Aramco’s Jafurah gas project nears landing USD 10 bn infrastructure financing from BlackRock-led consortium

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Elon Musk's xAI eyes the Kingdom’s data centers + Is Neom considering laying off, relocating employees?

Good morning, ladies and gents. Big energy players are making waves in this morning’s issue, with updates from Aramco and Acwa Power leading our news well.

In today’s issue: Aramco’s Jafurah gas project is said be nearing a USD 10 bn investment from BlackRock-led consortium, which is expected to follow the structure of the oil giant’s “lease and leaseback” agreements. Meanwhile, Acwa Power’s rights issue was over 96% covered, coinciding with Senegal’s government inking USD 800 mn agreements with the renewables giant for what will be the largest desalination project in West Africa.

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HAPPENING TODAY-

#1- Master plans and new corporate identities for King Fahd International, Al Ahsa, and Qaisumah airports will be out today, along with the strategy for Dammam airports, state news agency SPA reported on Friday. Today will also see the inauguration of 77 aviation-related infrastructure projects worth SAR 1.6 bn in the Eastern Province.

#2- The Real Estate Brokerage Forum kicks off today in Riyadh International Convention and Exhibition Center. The event, which takes place two years after the real estate brokerage law came into effect, will discuss legislative updates in the sector, empowerment prospects, and the role of brokers in enhancing the value and sustainability of real estate products.

WEATHER- Riyadh is set to sizzle with a high of 46°C and a low of 30°C. Jeddah will stay milder, reaching 35°C at its peak and slipping to 29°C later in the day. Makkah will see the heat climb to 43°C, with temperatures easing to 32°C as the day winds down.

HAPPENING TOMORROW-

Trading will resume tomorrow for Saudi Azm for Communication and InformationTechnology and Obeikan Glass on the main index TASI, with a 10% daily price fluctuation cap, according to separate Tadawul disclosures.

IN CONTEXT- The Saudi Exchange suspended trading of Saudi Azm and Obeikan Glass shares last Tuesday as both companies prepare to transition from the Nomu parallel market to the main market Tadawul. The two companies received approval for the move in late June, following the companies’ resubmission of their transfer requests in May after an earlier rejection by the exchange. Both companies were listed on Nomu in early 2022.

ADVISORS- Azm enlisted Al Rajhi Capital as financial advisor, KLA as counsel, and Deloitte as financial due diligence advisor. Meanwhile, Obeikan appointed Al Rajhi Capital as financial advisor, KLA as counsel, and PwC as financial due diligence advisor.

NEWS TRIGGERS-

Saudi Aramco is expected to publish its 2Q 2025 earnings on Tuesday, 5 August, according to the company’s website. The oil giant is forecast to post SAR 92.8 bn in net income for the quarter, up from SAR 106.2 bn recorded in the same period last year, according to Argaam.

REFRESHER- The company posted a 4.6% y-o-y drop in net income to SAR 97.5 bn (USD 26 bn) in 1Q 2025, exceeding analyst estimates by some SAR 3.4 bn amid weaker oil prices caused by global economic uncertainty.

PSAs-

#1- The new ins. draft law will be up for public consultation on the Istitlaa platform until next Tuesday, 22 July, the Ins. Authority said. The proposed law (pdf) aims to stabilize the sector, improve policyholders' protection, encourage fair competition, and regulate contractual relationships.

#2- The government extended the deadline for applying for groundwater wells licenses by one year, Okaz reports, citing a statement from Environment, Water and Agriculture Minister Abdulrahman Al Fadley. The extension does not apply to local agricultural companies, large-scale wheat farmers, or other activities overseen by the Saudi Water Authority and the Saudi Food and Drug Authority, such as water stations and bottled water factories.

#3- Investors and entrepreneurs have until 20 August to submit bids for a new 50k sqm hydroponic and greenhouse project in Tabuk via the Furas platform, state news agency SPA reported yesterday. The project aims to produce vegetables using water and energy-efficient farming methods.

