Lots of IPOs as Arabian Mills + MC4 inch closer to Tadawul debuts

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Diriyah closes USD 1 bn in contracts + Aramco raises SAR 3 bn from int’l sukuk sale

Good morning, wonderful people. September is going out with a bang, giving us another busy start to the week with not one, not two, not three, but four IPO stories, in addition to the latest on Aramco’s USD-denominated sukuk sale over the weekend and USD 1 bn-worth of contracts signed at Diriyah. Let’s jump right in.

WEATHER- Riyadh’s mercury will hit a high of 39°C today and a low of 26°C. Meanwhile, Jeddah will see a high of 36°C, and a low of 28°C.

PSAs-

The next round of e-invoicing: Companies that had more than SAR 3 mn in revenues subject to VAT in 2022 or 2023 will have to integrate their e-invoicing solutions with Zatca’s Fatoora platform between 1 April and 30 June, 2025, according to the official gazette Umm Al Qura. This is the latest phase of an e-invoicing rollout that began in late 2021.

WATCH THIS SPACE-

Pakistan has secured significant financing commitments from Saudi, the UAE, and China as part of a new International Monetary Fund (IMF) program, Reuters reports, citing IMF Pakistan Mission Chief Nathan Porter. These assurances go beyond a USD 12 bn debt rollover owed to these countries by Pakistan. While details of the Kingdom’s additional contribution weren't disclosed, the new funds are part of a broader effort to stabilize Pakistan's economy.

REMEMBER- Pakistan obtained assurances from the UAE, Saudi Arabia, and China to roll over USD 12 bn in debt for a year in August. The Saudi Fund for Development had already agreed to roll over its USD 3 bn deposit in Pakistan’s Central Bank for an additional year last December.

DATA POINTS-

#1- Local poultry production rose 9% y-o-y in 1H 2024 to 558 mn kg, the Environment, Water, and Agriculture Ministry said on X.

#2- Demand for Schengen visas in Saudi Arabia increased by 23% this year, VFS Global CEO Zubin Karkaria told Asharq Al Awsat. The company offers visa and passport services at 14 locations across the Kingdom, including Riyadh, Jeddah, and Madinah.

OIL WATCH-

Ditching USD 100? The Kingdom is reportedly planning to scrap its unofficial USD 100 per barrel oil target as officials are committed to raising production by 83k bbl per month from December 2024 even if it induces a period of lower prices, the Financial Times reports, citing people it says are familiar with the matter. This comes after OPEC+ agreed earlier this month to suspend its planned 180k bpd output hike for October and November.

REMEMBER- Goldman Sachs sees crude prices reaching USD 77 per barrel in 4Q 2024, according to its recent forecast.

SOUND SMART- The government needs to sell crude at USD 100 / bbl to close its budget deficit. Scrapping the unofficial target would mean the Kingdom is prepared to tap alternative sources of funding to narrow the gap.

SPORTS-

English refs are officially benched from Saudi matches: Referees from the UK’s Premier League were blocked from officiating in Saudi and Gulf Leagues after backlash over prioritizing lucrative gigs overseas, the Daily Mail reports. The Professional Game Match Officials Limited Chief Howard Webb has now restricted their appearances to “development opportunities” for up-and-comers. The move follows backlash over ref Micheal Oliver refereeing in Saudi before a botched VAR call in the Premier League.

PIF-owned Newcastle United’s CEO Darren Eales will step down from his role after being diagnosed with chronic blood cancer, the Associated Press reports. Eales assumed the role in August 2022, following the club's acquisition by the Saudi sovereign wealth fund. He plans to remain in the role until a successor is appointed.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Cenomi.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

One story is on every front page this morning: Israel killed Hezbollah leader Hassan Nasrallah in Beirut over the weekend in an airstrike. Nasrallah, who led Hezbollah for 32 years, had been among the main targets of Israel’s bombardment of Lebanon. Israeli forces killed at least 700 people in Lebanon last week, including 50 children. At least 30k people — mainly Syrians — have crossed into Syria from Lebanon since Wednesday and more than 200k people in Lebanon have been uprooted by the attacks.

