More GDP + IPO growth in 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Future Minerals Forum kicks off today

Good morning, wonderful people. It’s a somewhat busy day here in the Kingdom, led in large part by capital markets and forward-looking views on the Saudi economy. Expectations on non-oil GDP growth and the IPO pipeline lead this morning’s news well, with twin forecasts from Al Rajhi Capital and Century Financial.

HAPPENING TODAY-

The Future Minerals Forum kicks off in just a couple of hours at Riyadh’s King Abdulaziz International Conference Center. The highly-anticipated event is set to host some 14k participants from over 178 countries, bringing together government officials, senior execs, industry experts, investors, and other stakeholders to hold discussions on sustainability, advanced technologies, and mining value chains. The event will run until Thursday, 16 January.

AND- The forum will feature an invite-only ministerial roundtable and a mineral exploration hub, where discussions on mining and development trends will take place. You can find out more from the event’s detailed brochure (pdf).

WEATHER- Another chilly day in Riyadh, with a high of 18°C and a low of 7°C. In Makkah, temperatures will peak at 32°C before dipping to 17°C. Meanwhile, Jeddah will get a high of 32°C and a low of 22°C.

PSAs-

The new regulations for joint Saudi-Foreign business councils and customs consulting profession licensing controls are up for public discussion on Istitlaa, along with proposed regulations, the National Competitiveness Center said in a post on X.

WATCH THIS SPACE-

#1- Riyad Capital IPO moving forward? PIF-backed lender Riyad Bank has reportedly tapped JPMorgan Chase to work on the IPO of its investment banking arm Riyad Capital, Bloomberg Law reports, citing people with knowledge of the matter. The PIF owns a 21.8% stake in Riyad Bank, while the government holds a 10.4% stake.

Riyad Capital could go public “as early as mid-2025” and the firm could be valued at USD 2.5 bn at the time of the transaction, although the size, value, and exact timeline of the IPO remain undecided.

The first spin-off of its kind: An IPO would see Riyad Capital operate as a distinct unit from its parent company, making Riyad Bank the first local lender to spin-off its investment banking unit. Riyad Bank first disclosed its plans for the IPO last April.

#2- The Kingdom is getting ready to enrich, sell uranium: Saudi Arabia is looking to monetize all of its mineral resources, including uranium, and eventually expand its nuclear program to include the radioactive heavy metal, Energy Minister Prince Abdulaziz bin Salman said at a conference in Dharan, according to Reuters. “We will enrich it, we will sell it and we will do a ‘yellowcake,’” he said. Enriching uranium for nuclear power comes as the government looks to diversify its energy mix.

SOUND SMART- In industry speak, yellowcake refers to a powdered concentrate of uranium ore, which is used to prepare uranium fuel for nuclear reactors used in power generation.

REMEMBER- The Kingdom submitted a request to the International Atomic Energy Agency back in September 2024 to implement a stricter nuclear oversight program — the Comprehensive Safeguards Agreement — allowing for more thorough inspections into domestic nuclear facilities to ensure they are used only for peaceful purposes.

#3- Ma’aden and Alba scrap merger talks: Saudi Arabian Mining Company (Ma’aden) and Aluminum Bahrain (Alba) have terminated discussions on a potential merger via share swap after kicking off due diligence in November, Ma’aden said in a filing to Tadawul. No reason was provided for the discontinuation of discussions.

Background: The now-terminated transaction would have seen Ma’aden swapping stakes in its subsidiaries — Ma’aden Aluminium Company, Ma’aden Bauxite and Alumina Company, and related marketing rights— for new shares in Alba amounting to a 51% stake. The story also got ink in Bloomberg.

Still going ahead: Ma’aden inked a separate share purchase agreement in September to acquire Sabic’s entire 20.6% stake in the Bahraini aluminium smelter.

#4- France’s Engie SA is gearing up to compete in Saudi Arabia’s sixth round of renewable energy tenders, in a bid to secure four solar projects with a combined capacity of 3 GW, as well as wind projects totaling 1.5 GW, Engie’s MD Francois Xavier Boul tells Bloomberg. Despite Engie already operating in the Gulf, it faced “aggressive” competition, recently losing a bid last year for 3.7 GW solar contracts in Saudi Arabia. The utility firm is also looking to expand its footprint in the UAE and Egypt, it added.

