Net FDI inflows fall in 4Q 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Opec+ to barrel ahead with more hikes?

Good morning, ladies and gents. Today’s issue has a mixed bag of news, with net foreign direct investment inflows declining in the fourth quarter of 2024. The IPO market also remains active, as Specialized Medical Company announced plans to float a 30% stake on Tadawul. Meanwhile, Sabic reported a net loss for the first quarter.

HAPPENING TODAY-

⚠️ WEATHER- It was a bit rough day out there in parts of the Northern Borders and Eastern Provinces this morning. Ongoing dust storms expected to last until about 9am, in areas including Khobar, Dammam, Qatif, Ras Tanura, Al-Ahsa, Buqayq, Jubail, Khafji, Nairyah, and Qaryat Al-Ulya. Some flights arriving overnight were diverted to Bahrain, likely because of the sandstorm.

Expect some gusty winds and really low visibility – maybe less than a kilometer – so stay safe if you're out and about. Fortunately, schools are enjoying a long weekend that is due to end today.

Riyadh is expected to see a high of 40°C and a low of 28°C today, while Jeddah’s mercury will go as high as 32°C and as low as 26°C. Meanwhile, Makkah will see a 36°C high and 24°C low.

DkhounNational Trading opened subscription yesterday for 400k shares on Nomu at SAR 121 each, representing 20% of its SAR 20 mn capital. The offering, limited to qualified investors, runs through Thursday, 8 May.

REFRESHER- Qualified investors would be able to subscribe to a minimum of 10 shares and a maximum of 100k shares, with the final allocation of the shares expected by no later than 12 May.

PSAs-

The subscription window for the May round of the government-issued retail sukuk program Sah closes tomorrow at 3pm, the National Debt Management Center said in a post on X. The instrument carries a 4.66% yield, with a minimum subscription of SAR 1k and a maximum of SAR 200k.

WATCH THIS SPACE-

Expert warns Neom’s design could disrupt local climate patterns: The Neom gigaproject’s ambitious plans — including The Line, ski fields, and islands — could disrupt local weather patterns, amplifying wind, storms, and altering rainfall, Donald Wuebbles, a climate scientist advising Neom, told the Financial Times.

That’s not all: Cement emissions and slow progress on phasing out combustion vehicles — on which Neom has commissioned academic studies — were also flagged as concerns by Wuebbles.

Leeway for treading new ground: Despite challenges, Wuebbles praised Neom’s technological ambitions, calling it a “moonshot” and highlighting its potential to offer valuable lessons and serve as a model for future sustainable cities.

IN CONTEXT- Neom is undergoing a comprehensive review under acting CEO Aiman Al Mudaifer, who was appointed in November, with sources indicating he is likely to take on the role permanently following the departure of longtime chief Nadhmi Al Nasr. This comes amid growing pressure to deliver results as Neom faces delays or downsizing amid lower oil prices and declining foreign investment. Wuebbles claimed the project has already been pushed back by six to 12 months.

Service Equipment Company’s (SEC) share price lost 10% to settle at SAR 75.60 on its Nomu debut, down from its final IPO price of SAR 84 apiece, according to market data. The auto equipment distributor took a 30% stake to the parallel market, raising SAR 60.48 mn in a secondary share sale.

DATA POINTS-

Saudi shoppers doubled down on gold jewelry purchases in 1Q 2025, up 35% y-o-y to 11.5 tons, despite the precious metal hitting a record-high of USD 3.5k per ounce during the period, according to a report (pdf) by the World Gold Council. On the investment side, demand for gold bars and coins in the Kingdom rose 15% y-o-y during the quarter to 4.4 tons.

OIL WATCH-

Opec+ to barrel ahead with hikes (unless laggards fall in line): Opec+ is expected to approve a further 411k barrels a day (bbl / d) increase for July at its June meeting, Reuters reports, citing unnamed sources. Accelerated hikes are likely through October, with a plan to unwind 2.2 mn bbl / d of voluntary cuts by November unless quota violators like Iraq and Kazakhstan improve compliance.

