Nice One closes first day on Tadawul up 30%

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Gastat to release November IPI data today

Good morning, ladies and gentlemen, and a very happy THURSDAY to us all. Much like yesterday, this morning’s news cycle is being driven largely by capital markets, with the second successful Tadawul debut of the year under our belt as Nice One’s shares closed up 30% yesterday. Meanwhile, the Capital Market Authority is out with new proposed amendments that would allow foreign issuers to list Saudi depository receipts on Tadawul.

^^ We have the details on these stories and more in this morning’s news well, below.

HAPPENING TODAY-

#1- The local Industrial Production Index for November is due to be released today by the General Authority for Statistics, according to its calendar. October’s numbers reflected a 5% y-o-y growth, following a brief dip in the month prior.

#1- It’s the last day to submit nominations for the Saudi Capital Market Awards. The awards recognize individuals and institutions that have made significant contributions to the development and growth of Saudi Arabia’s capital markets. The awardees will be announced at the Capital Markets Forum in February.

⛅ WEATHER- Riyadh and Madinah will see a cloudy day today and you can expect average highs of 18°C and lows of 11°C. Over in Dammam, things will warm up to 20°C before cooling down to 10°C.

PSAs-

#1- Expatriate and domestic workers’ dependents can now renew their residency from abroad through the Absher or Muqeem platforms, as well as extending their exit and re-entry visas, according to a post on X from the General Directorate of Passports (Jawazat).

#2- Proptech outfits have until 31 January to apply for a new sandbox launched by the Real Estate General Authority and the Saudi Proptech Hub where they can test innovative real estate technology and services in a practical environment, the authority said in a post on X. The sandbox targets proptech companies and developers of new technologies, including both local and international firms.

WATCH THIS SPACE-

#1- Artal Capital lined up approval from the Capital Market Authority for the public offering of its Saudi Equity Freestyle Fund, according to a statement from the authority. No further details were provided on the fund. Artal Capital provides customers with investment management services, including public and private equities, fixed income, money market, and multi-asset management.

#2- Sama grants Seyola Al Oula micro-consumer finance license: Local microfinance company Seyola Al Oula received an approval from the Saudi Central Bank (Sama) for a license to exercise micro-consumer finance activities, according to a Sama statement. The move brings the total number of licensed companies for this activity to seven, out of a total of 63 licensed finance companies in the Kingdom.

DATA POINTS-

#1- Some 234k domestic workers joined the Saudi labor market during the 12 months ending in 3Q 2024 to reach a total of 3.97 mn workers by the end of the quarter, according to an Okaz survey. This includes 2.7 mn men and 1.3 mn women, working across various domestic roles.

#2- The Kingdom issued USD 54.9 bn worth of sukuk in 2024, up 48% y-o-y, accounting for the largest issuance volume in the GCC, according to a report (pdf) by Kamco Invest. In overall fixed income activity, Saudi Arabia (USD 30.8 bn) ranked second after the UAE, which led the GCC with a total of USD 49.7 bn in issuances.

Zooming out: Sukuk issuances in the GCC hit USD 82.1 bn in 2024, up 63% y-o-y. Sukuk outpaced bonds for the first time in six years, with bonds totaling USD 68.9 bn, a 14% y-o-y increase.

Sovereign vs corporate: The GCC saw sovereign issuances dominate in 2024, accounting for USD 72.1 bn, up from USD 69.6 bn in 2023, while corporate issuances were up 18% to USD 60.3 bn over the same period.

#3- The General Authority for Competition issued a record 202 no-objection certificates for M&A requests, up 17.4% y-o-y, according to a report from the authority.

The breakdown: The manufacturing sector dominated economic concentration requests with 67 applications, followed by the IT sector with 39 applications, and wholesale and retail trade and auto maintenance applications with 22 requests. Acquisition transactions accounted for the largest share of requests at 81%, followed by joint ventures at 15%, and mergers at 2%.

SPORTS-

Cristiano Ronaldo wants Casemiro at Al Nassr: Ronaldo, whose contract with Al Nassr is in its last six months, is reportedly pushing for more marquee signings to bolster his squad and mount a realistic push for titles, and has singled out Manchester United’s Casemiro, according to Spanish outlet Marca. The two earned four Champions League titles during their time together at Real Madrid. Al Nassr is currently in 4th place in the Saudi Pro League, sitting 11 points behind league leaders Al Ittihad. The Sun also had the story.