#5- Saudi Arabia is expected to add 4-5 mn sq ft of office space to its commercial real estate sector in 2H 2025 to meet growing demand, CBRE Head of Consulting for Saudi Arabia Elias Bou Habib told Bloomberg (watch, runtime: 5:48). Despite the anticipated influx of new office space, demand and rental prices are expected to remain robust.

IN CONTEXT- Business relocations to Saudi regional headquarters have spiked office space demand, resulting in 98% occupancy rates and driving rents up 20% on an annual basis, Habib said. Riyadh saw a 31% increase in real estate transactions in 2024, with villa prices up 5% and apartment prices rising 4%, driven by population growth and an influx of expatriates, he added.

#6- Saudi Arabia is among 120 countries that will be affected by new rules limiting US exports of AI chips, Reuters reports. The limits will also apply to the UAE, Israel, Singapore, and several others, while arms-embargoed countries — such as Russia and China — are now banned from receiving any chips at all. Some 18 countries — including the UK, the Netherlands, Japan, and South Korea — are exempt from these restrictions

#7- Yanbu and Riyadh Cement project production cost hikes as fuel prices go up: Yanbu Cement estimated that Aramco’s latest fuel hike will drive a 10% increase to its production cost, while Riyadh Cement estimated a 9.6% increase, according to separate disclosures to Tadawul (here and here).

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THE BIG STORY ABROAD-

Gaza ceasefire breakthrough? Israel-Hamas ceasefire talks in Doha are nearing fruition, officials involved with the talks say, with US President Joe Biden saying they are “on the brink” of a breakthrough. A draft agreement for the exchange of prisoners and the gradual withdrawal of Israeli troops from Gaza was presented to both sides yesterday, with another round of talks taking place today in Doha. Officials from both sides have confirmed that talks are progressing well. (Bloomberg | Reuters | FT | Semafor)

The goal is now to reach an agreement before US president-elect Donald Trump’s inauguration next week, officials said. Vice President-elect JD Vance said he hopes an agreement could be struck toward the final days of Biden’s administration.

Meanwhile, the US’ new AI export caps are getting plenty of attention: The US imposed export controls on chips used for AI, giving 20 close allies access to chips and restricting access to 120 countries, including China, Iran, and Russia.

The semiconductor industry is not happy with the new export control regime, and neither is the EU. The European Commission said it is “concerned” about the new measures, while industry leaders like Nvidia criticized the move as potentially harmful to “America’s global competitiveness.” (FT | Reuters | WSJ)

Also getting attention:

Los Angeles is bracing for “hurricane-level” winds threatening to trigger more wildfires, with a red flag warning out on three areas across Los Angeles and Ventura. (NYT | Reuters | FT)
International Court of Justice President Nawaf Salam was appointed Lebanon’s prime minister after securing the majority of votes from the parliament, in another blow to Hezbollah, which was backing caretaker PM Najib Mikati to stay in the role. (FT | Reuters)

CIRCLE YOUR CALENDAR-

#1- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#2- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#3- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.

#4- The UFC returns to the Kingdom on 1 February, kicking off its 2025 collaboration with Riyadh Season, according to Forbes. The main event will see former middleweight champion Israel Adesanya face Nassourdine Imavov. Adesanya, on a two-fight losing streak, needs a win to remain in title contention, while Imavov enters with a four-fight winning streak.The co-main event will see Shara Magomedov square off with Michael “Venom” Page. The card also includes several ranked fighters, with matchups spanning multiple divisions. Full card here.

#5- The Formula One 2025 Saudi Arabian Grand Prix will kick off on 20 April, featuring 50 laps at the 6.174-km Jeddah Corniche Circuit. Tickets are available here.

Non-oil economy + capital markets set for more growth in 2025

Saudi’s non-oil GDP is expected to grow 4.6% in 2025, on the back of investments in megaprojects and infrastructure and positive private sector sentiment, Al Rajhi Capital said in its 2025 Saudi Market Outlook (pdf). The report expects GDP growth to come in at 4.3% in 2026. Meanwhile, inflation is expected to remain stable at 2.1% in 2025 before cooling slightly to 2.0% in 2026.

Where things stand now: The latest data indicates that the economy grew a 4.3%clip in 3Q 2024 , breaking a four-quarter long downward trend, which saw GDP shrink 0.3% y-o-y in 2Q 2024. The Finance Ministry recently downgraded its 2024 growth forecast to 0.8% down from its initial forecast of 4.4%.

