Dar Al Majed’s IPO more than 100 times oversubscribed, as investors rush to tap the Kingdom’s property market

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi-backed EVs are facing headwinds

Good morning, everyone. We welcome the weekend with open arms and an issue light on major market news, with the exception of Dar Al Majed’s IPO attracting a massive SAR 135 bn in order, as investors rush to tap into the Kingdom’s real estate market.

HAPPENING TODAY-

Marketing Home subscription ends today: Institutional investors have until today to book a minimum of 50k shares and a maximum of roughly 800k shares in Marketing Home Group, which has set the indicative price range for its Tadawul IPO at SAR 80-85 per share. The company is offering 4.8 mn shares, representing 30% of its share capital, in a secondary sale.

REFRESHER- The IPO would raise SAR 408 mn, valuing the company at an implied SAR 1.36 bn at listing. Retail investors can subscribe on 19-20 August, with final allocations due on 24 August.

WEATHER- Riyadh is expected to see a high of 44°C and a low of 33°C today, while Jeddah is in for a humid day with temperatures as high as 38°C and as low as 31°C. Makkah will see a 41°C high and 34°C low.

PSAs-

The Education Ministry approved a return to the two-semester system for public schools starting in the 2025-2026 academic year, while keeping the overall academic calendar for the next four years unchanged, it said in a statement on Tuesday. The move follows a review of the three-semester model, which had raised the school year to 180 days, matching averages in many advanced countries.

Shifting the equation: A wide study involving teachers, students, and parents found that education quality depends more on key elements like teacher support, updated curricula, and better environments than the number of semesters. Private and international schools, as well as universities and technical colleges, can continue to use different systems.

WATCH THIS SPACE-

Abdul Lateef Jameel-backed Rivian and PIF-backed Lucid are facing headwinds rattling the US EV sector under Trump’s administration, delivering a sobering second-quarter earnings update this week, Reuters reported.

For Rivian, its cost per vehicle spiked roughly 8% to about USD 118.4k, driven by disruptions from China’s rare-earth metal export curb and dwindling regulatory-credit income in the face of US policy reversals. The company has raised its full-year adjusted core loss forecast to between USD 2-2.5 bn, while anticipating only a break-even gross margin rather than the modest net income it had previously banked on.

Lucid isn’t doing much better. Though it sidestepped rare-earth supply shocks by dipping into its inventory stock, tariffs significantly ate into its margins. Lucid cut its annual production forecast to 18-20k vehicles as demand softens and cost pressures mount, and posting a revenue of USD 259.4 mn, missing Wall Street’s target of USD 280 mn.

Looking ahead, both brands are banking on demand increasing after the 7.5k federal EV tax credit expires in October. Analysts expect a 3Q spike as buyers rush to beat the cutoff, but both companies warn of a soft landing in 4Q once incentives vanish.

ICYMI- Lucid will go online in two unnamed GCC countries next year, part of an expansion strategy in the region, complementing its presence in the region besides the Kingdom and the UAE.

The Kingdom rolled out a VAT refund program for tourists and GCC nationals, allowing eligible visitors to claim back 15% tax on purchases over SAR 500 from more than 1.4k approved shops, Saudi Gazette reports. To qualify, the items must be for personal use, unused, and taken out of the country within 90 days. The refund doesn’t apply to services like hotels or meals, or items such as vehicles and tobacco.

We knew this was coming: The Kingdom updated VAT regulations in April, including provisions allowing tourists to claim VAT refunds on personal purchases when leaving the Kingdom.

SPORTS-

#1- Al Hilal has been fined SAR 500k and banned from the 2026-2027 Saudi Super Cup after pulling out of this year’s tournament, the Saudi Arabian Football Federation (SAFF) said in a statement. Al Hilal were set to face Al Qadsiah in the semis but will now be replaced by Al Ahli.

REFRESHER-Al Hilal withdrew from the 2025-2026 Saudi Super Cup last month due to scheduling conflicts following its participation in the Fifa Club World Cup, where playing in the Super Cup would violate mandatory 28-day player leave regulations.

#2- LIV Golf will tee off its 2026 season from 5 to 7 February at the Riyadh Golf Club, marking its second consecutive season launch in the capital, according to a statement. Early bird sales are now open for three-day grounds passes and Club 54 hospitality tickets.

