Aramco, DataVolt, PIF and more sign bns in agreements at US forum + Trump attends GCC-US summit

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Trump wraps up Riyadh visit, heads to Qatar and UAE

Good morning. News of USD bns in agreements signed at the Saudi-US Business Forum continue to flow, as Aramco, DataVolt, PIF and many more are out with details on the USD 600 bn package announced on Tuesday.

Trump’s last hours in Riyadh: US President Donald Trump joined Crown Prince Mohammed bin Salman and GCC leaders at the GCC-US summit in King Abdul Aziz International Conference Center. The President restated his perspective on Middle East affairs in a brief speech echoing his remarks at the Saudi-US Investment Forum, commending GCC’s peace efforts and economic prosperity.

Who was there? Emir of Qatar Tamim bin Hamad bin Khalifa Al Thani, Emir of Kuwait Sheikh Meshal Al Ahmad Al Jaber Al Sabah, Omani Deputy Prime Minister Asa’ad bin Tariq bin Taimur Al Said, King of Bahrain Hamad bin Isa bin Salman Al Khalifa, and Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

ALSO- Trump met with Syrian President Ahmed Al Sharaa just before the summit, while Turkey’s President Erdogan joined over the phone. Trump urged Al Sharaa to join the so-called Abraham Accords, while the latter invited American companies to invest in Syria’s oil and gas, the US Press Secretary said.

The US President left Riyadh shortly after the summit and landed in Qatar, where he met with Emir Tamim bin Hamad. The visit saw the signing of USD 243 bn in agreements (per White House tally), including defense purchases for drone and counter-drone capabilities from US companies, Qatari investments at Al Udeid Air Base, and a tall, USD 96 bn order for up to 210 Boeing jets.

Where to next? Trump is set to land in UAE today for the third and last stop, which is set to conclude his four-day Middle East with more investments agreements signed.

The Donald and Russia’s Putin will be skipping the first direct Russia-Ukraine peace talks to be held in Turkey today, with Russia opting to send a group of technocrats instead. The talks — proposed by Putin — are unlikely to see a breakthrough in the absence of the two leaders.

HAPPENING TODAY-

IT services provider Axelerated Solutions will begin its IPO subscription period today. The company is offering 3 mn new shares, representing 10.7% of its post-IPO capital, in a primary offering limited to qualified investors.

REFRESHER- The subscription window will run between 15-21 May, where qualified investors will be able to book up to 1.4 mn shares each, with the minimum limit set at 100 shares. Final allocations are slated for Monday, 26 May.

WEATHER- Dust storms are still blowing in Riyadh, Qassim, Hail, Madinah, Tabuk, Al-Jouf, and the Northern Borders, with thunderstorms expected in Jazan, Asir, and parts of Al-Baha.

Riyadh is expected to see a high of 41°C and a low of 26°C today, while Jeddah’s mercury will go as high as 40°C and as low as 28°C. Makkah will see a 45°C high and 31°C low.

WATCH THIS SPACE-

Investors have until the end of the day to subscribe to Saudi Awwal Bank’s (SAB) USD-denominated additional tier-one (AT1) green sukuk private placement issuance at a minimum amount of USD 200k each, according to a disclosure to Tadawul. The regulation S compliant paper will be listed on the London Stock Exchange’s International Securities Market for secondary market trading, the statement said.

This is part of the lender’s USD 5 bn AT1 capital sukuk program, which aims to shore up its capital base. The amount and terms of the offer will be determined based on market conditions.

SOUND SMART- Additional AT1 sukuk are shariah-compliant bonds that banks issue to increase their capital. This type of sukuk doesn’t have a set maturity date — meaning they can last forever unless the bank decides to buy them back.

ADVISORS- Our friends at HSBC are joint lead managers on the transaction, alongside Merrill Lynch International, Citigroup Global Markets, JP Morgan Securities, Kamco Investment Company, Mizuho International, Standard Chartered Bank, and Warba Bank.

Egypt’s eFinance eyes regional expansion and deeper Saudi ties: Egypt’s state-owned e-payments firm eFinance, is exploring potential new investments in Egypt and abroad with support from the Public Investment Fund’s Saudi Egyptian Investment Company (SEIC), which holds a 25.8% stake in the firm, eFinance’s Chairman Ibrahim Sarhan told Asharq Business. A third SEIC seat has been added to the company’s board, and a task force has been formed with SEIC to pursue joint prospects, he added.

