New regs for financing investment funds

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WHAT WE’RE TRACKING TODAY

THIS MORNING: No shipments or carrying of goods to Israel, Bahri says

Good morning, wonderful people, and happy hump day. It’s not a particularly busy day on the local front, as flynas reports its post-IPO earnings, showing a slightly lower bottom line in 2Q 2025 on the back of IPO-related costs. Meanwhile, financing funds could get a regulatory shakeup as the Capital Markets Authority opens up public consultations on new rules that expand these funds beyond their current private-placement-only structure.

WEATHER WARNING- Moderate to heavy thunderstorms, with hail, winds of up to 42 km/h, hail, and potential flash flooding are forecast to hit parts of Jazan, Asir, Al Baha, and Makkah, the National Center of Meteorology warned (pdf). Riyadh is expected to see a high of 44°C and a low of 31°C today, while Jeddah’s mercury will go as high as 41°C and as low as 32°C. Makkah will see a 44°C high and 34°C low.

PSAs-

Individuals can now apply for licenses for non-potable water production through non-network services, the Saudi Water Authority said in a post on X. Applicants can apply for the license after meeting technical and regulatory requirements. Interested parties can submit applications via the authority’s platform.

Some 57 proposed economic and development-related projects from 19 government bodies are up for public consultation on Istitlaa, with deadlines from 18 August to 2 September, the National Competitiveness Center said in a statement yesterday. Drafts include changes to health ins. rules, licensing requirements for amusement parks, updated penalties for contracting violations, and revised death reporting regulations.

SETTING THE RECORD STRAIGHT-

The National Shipping Company (Bahri) denied claims circulating on social media and some news outlets that it transported shipments to Israel, saying in a post on X that it has never carried any goods or shipments to Israel. The company stressed its adherence to local and international law, as well as Saudi Arabia’s policy on Palestine and Israel.

WATCH THIS SPACE-

#1- Sackville Capital Executive Chairman Nasir Alsharif has left the UK, making him the latest among many wealthy foreign UK residents (non-doms) exiting the country due to tax reforms that ended exemptions on foreign income, driving relocations to low-tax regions or home countries. The story was picked up by Bloomberg yesterday.

About Alsharif: Alsharif lived in the UK for at least three years while building Sackville Capital, which manages assets for a b’naire Saudi family and focuses on private markets. His career includes roles at Banque Saudi Fransi, Credit Suisse, Goldman Sachs — where he expanded its Saudi business — and Investcorp. He later led AWJ Holding and co-founded both Sackville in 2019 and London-based venture firm 9900 Capital.

International Human Resources expanded into tech and aviation as it seeks to meet rising demand for AI, cybersecurity, and data science skills, CEO Ali Al Harbi told Al Arabiya yesterday (watch, runtime: 5:23). The company is focusing on the growing retail and e-commerce markets, which include 4-5 mn online stores needing recruitment, call center support, and training.

MEANWHILE- The company has fulfilled the requirements to move from the parallel market Nomu to Tadawul’s main market except liquidity standards, which Al Harbi expects to resolve soon to complete the transition.

Jahez Group expects its international operations to be in the black by the end of 2025, having significantly reduced losses abroad, CFO Heni Jallouli told Ahsarq Business yesterday (watch, runtime: 10:38). The company also aims to finalize its acquisition of a 76.6% stake in Qatari firm Snoonu by late 3Q or 4Q of this year.

IN CONTEXT- The group’s subsidiary Jahez International Company for Information System Technology reported a 21.9% y-o-y drop in its 2Q 2025 net income, reaching SAR 23.6 mn. Jallouli attributed the drop to “tactical” investments and increased marketing expenses aimed at defending the company’s 30% market share amid intense competition in the Kingdom. Due to its growth-focused strategy, Jahez has not yet set a timeline for distributing dividends.

BinDawood Holding plans to open four new stores in the Kingdom in 2H 2025, along with 500 smaller-front stores nationwide over the next seven years, CEO Ahmad BinDawood told Asharq Business yesterday (watch, runtime: 12:32). The company is also set to acquire Toy Triangle in 3Q 2025, adding to its recent moves in the pharma and distribution sectors with the acquisitions of Zahrat Al Rawdah in February and Jumeirah Trading in July 2024.

