eXtra’s consumer finance arm could be heading to the Tadawul

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Shares of Avalon Pharmaceuticals rose 30% in their first day of trading on Tadawul

Good morning, wonderful people. We have another busy issue for you this morning, with capital markets still dominating news flow as eXtra prepares to IPO its consumer finance arm and both the PIF and our friends at Cenomi take debt to market.

^^ We have the rundown on these stories and more in this morning’s news well.

BUT FIRST- Shares of Avalon Pharma popped yesterday, closing up 30% — the maximum allowed — as they made their debut on the Tadawul’s main market. Avalon closed at SAR 106.60 a piece, up from an opening price of SAR 82. The drug maker sold 600k shares in its IPO earlier this month, good for a 30% stake.

AND- Institutional investors will be able to place orders today and tomorrow for the rump offering of Etihad Atheeb Telecommunication. Some 876.6k shares are on offer after the company’s capital raise was 96.5% subscribed, Etihad said in a filing to Tadawul yesterday. Alinma Investment is running the offering and serving as underwriter.

WATCH THIS SPACE-

#1- We’re making progress connecting our electricity grid to Egypt’s: Infrastructure for the 3 GW Saudi-Egypt electrical interconnection project is 40%-50% complete, a government source told Enterprise Climate. The project — which consists of three stations connected via 1.35 km of overhead lines and 22 kms of submarine cables in the Gulf of Aqaba — is expected to come fully online in 2026, the source added.

There have been a few delays — not uncommon in projects like this: Trial operations for the USD 1.8 bn linkup of the two grids were set to begin in May 2025 with an official operational launch set for later in the same year. The first 1.5 GW phase was to have started operations in June 2025, followed by the second and final 1.5 GW phase in November 2025.

In context: Officials are positioning the Kingdom as a new regional exporter of clean power and are also exploring interconnections with the Greek grid that would allow us to sell green electrons to Europe. Egypt, meanwhile, is looking to sell green power and to use it to power hydrogen plants as it and the Kingdom look to capture part of the still-nascent European and regional market for green hydrogen.

Sound smart: Hydrogen is widely seen as a promising clean(er) fuel for hard-to-decarbonize sectors including maritime transport and heavy industry.

#2- Speaking of cleaner fuels: “Clean” diesel and gasoline are now available at your closest filling station. The Energy Ministry has completed the roll-out of cleaner diesel and Euro-V spec petrol across the Kingdom’s stations, replacing traditional diesel and gasoline fuels in the market, it said in a statement yesterday.

Why this matters: Diesel is a key fuel for commercial transport fleets, but it’s generally more polluting than gasoline. Set in 2009 as a European standard, Euro-V is one of the cleanest diesels in the world, with fewer particulates and less sulfur being emitted when it is burned in an engine. Only the more recently introduced Euro-VI standard is cleaner.

#3- Ireland is looking to reel in investments from GCC sovereign wealth funds for its infrastructure projects, the country’s Enterprise, Trade and Employment Minister Simon Coveney told Reuters on the sidelines of the WTO meeting ongoing in Abu Dhabi. Coveney said Ireland’s growing trade ties to Saudi Arabia and the UAE are behind the interest.

#4- A new shipping line in the Red Sea: Feeder and short-sea shipping company Folk Maritime has launched here, expanding the kingdom’s connection with other Red Sea ports, Splash 247 reports. The new shipping line will operate two Red Sea services, using two 2.5k TEU feeders, connecting Jeddah with Neom, Yanbu and Ain Sokhna, Egypt. A smaller 700 TEU ship linked with Sudan will operate every two weeks.

HAPPENING TODAY-

The Human Capability Initiative will open today in Riyadh. It wraps on Thursday.

WEATHER- Expect a strong breeze in Riyadh and Jeddah today with some scattered clouds in Dammam.

