GDP expected to grow 1.7% this year, Moody’s says

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco has more debt plans in the pipeline, CFO says

Good morning, wonderful people. In keeping with the theme of the week, we have a busy issue to round things out as we slide into the weekend, leading with the latest 2024 and 2025 growth forecasts from Moody’s and new proposed regulations that would widen foreign investors’ access to Saudi’s capital markets.

THIS JUST IN- Saudi Aramco has more debt issuances in its pipeline, CFO Ziad Al Murshed tells Bloomberg. The oil major — which slipped into a net debt position in 3Q 2024 — doesn’t plan to issue more debt in 2024, with Al Murshed telling the business information service that the company wants to strike a balance between being “regular but not too frequent” in its issuances. Aramco is looking to “widen its investor base” through its future issuances, Al Murshed said, but denied that the debt pipeline is tied to the company maintaining its dividends.

HAPPENING TODAY-

#1- The subscription window for Saudi National Bank’s SAR-denominatedAdditional Tier 1 sukuk closes today. The offering, with a minimum buy-in of SAR 1 mn, is perpetual but allows redemption under specific conditions. Meanwhile, Tadawul reduced the minimum issuance size for sukuk and bonds to SAR 5 mn from SAR 100 mn for new issuers and SAR 50 mn for return issuers, aiming to ease SME access to the debt market.

#2- The USD-denominated additional tier 1 sukuk capital sustainable offering of Saudi Investment Bank is expected to wrap up today, according to a disclosure to Tadawul. Open to domestic and international eligible investors, the minimum subscription is USD 200k, with increments of USD 1k. The perpetual sukuk is callable after five years, allowing redemptions under specific conditions. Pricing, value, and returns will be determined based on market dynamics. The notes will be listed on the London Stock Exchange's International Securities Market.

ADVISORS- Our friends at HSBC are acting as joint lead managers and bookrunners on the transaction, along with Alistithmar for Financial Securities and Brokerage, Citigroup Global Markets, J.P. Morgan Securities, Goldman Sachs, MUFG Securities EMEA plc, Arqaam Capital, and Standard Chartered.

#3- Final allocation of shares of local contractor Multi Business Group (MBG)’s IPO on Tadawul’s parallel market Nomu is set to take place today. The company’s majority shareholder Adel Abdullah Suleiman Al Basri will see his direct and indirect ownership diluted from a 97.5% stake to 78% at listing, while minor shareholders will see their positions reduced on a pro rata basis.

ADVISORS- Amwal Financial is quarterbacking the transaction as financial advisor, with AlMaghthawi & Partners providing counsel. Derayah is the lead manager. Receiving agents include Alinma Investment, AlRajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, and Alistithmar Capital, among others.

WEATHER- Riyadh is looking at a high of 28°C and a low of 17°C today. Over in Madinah, the temperature will peak at 30°C, before dropping to 16°C. Meanwhile, Jeddah will see a high of 31°C, and a low of 24°C.

PSAs-

#1- VAT-registered businesses with annual revenues exceeding SAR 40 mn must file their October tax returns by Saturday, 30 November, according to a statement from the Zakat, Tax, and Customs Authority. Missing the deadline could result in penalties between 5-25% of the payable tax.

WATCH THIS SPACE-

#1- UK Prime Minister Keir Starmer plans to visit Saudi Arabia and the UAE next month as his country seeks to deepen ties with Gulf countries and draw investments, the Financial Times and Reuters reports, citing sources with knowledge of the matter. Starmer’s visit will be his first to the region since taking office in July, and will be the first visit by the UK prime minister to Saudi since former premier Rishi Sunak’s visit in October last year.

#2- We’re one step closer to a GCC Funds Marketing Passport: GCC financial services authorities approved a fund passporting framework at the latest GCC Committee of Heads of Financial Market Authorities meeting, the UAE’s Securities and Commodities Authority (SCA) said in a statement. Set to be implemented in early 2025, the framework aims to boost integration between Gulf financial markets and will allow funds from one GCC jurisdiction to be marketed in others.

What we know: The passporting regulations will simplify cross-border investment processes by streamlining the registration and promotion of investment fund units. The unified regulatory framework will also include provisions for deregistering non-compliant funds to protect unit holders' rights. The framework will mirror the EU’s UCITS/AIFMD framework.

We knew this was coming: We first found out that the SCA and other GCC financial services regulators’ have been working on drafting the GCC Funds Marketing Passport last April.