DATA POINTS-

#1- Consumer spending via point-of-sale (PoS) transactions in the Kingdom was down 15.4% w-o-w in the week ending Saturday, 10 May, reaching SAR 13.1 bn, according to the Saudi Central Bank’s report (pdf). The number of weekly transactions also fell 8.3% w-o-w to SAR 221.1 mn.

The details: All sectors surveyed in the report recorded w-o-w decline, after having seen only w-o-w gains last week. Restaurants and cafés made up the biggest chunk of spending in terms of value over the week, but experienced a 10.1% fall w-o-w to SAR 1.90 bn. The food and beverage sector came in second place, but also fell by 21.2% w-o-w to just under SAR 1.9 bn. This was followed by gas stations spending, which fell by 12.7% w-o-w to just over SAR 946 mn, and healthcare, which fell 12.9% to SAR 830.1 mn.

Riyadh had the highest value of PoS transactions at just under SAR 4.7 bn, followed by Jeddah at just under SAR 1.9 bn.

#2- Ports supervised by the Saudi Ports Authority (Mawani) handled 625.4k TEUs in April 2025, up 13.4% y-o-y, according to an authority statement. The growth was driven by a 22.5% y-o-y jump in imported containers to 259.4k TEUs and an 8% rise in exported containers to 233.8k TEUs.

Transshipment volumes also saw a 7.5% uptick to 132.2k TEUs. Meanwhile, overall cargo volumes declined 2.4% y-o-y to 20.5 mn tons during the month.

OIL WATCH-

Opec maintains oil demand forecasts for 2025, 2026: The oil group set its global oil demand forecasts for 2025 and 2026 at a 1.3 mn bbl/d y-o-y increase in each year, unchanged from its April projection, according to Opec’s monthly oil market report (pdf). This follows previous forecast reductions, including one in April attributed to US tariffs weighing on global consumption.

On the supply side, Opec again lowered its forecast for supply growth from countries outside the cartel for 2025 and 2026 to 0.8 mn bpd, down from 0.9 mn bpd forecasted in April and 1 mn bpd in March, due to anticipated lower capital spending following a recent decline in oil prices.

Reuters also had the story.

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Aramco inks a flurry of agreements, potentially valued at USD 90 bn

Aramco signed MoUs and agreements with major US companies during the Saudi-US business forum, with a potential total value of USD 90 bn, according to a statement. The oil giant did not break down the value of each agreement.

The partnerships span various sectors, including Liquefied Natural Gas (LNG), fuels, chemicals, emission-reduction technologies, AI, digital solutions, manufacturing, asset management, and short-term investments.

Downstream agreements include an MoU with Honeywell for technology licensing of an aromatics project, another with Motiva for an aromatics project in Port Arthur, MoUs with Afton Chemical for development and supply of chemical fuel additives, and an MOU with Exxon Mobil for exploring an upgrade to the SAMREF refinery into a petrochemical complex.

On the upstream side: The oil giant inked a non-binding agreement with Australian petroleum exploration firm Woodside Energy to mull acquiring a stake in Woodside Energy’s newly acquired LNG project, along with other potential investments, according to a statement (pdf). The facility — scheduled to deliver its first gas package in 2029 — will boast three separate processing units at an annual capacity of a 16.5 tons. Woodside expects the project to generate some USD 2 bn in net operating income annually in the 2030s.

Other upstream agreements included an MoU with Sempra Infrastructure, related to a previously announced agreement for an equity stake and purchasing from Port Arthur LNG 2. Aramco will also purchase 1.2 mn tonnes of LNG annually from Next Decade over 20-year term from Train 4 of the Rio Grande LNG Facility, conditioned on the final investment decision for Train 4.

Tech agreements were also signed with US partners:

NVIDIA: An MoU focused on developing advanced industrial AI computing infrastructure, establishing AI platforms, an engineering and robotics center of excellence, and offering training and upskilling programs, as well as working with NVIDIA’s startup ecosystem.
Amazon: A non-binding framework agreement will see Aramco collaborate with Amazon Web Services on digital transformation and lower-carbon initiatives.
Qualcomm: An MoU with Aramco Digital to explore leveraging its 450 MHz 5G industrial network to connect devices with AI capabilities from Qualcomm, including smartphones, industrial devices, robots, drones, cameras, sensors, and other IoT devices.

ALSO – Aramco and group companies signed MoUs to reflect existing relationships with US suppliers for materials and professional services, including SLB, Baker Hughes, McDermott, Halliburton, Nabors, Helmerich & Payne, Valaris, NESR, Weatherford, Air Products, KBR, Flowserve, NOV, Emerson, GE Vernova, and Honeywell.

