Entaj Foods’ IPO retail tranche closes 30.2x oversubscribed

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco considers bidding for Castrol lubricants business

Good morning, wonderful people. We’re rounding out the first workweek of Ramadan with a meaty issue that brings us news from capital markets, the world of debt, and sports.

IN TODAY’S ISSUE- Entaj Foods saw the retail tranche of its upcoming Tadawul IPO close 30.2x oversubscribed, reeling in SAR 1.4 bn in orders. Meanwhile, the Saudi National Bank is gearing up for a new Formosa bond issuance, and PIF’s events arm Sela signed an agreement with UFC and WWE owner TKO Group Holding to launch a new boxing promotion venture.

^^ The details on these stories and more are in this morning’s news well, below.

When do we eat? Maghrib is at 5:59pm today in Riyadh. You’ll have until fajr prayers at 4:52am tomorrow to finish your sohour.

HAPPENING TODAY-

GCC foreign ministers will meet today in Makkah for the Cooperation Council meeting, which is held every three months, according to state news agency SPA. The meeting will touch on topics including international developments and strategic relations. On the sidelines, joint ministerial meetings will also be held with officials from Egypt, Syria, Morocco, and Jordan.

⚠️WEATHER- There’s a chance of medium to heavy thunderstorms across most areas of the Kingdom until Thursday, including Madinah, Makkah, Jeddah, Al Taif, and Riyadh.

Riyadh: 28°C daytime / 13°C overnight
Makkah: 31°C daytime / 23°C overnight
Madinah: 28°C daytime / 20°C overnight

PSAs-

Businesses subject to withholding tax must file their February tax returns by Monday, 10 March via the Saudi Zakat, Tax and Customs Authority’s (Zatca) website, according to a statement. Missing the deadline could result in penalties of 1% of the unpaid tax for every 30 days of delay.

WATCH THIS SPACE-

#1- Saudi Aramco is reportedly mulling a bid for BP’s Castrol lubricants business, which could be valued at around USD 10 bn, Bloomberg reports, citing sources with knowledge of the matter. The play for a full or partial acquisition of the lubricants business could see Aramco to integrate it with its Valvoline unit, acquired for USD 2.65 bn in 2023. Deliberations are in early stages, with other bidders also expressing interest, according to Bloomberg.

Part of a wider Asian push: The potential acquisition would strengthen Aramco’s presence in fast-growing markets like India, the business information service notes. Aramco has been pursuing refining and chemical assets in Asia to expand its downstream operations, focusing on China, India, and Southeast Asia as its big growth markets. Filling stations and lubricant businesses give oil producers greater control over the energy value chain and access to key crude markets. Aramco has been in talks to acquire 10% stakes in Chinese petrochemical firms Hengli, Shandong Yulong, and Jiangsu Shenghong, as well as an undisclosed stake in Rongsheng Petrochemical.

#2- US-based data security solutions company Seclore inaugurated its headquarters in Riyadh, Trade Arabia reports. The company is partnering with Saudi cybersecurity regulators and local firms, including Saudi Paramount Computer Systems, NTT Data, Cipher, Tamkeen Intelligent, and Versos. It also launched its Secure 2030 initiative to help businesses and government entities protect sensitive data and comply with regulations.

#3- The share price of porcelain-maker HKC Ceramics, better known as Hedab Al Khaleej, fell 9.23% on its Nomu debut yesterday, closing at SAR 47.2 apiece, down from the final IPO price of SAR 52 per share. The Buraidah-based company took a 10.67% stake to market.

SPORTS-

A mixed bag for Saudi clubs in the first leg of the AFC Champions League Elite round of 16: Al Ahli will take home a 2-goal cushion after dispatching Qatari side Al Rayyan 3-1 in the first leg of the competition’s round of 16, while Al Nassr were held to a goalless draw at Iran’s Esteghlal. Meanwhile, Al Hilal need to turn around a 1-goal deficit after falling 1-0 to Uzbek side Pakhtakor away from home.

