Aramco-heavy

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Bankers haven’t had to prop-up Aramco’s share price since it pulled trigger on USD 11.2 bn secondary offering

Good morning, wonderful people. We have an Aramco-heavy issue to get us started this morning, so let’s jump right in:

UP FIRST- Bankers haven’t had to prop-up Aramco’s share price since the oil giant’s USD 11.2 bn secondary offering, stabilization manager Merrill Lynch KSA said in a disclosure to Tadawul. The stabilization period runs until Tuesday, 9 July.

Uh, Enterprise? What’s price stabilization? It’s when the stock’s underwriters buy shares to support a stock’s price within a set period of the start as trading. The idea is to provide support to keep a stock from falling below its IPO price. Once the price stabilization period ends though, the stock’s price is completely at the market’s whim. Not every IPO or secondary sale has a stabilization fund.

REMEMBER- Aramco closed earlier this month a follow-on offering that saw it raise USD 11.2 bn in what was the largest secondary offering in EMEA since 2000. The transaction was also the largest in equity capital markets in the region since Aramco’s own IPO in 2019. Newly sold shares began trading on Tadawul on Sunday, 9 June after the final allocation of shares took place on Friday, 7 June.

WATCH THIS SPACE-

We have two real estate stories to get us started:

#1- Dar Global eyes US push: Dubai-headquartered Dar Global plans to invest USD 300 mn in to develop luxury homes in the US cities of New York, Miami, and Los Angeles in the coming months, Dar Global’s CEO Ziad El Chaar was quoted as saying by Reuters. Dar Global is a unit of Dar Al Arkan, one the Kingdom’s largest listed real estate developers,.

The developer wants at least half of its US developments to go to non-US buyers, El Chaar said, adding that the first project is scheduled to close before the end of 2024. Dar Global is currently seeking partners to help with the expansion.

#2- Dallah and other investors to launch real estate investment fund: Dallah Healthcare, Dallah Real Estate, Tatweer, and asset management firm AlJazira Capital plan to launch a real estate investment fund, Aleqtisadiah reported citing sources it says have knowledge of the plan. The fund develop a mixed-use building on King Fahd Road in Riyadh that will include commercial and office space, hotels, and healthcare facilities.

#3- Non-Saudis will now be allowed to take part in auctions by the Zakat, Tax and Customs Authority (Zatca), a statement on the authority’s updated regulations for public auctions showed. The updated regulations also include clearer requirements and procedures for the auctions across Zatca’s air, sea and land ports to ensure transparency. No further details were provided.

FOR THE RECORD-

Our friends at HSBC are “very bullish” on Saudi equities due to the Kingdom’s strong reform program and ongoing economic diversification drive, HSBC Global Banking and Markets Head of Equity Sales, Europe & Emerging Markets Camille Asmar told Argaam on the sidelines of the HSBC GCC London Conference (watch, runtime: 5:51). “If you want to take the long term view, this [Saudi] is the emerging market that offers you one of the most attractive returns,” Asmar said.

DATA POINTS-

#1- Two-way trade between the Gulf and the US reached USD 180 bn in 2023, Aleqtisadiah reports citing statements by Gulf Cooperation Council (GCC) Secretary-General Jassim Al Badawi at a round table in Washington. Al Badawi also talked up opportunities for US investors in large-scale regional infrastructure projects, including the proposed GCC railway that would connect all six GCC member states.

#2- The Saudi sports market will nearly triple in value to SAR 84 bn by 2030, up sharply from SAE 30 bn today Investment Ministry Director of Sports Sector Investment Development Basem Ibrahim said during an industry gathering, SPA reports.

#3- The Small and Medium Enterprises Bank has handed out over SAR 1 bn in loans since its launch in 2021, with SAR 715.4 mn provided under its co-financing program, SAR 235.9 mn under a subsidized loan program, and SAR 88.5 mn under its agency program, according to a report from the National Development Fund.

PSAs-

#1- Saudi citizens should leave Lebanon immediately the Saudi embassy in Beirut said yesterday as tensions ramped up between Hezbollah, Israel, and Iran.

