Jadwa Investment hits SAR 1 bn first close for GCC PE fund

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WHAT WE’RE TRACKING TODAY

THIS MORNING: EFG Hermes secures USD 150 mn for its Saudi Education Fund

Good morning, ladies and gentlemen. It’s another busy morning in the Kingdom, leading with news of a fresh private equity fund from Jadwa Investment, which hit its SAR 1 bn first close as the fund works on a handful of investments.

WEATHER- Riyadh is looking at a high of 30°C and a low of 15°C today. Over in Makkah, the mercury will peak at 33°C and hit a low of 22°C. Meanwhile, Abha is looking at a high of 21°C and a low of 12°C.

WATCH THIS SPACE-

#1- Our friends at EFG Hermes hit the halfway mark on their newly-launched USD 300 mn Saudi Education Fund (SEF), Mubasher quotes CEO Karim Moussa as saying. SEF has already secured USD 150 mn from Gulf-based institutional investors and family offices to fuel its private education push in the Kingdom, setting its sights on four additional school acquisitions beyond the seven Britus schools it recently bought from GFH Financial Group. The fund is also open to launching new schools in Riyadh and Jeddah, with plans to scale beyond its initial investment target, Moussa said.

#3- Morgan Stanley Saudi Arabia now has Tadawul approval to engage in market-making activities for Etihad Atheeb Telecom in the main market and iOud Trading in Nomu, according to a statement.

#4- Khobar-based regional Hammad & Al Mehdar law firm is partnering with Kuwait-based Meysan to serve clients across the Middle East, according to a press release. The partnership brings together over 70 lawyers in nine offices, providing expertise in cross-border disputes, corporate transactions, and regulatory matters. “The alliance may explore deeper collaboration, including a potential merger at an appropriate juncture, to further solidify their shared goals and expand capabilities.”

#5- New Zealand-based cybersecurity powerhouse Endace established its regional headquarters in Riyadh with the launch of Endace Saudi Arabia, according to a press release. Endace Arabia will support government entities, defense agencies, and businesses by safeguarding their networks against cyber threats. Its suite of monitoring and detection tools, including advanced packet capture technology, will deliver visibility into network traffic to enhance threat detection and response.

#6- Emirates Steel wants to expand its presence in Saudi Arabia, particularly through involvement in Neom projects, CEO Saeed Al Ghafri said in an interview with Bloomberg Asharq (watch, runtime: 11:36).

#7- The new Commercial Registration Law and Trade Name Law is set to boost local investment by up to 8.8%, the Saudi Gazette reports, citing figures from the Federation of Saudi Chambers of Commerce’s Center for Economic Studies. The law simplifies business operations by removing sub-registries, allowing companies to operate nationwide with one registration.

This reform is expected to save businesses up to SAR 110 mn annually and promote expansion, with a forecasted rise of up to 5.3% in the number of business branches. The domestic private sector currently contributes SAR 1.7 tn to GDP and includes 1.5 mn active commercial registrations, with increased localization and higher female workforce participation.

#8- Fresh off securing its RHQ license in Riyadh, global asset management firm BlackRock has now obtained a commercial license to operate in Abu Dhabi, marking another step in its regional expansion push, Bloomberg reports. Abu Dhabi and Riyadh each control over USD 1 tn in sovereign wealth, making them among the biggest pools of capital in the world, according to the firm’s CEO, Larry Fink.

#9- Saudi Arabia pledges to fight world hunger: The Kingdom joined the International Alliance against Hunger and Poverty, Foreign Minister Faisal bin Farhan Al Saud said during the G20 Summit in Rio de Janeiro, state news agency SPA reports.

DATA POINTS-

The Kingdom’s total unemployment dropped to 3.3% in 2Q 2024, down from 5.6% in 2Q 2019, state news agency SPA reports citing statements from the Minister of Human Resources and Social Development, Ahmed bin Suleiman Al-Rajhi at the Riyadh Economic Forum.

