FinMin expects 4.6% GDP growth in 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi leads MENA + Arab countries on Quality Infrastructure Index

id: 2024-11-27-04:04:56:376t

Good morning, and happy almost-THURSDAY. It’s another busy day here at home with plenty of news with which to kick off the day, including the Finance Ministry releasing its budget statement for the upcoming fiscal year. We have chapter and verse in this morning’s news well, below.

WEATHER- Riyadh is getting a rainy day today, with temperatures reaching a high of 30°C and dipping to a cool 17°C. In Makkah, expect some thunderstorms, with a high of 29°C and a low of 21°C. Meanwhile, the mercury in Dammam will hit highs of 30°C and lows of 22°C.

PSAs-

REMINDER- Businesses need to submit customs declaration documents 72 hours before shipments reach local ports to avoid shipment delays and to reduce import costs, the Zakat, Tax, and Customs Authority said in a statement yesterday.

WATCH THIS SPACE-

#1- The Kingdom topped the UNIDO’s Quality Infrastructure Index for the MENA region and Arab countries and landed in the 20th spot globally, climbing 25 places since the 2022 edition of the biennial index, according to UNIDO data. The index measures countries’ infrastructure readiness to support the Sustainable Development Goals.

#2- The Tourism Development Fund is looking at supporting hotel projects in the Ha’il Province valued at SAR 1 bn, with an estimated capacity of 850 keys, Tourism Minister Ahmed Al Khateeb was quoted as saying by local media including Al Arabiya and Argaam.

ALSO- The fund is currently backing 17 hotel projects in Al Ahsa with an investment ticket of over SAR 3.5 bn and a capacity of 1.8k keys, Al Khateeb was quoted as saying by Al Watan.

#3- Saudi Arabia plans to venture into aircraft fuselage production, Okaz quotes Industry and Mineral Resources Minister Bandar Al Khorayef as saying. The Kingdom will also expand its titanium manufacturing capacity, which currently rolls out 15k tons for a global demand level estimated at 250k tons.

#4- The Jazan Municipality launched a tender for developing Al Jabal Al Aswad resort in Al Reeth, state news agency SPA reports. Interested investors can submit their bids for the 25-year project via the Furas platform until 8 January, 2025.

#5- The National Water Company is set to award a contract for its Al Hanakiyah and Al Samid water networks in 1Q 2025, Zawya reports, citing sources it says are in the know. The project covers 70.8 km of water networks, a pumping station, and related civil works. Bid submissions for the project wrapped up on 21 November. No details were announced on the project’s estimated value or timeline.

DATA POINTS-

The Riyadh Region recorded the highest consumption of electricity across Saudi Arabia in 2023, accounting for 28.1% of the country’s total consumption, according to a statement from the General Authority for Statistics. The Makkah Region saw the second-highest consumption at 25.5%, followed by the Eastern Region at 16.7%.

OIL WATCH-

Opec+ countries are in discussions to potentially delay the plan to phase out oil supply cuts in January due to threat of oversupply, after delaying it initially from October, Bloomberg reports, citing delegates who asked to remain anonymous.

The group “has little scope to reverse its oil production cuts,” with the long-running cuts inadvertently granting US shale producers larger market share, Iran’s Opec governor said, Bloomberg said separately. Production caps imposed by Opec over the past four years have seen US shale production increase by 2 mn bbl / d since 2020 and phasing out production cuts at this stage will likely lead to a market glut in 2025, the Iranian official said. Opec+ is due to meet online on 1 December, with traders widely expecting another delay to 2Q 2025, according to traders surveyed by Bloomberg.

SPORTS-

Liv Golf defectors might have a way back into the PGA Tour, according to Steve Cohen, whose family office Cohen Private Ventures has recently injected some liquidity into the US golf circuit earlier this year, Bloomberg reports. “The goal is to reunite all the players,” he said, explaining that getting all the top golfers back onside and playing in one tournament would be “exciting.”

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THE BIG STORY ABROAD-

Israel and Hezbollah agreed to a ceasefire agreement that is set to take hold this morning, after the Israeli cabinet voted in favor of a pact brokered by the US and France. The agreement will see Israel “gradually withdraw its remaining forces” from its border with Lebanon over the next 60 days, while “the Lebanese Army and the State Security Forces will deploy and take control of their own territory [in the south] once again,” US President Joe Biden said yesterday.