AND– Aramco also entered into an MoU with Guardian Glass to localize specialty glass manufacturing for architectural applications in Saudi Arabia. Wisayah, Aramco’s asset management arm, also has agreements with PIMCO, State Street Corporation, and Wellington. Meanwhile, agreements for short-term investments were also made through a unified investment fund dubbed the Fund of One, with big players including BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO.

ALSO SIGNED AT THE FORUM-

Ma’aden + MP Materials to drive rare earth industrialization in the Kingdom: Saudi Arabian Mining (Ma’aden) signed a MoU with US-based MP Materials to explore the development of a fully integrated rare earth supply chain in the Kingdom, according to a press release. The potential collaboration spans mining, separation, refining, and magnet production.

BACKGROUND- Last month, Ma’aden was reportedly considering a rare earths partnership with one of four international firms, including Australia’s Lynas Rare Earths, Canada’s Neo Performance Materials, China’s Shenghe Resources, and US-based MP Materials.

DataVolt inks multi-year USD 20 bn partnership with US-based Supermicro. PLUS: More tech agreements with Qualcomm, Google, Oracle

The stream of partnerships from the tech sector continued for the second day, with a big ticket agreement from DataVolt, Humain entering in more collaborations, and news from Qualcomm, Google, Oracle, and more.

#1- Datavolt + Supermicro: Homegrown data center firm DataVolt inked a USD 20 bn multi-year partnership agreement with US-based Super Micro Computer (Supermicro), according to a statement.

The details: Under the agreement, Supermicro will offer its application-optimized server solutions to streamline the delivery of GPU platforms and rack systems for DataVolt’s hyperscale AI networks. The pair aims to link net-zero hydrogen and gigawatt-class renewable power with state-of-the-art server technology.

Right on the clock: The White House revealed plans earlier this week for DataVolt to invest USD 20 bn in US-based AI data centers and energy infrastructure, alongside commitments from companies like Google, Oracle, Salesforce, AMD, and Uber totalling USD 80 bn in joint technology investments in the Kingdom and the US.

#2- Humain and Qualcomm Technologies will collaborate on next-gen AI data centers, infrastructure, and cloud-to-edge services, according to an emailed statement seen by EnterpriseAM.

The details: The collaboration will see the US-based semiconductor manufacturer and Humain co-develop AI data centers in Saudi Arabia, leveraging Qualcomm’s cloud-to-edge hybrid AI inferencing solutions. Qualcomm will also design and supply its data center CPU and AI offerings to support Humain’s AI cloud infrastructure.

The partnership also aims to integrate Humain’s Arabic large language models with Qualcomm’s Snapdragon and Dragonwing processors on edge devices, enabling seamless hybrid AI inferencing from cloud to edge.

ALSO- Humain and Qualcomm Technologies partnered with the Communications and Information Technology Ministry to launch a Qualcomm Design Center in the Kingdom, offering training programs and startup initiatives on semiconductor technology.

ICYMI- Humain made a barrage of tech agreements at the Saudi-US Investment Summit, including a joint USD 5 bn investment with AWS to establish an AI Zone and deliver training in Saudi Arabia, a five-year USD 10 bn agreement with AMD to deploy 500 MW of AI infrastructure, and a collaboration with Nvidia to develop an additional 500 MW of data center capacity.

#3- Google backs STV’s new AI Fund to boost MENA startup growth: Saudi Technology Ventures (STV) launched a new USD 100 mn AI Fund backed by Google to support the development of AI-native early-stage startups across the Middle East and North Africa and accelerate their global expansion, it said in a press release (pdf).

The fund is looking to fill the major AI funding gap in the region — 1.5% of MENA’s VC funding went to AI in 2024, compared to 38% in the US and 13% in India, according to STV Research.

#4- STC-Oracle partnership to boost Saudi AI cloud infrastructure development: Saudi Telecom Company (STC) and Oracle have expanded their strategic partnership with a SAR 2 bn agreement to advance AI-powered cloud infrastructure and sovereign cloud solutions in the Kingdom, state news agency SPA reported. The initiative will be delivered through Oracle’s Alloy platform hosted in data centers operated by Center3, STC’s digital infrastructure subsidiary.

ALSO FROM ORACLE- The company signed an MoU with the Digital Government Authority To accelerate digital transformation in Saudi government entities through cloud computing, AI, emerging technologies, and national talent development.

#5- The Saudi Authority for Data and Artificial Intelligence (SDAIA) signed multiple MoUs on the sidelines of the Saudi-US Investment Forum to advance digital transformation, AI capabilities, and cybersecurity infrastructure, state news agency SPA reported.

