Ballooning borrowing

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Nadec plans nearly SAR 5 bn expansion across dairy, juice, and food processing

Good morning, friends, and happy THURSDAY. It’s another busy morning with lots of earnings to wade through as we close in on the final week of the disclosure window in the Kingdom.

The government’s ledger looks much like the corporate world, as 9M 2026 government spending outpaced the revenue side of the equation and borrowing ballooned to keep up. Spending was fueled by grants, subsidies, and the price of servicing debt.

Fuel and handover costs had the same effect on corporate results. Record top lines turned into thinner bottom lines across property, aviation, and utilities, with one-off items flattering a couple of the numbers more than the trading deserved.

Another chapter

The National Agricultural Development Company (Nadec) is committing nearly SAR 5 bn over five years to expand its dairy, juice, and food processing business, according to a Tadawul filing. The plan will be implemented in phases, with spending adjusted to market conditions and business priorities.

The program is large compared to the company’s size, with revenue coming in at SAR 909.7 mn in 3Q 2025. The amount is being committed while earnings are under pressure: despite doubling its sales, net income fell 72.5% y-o-y to SAR 30.4 mn on a cost squeeze. Nadec said it will focus on expanding existing businesses and advancing previously announced projects while continuing to assess potential acquisitions.

PIF backs DIP

The Public Investment Fund (PIF) and a unit of Blackstone were among the international investors that booked orders in Dubai Investments Park Holding’s USD 529 mn IPO, Bloomberg reports, citing people familiar with the matter. Dubai Investments sold a 20% stake in DIP at about USD 0.305 per share, valuing the company at around USD 2.64 bn. The offering was priced at the midpoint of its marketed range and significantly oversubscribed, with shares expected to begin trading on the Dubai Financial Market next Wednesday, 11 November.

Nesr aims to level up Saudi lithium production

Saudi lithium output could reach 20-30k tons per year after Nesr’s pilot project moved to a trial phase, CEO Sherif Foda tells Asharq Business (watch, runtime: 6:35). The trial will test the economic viability and whether the product can be marketed, ahead of a scale-up phase. Lithium concentrations in some Saudi waters run at 300-400 parts per mn, versus around 80 ppm at some US sites, though Foda said those levels must hold up for commercial production.

REMEMBER- Aramco tapped Nesr last month to run a lithium demonstration project in the Kingdom. The five-year, USD 200 mn agreement will see Nesr’s environmental unit use its proprietary Lithara platform to extract lithium from brine, targeting 2k tons a year of battery-grade lithium carbonate from late 2027.

Defense and development

Saudi Arabia and Syria signed a defense cooperation agreement and a set of accords extending Saudi development funding into Syrian health, housing, and financial services during Syrian President Ahmed Al Sharaa’s visit to Riyadh yesterday, according to Sana and SPA. The two countries also signed an industrial cooperation MoU, along with two MoUs on agriculture and environmental protection.

REMEMBER- Saudi Arabia is investing across Syria’s telecoms, aviation, power, and transport sectors. STC owns 75% of the SAR 3 bn SilkLink project, Elaf plans a SAR 7.5 bn new Aleppo airport, while flynas is taking a 49% stake in flynas Syria. Saudi Arabia is also building the control software for Syria’s grid in a USD 60 mn contract, and Al Rawaf and Al Kawati secured a USD 300 mn agreement to rehabilitate the Damascus-Palmyra-Deir Ezzor road.

Crown Prince Mohammed bin Salman and Al Sharaa also discussed bilateral cooperation and regional developments during the visit, SPA said, without providing further information.

Ankara’s next move

Turkey’s parliament is set to ratify the Makkah Joint Defense Agreement with Saudi Arabia and Pakistan, formalizing Ankara’s mutual defense commitment to Riyadh as the Kingdom faces Houthi attacks, Reuters reported. Ratification would establish a formal mutual defense obligation but would not automatically deploy Turkish forces to the Kingdom. Any deployment would require a separate parliamentary mandate.