Ceasefire coming for Palestine soon? Washington is planning to “make another push with Turkey, Egypt, Qatar, Israel, and others” to reach a similar ceasefire agreement in Palestine, Biden said. An agreement would see Israel halting its assault on Gaza while removing Hamas from its position as de facto rulers of the enclave, and securing the release of remaining Israeli hostages.

Biden is looking to also push through with a set of agreements with Saudi Arabia, including a defense pact and other forms of economic cooperation, which would also see Riyadh recognize and create diplomatic ties with Israel. The agreements have stalled since earlier this year as Saudi has made its recognition of Israel contingent on having a “clear and credible” pathway for Palestinian statehood. The story is topping front pages in the international press this morning: Reuters | Bloomberg | New York Times | CNBC | Wall Street Journal | Financial Times

CIRCLE YOUR CALENDAR-

Red Bull’s Les Mills is bringing the Middle East’s largest fitness festival to Riyadh on Saturday, 30 November, at The Arena. The 12-hour event features global trainers, full-day workouts, exclusive Adidas products, and a women-only “Her Zone.” You can book your tickets online.

The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 begins on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

The Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world's largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

The FIFAe Finals 2024 returns to Riyadh from 5-12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event will feature multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event will showcase talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.

The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Register here.

The Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.

FinMin outlines budget for FY 2025, expecting SAR 101 bn deficit

The Finance Ministry is targeting GDP growth of 4.6% in its budget for the next fiscal year, maintaining its pre-budget forecasts, it said in its budget statement for FY 2025 (pdf). The growth is expected to come mainly on the back of increased non-oil activities and private sector participation.

Notably, the ministry does not cite the oil sector as a key driver for the economy next year as a timeline for Opec+ production restarts begins to look increasingly hazy. The new budget was approved yesterday evening in a cabinet session chaired by Crown Prince Mohammed bin Salman.

Oil cuts tied down growth this year, the ministry said in the budget statement, maintaining its expectation that real GDP will grow 0.8% in 2024 as growth in non-oil activities partially offsets declines in the energy sector.

Money in, money out: Total revenues are expected to come in at SAR 1.18 tn next year, while total expenditures is set at SAR 1.29 tn as the Kingdom factors in lower oil prices.

The budget deficit is expected to come in at 2.3% of GDP (SAR 101 bn) in the next fiscal yearand to “continue at similar levels over the medium term” as the Saudi state continues to invest heavily in the diversification agenda.

The IMF expects that Brent prices would need to hover around USD 78 / bbl for the Saudi budget to break even, Bloomberg says citing forecasts by the multilateral lender. Bloomberg Economics’ estimates — which take into account spending by PIF — cite a higher USD 106 / bbl breakeven point. Meanwhile, FinMin is looking to tap domestic and foreign debt resources “over the medium term” to cover the budget deficit.

Nevertheless, oil is not as important to Saudi’s finances as it used to be, with oil shocks having less of an impact than before, Bloomberg quotes Finance Minister Mohammed Al Jadaan as telling reporters.

IN CONTEXT- The government continues to double down on diversification plans and gigaprojects while staying clear of “overheating” the national economy. Officials have also said that they’re willing to accept modest fiscal deficits as the price of pursuing long-term diversification.

Spending highlights for FY 2025: The military (SAR 272 bn), healthcare and social development (SAR 260 bn), education (SAR 201 bn), and security and regional administration (SAR 121 bn) represent the key pillars of government spending for the upcoming fiscal year. Military spending will see the largest bump from this year’s budget, up 5.3%, due to heightened regional tensions, Al Jadaan told reporters, France24 reports.

FinMin’s revised budget scenarios for 2025:

Baseline scenario: A budget deficit of SAR 101 bn — with revenues at SAR 1.18 tn and expenditures at SAR 1.29 tn;
Low scenario: A budget deficit of SAR 160 bn — with revenues at SAR 1.13 tn and expenditures at SAR 1.29 tn;
High scenario: A budget deficit of SAR 50 bn — with revenues at SAR 1.13 tn and expenditures at SAR 1.29 tn.

