Housing costs push inflation rates up in the first quarter

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Trump announces Israel-Iran ceasefire

Good morning, wonderful people. Inflation and industrial production figures are leading this morning’s news well, in addition to updates from Mawani, the PIF and more.

BUT FIRST- It’s quite an unexpectedly eventful morning today: US President Donald Trump announced that Israel and Iran had reached a tentative ceasefire, hinting at a complete “end” to hostilities after 24 hours.

The announcement came hours after an Iranian strike on Qatar targeted the US’ Al Udeid military airbase. The missiles were intercepted and caused no injuries or casualties, but had led to a brief closure of airspace in Qatar, the UAE, Bahrain, and Kuwait.

Most analysts argue that the move was largely symbolic, and that Qatari officials were aware they would take place. While Trump characteristically dismissed the strikes as a “very weak response," he less characteristically thanked Iran for giving it advance notice to avoid any loss of life and called for both Israel and Iran to seek peace. (Reuters | Bloomberg | Associated Press | New York Times | Washington Post | Guardian)

The ceasefire might still not be in place: Iranian Foreign Minister Abbas Araghchi said on X that no ceasefire agreement has been reached as of 3:45am this morning, while adding Iran has “no intention to continue our response” if Israel ceases its attacks.

Ceasefire news sent oil prices tumbling 5%, with Brent futures closing at USD 71.48 a barrel. Stocks cheered the news, while safe haven assets like the USD fell in a risk rally. We have more on the market response in this morning’s Planet Finance, below.

Still, the turbulent events leading up to the ceasefire left their mark. Prominent financial institutions pulled staff and family members from the Middle East, amid concerns over regional stability, Reuters reported earlier yesterday. Mitsubishi UFJ Financial Group evacuated family members of staff based in Dubai and Riyadh, and was reportedly considering allowing employees to depart at their own discretion, depending on how the situation evolves. Mizuho Financial Group was also evaluating contingency options, including potential staff withdrawals, and JPMorgan is only allowing essential travel to the region.

HAPPENING TODAY-

The two-day Tech-ecO-System Summit kicks off today in Riyadh. The event, held under the theme For Tomorrow, brings together more than 30 speakers and 150 attendees across over 15 industries to discuss market insights, emerging technologies, and potential JVs.

WEATHER- Riyadh is expected to see a high of 42°C and a low of 28°C today, while Jeddah’s mercury will go as high as 38°C and as low as 29°C. Makkah will see a 42°C high and 29°C low.

HAPPENING TOMORROW-

The two-day Najran Investment Forum gets underway tomorrow at Prince Mishaal Conference and Events Center in Najran. The two-day event will gather over 2.6k national and global participants to explore potential investments in the province’s resources .

WATCH THIS SPACE-

#1- Gulf IPOs + debt offerings might need to wait for calmer waters: Deutsche Bank, which has quarterbacked several of the region’s high-profile capital market plays, is advising its clients to hold off on equity and bond offerings in this part of the world until regional markets regain stability, the lender’s MENA CEO Jamal Al Kishi told Asharq Business in an interview (watch, runtime: 1:30). The bank is encouraging issuers to adopt a wait-and-see approach given recent market jitters.

Bearish on the near term, bullish on the long run: While Gulf exchanges, particularly those of Saudi Arabia and the UAE, have been among the most active IPO venues globally in recent years, Al Kishi expects a slight slowdown in the near term. That said, he still anticipates strong momentum for public offerings over the next two to three years.

IN CONTEXT- Investment bankers have said that IPO pipelines in the GCC remain intact, noting that there has been no material pullback following the Israel-Iran flare-up. Market watchers say smaller, domestically focused IPOs are moving ahead, while larger, government-backed offerings could face delays if regional volatility persists.

#2- Americana confirms plans to buy stake in Cravia: Tadawul- and ADX-listed F&B giant Americana Restaurants International confirmed it is in early talks to acquire a stake in Dubai-based Cravia, the MENA operator of Five Guys, Cinnabon, and Zaatar w Zeit, according to a disclosure (pdf). No details on the value, size, or timeline of the acquisition were disclosed.

ICYMI- Americana was reported to be in initial talks for the move last week with Dubai-based private equity firm Fajr Capital, which owns an undisclosed stake in Cravia as of 2016.

#3- ASX E-Mobility's electric vehicle charging network E-Fill introduced public tariff pricing at its fast-charging stations across the Kingdom, according to a press release. It now offers a standardized price of SAR 0.99 per kWh, with the platform also offering real-time station location, digital session activation, instant payment, and full usage tracking.