REMEMBER- Turkey submitted the Makkah Joint Defense Agreement to parliament for ratification last month. Parliament’s Foreign Affairs Committee subsequently approved the ratification bill, clearing the way for consideration by the full assembly. Deputy Foreign Minister Levent Gümrükçü told lawmakers that the agreement was defensive in nature and that there were currently no plans for military deployments under the pact.

Racing ahead

The Jockey Club of Saudi Arabia plans to hold four to five horse auctions annually, with the number of yearlings entered in its upcoming auction set to double, as it seeks to attract private investment across the racing industry, CEO Prince Salman bin Abdullah bin Mohamed told Asharq Business.

The club aims to develop a broader economic ecosystem around horse racing, moving beyond reliance on prize money alone. The Riyadh season offers more than SAR 236.3 mn in prize money, while the Saudi Cup carries a purse of more than USD 38 mn.

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The big story abroad

Wall Street rallied yesterday after Democrats won a sweeping midterm victory that gave them control of both the House and Senate, while expectations of an earlier end to the Iran War drove oil prices down. Amazon, Apple, and Microsoft each gained over 6%, as investors wager that the new Congress will push for cuts in AI investment. Energy stocks fell 4.7% and were heading for their steepest daily drop since 2025. Tesla, SpaceX, and data-center companies like CoreWeave declined, while housing stocks gained on lower Treasury yields and mining shares rose as metals prices climbed.

Bill Gates has accused the Trump administration of blocking efforts to manage AI risks, warning the technology could cause a pandemic far deadlier than Covid. Speaking at an FT summit, the Microsoft co-founder named AI-enabled bioweapons and cyberattacks as the biggest immediate threats. He said self-regulation will not work and urged Washington to consider safety benchmarks for AI models, lead a global effort to fix cyber vulnerabilities, and expand monitoring to catch AI-enabled infections early.

Google has widened its voluntary severance program to staff in several countries this year to contain rising costs as it pours money into AI. The company said it started extending the packages in June to some workers in Canada, France, Germany, Japan, and Switzerland, though the number of workers who took them is unknown. Past offers did not include employees in Google Cloud or DeepMind, and the new round seems to exclude them as well. The expansion follows Microsoft’s move to offer buyouts to 60k staff as part of its own cost-cutting push.

Saudi 9M 2026 budget deficit overshoots full-year forecast

Borrowing covered the entirety of Saudi Arabia’s 9M 2026 budget shortfall, while the deficit has already run SAR 78.9 bn past the government’s full-year target with a quarter left, the quarterly budget performance report (pdf) shows. The government posted a deficit of SAR 244.3 bn in the first nine months of the year against a full-year forecast of SAR 165.4 bn, while revenues were up 3% y-o-y to SAR 858.9 bn. “This does not necessarily signal a negative structural shift, but it highlights the challenge of balancing volatile revenues against rising spending commitments,” XTB financial analyst Milad Azar tells EnterpriseAM.

Spending, not oil, drove the gap: Oil revenues fell just 1% y-o-y to SAR 446.3 bn, while non-oil revenues increased 8% to SAR 412.5 bn, with taxes on goods and services up 4% to SAR 229.3 bn and other revenues up 22% to SAR 102 bn. Expenditure growth was led by a 197% jump in grants, a 49% rise in subsidies, and a 38% increase in financing expenses, with capital spending up 17% at SAR 137.6 bn and employee compensation close to flat at SAR 435.8 bn.

Public debt reached SAR 1.774 tn, rising 16.8% y-o-y, while domestic debt stood at SAR 1.136 tn and external debt reached SAR 637.6 bn. Government reserves stood at SAR 399.5 bn. “Borrowing is a rational option for preserving government reserves and spreading financing requirements over a longer period, particularly as development investments continue,” Azar says, adding that the approach holds as long as the economy generates returns above borrowing costs.