Al Rajhi’s sectors to watch: Al Rajhi pegs banking, healthcare, ins., IT, and rental and tourism as attractive sectors for investment in 2025. On the other hand, petrochems, telecom, pharma, and retail have been relegated to the neutral zone.

The global picture: Global economic growth is expected to remain stable at 3.2% in FY 2024-25, despite monetary tightening. The US is expected to lead global economic growth, while the Eurozone is anticipated to hit challenges on the back of stagnation and weak growth in powerhouse Germany. Global inflation is expected to continue on a downward trend, declining from 5.8% in 2024 to 4.3% in 2025 and 3.6% in 2026.

THE YEAR THAT PASSED FOR TADAWUL + NOMU-

The Tadawul All-Share Index (TASI) underperformed other EM indices in 2024, growing at 0.6% — unchanged from the year prior. The broader index’s performance was mainly due to a liquidity squeeze in 1H resulting from Aramco’s USD 11. 2 bn secondary offering. Meanwhile, falling oil prices, delayed rate cuts, and increased geopolitical tensions affected the index’s performance into the second half of the year.

Small-cap stocks rode high on IPOs: The Nomu parallel market index gained 28.3% last year, outperforming TASI for a second consecutive year as strong IPO performances drove gains. Foreign investor ownership in Nomu grew to 1.51% in 2024, up from 1.22% in 2023 while Saudi institutions’ increased their ownership to 2.87% from 1.84%.

STRONG IPO MOMENTUM AHEAD-

In 2025, IPO activity is expected to maintain the strong momentum recorded in 2024, following a slowdown in 2023, Al Rajhi Capital said. The report expects listings to pick up on Tadawul’s main and parallel markets over the next two years, with 7 approved or closed transactions, and another 97 in the pipeline. Equity markets can handle 25-30 IPOs a year in 2025 and 2026, absent major secondary offerings that consume liquidity.

Saudi Arabia topped the MENA IPO league table in 2024 with over 50 listings across Tadawul and the Nomu parallel market, Century Financial’s CIO Vijay Valecha was quoted as saying by Zawya. “With over 3.5k foreign-domiciled qualified investors now in Saudi Arabia, the market is poised to remain one of the most active and diverse in the region,” he added.

The Kingdom has already seen a strong start to 2025 with the listings of Almoosa Health and Nice One at the turn of the year. “Nice One can be considered the first Saudi unicorn, opening the door for more players to take the initiative and list,” SNB Capital’s Head of Investment Banking Zaid Ghoul told Zawya.

THE IPO PIPELINE-

The Capital Market Authority has already approved several listings, including United Carton Industries Company (UCIC), the Arabian Company for Agricultural and Industrial Investment (Entaj), Derayah Financial Company, the Al Rajhi–owned Ejada Systems, and the PIF–backed Umm Al Qura.

Other transactions in the market or expected soon:

Hotels and resorts operator Boudl has filed to go public;
Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
Aster DM Healthcare looks set to spin off its GCC assets and seek a dual listing on Tadawul and in the UAE;
Nupco — a unit of the PIF — has reportedly tapped Rothschild & Co as financial advisor for its potential Tadawul IPO;
Budget airline Flynas is reportedly looking to go public.

USD 9 bn worth of agreements signed on day one of Aramco’s IKTVA

Day one of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition kicked off yesterday with Saudi Aramco inking 145 agreements and MoUs worth USD 9 bn with local and international players, according to a statement. The new initiatives come in a bid to bolster the localization of goods and services, while increasing Saudi contributions to supply chains and promoting partnerships.

Fresh JVs and facilities:

ASMO, a joint venture between Saudi Aramco Development Company and DHL, commenced operations in Riyadh. The JV looks to enhance procurement and supply chains in the region;
Novel Non-Metallic Solutions — an Aramco and Baker Hughes JV — opened a plant at King Salman Energy Park to develop and commercialize composite products;
The NMDC Offshore fabrication yard in Ras Al Khair will offer maritime engineering, equipment, material manufacturing and fabrication services.

IN CONTEXT- What is IKTVA, anyway? The Aramco-backed program looks to achieve a 70% IKTVA localization score in a bid to build resilience in the Saudi economy while also increasing exports of locally made products and creating jobs. To date, the initiative has facilitated the establishment of 350 manufacturing plants at a combined capex exceeding USD 9 bn, producing 47 new domestic products for the chemicals, non-metallics, IT, and other sectors. Aramco's localization score rose from 35% in 2015 to 67% in 2024, with 210 new prospects identified across 12 sectors, representing an estimated USD 28 bn in per-year market size.