Riyadh: 27°C daytime / 14°C overnight
Jeddah: 29°C daytime / 22°C overnight
Dammam: 21°C daytime / 13°C overnight

A look ahead: The mercury is set to nosedive in the capital city to 18°C tomorrow and Friday before gradually warming next week.

OIL WATCH-

OPEC+ has mechanisms that allow it to handle disruptions in the global energy market, Energy Minister Prince Abdulaziz bin Salman said in an interview yesterday with a quarterly newsletter (pdf) issued by the Saudi Association of Energy Economics (SAEE). Demand for oil is poised to remain strong for the coming decades, he said, rebuffing calls for a phase-out of fossil fuels.

Also yesterday, per Reuters: “OPEC+ will consider extending voluntary oil output cuts into the second quarter, three OPEC+ sources told Reuters, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them.”

THE BIG STORY ABROAD-

It’s all Apple, all the time this morning in the international business press with a trifecta of stories casting Tim Cook and his crew into the spotlight.

#1- Apple is ending its secretive, decade-long effort to build an electric car. The company made the announcement internally yesterday. Bloomberg, which broke the news, says “many” of the 2k staff working on the car will be transferred to its AI unit, where they’ll work on generative AI projects. Technical challenges and signs that the market for EVs may be cooling factored into the decision, Bloomberg’s Mark Gurman writes.

The story is getting ink everywhere:Financial Times | Wall Street Journal | Reuters.

(Sound smart: Gurman started breaking news about Apple as a teenage blogger at Apple news outlet 9to5Mac and has remained a perennial thorn in Apple’s side ever since.)

#2- The US Department of Justice may be on the verge of hitting Apple with an antitrust suit, and California has separately told Bloomberg that it may be “very interested” to join the case if it materializes. Reuters has also picked up the story while the Wall Street Journal has a former US attorney general asking in its opinion pages, “Siri, Does Apple Violate Antitrust Law?” (he thinks the answer is, “Yes.”)

#3- Big Apple shareholders Norges Bank Investment Management and Legal & General want Apple to be more transparent about its guidelines for the ethical use of AI, the Financial Times writes.

Apple investors don’t seem bothered by it all: The tech giant’s shares closed up nearly 1% yesterday.

MEANWHILE- Goldman Sachs CEO David Solomon isn’t so sure the global economy is headed for a soft landing, saying that while “the world is set up for a soft landing” there’s a “higher level uncertainty” thanks to inflation and geopolitical risks. “The market is way weighted to a very soft landing. [But] when you look at the pattern of facts the last three or four years, it’s hard for me to see it’s going to be that simple,” the Financial Times quotes him as having said.

SPORTS-

1- Al-Hilal broke the record for the most consecutive victories in the Saudi Pro League, surpassing Al Nassr’s previous record set in 2014 after beating 2-0 Al-Ettifaq on Monday. Al-Hilal now sits atop the league’s leaderboard.

#2- KSA Snowblast’s Snowboard Contest Cup kicks off today, said Riyadh Season on X. The ski iteration of the same cup kicks off on tomorrow (Thursday, 29 February).

CIRCLE YOUR CALENDAR-

Riyadh will host the International Conference on Sand and Dust Storms in the Arabian Peninsulafrom Monday, 4 March to Wednesday, 6 March.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.

Riyadh will host a World Economic Forum special meeting on 28-29 April.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

eXtra looks to IPO 30% of its highly profitable consumer finance arm

Shareholders of electronics retailer eXtra will vote next month on the proposed IPO of a 30% stake in the subsidiary that owns and operates Tasheel Finance, the company’s non-bank financial services arm.

It’s not clear how much eXtra hopes to raise from the listing, nor has the timeline for the Tadawul IPO been made public.

The rundown: The United Electronics Company, better known as eXtra, is asking shareholders to vote on the transaction next month. It owns 99% of the United International Holding (UIHC), which in turn owns the United Company for Financial Services, which operates Tasheel as well as Procco Financial Services in Bahrain. eXtra Bahrain owns 1% of UIHC.