Nine new mining sector agreements worth USD 9.2 bn

The Kingdom secured nine agreements in the mining sector, attracting over USD 9.3 bn in investments, Reuters reports. The agreements — reached at the World Investment Conference — primarily target processing and manufacturing facilities. Here’s a rundown of what we know about the projects:

#1- Copper rod: India's Vedanta Copper International, a subsidiary of Vedanta, signed an MoU with the Industry and Mineral Resources Ministry to invest USD 2 bn in significant copper projects in the Kingdom, according to a statement (pdf). The projects include a 400k metric ton per annum (TPA) greenfield copper smelter and refinery and a 300k TPA copper rod project, all set to be established in Ras Al Khair Industrial City. The company plans to begin its investments with a 125k copper rod project set to begin production by 2Q 2026, with initial investments of USD 30 mn.

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#2- Zijin plans to invest between SAR 5 and USD 6 bn in a multi-phase zinc, lithium, and copper project. The first phase will involve building a zinc smelter capable of producing 100k TPA of zinc ingots and 200k TPA of sulphuric acid. The second phase includes a lithium carbonate mining facility with a production capacity of 60k TPA of battery-grade lithium carbonate, and the final phase will see the establishment of a copper refinery with an output of approximately 50k TPA of electrolytic copper foil and 200k TPA of copper cathodes.

#3- Australia’s Hastings Technology Metals is set to invest SAR 5.6 to 7.2 bn in a multi-phase project to build processing facilities for rare earth elements. This will include a hydrometallurgical processing plant, a solvent extraction separation facility, and a downstream processing facility, Reuters reported.

#4- A smelter and refinery: Vancouver-based Platinum Group Metals, in partnership with local firm Ajlan & Bros Mining, is exploring investments worth SAR 1.9 bn platinum into developing a group metals smelter and a base metals refinery. The smelter would process feedstock sourced from the company’s Waterberg mine in South Africa.

Maarif Education to acquire 100% of Ibn Khaldoun Education

Maarif Education is acquiring 100% of Ibn Khaldoun Education (IKEC): Maarif Education signed a definitive agreement to fully acquire IKEC, according to a press release. The investment ticket for the agreement was not disclosed.

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The pitch: The transaction will see Maarif acquiring all of IKEC’s four schools in Riyadh, which cater to 13k students with national and international curricula, increasing Maarif’s size by some 60%, and raising its total enrollment to over 36k from 23k.

About Maarif: Founded in 1971, Maarif Education currently operates 10 educational complexes nationwide, housing 74 schools for boys and girls across all levels, and employs some 2.5k staff.

Investment funds’ AUM surge 30% y-o-y to SAR 660.2 bn in 3Q

Total assets under management (AUM) by public and private investment funds in Saudi rose 30% y-o-y to SAR 660.2 bn in 3Q 2024, according to the Capital Market Authority’s quarterly statistical bulletin (pdf). The report points to a total of 1,464 funds operating in the Kingdom, with private funds accounting for the lion’s share (1,154) of that figure.

The breakdown: Public fund assets grew 36.7% y-o-y to SAR 160.1 bn in 3Q 2024, and were up 10.4% q-o-q. Holdings of money market instruments represented the largest asset category held by public funds at SAR 44.9 bn, and were up 39.5% y-o-y. These were followed by equities (up 62.4% at SAR 43.8 bn), real estate investment trusts (up 6.6% at SAR 29.3 bn), and debt instruments (up 1.9% at SAR 22.2 bn).

Local assets held by public funds in the third quarter were up 41.8% y-o-y at SAR 134.4 bn, while foreign assets grew 15.1% to SAR 25.7 bn. The number of Saudi public funds stood at 310 during the period, up from 283 a year earlier, while subscribers to public funds increased 50.6% at 1.6 mn subscribers.

REMEMBER- The PIF’s AUM rose 21% during the first ten months of the year to SAR 3.49 tn. By the end of 2023, PIF’s AUM rose 29% y-o-y to SAR 2.9 tn, the fund said previously. Some 76% of those assets were in local investments, while 20% were international investments, and another 3% of the portfolio was in treasuries. The majority of the fund’s AUM (85%) were managed internally, while the balance was managed externally.

On the private side: Private fund assets in the third quarter were up 28% y-o-y at SAR 500.1 bn, and increased 7.2% q-o-q. Real estate funds accounted for SAR 208 bn of private fund assets, closely followed by equities at SAR 207.4 bn. The number of private funds by the third quarter of this year stood at 1,154, up from 926 a year prior, while subscribers were up 55.6% at 131.4k.