#2- The Friday sermon and prayer at the Grand Mosque in Makkah and the Prophet Mosque in Madinah will be shortened to 15 mins only until the end of summer due to scorching heat, Saudi Gazette reports.

#3- The next round of e-invoicing: Companies that had more than SAR 7 mn in revenues subject to VAT in 2022 or 2023 will have to “integrate their e-invoicing solutions with Zatca’s Fatoora platform from 1 January 2024,” Zatca said in a statement. It’s the latest phase of a e-invoicing rollout that began in late 2021.

WEATHER- Expect some clouds over Riyadh skies with a daytime high of 44°C today and an overnight low of 30°C. Makkah will see a high of 45°C with hot wind before the mercury dips to 31°C at night, and Madinah can look forward to a high of 44°C today and a low of 31°C tonight.

SPORTS-

#1- Spanish-Venezuelan tennis star and former world number-one Garbine Muguruza has been named as director of the WTA Finals that will be held in Riyadh starting this year, according to a WTA statement. It’s the first time a former player assumes a leadership position at the season finale, according to the statement. She will be in charge of planning and delivering the flagship event for the next three years, coordinating between the WTA, Saudi Tennis Federation, and Sports Ministry.

BACKGROUND- Riyadh was named host of the WTA tennis finals from 2024-2026. The tournament, which will run from 2-9 November in Riyadh, will feature the top women singles players as well as doubles matchups with a record purse of USD 15.25 mn on offer.

#2- The Asian Snooker Championship kicked off in Riyadh on Thursday, with more than 200 male and female participants from 15 countries, state news agency SPA reports. The tournament wraps up on Friday, 5 July.

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THE BIG STORY ABROAD-

It was a busy weekend for news by any standard, but one story clearly stands out: Joe Biden’s disastrous debate performance on Thursday night, which has led to a cacophony of calls for him to step aside as the Democratic nominee and allow a younger challenger to take on Donald Trump. Biden stumbled over words and appeared spaced-out at times during the CNN-hosted slugfest, while Trump engaged in serial lies.

Missed it? CNN has a summary and NBC has a three-minute lowlight reel.

Typical of the message Biden is getting right now: To serve his country, President Biden should leave the race, in the New York Times.

How would that work? Biden would have to agree to step aside and release his nearly 3.9k delegates well before the Democratic National Convention gathers in Chicago on 19 August. It won’t be easy, though, the Associated Press warns.

Biden is so far having none of it and has asked wealthy donors to stick stand by him.

ALSO making headlines: A US Supreme Court ruling has dealt a sharp blow to the US administrative state’s ability to regulate businesses. Like in many countries, US legislators pass laws that are brought to life by regulation — and much of that regulation is tested in internal agency tribunals outside of the courts. The overturning on Friday of a 40-year-old precedent now calls into question how that would work going forward the New York Times and Wall Street Journal report.

CLOSER TO HOME- EUR 40 bn in commitments to Egypt? Today is day two of the EU-Egypt investment conference in Cairo, where European Commission President Ursula von der Leyen said yesterday that European Union companies are inking transactions — in the form of contracts and less-sticky MoUs — that could be worth more than EUR 40 bn if they materialize. Von der Leyen said that Egypt’s “stability and prosperity are essential for an entire region,” Retuers reports.

CIRCLE YOUR CALENDAR-

The eight-week Esports World Cup will open on Wednesday, 3 July and run through Sunday, 25 August Riyadh’s Boulevard City. It will see the world’s best esports clubs competing for a pool of USD 60 mn — the largest purse in esports.

The Real Estate General Authority (REGA) is holding its first media-focused forum in Riyadh on Sunday, 7 July at the Riyadh International Conventions and Exhibitions Center. The forum will discuss the media’s role in developing the real estate market and the future of the relationship between the two industries.

Aramco is closing in on acquiring 10% of Horse Powertrain

Oil giant Aramco has signed definitive agreements to acquire a 10% stake in Horse Powertrain — a joint venture between French carmaker Renault and China’s automaker Geely, according to a joint statement (here and here).

