Inflation inches up in March, but rent inflation is lowest in a year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Coffee chain Barns gears up for listing + EU mulls exempting Saudis from short-stay visas

Good morning, wonderful people. Things are starting to heat up in the Kingdom, with a flurry of news on real estate projects, IPOs, startup funding, and more.

The big stories today: Inflation continues to creep up, reaching 2.3% in March (but hey, at least rent inflation is at its lowest point in a year). Meanwhile, Majid Al Futtaim is making big moves in Riyadh with a SAR 17.5 bn mixed-use project, and real estate prices are up 4.3% in 1Q.

ALSO- United Carton Industries is finally kicking off its IPO next week. We’ve also got the scoop on Salic’s new grain supply company Sabil, the Saudi Film Festival’s return, and a SAR 5.5 mn pre-series A funding round for Sadq. Let’s dive in

HAPPENING THIS WEEKEND-

The Saudi Film Festival will take place from 17 to 23 April in Dhahran, showcasing 68 films, including feature films, shorts, and documentaries from Saudi Arabia, the Gulf, and beyond. We have the details in the news well below.

The F1 stc Saudi Arabian Grand Prix revs up this Friday, 18 April at the Jeddah Corniche Circuit and wraps up on Sunday. A friendly reminder that schools will be off on 20-21 April in Jeddah, Makkah, and Taif as the race takes over the streets. You can grab your tickets here.

Support races and entertainment: The race weekend will also feature support races like the FIA Formula 2 Championship and the all-female F1 Academy Series, according to a schedule from F1. Off track, expect performances from Egyptian rapper Marwan Pablo in addition to Usher, Major Lazer Soundsystem, and Jennifer Lopez.

WEATHER- Riyadh and Makkah will wake up to dusty breezes and patchy clouds, while Madinah basks under bright, sunny skies.

Riyadh: 32°C daytime / 21°C overnight
Makkah: 38°C daytime / 17°C overnight
Madinah: 34°C daytime / 18°C overnight

WATCH THIS SPACE-

Coffee chain Barns kicks off IPO prep: Jeddah-born coffee brand Barns is sounding out banks for a potential IPO on main market Tadawul, CEO Mohammed Alzain tells Bloomberg.

The pitch: The IPO could see it rake in USD mns, with proceeds earmarked for regional expansion. Barns wants to scale to 1k stores by 2030, up from 850, adding locations in the UAE, Oman, Kuwait, and Morocco to its existing footprint in Saudi, Bahrain and Egypt.

While the potential size and timeline of the offering remain wraps, a listing would see Barns join a flurry of pending Saudi debuts this year — even as market volatility and softer oil prices test investor appetite.

Saudi nationals may soon be exempt from short-stay visa requirements to the EU’s 27-member Schengen area, the EU Ambassador to Saudi Arabia Christophe Farnaud told Asharq Al Awsat. Saudis — along with other GCC nationals — have already been eligible since April 2024 for five-year, multiple-entry Schengen visas.

Saudi nationals ranked seventh globally for Schengen visa applications in 2023, with 428.9k applications submitted and a 6% rejection rate, according to S chengenVisa data.

DATA POINTS-

Consumer spending via point-of-sale (PoS) transactions in the Kingdom rose 16.7% w-o-w in the week ending Saturday, 12 April to c. SAR 12.3 bn, according to the Saudi Central Bank’s report (pdf). The number of weekly transactions also increased by 9.1% w-o-w to 209.1 mn.

The details: Food and beverages made up the biggest chunk of spending in terms of value during the week, rising 10.3% w-o-w to some SAR 1.8 bn. The figure nearly matched restaurants and cafes, which dropped by 21.4% w-o-w. PoS transactions on education posted the highest growth in terms of value, soaring 2413% w-o-w to SAR 256.9 mn, with students returning to schools after Eid El Fitr holiday.

Riyadh once again had the highest value of PoS transactions at SAR 4.3 bn, followed by Jeddah at SAR 1.8 bn.

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THE BIG STORY ABROAD-

No end in sight to the ongoing trade war: US President Donald Trump has floated yet more tariffs, this time on the critical minerals supply chain, for which he ordered a probe that could lead to the introduction of tariffs down the line.