ICYMI- The oil group agreed on a 411k bbl / d increase for June on Saturday, following a similar hike in April. The decision marks a sharp shift from the Kingdom’s usual price-support strategy, as it reportedly signaled readiness to endure lower prices for a longer period.

IN CONTEXT- Opec+ is still holding back nearly 5 mn bbl / d from the market, with many of these cuts set to stay through 2026. Although the group originally planned to phase out 2.2 mn bbl / d of voluntary cuts by September 2026, an accelerated timeline was agreed on in April. The combination of supply hikes and US trade tensions drove oil prices down below USD 60 a barrel in April, the lowest level in four years.

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THE BIG STORY ABROAD-

It’s a quiet day in the global press, with no one story dominating the headlines.

A missile fired by Yemen’s Houthis landed near Israel’s main international airport, causing injuries and disrupting flights after defense systems failed to interrupt the attack. The group has ramped up its missile attacks recently in response to a blockade on Gaza that saw no food, fuel or medicine enter the enclave for more than 60 days.

PM Netanyahu vowed an extensive response to the Houthi attack, coinciding with wider plans by the military to call up thousands of reservists and “go deeper” into Gaza. Meanwhile, US President Trump said that Iran will be held responsible for any further attack by the militant group.

ALSO WORTH READING THIS MORNING-

The New York Times explores how Warren Buffett changed the way investors think.
The Financial Times reports Chinese exporters are shipping their goods via third countries to avoid US tariffs.
Semafor unpacks the “Trump effect” bolstering incumbent parties in elections all over the world, from Canada to Australia to Singapore.

Net FDI inflows fall 13% in y-o-y in 4Q 2024

Net inflow of foreign direct investment (FDI) in the Kingdom fell 13% y-o-y in 4Q 2024 to SAR 22.1 bn, according to the General Authority for Statistics’ (Gastat) latest FDI report (pdf). Net FDI inflow was up 26% during the quarter compared to SAR 17.5 bn in 3Q 2024,

The value of FDI inflows also declined 11% y-o-y in 4Q 2024 to SAR 23.8 bn, yet it grew 17% on a quarterly basis. Meanwhile, outflows rose 20% y-o-y during the quarter to SAR 1.8 bn, but fell 39% q-o-q.

ICYMI- Figures for 2024 have been updated from previous estimates, as part of a revision project launched early in 2024, using updated survey data and new sources, as well as a chain-linking method in line with global standards to provide more accurate real GDP growth estimates.

IN CONTEXT- The drop in net FDI comes as the Kingdom contends with softer oil export revenues, which declined USD 1.6 bn y-o-y over the first two months of 2025, according to Mees analysis. Continued downward pressure on oil prices — coinciding with Opec+ ramping up oil output — could strain public finances, with Saudi Arabia’s fiscal break-even oil price estimated at over USD 90 a barrel.

REMEMBER- FDI inflows for 2023 exceeded their target by 16%, reaching USD 25.6 bn and contributing 2.4% to the GDP. The value of the Kingdom’s announced greenfield FDI projects fell 28% y-o-y in 2024 to USD 22 bn — its third-highest level on record — with the majority of FDI coming from China, the UK, the US, and the UAE, Emirates NBD reported in March.

Specialized Medical Company to float a 30% stake on Tadawul

SMC inches closer to Tadawul IPO: Private healthcare provider Specialized Medical Company (SMC) is taking a 30% stake to Tadawul’s main market in a secondary share sale, whereby selling shareholders will rake in all of the proceeds, according to the prospectus (pdf). The move comes one month after the company lined up the Capital Market Authority’s (CMA) approval.

A two-tranche offering: Some 75 mn ordinary shares will be up for grabs in an offering open to both institutional and retail investors. Initially, 100% of the IPO will be limited to institutions, with a 20% clawback for retail investors provided there is sufficient demand.

Books open next week: Institutional bookbuilding is set to run between 11-15 May, during which institutions can book up to 12.5 mn shares each, with the minimum limit set at 100k. A two-day retail subscription window will open on Wednesday, 28 May. The final allocation is slated for Wednesday, 4 June.