WATCH THIS SPACE-

#1- Elon Musk's xAI is in talks to lease data center capacity in the Kingdom, Bloomberg reported on Wednesday, citing people it said are familiar with the matter. The startup is reportedly weighing a long-term proposal for several gigawatts from PIF-backed Humain — whose infrastructure is not yet built — against a more short-term agreement for a 200 MW facility already under construction by an unnamed company.

ICYMI- Rumors circulated last week that the Public Investment Fund would be a key investor in a potential USD 170-200 bn fundraising round for xAI — a claim Musk denied, stating the startup is not interested in raising capital right now. The sovereign fund already holds an indirect stake in xAI through the Kingdom Holding Company’s USD 800 mn investment.

#2- Workforce cuts at Neom? Neom is said to be considering laying off 1k employees and relocating another 1k, Semafor reports, citing people it says are familiar with the matter. The move — reportedly part of a “comprehensive review” to reassess budgets and progress — effectively ends a live on-site policy and reduces employee benefits, including housing and food.

Many hands are involved: The gigaproject employed around 5k full-time staff from 100 countries, in addition to some 140k contractors, former CEO Nadhmi Al Nasr said in May 2024.

#3- Gas Arabian Services eyes main market listing: Nomu-listed Gas Arabian Services is making its move up the capital markets ladder, formally submitting a request to transition to the main market Tadawul, it said in a filing to the bourse. The company’s share price gained 0.5% to SAR 17.5 at Thursday’s close.

What it takes to make the cut: To transition from Nomu to the main market, a company must have been listed on Nomu for at least two years and satisfy all main market listing conditions — except for market capitalization, where a lower threshold of a SAR 200 mn average over the past six months applies.

#4- GCC economies expected to grow 3.6% this year: The Institute of International Finance (IIF) projects the aggregate real GDP of GCC countries to expand by 3.6% this year, notably up from the 2% growth recorded in 2024, according to a recent report by the institute picked up by Khaleej Times. This significant acceleration is driven by higher oil production and continued expansion in non-oil sectors.

The IIF expects non-resident private capital inflows into the Gulf economies to hit USD 202 bn this year, further increasing to USD 217 bn in 2026. This increase will be largely fueled by sustained growth in foreign direct investment (FDI) in the UAE and portfolio debt flows in Saudi Arabia. The IIF also sees net capital outflows in the Gulf dropping to USD 12 bn in 2025, significantly below its USD 279 bn peak registered in 2022, which it attributed to a dip in aggregated current account surplus.

#5- Oil, gold, sugar, rice, and oils are lined up to be the first commodities to trade on the upcoming local commodities exchange, Target Investment Group Chairman Noureldin Mohamed told Asharq Business last Thursday (watch, runtime: 5:29). While prices would still follow global trends, local factors such as the exchange rate, geographical risks, and shipping disruptions would also influence pricing.

REMEMBER- The Industry and Mineral Resources Ministry announced last week that it’s working to establish a commodities exchange in Riyadh to reduce reliance on global market prices. The exchange will help local producers to get fair prices based on domestic supply and demand, creating a regulated market for buyers and sellers.

#6- Stock market poised for a rebound? The Saudi exchange is experiencing “unjustified” negativity and is actually very attractive at its current valuations, Rassanah Capital’s CEO Abdullah Al Rabdi told Al Arabiya last Thursday. Al Rabdi attributed the current pessimistic investor sentiment to the ongoing corporate earnings season and the impact of geopolitical events. He expects an upward price correction in the near future, which could be accelerated by potential interest rate cuts.

The rationale: Al Rabdi highlighted strong market fundamentals, pointing to the market’s price-to-earnings ratio being at a five-year low, and describing banknote dividend yields from major companies like STC, Al Rajhi Bank, and Aramco as “excellent,” often exceeding 6%. The Saudi market has also underperformed global peers like the US, suggesting significant room for recovery.

CABINET WATCH-

A new mandate and structure for the General Organization for Irrigation (GOI) was approved, establishing the agency as an independent body responsible for regulating and monitoring businesses and services related to irrigation, dams, and treated water reuse, according to the official gazette. The agency received Cabinet approval last week.

