Costlier to build

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dakar Rally Moves From Saudi Arabia to Africa

Good morning, friends. A handful of banks reporting their third-quarter earnings share a common thread: earnings growth is coming out of the spread now, and provisioning has stopped doing anyone any favors. Several of the biggest lenders turned healthy income growth into flat net income, with the charge for expected credit losses absorbing the difference.

The explanation is consistent enough across the sector to be worth trusting. Each bank ties the heavier charge to a bigger financing book or to last year’s reversals not repeating, rather than to anything going wrong with credit quality. Al Rajhi shows what the spread can do on its own, posting double-digit margin growth on a book that barely moved, carried by what it pays for deposits.

Contractors are meeting the same squeeze from the other end. JLL has pushed its tender price inflation forecast for this year up to 5%, with copper, aluminum, and diesel doing most of the damage and rerouted shipping adding to landed costs and lead times. What stands out in that review is where the increase is sitting — contractors are taking part of it in thinner margins rather than handing all of it to clients, which is a choice that can’t hold indefinitely.

MEANWHILE- French President Emmanuel Macron wrapped his Gulf tour with a stop in Riyadh, reaffirming Paris’ support for the Kingdom’s security and defense, according to the French presidency.

Happening today

Today is the last day of the Saudi Maritime and Logistics Congress. The two-day event showcases maritime equipment and logistics services with panels and workshops discussing trade corridors, connectivity, ports, logistics, energy transition, and infrastructure investment.

Changing gears

The Dakar Rally looks set to leave Saudi Arabia. Its 2027 edition, scheduled to run from 9 to 22 January, will move back to Africa, opening with a European prologue in Spain or Portugal before roughly 12 stages across Morocco, three people involved in the World Rally-Raid Championship told Reuters. The race was originally set to start and finish in King Abdullah Economic City, though organizers were reportedly working on an alternative route in the north of the Kingdom. The Houthi escalation, including the strikes on Riyadh’s airport, ultimately ended the effort to keep the event in the country. Saudi Arabia has hosted the race every year since 2020.

REMEMBER- This comes after a run of cancelled or postponed major business and entertainment events: Future Investment Initiative, the GCC-EU summit, the Asian Tour’s season-ending PIF Saudi International, Urban Cycling World Championships, the Joy Awards, the Red Sea Film Festival, and Soundstorm (MDLBEAST).

A clearer picture

The Capital Market Authority (CMA) wants listed companies to provide more detailed disclosures on their financial and operational performance in their annual board reports, under new rules that are now up for a 30-day public consultation through Istitlaa, according to a statement. The proposal would consolidate existing disclosure requirements.

The upshot for investors is a clearer line of sight into what sits behind a set of results, rather than the figures alone.

The disclosure regime is being rebuilt piece by piece. This is the second consultation in a week: CMA sought feedback days ago on draft amendments that would require private funds to report asset-level detail on their real estate, private equity, and venture capital holdings — part of a push under Chairman Mazen Al Sudairi toward numbers investors can rely on and deeper capital pools.

REMEMBER- Last month the regulator moved to rewire the IPO process, requiring banks to firmly underwrite offerings and large book-building bids to be backed by verified cash, after a year in which heavy oversubscription repeatedly failed to carry through to aftermarket performance. It also moved to keep more public money market fund investments at home, limiting exposure to overseas assets to 5% of net assets and favoring domestic deposits and shariah-compliant instruments.

An unlikely broker of peace?

Iran wants to broker talks between Saudi Arabia and Yemen’s Houthis, although Iranian Foreign Minister Abbas Araqchi said Tehran has yet to receive a response to its offer and warned that any “foreign intervention” could complicate matters. Araqchi’s warning comes as Saudi allies are either already providing support or are mulling the move. Egypt’s parliament is voting next week on providing military support to Riyadh, while the UK has deployed RAF Typhoon fighters to help defend Saudi cities and France has sent radar systems to Yanbu.

The attacks continue with conflicting claims around what’s happening in Madinah. The coalition said it intercepted and destroyed four drones launched toward the Kingdom over Madinah and the Eastern Province, plus another heading for the eastern region. Meanwhile, the Houthis denied launching any operations toward Saudi territory yesterday and rejected the coalition’s claim of drone interceptions over Madinah.