Shareholders keep reins + returns: SMC’s four substantial shareholders will retain majority ownership even as they sell down their position to a combined 66% stake, down from 94.2%. They will also take home all of the proceeds from the sale, after deducting SAR 41 mn to cover IPO-related expenses.

A snapshot of its latest earnings + dividends: SMC’s bottom line grew 45% y-o-y to SAR 159 mn in 9M 2024, while its top line rose 11.9% to SAR 1.1 bn. SMC has been handing out healthy payouts, with SAR 100 mn in dividends declared for 9M 2024 — a 62.9% payout ratio.

About SMC: Founded in 1999, the Riyadh-based healthcare provider operates two hospitals and over 250 outpatient clinics, with plans to open three hospitals by 2029, expanding its bed capacity to roughly 1.3k from 600.

ADVISORS- Our friends at EFG Hermes are quarterbacking the transaction as joint financial advisors, underwriters, and bookrunners, alongside SNB Capital. SNB Capital is also serving as lead manager with White & Case providing counsel to the issuer. Receiving agents include Al Rajhi Capital, BSF Capital, Alinma Investment, and Riyad Capital, among others.

ALSO IN THE PIPELINE-

The PIF’s Saudi Global Ports tapped banks including Goldman Sachs and HSBC to arrange an upcoming IPO;
PIF-backed Tabreed District Cooling reportedly hired Citigroup and SNB Capital to manage a potential IPO;
Medical procurement firm Nupco — a unit of the PIF — tapped Rothschild & Co as financial advisor for its potential IPO;
Budget airline Flynas is reportedly looking to go public this year;
BNPL platform Tabby plans to IPO during the 2025-2026 window;
Local tech services firm Ejada Systems secured approval from the CMA to take a 45% stake to market;
Marketing Home Group got the thumbs up from the CMA to go public with a 30% stake;
Sport Clubs Company received the CMA’s approval to debut a 30% stake on Tadawul;
Ejada Systems also lined up approval from the capital markets watchdog to float a 45% stake on Tadawul.

Bloomberg also has the story.

TASI logged its biggest monthly losses this year in April

Tadawul’s benchmark index TASI logged its biggest monthly losses this year in April, closing down 2.94% at 11.67k points, according to monthly market data. Trading activity saw 6.5 bn shares exchanged across 12 mn transactions, generating a total value of nearly SAR 126 bn. TASI’s market capitalization stood at SAR 9.5 tn.

Top movers: Construction company Zamil Industrial’s share price was up 27.98%, followed by Electrical Industries Company (+17.16%). Meanwhile, Derayah’s share price fell 19.97% in April, followed by Batic (-17.14%), and real estate firm Banan (-13.93 %).

Banking and energy stocks saw the highest turnover, with Al Rajhi Bank leading the value charts (SAR 9 bn), followed by Aramco (SAR 6 bn) and Umm Al Qura for Development and Construction (SAR 4.6 bn).

MEANWHILE- Foreign investors were net sellers on Tadawul’s main market last month. International investors logged roughly SAR 1.6 bn in net sales, dragging their total ownership in Tadawul down 3.3% m-o-m to SAR 416.6 bn in April, according to the exchange’s monthly ownership and trading activity report (pdf).

Local investors took a bullish turn in April: Local investors were net buyers of Saudi equities last month, with net purchases worth nearly SAR 1.6 bn largely driven by retail investor participation. Saudi buyers still saw their ownership shedding 4.2% m-o-m to SAR 9.02 tn, compared to SAR 9.4 tn in March.

Regional investors were also bullish on Tadawul-listed stocks, recording net purchases of SAR 15 mn, despite their position losing 0.9% in value compared to March, settling at SAR 73.8 bn.

OVER ON THE PARALLEL MARKET- Local investors were the only net buyers on Nomu last month, with net purchases worth SAR 8.2 mn, while foreign investors recorded a net selling positions of SAR 8.2 mn.