Who holds what in the Saudi equities market? Institutional investors continued to account for the lion’s share of the equity market, with 95.5% ownership, according to the report. Saudi public entities also held the largest portion of equities (64%) during the quarter, followed by Saudi private firms (18.2%), Saudi individual professional investors (4.9%) and foreign qualified investors (3.4%).

IPOs and listings were a mixed bag: Four offerings were approved for Tadawul’s main market in 3Q, with 14 requests pending approval, compared to no approvals and five pending requests during the same period last year. Meanwhile, the Nomu parallel market saw eight offerings and listings approved and 31 pending requests during the third quarter, compared to four approvals and 41 pending requests a year earlier.

SPPC shortlists bidders for solar + wind energy projects

SPPC prequalifies developers for sixth round of NREP: The Saudi Power Procurement Company (SPPC) prequalified a total of 22 utility project developers — national and international — for the sixth round of wind and solar projects under the National Renewable Energy Program (NREP), according to a statement.

The prequalified bidders: Masdar, EDF Renouvelables, Total Energies, Marubeni, Sumitomo, Jera, Kepco, Korea Western Power, Spic Huanghe Hydropower, Jinko Power, and Sembcorp Utilities.

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Background: The SPPC issued requests for qualification (RFQs) for five wind and solar projects in September. This round will add a combined capacity of 4.5 GW to the Kingdom’s renewable energy portfolio. Key projects in this round include the 1.5 GW Dawadmi Wind IPP in Riyadh and four solar PV projects, including a 1.4 GW plant in Najran, 600 MW each in Samtah and Ad Darb in Jizan, and a 400 MW plant in Hail.

MISA + GlassPoint begin rolling out test pilot for Ma’aden I solar plant

Ma’aden I solar plant enters the next phase of development: PIF-backed miner Ma’aden, US renewables tech manufacturer GlassPoint, and the Investment Ministry have kicked off the GlassPoint Ma'aden Technology Showcase (GMTS), a pilot project preceding full scale production at the USD 1.5 bn Ma'aden I solar plant, dubbed the world’s largest, according to a press release.

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More on the pilot: The project applies reflective mirrors in a glasshouse configuration to heat liquid salts that are then channeled to provide heat to a nearby Ma’aden plant. GMTS will begin by providing 1% of the steam required to power Ma’aden’s bauxite refinery at Ras Al Khair while leveraging new technologies to save on costs and weight.

The full project — Ma’aden Solar 1 — will provide up to 65% of the required steam for the refinery, offsetting some 600k tons of CO2 emissions a year, or the equivalent of taking 130k cars off the road. The plant is expected to have a 1.5 GWth output, mitigating 10% of Ma’aden’s annual emissions.

Not their first rodeo: GlassPoint signed an agreement with the Investment Ministry in October 2023 to build a solar tech manufacturing facility in the Eastern Province. At full production, the facility’s yearly output will enable the production of 5k tons of solar steam each day, or enough to offset 200k tons of emissions a year. The solar tech factory looks to provide supply chain resilience for Ma’aden I and other Saudi-based solar projects, while also supplying export markets.

New financial eligibility limits for the Citizen Account Program

The Citizen Account Program will tighten eligibility criteria starting January 2025, after it was extended until the end of 2025 through a royal directive, according to a statement. The citizen account program was created to provide financial support to vulnerable Saudi families who are impacted by economic reforms, according to its website.

Financial capability criteria include appraisable assets such as real estate, vehicles, cash, investment portfolios, and other indicators including the number of domestic workers. Each criterion has a specific maximum limit, exceeding which renders the applicant ineligible.

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Financial eligibility thresholds: For a family of six, the maximum threshold to be eligible for the program is set at a combined annual income of SAR 4 mn, with that figure decreasing as family size decreases. For an independent individual, the threshold is an annual income of SAR 1.4 mn. You can use the program’s online calculator to check the amount of monetary support you are eligible for.

Field visits will verify eligibility, while ineligible beneficiaries can appeal or provide proof within 90 days through the program’s online portal.

ICYMI- The program disbursed SAR 3.4 bn to 10.7 mn beneficiaries for November.

Neom is a “generational investment” with an extended timeline, Al Falih says

Neom is again making the rounds in the foreign press, with Investment Minister Khalid Al Falih telling Reuters on the sidelines of the World Investment Conference that the gigaproject is a “generational investment” with an extended timeline that will not be completed in “two, three or five years.” Al Falih also added that the megacity was not “100% PIF” and that foreign investment is starting to pick up. “The flywheel is starting and it will gain speed as we go forward, as some of the foundational assets come to the market,” the minister explained.

