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WHAT WE’RE TRACKING TODAY

Price cut incoming

Good morning, ladies and gents. The news cycle this morning is dominated by a bombshell that dropped overnight — the UAE abruptly announced its departure from Opec as of this Friday. The decision, which Abu Dhabi maintains was not influenced by any other members of the group, is ostensibly a move for the UAE to leave behind Opec’s production quota system and prioritize its flexibility to pump more oil to finance its economic growth.

The announcement came as Gulf leaders gathered in Jeddah, albeit without Emirati President Mohamed bin Zayed, who sent Foreign Minister Abdullah bin Zayed in his stead.

The consultative meeting of GCC leaders — the first in-person gathering since the region was drawn into the Iran war two months ago — focused on the fallout from Iranian missile and drone attacks targeting civilian infrastructure across the Gulf, with leaders jointly condemning the strikes as a violation of sovereignty, and calling for tighter coordination to protect regional security.

The talks also come amid criticism that the GCC’s response so far has been “the weakest in history,” Reuters quotes senior UAE diplomatic advisor Anwar Gargash as saying.

Meet EnterpriseAM MENA+, our new flagship newsletter covering the flows of capital, people, and ideas across the Middle East — and beyond it.

MENA+ covers AI and tech — and geopolitics, the war for talent, which BSD is on top (and who's gunning for them), the changing energy economy, new corridors to India and China, and much, much more.

What’s with the “+” in MENA+? We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we're going to shape that conversation.

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PSA

The Justice Ministry introduced a new enforcement system that updates how court rulings and debt recovery are handled. The new enforcement law caps travel bans at three years and sets penalties ranging between SAR 100k and SAR 1 mn and up to three years in prison for evading court rulings. The system also expands court powers to freeze and track assets, while protecting essentials like housing, basic belongings, and part of salaries from seizure. The law will be effective 180 days after its official gazette publication, replacing its 2012 predecessor.

Watch this space

OIL — Saudi Arabia is expected to cut June crude prices for Asian buyers by USD 5-12 / bbl, Reuters reports, signaling a retreat from the record-high premiums triggered by the US-Israeli conflict with Iran. That would bring Arab Light crude prices to USD 7.50-14.50 higher than Dubai and Oman average quotes.

The expected price cuts would come as the spot market has cooled dramatically, with Dubai’s premiums collapsing by more than 50% to USD 15.22 / bbl.

Why this matters: The arrival of cheaper replacement cargoes from the US and West Africa, alongside increased Russian purchases by Indian refiners, is pushing the Kingdom to defend its market share. On top of that, Chinese refiners — which are Saudi’s top buyers — are squeezed by poor margins and have slashed May purchases to record lows of only 20 mn bbl after previous price hikes. Meanwhile, Aramco has successfully rerouted exports through the Red Sea port of Yanbu to bypass the volatile Strait of Hormuz, maintaining flows despite the regional conflict.

REGULATION — The Capital Market Authority (CMA) is seeking feedback on a set of changes to simplify and speed up M&As, according to a Tadawul statement. The draft proposal went out on Monday for a 45-day public consultation.

Introducing… shelf registration: One of the proposals would allow listed companies to pre-register shares with the CMA, allowing them to pull the trigger on asset purchases or acquisitions over a three-year period without seeking fresh regulatory approvals each time.

The draft tightens M&A governance on voting and information sharing. Shareholders with conflicts of interest would count toward a quorum to avoid stalled meetings, but would be barred from voting on the transaction. It also allows limited sharing of non-public information with key shareholders during negotiations, subject to notifying the CMA and inking non-trading agreements. Lastly, shareholders with stakes in both the acquiring and target companies would be allowed to vote in both entities, provided they are not related parties in the target company.

DISRUPTION WATCH — Reopening the Strait of Hormuz will take more than a ceasefire, with a coalition of over 30 countries led by Britain and France now grappling with three hurdles: mine clearance, naval protection, and shipping ins., Bloomberg reports.