DATA POINTS-

The Saudi League rose to the 13th most valuable football league globally, with a total market value of EUR 1.03 bn after Al Nassr’s recent signing of Iñigo Martínez (more about that down in our Sports section), according to Transfermarkt data.

The breakdown: The league, which has 29 days remaining in its transfer window to potentially break into the top 10, currently has 506 players with an average age of 26.6 years and an average market value of EUR 2 mn per player. Of these, 145 are non-Saudis, accounting for 28.7% of the total, with new signings Darwin Núñez and Matteo Retegui tied as the highest-valued players at EUR 45 mn each.

The Kingdom’s mining sector is now the 23rd globally in the Investment Attractiveness Index and the first in the Middle East, jumping from the 104th spot in 2013, according to Fraser Institute’s 2024 Survey of Mining Companies (pdf). The Kingdom also snapped the 20th spot in Policy Perception Index, up from 82 in 2013, indicating growing trust in Saudi mining policies. Recent explorations have earned the Kingdom the 33rd spot in the Best Practices Mineral Potential Index, reflecting the huge untapped mineral resources.

The ranking reflects the structural transformation the sector went through as part of Vision 2030, Industry and Mineral Resources Vice Minister Khalid Almudaifer said on X. The Kingdom established over the past few years a robust mining investment environment, supported by efficient regulations and an available geological database, including the most comprehensive geological maps of the Arabian Shield, he added.

Vehicle recalls in the Kingdom fell 48% y-o-y in 1H 2025 to 84k units, Aleqtisadiah reported yesterday, citing Commerce Ministry data. Meanwhile, only 115 EVs were recalled during the same period, down 59% y-o-y from 284 units. Despite the decline, recall campaigns edged up to 72 in 1H from 70 during the same period last year.

The breakdown: Hyundai topped the list with 38k recalled vehicles, followed by Toyota with 10k, Dodge with 9k, Genesis with 3.5k, Volkswagen Teramont with 3k, Chrysler with 2.4k, Mazda with 1.1k, GM with 749, Peugeot with 721, and Honda with 553.

OIL WATCH-

Saudi Arabia is expected to export less crude oil to China in September, down from August volumes that were at a more than two-year high, Reuters reports, citing trade sources. Aramco is projected to ship about 43 mn bbl to China next month, equivalent to 1.43 mn bbl / d, compared to 1.65 mn bbl / d in August, the newswire said, citing a tally of allocations to Chinese refiners.

REMEMBER- Saudi Aramco raised the price of its flagship Arab Light crude bound for Asia by USD 1 / bbl for September deliveries, taking the premium to USD 3.20 / bbl above the Oman-Dubai benchmark. That’s higher than the USD 0.90 hike traders had expected and marks the second straight month in which the Kingdom raised prices.

Companies planning to reduce imports include Asia’s top refiner Sinopec and its Fujian Refiner joint venture with Aramco, alongside PetroChina and Shenghong Petrochemical, the sources added.

China is expected to reach peak oil demand at 16.9 mn bbl / d by around 2027. China’s crude oil stockpiling is playing a role in shaping global oil markets this year, with reserves swelling by 1.42 mn bbl / d in June.

Chinese refiners have stuck to a familiar playbook this year, ramping up crude imports when prices dip and scaling back when they climb, according to AInvest. In 1H 2025, with Brent trading between USD 58.50 and USD 82.63 a barrel, imports rose to 12.14 mn bbl / d in 2Q as prices hit a four-year low. When prices rose earlier in the year, import volumes eased.

SPORTS-

Former FC Barcelona defender Iñigo Martínez (34) officially signed a one-year contract with Al Nassr on a freetransfer, the club said on X. He joins after two seasons at Barca, where he helped secure the 2024-25 La Liga, Copa del Rey, and Spanish Super Cup. Sports reporter Fabrizio Romano signaled last week that the transfer was nearing completion.

Al Nassr has more transfers lined up: Al Nassr has also opened talks with Bayern Munich to sign French winger Kingsley Coman and is targeting Brentford’s Yoane Wissa, facing competition from Newcastle, Tottenham, and Neom, L’Équipe reports.