What’s Horse Powertrain? Formally founded in May of this year, the London-based JV was set up to manufacture next-generation powertrain solutions, including internal combustion engines that use alternative fuels such as ethanol, methanol, and hydrogen, as well as full hybrids and long-range plug-in hybrids, according to its website. It currently operates 17 global plants, 5 R&D centers with nine industrial customers in 130 countries, according to the release. It expects to produce some 5 mn powertrain units annually.

What we know: The transaction assigns Horse an enterprise value of EUR 7.4 bn and would see Renault and Geely each retain a 45% stake. Aramco had initially sought a 20% stake in the powertrain technology venture under a preliminary agreement with Renault and Geely last year, according to an earlier statement.

The rationale: The investment would allow Aramco to expand its venture into global energy transition through the “development and commercialization of more efficient mobility solutions.” It will also see it working together with US-based oil refinery Valvoline to develop technologies, fuels, and lubricants that could improve the performance of Horse Powertarin’s internal combustion engines.

What they said: “Aramco’s investment is expected to directly contribute to the development and deployment of affordable, efficient, and lower-carbon emission internal combustion engines globally. With Geely and Renault, we plan to leverage our collective expertise and resources to support ground-breaking advances in both engine and fuel technologies,” Aramco Executive Vice President of Technology & Innovation Ahmad Khowaiter said.

Reinventing the engine? Renault Group CEO Luca de Meo described the acquisition as one that created a “dream team born to reinvent the future of ICE and hybrid technologies.”

Canada-based NextSource Materials could build a battery anode plant in Saudi Arabia, says it is screening potential investors

Canada-based NextSource Materials is looking at Saudi as the potential home for a new battery anode plant. The Toronto-listed company is screening interested investors for its proposed USD 280 mn facility in Saudi as well as other plants at which it would also make anodes for lithium-ion batteries, it said in a filing to the Toronto Stock Exchange.

What we know about the plant: It could produce up to 20k tonnes of graphite anode active material for lithium-ion batteries per year, according to the filing. NextSource already runs a similar plant in Madagascar that supplies Toyota and Tesla.

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

By the numbers: The plant is forecasted to generate some USD 230 mn in annual revenues with an EBITDA of USD 128.5 mn at full capacity. NextSource has held talks with local battery manufacturers and original equipment manufacturers including PIF-backed EV-maker Lucid as well as Ceer, the Kingdom’s first EV brand.

Where? While it has yet to make a decision to build here, the company named Yanbu Industrial City as its preferred Saudi location, citing its “extensive infrastructure, access to raw materials, commercial zones and shipping routes.” NextSource is now designing the Saudi facility.

SOUND SMART- Battery charging speed is largely determined by graphite, the anode material, which allows fast charging on high-capacity batteries, making graphite essential in the lithium-ion battery industry that powers EVs. It also has use in aerospace, electronics, and construction. China, Brazil, Madagascar, and India are currently the world's largest graphite producers.

NextSouce says a range of factors make Saudi attractive, including financing for up to 75% of the capital cost of the plant at a low interest rate, competitive energy prices, an expedited licensing process, as well as tax incentives and customs-duty exemptions. The company also points to access to skilled labor and Saudi’s position at the crossroads of Africa, Asia, and Europe.

BACKGROUND- The company wants to build battery anode plants in more than one country. In addition to Saudi Arabia, it is also looking at Madagascar, the United Arab Emirates, and North America.

IN CONTEXT- PIF-backed EV players including Lucid have recently partnered with the King Abdulaziz City for Science and Technology (Kacst) to locally study, test and evaluate EV battery technologies. Earlier this year, Saudi company EV Metals Group inked an agreement with Finnish industrial machinery company Metso to establish a lithium chemicals plant in Yanbu Industrial City — another critical component in lithium-ion batteries.

