IPO + real estate markets looking forward to a strong 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF ranks fifth globally in terms of AUM + Ardco plans to exit assets this year

Good morning, wonderful people. It’s the second day of Ramadan and the newsflow is just heavy enough to be interesting, but not so taxing as to ramp up our Want A Coffee™ Index.

Leading this morning’s news well: A look ahead at the IPO and real estate markets and a report on our discussion last week with two brand-name CEOs on what AI means for you and your business.

In London and craving close-to-home dishes to break your fast? Saudi eatery HijaziCorner on Old Marylebone Road near Marble Arch is a must-visit. Chef Ayman Al-Zubaidi prepares traditional meals following decades-old family recipes.

Indulge in a variety of Saudi delicacies from their menu including chicken seelag, slow-roasted lamb haneeth, and sambousek. You can also check out their website here.

So, when do we eat? Maghrib is at 6:01 pm today in Riyadh. You’ll have until fajr prayers at 4:46 am tomorrow to finish your sohour.

WEATHER- Expect a warm and sunny day in Riyadh today, with gray skies in Makkah and some sun in Madinah.

Riyadh: 25°C daytime / 15°C overnight
Makkah: 37°C daytime / 24°C overnight
Madinha: 33°C daytime / 20°C overnight

WATCH THIS SPACE-

#1- PIF ranks fifth globally, second regionally in terms of AUM: The Public Investment Fund is the world’s fifth-largest sovereign wealth fund with USD 940.3 bn in total assets under management, according to the latest data from the SWF Institute. Norway Government Pension Fund Global topped the list (USD 1.6 tn), followed by the China Investment Corporation (USD 1.4 tn), Beijing’s SAFE Investment Company (USD 1 tn), and the Abu Dhabi Investment Authority (USD 993 bn).

In context: PIF’s stake in Aramco has doubled to 16% in a move that saw its AUM increase by USD 163.6 bn, according to data seen by Argaam. PIF’s total assets stood at USD 776.7 bn at the end of December 2023. The fund plans to ramp up annual deployment capacity to USD 70 bn a year starting 2026, fund governor Yasir Al Rumayyan said at the FII Priority conference in Miami last month. This is a big step-up from its current annual spending clip of USD 40-50 bn.

A bigger target: Crown Prince and Prime Minister Mohammed bin Salman wants that AUM figure to rise to USD 1 tn next year, and USD 10 tn by 2030.

#2- A new Riyadh-Shanghai route is coming in April under a recent partnership between the Saudi Air Connectivity Program (ACP) and China Eastern Airlines, state news agency SPA reported yesterday.

China Eastern Airlines will run three weekly flights between Shanghai Pudong Airport and Riyadh’s King Khalid International Airport with an annual inbound seating capacity of 36k. This is set to kick off on Monday, 8 April, 2024.

What they said: “The introduction of this new route with one of the world's largest airlines is another step towards enhancing connectivity between Saudi Arabia and China, a key priority market for us. We look forward to working with China Eastern Airlines to enable tourists and businesses to explore the attractions and opportunities both nations have to offer,” ACP CEO Majid Khan said.

#3- Real estate developer Arriyadh Development (Ardco) is looking to exit some of its untapped assets under the company’s growth strategy, its Chief Financial Officer Mohammed Alkulaib told Al Arabiya in an interview (watch, runtime: 5:55). “We will exit some of the assets this year, with other assets utilized to set up some diversified projects by the company,” he said. Ardco is planning to invest over USD 6 bn, and sees revenues exceeding SAR 1 bn in the next decade, he said, adding that the company’s growth strategy is centered on real estate development with a focus on rental revenue.

#4- Our friends at Value Makers Studio (VMS) signed a MoU with UAE-based legal-tech startup Clara to support startups in the region, according to a statement (pdf) yesterday. The partnership will see entrepreneurs access VMS’s resources, network, and experts insights. Clara will provide legal guidance for startups on issues relating to setting up, growing and exiting a business, Clara Head of KSA Abdallah Alnashwan said.