The goal? To reduce imports of critical minerals — particularly from China, which dominates the industry — and boost local production for a sector that has big implications on defense capabilities, infrastructure development, and tech ambitions.

The good news is: Tariffs on critical minerals would be separate from country-specific tariffs, which could ultimately mean…. lower tariffs. (Financial Times | Bloomberg | Reuters)

Still reeling from earlier curbs: Nvidia, which said it will take a USD 5.5 bn hit this quarter on the back of new barriers on its exports to China. Its shares fell 6% in after-hours trading, dragging Nasdaq futures down 1%. (FT | CNBC | Bloomberg)

Inflation rises to 2.3% y-o-y in March

Inflation accelerated to 2.3% y-o-y in March, up from 2.0% in February, marking the first rise in the Kingdom’s consumer prices since January and the fastest since the middle of 2023, according to the General Authority for Statistics’ (Gastat) latest consumer price index (pdf). The Kingdom maintained an upward trajectory in its inflation figures from August through January, with December being the only month to log a decline during the five-month period.

On a monthly basis, consumer prices rose at a slightly higher pace of 0.3%, on the back of a 0.5% price uptick in the housing, water, electricity, gas, and other fuels category, as well as a 0.3% rise in food and beverage prices.

Rent inflation at the lowest level in a year (but still high): Housing, water, electricity, gas, and other fuels — the heaviest component in the consumer basket — saw a 6.9% increase on an annual basis, mostly driven by an 8.2% increase in rents paid for housing during March. The rate of increase in housing rentals has been on a downward trajectory since this year started.

Food and beverage prices were up 2.0% during the month, driven by a 3.8% increase in meat and poultry prices. Personal goods and services prices also increased by 3.9%, driven by a whopping 26.2% rise in the prices of jewelry, watches, and precious antiques. Meanwhile, restaurants and hotel prices rose 1.3%, driven by a 3.3% rise in the cost of hotel and furnished apartment services.

Education prices also continued to increase in March, rising 1.1% y-o-y on the back of a 4.3% y-o-y increase in tuition fees for tertiary education.

Many of the same items continued to cool off: Furnishing and home equipment prices continued to fall in March, this time seeing a 2.6% y-o-y decrease on the back of a 4.1% decline in furniture, carpets, and flooring prices. Clothing and footwear prices also fell by 0.8%, affected by a 1.9% slip in ready-made clothing prices. Meanwhile, transportation costs went down by 0.8%, which was attributed to a 1.5% decrease in vehicle purchase prices.

This came slightly below analysts’ expectations: Capital Economics expected the annual inflation reading in March to come in at 2.4%, with the research unit seeing the Kingdom’s headline inflation rate hovering around the 2.0-2.5% y-o-y range over the next two quarters before slowing back down towards the 1.0% mark as we head into 2026. The IMF sees inflation holding steady at 1.9% and 2.0% this year and the next, while Al Rajhi Capital sees inflation remaining stable at 2.1% in 2025 before cooling slightly to 2.0% in 2026.

WHOLESALE PRICE INDEX-

Producer prices were up by 1.5% y-o-y in March 2025 on the back of a 3.2% increase in the prices of other transportable goods, except metal products, machinery, and equipment, coupled with a 3.6% increase in the prices of agriculture and fishery products, according to Gastat’s wholesale price index (pdf). On a monthly basis, wholesale prices increased by 0.4% m-o-m in March due to a 0.4% decline in the prices of metal products, machinery, and equipment — itself driven by a 2.9% increase in the prices of fabricated metal products.

Majid Al Futtaim lines up SAR 17.5 bn mixed-use project in Riyadh

MAF expands in Saudi real estate: UAE-based Majid Al Futtaim Properties (MAF Properties) is set to break ground on a SAR 17.5 bn mixed-use, integrated urban development in northern Riyadh next year, the company’s CEO Ahmed El Shamy told Al Arabiya. Engineering designs are ongoing, while tenders are scheduled to begin next year, El Shamy added.

What we know so far: The project will span over an 850k sqm area, offering residential, commercial, administrative, and entertainment spaces. MAF Properties completed the full acquisition of the land last year, after making the final USD 100 mn payment.