The details: AMD will explore the development of AI data centers in the Kingdom using AMD technologies, while Pure Storage will collaborate to upgrade data systems and drive AI innovation. Rackspace will also collaborate on cloud computing and AI, including a potential regional center of excellence, cloud infrastructure expansion, and a potential virtual university for digital tech training

The authority also signed MoUs with DataDirect Networks and Weka on AI hubs innovations, as well as Palo Alto Networks Saudi Arabia to strengthen national cybersecurity.

PIF eyes collaboration with US asset managers

PIF to collaborate with US asset managers: The Public Investment Fund (PIF) has entered into non-binding agreements with US asset managers Franklin Templeton and Neuberger Berman to invest bns of USDs into Saudi Arabia’s capital markets.

#1- Franklin Templeton will collaborate with PIF to invest up to USD 5 bn in Saudi financial markets under the non-binding MoU, Al Arabiya reports.

The partnership could include Saudi equities and fixed-income strategies in both public and private markets, subject to regulatory approvals and performance milestones. Franklin Templeton also aims to introduce knowledge-sharing programs and initiatives

REMEMBER- Franklin Templeton secured Capital Market Authority licenses in March 2024 to conduct investment management, fund operations, and securities advisory activities in the Kingdom.

Franklin Templeton has been active during the summit: Tadawul-listed Hassana Investment Company also signed a USD 150 mn MoU with the US-based asset manager to explore an investment partnership focused on the private credit market in the Kingdom, according to a press release.

The rationale: The pair aims to support and expand access to bank loans for mid-sized companies, providing additional liquidity to a sector receiving less than 10% of total facilities while employing almost 50% of the Saudi workforce, the statement said.

#2- Neuberger Berman signed a non-binding MoU with PIF, to support up to USD 6 bn in investments in local and Middle Eastern capital markets, according to its press release.

The firm — which manages USD 515 bn in assets — also plans to launch a Riyadh-based multi-asset investment platform, covering equities, fixed income, and private markets, pending regulatory approval.

#3- The PIF inked a MoU with global infrastructure investor I Squared Capital to launch a Middle East-dedicated infrastructure investment strategy, according to a press release. The strategy aims at boosting regional infrastructure and attracting foreign investment to the Kingdom.

ALSO- I Squared signed another non-binding MoU with the Arab Energy Fund (TAEF) to develop an energy-focused strategy aimed at expanding energy infrastructure to support regional decarbonization efforts, according to a separate statement. The agreements come amid I Squared’s plan to open a Riyadh office in 2025, as part of a broader regional expansion.

Reuters also had the story.

King Salman Airport taps Parsons for infrastructure, Bechtel for terminal delivery

KSIADC taps Parsons for infrastructure revamp: PIF-owned King Salman International Airport Development Company (KSIADC) inked two four-year delivery partner contracts with US aviation solutions provider Parsons Corporation, state news agency SPA reports. The investment ticket for the tender was not disclosed.

The Details: Under the agreements, Parsons will develop critical airport infrastructure and comprehensive project management services. This includes airside facilities — such as runways, taxiways, aircraft parking areas, and the air traffic control tower — as well as ground infrastructure, including roads, tunnels, bridges, railway networks, and landscaping. The firm will be responsible for the initial planning, design, permitting, procurement, construction, and commissioning.

ALSO- Bechtel to deliver the new terminals: US-based engineering firm Bechtel agreed to manage delivery of three new terminals at Riyadh’s King Salman International Airport (KSIA), according to a statement.

The details: The firm will work with King Salman International Airport Development Company to oversee the delivery of a terminal for commercial carriers, Terminal 6 for low-cost carriers, and a new private aviation terminal with hangars. KSIA will be able to host six parallel runways — handling over 185 mn passengers and 3.5 mn tonnes of cargo annually by 2050.

ICYMI- Riyadh’s King Salman International Airport — an expansion of the capital’s King Khalid International Airport — is poised to be one of the world’s largest, set to accommodate up to 120 mn passengers by 2030 and 185 mn by 2050. Officials plan to open the airport’s private aviation terminal in 2026, a passenger terminal in 2028, and its “iconic terminal” by 2030.

Who else is involved? UK-based architecture firm Foster + Partners is designing the airport’s master plan, while US-based Jacobs Engineering will offer its consulting services for the master plan and design of the new runways, according to Zawya.