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THE BIG STORY ABROAD-

The Trump tariff continues to capture the attention of the foreign press: US President Donald Trump granted a 30-day tariff exemption for vehicles that comply with the United States Mexico Canada Agreement (USMCA), giving companies a brief window to adjust. The move follows a meeting between representatives from Ford, General Motors, and Stellantis and the Trump Administration — US automakers are scrambling to assess the impact of the tariff. (Reuters | Washington Post | AP | Bloomberg)

CLOSER TO HOME- Trump escalated threats against Gaza’s population, warning, “to the People of Gaza: A beautiful Future awaits, but not if you hold Hostages. If you do, you are DEAD.” He vowed there would be “hell to pay” if Hamas doesn’t release the Israeli hostages held in Gaza. The US President’s remarks came as Adam Boehler — Trump’s top hostage negotiator — held direct talks with Hamas officials in Qatar. The meeting comes as Israel and Hamas discuss extending the now-expired ceasefire. (BBC | AP | The Guardian)

MEANWHILE- German borrowing costs saw their biggest spike in nearly three decades following a EUR 500 bn debt agreement to boost military and infrastructure spending. (Financial Times | Reuters)

CIRCLE YOUR CALENDAR-

Coffee chain operator Ratio Specialty will ring the bell on Nomu next Sunday, 9 March, with its shares set to debut at SAR 10 apiece, according to a Tadawul statement. The company’s shares will be allowed to fluctuate within a 30% band on the first three days of trading, after which price fluctuations will be capped at 10% as circuit breakers take effect.

REMEMBER- Ratio is taking a 25% stake or 5 mn shares, to market in a secondary offering limited to qualified institutional investors, with proceeds from the sale earmarked to the selling shareholders, after deducting some SAR 2.6 mn to cover IPO-related expenses. The secondary offering was 8.6x oversubscribed. The final price implies a market cap of SAR 200 mn at listing.

Arabian Drilling is set to release its 2024 financial results next Wednesday, 12 March, it said in a disclosure to Tadawul. The earnings call will take place the following day at 3:30pm.

Entaj Foods’ Tadawul IPO sees strong demand from retail investors

Poultry producer Entaj Foods’ Tadawul IPO retail offering closed 30.2x oversubscribed, after some 499k investors booked SAR 1.4 bn in orders, it said in a statement (pdf). The firm is taking a 30% stake to market in a SAR 450 mn secondary offering, with the retail tranche accounting for 10% of the total offering.

REFRESHER- Entaj’s institutional offering sold out within hours of opening late last month and was 208.4x oversubscribed, with total orders hitting SAR 93 bn, pushing the firm to price its IPO at SAR 50 apiece — the top of its indicative price range — implying a market cap of SAR 1.5 bn at listing.

Ringing the bell: Once the listing wraps up, the company’s shares will be allowed to fluctuate within a 30% band on the first three days of trading, after which price fluctuations will be capped at 10% as circuit breakers take effect.

ADVISORS- SNB Capital is quarterbacking the transaction as lead manager and financial advisor, with STAT Law Firm providing counsel. SNB tapped White & Case to be its counsel. Meanwhile, PwC serves as a financial due diligence advisor, Euromonitor International as a market consultant, and EY as an auditor.

Receiving agents: Derayah Financial, Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Capital, ANB Capital, Alisthimar Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, Saudi Fransi Capital, and Yaqeen Capital.

THE IPO PIPELINE AHEAD-

Key Tadawul listings to watch out for in 2025:

The five-day retail bookbuilding period for Umm Al Qura Development and Construction’s SAR 2 bn Tadawul IPO wraps up on Sunday, 9 March.
The PIF’s Saudi Global Ports has tapped banks including Goldman Sachs and HSBC to arrange an upcoming IPO;
PIF-backed Tabreed District Cooling has also reportedly hired Citigroup and SNB Capital to manage a potential IPO on Tadawul;
Medical procurement firm Nupco — a unit of the PIF — has reportedly tapped Rothschild & Co as financial advisor for its potential Tadawul IPO;
Budget airline Flynas is reportedly looking to go public this year;
BNPL platform Tabby plans to IPO during the 2025-2026 window;
Local tech services firm Ejada Systems has secured approval from the Capital Markets Authority (CMA) last month to take a 45% stake to market.

Zooming out: A total of 38 companies and 22 funds are planning to list across the region this year, signaling continued investor confidence in MENA markets. Saudi Arabia is set to lead the charge with 26 upcoming public offerings, followed by the UAE (3 IPOs), Qatar (1 IPO), Egypt (5 IPOs), and Algeria (2 IPOs).

Saudi National Bank to list USD Formosa bonds in Taipei and London

The Saudi National Bank (SNB) is planning to issue five-year USD-denominated Formosa bonds, which will be listed on the Taipei and London stock exchanges, according to Al Arabiya. The bonds, which carry a final price guidance of 120 bps above SOFR, will be issued by SNB Funding and guaranteed by SNB, according to Zawya. The notes are rated A- by S&P and Fitch, with the settlement date set for 17 March.