There’s more: E-FILL is also partnering with Aramco, AlDrees, and Orange Petrol Stations to expand its fast-charging network nationally. It will also expand its tariff pricing – currently available in Riyadh, Jeddah, and the Eastern Province – in the upcoming months.

DATA POINTS-

The Kingdom has registered nearly 6k new urban heritage sites so far this year, bringing the total to 31.2k, the Heritage Commission said on X on Sunday. Aseer accounted for the largest share with 3.9k sites, followed by Qassim (761), Al Baha (499), Makkah (483), Riyadh (258), Hail (60), Jazan (8), Al Jouf (4), and the Eastern Province (3).

SPORTS-

Al Hilal plays out goalless draw against Red Bull Salzburgin: Al Hilal and Austrian Red Bull Salzburg ended Sunday’s game on a clean sheet at Audi Field in Washington, DC, in their group’s second round of the Fifa Club World Cup 2025, state news agency SPA reported yesterday. Al Hilal will meet Mexico’s Pachuca in the group’s final round on Friday, 27 June.

ALSO- Saudi advances to Gold Cup quarterfinals: Our national football team drew 1-1 with Trinidad and Tobago in Sunday’s Concacaf Gold Cup game in Las Vegas, securing a ticket to the quarterfinals, state news agency SPA reported yesterday. Saudi Arabia is set to face Mexico on Sunday, 29 June, after securing Group D’s second place after the US.

Why is Saudi in Concacaf? Our national team is participating in the North, Central America, and Caribbean regional tournament upon an invitation from the Concacaf as part of a partnership agreement signed with the Public Investment Fund last August.

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Inflation reaches 2.1% y-o-y in 1Q 2025 -Sama

The Kingdom’s average Consumer Price Index (CPI) saw a 2.1% y-o-y increase in 1Q 2025, according to the Saudi Central Bank’s quarterly inflation report (pdf). This is the highest level recorded for a quarter since 3Q 2023, the report reads.

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Housing remains the main culprit: The rise was attributed to “increased domestic demand linked to rapid population growth in major cities,” which drove up rental prices further. The housing, water, electricity, gas and other fuels segment registered the highest annual inflation rate, rising by 7.4% during the quarter. Housing costs were the single biggest contributor to inflation, accounting for about 59.2% of the CPI's movement in 1Q 2025.

Miscellaneous goods and services came in second with 3.7%, followed by food and beverages (1.3%), restaurants and hotels (1.0%), and education (0.7%).

Inflation rates varied across the Kingdom’s cities. Riyadh (3.6%) and Makkah (3.3%) recorded the highest inflation rates, due to increased housing rentals, rise in food prices and higher consumer demand. The rise in Makkah was partly attributed to the Umrah season and the demolition of districts near the Sacred Mosque, which pushed up rental prices.

ICYMI- The Kingdom launched a host of real estate reforms earlier this year, including lifting land freezes in the north of the capital, amendments to the White Land Tax, and new rental regulations aimed at balancing the landlord-tenant relationship. The reforms aim to expand land availability, improve rental regulations, and rein in soaring property prices in Riyadh.

MEANWHILE- Abha recorded a decline of 0.4%, attributed to stable rental prices, and

lower transportation costs due to lower vehicle prices.

Looking ahead: Inflation is expected to remain stable in 2Q 2025, due to slowing global inflation, the limited impact of suspended US tariffs, and rising housing rents and domestic demand linked to improved Saudi employment rates, Sama said.

REMEMBER- Riyad Capital sees inflation rising to 2.5% this year, before easing slightly to 2.3% in 2026, up from an inflation reading of 1.7% in 2024. This is a less optimistic view on inflation than some others, with the IMF having recently cut its inflation forecasts to 2% for both 2025 and 2026, while Capital Economics expects inflation to hover around 2-2.5% this year, before slowing to 2% in 2026.

ALSO FROM THE REPORT- The Wholesale Price Index (WPI) increased 1.3% y-o-y in 1Q 2025, with agriculture and fishery products logging the highest y-o-y increase at 4.0%, followed by transportable goods (except metal products machinery and equipment) with a 2.7% increase, according to the report.

Industrial production drops 2.3% in 2024 amid oil sector slowdown

The Industrial Production Index (IPI) fell 2.3% y-o-y in 2024, according to annual data (pdf) by the General Authority for Statistics. The 5.2% y-o-y decline in the oil activities index weighed down the reading, offsetting a 5.3% y-o-y increase in non-oil activities.