National Water Company starts work on SAR 2.3 bn environmental development projects in Jeddah

The National Water Company (NWC) launched 15 environmental development projects worth over SAR 2.3 bn across Jeddah, aiming to enhance service quality and expand wastewater networks, it said in a statement.

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Areas east of Haramain Rd to get a boost: NWC is developing a SAR 915 mn airport sewage lifting station with a capacity of 611k cubic meters per day to serve the areas east of Haramain Road. A SAR 774 mn, 14-km transmission line, called the Eastern Tunnel Project, is also in the works to convey wastewater from these areas to the lifting station, benefiting 1.1 mn people in 10 neighborhoods.

PLUS- Some drainage and sewage network expansion: Ten sewage line projects are underway in the neighborhoods of Al Waha, Ash Shati, Al Nahda, and Al Zahraa, alongside two surface water drainage projects in Bahra and Al Raya, Al Musaed, and Kilo 14, with a combined investment of over SAR 620 mn, covering over 238 km. Additionally, NWC is working on subsidiary sewage lines in Al Samer 1, 2, 3, and parts of Al Samer 4, spanning 17.8 km at a cost of over SAR 54 mn.

NWC has been busy: The NWC pledged to invest EUR 200 bn by 2030 in a comprehensive water cycle infrastructure across the Kingdom. April saw the company kick off 16 water and wastewater projects across Qassim worth SAR 1.1 bn and 14 water and sanitation projects across Hail with a SAR 1.2 bn investment, as well as breaking ground on 30 new water and sewage projects valued at around SAR 2 bn across Riyadh.

S&P Global provides its two cents on Saudi banks’ external debt

Saudi banks have been racking up their external funding over the past three years as local financing sources proved to be insufficient to cover domestic demand; however, S&P Global Ratings doesn’t expect the rising external debt to “translate into significant vulnerabilities for Saudi banks,” the credit rating agency wrote in a recent report seen by EnterpriseAM.

Funding from local sources is no longer enough to meet the Kingdom’s ambitious plans as set out in the state’s Vision 2030 program, with Saudi banks having increasingly tapped international capital markets for funding. Banks’ net external asset position slipped down to a smaller surplus of SAR 34 bn by the end of 2024, S&P wrote, adding that it expects foreign liabilities to almost double by 2028. However, the agency predicts the Kingdom’s banks’ net external debt position to remain at around 4.1% of total lending by that point, which it says is a “manageable level.”

Interbank liabilities were the main contributor behind banks’ debt in 2024, accounting for 55% of the overall increase in the external gross debt last year. The remainder primarily came from issuances in international capital markets, either directly or through Saudi banks' branches operating in global liquidity centers.

Meanwhile, 59% of Saudi banks’ external debt was owed to foreign banks by the end of last year, which could pose a potential risk as these funding sources “tend to be generally shorter-term and potentially more volatile than capital market issuance.” In addition, the ratio of Saudi banks’ foreign assets to their foreign liabilities fell to 54% in 2024 from 109% in 2022 — which could, in turn, expose Saudi banks to outflows driven by foreign investors’ appetites.

BUT- S&P doesn’t see this as a major concern, citing that nearly half of the deposits come from GCC countries, where banks have plenty of liquidity.

More is being done to meet the financing needs for Vision 2030 goals: Banks have turned to mortgages as a means of creating financing headroom for the Kingdom’s Vision 2030 ambitions, with lenders shifting some assets off their balance sheets either by divest mortgages to the Saudi Real Estate Refinance Company or by using securitization to move them off their balance sheets. Mortgages made up some 23% of all loans as of 2024, according to S&P.

That’s not all that’s being done, however: The Kingdom’s banks, led by the Saudi National Bank, have reportedly been looking to begin selling non-performing loans (NPLs) through a number of securitization agreements, with the move aiming to free up room for financing the Kingdom’s gigaprojects.

Sabic posts SAR 1.2 bn loss in 1Q

SABIC-

Saudi Basic Industries Corp. (Sabic) moved into the red, reporting a net loss of SAR 1.2 bn in 1Q 2025, compared to a net income of SAR 250 mn in the same quarter a year earlier, the chemicals giant said in an earrings release (pdf). The results came short of analysts’ expectations which projected SAR 699 mn in net income. Meanwhile, revenue rose 6% y-o-y during the quarter to SAR 34.6 bn.