Neom SC reportedly signed Everton midfielder Abdoulaye Doucoure on a freetransfer under a two-year contract, Romano said on X. The 32-year-old, who played 33 Premier League games last season with three goals and two assists, is valued at around EUR 7 mn, according to Transfermarkt.

Gerard Piqué’s Kings League MENA kicked off on Sunday during the 2025 Esports World Cup, it said on X. The initial teams include Saudi’s SXB and DR7, Morocco’s Ultra Chmicha, Egypt’s Turbo, Red Zone and 3BS from Jordan, and FWZ FC from Kuwait, state news agency SPA reported.

BACKGROUND- The Kings League MENA is the result of a partnership announced in May between the global Kings League and Surj Sports Investment. This regional version joins the global Kings League system, which already has championships in six other markets (Brazil, France, Germany, Italy, the Americas, Spain) and holds two annual world championships.

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THE BIG STORY ABROAD-

Washington and Beijing’s decision to extend their tariff truce for another 90 days is broadly leading the conversation in the international business press this morning. US President Donald Trump confirmed on Truth Social overnight that he signed an executive order to extend the pause, just hours before the US’ blanket tariffs on Chinese imports were scheduled to come into effect. “All other elements of the agreement will remain the same,” Trump said. The story is getting ink in Axios, Bloomberg, CNBC, and Reuters.

Meanwhile, the White House’s relationship with tech firms is also in the spotlight, after Trump confirmed reaching an agreement with Nvidia and Advanced Micro Devices allowing them to sell chips to China in exchange for a fee on these sales. Nvidia could separately be allowed to sell a version of another next-generation chip to China, Reuters reports. Intel is also getting ink after its CEO met with Trump yesterday, after the president called for Lip-Bu Tan’s “immediate” resignation from the company over his ties to China. (Reuters | CNBC | Financial Times)

CIRCLE YOUR CALENDAR-

The Global Infrastructure Forum will run between 15-17 September at the Riyadh International Convention and Exhibition Center. The three-day event will bring together over 25 countries, 300 exhibitors, and 50 experts for panel discussions, workshops, and exhibitions covering technology, investment, sustainability, and urban development.

Financing investment funds could soon hit Saudi public markets

CMA seeks feedback on public listing of financing investment funds: The Capital Market Authority (CMA) has put forth a proposal to allow financing investment funds — which provide loans directly or indirectly — to be publicly offered and listed on Tadawul’s main and parallel markets, it said in a statement. The proposal would, if approved, expand these funds beyond their current private-placement-only structure. Public consultation on the proposed changes will run for 30 days through to Sunday, 10 September on Istitlaa.

Why it matters: The regulator said the move is part of a broader effort to diversify investment products, boost the asset management industry and create new financing channels to support economic growth. Financing investment funds provide continuous cashflows and a mix of risk-return profiles, making them attractive to portfolio investors.

Key changes in the draft: Under the draft rules (pdf), public financing funds would face new risk controls, including a 25% cap on exposure to any single borrower or related group, borrowing limits (15% of net asset value for public funds, 50% for parallel market funds), and restrictions on investing in highly volatile or illiquid assets. Indirect lending must be carried out via portfolios from Saudi Central Bank-supervised entities or licensed financing companies.

Simplifying the rulebook: The CMA also wants to consolidate all rules for these funds into a single regulatory document to simplify compliance, increase clarity, and strengthen investor protection. The updated framework also formalizes definitions for “direct” and “indirect” financing funds, adds risk management requirements, and mandates more frequent disclosure of fund performance and borrower exposure.

The bigger picture: By the end of last year, Saudi private financing funds held around SAR 2.8 bn in assets under management. If approved, the changes could pave the way for larger, more diversified funds with lower overall risk, while giving public investors access to an asset class that has so far been restricted to private placements.

IN CONTEXT- The Kingdom is also pressing ahead with market reforms aimed at making it easier for foreign investors to trade its stocks. The Capital Market Authority (CMA) told Bloomberg that opening the market further to GCC residents was a “natural next step,” while Tadawul said it expects the approval process for new Saudi depositary receipts to mirror timelines for IPOs and dual listings.

