GCC growth to reach 4% in 2025, resilient to global trade woes

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF mulls issuing first EUR-denominated bond + Entaj eyes Gulf expansion following Tadawul debut

Good morning, wonderful people. It’s shaping up to be a slow day in the Kingdom as we prepare to enter the final ten days of the holy month. This morning’s news well features Oxford Economics’ forecasts for GCC growth, a new IPO from Service Equipment Company on the Parallel market, and a SAR 4 bn logistics zone in Falcon City.

When do we eat? Maghrib is at 6:04pm today in Riyadh. You’ll have until fajr prayers at 4:39am tomorrow to enjoy suhoor.

HAPPENING TODAY-

Pakistan’s Prime Minister Shehbaz Sharif is visiting Saudi Arabia today for a four-day trip, according to a statement from Pakistan’s Foreign Ministry. Sharif is expected to meet Crown Prince Mohammed bin Salman to discuss bilateral investments, trade, and security.

WEATHER- Expect some thunderstorms in Riyadh and Madinah today, while Makkah will see a chance of rain.

Riyadh: 29°C daytime / 18°C overnight
Makkah: 38°C daytime / 25°C overnight
Madinah: 33°C daytime / 18°C overnight

WATCH THIS SPACE-

PIF mulls issuing its first EUR-denominated bond: The Public Investment Fund (PIF) is reportedly considering issuing its maiden EUR-denominated bond, with plans to tap onshore US investors for the first time, Bloomberg reports, citing sources it says are familiar with the matter. The move comes as the PIF looks to limit its dependence on government funding, one of the people said.

The rationale: The business news service estimates that the Kingdom will need oil prices to hover around USD 108 a barrel to fund its investments as it braces for a ramp-up in spending ahead of hosting several major global events within the coming decade — including the FIFA World Cup 2034. The sovereign wealth fund is also limiting the financing of its portfolio companies, nudging them to secure financing from alternative sources, sources said.

IN CONTEXT- This is in line with the government’s FY 2025 borrowing plan that outlines an intention to diversify the borrowing portfolio during the new fiscal year, with plans to expand the creditors base by tapping fresh local and foreign lenders to raise SAR 139 bn and foot a SAR 101 bn budget deficit and SAR 38 bn in maturing loan repayments. In addition, S&P sees the government running deficits averaging 4.2% of GDP during 2025-2028, on the back of large public investments.

Entaj eyes Gulf expansion following Tadawul debut: Arabian Company for Agricultural and Industrial Investment (Entaj Foods) plans to expand across the Gulf region, CEO Rajaa Al Harbi told Asharq Business (watch, runtime: 12:12). The poultry producer — which currently holds a 7.6% market share in the Kingdom — will start with Kuwait and Bahrain for fresh poultry, while considering other regional markets for frozen products, Al Harbi said.

ICYMI- Entaj’s selling shareholder Arabian Agriculture Services (Arasco) raised SAR 450 mn in proceeds through the sale of a 30% stake, which was priced at SAR 50 per share — the top of the indicative SAR 46 to 50 range it was guiding on — after its institutional tranche closed at 208.4x oversubscription. The first day of trading saw the company’s share price jump 30% — the maximum allowed — before dropping to SAR 62.30 on yesterday’s close.

Latest updates from Neom’s The Line: Piling work is nearing completion at Module 46 of the Line, Giles Pendleton, COO of The Line said in a Linkedin post. He highlighted progress across Modules 45 to 48, with over 5.5k piles per module up to 70m deep and over 3.5 mn cubic meters of concrete in the first phase.

ICYMI- The Line’s Hidden Marina is set to become the first segment of the smart city to be operational, with contractors currently being sought for raft foundations tendered in six lots. The 2.5-km long, 500-meter high first phase will be composed of three interconnected modules and is set to house upwards of 200k residents. Neom set a 24 March deadline for firms to submit proposals to undertake the raft foundations of the modules.

Saudi Arabia is leading the Middle East in bond and sukuk issuances year-to-date with a 63% market share, Franklin Templeton Chief Investment Officer Mohieddine Kronfol told Al Arabiya. The regional debt issuance market is up 22% y-o-y to USD 48 bn since the start of 2025, with competitive pricing driving the increase, he said.

Bucking the trend: While the Middle East market is on the up, the global market has been facing sell-offs triggered by concerns over trade wars and their impact on inflation and economic growth, Kronfol said.