Aviation remains disrupted by the conflict, with the General Authority of Civil Aviation (GACA) announcing a new attack on King Fahd International Airport in Dammam. The attack killed one person and injured eight, in addition to causing property damage.

The militia is also targeting the coalition’s forces. The Houthis attacked a Yemeni government security forces training camp in Shabwa province, killing 73 people and injuring more than 200. The Houthis say the camp was run by Saudi forces. The group also struck military equipment flown by Saudi cargo aircraft into Al Rayyan Airport, as well as an operations room at Badr Camp in Aden.

MEANWHILE- The United States has ordered non-emergency government employees and their families to leave Saudi Arabia. The decision follows Houthi attacks on critical infrastructure, including civilian sites, which caused “civilian casualties and severe travel disruptions,” State Department spokesperson Tommy Pigott said on X.

Data point

3% — that’s how much Saudi Arabia’s Operating Revenues Index rose y-o-y in August 2026, according to Gastat (pdf). The annual increase was driven mainly by gains in manufacturing (7.7%), wholesale and retail trade and motor vehicle repair (2.2%), construction (3.2%), financial and ins. activities (10.8%), and information and communication (5.8%).

ALSO- The Employees Compensation Index climbed 6.3% y-o-y, while issued building permits decreased 19.7% y-o-y.

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The big story abroad

Meta will begin offering shares without voting rights in January 2027 to pay for its costly AI expansion. The decision comes as Meta spends heavily on advanced chips and data centers to compete with AI rivals like OpenAI and Anthropic.

Italy has brought in tougher security rules after rioters, some of them minors, reportedly looted shops, started fires, and damaged property in Milan’s main shopping area amid anti-government protests. A government decree will send 500 extra soldiers to Milan for the rest of the year, make parents pay for damage their children cause, and make it easier to take minors aged over 14 to court.

Russian President Vladimir Putin told US envoy Steve Witkoff that Russia is willing to restart three-party peace talks with the US and Ukraine in early November. The talks would focus on setting up a postwar security arrangement for Russia and Ukraine. Officials from the three countries have met on and off throughout the war.

JLL raises Saudi construction cost forecast as copper and aluminum prices surge

Saudi construction cost inflation has more than doubled in a year and is set to stay elevated through 2027. JLL has raised its tender price inflation forecast for 2026 to 5%, up from an earlier forecast of 4%, compared to 2% recorded in 2025, and projects 4-5% next year as material costs and supply chain disruption keep pressure on the market, according to its Saudi Arabia construction market review for 1H (pdf).

Materials and fuel costs are doing most of the work. Copper prices rose 44.5% y-o-y through August, aluminum 23.9%, and diesel 7.9%, JLL said. Rerouting around regional shipping disruption has added to delivery times and landed costs, and contractors are absorbing part of the increase in thinner margins rather than passing all of it through to clients.

The benchmarks: JLL puts Grade A office fit-outs at SAR 4.5k-6k per sqm, mid-range residential at SAR 3.2k-4.1k per sqm, hospitality at SAR 7k-11k per key-equivalent sqm, and industrial and logistics at SAR 1.9k-2.6k per sqm — with ins., bonding, and preliminaries accounting for a widening share of tender totals.

JLL’s figure runs ahead of the official series: Gastat’s construction cost index rose 2.3% y-o-y in August, a gap that reflects tender pricing picking up forward risk — longer lead times, currency and freight exposure, and contingency — that a cost index measuring inputs doesn’t capture.

Supply isn’t the constraint — pricing is. The amended White Land Tax, which moved to progressive rates of up to 10% of land value from a flat 2.5% and added an annual levy on vacant properties, is pushing undeveloped plots toward development, while the PPP pipeline continues to add schemes. More work tendered into a market where costs are still climbing means more projects priced at the top of the range.

Saudi banks post mixed 3Q as provisions catch up with Al Rajhi, SNB, and others

Aljazira Bank leans on investment income to offset costs

Bank Aljazira’s bottom line pushed higher in 3Q 2026, carried by a surge in investment income and a lighter provisioning load. The lender reported net income of SAR 471.6 mn, up 17.9% y-o-y, according to its Tadawul disclosure. Total financing income grew 10.7% y-o-y to SAR 1.9 bn, while total investment income rose 10.1% to SAR 546.9 mn.