SOUND SMART- Formosa bonds are foreign currency bonds issued by international entities and listed on the Taipei Exchange in Taiwan. The debt instruments have gained popularity due to Taiwan's low-interest-rate environment.

REMEMBER- SNB became the first Saudi bank to tap Taiwan’s Formosa market in July, issuing USD 500 mn in floating-rate notes under a USD 5 bn program, exceeding its USD 300 mn target. The bonds were priced at 120 basis points above the SOFR rate.

ADVISORS- Credit Agricole CIB Taipei branch, HSBC Bank (Taiwan), and KGI Securities are joint managers.

Sace considers USD 3 bn in additional backing for the PIF

Italy’s state export credit agency Sace could double its backing for PIF-led projects with an additional USD 3 bn following a new MoU they signed yesterday, the PIF said in a statement. The MoU will see the two sides “cooperate on sharing information and business expertise, with a focus on strategic sectors,” in addition to considering the USD 3 bn funding provision from Sace, the statement says.

ICYMI- The PIF recently secured EUR 3 bn in loan guarantees from Sace, which will be used to back a group of international banks that finance PIF companies. Italian Prime Minister Giorgia Meloni also visited the Kingdom in January, where she and Crown Prince and Prime Minister Mohammed bin Salman inked USD 10 bn worth of agreements.

Sela + TKO Group are creating a new boxing promotion venture

Saudi Arabia partners with UFC + WWE parent on new boxing venture: PIF’s entertainment and investments arm Sela, Saudi General Entertainment Authority Chairman Turki Al Alshikh, and US-based media conglomerate TKO Group Holdings signed a multi-year partnership to launch a new boxing venture that will serve as a platform for top boxers and emerging talent, according to a press release. TKO Group owns the UFC and WWE.

The details: The promoter is set to host its first event within the next year, Bloomberg said. TKO will oversee day-to-day operations and athlete development, including access to training, performance research, and rehabilitation through its UFC Performance Institute locations in Las Vegas, Mexico City, and Shanghai. Meanwhile, Sela will focus on promoting and delivering major boxing events.

Some challenges ahead? The organization could find it difficult to attract top talent as most athletes are already under exclusive contracts with major promoters, UFC President and CEO Dana White told the business information service.

SURJ EYES ATHLETICS INVESTMENT-

SURJ Sports Investments is reportedly considering investing in a new entity that World Athletics is looking to set up to manage athletics’ commercial rights, Reuters reports, citing people it said are familiar with the matter. SURJ — PIF’s sports investment arm — is reportedly in talks to acquire a piece of this company, which could be valued at USD 636 mn (GBP 500 mn). World Athletics is a Monaco-based international governing body for athletics, including track and field, cross country running, race walking, and other similar sports.

The details: World Athletics has received interest from organizations and financial institutions regarding partnerships, a spokesperson for the organization confirmed to Reuters, but declined to comment on SURJ’s involvement. Funds raised would help World Athletics expand the commercial side of the sport, including launching new events. The move comes as World Athletics seeks to “stay relevant” among new fans.

IN CONTEXT- The Kingdom’s sports sector contributed USD 6.9 bn to the Kingdom’s GDP in 2023 and is expected to add USD 16.5 bn annually (1.5% of GDP) by 2030, according to a report by Surj in December. SURJ Sports Investment picked up a minority stake in sports streaming service Dazn Group, last month, reports put the investment ticket at USD 1 bn.

Saudi Electricity Company’s bottom line dips + Dallah Healthcare net income rises in 2024

SAUDI ELECTRICITY COMPANY-

Saudi Electricity Company (SEC) reported a 33% y-o-y decline in net income to SAR 6.9 bn in 2024, weighed down by a payment to settle accounting discrepancies following a restructuring of the electricity sector, according to a disclosure to Tadawul. Meanwhile, revenue climbed 17.7% y-o-y to SAR 88.7 bn in the same period, driven by a higher weighted average cost of capital and regulatory asset base, in addition to growth in electricity production and customer base.

ALSO- The SEC’s board recommended distributing SAR 2.9 bn in dividends for 2024 at SAR 0.70 per share, it said in a separate disclosure. The payout date and eligibility criteria will be announced at an upcoming general assembly.

