Inflation inches up to 2.0% y-o-y in January

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WHAT WE’RE TRACKING TODAY

THIS MORNING: First phase of The Line’s Hidden Marina is moving forward + Ceer to unveil its first car by late 2025

Good morning, ladies and gents. We have a light issue for you today as business in the Kingdom slows down after last week’s flurry of agreements and conferences. Inflation, however, is not slowing down, as it rebounded slightly to 2.0% in January.

ALSO IN TODAY’S ISSUE- Umm Al Qura sets price range ahead of its Tadawul IPO, the rundown on latest startup funding rounds in Saudi, and a spotlight from Bloomberg on Asfar’s push to widen tourist options in the Kingdom. Let’s dive in.

HAPPENING TODAY-

#1- Thetwo-day AlUla Conference for Emerging Market Economies wraps up today. The event, organized by the Finance Ministry and the IMF, aims to foster dialogue on economic challenges affecting emerging markets, with a focus on fiscal policy, debt, and AI’s role in economic development.

What they said: Finance Minister Mohammed Al Jadaan emphasized the importance of multilateral cooperation, particularly in tackling sovereign debt, and fostering a global economy that is “durable and inclusive for all nations.” IMF Managing Director Kristalina Georgieva highlighted the critical role of emerging markets in global growth, urging them to be “agile, adaptable, and resilient” in tackling challenges such as inflation, high debt, and reforms needed to improve competitiveness and productivity.

#2- Two Nomu IPOs continue today: Local marble and porcelain supplier HKC Ceramics, better known as Hedab Alkhaleej, is offering a 10.7% stake (800k newly-issued shares) on the Nomu parallel market in a primary offering limited to qualified institutional investors (QFIs), according to a Tadawul statement. In addition, Coffee chain operator Ratio is offering a 25% stake (5 mn shares) on Nomu at SAR 10 apiece, in a secondary offering, according to a statement to Tadawul. Both offerings started yesterday, and will run until 20 February.

#3- The public offering of Rawasi Albina Investment’s Series 1 SAR-denominated Sukuk continues until Thursday, 27 February. The initial SAR 50 mn issuance — the first issuance under its SAR 500 mn sukuk program — has a five-year maturity and a 10.25% annual return paid semi-annually. The Sukuk holds a BBB (Stable) rating, with a minimum subscription of SAR 5k and a maximum of SAR 500k.

HAPPENING TOMORROW-

The three-day Capital Markets Forum — organized by Saudi Tadawul Group — kicks off on tomorrow at Riyadh’s KAFD Conference Center, before moving to the Four Seasons Hotel Riyadh for the following two days.

** EnterpriseAM will be at the Forum in Riyadh, Tuesday to Thursday. Feel free to drop us a line at awahid@enterprisemea.com — we’d love to grab a coffee and chat about the latest in the industry.

PSA-

#1- ⚠️ WEATHER- Riyadh is bracing for a wet week as the National Center of Meteorology forecasts moderate to heavy rain across much of the Kingdom between Tuesday and Thursday. Riyadh will also see strong winds, low visibility, lightning, and flooding. Makkah, Hail, Al Qassim, and Madinah will also see rain.

#2- The Saudi Stock Exchange will be taking Sunday, 23 February off in observance of the Founding Day, with trading set to resume on Monday, 24 February, it said in a statement.

WATCH THIS SPACE-

#1- Diriyah’s USD 64 bn development is on track to exceed income projections for 2025, with early residential sales reaching SAR 13-14 bn in deposits, largely driven by luxury property sales, CEO Jerry Inzerillo was quoted as saying during a panel at the PIF private sector forum by the Saudi Gazette. The development, spanning 14.2 mn sqm, has drawn interest from international investors including Italian and Colombian developers, as well as Qatari and Emirati buyers, Inzerillo added.

ALSO- A potential IPO? Inzerillo hinted at a potential future public listing for Diriyah, citing strong investor interest and solid returns. “Diriyah is well-positioned for long-term financial sustainability,” he said.