PSAs-

The Zakat, Tax and Customs Authority (Zatca) is reminding businesses to submit their tax returns before Sunday, 30 June if they want to benefit from its tax fine waiver program, it said in a statement yesterday.

What’s on the exemption menu? Exemptions apply on fines for late registration, late payment, late filing of tax returns, and a correction for value-added tax returns among others. Tax dodgers need not apply for an exemption, nor should folks who paid fines before the exemption program began.

SPORTS-

Football heartbreak for Al Nassr: Al Nassr was eliminated from the Asian Champions League quarter finals after losing yesterday to UAE’s Al Ain in a penalty shootout.

Al Nassr was down 1-0 after the first leg of the two-leg clash and stormed the pitch yesterday to take the match 4-3. That meant the two sides were tied 4-4 in aggregate, sending the double-header to penalties, there the Riyadh side fell short 1-3 in the shootout. Cristiano Ronaldo one of Al Nassr’s penalty takers to score.

Up next: Al Ain will face off against either Al-Hilal or Al-Ittihad — both Saudi sides — next month.

THE BIG STORY ABROAD-

It’s not the big story abroad, but it should be: Ramadan begins with hunger worsening in Gaza and no end to war in sight, writes Politico. Gaza is on (but not atop) the world’s front pages. Joe Biden had suggested a Ramadan ceasefire was in reach — it didn’t happen. That has many outlets diving deep into the state of relations between the US and Israel, including Bloomberg’s big front-page take: Tension between Israel and US is rising with Gaza death toll.

On that note: Foreign Minister Prince Faisal bin Farhan discussed developments in Gaza during a phone call with UK Foreign Secretary David Cameron, according to a statement on X.

Also in Washington: Joe Biden’s USD 7.3 tn budget proposes new taxes on corporations and high-income earners.

Plus: Tiktok could face a ban in the US of A when lawmakers vote on Wednesday and Reddit is looking to raise USD 500 mn in an IPO that could set the tone for tech listings this year. (You can check out its S-1 filing here.)

Closer to home: Abu Dhabi wealth fund Mubadala and G42 have launched what they see as a USD 100 bn AI investment firm that will invest in verticals including AI infrastructure, semiconductors core AI technologies and applications, Bloomberg reports.

Over in London: Photo editors at mainstream newspapers are freaked out that Princess Catherine’s Mother’s Day portrait was photoshopped. Much ado about nothing? Experts say the image is “consistent with an amateur splicing together different images from the same session to make a nice family portrait,” the Wall Street Journal writes.

Why all the fuss? Catherine has stepped back from public life since abdominal surgery in January.

IPO momentum to remain strong in 2024 in the GCC, says Fitch Ratings

IPO momentum in the GCC is set to remain strong throughout 2024 on the back of continued government pledges for privatization, Fitch Ratingssays in a report. Growth will be anchored by minority stake sales by government-related entities.

In numbers: The Gulf saw 47 IPOs in 2023, slightly down from 48 a year earlier, according to the report. IPO proceeds were estimated at USD 11 bn, nearly half of the USD 23 bn raised in 2022.

BACKGROUND- Saudi was the 2023 IPO king, dominating issuances in the GCC with 35 of 46 IPOs tracked separately (pdf) by Kamco Invest (pdf) in January. The figure includes listings on both Tadawul’s main market as well as Nomu, the parallel market for smaller, earlier-stage companies. The UAE led the region last year in terms of total IPO proceeds.

The domestic IPO market is still going strong in 1Q 2024 with regional broadcaster MBC debuting on Tadawul in January in a USD 222 IPO. Its IPO is currently the world’s top performing this year, according to Bloomberg. Avalon Pharma has gone public on the main market and Moderns Mills recently priced its IPO at the top of the range. Al Modawat Specialized Medical Hospital and Pan Gulf Marketing have both made their debuts on Nomu.