Spending had reached 84% of the annual expenditure budget by September. Health and social development took the largest share at SAR 230.8 bn, or 89% of its SAR 259.3 bn allocation, ahead of military spending at SAR 187.5 bn, or 78% of SAR 239.8 bn, and education at SAR 159.3 bn, or 79%. Military and education execution running behind reflects different contracting and operational cycles rather than a shift in priority, Azar says, with more of their spending likely to happen in 4Q.

REMEMBER- The preliminary budget statement puts next year’s shortfall at SAR 191 bn, on revenues of SAR 1.2 tn against spending of almost SAR 1.4 tn, followed by SAR 177 bn in 2028 and SAR 192 bn in 2029.

Makkah developer Thakher hunts big buyers as foreign money flows

Thakher Development is in talks with local and international investors on further large land-block sales in Makkah, after Indonesia’s sovereign fund became the first foreign state entity to buy property in the holy city last month, CEO Faisal Shaker tells EnterpriseAM. He didn’t name the buyers, give the value of the talks, or say when agreements might be signed. “The Makkah market is always driven by faith, not by cycles,” Shaker says.

Indonesian sovereign wealth fund Danantara bought the Novotel hotel and 14 plots in Thakher’s Makkah destination last month for around SAR 2 bn (USD 533 mn), and plans to add hotels and a shopping mall. The fund, set up last year to manage the country’s state-owned companies, checked local prices and infrastructure before agreeing on terms, as a Saudi buyer would.

Makkah is holding its ground while air travel is disrupted: Pilgrims keep arriving, land within reach of the Grand Mosque is scarce, and foreigners have been able to buy there since January. The Kingdom is targeting 50 mn religious visitors a year by 2030.

Prices are moving elsewhere in the city. Umm Al Qura, the developer behind the Masar Destination district on the road to the Grand Mosque, sold multiple plots in late October for about USD 118 mn, twice their book value, with land sales lifting its 3Q net income 29%. Shaker says it’s too early to tell whether overseas demand is lifting Thakher’s land prices, because the effect hasn’t shown up yet.

Most of the Danantara proceeds go back into Thakher’s own pipeline — more hotels, branded hotel apartments, and retail — with the rest funding the infrastructure still to be built in the destination and meeting annual targets under the company’s bank obligations. “It is self-financed by the company from the sales proceeds,” Shaker tells us.

Thakher holds no stake in what Danantara builds but owns the land around it, so it stands to gain if the new hotels and mall draw more visitors to the destination. Four large clusters remain for sale over the next three to four years, and Shaker is weighing how much to build directly against how much land to keep selling. He is also looking at more projects in Makkah and Madinah, though the focus stays on existing ones for now.

Ports and gas players grow in 3Q as fuel costs hit utilities and airlines

Flynas recovers lost ground

Flynas swung back to a net income of SAR 27 mn in 3Q 2026 from a SAR 241 mn loss in 2Q, after it rebuilt the flying capacity the regional conflict had forced it to cut, the budget airline said in its Tadawul disclosure and its earnings release (pdf).

Getting back in the air helped: Available seat-km (ASK) rose back toward pre-disruption levels, a sharp turnaround from the 15% cut in 2Q, when flynas grounded routes after the late-February conflict suspended parts of its network. Load factor climbed 6.2 percentage points from 2Q to 77.4%, and EBITDA reached SAR 503 mn, a 22.6% margin, as restored capacity and firm pricing pulled the airline out of the second quarter’s loss.

Against last year, though, fuel is the biggest drag. Measured y-o-y, net income fell 77% from SAR 120 mn in 3Q 2025 as the fuel bill jumped 51% to SAR 666 mn on prices elevated since the conflict began. That ate into the gains from a 6% y-o-y rise in revenues to SAR 2.2 bn on stronger pricing, with Revenue per ASK up 11% and Low Cost Carrier (LCC) revenue up 9%.

