Inflation averages at 1.7% in 2024

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Women’s football is on the rise in the Kingdom

Good morning, ladies and gents. It’s another busy day both at home, regionally, and internationally as the World Economic Forum kicked off yesterday in Switzerland’s Davos on the same day as Donald Trump was inaugurated for his second term as US president, while Gastat released figures on Saudi’s overall 2024 inflation figures.

FROM DAVOS-

Proving the power of diversification: Saudi Arabia is pushing forward with a two-step approach to unlock its economic potential and work towards Vision 2030, with a focus on fostering human-centric growth as we move away from oil dependence, Economy Minister Faisal Al Ibrahim said in an interview with Bloomberg on the sidelines of the World Economic Forum in Davos (watch, runtime: 5:18). Key focus areas include strategic investments, expanding Saudi Arabia’s role in generative AI, and promoting AI use in sectors like energy and healthcare.

The non-oil sector is expected to grow from 3.9% of GDP in 2024 to 4.8% in 2025, and 6.2% by 2026, the minister said in a separate interview with Al Arabiya (watch, runtime: 25:12).

Can we expect more sovereign debt issuances? “A natural reprioritization towards better economic outcomes without jeopardizing our Vision 2030 robustness as a plan is important, and of course with this comes a clear and communicated financing and funding plan that includes engaging properly and in a healthy manner with global debt markets,” Al Ibrahim told Bloomberg. The Kingdom continues to adopt a “management with prudence” approach to its balance sheets, Al Ibrahim said.

ALSO- Saudi Arabia is still “in the middle” of assessing potentially joining Brics, Al Ibrahim also told Bloomberg. “We assess many different aspects of it [Brics membership] before a decision is made and right now, we are in the middle of that,” the minister said.

The General Authority of Civil Aviation (GACA) will showcase USD 100 bn in potential investments in Saudi Arabia's aviation sector at Davos, including USD 50 bn for airports, USD 40 bn for new aircraft, and USD 10 bn for logistics projects, according to Zawya. Panel discussions will feature Assistant Investment Minister Abdullah Aldubaikhi and representatives from Archer Aviation, Jeddah Airport, and GACA, covering key projects like King Salman International Airport and regional airport partnerships.

HAPPENING THIS WEEK-

#1- Qualified investors have until next Monday, 27 January to subscribe to Lamasat’s Nomu IPO, booking up to 4 mn shares each with the minimum limit set at 100 shares, according to a filing to Tadawul. The Madinah-born beauty retailer is guiding on a price range of SAR 5.25-5.75 per share. Final allocations are set for Thursday, 30 January.

Lamasat is taking a 7.4% stake (6 mn shares) to market, it said in its prospectus (pdf). The offering could see it raise up to SAR 34.5 mn in IPO proceeds at the top of the range, and give it a post-IPO market cap of SAR 465.75 mn. The company lined up Capital Market Authority approval for the move back in October 2024.

ADVISORS- Lamasat tapped Yaqeen Capital as its financial advisor for the move, white RSM serves as legal accountant. Receiving agents include Alistithmar Capital, Alinma Investment, and SNB Capital, among others.

#2- The City Hub entertainment project will kick off in Jazan on Thursday, 23 January, where it will stay for 14 days before moving to six other cities during 2025, according to state news agency SPA. Following Jazan, the project will visit Al Khobar, Buraidah, Hail, Al Baha, Taif, and conclude in Tabuk in August. The project will feature several entertainment zones, along with shopping facilities, and local and international restaurants.

#3- The Riyadh Season will sponsor the Drone Racing World Cup 2025, which will take place this Thursday-Saturday in Boulevard City, Riyadh, according to state news agency SPA. The event will feature top pilots from over 50 countries racing at speeds of up to 350 km per hour, with a prize pool exceeding SAR 1 mn. This marks the competition’s first World Cup in the Middle East, with future rounds in countries like South Korea, Italy, and Spain.

PSAs-

#1- The Saudi General Authority for Statistics launched a specialized statistical innovation lab aimed at fostering collaboration with researchers and data experts, according to a statement from the authority. Participants can submit proposals for statistical projects via the Statistical Innovation Platform, after which the authority’s team will review and develop submissions within six weeks, with successful projects to be incorporated into the authority’s statistical offerings.

#2- Two Madinah real estate projects are now open for investment: The Madinah Municipality opened the expression of interest and pre-qualification request phase for two real estate projects, under a 30-year public-private partnership, state news agency SPA reports. Investors have until 2 March to apply via the National Center for Privatization website.