Who to expect: Defending champions Adrian Meronk (Cleeks GC) and team Legion XIII, led by Jon Rahm, will headline alongside stars including Bryson DeChambeau, Brooks Koepka, Cameron Smith, and Dustin Johnson.

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THE BIG STORY ABROAD-

Front pages are dominated this morning with major trade shake-ups from the White House, a critical turning point in the Gaza war, and a mixed bag of corporate earnings.

Trump escalates tariff blitz on India and chips: US President Donald Trump raised tariffs on India to 50% to take effect starting 27 August, a punishment for its purchases of Russian oil which the White House says is fueling the war in Ukraine. Trump also said he is planning a potential 100% tariff on semiconductor chips from countries that do not have manufacturing operations in the US, a move seen as targeting China.

Tailored for Apple: The iPhone maker will be exempted from the potentially crippling chip tariff after CEO Tim Cook announced the company would increase its investment in US suppliers and jobs.

MEANWHILE- The earnings season pushes on:

Disney reported a strong 3Q, with net income climbing to USD 5.26 bn, more than doubling from a year earlier. Revenue hit USD 23.65 bn, driven by strength in its domestic theme parks and a growing streaming business.
Uber beat revenue expectations with an 18% y-o-y increase to USD 12.65 bn and announced a major USD 20 bn stock buyback.
McDonald's saw its sales return to growth, with revenue hitting USD 6.8 bn driven by new menu items like the revived Snack Wrap and a focus on its chicken offerings.
Airbnb saw revenue rise 13% to USD 3.1 bn, beating analyst estimates.

ALSO- Israel on the brink of full Gaza occupation: Israeli Prime Minister Benjamin Netanyahu is reportedly pushing his security cabinet to approve a “full conquest” of the Gaza Strip. The push for a full takeover comes as Gazans are increasingly starving to death, and faces significant opposition from Israel’s own military chief Eyal Zamir, who warned that such an operation would put an unbearable weight on the Israeli army and endanger the remaining captives.

Also worth reading this morning:

Italian Prime Minister Giorgia Meloni’s government revived of a EUR 13.5 bn project to build the world’s longest suspension bridge linking Sicily to the mainland, framing it as part of the country's defense and NATO spending plans.

Dar Al Majed’s institutional tranche 107x oversubscribed

Dar Al Majed Real Estate (aka as Almajdiah) pulled in a massive SAR 135 bn in orders for its Tadawul IPO, as investors rush to grab a piece of the Kingdom’s booming property market. Institutional investors went all in, oversubscribing their tranche 107x within hours, Bloomberg reports, citing a statement.

Hot demand pushed the price up: The developer priced shares at SAR 14 apiece, the top of its range. Selling shareholders are set to rake in SAR 1.26 bn in proceeds from the sale of 90 mn shares — a 30% stake of the company. It would also give Almajdiah a market cap of SAR 4.2 bn at listing.

Next steps: Retail investors will get their turn from 14-18 August to subscribe to 20% of the offering. The company landed Sinad Holding as a cornerstone investor last week with a 2.2% stake.

IN CONTEXT- The frenzy comes as the Kingdom makes it easier for foreigners to buy property and pushes homeownership through its Vision 2030 program. “Local developers, especially those with a strong land bank and that have active projects in tier-1 cities, stand to benefit significantly” from the reforms, Emirates NBD Capital’s Prasad Chari told Bloomberg.

ICYMI- PIF-backed Umm Al Qura for Development and Construction took a 9.1% stake to market in a SAR 2 bn primary offering earlier this year, the second largest after Flynas. The developer’s share price is up 21% since listing.

ADVISORS- Saudi Fransi Capital is quarterbacking the transaction as financial advisor, lead manager, underwriter, and bookrunner, while Baker McKenzie is providing counsel. PwC is acting as financial due diligence advisor, while Colliers is serving as market consultant.

Receiving agents include our friends at EFG Hermes KSA, Al Rajhi Capital, SAB Invest, Alinma Capital, Riyad Capital, Aljazira Capital, Alisthimar Capital, ANB Capital, SNB Capital, Derayah Financial, Yaqeen Capital, Alkhabeer Capital, and Sahm, among others.

Zooming out: The Kingdom remained the region’s IPO powerhouse in 1H, accounting for the lion’s share with USD 2.8 bn raised across 22 offerings — a 36% y-o-y increase in value in the first six months of the year — representing 85% of total GCC IPO proceeds.

