Aramco maintains dividend as earnings meet estimates

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Heavy equipment machinery distributor Zahid Group eyes South Africa-based Barloworld

Good morning, nice people. It’s a relatively light day in the news cycle here at home, as Aramco’s earnings stole much of the spotlight. We have the full rundown of the oil giant’s earnings, plus a new capital injection from the PIF into EV maker Lucid, leading this morning’s news well, below.

BUT FIRST- Saudi’s Zahid Group — which locally distributes heavy equipment machinery — is reportedly looking at acquiring South Africa-based Caterpillar Inc. equipment distributor Barloworld, Bloomberg reports, citing people with knowledge of the matter. It remains unclear what the timeline for the discussions is, or whether Zahid is looking to fully acquire Barloworld. Zahid is already tied to Barloworld — which is valued at c.USD 886 mn — as one of Zahid’s subsidiaries currently holds 18.9% in the South African company.

⚠️ WEATHER WARNING- The heavy downpour continues across the Kingdom until Friday, with expectations these conditions could persist until the end of next week, according to a warning issued by the National Center for Meteorology.

WATCH THIS SPACE-

An unconfirmed report claims that Saudi, Jordan, and Qatar have declined US requests to contribute troops for a post-war peacekeeping force in Gaza. The countries cited concerns that it would be seen as protecting Israel, the Time of Israel reports, citing an unnamed Arab official and a second source familiar with the matter.

ALSO- Another unconfirmed report from the Jerusalem Post suggests that Riyadh and Amman have each communicated to Tehran that they will not permit the use of their airspace for any military operations against Israel.

DATA POINTS-

#1- The number of Saudi citizens joining the private sector workforce more than doubled m-o-m to 34.6k in July, up from 16.6k in June, the National Labor Observatory said in separate statements on X (here, and here.) The total workforce employed in the Kingdom’s private sector stood at some 11.5 mn workers in July, composed of 2.3 mn nationals and 9.1 mn expats.

Nitaqat is bearing fruit: The Human Resources and Social Development Ministry introduced the country’s Saudization program in 2011, dubbed Nitaqat, which looks to increase the number of Saudi nationals in the private sector and narrow the employment gap between the public and private sectors by providing incentives for private firms hiring Saudis.

The total value of US-Saudi Business Council awarded contracts rose 79% y-o-y to SAR 118.8 bn (USD 31.7 bn) in 1Q 2024, according to the highlights of the council’s report. The oil and gas sector led with SAR 51.2 bn in contracts, followed by real estate (SAR 24.4 bn) and water (SAR 24 bn).

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THE BIG STORY ABROAD-

Global markets are catching their breath after stocks staged somewhat of a comeback yesterday, recovering some of the losses from the past three days as investors eased recession concerns and Japanese equities bounced back during trading.

The rundown: The Dow gained 0.76%, while the S&P 500 rose 1.04%, and the Nasdaq Composite closed up 1.03%. Major tech stocks like Nvidia and Meta Platforms saw rebounds after being among some of the worst performers on Monday. Japanese stocks also boosted sentiment, with the Nikkei 225 experiencing its best day since October 2008, jumping 10.2% after a sharp decline the previous day. (CNBC | Financial Times | Wall Street Journal | Reuters)

AND- US Vice President and presidential nominee Kamala Harris tapped Minnesota Governor Tim Walz — who is known for being more broadly appealing in the voter base, despite not being the most well-known contender — as her running mate for the presidential campaign. (Bloomberg | AP | CNBC | Reuters | The New York Times | Wall Street Journal | Washington Post)

IN OUR NECK OF THE WOODS- Hamas tapped Yahya Sinwar as the new head of its political bureau, succeeding Ismail Haniyeh who was assassinated last week in Tehran. This makes Sinwar the main focal point for any diplomatic efforts aimed at halting the war in Gaza. (Reuters | Guardian | BBC | ABC News | Times of Israel)

OLYMPICS-

Highlights from day 11 of the Paris Olympics:

Another day where history was made: Cuban wrestler Mijaín López, 41, wrote Olympic history, becoming the first athlete to ever win gold in the same event in five Olympic Games, following his victory in the Greco-Roman wrestling 130kg category, which he has dominated since the Beijing 2008 Olympics. Following his win, López left his shoes on the mat, signaling his retirement from the sport.