ALSO SIGNED AT THE FORUM-

TGA calls on Amazon: The Transport General Authority (TGA) inked a MoU with Amazon to bolster the Kingdom’s parcel delivery sector and e-commerce operations, according to a statement on X. The agreement’s scope includes streamlining work models and customer experience, developing a support system for delivery partners, as well as boosting service coverage and efficiency.

Al Kuzama Trading eyes a SAR 45.2 mn IPO on Tadawul’s parallel market Nomu

Al Kuzama Trading is guiding on an indicative price range of SAR 99-107 apiece for its Nomu primary offering of a 10.7% stake, according to a disclosure to Tadawul.

Proceeds + market cap: At the top of the range, the restaurant operator could rake in SAR 45.2 mn and reach a market cap of SAR 422 mn. Al Kuzama will use the fresh funds to ramp up its working capital and expand across the Kingdom over the next three years. Around SAR 3 mn will be set aside to cover IPO-related expenses.

Happening next week: The subscription period is set to run between 18-22 May, where qualified investors will be able to subscribe to a maximum of 197.1k shares each, with a minimum subscription of 10 shares. The final allocation is slated for Tuesday, 27 May.

The firm’s three majority shareholders will retain a majority 54.1% stake, down from 60.6%; their shares will be on lockup for 12 months from the first day of trading.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisors, with RSM as serving as accountant. Receiving agents include Derayah Financial, Al Rajhi Capital, and SNB Capital, among others.

OTHER NOMU IPOs TO WATCH FOR IN 2025:

Axelerated Solutions priced its IPO at SAR 27 apiece;
Asas Makeen priced its IPO at SAR 80 apiece;
Hawiya Auctions priced its IPO at SAR 13 apiece;
Dkhoun National Trading ’s IPO was 119.2% oversubscribed;
Al Khaldi Logistics, Multi-sector operator Anmat, and school operator Dome International were the latest to issue prospectuses for the move;
Qudra for Communications and IT, 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.

CORRECTION– In a previous version of the story, we mistakenly wrote that the company’s market cap will reach SAR 4.2 bn at the top end of the range. The story was amended on 27 May, 2025.

Al Khaldi prices Nomu IPO at SAR 44-47 apiece + Adeer offering nearly 7x oversubscribed

Al Khaldi Logistics is guiding on an indicative price range of SAR 44-47 apiece for its Nomu IPO, according to a disclosure to Tadawul. Al Khaldi is taking a 7% stake to market in a secondary share sale where selling shareholders will rake in net proceeds. Some 1.1 mn shares will be up for grabs in an offering limited to qualified investors.

Proceeds + market cap: At the top of the range, the selling shareholders could rake in up to SAR 49.4 mn in proceeds, and it would give the company a market cap of SAR 705 mn at listing. The selling shareholders will take home the net proceeds from the sale after deducting SAR 1.26 mn to cover IPO-related expenses.

What’s next? The subscription period will run from Tuesday, 27 May, to Sunday, 1 June, during which qualified investors can book up to 750k shares and no less than 10 shares each. The final allocation of shares is slated for Tuesday, 3 June.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager. Baker Tilly is serving as accountant. Receiving agents include Alisthmar Capital, Alinma Capital, SNB Capital, Al Jazira Capital, Riyad Capital, ANB Capital, and Albilad Capital, among others.

About Al Khaldi: Established in 1972, the bonded transporter has a fleet of over 1.5k trucks and 3k trailers, providing nationwide and GCC-wide coverage, according to its website.

IN OTHER IPO NEWS-

Adeer Real Estate’s Nomu listing drew strong demand, with the IPO nearly 7x oversubscribed by qualified investors, according to a disclosure to Tadawul. The company priced its 20% stake at SAR 85 per share, raising SAR 85 mn in proceeds. The secondary share sale gives Adeer a market cap of SAR 425 mn at listing. Selling shareholders will not be able to execute orders on their shares for a 12-month period starting from the first day of trading.

ADVISORS– Musharaka Financial Company is quarterbacking the transaction as lead financial advisor and bookrunner, while Alsaleh, Alsahli & Partners Law Firm is providing counsel. Receiving agents include AlRajhi Capital, Derayah Financial, Alistithmar Capital, Albilad Capital, BSF Capital, Riyad Capital, SAB Invest, ANB Capital, Alinma Capital, AlJazira Capital, Yaqeen Capital, AlKhabeer Capital, Sahm Capital, GIB Capital, and SNB Capital.

SEC, BinDawood, Bawan and more report 1Q earnings

SAUDI ELECTRICITY COMPANY-

Saudi Electricity Company posted a 7.9% y-o-y increase in net income to SAR 968 mn in 1Q 2025, supported by higher electricity production revenue and continued growth in demand, according to a disclosure to Tadawul.