How is it governed and funded? The GOI will be governed by a board of directors headed by the Environment, Water, and Agriculture Minister, with funds coming directly from the state budget, remuneration for services provided, ROI, external donors, and special Cabinet allocations.

OIL WATCH-

The Kingdom’s seaborne oil exports averaged 6.43 mn bbl / d in the first half of July, potentially marking a 16-month high if the pace holds, according to preliminary data from Bloomberg. However, the figures are based on only two weeks of data, and the final monthly average may be lower. The elevated shipments likely reflect the tail end of June’s production increase and the Kingdom’s increased output quota under its July Opec agreement.

The increased shipments were mostly Asia-bound: Exports to China rose to 2.1 mn bbl / d, and if sustained, would mark the highest monthly level since the production surge of April 2020. Shipments to India also climbed and could reach their highest level since December 2022. Meanwhile, flows to Egypt’s Sumed pipeline fell to their lowest level YTD.

In line with the year’s trend: The four-week average stood at 6.2 mn bbl / d, aligning with the YTD average as weaker late-June flows offset the early-July surge — part of a broader pattern of higher shipments in the first half of the month observed throughout the year.

REMEMBER- Opec’s latest report kept Saudi Arabia’s June production within its quota by citing a figure just shy of 9.4 mn bbl / d, using a “supply-to-market” metric instead of the usual wellhead production figures. The change followed a request from the Energy Ministry and stated that the extra oil produced due to geopolitical tensions went into storage and did not reach the market.

SPORTS-

#1- The Green Falcons will compete for the 2026 World Cup ticket at home, hosting Indonesia and Iraq in Asia’s preliminaries between 8-14 October, Reuters reported last week. This marks the seventh time the Saudi national team has attempted to qualify for the World Cup since 1994.

The details: We’ll go against Indonesia on 8 October, before facing off against Iraq on 14 October. Runners-up will get a second chance playing a home-and-away final play-off between 13-18 November to qualify for the World Cup.

#2- Al Nassr appointed Portuguese former player Jose Semedo as acting CEO, the club said on X on Friday. Semedo, who has been working with the club for the past two years, is stepping in to help improve coordination during pre-season, Asharq Al Awsat reports. He has already started his duties and attended the first training session under new head coach Luis Castro.

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THE BIG STORY ABROAD-

Trump’s lawsuit against the Wall Street Journal is dominating global headlines this morning: US President Donald Trump has filed a USD 10 bn defamation lawsuit against the Wall Street Journal, its owner Rupert Murdoch, Dow Jones, and News Corp after the newspaper published claims that Trump had contributed a suggestive letter to a scrapbook for Jeffrey Epstein’s 50th birthday, marking his most aggressive legal challenge to media coverage since entering office. Reactions to the WSJ report and lawsuit have been sharply divided — even within Trump’s base. (Reuters | Bloomberg | Financial Times | New York Times | The Guardian)

AND- Trump wants higher tariffs on EU goods: Trump is pushing for a 15-20% baseline tariff on EU imports, in an aggressive turn that could derail talks ahead of his self-imposed 1 August deadline, writes the Financial Times, citing sources familiar with the matter. Trump is also unwilling to lower 25% auto tariffs and “would be happy to keep duties on the sector,” according to the sources. The EU, which has already faced steep US duties on steel and aluminum, appears divided on countermeasures.

Aramco nears landing USD 10 bn infrastructure financing from BlackRock for Jafurah gas project

Aramco to tap BlackRock-led consortium for Jafurah funding: Saudi Aramco is nearing an agreement to raise some USD 10 bn from a BlackRock-led consortium to fund infrastructure for its Jafurah gas project, Reuters reports, citing two sources it says are in the know. The USD 100 bn project is considered the largest shale gas development outside the US.

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The details: The assets in question include gas pipelines and a gas processing plant within the Jafurah project, one of the sources told the newswire. A timeline for a final agreement was not disclosed.