Unemployment among Saudi citizens dropped to 7.1% in 2Q 2024, down from 12.3% in 2Q 2019. The number of Saudi workers in the private sector surged by 35%, reaching 2.3 mn during this period.

SPORTS-

#1- Liv Golf’s Sergio Garcia is set for European circuit return, with the Spaniard having already submitted his application to return to the DP World Tour for next year’s season, Reuters reports, citing a spokesman for the Europe-based circuit. Garcia was part of the 2022 breakaway to Saudi Arabia’s Liv Golf circuit, which landed him a USD 1.1 mn fine along with a suspension — which he will need to resolve to finalize his switch back to the DP World Tour. This also got ink from BBC Sport and Sky Sports.

#2- The Green Falcons’ performance is still underwhelming despite the return of manager Hervé Renard, falling to two goals at the hand of Indonesia in yesterday’s Asian World Cup qualifier, reports Reuters. The loss moved Saudi down to fourth place with six points, following Japan’s 3-1 victory over China, while Bahrain and Australia ended with a 2-2 tie.

REMEMBER- The top two teams in the group will automatically qualify for the 2026 World Cup in North America, while the third and fourth-placed teams will move on to subsequent rounds of qualifiers.

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THE BIG STORY ABROAD-

After securing approval from US President Joe Biden earlier this week, Ukraine hit Russia with long-range US missiles, striking an ammunition storage facility without causing any casualties. Moscow views the move as an “escalation” from the West, particularly as Ukraine would be unable to launch the missiles without the US providing “direct operational support.” The attack comes on the 1,000th day of the war. (Bloomberg | Reuters | Wall Street Journal | Financial Times)

Meanwhile in Rio, the G20 issued a statement (pdf) with what’s being described as weak language, further throwing a wrench in stalled negotiations at COP29. The shortcoming is made all the more concerning as world leaders are in “disarray” before Donald Trump — who is expected to bring yet more chaos and uncertainty — enters office, Bloomberg says. The Financial Times also has the story.

AND- Tennis legend Rafael Nadal stepped off the court for the last time in his 23-year career to retire at age 38. The “king of clay” lost his last singles match 4-6, 4-6 against the Netherlands’ Botic Van De Zandschulp at the Davis Cup yesterday. (Sports Illustrated | New York Times | CNN | Vogue | Reuters)

CIRCLE YOUR CALENDAR-

Red Bull’s Les Mills is bringing the Middle East’s largest fitness festival to Riyadh on Thursday, 30 November, at The Arena. The 12-hour event features global trainers, full-day workouts, exclusive Adidas products, and a women-only “Her Zone.” You can book your tickets online.

The Black Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 begins on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

The Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world’s largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

Jadwa Investment reaches SAR 1 bn first close for new GCC PE fund

Riyadh-based Jadwa Investment secured SAR 1 bn for a fresh GCC private equity blind pool fund, GCC Private Equity Fund 1, with a focus on multi-sector PE prospects across GCC markets, according to a statement. Jadwa plans to double the fund’s size to SAR 2 bn by 1H 2025, Bloomberg said. The investment vehicle is one of the largest blind pool PE funds regulated by the Capital Market Authority, the statement added.

Who paid into the first close: Regional sovereign wealth funds and family offices paid up the capital for the new fund, Bloomberg said.

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SOUND SMART- Blind pool funds? Limited partners in blind funds generally don’t know the companies in which the fund manager (or “GP” in PE-speak) will be investing. Instead, they typically invest based on a combination of the GP’s track record and the investment themes, geography, approach to control, industry focus, or other particulars of the fund. It’s also known as a “blank check” company or offering. The opposite is a transaction-specific fund, where the GP raises capital to go after specific companies.

What they said: “The fund’s blind pool structure will enable our clients to invest in a well-diversified and balanced manner, and will provide us with the flexibility to act quickly and transact seamlessly,” Head of Private Equity at Jadwa Investment Elie El Khoury said.