We knew this was coming: Al Shamy told EnterpriseAM this week that MAF Properties was preparing to launch projects in Saudi Arabia in 2025 and 2026, with plans to develop land it owns in Riyadh valued at some SAR 3 bn.

MAF is on a roll: The expansion comes as MAF Properties is investing some EGP 15 bn in a new mixed-use project next to Mall of Egypt in West Cairo. MAF’s portfolio in Egypt now stands at around USD 2.5 bn, El Shamy said.

..and more is on the way: Across the broader region, the group has invested AED 45 bn (USD 12.3 bn), and sets aside AED 1.5-2 bn annually for new regional investments.

Real estate prices up 4.3% y-o-y in 1Q 2025

The real estate price index rose 4.3% y-o-y in 1Q 2025, driven primarily by a 5.1% rise in residential property prices and a 2.5% uptick in commercial real estate prices, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Meanwhile, prices in the agricultural sector declined by 1.1%.

Growth in the residential segment varied by property type, the data showed. Villas recorded the highest gains with a 10.3% y-o-y increase, followed by land plots (+5.3%), residential floors (+2.8%), and apartments (+1.2%).

The commercial sector also posted price growth, with galleries and shops up by 5.1%, followed by buildings (+3.1%) and land plots (+2.4%).

Quarterly highlights: The index grew 0.7% in 1Q 2025 compared to the previous quarter, supported by a 1.9% rise in residential prices. The increase in residential prices was led by a 3.2% increase in land plot prices and a 0.2% rise in both apartments and residential floors, offsetting the 1.4% decrease in villa prices.

Other sectors are seeing declines: Commercial real estate prices fell 2.1% q-o-q, while agricultural real estate dropped by 3.8% — both weighed down by falling land values.

Riyadh leads the market again: Riyadh posted a 10.7% y-o-y increase in 1Q 2025, followed by the Northern Borders (+8.7%) and Al Jouf (+8.2%). On the other hand, the Eastern Province saw a steep 5.5% decline, followed by a 4.4% drop in Asir.

United Carton Industries kicks off IPO next week with institutional subscriptions

United Carton Industries Company (UCIC) is taking a 30% stake to main market Tadawul in a secondary offering, whereby selling shareholders will rake in all of the proceeds from the sale after deducting SAR 24 mn in offering-related expenses, according to its prospectus (pdf). Some 12 mn company shares will be up for grabs on the exchange in an offering open to both retail and institutional investors. The company lined up Capital Market Authority approval for the move back in December.

Books open next week: Institutions will be able to submit their orders starting Tuesday, 22 April until Monday, 28 April, with payments due Sunday, 11 May. For retail investors, a two-day subscription window will open on Monday, 12 May, with the final allocation of shares slated for Sunday, 18 May. UCIC is expected to announce the IPO’s indicative price range after institutional subscriptions wrap up.

No dividends in the cards: Under the terms of its financing agreements — including those with Saudi Awwal Bank — the company is prohibited from declaring any dividends until it has fully repaid all outstanding obligations to the bank, the prospectus reads.

Who’s selling? The IPO will see three of UCIC’s five substantial shareholders — Zamil Group Holding, Omar Kassem Alesayi and Company, and Frimex Investment — sell down their position to a combined 70% stake, down from 100%. Their shares will remain on lock-up for a period of six months from the first day of trading.

Who can buy in: The IPO will initially be limited to institutional investors, including investment funds, companies, qualified foreign investors, GCC corporate investors, and some foreign investors under swap agreements. Following that, retail investors will be able to subscribe to 20% of the offering, provided there is sufficient demand.

The size band: Institutional investors have a minimum subscription limit of 100k shares, and a maximum of about 1.99 mn shares, while a retail investor can subscribe to anywhere between 10 and 400k shares.

In the black: UCIC’s net income shed 25% y-o-y to SAR 62.7 mn in 1H 2024, while the company posted a 2.7% y-o-y decline in revenue to SAR 670.7 mn.

ADVISORS- Al Rajhi Capital is quarterbacking the transaction as lead manager, financial advisor, bookrunner and underwriter, with Stat Law Firm providing legal counsel. Meanwhile, Gibson, Dunn and Crutcher Law Firm is acting as legal advisor for Al Rajhi Capital.