MEANWHILE- Revenue rose 22.9% y-o-y to SAR 19.5 bn during the quarter, mainly driven by an increase in the grid’s regulated asset base and higher income from project development and management services.

ALSO- The company’s board approved a dividend distribution of SAR 2.92 bn for FY 2024 at SAR 0.7 per share, according to a disclosure to Tadawul. The distribution date is set for 29 May.

BINDAWOOD HOLDING-

BinDawood Holding saw its net income rise 8.5% y-o-y to SAR 65.7 mn in 1Q 2025, according to a disclosure to Tadawul. The bottom line gain was partially offset by higher operating expenses, lower deposit income, and rising finance costs as BinDawood took on debt to finance its acquisition of Zahrat Al Rawdah Pharmacies.

Meanwhile, BinDawood’s revenue for the quarter rose 13.7% y-o-y to SAR 1.7 bn, buoyed by its retail grocery vertical, tech business, distribution business, and its pharmacy business, including the recently acquired Zahrat Al Rawdah. BinDawood’s retail grocery vertical saw sales growing on the back of “strong seasonal campaigns” as well as the opening of three new retail stores during the quarter and other stores that were opened in 2024.

BAWAN-

Bawan recorded a 25.2% y-o-y increase in net income to SAR 36.5 mn in1Q 2025, supported by the contribution of newly acquired oil and gas industries, as well as strong performances across the electrical, plastic, and metal and wood segments, according to a disclosure to Tadawul. Revenue also rose 3% y-o-y to SAR 910.2 mn on the back of new acquisitions and higher sales in the plastics segment.

ALKHORAYEF WATER AND POWER TECHNOLOGIES COMPANY-

Alkhorayef Water and Technologies Company saw its net income rise 35% y-o-y to SAR 58.2 mn in 1Q 2025, driven by strong top line growth and higher gross margin, according to a disclosure to Tadawul. Revenue grew 38.9% y-o-y to SAR 636.4 mn during the quarter, driven by strong performances in the wastewater and integrated water solutions segments.

JAHEZ INTERNATIONAL COMPANY-

Jahez International Company for Information System Technology posted a 184.7% y-o-y increase in net income to SAR 33.3 mn in 1Q 2025, buoyed by higher earnings in the Kuwaiti and Bahraini markets, gains across Saudi platforms, and improved logistics efficiencies, according to an earnings release (pdf). Net revenue rose 9.4% y-o-y to SAR 526 mn during the same period, driven by higher total orders, average order value, and advertising income.

SAMCO-

The Saudi Marketing Company (Samco) saw its net income scale back 16.5% y-o-y to SAR 5.7 mn in 1Q 2025, pushed down by an increase in non-operating expenses, according to a disclosure to Tadawul. Revenue saw a 1.5% y-o-y decline to SAR 469.7 mn during the same period due to lower revenues from Farm Superstores branches.

SAL SAUDI LOGISTICS SERVICES-

Sal Saudi Logistics Services saw its net income slide 26.6% y-o-y to SAR 153.1 mn in 1Q 2025 due to an increased provision for expected credit losses for the logistics division and lower cargo revenues, according to a disclosure to Tadawul. Revenue dipped 15.1% y-o-y to SAR 384.1 mn during the quarter, thanks to changes in product mix and volume normalization in the handling division, as well as timing differences in project activity in the logistics division.

Dividends: Sal Saudi Logistics Services’ board recommended a SAR 114.4 mn dividend payout for 1Q 2025 at SAR 1.43 per share, it said in a separate disclosure. The distribution date is yet to be announced.

BALADY POULTRY-

Balady Poultry reported an 83.6% y-o-y drop in net income to SAR 6.7 mn in 1Q 2025, it said in a disclosure to Tadawul. Revenue fell 12.6% y-o-y to SAR 204.1 mn over the same period. The fall was primarily due to a drop in selling prices and production volumes, as well as an increase in raw material costs and general, admin., sales, and marketing expenses.

RIYADH CEMENT COMPANY-

Riyadh Cement Company logged 7.9% y-o-y growth in net income to SAR 75.7 mn in 1Q 2025, pushed up by rising sales value despite higher fuel prices, it said in a disclosure to Tadawul. Revenues climbed 19.2% y-o-y to SAR 225.2 mn, aided by higher sales volume and average selling prices.

