Insurance industry consolidation streak continues

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco expects its gas production to grow 60% by 2030 compared to 2021

Good morning, ladies and gents. It’s a mixed bag in the Kingdom today, with not much to show for significant business news as we stumble through back-to-school season. Leading our news well this morning is Saudi Enaya agreeing to absorb Salama Cooperative in an all-share merger, after the two ins. players signed a binding agreement. The merger is part of a streak of consolidation plays in the sector.

PLUS- Dive into our sit down with venture capitalist Ahmed Al Thukair and Tech Invest Com CEO Hussein Attar to explain why Saudi’s VC landscape is dominated by early-stage investments.

WEATHER- Don’t let your guard down just yet — the thunderstorm warning is still in effect across the Kingdom until this Wednesday. Heavy rain is expected in Makkah, Jazan, Asir, Al Baha, and Najran regions, with lighter showers in Riyadh and Madinah. All residents are urged to avoid valleys and flood-prone areas. Riyadh is expected to see a high of 43°C and a low of 29°C today, while Jeddah’s mercury will go as high as 39°C and as low as 31°C. Makkah will see a 42°C high and 33°C low.

HAPPENING TODAY-

The HotelSupply and Hospitality Expo kicks off today at the Jeddah Exhibition Center. The three-day event brings together professionals, suppliers, and investors in the industry to explore the latest innovations in hotel furnishings, equipment, and technology.

HAPPENING TOMORROW-

The two-day retail subscription window for Marketing Home Group’s Tadawul IPO begins tomorrow, allowing individual investors to subscribe to a minimum of 10 shares and a maximum of 250k each until Wednesday. The final allocation of shares is slated for Sunday, 24 August.

REFRESHER- The company is floating a 30% stake (4.8 mn shares) in a secondary sale. The IPO was priced at SAR 85 per share — the top of its marketed range — after the institutional offering was nearly 10x oversubscribed. The offering is set to generate SAR 408 mn in total proceeds, giving the company an implied market cap of SAR 1.36 bn at listing, according to our math.

PSAs-

The Justice Ministry launched the Unified Translation Center services on the Taqadhiplatform to handle all judicial translation requests from start to finish, the ministry said in a statement on Saturday. The services automate the submission of translation requests from beneficiaries, assign them to translators, and allow the monitoring of their progress.

WATCH THIS SPACE-

Aramco expects its gas production to grow 60% by 2030 compared to 2021 on the back of the launch of its flagship Jafurah gas field, CEO Amin Nasser told Al Arabiya yesterday. Initial production is expected to start this year, with output reaching its full capacity of 2 bn cubic feet per day (bcf/d) by 2030. Jafurah is estimated to hold 229 tcf of gas and 75 bn bbl of condensate, making it the largest unconventional gas initiative outside the US.

ICYMI- Last week, Aramco signed an USD 11 bn lease and leaseback agreement for the Jafurah gas processing facilities with an international consortium led by BlackRock’s Global Infrastructure Partners.

ALSO- The oil giant is maintaining its investment program with approximately USD 90 bn in mega projects underway, Nasser added.

PIF-owned developer ‏Red Sea Global (RSG) is mulling an IPO or tapping into REIT funds in the future, among other funding options, with no final decision made yet, CEO John Pagano told Aleqtisadiah. The company expects its projects will contribute some SAR 33 bn to the Kingdom’s GDP annually.

Projects in the pipeline: Six new resorts have become operational, including Thuwal Private Retreat. Meanwhile, Amaala wellness destination construction is progressing rapidly, after the company inked last November a USD 1.5 bn agreement with a consortium of France-based EDF Group and Abu Dhabi’s Masdar, along with Korea East-West Power Company and Paris-based Suez Company to develop the utility infrastructure. Amaala is expected to start operations by year-end.

Meanwhile, the Red Sea’s main hub, Shura Island, will see the opening of 11 resorts this year, set to be managed by global hospitality brands like Four Seasons, Raffles, and Grand Hyatt, Pagano said.

Three senior Saudi officials were dismissed by royal order from King Salman, state news agency SPA reported in separate statements. Those removed from their positions include Mohammed bin Hamad Al Mad y, chairman of the General Corporation for Military Industries; Talal bin Abdullah bin Turki Al Otaibi, assistant defense minister; and Ghassan bin Abdulrahman Al Shibl, advisor at the General Secretariat of the Council of Ministers.