#2- The first phase of smart city The Line’s Hidden Marina is moving forward, with contractors being sought for raft foundations tendered in six lots, with the Hidden Marina set to be the first segment of the Line to become operational, the Saudi Gazette reports citing remarks by Neom Chief Development Officer Denis Hickey at the PIF Private Sector Forum.

The details: The 2.5-km long, 500-meter high first phase will be composed of three interconnected modules and is set to house upwards of 200k residents, Hickey said. Neom set a 24 March deadline for firms to submit proposals to undertake the raft foundations of the modules, according to Meed.

Is the Line still facing hurdles? Neom’s flagship project — which is projected to cost anywhere between USD 100-200 bn — was expected to be home to fewer than 300k people by the end of 2030, down from an initial forecast of 1.5 mn residents, due to a slowdown in construction, according to unconfirmed media reports last April. Only 2.4 km of the project were expected to be completed by the end of the decade. More recent projections were not immediately available.

#3- Homegrown electric vehicle brand Ceer is set to unveil its first car toward the end of this year and begin taking orders early in 2026, Al Arabiya quotes Ceer CEO James DeLuca as saying. Ceer. The company’s first two cars are set to begin production in 4Q 2026 and hit markets simultaneously, DeLuca added. Meanwhile, Ceer is set to contribute USD 8 bn to Saudi Arabia’s GDP by 2034, creating some 30k jobs locally and reeling in some USD 150 mn in FDI,

ICYMI- The EV brand inked 11 agreements worth SAR 5.5 bn at the PIF Public Sector Forum with mostly Saudi companies earlier this week, part of its drive to localize EV components.

#4- White House Middle East envoy Steve Witkoff said yesterday he is to land in Saudi Arabia last night, ahead of talks between Russian and US officials aimed at ending the Ukraine-Russia war, in an interview with Fox News (watch, runtime: 2:05). Witkoff was to be joined by National Security Advisor Mike Waltz. Reuters also had the story.

ICYMI- This is the first official confirmation that senior officials from US and Russia will convene in Saudi for talks, which are intended to lay the groundwork for a Trump-Putin summit that could happen as soon as this month.

#5- UK-based global asset management firm Janus Henderson Group Plc is exploring a move to Saudi Arabia as it looks to expand its Middle East presence, with the opening of an office in the Kingdom being a “likely outcome,” the company’s CEO Ali Dibadj told Bloomberg. The firm recently tapped Baraa Amir (LinkedIn) to spearhead its Middle East and Africa operations and to "start laying the groundwork” for further investments in the region.

DATA POINTS-

#1- The Northern Borders province is estimated to hold over SAR 4.7 tn in mineral reserves, the Mineral and Natural Resources Ministry posted on X. The ministry already issued 29 mining licences for operations in five ore phosphate mining sites.

#2- The Public Investment Fund (PIF) reduced its ownership in the US stock market by the end of 4Q 2024 to USD 26.8 bn, down 23.9% y-o-y, Mubasher reports, citing US Securities and Exchange Commission filings. PIF held some 2 bn shares across 60 US companies by the close of the fourth quarter, with its largest holding represented in Lucid Group — where it owns 1.8 bn shares worth USD 5.4 bn. Holdings in Uber Technologies (USD 4.4 bn), and Electronic Arts (USD 3.6 bn) followed.

SPORTS-

UK-born Nissan pilot Oliver Rowland went on top in the Formula E World Championship at Jeddah Corniche Circuit, with a comfortable lead to the checkered flag, marking his second win this season, Formula E reports. The podium was completed by British drivers Taylor Barnard and Jake Hughes.

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THE BIG STORY ABROAD-

It’s an unusually calm morning on the international scene, as regional and international leaders anticipate the ramifications of the new US administration’s approach to Gaza, Ukraine and the international economy.