Dar Al Markabah embarks on Al Sahm Car Rental acquisition

Car rental firm Dar Almarkabah eyes taking over Al Sahm: Nomu-listed Dar Almarkabah for Renting Cars inked an MoU to acquire 100% of Jeddah-based vehicle leasing firm Al Sahm Car Rental, it said in a filing to the bourse yesterday. The value of the potential transaction has yet to be determined.

Where we’re at: The six-month agreement gives Dar Al Markabah the green light to conduct due diligence on Al Sahm, which will determine its valuation before a definitive agreement is made. No financial advisors have been appointed yet, and the move is still subject to regulatory approvals.

About Al Sahm: Established in 2019, Al Sahm provides short- and long-term vehicle rental services, including standard sedans, luxury cars, vans, and buses, according to its website. The company offers rental packages, including customer care and roadside assistance on a daily, weekly, or monthly basis, serving both individual and corporate clients.

Market reax: Dar Almarkabah’s stock closed 7.3% lower yesterday at SAR 2.7.

Tabuk gets SAR 857.5 mn worth of water, environmental projects from gov’t

The National Water Company (NWC) funneled SAR 857.5 mn into strategic projects in the Tabuk Province to improve its water and environmental services, it said in several X posts yesterday.

In Tabuk city, investments exceeded SAR 613 mn, including SAR 366 mn for four sewage projects, adding 336 km of networks and pipelines, and over SAR 247 mn for two water projects, featuring a purification plant with a capacity of 150k cubic meters per day and 119 km of pipelines. Meanwhile, a SAR 17 mn project was completed across the wider Tabuk governorates to install backup generators at treatment facilities.

Projects in Duba and Tayma amounted to SAR 140 mn, where environmental services were upgraded for SAR 87 mn, adding 76 km of sewage networks and a lift station with a daily capacity of 5k cubic meters per day. For water services, SAR 53 mn was invested across three projects to deliver a new water pumping station with a capacity of 14.2k cubic meters per day, a 6.5k cubic meter storage facility, and over 131 km of pipelines.

In Umluj and Al Wajh, the NWC invested SAR 80 mn in three environmental service projects, which included 20 km of networks and a treatment plant with a capacity of 24.7k cubic meters per day. An additional SAR 7.5 mn was invested to install over 39 km of water networks in Umluj.

ICYMI- Tabuk’s Governor Prince Fahd bin Sultan inaugurated 48 new environment, water, and agriculture projects on Sunday valued at over SAR 4.4 bn. The projects included 23 ready initiatives valued at more than SAR 3.8 bn and 25 others about to kick off, with a combined cost of SAR 580 mn.

Flynas’ bottom line takes slight dip in 2Q in the wake of IPO costs

FLYNAS-

Homegrown budget airline flynas saw its adjusted bottom line fall 3% y-o-y to SAR 191 mn in 2Q 2025, on the back of increasing fleet depreciation costs, according to an earnings release (pdf). Revenue dipped 1% y-o-y to reach SAR 2.1 bn during the quarter.

The carrier’s 1H performance ended on a more positive note, with adjusted net income rising 22% y-o-y to SAR 339 mn and top line increasing 1% to almost SAR 4 bn, largely driven by a solid Haj season.

The results were on target despite the dip, flynas CEO Bander Al Mohanna said in the release, pointing to headwinds including geopolitical tensions, a temporary suspension of pre-Hajj visas, and the grounding of some aircraft due to global delays in engine parts.

Looking ahead, flynas sees its revenue growing between 6-18% in 2025, Aleqtisiadiah reports. The airline is also set to open two new centers in Saudi Arabia for pilot training and aircraft maintenance to cut operational costs, Al Mohanna told Asharq Business (watch, runtime: 10:34). It plans to launch flights to Kenya and Kosovo this year and is exploring options in Russia. It expects three more aircraft by year-end and a delivery of 30 Airbus A330neo wide-body jets in late 2026 or early 2027, supporting a strategic shift to long-haul flights.

REFRESHER- Flynas went public with a 30% stake on Tadawul’s main market in June, marking the Kingdom’s largest IPO so far this year and the highest-grossing Saudi IPO since Aramco’s stellar USD 29.4 bn debut in 2019.