Meet the projects: The Railway District project aims to develop a mixed-use facility over a 84.7k-sqm plot, with medical and shopping centers, among other facilities. Meanwhile, the Dhu Al Hulaifah project aims to build a hotel, commercial spaces, and health clinics over a 30.1k-sqm area near the Prophet's Mosque.

#3- Registration for the SpaceUp competition opened yesterday and runs until 12 April, the Communications, Space, and Technology Commission (CST) said in a statement. The competition targets local and global SMEs in six challenge tracks, inviting them to address critical problems in specific sectors and offering around USD 28 mn in contracts with end-users. Applicants can register on the CST website.

WATCH THIS SPACE-

#1- PIF-owned luxury hospitality firm Boutique Group pushed back the Red Palace opening to 2026, after it was set to open this year, state news agency SPA reports. King Saud bin Abdulaziz’s 80-year-old palace is set to be repurposed as a luxury hotel, featuring 70 rooms.

#2- Bahraini PE firm Investcorp — which has offices in Riyadh and Abu Dhabi — may be looking to IPO or strike a strategic partnership in the coming years to strengthen its liquidity, CEO Mohammed Alardhi told Bloomberg (watch: runtime: 5:06) on the sidelines of the ongoing World Economic Forum in Davos. Alardhi did not provide further details or insights on whether the firm would list solely on Bahrain Bourse or look to other GCC markets for its debut. Alardhi emphasized the firm’s optimism about 2025, citing easing macroeconomic conditions, an uptick in private equity activity coupled with strong investor appetite.

#3- Some 76 companies in the food and building materials sectors completed the Commerce Ministry’s electronic integration in 4Q 2024, according to the ministry’s quarterly report (pdf). The electronic integration process ensures the availability of essential goods and helps monitor their prices. No further information was disclosed.

#4- Portuguese firms Microsaur and Etermar are considering launching regional headquarters in Saudi Arabia, according to state news agency SPA. Microsaur is a technology and security solutions provider, and Etermar is a port operations specialist. The announcements were made during the Saudi-Portuguese Business Council meeting in Portugal.

ICYMI- The Saudi-Portuguese Business Council signed agreements with the Portuguese Business Federation and the Arab-Portuguese Chamber in Lisbon to enhance economic, trade, and investment ties, focusing on public-private partnerships, infrastructure, and renewable energy.

DATA POINTS-

Some 75% of professionals in Saudi Arabia and the UAE are scanning the market for new jobs this year, while 51% think the job search became more difficult in 2024, according to the findings of a LinkedIn survey, a press release showed.

Meanwhile, the top three fastest-growing jobs in the Kingdom this year are expected to be BIM coordinator, media buyer, and HR onboarding specialist, according to LinkedIn’s Jobs on the Rise report.

SPORTS-

Saudi women’s football is on the up: The number of professional female football players registered with the Saudi Arabian Football Federation almost tripled between 2021 and 2023 to over 1.1k players, of which more than 940 are Saudi nationals, according to a report (pdf) from Neom. Meanwhile, the number of female football clubs increased 112% during the same period to 34.

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THE BIG STORY ABROAD-

Nothing but The Donald on the front pages this morning, as he took the oath as the 47th US president last night. Donald Trump promised to bring back America’s “golden age” before a big crowd, with the world's richest people taking front seats, including Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, Sergey Brin, and Miriam Adelson.

Trump stuck to his words to be a dictator on his first day in office, revoking some 80 of Biden’s policies, issuing executive orders left and right (mostly to the far-right), and sending warnings to neighbors and trade rivals.

On immigration: A national emergency has been declared along the country’s southern border as part of an executive order that opens the door for members of the armed forces to be sent to the US-Mexico border. Another executive order aims to end birthright citizenship to the children of undocumented immigrants starting 30 days from now.
On Gaza ceasefire: The US President doesn’t seem confident about the ceasefire in Gaza, saying “that's not our war, it's their war, but I'm not confident... Gaza is like a massive demolition site... it's really got to be rebuilt in a different way."
On climate: The world’s second largest polluter will soon be out of the Paris Climate Accords, leaving America among only a handful of nations not part of the worldwide effort to tackle climate change.
On AI: Trump rescinded a 2023 order by Biden that requires AI developers to share safety tests for systems that could pose risks on national security, economy, or public health.
On TikTok: Trump signed an order to suspend the ban on TikTok in the US for 75 days.