It’s shaping up to be a secondary sale: All proceeds will go back to eXtra, with none of the cash being captured at the UIHC level. That’s likely because UIHC doesn’t need the money:

UIHC is doing very nice margins: The company turned in net income of SAR 156.8 mn for 9M 2023, up nearly 12% year on year — and good for a 41% net margin given that it posted revenues of SAR 383.2 mn in the same period. The company is led by CEO Sakhr Almulhem (LinkedIn).

What they’re building: UIH says it wants to be the largest provider of shariah-compliant consumer finance in the Kingdom operating across multiple categories. It benefits from access to the 14 mn customers that pass through eXtra’s 48 stores across the country and is broadening the base of companies that it works with.

Go deeper: The company released a circular (pdf) yesterday explaining the transaction to eXtra shareholders ahead of the vote.

Timeline: Shareholders are being asked to vote on the UIHC IPO from Friday, 15 March through Tuesday, 19 March ahead of an extraordinary general meeting of shareholders on 19 March. We’ll know by Wednesday, 20 March if shareholders approve the transaction.

ADVISORS- Our friends at HSBC have been hired to quarterback the transaction.

Cenomi Centers to tap international debt market with USD-denominated sukuk

Our friends at Cenomi Centers are planning to issue USD-denominated sukuk under its international borrowing program, the lifestyle centers operator said in a regulatory filing to Tadawul. The size and value of the offering has yet to be determined, and will be decided depending on market conditions, according to the filing. The proceeds will be used to shore up liquidity and refinance the company’s debt.

ADVISORS- Cenomi tapped Goldman Sachs and our friends at HSBC as joint global coordinators, bookrunners and joint lead managers. ANB capital, Dubai Islamic Bank, Emirates NBD Capital, GFH Financial Group, J.P. Morgan Securities, Kamco Investment, Mashreq, Sharjah Islamic Bank and Warba Bank will act as joint lead managers and bookrunners.

Boasting a healthy debt profile: The company had debt on the books of about SAR 8.9 bn in 9M 2023, against SAR 27 bn in portfolio value, ultimately resulting in a 33% loan-value ratio which is “quite strong and quite healthy for a real estate company,” CEO Rehill-Erguven said earlier this month.

ALSO FROM CENOMI- The retail giant is currently accepting orders for its USD 500 mn trust certificates offering due to expire next Monday, 4 March, it said in the filing.

PIF begins sale of seven-year sukuk as it taps debt market for second time this year

The Public Investment Fund (PIF) began the sale of a senior, unsecured seven-year sukuk as it taps the debt market for a second time this year, Reuters reported yesterday, citing an arranging bank document it has seen.

The details are still scant: The offering’s initial price guidance is set at 115 basis points over US Treasuries, the document shows, according to the newswire. The size of the offering remains undisclosed.

ADVISORS- PIF has hired our friends at HSBC alongside Goldman Sachs and Standard Chartered as joint global coordinators for the offering.

BACKGROUND- The PIF tapped the debt market in January, raising USD 5 bn from an offeringthat was more than 5x oversubscribed, with global institutional investors placing orders worth USD 27 bn.

REMEMBER- PIF closed a USD 3.5 bn global sukuk issuance in October, two green bond offerings totaling USD 8.5 bn between 2022 and 2023, and lined up a USD 17 bn corporate facility in 2022. The fund plans to ramp up annual deployment capacity to USD 70 bn a year starting 2026, fund governor Yasir Al Rumayyan said at the FII Priority conference in Miami last week. This is a big step-up from its current annual spending clip of USD 40-50 bn.

Aramco signs 40 local procurement contracts worth USD 6 bn as part of localization drive

Aramco’s localization drive gets a boost: Oil giant Aramco inked 40 corporate procurement agreements worth a combined USD 6 bn with local suppliers as part of its strategic localization program, state news agency SPA reported yesterday. No details were provided on the suppliers or the breakdown of the agreements.

What we know: The procurement agreements include the supply of products including strategic goods like electrical equipment and drilling rigs, according to SPA.