What lifted the books? Net income from the investment book nearly doubled, jumping 88.4% y-o-y to SAR 194.4 mn in the quarter and pulling combined net special commission income up around 20%. Core financing held steadier, with net financing commission income up 8.9% to SAR 661.7 mn as asset yields outpaced a milder 6% rise in funding costs.

The pattern held over nine months: Net income rose 15.4% y-o-y to SAR 1.3 bn in 9M 2026, supported by a 10.0% rise in financing income to SAR 5.4 bn and a 14.9% climb in investment income to SAR 1.6 bn.

Provisions eased: Aljazira trimmed its credit-loss charge over the period. The 9M net provision for expected credit losses fell 6.5% to SAR 237.3 mn, which the bank tied to lower provisioning on commercial financing, though the quarterly charge ticked up 22.4% on heavier provisioning for investments and interbank exposures.

Al Rajhi’s funding edge widens margins as bottom line climbs

Al Rajhi Bank turned its funding advantage into wider margins in 3Q, lifting net income while its balance sheet barely grew. The bank’s net income was up 11.7% y-o-y to SAR 7.1 bn, it said in a Tadawul filing. Total income from financing rose 8.1% y-o-y to SAR 12.7 bn, even as investment income fell 6.8% to SAR 2.3 bn.

Where the margin came from: Net financing income grew 20.3% against that 8.1% rise in gross financing income, as the bank’s income from financing and investment rose while the gross return it paid to fund itself declined — a lever rooted in its large base of low-cost deposits. Investment income ran softer, with gross investment commission income down 6.8% to SAR 2.3 bn, though the financing book more than covered the gap. The bank put combined net financing and investment income growth at 18.1% for the quarter.

The margin gains came on a book that hardly moved. Total assets edged up 1.8% y-o-y in 9M to SAR 1.1 tn, with the financing portfolio up 2.5% to SAR 774.9 bn and clients’ deposits up just 0.9% to SAR 700.3 bn. Shareholders’ equity rose 12.5% to SAR 154.5 bn.

Al Rajhi leaned harder on provisioning. The net charge for expected credit losses jumped 49.5% y-o-y to SAR 852 mn in the quarter and 39.5% to SAR 2.36 bn across the nine months, which the bank tied to a higher gross charge alongside a rise in recoveries on written-off financing.

9M told a similar story: Net income rose 13.3% y-o-y to SAR 20.9 bn in 9M 2026, underpinned by a 9.2% increase in financing income to SAR 37.1 bn. Investment income eased 2.6% y-o-y to SAR 6.9 bn.

ANB’s net income almost flat

Arab National Bank’s (ANB) bottom line barely moved in 3Q, held in check by a sharp rise in provisions even as its core income lines strengthened. ANB posted a net income of SAR 1.4 bn in 3Q 2026, up 1.7% y-o-y, according to a Tadawul filing. Total income from financing saw a 4.5% y-o-y gain to SAR 3.3 bn, while total investment income rose 22% to SAR 882 mn.

What capped the quarter: Operating performance held up, with total operating income up 7.4% to SAR 2.6 bn, but a steep rise in credit provisions absorbed much of the gain. The net charge for expected credit losses jumped to SAR 140 mn in the quarter from just SAR 19 mn a year earlier — an unusually low base that exaggerates the swing. Across the 9M period, the charge was broadly flat, up 3.2% to SAR 455 mn, which the bank tied to the non-recurrence of prior-year impairment reversals rather than any deterioration in asset quality.

The book kept growing: Lending expanded in the first nine months of the year, with the financing portfolio up 9.3% y-o-y to SAR 209.2 bn and total assets up 7.9% to SAR 302.5 bn. Clients’ deposits rose a slower 3.2% to SAR 217.5 bn, and shareholders’ equity climbed 15.1% to SAR 54.2 bn, lifted in part by additional Tier 1 sukuk raised during the year.

The nine-month read: Net income rose 4.1% y-o-y to SAR 4.1 bn in 9M 2026, driven by a 5% lift in total financing income to SAR 9.6 bn and a 16.6% increase in total investment income to SAR 2.5 bn.

Higher costs and provisions leave SNB’s 3Q net income flat

The Saudi National Bank’s 3Q bottom line held roughly flat as rising costs and a normalizing provision charge caught up with it. SNB reported net income of SAR 6.5 bn, down 0.3% y-o-y, it said in a Tadawul filing. Total financing income inched up 2.6% y-o-y to SAR 12.3 bn, while total investment income was soft, falling 3.9% to SAR 3.7 bn.

