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Tuesday, 27 May 2025

What We’re Tracking Today
Trade
Economy
Ipo Watch
Ipo Watch
Ipo Watch
Also On Our Radar
Planet Finance
Calendar

Non-oil exports up 9% y-o-y in the first quarter

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Today at a glance

1

TRADE

Non-oil exports up 9% y-o-y in the first quarter.
2

ECONOMY

Riyad Capital projects GDP growth to accelerate in 2025, 2026.
3

IPO WATCH

SMC postpones retail subscription period to mid-June.
4

IPO WATCH

Time Entertainment sets Nomu IPO price range at SAR 76-80 apiece.
5

IPO WATCH

Al Kuzama’s IPO reels in strong investor demand.
6

WHAT WE’RE TRACKING TODAY

GCC-Malaysia free trade negotiations kick off.
7

ALSO ON OUR RADAR

Six Saudi firms join FTSE’s Global equity roster.
8

PLANET FINANCE

China could soon have some global banking giants of its own to match Wall Street.

Tuesday, 27 May 2025

What We’re Tracking Today
Trade
Economy
Ipo Watch
Ipo Watch
Ipo Watch
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: GCC-Malaysia free trade negotiations kicks off

Good morning, wonderful people. Our eyes will be looking to the skies tonight in search for the crescent of Dhu al Hijjah, as the Hajj season is officially in full swing. Some 1 mn people should be in the Kingdom by today, set to head to Makkah’s Mount Arafat next week to complete the holy pilgrimage.

Our big stories today: Non-oil exports were up 9% y-o-y in the first quarter, Riyad Capital laid out its outlook for the Kingdom’s economy in 2025 and 2026, and a lot of updates from our bustling IPO scene featuring SMC, Time Entertainment and Al Kuzama. Let’s dive in.

HAPPENING TODAY-

#1- United Carton Industries’ (UCIC) shares will begin trading on the main market today, according to a Tadawul statement. The shares will be allowed to fluctuate within a 30% range for the first three days of trading, after which price fluctuations will be capped at 10% as circuit breakers take effect.

REFRESHER- The company priced its 30% stake IPO at SAR 50 per share — the top end of the marketed range — raising SAR 600 mn in proceeds and giving the company a valuation of SAR 2 bn at listing. This was a secondary share sale, with existing shareholders receiving the full proceeds after deducting SAR 24 mn in offering expenses.

#2- The three-day Saudi Warehousing and Logistics Expo kicks off today in the Riyadh International Convention and Exhibition Center, gathering supply chain professionals to discuss the future of the logistics industry and its latest technologies.

WEATHER- Thunderstorms and strong winds could be in store today in parts of Asir and Jazan while the weather leans dusty in Eastern Province, Riyadh, Qassim, Hail, Madinah, and Najran.

Riyadh is expected to see a high of 43°C and a low of 28°C today, while Jeddah’s mercury will go as high as 38°C and as low as 27°C. Makkah will see a 44°C high and 30°C low.

PSAs-

The Musaned platform introduced a new feature that allows employees in the Kingdom to upload their resumes once their current contracts expire, it said in a post on X. The new feature allows employers to screen potential candidates based on skills and experience before hiring them.

WATCH THIS SPACE-

A GCC-Malaysia free trade agreement may be in the works: The Gulf Cooperation Council and Malaysia’s Ministry of Investment, Trade and Industry signed a joint statement in Kuala Lumpur yesterday to kick off free trade agreement negotiations between the GCC and Malaysia, state news agency SPA reported.

Building up to today and tomorrow: Our Foreign Minister Faisal bin Farhan landed in the Malaysian capital yesterday where he will be representing the Kingdom in a host of summits including today’s GCC-ASEAN summit, a trilateral summit involving the GCC, ASEAN, and China, and two accompanying forums, SPA reported separately.

DATA POINTS-

#1- The Industry and Mineral Resources Ministry issued 92 new industrial licenses in April, estimated to bring in some SAR 2 bn in investments, it said in a post on X. Meanwhile, some 80 new factories kicked off production last month with SAR 900 mn in estimated investments.

#2- Ride-hailing apps activity increased 87% y-o-y to 27.9 mn trips in 1Q 2025, the Transport General Authority said in a post on X. During the same period, active male drivers increased 69% to 234.5k, while female drivers rose 83% to 13.2k. Riyadh took the lead in the number of trips, accounting for 41.1% of total trips, followed by Makkah (23.2%) and the Eastern region (15.7%).

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THE BIG STORY ABROAD-

France and Vietnam inked agreements valued at USD 10 bn yesterday during President Emmanuel Macron’s visit to Hanoi, including purchasing 20 Airbus planes, as well as partnerships on nuclear energy and defense. Macron will be heading to Indonesia and Singapore next, in a similar bid to bolster trade relations and get ahead of US trade agreements that could come at the expense of EU countries.

OVER IN GAZA- Deadly airstrikes continued on schools-turned-shelters and more targets in Gaza yesterday, with death tolls - estimated to be in the dozens overnight - increasingly hard to calculate due to the virtual collapse of medical services.

Efforts to secure the ceasefire are facing increasing uncertainty, with Reuters reportingearlier Hamas accepted a proposal for a temporary truce by US special envoy Steve Witkoff, only for Witkoff himself to deny it later, calling the group’s response “unacceptable.”

ALSO- The Swiss-based Gaza Humanitarian Foundation announced it begandistributing food to people in the enclave through its distribution hubs yesterday. The US and Israel-backed private group is already facing setbacks after its executive director Jake Wood resigned, stating that “it is not possible to implement this plan while also strictly adhering to the humanitarian principles of humanity, neutrality, impartiality, and independence.” Its chief operating officer, David Burke, reportedly resigned as well.