Al Hilal’s Neymar teased the idea of reuniting with his former Barcelona teammates, Lionel Messi and Luis Suárez, in an interview with CNN. The Brazilian star, who joined the Saudi Pro League side in 2023 said Saudi surprised him in the best way, echoing Christiano Ronaldo’s recent claim that the SPL is better than France’s Ligue 1.

In his words: “I’m happy at Al Hilal, I’m happy in Saudi Arabia, but who knows. Football is full of surprises,” Neymar said, adding that “the World Cup 2034 here will be incredible.”

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THE BIG STORY ABROAD-

The foreign press has its attention squarely split between the raging wildfires in Los Angeles and minutes from the US Federal Reserve’s latest meeting — plus a global bond sell-off triggered by threats of tax cuts and tariffs from US president-elect Donald Trump.

#1- More than 100k people in Los Angeles have evacuated as wildfires swept across the area, killing at least five people. The fires were spurred further on by blowing winds that impacted firefighting operations and damaged some electric infrastructure, leaving mns of houses without power. (Reuters | Guardian | FT | WSJ)

#2- The Federal Reserve is looking more likely to slow down — or completely pause — interest rate cuts, with the minutes from its latest meeting showing growing concern over rising inflation in light of Trump’s plan for tariffs and tax cuts. (FT | Reuters | CNBC)

#3- Also a result of Trumponomics: Selloffs in the global bond market are pushing yields to new highs, with the 10-year US Treasury yield reaching close to the 5% peak hit in October 2023, Bloomberg reports. Emerging markets are also seeing the busiest start of year for bond sales on record, with some USD 26 bn in bond issuances in the first week of the year, as issuers look to lock in funds before Trump takes office and implements potentially damaging trade policies, Bloomberg reports separately.

#4- Also getting attention: The Lebanese parliament looks set to elect army chief Joseph Aoun as president when it meets today in the latest bid to end an over two-year presidential vacuum. Hezbollah’s preferred candidate, Suleiman Frangieh, pulled out of the race on Wednesday and endorsed Aoun. (AP | Reuters | NYT)

Nice One shares rise 30% on first day of Tadawul trading

Beauty retailer Nice One’s shares jumped 30% on its debut trading session yesterday on Tadawul’s main market, closing at SAR 45.5 apiece. The company’s shares are allowed to fluctuate within a ±30% band on the first three days of trading, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The beauty retailer took a 31.5% stake public, pricing its IPO at the top of the range after its institutional tranche was 139.4x oversubscribed. The final pricing of SAR 35 per share gave the company a market cap of over SAR 4 bn at listing, after raising around SAR 1.2 bn in proceeds. This is Saudi Arabia’s second major IPO this year, following Almoosa Health’s debut earlier this week.

ADVISORS- Our friends at EFG Hermes acted as financial advisor, bookrunner, and underwriter on the transaction, alongside SNB Capital, which quarterbacked the transaction as lead manager. Baker McKenzie provided counsel to the issuer, while PwC served as financial due diligence advisor.

Foreign issuers could soon be able to list SDRs on Tadawul

Foreign issuers could soon be able to list Saudi depository receipts (SDRs) on Tadawul under the Capital Market Authority’s (CMA) draft amendments to the Exchange Rules and Procedures (pdf). The proposed tweaks will be up for public consultation on Istitlaa until Friday, 7 February, and are set to apply to foreign issuers, local depositories, and investors.

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What are SDRs? Saudi Depository Receipts (SDRs) are financial instruments that enable Saudi investors to trade shares of foreign companies on Tadawul, without those companies needing to list their shares directly in Saudi Arabia. Essentially, SDRs represent ownership in shares of a foreign company, with each SDR backed by actual shares held by a custodian in the company's home country.

The rationale: SDRs provide significant benefits to all parties involved. For foreign companies, SDRs offer access to Saudi capital markets and investors without the complexities and costs of a direct listing. For Saudi investors, they provide a tool to invest in international companies while trading on a local platform, eliminating the need to transact on foreign stock exchanges.