The 9M picture is stronger: Across the period, net income grew 4.6% y-o-y to SAR 19.5 bn, which the bank credited to higher operating income and impairment charges that all but disappeared — down 97.2% y-o-y to SAR 3 mn for 9M. Total financing income grew 2.7% y-o-y to SAR 35.4 bn, while investment income eased a slight 0.8% to SAR 10.8 bn.

That charge is coming back, though: The near-zero 9M impairment figure reflects earlier-quarter provision reversals that offset a SAR 323 mn charge booked in 3Q alone, which rose 39.8% y-o-y. That charge, together with a 9% jump in operating expenses to SAR 2.7 bn, is what held quarterly net income flat even as the 9M result grew.

Still the biggest book: SNB remains the Kingdom’s largest bank by assets, which reached SAR 1.3 tn at end-September, up 4.6% y-o-y. The financing portfolio rose 4.6% to SAR 758.1 bn and clients’ deposits 4.7% to SAR 669.9 bn, with shareholders’ equity up 6.5% to SAR 209.3 bn.

Financing carries Riyad Bank’s 3Q

Riyad Bank’s financing margin carried its bottom line in 3Q 2026, offsetting a collapse in investment income. The lender posted a net income of SAR 2.9 bn, up 6.6% y-o-y, according to its Tadawul disclosure. Net income from financing jumped 14.8% y-o-y to SAR 3.4 bn, even as net investment income fell 69% to SAR 64 mn.

Where the margin came from: The spread did it. Total financing income actually slipped 2.4% y-o-y over the quarter, so the double-digit rise in net financing income came entirely from funding costs falling faster than asset yields. The wider spread lifted operating income 7.6% to SAR 5.1 bn, enough to absorb a 25% y-o-y rise in the provision charge to SAR 420 mn. The investment book dragged the other way, with total investment income down 4% to SAR 3.7 bn.

On a 9M basis, net income rose 4.6% y-o-y to SAR 8.1 bn, driven by a 2% lift in financing income to SAR 18.1 bn and a 24.6% increase in investment income to SAR 2.7 bn.

The state of the book: Total assets reached SAR 545.3 bn at end-September, up 7.3% y-o-y, with the financing portfolio up 4.6% to SAR 385.4 bn and clients’ deposits up a slower 1.2% to SAR 329.4 bn. Shareholders’ equity rose 8.4% to SAR 66.8 bn.

Alinma’s bottom line stalls

Alinma Bank grew its balance sheet at one of the fastest clips among Saudi lenders this quarter, but the expansion did not reach the bottom line. Alinma Bank’s net income slipped 0.2% y-o-y to SAR 1.6 bn in 3Q 2026, as a jump in provisions offset solid income growth, according to a Tadawul filing. The bank’s total financing income grew 4.9% y-o-y to SAR 4.06 bn, while total investment income rose 3.4% to SAR 645.9 mn, both on higher lending and investment volumes.

What held it flat: Operating income rose 5.3% to SAR 3.12 bn, but a jump in provisions and softer non-core income offset the gain. The net charge for expected credit losses rose 56% y-o-y to SAR 400 mn in the quarter, which the bank tied to growth in its financing and investment portfolio rather than any deterioration in credit. Lower fee income and weaker gains on financial instruments added to the drag.

A book racing ahead: The financing portfolio expanded 12% y-o-y to SAR 252.7 bn by 9M-end and total assets 11.1% to SAR 341.4 bn — among the strongest rates in the sector — with clients’ deposits up 7.4% to SAR 251.9 bn and shareholders’ equity up 10.5% to SAR 52.5 bn.

Over the nine months, net income rose 4.0% y-o-y to SAR 4.86 bn on financing income of SAR 11.85 bn (up 6.9%) and investment income of SAR 1.86 bn (up 4.5%).

Arada enters Saudi Arabia, targeting 100k homes over three to five years

Sharjah developer Arada is making its Saudi debut with a USD 3.8 bn residential project in Riyadh, according to a press release. The company plans to develop 100k homes across the Kingdom over the next three to five years, with further projects planned in Jeddah and Makkah, CEO Ahmed Alkhoshaibi told The National. That’s half of Arada’s target to develop 200k homes across its markets over the same period. Arada is co-owned by Saudi businessman Prince Khaled bin Alwaleed’s KBW Investments and Sharjah-based Basma Group.

