Everything you need to know about the Future Investment Initiative forum

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WHAT WE’RE TRACKING TODAY

THIS MORNING: MC4 hits the Tadawul today

Good morning, ladies and gentlemen, and welcome to a very busy morning for the Kingdom. We have a flurry of IPO news to go along with the Future Investment Forum, which began its precursor events yesterday but officially gets underway this morning. Let’s jump right in.

HAPPENING TODAY-

#1- Shares of Fourth Milling Company (MC4) will begin trading on Tadawul’s main market today, according to a Tadawul statement. MC4’s shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The company priced its 30% stake IPO at the top of its indicative price range at SAR 5.30 per share, after its institutional offering was 119x oversubscribed and its retail offering was 3.9x oversubscribed. The pricing would give MC4 a market cap of SAR 2.9 bn at listing and should see it raise some SAR 858.6 mn in IPO proceeds.

#2- The Future Investment Initiative (FII) Conference formally kicks off this morning and runs until Thursday, 31 October. The conference is led by Public Investment Fund Governor Yasir Al Rumayyan.

Precursor events already underway: The conference includes “external engagements,” which began earlier this week. We have all the details of what’s on the agenda for today and a rundown of key statements in this morning’s news well, below.

WEATHER- A rainy Riyadh is looking at a high of 29°C and a low of 28°C today. Over in Jeddah, the temperature will peak at 34°C and hit a low of 28°C amid thunderstorms. Madinah will also see moderate rainfall, with a high of 33°C and a low of 23°C.

GIGAPROJECTS-

Neom’s first project is now open: Neom officials inaugurated Sindalah Island yesterday, making it the first project from Neom to be opened, according to a press release. Located 5 km off the Neom coastline, the 840k sqm island aims to be a premier resort for yacht owners from Europe and the GCC.

About the project: Designed by Luca Dini, it will accommodate up to 2.4k guests daily by 2028 and features an 86-berth marina and a yacht club. The island offers 38 dining options, a beach club, and a golf club with a world-class course. Guests can choose from 440 rooms, 88 villas, and 218 luxury serviced apartments, with booking details to be announced soon.

We knew this was coming: A “handpicked” group of global financiers, entertainers, and influencers were invited to preview the luxury resort island earlier this week, ahead of the Future Investment Initiative (FII) which kicks off today.

And a map to boot: The Red Sea Authority and the General Authority for Survey and Geospatial Information released the first nautical map for the Sindalah island in a bid to safeguard surrounding marine life and allow for safer navigation around the island, according to a post on X.

PSAs-

Gov’t opens the door for investments in national parks: The National Center for Vegetation Cover Development and Combating Desertification is now receiving seasonal investment bids for developments in national parks in the Al Baha, Makkah, and Hail regions, it said in a statement. The center is looking for investments in camping, caravans, restaurants, and cafes, temporary sports clubs, and paragliding.

WATCH THIS SPACE-

#1- The Kingdom’s financing needs are attracting big banks (again): Barclays Plc is mulling a re-entry into Saudi in a bid to capitalize on its growing need to access global capital markets, CEO C.S. Venkatakrishnan tells Bloomberg. “We will consider corporate banking work, but investment banking and trading will be the focus,” Venkatakrishnan tells the business information service. The PIF had previously tapped Barclays for its inaugural GBP bond sale, which saw it raise GBP 650 mn.

#2- UK-based ins. broker WTW secured a license to operate in Saudi Arabia, according to Reins. News. The company appointed Talal Omar Bahafi (LinkedIn), former CEO of Chubb Arabia Ins. Company, as the new Head of Ins. Broking at WTW Saudi Arabia.

#3- The Saudi Water Partnerships Company (SWPC) plans to award eight water projects worth SAR 30 bn over the next 12 months under a public-private partnership model, the company’s CEO Khaled Al Qureshi was quoted as saying by Zawya.

More to follow: SWPC also plans to offer an additional 10 projects worth around SAR 15 bn over the coming three years, Al Qureshi said. The returns on investment for the 18 projects is expected to range between 7-10%, he added.

DATA POINTS-

#1- The Tadawul All Share Index (TASI) fell 0.2% w-o-w, with SAR 24.8 bn in turnover by the end of last week, according to a weekly report from the exchange.

Al Rajhi was the most traded in terms of value at SAR 1.9 bn in weekly turnover, with shares rising 3% over the week. Saudi Aramco came in second at SAR 968.5 mn in trade volume and a 0.2% uptick in share value. Al Baha was the third-most traded stock at SAR 845.8 mn in trading volumes and a 3.7% bump to share price. Chemanol and Rasan were the top gainers, seeing their shares rise by 10.4% and 8.3% each.