A rough landing: While the IPO saw institutional and retail investors flock to subscribe for the USD 4.1 bn issuance, the airline’s shares dipped 3.4% on debut to close at SAR 77.30 apiece in its first week. The airline’s IPO marked the region’s first main market listing since the outbreak of the Israel-Iran conflict earlier that month — a geopolitical shock that triggered a regional sell-off, denting investor sentiment. Aviation stocks were among the hardest hit due to widespread disruptions to commercial flight schedules.

KINGDOM HOLDING-

KingdomHolding posted a 35.1% y-o-y drop in net income to SAR 405.1 mn in 2Q 2025, driven by lower contributions from equity-accounted investees, reduced other gains, higher hotel and operating costs, lower finance and dividend income, increased admin and marketing expenses, and higher taxes, it said in a disclosure to Tadawul yesterday. Revenue also dipped 3.8% y-o-y to SAR 623.1 mn over the same period due to lower dividend income and hotels and other operating revenues.

On a 1H basis, Kingdom Holding’s net income saw a 2% y-o-y uptick to SAR 836.7 mn, while its revenue grew 12.6% y-o-y to SAR 1.4 bn.

SAUDI ELECTRICITY COMPANY-

Saudi Electricity Company posted a 21.6% y-o-y rise in net income to SAR 5.3 bn in 2Q 2025, supported by higher electricity demand, an expanded regulated asset base, and growth in project revenues, it said in a disclosure to Tadawul on Sunday. Revenue also rose 23.9% y-o-y to SAR 27.7 bn during the quarter, boosted by an increasing subscriber base and demand, along with network expansion.

On a 1H basis, the company’s bottom line grew 19.3% y-o-y to SAR 6.3 bn, while its top line increased 23.5% y-o-y to SAR 47.2 bn.

MBC GROUP-

MBCGroup’s net income fell 38.3% y-o-y to SAR 71.9 mn in 2Q 2025, as the timing of Ramadan (which fell entirely in 1Q) dampened its broadcasting segment, the firm said in an earnings release (pdf ) yesterday. However, revenue inched up 2.5% to SAR 987.9 mn, buoyed by gains in the network’s streaming platform Shahid (+17.9%) and its media and entertainment initiatives (+7.9%) segment, which offset a 5.9% decline in broadcasting and other commercial activities.

The company’s bottom line grew 41.1% y-o-y to SAR 335.4 mn in 1H 2025, while its top line climbed 37.8% y-o-y to SAR 3 bn.

Looking ahead: MBC Group is doubling down on its expansion in the Kingdom, developing a central production hub in Riyadh’s Narjis district to boost efficiency, which is expected to wrap up by early 2026, CEO Mike Sneesby told Al Arabiya (watch, runtime: 6:55). The company expects continued growth from TV and streaming in 2H 2025 by focusing on premium content, cost-consciousness, and building new partnerships.

Major plays: MBC is dropping its costly Saudi Pro League contract this month to reinvest in other content. The group also formed a complementary partnership with Netflix, which it views as a global leader, while Shahid retains regional leadership, Sneesby said.

ALMUNAJEM FOODS CO.-

Almunajem Foods saw its net income drop 51.4% y-o-y to SAR 31 mn in 2Q 2025, weighed down by weaker gross margins in its red and white meat category and higher operating and financial costs resulting from the company’s expansion plans, it said in a disclosure to Tadawul on Sunday. Revenue declined 3.5% y-o-y to SAR 797.3 mn during the quarter, as the frozen poultry market met unfavourable conditions.

In the first half of the year, the company’s net income slumped 60.1% y-o-y to SAR 71 mn, while its revenue shed 1.8% y-o-y to SAR 1.7 bn.

AL MAWARID MANPOWER CO.-

Al Mawarid Manpower Company reported a 39.4% y-o-y jump in net income to SAR 32.4 mn in 2Q 2025, fueled mainly by higher revenues and improved workforce utilization, it said in a Tadawul disclosure yesterday. Revenue climbed 29.7% y-o-y to SAR 624.4 mn during the quarter on the back of a rise in available workforce.

In the first half of the year, the company’s bottom line grew 25.5% y-o-y to SAR 62.3 mn, while its top line rose 31.7% y-o-y to SAR 1.2 bn.