About UCIC: Founded in 1988, the Jeddah-based packaging and corrugated carton-maker claims to be the largest corrugated and paper packaging company in the MENA region, holding a 37% to 40% market share in the Saudi corrugated sector in 2023, according to the prospectus. The company operates eight plants across the Kingdom and the UAE producing folding cartons (duplex), recycled containerboard, and molded pulp. Its clients include Almarai, Nestlé, P&G, and Pepsi.

Salic launches Sabil to oversee Saudi grain supply

Salic launches Sabil: PIF-backed Saudi Agricultural and Investment Company (Salic) launched the National Grain Supply Company (Sabil) to oversee grain storage and supply operations, deepen collaboration with the private sector, and facilitate growth in the agri-food sector across the Kingdom, according to a statement.

The details: Sabil — wholly owned by the Public Investment Fund — will assume full control over the import, handling, and distribution of grain, operating 14 grain silos with a combined capacity exceeding 2.7 mn tons.

Shared management: The General Grain Corporation will continue to play a regulatory and supervisory role after the handover, including key facilities at Jeddah Islamic Port, King Abdulaziz Port, Yanbu Commercial Port, and Jazan Port.

REFRESHER- Salic acquired an additional 44.6% stake in Singapore’s Olam Agri Holdings for USD 1.78 bn last February, increasing its ownership to approximately 80% and Olam Group retaining a 20% stake. The acquisition gave Salic access to food, feed and fibre, agri-industrials & ag-services in over 30 countries, expanding its footprint to global food and agri-trade flows.

Demand ran hot for Future Vision’s Nomu IPO

Future Vision for Health Training’s Nomu offering was 5x oversubscribed, reflecting strong investor appetite, according to a filing to Tadawul. Qualified investors had until late last week to submit their orders. The healthcare education provider stands to rake in some SAR 14 mn in proceeds after divesting a 20% stake in the primary offering at SAR 7.0 apiece.

Substantial shareholders will see their combined ownership diluted to 53.97%, down from 67.46%, subject to a 12-month lockup period.

ADVISORS- Yaqeen Capital acted as the financial and lead manager. Receiving agents included Derayah Financial, Alinma Investment, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, Alistithmar Capital, Albilad Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, and Sahm Capital.

Key Nomu listings to watch out for in 2025:

Auto equipment dealer Service Equipment Company is guiding on a price range of SAR 80-84 per share for its upcoming Nomu IPO of a 30% stake;
Al Khalidi Logistics lined up the Capital Market Authority’s (CMA) approval in December to take a 7% stake to the parallel market;
Qudra for Communications and IT got the go-ahead from the capital markets watchdog to list 5 mn shares — good for an 18.2% stake — on Nomu last month ;
Hawiya Auctions was also approved to offer a 12% stake — 2.4 mn shares — on Nomu;
The National Signage Industrial Company, a subsidiary of Tadawul-listed Arabian Contracting Services, was cleared last month to IPO a 20% stake — amounting to 1.5 mn shares — on Nomu;
School operator Dome International for Investment was also cleared to offer a 14.5% stake, or 850k shares, on the parallel market;
Property developer Hamad Mohammed Bin Saedan Real Estate will take a 15% stake, or 4.2 mn shares, public after lining up regulatory approval.
Medical equipment supplier Wajd Life Trading is set to IPO a 20% stake, good for 2.5 mn shares, on Nomu following regulatory clearance last month;
Naf for Feed Industry was the latest to secure CMA’s approval to offer a 20% stake on the parallel market.

Zooming out: A total of 38 companies and 22 funds are planning to list across the region this year, signaling continued investor confidence in MENA markets. Saudi Arabia is set to lead the charge with 26 upcoming public offerings.

Saudi Film Festival returns with shaping identities in focus

The Saudi Film Festival returns to the screens at the King Abulaziz Center for World Culture (Ithra) from 17 to 23 April in Dhahran, with the support of the Saudi Cinema Association and the Saudi Film Commission. The new edition — titled Stories to Be Told — will pay tribute to Saudi actor Ibrahim Al Hawasi while exploring the role of cinema in shaping and reflecting individual, national, and cultural identities, featuring films from Saudi Arabia, the Gulf region, and beyond.