KUDOS- 12 companies received IKTVA excellence awards at the event, including SLB, Nesma & Partners, Arabian Drilling Company, Zahid Group, Arabian Rig Manufacturing, Excellence logging, Saudi Valves Manufacturing, Hyundai Engineering, Halliburton, Baker Hughes, Jana Marine, and Jeddah Cables, for contributions to localizing manufacturing and services, Saudization, training, R&D, supplier development, exports, and ESG.

PIF completes acquisition of Saudi Re + talks of a potential PIF investment into Dazn resurface again

The Public Investment Fund (PIF) acquired a 23.1% stake in Saudi Reins. (Saudi Re), after lining up regulatory approval, according to a press release. The move follows the wealth fund's binding agreement in July to fully subscribe to Saudi Re’s SAR 427 mn capital hike, granting the PIF a stake in the Tadawul-listed firm.

ICYMI- Saudi Re said in July that it would raise its capital by 30% to SAR 1.2 bn by issuing 26.7 mn new ordinary shares (representing 30% of current capital) at a price of SAR 10 per share to be sold to the PIF at a premium of SAR 16 apiece in a SAR 427.6 mn transaction.

Use of proceeds: The fresh funds aim to strengthen Saudi Re's financial capacity, and credit ratings and support local ins. companies in managing risks. “This investment will provide us with multiple benefits, including boosting our financial position and unlocking [potential] for expansion and growth,” said Saudi Re CEO Ahmed Al Jabr.

ADVISORS- The fund tapped GIB capital for the transaction, while Al Rajhi Capital advised Saudi Re.

IN OTHER PIF NEWS-

PIF’s sports investment arm Surj Sports Investment is reportedly in advanced talks to invest at least USD 1 bn into sports streaming service Dazn Group, Bloomberg reports, citing sources it said are familiar with the matter. An announcement might be due this month, the sources said.

REFRESHER- Negotiations between PIF and Dazn began last year, with PIF reportedly bidding to acquire a 10% stake in Dazn for USD 1 bn back in October. But the fund denied having plans to invest in Dazn.

ALSO- Surj and Dazn are reportedly planning a transaction to promote and broadcast Saudi Pro League games, the sources said.

ADVISORS- Citigroup Inc. is advising Surj, while Dazn is being advised by independent financial consultant Kacy Grine, the report reads.

A flurry of debt news from Al Rajhi + ANB + BSF

Al Rajhi Bank, Arab National Bank, and Banque Saudi Fransi (BSF) are each out with sukuk-related news this morning.

#1- Al Rajhi Bank is mulling a USD-denominated additional tier 1 (AT1) sustainable sukuk issuance, under its international borrowing program, it said in a disclosure to Tadawul. The issuance will be open to both local and international investors. Proceeds will be used to fund the bank’s general corporate purposes. The sukuk will be priced and structured based on market conditions.

SOUND SMART- AT1 bonds act as a capital cushion for banks if their capital levels fall below a certain threshold. They are seen as the riskiest debt instruments that can be issued by lenders and therefore hold a higher coupon.

ADVISORS- Our friends at HSBC and Mashreq are joint lead managers and bookrunners on the transaction, along with JPMorgan Securities, Morgan Stanley, Al Rajhi Capital, Citigroup Global, Emirates NBD, Goldman Sachs, Dubai Islamic Bank, Credit Agricole, MUFG Securities EMEA, SMBC Bank International and Standard Chartered Bank.

REMEMBER- The leading Islamic lender tapped the debt market with USD-denominated issuances twice last year — in March and May.

ARAB NATIONAL BANK-

#2- Arab National Bank (ANB) is planning to issue a SAR-denominated sukuk via private placement under its SAR 11.25 bn additional tier 1 capital sukuk program, it said in a filing to Tadawul. Proceeds will go towards supporting ANB’s capital base and covering its general corporate expenses. The size and rates for the offer, which is pending regulatory approval, will be determined based on market conditions.

ADVISORS- HSBC Saudi Arabia and ANB Capital were tapped as joint lead managers for the issuance.

BANQUE SAUDI FRANSI-

#3- Banque Saudi Fransi (BSF) is set to issue USD-denominated sukuk, after securing regulatory approval, under its shariah-compliant trust certificate issuance programme, according to a disclosure to Tadawul. The size and terms of the sukuk — which will be issued via special purpose vehicle — will be determined subject to market conditions.