US Secretary of State Marco Rubio started his Middle East tour in Israel, where he stood next to Prime Minister Netanyahu to affirm their shared goals of “eradicating” Hamas and preventing the emergence of a nuclear Iran. Netanyahu called US President Trump’s forcible displacement plan “the only viable plan to enable a different future.” Rubio will head next to Saudi Arabia and the UAE. (AP | CNN)

MEANWHILE- Top EU leaders are gathering in Paris today, to discuss a unified response to the US’ unilateral rapprochement with Russia, and the future of European defense. It remains unclear whether EU or Ukrainian representatives will be a viable part of the anticipated US-Russia negotiations to end the war in Ukraine. (FT | AP | BBC)

Inflation slightly up to 2.0% y-o-y in January

Inflation rebounded slightly to 2.0% y-o-y in January 2025, up from 1.9% in December, according to the General Authority for Statistics’ (Gastat) latest consumer price index (pdf). This marks a continued overall upward trend for the Kingdom’s inflation figures over the last five months, with last month’s figures being the only decline in inflation since August.

On a monthly basis, consumer prices were up 0.3% on the back of a 0.3% uptick in the housing, water, electricity, gas, and other fuels category. Gastat’s full report on January’s average prices of goods and services is available here (pdf).

Rental prices were once again the culprit: The heaviest component in the Saudi consumer basket — housing, water, electricity, gas and other fuels — saw an 8.0% y-o-y increase, primarily driven by a 9.7% rise in home rentals, in addition to a 7.7% hike in villa rentals.

Food prices also continued its upward move: A 5.6% y-o-y increase in vegetable prices drove food and beverage prices up by 0.8% y-o-y. Restaurants and hotels also rose by 0.8%, driven by a 3.1% y-o-y rise in the cost of hotel and furnished apartment services.

Education also felt the pinch, edging up by 0.6% y-o-y on the back of an 0.6% y-o-y increase in pre-primary and primary education costs.

A few items from the kingdom’s consumer basket cooled off: Furnishing and home equipment prices fell 2.4% y-o-y, driven by a 4.0% decline in furniture, carpets, and flooring prices. Meanwhile, clothing and footwear prices decreased by 1.5%, with ready-made clothing prices edging down 3.3%. Transportation costs also went down by 1.9%, as vehicle purchase prices witnessed a 2.8% decrease.

The figures came just above analysts’ expectations, with Capital Economics having penciled in a prediction that inflation would remain unchanged at 1.9% in January, according to a note seen by EnterpriseAM. Capital Economics sees the Kingdom’s headline inflation rate to hover around 2% y-o-y until 4Q, before slowing back down towards the 1% mark. Meanwhile, the IMF sees inflation holding steady at 1.9% and 2.0% this year and the next, while the 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 0.9% y-o-y in January 2025, on the back of a 1.5% increase in the prices of other transportable goods, except metal products, machinery, and equipment, as well as a 4.6% increase in the prices of agriculture and fishery products, according to Gastat’s wholesale price index (pdf). Meanwhile, January’s wholesale prices were up 1.7% m-o-m.

Umm Al Qura sets SAR 14-15 indicative price range ahead of Tadawul IPO

Umm Al Qura for Development and Construction is guiding on a price range of SAR 14-15 per share for its upcoming Tadawul IPO, according to a regulatory filing to the exchange. Umm Al Qura is taking a 9.1% stake public in a primary offering on the main market.

Proceeds: At the top of the range, the offering would see Umm Al Qura raise nearly SAR 2 bn in proceeds from the sale. Net proceeds from the offering will be directed toward covering land settlement costs, infrastructure development, and project financing for the group’s Masar destination. They will also support general corporate needs, including sales, marketing, administrative expenses, operations, and financing activities.

Market cap: The pricing would give the PIF-backed real estate developer a SAR 21 bn market cap at listing in what would be the biggest IPO on Tadawul so far this year in terms of funds raised. Derayah Financial is trailing closely behind with SAR 1.5 bn in targeted IPO proceeds.

Institutional bookbuilding kicked off yesterday and is set to run until Thursday, 20 February. Investors in this category — including investment funds, GCC corporate investors, and qualified foreign investors — will be able to subscribe to a maximum of 71.9 mn shares each with the minimum limit set at 100k, according to the offering prospectus (pdf).

What’s next? A three-day bookbuilding period for retail investors is due to kick off on Wednesday, 5 March, whereby individual investors can book up to 2.5 mn shares each, with the minimum limit set at 10. The final allocation of shares is slated for Thursday, 13 March.