To qualify, foreign issuers looking to list SDRs must meet specific requirements. These include having shares listed on another regulated exchange, securing approval to list SDRs from said foreign exchange, having at least 200 public shareholders at the time of listing and ensuring that 30% of issued shares are owned by the public. Issuers are also required to maintain continuous compliance with liquidity and shareholder thresholds.

Other key changes:

Foreign issuers must submit additional documents, including SDR allocation details, restrictions, and the share-to-SDR ratio;
The relevant authorities will review SDR applications within 45 days, matching the timeline for cross-listed shares;
Foreign issuers must disclose SDR-related actions affecting pricing or shareholder rights simultaneously in both domestic and foreign markets.
SDR trading may be suspended if corresponding foreign securities are delisted or suspended abroad and/or after a foreign issuer announces a capital reduction in which case trading will resume two days after the general assembly’s resolution;
Local depository institutions must notify SDR-holders about general assembly dates, corporate actions and relay instructions from shareholders.

Leveling the playing field? In 2020, the CMA introduced regulations allowing locally-listed issuers to obtain secondary listings abroad for the first time. Similarly to SDRs, the move facilitated cross-border investment.

Hafar Al Batin Investment Forum sees SAR 17 bn in agreements

The Hafar Al-Batin Investment Forum saw seven agreements worth a total SAR 17 bn signed across key sectors, Mubasher reports. The forum comes hand-in-hand with the launch of the Eastern Province Development Authority’s integrated investment plan for the governorate, which looks to reel in SAR 47 bn in investments, contribute SAR 11 bn to GDP, and create 60k new jobs in the region, Al Aqeel said.

The event saw the unveiling of a SAR 9 bn livestock city that is set to be the largest in the region, SPA reported. The project will be developed through a Saudi-Chinese partnership, Chairman of the Board of Directors of the Hafar Al Batin Chamber Salman bin Hassan Al Aqeel said to AlArabiya, without disclosing additional details.

What we know so far: The city will include livestock pens, a veterinary hospital, feed factories, and other facilities, spanning over 11 mn sqm. The project is set to meet 30% of the Kingdom’s requirements for red meat, creating over 13k jobs, and will be powered by renewable energy. The integrated livestock hub aims to produce 140k liters of milk daily and 100 tonnes of animal feed per hour.

IUTC issues prospectus for 13% offering on Nomu

Pipes manufacturer International Unions for Trade Co. (IUTC) is taking a 13% stake (247k shares) to Tadawul’s parallel market Nomu, the firm said in a prospectus (pdf) for the offering. IUTC lined up CMA approval for the move last October.

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Use of proceeds: SAR 3 mn from the offering’s proceeds are earmarked for covering IPO-related expenses. Net proceeds will be allocated to the selling shareholder — Abdul Aziz Al Otaibi — while the company will not be allocated any of the transaction’s proceeds.

Post-IPO structure + lockup: Abdul Aziz Al Otaibi, the company’s sole substantial shareholder and selling shareholder, will see his ownership in the firm diluted from 99.2% to 86.2%. ِAl Otaibi will not be able to sell down his position in the company for a 12-month period beginning with the first day of trading.

Timeline: Qualified investors can book shares between Sunday, 2 February and Thursday, 6 February, with a minimum subscription limit of 10 shares and a maximum of 94,990 shares apiece. Final allocations are set for Tuesday, 11 February.

Advisors: Yaqeen Capital is the quarterbacking the transaction as financial advisor and lead manager. Receiving agents include Alinma Investment, Al Rajhi Capital, SNB Capital, Saudi Fransi Capital, Riyad Capital, ANB Capital, Alistithmar Capital, Albilad Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, Derayah Financial.

IN OTHER NOMU IPO STORIES-

Riyadh-based dental care provider Basma Adeem Medical set an indicative price range of SAR 4-4.40 per share for its Nomu IPO, according to a filing to Tadawul from the offering’s financial advisor Yaqeen Capital. The dental care services company lined up CMA approval for a 20% stake offering — good for 4 mn shares — last October. At the top of the range, the transaction could see Basma raise up to SAR 17.6 mn in proceeds, giving it a market cap of SAR 88 mn at listing, according to EnterpriseAM calculations.