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The breakdown: The mining and quarrying activities index saw a 6.8% y-o-y decline last year. Meanwhile, the manufacturing activity index saw a 4.7% y-o-y uptick, led by a 2.8% rise in coke and refined petroleum products, while the manufacture of chemical products grew by 2.9%, and food products saw a 6.2% increase.

AND- Utilities climbed: The electricity, gas, steam, and air conditioning supply activity index increased by 3.5% y-o-y in 2024, while the water supply, sewerage and waste management, and remediation activities index grew by 1.6% over the same period.

REFRESHER- The latest monthly IPI figures showed a 3.1% y-o-y growth for April, led by a 7.4% y-o-y rise in the manufacturing activity and a 0.2% uptick in mining and quarrying. The oil activities index was also up 4.3%, and the non-oil activities index inched up 0.1%.

Mawani signs SAR 2.2 bn contracts with Saudi Global Ports, Red Sea Gateway Terminal for terminals at eight ports

Mawani awards BOT contracts to SGP, RSGT: The Saudi Ports Authority (Mawani) — in partnership with the National Centre for Privatization and PPP — awarded SAR 2.2 bn build, operate, and transfer (BOT) contracts to Saudi Global Ports (SGP) and Red Sea Gateway Terminal (RSGT), it said in a statement yesterday.

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The details: The 20-year concession contracts concessions cover multipurpose cargo terminals at eight major ports across the Kingdom, where SGP will develop, operate, and manage terminals on the East Coast, while RSGT will oversee operations on the West Coast.

On the East coast: SGP — backed by the PIF and PSA International — will invest SAR 700 mn (c. USD 187 mn) to revamp and operate multipurpose terminals in four Eastern ports, including King Abdulaziz Port in Dammam, Jubail’s Commercial Port, King Fahd Industrial Port, and Ras Al Khair Port, the company said in a press release (pdf) yesterday.

.. and on the West coast: RSGT — backed by the PIF and Sisco Holding — will invest some SAR 1.6 bn over 20 years to upgrade and operate the multipurpose terminals in four western ports — Jeddah Islamic Port, Yanbu’s Commercial Port, King Fahd Industrial Port, and Jazan Port, RSGT’s parent company Sisco Holding said in a press release (pdf).

RSGT plans to invest SAR 672 mn (USD 180 mn) in the first five years alone to enhance infrastructure, equipment, and technology in the four western ports. These facilities are expected to handle an annual average of 3 mn tons of general cargo, 13 mn tons of bulk, 13.5 mn tons of liquid bulk, 710k vehicles, and 8 mn heads of livestock, the release added.

DATA POINT- Ports supervised by Mawani handled 625.4k TEUs in April 2025, up 13.4% y-o-y. The growth was driven by a 22.5% y-o-y jump in imported containers to 259.4k TEUs and an 8% rise in exported containers to 233.8k TEUs. Transshipment volumes also saw a 7.5% uptick to 132.2k TEUs. Meanwhile, overall cargo volumes declined 2.4% y-o-y to 20.5 mn tons during the month.

PIF's inaugural commercial paper program is now underway

The Public Investment Fund (PIF) launched its first commercial paper (CP) program, comprising a US CP and a Euro CP sub-programs, it said in a press release yesterday. The program, which permits CP issuance via offshore special-purpose vehicles, is rated P-1 by Moody’s and F1+ by Fitch. The timeline of the program was not disclosed.

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SOUND SMART- Commercial paper is a short-term debt instrument that companies or financial entities use to raise working capital by selling unsecured promissory notes. This instrument is commonly used to finance day-to-day operations.

Behind the CP program: The upcoming issuances under the program are expected to enhance PIF’s short-term financing flexibility and long-term capital-raising efforts, the statement said.

The sovereign wealth fund has been ramping up its debt issuances in 2025, closing a USD 1.25 bn sukuk issuance last month, which was 6.5x oversubscribed and received over USD 9 bn in orders. It also issued USD 4 bn in bonds in January, which was nearly 4x oversubscribed and had an order book of approximately USD 16 bn. Over the same month, the fund completed a USD 7 bn murabaha credit facility as part of its medium-term capital raising strategy.