ADVISORS- Our friends at HSBC were appointed as global coordinator for the issuance, while Mashreq, Abu Dhabi Commercial Bank, Citigroup Global, Crédit Agricole Corporate and Investment Bank, Emirates NBD, Goldman Sachs, the Islamic Corporation for the Development of the Private Sector, Mizuho International, SMBC Bank International, and Saudi Fransi Capital were selected as joint lead managers.

Muqawil picks Rayan Hamad Al Khuwaiter as Chairman, effective today

The National Construction and Marketing Company (Muqawil) appointed Rayan bin Hamad Al Khuwaiter (LinkedIn) as its new board chairman, effective today, following the resignation of outgoing chairman Ayman Abdullah Al Qadi, according to a disclosure to Tadawul. Al Khuwaiter has 24 years of experience in finance, governance, and strategic planning and has held leadership roles at Saudi Aramco, the Capital Market Authority, and other outfits. Al Khuwaiter’s appointment is subject to shareholder approval.

More Japanese investments in the Kingdom? + ITFC grants USD 2.75 bn in energy security, agriculture support to Bangladesh

INVESTMENT WATCH-

The Saudi Investment Marketing Authority inked an MoU with Japan’s Mizuho Bank to facilitate investment between the two countries, SPA reports. Under the agreement, the Saudi authority will support Japanese companies looking to invest in the Kingdom or looking to establish investment partnerships with Saudi counterparts.

DEBT WATCH-

Riyadh-based International Islamic Trade Finance Corporation (ITFC) will provide USD 2.75 bn to Bangladesh to support energy security and the agriculture sector in the South Asian country, state news agency SPA reports. The agreement signed with the Bangladeshi government will support the import of petroleum products, liquefied natural gas, and fertilizers. The facility will cover the period from July 2025 to June 2026, according to a press release.

Key beneficiaries include the government-run Bangladesh Petroleum Corporation, Petrobangla, and Bangladesh Agricultural Development Corporation.

This is not the first ITFC facility for Bangladesh: ITFC has so far provided more than USD 19 bn in financing to Bangladesh, according to SPA.

HOSPITALITY-

Rotana to open nine hotels in the Kingdom: Abu Dhabi-based hotel management firm Rotana is gearing up to open nine hotels in Saudi Arabia — five of which are slated for 2025 — as part of its expansion plan across the Middle East, Africa, Europe, and Turkey, according to a press release. The plan will see the company launch a total of 36 new hotels across 22 cities. Rotana also said it plans to double its room count in the Kingdom to 6k over the next three years.

REAL ESTATE-

Nomu-listed View United Real Estate Development inked a SAR 164 mn contract with Al Shams Holding Company to build and sell a residential tower in Riyadh’s Al Nakheel neighborhood, according to a disclosure to Tadawul. The project is scheduled to be completed in 30 months.

TECHNOLOGY-

Honeywell launches cybersecurity center in Jubail: US-based multinational conglomerate Honeywell opened a new center at its Jubail office to provide cybersecurity solutions for companies operating in the industrial sector — including the energy, manufacturing, and utilities sectors — according to a press release.

MANUFACTURING-

Siemens Energy expanded its plant in Dammam’s 2nd Industrial City to produce gas-insulated switchgear and HL-class gas turbines, boosting the facility’s total area by 35% to 20k sqm, the Saudi Authority for Industrial Cities and Technology Zones (Modon) said in a post on X.

EM borrowers issue a record USD 57.5 bn in debt ahead of Trump administration

Emerging market borrowers issued a record USD 57.5 bn in bonds since the beginning of 2025, a 28.9% y-o-y increase from USD 44.6 bn during the same period last year, Reuters reported citing Morgan Stanley data. As borrowers rush to lock in proceeds before Trump takes charge, analysts warn that the growing appetite is at risk of a market shift.

By the numbers: Top issuers included Saudi Arabia, which sold bonds worth USD 12 bn last week, while Mexico recorded USD 8.5 bn and Chile recorded USD 3 bn in sales. Average premiums range between 0 and 10 basis points above US treasuries, with EUR-denominated bonds making a strong comeback. Sovereign borrowers, including Saudi and Indonesia, are mitigating higher yields by favoring shorter maturities over traditional 30-year bonds, the newswire said.