#2- Manara’s plans to snap up stakes in Zambian mines have fallen through: Japanese trading house Mitsui has outbid PIF-backed Manara Minerals for a minority stake in First Quantum Minerals’ Zambian copper mines, putting down USD 2 bn for 20% of First Quantum’s Sentinel and Kansanshi mines, Bloomberg reports, citing sources in the know.

BACKGROUND- Manara Minerals — a JV between the Public Investment Fund and mining giant Ma’aden — was reportedly in advanced talks for the acquisition in mid-October, with Ma’aden CEO and Manara Vice Chairman Robert Wilt later telling Reuters that he expected an agreement to wrap up before the year was out. Manara was widely viewed as the leading contender for the acquisition before being outbid by Mitsui, Bloomberg said.

#3- Trading on Banan Real Estate’s shares on Nomu will be halted on Wednesday, 4 December, as it transitions to Tadawul’s main market, according to the Riyadh-based developer’s recently-issued transfer document (pdf). This comes days after the company lined up approval from the Saudi Exchange for the upgrade. The final transfer date will be announced within five trading days from the halt.

ADVISORS- Aldukheil Financial Group is quarterbacking the transaction as financial advisor with Mohammed bin Abdul Karim Alobaid Law Firm Lawyers and Legal Consultants providing counsel. PwC will act as financial due diligence advisor, and Alluhaid & Alyahya Chartered Accountants as auditor.

#4- Homegrown delivery app Jahez International’s shares will start trading on Tadawul’s main market before Thursday, 12 December as the company transitions from the parallel market, according to its recently published transfer document (pdf). Trading will halt on the company’s shares on Nomu on Thursday, 5 December.

REMEMBER- The company is transferring all 209.8 mn ordinary shares — good for a 52.3% stake — to the big league. Jahez, which started trading on Nomu in 2022, secured all regulatory approvals for the move, including adherence to stricter listing and disclosure requirements.

#5- Nomu-listed Knowledge Tower wants to make the leap to Tadawul’s main market, it said in a filing to the exchange. The school operator’s 1.75 mn shares started trading on Nomu in 2022.

#6- National Housing is set to deliver over 10k residential units across 11 key projects in Riyadh’s Khuzam area, it said in a statement.

DATA POINTS-

#1- The value of tenders where the local content preference mechanisms were applied reached USD 800 bn in the period between their launch in 2020 and the end of 3Q 2024, Industry and Mineral Resources Minister Bandar Alkhorayef was quoted as saying at the Local Content Forum by the local media (here and here).

About the initiative: The local content preference initiative gives contractors applying for government tenders a price preference of 10% on their use of homemade materials.

#2- The Saudi tourism sector is expected to draw USD 500 bn in investments over the next 15 years, Tourism Minister Ahmed Al Khateeb was quoted as saying at the forum by the local media (here and here).

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THE BIG STORY ABROAD-

Two stories are capturing the imagination of the international business press this morning: The indictment of Adani Group’s Gautam Adani on charges of bribery and fraud, and Nvidia’s most recent financials.

US prosecutors formally charged Adani — one of the richest people in the world — and seven others with being involved in a “massive” bribery and fraud scheme. The defendants allegedly planned to pay USD 265 mn in bribes to officials in the Indian government to facilitate being awarded solar energy supply contracts, including for India’s largest solar power plant. The contracts were forecasted to reel in USD 2 bn in net income over two decades.

The defendants are also being charged with raising capital “on the basis of false and misleading statements,” including USD 2 bn in syndicated loans “comprised of international financial institutions and US-based investors” and another USD 1 bn from bond offerings that were also “marketed and sold to investors in the US.” (Reuters | Financial Times | CNBC | Bloomberg)

MEANWHILE- Nvidia reported lower than expected revenue growth in its 3Q 2024-25earnings results, with the chipmaker saying its revenues grew 94% y-o-y and 17% q-o-q. The revenue figure came in at a record high of USD 35.1 bn. However, the company’s sales forecast for the following quarter came in below projections, with the firm saying that its Blackwell AI chips are seeing “very strong” demand but costs are expected to eat away at margins. (Bloomberg | CNBC | Reuters | Financial Times)

CIRCLE YOUR CALENDAR-

Red Bull’s Les Mills is bringing the Middle East’s largest fitness festival to Riyadh on Thursday, 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 Black Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

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.