Al Hokail Academy Specialized Digital Polyclinics plans to IPO on Nomu with a 29% stake sale

Al Hokail Academy Specialized Digital Polyclinics Company plans to offer a 29% stake on parallel market Nomu, according to its prospectus (pdf) The company lined up Capital Market Authority approval for the offering in March. The offering of just over 2 mn ordinary shares is open to qualified institutional and retail investors.

About the company: Al Hokail is one of the top healthcare providers in the Eastern Province and says it has a “market-leading position” with offerings including dental, “cosmetic beauty,” day surgery, in-vitro fertilization, and genetic testing. Its seven branches have served over 2 mn clients.

A snapshot of its financial performance: Al Hokail’s net income was down 18.5% y-o-y to SAR 34 mn in FY 2023 while revenues were up 12.1% y-o-y during the period to SAR 248 mn.

The seller: Amjad Abdul Aziz Ibrahim Al Hokail, the company’ sonly substantial shareholder, is selling-down his position to 65% from 93.06%. He will be barred from selling shares for a period of 12 months from the first day of trading. Al Hokail will take home the proceeds from the transaction.

The IPO timeline: Bankers will take orders from institutional investors starting Sunday, 7 July until Wednesday, 10 July, while the bookbuilding process for retail investors will run on Wednesday, 17 July to Sunday, 21 July. A final allocation of shares is slated for Tuesday, 21 July, with any excess subscription fees refunded no later than Thursday, 25 July. The first day of trading remains contingent on fulfilling regulatory requirements, according to the prospectus.

ADVISORS- Emirates NBD Capital KSA is quarterbacking the transaction as financial advisor and lead Manager. Khaligyoun Legal Advisors is acting as the legal advisor, while PwC acts as auditor and Reflexion as business consultant. Receiving agents include Riyad Capital, BSF Capital, Alinma Investment, Al Jazira Capital, SNB Capital, ANB Capital, Al Rajhi Capital, Derayah Financial Company, Albilad Capital, SAB Invest, Alistithmar Capital and Alkhabeer Capital.

Aramco accounts for more than three quarters of Saudi’s total intangible assets

Saudi Arabia’s intangible assets (IAs) were valued at SAR 8.4 tn in 2023 (that’s 74% of the total market capitalization of Tadawul), according to the latest report (pdf) by the Saudi Authority for Intellectual Property (Saip). This ratio is on par with IA leaders like the US for whom IA comprises 73% of its corporate market value — but Saudi has massive concentration in just one company.

Aramco Nation: Oil giant Aramco accounts for 77% (SAR 6.5 tn) of total IAs valued at SAR 8.4 tn. Al Rajhi Banking and Investment Corporation followed at SAR 241 bn, Acwa Power Company at SAR 169 bn, and Saudi Telecoms Company at SAR 128 bn.

No surprise, then, that energy is the standout sector with SAR 6.4 tn in intangible asset value, followed by the banking industry with SAR 472 bn, and the materials sector with SAR 342 bn.

Uh, Enterprise? What’s an “intangible asset”? That’s fancy accounting-speak for a non-physical asset that has economic value to a company. Think patents, copyrights, trademarks, brand recognition, and goodwill. A tangible asset would be a building, production line, or equipment.

Sectors that have more intangible than tangible assets: Some 94% of the total assets of the software and services sector are intangible. That figure is 89% in the media and entertainment sector, 88% in the health and and retail sectors, and 86% in the transport sector.

Disclosed IAs accounted for 10% (SAR 351 bn) of the local sector’s total net assets valued at SAR 3.4 tn last year. Meanwhile, undisclosed IAs were 24x the size of disclosed IAs at SAR 7.8 tn.

What’s the difference? Disclosed IAs are those acquired from other entities and can therefore be officially recognized and separately listed on a company's balance sheet, according to International Financial Reporting Standards (IFRS). Meanwhile, “accounting practices do not permit internally generated intangible assets to be included on the balance sheet under the standard. However, it's important to note that undisclosed intangible assets, such as internally generated goodwill, are often more valuable than disclosed intangible assets.”

The rationale: Intangible assets like internally generated goodwill or brand reputation often lack objective, consistent valuation methods, the argument goes, so including them could mislead investors. IFRS does, however, encourage companies to disclose information about this tupe of intangible asset in notes.