The drivers: The loss was driven by SAR 1.07 bn in restructuring costs, SAR 340 mn in additional operational and feedstock costs, and SAR 100 mn in costs to repair a US facility damaged by freezing, CFO Salah Al Hareky told Aleqtisadiah, adding that Sabic is seeking ins. reimbursement for the US site repair.

Restructuring and outlook: Restructuring efforts — aimed at improving long-term competitiveness — are ongoing and expected to be finalized by year-end, CEO Abdulrahman Al Fageeh confirmed in a press conference (watch, runtime: 20:35). Overcapacity remains a major challenge in the global petrochemicals sector, but that Sabic is proceeding with its sustainability-focused projects, particularly in China, Al Fageeh added.

Market reax: Sabic shares fell 2.8% on the Saudi exchange following the results. The stock is down over 10% in the year-to-date, underperforming TASI.

DR. SULAIMAN AL HABIB MEDICAL SERVICES-

Dr. Sulaiman Al Habib Medical Services Group posted a 1% y-o-y rise in net income to SAR 557 mn in 1Q 2025, with gains capped by operational costs related to new expansions, it said in a disclosure to Tadawul. The top line jumped 25.2% y-o-y to SAR 3.16 bn in the same period, steered by greater hospital patient volumes and pharmacy sales supported by recent openings in Jeddah and Riyadh.

ALSO- The group’s BoD approved a SAR 392 mn dividend distribution for 1Q 2025 at SAR 1.12 apiece, it said in a separate disclosure, setting the distribution date for 26 May.

SAUDI AUTOMOTIVE SERVICES-

Saudi Automotive Services (Sasco) saw its net income drop 59.7% y-o-y to SAR 4.28 mn in 1Q 2025, tugged down by higher sales, marketing, and financing expenses, and fair value losses on financial assets, according to an earnings release (pdf). Revenue rose 12.5% y-o-y to SAR 2.76 bn, supported by higher fuel sales and diesel prices, as well as improved performance by Palm stores and the transportation segment.

LUBEREF-

Saudi AramcoBase Oil Company (Luberef) saw its net income drop 7.3% y-o-y to SAR 221.5 mn in 1Q 2025, weighed down by lower by-products crack margins, it said in a disclosure to Tadawul. Revenue slightly slipped 2.6% y-o-y to SAR 2.1 bn over the same period on the back of weaker by-product sales despite a stronger base oil crack margins.

THE NATIONAL AGRICULTURAL DEVELOPMENT CO.-

The National Agricultural Development Company (Nadec) saw a 2.1% y-o-y increase in net income to SAR 103.4 mn in 1Q 2025, buoyed by lower general and administrative, finance, and sales costs, according to a disclosure to Tadawul. Meanwhile, revenue grew 17.9% y-o-y to SAR 1.01 bn, supported by higher sales in the agricultural, protein, and dairy and beverages segments.

DAR ALARKAN-

Dar Alarkan Real Estate reported a 36.3% y-o-y rise in net income to SAR 209.3 mn in 1Q 2025, driven by an increase in lease revenue, lower finance costs, and gains from Islamic murabaha deposits, according to a disclosure to Tadawul. Meanwhile, revenue climbed 7.8% y-o-y to SAR 932 mn during the same period, buoyed by higher property sales.

MOUWASAT MEDICAL SERVICES-

Mouwasat Medical Services’ net income climbed 14.8% y-o-y to SAR 197.1 mn in 1Q 2025, supported by revenue growth, higher other income, lower impairment provisions, reduced financing costs, and lower Zakat expenses, it said in a disclosure to Tadawul. Revenues also grew 5.8% y-o-y to SAR 764.4 mn, driven by higher outpatient visits, stronger inpatient occupancy, and continued benefits from improved client contracts.