The rest of the cost base was mixed. Rental expenses more than doubled to SAR 115 mn as short-term wet-leased aircraft are now booked there, and staff costs rose 14% to SAR 268 mn. Lower handling and landing fees (down 13%), maintenance (down 15%), and depreciation (down 13%) softened the blow.

Demand is still catching up: Passenger traffic fell 14% y-o-y to 3.6 mn, and load factor was down 5.7 points y-o-y. Low-cost flying now makes up 97% of revenue, on higher unit revenue. Hajj revenue dropped 67% y-o-y to SAR 19 mn, as the 2026 season ended in 2Q while last year’s ran into 3Q, and general aviation slipped 11% to SAR 37 mn.

9M stays in the red, narrowing against last year. Over nine months flynas posted a net loss of SAR 96 mn, mostly the 2Q hit, against a SAR 594 mn loss a year earlier that included SAR 1.1 bn in one-off IPO and ESOP costs. Excluding those, 9M 2025 was a net income of SAR 489 mn, so the company swung to a loss on an adjusted basis. Revenue came in at SAR 6.4 bn, up 6.3%.

REMEMBER- Flynas spent the past months upgrading and expanding: signing an agreement to provide low-cost air travel services to Saudi government entities, buying 10% of groundhandler Swissport Saudi Arabia, and taking a 49% stake in flynas Syria with operations set to begin in 4Q 2026.

4Q is looking like fresh turbulence: The current quarter kicked off with strikes on Riyadh’s King Khalid International Airport, which closed for weeks before partially reopening at the end of last month. Other airports were also struck across the Kingdom. Flynas said it adjusted its network to fly from open airports and cut costs to protect liquidity, but the extent of the shock’s impact on the carrier remains to be seen.

Higher fuel costs trim Marafiq’s 3Q as industrial demand softens

The Power and Water Utility Company for Jubail and Yanbu (Marafiq) reported a 9.9% y-o-y drop in its net income to SAR 171 mn in 3Q 2026, according to a Tadawul disclosure and its earnings presentation (pdf). Revenue also dipped 2.2% y-o-y to SAR 2 bn, as lower Tawreed (down SAR 42 mn) and power-segment sales (down SAR 32 mn), tied to softer industrial demand in Jubail, outweighed growth in water.

Blame the fuel: Fuel costs used in production rose SAR 63 mn y-o-y, the main drag, alongside a SAR 11 mn drop in associate income. Lower finance costs (down SAR 27 mn), power-purchase costs (down SAR 19 mn), and consumption costs partly offset the hit.

The quarter was far stronger sequentially, net income swung from a SAR 46 mn loss in 2Q as water revenue recovered SAR 99 mn and power revenue SAR 61 mn.

9M is not as weak as it seems: Reported 9M net income came in at SAR 235 mn, down 41% y-o-y but the comparison is skewed by a SAR 476 mn one-off high-intensity electricity consumption tariff adjustment booked in 2025, which inflated the base. Higher fuel prices remained a drag, though, costing SAR 200 mn. Revenue still rose 7.4% to SAR 5.49 bn.

Gasco turns up the gas

Gasco Holding’s bottom line rose 47.5% y-o-y to SAR 102.8 mn in 3Q, the gas distributor said in a Tadawul filing. Revenue climbed 60.5% to SAR 1.3 bn, driven mainly by a SAR 430 mn increase in gas sales on higher prices and volumes, alongside a SAR 47 mn rise in transportation services revenue. Higher operating expenses, up SAR 32.7 mn, and a SAR 7.4 mn decline in investment and finance income weighed on the results, while finance costs also edged up.

The nine-month performance stayed strong, with net income up 31.6% y-o-y to SAR 244.2 mn and revenue rising 31.7% to SAR 3.1 bn. Gas sales accounted for most of the growth, increasing SAR 657 mn on higher prices and volumes, while commercial projects added SAR 37 mn and transportation and maintenance services contributed another SAR 55 mn.