REMEMBER- Saudi Arabia dominated the GCC bond market in 2024, raising USD 79.5 bn from 79 primary bond and sukuk issuances, a 51.2% y-o-y increase. The Kingdom accounted for 53.7% of the GCC’s total primary issuances volume at USD 147.9 bn in 2024, with Fitch projecting its debt capital market to top USD 500 bn by the end of 2025.

Jana Medical to list two subsidiaries on Nomu: Jana Medical Company tapped Afaq Financial Company as a financial advisor to oversee the offering and listing of two subsidiaries, Elite Medical Care and Excellent Care, on the Nomu parallel market, according to a disclosure to Tadawul. No further details were provided.

DATA POINTS-

The number of valid mining licenses in Saudi Arabia reached 2.4k at the end of 2024, covering mining, exploration, reconnaissance, and building materials quarries, state news agency SPA reports, citing the 2024 Mining Sector Indicators Bulletin.

The breakdown: Building materials quarries accounted for the largest share with 1.5k licenses, followed by exploration (642), mining and small mining operations (215), reconnaissance (41), and surplus mineral ore extraction (22).

SPORTS-

PIF’s new cricket league hits stumbling block: The England and Wales Cricket Board (ECB) will not be backing the proposed Twenty20 (T20) global cricket league, said Chief Executive Richard Gould to the Sydney Morning Herald. “With the busy international calendar, a host of established franchise leagues around the world, and existing concerns about player workloads, there is no scope or demand for such an idea,” said Gould.

ICYMI-The Kingdom is reportedly prepared to invest some USD 500 mn in the new T20 global cricket league — modeled after tennis Grand Slams — through the PIF’s Surj Sports Investments. The project is being touted as a move away from the traditional funding structures — broadcasters and International Cricket Council (ICC) distributions — which have disproportionately favored cricket’s superpower India.

HAPPENING TOMORROW- Saudi Arabia and China are set to face off in their World Cup qualifier at Al-Awwal Park in Riyadh, kicking off tomorrow at 9:15 pm. The Green Falcons will be led by Herve Renard.

MEANWHILE- Jeddah gears up for the AFC Champions League Elite Finals, featuring seven knockout matches between 25 April and 3 May, according to a press release. Top-seeded and top AFC champion Al Hilal SFC will meet South Korea’s Gwangju FC, Saudi league title-holder Al Ahli is set to take on Thai Buriram United, and Cristiano Ronaldo’s Al Nassr must measure against Japan’s Yokohama Marinos. The victors will progress to the semi-finals set for 29-30 April, with the final match scheduled for 3 May at King Abdullah Sports City Stadium.

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THE BIG STORY ABROAD-

One story is on every front page this morning: The anticipated phone call between US President Donald Trump and Russian President Vladimir Putin ended with Putin agreeing to halt strikes on Ukrainian energy and infrastructure facilities for 30 days. The discussion also touched on tensions in the Middle East, with the two sides saying they would make “joint efforts to stabilize the situation in crisis zones.” Trump described the conversation as “a very good and productive one,” in a post on his social media platform Truth. He said the two sides “will be working quickly to have a complete ceasefire and, ultimately, an end to this very horrible war.” (Bloomberg | Reuters | Financial Times | New York Times)

ALSO MAKING HEADLINES- Gaza sees deadliest day in two months: Israeli airstrikes and shelling killed more than 400 Palestinians in Gaza yesterday, marking the deadliest day in the strip in over two months. The attacks marked the collapse of January’s ceasefire agreement, dashing any immediate hopes of extending the truce into its second phase, originally set to begin this month. Israel vowed to escalate its military operations, with Prime Minister Benjamin Netanyahu’s office saying it would act with “increased military strength.” (BBC | CNN | New York Times | AP)

GCC growth to reach 4% in 2025, resilient to global trade woes -Oxford Economics

Growth in the GCC is expected to withstand recent upheaval in global trade: The overall GCC economy is set to grow by 4.0% in 2025, up from an estimated 1.8% in 2024, despite rising global protectionism, geopolitical tensions, and an uncertain global economic outlook, according to the latest ICAEW Economic Insight report prepared by Oxford Economics.