Iran’s mines alone could take weeks or months to clear. Demining is a slow, risky, and resource-intensive business requiring escorts, air cover, and sustained efforts to prevent re-mining. Clearing a safe channel would depend on a joint effort, combining European mine-hunting capabilities with US intelligence and defensive support. Even then, commercial ships would still need escorts, clear engagement rules, and tight operational coordination.

But a partial clearance may be enough to get by: US Energy Secretary Chris Wright believes not all mines would need to be removed for transit to resume, arguing that establishing a safe navigable corridor could be done relatively quickly. US estimates suggest full clearance could take up to six months.

Ins. is the other major sticking point. With the risk of renewed hostilities still hanging over the waterway, war-risk premiums are likely to stay prohibitively high — leaving governments to potentially step in as insurers of last resort to get trade moving again.

ENERGY — Aramco will keep suspending liquefied petroleum gas (LPG) shipments from its Juaymah export facility through May, as the site has yet to recover from the structural damage sustained in late February, Bloomberg reports, citing people familiar with the matter. Repairs have reportedly been delayed, preventing a restart in exports even if regional shipping routes improve.

Why this matters: Juaymah handles about 3.5% of global waterborne LPG exports, making the outage a meaningful disruption in a niche but important fuel market. The supply squeeze has pushed LPG prices higher and forced buyers — particularly in Asia and India, where LPG is widely used for cooking — to seek alternatives.

Data point

7% — that’s the percentage of board seats held by women across the GCC’s 759 publicly listed companies, according to the 2026 GCC Board Gender Index report by Heriot-Watt University and Aurora50. That figure remained essentially flat y-o-y, with women’s board representation coming in at 6.9% in 2025.

The Saudi gap: Saudi Arabia is at the bottom of the GCC’s board gender diversity rankings, with women holding just 2.9% of the 2,014 available board seats in the Kingdom’s publicly listed companies. UAE tops the list with 15%, followed by Bahrain (10.5%), Oman (7%), Kuwait (5.6%), and Qatar (3.2%). Saudi Arabia and the UAE are the only two countries where women have secured seats across all sectors.

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The big story abroad

The UAE’s Opec exit is dominating the front pages this morning, as the foreign press tries to understand the move and its implications for energy markets and the region. We dive into the decision, what it means for us, and what comes next in the news well, below.

MEANWHILE- The US Federal Reserve will announce its decision on interest rates this evening. Pundits widely expect it to leave rates unchanged.

AND- Transatlantic unity was the main takeaway from King Charles’ address to the UScongress. The UK monarch urged the US to move away from isolation and highlighted the importance of Washington’s participation with Europe, Nato allies, and Ukraine, calling on the countries to “ignore the clarion calls to become ever more inward-looking.”

Drama in the tech world: Elon Musk’s legal feud with OpenAI founders is heating up after they faced off in court — the Tesla founder is claiming that the founders behind the ChatGPT maker broke pledges to remain a nonprofit AI research lab.

And speaking of OpenAI: Investor confidence in the AI boom wavered yesterday following OpenAI’s failure to meet its targets for users and revenues. OpenAI-linked firms, including Oracle and SoftBank, faced a market sell-off soon after, with some shares sliding over 4%

A new oil order

The UAE’s exit from Opec and Opec+ leaves Saudi Arabia as the cartel’s undisputed anchor — the only producer with the spare capacity to move markets — at a time when regional disruptions are already rattling supply chains and pricing.

It may have been an abrupt exit, but the policy divergence between Riyadh and Abu Dhabi over production strategy has consistently grown wider, with the UAE not seeing eye-to-eye on output quotas. “The outcome has long been in the making,” global oil markets strategist and former head of research at Onyx Group Harry Tchilinguirian tells EnterpriseAM.

The Saudi position now: With the UAE out of the group as of this Friday, 1 May, Saudi Arabia stands as the market’s sole swing producer, raising questions about how sustainable that role is without internal alignment, Rystad Energy’s Jorge Leon told Reuters.