Same old structures: This transaction is expected to replicate the structure of two 2021 transactions, where Aramco raised nearly USD 28 bn through two “lease and leaseback” agreements with investor groups including BlackRock and EIG. Investors took 49% stakes in Aramco’s pipeline subsidiaries, receiving tariffs from Aramco for pipeline usage, while Aramco retained 51% ownership and control of the assets.

IN CONTEXT- Aramco is heavily investing in standalone gas fields to supply power plants with cleaner-burning fuel, with the Jafurah shale gas development being the flagship project, estimated to hold a whopping 229 tn cubic feet of gas (tcf) of gas. Initial production is expected by 3Q this year, slated to reach full output of 2 bcf/d by around 2030. We have more details in our deep dive into the Liquid Fuel Displacement Program.

REMEMBER- Earlier this month, Aramco was reportedly mulling the sale of up to five of its gas-fired power plants to raise funds, potentially generating some USD 4 bn. The prospective sale is part of a broader strategy by the oil giant to free up capital, boost net income, cut costs, and support dividend payments to the Kingdom. This divestment strategy may extend to other non-core assets, including housing compounds, pipelines, and port infrastructure.

Acwa Power’s rights issue 96.2% subscribed. PLUS: Senegal to get USD 800 mn desalination project

Acwa Power raised SAR 6.9 bn from the rights issue trading and new shares subscription phase of its SAR 7.1 bn rights issue, it said in a disclosure to Tadawul on Thursday. The offering, which concluded last week, was 96.2% covered, selling 32.7 mn shares.

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

What’s next? The renewables giant will run a rump offering of about 1.3 mn unsubscribed shares to institutional investors between 21-22 July. Shares will be allocated to the highest bidders, with a minimum price of SAR 210, to be distributed on a pro-rata basis. Any unsold shares will be purchased by underwriters at the offer price.

IN CONTEXT- Acwa Power’s rights share issuance will increase its capital by 4.63% to SAR 7.67 bn distributed across 766.5 mn shares, part of the company’s strategy to triple its assets under management to USD 250 bn by 2030 and bolster its capital base.

We talked to CEO Marco Arcelli last week, to break down the details of the transaction and what it signals for the company’s future. Arcelli highlighted that the rights share issuance will grant the company the immediate firepower to continue aggressive expansion, with 75-86% of the proceeds directed toward new projects in the Kingdom.

ADVISORS- SNB Capital is the lead manager on the transaction, in addition to serving as a financial advisor along with JP Morgan and Citigroup. The three banks are joined by Saudi Fransi Capital, FAB Capital, Emirates NBD Capital, and Natixis Saudi Investment as joint underwriters.

ALSO FROM ACWA POWER-

Acwa Power inked USD 800 mn worth of agreements with Senegal’s government to develop the largest desalination project in West Africa, Grande-Côte, according to a press release. The initiative aims to boost water security and infrastructure for the West African country.

The details: The project — implemented under a PPP contract — will see achieve financial closure by next year and operations kick off by 2031. The project will produce up to 400k cubic meters a day of desalinated water for Senegal’s capital Dakar and its surroundings, delivered in two phases of 200k cubic meters each. The plant will be powered by renewables sourced from Senegal’s national grid.

ICYMI- The finalized agreement comes a year after Senegal scrapped the project’s contracts in July 2024 over a dispute on the price of water provided. The updated agreement has a lower price of water, set at USD 0.69 per cubic meter (down from USD 0.76), along with a lower annual rental fee and a doubled solar capacity of 300 MW, according to Bloomberg.

project awards drop 73% to USD 9.8 bn in 2Q 2025

The Kingdom saw a steep drop in project activity in 2Q 2025, with the total value of awarded contracts falling 72.5% y-o-y to USD 9.8 bn, down from USD 35.6 bn, according to Kamco Invest’s quarterly GCC Projects Market Update report (pdf). The Kingdom’s share of total GCC project awards shrank to 34.5% during the second quarter, compared to 52.6% in 2Q 2024.