First stop, Riyadh: The developer’s debut project will span 2.5 mn sqm in the capital’s Al Rimal district, with 3.5k villas and townhouses, alongside retail, education, and leisure facilities. Construction is expected to begin in mid-2027, with completion targeted within five years.

Arada KSA, formed in partnership with Saudi property investor Xtopia, has access to a 10 mn sqm landbank across Riyadh, Jeddah, and Makkah valued at AED 49 bn.

October sukuk are in

The National Debt Management Center allocated around SAR 6.7 bn in its October 2026 SAR-denominated sukuk issuance under the Kingdom’s local sukuk program, it said in a statement. The issuance was divided into four tranches: SAR 265 mn in sukuk maturing in 2031, SAR 2.7 bn maturing in 2033, SAR 3.4 bn maturing in 2036, and SAR 302 mn maturing in 2039.

Gathering pace

Expo 2030 Riyadh tendered the design-and-build contract for its Adaptation and Innovation Pavilion in the exhibition’s Technology District, with bids due on 6 January, 2027, according to MEED. The pavilion will occupy a plot of at least 12,710 sqm and include exhibition spaces, an amphitheater, a resonance hall, retail and food and beverage outlets, VIP facilities, and an elevated skywalk.

REMEMBER- The Expo was going local as the US-Iran war put Saudi supply chains through their latest stress test, with contractors dealing with higher logistics costs, longer lead times, and the risk of material shortages as the conflict disrupted regional shipping.

French bond spreads hit their widest gap since the 2011 crisis, reviving the eurozone’s bank-sovereign “doom loop” debate

The gap between French and German borrowing costs has widened to levels not seen since the eurozone’s sovereign debt crisis. That revives a question the bloc thought it had settled: whether one member’s fiscal troubles can still drag down its banks and spread from there. France’s 10-year yield premium over German bunds pushed above 150 bps on Tuesday, the first close at that level since January 2012, and spiked intraday to around 159 bps, the widest since 2011, according to Bloomberg. The move prompted Franklin Templeton’s fixed-income CIO, Sonal Desai, to warn that a fresh eurozone debt crisis — “version 2.0,” as she put it — “could be significantly worse” than the last one, Bloomberg reports separately.

France has become the market’s weak link. The government is trying to push through a cost-cutting budget amid nationwide protests over living costs and school conditions. Its debt-servicing costs have hit 25-year highs, and a 2027 presidential election looms with far-right and far-left candidates leading the polls, according to Reuters. BlackRock’s strategists frame it as a case study in how a “battle for capital” now punishes shaky credits: “France shows why selectivity matters,” they write, with the spread over bunds measuring the extra compensation investors want for the fiscal and political risk.

The reason the warnings carry weight is scale. France is a EUR 3 tn economy carrying about EUR 3.6 tn of debt, which Desai noted is more than 10 times what Greece owed during its crisis. “A simple bailout is not on the cards,” she said. France also remains an investment-grade borrower, one of several differences from the last crisis. So, the stress will play out on different terms.

The channel everyone is watching is the banks. Eurozone lenders hold their governments’ bonds as supposedly no-risk assets, so when those bonds fall, bank balance sheets take the hit — the “doom loop” that in the last crisis forced state bailouts and drained budgets further. The strain is already showing in equities, where European bank stocks have dropped about 10% over six weeks, five times the broader market’s fall and following a rally to 16-year highs, with France’s three biggest lenders down 17%.

The prevailing view is that the system is better built to absorb it. Euro-area debt-to-GDP has fallen back to its 2011 level of around 89%, even as France’s has swollen to nearly 120%, and banks are far better capitalized than in 2010. Eurozone lenders’ sovereign holdings have doubled since the crisis to EUR 4.3 tn (USD 4.8 tn), but their capital buffers have grown faster, and large French banks’ exposure to home-country debt is roughly 15-30% of their best-quality capital — by the calculations of Axiom Alternative Investments and WisdomTree — against more than 100% for Italian banks at the height of 2011-12.

Banks have also changed how they hold the debt. Lenders have cut domestic bonds to 41% of their sovereign holdings, from more than 50% in 2013, and now book 60% of their bonds at cost, which lets them avoid recording losses unless they are forced to sell. Piraeus CEO Christos Megalou, whose bank sits in the country where the last crisis began, said Greece now services its debt at rates well below the UK’s, and that regulators, policymakers, and banks have “battle-tested mechanisms” that make a repeat “mega-problem” unlikely.