DERAYAH FINANCIAL COMPANY-

Derayah Financial Company reported a 21.9% y-o-y decline in net income to SAR 106.2 mn in 1Q 2025, weighed down by declining operating income, in addition to rising operating expenses, according to a disclosure to Tadawul. Meanwhile, unrealized losses on investments and lower performance fees in asset management pulled revenue down by 5.6% y-o-y to SAR 209.4 mn.

Ades inks SAR 816 mn rig extension + GAS Arabian Services awarded SAR 830 mn in contracts

OIL & GAS-

#1- Ades extends jackup rig contract for SAR 816 mn: Tadawul-listed Ades Holding inked a SAR 816 mn, four-year contract extension with Qatari-based North Oil Company — a joint venture between QatarEnergy and TotalEnergies — to continue leasing the Sapphire Driller jackup rig, it said in a press release (pdf). The new contract introduced a better daily rate and includes an option for three additional one-year extensions.

ICYMI- Ades secured an extension in April for three of its offshore jackup rigs operating in Egypt — contracted from the General Petroleum Company (GPC). The total backlog value for the resumption is estimated at nearly SAR 673.5 mn (USD 179.6 mn).

#2- SPPC to add two gas delivery systems worth over SAR 830 mn: GAS Arabian Services Company secured contracts from the Saudi Power Procurement Company (SPPC) to install two separate sales gas delivery systems, according to separate disclosures to Tadawul. A SAR 326.3 mn plant will be installed at the Rumah Independent Power Plant (IPP) and a SAR 504.3 mn one will be established at the Nairiyah IPP.

REFRESHER- Nomu-listed GAS withdrew its request to transition to Tadawul’s main market in January, citing the need to square away additional liquidity and regulatory requirements. The Dammam-based company had submitted its request to move up Tadawul’s big league back in September 2024.

AVIATION-

Riyadh Air has tapped US-based travel technology company Sabre as its first global distribution partner, according to a statement from Sabre last Tuesday. The partnership will enable Riyadh Air to provide personalized travel offers to travel agents, corporate buyers, and customers through Sabre’s New Distribution Capabilities (NDC) and traditional content.

Fast friends: Riyadh Air had also hired Sabre in February 2024 to provide its end-to-end solutions to the airliner’s network planning, commercial and analytics operations.

Our newest air carrier has also partnered with TPConnects Technologies to make the airline’s NDC content and servicing functions available on TPConnects’ Iris aggregator platform, according to a statement from TPConnects last Tuesday.

REMEMBER- Riyadh Air is set to kick off its operations next year and has a target of operating flights between 100 destinations by 2030.

MINING-

Amak secures three exploration licenses: Al Masane Al Kobra Mining Company (Amak) received three exploration licenses — following a successful bidding process in January — granting it base and precious metals exploration rights in Jabal Ad Dimah, Jabal Al Klah North, and Jabal Al Klah South until 2030, according to a disclosure to Tadawul.

The details: Amak’s licensed area will encompass over 300 sq km across the Makkah and Riyadh regions, containing potential silver, zinc, gold, lead, and silver ore reserves. The Riyadh region is close to Amak’s existing Radeniah East exploration concession.

DEBT WATCH-

Shalfa Facilities Management secured the renewal of a SAR 250 mn Sharia-compliant credit facility from Aljazira Bank, it said in a filing to the exchange. The facility — valid until April 2026 — will be used to finance the company’s ongoing and upcoming projects.

REMEMBER- The Nomu-listed facility service provider lined up one-year SAR 75 mn credit facilities from the Saudi Investment Bank in March, to back project guarantees, site preparation, and working capital needs.

Wall Street’s rebound cools as investors await new data

Global stocks were mostly up on Wednesday as the US-China tariff truce continued to support risk appetite — though gains were modest as traders waited for new data and clarity on the Federal Reserve’s next moves.

Markets at a glance: The S&P 500 rose 0.1% for its sixth consecutive day in the green, extending this week’s rally and adding slightly to its YTD gains after wiping out year-to-date losses on Tuesday. The Nasdaq was up 0.6%, while the Dow Jones slipped 0.2%.

USD finds footing after recent slide — and yields edge higher: The greenback strengthened against a basket of major currencies and US Treasury yields ticked higher as investors await retail and producer price data.

Gold tumbles as safe-haven demand fades: Gold prices fell to a one-month low as easing trade tensions weighed on demand for the yellow metal. Spot gold dropped 2% to USD 3,182 an ounce, while US gold futures fell 1.8% to USD 3,188.