The offering in a nutshell: Some 4 mn new shares will be up for grabs during a five-day subscription for qualified investors beginning on Monday, 13 January, according to the offering’s prospectus (pdf). Investors can book up to 999.9k shares apiece, with minimum subscription set at 100 shares. The final allocation is slated for Wednesday, 22 January, while the first day of trading will be announced after squaring away regulatory and other requirements.

Use of proceeds + post-IPO structure: Net proceeds from the sale will go towards establishing a dental lab and new clinics as part of Basma Medical’s expansion plans, after setting aside SAR 2.4 mn to cover IPO-related expenses. The company’s four major shareholders will see their ownership diluted to a combined 70.29% stake down from 87.87%.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisor, while RSM is auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, and others.

Saudi tops regional VC funding league tables in 2024

Saudi Arabia attracted USD 750 mn in VC funding in 2024, accounting for almost half of regional funding despite seeing a 44% y-o-y drop, according to Magnitt's FY 2024 venture investment summary report (pdf). The Kingdom also accounted for the largest yearly increase in transaction numbers across the 10 most active countries covered in the report, with agreements increasing 16% at 178.

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PIF-backed Sanabil deployed the most capital in the region during the period, investing a total of USD 59 mn. Meanwhile, Saudi-based e-commerce startup Salla secured the biggest ticket in the region when it closed a USD 130 mn pre-IPO investment round led by Bahrain-based Investcorp in March 2024.

The regional angle: UAE startups led the region in volume of funding rounds with a total of 188 funding rounds in 2024. This accounted for 40% of all funding rounds in the Mena region, and marked a 9% y-o-y increase. Despite the uptick in the number of funding rounds, funding for UAE startups fell 8% y-o-y to USD 613 mn, in line with a wider regional trend which saw funding fall 29% y-o-y to USD 1.5 bn. The UAE’s funding tally took second spot after KSA.

On the upside, the volume of funding increased in the region by 10% y-o-y, with some 461 transactions recorded, outperforming other emerging markets like Africa. The number of investors in Mena also rose 14% to 392.

Megadeals are giving way to smaller transactions: The decline was mainly driven by a general dip in megadeal funding across emerging markets, which came for the third year in a row. Funding rounds valued at more than USD 100 mn accounted for less than 20% of total funding in the region last year, down from 30% in 2021, Bloomberg quotes Magnitt CEO Philip Bahoshy as saying.

Late-stage investments were also down among emerging markets and were the biggest driver of the decline in funding across emerging markets, the venture data analytics platform said.

Instead, investment rounds in the USD 1-5 mn range are on the rise, with investors growing more cautious amid high costs of capital and volatile market conditions, Bahoshy told Bloomberg. Early-stage investments saw a 5 percentage point uptick during the year, according to the report.

Exits in the region were also down (20% y-o-y) amid a global liquidity crunch, though the UAE accounted for half of them, securing 12 out of the 24 exits that took place.

The most popular sectors in 2024 for venture investors: E-commerce and retail were the most popular sectors for Mena investors last year, securing USD 396 mn in investments and capturing 54 of the total investments during the year. Fintech comes second in terms of funding at USD 387 mn, but comes first in terms of volume of investments, with 93 investments.

LOOKING AHEAD-

The region is becoming a key hub for venture capital, attracting global players like General Atlantic — which set up shop in Riyadh and Abu Dhabi — and Golden Gate Ventures due to its opportunities and rapid ecosystem growth, Yana El Dirani, head of Mena at Endeavor Catalyst, said. This momentum is driven by “strong demographic trends, digital transformation, and government-backed initiatives” that foster innovation, she added.

Saudi Arabia and the UAE are both expected to attract more VC investments, Endeavor Catalyst Managing Partner Allen Taylor also said, adding that 2025 may also see a return of international VC capital to frontier markets like Egypt, Turkey, and Pakistan, which have seen limited investment in recent years.

New unicorns and IPOs in 2025? Taylor expects at least five new unicorns emerging out of the Mena region in 2025. More liquidity from IPOs and M&As is also expected, with startups like Tabby, Tamara, TruKKer, Floward, and Unifonic all expected to go public.