A structurally significant split: The UAE has long been one of the bloc’s heavyweights alongside Saudi Arabia, with meaningful spare capacity — the key lever Opec uses to move markets — making its departure structurally different from past defections. “The UAE’s exit is very significant as it’s a top-tier producer with high spare capacity and strong compliance with prior quotas,” Rabobank Energy Strategist Florence Schmit tells EnterpriseAM.

Mechanically, the exit removes 3-4 mn barrels daily of swing capacity. That capacity is what allows for breathing room and gives the cartel the ability to respond when Hormuz closes or pipelines rupture, Wolfgang Lehmacher, former head of supply chain and transport industries at the World Economic Forum, tells EnterpriseAM. Opec’s ability to smooth out supply imbalances without the UAE in the mix is significantly undermined, Carnegie’s Sergey Vakulenko adds. “Most participants lack excess capacity and need pooled coordination as protection against volatility they cannot absorb individually,” Lehmacher notes.

Pulling back the curtain

The keyword for the UAE: Flexibility. “The decision reflects a policy-driven evolution in the UAE’s approach, enhancing flexibility to respond to market dynamics while continuing to contribute to stability in a measured and responsible manner,” the Emirati government said.

The UAE has been planning to ramp up production by as much as 30%, which doesn’t fit neatly in Opec’s quota system, Vakulenko told Reuters. Even the group’s shift toward capacity-based quotas — designed to better align targets with real production — has failed to bridge the gap between the UAE’s expanding capacity and the limits imposed by the system. The group is effectively managing three different versions of supply — self-reported output, secondary data, and official targets. “By exiting Opec, the UAE could increase production beyond its current quota … potentially achieving a capacity closer to 4.8 mn barrels per day, MENA economist Hamzeh Al Gaaod writes in a note (pdf) shared with EnterpriseAM. The UAE also has around “1.85 mn barrels daily of stranded throughput capacity from USD 150 bn in built infrastructure, Lehmacher adds.

The move was entirely the UAE’s and the country didn’t consult other members before pulling the trigger, Energy Minister Suhail Al Mazrouei tells Reuters, framing the move as a result of a review of current and future production policies. “The UAE’s exit from OPEC would mark a decisive shift toward an independent, state-driven oil strategy,” Al Gaaod says. This allows the country to leverage its position as a supplier of some of the world’s lowest-cost barrels.

What it’s (officially) not about: “This has nothing to do with any of our brothers and friends within the group… We have the highest respect for the Saudis for leading Opec,” Al Mazrouei also said. The UAE chose now to make the announcement to avoid a severe impact on oil prices and on Opec cartel members, Al Mazrouei added, citing the closure of the Strait of Hormuz and the shortages it’s leading to in the market.

A well-timed exit?

The market is already distorted: “Now is probably the least damaging time to announce it — oil prices are high, ⁠and there are genuine shortages because of Hormuz closure,” Vakulenko says, noting that even “after Hormuz reopens, there will be elevated demand as countries will be replenishing reserves that were drawn down since February, ⁠so prices will stay high.” Still, many analysts and market watchers remain “perplexed” considering “the timing of this decision, in the context of the ongoing disruptions,” Tchilinguirian tells us.

The “immediate” impact of the UAE’s exit is likely to be muted, Al Mazrouei says. Analysts broadly agree, with Capital Economics Chief Climate and Commodities Economist David Oxley saying in a note that “the prospect of the UAE pumping more oil is somewhat moot at present given the near-complete cessation in flows through Hormuz.” Plus, markets are still pricing in the closure of Hormuz and will need to absorb that “before they can fully price the UAE leaving Opec,” Rabobank Energy Strategist Florence Schmit tells EnterpriseAM.

What this means for the market

Outside Opec, the UAE gains the freedom to increase output — and the incentive to do so — which could reshape supply dynamics once the current disruption cycle fades, Vakulenko said. The UAE leaving behind Opec’s quotas is “not only for the good of its flagship Murban futures contract, but also for its longer-term economic development, using oil revenues to finance its longer-term [economic diversification],” Tchilinguirian says.

A structurally weaker Opec points to a potentially more volatile oil market once current disruptions ease, as the group’s ability to manage supply diminishes, Leon says.