Saudi economy to grow at 1.7% this year before picking up to 4.7% growth in 2025, Moody’s

The Kingdom’s economy is expected to grow by 1.7% this year before accelerating to 4.7% in 2025 and 2026 on the back of government-led diversification efforts, Arab News reports, citing a report by credit rating agency Moody's.

Moody’s growth estimates for this year are slightly more optimistic than most: Growth projections for 2024 have trended down all year, with the Finance Ministry recently downgrading its 2024 forecast to a 0.8% growth clip, down from the 4.4% the government had penciled in last December. The World Bank most recently put its 2024 growth projections at 1.6% in October (pdf), marking a downward revision from initial projections of 4.1% and 2.5%. Meanwhile, the IMF cut back an earlier 4% estimate to 2.7% in January, before slashing it again to 2.6% in April, 1.7% in July, and finally 1.5% in October.

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But 2025 expectations are looking aligned: The Finance Ministry sees Saudi’s GDP growing at 4.6% in 2025, while the World Bank and the IMF have pegged next year’s growth at 4.9% and 4.6%. Analysts are broadly in agreement that a resumption of oil flows due to the phasing out Opec+ production cuts as well as considerable investments in the non-oil economy will drive faster growth next year.

REMEMBER: The Kingdom’s real GDP grew 2.8% y-o-y in 3Q 2024, breaking a four-quarter slump, according to recent flash estimates by the General Authority of Statistics (Gastat). The rebound came on the back of a 4.2% increase in non-oil activities and a 3.1% increase in government activity. Final figures are slated for release on Sunday, 8 December.

Moody’s sees inflation inching up before stabilizing: Saudi Arabia’s inflation rate is forecasted to settle at 1.6% this year, before accelerating to 1.9% in 2025 and 2% in 2026, Moody’s said.

IN CONTEXT- Inflation held steady at 1.6% for three consecutive months from March through to May, before falling to 1.5% in June and July, and returning to 1.6% in August. Inflation later peaked in October at 1.9% y-o-y, largely on the back of rising home rentals.

CMA to allow foreign investors to invest in Tadawul’s main market

Foreign investors can soon gain direct access to Saudi Arabia’s main stock market under proposed amendments (pdf) by the Capital Market Authority (CMA). The changes, now open for public consultation until 20 December, aim to streamline investment account procedures and attract more international participation.

Key proposals include allowing GCC-based foreign investors to directly trade shares on the main market — expanding access beyond the debt market, Nomu, and derivatives. Individual foreign investors who previously resided in Saudi Arabia or GCC countries would also be permitted to maintain their accounts after leaving the region.

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The amendments seek to reinforce investor protection, stimulate market liquidity, and simplify account opening for various investor categories, including local endowments, strengthening the Saudi capital market’s appeal both domestically and internationally.

IN CONTEXT- Current Tadawul regulations allow non-resident foreign investors to trade in the Nomu parallel market and the debt market. In 2015, the Kingdom launched its Qualified Foreign Investors (QFI) program to allow certain international institutional investors with “direct and consistent access to the Saudi capital market.” The program was amended in 2019 to allow for a broader range of institutional investors to qualify as QFIs.

Finmin closes SAR 3.4 bn in November sukuk issuance

The Finance Ministry closed its November sukuk issuance, raising SAR 3.4 bn from fixed-income investors, down from SAR 7.8 bn last month, according to a National Debt Management Center (NDMC) statement (pdf). This is part of the government’s SAR-denominated sukuk program.

The month saw yields on shorter tranches increase on a monthly basis, while yields for longer tranches remained relatively stable. The issuance was structured in five tranches:

A 5-year tranche valued at SAR 2.5 bn with a 5% yield;
A 7-year tranche valued at SAR 434 mn with a 5% yield;
A 10-year tranche valued at SAR 137 mn with a 5.1% yield;
A 12-year tranche valued at SAR 10 mn with a 5.1% yield;
A 15-year tranche valued at SAR 310 mn with a 5.2% yield.

A snapshot of gov’t debt obligations in 2024: Debt maturities in 2024 stand at c. SAR 21 bn, down from SAR 40 bn on the back of NDMC’s “successful execution of liability management transaction in 2023.” The government’s total debt portfolio is expected to reach SAR 1.1 tn by year-end, placing the debt-to-GDP ratio at 26.2%.

By the numbers: Trading volumes in Tadawul’s sukuk/bond market logged SAR 16 bn across 119 negotiated trades in 9M 2024, an Argaam survey reported last month. July emerged as the top-performing month, with transactions worth SAR 8.5 bn.