By sector: The transport sector came on top with USD 3 bn in awarded contracts in 2Q, overtaking the construction sector, which dropped nearly 60% y-o-y to USD 2.3 bn. The water sector came in next at USD 2.5 bn, while the oil sector recorded no new contracts during the quarter, compared to USD 1.7 bn a year earlier.

Despite the slowdown, the Kingdom sealed some headline-grabbing contracts. The largest was a USD 2 bn reservation agreement with General Electric and GE Vernova, which includes the supply of US-made gas turbines, synchronous condensers, and power equipment for the Saudi Electricity Company, along with a maintenance collaboration with Aramco. On the residential front, a USD 378 mn contract in Al Khobar and a USD 131 mn Sidra project contract in Riyadh kept the residential sector moving.

All eyes on 2H 2025: Kamco Invest expects the Kingdom to lead a regional rebound project activity, backed by the region’s largest pre-execution pipeline — USD 873.2 bn or more than half the GCC’s total. Key projects in the pipeline include the USD 80 bn Care nuclear reactor and a USD 10 bn battery energy storage system currently in design and FEED stages.

The regional picture: GCC-wide project awards dropped 58% y-o-y to USD 28.4 during the quarter — the lowest in over three years — with all countries posting declines except for Qatar. Across the GCC, the full pipeline of planned but unawarded projects currently stands at USD 1.7 tn.

REMEMBER- Contract awards in the Kingdom were also down 49.9% y-o-y at USD 17 bn in 1Q 2025, lowering the Kingdom’s share of total GCC awards to 32.4%, compared to 47.4% a year earlier.

Ma’aden taps Saulat Sultan as acting CFO to succeed Louis Irvine

Saudi Arabian Mining Company (Ma’aden) appointed Saulat Sultan (LinkedIn) as acting CFO, following the resignation of Louis Irvine (LinkedIn), who had held the role since May 2022, according to a disclosure to Tadawul on Thursday. The transition in leadership takes effect on Friday, 8 August. Sultan brings over 20 years of experience in investment banking and corporate finance, having held executive roles at Saudi Aramco, SMBC, Credit Suisse, Moody’s, and Shell.

Bechtel appointed project manager for Riyadh's Expo 2030

GIGAPROJECTS-

#1- US engineering firm Bechtel was appointed as Expo 2030 project manager, according to a statement. The company will oversee infrastructure works across the 6 sq km site, including roads, utilities, and public spaces, as well as transforming the venue into a sustainable urban district.

A long history in the Kingdom: The company entered the Saudi market in 1943 to develop the Ras Tanura refinery, and it opened a regional headquarters in Riyadh in 2023. So far, it has delivered over 300 projects, including works at the Riyadh Metro and King Salman International Airport .

#2- PIF-owned NewMurabba inked an MoU with South Korean Heerim Architects & Planners, to collaborate in the design of architectural overlays for the 14 sq km mixed-use urban destination, with a focus on anchor assets, linear parks, and smart city features, it said in a statement.

Not the first Korean to work with Murabba: After launching in February 2023, New Murabba signed several agreements to revamp Riyadh’s downtown area, including greed to a three-year MoU with South Korean tech mogul Naver Cloud to test and potentially introduce smart city technologies — spanning robotics, automation, self-driving systems, and digital construction tools.

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

M&A WATCH-

UCA and AICC tap merger advisors: United Cooperative Assurance (UCA) appointed Estidamah Capital as its financial advisor to assist in ongoing plans for a merger with Arabia Ins. Cooperative (AICC), according to a disclosure to Tadawul. On the other side of the desk, AICC tapped Albilad Capital to advise on the transaction, according to a separate disclosure.

REFRESHER- The ins. firms are exploring a potential merger under a non-binding MoU signed in June. The potential tie-up, which is pending due diligence and regulatory approvals, would see AICC absorb UCA via a capital hike and new share issuance.