DALLAH HEALTHCARE-

Dallah Healthcare saw its net income rise 30.8% y-o-y to SAR 471.2 mn in 2024, according to a disclosure to Tadawul. Meanwhile, revenues rose 8.9% y-o-y to SAR 3.2 bn during the same period amid a boost in capacity and efficiency. Dallah also attributed its rising revenues to its expansion of Dallah Namar Hospital, as well as new Dallah Clinics it opened in Riyadh’s Al Yarmouk, along with “growth in the number of visits and inpatients as a result of the increased demand for healthcare services in the Makkah region, especially during the Hajj and Umrah seasons.”

DR. SOLIMAN ABDEL KADER FAKEEH HOSPITAL-

Dr. Soliman Abdel Kader Fakeeh Hospital’s net income grew 13.6% y-o-y to SAR 263.7 mn in 2024, fueled by lower interest expenses, after adjusting for a one-off SAR 38.2 mn finance income, according to an earnings release (pdf). At the same time, revenues were up 20% y-o-y at SAR 2.8 bn, driven by a rise in the number of patients, margins per patient, and operation and management contracts.

In the pipeline: The integrated healthcare conglomerate plans to add six new day-surgery units, 31 operating theaters, 124 clinics, and 740 beds with ongoing projects in Jeddah, Riyadh, and Makkah expected to roll out starting 1H 2025 until 1H 2028.

ALSO- The company’s board recommended the distribution of SAR 69 mn in dividends for 2024 at SAR 0.3 per share. The distribution date will be determined after the payout receives general assembly approval.

CITY CEMENT-

City Cement logged net income growth of 75.8% y-o-y to SAR 144.1 mn in 2024 and revenue growth of 46.1% y-o-y to SAR 520.8 mn, all thanks to a higher sales volume and average selling price, it said in a disclosure to Tadawul.

ICYMI- The company tapped Aramco in January to support the company’s transition from liquid fuel to natural gas, part of the government’s Liquid Fuel Displacement Program, helping it curb a 7% increase in production costs following the latest fuel pricing update.

GAS ARABIAN SERVICES-

GasArabian Services’ net income increased 39.9% y-o-y to SAR 114 mn in 2024, with revenue jumping 51.5% y-o-y to SAR 1.1 bn, it said in a disclosure to Tadawul.

DIVIDENDS- The company’s board is distributing SAR 36.2 mn in dividends for 2H 2024 at SAR 0.23 apiece, it said in a separate disclosure. Distribution is scheduled for Wednesday, 26 March.

MOUWASAT MEDICAL SERVICES CO.-

Mouwasat Medical Services reported a 1.8% y-o-y decline in net income to SAR 645.8 mn in 2024, impacted by higher operating costs at Mouwasat LTC in Madinah and increased hedging of customer balances, according to a disclosure to Tadawul. Revenues rose 6.4% y-o-y to SAR 2.9 bn during the same period, driven by higher outpatient visits, increased occupancy rates, and improved contractual terms with customers.

Saudi now has an investment marketing authority

The Saudi Investment Marketing Authority gets the green light: The cabinet approved the regulation of the Kingdom’s Investment Marketing Authority (IMA) during its weekly meeting on Tuesday, state news agency SPA reported.

REFRESHER- Cabinet had signed off on establishment of the IMA in 2022, replacing the former investment marketing agency and investor outreach agency.

The IMA aims to drive foreign direct investment (FDI), support national investors, and boost economic growth, Al Arabiya quotes Investment Minister Khalid Al Falih as saying. The newly-minted authority will promote potential investments in the Kingdom, with a focus on key sectors like technology, manufacturing, tourism, logistics, renewable energy, healthcare, education, and real estate.

Cabinet also approved the Saudi-Egypt Agreement on Promotion and Mutual Protectionof Investments that is expected to help protect Saudi investors as they ramp up investment in Egypt. The agreement is expected to bring upwards of USD 10 bn in bilateral investments over the next three years.

Saudi German Hospital Dubai sets vascular screen world record

SaudiGermanHospital Dubai (SGH Dubai) secured a Guinness World Record entry for completing 879 vascular health screenings in 12 hours, it said on LinkedIn. “The hospital aimed to break this Guinness World Record to raise awareness on cardiovascular health and emphasize the importance of early detection and prevention,” the Guinness World Records said.

EFGHolding obtained the ISO 20000 certification in IT service management, it said in a press release. This certification is in line with industry standards such as BS 15000 (a British national standard), ITIL v4 (Information Technology Infrastructure Library), and COBIT v5 (Control Objectives for Information & Related Technologies). The company already holds the ISO 27001 certification for Information Security Management.