ALSO IN THE PIPELINE-

Marketing Home Group set the indicative price range for its Tadawul IPO at SAR 80-85 per share earlier this week;
Meanwhile, IT firm Ejada Systems, which missed its six-month IPO window, is set to resubmit an IPO application to the CMA;
Coldchain manufacturer Consolidated Grunenfelder Saady Holding got the regulators’ all-clear to float a 30% stake on Tadawul;
PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, Riyad Capital, and BNPL platform Tabby are among companies that tapped banks for potential IPOs;
F&B players Barns, Half Million, Deemah, and Hashi Bashi are said to be sounding out banks for potential debuts on the main market;
Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026;
PIF-backed CloudKitchens is reportedly eyeing an IPO in the Kingdom or the UAE (or both);
Meal subscription startup Calo is also said to be eyeing an IPO here at home by 2027.

Public debt to continue rising amid lower oil prices -Capital Economics

Debt surge is around the corner despite fiscal tightening: The Kingdom’s public debt is expected to climb further, even as the government implements tighter fiscal policies, according to a recent Capital Economics’ research note seen by EnterpriseAM.

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Data breakdown: Over the past decade, the government debt climbed from less than 2% of GDP in 2014 to around 30% of GDP last year, and is expected to reach 34.8% of GDP this year, according to IMF data.

Over the last decade, “the Kingdom has been among the largest EM issuers of international debt alongside issuance by the other Gulf countries, this has supported compressing the spread of the JP Morgan EMBI Index over US Treasuries, which recently shrank to its lowest level since before the global financial crisis,” the research note read.

Capital Economics projects Saudi Arabia’s public debt to rise to just over 60% of GDP by 2030. If this happens, risk premia on the Saudi sovereign would likely climb from current low levels. “The Kingdom would probably start to cross the thresholds of many of the subcomponents of our sovereign risk indicator, pushing it from low to moderate risk,” the research note read.

The government is already tightening fiscal policies, but these measures might not be enough to put the brakes on the debt-to-GDP ratio acceleration, the agency said.

No need to worry: Our government debt levels remain relatively low compared to other countries, the agency noted. This accumulation of debt has also been a strategy to cushion the impact of past oil price shocks, such as those seen in the middle of the last decade and during the pandemic.

DATA POINT- Total public debt stood at SAR 1.39 tn at the end of the second quarter, with domestic debt amounting to SAR 871.3 bn, while external debt reached SAR 515.1 bn. Debt issuances during the first half of the year included SAR 197.6 bn of domestic debt and SAR 54 bn in external debt.

Looking ahead, the research house expects that increasing oil output would continue to bolster headline GDP growth through the remainder of this year and into the next. However, this is expected to obscure a slowdown in non-oil growth, as the Saudi government intensifies fiscal tightening, the agency noted.

How does this compare to other forecasts? Fitch Ratings has said in a recent note that the government debt is projected to rise to 35.1% of GDP by 2027, compared to 29.7% of GDP this year, due to fiscal deficits. “The sovereign is adjusting capex to support the fiscal position, although execution of the large project pipeline and new infrastructure projects will constrain the pace for substantial cuts,” Fitch said earlier this month. The rating agency affirmed Saudi’s long-term foreign-currency issuer default rating at A+ with a stable outlook, citing its robust fiscal position and strong external balance sheets.

Saudi equities trail GCC in 1H, banking sector leads earnings -Kamco

Tadawul’s benchmark index TASI bucked the regional trend last month, falling 2.2% to close just below the 11k mark, according to Kamco Invest’s GCC markets July report (pdf). The Kingdom was the only market in the GCC to post a monthly loss, weighed down by broad-based declines across sectors and investor caution around project momentum as oil prices hovered near USD 70/bbl.

Sector performance was largely in the red. Utilities led the drop with a 10.7% fall, dragged by heavy losses in Acwa Power, while ins. followed with a decline of 9.1% and software and services with a drop of 8.6%. The telecom sector was the only segment to edge higher during the month.

Earnings season offers some relief: By the end of July, some 80 companies had reported 2Q results, with aggregate income rising 13.5% y-o-y to SAR 34.4 bn. Banks drove the bulk of the increase, posting a 17.7% jump to nearly SAR 23 bn, supported by strong net interest and non-interest income despite slightly higher impairments. Telecom operators also delivered, with bottom lines up 17.4% y-o-y last quarter.