The Kingdom will play a big role in GCC growth: Oil sector growth in the GCC is expected to reach 3.2% after two years of contraction, according to Oxford Economics. Saudi Arabia’s oil output is expected to reach 9.3 mn barrels per day during 2025 — up from its previous estimate of 9.1 mn barrels — driving an oil sector growth of 1.9%. Meanwhile, Saudi Arabia and the UAE are expected to lead non-oil sector growth in the region with 5.8% and 4.8% respectively.

As for our budget deficit, Oxford Economics sees the deficit coming in at 3.0% of GDP this year, driven by the government’s pursuit of “strategic investments.” This is less than forecasts from Fitch Ratings, which sees the budget widening to 3.8% of GDP, while Capital Economics predicts the deficit to widen to 4.0%.

Gov’t projections tell a different story: The government expects the budget shortfall to come in at 2.3% of GDP (SAR 101 bn) in the current fiscal year, and to “continue at similar levels over the medium term,” it said in its budget for FY 2025.

Tourism is going to be specifically prevalent in the Kingdom: “The tourism industry – the fastest-growing sector across the region in 2024 – will remain a vital engine for growth and diversification efforts,” the report said, adding that Saudi Arabia is expected to see growth in the sector over the next two years supported by “an expanded visa offering including the GCC-wide visa.”

ICYMI- Fitch Solutions’ research unit BMI sees MENA countries (and GCC countries in particular) being safe from direct tariffs from the Trump administration due to “economic and strategic considerations.” IBM argues that Saudi Arabia and the UAE’s investments in the US — specifically in AI — along with close relations with US President Donald Trump would make tariffs on both countries “counterproductive,” especially as Trump looks to “expand the Abraham Accords and reduce China's influence in the Middle East,” the report reads.

Service Equipment Company moves forward with Nomu IPO

The subscription period for Service EquipmentCompany’s (SEC) Nomu IPO will begin next month, running from 13-17 April, according to SEC’s prospectus (pdf). The automotive maintenance unit of Saudi conglomerate Balubaid Group is limiting its offering to qualified investors, who will each be able to book a maximum of 119.9k shares and a minimum of 10 shares. The final allocation is slated for Tuesday, 22 April. The company lined up the Capital Market Authority’s approval for a secondary offering of a 30% stake — good for 720k shares — in December of last year.

Post-IPO structure: SEC’s largest shareholder, Ahmad Omar Abubakr Balubaid Holding, is selling down its position to 61.60% from 88% following the IPO. Omar Abubakr Balubaid Co. — the firm’s only other shareholder — will see its interest reduced to 8.40%, down from 12%.

Use of proceeds + lock-up: SEC’s selling shareholders will rake in all of the proceeds from the sale of existing company shares — excluding some SAR 4 mn in IPO-related costs. Their shares will remain in lock-up for 12 months from the first day of trading.

A snapshot of earnings: SEC’s net income was up 11.73% y-o-y at SAR 7.62 mn in 1H 2024, according to the firm’s latest unaudited results in the prospectus. The company’s total sales saw a 5.38% y-o-y increase to SAR 26 mn over the same period.

About SEC: Founded in 1980, the Jeddah-based company distributes and markets maintenance workshop equipment, car inspection tools, and oil and lubrication systems. Its offerings also extend to the wholesale and retail trading of industrial machinery and fuel station components, including fuel pumps and storage facilities.

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

THE IPO PIPELINE AHEAD-

Among the other Nomu listings to watch out for in 2025:

Qudra for Communications and IT secured approval to offer 18.2% of its capital on the Nomu parallel market;
Hawyia Auctions was also approved to offer a 12% stake on Nomu.

Sal to build SAR 4 bn logistics zone in Falcon City

Sal Saudi Logistics Services plans to construct, develop, and operate a new logistics zone in Riyadh’s Falcon City, with an estimated investment of SAR 4 bn, according to a statement (pdf). The logistics player inked a preliminary agreement to lease a 1.5 mn sqm land plot from PIF’s entertainment and investments arm Sela for the project, it said in a Tadawul disclosure.

The lease breakdown: Under the agreement, Sal will lease the land for a period of 30 years, with the possibility to extend an additional 15 years and a grace period of three years. Sal will pay Sela SAR 25 mn to cover electricity, roads access, and infrastructure costs upon signing the final agreement for the zone. Sal is uptaking the land at a lease rate of SAR 16 per sqm, with an annual inflation rate set at 1.5% following the grace period. The two parties are scheduled to complete the final leasing agreement within six months.