DATA POINTS-

The Kingdom’s holdings of US Treasuries rose 2.3% m-o-m to USD 130.6 bn at the end of June, up from USD 127.7 bn in May, according to data from the US Treasury Department. The portfolio comprised USD 103.5 bn (79%) in long-term bonds and USD 27.1 bn in short-term bonds, Arab News reported yesterday.

SPORTS-

Al Nassr is bringing back defender Abdullah Madu from Al Etiffaq, with Khalid Al Ghannam’s dues waived and Bassam Hazazi moving to Faris Al Dahna, Asharq Al Awsat reports. At the same time, midfielder Abdulmajid Al Sulaiheem joined AlUla on a freeloan for the rest of the season, aiming for more playing time before his next move.

Congolese winger Grady Diangana is mulling an offer from Saudi Pro League side Damac FC, sports journalist Fabrizio Romano reported on X. The 27-year-old freeagent is deciding on his next steps after his six-year contract with West Bromwich Albion FC was concluded at the the end of the 2024-2025 season. This follows turning down an offer from Al Ettifaq, as he prefers to stay in Europe, Romano said on X in June.

England’s Ronnie O’Sullivan won the Saudi Arabia Snooker Masters final in Jeddah, earning GBP 500k after beating Australia’s Neil Robertson 10-9, state news agency SPA reported yesterday.

Twisted Minds claimed the PUBG: Battlegrounds 2025 Esports World Cup title, edging out 12 teams in a nail-biting finale and securing victory with only Dmytrii “Perfect1ks” Dubenyuk surviving the last match, according to a press release. The victory gives Twisted Minds 1k Club Championship points, while ROC Esports’ Gabriel “sxntastico” took MVP honors with 18 kills and 25 knockouts.

South Korea’s Lim “Ulsan” Soo-Hoon preserved his Esports World Cup Tekken8 title for the second consecutive year, securing a prize pool of USD 250k, state news agency SPA reported yesterday. Ulsan won the final 5-2 over Yoon “LowHigh” Sun-woong during the championship held in Boulevard Riyadh City.

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THE BIG STORY ABROAD-

There’s no single story leading the conversation in the international business press this morning, but the global business community pushing ahead with “return to office” orders can be seen in a handful of stories on JPMorgan Chase preparing to move into headquarters in New York and London. The bank is “stepping up planning” for a new tower in London as it begins to outgrow its current headquarters as it expands in the UK, while across the pond in Manhattan its new USD 3 bn Midtown tower is expected to be ready for move-in in October. The Wall Street Journal and the Financial Times have more.

ALSO- Air Canada delayed restarting its operations, after striking flight attendants refused to obey a government order on a labor dispute between the flight attendants and the airline. The flight attendants — who went on strike over the weekend over pay issues — and the Canadian Union of Public Employees are pushing the airline to “negotiate a fair [agreement]” to settle the dispute. The airline intends to resume flying this evening. (Wall Street Journal | Reuters)

Meanwhile, the disjointed conversations over ending the Russia-Ukraine war are still getting plenty of ink across digital front pages, as Ukrainian President Volodymyr Zelensky is due to meet with Donald Trump in Washington later today. Zelensky — who insists his country will not cede more territory to Russia — will be accompanied by the NATO secretary general and several other European leaders. (Politico | BBC | Financial Times | Reuters)

CIRCLE YOUR CALENDAR-

The Saudi Pavillion at Expo 2025 Osaka will host a series of events later this month, as part of over 150 planned business events throughout the six-month Expo, Zawya reported yesterday. August events aim to highlight Saudi Arabia’s Vision 2030, and will bring together government representatives, and business leaders to create global partnerships.

Salama, Enaya seal SAR 234.3 mn merger agreement amid Saudi ins. sector shakeout

Ins. firm Salama to absorb Enaya in an all-share merger: Tadawul-listed Saudi Enaya Cooperative Ins. and Salama Cooperative Ins. inked a binding merger agreement that will see Enaya absorbed into Salama via a share swap, according to two separate disclosures (here, pdf and here, pdf). The agreement values Enaya’s shares at SAR 10.2 each — a 9.5% premium to its last closing price before the signing — implying a total market cap of SAR 234.3 mn. Once completed, Enaya will cease to exist, and its shares will be canceled upon updating Salama’s commercial register.