Houthis attack Israel: Yemen’s Houthis said on Friday that they had launched missile and drone attacks on the Israeli cities of Tel Aviv and Ashkelon as well as three US destroyers stationed in the Red Sea. The Israeli army said that it managed to intercept a missile fired from Yemen, but the Houthis said that their operations would not stop until Israel ceases its offensives in Gaza and Lebanon.

REGIONAL EFFORTS- Egypt continued to call for an immediate ceasefire in both Gaza and Lebanon, warning on Thursday that Israel’s practices and violations of international law threaten to plunge the region into a state of chaos.

AND IN BUSINESS NEWS- Beijing wants Chinese companies to ditch Nvidia chips: Chinese regulators are reportedly discouraging companies from purchasing US-based Nvidia’s H20 chips, in a bid to expand local chipmakers’ market share and to prepare local tech companies for more US restrictions that may be coming down the pike. The instructions have come as a guidance rather than an outright ban, as officials weigh the benefits of access to the world’s fastest chips for its burgeoning AI sector.

PLUS- HSBC to exit the South African market: HSBC will transfer its commercial and investment banking business in South Africa to local lender FirstRand as it exits the country and continues to shift its focus toward Asia, it said in a press release (pdf). Absa Bank has also been tapped to provide HSBC’s equities and securities finance clients with access to the South African market.

AND IN US ELECTIONS NEWS- Tehran comes under fire for election interference: The US Justice Department on Friday accused three members of Iran’s Islamic Revolutionary Guard Corps of hacking Donanld Trump’s election campaign, after they purportedly used fake emails to dupe Trump’s staff into clicking links that allowed the hackers to snag sensitive information like debate prep notes and VP shortlists. While the Iranian suspects are outside of US jurisdiction, Attorney General Merrick Garland emphasized the Justice Department's commitment to pursuing international cybercriminals, stating, “We will follow these people for the rest of their lives.”

CIRCLE YOUR CALENDAR-

Intersec Saudi Arabia will open its doors this Tuesday, 1 October, where experts in the security, safety and fire protection industries will convene to address the role of AI and VR in the sector. The event wraps up on Thursday, 3 October.

The Professional Fighters League’s (PFL) Battle of the Giants is coming to Riyadh on Saturday, 19 October. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women’s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

Diriyah inks USD 1 bn in contracts with unnamed Italian + French firms

The Diriyah gigaproject has inked agreements worth c. USD 1 bn with an unnamed Italian developer and a French firm, CEO Jerry Inzerillo told Reuters. Diriyah is also in talks with other foreign investors interested in equity stakes in hotels and real estate, with some already uptaking stakes in projects within Diriyah. “There's a lot of interest from America, a lot of interest from every country,” Inzerillo said, adding that Diriyah is open to collaborating with any foreign investor that can “deliver quality and stay on time.”

What we don’t know: The identities of the companies involved, the nature of the agreements signed and what projects they will cover as well as the breakdown of the USD 1 bn investment were not shared.

There has been growing interest from global investors in Diriyah as tangible progress at the site boosts confidence, Inzerillo said. Upcoming events such as Expo 2030 have also reshuffled investment priorities to the benefit of Riyadh-based projects such as Diriyah. Despite the PIF’s recent gigaproject reprioritization, Inzerillo emphasized that the pace and ambition of the gigaprojects remain intact, describing the changes as a “realignment, not a reduction.”

Plenty of financing: Located at a UNESCO World Heritage site near Riyadh, the USD 63 bn project received some SAR 20 bn from the Public Investment Fund (PIF) in 2023-2024, with SAR 12 bn in additional financing from the fund expected next year, Reuters explained.

Background: Inzerillo unveiled plans by Diriyah Gate back in February to launch 11 new tourism, entertainment, and leisure projects by year-end. In July, the Diriyah Gate Development Authority (DGDA) awarded a SAR 8 bn development contract for four luxury hotels and another SAR 7.8 bn contract for the establishment of a mixed-use district in northern Diriyah. Other recent agreements include SAR 722 mn for excavation works for a new metro line, SAR 532.1 mn for car park excavations, as well as a 72.5k tons district cooling plant.