IN OTHER DEBT NEWS-

Zahrat Al Waha for Trading renewed a SAR 145 mn shariah-compliant loan with Arab National Bank, it said in a disclosure to Tadawul. The facility now runs until 31 October, 2025, and includes SAR 110 mn for raw material Letters of Credits and SAR 35 mn for capital expansions.

Commercial rent rises again, although occupancy remains stable -Knight Frank

Grade A rents in Riyadh rose 31% y-o-y to SAR 2.6k per sqm in 3Q 2024, while Grade B rents rose 27% to SAR 1.3k per sqm, according to Knight Frank’s Autumn 2024 Saudi Arabia Commercial Market Review (pdf). In Jeddah, the price of Grade A remained basically unstable, while those in Grade B grew 3.8% y-o-y to SAR 810 per sqm. Grade A rents in DMA saw a 2.2% uptick to SAR 1k per sqm, while Grade B rents were up 3.2% y-o-y to SAR 640 per sqm.

Meanwhile, occupancy rates remain largely unchanged: Occupancy rates in Riyadh’s Grade A offices have remained stable at 97% by the end of the third quarter, while those of Grade B offices in the capital were up 5 percentage points y-o-y to 95%, with “the limited availability of office space” pushing Grade B rents up, said Partner and Head of Research, Faisal Durrani said in a press release. In the Grade A market, occupancy was down by one percentage point y-o-y to 94% in Jeddah, and up 7% y-o-y to 87% in Dammam.

REMEMBER- Rent has been a major driver of consumer inflation in the Kingdom, with house rental prices — the heaviest weighted component in the domestic consumer basket — rising 11.2% y-o-y in September on the back of a 10% surge in apartment rentals. Real estate services provider Savills Research said that Riyadh’s office market remained strong in 2Q, supported by growth in the non-oil sector. Knight Frank also highlighted the growing demand for office space in its summer review.

France’s Engie to build a new solar power plant, while Al Jouf Cement will offtake production

Al Jouf Cement Company inked a 25-year agreement with French energy giant Engie to build and operate a 22 MW solar power plant at its Turaif site, according to a Tadawul filing. Al Jouf will offtake the power generated by the plant. The investment value was not disclosed.

The details: The solar facility is set to supply around 25% of Al Jouf's energy needs, slashing its energy costs by an estimated SAR 3.6 mn per month compared to current industrial tariffs. The project is expected to offset 1.5 mn tons of carbon emissions, marking a step toward sustainability in the energy-intensive cement industry.

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EdfaPay raises USD 5 mn in pre-series A round led by OmanTel Innovation Labs

Homegrown fintech EdfaPay closed a USD 5 mn pre-series A round led by OmanTel Innovation Labs with contributions from Aljabr MENA and Waad Investment, according to a press release (pdf). The fresh funds are earmarked for consolidating the startup’s presence in the Saudi market as well as expanding across MENA and Pakistan. Proceeds will also support the development of the platform's features and technology.

What we don’t know: The statement did not disclose additional information on the size of each investor’s contribution, or on whether the investments are debt or equity based.

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What they said: “Our SoftPOS technology has been attracting new partners across the region and beyond. With this fund, we will strengthen our technology with new features and enhancements to support and expand our networks of partners in Asia, North Africa, and the GCC,” EdfaPay CTO and Co-Founder Nedal Sabbah said.

ICYMI- The fintech startup obtained licenses to operate in Tunisia last April. It also received accreditation from leading global payments network Discover Global Network in March, paving the way for expansion into new markets.

About EdfaPay: Set up in 2022, EdfaPay is a fintech company that uses software point of sale (softPoS) and payment gateway services for online and offline merchants. It raised USD 1.6 mn in a pre-seed round in 2022 to help boost its progressive softPoS technology, which allows merchants accept card payments directly through their phones. It also raised USD 3.2 mn last year in a seed round to help fuel its expansion overseas.

Logistics startup Locad closes USD 9 mn pre-series B round, plans for Saudi expansion

Singapore-based e-commerce logistics platform Locad plans to expand to Saudi and the UAE after closing a USD 9 mn pre-series B round, according to a statement. The round gives Locad a valuation of USD 60 mn, Reuters reports, citing a source familiar with the matter.

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Who took part? The round was co-led by Global Ventures and existing investor Reefknot Investment, with participation from Sumitomo Equity Ventures and existing investors Antler Elevate, Febe Ventures, and JG Summit.