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IN CONTEXT- Saudi Arabia’s ins. industry is in the middle of a consolidation wave as players contend with tighter capital rules, shrinking margins, and rising competition in motor and medical lines, according to Fitch Ratings. The Saudi Ins. Authority, formed in 2023, is phasing in a risk-based capital regime by 2027, which is expected to strengthen balance sheets but squeeze smaller firms. Fitch sees the consolidation trend and regulatory push as credit-positive over the long run, even if smaller players face mounting compliance costs and earnings pressure in the near term.

One more notch in a consolidation streak: The move follows a string of Saudi ins. mergers, including Gulf Union-Al Ahlia (2020), Aljazira Takaful-Solidarity (2021), Arabian Shield’s takeovers of Alahli Takaful (2022) and Alinma Tokio Marine (2023), and most recently Medgulf’s binding share-swap with Buruj. Others, like Gulf General-Gulf Union Al Ahlia, have fallen through. Still, the market remains highly concentrated, with Tawuniya and Bupa Arabia commanding over half of total GWP as of 2024, leaving mid-tier and smaller ins. players under pressure to bulk up or risk being squeezed out.

The pitch: Enaya’s board said the transaction would strengthen the merged entity’s financial position, improve capital efficiency and solvency margins, and expand its customer base across retail and corporate segments. Salama said the merger will also boost operational efficiency and bargaining power with reinsurers while allowing the combined firm to offer more competitive pricing.

Transaction mechanics: Salama said it will issue about 18.9 mn new shares at SAR 10 each to Enaya shareholders in exchange for all of Enaya’s assets, liabilities, and contracts. This will raise Salama’s capital by nearly 63% to SAR 489 mn across 48.9 mn shares. Once complete, Salama shareholders will own 61.4% of the merged company, while Enaya investors will hold the balance.

Market reax: Enaya’s shares inched up 0.3% to SAR 9.4 yesterday, while Salama’s stock rose 0.6% to SAR 12.3 at close.

ADVISORS- Wasatah Capital is acting as the financial advisor to Enaya, with Al Tamimi Co providing counsel. Meanwhile, Estedemah Capital is advising Salama, with ZH Partners providing counsel.

Haddaj to invest SAR 70 mn in FAAD Industrial Fund

Haddaj Investment, the investment arm of Saudi Industrial Export Company (Sadirat), will commit SAR 70 mn to the FAAD Industrial Fund, according to a Tadawul disclosure. The closed private equity fund is licensed by the Capital Market Authority and managed by FAAD Financial Partners Company.

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The fund aims to generate 12% returns through private equity investments in industrial companies. It is sized at SAR 220 mn, with a minimum subscription of SAR 215 mn. The fund has a five-year term, extendable by up to two additional years. If subscriptions fall short, contributions will be refunded to investors.

REMEMBER- The FAAD Industrial Fund is expected to acquire a 40% stake in Jubail Chemical Industries (Jana), Nama Chemicals’ wholly owned subsidiary, for SAR 200 mn. The stake will come through a capital hike at Jana, increasing its equity base. As a result, Nama’s ownership will dilute to 60% from 100% — but none of its existing shares will be transferred to the investment fund.

What’s next? The fund’s launch still depends on regulatory approvals. Sadirat expects the investment to begin contributing to its earnings from early 2026.

IN OTHER INVESTMENT NEWS-

Riyad-based gaming studio Fahy secured USD 1.8 mn in a strategic investment from Impact46 and Merak Capital, according to a press release. The funding will be used to expand production capabilities and develop its pipeline of titles, including the monster-collecting RPG Rawr, the PvP football game Footy Traps, and the multiplayer heist game Heist Party.

REMEMBER-Fahy was among five gaming studios to receive a SAR 25 mn investment from Impact46 last week.

About Fahy: Founded in 2023 by Hani Hashem (LinkedIn), Owis Alsaour (LinkedIn), and Fahad Alshibl (LinkedIn) the studio develops hybrid casual mobile games.

Why early-stage investment dominate Saudi Arabia’s VC landscape

Behind early-stage’s dominance of Saudi’s VC landscape: Early-stage investment’s dominance of Saudi Arabia’s VC scene is a natural phase for the ecosystem’s evolution, which is currently focused on seeding innovation and backing new founders.