Investor mix: Saudi institutional investors traded SAR 6.1 bn-worth of shares, while Saudi individual investors’ turnover came in at SAR 28.7 bn. Meanwhile, turnover from qualified foreign investors came in at SAR 13.2 bn and GCC institutional investors’ turnover was SAR 369.9 mn, according to Tadawul’s weekly stock market ownership and trading activity report (pdf).

#2- The Kingdom allocated 331k hectares for grain cultivation in 2023, of which 323k hectares were harvested to produce 1.75 mn tons, according to the latest figures (pdf) from the General Authority for Statistics. Wheat accounted for 63.4% of the grain-cultivated areas, yielding 1.31 mn tons, making it the dominant crop. Meanwhile, Al Jouf came on top with 62k hectares of grains.

SPORTS-

Al Nassr’s flagship store is now open: Al Nassr opened the doors to its flagship store at U Walk Riyadh in partnership with Cenomi Centers, according to a press release. The store sells official club merchandise and features a cafe.

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THE BIG STORY ABROAD-

It’s a busy morning in the foreign press today, as the situation in Gaza looks increasingly dire and the US elections race continues to heat up.

Israel has moved to ban UNRWA from the country, effectively barring humanitarian aid from the largest aid provider to Gaza and the Palestinians. Several countries — including Germany, the UK, and Belgium — condemned the move. (The Guardian | CNN | Reuters | AP)

Uncertainty over the prospects of a ceasefire continues: Israeli Prime Minister Benjamin Netanyahu said he is open to a short truce in Gaza if they could agree on a small hostage swap agreement, though he also denied having received a proposal from Egypt, saying if he had, he would have accepted it on the spot. Egyptian President Abdel Fattah El Sisi had said a day earlier that he had proposed a two-day ceasefire to exchange hostages, ahead of a 10-day stretch of negotiations for a permanent ceasefire. (Bloomberg | Reuters)

Meanwhile, Netanyahu is pledging to strike more peace agreements with Arab countries in the “day after” the war, Reuters reports.

The situation on the ground: Palestine’s emergency services have warned of 100k Palestinians trapped in Jabalia without food or medical supplies, while in Lebanon, at least 60 were killed in the eastern Bekaa valley yesterday.

The Donald is appealing to religious voters in swing state Georgia as early votes kick off, while Kamala Harris doubled down on her criticism of Trump following a rally of his that saw speakers make racist remarks against Puerto Rico. (Reuters)

IN BUSINESS NEWS- Rivalry between Big Tech heats up: Microsoft is accusing Google of backing a lobbying group designed to undermine its position with competition authorities and that it runs shadow campaigns against Microsoft, while the coalition — the Open Cloud Coalition — claimed it was focus on openness in cloud services, and Google claimed Microsoft is engaging in anti-competitive practices. (Financial Times)

CIRCLE YOUR CALENDAR-

WWE Raw is coming to Riyadh for the first time ever on next Saturday and Sunday, 2-3 November, kicking off on the back of the WWE Crown Jewel event the day prior, Turki Alalshikh said in a post on X. You can book your Raw tickets here, and your Crown Jewel tickets here.

The two-day Road Safety and Sustainability Conference and Exhibition will open its doors next Sunday, 3 November, bringing global experts together to discuss technological advancements, AI applications, and sustainability in the transport sector.

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

Cenomi Centers commodities Federation of Saudi Chambers Fourth Milling Company National Center for Vegetation Cover Development and Combating Desertification (NCVC) NEOM Saudi Water Partnerships Company (SWPC) Saudi-UAE relations Sindalah sports Tadawul Transport General Authority WHAT WE’RE TRACKING TODAY

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Investment Watch

What you need to know about the Future Investment Initiative forum

The Future Investment Initiative (FII) formally kicks off in a few hours at the King Abdulaziz International Conference Center in Riyadh, following “external engagements” that began earlier in the week. The PIF-backed event will see world leaders, policymakers, and industry executives talk finance, banking, economic policy, climate, among other topics. You can check out the agenda (pdf), or you can tune in to the live broadcast here. Here’s what to look for on Day 1:

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Geo-economics panel: Chaired by PIF Governor Yasir Al Rumayyan, the discussions will examine how leaders can create effective economic systems amid changing global dynamics. Key speakers include Moderna CEO Stéphane Bancel; BlackRock CEO Larry Fink; Citadel founder and CEO Kenneth C. Griffin; Alphabet & Google President and CIO Ruth Porat; former Google CEO and Chairman Eric Schmidt; and Blackstone Group Co-Founder and CEO Stephen A. Schwarzman.