Market response: “When both transit infrastructure and governance protocols fail, operators shift from spot exposure to long-term contracted capacity with built-in resilience premiums,” Lehmacher adds.

The upshot: “The main market impact would be a significant reduction in Opec’s influence over oil prices and coordination of output,” Al Gaaod says.

What’s next

Contagion risk? “If other producers begin prioritizing market share over quota discipline, Opec’s ability to manage orderly markets through coordinated supply adjustments may increasingly be called into question,” head of Commodity Strategy at Saxo Bank Ole Hansen said in a research note seen by EnterpriseAM. If discipline erodes too far, the group’s capacity to shape the market shifts from enforcement to mere signaling.“This could be the thin end of the wedge if it triggers further disintegration of the group,” Oxley adds.

The great system rewrite: “While the UAE could potentially rejoin OPEC if market conditions stabilize, such a departure would signal more than a temporary adjustment. It would represent a fundamental transformation in both energy strategy and geopolitical alignment, with profound implications for the structure and stability of global oil markets,” Al Gaaod adds.

Still early days

Startups in Saudi Arabia are keen to go public, but ambition alone isn’t enough to carry the Kingdom’s IPO pipeline across the finish line. That’s the primary takeaway from Endeavor and SVC’s survey of 30 regional founders.

The majority (77%) of surveyed founders are actively exploring a potential IPO, with most targeting an exit within the next two to three years. Only a small minority have ruled out an IPO as their exit strategy, and investor sentiment broadly mirrors founder optimism.

Tadawul remains the darling: The surveyed founders are nearly unanimous in their preference of Tadawul over other exchanges, reflecting a maturing domestic market.

High (but reasonable) valuations are a defining feature

Saudi Arabia’s venture-backed IPOs stand apart from peer markets — including India, Brazil, Indonesia, South Korea, Turkey, and Hong Kong — because of high valuations and capital intensity. The Kingdom recorded more than 2.5x the peer median for pre-IPO valuation, coming in at USD 545 mn. Saudi companies generate around USD 3.10 in valuation per USD 1 invested, placing the Kingdom fourth behind South Korea, Turkey, and Hong Kong.

The gap between pre- and post-IPO valuations is also relatively narrow at 6.99%, indicating disciplined pricing rather than arbitrary calculations. The smaller IPO premium compared to its peers means less capital is typically raised at listing, which can limit post-IPO growth plans and make the market less attractive for high-growth tech companies that depend on larger fundraising.

Saudi capital markets also demonstrate strong capital intensity, with an average of USD 215 mn invested per VC-backed company across equity and debt, ranking second among peer markets behind Brazil. Meanwhile, the pipeline remains early stage but carries strong upside, with only five VC-backed IPOs between 2020 and 2025.

So, what’s the hold-up?

Governance + organizational gaps are holding back IPO readiness: Many founders remain unable to build a compelling IPO case, with leadership teams not adequately set up for the degree and depth of engagement that’s needed with public market investors. Roughly half of firms acknowledge that their current corporate structures fall short of listing requirements, and major components of public-market accountability — enterprise risk management, independent board oversight, dedicated investor relations and legal leadership — are in many cases incomplete or altogether absent.

Co-investments can fill the growth stage capital gap: Over 80% of Saudi VC funding is concentrated at the early stage, creating a series A+ funding gap. Coordinated co-investment among public capital, local venture funds, and banks — supported by public-private programs — would help close that gap and create the recycling dynamic that mature markets depend on.

The path forward also rests on Nomu evolving from being an SME venue into a genuine stepping stone for scaleups. Founders gravitate toward the main market because of its liquidity and depth, but Nomu can become a meaningful staging ground by creating clearer graduation routes to the main market. Meanwhile

AND- A stronger IPO environment can be built through a multiplier effect: The limited number of VC-backed IPOs resulted in fewer founder role models and mentors. Strengthening founder-to-founder knowledge transfer networks and encouraging IPO alumni to reinvest capital, expertise, and networks can create a multiplier effect that drives innovation cycles and future listings, the report says.