Jeddah’s Dr. Soliman Fakeeh Hospital topped the Kingdom’s private hospitals ranking on Newsweek’s World’s Best Hospitals list for the fourth year in a row, it said in a disclosure to Tadawul. Meanwhile, the hospital landed in the second spot among private and public hospitals across the Kingdom, behind King Faisal Specialist Hospital and Research Center.

SIDF and Ashmore launched Saudi’s first industrial private equity fund

INVESTMENT WATCH-

#1- Saudi is getting its first private industrial investment fund: The SIDF Investment Company (SIC) and London-based asset management firm Ashmore agreed to set up Saudi Arabia’s first private industrial investment fund, with a target size of SAR 400 mn, SIC CEO Fahad Alnaaem said on LinkedIn.

About SIC: The company was established in November by the Industry and Mineral Resources Minister Bandar bin Ibrahim Al Khorayef with an initial capital of SAR 2 bn to promote private investment in energy, mining, and logistics projects.

#2- Hassana Investment Company and Warburg Pincus will work together to explore potential partnerships and investment avenues to boost the Kingdom’s growth, after Saudi Arabia’s USD 320 bn pension fund manager and the New York-headquartered private equity firm signed an MoU, according to a press release. The move comes as Warburg plans to expand its footprint in the region, Bloomberg said.

#3- Saudi Venture Capital invested an undisclosed amount in Artal Capital’s private equity fund, Artal Growth Opportunities Fund, according to a press release. The fund provides capital and expertise to help high-growth companies expand, improve governance, and scale operations, with a focus on tech-driven businesses in Saudi Arabia and the GCC. No further information was disclosed.

ENERGY-

Umm Al Qura Cement’s Radwan plant will get a new electricity substation under an agreement signed with Saudi Electricity Company’s subsidiary National Electricity Transmission, it said in a disclosure to Tadawul. The new station — to be developed as part of the company’s liquid fuel substitution program — will boast a 37.5 megavolt-ampere (MVA) load capacity. No timeline or investment ticket was disclosed.

HEALTHCARE-

Jeddah gets Alcon’s first eye care training center in MEA: Swiss-based eyecare company Alcon opened its first Alcon Experience Center in the Middle East and Africa (MEA) in Jeddah to train eyecare professionals and improve ophthalmic surgery in the region, according to a press release. The center will provide hands-on training, mentorship, and access to advanced surgical technologies. As part of the launch, Alcon signed agreements with King Fahd University Hospital, National Guard Hospital, Magrabi Eye Hospitals, and Ohud Hospital to support ophthalmic education.

INS.-

Malath Cooperative Ins. received an A- credit rating with a stable outlook from SIMAH Rating Agency-Tassnief, it said in a disclosure to Tadawul.

AVIATION-

US-Bangla Airlines will run direct flights between the Bangladeshi capital Dhaka and Riyadh starting 21 April, with five weekly flights, it said on LinkedIn. Flights will be priced at BDT 54.1k for a one-way ticket and BDT 82k for roundtrips.

REMEMBER- The Saudi General Authority of Civil Aviation gave the Bangladeshi air carrier the green light back in August to operate daily flights between Dhaka and Jeddah.

Private equity industry’s AUM fell for the first time in decades amid liquidity crunch

Global private equity fundraising took a hit in 2024, with buyout funds securing 23% less capital than the previous year as the tighter rate environment and a slowdown in exits led to weaker capital distributions, prompting LPs to scale back new commitments, according to Bain & Company’s global private equity report (pdf). “While global buyout AUM has tripled over the past decade, distributions as a percentage of net asset value have fallen from an average of 29% from 2014 to 2017 to 11% today,” the report reads.

Global buyout assets under management (AUM) dipped for the first time on record — since Bain began tracking industry assets in 2005 — to USD 4.7 tn as of June 2024, down 2% y-o-y.

Still, 2024 saw higher buyouts, more exits: The total value of buyouts was up 37% y-o-y to USD 602 bn last year (excluding add-on transactions) with an increase in transaction count. Exits were also up 34% with transactions worth a total of USD 468 bn, with an increase in exit count over the same period, according to the report.

The number of closed funds dropped, and over a third of those that did close had been fundraising for two years or more. Limited partners (LPs) prioritized established firms with strong track records, making it tougher for smaller or newer funds to attract capital, Bain said.

The key takeaway: GPs will need to differentiate themselves through operational value creation rather than relying on financial engineering, Bain advised. Mega-funds and sector specialists are expected to lead in fundraising, while generalist strategies are more likely to face headwinds, according to the report.

“That spells a clear mandate for GPs: If you can’t offer investors a differentiated value proposition, raising your next fund is going to be a serious challenge,” according to the report.