And that’s not all: Aramco also signed two MoUs with unnamed “strategic partners” to cooperate on localization and supply chain development.

All part of one big plan: The agreements will help boost Aramco’s localization program, the In-Kingdom Total Value Add (IKTVA) program, the company’s Executive Vice President for Technical Services Wail Al Jaafari said. The program was launched in 2015 in a bid to increase the use of local supplies and expand local supply chain capacities. Some SAR 1.5 tn were allocated for IKTVA spending over the decade at launch.

GAS is close to landing work on Aramco’s national gas grid expansion

GAS close to landing contracts for Aramco’s big gas grid expansion: Nomu-listed Gas Arabian Services Co. (GAS) received two non-binding letters of intent (LOIs) from state-owned oil giant Aramco for the expansion of the Kingdom’s primary natural gas pipeline, it said in two disclosures to Tadawul (here and here).

What GAS might be getting: The LOIs see GAS providing engineering, procurement, and construction (EPC) work worth SAR 416.3 mn for the East and Qassim Clusters and SAR 344.6 mn for Shedgum to EWPS-1 as part of the USD 10 bn third phase of expansion a program to expand Aramco’s Master Gas System (MGS-3).

About GAS: Established in 1992 as a trading house in Dammam, the company evolved to become a total technical solutions provider, venturing into trading of industrial products and solutions as well as manufacturing, according to its website. It boasts clients in the oil, gas, petrochemicals, electricity and cement industries and is an approved vendor of Aramco, Saudi Electricity Company (SEC), and the Royal Commission of Jubail and Yanbu (RCJY).

BACKGROUND- Sources told Meed last week that Aramco has issued LOIs to contractors it plans to hire to carry out EPC work on the planned expansion of the nation’s primary natural gas system. It is expected to award official contracts to the winning bidders “later in this quarter”, sources told Meed.

SOUND SMART- Built in the mid-1970s, the MGS is the Kingdom’s main gas pipeline that includes a network linking gas production and processing sites across the Kingdom. Aramco has for some years now been working to expand the system. The MGS now has a capacity of 12.5 bn standard cubic feet per day.

A snapshot of what happened in Saudi’s manufacturing sector last year

The number of factories in the Kingdom climbed 10% y-o-y to reach 11.6k in 2023 with cumulative investments worth SAR 1.5 tn, according to an Industry and Mineral Resources Ministry post on X.

Industrial licenses: Some 1.4k licenses were issued in 2023 with investments worth SAR 81 bn in investments. Local firms secured two thirds of these licenses, followed by foreign firms at 194 licenses, and JVs at 142.

SMEs are leading the charge: Small establishments issued the majority of licenses with 1.2k followed by medium-sized establishments (158), micro-enterprises (15), and large establishments (3).

The most active sectors: Food product manufacturing led with 244 licenses, followed by nonmetallic mineral production (176), metal forming products (165), and rubber/plastic product manufacturing (123).

More licenses were handed out to businesses in Riyadh (479) than anywhere else in the Kingdom, followed by the Eastern Pegion (340), then Makkah (269), Qassim (87), and Madinah (79).

Sabic has turned in what might be its first-ever net loss

Petrochemicals giant Saudi Basic Industries Corp (Sabic) reported a net loss of SAR 2.8 bn in 2023 against a net income of SAR 16.5 bn a year earlier, according to its earnings release (pdf). Its revenues were down 22.7% y-o-y last year to SAR 141.5 bn.

This could be Sabic’s first ever net loss. As we note in Saudi in the News this morning, Bloomberg has no record of Sabic losing money in a year in data that goes back to the mid-1990s.

Fueling the drop: Sabic —one of the world’s largest petrochemicals companies — attributed the net losses to discontinued operations “driven mainly from the fair valuation of the [steel subsidiary] Hadeed business … and financial performance” last year. Revenues came in lower due to a drop in average selling prices and sold quantities, Sabic said, adding that its sales were hit by a sluggish global demand on petrochemicals.