Cautious optimism sets in — but doubts remain: “It’s all about the change in risk appetite,” Danske Bank’s Lars Skovgaard told Reuters. “I have a hard time seeing that we’ll go back to this extreme political noise.” However, Gavekal Research’s Wei He argued that “there’s still plenty of uncertainty about the outlook,” pointing to the fact that US tariffs on Chinese goods remain significantly higher than pre-2025 levels.

All eyes on the Fed and April’s data: With inflation easing but trade policies still in flux, the Fed has signaled it will wait and assess the full impact before moving on rates. Vice Chair Philip Jefferson said yesterday that the CPI data showed progress toward the Fed’s 2% target, but noted the risk that new import levies could drive prices higher. Fed Chair Jerome Powell is expected to speak today, markets will also be on the lookout for April’s producer price index and retail sales data, both of which are due later today.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning. Japan’s Nikkei is down 1.2%, the Shanghai Composite is looking at losses of 0.4%, the Hang Seng and Korea’s Kospi are both down 0.2%.

TASI	11,532	0.0% (YTD: -4.2%)
MSCI Tadawul 30	1,467	-0.5% (YTD: -2.8%)
NomuC	27,887	-0.2% (YTD: -11.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,828	+0.4% (YTD: +7%)
ADX	9,621	-0.1% (YTD: +2.2%)
DFM	5,360	-0.1% (YTD: +3.9%)
S&P 500	5,893	+0.1% (YTD: +0.2%)
FTSE 100	8,585	-0.2% (YTD: 5%)
Euro Stoxx 50	5,403	-0.2% (YTD: 10.4%)
Brent crude	USD 65.78	-1.3%
Natural gas (Nymex)	USD 3.46	-5.2%
Gold	USD 3,184.1	-2%
BTC	USD 103,349	-1.2% (YTD: 10.7%)
Sukuk/bond market index	912.62	-0.01% (YTD: +1.2%)
S&P MENA bond & sukuk	143	-0.03% (YTD: +2.2%)
VIX (Fear gauge)	18.62	+2.2% (YTD: 7.3%)

THE CLOSING BELL: TADAWUL-

The TASI was unchanged yesterday on turnover of SAR 6 bn. The index is down 4.2% YTD.

In the green: Cenomi Retail (+9%), Riyadh Cables (+6.2%) and Mepco (+5.7%).

In the red: STC (-5.4%), Taiba (-5.4%) and Saudi Electricity (-4.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 43.9 mn. The index is down 11.4% YTD.

In the green: Tadweeer (+10.4%), Taqat (+8.9%) and Apico (+7.9%).

In the red: Meyar (-9.8%), United Mining (-6.4%) and Future Care (-4.8%).

CORPORATE ACTIONS-

The Arabian United Float Glass Company’s top brass authorized a dividend payout of SAR 17 mn for FY 2024 at SAR 1 per share, according to a disclosure to Tadawul. The distribution date is yet to be announced.

MOBI Industry will distribute SAR 7.5 mn in dividends for 1Q 2025 at SAR 0.15 per share on 29 May, according to a disclosure to Tadawul.

The BoD of Saudi Printing and Packaging Company (SPPC) recommended the reduction of the company’s capital to absorb accumulated losses to below 50%, according to a disclosure to Tadawul. The recommendation follows a previous request last December by the company to the Capital Market Authority to convert SAR 73.7 mn in debts owed to Alinma Bank into capital — which is still under review by the CMA.

CALENDAR

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

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

15-21 May (Thursday-Wednesday): Axelerated Solutions’ Nomu IPO subscription period.

17 May (Saturday): Hail investment Forum 2025, Al Roshan Expo, Hail.

18 May (Sunday): Conclusion of the bookbuilding period for institutional investors in Flynas’ Tadawul IPO.

18-22 May (Sunday-Thursday): Al Kuzama’s Nomu IPO subscription period.

19-25 May (Monday-Sunday): Asas Makeen’s Nomu IPO subscription period.

19-26 May (Monday-Monday): Dome International’s Nomu IPO subscription period.

22-27 May (Thursday-Tuesday): Anmat’s Nomu IPO subscription period.

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

26-29 May (Monday-Thursday): Hawyia Auctions Nomu IPO offering period.

27-28 May (Tuesday-Wednesday): Aseer Investment Forum, King Khalid University in Al Faraa, Abha.

27 May-1 Jun (Tuesday-Sunday): Al Khaldi’s Nomu IPO subscription period

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

30 May (Friday) King’s Cup final (Al-Ittihad vs Al-Qadisiyah), Al-Inma Stadium, King Abdullah Sports City, Jeddah.

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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