Banking + investment: This panel will focus on evolving financial strategies in light of the IMF’s forecast of global inflation declining to 4.5% by 2025. Islamic Development Bank Group Chairman Muhammad Al Jasser will lead this panel. Key speakers include Citi CEO Jane Fraser; Morgan Stanley CEO Ted Pick; Goldman Sachs Chairman and CEO David Solomon; Apollo Global Management Co-Founder and CEO Marc Rowan; and Carlyle CEO Harvey M. Schwartz.

The future of energy: This panel features ACWA Power Chairman Mohammad Abunayyan, Aramco President and CEO Amin Nasser, and EDF Chairman and CEO Luc Rémont, and will focus on clean energy and decarbonization. S&P Global Vice-Chairman Daniel Yergin will moderate.

The policymakers in the house: Investment Minister Khalid Al Falih will discuss fostering growth amid economic challenges at a panel that will look at everything from monetary policy to AI and how these developments play into growth. Key speakers include India’s Commerce and Industry Minister Piyush Goyal; Turkey’s Treasury and Finance Minister Mehmet Şimşek; and the UK's Minister of State for Business and Trade Douglas Alexander.

Looking at the Global South: Tourism Minister Ahmed Al Khateeb will be chairing a panel addressing Global South's role in global growth, featuring Hong Kong’s Financial Secretary Paul Chan.

FROM THE FORUM YESTERDAY-

Al Jadaan talks investment in Africa: Saudi private sector investments in Africa could reach USD 25 bn over the next decade, with USD 5 bn already underway in various projects, Al Eqtisadiah quotes Finance Minister Mohammed Al Jadaan as saying on “Day 0” of the forum. In a separate panel, Al Falih stated that Saudi investments and development aid in Africa have risen to USD 45 bn, spanning multiple countries, it added.

UIHC sets price range as its Tadawul IPO sells out within minutes

United International Holding Company (UIHC) is guiding on a price range of SAR 120-132 per share for its IPO on Tadawul’s main market, according to a statement (pdf) issued yesterday after the institutional tranche of the offering was fully covered within minutes of order books opening, Bloomberg reports. UIHC — the financial services arm of United Electronics Company (eXtra) — is selling a 30% stake in its IPO.

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Cornerstone investors secured: UIHC and eXtra secured binding commitments from Zamil Group Investment, A.K. Al Muhaidib & Sons, and Tawuniya, with each cornerstone investor subscribing to 390.6k shares apiece. Collectively, the cornerstone investors have committed to snapping up 1.2 mn shares at the final IPO price, representing 4.7% of UIHC’s share capital and 15.6% of the offering.

Proceeds + market cap: At the top of the range, the IPO would raise SAR 990 mn, giving UIHC a market cap of up to SAR 3.3 bn at listing, the statement said. Selling shareholder eXtra will pocket all of the proceeds after setting aside some SAR 37 mn to cover IPO related expenses. Some of the funds will be channeled towards “repaying a part of eXtra’s debt estimated at SAR 190 mn,” eXtra CEO Mohamed Galal had said in April. Major shareholders eXtra and wholly-owned eXtra Bahrain are barred from selling down their positions for a six-month period starting from the first day of trading.

Book building for institutional investors will continue for another week: Institutional investors will be able to subscribe to 100% of the offering, booking a maximum of 1.25 mn shares and minimum of 50k shares each until next Monday, 4 November. The final IPO price will be set at the end of the institutional book building process, the statement said.

Retail investors will follow: Subscriptions for retail investors will run for two days beginning on Tuesday, 19 November with the tranche allocated 10% of the offering, subject to sufficient demand. Retail investors are capped at a maximum of 250k shares, and a minimum of 10 shares each. The final allocation of shares is set to take place no later than Monday, 25 November. Excess funds will be refunded by Thursday, 28 November.

FY 2023 earnings snapshot: UIHC’s net income grew 10% y-o-y to SAR 212. 2 mn in 2023, according to audited financial results published in the offering’s prospectus. Revenues were up 25.6% at SAR 523.9 m over the same period.