Ports power Sisco’s earnings surge

Sustained Infrastructure Holding’s (Sisco Holding) net income jumped 271.2% y-o-y to SAR 63.1 mn in 3Q 2026, riding on a record quarterly revenue of SAR 764.6 mn, up 94.8%, the ports-and-logistics investor said in a Tadawul filing and its earnings release (pdf). The surge was driven by its ports business, where revenue more than doubled to SAR 649.6 mn on higher gateway volumes at Red Sea Gateway Terminal (RSGT), a jump in Multi-Purpose Terminal (MPT) volumes and the ramp-up of RSGTI. Logistics revenue also grew 79.4% to SAR 57.7 mn.

Counterbalancing the results is impairments, SAR 24 mn for an RSGT operating asset damaged in an accident and SAR 21.8 mn on a Logipoint project site, plus higher finance costs and a SAR 14.1 mn rise in Zakat.

9M told the same story, with net income rising 140.7% y-o-y to SAR 148.5 mn and revenue climbing 82% to SAR 1.9 bn, driven by ports growth and the inclusion of Ports Services and Storage Company (PSS) in the logistics segment. Some of the volume gains also reflected the temporary redirection of shipping activity following the closure of the Strait of Hormuz, CEO Mauricio Zuazua said.

Retal sells more, earns less

Retal Urban Development posted a 6.8% y-o-y decline in 3Q 2026 net income to SAR 51.7 mn, even as it posted a record of SAR 764.7 mn in quarterly revenue, up 13.1%, the developer said in a Tadawul filing. The growth came from a 14.2% y-o-y rise in development contract revenue, which also hit an all-time quarterly high on faster project completions.

Revenue is at a record, but it’s earning less per SAR: Gross income fell 14.5% y-o-y as a shift in the sales mix and higher handover costs pushed up the cost of revenue. Operating expenses also rose 23.4%, driven by marketing tied to real estate conferences and exhibitions, and after-sales spending. Net income was even cushioned by a one-off SAR 17.3 mn gain from the partial liquidation of a fund Retal part-owns, plus a higher contribution from associates. Strip that out, and the margin squeeze would have cut deeper.

9M lays bare the squeeze: Net income fell 50.6% y-o-y to SAR 93.7 mn despite revenue rising 13.8% y-o-y to a record SAR 2 bn for the period, as the same factors weighing on 3Q earnings continued to bite.

Alkhorayef feels the gap between contracts

Alkhorayef Water and Power Technologies’ (AWPT) net income slipped 6.3% y-o-y to SAR 65.2 mn in 3Q as revenue fell 11.8% y-o-y to SAR 530.6 mn, according to a Tadawul disclosure. The drop traces to a gap in the work cycle — older projects were completed and handed over while the company transitions to new contracts.

The 9M picture was slightly better: Net income edged up 2.1% y-o-y to SAR 193.4 mn, while revenue fell 17% y-o-y to SAR 1.6 bn.

Qiddiya’s water tenders, CNTXT joins Humain, Al Othaim turns developer

Humain brings CNTXT into the fold

Humain has absorbed CNTXT, a Saudi cloud, data, and cybersecurity services company, adding the implementation layer between its infrastructure and the organizations that have to put the technology to work. Launched in 2022 as an Aramco-Cognite joint venture and, since 2023, Google Cloud’s exclusive reseller in the Kingdom, CNTXT brings cloud transformation, analytics, cybersecurity and integration work, its own software, and a public- and private-sector customer book. No terms were disclosed; the release says only that CNTXT has “joined.”

It’s Humain’s second consolidation move this week, after Aramco took a 49% stake, and routes an Aramco-linked asset into the national AI champion.

Qiddiya is lining up contractors for its water plants

Qiddiya Investment Company (QIC) has issued an expression of interest for two wastewater treatment packages at Qiddiya City, the 360-sqkm entertainment city southwest of Riyadh, Meed reports. The first package covers a wastewater treatment plant with a capacity of 60k cbm / d, while the second includes a 9k cbm / d plant and a large reverse osmosis desalination facility. Interested firms have until Sunday, 8 November to register.