Trading activity picked up. Volumes nearly doubled m-o-m to 8.6 bn shares, while traded value rose to SAR 107.5 bn, though daily turnover remained below 2024 averages. Foreign and retail investors were net buyers for the month, while local institutions continued to pare holdings for the 15th week in a row.

What’s pushing the index down? Tadawul’s slump this year reflects a mix of weaker oil prices, surging sovereign debt issuance, and a string of underwhelming IPOs that have sapped investor sentiment. Tight domestic liquidity has left banks more exposed to government borrowing, fueling concerns that Riyadh could dial back diversification spending if crude stays subdued. Meanwhile, project awards have slowed, foreign investors remain cautious about the market’s heavy reliance on oil, banks, and petrochemicals, and new listings have failed to match the blockbuster debuts of 2023 and 2024.

IN CONTEXT- Gulf markets mostly extended their summer rally in July, buoyed by 2Q earnings optimism and a risk-on tone across global equities. The MSCI GCC Index gained 2.2% during the month, marking a second consecutive month of gains, with six of the seven GCC bourses closing in the green. The GCC index was up by 3.7% YTD.

Also from the region: The DFM recorded the strongest monthly performance in the region, closing up 7.9% in July with a 19.4% gain YTD. The FTSE ADX General Index rose 4.1% m-o-m, its fourth straight monthly gain, bringing its YTD gain to 10.1%. Boursa Kuwait extended its rally to a third month, though July’s gains were driven primarily by mid- and small-cap names. Qatar’s QE 20 Index gained 4.8% in July, with banks and consumer stocks in the driver’s seat. Meanwhile, Egypt’s EGX gained 4.1% last month, with non-bank financial services shares being the most-traded equities by value in July (excluding block trades).

Looking ahead: While July’s rally reflects optimism around corporate earnings, the divergence between diversified economies like the UAE and Qatar and oil-exporting heavyweights like Saudi Arabia could continue to shape market sentiment in the near term. Investors will also be watching oil price movements, project execution momentum, and the trajectory of US interest rates.

2Q earnings keep rolling in

JARIR MARKETING-

Jarir Marketing reported a net income of SAR 197.2 mn in 2Q 2025, up 15.3% y-o-y, it said in a disclosure to Tadawul. Meanwhile, revenue dipped 0.1% y-o-y to SAR 2.6 bn, impacted by a decline in sales of the video games section.

On a 1H basis, net income rose 6.2% y-o-y to SAR 414.5 mn while revenues climbed 1.3% y-o-y to SAR 5.4 bn.

Dividends: Jarir Marketing’s board nodded to a SAR 192 mn dividend payout for 2Q 2025 at SAR 0.16 per share set to be distributed by 20 August, it said in a separate disclosure.

ABDULLAH AL OTHAIM MARKETS-

Abdullah Al Othaim Markets’ net income inched up 0.7% y-o-y to SAR 41.1 mn in 2Q 2025, driven by higher sales, improved margins, and increased income from a renewed Dammam mall lease and associate companies, partly offset by higher expenses from new store openings, it said in a disclosure to Tadawul. Revenue was up 2.9% y-o-y to SAR 2.5 bn.

On a 1H basis, the company’s bottom line fell 24.9% y-o-y to SAR 117.5 mn while its topline grew 3.1% to SAR 5.7 bn.

ALSO- The company’s board nodded to a SAR 108 mn dividend distribution for 2Q 2025 at SAR 0.12 per share, with payouts scheduled for 17 September, it said in a separate disclosure to Tadawul.

SEERA GROUP HOLDING-

Homegrown travel giant Seera Group Holding saw its net income fall 72.9% y-o-y to SAR 19 mn in 2Q 2025, due to a one-off net adjustment of SAR 60 mn, it said in an earnings release (pdf). Meanwhile, Seera’s revenue rose 17.5% y-o-y to SAR 1.2 bn, driven by growth in its Portman Travel Group, Lumi car rental, and Almosafer travel platform.

On a 1H basis, Seera’s net income dropped 45% y-o-y to SAR 72 mn. Revenue rose 9.8% y-o-y to SAR 2.3 bn.

MEDGULF-

The Mediterranean and Gulf Ins. and Reins. Co. (MedGulf) fell to the red with a net loss of SAR 1.5 mn in 2Q 2025, down from a net income of SAR 33.6 mn the year prior, it said in a disclosure to Tadawul. Performance was weighed down by a 79.6% decline in net investment income and a 93.5% drop in other operating income due to a one-off gain from last year,

MEANWHILE- Ins. revenues increased by 17.2% y-o-y to SAR 1 bn, boosted by growth in the company’s medical and motor business.