Canada dominates hammer throw events: Canadian Camryn Rogers won the women's hammer throw gold yesterday, while Poland's Anita Włodarczyk, who won gold in the last three Olympics, finished fourth. Rogers' win comes only days after Canada’s Ethan Katzberg secured the gold in the men’s event.

Bahrain secures its first gold at Paris 2024 (and third ever): Bahrain’s 24-year-old Winfred Yavi clinched the women’s 3km steeplechase title at Paris 2024 with a spectacular final kick, setting a new Olympic record. She defeated defending champion Peruth Chemutai of Uganda, adding the Olympic gold to her world crown.

Algeria’s 25-year-old Imane Khelif advanced to the women’s welterweight boxing final with a unanimous victory over Thailand’s Janjaem Suwannapheng. Algeria currently has one gold at Paris 2024 after Kaylia Nemour became the first African athlete to earn an Olympic gymnastics medal.

Tunisia has so far secured 1 silver medal, and Egypt 1 bronze.

Day 11 gold medalists:

Women’s 3k m steeplechase: Winfred Yavi (Bahrain)
Women’s 200 m race: Gabrielle Thomas (USA)
Men’s 1.5k m: Cole Hocker (USA)
Men’s long jump: Miltiadis Tentoglou (Greece)
Women’s hammer throw: Camryn Rogers (Canada)

The medal standings now at the Paris Olympics:

USA (24 gold, 86 overall)
China (22 gold, 59 overall)
Australia (14 gold, 35 overall)
France (13 gold, 48 overall)
UK (12 gold, 46 overall)

HAPPENING TODAY- Saudi’s Donia Abu Taleb will compete in the 49kg taekwondo event in Paris today, facing off against Israel’s Avishag Semberg in the round of 16, according to the Saudi Gazette. Abu Taleb was the first Saudi woman athlete to qualify for the Paris Olympics.

Want to see when your favorite sport is on? Check out the official schedule here.

CIRCLE YOUR CALENDAR-

Small and medium enterprises regulator Monsha’at will hold a franchise tour of five cities on 12-13 August (Monday and Tuesday). The tour, which starts in Khobar and includes stops in Abha, Qassim, Hail and Jeddah, will showcase success stories in the sector. The tour then picks up with seven stops scheduled for an installment next year.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The New Global Sport Conference 2024 is happening on Saturday and Sunday, 24-25 August, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year’s theme is the Future of Fandom, highlighting fans’ role in building brand equity and revenue.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

Aramco earnings dip again in 2Q 2024, but maintains dividend

Aramco’s net income dropped 3.4% y-o-y to SAR 109 bn in 2Q 2024, despite revenues rising 5.7% y-o-y to SAR 425.7 bn, the company said in an earnings release (pdf). On a 1H basis, the oil giant’s bottomline dropped 9.1% y-o-y to SAR 211.3 bn in 1H 2024, while revenues inched up 0.9% at SAR 827.8 bn.

OPEC+ production cuts left their mark: Aramco attributed the weaker bottom line performance to “lower crude oil volumes sold and weakening refining margins,” as OPEC+ mandated production cuts continue to cap output at the major state-owned firm at least into the third quarter of this year. At the same time, downstream earnings from the outfit’s petrochemical operations continue to be dogged by higher feedstock prices and a surge in shipping prices due to Red Sea disruptions.

Shareholders still have reason to celebrate: The oil giant is maintaining its dividend payments, saying it will distribute c.SAR 116.5 bn (USD 31.1 bn) to shareholders at SAR 0.48 apiece, it said in a separate disclosure. The payout is composed of SAR 76 bn in base dividends for 2Q 2024, and SAR 40.4 bn in performance-linked dividends for the combined full year results of 2022 and 2023. Distribution is set for Thursday, 29 August.