REMEMBER- We’re getting serious about protecting intellectual property rights: A new unit in the attorney general’s office was announced in February 2024 with the mandate of prosecuting violations of intellectual property rights under the trademark and copyright laws. The office will investigate and explore whether to lay charges in cases referred to it by the Saudi Authority for Intellectual Property.

Local Islamic banks’ standalone credit profiles set to remain robust next year, says Fitch Ratings

Saudi’s Islamic banks’ standalone credit profiles are expected to remain robust this year and in 2025 on the back of high oil prices and favorable operating conditions, Arab News reported, citing a report by Fitch Ratings. However, a higher credit growth would press banks’ capital, funding and liquidity, pushing them to diversify their funding bases through wholesale funding which includes sukuk issuance. It said that while sukuk issuance “was becoming a bigger part of the funding mix”, it expects deposits to remain the primary source of funding.

Islamic banks were highly profitable last year, outperforming their traditional banking peers due to high margins supported by lower funding costs, according to the report. Their robust retail franchises also helped lure in a larger base of non-profit-bearing deposits, allowing them to sustain profitability despite ongoing challenging financial conditions.

A look at funding + liquidity: Fitch Ratings said customer deposits accounted for 80% of funding for Islamic banks which is slightly lower than the 84% reported in traditional banks. It saw the banks’ financing activities grow at a faster pace than their deposit base after their average financing-to-deposits ratio rose to 102% last year.

Climate change emerges as main culprit behind hajj deaths

Heat-related hajj deaths continue to make waves in the foreign press over the weekend, with the reason for the extreme heat behind the rising fatalities this year linked to climate change, Reuters reported, citing a ClimaMeter report. The report claims that human-caused climate change increased the temperatures by 2.5°C to reach 51.8°C in Makkah. “We interpret the Saudi Arabia heatwave as a very uncommon event whose characteristics can mostly be ascribed to human driven climate change,” Davide Faranda, one of the report’s authors said, linking it to “fossil fuel burning.”

Meanwhile, Fox News is out with an opinion piece by Neom advisory board member Ali Shihabi on the importance of the Kingdom’s role in what he describes as a “volatile region.” He argues that a sought defense pact between Riyadh and Washington “would serve to keep the GCC solidly in the US orbit in an increasingly multipolar world.” “These are, after all, states with the resources and the will to actively support the United States in upholding the US.-led regional order,” Shihabi writes.

Also gaining some traction in the foreign press:

The performances of some Saudi Premier League players in the Euro 2024 is turning heads, beating perceptions about the level of competition in the SPL which is usually deemed subpar. (Reuters)
Extreme H has unveiled the first hydrogen powered racing car, with the world’s first hydrogen race series set for an opener in Saudi in April next year. (Reuters)

Electrical interconnection project between central, southern regions goes live

ENERGY-

The Saudi Electricity Company (SEC) has completed and activated the SAR 1 bn electrical interconnection project between the central and southern regions, state news agency SPA reported. The project, which spans 830-km, includes 2.1k antenna towers and electrical transformers with a capacity exceeding 2k megavolt-amperes. It passes through the main substations in Al Kharj, Al Aflaj, Wadi Al-Dawasir, and Bisha.

LOGISTICS-

#1- SAL Saudi Logistics has inked an agreement with Air China that will see the Tadawul-listed cargo firm offer air cargo handling services to the Chinese flag airline, state news agency SPA reported. It will also see SAL provide Air China with ground transportation connections in airports in the Kingdom and GCC.

TRADE-

The Kingdom’s trade balance was up 36% m-o-m to achieve a surplus of SAR 41 bn surplus in April 2024 — its highest recorded level this year, state news agency SPA reported, citing figures from state statistics agency Gastat. It grew 48.5% since the start of the year. Oil exports accounted for 78% of total exports at SAR 79.3 bn in April, while non-oil exports came in at SAR 16.2 bn to account for 16% of total exports.