PLUS- More Corporate Venture Capital (CVC) activity ahead. “We’re expecting Corporate Venture Capital (CVC) firms to play an increasingly vital role in the Mena region, particularly in Saudi Arabia, given the continuous growth we’re seeing in the overall startup ecosystem,” Anas Algahtani, CEO of Aramco’s venture arm Wa’ed Ventures, said.

eXtra’s net income was up 41% y-o-y in 4Q 2024

United Electronics Company (eXtra) saw its net income rise 41% y-o-y to SAR 177.7 mn in 4Q 2024, it said in a disclosure to Tadawul. Revenues grew 7.4% y-o-y to SAR 1.7 bn over the same period, on the back of growth from the retail sector, a 10% y-o-y rise in e-commerce sales, and a 28.4% y-o-y growth in the consumer finance portfolio.

On a full-year basis: eXtra’s bottomline rose 36.9% y-o-y to SAR 534.5 mn in 2024, and the topline rose 9.4% y-o-y to SAR 6.8 bn.

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eXtra’s subsidiary United International Holding (UIHC) — which owns and operates Tas’heel Finance — saw its estimated net income increase by 16.1% y-o-y to SAR 64.3 mn in 4Q, it said in a disclosure to Tadawul. Estimated revenues rose 23% y-o-y to SAR 172.9 mn, during the same period, driven by a 28.4% growth in the consumer finance portfolio. UIHC’s estimated net income grew 4.8% y-o-y to SAR 222.4 mn in 2024, and estimated revenues were up 19.1% y-o-y to SAR 623.9 mn over the same period.

New appointments at Tabbiyah + Bank AlJazira

#1- Tibbiyah tapped Christophe Lala (LinkedIn) as its new CEO, replacing the outgoing Yasir Khattab, according to a disclosure to Tadawul. Lala — who will assume his post in March — previously held several executive positions at GE Healthcare before founding MedTechConsulting in 2021. Mohammad Idrees Khoudli will serve as CEO in the interim, according to a separate filing to the exchange.

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#2- Bank AlJazira appointed Abdulmajeed Al Sultan (LinkedIn) as chairman, Naif AlAbdulkareem (LinkedIn) as managing director, according to a disclosure to Tadawul.

PIF invests USD 200 mn into Saudi-focused European ETF

CAPITAL MARKETS-

The Public Investment Fund invested USD 200 mn State Street Global Advisors’ newly-introduced Saudi-focused ETF, dubbed SPDR JPMorgan Saudi Arabia Aggregate Bond Ucits ETF, according to a press release. The ETF targets USD- and SAR-denominated government and quasi-government debt instruments, including sukuk. The Ireland-domiciled ETF has been registered for sale in Austria, Denmark, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden and the UK.

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M&A WATCH-

Shuaa offloads Saudi hospitality assets: Shuaa Capital sold its Saudi hospitality asset portfolio, managed by its subsidiary Shuaa Capital Saudi Arabia, to Sumou Holding for SAR 515 mn (c. AED 504 mn), according to a DFM disclosure (pdf). The portfolio comprises three hospitality assets in Riyadh, Jeddah, and Dammam.

What Shuaa stands to gain: Shuaa, which holds a 33% stake in the portfolio, expects to generate AED 19.6 mn in proceeds from the transaction, to be allocated toward reducing liabilities and strengthening its balance sheet, the statement reads.

TELECOM-

stc Group and Nokia completed the first-ever 1 terabit-per-second (Tbps) long haul field trial in the Middle East and Africa, according to a press release.

Why this matters: The new technology aims to boost the capacity of the region’s data center network, ramping up data transmission speeds over distances as long as 850 km. The partnership — which leveraged Nokia’s PSE-6s technology — also aims to facilitate the operation of data-heavy applications such as cloud services, and AI.

REAL ESTATE-

Retal to build 285 residential units in Riyadh: Retal Urban Development inked a SAR 374 mn contract with its subsidiary Building Construction Company to build 285 residential units in the Murcia Zone project in Riyadh’s Khozam district, according to a disclosure to Tadawul. The construction will be financed through existing facilities and off-plan sales proceeds and is expected to take 30 years.

AVIATION-

Flyadeal adds five new internal routes, gears up to add Pakistan flights: Budget carrier flyadeal launched five new domestic routes connecting Dammam to Tabuk, Najran, and Yanbu, and resuming flights to Amman, Jordan via Riyadh and Jeddah, according to a post on X. In addition, the airline is gearing up to launch its first route to Pakistan with two weekly flights to Karachi from Riyadh and Jeddah starting 2 February.