…none of which makes the banks immune: “There is a limit to which you can insulate yourself from the domestic credit,” said Moody’s analyst Simon Ainsworth. Held-to-maturity accounting only hides unrealized losses until a lender is forced to sell, and Morningstar DBRS’ Maria Rivas said what ultimately matters is how investors treat portfolios sitting on those losses: A short episode should not move sentiment much, but a prolonged one could.

Higher sovereign yields also feed straight into funding costs. French banks are the EU’s largest wholesale debt issuers, so a permanently higher yield raises the “cost of money every time they refinance, and that compounds,” WisdomTree’s Aneeka Gupta said. A backstop is not automatic either, BlackRock notes, leaving “further volatility and spillovers” possible.

The wider frame is a global contest for capital. More than 80% of the world’s bonds now yield above 4%, against just 6.3% five years ago, so investors can afford to be choosy and are demanding more from weaker borrowers everywhere. That is steering money toward cleaner books. BlackRock favors US Treasuries, which it upgraded last week, and emerging-market local-currency debt, particularly in Latin America. It also sees selective value in better-financed euro names such as Spain, while staying neutral on euro-area government bonds overall. Franklin Templeton has tilted its own euro holdings toward shorter-dated Italian and French paper, with a more constructive stance on Spain and Germany.

The spread is the number to watch, and a sustained push past the 159 bps intraday peak would take France into territory it has not held since the crisis years. Beyond that, watch for any signal the European Central Bank will step in, the course of France’s budget fight and the run-up to the 2027 election, and the diversification rules the European Commission is due to propose in early 2027 to weaken the bank-sovereign link.

MARKETS THIS MORNING-

Asian markets were in the red in early trading. Japan’s Nikkei was down roughly 0.4% and South Korea’s Kospi was down around 0.9%, following a decision by the Bank of Korea to keep rates unchanged.

TASI	9,926	−0.3% (YTD: −5.9%)
MSCI Tadawul 30	1,342	+0.1% (YTD: -3.3%)
NomuC	21,596	-1.2% (YTD: -7.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	52,855	+1.5% (YTD: +26.4%)
ADX	9,771	-0.6% (YTD: -2.2%)
DFM	5,860	+0.4% (YTD: -3.1%)
S&P 500	7,757	+0.6 (YTD: +13.3%)
FTSE 100	10,753	+0.2% (YTD: +8.3%)
Euro Stoxx 50	6,208	+1.4% (YTD: +7.1%)
Brent crude	USD 110.11	+1.2%
Natural gas (Nymex)	USD 2.77	-0.6%
Gold	USD 4,130	-0.5%
BTC	USD 83,520	+0.6% (YTD: -4.7%)
Sukuk/bond market index	887.46	-0.7% (YTD: -3.5%)
S&P MENA Bond & Sukuk	147.98	0.0% (YTD: -2.6%)
VIX (Fear gauge)	16.68	-3.6% (YTD: +11.6%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 4.1 bn. The index is down 5.4% YTD.

In the green: Morabaha Marina Financing (+9.5%), Saudi Kayan Petrochemical (+6.4%), and Arabian Contracting Services (+6.2%).

In the red: Ladun Investment (-8.5%), Watani Iron Steel (-7%), and Gas Arabian Services (-6.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.2% yesterday on turnover of SAR 30.1 mn. The index is down 7.3% YTD.

In the green: Keir International (+8.4%), National Environmental Recycling (+6.4%), and Arabian Plastic Industrial (+4.9%).

In the red: View United Real Estate Development (-12.3%), Leen Alkhair Trading (-9.9%), and Digital Research (-9.9%).

CORPORATE ACTIONS-

Al Kathiri Holding received Capital Market Authority approval to cut its capital by 91.5% to SAR 9.65 mn from SAR 113 mn, reducing its shares to 19.3 mn from 226 mn, according to a statement. Shareholder approval and some regulatory procedures are to go through with the move.

CALENDAR

21 October - 30 December (Wednesday-Wednesday): Riyadh Season, Riyadh.

25-26 October (Sunday-Monday): The Global Proptech Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

30 October-1 November (Friday-Sunday): The New Global Sport Conference, Sofitel Hotel & Convention Centre, Riyadh.

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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