And it’s already off to a strong start: The fund made its first three investments in retail and food and beverage, with plans to be fully deployed within three years, the statement said. The fund is working on another four investment agreements, Bloomberg added.

IN CONTEXT- The fund has been in the works since December last year, when Jadwa first told Bloomberg about its plans to raise SAR 2 bn to kick off an inaugural blind pool fund. Jadwa’s stated goal was to nab “significant minority stakes or larger in as many as 12 companies over the next three years,” with a focus on GCC-based investments, Bloomberg said at the time.

ABOUT JADWA– Jadawa is a regional investment management and advisory firm, with upwards of SAR 90 bn in assets under management and advisement. The outfit counts governments, local, and multinational institutional investors, family offices, and high-net-worth individuals among its client list and offers a broad range of Shariah-compliant investments.

Alesayi Holding unveils SAR 2 bn Abraj Omar Hotel

Alesayi Holding launched the Abraj Omar Hotel and Residences byMGallery, a SAR 2 bn luxury development in Makkah, according to a press release. Designed in collaboration with global firms Gensler, Dar Engineering, and Housing and Development Properties (HDP), the project will be managed by Accor under the MGallery brand.

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The expansive 60k sqm property will feature 200 luxury residences and 280 hotel rooms, accommodating up to 2k guests. Construction is expected to conclude in 2027, with operations set to begin in 2028. Upon completion, Abraj Omar is projected to generate over SAR 3.8 bn in returns.

Black Arrow Tires inks rubber supply agreement for new USD 470 mn plant

Homegrown Black Arrow Tires (Blatco) and Thailand’s Golden Star Rubber inked an MoU for the supply of rubber to a USD 470 mn tire manufacturing plant, according to an Alekhbariya report and a post on X from the Federation of Saudi Chambers.

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Details: The agreement looks to support plans to establish a USD 470 mn tire plant in Yanbu, which will churn out 4 mn tires for small cars per year in its initial phase. The facility will eventually ramp up to an annual production capacity of 6 mn units, including large tires for buses and trucks, according to Alekhbariya. Some 50% of production is earmarked for local markets, while the rest will be exported to neighboring countries, Blatco officials said.

REMEMBER- Saudi is angling to become a global automotive industry hub: The Public Investment Fund (PIF) has been actively investing in EV makers and the automotive value chain for some time as part of its diversification agenda, including investing multiple times in US-based luxury EV firm Lucid. The fund also launched its own EV maker Ceer in a JV with Taiwan’s Foxconn. Late last year, PIF established a USD 550 mn JV with Italian tire manufacturer Pirelli to establish a Saudi plant with a production capacity of some 3.5 mn tires a year.

IN OTHER MANUFACTURING NEWS-

The Saudi Authority for Industrial Cities and Technology Zones (Modon) broke ground on a project for 40 ready-made factories at Sudair Industrial City, it said in a post on X. The new factories grant local SMEs access to some 60k sqm of manufacturing space.

Jana Medical sets Nomu IPO price at SAR 44 apiece

Jana Medical priced its Nomu IPO at the top of the guidance range at SAR 44 apiece, with the offering 1.5x oversubscribed, the transaction’s lead advisor Afaq Capital said in a Tadawul filing. The final pricing sees Jana raising SAR 28.3 mn in proceeds, giving it a market cap of SAR 141.4 mn at listing, according to EnterpriseAM Saudi calculations.

REFRESHER- Jana Medical is offering a 25% stake (equivalent to 642.5k shares) on Tadawul’s parallel market Nomu. The Capital Market Authority approved the move in June.