ADVISORS- Our friends at HSBC Saudi Arabia are quarterbacking the transaction as sole financial advisor and lead manager, while also acting as joint bookrunners and underwriters with the good folks at EFG Hermes KSA. The Law Firm of Salah Al Hejailan will provide counsel to the issuer, with Freshfields Bruckhaus Deringer providing counsel to the issuer outside of the Kingdom. Meanwhile, EY was appointed as financial due diligence advisor, and PwC as auditor. Receiving against include, SAB Invest, Al Rajhi Capital, BSF Capital, Alinma Investment, and Riyad Capital, among others.

Arabica Star to IPO a 25% stake on Nomu

Arabica Star is taking a 25% stake (representing 275k shares) to the Nomu parallel market, it said in a prospectus (pdf). The restaurant operator lined up Capital Market Authority approval in September.

Post-IPO structure: Hammoud Mohammed Saleh Al Hamoud will be selling down his 99% stake to 79.9% and Qamasha Ibrahim Abdulaziz Al Hamid’s ownership will be reduced to 0.08% from 0.1%.

Use of proceeds: SAR 2.5 mn of the proceeds will go to covering IPO-related expenses. The rest of the proceeds will be channeled towards establishing a central kitchen and opening new branches.

Subscription limits: Qualified investors will be able to subscribe to 100% of the offering with a minimum of 10 shares and a maximum of 68.7k shares.

The timeline:

Qualified investors will be able to place their orders starting Sunday, 17 November until Thursday, 21 November.
The final allocation of shares will take place on Tuesday, 26 November
Any excess subscription fees will be refunded by Thursday, 28 November

About Arabica Star: Founded in 2012 in Buraidah, Arabica Star operates coffee shops and restaurants. Its activities include dine-in restaurants, takeout services, food trucks, coffee shops, ice cream parlors, and fresh juice bars. The company manages seven sub-registers across Riyadh, Buraidah, Al Rass, and Unaizah.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager with RSM as bookrunner. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, BSF Capital, SAB Invest, Alkhabeer Capital, and Sahm Capital.

Purity Tech prices Nomu IPO at the top of the guidance range at SAR 8 a piece

Naqawa for Information Technology (Purity Tech) priced its Nomu IPO at the top of its guidance range at SAR 8 per share, according to a disclosure to Tadawul from the IPO’s financial advisor and lead manager Yaqeen Capital. The final pricing will see the firm raising SAR 24 mn in IPO proceeds, with a market cap of SAR 120 mn at listing, according to our calculations. The offering was 5.97x oversubscribed, the disclosure read.

REFRESHER- The Riyadh-based tech company offered a 20% stake — equivalent to 3 mn shares — to qualified investors for listing on Tadawul’s parallel market during a subscription period that ran between Wednesday, 16 October and Tuesday, 22 October.

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Use of proceeds + lockup: The funds are earmarked for the firm’s expansion. Major shareholders prohibited from selling down their positions for 12 months post-listing.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager. Receiving agents include Al Rajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, Alistithmar Capital, Alinma Investment, AlJazira Capital, ANB Capital, SAB Invest, Derayah Financial, BSF Capital, and Alkhabeer Capital.

Local startup TGE lands USD 500k investment from Adaverse

Homegrown Web3 environmental startup Tharawat Green Exchange (TGE) secured a SAR 1.7 mn (USD 450k) investment from Singapore-based VC and accelerator Adaverse, according to a statement from the fund.

Use of proceeds: TGE plans to apply the raised funds towards obtaining Verra certification, which will validate the startup’s carbon crypto for trade in the global market. The funds will also be channeled towards developing infrastructure and blockchain technology, as well as sales and marketing. The green startup is also eyeing a further SAR 1.5 mn investment to prod along product development, technology infrastructure, and market penetration, the statement reads.

The pitch: Founded in 2023 by Yakeen Alzaki (LinkedIn), Yasser Alobaidan (LinkedIn) and Hassan Al Redha (LinkedIn), TGE uses blockchain technology to promote transparency while matchmaking between carbon offsetters and Saudi-based land projects and tree nurseries. The platform looks to support initiatives to plant 10 bn trees in Saudi by 2040, while also promoting economic growth and environmental goals. It is presently restricted to projects within the Kingdom, but also has plans to tap a USD 1 tn global market that is anticipated to grow at 6% y-o-y.

Adaverse is doubling down on the local startup scene: The VC fund has earmarked USD 10 mn for investments in Saudi up-and-coming Web3 platforms throughout this year, marking its first investment in a Saudi startup in January with support for fintech Takadoe. This was followed by contributions to fintech UmrahCash and loyalty platform aggregator Mithu, with both startups bagging USD 500k in investments from Adaverse.