What we don’t know: Locad’s statement did not disclose additional information on the size of each investor’s contribution or on whether the investments are debt or equity based.

About Locad: Co-founded in 2020 by Shrey Jain (Linkedin), Jannis Dargel (Linkedin), and Constantin Robertz (Linkedin), the cloud supply chain as-a-service startup enables e-commerce brands to pool their sales channels and inventory management on a unified platform that also provides analytics, visibility, and AI-enhanced workflows and insights, the statement said. Locad’s logistics engine integrates with popular e-commerce platforms such as Shopify, Shopee, and Amazon.

Forbes Middle East features 10 Saudis in its 30 under 30 list for 2024

#1- Saudi Arabia secured 10 spots on Forbes Middle East’s 30 Under 30 list for 2024: Yara AlNamlah, Talal Attieh, and Yara Ghouth were featured in the commerce and finance category, where the most of Saudi Arabia’s 10 entries landed. The Kingdom’s second strongest category was for sports and entertainment, which featured Alyah Abo Alola and Abdulrahman Osama, as well as Abdulaziz Alhumaid and Abdullah Aljassim — both under combined entries. Hamed Albalawi was Saudi Arabia’s only representative in science and technology, while Ahmed Sidam and Mohammed Alsulaiman were featured in the social impact category.

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#2- Riyadh Airports Company secured the gold award for Best Customer Experience in Transportation and the silver award for Best Business Change and Transformation in Customer Experience at the Customer Experience Forum earlier this week, according to state news agency SPA.

#3- PIF Governor and Aramco Chairman Yasir Al Rumayyan received the Eisenhower Global Transformation Award from the Business Council for International Understanding (BCIU), a nod to his leadership in steering the Kingdom’s USD 1 tn sovereign wealth fund, according to BCIU’s website.

#4- The Saudi Authority for Industrial Cities and Technology Zones (Modon) received a distinction for attracting and retaining talent from the Society for Human Resource Management during the Star Mena Awards ceremony, it said in a post on X.

#5- The General Authority for Statistics was awarded the Certificate of Platforms from the Digital Government Authority for meeting the Unified System for Government Platforms requirements, it said in a statement.

Jabal Omar taps Abdulrahman Bajunaid as new CEO

Jabal Omar has tapped Abdulrahman Bajunaid (LinkedIn) as its new CEO, effective Wednesday, 1 January, it said in a filing to Tadawul. Bajunaid is currently the CEO of Al Jomaih Energy and Water Company and formerly served as CEO of Rafal Real Estate Development Company.

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Regional states hope that the Saudi leadership’s sway over Trump can temper his Middle East policy, FT says

Regional states are looking to the Kingdom to “rein in” incoming US President Donald Trump, with concerns mounting as Trump continues to pick staunchly pro-Israeli “Iran hawks” for his new administration’s lineup, the Financial Times says. Arab officials hope that Crown Prince and Prime Minister Mohammed bin Salman can leverage his positive relationship with the president-elect, as well as Trump’s aspirations for lucrative financial agreements with the Kingdom and ambitions for a normalization accord between Saudi Arabia and Israel to moderate the new president’s support for policies and proposals floated by Netanyahu’s extremist government.

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ICYMI- Trump described the Crown Prince as a “friend” and a “visionary” in a pre-election interview with Al Arabiya last month. He also stressed that the extension of the Abraham Accords to include a normalization framework between Saudi Arabia and Israel was top on his post-election priorities for the region. Meanwhile, Trump’s son-in-law Jared Kushner’s private equity firm Affinity Partners has investment ties with PIF, while Trump Organization also has real estate ambitions in Saudi and the GCC.

Ezditek breaks ground on 24 MW Riyadh data center

DIGITIZATION-

Digital infrastructure services firm Ezditek broke ground on a new data center facility in Riyadh with up to 24 MW in capacity, it said in a statement. The facility is located at the Princess Nourah Bint Abdulrahman University and is slated to go online by 1Q 2026.

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AVIATION-

Flynas adds Cairo flights: Local budget airline Flynas will launch three weekly direct flights between Madinah’s Prince Muhammad bin Abdulaziz Int’l Airport and Cairo’s Sphinx Airport in Egypt, starting 11 December, according to a statement. Flynas operates over 120 weekly direct flights from Riyadh, Jeddah, Dammam, Madinah, and Al Ula to Egypt’s Cairo, Sohag, Sharm El-Sheikh, Hurghada, and El Alamein.