Who’s involved: Sal also separately inked a framework agreement with government initiative Shareek program to support the project, according to a Tadawul disclosure and a statement (pdf). Under the agreement, Sal will be able to discuss its eligibility for and request empowerment programs from the government body. Shareek’s eligibility obligation is in effect until 31 December 2030. Further details regarding the partnership were not disclosed.

About the facility: The facility will include state-of-the-art Class A warehouses, operational facilities, multimodal connectivity, and smart tech. The project looks to boost the Kingdom’s supply chain efficiency and operational logistics environment. The zone comes as a new revenue segment for Sal, which is forecast to reflect on the firm’s earnings upon the project’s completion.

About Falcon City: The 14.4 mn-sqm city project is a next-generation city under the ownership of Sela and home to the Saudi Falcons Club, a cultural and heritage landmark in the Kingdom. The club boosts tourism and cultural engagement by hosting local and international events, as well as programs and activities.

AlBalad AlAmeen + Sumou to launch SAR 4 bn Makkah real estate fund

New SAR 4 bn real estate fund in the works: Makkah-based master planner AlBalad AlAmeen for Development and Urban Regeneration and real estate developer Sumou Holding will set up a SAR 4 bn investment fund, after signing an MoU, Albalad Alameen said on LinkedIn.

The details: The fund will help develop infrastructure for the Sumou Suburb Project in Makkah. The 1.6 mn sqm mixed-use development is expected to house around 25k residents within the Makkah Gateway, according to its website. No further details were disclosed.

ALSO- The two companies signed a separate agreement to develop two projects in Makkah spanning over 7 mn sqm each, including neighborhoods and utilities, Albalad AlAmeen said in a separate post.

Derayah issues its maiden earnings post-IPO

DERAYAH-

Derayah Financial’s net income increased 35% y-o-y to SAR 444 mn in FY 2024, it said in a disclosure to Tadawul. Revenue grew 41% y-o-y to SAR 877 mn during the same period, on the back of strong performance from all its core business sectors — including the brokerage and asset and wealth management segments — as well as special commission income.

This marks the brokerage firm’s first financial disclosure as a publicly traded company, after it rang the opening bell on Tadawul’s main market last week.

Looking ahead: Derayah plans to boost its product and technology offerings while leveraging cross-selling chances, according to CEO Mohammed Al Shammasi. It also eyes setting up an institutional trading desk to expand its “customer base, further diversify revenue streams and maximize returns,” Al Shammasi added.

SAPTCO-

Saudi Public Transport Company (Saptco) posted SAR 15.1 mn in net income in FY 2024, reversing course after a SAR 24.2 mn net loss the year prior, according to a disclosure to Tadawul. The turnaround was driven by lower fixed costs, higher finance income and assets valuation, and a subsidiary turning to the black.

MEANWHILE- Revenue fell 7% y-o-y to SAR 1.46 bn, weighed down by the end of contracted concessions which led to lower demand in the public transport segment.

ALSO- Saptco’s board greenlit the establishment of two wholly owned subsidiaries, Marab Auto Maintenance Company for vehicle maintenance and another unnamed entity to offer driving lessons, according to two separate disclosures.

Eisar gets a shuffle

Cabinet signed off on changing two members of Eisar (the Bankruptcy Commission), appointing Waseem bin Samir Al Sourani and Musab bin Abdel Mohsen Aljammaz to the commission, state news agency SPA reports. The other four members of the commission remained unchanged.

The council of ministers also approved several agreements, including two with Pakistan covering customs cooperation and technical and vocational training.

Among other agreements approved:

Two air transport agreements with Suriname and Lithuania;
A tax treaty with Iceland preventing double taxation;
An MoU between the General Authority for Statistics and Unicefs Gulf Office on multi-indicator cluster surveys;
An MoU on economic cooperation with Comoros;
A cultural cooperation agreement with Japan;
An education assessment and accreditation with Mauritania.

Hassana Investment buys into Berain Water

M&A WATCH-

Hassana Investment buys into Berain Water: Hassana Investment — the investment manager of the General Organization of Social Ins. — acquired a 40% stake in Berain Water from Rajhi Invest for an undisclosed sum, according to a joint press release. The move comes as Hassana Investment looks to “acquire well-performing businesses in the consumer sector with a stable and attractive cashflow profile underpinned by strong market fundamentals,” said Hassana CIO of Regional Markets Ahmed Alqahtani.