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REMEMBER- Italian state export credit agency Sace pledged USD 3 bn in loan guarantees to Neom earlier this month, with the move coming as part of a push by Italy for lucrative contracts at the megacity. The Saudi state is also recalibrating spending on megaprojects including Neom as part of a drive to promote fiscal prudence and prioritize projects with a more immediate economic impact.

ALSO- Bloomberg is out with an opinion piece looking at women’s labor force participation in Saudi and the Kingdom’s economic diversification push.

India-based LT Foods eyes SAR 185 mn investments in the Kingdom

INVESTMENT WATCH-

LT Foods set up a Riyadh office as it gears up to invest SAR 185 mn in the Kingdom over the next five years, the Indian fast-moving consumer goods firm said in a statement (pdf). The investment will be allocated to warehousing and stocks. The company is targeting revenues of SAR 435 mn over the next five years as it eyes tapping Saudi Arabia’s USD 2 bn rice and rice-based food market through its new office.

More in the pipeline: LT Foods, which has the Saudi Agricultural and Livestock Investment Company among its shareholders, also plans to establish manufacturing facilities in the Kingdom.

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LOGISTICS-

#1- GWC moves into Ras Al Khair Industrial Port: Qatar-based Gulf Warehousing Company’s (GWC) energy logistics subsidiary GWC Energy Services inked an MoU with Aramco-backed Offshore Fabrication Company (OFC) to develop 100k sqm of Grade A logistics and storage facilities at Ras Al Khair Industrial Port, according to a press release. The new developments look to improve OFC’s storage and logistics capabilities and improve energy supply chains at the port. No investment ticket or timeline for the project was disclosed.

#2- Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) added Silmar Group’s IXS service to Jeddah Islamic Port, it said in a statement. The new shipping service, which has a 1.5k standard container capacity, will link the Jeddah port to the ports of Mundra and Nhava Sheva in India, Karachi in Pakistan, Colombo in Sri Lanka, Mersin and Yarimca in Turkey, Jebel Ali in the UAE, and Novorossiysk in Russia.

AVIATION-

Lufthansa’s budget carrier Eurowings is adding three weekly flights connecting Berlin and Cologne-Bonn to Jeddah this winter season, according to a press release.

This is part of a move by Eurowings to increase its connectivity to North Africa and the Middle East during its winter schedule, having also launched a new route to Cairo and doubled its flights to Dubai.

TOURISM-

The Jeddah Yacht Club and Marina became the first international marina operator in Saudi Arabia to obtain a license from the Saudi Red Sea Authority, according to a post on X. The operator is owned by PIF’s subsidiary Sela.

BUSINESS-

A Saudi-Tajik Business Council in the works? The Federation of Saudi Chambers signed an agreement with the Chamber of Commerce and Industry in Tajikistan to establish Saudi-Tajik Business Council in a bid to boost trade and investments between the two countries, state news agency SPA reports.

DEBT WATCH-

Contact Center Company (CCC), a solutions by stc unit, signed a SAR 500 mn loan agreement with Riyadh Bank, according to a disclosure to Tadawul. CCC will use the one-year shariah-complaint facility to fund its working capital needs and obtain letters of guarantee.

In a trade war, there are no winners, cautions China following Trump’s tariff pledges

“No one will win a trade war or a tariff war,” warned a Chinese embassy spokesperson in Washington yesterday, reacting to president-elect Trump’s pledge via social media on Monday to impose a blanket additional 10% tax on all incoming Chinese goods. Trump alleged that China had failed to crack down on narcotics — in particular Fentanyl — from being sent to the US and that the tariff would remain in place until China takes definitive action, including a death penalty for drug smugglers.

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The incoming administration also put neighbors — and historically close trading partners — Mexico and Canada on notice, pledging a 25% tariff on “ALL products” from its top two trading partners. Trump posted on his Truth Social platform — with his characteristically bizarre use of capital letters — that the “Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country.”

Mexico is already saying that it is prepared to respond, with the country’s president Claudia Sheinbaum warning that “to one tariff will follow another in response and so on, until we put our common businesses at risk” at a press conference yesterday. This would lead to job losses and inflation on both sides of the border, Sheinbaum argued.

Trade is also a two-way street, and the prospect of a trade war between the US and the three countries could have a big impact on American businesses and the economy at large — especially considering that the three countries are also the top three importers of US-made goods.