EASTERN PROVINCE CEMENT-

Eastern Province Cement’s net income shrunk 21.5% y-o-y to SAR 62 mn, on weaker precast sales, lower investment income, an impairment loss, and higher expenses, it said in a disclosure to Tadawul. Its topline inched down 2.3% y-o-y to SAR 299 mn on the back of weaker precast sales.

CITY CEMENT-

City Cement posted a net income of SAR 51.5 mn in 1Q 2025, up 23.9% y-o-y, while revenue rose 24.6% y-o-y to SAR 149.3 mn, both driven by higher sales volume and value, it said in a disclosure to Tadawul.

Saudi Fisheries appoints Riyan Al Mansour as CEO

Tadawul-listed Saudi Fisheries’ (Sfico) board tapped Riyan Al Mansour (LinkedIn) as its new CEO, succeeding Mahmoud Abdul Hay Abu Aqeel, the company’s CFO, who had been filling in as acting CEO, according to a disclosure to Tadawul. Al Mansour brings over 20 years of experience in executive roles across the industrial, investment, and food sectors, having previously served as CEO of Wafrah, Riyadh Food Industries, and Unaizah Investment.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

EVIQ to roll out EV charging solutions for Lotus owners. PLUS: Riyadh Season signs up top Youtuber MrBeast

EVIQ to roll out EV charging solutions for Lotus owners under a freshly formed partnership: The Electric Vehicle Infrastructure Company (EVIQ) — the JV between the PIF and the Saudi Electricity Company — has partnered with luxury car maker Lotus, via its distributor Al Walan Trading, to enhance EV infrastructure for Lotus owners, according to a press release.

The agreement will see EVIQ install dedicated charging stations at Lotus showrooms, provide home chargers with Lotus vehicle purchases, integrate services with Lotus apps, and launch EV awareness campaigns across the Kingdom.

EVIQ in the fast lane: Last month EVIQ, Mercedes-Benz KSA, and Juffali Automotive Company partnered to develop a high-speed EV charging network across the country and raise public awareness about electric vehicles. This adds to many partnerships by EVIQ with Ceer, Sasco, Lucid, BYD, and Zeekr to develop EV infrastructure in the Kingdom. EVIQ opened its first fast EV charging station in Riyadh in January 2024 and plans to deploy over 5k chargers across the country by 2030.

ENTERTAINMENT-

Riyadh Season signed YouTuber MrBeast for its 2025 edition, according to a Facebook post from the General Entertainment Authority Chairman Turki Al Alshikh. Under the contract, MrBeast will produce exclusive content, introduce his MrBeast Park and challenges to the Kingdom, and join the season’s opening ceremony.

MrBeast is YouTube’s most-subscribed creator, known for organizing complex challenges and charitable initiatives, with 390 mn subscribers as of May 2025.

ADVERTISING-

Arabian Contracting Services lands SAR 309.6 mn Jeddah billboard agreement: Arabian Contracting Services’ subsidiary Faden Media signed a SAR 309.6 mn, seven-year contract with the Jeddah Municipality to establish, operate, and maintain 15 advertising billboards on major roads in Jeddah, according to a disclosure to Tadawul. The contract includes a 4.2-month preparation period.

AND- Arabian Contracting Services inked another agreement with the Royal Commission for Riyadh City to lease the internal advertising spaces within the King Abdulaziz Public Transport Project, covering trains and buses, it said in a separate disclosure. The contract, valued at SAR 563.2 mn, spans 10 years and includes some 3.7k billboards.

INS.-

Al Etihad Cooperative Ins. maintained its A3 Ins. Financial Strength Rating (IFSR) by Moody’s, with a stable outlook, it said in a disclosure to Tadawul. The rating reflects the company’s strong market position, solid asset quality, robust capital adequacy, and consistent profitability, including a 7.7% five-year average return on capital and a 95.2% combined ratio, the credit rating agency said.