Meanwhile, the US Senate unanimously approved veteran Republican Marco Rubio as secretary of state to be the first pick in Trump’s new administration.

More on: New York Times | Reuters | Financial Times | NPR

CIRCLE YOUR CALENDAR-

#1- The three-day Real Estate Future Forum will take place between 27-29 January at the Four Seasons, Riyadh. The event will feature 500 speakers from 120 countries, 34 panel discussions, and 17 workshops on topics like urban planning and green building technologies.

#2- The two-day Global Labor Market Conference kicks off Wednesday, 29 January at the King Abdulaziz International Conference Center in Riyadh. The event brings together business leaders, policymakers, regulators, and researchers to chew over the prospects and challenges facing global labor markets with a focus on youth employment and innovative initiatives to boost youth participation in the global economy. Register here.

#3- The UFC returns to the Kingdom on 1 February, kicking off its 2025 collaboration with Riyadh Season, according to Forbes. The main event will see former middleweight champion Israel Adesanya face Nassourdine Imavov. The co-main event will see Shara Magomedov square off with Michael “Venom” Page. The card also includes several ranked fighters, with matchups spanning multiple divisions.

#4- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#5- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.

Saudi’s 2024 inflation rounds out to 1.7%

Average annual inflation for consumer prices was up 1.7% in 2024 compared to 2023, with last year’s annual CPI index tracking at 111.3 points compared to 2023’s 109.5, according to the General Authority for Statistics’ (Gastat) Annual Consumer Price Index 2024 (pdf). Gastat calculates CPI indices relative to a 2018 base year.

To no one’s surprise, rent is the biggest culprit: The heaviest-weighted component in the Saudi consumer basket — housing, water, electricity, gas and other fuels — was up 8.8% on the back of a 10.6% uptick in home rentals.

And some more of the usual suspects: Food and beverage prices were up 0.8%, driven by a 1.3% increase in meat and poultry. Other sectors seeing price increases included restaurants and hotels (up 2%), miscellaneous goods and personal services (up 0.4%), and education (up 1.3%).

Softening the blow: Consumer categories which saw prices fall last year include clothing and footwear (down 3.4%), furnishings and household equipment (down 3.4%), transport (down 2.4%), communication (down 1.7%), entertainment and culture (down 1.3%), health (down 1.1%), and tobacco (down 1.2%).

IN CONTEXT- Inflation in the Kingdom has stayed comparatively tame relative to global trends, Reuters says, with the IMF projecting it will hold steady at 1.9% and 2.0% this year and the next. December’s reading falls slightly above the 1.7% clip the Finance Ministry had penciled in for 2024.

THE YEAR IN REVIEW- Housing costs, particularly rents, were the primary driver of Saudi’s annual inflation rates throughout 2024. Inflation kicked off the year at 1.6% in January before accelerating to 1.8% in February, and dipping back to 1.6% in March through to May. The rate decelerated slightly to 1.5% in June and July — the slowest growth rate of the year — before picking up in August at 1.6% and September at 1.7%. The highest inflation rate of the year was recorded in November at 2%, topping October’s earlier peak of 1.9% which inflation reverted to in December.

Sarcc now owns Riyadh’s Al Nakhla resort

PIF-owned Smart Accommodation for Residential Complexes Company (Sarcc) acquired Al Nakhla Residential Resort in a SAR 2.5 bn transaction with Al Nakhla Investment, the company said in a statement. The move comes as part of Sarcc’s drive to improve worker accommodation in the Kingdom.

New ownership, same resort: The PIF subsidiary also entered into a management agreement with Al Nakhla Investment which will cover the resort’s leasing, maintenance and marketing. Despite the ownership change, Sarcc looks to maintain the resort’s reputation as a “premier residential destination for senior management professionals,” the statement said.

Background: Sarcc was set up in October to address the housing needs of public and private sector staff working in major construction and development projects nationwide.

Manara’s Reko Diq stake sale talks turn to processing location as Pakistan pushes for more downstream activities in-country

Processing location emerges as a key sticking point in talks for Manara’s Reko Diq acquisition: Ongoing negotiations for PIF-backed Manara Minerals’ 15% stake acquisition in Pakistan’s Reko Diq copper and gold mining project have shifted to where the extracted metals will be processed, with Pakistan maneuvering to retain some downstream activities in-country, Pakistan’s Energy Minister Musadik Malik tells Bloomberg. Other bidders are also being considered for the sale that is expected to be finalized within the next five months, Malik said.