GPs have already started to get creative, leveraging minority stake sales, dividend recaps, secondaries, and NAV loans — strategies that have already generated USD 360 bn last year without full divestments.

A bumpy year ahead: “It won’t all be better in 2025 [...] it's a three- or four-year problem,” Chair of Bain’s global private equity practice, Hugh MacArthur told the Financial Times, adding that “the pace of liquidity coming back to [fund investors] continues to be stressed.”

MARKETS THIS MORNING-

Asian markets opened higher this morning, tracking gains on Wall Street following US President Donald Trump’s decision to delay tariffs on some automakers. Japan’s Nikkei and the Topix were both up nearly 0.8%, while South Korea’s Kospi was up 0.6% and Hong Kong’s Hang Seng was up 2% on the back of rallying tech stocks.

Over on Wall Street, futures are dipping slightly as a volatile week of trading nears its end.

TASI	11,899	-0.3% (YTD: -1.1%)
MSCI Tadawul 30	1,499	-0.1% (YTD: -0.7%)
NomuC	31,555	+0.1% (YTD: +0.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,876	+0.4% (YTD: +3.8%)
ADX	9,557	-0.4% (YTD: +1.5%)
DFM	5,313	-0.8% (YTD: +3.0%)
S&P 500	5,843	+1.1% (YTD: -0.7%)
FTSE 100	8,756	0.0% (YTD: +7.1%)
Euro Stoxx 50	5,489	+2.0% (YTD: +12.1%)
Brent crude	USD 69.39	-2.3%
Natural gas (Nymex)	USD 4.47	+2.9%
Gold	USD 2,926	+0.2%
BTC	USD 90,217	-3.1% (YTD: -3.5%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 5.6 bn. The index is down 1.1% YTD.

In the green: Saudi German Health (+6.4%), Care (+4.5%) and Advanced (3.7%).

In the red: Walaa (-10.0%), Nice One (-9.9%) and Fakeeh Care (-9.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% yesterday on turnover of SAR 39.3 mn. The index is up 0.3% YTD.

In the green: Nofoth (+11.6%), Al Rasheed (+9.5%) and Al Modawit (+9.5%).

In the red: Knowledge Tower (-13.6%), Hkc (-9.2%) and Dar Al Markabah (-8.8%).

CORPORATE ACTIONS-

United Electronics Company (eXtra) is distributing SAR 240 mn in dividends for 2H 2024 at SAR 3 apiece, it said in a disclosure to Tadawul. Distribution is scheduled for Monday, 7 April.

Al Yamamah Steel Industries’ board approved the distribution of SAR 25.4 mn in dividends for 9M 2024 at SAR 0.5 per share, according to a regulatory filing (pdf). Distribution is scheduled for Thursday, 24 March.

Nofoth for Food Products’ board approved a 100% capital increase via bonus shares, doubling the company's capital to SAR 96 mn by issuing one bonus share for each owned share, it said in a disclosure to Tadawul. The increase is being funded through SAR 48 mn from retained earnings. The capital increase is pending regulatory and general assembly approval.

CALENDAR

MARCH

1-30 March: Ramadan.

5-9 March (Wednesday-Sunday): Retail bookbuilding period for Umm Al Qura for Development and Construction’s Tadawul IPO.

10 March (Monday): Deadline for businesses subject to withholding tax to file their February tax returns.

13 March (Thursday): Final allocation of shares for Umm Al Qura for Development and Construction’s Tadawul IPO.

16 March (Sunday): Surplus refunds for Umm Al Qura for Development and Construction’s Tadawul IPO.

17 March: Settlement date for Saudi National Bank’s USD-denominated Formosa bonds.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March-3 April (Monday-Thursday): Eid Al Fitr (TBC).

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

31 March (Monday): Deadline for applying to the World Intellectual Property Organization (WIPO) Global Awards 2025

APRIL

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), Riyadh.

23 May (Friday): Guns N’ Roses Show, Riyadh.

31 May-5 June (Saturday-Thursday): Hajj.

JUNE

6-9 June ( Friday-Monday): Eid Al Adha.

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

26 June (Thursday): 2024-2025 academic year ends.

30 June (Monday): Deadline for Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca).

JULY

July: The World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

AUGUST

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER

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

NOVEMBER

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

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear Emergencies, Riyadh.

4-13 December (Thursday-Saturday): Red Sea International Film Festval, Jeddah.

December: The Fortune Global Forum 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

2026

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

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

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

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.

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