ADVISORS- Albilad Capital is quarterbacking the transaction as lead manager, while also being joint bookrunner and underwriter alongside GIB Capital, AlRajhi Capital, and Alinma Invest. Receiving agents include SNB Capital, SAB Invest, BSF Capital, ANB Capital and Derayah Financial, among others.

ALSO ON OUR IPO WATCH-

Waja’s BoD greenlit the company’s decision to transition to the main market, it said in a filing to Tadawul. The Riyadh-based diversified conglomerate — which began trading on the parallel market Nomu back in 2023 — tapped Value Capital as its financial advisor for the transition which remains subject to regulatory approval and compliance with listing requirements.

Lite closes a USD 3.2 mn pre-seed round + Leajlak, Ebra, Vastmenu, Spoilz raise funds

LITE-

Riyadh-based financial services solutions startup Lite raised USD 3.2 mn in a pre-seed round led by Scene Holding, according to a press release. The raised funds will go towards meeting the financial requirements of the necessary licenses from the Saudi Central Bank (Sama), and will also be leveraged to “build the team and the technology” required to operate in Saudi, co-founder and CEO Fahad Anteet told EnterpriseAM Saudi.

About Lite: Founded by Fahad Anteet (LinkedIn), Soliman Aldukhil (LinkedIn) and Mohamed Faheem (LinkedIn), Lite aims to solve critical payment challenges for businesses by providing comprehensive payment solutions, including acceptance, wallets and issuing services.

What they said: “We are trying to build a comprehensive solution that fits merchant needs overall. We don’t want to build bits and pieces.. we are building an in-house technology that is fully localized and tailored to the Saudi market,” said Anteet.

LEAJLAK-

Homegrown logistics startup Leajlak raised SAR 10 mn in a seed funding round that saw contributions from undisclosed angel investors, according to a post on LinkedIn. The funds will fuel the startup’s geographic expansion, entrance into new e-commerce and modern retail sectors, R&D, and the recruitment of new talents.

About Leajlak: Founded in 2020 by Bader Alharbi (Linkedin), CEO Khalid Albakry (Linkedin), CCO Ahmed Rashid (Linkedin), and CTO Haseeb Rahman (Linkedin), the on-demand last-mile delivery service is specially geared towards e-commerce platforms. The startup also leverages a hybrid system that optimizes captain assignments for both express and parcel deliveries.

EBRA-

Riyadh-based Fintech startup Ebra secured USD 2 mn in a seed funding round led by Scene Holding, with participation from Raz Holding and undisclosed angel investors, according to a LinkedIn post. The funding, announced at Leap, will go towards expanding the fintech’s geographical scope and improving its tech platform, allowing the platform to reach a larger number of users and businesses while improving user experience, according to a press release.

About Ebra: Founded in 2023 by CEO Saud Al Anzi (LinkedIn), Ebra leverages AI to provide debt collection services that adhere to ethical and regulatory standards. The platform offers users data-driven insights and features an advanced dashboard.

VASTMENU-

Payment solutions startup VastMenu closed SAR 5 mn in a pre-seed investment round led by on-demand delivery company Mr. Mandoob, according to a press release. No further details were disclosed.

About VastMenu: VastMenu, founded last year by Adel Al Otaibi (LinkedIn), offers QR code and NFC-based payment solutions for restaurants, cafés, and hotels, enabling smooth ordering and flexible menu management without app downloads.

SPOILZ-

Mobile gaming developer Spoilz Studio closed an undisclosed seed funding round led by Impact46 and strategic investors, according to a statement from Batic Law Firm, which provided counsel on the transaction. The fresh funds are earmarked to support the development of new IPs, develop local talent, while bolstering player engagement and monetization efforts.

IN CONTEXT- The investment was supported by the National Development Fund (NDF), which looks to spur growth in the Saudi e-gaming industry. NDF oversees sectoral finance ecosystems and promotes strategic partnerships towards achieving this goal. The effort also plays into the National Strategy for Gaming and E-Sports’s, which aims to contribute up to SAR 50 bn to the country’s economy by 2030.