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Use of proceeds + lockup: Of the total proceeds, SAR 2.9 mn will be set aside to cover offering-related expenses, with remaining funds allocated to medical equipment procurement estimated to cost around SAR 160.7 mn. Company resources, earnings, and bank facilities will be used to cover procurement costs that exceed the offering’s proceeds. Shareholders will not be allocated any proceeds from the offering. Major shareholders will be restricted from executing any transactions on their shares for 12 months from the first day of trading.

What’s next: Final share allocations wrapped yesterday, and the first day of trading will be announced once all regulatory requirements have been met.

About Jana Medical: The firm and its subsidiaries are concerned with the import, supply, and manufacture of medical supplies in the Kingdom, according to its website. Jana Medical’s clients include the Saudi German Hospital, Dr Sulaiman Al Habib, and King Saud University Medical City, among others.

ADVISORS- Afaq Capital is assuming the role of financial advisor, while Musharaka Capital is lead manager and RSM Global is auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, Aljazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, Yaqeen Capital.

Digital Research Company sets Nomu IPO price at SAR 83

Digital Research Company (DRC) priced its Nomu IPO at SAR 83 per share, the transaction’s financial advisor Value Capital said in a disclosure to Tadawul. The pricing will see selling shareholders lock in some SAR 28 mn in total proceeds, giving the firm a market cap of SAR 140.1 mn at listing, according to our calculations.

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REFRESHER- The market research, data analytics, and consulting firm is offering a 22.5%stake (337.5k shares) on the Nomu, composed of 150k existing shares and 187.5k newly issued shares. Existing shares included in the offering will be primarily pooled from the six majority shareholders who will be selling down their collective stake to 61.9% from 77.2%. Of the SAR 28 mn in IPO proceeds, SAR 2.6 mn are earmarked to cover IPO expenses. Net proceeds will be split between selling shareholders and the firm, with the firm committing its share of the proceeds towards financing the procurement of SAR 15 mn in operational assets

What’s next? Qualified investors can book shares between Monday, 25 November and Sunday, 1 December with a minimum subscription limit of 10 shares and a maximum of 84,360 shares apiece. The final allocation is slated for Wednesday 4 December and the first day of trading will be announced once all regulatory requirements have been met.

ADVISORS- Value Capital is quarterbacking the transaction as financial advisor and bookrunner. Receiving agents include SNB Capital, Al Rajhi Capital, BSF Capital, Alnima Investment, Riyad Capital, Aljazira Capital, Alistithmar Capital, Albilad Capital, ANB Capital, SAB Invest, Derayah, Yaqeen Capital, Alkhabeer Capital, and Sahm Capital.

Qara secures USD 2.6 mn in a seed funding round

expansion

Egypt-born supply chain startup Qara is ramping up its presence in the Kingdom, after securing USD 2.6 mn in a seed funding round led by unnamed strategic investors, CEO and co-founder Hassan Abouzeed told EnterpriseAM. The capital injection will help scale its operations across the country and the broader MEA region. The startup has worked with over 35 manufacturers to verify 28 mn products and engage with 50k business users in KSA, Egypt and Kenya, it said in a press release (pdf).

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Qara has been operating here since 2Q 2024, initially through a partnership with “one of the Kingdom’s largest cable and building wire manufacturers,” Abouzeed said without naming the company. The startup claims to have already connected thousands of electricians, retailers, and sellers with manufacturers in the domestic construction sector, he added.

Also on their radar: Qara is setting its sights on expanding into the domestic building materials, pharma, and cosmetics industries following a phased approach. The platform plans to gradually grow its local team, and tailor its tools to suit Saudi market needs before onboarding new clients, Abouzeed said.

Tapping gov’t channels: The Egypt-born startup is working closely with the National Technology Development Program (NTDP) to accelerate its integration into the local tech market, the CEO said. NTDP’s Relocate Initiative has provided Quara with financial perks, and simplified regulatory processes, paving the way for its Saudi launch.