PIF-owned Riyadh Air awarded Catrion Catering Holding a five-year SAR 2.3 bn contract to supply catering, beverages, and auxiliary services for its domestic and international flights, the Kingdom’s second flag carrier said in a press release. Riyadh Air is set to kick off operations later this year.

“Inflation-proofed” TRY boosts Turkey’s position as a go-to for carry traders

The Turkish central bank’s “real appreciation” policy for the TRY is propping up the currency and making it an even more attractive carry trade darling, Bloomberg reports. The strategy sees the central bank ensuring the currency’s depreciation is at a lower rate than inflation to maintain purchasing power. Despite the TRY shedding 16% compared to the USD in nominal terms in 2024, it posted its largest gains since 2007 in terms of the real appreciation measure.

That’s great news for carry traders, who stand to gain from an appreciating TRY while raking in massive gains from TRY-denominated bonds that carry 50% yields or higher, the business information service explained. Turkish monetary authorities indicate in a 2025 policy report (pdf) that the inflation-proofing practice is set to continue, meaning that TRY-denominated securities will continue to reel in investors with promises of high returns.

Turkey was the world's best-paying carry trade destination for much of last year. Investors engaging in the USD-TRY carry trade earned 15% returns over the past six months, or “nearly double” gains associated with Argentina’s ARS, the second-best alternative to the TRY, according to Bloomberg data. The currency-stabilizing policies have made the country’s carry trade more appealing by cutting risks associated with shock devaluations, Bloomberg says.

The downside risk: Higher demand for imports could come about as an unintended result of Turkey’s real appreciation policy for the TRY, weakening the country’s trade position, Bloomberg’s Turkey economist Selva Bahar Baziki said, adding that the dynamic could put pressure on policymakers. Despite there not being any indication that the scenario is playing out, investors nonetheless need to be wary that the TRY-denominated carry trade is “already quite over-crowded,” portfolio manager at William Blair Investment Management in London Daniel Wood cautioned.

MARKETS THIS MORNING-

Asian markets are once again in the red in early morning trading, weighed down by US Federal Reserve minutes that indicate officials are concerned about an incoming jump in inflation on the back of president-elect Donald Trump’s planned trade policies. Japan’s Nikkei and the Shanghai Index are down, while South Korea’s Kospi is just a hair in the green so far.

Over on Wall Street, futures suggest that all three major indexes will be under selling pressure once trading begins this morning, despite the S&P 500 and Dow Jones closing up yesterday.

TASI	12,089	-0.2% (YTD: +0.4%)
MSCI Tadawul 30	1,507	-0.5% (YTD: -0.2%)
NomuC	30,776	-0.1% (YTD: -2.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,786	-0.5% (YTD: +0.2%)
ADX	9466	+0.3% (YTD: +0.5%)
DFM	5209	-0.1% (YTD: +1.0%)
S&P 500	5918	+0.2% (YTD: +0.6%)
FTSE 100	8251	+0.1% (YTD: +1.0%)
Euro Stoxx 50	4996	-0.3% (YTD: +2.1%)
Brent crude	USD 76.16	-1.2%
Natural gas (Nymex)	USD 3.67	+0.6%
Gold	USD 2,679.70	+0.5%
BTC	USD 94,668.60	-2.0% (YTD: +1.0%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 7 bn. The index is up 0.4% YTD.

In the green: Nice One (+30%), Al Mawarid (+7.8%) and Al Baha (+7%).

In the red: NCLE (-4.2%), Almoosa (-3.8%) and Alinma Retail Reit (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 49.1 mn. The index is down 2.2% YTD.

In the green: Al Jouf Water (+15.4%), SPC (+13.8%) and Leaf (+7.6%).

In the red: Sure (-7%), Lana (-6.9%) and View (-5.8%)

CALENDAR

JANUARY 2025

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

7-9 January (Tuesday-Thursday) Saudi Tourism Forum, Riyadh Front, Riyadh.

8-12 January (Wednesday-Sunday): Supercopa de España, King Abdullah Sports City Stadium, Jeddah.

12 January (Sunday): Launch ceremony of the standard incentives for the industrial sector.

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

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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