QIC is tendering Qiddiya’s utilities package-by-package under an engineering, procurement, and construction model, having dropped the public-private partnership route that peers like the Red Sea project and Amaala used for their multi-utility contracts. For contractors, that means more, but smaller, bites at the giga-project utilities pipeline.

REMEMBER- Qiddiya has already awarded major infrastructure work: QIC signed SAR 2.29 bn in contracts with a joint venture between Binyah and InfraRoad to develop the Resort Core in 2023, and the National Water Company launched two desalinated water projects worth SAR 400 mn in 2025 — one serving the Qiddiya area — with a combined 100k cu m / d capacity.

Al Othaim moves into development

Abdullah Al Othaim Investment Company, the supermarket-and-mall group, is trying its hand at property development. Its new arm, Al Othaim Developments, is promising 10 projects, 8k units, and more than SAR 16 bn in investments across the Kingdom inside two years — a steep ramp for a first-time developer wading into a field already crowded with PIF giga-projects and established builders chasing Vision 2030’s homeownership targets, its Vice Chairman and CEO Abdulmalik Abdullah Al Othaim told the Saudi Gazette. Its claimed edge is the consumer and footfall data from decades of running malls and supermarkets.

The concrete marker so far is the debut. The O Residence in Dammam — 980 units with a mall, hotel, and offices — is about 80% built as it goes on sale, with finished mock-ups available for viewing.

The next stop is Riyadh, with the specific projects to be announced. The company is also factoring into its planning Saudi Arabia’s new property ownership regulations for non-Saudis.

JPMorgan and HSBC want to arrange the risk transfers that let development banks lend more

JPMorgan and HSBC are drumming up a new line of business arranging securitizations that let development banks offload credit risk to private investors and make capital available, Bloomberg reports, citing the two lenders. The move follows a formal pledge early last month by 30 multilateral development banks (MDBs) and development finance institutions (DFIs) to make synthetic risk transfers (SRTs) and collateralized loan obligations (CLOs) a standard part of how they fund themselves, according to Reuters.

So what’s the choreography behind it? A development bank pays an outside investor, usually a pension fund, an insurer, or a hedge fund, to absorb part of the credit losses on a loan portfolio. Regulators and rating agencies then let the bank hold less capital against those loans, and it can lend the difference again. The potential pool is large, with MDBs holding around USD 1.5 tn in development assets between them, according to a joint report by the lenders. The urgency comes from shrinking support from wealthy shareholder governments.

Investors have already tested the waters. Dutch pension manager PGGM anchored an SRT in May, taking part in the mezzanine tranche in the European Bank for Reconstruction and Development’s (EBRD) inaugural EUR 1 bn synthetic securitization, according to the bank. PGGM’s Luca Paonessa, lead portfolio manager for credit risk sharing investments, tells Bloomberg that appetite should grow as development lenders publish more of their historical loss and default data, which investors need to price the risk.

For the banks, the real prize is a repeatable product. JPMorgan’s Faheen Allibhoy, who heads the bank’s development finance and advisory team, argues the market needs regular, standardized issuance to take hold. “You can’t do one-offs,” she says. HSBC’s Himesh Patel, managing director and head of public sector banking for EMEA, says the shift “will create further [avenues] across structuring, risk distribution, capital markets execution, and investor placement” — the transaction lifecycle from designing the structures to selling them. Deutsche Bank has also welcomed the shift. Deutsche’s caveat is that volume will be capped by the supply of bankable projects and the depth of investor demand.

Where the bigger risk is: Moving loans off a balance sheet doesn’t, on its own, mean more money reaches developing economies, three ODI Global researchers argued in a recent commentary. They point to the IFC’s co-lending program, where investors set eligibility criteria before the IFC originates a single loan, which means investor preferences can steer what gets financed in the first place.