How Qara works: The startup’s flagship app, Asly, helps businesses protect their products from counterfeiting by allowing end-users to scan unique QR codes to verify authenticity, according to their website. Another app, Rabeh, rewards contractors for purchasing verified construction materials, while Madmoon, serves as a curated marketplace for construction materials sourced from trusted suppliers.

Scan, scale, save. The platform operates on both SaaS (via Asly) and PaaS subscription-based models, with additional per unit-fees for QR codes. These models allow clients to scale their use of the platform across different geographies without having to be there in person while minimizing upfront investment, Abouzeed explained.

What’s next? Qara plans to launch a new funding round in spring 2025 to further its product development and fuel international growth, Abouzeed added. “The obsession right now is success in KSA,” but the next priority is the UAE, Abouzeed told us.

Cabinet approves the appointment of private sector reps. to TGA’s board

The Council of Ministers signed off yesterday on appointing three private sector representatives to the Transport General Authority’s board, state news agency SPA reports. No further details were provided.

Also getting the green light: Cabinet also approved three MoUs for international cooperation, including agreements for logistics collaboration with Romania, FDI promotion with Benin, and cooperation on accounting and regulatory standards with Kyrgyzstan. A draft declaration of intent with France for cooperation on critical minerals.

King Salman chaired the meeting for the first time since September, following his recovery from lung inflammation last month, Reuters reports. A royal decree passed in August allows the cabinet to convene without him or Crown Prince Mohammed bin Salman in attendance.

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Theater and Literature authorities appoint new CEOs

Theater and Performing Arts appointed Mohammad Hassan Alwan (Linkedin) as its new CEO, succeeding Sultan Al Bazie, state news agency SPA reports. Alwan previously served as CEO of the Literature, Publishing and Translation Commission. His former role will now be filled by Abdullatif Alwasel (Linkedin), previously the Literature Commission’s general manager and head of publishing.

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Saleh Alrajhi & Foxconn Int’l Tech to launch USD 100 mn JV for EV charger manufacturing

MANUFACTURING-

Saleh Suleiman Alrajhi & Sons and Hong Kong-listed Foxconn InterconnectTechnology(FIT) to launch a USD 100 mn joint venture to locally manufacture electric vehicle chargers, according to a press release. Once established, the JV — Smart Mobility SJSC — will see each partner hold a 50% stake in the venture. Sullivan & Cromwell are advising FIT on the transaction.

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DEBT WATCH-

#1- Tanmiah Food’s Agricultural Development locked in a SAR 650 mn shariah-compliant revolving loan with the Saudi National Bank, the parent company said in a filing to Tadawul. The seven-year facility will be used to fund the company’s expansion plans and working capital needs.

#2- Scientific and Medical Equipment House renewed a SAR 190 mn shariah-compliant loan with the Saudi Investment Bank, it said in a disclosure to Tadawul. The facility now runs until 30 June, 2025 and will be allocated to fund the company’s ongoing and future projects, bank guarantees, and letters of credit.

#3- Aljazira TakafulTaawuni signed contracts with Bank AlJazira to provide two group credit ins. schemes worth SAR 58.2 mn to the bank’s customers, according to disclosures to Tadwul (here and here). A SAR 37 mn ins. plan will cover mortgage loans at the bank, while a SAR 21.2 mn plan will cover personal loans, each for one year.

#4- Homegrown payments services provider Geidea has inked an MoU with Dubai-based Tarabut to tailor financing solutions for Saudi SMEs, according to a press release. The partnership aims to address a SAR 300 bn domestic funding gap by combining Geidea extensive PoS network with Tarabut’s advanced tech stack to deliver faster and more accessible lending options across the Kingdom.

ENTERTAINMENT-

MBC unit lines up USD 14.1 mn contract for 250-episode series: MBC Studios Projects Saudi Arabia signed a USD 14.1 mn (SAR 52.9 mn) TV production contract with Al Sadaf for Audio and Visual Production, an MBC Group affiliate, for a 250-episode series, set to air in 2025, according to a disclosure to Tadawul.