REMEMBER- Sabic agreed last year to sell its steel subsidiary Hadeed to the Public Investment Fund last year at an enterprise value of SAR 12.5 bn. It said the divestment would allow it to “optimize its portfolio and focus on its core business.” The transaction, which is subject to customary conditions and regulatory approvals, is set to close before the end of this quarter.

A look at Q4: Sabic reported a net loss of SAR 1.7 bn in the fourth quarter of 2023 against a net income of SAR 300 mn in the corresponding quarter a year earlier, according to its earnings release. Its revenues were down 11% y-o-y in the fourth quarter of 2023 to SAR 35 bn.

Highlights of the year: Sabic said it reached a final investment decision to develop a world-scale USD 6.4 bn petrochemical complex in China’s Fujian with China’s Fujian Energy Petrochemical, according to its earnings call presentation (pdf). They broke ground on the project earlier this month. It also announced with China’s Sinopec the start of commercial operations at a new polycarbonate at the Sinopec Sabic Tianjin Petrochemical Co.

CARE-

National Medical Care's net income rose 42% y-o-y to SAR 241 mn in 2023 on the back of a hike in patient admissions, it said in an earnings release (pdf). Revenues increased 18% y-o-y to SAR 1 .1 bn over the same period. On a quarterly basis,the bottom line grew 14% y-o-y to SAR 63 mn, while its top line was up 19% y-o-y to SAR 300 mn.

Wherein the NYT’s Dealbook unleashes its inner Orientalist

It’s a busy morning for the Kingdom in the international business press.

The New York Times’ flagship business newsletter, Dealbook, took note of the FutureInvestment Initiative conference in Miami, which has so far largely made headlines for remarks by PIF boss Yasir Al-Rumayyan about (a) the Kingdom’s AI ambitions and (b) the fund’s goal of investing a bit more abroad in the coming years.

Dealbook unleashed its inner Orientalist, writing that “lots of big names showed up” and “everyone wanted everything to look normal. … Attendees mingled over wine, which is banned in Saudi Arabia, and Carbone’s spicy rigatoni. But everything isn’t entirely normal.” Why? One guest said “the real test of Saudi’s makeover is the level of her family’s concern when she visits the country.”

God forbid: “Some guests whispered that the Saudis expect private equity firms to set up offices there and make sure their CEO makes at least one annual visit as part of any deal.” Shocker, right?

Quick memo to Andrew Ross Sorkin: Y’all can do better than this.

MEANWHILE- The CEO of PIF-backed EV maker Lucid says the company is “crucial” to Saudi as one of the cornerstones of the Kingdom’s economic diversification program. “We’re in this together for the long run. Nobody wants this more than Saudi Arabia,” Peter Rawlinson said in an interview with Bloomberg. “This is like a marriage.” Bloomberg takes note of the company’s sliding valuation and a perception in some quarters that the global EV market may be cooling.

Also worth knowing about:

ESL Faceit Group, the company set to organize the 2024 Esports World Cup, is cutting15% of its staffto support “sustainable growth ambitions and profitability.” PIF’s Savvy Games Group bought Faceit USD 1.5 bn in 2022.
The arrest of Amr Almadani, former head of the Royal Commission of AlUla, is making waves in France, where Le monde reports that the French outfit hired to help the RCU develop AlUla into a global arts destination is now facing an internal audit.
Travel industry must-read Skift has its final sponsored content spotlight on tourism in the Kingdom — an interview with Niall Gibbons, Neom’s head of tourism.

AND- Bloomberg has taken note of what it says is Sabic’s only full-year loss in data going back to 1996.

Cabinet approves new Railways Law at an otherwise-slow weekly meeting

Cabinet has approved a new Railways Law that will set safety and service standards and ensure fair competition on the rails. Transport and Logistics Minister Saleh Al-Jasser says the law will allow operators to make better use of the nation’s growing rail system and build critical infrastructure.