This year’s festival will showcase 22 short fiction films, 12 parallel screenings, and seven documentaries, offering attendees a glimpse into contemporary Arab cinema while addressing human loss, individual transformation, personal memory, and life struggle. Moreover, the program includes six world premiere screenings — Sharshoura, Yes, Mehdh Lekaa, Juz, Khidmat Al Majmat, and Wa Hulay Al Bada.

The highlights: Sharshura (The Hearse by Ahmed Alnasser) takes viewers on an intimate journey of existential reflection to tell the story of a hearse driver wrestling with profound inner conflicts. Meanwhile, the Signal (by Khaled AlQattan) offers a subtle exploration of personal desires versus social obligations, using a traffic signal as a metaphor for personal restraint, sacrifice, and the pressures of societal conformity.

ALSO- Namousa (by Ranim and Dana Al Mohandes) is an animation film inspired by Al Ula and Cairo, telling Zozo’s story of personal success in her journey to sing in front of legendary Egyptian singer Umm Kulthum.

More than Arab films: Attendees will have the chance to enjoy a selection from the Clermont-Ferrand International Short Film Festival as well as eight Japanese films, expert discussions, and the return of the Short Shorts Film Festival from Japan. The public can also participate in book signings for key publications like the Saudi Cinema Encyclopedia.

In addition to screenings and competitions, the Saudi Film Festival offers a program aimed at supporting filmmakers at all levels. The schedule includes expert-led masterclasses on directing, cinematography, and scriptwriting, as well as panel discussions on the evolution of Saudi cinema and storytelling.

The Kingdom wants to a silver-screen powerhouse: Saudi Arabia launched the Saudi Film Fund — the Kingdom’s first investment fund dedicated to cinema — last February, in a bid push to grow a local film industry, production infrastructure, and support content reflecting Saudi culture and values. Managed by Mefic Capital in collaboration with Roaa Media Ventures, the USD 100 mn fund is 40% by the state-owned Cultural Development Fund.

ALSO- The Cultural Development Fund launched a USD 234 mn Film Sector Financing Program in March 2023, targeting local and foreign film through lending and investment packages to boost local content, empower SMEs, and strengthen private sector participation.

BUT- Cinema returns hit a snag in 2024: Local box office saw an 8% y-o-y decline to SAR 846 mn last year, although the decline was attributed to hall operators dropping ticket prices to SAR 50-55 apiece in May.

Customized ticket: The festival introduces new tickets, allowing attendees to customize their experience. Visitors can purchase single-day or seven-day passes with access to movie screenings and the red carpet. You can get tickets here.

Sadq secures SAR 5.5 mn in pre-series A funding round

Homegrown digital authentication startup Sadq raised SAR 5.5 mn in a pre-series A funding round led by X by Unifonic Fund, according to a press release. Following its 2023 seed round – which was backed by Sanabil 500 – the company secured a Digital Trust Services license from the Digital Government Authority (DGA).

Where will the money go? The fresh funds will be used to strengthen Sadq’s technical infrastructure, expand its product offering, and grow its team as the company scales up its activity across the Kingdom.

About Sadq: Founded in 2022 by Abdullah Allahuo (LinkedIn) and Salem Albadawi (LinkedIn), Sadq offers legally recognized digital signature and workflow authentication solutions that integrate with our National Single Sign-On (Nafath). The platform serves over 3.5k users, including firms such as Foodics, Ninja, Maharah, and D360 Bank.

Sumou Real Estate appoints Essam Ahmed Kalthoum as managing director

Sumou Real Estate appointed Essam Ahmed Kalthoum as managing director yesterday, it said in a disclosure to Tadawul. Kalthoum previously served as PIF’s Rua’a Al Haram project director, Bawabat Makkah managing director, and Royal Commission for Jubail and Yanbu deputy director-general for the Yanbu project.

NWC launches two SAR 400 mn desalinated water projects in Riyadh

INFRASTRUCTURE-

The National Water Company’s (NWC) Central Cluster launched two desalinated water projects worth SAR 400 mn in Riyadh, it said in a statement. The first project supplies Dhurma, Al Muzahmiyya, and Al Quway’iyah regions with water, while the second covers Al Qiddiya region. The projects include 172 km of transmission lines and six operational reservoirs, with a total capacity of 100k cubic meters per day.