REAL ESTATE-

Alinma Investment inked an agreement to buy a SAR 380 mn office park in Riyadh which will be added to Alinma Retail REIT Fund portfolio, according to a disclosure to Tadawul. The property is located in Al Qirawan district and is currently leased to government agencies and semi-government, international, and private companies. The purchase, which is yet to be finalized following due diligence, will be financed through Alinma Bank loans. The property is expected to generate SAR 34 mn in net income (c. 9% of the purchase price).

FINANCIAL SERVICES.-

Health ins. provider Bupa Arabia gained final approval from the Ins. Authority to roll out its new ins. offering Bupa Sports, according to a filing to the exchange. No details were provided on the new product.

TECHNOLOGY-

Saudi-UK JV to drive 100+ MW data centers development in the Kingdom: Saudi’s Dune Vaults and the UK’s Pure Data Centres partnered to form a JV to build hyperscale data centers in the Kingdom, with over 100 MW in capacities, according to a press release from Pure Data Centers.

Looking ahead: “We are dedicated to establishing over 1k MW of sustainable data center capacity in Saudi Arabia,” Faisal AlRahbiny, founder and managing director of Dune Vaults said.

LOGISTICS-

#1- PIF-backed Logistics company Zamil Offshore Services lined up plans to upgrade its fleet and launch its services in new markets following the PIF’s 40% stake acquisition in February, COO Nasser Al Hazzani told Seatrade Maritime News in an interview (watch, runtime: 6:17). “Our plans continue to focus on Saudi Arabia; however, we will also expand our service offerings in terms of the size of the vessels, the capabilities, and the markets that they serve,” Al Hazzani said. “We are also looking at regional growth into other markets,” he added.

#2- Riyadh-based Ajex Logistics Services plans to build a new warehouse in Bahrain Cargo Village under a letter of intent it signed with Bahrain Airport on the sidelines of the Bahrain International Airshow, it said in a post on X.

PHARMA-

Abu Dhabi-based investor Opulence Capital plans to set up the Kingdom’s first co-polymer 2A factory, according to a press release. The factory will supply major pharma companies in the Middle East, Africa, and Asia with the polymer, essential for drug delivery systems and medical device applications, among other uses, the statement read.

ENERGY-

Aramco Jubail Refinery edges closer to expansion project in Jubail: Aramco Jubail Refinery Company signed a framework agreement with parent company Aramco and Chinese refiner Rongsheng Petrochemical to embark on a new project in Jubail that will expand its refining and petrochemical production capabilities, according to a press release.

The details: The project, still in the conceptual phase, will see the installation of large-scale steam crackers and the integration of associated downstream derivatives into the existing company’s complex. The project’s financial details and construction timeline were not disclosed.

REMEMBER- Aramco signed a framework agreement with Rongsheng in April to purchase stakes in each other’s units, namely Aramco Jubail Refinery and Ningbo Zhongjin. The transaction would see Aramco acquire a 50% stake in Ningbo Zhongjin, while the Chinese refiner would take 50% of the Saudi Aramco Jubail Refinery. A follow-up agreement was signed in September.

US insider sales reach all time highs as execs cash in on post-election rally

Insider sales in the US by executives have hit their highest level for any quarter in the last two decades as record numbers of senior figures in the corporate world unload shares in their companies amid a post-election stock market boom, the Financial Times reports, citing data from VerityData.

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Senior execs from some of Wall Street’s most recognizable stocks have been getting in on the action, including Tesla Board Director Kathleen Wilson Thompson, who has sold some USD 34.6 mn worth of the EV maker’s stock — which has increased in value by over 37% since election day, in part due to the CEO’s involvement with the incoming administration. Four insiders at Goldman Sachs have sold more than USD 28 mn in shares since election day, with the firm’s share price rising 12% over the same period on the back of an expected uptick in mergers and slashing of regulation under the approaching Trump presidency.