AND- Cabinet reiterated the Kingdom’s support to regional and international efforts to ban all forms of weapons of mass destruction, state news agency SPA reported yesterday. They also echoed a call to address the worsening crisis in Gaza and escalation of military operations by Israel.

Also approved at yesterday’s cabinet meeting:

Mandating the Energy Minister to discuss and sign two MoUs on energy with Malaysia and Tanzania;
Mandating the Environment, Water and Agriculture Minister to discuss and sign a MoU with Thailand in the field of natural resources and environment;
Mandating the Environment, Water and Agriculture Minister to discuss protocols with China regarding inspection and quarantine requirements for dairy, poultry and aquaculture products exported from the Kingdom to China;
Mandating the Investment Minister to discuss and sign an agreement with Barbados to promote direct investments;
The Kingdom’s membership in the International Drought Resilience Alliance.

Chemanol is the new majority owner of Addar. PLUS: Logistics, manufacturing, infrastructure, investment,

M&A WATCH-

Methanol Chemicals (Chemanol) has become the majority owner of Addar Chemicals (ACC) after acquiring an 84% stake in the local chemicals manufacturer in a SAR 46 mn agreement, it said in a disclosure to Tadawul.

The move plays into Chemanol’s plans to boost its share in the specialty chemicals market and expand its product offerings. The acquisition also helps ACC cut down on production costs as some of its manufacturing lines will be merged into Chemanol’s.

AVIATION-

PIF-owned The Helicopter and Jet Company and Bristow Arabia Aircraft & Maintenance Services will work on “advanced air mobility” and other “vertical lift” initiatives in the Kingdom after signing an MoU, the two said in a joint press release. Neither company went into detail about the type of solutions they might be exploring, when service could begin, or when products might hit the market.

DATA SECURITY-

Homegrown records management firm Tejoury has set up shop in the UAE with the inauguration of a “regional hub” in Dubai Investments Park as part of the company’s ongoing expansion in the region, it said in a statement on Linkedin last week. Tejoury is set to offer prime document management solutions for businesses in the UAE and neighboring countries, it said. Tejoury currently has 26 operational facilities in the region, according to Mubasher.

LOGISTICS-

Nomu-listed shipping firm Munawla Cargo has obtained a customs clearance license from the Zakat, Tax and Customs Authority, it said in a disclosure to Tadawul.

MANUFACTURING-

Global server maker Hewlett Packard Enterprise (HPE) has begun manufacturing servers in Saudi Arabia with a local player in a bid to address regional demand, HPE CEO Antonio Neri told Nikkei Asia. No further information was provided.

E-COMMERCE-

E-commerce’s share in the overall retail market is expected to rise 15 percentage points to 25% by 2035, McKinsey Middle East Partner Abdellah Iftahy told Argaam on the sidelines of Retail Leaders Circle MENA Summit. Kearney put e-commerce’s current market share at 6% in a report out last week. Iftahy sees millennials and younger consumers accounting for 80% of total spending by 2035, up from less than 35% today.

INFRASTRUCTURE-

#1- The Tourism Development Fund signed an MoU with the PIF-owned New Murabba Development Company to promote its landmark downtown project in Riyadh as a tourist destination, it said in a statement on Linkedin yesterday.

#2- Egypt-based Rowad Modern Engineering is looking to secure three contracts in the Kingdom, CEO Mohamed Mahlab told Asharq Business (watch, runtime: 4:08). The projects include the Red Sea museum in Jeddah and a power plant in Rabigh, he said, without providing further details.

INVESTMENT WATCH-

The Investment Ministry inked a SAR 550 mn MoU with Pakistani A-cube to develop 12 entertainment parks across the Kingdom, it said in a post on X.

Dubai will sell 25% of parking space unit Parkin on the DFM in March

Dubai is offering up to a 25% stake in recently launched Parkin — Dubai’s public parking operator — in an IPO on the Dubai Financial Market in March, according to a Dubai Media Office statement. The Dubai Investment Fund will be selling 745 mn shares, according to a prospectus (pdf) published yesterday.