On a 1H basis, net income dropped some 70% to SAR 18.2 mn, while revenue logged an 18.6% increase to SAR 2 bn.

DR. SOLIMAN ABDEL KADER FAKEEH HOSPITAL-

Dr. Soliman Abdel Kader Fakeeh Hospital’s net income grew 59% y-o-y to SAR 68.2 mn in 2Q 2025, supported by growth across its segments, lower finance costs, and higher finance income, according to an earnings release (pdf). Revenue climbed 24.1% y-o-y to SAR 811.8 mn, driven by a 16% increase in patient volumes, an improved business mix, and higher ambulatory services during the Hajj season.

On a 1H basis, the healthcare provider’s bottom line rose 30.9% y-o-y to SAR 135.5 mn, while revenue grew 13.4% y-o-y to SAR 1.5 bn.

MAHARAH HUMAN RESOURCES COMPANY-

Maharah Human Resources Company reported a 44.5% y-o-y drop in net income to SAR 28.4 mn in 2Q 2025, impacted by higher costs, reduced earnings from associates, and a SAR 10.5 mn loss from the discontinued Nabd logistics segment, according to a disclosure to Tadawul. Revenue, however, increased by 41.7% y-o-y to SAR 754.5 mn in the same period, aided by a 56% growth in its corporate segments and a 6% growth in individual segments.

On a 1H basis, the company’s net income declined 48.6% y-o-y to SAR 52.1 mn, and revenue rose 39.8% y-o-y to SAR 1.5 bn.

SAUDI GROUND SERVICES-

Saudi Ground Services saw its net income rise 26.7% y-o-y to SAR 99.4 mn in 2Q2025, supported by a SAR 23.8 mn decline in impairment losses, a SAR 14.7 mn actuarial gain, and a 9.3% reduction in admin expenses, according to a disclosure to Tadawul. Revenue edged up 0.4% y-o-y to SAR 688.9 mn during the quarter, driven by higher domestic and international flight operations.

On a 1H basis, the company’s net income climbed 31.7% y-o-y to SAR 197 mn, while revenue rose 1.5% y-o-y to SAR 1.4 bn.

CENOMI CENTERS-

Cenomi Centers’ net income rose 34.2% y-o-y to SAR 474.7 mn in 2Q 2025, supported by lower finance costs, improved operational efficiency, and higher fair value gains on investment properties, according to an earnings release (pdf).

Revenue edged down 0.7% y-o-y to SAR 582.6 mn, as the handover of Dhahran Mall’s first phase earlier this year offset underlying growth, which reached 7.2% y-o-y excluding the asset.

On a 1H basis, the company’s bottom line rose 29.3% y-o-y to SAR 697.3 mn while revenue inched up 0.1% y-o-y to SAR 1.2 bn.

NetApp taps Saeed Al-Zahrani for Saudi General Manager

US-based data infrastructure company NetApp appointed Saeed Al-Zahrani (LinkedIn) as General Manager for Saudi Arabia, according to a press release. Al-Zahrani brings nearly two decades of experience in Saudi’s technology sector to his new role, having previously held senior positions at Nutanix, Solutions by stc, Oracle, LinkedIn, and Hewlett Packard Enterprise.

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REMEMBER- NetApp set up its regional HQ in Riyadh in February. The firm, which has been active in Saudi since 2007, offers unified data storage, data management, and other AI-based data infrastructure solutions, according to its website.

Mawani signs SAR 500 mn bunkering agreement in Yanbu

LOGISTICS-

Mawani inks Yanbu bunkering agreement: The Saudi Ports Authority (Mawani) signed a SAR 500 mn agreement with the National Petroleum & Petrochemical Tanks & Pipeline Company (Petrotank) to build a fuel storage and marine bunkering hub at King Fahad Industrial Port in Yanbu, it said in a statement.

More details: The project will span 110k sqm under a 20-year lease, aiming to boost fuel services at the Red Sea port and attract more shipping traffic. Petrotank already runs a fueling station at the port, which has 114k cbm of storage.

SPACE-

NSG puts satellite data at Saudi’s fingertips: PIF-owned space services provider Neo Space Group (NSG) launched the Kingdom’s first Earth Observation (EO) data marketplace to meet rising demand for satellite imagery and geospatial data, according to a press release.