What they said: “The establishment of our CP program reflects the continued strength and depth of PIF’s capital raising strategy; one that is dynamic, resilient, and fit for purpose, aligning funding solutions with our long-term investment priorities,” PIF’s Head of Global Capital Finance Fahad Al Saif said.

Saudi’s oil shipping alternatives to the Hormuz Strait in focus

Alternative routes for oil shipments in focus: The US strikes on Iranian nuclear facilities earlier this week brought the prospects of Iran opting to close the vital Strait of Hormuz into the forefront. Saudi Arabia — accounting for 38% of the crude trade flowing through Hormuz as of 2024 — will need to rely on alternative shipment routes, or risk being vulnerable to disruption in a route that moves about 20% of the world’s oil and LNG.

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Hormuz is the primary export route for crude and condensate pumped by Saudi Arabia and its neighbors, with tankers carrying 16.5 mn barrels per day (bbl / d) through the strait in 2024, according to data compiled by Bloomberg. The strait handles roughly 80% of our oil exports, totalling some 6.5 mn bbl / d.

The strait’s position in the global supply chain could lead to a shock in the markets if it was closed, pushing crude oil prices to soar past USD 130 per barrel, according to Bloomberg analysts.

Oil exporters are ramping up their shipments in anticipation. The Kingdom shipped the highest crude volume through the strait in over two years during the week ending June 15, moving some 7.18 mn bbl / d, up around 25% w-o-w, according to S&P Global. Other producers (like the UAE and Iraq) saw their shipments up 10% in the first half of June, mainly toward Asian markets like China. Even Iran’s exports — almost entirely shipped to China — saw similar increases.

The alternatives: Bypass pipelines could help alleviate the impact of a potential closure of the strait on the Kingdom, albeit with notable constraints. One key bypass is the 1.2k km East-West pipeline that stretches from Abqaiq near the Arabian Gulf to a Red Sea terminal at Yanbu, Mees reported. The pipeline has a 5 mn bbl / d capacity, with the option to expand at short notice to 7 mn bbl / d.

The catch: Pivoting to the Red Sea as an export base carries several challenges. The pipeline is already being used to shuttle some 1.48 mn bbl / d necessary to power Yanbu and Rabigh refineries in the west, taking away from its capacity to carry crude oil for exports, according to Mees analysts. Limited tankage capacity at Yanbu and Yanbu South facilities — compared to Aramco’s main export terminals on the Gulf Coast — adds to the limitations.

A backup for the backup: Saudi Aramco has parallel infrastructure in place to pick up the slack when the East-West pipeline is offline, S&P Global reported in 2020. This backup — limitedly publicized by Aramco — utilizes a network of parallel pipelines and is designed to convey 50% of total capacity within 24-48 hours, an anonymous source told the credit rating agency. "It is a back-up pipeline for the East-West, and is being used, and that is basically to avoid any blockage through the Strait of Hormuz," the sources said at the time.

IN CONTEXT- The possibility of a Hormuz closure was at an all-time high after the US strikes. Iran’s parliament voted earlier in the week to shut down the strait, according to Iranian state TV, leaving it up to the country’s national security council to make a final decision, Al Arabiya reported.

BUT- It seems the situation is heading towards de-escalation as of now, after US President Trump announced “a complete and total ceasefire” had been “fully agreed” between Iran and Israel. The phased ceasefire is understood to start coming into effect in a matter of hours and lead to a complete end to the hostilities after 24 hours. The announcement came shortly after Iran’s missile attack on the US’ largest military base in the region in Qatar.

Closing Hormuz would be an unprecedented move, as Tehran has never gone through with closing the waterway but threatened to do so multiple times, including in 2011 in response to the impact of Western sanctions. The strait was also disrupted several times before, including during the Iran-Iraq war in the 1980s, when Tehran seized a Chevron-chartered, US-bound tanker in 2023, and most recently when it seized the Israel-linked vessel MSC Aries last year.

Saudi Arabia held its first ever major tennis event at Diriyah in 2019

The growing interest in tennis from amateurs in the Kingdom caught the interest of the Financial Times, referring to initiatives like the Tennis Federation’s “Tennis For All” in 2022 that trained 2k students across the kingdom, as well as the federation efforts with the Education Ministry to integrate the sport in 400 schools by year-end.