STARTUP WATCH-

Saudi investors back Ovasave’s USD 1.2 mn funding round: Abu Dhabi-based women’s health tech startup Ovasave raised USD 1.2 mn in a pre-seed round led by PlusVC, Annex Investments, and 25 Madison and supported by Saudi and Emirati angel investors and family offices, according to a statement (pdf).

Where the funds are going: The fresh capital will support regional expansion, beginning with Saudi Arabia this summer and moving beyond in the following three years. Liquidity will also fuel the launch of new mobile app features, such as menstrual cycle tracking, symptom monitoring, access to care, and AI-driven treatment protocols.

About Ovasave: Founded by Majd Abu Zant (LinkedIn) and Torkia Mahloul (LinkedIn) in 2023, Ovasave provides digital fertility and hormonal health services, including at-home hormone testing, virtual consultations, supplement protocols, and a digitized egg freezing experience.

DISPUTE WATCH-

Saudi Darb’s case against the board registered: The Securities Disputes Resolution Committee accepted and registered the lawsuit submitted by Saudi Darb Investment against former board members (2010-2013), according to a disclosure to Tadawul. The company is seeking SAR 100 mn in compensation from the directors, in addition to attorney fees.

REMEMBER- Saudi Darb (formerly known as Al Baha Investment and Development) filed a compensation claim with the Capital Market Authority and the Securities Disputes Resolution Committee in May over a disputed asset sale that led to financial losses and a stock suspension for the company.

DEBT WATCH-

Perfect Presentation for Commercial Services (2P) renewed and increased a SAR 330 mn shariah-compliant loan from Riyad Bank, it said in a disclosure to Tadawul. The funding — backed by promissory notes and valid until 30 July 2026 — is earmarked to develop newly awarded projects.

TRADE-

The GCC Customs Union Authority sealed a contract with Qatar’s Malomatia to develop a central platform to exchange customs data, aimed at improving customs data integration and boosting regional collaboration, the company said on LinkedIn.

MENA fixed income rallies, while equities diverge in 2Q 2025 -Mashreq Capital

The second quarter of the year was a mixed bag for MENA markets. Bonds are holding steady on solid returns and sovereign supply, while equities are more uneven — dragged by oil in some markets and lifted by reform and demand in others, according to Mashreq Capital’s latest quarterly outlook (pdf).

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MENA bonds delivered a solid return in 1H, shrugging off global volatility and regional flare-ups. The Bloomberg MENA USD Aggregate Bond Index climbed 4.4% during the first half of the year on the back of a 2.6% rally in 1Q and a 1.7% gain in 2Q. The index continued to offer a yield of 5.7%, some 60 bps above its five-year average, the report said.

Gulf sovereigns and government related entities (GREs) drove most of the returns, with sovereigns contributing 256 bps and GREs contributing 118 bps. Saudi Arabia (+160 bps), the UAE (+122 bps), and Egypt (+36 bps) led the way in the six months ending June, according to the report.

Mashreq Capital’s sovereign picks: The UAE and Qatar offer stability through low breakeven oil prices and diversified economies, supporting steady spreads and investor demand, Mashreq Capital said. Saudi remains fundamentally strong, though long-end bonds face pressure from supply, the report said. Oman benefits from fiscal consolidation and policy credibility, with potential for rating upgrades, while Morocco sees tightening spreads from reforms and discipline, and Egypt is supported by GCC aid, IMF backing, and improving external balances.

It’s “positive” on Oman, Egypt, Morocco, and Turkey, and “neutral” on Saudi Arabia, UAE, Qatar, Kuwait, and Jordan, as these markets offer stability but may face headwinds. Bahrain stands alone with a “negative” view.

The take on corporate fixed income: Mashreq Capital remains overweight on select infrastructure-linked bonds in Saudi Arabia and the UAE, where strong sponsors, predictable cashflows, and sound structures offer compelling yield premiums over sovereign benchmarks, the report said.