The details: The platform — built by UP42 — offers local and international users access to high-resolution imagery and automated data processing tools, and is expected to expand EO data access across key sectors including energy, infrastructure, environment, real estate, transport, mining, logistics, and agriculture.

ICYMI- NSG entered into a definitive agreement with Airbus Defense and Space last December to acquire UP42, and the acquisition was finalized last month.

CAPITAL MARKETS-

The board of United Electronics Company (eXtra) greenlit the sale of 1.25% (312.5k shares) of its subsidiary United International Holding Company (Tasheel) to boost public ownership liquidity ahead of Tasheel’s planned 200% capital increase via 47 mn bonus shares and an allocation of 3 mn shares for its employee incentive plan, it said in a disclosure to Tadawul.

Background: The move follows the June 2025 expiry of the lock-up period on eXtra’s 70% stake in Tasheel after its IPO on the Saudi Exchange in December.

Falling business investment could weigh on global growth, says OECD

Is a drop in business investment across OECD nations signaling a threat for global growth? The Organization for Economic Cooperation and Development released a study looking into Understanding the Weakness in Business Investment (pdf) through a cross-country analysis, revealing that a weak investment trend across the 38 member nations of the OECD is contributing to weak global productivity growth.

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After the global financial crisis of 2008, fixed investment fell sharply across many countries, especially those of the more developed OECD nations, with the ensuing recovery proving relatively modest, the report explains. Real business investment remains 23% below its pre-crisis trend, with only Israel and Portugal, out of 34 advanced economies the OECD tracked, having recovered and surpassed their pre-financial crisis net investment trajectories.

Insufficient aggregate demand and increased economic uncertainty appear to be the leading factors behind this shortfall, while more structural factors — most importantly the rising importance of intangible assets — are also linked to this lack of recovery, the OECD study explains. The recovery of the business investment environment was further muted by the COVID-19 pandemic. Shifts in corporate strategies — such as greater financialisation and prioritizing shareholder returns over capital expenditures — have also been linked to falling investment levels, the study shows. Meanwhile, the unpredictable rollout of Trump’s tariffs has further discouraged corporations from committing to significant spending plans.

How is this impacting global growth? If corporate spending on new projects and facilities does not pick up, countries will “not be able to sustain growth,” outgoing chief economist at OECD Álvaro Pereira told the Financial Times.

While no Arab nation is a member of the OECD, a drop in business investment still affects the region given the trade pacts and investment agreements between the two sides, so much of the OECD’s conclusions may impact us as well.

The OECD’s survey recommends a comprehensive set of policies to address the weakness in business investment. Key priorities include “reducing uncertainty through transparent, rules-based trade, tax, and regulatory frameworks, and tackling structural barriers to investment by enhancing competition, reducing regulatory burdens, addressing skills shortages and alleviating financing constraints” the organization said.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning — Japan’s Nikkei is leading the gains, up 0.9%. The Shanghai Composite, Hang Seng, and the Kospi also started off the day higher.

TASI	10,947	+0.2% (YTD: -9.1%)
MSCI Tadawul 30	1,410	+0.1% (YTD: -6.6%)
NomuC	26,710	-0.5% (YTD: -15.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	3,577	+0.2% (YTD: +15.9%)
ADX	10,330	0.0% (YTD: +9.7%)
DFM	6,156	-0.2% (YTD: +19.3%)
S&P 500	6,345	+0.7% (YTD: +7.9%)
FTSE 100	9,164	+0.2% (YTD: +12.1%)
Euro Stoxx 50	5,263	+0.3% (YTD: +7.5%)
Brent crude	USD 66.89	-1.1%
Natural gas (Nymex)	USD 3.09	+0.4%
Gold	USD 3,433	0.0%
BTC	USD 115,024	+0.8% (YTD: +22.9%)
Sukuk/bond market index	912.65	0.0% (YTD: +1.2%)
S&P MENA Bond & Sukuk	147.82	+0.2% (YTD: +5.6%)
VIX (Volatility Index)	16.77	-6.1% (YTD: -3.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 4.8 bn. The index is down 9.1% YTD.

In the green: Burgerizzr (+10.0%) Abo Moati (+10.0%) and Jadwa Reit Alharamain (+5.6%).

In the red: Riyadh Cement (-2.8%), Sinad Holding (-2.4%) and SGS (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% yesterdayon turnover of SAR 25.9 mn. The index is down 15.1% YTD.