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The salmon-colored paper shed light on the Kingdom’s bids to hold tennis tournaments, including inaugurating the Diriyah Tennis Cup in 2019, where it gathered global players such as Daniil Medvedev and Stan Wawrinka in its first ever major event. Riyadh also hosted the Six Kings Slam in October 2024, with Novak Djokovic, Rafael Nadal, Carlos Alcaraz, Daniil Medvedev, and Holger Rune receiving a minimum of USD 1.5 mn each, while the title winner Jannik Sinner got USD 6 mn, the biggest prize in the sport’s history.

Challenges are still facing the game in the Kingdom, including the scarcity of tennis courts and their high booking costs at some SAR 400 per hour. Entrepreneurs like Faris Al Turki are tapping into the budding tennis market by establishing tennis academies and courts — like Al Turki’s Net Tennis Academy in Diriyah — which are gaining increasing demand.

Saudia launches direct flights to Egypt’s Al Alamein and Oman’s Salalah

AVIATION-

Saudia launched new direct flights to Al Alamein in Egypt and Salalah in Oman, according to a press release published on Sunday. The airline now runs three weekly flights to Al Alamein from Jeddah and another three from Riyadh, making it its fourth destination in Egypt. It also added three weekly flights between Jeddah and Salalah, its second stop in Oman after Muscat. Both routes are operated using Airbus A320s.

ICYMI- Saudia Group signed a 13-year agreement with Air France-KLM Group to maintain and service 86 GE90 engines powering its Boeing 777 fleet. The long-term agreement follows an MoU signed last December, under which Saudia is responsible for assembling and disassembling the engine modules locally while awarding 50% of the order to Air France-KLM.

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M&A WATCH-

#1- Etihad Atheeb Telecom Company (Go Telecom) completed its acquisition of a 51% stake in IT firm Ejad Tech for SAR 86.7 mn, it said in a disclosure to Tadawul yesterday. The company paid SAR 40 mn upfront, while the remaining SAR 46.7 mn will be settled in two performance-linked installments, with SAR 23.7 mn due by the end of 2025 and SAR 23 mn by the end of 2026.

REFRESHER- Go Telecom and Ejad Tech signed a binding MoU agreement to acquire the 51% stake last September, with shareholders approving the acquisition three months later.

#2- Jadwa acquires majority stake in Makhazen Alenaya: Investment management firm Jadwa Investment acquired a majority stake in beauty and personal retailer Makhazen Alenaya through its GCC Diversified Private Equity Fund, it said in a press release on Sunday. This marks Jadwa’s fourth investment through the fund, following Gissah Perfumers, Blackspoon Group, and Tikkaway. No investment ticket was disclosed.

About Makhazen Alenaya: Founded in 2019, Makhazen Alenaya is a retail chain with 15 branches across the Kingdom, offering a wide range of items like skincare, haircare, and cosmetics at affordable prices, using a multi-category store format that combines different product types under one roof.

EXPANSION-

Egyptian real estate developer Paragon Developments opened its first regional office in Riyadh to tap into the Kingdom’s real estate market, set to deliver 360k sqm of mixed-use space, according to a press release published on Sunday. The developer seeks to deliver 200k sqm of office space by 2027, targeting to reach 500k sqm by 2030 in cities like Riyadh and Jeddah.

REAL ESTATE-

Banan’s unit to build another two Optimo gyms in Riyadh: Banan Real Estate ’s subsidiary Qimam Nashaz Real Estate Development sealed a SAR 244.1 mn, 20-year contract to develop two gyms for Armah Sports in Riyadh’s Al Rahmaniyah district under the Optimo brand, according to disclosures to Tadawul from Banan and Armah released yesterday.

Not the first time: In January 2025, Banan’s subsidiary landed a SAR 224 mn contract to develop two gyms for Armah Sports in Riyadh’s Al Wadi district, also under the Optimo brand.

STARTUP WATCH-

Homegrown automotive services platform Morni secured an undisclosed investment from STV's new USD 100 mn NICE fund, according to a press release published yesterday. The funding will support Morni’s expansion beyond roadside assistance and into a comprehensive platform offering vehicle auctions, ins. third-party administration, and a nationwide network of garages and spare parts facilities.

About Morni: Founded in 2014 by Salman Al Suhaibaney (LinkedIn), Morni is an automotive services company operating in Saudi Arabia, the UAE, and Egypt. It specializes in roadside assistance, transportation, online auctions, and end-of-life vehicle solutions, delivered through its app using SAAS technology.

SAUDIZATION-

HRDF signs three training agreements exceeding SAR 100 mn: The Human Resources Development Fund (HRDF) signed three training agreements worth over SAR 100 mn with PIF-backed Lucid, the National Industrial Training Institute (NITI), and the Maharat Construction Training Center to enhance national workforce capabilities in advanced industrial sectors, state news agency SPA reported yesterday.