About Spoliz: The Riyadh-based mobile gaming studio and publisher was founded by Musab Al-Maliki (LinkedIn) in 2020.

Sulaiman Al Habib Medical Services’ net income up 13.2% y-o-y in 2024

Dr. Sulaiman Al Habib Medical Services Group saw its net income increase 13.2% y-o-y in 2024 to SAR 2.3 bn, driven by growing demand and occupancy rates, according to a press release (pdf). Revenue grew 17.8% y-o-y to SAR 11.2 bn, buoyed by market dynamics that fueled growth in the hospital and pharmacy segments.

ALSO- The group’s board greenlit the distribution of SAR 430.5 mn in dividends for 4Q 2024 at SAR 1.23 per share, according to a Tadawul disclosure.

ICYMI- The group inked a SAR 1.3 bn shariah-compliant loan agreement with Al Rajhi Bank in September to invest in healthcare developments across the country.

Future Care Trading names Fahd Abdulaziz Nasser as CEO

Tadawul-listed healthcare operator Future Care Trading appointed Fahd Abdulaziz Nasser bin Hasher as its new CEO, bringing Safar Mublish Albaqami’s tenure to an end by mutual consent, according to a disclosure to Tadawul. Bin Hasher has an “extensive experience in the home health care sector and has held many positions in this field,” according to the disclosure. The company’s board also designated Nasser and Chairman Mansour Abdulaziz bin Hasher as the company’s new representatives to the Capital Market Authority and Tadawul.

Asfar’s push to widen tourist options in the Kingdom

PIF-backed tourism investment outfit Asfar earned a spotlight from Bloomberg for its push to pursue developments in lesser-known cities, in a bid to widen options for incoming tourists. “We focus on establishing tourism destinations almost everywhere in Saudi Arabia, except Riyadh and Jeddah,” Asfar CEO Fahad Bin Mushayt told the business information service.

Across the Kingdom: The firm will launch its first developments in the mountainous city of Al Baha in the Kingdom’s southwest and the Red Sea port city of Yanbu by year’s end, Mushayt said. Another half dozen developments across other often overlooked Saudi cities are targeted to provide some 2k hotel keys and reel in 5 mn new tourists by 2030. Asfar’s developments cost between USD 40-107 mn, with some 30% of costs covered by the private sector, Mushayt added.

ICYMI- Saudi tourism sector is on the up: The Tourism Ministry doubled its 2030 target to 150 mn tourist trips last year, after hitting the 100 mn milestone ahead of schedule, with the new target including 80 mn domestic and 70 mn international travelers. The government is also investing some USD 800 bn in the tourism sector under plans to build new future destinations at Neom, the Red Sea, Diriyah, and Qiddiya, among others.

Egypt’s CIRA Education to submit an MTO to up its stake in CAED to up to 90%

M&A WATCH-

#1- Leading Egyptian private sector education provider CIRA Education will submit a mandatory tender offer (MTO) to up its stake in EGX-listed subsidiary Cairo for Educational Services (CAED) to up to 90% from the current 69.4%, according to a disclosure to the Egyptian Stock Exchange (pdf). CIRA is looking to snap an additional 20.6% of its subsidiary — represented in 2.5 mn shares — at an initial price tag of EGP 30 per share, putting the total transaction value at some EGP 74.2 mn (SAR 5.5 mn) by our math.

We knew this was coming: CIRA Education is required to submit an MTO for a bigger stake in CAED after PIF-owned Social Impact Capital increased its stake to from 51.2% to 88.7% in the company. CIRA also plans to keep CAED listed on the EGX if the MTO goes through.

#2- Tadawul-listed Naseej International Trading inked a sale and purchase agreement (SPA) to fully takeover Etmam Arabian Real Estate Development, it said in a filing to Tadawul. The transaction is valued at SAR 552 mn and will be executed through a share swap with 6.3 mn new shares issued to Etman's owners. Upon completion, Naseej’s existing shareholders’ ownership will be diluted to 63.4%, down from 100%, while Etmam’s owners will hold 36.6% in Naseej. The move is still pending regulatory approval.