Aramco raises USD 3 bn from USD-denominated sukuk issuance

Aramco reportedly raised USD 3 bn from its USD-denominated sukuk issuance, after closing its order book with strong demand, Reuters and Bloomberg reported.

High demand = tighter pricing: The oil giant reeled in some USD 22 bn of orders for the Shariah-compliant bond sale, which included two equal tranches of five- and 10-year tenors. Pricing for both notes was tightened by 35 bps on the back of strong demand, leaving the shorter tranche at 85 bps above US treasuries and the longer one at 100 bps above the benchmark.

This is the second time Aramco taps international debt markets this year: Aramco closed its first bond sale in three years in July, raising USD 6 bn from the sale of USD-denominated 10-year, 30-year, and 40-year senior unsecured notes. The offering was 6x oversubscribed. The rise in Aramco’s borrowing activity this year comes as the company’s dividend payments grew above its freecash flow in 1H 2024 amid a weaker outlook for oil revenue, Abu Dhabi Commercial Bank’s Chief Economist Monica Malik told Reuters.

IN CONTEXT- The government counts on Aramco dividends to bridge budget deficit and to finance its diversification away from oil, with the latter accounting for some 67% of government revenues at present. The company’s dividends pushed SAMA’s foreign reserves to an 18-month high of SAR 1.67 tn in May. Saudi Arabia’s government owns 97% of Aramco.

ADVISORS- Al Rajhi Capital, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JPMorgan, KFH Capital, and Standard Chartered, among other GCC-based banks, acted as active joint bookrunners for the issuance.

Arabian Mills retail subscription was 9.2x oversubscribed, with share allotments finalized on Thursday

The retail component of Arabian Mills’ IPO on Tadawul’s main market was 9.2x oversubscribed, the company said in a press release (pdf). Some 264k individual investors logged orders worth SAR 930.6 mn for the 1.5 mn shares allotted for the tranche that represents 10% of the total offering. The subscription period for retail investors ran from Wednesday-Thursday, 18-19 September and Arabian Mills finalized the allotment of shares for the offering last.

Retail investors received a minimum allocation of five shares apiece, while the remaining shares were distributed pro-rata based on demand at an average allocation factor of 1.7%.

REMEMBER- Arabian Mills’ institutional offering sold out within hours of opening earlier this month and closed 132x oversubscribed, with bookbuilding raking in a total of SAR 134.1 bn in orders from local and international investors. The company is offering a 30% stake on Tadawul’s main market in a secondary share sale, with the IPO priced at SAR 66 per share.

Market cap + proceeds: The pricing gives the company a market cap of SAR 3.4 bn at listing, generating c. USD 1 bn in proceeds. Proceeds from the offering will be distributed among selling shareholders in proportion to the number of shares each sells, after deducting estimated offering expenses of SAR 33 mn which will be borne by the selling shareholders.

ADVISORS- Our friends at HSBC Saudi Arabia are acting as the sole financial advisor, global coordinator, bookrunner, underwriter, and lead manager on the transaction, while Baker McKenzie is counsel, PwC is financial due diligence advisor, EY is auditor, and Euromonitor International is market consultant. Meanwhile, Alrajhi Bank, Saudi Awwal Bank, and Banque Saudi Fransi are the receiving agents.

Fourth Milling Company prices IPO at top of range at SAR 5.30 a piece

Fourth Milling Company (MC4) set its final IPO price at the top of its initial price range at SAR 5.30 per share, with the offering’s institutional tranche 119x oversubscribed after receiving SAR 102.2 bn in orders, according to a press release (pdf). The pricing gives the company a market cap of SAR 2.9 bn at listing and will see it raise some SAR 858.6 mn in IPO proceeds, the statement said. The story was picked up by Reuters.

REMEMBER- The company is taking a 30% stake (162 mn shares) to Tadawul’s main market in a secondary share sale. MC4 is currently 100% owned by Allana International, Abdullah AlOthaim Markets and United Feed Manufacturing, with each holding equal shares. Their post-IPO holding will settle at a combined 70% stake.

Use of proceeds + lockup: Proceeds from the sale will go directly to the selling shareholders, after some SAR 23 mn are used to cover IPO-related expenses, according to the prospectus. They will not be able to sell down their positions for a period of six months starting from the first day of trading.