REMEMBER- The government counts on Aramco dividends to bridge budget deficit and to finance its diversification away from oil, with oil accounting for some 67% of government revenues at present. The company’s dividends pushed SAMA’s foreign reserves to an 18-month high of SAR 1.67 tn in June. Saudi Arabia’s government owns 97% of Aramco.

Analysts raise dividend sustainability concerns: Aramco’s dividend payments exceed the freecash flow (FCF) the company is generating, putting the company in a net negative FCF position that is “unsustainable,” Bloomberg said citing analysts and Bloomberg Intelligence (watchtime, 4:38). To sustain these dividends, the world’s largest oil company may need to take on more debt, the business information service said.

Speaking of which: Aramco’s FCF fell 18.1% y-o-y to SAR 71 bn in 2Q 2024, and 22.8% to SAR 156.4 bn. The company attributed the declines in both periods to lower earnings, “unfavorable” reshuffles to working capital, and capex.

Aramco’s capex surged 15.9% y-o-y to SAR 45.5 bn (USD 12.1 bn) in 2Q 2024, as the company continued to double down on increasing capacity in both upstream and downstream segments, the earnings release said. On a 1H basis, capex surged 19.5% y-o-y to SAR 86.1 bn on the back of efforts to sustain maximum crude oil production capacity and the development of new gas projects.

What they said: The company is leveraging its “market-leading performance” to maintain “a base dividend that is sustainable and progressive, and a performance-linked dividend that shares the upside with our shareholders,” said President and CEO Amin Nasser. Aramco is continuing to look at new additions to its portfolio moving forward, Nasser said.

Global oil market sell-off overblown, Nasser says: The sell-off that gripped global equity, currency, and oil markets earlier this week was an “overreaction” from the market “and the fundamentals do not support the drop in prices that we are witnessing today,” Nasser said on the company’s earnings call, according to Bloomberg. Brent crude prices fell to USD 75 / bbl on Monday.

The story is making the rounds in the international press: Reuters | Bloomberg | CNBC | Associated Press

OTHER 2Q HIGHLIGHTS-

Aramco took the largest secondary offering in EMEA since 2002 to market in June, raising USD 11.1 bn in a follow-on offering that attracted heavy interest from foreign institutional investors. The offering was the largest in equity capital markets in the region since Aramco’s own blockbuster IPO in 2019.

ALSO-

Aramco signed definitive agreements to acquire a 10% stake in Horse Powertrain — a joint venture between French carmaker Renault and China’s automaker Geely — at the end of June ;
It also signed a non-binding agreement to acquire a 25% stake in the second phase of Sempra’s Port Arthur LNG export plant in Texas, with the agreement also including Aramco locking down five mn tons of LNG shipments from the plant each year for 20 years;
The company’s Wa’ed Ventures participated in a USD 30 mn series A funding round for UAE-based contech startup Tenderd.

PIF puts down an extra USD 1.5 bn for Lucid Motors

PIF extending loan facility + acquiring more shares in Lucid: A unit of the Public Investment Fund (PIF) is pouring a total of USD 1.5 bn in US luxury EV manufacturer Lucid, according to a statement from Lucid. The Saudi sovereign wealth fund’s Ayar Third Investment has reached an agreement with Lucid to take USD 750 mn worth of convertible preferred stock via private placement, and commit an additional USD 750 mn through an unsecured delayed draw term loan facility (DDL).

The proceeds will finance the company’s capex and working capital, among other things, the statement reads.

What we don’t know: The statement doesn’t provide details on the conditions for the conversion or the implied price per share at which Ayar is buying in, nor does it disclose the withdrawal limits or periods for the DDL.