And there’s lots more to come:

eXtra is looking to sell 30% of its highly profitable consumer finance arm ;
Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
Hypermarket operator Lulu is said to be eyeing a dual listing on Tadawul and ADX;
Aster DM Healthcare looks set to spin-off its GCC assets and seek a dual listing on Tadawul and in the UAE.

It’s not an IPO, but: Aramco is thought to be inching closer to a blockbuster secondary sale of shares.

What the other pundits are saying: Ratings agency S&P Global said earlier this month that it expects a “sustained IPO activity” this year.

Capital market reforms are key: “Governments aim to attract investors through reforms, such as the establishment of IPO funds and the relaxation of foreign ownership restrictions, which is shown by the GCC’s increased share in emerging markets indices,” the report said.

The Saudi real estate industry should see strong growth in 2024

The Saudi real estate industry is set for robust growth in 2024 driven by increasing investment, flexible regulations, and monetary policy that is conducive to growth, according to an S&P Global ratings report (pdf). That’s good news for developers and builders: Demand for real estate fell last year on the back of high interest rates and with price pressure.

Growth drivers: With interest rates set to start to fall in 2H 2023 in tandem with the Fed, demand for mortgage finance should get a boost, helping it rally from a 34% drop in 2023. The new premium residency scheme should make real estate more accessible for the growing number of foreigners who set up shop in the kingdom, and a better regulated off-plan industry will also fuel demand.

The downside risks: The Riyadh real estate market remains very tight — a development that will put upward pressure on prices. High interest rates (at least in the first half) will also hurt.

There are signs of rising foreign demand for real estate here as the government prepares to relax ownership rules for non-Saudis. Some 22% of high-net-worth Muslim investors surveyed eyeing real estate purchases in the Kingdom this year. Another 33% are looking at making investments in the next 24 months, Aleqtisadiah reports citing a survey by global real estate consultancy Knight Frank. The survey polled 506 Muslims from 9 countries to gauge attitudes toward real estate investment in the Kingdom. Makkah topped the list with 30%, followed by Riyadh at 25% and Madinah with 19%.

High demand for the holy cities: HNW survey respondents have aggregate demand for some USD 2 bn in property purchases in the holy cities, with interest from 84% of those surveyed. 48% of those who are interested in property purchases in Makkah want to make it their primary residence. 40% of those looking to invest in Makkah are willing to spend over USD 5 mn (with the average budget for purchases in holy cities ast USD 4.7 mn).

Why it matters: The premium residency schemes unveiled in January include options linked to property ownership, a key step in opening the domestic market to foreign homebuyers.

Yes, AI is going to change how you work. Welcome to the era of soft skills and BS radars.

The opening session of EFG Hermes’ One on One last week featured a panel, moderated by Enterprise, to address the question on everyone’s minds: Are we or are we not endangered by AI? Our panelists, who are friends, came from two very different schools of thought:

In one corner: Renier Lemmens (LinkedIn) is the outgoing CEO of Riyadh-headquartered fintech player Geidea who has served on the boards of more than a dozen fintechs in London and around the world. He’s a veteran of McKinsey in London, New Delhi, and San Francisco and was CEO of PayPal for EMEA. He began his career as a banker with Barclays.

In the other corner: Our friend Wael Fakharany (LinkedIn) is CEO of Edenred Middle East, which empowers businesses and more than 2 million cardholders in the UAE with smart financial technology. He’s a digital optimist to the core, with a track record that includes service as a senior executive at Google, Google X, Careem, IBM, and Oracle.

The debate: How might AI impact frontier and emerging markets? How can executives across the region can adapt to the new normal?

“Many of us will not have a job, or those who succeed us won’t” was Lemmens’ starting point into the discussion. In finance and investment, more “forward-looking” companies have already started to appoint AI committee members that are now participating in meetings. Having that kind of co-pilot with infinite knowledge of your company and your competitors, and the ability to access any data about them in a matter of seconds, will have a big impact on jobs, Lemmens said.