The drivers: This surge in borrowing is driven by fears of market volatility ahead of the second Donald Trump administration, uncertainty around the US Federal Reserve’s interest rate plans, and inflation concerns, Stefan Weiler, JPMorgan's head of CEEMEA debt capital markets, told Reuters. Emerging markets are also under pressure from USD 500 bn in short-term debt issued during covid, set to mature this year.

The trend is expected to continue: Borrowers are expected to issue another USD 30 bn in debt before 20 January, Weiler added. The trend could also continue well into 1H 2025, according to Matt Doherty, head of CEEMEA syndicate at BNP Paribas. “I wouldn't be surprised if you have another first half where we see the best part of USD 200 bn in issuance from CEEMEA,” Doherty told Reuters.

MARKETS THIS MORNING-

Asian markets are mixed in early trading, largely mirroring a mixed trading session for Wall Street yesterday that ended last night with tech stocks falling. Mainland China’s CSI 300 and the Hang Seng Index are each up 1.2% and Shanghai is similarly up 1.3%, while Japan’s Nikkei is firmly in the red so far this morning.

Futures indicate Wall Street is set to open in the green, suggesting the Dow Jones will continue rising after closing up 0.9% yesterday.

TASI	12,110	-0.1% (YTD: +0.6%)
MSCI Tadawul 30	15,110	-0.2% (YTD: 0.0%)
NomuC	31,234	+0.6% (YTD: -0.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	28,556	-2.5% (YTD: -4.0%)
ADX	9,459	-0.4% (YTD: +0.4%)
DFM	5,233	+0.1% (YTD: +1.4%)
S&P 500	5,836	+0.2% (YTD: -0.8%)
FTSE 100	8,224	-0.3% (YTD: +0.6%)
Euro Stoxx 50	4,954	-0.5% (YTD: +1.2%)
Brent crude	USD 80.90	+1.4%
Natural gas (Nymex)	USD 3.93	-1.4%
Gold	USD 2678.60	-1.3%
BTC	USD 94,307.70	-0.1% (YTD: +0.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 5.8 bn. The index is up 0.6% YTD.

In the green: Buruj (+10%), UIHC (+8%) and Gulf General (+4.4%).

In the red: Cenomi Retail (-5.6%), Jamjoom Pharma (-4.1%) and MESC (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.6% yesterday on turnover of SAR 60.1 mn. The index is down 0.8% YTD.

In the green: Multi Business (+13.6%), Alqemam (+9.3%) and First Avenue (+7.3%).

In the red: Alrazi (-10.6%), Quara (-6.3%) and Aictec (-5%)

CALENDAR

JANUARY 2025

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

13-16 January (Monday-Thursday): The Hajj Conference and Exhibition, Superdome, Jeddah.

13-16 January (Monday-Thursday): Hajj Conference and Exhibition, Superdome, Jeddah.

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

15-16 January (Wednesday-Thursday): The International Learning and Technology Conference, Effat University, Jeddah.

18 January (Saturday): Deadline for companies to amend status under the New Companies Law.

21 January (Tuesday): Data Center Nation, Mandarin Oriental Al Fasisaliah, Riyadh.

21-23 January (Tuesday-Thursday): The International Exhibition for Material Handling, Equipment, Warehouse Supplies, Forklifts & Heavy Equipment, Riyadh International Exhibition Center.

21-23 January (Tuesday-Thursday): Saudi International Exhibition for E-Marketing and E-Commerce, Riyadh International Convention and Exhibition Center.

24-25 January (Friday-Saturday): UIM E1 World Championship Jeddah, Jeddah.

25 January (Saturday): The opening of the 2025 Islamic Arts Biennale, Western Hajj Terminal of King Abdulaziz International Airport, Jeddah

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

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

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.

31 January (Friday): Deadline for businesses to update their registered customs items.

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

FEBRUARY 2025

1 February (Saturday): UFC Fight Night: Adesanya vs Imavov, The Venue, Riyadh.

2 February (Sunday): Flyadeal launches direct flights to Karachi, Pakistan, departing from Riyadh and Jeddah twice a week.

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

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

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

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.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

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

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

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

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

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

19-20 February (Wednesday-Thursday): The Capital Markets Forum, The Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

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

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH 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.

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

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

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

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

MAY 2025

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

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

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

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

JUNE 2025

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

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

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

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.

AUGUST 2025

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

SEPTEMBER 2025

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

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

NOVEMBER 2025

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

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

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

DECEMBER 2025

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

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

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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