Lucid has not yet tapped the DDL, which could signal that the company is keeping it as a fall-back option if it needs more funding to tap into. Lucid CEO Peter Rawlinson said in March that his company cannot depend on the “bottomless wealth” of its Saudi owner and therefore needs to raise funds this year. “It’s inevitable we need to raise in the future, it’s just a question of when,” Rawlinson told the salmon-colored paper. “We need to pick our moment.”

REMEMBER- This is Ayar’s second investment in Lucid this year, after it took USD 1 bn in convertible preferred stocks last March to fund the EV maker's capex and working capital.

SOUND SMART- Convertible preferred stock is essentially a kind of hybrid between equity and a bond. There are three keys here: “Preferred” means that Ayar gets dividend payments if Lucid starts making them, just like regular preferred stock. But Ayar is also locking in upside: It’s not buying common stock in the company. If the value of Lucid’s shares go above the price at which Ayar bought in, it can — if it wants — swap its convertible preferred stock for ordinary shares and book the difference in value as gain on the investment.

What about delayed draw term loans? These operate like any other loan facility, only with the caveat that they are withdrawn in set intervals — allowing for withdrawal periods every three, six, or nine months — within certain limits, which are both agreed in advance. Lenders could also link withdrawal periods with certain KPIs, if they wish.

Sabic eyes a new advanced plastics facility in China’s Fujian

Sabic eyes fresh expansion in China: Petrochemicals giant Saudi Basic Industries Corp (Sabic) signed a preliminary investment agreement with the government of China’s Fujian province to establish an advanced plastics compounding plant in Fujian, according to a press release. No further information was provided.

Sectors that could benefit: The plant will manufacture products that will be used in industries including electrical and consumer electronics, automotive, and emerging sectors such as solar energy, electrification, and 5G.

What we don’t know: The statement doesn’t provide information on whether this is part of the USD 6.4 bn petrochem complex in Fujian that Sabic announced earlier this year. Sabic said at the time that construction on the project is expected to begin during the first half of 2024, with the commissioning slated for the second half of 2026 and will last for 6 months.

What they said: “The project aims to strengthen our supply capability in compounding products and serve this important strategic market,” said Sabic CEO, Abdulrahman Al-Fageeh.

Other China operations: The petrochemical player operates a technology center in Shanghai and three compounding plants in Guangzhou, Shanghai, and Chongqing, in addition to other operations across 17 cities, the statement reads. The latest investment will develop synergies with two JVs operated by Sabic in China in Fujian and Tianjin.

Tanmiah Food subsidiaries land SAR 320 mn in fresh loans

Two subsidiaries of Tadawul-listed Tanmiah Food have secured a combined SAR 320 mn in credit facilities. These include SAR 120 mn in Shariah-compliant credit facilities for Tanmiah’s fresh poultry unit, Agricultural Development Company (ADC), from the National Bank of Kuwait (NBK), according to a filing to Tadawul. Desert Hills Veterinary Services (DHV) separately secured SAR 200 mn in Shariah-compliant credit facilities from Alinma Bank for a one-year period, according to a separate disclosure to the exchange.

Where will the money go? ADC’s loan will be funneled towards supporting the company’s growth, while DHV’s credit facility is earmarked for meeting a working capital requirement and powering growth, the disclosures said.

ICYMI- DHV inked a shareholder agreement late last year with Ukraine’s largest poultry producer and exporter MHP to set up a SAR 200 mn poultry farm in Riyadh with an initial capacity of 1 mn parent stock to produce some 175 mn hatching eggs a year. The JV — in which DVH will hold a majority 55% stake — comes in a bid to boost the Kingdom’s poultry production which hit a monthly record of 100 mn kg in February.

Cabinet signs off on a handful of MoUs

The cabinet was briefed on King Salman’s message to the president of Iran, and a call between the Crown Prince and Prime Minister Mohammed bin Salman and the French president during its weekly meeting yesterday, state news agency SPA reports. The Crown Prince discussed on Monday with French President Emmanuel Macron the importance of de-escalation in the region and efforts to reach a ceasefire in Gaza.