Investors cheer ceasefire news after earlier jitters

Ceasefire triggers risk rally: Stock markets cheered signs of a potential resolution to the Iran-Israel conflict, with the S&P 500 ending the day up 1% yesterday. Regional markets, which closed earlier in the day before news of an Iran-Israel ceasefire broke out, also settled in the black.

Earlier this week, the USD had staged a modest rally, though it weakened yesterday, falling 0.2% against the JPY, while the EUR and AUD strengthened. The Bloomberg USD Spot Index — which weighs the USD against a basket of developed and emerging market currencies — fell 0.2%.

The earlier rush to safe havens still held when it came to US Treasuries, which rallied after Iranian state media reported a missile strike on a US air base in Qatar, Bloomberg reports. Yields on 10-year Treasuries fell to their lowest levels in a month, while the five-year yield fell to 3.86% on hopes for a sooner-than-expected interest rate cut from the US Federal Reserve, after Fed Governor Michelle Bowman said she would support a July rate cut if inflation continued to cool. Gold also settled up 0.3%.

The dip in yields have also spurred more bond sales, with companies in the US and Europe looking to lock in more affordable rates amid uncertainty over the outlook for yields down the line. The Royal Bank of Canada sold EUR 750 mn in green bonds, while BNP Paribas is looking to sell a USD-denominated AT1 bond, and Australia’s OMV sold a EUR 750 mn hybrid bond.

MARKETS THIS MORNING-

Asian markets also gained on the back of news of the ceasefire, with South Korea’s Kospi up 2.1%, Japan’s Nikkei rising 1.3%, and Hong Kong’s Hang Seng up 1.4%. China’s CSI 300 was flat. Over on Wall Street, futures rose on the news, with S&P 500 futures up 0.4% and Nasdaq futures rising 0.6%.

TASI	10,710	+1.3% (YTD: -11.0%)
MSCI Tadawul 30	1,378	+1.2% (YTD: -8.7%)
NomuC	26,358	+0.8% (YTD: -16.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,419	+1.2% (YTD: +5.6%)
ADX	9,558	+0.5% (YTD: +1.5%)
DFM	5,411	+1.1% (YTD: +4.9%)
S&P 500	6025	+1.0% (YTD: +2.4%)
FTSE 100	8758	-0.2% (YTD: +7.2%)
Euro Stoxx 50	5222	-0.2% (YTD: +6.7%)
Brent crude	USD 69.34	-3.0%
Natural gas (Nymex)	USD 3.66	-0.9%
Gold	USD 3395.00	+0.3%
BTC	USD 103,765.6	+4.7% (YTD: +11.0%)
Sukuk/bond market index	911.27	-0.1% (YTD: +1.0%)
S&P MENA Bond & Sukuk	144.12	-0.1% (YTD: +3.0%)
VIX (Volatility Index)	19.83	-3.8% (YTD: +14.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.3% yesterday on turnover of SAR 4.1 bn. The index is down 11.0% YTD.

In the green: Red Sea (+10.0%), Alrajhi Takaful (+8.9%) and NGC (+7.6%).

In the red: Sisco Holding (-3.1%), Alistithmar Reit (-1.6%) and EPCCO (-1.2%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.8% yesterday on turnover of SAR 26.5 mn. The index is down 16.3% YTD.

In the green:Naas Petrol (+19.7%), Balady (+9.4%) and United Mining (+8.1%).

In the red: Alnaqool (-6.4%), Sama Water (-5.6%) and Hawyia (-5.4%).

CORPORATE ACTIONS-

Allied Cooperative Ins. Group’s general assembly voted down the BoD’s recommendation to increase capital by 71.8% to SAR 500 mn via a priority rights issue, it said in a disclosure to Tadawul yesterday. The SAR 209 mn capital hike would have involved issuing 20.9 mn shares at SAR 10 apiece.

Theeb Rent a Car will distribute a dividend payout of SAR 22.4 mn for 1Q 2025 at SAR 0.52 per share, according to a disclosure to Tadawul released on Sunday. The distribution date is set for 10 July.

CALENDAR

JUNE

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

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

JULY

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

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

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

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

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

15 October (Wednesday): Russian-Arab Summit.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

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

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

DECEMBER

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

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

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

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

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.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, 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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