About Berain: Founded in 2015, the bottled water manufacturer owns and runs a total of three manufacturing plants in Riyadh and Jeddah with 24 storage and warehousing facilities across the country. It operates under a fully integrated business model spanning manufacturing, procurement, logistics, and distribution.

Elm shareholders greenlight Thiqah transaction: Homegrown digital solutions provider Elm Company ’s shareholders approved acquiring the Public Investment Fund’s (PIF) entire stake in Thiqah Business Services for SAR 3.4 bn, according to a disclosure to Tadawul.

The details: The share purchase agreement — concluded back in January — will see Elm buy all 45k shares held by the PIF in Thiqah, valued at a nominal share price of SAR 1k a piece. The digital security firm will tap its own resources and facilities to fund the transaction fully in-cash. Thiqah will become a wholly-owned subsidiary of Elm and its financial results will be consolidated into Elm’s financials.

Salama tapped Estidamah Capital as its financial advisor ahead of a potential merger with Saudi Enaya, it said in a disclosure to Tadawul. The two companies signed a non-binding MoU to consider a potential merger last month, with due diligence currently underway.

INFRASTRUCTURE-

NHC launches SAR 271 mn power project: The National Housing Company (NHC) broke ground on a SAR 271 mn power station and 13 km of transmission lines for the Sadayem project in northern Jeddah, state news agency SPA reports. The project, in collaboration with the Saudi Electricity Company (SEC), will cover 4.5k sqm and power over 8k homes, serving 45k residents.

About Sadayem: Located near King Salman Bay north of Jeddah, Sadayem spans 3.8 mn sqm with 8.5k residential units and multiple educational, recreational, and commercial facilities.

The central region to get 16 groundwater treatment plants: The Saudi Water Authority inked an agreement with the National Water Company to design, build, operate, and maintain 16 groundwater treatment plants in the central region, state news agency SPA reports. The value of the project was not disclosed.

The details: The project aims to provide over 18k cubic meters of drinking water daily to more than 80k residents by using efficient and environmentally friendly desalination technologies. It also includes building water treatment and distribution facilities to improve supply reliability in areas with limited water resources.

BANKING-

Vision Bank kicks off pilot phase of its banking operations: Shariah-compliant digital lender Vision Bank has launched the pilot phase of its banking operations, aided by UAE-based fintech firm Finastra, according to a press release.

The details: The bank, formerly known as Saudi Digital Bank, was initially licensed by the Saudi Central Bank (Sama) back in June 2021. Finastra implemented its “Finastra Kondor” services, which helped improve the bank’s treasury trading and risk management capabilities, according to the press release.

MARITIME-

Mawani boosts links between Jubail and Asia: Saudi Ports Authority (Mawani) added MSC’s shipping service Clanga to Jubail Commercial Port to boost the Kingdom’s connectivity to Asia, according to a statement. The new service will have a capacity of up to 6k standard containers and will call at Jubail Commercial Port, King Abdulaziz Port, Singapore Port, China’s Shanghai Port, and Sri Lanka’s Colombo Port.

AVIATION-

AviLease offloads three planes to its JV with China: PIF-owned aircraft lessor three Airbus A320neo aircraft to SDH Wings International Leasing Limited — its JV with Chinese sovereign fund Sichuan Development Holding (SDH), according to a press release.

The details: The three aircrafts — which boosted the JV’s fleet to a total of 25 carriers — are on long-term lease to an undisclosed Saudi-based airline. The move comes as part of AviLease’s MoU with SDH for the supply of up to 20 new technology aircraft, which was inked back in December 2023.

US stocks see historic “bull crash” amid recession, trade war fears, with investors shifting towards long-term bonds and gold

There are more signs than ever before that interest in US equities has peaked, with a Bank of America survey showing investors have slashed their allocations by the most ever in March, the Financial Times reports. Investors raised their cash allocation from 3.5% to 4.1%, with the speed of the sell-off “consistent with end of equity correction,” Reuters reports. Some 70% of investors said the “US exceptionalism” theme prevalent in the first few months of the year following US President Donald Trump's inauguration is long gone.

Tech stocks in particular are falling out of favor: The survey found that investors had moved to a net 12% underweight position on US tech stocks, the lowest allocation for more than two years. Shares in tech firms like Elon Musk’s Tesla continued to witness a sell-off yesterday, with the blue-chip S&P 500 closing yesterday 1.1% down, and the tech-heavy Nasdaq falling 1.7%. Tesla’s shares dipped more than 5%, while Nvidia’s shares fell 3.4%.