Supporters of Lebanon’s IMF-backed banking sector reforms face media attacks

Fierce backlash is mounting in Lebanon against IMF-sponsored banking sector reforms, with civil society groups, independent media, and reformist policymakers allegedly being targeted in what the IMF says is a coordinated campaign that would undermine progress on financial and political changes, the Financial Times writes. The alleged smear campaign — reportedly promulgated by some in the banking sector, according to media watchdog Samir Kassir Foundation head Ayman Mhanna — is the result of mounting pressure on the newly formed Lebanese government to enact long-delayed reforms aimed at restructuring the banking sector and unlocking an IMF rescue package.

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

What’s behind the backlash? The IMF’s conditions — which include lifting banking secrecy, restructuring the financial system, and addressing more than USD 70 bn in post-crisis losses since 2019 — would force banks and their political allies to disclose sensitive financial data and shoulder a portion of the losses.

Despite pressure from the media, the Lebanese parliament was able to amend the country’s banking secrecy law to allow broader access to historical financial records. Prime Minister Nawaf Salam hailed the move as a “necessary step towards the desired economic reform” and essential to “holding perpetrators accountable.” The law allows authorities to access records going back up to a decade — a clause that some legacy interests have strongly opposed.

More battles ahead: A draft banking sector restructuring law has been approved by the cabinet and is now under discussion in parliament’s finance committee, though legislation on how to distribute financial losses — and how to repay depositors — has yet to be agreed. The secretary-general of the Association of Banks in Lebanon said the sector wants “a realistic balance between financial reform and the protection of depositors’ rights.”

TASI	11,412	-1.1% (YTD: -5.2%)
MSCI Tadawul 30	1,451	-1.4% (YTD: -3.9%)
NomuC	28,013	-0.4% (YTD: -11%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	32,351	+0.7% (YTD: +8.8%)
ADX	9,579	+0.2% (YTD: +1.7%)
DFM	5,291	+0.4% (YTD: +2.6%)
S&P 500	5,687	+1.5% (YTD: -3.3%)
FTSE 100	8,596	+1.2% (YTD: +5.2%)
Euro Stoxx 50	5,285	+2.4% (YTD: +8.0%)
Brent crude	USD 61.29	-1.4%
Natural gas (Nymex)	USD 3.63	+4.3%
Gold	USD 3,243	+0.7%
BTC	USD 95,671	-0.6% (YTD: +2.2%)
Sukuk/bond market index	913	-0.1% (YTD: +1.2%)
S&P MENA Bond & Sukuk	USD 144.7	-0.2% (YTD: +2.7%)
VIX (Fear gauge)	22.68	-7.8% (YTD: 30.7%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.14% yesterday on turnover of SAR 3.5 bn. The index is down 5.2% YTD.

In the green: Masar (+2.8%), Tasnee (+2.3%) And Alarabia (+1.7%).

In the red: Oasis (-7.1%), Sasco (-5.7%) and Emaar (-4.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.4% yesterday on turnover of SAR 25.4 mn. The index is down 11% YTD.

In the green: Knowledge Tower (+23.2%), Alwaha Reit (+7.1%) And Knowledgenet (+6.9%).

In the red: Service Equipment (-10%), Tadweeer (-7.3%) And Aljouf Water (-6.3%).

CALENDAR

MAY

May: World Intellectual Property Organization (WIPO) Global Awards 2025 announces finalists.

4-8 May (Sunday-Thursday): Adeer Real Estate Nomu IPO offering period.

5 May (Monday): Opec+ meeting.

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

9 May (Friday): PFL Mena Season 2 Kick-off.

11-13 May (Sunday-Tuesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

12-14 May (Monday-Wednesday): 2025 Saudi Giga projects Summit, Riyadh.

12-14 May (Monday-Wednesday): Saudi Food Show 2025, Riyadh Front Exhibition and Conference Centre, Riyadh.

12-15 May (Monday-Thursday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

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

29 May (Thursday): 2024-2025 academic year ends.

JUNE

4-9 June (Wednesday-Monday): Hajj.

6-10 June (Friday-Tuesday): Eid Al Adha.

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

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

30 June (Monday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

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

29-30 July (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

AUGUST

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

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

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

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

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

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

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

NOVEMBER

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

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

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

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

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

DECEMBER

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

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

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

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

2026

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

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

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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