Dividends: Al Mawarid’s board approved a SAR 20.3 mn dividend payout for 1H 2025 at SAR 1.35 per share, it said in a separate disclosure. The distribution date is set for 28 August.

ALSO- The company’s board recommended transferring its SAR 45 mn statutory reserve to retained earnings, pending shareholders' approval, according to a separate disclosure.

SAUDI PAPER MANUFACTURING COMPANY-

Saudi Paper Manufacturing Company (SPM) posted a 46.5% y-o-y drop in net income to SAR 13.9 mn in 2Q 2025, as foreign exchange losses and higher provisions for receivables outweighed improved margins, it said in a disclosure to Tadawul yesterday. However, revenue rose 3.1% y-o-y to SAR 208.5 mn, supported by higher sales of paper rolls and converting products.

In the first half of the year, SPM’s net income fell 44.4% y-o-y to SAR 34.6 mn, while its revenue inched up 1.3% y-o-y to SAR 437 mn.

Al Moammar renews SAR 340.3 mn shariah-compliant financing with Saudi Awwal Bank

FINANCIAL SERVICES-

#1- Walaa Cooperative Ins. gets its Fitch ratings: Fitch Ratings assigned Walaa Cooperative Ins. an International Financial Strength rating of A- and a National Financial Strength rating of AA+(sau), both with a stable outlook, Fitch said in a rating action.

#2- E-commerce platform Shahbandr partnered with BNPL provider Tamara to offer installment payment options to all merchants on its platform, according to a press release. Under the partnership, Tamara’s BNPL solution will be offered across all Shahbandr stores, giving shoppers more payment options and increasing conversion rates. Shahbandr will collect service fees directly via Tamara.

About Shahbandr: Founded by Shady Abdelshaheed (LinkedIn) and Tamer Sharkas (LinkedIn), Shahbandr helps online retailers and e-commerce entrepreneurs create personalized online stores and marketplaces. The platform offers AI and data-driven tools to support sales and currently operates in the Kingdom and Egypt, serving over 18k online stores, with plans for regional expansion.

DEBT WATCH-

Al Moammar Information Systems Company (MIS) renewed its SAR 340.3 mn shariah-compliant loan with Saudi Awwal Bank, according to a disclosure to Tadawul. The facility — secured by a promissory note — will be used to finance new project contracts and issue letters of credit and guarantee.

REAL ESTATE-

Dar Global is launching USD 4.8 bn in new community projects in Riyadh and Jeddah via a joint development agreement with Dar Al Arkan, raising the Group’s total GDV to USD 12.5 bn according to a press release. The Riyadh project is an integrated community with a GDV of USD 2.8 bn while the Jeddah project is a mixed-use development with an estimated GDV of USD 1.95 bn.

Dar Global is diversifying its funding: Dar Global has increased its Litmus financing facility to USD 440 mn from USD 275 mn, with the intent to accelerate project delivery and provide flexibility for new venturers. The facility is underwritten by Emirates NBD and supported by other regional banks. The company also acquired a licensed financial services firm in the Dubai International Financial Centre to launch an independent asset management and advisory platform, allowing it to create investment funds, attract international capital, reduce risk, and diversify revenue.

REMEMBER- Dar Global has been busy lately: The real estate developer snapped up land plots in Riyad and Jeddah for USD 390 mn in March. It was set to launch its first Saudi project in Riyadh in partnership with jewelry brand Mouawad in November. The company’s expansion follows joint projects with the Trump Organization, including Trump Towers in Jeddah and Dubai, as well as a 3.5 mn sqm hotel project in Oman.

STARTUP WATCH-

Madinah + DeepMinds launch new hub to support tech startups: The Madinah Regional Municipality and the UK-based tech incubator DeepMinds Holdings launched the Madinah Venture Studio, a new platform aimed at supporting startups and innovation in areas like AI, health technology, and sustainability, according to a press release. The initiative aims to turn Madinah into a hub for entrepreneurs by connecting local talent with global experts and resources.

AVIATION-

Lufthansa is resuming flights from Munich to Riyadh on 26 October with three weekly flights, the airline said in a statement. The route will be operated by an Airbus A350-900 aircraft with 293 seats.

