0.2% (YTD: +1.1%)
S&P MENA Bond & Sukuk	143.7	0.0% (YTD: +2.7%)
VIX (Fear gauge)	24.51	+3.7% (YTD: +41.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose +0.1% yesterday on turnover of SAR 4.6 bn. The index is down 5.0% YTD.

In the green: Cenomi Retail (+9.9%), Bupa Arabia (+3.6%) and Saudi Ceramics (+3.2%).

In the red: Aletihad (-7.7%), Mepco (-4.4%) and Mutakamela (-4.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% yesterday on turnover of SAR 32.8 mn. The index is down 11.2% YTD.

In the green: Aljouf Water (+16.5%), Knowledgenet (+8.4%) and AZM (+6.1%).

In the red: Alrasheed (-7.8%), Paper Home (-7.8%) and Fadeco (-7.5%).

CORPORATE ACTIONS-

Almajed Oud greenlit a SAR 100 mn dividend payout at SAR 4 per share, according to a disclosure to Tadawul (pdf).

CALENDAR

MAY

Second week of May: World Intellectual Property Organization (WIPO) Global Awards 2025 announces finalists.

4-8 May (Sunday-Thursday): Adeer Real Estate Nomu IPO offering period.

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

9 May (Friday): PFL Mena Season 2 Kick-off.

11-13 May (Sunday-Tuesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

12-14 May (Monday-Wednesday): 2025 Saudi Giga projects Summit, Riyadh.

12-14 May (Monday-Wednesday): Saudi Food Show 2025, Riyadh Front Exhibition and Conference Centre, Riyadh.

12-15 May (Monday-Thursday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

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

29 May (Thursday): 2024-2025 academic year ends.

JUNE

4-9 June (Wednesday-Monday): Hajj.

6-10 June (Friday-Tuesday): Eid Al Adha.

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

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

30 June (Monday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

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

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

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

AUGUST

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

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

SEPTEMBER

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

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

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

NOVEMBER

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

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

30 November (Sunday): Zatca 21st E-invocing integration wave deadline.

DECEMBER

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

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

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

31 December (Wednesday): Zatca 22st E-invoicing integration wave deadline.

2026

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

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

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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