STARTUP WATCH-

Wa’ed Ventures invests in UK-based AI cloud startup: Aramco’s venture arm Wa’ed Ventures invested an undisclosed amount in Ori, a UK-based outfit that is backed by Spain’s Telefonica, Bloomberg reports citing a statement. The agreement sees Ori setting up a regional subsidiary in Riyadh to develop local talent and develop technologies in the local AI sector.

About Ori: Founded in 2019, Ori is an AI-powered conversational marketing solution designed to provide affordable customer care for health and wellness businesses. It also offers cloud infrastructure tailored for AI, and is one of the first UK companies to deploy Nvidia’s H200 chips. It recently closed a USD 176 mn funding round which saw participation from Spain’s Telefonica and NextEra Energy, and is gearing up for a “larger funding round” this year, Bloomberg reported.

DEBT WATCH-

Perfect Presentation (2P) renewed and increased a SAR 135 mn shariah-complaint loan with Gulf International Bank, it said in a disclosure to Tadawul. Valid until February 2026, the funding will be utilized to issue letters of guarantees and credit, as well as for invoice financing relating to newly awarded projects. The facility is backed by promissory notes.

REAL ESTATE-

Ladun Investment sold a 50k sqm plot in Riyadh’s Al-Rimal District for a SAR 117.5 mn sum to two individual investors — Fahd Al Shibayani and Nasir Al Shibayani — with each acquiring 50% of the property, it said in a disclosure to Tadawul. Proceeds from the sale are earmarked for repaying financing from Bank Albilad which was applied towards acquiring the land, with excess funds going towards supporting Ladun’s operations.

TELECOMS-

Nokia and local EPC contractor Aces will deploy a sharable indoor solution to enhance network coverage in Makkah under a newly agreed long-term partnership, according to a press release. The Nokia product allows three communication service providers (CSPs) to operate on a common network infrastructure, with the solution improving connectivity while cutting costs, power, and space consumption. Designed for high-density areas, the scalable deployment also lays the groundwork for future 5G expansion.

Trump’s reciprocal tariff drive is throwing international firms for a loop

US President Donald Trump’s push for reciprocal tariffs has sent businesses scrambling to assess the fallout on supply chains and costs, The New York Times writes. While Trump argues the policy is about fairness — matching tariffs imposed on US exports with equivalent duties on imports — it is also a harbinger of significant uncertainty for businesses and policymakers alike.

Where Trump’s tariffs stand so far: Trump has already imposed a 10% tariff on USD 450 bn worth of Chinese goods and 25% tariffs on steel and aluminum imports and vowed to impose reciprocal tariffs matching those imposed by other US trade partners. He has also threatened to impose 25% tariffs on US imports from Mexico and Canada, with the measures on hold until 1 March as the neighboring countries continue to negotiate over border security.

Sidelining the WTO: Trump’s reciprocal tariff policy is not just a shift in trade policy — it’s a fundamental challenge to the World Trade Organization’s (WTO) role in global trade governance. For decades, the WTO has facilitated trade through multilateral agreements, ensuring that all member nations receive equal tariff treatment. Trump’s approach upends this system, pushing for country-to-country negotiations instead. The shift could have far-reaching consequences, as it erodes the global rules-based trading order and replaces it with a fragmented system of one-on-one trade deals based on direct negotiations.

It also introduces more uncertainty for multinational companies, which must now navigate a patchwork of differing tariff agreements instead of a standardized global framework. “For every widget, every tariff classification, you can have 150 different duty rates,” said law firm Sidley Austin’s Ted Murphy. It is bound to expose businesses to increased compliance costs and introduce uncertainty into global supply chains.

Businesses brace for the fallout: Trump’s latest tariff frenzy has forced international companies to rethink supply chains and investment strategies. Retailers like Walmart have already shifted sourcing from China to India and Mexico, while Columbia Sportswear and MedSource Labs have been exploring factory sites in Central America. However, Trump has now put those regions on notice as well.