STC + more post 1Q earnings

More earnings come in. More companies reported their 1Q earnings yesterday — STC, Astra Industrial Group, Electrical Industries, and more are out with their financials for the first quarter of the year, offering us a look at how regional security disruptions have impacted operations.

STC

Saudi Telecom Company’s (STC) net income edged up 1.3% y-o-y to SAR 3.7 bn in 1Q 2026, exceeding Bloomberg’s forecasts of SAR 3.3 bn, it said in a disclosure to Tadawul. The improvement was supported by stronger operating results and better investment-related performance. Revenue climbed 3.8% to SAR 19.9 bn, underpinned by solid growth across its commercial, carriers, and wholesale divisions, as well as subsidiaries.

Dividends: STC will pay out SAR 2.7 bn in dividends for the quarter at SAR 0.55 apiece on 20 May, according to a separate disclosure.

Astra Industrial Group

Astra Industrial Group reported a marginal 0.7% y-o-y uptick in net income to SAR 173.1 mn in 1Q 2026, supported by gains in the pharma and steel segments and lower finance costs in speciality chemicals and pharma, it said in a Tadawul disclosure. Meanwhile, revenue fell 5.1% y-o-y to SAR 790.9 mn, weighed down by weaker performance in the steel and speciality chemicals businesses.

Electrical Industries

Electrical Industries Co. reported a 54.6% rise in 1Q 2026 net income to SAR 190.8 mn, according to a Tadawul disclosure. The uptick was attributed to a diversified sales mix, favoring more profitable lines over volume alone, with rising distribution costs slightly offsetting a higher bottom line. The company’s revenue rose 30.5% y-o-y to SAR 661.4 mn during the quarter, driven by a broad-based rise in demand across sectors including substation, infrastructure, and new industrial projects.

National Environmental Recycling

National Environmental Recycling’s net income rose 12.1% to SAR 20.5 mn in 1Q 2026, with higher sales offset by suppressed margins on the back of higher shipping and ins. costs and finance expenses, the company said in a disclosure to Tadawul. The company’s revenue rose 84.5% to SAR 493.6 mn during the quarter thanks to large feedstock procurement contracts and a rise in Asian export sales.

Leejam Sports

Leejam Sports posted a 31% y-o-y decline in net income to SAR 49 mn in 1Q 2026, mainly due to higher costs, increased financing expenses, and one-off losses linked to lease terminations. The firm’s revenue remained stable y-o-y at SAR 369 mn.

Dividends: Leejam’s board greenlit an SAR 29.3 mn dividend payout for the quarter at SAR 0.58 apiece, according to a Tadawul filing.

How did Desert Warrior perform at debut?

Our first major Hollywood-style movie is off to a weak start: Desert Warrior, a Saudi-backed epic with a reported USD 150 mn budget, earned a mere USD 472k in its opening weekend in the US despite a wide release across over 1k theaters, World of Reel reports.

Behind the scenes: The film, starring Anthony Mackie and Ben Kingsley and initially directed by Rupert Wyatt, has been hit by poor reviews and audience reception. Taking six years to wrap up, the picture reportedly suffered from production issues — its budget nearly doubled from an initial USD 70 mn, with Wyatt reportedly exiting during post-production and the film undergoing major re-editing.

When will Alshaya’s Avenues projects come online?

Alshaya to roll out Avenues projects by early 2027

Brand operator Alshaya Group plans to open its Riyadh and Khobar Avenues projects between late 2026 and early 2027, CEO John Hadden told Al Eqtisadiah (watch, runtime 1:37). The SAR 14 bn Avenues Riyadh development includes a retail mall and five commercial, residential, and hospitality towers, including four hotels. Avenues Khobar features a shopping mall and a mixed-use tower.

AND- More retail on the runway: Alshaya plans to add more than 300 outlets in Saudi Arabia over the coming period, adding to its portfolio of around 1k stores. Over the coming few months, it intends to launch food brand Chipotle in Saudi Arabia, starting with Riyadh, and bring cosmetics chain Ulta Beauty to the Kingdom.