IN OTHER STARTUP NEWS-

PIF invests in Germany chauffeuring startup: Luxury chauffeuring startup Blacklane raised investments from the Public Investment Fund (PIF) and others as part of its series G funding round, Bloomberg reports, citing a statement it received. No details were provided on the PIF’s investment size or value, but the business information service reports that the round values the startup at more than EUR 500 mn.

Blacklane’s plans for Saudi: The startup reportedly plans to “launch fleets of electric vehicles in several key cities and train female and male chauffeurs,” according to Bloomberg.

FII in the spotlight + Women in industry get ink

The Future Investment Initiative Forum, dubbed “Davos in the Desert,” is leading the conversation on Saudi in the foreign press, with Bloomberg expecting significant agreements and discussions on Vision 2030 amid rising regional tensions.

Rising debt: Saudi has emerged as one of the largest issuers in emerging markets for 2024, Bloomberg reports, with the Kingdom issuing around USD 50 bn in bonds. The increased debt activity comes on the back of budget deficits, low oil prices, and slower-than-desired foreign direct investment, the business information service says.

The Financial Times is out with a story highlighting how Saudi women are breaking barriers in industries like manufacturing, with women’s labor participation rates jumping to 35.8%, well ahead of the Kingdom’s 30% goal.

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Retal to develop 947 housing units in Riyadh

REAL ESTATE-

Retal Urban Development Company secured SAR 947.6 mn land purchase agreements from the National Housing Company to build 947 residential units in Riyadh’s Al Khozam suburb, according to a disclosure to Tadawul. The units are expected to be completed over 55 months.

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DEBT WATCH-

Stationary and office supplies distributor Pan Gulf Marketing secured a SAR 135 mn, one-year Shariah-compliant loan from Banque Saudi Fransi to finance its working capital needs, it said in a disclosure to Tadawul. No guarantees were required for this financing.

AVIATION-

Saudia launched its first flight from Dammam’s King Fahd International Airport to Beijing in China, according to a press release. The national flag carrier will operate flights twice a week in each direction on the new route. Dammam joined Jeddah and Riyadh as the third Saudi city with direct flights to Beijing, bringing the total capacity to 1.3k seats across four weekly flights.

INFRASTRUCTURE-

The Environment, Water and Agriculture Ministry has broken ground on 73 projects in Asir Province, worth SAR 5.2 bn, it said in a post on X.

HOSPITALITY-

Tourism Enterprise Company (Shams) received board approval for a SAR 243.8 mn investment in Sedco Capital-Ajdan Fairmont Fund, it said in a disclosure to Tadawul. The private equity fund, which boasts a capital of SAR 445 mn, aims to back the construction of a 160-room Fairmont hotel in Al Khobar — to be developed by Ajdan Real Estate. The seven-year fund is expected to generate 12.26% in return on investment.

MANUFACTURING-

Makeen partners with Kongsberg to localize water jets production: Saudi Engine Manufacturing Company (Makeen) signed an MoU with Norwegian marine technology company Kongsberg Maritime to support the assembly, manufacturing, and distribution of Kongsberg’s water jets in the Kingdom, state news agency SPA reports.

Boeing kicks off massive share sale as it looks to dodge junk credit rating

Boeing is planning a USD 19 bn share sale that will see the embattled planemaker offering up 90 mn ordinary shares and USD 5 bn in depositary shares, the company said yesterday in a filing to the US Securities and Exchange Commission. The offering — which could land Boeing up to USD 21.8 bn in proceeds when factoring potential over allotments — comes as it looks to shore up liquidity and prevent its credit rating from descending to junk status, Bloomberg reports.

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The proceeds of the share sale will go towards general corporate purposes, “which may include, among other things, repayment of debt, additions to working capital, capital expenditures, and funding and investments in our subsidiaries,” the aerospace giant said in its filing. Boeing will likely funnel some of the fresh funds towards restarting and scaling production once an agreement is hammered out to end an ongoing worker walkout.

Market reaction: The company’s shares closed down 2.8% yesterday at USD 150.69 apiece.

REFRESHER- Boeing unveiled plans earlier this month to raise up to USD 25 bn through stock and debt offerings and another USD 10 bn in credit from major lenders as it struggles to maintain its credit rating with USD 11.5 bn in company-owed debt maturing through 1 February 2026. The present crisis marks the first time that the planemaker has found itself at risk of losing its investment-grade credit rating.