What’s next? The subscription period for the retail portion of the offering kicks off this Wednesday, 2 October and runs for two days. Retail investors may receive up to 20% (32.4 mn) of the shares on offer if there is sufficient demand, with a maximum subscription limit of 250k shares and a minimum of 10 shares per investor. The final allocation of shares will take place on Sunday, 6 October and excess subscription fees are set to be refunded by Wednesday, 9 October.

ADVISORS- Riyad Capital is quarterbacking the transaction as lead manager, financial advisor, book-runner and underwriter, with Baker Mckenzie providing counsel to the issuer. PwC is financial due diligence advisor, Euromonitor International was tapped as market study consultant, and EY is auditor. Riyad Bank and Arab National Bank are receiving agents. Meanwhile, Khoshaim & Associates is counsel to Riyad Capital.

Shalfa plans to sell 15% stake in Nomu IPO after securing CMA approval in June

Shalfa Facilities Management is planning to offer a 15% stake in an IPO on the Nomu parallel market, according to the offering’s prospectus (pdf). The Riyadh-based waste management company lined up the Capital Market Authority’s approval for the move in June.

This is a secondary share sale: The offered shares will be sold by the three substantial shareholders — Mohamed Abdullah Ibrahim, Abdullah Mohamed Ibrahim, and Fahd Mohamed Ibrahim — who each own a third of the company’s 4.2 mn shares. The trio will see their collective stake reduced to 85% post-IPO, with each partner holding 28.3% of the company.

Subscription details and timeline: Qualified investors can put down orders for the IPO between Sunday, 20 October to Monday, 28 October, with the final allocation set for Thursday, 31 October. Any excess subscription fees will be refunded by Monday, 4 November. Investors can book a maximum of 210k shares and a minimum 10 shares a piece. The exact trading date will be announced at a later time.

Use of proceeds + lock-up period: Proceeds from the sale will go directly to the selling shareholders, after some SAR 2.5 mn are used to cover IPO-related expenses. Major shareholders are restricted from selling their shareholdings for a 12-month period beginning with the start of trading.

About Shalfa: Founded in 2008 in Riyadh, Shalfa specializes in facility management solutions, environmental services, project management, and related commercial activities. The company's operations include a wide range of services, such as running wastewater treatment networks and facilities, municipal waste and recycling material collection, transportation of hazardous and municipal waste, hazardous waste treatment and disposal, building maintenance, cleaning services, and road cleaning.

ADVISORS- Value Capital is the financial advisor and lead manager for the IPO. The receiving agents are Al Rajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, Alistithmar Capital, Alinma Investment, AlJazira Capital, ANB Capital, SAB Invest, Derayah Financial, Saudi Fransi Capital, Alkhabeer Capital, Yaqeen Capital, and Sahm Capital.

Purity Tech is taking a 20% stake to market after lining up CMA approval in June

Naqawa for Information Technology (PurityTech) is taking a 25% stake public in an IPO on Tadawul’s parallel market Nomu, Argaam reports, citing an IPO prospectus. The stake is equivalent to 3 mn ordinary shares. Purity Tech lined up Capital Market Authority approval for the move back in June.

The timeline: The institutional tranche of Purity Tech’s IPO runs between Wednesday-Tuesday, 16-22 October, with investors allowed to subscribe to a minimum of 100 shares and a maximum of 749.9k shares. The final allocation is slated for Sunday, 27 October, with excess funds set to be refunded by Tuesday, 29 October.

About Purity Tech: The Riyadh-based IT company offers a wide range of services including custom software design, web hosting, managed and cloud services, while also investing in venture capital. The outfit also specializes in the sale and maintenance of computer hardware, with partners including the likes of Dell Technologies, Microsoft, Oracle and Amazon AWS, according to its webpage.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager. Receiving agents include Al Rajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, Alistithmar Capital, Alinma Investment, AlJazira Capital, ANB Capital, SAB Invest, Derayah Financial, BSF Capital, and Alkhabeer Capital.