Background: Saudi reportedly secured approval from Pakistan’s cabinet to acquire a 15% stake in the Reko Diq copper-gold mining project for USD 540 mn last month, according to unconfirmed Pakistani media reports. Manara Minerals — a JV between the Public Investment Fund and Ma’aden — has been working to acquire a 15% stake in the Reko Diq project since August, with reports at the time suggesting that the offer could be worth USD 1 bn.

Where (we thought) things currently stand: Malik told Reuters last week that Manara could finalize its investment in Reko Diq within the next two quarters, adding that financial, commercial, and legal due diligence had been completed and that both parties had agreed to a valuation framework, clearing the way for pricing negotiations.

Why it matters: Reko Diq — one of the world’s largest copper-gold mines — is largely undeveloped. The mine is 50% owned by Barrick Gold, 25% by Pakistan's federal government, and 25% by Pakistan’s Balochistan province. The estimated total project cost is between USD 6-6.5 bn, requiring USD 3-3.5 bn in debt financing. The copper-gold mine is expected to generate some USD 74 bn in freecash flows over the next 37 years when accounting for long-term price projections, Reuters said citing media statements by joint project owner Barrick Gold CEO Mark Bristow.

AgriTech Arable raises USD 2.6 m in seed funding round

Saudi-based AgriTech startup Arable secured USD 2.6 mn in a seed funding round led by unnamed institutional and private investors, according to a press release. Some 90% of the round’s funds came from foreign backers. The statement did not disclose the identity of the investors, the size of their individual contributions, or whether the investments are debt or equity based.

Use of proceeds: The raised funds will support efforts to “pioneer sustainable hydroponic farming” in Saudi as part of a drive to develop local agriculture, the statement said.

About Arable: Co-founded by CEO Lawrence Ong (Linkedin) and COO Christina Khalife (Linkedin) in 2024, Arable specializes in hydroponic farming systems tailored to the region’s arid climate, offering solutions that are purportedly four times faster, four times cheaper, and 2.5 times more cost-efficient than regional alternatives. 80% of its system’s components are locally sourced or manufactured.

ALSO FROM STARTUPLAND-

Egypt-based Talent 360 ME eyes Saudi expansion: Egyptian HR management startup Talent 360 ME is eyeing expanding into Saudi Arabia, after it closed an undisclosed six-figure investment round led by CStar, it said in a post on LinkedIn.

About Talent 360 ME: Talent 360 ME provides outsourced HR solutions for startups and SMEs, aiming to cut down the costs of hiring in-house HR teams.

Snowflake taps Ali Al Ismail as Country Manager for Saudi

US-born data storage company Snowflake appointed Ali Al Ismail (Linkedin) as country manager for Saudi Arabia, according to a press release (pdf). Al Ismail most recently served as senior sales leader for Oracle in Saudi Arabia. In his new role, Al Ismail will be charged with managing Snowflake’s growth in Saudi and establishing local partnerships.

REMEMBER- Snowflake set up its regional headquarters in Riyadh last month and deployed on Google Cloud Dammam.

Nasdaq-listed reins. broker WTW appointed Mohammed AlSudairy (LinkedIn) as the new head of reins. broking for WTW Saudi Arabia, after the firm obtained a reins. brokering license from authorities allowing it to operate in the Kingdom, according to a statement. AlSudairy most recently served as deputy CEO at Chedid Rei. Brokerage and Vice Chairman of the General Committee of Ins. & Rei. Brokerage at the Ins. Authority.

Jeddah Tower construction is back on

CONSTRUCTION-

#1- Construction resumed on the world’s tallest tower: Kingdom Holding Company officially resumed construction of the 1k-meter Jeddah Tower, set to become the world’s tallest building, it said in a post on X.

Where we last left off: Some 63 floors have been completed out of a total of 157, before work on the project was stalled in January 2018. The project’s manager Jeddah Economic Company tapped Saudi Binladin Group in October to resume construction works under a SAR 7.4 bn agreement, of which SAR 1.1 bn has been paid.

#2- Red Sea International Company’s subsidiary Fundamental Installation for Electric Work Company sealed a SAR 266 mn contract with ALEC Saudi Arabia Engineering and Contracting to install mechanical, electrical, and plumbing (MEP) systems at iLMi Science Discovery and Innovation Center in Riyadh’s Mohamed Bin Salman Nonprofit City, according to a disclosure to Tadawul. The project will take 636 days to be executed.