In context: Investors have turned bearish towards US stocks after being raging bulls for months earlier this year due to concerns over stagflation, trade tensions, and a potential slowdown in economic growth. Global growth expectations recorded their second-largest decline on record, according to the survey.

The US bond market is also seeing investors shift away from riskier assets amid recession fears and uncertainty over Trump’s tariff policies, Reuters reports separately. Investors have been extending bond duration for at least a month, positioning for lower yields. JP Morgan’s Treasury Client Survey revealed that long positions on treasuries are now at their highest level since 2010.

On the other hand, gold is having a much better week, with investors’ shift towards safe-haven assets pushing its price past the USD 3k mark yesterday for the second time this week, Reuters reports. The rally was fueled by a weaker USD and ongoing tariff uncertainty, as well as renewed tensions in the Middle East after Israel broke the ceasefire in Gaza with airstrikes yesterday, killing more than 400 people. Trump’s inauguration has also given gold a new impetus, with the asset hitting record highs 14 times, reflecting strong demand.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei and Topix both up, along with South Korea’s Kospi, while China’s CSI 300 opened flat, and Hong Kong’s Hang Seng is down 0.25%. Over on Wall Street, little has changed in futures markets following yesterday’s losses.

TASI	11,792	-0.8% (YTD: -2.0%)
MSCI Tadawul 30	1,493	-0.7% (YTD: -1.1%)
NomuC	30,719	-1.0% (YTD: -2.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,609	+0.5% (YTD: +6.3%)
ADX	9,463	+0.1% (YTD: +0.5%)
DFM	5,149	-0.4% (YTD: -0.2%)
S&P 500	5,618	-1.0% (YTD: -4.5%)
FTSE 100	8,705	+0.3% (YTD: +6.5%)
Euro Stoxx 50	5,485	+0.7% (YTD: +12.0%)
Brent crude	USD 70.56	-0.7%
Natural gas (Nymex)	USD 4.06	+0.2%
Gold	USD 3,040	0.0%
BTC	USD 82,342	-2.1% (YTD: -12.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.8% yesterday on turnover of SAR 6.0 bn. The index is down 2.0% YTD.

In the green: AlDawaa (+9.6%), Sadafco (+3.7%) and Walaa (+3.6%).

In the red: Cenomi Retail (-7.2%), Banan (-6.0%) and Enaya (-5.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.0% yesterday on turnover of SAR 39.0 mn. The index is down 2.4% YTD.

In the green: Sama Water (+7.8%), Mulkia (+7.5%) and AlWaha Reit (+6.0%).

In the red: NGDC (-6.9%), Obeikan Glass (-6.3%) and AlWasail Industrial (-6.0%).

CORPORATE ACTIONS-

Saudi Ground Services will distribute SAR 188 mn in dividends for 2H 2024 at SAR 1 per share, it said in a disclosure to Tadawul. The eligibility date is 25 March 2025, with distribution set for 17 April.

Dallah Healthcare will distribute SAR 50.6 mn in interim dividends for 4Q 2024 at SAR 0.50 per share, according to a disclosure to Tadawul. The eligibility date is 6 April, with distribution set for 20 April.

CALENDAR

MARCH

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 (TBC).

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

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

APRIL

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

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

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

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

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

14-16 April (Monday-Wednesday): Umrah and Ziyarah Forum, King Salman International Convention Center, Madinah.

17-23 April (Thursday-Wednesday): 11th edition of the Saudi Film Festival, Dhahran.

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

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

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

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

25 April- 3 May (Friday-Saturday): AFC Champions League Elite Finals, Jeddah.

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

MAY

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

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

9 May (Friday): PFL Mena Season 2 Kick-off

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

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

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

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

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

JUNE

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

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

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

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

JULY

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

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

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

AUGUST

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

SEPTEMBER

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

NOVEMBER

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

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

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

DECEMBER

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

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

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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THIS MORNING: PIF mulls issuing first EUR-denominated bond + Entaj eyes Gulf expansion following Tadawul debut

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GCC growth to reach 4% in 2025, resilient to global trade woes -Oxford Economics

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GCC growth to reach 4% in 2025, resilient to global trade woes

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