Individuals with disabilities now have a committee for their protection

The government formed a committee to safeguard the rights of individuals with disabilities, following last week’s cabinet approval, according to a statement. The rules were set in place to ensure fairness and transparency. The committee is responsible for investigating violations of disability laws and deciding on the appropriate penalties for those violations. These rules are now in effect.

The structure: The committee comprises three main members — appointed by a governing board — plus one reserve member with legal or religious expertise. These members serve three-year renewable terms.

Committee responsibilities: The committee reviews violations and makes decisions by majority vote, notifying offenders either electronically or in writing. Violations are submitted by the relevant authority using a specific form and are officially recorded once all necessary documentation is complete. The committee will only consider cases that include all required documents and information about the violator's location. Decisions can be appealed in court, but remain in effect unless overturned. Penalties are enforced based on the severity of each offense and repeat violations are investigated.

Confidentiality is critical: Members must keep case details private, even after leaving the committee. Former members are also prohibited from using any information obtained during their term after it ends. Members and the secretary must retain all documents, whether manual or electronic and return them after use, unless they are part of a decision that must be documented.

DIG DEEPER- Violations of the rights of people with disabilities are outlined in Article 21 of the Rights of Persons with Disabilities System here.

IN OTHER LEGISLATION NEWS-

The Transport General Authority adds 60-day appeal period for car rental violations: A party that has been found in violation of the car rental terms and conditions will now have a 60-day period after they were notified to file an appeal with the authority’s administrative court, according to the official gazette Umm Al Qura. The new regulations went into effect when they were published to the gazette, canceling any previous rulings that conflict with the updated version.

Mila Celebrations raises USD 227k in pre-seed round led by unidentified angel investors

Homegrown event planner Mila Celebrations raised USD 227k in a pre-seed funding round led by unnamed angel investors, according to a press release.

Proceeds from the round are earmarked to finance the startup’s expansion into the broader GCC market. The funds will also be applied towards improving Mila’s app, boosting offerings, and extending into untapped event segments such as corporate events.

About Mila: Founded in 2024 by Muhammad Ghourbal (Linkedin), the digital event planning platform provides seamless solutions covering everything from decor, to catering and photography. Mila has organized some 1k events across the Kingdom, including weddings, birthdays, and graduations. Clients spend an average of SAR 3k for birthday events via Mila, with spending for weddings regularly exceeding SAR 200k.

More on Saudi Arabia’s event planning scene: The event market in the Kingdom exceeds SAR 50 bn annually, with high expenditures being commonplace due to the cultural significance of family events, according to the press release. Per capita wedding expenditure in Saudi Arabia is among the world’s highest.

IN OTHER STARTUP NEWS-

Texas-based off-gas-to-value startup Utility Global secured a follow-on investment from Aramco Ventures in an ongoing series C round, according to a press release. The details of Aramco Ventures’ contribution to the round remain unclear. The round — which has so far raised USD 53 mn — is led by Canada’s OPG Pension Plan and steel gant ArcelorMittal. The firm first drew Aramco’s interest in a USD 25 mn series B round in 2022.

Use of proceeds: Utility Global plans to use the cashflow infusion to accelerate the commercial rollout of its patented eXERO tech after successful tests. The technology is designed to cut greenhouse gas emissions in hard-to-abate industries such as steelmaking.

GlobE Network gets new Saudi president + Saudi Arbitration Centers appoints chairman, deputy chairman

GlobE Network taps Nazaha official as president: Nasser Abaalkhail (LinkedIn), deputy of the Saudi Oversight and Anti-Corruption Authority’s (Nazaha) International Collaboration unit, has been unanimously elected as chair of the UN-adopted Global Operational Network of Anti-Corruption Law Enforcement Agencies (GlobE Network), the authority said in a post on X. Abaalkhail will hold the position from 2025-2027.

The Permanent Committee of Saudi Arbitration Centers has appointed Ali Jaber Al Mashnawi as chairman and Hassan Mohammed Al Wafi as deputy chairman, according to state news agency SPA. Al Mashnawi and Al Wafi are recognized legal experts with extensive experience in commercial arbitration. The committee was established in 2016.