The cabinet also approved the following agreements in its weekly meeting yesterday:

An MoU with Kyrgyzstan for visa exemptions for diplomatic and special passport holders;
An MoU on modern transportation and railways with the UK, and Northern Ireland;
A news exchange agreement between the Saudi Press Agency and Kuwait News Agency;
A cooperation agreement with the International Islamic Trade Finance Corporation for the Oil Demand Sustainability Program.

Tadawul-listed companies have one more week to report 1H results

We have another lineup of earnings this morning, although the momentum is beginning to slow as we approach the deadline for Tadawul-listed companies to report their results. Among those reporting: Saudi National Bank, Saudi Awwal Bank, Savola Group, and Jamjoom Pharma.

SAUDI NATIONAL BANK-

Saudi National Bank (SNB) reported SAR 5.2 bn in net income for 2Q 2024, up 4.3% y-o-y, it said in a disclosure to Tadawul. Total income from financing grew 20.6% at SAR 11.1 bn, while total income from investment surged 20.6% at SAR 3.2 bn.

On a 1H basis: The bank’s bottom line saw a 2.3% y-o-y uptick at SAR 10.3 bn in 1H 2024. Meanwhile, income from financing rose 23.3% to SAR 21.8 bn, while income from investments increased 14.5% to SAR 6.2 bn.

DIVIDENDS- SNB is distributing SAR 5.4 bn in dividends for 1H 2024, at SAR 0.9 per share, the bank said in a separate disclosure. Distribution is set for Sunday, 25 August.

SAUDI AWWAL BANK-

Saudi Awwal Bank reported SAR 2.02 bn in net income in 2Q 2024, marking a 30.2% y-o-y increase, according to a disclosure to Tadawul. Total income from financing grew 14.2% y-o-y to SAR 1.2 bn during the quarter. The bank also reported SAR 3.9 bn in income from investments, up 27.6% y-o-y. Saudi Awwal’s 1H net income rose 22.5% y-o-y to reach 4.06 bn, with total income from financing rising 30.3% y-o-y to SAR 7.7 bn and total income from investments rising 13.7% y-o-y to SAR 2.3 bn.

SAVOLA GROUP-

Savola Group’s net income inched up 2.6% y-o-y to SAR 135.4 mn in 2Q 2024, driven by a recovery in the retail segment, higher returns from on equity, and lower zakat and tax expenses, it said in a disclosure to Tadawul. Meanwhile, revenues fell 11.8% to SAR 5.4 bn due to lower proceeds from the food processing segment. Net income shrank 7.8% y-o-y to SAR 484 mn in 1H 2024, and revenues fell 5.4% to SAR 13.2 bn.

JAMJOOM PHARMA-

Jamjoom Pharma’s net income grew 24% y-o-y to SAR 107 mn in 2Q 2024, while revenues were up 16% to SAR 345.7 mn, according to its latest earnings release (pdf). The pharma giant’s net income came in at SAR 210 mn in 1H 2024, up 23% y-o-y. Meanwhile, revenues rose 22% to SAR 731 mn, on the back of stronger sales and new product launches. Revenues from Jamjoom’s KSA operations saw a 17% y-o-y uptick to SAR 479 mn in 1H 2024, accounting for the largest share of total revenues.

DIVIDENDS- Jamjoom’s BoD approved the distribution of SAR 112 mn in dividends at SAR 1.6 per share for 1H 2024, according to a disclosure to Tadawul. The distribution is set for Sunday, 25 August.

YAMAMA CEMENT-

Yamama Cement’s net income fell 14% y-o-y to SAR 84.6 mn in 2Q 2024, on the back of a fall in non-core revenue and an increase in expenses, it said in a disclosure to Tadawul. Meanwhile, revenues increased 11.3% to SAR 243.7 mn, driven by higher sales. On a 1H basis, the bottom line dropped 5.2% y-o-y at SAR 199.7 mn in 1H 2024, while revenues saw a 3.7% uptick to SAR 517.4 mn.