ICYMI-Dubai’s Road and Transport Authority launched Parkin in January, just a few months after saying it would go public with its taxi and parking assets. The company takes care of the design and management of public and private parking spaces in the emirate and issuing parking permits.

The book building process starts next Tuesday and will conclude on 12 March for retail investors and a day later for institutional investors. Shares are expected to begin trading on 21 March.

Advisors: Rothschild & Co’s Middle East division was tapped as independent financial advisor. Our friends at HSBC Middle East join Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and our friends at EFG Hermes UAE as joint lead managers.

Asian markets are mixed but were trending mostly lower in early trading this morning. Futures once again point to a soft open for stocks in New York, London, Frankfurt and Toronto later today.

	TASI	12,601.55	+0.6% (YTD: +5.3%)
	MSCI Tadawul 30	1,627.71	+0.7% (YTD: +5%)
	USD : SAR (SAMA)	3.75 Sell	3.75 Buy
	Interest rates	6% repo	5.5% reverse repo
	EGX30	29,205.16	+0.9% (YTD: +17.3%)
	ADX	9,287.80	+0.3% (YTD: -3%)
	DFM	4,272.55	+1.2% (YTD: +5.2%)
	S&P 500	5,078.18	+0.2% (YTD: +6.5%)
	FTSE 100	7,683.02	-0.02% (YTD: -0.7%)
	Euro Stoxx 50	4,885.74	+0.4% (YTD: +8.1%)
	Brent crude	USD 83.65	+1.4%
	Natural gas (Nymex)	USD 1.62	-2.7%
	Gold	USD 2,039.10	-0.2%
up	BTC	USD 57,112.09	+4.6% (YTD: +143.1%)

THE CLOSING BELL-

The TASI rose 0.6% yesterday on turnover of SAR 7.4 bn. The index is up 5.3% YTD.

In the green: Avalon Pharma (+30%), SSP (+9.9%) and BATIC (+9.9%).

In the red: Amiantit (-5.2%), MCDC (-2.9%) and AlRajhi Takaful (-2.8%).

CORPORATE ACTIONS-

#1- Emaar, The Economic City CEO Cyril Piaia will not be extending his term at the real estate developer beyond his contract’s end date on Saturday, 31 August 2024, the company said in a filing to Tadawul.

#2- SAB’s BoD has recommended buying back 4.7 mn shares for the lender’s ESOP, it said in a disclosure to Tadawul.

Zelensky touched base yesterday in Riyadh

#1- Crown Prince and Prime Minister Mohammed bin Salman and Ukrainian President Volodymyr Zelensky met yesterday in Riyadh to discuss Kyiv’s “peace formula” to end its war with Russia, according to two separate statements (here, and here). Zelensky said that the Kingdom “can help find equitable solutions” for the conflict. Preparations for the upcoming Global Peace Summit that is expected to be held in Switzerland this spring was also on the agenda. Reuters and Bloomberg took note of the visit.

#2- FM, Blinken talk Gaza: Foreign Minister Prince Faisal bin Farhan discussed developments in Gaza during a phone call with US Secretary of State Antony Blinken, state news agency SPA reported yesterday. The two also discussed the conflict in Sudan, according to a State Department readout.

CALENDAR

MARCH

2 March (Friday): End of Noor Riyadh show, segment “Refracted Identities, Shared Futures,” Riyadh.

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh.

4-7 March (Monday-Thursday): LEAP 2024, Riyadh.

10 or 11 March: First day of Ramadan (tbc based on sighting of the crescent moon).

11 March (Monday): Flag Day (national holiday)

APRIL

10 April (Wednesday): Eid al-Fitr (tbc based on the start date of Ramadan)

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

MAY

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

23 September (Monday): National Day (national holiday)

DECEMBER

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

Signposted to happen sometime in 2024:

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