We sat down with venture capitalist and ecosystem builder Ahmed Al Thukair (LinkedIn) and CEO of Tech Invest Com Hussein Attar (LinkedIn) to dive into the undercurrents of the country’s VC scene.

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IN CONTEXT- Early-stage investments dominated Saudi Arabia’s VC landscape, comprising 89% of all transactions — the highest proportion among top MENA markets. Later-stage activity remained nascent, with Series A transactions accounting for 6% and series B for just 4% of the total.

The scarcity of late-stage agreements is a matter of timing, not a lack of capital, Al Thukair said, noting that the ecosystem is still “producing its first generation of scale-ups,” meaning the investment pipeline simply needs more time to mature. “We’re in the ‘build phase,’ and the ‘scale phase’ is just around the corner,” Al Thukair added. In addition, thanks to Vision 2030 “fueling entrepreneurship at the grassroots level,” we’re seeing more first-time founders, incubators, accelerators, and angel investors — all feeding the early-stage segment, he said.

The current market’s skew towards early-stage startups is a correction from the 2021-2022 “high-valuation cycle,” where many startups “raised large amounts at high valuations and then struggled,” according to Attar. As a result, cautious investors now favor early-stage startups at better valuations, while later-stage firms face tougher scrutiny, needing clear paths to IPO or profitability.

The leap from seed to series A is often the most difficult stage or the “valley of death” for startups, according to Al Thukair. During this transition, investor expectations shift from a product’s potential — a strong team, a promising idea, and initial traction — to a scalable business model proven by clear unit economics, retention data, and acquisition channels.

At the series B stage, investors aim to “fuel scale,” shifting their focus to whether a company’s growth is “repeatable, efficient, and defensible,” Al Thukair said. They assess revenue quality, unit economics, go-to-market strength, and organizational maturity — ultimately asking, “Can this business scale sustainably, or is it still in the hacking phase?”

Talent is the “biggest challenge for startups” moving beyond series A, which struggle to offer competitive compensation compared to government positions, Attar said. Senior hires, in particular, face a “money now vs. money later” tradeoff between high salaries elsewhere and potential equity gains at startups. As these firms scale, the shortage of experienced leadership in the Kingdom and rising governance demands have pushed some to open offshore offices in London, India, Pakistan, or the US to access needed expertise.

Securing large later-stage funding is now increasingly hinging on a company’s IPO potential, Attar said, noting that recent successes like Jahez have made public listings the narrative investors want. This marks a shift away from acquisitions, which, once upon a time, were the “dominant discussion.”

Where cautious capital is flowing: Investors are deploying cautious capital by “leaning toward follow-on rounds in proven early-stage winners” and demanding “sharper founders, clearer problems, and faster validation” for new ventures, Al Thukair said. This contrasts with a slowdown in late-stage funding, which now shuns “growth for the sake of growth” in favor of well-vetted, return-generating, IPO-bound firms that are often backed by major financial institutions — as risk-averse investors tend to “follow the banks.” Attar also sees funds flowing mainly into venture debt — an option that offers exposure to startups without equity risk.

Al Thukair calls it a “healthy reset,” with capital flowing more thoughtfully and with greater discipline — ultimately benefiting the ecosystem in the long run.

IN CONTEXT- The Kingdom’s VC funding jumped 116% y-o-y in 1H 2025 to USD 860 mn, spread across 114 agreements, up 31% y-o-y and beating the 1H 2022 peak of 97 transactions. The rebound reversed slowdowns seen in the first halves of 2023 and 2024, driven by a record 70 agreements in 1Q 2025 and a 3.2x rise in 2Q funding y-o-y.

New Statistics Law defines Gastat’s role, data privacy rules, enforcement penalties

The Kingdom’s new Statistics Law (pdf) raises the bar on data confidentiality, restricting its use to statistical purposes only and banning disclosure by General Authority for Statistics’ (Gastat) employees or collaborators. Published in the official gazette on Friday, the law allows Gastat to release anonymized data for research, enlist public or private entities for surveys under strict safeguards, and requires public entities to cooperate on international statistics, standards, and best practices.

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Private companies whose main business is statistical work must now obtain a license from Gastat. The law makes it illegal to misuse statistical data or authority, with penalties ranging from warnings to fines of up to SAR 500k, as well as potential license suspension or cancellation. A dedicated committee will review violations, while affected parties retain the right to seek compensation in court.