ALHOKAIR GROUP-

Abdulmohsen Alhokair Group for Tourism and Development saw 23.9% growth in net income to SAR 6.1 mn in 2Q 2024, it said in a disclosure to Tadawul. The hike in the company’s bottom line came despite a 7.3% drop in revenues. The group reported SAR 10.3 mn in net income in 1H of this year, reversing a SAR 29.4 net loss seen during the same period last year.

Pakistan obtains assurances from Saudi, UAE, China to extend debt repayment

It’s a slow day for Saudi in the foreign press as Aramco’s earnings steal most of the spotlight.

Saudi, the UAE, and China have granted debt rollover commitments to Pakistan for another year. This would provide relief to Islamabad as it awaits final approval for its new USD 7 bn program from the IMF, Bloomberg reports.

Saudi Arabia accounted for 14% of all cyberattacks targeting the MENA region

CYBERSECURITY-

Saudi Arabia experienced the second highest number of cyberattacks in MENA in 2Q 2024, accounting for 14% of total incidents in the region. The UAE accounted for 27% and Kuwait 12%, Zawya reports citing a Stormwall report. Cyberattacks in MENA rose 3x y-o-y last quarter, making it the second most targeted region globally. The financial sector was the primary target, followed by retail, government services, and the entertainment sector (particularly online gaming).

FINTECH-

Jarir Bookstore adds Quara Finance’s payment solutions to its website: Customers shopping on Jarir Bookstore ’s website will now be able to pay using Quara Finance ’s Sharia-compliant digital financing solutions at checkout, a statement (pdf) from Quara showed.

ICYMI- The local consumer finance player listed an 8.8% stake on Tadawul’s parallel market Nomu in March, after its IPO was oversubscribed by 218%.

TECHNOLOGY-

#1- US software company Oracle has launched its second public cloud region in the Kingdom as part of its broader USD 1.5 bn investment to expand local data centers and cloud infrastructure, according to a statement picked up by Zawya. The new cloud region, which is hosted by Stc-owned regional data center provider Center3, will allow public and private sector companies to migrate their data to Oracle servers and have access to its cloud services. The new region is located in Riyadh, with the first one located in Jeddah, while there’s another one in the pipeline that will find a home in Neom.

#2- US tech giant HP launched a Gaming Garage Lab at Saudi Electronic University to provide learners with the necessary skills to tap into the gaming and esports industries, HP Saudi Arabia’s Managing Director Fadle Saad told the Saudi Gazette.

MANUFACTURING-

East Pipes Integrated Company for Industry inked multiple steel pipe contracts valued at more than SAR 235 mn with Esnad Al-Turuq for General Contracting, according to a disclosure to Tadawul. The contracts cover the manufacturing, supply, and coating of steel pipes over a 24-month period.

Pressure builds on the Fed to cut rates following market meltdown

The last couple of days have been a rollercoaster ride for market-watchers: After a massive stock sell-off on Monday, markets somewhat recovered following reassuring comments from US Federal Reserve officials and positive US service-sector job growth data. Yet, the brief panic indicates that the market fundamentals undergirding this year's equities gains may not be entirely sound — spelling further turbulence as the Fed attempts to chart a soft landing for the US economy.

The roots of the sell-off: Monday’s meltdown follows the buildup of a confluence of pressures over the last few weeks, including jitteriness around the big tech stocks that have driven Wall Street to new heights; the Bank of Japan’s late-July rate hikes after decades of ultra-loose monetary policy; lower-than-expected US job growth numbers for July that heightened fears of a US recession; and disappointing earnings reports from major companies like Microsoft. While Tuesday’s rebound suggests that the sell-off spiral may have been somewhat of an overreaction, some of these developments point to frailties in the assumptions undergirding financial market gains — including unfettered AI euphoria, confidence in continued loose Japanese monetary policy, and a surprisingly robust US economy.