MANUFACTURING-

#1- Polymers recycling firm Saudi Top Trading Company is gearing up to kick off pilot production at its newly-constructed West Coast Factory in 1Q 2025, according to a disclosure to Tadawul. Rabigh Refining and Petrochemical Company (Petro Rabigh) will supply raw materials — including polymer scrap, rubber, and synthetic wax, under an agreement it signed with Saudi Top Trading around two years ago.

BACKGROUND- Saudi Top Trading’s subsidiary Saudi Summit Factory for Plastic Granules Production signed an MoU with Petro Rabigh worth SAR 100 mn in December 2022 to establish the factory in the Rabigh PlusTech Park. The facility aims to produce 50k tons annually of polymers, rubber, and industrial waxes.

#2- Saudi Ceramics Company expects to see a 2% rise in production costs on the back of Aramco’s recent hike to feedstock and fuel prices, it said in a disclosure to Tadawul. The company said it will implement cost-reduction measures and improve production efficiency to mitigate the impact of this increase.

BACKGROUND- Saudi Aramco raised domestic diesel prices by 44% to SAR 1.66 per liter for 2025, following a similar 53% hike to SAR 1.15 per liter last year. This price adjustment is part of Aramco's annual review under its pricing mechanism. The company notified Tadawul-listed industrial firms of the price changes, which took effect on 1 January.

RESEARCH-

Prince Sultan University rolled out an AI initiative for students offering training programs and joint research projects, along with other programs involving global experts, according to a statement from the non-profit private university. The initiative — launched in partnership with deep tech AI firm Intelmatix and researchers from 10 international universities — aims to boost innovation in education automation, robotics, and data analytics.

MINING-

Tahreez + Fleet set to launch AI-powered mineral exploration JV: Alturki Holding ’s engineering and technology contracting arm Tahreez signed an MoU with Australia’s Fleet Space to form a mineral exploration joint venture, according to a statement. The JV will utilize space tech, AI, and Fleet Space's ExoSphere platform to accelerate exploration in the Arabian Shield region and establish a local base of operations across the Kingdom.

FINANCIAL SERVICES-

Cenomi Centers partnered with Visa to introduce flexible loyalty programs using Visa’s payment solutions later this year, according to a press release. The partnership will replace the current Cenomi Rewards app and will see the launch of co-branded Visa cards.

PHARMA-

Saudi companies are in talks with Oman’s Health Ministry to establish joint pharma factories in Muscat, Aleqtisadiah reports, citing anonymous sources. No further details were provided on the projects’ timeline or investment ticket.

What a second Trump presidency could mean for the MENA region

US president-elect Donald Trump’s return into office is widely expected to have a considerable influence on the economies of the Middle East at large, with Trump having already dropped some hints over what could be expected from his second term during rallies and campaign addresses held during the weeks following his election into office for the second time. Some economists predict that Trump’s tariffs will put extra pressure on US inflation, particularly as he has vowed — although not immediately delivered — a 60% tariff on Chinese goods, as well as a 10% tariff on imports from other countries.

The potential inflationary pressure could push the US Federal Reserve to delay its next round of interest rate cuts, Capital Economics’ James Swanton wrote in a report seen by EnterpriseAM. A Reuters poll of economists echoes the same sentiment, suggesting that the Fed will keep rates on hold when its Federal Open Market Committee meets next Wednesday, 29 January. “If they [Trump’s administration] deliver anything close to what they promised on the tariff front, then we are going to probably see a stalling of disinflationary pressures, where the Fed is not going to be cutting," said Barclays Senior US Economist Jonathan Millar.

What this means for us in the region: As Gulf central banks follow the Fed’s monetary policy decisions by virtue of their USD pegs, they would also hold off on cutting interest rates. For non-Gulf countries, such as Egypt, high interest rates in the US mean higher sovereign borrowing costs.

Trump is also widely expected to impose new sanctions on Iran — which, along with sanctions on Russian oil, is expected to lead to higher oil prices this year, Swanton said. However, rising global supplies of oil and LNG are expected to cause prices to fall back — which could, in turn, cause “the current account and budget balances in the Gulf to deteriorate. Many governments, notably Saudi’s, will turn to fiscal consolidation,” according to Swanton.