The law centralizes the Kingdom’s statistical framework, granting Gastat exclusive authority to conduct major national censuses, including a population and housing census every ten years. Government bodies, private businesses, and individuals are required to provide requested data, while official statistics must be published transparently and remain freely accessible.

Under the new law, Gastat must sign MoUs to coordinate data sharing with key agencies, including the Saudi Central Bank, the Communications, Space and Technology Commission, the Saudi Data and Artificial Intelligence Authority, and the Commerce Ministry.

The Statistics Law will take effect 180 days after publication in the official gazette, which corresponds to Wednesday, 11 February 2026.

REMEMBER- The Cabinet approved the new Statistics Law late last month to replace the General Statistics Law and the General Population Census Law and establish a modern framework to improve the quality, transparency, and use of statistics across public and private sectors in line with international standards.

Tihama to acquire Dan Diamond Real Estate for an estimated SAR 90.7 mn

M&A WATCH-

#1- Tihama Advertising to take over Dan Diamond Real Estate: Tihama Advertising, Public Relations and Marketing signed an agreement to acquire Dan Diamond Real Estate Development and Investment for an estimated SAR 90.7 mn, according to a disclosure to Tadawul. The agreement includes a 181.4k sqm land plot in Al Kharj’s Al Khalidiyah district, which is planned for future commercial and residential development.

What’s next? Tihama has 60 days to review Dan’s documents and assets, during which it can cancel the acquisition without penalty. The purchase will be financed through company funds, bank loans, or partnerships with real estate development funds, with completion dependent on meeting contractual terms and obtaining regulatory approvals.

#2- Alinma Capital acquired a controlling stake in Saudi Hala Petroleum Services, the operator of Go Station fuel retail brand, through its recently-launched private close-ended energy fund, according to a statement. No further information was disclosed. Hala was founded in 2017, and it launched Go Station two years later, the statement read. Go Station now has 100 outlets nationwide.

The pitch: The backing gives Hala momentum to push ahead with expansion, gear up for a potential listing on main market Tadawul, and pursue M&A opportunities in the sector, said Esam Alnahdi, Hala’s chairman and group managing editor.

#3- Thimar Development Holding terminated a non-binding MoU to acquire up to 50% of livestock trader Madar Al Khair Trading, after failing to reach an agreement, it said in a Tadawul disclosure yesterday. Thimar incurred some SAR 300k for financial consultancy since signing the MoU last August.

ICYMI- Last month, Thimar also terminated its agreement with Makkah-based livestock operator Jiyad Al Ezz to create a SAR 100 mn private equity fund in exchange for acquiring a 70% stake in Jiyad Al Ezz, with the termination reason remaining undisclosed.

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INFRASTRUCTURE-

Solar panel maker Desert Technologies and AlKhorayef Industries have partnered to deliver smart infrastructure solutions in the Kingdom, according to a statement. The partnership sets a framework for joint commercial projects, technology integration, and resource sharing to bring new products and services to market.

FINANCE-

The Industry and Mineral Resources Ministry has partnered with Dinar Investment Company to expand financing options for Saudi industrial facilities, state news agency SPA reports. Under the agreement, Dinar will provide working capital and expansion funding through its crowdfunding platform, while the ministry will connect the firm with factories to drive sector growth.

OIL + GAS-

Arabian Drilling extends SLB contracts: Arabian Drilling inked a one-year extension covering all 11 of its gas land rigs under lump-sum turnkey (LSTK) contracts with SLB, according to a press release (pdf). The contracts’ total value is equal to 15-20% of the company’s 2024 revenues, which amounts to SAR 542.8k-723.8k, according to our math.

The agreement follows the company’s renewal of six rigs in 2Q, which secured backlog intake exceeding SAR 2.4 bn. With this agreement, the company has only two rigs left to renew out of a total of 24 contracts due for renewal this year.

SOUND SMART- An LSTK contract is a fixed-price agreement used in construction and engineering projects, where the contractor is responsible for both designing and building the facility to deliver a fully operational project upon completion.