It’s already happening, Lemmens argues: Geidea piloted AI in the legal department, and saw a massive improvement in productivity in terms of contract analysis and negotiation, Lemmens added. “Did dozens of people lose their jobs? No, but we did cancel two vacancies for paralegals,” he said, adding that the software it was piloting was an off-the-shelf, early-stage software. “It’s very early days but there’s already a significant impact [and] dislocation of [certain] types of jobs will happen in a very big way.”

For Fakharany, it’s more a matter of being one step ahead and using AI to enhance performance. “AI is legal performance enhancing drugs; some people will fall off the bandwagon but others will do more things than others,” he said. “As a manager, I would ask my team to give me more efficiency and productivity because they have superpowers with the help of AI; they would only be out of a job if they’re unable to leverage that superpower,” he added.

History also tells us that jobs will change, but will not be replaced completely, Fakharany argues, referencing the evolution of TV — from traditional cable to streaming — and software — from CDs to cloud storage.

For emerging markets, AI can help create more potential for financial inclusion and help them leapfrog, Fakharany said, adding that AI can help advance financial education and literacy, as well as access to financial services. Developed markets, on the other hand, will use AI for better fraud management and to create more sophisticated financial models, he added.

The expansion of AI will also help level the playing field, as both EMs and developed markets are grappling with similar challenges associated with AI, Lemmens said. Companies need to be discovering and working through those challenges now, or they’ll fall behind, he added.

But EMs still have some catching up to do in terms of regulations, Fakharany said. “The good news is there’s a lot of young people and energy here, and in KSA and Egypt, with a lot of labor arbitrage,” he added. The bad news, according to Lemmens, is that the burden of more education will be placed on people who don't have access, possibly pushing them to less attractive jobs or unemployment.

Which sectors can get the most out of AI? Fakharany thinks B2B software, companies that streamline supply chains, and last-mile delivery are promising, while Lemmens believes AI can transform healthcare service delivery and drug development.

The age of soft skills + BS radars: While AI continues to develop and become more commoditized, the jobs of the future are those that center around the study of human beings, like anthropology, Fakharany argued. Lemmens, on the other hand, believes everyone will need to dig under the hood of AI and understand how it works to develop a “BS detector” that can allow them to stay ahead of the curve — AI, he says, is too important to be left exclusively to your CTO or CIO.

! Sprinklr, Google Cloud launch local data hosting

New York-listed customer experience management platform Sprinklr has unveiled a local data hosting solution on Google Cloud for Saudi clients who need local data hosting solutions, it said in a statement yesterday. The collaboration with Google Cloud marks Sprinklr’s expansion into the local market as the only player of its kind to offer a local data hosting option.

Breaking down the jargon: Customers of the CXM player can choose to host data in the Kingdom rather than on servers located elsewhere, ensuring compliance with local regulations on data security, privacy and governance.

And a better access to some AI: Sprinklr’s customers here will also have access to the company’s AI-powered platform, providing generative AI services to back customer service, insights, social media management, and other functions.

What they said: “The ability to host data in Saudi Arabia will help Sprinklr continue to rapidly expand our business, deliver a high level of service, and meet the data hosting requirements of our customers in the region,” Sprinklr Senior Vice President of Growth Markets Haitham Elkhatib said. The company counts Pepsi, Puma, LG, and Standard Chartered among its clients.

Tawuniya partners with Ejaro for car rental coverage

Homegrown peer-to-peer car rental platform Ejaro has partnered up with ins. company Tawuniya to offer Ejaro users coverage during their rental period, according to a statement yesterday. Ejaro will start introducing daily car ins. policies starting the second quarter of this year.

Ironing out the details: Ejaro’s daily car ins. product will use Tawuniya’s technology to determine set pricing according to rental duration, driving behavior, and accident history, it said.

What they said: “We are thrilled to expand our partnership with Tawuniya to offer this ground-breaking product in the peer-to-peer car rental industry,” Ejaro CEO Mohammed Khashoggi said. “We believe this product will significantly enhance our services and provide an excellent solution for our hosts and guests within the Ejaro platform,” he added.