The three targeted countries are already feeling the squeeze in the currency markets, with the MXN falling 2.5% against the greenback yesterday, along with the CAD that fell 0.7% and CNY that dropped 0.2%.

But so too are US automakers — who rely on Mexico for much of their production — with shares in General Motors slipping 8.9% and Ford dropping 2.6% despite both the Nasdaq and S&P 500 ending the day comfortably in the green. "If implemented, this would spell disaster for the U.S. auto industry and Detroit Three manufacturers, all of whom import significant numbers of vehicles from Canada and Mexico," Bernstein analyst Daniel Roeska said in a note seen by Reuters.

MARKETS THIS MORNING-

Asian markets are kicking the day off in the red, on the heels of gains on Wall Street with the Dow Jones and S&P 500 both closing on all-time record highs. Leading the pack in the red is Japan’s Nikkei at -0.8%, China’s Shanghai index at -0.5%, and Hong Kong’s Hang Seng at -0.1%. Korea’s Kospi is just in the green at +0.1%.

TASI	11,736	-0.4% (YTD: -1.9%)
MSCI Tadawul 30	1,474	-0.2% (YTD: -4.9%)
NomuC	30,603	-0.9% (YTD: +24.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,284	+0.1% (YTD: 21.7%)
ADX	9294	+0.7% (YTD: -3.0%)
DFM	4829	+1.3% (YTD: +18.9%)
S&P 500	6022	+0.6% (YTD: +26.2%)
FTSE 100	8259	-0.4% (YTD: +6.8%)
Euro Stoxx 50	4762	-0.8% (YTD: +5.3%)
Brent crude	USD 72.86	+0.1%
Natural gas (Nymex)	USD 3.43	+1.8%
Gold	USD 2658.20	+0.6%
BTC	USD 91,985.40	-1.8% (YTD: +116.2%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.4% yesterday on turnover of SAR 5.2 bn. The index is down 1.9% YTD.

In the green: Riyadh Cables (+7.6%), MBC Group (+6.8%) and Elm (+4.0%).

In the red: Jadwa REIT Saudi (-5.1%), Aljouf (-4.9%) and Ataa (-4.2%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 126.8 mn. The index is up +24.8% YTD.

In the green: Miral (+14.6%), Purity (+10.8%) and Tibbiyah (+9.1%).

In the red: Alqemam (-11.1%), Horizon Food (-9.7%) and Leen Alkhair (-7.5%)

FM joins global talks on Gaza + Lebanon + Sudan at G7 Summit

Foreign Minister Prince Faisal bin Farhan met with his counterparts from Italy, Canada, the UAE, Egypt, Jordan, and Qatar, as well as US Secretary of State Antony Blinken, during the G7 Foreign Ministers' Meeting in Fiuggi, Italy. The discussions focused on strengthening bilateral ties and addressing pressing regional issues.

The minister also took part in the expanded G7 session, where he emphasized the need for a ceasefire in Gaza, calling for a two-state solution. He highlighted the importance of achieving a lasting resolution to the crisis in Sudan. In a separate meeting, he reiterated Saudi Arabia’s support for ceasefire efforts in Sudan and advocated for a Sudanese-led political process to ensure long-term stability.

CALENDAR

NOVEMBER

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26-28 November (Tuesday-Thursday): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham.

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

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

30 November (Thursday): Red Bull’s Les Mills, The Arena, Riyadh.

DECEMBER

1 December (Sunday): Opec+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

2-4 December (Monday-Wednesday): Emmanuel Macron expected to visit Riyadh.

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

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

3 December (Tuesday): Riyad Bank PMI for November.

3-4 December (Tuesday-Wednesday): Saudi Green Initiative (SGI), Riyadh.

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

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4 December (Wednesday): Banan Real Estate shares halt trading on Nomu.

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

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

5-12 (Thursday-Thursday): FIFAe Finals 2024, SEF Arena, BLVD Riyadh City.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

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

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

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

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

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

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

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

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

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

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): Federal Open Market Committee meeting.

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

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

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

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

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

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

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

19 February (Wednesday): Derayah REIT dividend distribution.

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

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

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

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

APRIL 2025

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

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

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

MAY 2025

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

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

JUNE 2025

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

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

JULY 2025

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

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

SEPTEMBER 2025

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

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

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

NOVEMBER 2025

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

DECEMBER 2025

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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