The automotive sector is particularly vulnerable, as more than a quarter of US imports are components and raw materials essential for manufacturing. This means that higher tariffs could make American production more expensive, undermining domestic job creation rather than supporting it in direct contradiction to Trump’s stated rationale for the tariffs. “A 25% tariff across the Mexico and Canadian border will blow a hole in the US industry that we have never seen,” Ford CEO Jim Farley warned last week.

A strategy or a high-stakes gamble? While many see Trump’s tariff threats as a blunt protectionist measure, some analysts believe they could serve as a negotiation tactic. “There are a lot of ways this can go very badly for us… But if he can get other countries to open up their markets, there is a narrow path where this could end up promoting trade,” said former US Treasury official Christine McDaniel.

The unpredictability of Trump’s trade moves is leaving businesses and investors in limbo. “We take Trump seriously, but not necessarily literally,” said trade lawyer Ted Murphy. “He talks in broad strokes, but we have to watch what actually emerges.”

MARKETS THIS MORNING-

Asian markets are mostly in the green in early trading this morning, with Japan’s Nikkei looking at gains of 0.1%, the Hang Seng up 0.2%, and the Kospi up 0.8%.

TASI	12,372	-0.1% (YTD: +2.8%)
MSCI Tadawul 30	1,537	-0.1% (YTD: +1.9%)
NomuC	31,737	+0.4% (YTD: +0.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,444	+1.5% (YTD: +2.4%)
ADX	9,626	-0.3% (YTD: +2.2%)
DFM	5,362	+0.8% (YTD: +3.9%)
S&P 500	6,115	0.0% (YTD: +4.0%)
FTSE 100	8,732	-0.4% (YTD: +6.8%)
Euro Stoxx 50	5,493	-0.1% (YTD: +12.2%)
Brent crude	USD 74.74	-0.4%
Natural gas (Nymex)	USD 3.73	+2.7%
Gold	USD 2,901	-1.5%
BTC	USD 96,307	-1.3% (YTD: +2.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 4.1 bn. The index is up 2.8% YTD.

In the green: Ayyan (+4.7%), Tanmiah (+4.3%) and Sharqiyah Dev (+4.2%).

In the red: SRMG (-5.4%), Saudi Re (-3.3%) and Savola Group (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.4% yesterday on turnover of SAR 43.4 mn. The index is up 0.8% YTD.

In the green: TMC (+14.1%), Alrashid Industrial (+11.5%) and iOud (+7.6%).

In the red: WSM (-7.9%), Dar Almarkabah (-7.1%) and Enma Alrawabi (-4.9%).

CORPORATE ACTIONS-

#1- Ladun Investment’s BoD approved a SAR 216 mn shariah-compliant multi-purpose loan with Banque Saudi Fransi, it said in a disclosure to Tadawul. The 5-year facility will go towards providing guarantees for a construction contract signed with Ladun’s subsidiary Built Industrial last November for The Point Abha project, a 75k sqm mixed-use development.

#2- Al Othaim Markets liquidates four of its subsidiaries: Abdullah Al Othaim Markets liquidated four of its fully-owned subsidiaries that are no longer required due to lack of engagement in any activities, it said in a disclosure to Tadawul. These include Thamarat Al Qassim, which had a SAR 20 mn capital, Seven Services Company, with a capital of SAR 5 mn, as well Shurofat Al Jazeerah and Marafeq Al Tashgheel — both of which are capitalized at SAR 500k.

CALENDAR

EVENTS WITH NO SET DATE

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma.

FEBRUARY

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.

17-19 February (Monday-Wednesday): IAAPA Middle East Trade Summit, Riyadh.

18-20 February (Tuesday-Thursday): The Capital Markets Forum, KAFD conference centre, and the Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

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

19-21 February (Wednesday-Friday): FII Priority Miami, Miami, USA.

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 February (Monday):Public Sector Excellence Forum, Movenpick Hotel & Residence Riyadh.

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.

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

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

APRIL

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

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

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

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

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

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.

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

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

MAY

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

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.

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

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

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

JUNE

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

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

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

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

JULY

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

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

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

AUGUST

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

SEPTEMBER

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

NOVEMBER

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

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

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

DECEMBER

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

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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