GCC AT1s and Tier 2s in particular offer attractive carry opportunities, supported by well-capitalized, often state-linked banks, the report said. On the other hand, Mashreq is cautious on Bahrain and Sharjah, where weakening credit fundamentals underscore the need for more attractive entry points, despite the assumption of broader Gulf support.

The region’s bond supply is expected to reach USD 125 bn by year end, with around 62% already executed in 1H. Saudi Arabia alone accounted for 46% of issuance so far this year. Meanwhile, Kuwait is prepping a landmark USD 20 bn bond issuance, its largest ever, after passing a long-delayed debt law. The UAE is also expected to be a major contributor to 2H supply, with Sharjah and Ras Al Khaimah already active in 1H and further issuances expected at both the federal and emirate level, the report said.

ON THE EQUITIES SIDE-

Bullish on Emirati, Qatari equities: Sustained oil price movements remain the dominant driver of fiscal dynamics across the region, with the UAE and Qatar best positioned in a low-price environment due to their diversified economies and low fiscal breakeven levels, while Saudi Arabia, Kuwait, and Oman exhibit higher sensitivity, the report said.

Mashreq Capital remains cautious on sectors tied to government spending, maintaining limited exposure where fiscal tightening could pose downside risk. Meanwhile, Dubai real estate remains resilient, with Emaar recording its strongest month in May, and despite slower rent growth, there are no signs of distress.

Key market signals ahead: Earnings, projects, and pressure points. The upcoming earnings season will be closely watched, especially in Saudi Arabia, where any further deceleration in earnings growth could weigh on overall market sentiment. Financials are expected to remain solid performers, supported by robust sector data from both Saudi and the UAE, while materials and cyclical names — particularly aluminium producers and copper miners — may deliver upside surprises. A slowdown in regional project awards has also emerged as a concern — if this trend persists, it could drag on earnings growth over the next 12–24 months. On the tourism front, geopolitical tensions pose a lingering risk to arrivals, though recent improvements suggest a more stable outlook.

TASI	11,007	-0.3% (YTD: -8.6%)
MSCI Tadawul 30	1,411	-0.3% (YTD: -6.5%)
NomuC	27,295	-0.2% (YTD: -13.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	33,821	+1.0% (YTD: +13.7%)
ADX	10,262	+0.2% (YTD: +8.9%)
DFM	6,094	-0.2% (YTD: +18.1%)
S&P 500	6,297	0.0% (YTD: +7.1%)
FTSE 100	8,992	+0.2% (YTD: +10.0%)
Euro Stoxx 50	5,359	-0.3% (YTD: +9.5%)
Brent crude	USD 69.28	-0.4%
Natural gas (Nymex)	USD 3.57	+0.7%
Gold	USD 3,358	+0.4%
BTC	USD 117,760	0.0% (YTD: +25.9%)
Sukuk/bond market index	912.28	0.0% (YTD: +1.1%)
S&P MENA Bond & Sukuk	145.72	0.0% (YTD: +4.1%)
VIX (Volatility Index)	16.41	-0.7% (YTD: -5.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% on Thursday on turnover of SAR 4.2 bn. The index is down 8.6% YTD.

In the green: Liva (+9.9%), Emaar EC (+5.2%) and Alistithmar Reit (+4.6%).

In the red: Teco (-6.5%), Alamar (-2.6%) and Alrajhi Takaful (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% on Thursday on turnover of SAR 22.3 mn. The index is down 13.3% YTD.

In the green: Purity (+9.8%), Lana (+7.9%) and Riyadh Steel (+6.2%).

In the red: Naas Petrol (-11.8%), Horizon Food (-8.8%) and Aqaseem (-5.1%).

CALENDAR

JULY

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

20 July (Sunday): Real Estate Brokerage Forum, Riyadh International Convention and Exhibition Center, 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

5 August (Tuesday): Saudi Aramco to publish 2Q 2025 earnings.

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

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

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

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 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

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

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

15 October (Wednesday): Russian-Arab Summit.

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

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

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

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

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

22 November (Saturday): The Ring IV, ANB arena, 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.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

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

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing 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.

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

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

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

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

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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