TECH-

stc group and Huawei have successfully trialed an ultra-high-speed optical solution delivering data transmission speeds of 2.4 terabits per second (Tbps) per port, making stc the first operator globally to deploy it, according to a press release.

About the tech: Using Huawei’s OptiX OSN 9800 K12 platform, the solution achieves up to 96 Tbps on a single fiber and integrates Quantum Key Distribution (QKD) for secure encryption. Intelligent automation enables real-time fiber monitoring, reduces service deployment time by over 70%, and advances the network toward L4 self-healing capabilities.

ADVERTISING-

beIN Media Group has renewed its strategic partnership with SMC Group, re-appointing the Riyadh-based firm as its exclusive advertising media sales representative across 23 MENA markets until 2027, according to a press release. SMC plans to enhance its media sales operations by leveraging AI-powered technology to deliver targeted advertising solutions.

Background: The renewed partnership, which began in 2022, covers all of beIN’s sports and entertainment channels, including beIN Sports. SMC will continue to manage ad sales for beIN’s exclusive regional rights to major events like the FIFA World Cup, UEFA competitions, the Premier League, and Formula 1.

KSA once again leads the region’s IPO chart with 13 of the 14 IPOs in 2Q 2025 -EY

IPOs in the region raised some USD 2.5 bn in the second quarter of the year, spread across 14 initial public offerings, according to EY’s latest MENA IPO Eye report (pdf). The marginal 6.2% quarter-on-quarter decrease in proceeds in the face of global economic uncertainty and geopolitical tensions shows that “MENA capital markets demonstrate continued resilience, although marked by caution,” according to EY-Parthenon MENA Leader Brad Watson.

Like the quarter before — and pretty much every quarter before that — Saudi Arabia continued to dominate the regional IPO charts, accounting for 13 of the 14 IPOs in the region over the three-month period. Proceeds from Saudi IPOs accounted for USD 1.9 bn of the total USD 2.5 bn raised across the region. Leading the pack in KSA and the region in terms of amount raised was Flynas ' entrance to the Tadawul that raised USD 1.1 bn — accounting for 44.2% of proceeds for the whole region.

The only other country to witness an offering was the UAE, with the offering of Dubai Residential REIT on the Dubai Financial Market, which raised USD 584 mn. The 26x oversubscribed IPO was the second largest offering by proceeds in the region, accounting for some 23.6% of all proceeds during the quarter for the region.

Issuers adopted a more cautious trend, favoring shareholder exits over raising new capital. This boosted offerings in the region during the second quarter through secondary listings, whose share rose to 64.3% of total IPOs compared to 35.7% in the first quarter of this year. Meanwhile, the number of primary listings decreased from six in 1Q 2025 to four in 2Q. The region did not witness any direct listings in 2Q.

The quarter was marked by poor first day performance, with 10 of the 14 IPOs finishing their first day trading at below their offer price. The report attributes this to investors taking a cautious approach due to “ongoing global uncertainty driven by trade tensions, tariff shifts, tightening financial conditions, and heightened geopolitical volatility across the MENA region.”

Less than half of the companies were trading above their IPO price by the end of the quarter, as 6 of the 14 companies are in the red following their IPOs. And by sizable margins for some companies, with the share price of Dkhoun National Trading on the Tadawul’s parallel market Nomu down 27% and the United Carton Industries Company on the main market down 25% on their offering prices as of 30 June.

Leading the charts in post-IPO gains is Asas Makeen, with a 36% share price gain for the Nomu-listed stocks from listing until the end of the quarter.

EY sees IPO appetite keeping a pace in 2025 — and staying centred around KSA. Fourteen

Companies are planning to list this year, with Saudi Arabia accounting for ten of these. The list also includes planned IPOs in non-GCC nations Egypt, Tunisia, and Morocco, which the reports says points to the growing market depth and diversification in the region.

MARKETS THIS MORNING-

Asian markets are in the green in early trading today, as the markets react to the overnight decision to extend the US-China trade war truce by 90 days. Japan’s Nikkei is up 2.5%, Korea’s is up 0.6%, and the Shanghai Composite is up 0.5%, while Hong Kong’s Hang Seng is flat. Over on Wall Street, futures are muted as investors await US inflation data for July.