COMMODITIES-

Third wheat tender of 2024: The General Food Security Authority (GFSA) has issued a tender to purchase 595k tons of wheat in its third tender for 2024, it said in a post on X. Shipments are expected to arrive between September to December 2024 across four of the Kingdom’s ports. European traders said results are expected on Monday, 1 July, Reuters reported.

DEBT WATCH-

First Mills secures SAR 150 mn funding: Tadawul-listed First Mills has inked a SAR 150 mn loan agreement with the Saudi Industrial Fund (SIDF), which will be used to fund the milling company’s operations and capital needs, according to a disclosure to Tadawul. The two-year loan will be repaid in four installments.

TECH-

Communications and IT Minister Abdullah Al Sawaha discussed with US officials in Washington expanding a strategic partnership between the Kingdom and the US in the IT sector, state news agency SPA reported. He also mulled boosting the digital economy and advancing the space sector at home.

HEALTHCARE-

Dammam-based Canadian Medical Center (CMC) has inked a SAR 16.5 mn contract with Johns Hopkins Aramco Healthcare, a joint venture between Aramco and Johns Hopkins Medicine, to operate nine of its healthcare clinics for two years, CMC said in a disclosure to Tadawul. CMC is planning a transition to the main market Tadawul as it pushes ahead with an ambitious expansion plan that will see it move into new segments of the industry.

CAPITAL MARKETS-

#1- Three funds have obtained regulatory approval to be listed after the Capital Market Authority (CMA) gave their fund managers the green light. Those include the Sedco Capital IPO Fund, Al Rajhi Petrochemical Fund and Al Rajhi Large-Cap Fund.

#2- Khobar-based boutique investment bank Musharaka Capital has dissolved its Majediah Real Estate Fund I, it said in a statement to Argaam. It sold a total of 110 residential units in two of the fund’s projects in Riyadh, achieving a 56% yield within three years of the fund’s launch. The fund was set up as a Shariah-compliant private closed-end real estate investment fund.

M&A activity is off-track globally this year

Global M&A activity has yet to show “a sustained recovery” despite a surge in transaction volumes at the start of the year, according to data compiled by Bloomberg. “The year has been good so far, but all indications suggest it should have been great,” Guggenheim Securities Global Head of M&A Eric Rutkoske told the business information service, adding that “there has been a deceleration” in activity despite “macro indicators actually [getting] better throughout the year.”

Increased M&A activity came on the back of expectations that central banks would slash interest rates, but faltered after the Federal Reserve projected a single rate cut this year. “It’s really wait-and-see mode until we understand what direction of travel we’re in and what that means for the broader economy. That’s what’s keeping some folks on the sidelines,” JPMorgan Chase & Co Co-Head of North America M&A Ben Carpenter said.

Global M&A transactions stood at USD 1.4 tn in 1H 2024, up 14% y-o-y, but still over USD 300 bn below the 10-year average for the first half of the year. The energy sector stood center in most M&A activity in 2024, with transaction values in the sector up by over 40% during the year. Technology companies were also “heavily targeted by both strategic and private equity buyers,” while dealmaking in healthcare came to a standstill in favor of smaller private transactions.

Higher borrowing costs and rising stock markets are to thank for halted negotiations: “Buyer and seller valuation mismatches have narrowed but they haven’t been completely bridged, and while capital is increasingly available, it’s still very expensive,” said Evercore Inc Senior Managing Director and Co-Head of US Investment Banking Naveen Nataraj.

It’s unlikely that activity will pick up again before November, with bankers and lawyers predicting that some companies will wait for the results of the US election in November before deciding whether or not to pursue transactions. “There’s a view that the regulatory policy could change meaningfully so there are a lot of larger transactions that companies may wish to start under a new administration,” said Rutkoske.