More US oil production could directly result in price pressures in oil-producing states in the region: Trump also signaled his intentions of increasing US oil output during his term — which, coupled with estimates from OPEC and the International Energy Agency projecting relatively weak demand for oil in 2025, could create additional price pressures result in “budget tightening by oil-producing states in the Middle East, in turn increasing the risk to government contractors of payment delays and challenges for contracting new projects,” according to a report from advisory firm DGA Group.

However, the potential impact of Trump’s presidency on the region's macro outlook may be over-stated: “The region as a whole is relatively sheltered from a protectionist trade shift in Trump’s second term. The bigger risks to the outlook stem from geopolitics, although the agreed Israel-Hezbollah ceasefire and overthrow of the Assad regime in Syria have potentially paved the way towards a de-escalation of tensions,” Swanton argued.

The truce represents a chance to improve economic conditions in the region, particularly for Egypt, Alraya Consulting Managing Partner Hany Abou El Fotouh told us. “The ceasefire improves regional stability, which will encourage foreign investments and revitalize tourism. For Egypt, the stability of navigation in the Suez Canal is a crucial economic gain, as the canal is a significant source of hard currency. Stability also helps alleviate pressures on Egypt's national security and allows resources to be redirected toward development,” he said. Cairo-based economist Medhat Nafei agreed with this, adding that he expects the escalations in the trade war between the US and China to present a chance for the government to provide incentives for private sector players to increase exports, filling a gap in the US market.

MARKETS THIS MORNING-

It’s a mixed morning for Asian markets, with investors largely holding their breaths as they adopt a wait-and-see approach following the inauguration of US President Donald Trump last night. Japan’s Nikkei is just barely in the green, while South Korea’s Kospi and the Shanghai Index have slipped into red territory.

The picture is more or less the same across the pond, with Wall Street futures broadly flat in anticipation of potential tariffs with several US trade partners.

TASI	12,380	+0.4% (YTD: +2.9%)
MSCI Tadawul 30	1,552	+0.3% (YTD: +2.8%)
NomuC	31,318	-0.9% (YTD: -0.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,619	-0.4% (YTD: -0.4%)
ADX	9507	+0.1% (YTD: +0.9%)
DFM	5196	-0.3% (YTD: +0.7%)
S&P 500	5997	+1.0% (YTD: +2.0%)
FTSE 100	8521	+0.2% (YTD: +4.3%)
Euro Stoxx 50	5164	+0.3% (YTD: +5.5%)
Brent crude	USD 79.79	-1.2%
Natural gas (Nymex)	USD 3.83	-3.0%
Gold	USD 2731.80	-0.6%
BTC	USD 102,830.20	-0.9% (YTD: +10.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.4% yesterday on turnover of SAR 6.4 bn. The index is up +2.9% YTD.

In the green: Thimar (+10.0%), APC (+6.4%) and Mesc (+5.0%).

In the red: Alamar (-3.3%), Nice One (-2.9%) and Naseej (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 52.8 mn. The index is down 0.5% YTD.

In the green: Fesh Fash (+8.8%), SMC (+7.5%) and Alrasheed (+5.4%).

In the red: Almohafaza for Education (-9.8%), First Avenue (-8.4%) and Lana (-7.8%)

CALENDAR

JANUARY

21 January (Tuesday): Data Center Nation, Mandarin Oriental Al Fasisaliah, Riyadh.

21-23 January (Tuesday-Thursday): The International Exhibition for Material Handling, Equipment, Warehouse Supplies, Forklifts & Heavy Equipment, Riyadh International Exhibition Center.

21-23 January (Tuesday-Thursday): Saudi International Exhibition for E-Marketing and E-Commerce, Riyadh International Convention and Exhibition Center.

24-25 January (Friday-Saturday): UIM E1 World Championship Jeddah, Jeddah.

25 January (Saturday): The opening of the 2025 Islamic Arts Biennale, Western Hajj Terminal of King Abdulaziz International Airport, Jeddah

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

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.

31 January (Friday): Deadline for businesses to update their registered customs items.

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

FEBRUARY

1 February (Saturday): UFC Fight Night: Adesanya vs Imavov, The Venue, Riyadh.

2 February (Sunday): Flyadeal launches direct flights to Karachi, Pakistan, departing from Riyadh and Jeddah twice a week.

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

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

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

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.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

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

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

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

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

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

19-20 February (Wednesday-Thursday): The Capital Markets Forum, The Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

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

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH

1-30 March: Ramadan (TBC).

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

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

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

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

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

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

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

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

MAY

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

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.

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.

JULY

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.

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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