TASI	10,792	-1.0% (YTD: -10.3%)
MSCI Tadawul 30	1,395	-0.9% (YTD: -7.6%)
NomuC	26,236	-0.8% (YTD: -16.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	3,644	-0.2% (YTD: +18.1%)
ADX	10,302	-0.1% (YTD: +9.4%)
DFM	6,153	+0.1% (YTD: 19.3%)
S&P 500	6,373	-0.3% (YTD: +8.4%)
FTSE 100	9,130	+0.4% (YTD: 11.7%)
Euro Stoxx 50	5,332	-0.3% (YTD: 8.9%)
Brent crude	USD 66.71	+0.2%
Natural gas (Nymex)	USD 2.98	-0.3%
Gold	USD 3,400	-2.6%
BTC	USD 119,052.10	+0.3% (YTD: +27.3%)
Sukuk/bond market index	911.11	-0.1% (YTD: +1.0%)
S&P MENA bond & sukuk	147.74	-0.1% (YTD: +5.6%)
VIX (Fear gauge)	16.25	+7.3% (YTD: -6.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.0% yesterday on turnover of SAR 4.7 bn. The index is down 10.3% YTD.

In the green: flynas (+3.5%), Ataa (+3.4%) and Alsagr Ins. (+3.1%).

In the red: Almunajem (-10.0%), Saic (-9.5%) and Jadwa Reit Alharamain (-8.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.8% yesterday on turnover of SAR 21.9 mn. The index is down 16.7% YTD.

In the green: Taqat (+13.8%), Rawasi (+8.1%) and TMC (+5.8%).

In the red: Dkhoun (-13.8%), Riyal (-9.7%) and Dar Almarkabah (-7.3%).

CORPORATE ACTIONS-

Scientific & Medical Equipment House’s board recommended a SAR 30 mn dividend payout for FY 2024, at SAR 1 per share, it said in a filing to the bourse on Sunday. The distribution is yet to be determined following shareholders’ approval.

Saudi Industrial Development Company received clearance from the Capital Market Authority to increase its capital by SAR 165 mn via rights issue, the authority said in a statement on Sunday. The hike will see the company’s capital rise to SAR 300 mn, as shares will increase at a 1.2 ratio to reach 30 mn, the company said in a disclosure to Tadawul. The move still needs shareholders’ approval.

Palestine and Ukraine top Saudi’s diplomatic agenda

Crown Prince and Jordan’s King Abdullah talk Palestine: Israel’s escalating aggression in the Gaza Strip and the West Bank was the focus of talks between Saudi Crown Prince Mohammed bin Salman and King Abdullah II of Jordan during a brief meeting in Neom Palace yesterday, state news agency SPA reported.

Speaking of Palestine, the Crown Prince received a call yesterday from Palestinian President Mahmoud Abbas to discuss the situation in Gaza and the Kingdom’s efforts to end Israel’s attacks on the enclave and further push for a Palestinian statehood on the world stage.

The Foreign Ministry also welcomed Australia’s intention to recognize the State of Palestine in September. The Kingdom praised the growing international consensus for a two-state solution and urged other nations to recognize Palestine to help end the ongoing war, citing continued Israeli violations of international law.

On the Ukrainian front, the Crown Prince received a call from President Volodymyr Zelenskyy, who praised the Kingdom’s “absolutely clear support” for Ukraine’s stance that peace decisions must include its participation, the Ukrainian Presidency said in a statement. Both leaders agreed that excluding Ukraine and Europe from such decisions is dangerous.

CALENDAR

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

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

11-12 August (Monday-Tuesday): Monsha’at’s Jadeer Tour in Khobar, SME Support Center, Khobar.

19-20 August (Tuesday-Wednesday): Marketing Home Group IPO retail subscription period for investors to request 10k-250k shares each.

24 August (Sunday): Final allocations are due for Marketing Home Group IPO.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

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

15-17 September (Monday-Wednesday): Global Infrastructure Forum, Riyadh International Convention and Exhibition Center.

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 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

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

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

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

15 October (Wednesday): Russian-Arab Summit.

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

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

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

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

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

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

22 November (Saturday): The Ring IV, ANB arena, 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.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

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

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing 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.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

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

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

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

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

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

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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