Ejaro and Tawuniya are no strangers: Ejaro raised last month USD 3.3 mn (SAR 12.3 mn) in a pre-series A funding round led by Tawuniya. The round also saw participation from unnamed angel investors, bringing Ejaro’s total raised capital to USD 4.5 mn.

Tibbiyah is the new owner of Al-Hammad Medical Services

Tibbiyah to take over Al-Hammad Medical Services: Nomu-listed Arabian International Healthcare (Tibbiyah) has acquired 100% of local healthcare player Al-Hammad Medical Services in a SAR 35 mn transaction, it said in a filing to Tadawul. A portion of the sale will be self-funded, while the rest will be covered through financing from an unnamed local lender.

The rationale: The move aims to boost Tibbiyah’s market share in the healthcare sector, and bolster its venture into the medical supplies and consumables distribution industries — ultimately allowing the company to diversify its product portfolio.

About Al-Hammad: The Riyadh-based company offers medical IT solutions, medical furnishings, and consumables and pharma products, according to its official webpage. Its revenues rose 11% y-o-y to SAR 91.6 mn in 2022.

Market reax: Tabbiyah’s shares were up 3.6% to SAR 41.95 a piece at yesterday’s market close.

More gov’t projects come under the umbrella of the local content program

Six more sectors with 1k products and services will fall under the government’s local content program in 2024, Aleqtisadiah reports citing General Authority for Local Content and Government Procurement CEO Abdulrahman Al-Samari.

It’s part of the gov’t push to localize manufacturing: Companies that want to supply government-funded projects will need to source from Saudi manufacturers. The among the six industries facing local content requirements:

Sports and recreational equipment and supplies;
Advertising and public relations services;
E-learning and training services
Management consulting services

By the numbers: The authority has issued a total of 2.2k local content certificates, Al Samari added. The government has launched 46k projects and tenders (19% of total government projects) worth a total of SAR 77.7 bn under the local content program. Some 800 products are covered under the tenders so far announced.

Find out more about the program including how to request a local content certificate, requests for the addition and / or the exclusion of a product, and applications for localization of industry and knowledge transfer through the of the Local Content and Government Procurement Authority (LCGPA)’s website.

PIF’s Jada writes USD 52 mn ticket to Partners for Growth private credit fund

PIF-owned Jada Fund of Funds Company has committed USD 52 mn to a fund raised by US-based Partners for Growth, marking its second entry into the private credit market, Bloomberg reported yesterday. Partners for Growth, which provides structured financial solutions for growing companies, closed the USD 325 mn fund in December.

Partners for Growth has provided debt financing to some of Saudi’s leading startups, including homegrown BNPL unicorn Tabby and digital freight network Trukker.

What they said: “Our strategy reinforces our commitment to providing additional funding solutions and attracting foreign direct investment to promote economic growth and diversification,” Jada Fund of Funds CEO Bandr Alhomaly said.

REMEMBER- Jada announced last year its first investment in private credit with an unspecified contribution to Ruya Partners’ USD 250 mn fund. This came a few months after Jada said it expanded its investment coverage to include private credit.

More earnings news

FIRST MILLS-

Our friends at First Mills reported a 1.3% y-o-y rise in net income to SAR 220 mn in 2023. Revenues rose 5.6% in the same period to SAR 964 mn, they said in their earnings release (pdf).

In 4Q, the company’s bottom line almost tripled y-o-y to SAR 57.5 mn while its topline rose 8.8% y-o-y to SAR 246.6 mn. Profitability rose on the back of higher utilization rates and strong cost control.

In context: First Mills was the first of the four big state-owned mills to go public — and this is its first full-year earnings release after listing.

What they said: “Guided by a clear roadmap, we are successfully executing our strategy of diversifying our product portfolio into high margin products, expanding our geographical footprint, and reaching a broader customer base. Our downstream operations grew in 2023, exemplified by the launch of our PESA Mill and Mixing Plant and the commissioning of our Durum Mill and Jeddah Mill-C Upgrade, which we expect to further solidify our market leadership in Saudi Arabia,” CEO Abdullah Ababtain said.