Al Modawat kicks off SAR-denominated sukuk offering

Al Modawat Specialized Medical Company launched a SAR 20 mn sukuk offering, marking the first tranche of its broader SAR 30 mn shariah-compliant issuance program, according to a Tadawul disclosure. The subscription period runs through 12 May, with each sukuk unit priced at SAR 1k, which is also the minimum subscription amount.

UAE startup Comfi raises USD 65 mn to expand in Saudi Arabia

Dubai-based B2B embedded finance platform Comfi closed a USD 65 mn pre-series A round to help it scale its regional footprint and expand “aggressively” into Saudi Arabia by next year, co-founder and CEO Sanjar Samiev tells us. The round consisted of equity and debt, with the equity portion led by Iliad Partners, while it marked the first-ever regional investments for Yango Ventures and Raw Ventures, according to a statement (pdf). The round also includes a credit facility from US-based private credit provider Partners for Growth and a mezzanine facility from Shorooq Partners.

SGS lands SAR 314 mn contract with Riyadh Airports

Saudi Ground Services (SGS) secured a five-year, SAR 314 mn contract with Riyadh Airports Company to operate and maintain passenger boarding bridges and docking systems at Riyadh’s King Khalid International Airport, according to a Tadawul disclosure. SGS will provide these services alongside its subsidiary, Jusoor Airports. The five-year contract comes into effect on 1 May, with an option to renew for up to three years.

Saudi Energy, Dawiyat tapped to set up new tier III data center

New tier III data center in the works? Saudi Energy and Dawiyat Integrated Telecommunications will set up a tier III data center under agreements inked with the Investment Ministry and Shareek Program, the Saudi Press Agency reports. The agreements aim to add 16 MW of data center capacity and bolster data localization.

Muted 1Q for MENA debt markets

MENA bond issuance fell 12% y-o-y to USD 48.1 bn in 1Q 2026 as escalating geopolitical tensions cooled market activity, according to LSEG data. The number of issuances fell 11% y-o-y, with the GCC market effectively grinding to a halt in March as the regional conflict broke out. Issuances were already subdued because of Ramadan starting in mid-February, but sentiment and activity took a bigger hit throughout March, with USD-denominated sukuk and bond sales from the GCC broadly muted for most of the month.

A quarter of two halves: “Issuance dynamics were uneven over the quarter. January saw robust activity, while February was broadly in line with seasonal norms, despite coinciding partially with Ramadan,” said Bashar Al Natoor, Fitch Ratings’ global head of Islamic finance. The post-Ramadan rebound that markets typically see was undermined this year, making March activity “materially weaker,” Al Natoor said.

REMEMBER- A war premium brought a record-breaking start in GCC borrowing activity to a halt as regional markets began pricing at a war premium following the outbreak of the conflict with Iran, Fitch Ratings previously said. Regional debt markets had been on track to break the USD 1.25 tn mark this year, up from USD 1.1 tn in issuances last year, but a 20-30 bps rise in spreads made borrowing costs just high enough to make most issues uneconomical in the near term.

Saudi Arabia was in the lead before activity stalled: The Kingdom accounted for some 58% of total bond proceeds raised during the quarter, and was home to the two largest issuers by value, the data shows. Saudi Arabia raised USD 32.54 bn across 42 issuances, Kuwait Financial Center (Markaz) said in a report earlier this week. That activity includes a USD 11.42 bn four-tranche bond sale in early January, as well as Saudi Aramco raising USD 3.95 bn. The UAE accounted for 27% of all activity during the quarter, with the Abu Dhabi government raising USD 2.99 bn.

The top 10 leaderboard tells the story: Nine of the quarter’s 10 largest MENA bond transactions closed in January, with just one issuance — Abu Dhabi’s February sale — making it into the top 10. Saudi issuers took seven of the top 10 spots, including the Saudi Electricity Company (USD 2.4 bn), Saudi Telecom (USD 2 bn), and Riyad Bank (USD 1 bn). The Kingdom of Bahrain (USD 1.3 bn), Kuwait Finance House (USD 1 bn), and Emirates NBD (USD 1 bn) rounded out the list. All 10 of the largest issuances were USD-denominated.