Tabuk board signs off on offloading its stake in Masader Agricultural Feed Mill

M&A WATCH-

Tabuk Agricultural Development Company received board approval for selling its entire 60% stake in Masader Agricultural Feed Mill to an individual investor for SAR 7 mn, according to a filing to the exchange. The transaction aims to halt ongoing losses, which amount to SAR 4 mn a year on average. The sale is expected to add SAR 9.6 mn to the company’s bottom line.

Not the first attempt: Last year, Tabuk’s shareholders rejected two proposals to sell the stake for SAR 8 mn due to challenges in transferring the ownership of the company’s factory.

REAL ESTATE

Magnom Properties eyes Egypt’s Ras El Hekma: Rawabi Holding Group subsidiary Magnom Properties is interested in investing in Egypt’s Ras El Hekma, CIO Ahmed Kassem told Al Arabiya. Magnom is currently building the Forbes International Tower in the country’s new administrative capital, which it said will be the world’s first zero-carbon emission tower, and plans to replicate the project in Saudi and UAE as part of a plan to invest USD 5 bn across the region, Magnom’s CEO Maged Marie told Al Arabiya last week.

ENTERTAINMENT-

A unified online platform for private sector entertainment in the works: The National Committee for Entertainment will work on launching a unified platform that will list all services and events offered by private sector entertainment companies, according to a post on X from the Federation of Saudi Chambers of Commerce.

HOSPITALITY-

US-based hotel management firm Valor Hospitality Partners launched its business in Saudi, it said in a press release. This marks Valor’s second foray into the Middle East after Dubai.

BUSINESS-

US-based advisory firm PJT Partners plans to expand its Saudi team in Riyadh following the acquisition of Dubai-based deNovo Partners, the company’s founder Paul Taubman told Bloomberg in an interview (watch, runtime, 6:13). DeNovo Partners has recently secured a license to operate in the Kingdom as more Wall Street banks seek to advise on the PIF’s overseas acquisitions and local companies going public.

FINTECH-

Banaa Al Tharawat for Investment received a fintech permit from the Capital Market Authority to test its platform for investment and real estate funds distribution, the authority said in a statement.

AVIATION-

Bahrain’s flag carrier Gulf Air will bring its services to Saudi travel booking platform Almatar under a recent partnership, according to a press release.

M&As are up this year despite headwinds and heightened regulatory scrutiny

The volume of global M&A transactions rose 14% y-o-y to USD 846.8 bn by 25 September, signaling persistent appetite despite market headwinds, Reuters reports, citing Dealogic data.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

What the data shows: US M&A activity took a hit, dropping 8% y-o-y to USD 338 bn, largely due to regulatory scrutiny, market volatility, and high interest rates. Asia-Pacific led the charge with a 54% y-o-y surge in transaction volume to USD 273 bn, while Europe posted a 7% y-o-y increase, reaching USD 160 bn, the data showed.

Regulatory pressures put a damper on megadeals this year: Tougher antitrust scrutiny stalled megadeals surpassing USD 25 bn, with no transactions over USD 50 bn signed this year, according to the newswire. Increased scrutiny from antitrust watchdogs is partly to blame, analysts say.

The number of mid-sized M&A transactions increased 27% y-o-y, with 12 transactions ranging from USD 5 bn to USD 10 bn taking place so far this year, up from 10 in the same period last year, according to the data.

The biggest M&A transactions this year: Mars ’ USD 36 bn acquisition of snack-maker Kellanova, Blackstone ’s USD 16 bn buyout of AirTrunk, and Verizon ’s USD 9.6 bn purchase of Frontier Communications topped 3Q 2024’s largest transactions so far.

A slowdown in 4Q? Investors are expecting transactions to slow down ahead of the upcoming US elections, though analysts expect them to rebound early in 2025 as the US Federal Reserve’s interest rate cuts give a boost to the economy.