Dividend: The company’s BoD has approved a dividend of SAR 78.3 mn at SAR 1.40 per share for 2H 2023, it said in a separate disclosure.

BINDAWOOD-

BinDawood Holding’s net income doubled y-o-y to SAR 275 mn in 2023, and revenues rose 14.4% y-o-y to SAR 5.6 bn on the back of “record breaking sales from BinDawood and Danube stores,” it said in a disclosure to Tadawul.

HALWANI BROS-

Halwani Bros reported a net loss of SAR 98 mn in 2023, and revenues were down 13.2% y-o-y to SAR 889 mn, it said in a disclosure to Tadawul. The food manufacturer attributed its net losses to falling sales in the Kingdom and less income from its Egypt subsidiary due to the devaluation of the EGP despite an increase in sales.

GASCO-

Gasco’s net income rose 6.2% y-o-y to SAR 227 mn in 2023, and revenues were up 18.2% to SAR 2.5 bn in the same period, it said in a disclosure to Tadawul.

SNB names Saleh Alfuraih as CEO of digital venture and payment unit

The Saudi National Bank (SNB) appointed Saleh Alfuraih (Linkedin) as CEO of its digital venture and payment unit, according to a statement by the bank yesterday. Alfuraih will be tasked with establishing a new entity that will see the bank grow its portfolio of digital banking and payments services, it said, without providing further details. Alfuraih has more than 25 years of experience in the financial sector and fintech. He was Cenomi’s Fintech lead in 2021-2023 and was previously e-commerce outfit Noon’s KSA country manager. He’s a veteran of both Bank Albilad and Al Rajhi Bank.

SWPC inches closer to developing a new sewage treatment plant. PLUS: Debt, tourism, energy, aviation

WATER TREATMENT-

One step closer to Al Haer sewage plant: The Saudi Water Partnership Company (SWPC) signed 25-year concession agreements with unnamed private sector companies to develop Al Haer independent sewage treatment plant in Riyadh, according to a statement by SWPC. The statement did not disclose details of the value of agreements or name the private sector firms. The plant’s capacity will be 200k cubic meters per day, with commercial operations slated to start in 4Q 2026, according to the statement.

Ironing out the details: The partnership builds on previous public-private partnerships (PPP) agreements with the private sector in wastewater treatment. The award was made under the BOOT (build, own, operate, and transfer) model.

DEBT WATCH-

Tadawul-listed Halwani Bros renewed a credit facility with Bank AlJazira worth SAR 55 mn to finance the leading food manufacturer and distributor’s working capital, it said in a disclosure to Tadawul yesterday. The Shariah-compliant banking facility is valid until 23 January and could be renewed annually.

TOURISM-

Almosafer + Ministry of Hajj and Umrah: Almosafer will be facilitating flight reservation to the holy cities through its aviation services on the Nusuk Hajj platform under an agreement with the ministry, Zawya reports.

ENERGY-

Gasco subsidiaries Khazeen, Tazweed, and Jal are set to kick off operationswhere Khazeen will specialize in gas storage and filling activity, while Tazweed will focus on bulk gas distribution activity, and JAL will operate in liquids and gas transportation, it said in a filing to Tadawul.

AVIATION-

Industry and Mineral Resources Ministry has inked an MoU with Brazil-based aerospace player Embraer to support the development of the local aviation industry, the Ministry said on social media platform X. No further details were provided.

Private equity grapples with USD 3 tn worth of unsold companies

The private equity industry is facing a severe liquidity crunch, with firms globally sitting on a whopping 28k unsold companies valued at USD 3.2 tn, according to consultancy Bain & Co's latest annual private equity report (pdf). Nearly half of assets have been held for four years or more, which the report says is the largest proportion since 2012.

The good and the bad: The staggering pile of assets highlights the breakneck growth of the buyout industry over the past decade, but also points to the immense challenges posed by soaring interest rates in recent years that have made exiting investments far more difficult.