As the immediate storm dies down, all eyes are fixed squarely on the Fed. Monday’s stock market plunge was accompanied by a surge in US government debt, with two-year treasury yields falling below those of the ten-year notes for the first time in two years. This phenomenon, known as yield curve disinversion, has preceded the last four US recessions, and has heightened fears that the Fed’s decision to put off rate cuts at its last meeting has tipped the US economy into recession. Markets, which last week began pricing in a hefty 50 bps rate cut in September, are now beginning to think that the Fed will move even quicker to cut rates — possibly before the central bank’s next meeting in mid-September.

A rate cut before mid-September would be a highly unusual move from the Fed, which largely refrains from making cuts between meetings unless the US economy is rapidly deteriorating. But even without an unscheduled meeting and an early cut, this recent episode is sure to have caught the Fed’s attention, chief US economist at GlobalData TS Lombard Steven Blitz tells the Wall Street Journal. “The markets are speaking to the Fed. They’re telling the Fed, ‘You’re too tight, and no, you can’t presume that everything is going to roll along merrily while you take the time to cut.’”

MARKETS THIS MORNING-

Asian markets are mostly in the green in early trading this morning, with the Nikkei and Kospi the biggest gainers, up 3.4% and 2.4%, respectively.

TASI	11,679	+1.5% (YTD: -2.4%)
MSCI Tadawul 30	1,467	+1.3% (YTD: -5.4%)
NomuC	25,696	-0.02% (YTD: +4.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	28,210	+1.3% (YTD: +13.3%)
ADX	9,084	+1.2% (YTD: -5.2%)
DFM	4,137	+2.3% (YTD: +1.9%)
S&P 500	5,240	+1.0% (YTD: +9.9%)
FTSE 100	8,027	+0.2% (YTD: +3.8%)
Euro Stoxx 50	4,575	+0.1% (YTD: +1.2%)
Brent crude	USD 76.48	+0.2%
Natural gas (Nymex)	USD 2.02	+0.3%
Gold	USD 2,429	-0.1%
BTC	USD 55,934	+3.7% (YTD: +32.6%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.5% yesterday on turnover of SAR 9.1 bn. The index is down 2.4% YTD.

In the green: Emaar EC (+10.0%), Alsagr Ins. (+10.0%) and SFICO (+10.0%).

In the red: Walaa (-10.0%), Mouwasat (-5.7%) and Americana (-4.5%).

THE CLOSING BELL: NOMU-

The NomuC dropped 0.02% yesterday on turnover of SAR 38.6 mn. The index is up 4.8% YTD.

In the green: Clean Life (+9.9%), Almuneef (+9.6%) and Bena (+7.5%).

In the red: AlRasheed (-14.7%), Leena Alkhair (-9.2%) and Meyar (-8.6%)

CORPORATE ACTIONS-

Ayyan Investment has raised over SAR 47.1 mn from its rump share offering, which was 6.48x oversubscribed, a disclosure to Tadawul showed. The shares were offered at an average price of SAR 15.5 a piece. The company’s rights issue for a capital hike — which sought to increase the company’s capital by 24.8% to SAR 1 bn — wrapped up last month and was 84.8% subscribed.

CALENDAR

AUGUST

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

12-13 August (Monday-Tuesday): Monshaat Franchise Tour, Al-Khobar.

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

18 August (Sunday): New academic year begins.

18-22 August (Sunday-Thursday): SANS Riyadh Cyber Leaders August 2024, Hyatt Regency Riyadh Olaya.

24-25 August (Saturday-Sunday): New Global Sport Conference 2024 (NGSC24), Four Seasons Hotel Riyadh.

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.

3-5 September (Tuesday-Thursday): 24 Fintech, Front Exhibition & Conference Center, Riyadh.

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

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

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, 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.

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, 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).

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

29 September-1 October (Sunday-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.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, 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.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, 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.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

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

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

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

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

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

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

JANUARY 2025

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

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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