One of the biggest gainers was ironically a top Harris donor, with the paper detailing how Palantir Technologies co-founder Alex Karp has offloaded some USD 900 mn worth of stocks since 5 November. Karp saw his company’s stock soar as promising financials released the day before the election coincided with the post-election rally, pushing his company’s stock up 48% since then.

The last time insider selling versus buying at US financial institutions was this high was when Donald Trump was first elected president, all the way back in November 2016.

The most recent post-Trump victory surge follows three below-average quarters in terms of insider selling volumes, VerityData Vice President of Research Ben Silverman said.

Some think that uncertainty, rather than optimism, may be driving some of the sales, say some market observers, including Texas Christian University professor Swami Kalpathy. “There are going to be some losers (and) some industries could get hurt badly,” from Trump’s proposed tariffs, Kalpathy tells the paper, adding that “We have had a good run up. But the other story is that maybe the executives are expecting revisions in equity prices.”

MARKETS THIS MORNING-

Asian markets are starting out the day mostly in the red during early trading this morning, with Japan’s Nikkei currently down 0.4%, along with Hong Kong’s Hang Seng and the mainland’s Shanghai index both in the red by 0.1%. Meanwhile, Korea’s Kospi is up 0.5%.

TASI	11,876	+0.4% (YTD: -0.8%)
MSCI Tadawul 30	1,492	+0.3% (YTD: -3.8%)
NomuC	29,571	-0.1% (YTD: +20.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,688	-0.6% (YTD: +23.3%)
ADX	9,426	+0.4% (YTD: -1.6%)
DFM	4,732	+0.4% (YTD: +16.6%)
S&P 500	5,917	+0.4% (YTD: +24.1%)
FTSE 100	8,099	-0.1% (YTD: +4.8%)
Euro Stoxx 50	4,751	-0.8% (YTD: +5.1%)
Brent crude	USD 73.31	+0.01%
Natural gas (Nymex)	USD 2.96	-1.4%
Gold	USD 2,635.70	+0.8%
BTC	USD 92,326.30	+1.2% (YTD: +118.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.4% yesterday on turnover of SAR 6.1 bn. The index is down 0.8% YTD.

In the green: Burgerizzr (+10.0%), Cenomi Retail (+8.3%) and DWF (+6.9%).

In the red: Albaha (-9.7%), Care (-3.9%) and SRMG (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 82 mn. The index is up 20.6% YTD.

In the green: Knowledge Tower (+9.6%), Alqemam (+9.1%) and Horizon Food (+7.7%).

In the red: Amwaj International (-8.2%), Sure (-4.9%) and AZM (-4.8%)

CALENDAR

NOVEMBER

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

20-21 November (Wednesday-Thursday): King Abdullah Financial District (KAFD) Leadership Conference, Kafd Exhibition Center, Riyadh.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

22 November (Friday): Submission deadline for UNCCD Young Researchers Award at COP16.

23 November (Saturday): 600, Jeddah Yacht Club and Marina.

24 November (Sunday): Balance of trade for September.

25 November (Monday):The final allocation of shares of United Holding International Company’s IPO on Tadawu.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

26-28 November (Tuesday-Thursday): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

30 November (Thursday): Red Bull’s Les Mills, The Arena, Riyadh.

DECEMBER

1 December (Sunday): Opec+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

2-4 December (Monday-Wednesday): Emmanuel Macron expected to visit Riyadh.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

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

3 December (Tuesday): Riyad Bank PMI for November.

3-4 December (Tuesday-Wednesday): Saudi Green Initiative (SGI), Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

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

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

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

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

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

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

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

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

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

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

19 February (Wednesday): Derayah REIT dividend distribution.

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

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

APRIL 2025

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

MAY 2025

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

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

JUNE 2025

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

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

JULY 2025

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.

SEPTEMBER 2025

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

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

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

NOVEMBER 2025

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

DECEMBER 2025

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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