Corporate issuances took the lead, raising USD 32 bn during the quarter, while sovereigns and agencies raised USD 16 bn. Financial institutions accounted for 44% of total proceeds, according to the data. Meanwhile, Islamic bond issuances in the region fell 17% y-o-y to USD 14.6 bn, accounting for 30% of total bond proceeds — the lowest share in three years.

A recovery in issuance activity hinges on geopolitics and how the conflict develops from here. “The key challenge at present is the uncertainty surrounding the duration and trajectory of the conflict,” Al Natoor said. “Until there is greater clarity on whether tensions stabilize, escalate, or persist, visibility on the timing and strength of any recovery in issuance activity remains limited.”

That recovery hasn’t quite materialized yet: ADX-listed healthcare provider Burjeel Holdings put a planned USD 1.5 bn Islamic bond issuance on hold due to the war and weaker market conditions. “Spreads have changed,” CEO Shamsheer Vayalil said earlier this week.

MARKETS THIS MORNING-

Asia-Pacific markets are mixed in early trading this morning, as investors digest the tech selloff on Wall Street a day earlier, triggered by OpenAI missing its 1Q targets. Investors will be watching closely for the US Federal Reserve’s interest rate decision as the central bank concludes its two-day meeting later today.

TASI	11,180	+0.1% (YTD: +6.6%)
MSCI Tadawul 30	1,496	+0.2% (YTD: +7.8%)
NomuC	22,889	-0.3% (YTD: -1.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	52,231	-0.9% (YTD: +24.8%)
ADX	9,836	+0.1% (YTD: -1.6%)
DFM	5,858	-0.2% (YTD: -3.1%)
S&P 500	7,139	-0.5% (YTD: +4.3%)
FTSE 100	10,333	+0.1% (YTD: +3.8%)
Euro Stoxx 50	5,836	-0.4% (YTD: +0.7%)
Brent crude	USD 111.26	+2.8%
Natural gas (Nymex)	USD 2.68	-0.4%
Gold	USD 4,611	+0.1%
BTC	USD 76,345	-0.9% (YTD: -12.9%)
Sukuk/bond market index	916.61	-0.2% (YTD: -0.3%)
S&P MENA Bond & Sukuk	151.72	0.0% (YTD: -0.1%)
VIX (Volatility Index)	17.83	-1.1% (YTD: +19.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% yesterday on turnover of SAR 5.3 bn. The index is up 6.6% YTD.

In the green: Umm Al Qura Cement (+10.0%), Saudi Chemical Co. (+6.1%), and United Carton Industries (+5.1%).

In the red: Leejam Sports (-10.0%), Electrical Industries (-3.8%), and Abo Moati for Bookstores (-3.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.3% yesterday on turnover of SAR 24.6 mn. The index is down 1.8% YTD.

In the green: Natural Gas Distribution (+8.3%), Albattal Factory (+6.5%), and National Signage Industrial Co.(+5.2%).

In the red: Aqaseem Factory for Chemicals and Plastics (-15.7%), Naseej Tech (-9.2%), and Jamjoom Fashion (-8.4%).

CALENDAR

MAY

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

24-28 May (Sunday-Thursday): Eid Al Adha holiday.

JUNE

15-17 June (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

21-24 June (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

22-24 June (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

JULY

6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

AUGUST

30 August-1 September (Sunday-Tuesday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

31 August-3 September (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

OCTOBER

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

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

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

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

NOVEMBER

24-28 November (Tuesday-Saturday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
September: Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center;
November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;
SkyMove Air Cargo MENA, Riyadh;
The Intervision international music competition will take place in Saudi Arabia.

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;
Capital Markets Forum takes place in March in Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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An independent publication supported by

Today at a glance

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Related

This publication is proudly sponsored by

A new oil order

Related

Related

Still early days

Related

Related

STC + more post 1Q earnings

Related

How did Desert Warrior perform at debut?

Related

When will Alshaya’s Avenues projects come online?

Related

Muted 1Q for MENA debt markets

Related

CALENDAR

Related

An independent publication supported by

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