TASI	11,730	+0.6% (YTD: -2.0%)
MSCI Tadawul 30	1,470	+0.8% (YTD: -5.2%)
NomuC	26,302	-0.2% (YTD: +7.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	27,766	+1.0% (YTD: +11.6%)
ADX	9,061	+0.6% (YTD: -5.4%)
DFM	4,030	+0.5% (YTD: -0.7%)
S&P 500	5,460	-0.4% (YTD: +14.5%)
FTSE 100	8,164	-0.2% (YTD: +5.6%)
Euro Stoxx 50	4,894	-0.2% (YTD: +8.2%)
Brent crude	USD 85.00	-0.3%
Natural gas (Nymex)	USD 2.60	-3.1%
Gold	USD 2,339.60	+0.1%
BTC	USD 60,874	+1.1% (YTD: +44.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.6% on Thursday on turnover of SAR 6.6 bn. The index is down 2.0% YTD.

In the green: Talco (+10.0%), Rasan (+8.7%) and Saudi Ceramics (+6.5%).

In the red: Al Baha (-7.7%), Al Khaleej (-4.0%) and Anaam Holding (-3%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% on Thursday on turnover of SAR 38.7 mn. The index is up 7.2% YTD.

In the green: Al Rasheed (+8.8%), Armah (+8.8%) and Mayar (+6.9%).

In the red: Knowledge (-8.3%), Saudi Top (-7.6%) and Burgerizzr (-6.5%)

CORPORATE ACTIONS-

#1- Shareholders of Tadawul-listed Saudi Ceramic have approved the board’s recommendation to increase its capital by 25% to SAR 1 bn, according to a disclosure to Tadawul. Saudi Ceramic will finance the increase by capitalizing SAR 200 mn in retained earnings and granting one share for every owned share by shareholders. The capital increase comes under the ceramic manufacturer’s expansion plans.

#2- Shareholders of Al Sagr Cooperative Ins. have approved the board’s recommendation to more than double its capital to SAR 300 mn through a rights issuance, according to a regulatory filing (pdf). The capital increase aims to support the company’s future plans, enhance the company's solvency margin, and meet the minimum capital requirements for ins. Companies.

#3- Shareholders of Tadawul-listed Tabuk Cement have approved the board’s recommendation to distribute SAR 22.5 mn in dividend at SAR 0.25 per share for FY 2023, according to a regulatory filing (pdf). The distribution date will be announced at a later date.

#4- Shareholders of Nomu-listed International Human Resources have approved the board’s recommendation for a SAR 1.2 mn dividend distribution at SAR 0.025 per share for FY 2023, according to a regulatory filing (pdf). The distribution date is set for Sunday, 21 July.

CALENDAR

JUNE

1-30 June (Saturday- Sunday): Monsha’at’s support meetings, Riyadh, Jeddah, Alkhobar, and Madinah.

28 June (Friday): Start of Jeddah Season 2024, Jeddah.

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

12 July (Friday): PFL MENA 2, The Green Halls, Riyadh.

10-11 July: (Wednesday-Thursday): Global EV & Mobility Tech Forum, Riyadh International Convention & Exhibition Center, Riyadh.

21-30 July (Sunday-Tuesday): International Chemistry Olympiad, King Saud University, Riyadh.

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh.

18 August (Sunday): New academic year begins.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

9-11 September (Monday-Wednesday): International Manufacturing Congress, Riyadh.

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

23 September (Monday): National Day (national holiday).

29 September (Sunday) - 1 October (Tuesday): Jeddah Construct Expo, Jeddah.

OCTOBER

1-3 October (Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY 2025

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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THIS MORNING: Bankers haven’t had to prop-up Aramco’s share price since it pulled trigger on USD 11.2 bn secondary offering

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Aramco is closing in on acquiring 10% of Horse Powertrain

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Canada-based NextSource Materials could build a battery anode plant in Saudi Arabia, says it is screening potential investors

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Al Hokail Academy Specialized Digital Polyclinics plans to IPO on Nomu with a 29% stake sale

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Aramco accounts for more than three quarters of Saudi’s total intangible assets

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Local Islamic banks’ standalone credit profiles set to remain robust next year, says Fitch Ratings

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Climate change emerges as main culprit behind hajj deaths

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Electrical interconnection project between central, southern regions goes live

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M&A activity is off-track globally this year

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