Boeing has had a rough time of it as of late: The company reported USD 6 bn in third quarter losses last week, putting its losses so far this year at some USD 8 bn, with CFO Brian West painting a bleak picture for the firm’s freecash flows well into next year. A six week-long walkout by machinists has halted production at several of the aircraft maker’s production lines, including those for “cashcow” 737 Max aircraft. The strike is estimated to cost Boeing up to USD 1 bn per month and negotiations with the 33k striking workers hit a deadlock over pensions last week.

The aircraft maker is also grappling with the fallout from a string of recent safety failures, beginning with a mid-air panel blow out on a Boeing aircraft in January that pushed the US Federal Aviation Administration to put in place a production cap on the 737 Max line. This was followed by whistleblower claims that the aircraft maker is not adhering to safety guidelines at its production plants.

ADVISORS- Boeing tapped Goldman Sachs, BofA Securities, Citigroup and JP Morgan as lead joint bookrunning managers on the offering, while Wells Fargo Securities, BNP Paribas, Deutsche Bank Securities, Mizuho, Morgan Stanley, RBC Capital Markets and SMBC Nikko are acting have stepped in as joint bookrunning managers.

MARKETS THIS MORNING-

Asia-Pacific markets are off to a good start this morning, with most indexes in the green in early trading. Japan’s Nikkei extended yesterday’s gains, while the Hang Seng Index and mainland China’s Shanghai Composite are also up. Korea’s Kospi index is down slightly.

It’s a different view over on Wall Street, where US futures are all in the red despite the Dow Jones, S&P 500, and Nasdaq all closing up yesterday.

TASI	12,053	-0.1% (YTD: +0.7%)
MSCI Tadawul 30	1,513	-0.3% (YTD: -2.4%)
NomuC	26,803	-0.4% (YTD: +9.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	30,774	-0.1% (YTD: +23.6%)
ADX	9,308	+1.1% (YTD: -2.8%)
DFM	4,537	+1.3% (YTD: +11.8%)
S&P 500	5,824	+0.3% (YTD: +22.1%)
FTSE 100	8,286	+0.5% (YTD: +7.1%)
Euro Stoxx 50	4,970	+0.5% (YTD: +9.9%)
Brent crude	USD 71.42	-6.1%
Natural gas (Nymex)	USD 2.26	-2.2%
Gold	USD 2,753	-0.1%
BTC	USD 69,908	+2.9% (YTD: +65.6%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 5.4 bn. The index is up 0.7% YTD.

In the green: Red Sea (+8.3%), Zamil Industrial (+5.6%) and Al Arabia (+4.3%).

In the red: Al Baha (-7.7%), Smasco (-3.0%) and Nama Chemicals (-3.0%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.4% yesterday on turnover of SAR 78.4 mn. The index is up 9.3% YTD.

In the green: Al Rashid Industrial (+20.2%), Qomel (+6.7%) and Mobi Industry (+5.7%).

In the red: Banan (-16.1%), Munawla (-7.3%) and Naas Petrol (-6.9%)

CORPORATE ACTIONS-

Saudi Fransi Capital will distribute SAR 8.2 mn in dividends at SAR 0.16 apiece to unitholders of Taleem REIT Fund for 3Q 2024, it said in a disclosure to Tadawul. Distributions will be made within 15 business days of the announcement.

Banque Saudi Fransi has received regulatory approval for a 107.4% capital increase to SAR 25 bn via the issuance of bonus shares at a rate of 1.07 share for every existing share, according to a CMA statement. The capital increase will be financed by transferring SAR 5 bn from BSF’s statutory reserve and SAR 7.95 bn from retained earnings.

CALENDAR

OCTOBER

27-30 (Sunday-Wednesday): Human Resources and Manpower Expo, Riyadh International Exhibition and Convention Center, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

29 October-2 November (Tuesday-Saturday): Jeddah International Motor Show, Superdome, Jeddah.

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2 November (Saturday): WWE Crown Jewel, Riyadh.

3 November (Sunday): WWE Raw, Riyadh.

3-4 November (Sunday-Monday): Road Safety & Sustainability Conference: Innovating for Tomorrow, Riyadh.

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

5-9 November (Tuesday-Saturday): Biban24 Forum, The Front Exhibition and Conference Center, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

2025

JANUARY 2025

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference.

14-15 February (Friday-Saturday): Formula E, Diriyah.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

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

MAY 2025

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

JUNE 2025

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

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

SEPTEMBER 2025

23 September (Tuesday): Saudi National Day.

2026

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

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.

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