The push lands days before COP31 opens in Antalya on 9 November, where scaling climate finance for the poorest countries will be high on the agenda. JPMorgan and HSBC are both sending teams. Allibhoy says the new tools are no substitute for the funding shortfall MDBs face.

The mechanics are already in this region. The World Bank’s Multilateral Investment Guarantee Agency (Miga) wrapped USD 313 mn of HSBC and Standard Chartered trade loans to the National Bank of Egypt in March, and the EBRD’s first risk-sharing facility with an Egyptian bank, USD 25 mn with Emirates NBD Egypt, closed in June 2025. Both moved credit risk off a lender’s book so it could lend again. What JPMorgan and HSBC are pitching is the industrial-scale version of the same trade — and Egypt sits on both sides of it, as a regular borrower from the development banks whose capital is being released and as a securitization issuer in its own right.

OUR TAKE- Private investors will naturally favor loan books with long track records they can price, and there’s nothing wrong with that. The bigger concern is whether MDBs eventually start lending with those investors in mind, favoring loans they can easily securitize over riskier projects in fragile states, early-stage climate adaptation, or sectors where there’s little data to price risk. MDB shareholders need to make sure the capital unlocked by these transactions goes back into the kind of lending private investors are unwilling to finance. Otherwise, securitization could end up changing not just how development banks fund their lending, but who gets that funding in the first place.

MARKETS THIS MORNING-

Korean stocks ended higher yesterday after a volatile session as investors weighed US midterm results. Kospi swung into negative territory on tech losses before recovering to close up +0.6%. In Japan, Nikkei 225 fell -1.4%.

TASI	10,038	+1.7% (YTD: -4.3%)
MSCI Tadawul 30	1,363	+1.6% (YTD: -1.7%)
NomuC	21,527	+0.4% (YTD: -7.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	50,650	+2.8% (YTD: +21.1%)
ADX	9,745	+1.1% (YTD: -5.3%)
DFM	6,040	+4.0% (YTD: -0.1%)
S&P 500	7,689	+1.6% (YTD: +12.3%)
FTSE 100	10,829	+1.8% (YTD: +9.0%)
Euro Stoxx 50	6,266	+2.0% (YTD: +8.1%)
Brent crude	USD 94.40	-8.9%
Natural gas (Nymex)	USD 2.96	+2.2%
Gold	USD 4,073	+3.4%
BTC	USD 80,408	+3.9% (YTD: -8.2%)
Sukuk/bond market index	892.70	+0.1% (YTD: -2.9%)
S&P MENA bond & sukuk	148.95	-2.0% (YTD: -1.9%)
VIX (Fear gauge)	16.61	-20.3% (YTD: +11.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.7% yesterday on turnover of SAR 4.5 bn. The index is down 4.3% YTD.

In the green: Malath Cooperative Ins. (+10%), National Gas and Industrialization Company Holding (+10%), and Alamar Foods (+10%).

In the red: Yanbu Cement (-3.9%), BinDawood Holding (-2.3%), and Bonyan REIT Fund (-2.2%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.4% yesterday on turnover of SAR 14.3 mn. The index is down 7.6% YTD.

In the green: Amwaj International (+10%), Hawyia Auctions (+10%), and Twareat Medical Care (+9.4%).

In the red: Hedab Alkhaleej Trading (-10.1%), MSGA Investment (-9.8%), and Knowledge Tower Trading (-8.1%).

CALENDAR

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

29 November-1 December (Sunday-Tuesday): The Global Logistics Forum, King Abdulaziz International Convention Centre, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

DECEMBER

14-16 December (Monday-Wednesday): The Innovation Driven Water Sustainability Conference (IDWS 2026), Jeddah

2027

JANUARY

12-14 January (Tuesday-Thursday): The Future Minerals Forum (FMF), Riyadh.

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday): The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

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

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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