ECB warns of Eurozone debt and market instability risks

The ECB is raising red flags about Eurozone instability: The European Central Bank (ECB) has warned of risks to the Eurozone’s financial stability, with its annual Financial Stability Review pointing to high public debt, low growth, and political uncertainty as key issues. Rising borrowing costs in some countries — notably France — and growing concerns over debt sustainability and fiscal health could lead to renewed instability reminiscent of past Eurozone debt crises.

High borrowing costs in more-indebted EU countries are giving the ECB pause: While borrowing costs for some of the southern European epicenters of the EU’s last round of sovereign debt crises remain well below their historic highs, rising borrowing costs for countries like France are driving concerns that the continent’s more-indebted countries might be facing serious threats to debt sustainability. Recent financial volatility has only exacerbated this, with ECB Vice President Luis de Guindos noting that during recent episodes “the funding costs of countries with debt-to-GDP ratios of more than 100% widened notably,” in comments to reporters picked up by the Financial Times.

EU budgets are going to feel the pinch: A combination of weak growth and elevated debt levels will make it harder for governments to finance defense spending and climate initiatives — both necessities if the incoming Trump administration remains bent on rolling back the US’ commitments to NATO and climate action. Higher refinancing costs for maturing debt are also adding to the pressure, the ECB noted.

Big Tech also may be a cause for concern: The ECB warned that a potential AI-linked asset price bubble could have a significant impact on an already precarious Eurozone, noting that the stock market’s increasing reliance on just a few US tech giants poses the risk of global market disruptions should earnings for these firms not meet expectations.

MARKETS THIS MORNING-

Asian markets are a mixed bag in early trading this morning as traders assess Nvidia’s latest earnings, led by Japan’s Nikkei in the red at -0.8%, while Korea’s Kospi and China’s Shanghai index are both up 0.4% and Hong Kong’s Hang Seng is in the green at 0.1%.

TASI	11,868	-0.1% (YTD: -0.8%)
MSCI Tadawul 30	1,491	0.0% (YTD: -3.8%)
NomuC	29,859	+1.0% (YTD: +21.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,588	-0.3% (YTD: +22.9%)
ADX	9,405	-0.2% (YTD: -1.8%)
DFM	4,761	+0.6% (YTD: +17.3%)
S&P 500	5,917	0.0% (YTD: +24.1%)
FTSE 100	8,085	-0.2% (YTD: +4.6%)
Euro Stoxx 50	4,730	-0.5% (YTD: +4.6%)
Brent crude	USD 73.08	-0.3%
Natural gas (Nymex)	USD 3.23	+7.6%
Gold	USD 2,653.40	+0.9%
BTC	USD 94,432.57	+2.1% (YTD: +113.7%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 4.8 bn. The index is down 0.8% YTD.

In the green: Albaha (+7.1%), Saudi Cable (+5.1%) and MBC Group (+4.4%).

In the red: Chemical (-2.9%), Miahona (-2.8%) and Ades (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC rose 1% yesterday on turnover of SAR 89.6 mn. The index is up 21.7% YTD.

In the green: Dar Almarkabah (+15.5%), Alnaqool (+10.8%) and Fesh Fash (+10.4%).

In the red: Almodawat (-5.4%), Group Five (-2.7%) and Amwaj International (-2.2%)

Saudi Arabia + Brazil sign agreement to establish joint coordinational council at G20

Saudi Arabia and Brazil are establishing a Saudi-Brazilian Coordination Council after signing an MoU at a meeting between FM Faisal bin Farhan and his Brazilian counterpart Mauro Vieira on the sidelines of the G20 summit in Rio de Janeiro, Brazil, state news agency SPA reports. The MoU builds on an earlier agreement reached during Brazilian President Luiz Inácio Lula da Silva’s 2023 visit to the Kingdom. Bin Farhan and Vieira also discussed bilateral relations as well as regional and global events during the meeting.

CALENDAR

NOVEMBER

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

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

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

20-21 November (Wednesday-Thursday): King Abdullah Financial District (KAFD) Leadership Conference, Kafd Exhibition Center, Riyadh.

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

20-23 November (Wednesday-Saturday): Longines FEI Jumping World Cup Finals, Riyadh International Exhibition Center.

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

22 November (Friday): Submission deadline for UNCCD Young Researchers Award at COP16.

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

24 November (Sunday): Balance of trade for September.

25 November (Monday):The final allocation of shares of United Holding International Company’s IPO on Tadawu.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

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

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

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

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.

5-14 (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.

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

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

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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