REAL ESTATE-

Umm Al Qura sells Masar plot for SAR 145.1 mn: Umm Al Qura for Development and Construction sold a 2.7k sqm land plot in Makkah’s Masar Destination to Jazeel Al Bina’a Company for SAR 145.1 mn, it said in a disclosure to Tadawul yesterday. The buyer, an SPV for a real estate fund managed by Sedco Capital, will use the land — with a book value of SAR 76.5 mn — to build a residential tower.

ICYMI- Umm Al Qura sold five land plots in Masar Destination in late July for over SAR 1.6 bn to Saqeefat Al Asima, an affiliate of Mohammad Abdul Aziz Al Habib and Partners Real Estate Company. Since mid-June, the company has sold a combined 13k sqm of land for over SAR 891 mn across four separate transactions.

SPORTS-

Thmanyah partnered with stc Group as the main sponsor for broadcasting Saudi football tournaments, along with digital bank D360 as its exclusive financial partner. The announcement cements the support for Thmanyah’s exclusive six-season rights to air local competitions through 2031, which were acquired in June, including Roshen Saudi League, the Custodian of the Two Holy Mosques Cup, the Saudi Super Cup, and the Yellow Professional League.

FOOD-

Chop, chop: Alkhaleej Training and Education Company inked a SAR 2.8 mn agreement with Gordon Ramsay Holdings International to set up and operate branches of Gordon Ramsay Academy for culinary arts in Riyadh, Jeddah, and Khobar, it said in a Tadawul disclosure last Wednesday.

The details: The extendable 10-year agreement tasks Alkhaleej with providing operational, culinary, and marketing support, including trademark rights and staff training. The Riyadh branch is slated for inauguration by year-end, Time Out Riyadh reported yesterday.

GAMING-

Local gaming accelerator Exel by Merak debuted 17 startups on its first Demo Day, chosen from over 300 global applicants, according to a press release. Each startup received USD 300k in investment along with mentorship and industry support. The event, attended by investors and publishers, featured studios presenting original IP inspired by local stories and built for international markets. The event was backed by Merak Capital’s USD 80 mn Gaming Fund with support from the National Development Fund and the Social Development Bank.

Meet the startups: Copa Fantasy, Twenty Ninety Creative, Symmetric Studio, DaFluffs Games, Sheba Joy, Superbullet Studios, AstraValle, FitNot Games, Evolite Studio, Rojeh M. (LinkedIn), HYS Games, Liva Interactive, Eshi Games, Hyena Hon, Dreaming Door Studios, Classy Games, and Phys (LinkedIn).

Is the greenback on its way to lose its title as king?

The greenback’s status as the world’s go-to reserve currency is facing mounting pressure, with global investors questioning its long-held dominance amid economic and political turbulence, writes Bloomberg. While the USD still accounts for 60% of global reserves and is used in roughly 90% of all FX transactions, signs of erosion are emerging. A weaker greenback undermines the US’s ability to run persistent deficits and maintain global influence — both military and financial — and is beginning to push investors to seek safer, more diversified currency exposure, writes the business news information service.

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Investor anxiety began building when the tariff-driven trade regime of President Donald Trump returned in April. The USD index has since plunged 10% — its worst first-half performance since 1973 — as sentiment toward US assets soured. This wave of uncertainty also dragged down demand for US Treasuries, raising funding costs for Washington and exposing America’s fiscal vulnerability.

The retreat from the US and the USD is translating into a growing appetite for international exposure. Global non-US equity funds logged their biggest monthly inflows in more than four years in July, drawing USD 13.6 bn, while US-focused equity funds saw USD 6.3 bn in outflows during the same period. Investors are leaning toward Europe and emerging markets where valuations are lower, monetary policy is looser, and the political environment is comparatively more stable.

Mixed messages from Washington aren’t helping, with Trump’s Fed nominee Stephen Miran openly describing the USD’s reserve status as a burden, while Treasury Secretary Scott Bessent continues to defend its global role. The Trump administration’s broader agenda — including centralizing federal authority and attacking institutional independence — is also making global investors nervous.

But despite the exodus, no single currency has yet emerged as a credible alternative to the USD. The EUR is limited by fragmented governance, the CNY remains shackled by capital controls, and gold is illiquid and yield-free. Crypto and stablecoins, while growing, are still speculative or USD-pegged. Most analysts agree we are headed toward a more multipolar currency world, with the USD still dominant, but sharing space with other currencies.