ICYMI- NWC broke ground last week on 30 new water and sewage projects across Riyadh valued at around SAR 3 bn. The projects include 16 developments worth over SAR 1 bn and 14 sewage projects worth over SAR 902 mn across the capital city and neighboring governorates.

TECH-

ZainTech secures Saudi license: Zain Group’s digital solutions arm ZainTech received a commercial license to operate as a national entity, allowing it to open regional headquarters in the Kingdom, according to a press release. The certificate will allow it to deploy technology solutions across several sectors in the Kingdom, including cloud computing, cybersecurity, drones, and AI.

AUTOMOTIVE-

EVIQ, Zeekr team up on EV charging: Local EV infrastructure firm EVIQ signed an MoU with electric carmaker Zeekr and its local partner Wallan Trading to expand fast-charging infrastructure throughout the Kingdom, according to a post on LinkedIn. The agreement includes installing new stations at key locations, while offering Zeekr drivers customized charging solutions, according to a press release.

REMEMBER- The Electric Vehicle Infrastructure Company (EVIQ) — a joint venture between the PIF and the Saudi Electricity Company — opened its first fast EV charging station in Riyadh in January 2024 and plans to deploy over 5k chargers across the Kingdom by 2030.

ENFORCEMENT-

Saudi + Kazakhstan sign anti-corruption MoU: The Kingdom’s Oversight and Anti-Corruption Authority (Nazaha) signed an MoU with its Kazakhstani counterpart to deepen cooperation on combating cross-border corruption, state news agency SPA reports. The MoU also covers information sharing and the development of institutional capacities.

Trump’s trade war rattles emerging markets currencies, equities

Tariffs are fueling investor anxiety across emerging markets (EM), prompting a shift toward safer assets and adding pressure on currencies and riskier holdings, Bloomberg reports.

Wrecking ball: Societe Generale strategists expect most EM currencies to decline, with China’s CNY projected to see a “modest” depreciation, while South Africa’s ZAR and Latin American currencies could be in for sluggish performance. The “wrecking ball [is] still underway in EM FX, but will slow,” they said.

Optimism is waning: Despite the MSCI EM Currency Index reaching a five-month high last week, investor sentiment remains largely pessimistic due to the ongoing trade war. The Colombian COP and Indonesian IDR led declines among EM currencies last week, while last Monday saw China set its CNY fixing to the weakest level since September 2023 at CNY 7.2038 per USD.

Even a weaker USD wouldn’t help: Any unwinding of the USD will benefit developed market currencies more than EM, according to Goldman Sachs Group strategists, with investors using the selloff to seek out undervalued assets in the US.

The risk-off approach is hitting some more than others: Emerging markets with political instability — such as Turkey, Indonesia, and South Korea — are adding to investor risk-off sentiment. In Turkey, Morgan Stanley projects a weaker TRY by year-end, estimating a USD 10 bn drop in foreign reserves due to tariff-driven outflows. Local FX demand will be key to the country’s reserves outlook, Morgan Stanley analysts Hande Kucuk and Arnav Gupta told Bloomberg.

Oil woes are also inflicting pain: A steep drop in oil prices — triggered by the tariffs — is piling pressure on emerging market oil exporters. Brent crude dropped more than 20% in the week following the April 2 tariff announcement, briefly touching below USD 60 per barrel before rebounding. Oil-dependent economies, including Gulf countries, Nigeria, Angola, Venezuela, Brazil, Colombia, and Mexico, are expected to face a hit to hard-currency revenues, while oil-importing countries are set to see some benefits from the falling prices, according to investors cited by the newswire.

How will EM respond? Trump’s tactics may embolden political leaders to adopt more radical approaches, increasing the likelihood of extreme market swings, said Malin Rosengren, a fund manager at RBC BlueBay. “No doubt we will be seeing more instances across EM of strong man politics testing the limits of the new world order,” she said.