Dealmaking came to a crashing halt last year as debt financing dried up: The total value of companies PE groups sold via private sales or public listings dipped 44% y-o-y in 2023 to USD 345 bn — the lowest level in a decade. The slump was even worse for portfolio companies sold to rival buyout firms, with sales tumbling 47% to USD 62 bn amid widespread pricing disagreements across the industry.

ALSO WORTH NOTING-

BTC once again reached a new record high, breaking the USD 72k barrier and hitting USD 72,886 before paring back gains yesterday. BTC was trading at USD 72,636 as of midnight CLT.
Companies have raised USD 3.2 bn through European IPOs since January — over double the amount raised during the same period last year. (Financial Times)

THE MARKETS THIS MORNING-

Asian markets are mixed this morning, with the Nikkei down 1.33% at dispatch time (setting it on course for a second day of losses). The Shanghai Composite is (just) in the red, while the Kospi and Hang Seng are in the green. Traders of Japanese equities were reacting to news that inflation in January was higher than pundits had expected, CNBC writes.

Looking ahead: Shares in Europe, on Wall Street and in Toronto look set to start the day in the green as stock futures inched up overnight. Wall Street is looking forward to the February consumer price index reading — it’s due out at 8:30am Eastern time in the US.

TASI	12,555.72	-0.5% (YTD: +4.9%)
MSCI Tadawul 30	1,595.64	-0.5% (YTD: +2.9%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	33,382.51	+1.4% (YTD: +34.1%)
ADX	9,232.24	-0.02% (YTD: -3.6%)
DFM	4,248.10	-0.1% (YTD: +4.6%)
S&P 500	5,117.94	-0.1% (YTD: +7.3%)
FTSE 100	7,669.23	+0.1% (YTD: -0.8%)
Euro Stoxx 50	4,930.42	-0.6% (YTD: +9.1%)
Brent crude	USD 82.48	+0.5%
Natural gas (Nymex)	USD 1.76	-2.6%
Gold	USD 2,188.60	+0.1%
BTC	USD 72,392.57	+4.4% (YTD: +251%)

THE CLOSING BELL-

The TASI fell 0.5% yesterday on turnover of SAR 9.9 bn. The index is up 4.9% YTD.

In the green: Bindawood (+9.9%), SADAFCO (+8.2%) and ADES Holding (+6.6%).

In the red: Al Arabia (-10%), Elm (-7.8%) and Saudi Research and Media Group (-6.6%).

CORPORATE ACTIONS-

#1- Eastern Cement’s BoD has declared a dividend of SAR 86 mn at SAR 1per share for 2H 2023 it said in a filing to Tadawul. Distribution is slated for Thursday, 4 April 2024.

#2- Enma AlRawabi’s BoD has approved a dividend distribution of SAR 10 mn at SAR 0.25 per share for 2H 2023, it said in a filing to Tadawul. Eligible shareholders can cash out on Thursday, 28 March 2024.

#3- Dammam-based pipe and industrial products manufacturer Saudi ArabianAmiantit raised a total of SAR 318 mn in a rights issue of 31.8 mn shares that wrapped up on Sunday, 10 March, it said in a filing to Tadawul. The offering was 92% covered with shareholders subscribing to 31.8 mn shares of the 34.7 mn offered. A rump offering for the remaining shares is slated for tomorrow and will wrap up on Thursday, where they will be put up for grabs by institutional investors.

#4- The Capital Market Authority (CMA) has approved Arab National Bank’s request to raise its capital by 33% to SAR 20 bn from SAR 15 bn, it said in a statement yesterday. The capital hike would be made through a bonus issue, which would see one bonus share for every three existing shares owned by shareholders.

CALENDAR

APRIL

8-11 April (Monday-Thursday): Saudi Super Cup, Abu Dhabi.

10 April (Wednesday): Eid al-Fitr

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

MAY

2-5 May (Thursday-Sunday): TownhallExpo, Riyadh.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

23 September (Monday): National Day (national holiday)

DECEMBER

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY

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

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