In the green: Horizon Educational (+9.6%), Riyal (+7.2%) and Riyadh Steel (+7.2%).

In the red: Lana (-7.5%), WSM (-7.0%) and Horizon Food (-5.9%).

CORPORATE ACTIONS-

Riyadh Cement will distribute SAR 120 mn in banknote dividends for 1H 2025 at SAR 1 per share, according to a disclosure to Tadawul. The distribution date is set for 18 September.

My Morning Routine: Vijay Kavasseri, Operations Director at Musanadah Facilities Management

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Vijay Kavasseri, operations director at Musanadah Facilities Management: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Vijay Kavasseri (LinkedIn), operations director at Musanadah Facilities Management.

I’m Vijay Kavasseri, operations director at Musanadah Facilities Management and a fellow of the Institute of Workplace and Facilities Management (IWFM). I’ve spent over 20 years in the facilities management (FM) sector across the GCC, focused on operational strategy, client management, and service delivery. My work is driven by passion for operational excellence, team development, and continuous improvement in integrated FM solutions.

At Musanadah, I lead operations across the Kingdom, managing a team of more than 1.7k professionals. I oversee delivery, client relationships, and the overall performance of our operations. In 2024, our efforts were recognized when we were named Best FM Company in Saudi Arabia at the SBIS Awards.

We are scaling our operations at several major Vision 2030 developments, including AlUla, Jeddah Port, and King Abdullah Economic City. We’ve recently launched a new sustainability and energy optimization division, expanded our computer-aided facilities management capabilities, and are getting ready to launch a full-service home and property maintenance offering across the Kingdom.

Continuous improvement, curiosity, and resilience define my approach. I champion knowledge-sharing across the team and building a culture of performance benchmarking, pushing us to exceed expectations and deliver real results. I’m particularly interested in how IoT and predictive maintenance tools can transform FM. These insights help me drive smarter, more scalable, and sustainable service models across our operations.

Discipline remains a core constant in my personality. Whether it’s through structured team meetings or strategic planning, I believe preparation drives performance. Consistency in planning and execution helps drive performance and builds trust with clients and my team. That preparation and reliability are what keep us ready to deliver under pressure.

“It’s all about people”: Facilities management is built on relationships, and by focusing on trust and long-term partnerships, we’ve achieved near 100% client retention and growth that’s triple the market rate. It’s a simple but powerful reminder that people always come first.

Each morning starts at 7am. I have a short 15-minute commute to work, during which I listen to spiritual music to start the day feeling calm and centered. Once I’m at the office, I touch base with my core leadership team. It helps align priorities and ensure we are supporting frontline operations effectively.

My days are typically a mix of strategic reviews, client meetings, and performance monitoring. Staying current with FM industry news and regional developments is part of my routine. We rely on data, feedback, and trend analysis to adapt and improve. I try to remain accessible to the team and lead by example, always with an eye toward long-term value and consistency.

In the evenings, I usually head to the gym for an hour and then play 30 minutes of table tennis to help me stay sharp. After that, it’s dinner and downtime with a show on Netflix, Amazon, or StarzOn. I’m usually in bed by 10:30pm.

For work-life balance, I stay physically active. I like hiking in the Kingdom’s mountains, playing table tennis, and hitting the gym regularly. Being outdoors clears my mind, table tennis keeps me sharp, and time with my family is the best kind of reset. These activities keep me grounded and bring clarity to my thinking.

One book that’s stuck with me is Open, the autobiography of tennis legend Andre Agassi. It is honest, raw, and motivational. He opens up about everything — hair loss, marital struggles, pressure from his father — and how he dealt with it all. The biggest takeaway for me was the importance of resilience. That message continues to influence the way I approach challenges, both in work and in life.

CALENDAR

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

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

7 August (Thursday): Deadline for institutional investors to book a minimum of 50k shares and a maximum of roughly 800k shares each in Marketing Home Group IPO.

11-12 August (Monday-Tuesday): Monsha’at’s Jadeer Tour in Khobar, SME Support Center, Khobar.

19-20 August (Tuesday-Wednesday): Marketing Home Group IPO retail subscription period for investors to request 10k-250k shares each.

24 August (Sunday): Final allocations are due for Marketing Home Group IPO.

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.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

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.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

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.

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

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

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, 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

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

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.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, 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.
5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

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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