The panic won’t continue for long, though: Rosengren believes that after experiencing volatility for an extended period, investors are likely to fall back on economic fundamentals — like growth prospects, inflation, and interest rates — rather than being overly influenced by short-term political drama or instability.

MARKETS THIS MORNING-

Asian markets are mostly in the red this morning, with Hang Seng (Hong Kong) down 1.6%, Japan’s Nikkei down 0.7%, and Shanghai Composite down 0.6%. Meanwhile, Wall Street futures are inching down after Nvidia announced it will suffer a hefty USD 5.5 bn quarterly charge on its exports to China due to tariffs.

TASI	11,617	+0.2% (YTD: -3.5%)
MSCI Tadawul 30	1,474	+0.3% (YTD: -2.4%)
NomuC	29,141	+0.1% (YTD: -7.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,185	+0.01% (YTD: +4.9%)
ADX	9,290	+0.6% (YTD: -1.4%)
DFM	5,078	+0.4% (YTD: -1.6%)
S&P 500	5397	-0.2% (YTD: -8.3%)
FTSE 100	8,249	+1.4% (YTD: +0.9%)
Euro Stoxx 50	4,970	+1.2% (YTD: +1.5%)
Brent crude	USD 64.67	-0.3%
Natural gas (Nymex)	USD 3.29	-1.1%
Gold	USD 3248.60	+0.3%
BTC	USD 83,897.00	-0.7% (YTD: -10.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 6.3 bn. The index is down 3.5% YTD.

In the green: Almawarid (+10.0%), SPPC (+9.9%) and SRMG (+6.5%).

In the red: Saudi Cable (-3.6%), Alsagr Ins. (-3.2%) and Sumou (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% yesterday on turnover of SAR 59.7 mn. The index is down 7.4% YTD.

In the green: TMC (+12.2%), SMC (+7.3%) and Multi Business (+6.9%).

In the red: Alrazi (-9.1%), Lime Industries (-8.5%) and Albattal Factory (-6.6%).

CORPORATE ACTIONS-

Bank Albilad’s shareholders approved a 20% capital increase to raise the bank’s capital to SAR 15 bn from SAR 12.5 bn, according to a disclosure to Tadawul. The SAR 2.5 bn increase will be funded by SAR 1.5 bn from retained earnings and SAR 1 bn from the statutory reserve. It will be executed through the issuance of bonus shares, with one share granted for every five owned, raising the number of total shares to 1.5 mn.

Yamama Cement’s shareholders approved the distribution of a SAR 202.5 mn dividend to its shareholders for FY 2024 at SAR 1.0 per share on Sunday 4, May, it said in a disclosure to Tadawul.

Sure Global Tech’s BoD recommended distributing SAR 11.5 mn in dividends for FY 2024 at SAR 1.5 per share, according to a disclosure to Tadawul. The distribution date is yet to be announced after regulatory and shareholders’ approvals.

Nofoth Food Products received the greenlight from the Capital Market Authority to double its capital to SAR 96 mn, according to a statement. The increase will be funded through SAR 48 mn in retained earrings, and each shareholder will receive a bonus share.

CALENDAR

APRIL

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

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

14-16 April (Monday-Wednesday): 2025 Middle East Poultry Expo, Riyadh International Convention and Exhibition Center, Riyadh.

17-23 April (Thursday-Wednesday): Saudi Film Festival, Dhahran.

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

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

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

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

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

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

29 April (Tuesday): Deadline to submit feedback on proposed amendments to the rules for special purpose entities (SPEs).

MAY

May: World Intellectual Property Organization (WIPO) Global Awards 2025 announces finalists.

3 May (Saturday): Canelo Alvarez vs William Scull, Anb arena, Riyadh.

5 May (Monday): Opec+ meeting.

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

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

11-13 May (Sunday-Tuesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

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

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

29 May (Thursday): 2024-2025 academic year ends.

JUNE

4-9 June (Wednesday-Monday): Hajj.

6-10 June (Friday-Tuesday): Eid Al Adha.

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

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.

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): Fiba Asian Cup.

SEPTEMBER

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

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

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.

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

DECEMBER

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

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

December: The Fortune Global Forum 2025, Riyadh.

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

31 December (Wednesday): Zatca 22st E-invocing 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.

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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