MARKETS THIS MORNING-

Asian markets are mostly in the green in early trading this morning, with Japan’s Nikkei leading gains, up 0.8%. The Shanghai Composite and Hang Seng are also in the green, up 0.5% and 0.3%, respectively, while the Kospi is looking at losses of 1.3%.

TASI	10,897	+0.6% (YTD: -9.5%)
MSCI Tadawul 30	1,409	+0.6% (YTD: -6.6%)
NomuC	26,633	+0.1% (YTD: -15.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	35,973	+1.1% (YTD: +21.0%)
ADX	10,222	-0.3% (YTD: +8.5%)
DFM	6,126	+0.5% (YTD: +18.8%)
S&P 500	6,450	-0.3% (YTD: +9.7%)
FTSE 100	9,139	-0.4% (YTD: +11.8%)
Euro Stoxx 50	5,449	+0.3% (YTD: +11.3%)
Brent crude	USD 65.85	-1.5%
Natural gas (Nymex)	USD 2.92	+2.6%
Gold	USD 3,383	0.0%
BTC	USD 117,564	+0.1% (YTD: +25.7%)
Sukuk/bond market index	909.27	-0.1% (YTD: +0.8%)
S&P MENA Bond & Sukuk	148.24	-0.1% (YTD: +5.9%)
VIX (Volatility Index)	15.09	+1.8% (YTD: -13.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.6% yesterday on turnover of SAR 3.2 bn. The index is down 9.5% YTD.

In the green: Lazurde (+9.4%), HB (+7.7%) and Dar Alarkan (+5.2%).

In the red: Tamkeen (-3.0%), Cenomi Retail (-2.1%) and Naseej (-1.9%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% yesterday on turnover of SAR 58.9 mn. The index is down 15.4% YTD.

In the green: Aljouf Water (+11.6%), Alashghal Almoysra (+9.1%) and Food Gate (+9.0%).

In the red: Time (-19.0%), Osool and Bakheet (-9.9%) and NBM (-7.0%).

CORPORATE ACTIONS-

#1- Al Jouf Agricultural Development’s board greenlit the distribution of a SAR 21 mn dividend payout for 1H 2025 at SAR 0.7 apiece, it said in a disclosure to Tadawul yesterday. The distribution date is slated for 30 October.

#2- Saudi Azm for Communication and Information Technology’s board recommended the repurchase of up to 1.2 mn shares through its internal resources, it said in a Tadawul disclosure yesterday. The move — still pending approvals — aimed at allocating the buy-back shares to the employee shares program.

#3- Canadian Medical Center’s board approved a SAR 3.85 mn dividend payout for 1H 2025 at SAR 0.05 per share, it said in a disclosure to Tadawul yesterday. The payout is set to be distributed on 26 October.

CALENDAR

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

18-20 August (Monday-Wednesday): The Hotel Supply and Hospitality Expo, Jeddah Exhibition Center.

19-20 August (Tuesday-Wednesday): Marketing Home Group IPO retail subscription period for investors to request 10k-250k shares each.

24 August (Sunday): Final allocations are due for Marketing Home Group IPO.

24 August-27 November: Title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

5 September (Friday): The Visual Arts Commission will hold two public dialogues in Seoul during Frieze Seoul Week under its Art & Ideas program.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

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

15-17 September (Monday-Wednesday): Global Infrastructure Forum, Riyadh International Convention and Exhibition Center.

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

23 September (Tuesday): Saudi National Day.

29 September-1 October (Monday-Wednesday): Intersec Saudi Arabia, Riyadh International Convention and Exhibition Centre, Riyadh.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

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

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

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

15 October (Wednesday): Russian-Arab Summit.

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

21 October (Tuesday): The Visual Arts Commission will hold a public talk and a live performance in Paris through Asia NOW under its Art & Ideas program.

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

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

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

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

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

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

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

7-8 November (Sunday-Monday): The Visual Arts Commission will conclude its Art & Ideas program with a two-day symposium in Riyadh.

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

9 November (Sunday): The deadline for applications for the second batch of the Standard Incentives for the Industrial sector deadline.

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

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

20 November (Thursday): Deadline for title deed registration for 14.6k properties across 21 neighborhoods in Qassim.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

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

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

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

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

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

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

DECEMBER

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

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

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

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

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

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

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

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

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

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

OCTOBER

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

Signposted to happen sometime in 2026:

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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