TASI	12,374	+0.3% (YTD: +3.4%)
MSCI Tadawul 30	1,549	+0.2% (YTD: -0.1%)
NomuC	25,527	-0.5% (YTD: +4.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	31,277	+0.1% (YTD: +25.6%)
ADX	9,469	-0.5% (YTD: -1.1%)
DFM	4,521	-0.1% (YTD: +11.4%)
S&P 500	5,738	-0.1% (YTD: +20.3%)
FTSE 100	8,321	+0.4% (YTD: +7.6%)
Euro Stoxx 50	5,067	+0.7% (YTD: +12.1%)
Brent crude	USD 71.98	+0.5%
Natural gas (Nymex)	USD 2.90	+5.4%
Gold	USD 2,668	-1.0%
BTC	USD 65,644	-0.3% (YTD: +55.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% on Thursday on turnover of SAR 8.3 bn. The index is up 3.4% YTD.

In the green: Arab Sea (+9.9%), Batic (+8.5%) and Alistithmar Reit (+7.8%).

In the red: Aljazira Reit (-3.2%), Red Sea (-3.0%) and SPM (-2.2%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% on Thursday on turnover of SAR 37.3 mn. The index is up 4.1% YTD.

In the green: Edarat (+7.6%), Apico (+7.5%) and Naas Petrol (+6.3%).

In the red: AlMohafaza for Education (-8.1%), Ghida AlSultan (-6.5%) and Mobi Industry (-5.5%)

CORPORATE ACTIONS-

BinDawood’s board of directors signed off on appointing SNB Capital as a market maker for its shares, it said in a disclosure to Tadawul. This is still subject to regulatory approvals, with the appointment set to run for 12 months from when the agreement is finalized.

Savola Group’s board is seeking to reduce the company’s capital by 73.5% to SAR 3 bn by canceling 834 mn shares and distributing the company's stake in Almarai to eligible shareholders, based on the market value of Almarai shares on the distribution date, it said in disclosures to Tadawul here and here. The reduction is intended to optimize Savola’s capital structure, as the capital is deemed excessive for current needs. Riyad Capital has been appointed as the financial advisor.

Pending approvals: The creditors’ objection period opened Thursday, 26 September and will conclude on Sunday, 10 November, it said in a third statement. Creditors may object by sending a registered letter with supporting documents to the company. The move is also subject to the approval of the Capital Market Authority the General Assembly, which will occur after the objection period concludes.

Saudi forms alliance for Palestinian state

The Kingdom has set up a global alliance dedicated to the implementation of a Palestinian state, Foreign Minister Faisal bin Farhan revealed on the sidelines of the 79th session of the United Nations General Assembly in New York, state news agency SPA reported. The coalition is made up of unnamed Arab and Muslim countries, alongside European partners. The story was also picked up by Reuters.

The pressure is building: Norway’s Minister of Foreign Affairs referred to a “growing consensus” in the West and in the international community on the necessity of establishing a Palestinian state, and that a “new approach” has to be taken to that end after decades of futile negotiations, he told The Associated Press. The coalition is set to meet first in Riyadh and Brussels, European Commission Vice President and the EU’s foreign policy chief Josep Borell said on X.

Saudi and Tajik officials have inked an MoU to waive short-term visas for diplomats and special passport holders, during the UN General Assembly in New York, state news agency SPA reports. The agreement provides for mutual visa exemptions, but the specific types of passports differ. Saudi nationals holding diplomatic and special passports will be exempt from short-term residence visas, while Tajik nationals with diplomatic and service passports are granted the same exemption. The move builds on an earlier agreement between the pair to eliminate visa requirements for all Saudi citizens back in 2022.

CALENDAR

SEPTEMBER

29 September-1 October (Sunday-Tuesday): Jeddah Construct Expo, Jeddah.

29 September (Sunday): Start of Digital Chip Design Technologies training program.

OCTOBER

1 October (Tuesday): MEPRA KSA Leadership Majlis, Madareem Crown Hotel, Riyadh

1-3 October (Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

12 October (Saturday): Riyadh Season.

12 October (Saturday): Shakur Stevenson x Joe Cordina, Riyadh.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah.

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

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

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

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

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

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

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

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

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

DECEMBER

1 December (Sunday): Opec+ to meet.

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

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

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

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

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

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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): Sustainability Forum Middle East, Riyadh.

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

FEBRUARY 2025

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

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

Sections

About

Privacy & Support

Get EnterpriseAM daily