CIRCLE YOUR CALENDAR-

Aluminium Arabia will take place from 27 to 29 April 2026 at The Arena in Riyadh, according to a press release. The event will place the Kingdom’s aluminum sector under the spotlight, bringing together global producers, processors, and tech providers. Key themes include localization, industrial innovation, and sustainable aluminum production.

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2

TRADE

Non-oil exports up 9% y-o-y in the first quarter

The Kingdom’s non-oil merchandise exports rose 9% y-o-y in 1Q 2025 to SAR 54.1 bn, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — were up 13.4% y-o-y at SAR 80.7 bn during the same period, with re-exports jumping 23.7% y-o-y to SAR 26.6 bn.

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

NON-OIL EXPORTS-

Non-oil exports are still the frontrunners: The ratio of non-oil exports to imports inched up by 1.9 percentage points y-o-y to 36.2% in 1Q 2025, despite imports increasing 7.3% to SAR 222.7 bn, a slower rate of growth than exports.

Chemical goods remain the Kingdom’s top non-oil exports, accounting for 23.8% of total non-oil exports at SAR 19.2 bn, up 8.1% y-o-y. Plastics, rubber, and their derivatives followed, making up 21.9% of total non-oil exports at SAR 17.6 bn, a 10.4% y-o-y increase.

Machinery and electrical equipment were the most imported goods during the quarter, accounting for 25.8% of all imports at SAR 57.4 bn, an 18.7% y-o-y increase. Transportation equipment and parts came in second with SAR 32.6 bn, which accounted for 14.6% of total imports, marking a 17.3% y-o-y increase.

OUR TRADING PARTNERS-

China still wears the crown: China was the main destination for the Kingdom’s exports, receiving 15.7% of total exports at SAR 44.9 bn. It was followed by India (9.8% of total exports at SAR 28 bn) and Japan (9.3% of total exports at SAR 26.5 bn). South Korea, the UAE, Egypt, the US, Poland, Bahrain, and Taiwan rounded out the top 10 export markets for the Kingdom.

Top import markets: China also held first place for the Kingdom’s imports, accounting for over a quarter of our imports SAR 59.3 bn, followed by the US (7.9%), and India (5.5%). The UAE, Germany, Japan, Egypt, Italy, France, and the UK rounded out our top 10 import markets, accounting for a combined 64.8% of total imports.

The main ports: Dammam’s King Abdulaziz Port received 26.9% of the Kingdom’s total imports, valued at SAR 60 bn, followed by Jeddah Islamic Port (21.5% at SAR 47.8 bn), and Riyadh’s King Khalid International Airport (13.5% at SAR 30 bn). Other major ports of entry for imports included King Abdulaziz International Airport in Jeddah and King Fahad International Airport in Dammam, with those five ports together accounting for 75.8% of total merchandise imports entering the Kingdom.

ON THE OIL FRONT-

Oil exports still on the decline: Oil exports decreased 8.4% y-o-y during the quarter, pushing merchandise exports down 3.2% to SAR 285.8 bn. Meanwhile, the percentage of oil exports out of total exports decreased by 4.1 percentage points to 71.8% over the same period, valued at SAR 205.1 bn.

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3

ECONOMY

Riyad Capital projects GDP growth to accelerate in 2025, 2026

Riyad Capital sees the Kingdom’s GDP growth increasing to 3.5% in 2025 and 4.2% in 2026, driven by robust growth in the non-oil activity and an anticipated rebound in the oil sector, it said in its latest Saudi Economic Chartbook report for 2Q 2025 (pdf).

Driving the growth: Non-oil growth is seen expanding at a 4.1% clip in 2025, before accelerating further to 4.3% in 2026, down slightly from 4.8% in 2024. “We project continued solid growth for non-oil activities, fostered by a growth-oriented fiscal policy, supported by PIF, with a focus on increased investment spending, which will support the non-oil economy in the coming years,” the firm writes.

Increased oil output will help boost growth across the next two years: Riyad Capital expects oil activities to grow by 3.5% this year and by 5.4% in the next, buoyed by Opec+ accelerating voluntary output cuts, originally planned to take place gradually until 3Q 2026.

Higher than IMF expectations: the International Monetary Fund (IMF) cut its forecasts for GDP growth last month, by 0.3 percentage points to 3% this year and by 0.4 percentage points to 3.7% in 2026.

More budget deficits: The firm expects the Kingdom to see a fiscal deficit of 4.5% of GDP this year, which will then narrow to 3.6% in 2026, attributing this to the government sticking to “its original spending plan in order to spur growth and foster the economic transformation.” Meanwhile, the current account balance is expected to see a deficit of 3.6% of GDP in 2025, before narrowing to 2.9% of GDP in the following year, which Riyad Capital says will be driven by higher oil exports and improved tourism revenues.

The inflation situation: The firm sees inflation rising to 2.5% in 2025, before easing slightly to 2.3% in 2026, up from an inflation reading of 1.7% in 2024.

This is a less optimistic view on inflation than some others, with the IMF having recently cut its inflation forecasts to 2% for both 2025 and 2026, while Capital Economics expects inflation to hover around 2-2.5% this year before slowing to 2% in 2026.

ALSO- Riyad Capital expects the Saudi Central Bank to cut interest rates by 50 bps in 2025 and 2026, following in the footsteps of the US Federal Reserve’s gradual easing measures.

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4

IPO WATCH

SMC postpones retail subscription period to mid-June

Specialized Medical Company’s (SMC) IPO retail subscription was pushed back to 15-16 June, while the final price will be made public on Tuesday, 3 June, according to a complimentary prospectus (pdf). The two-day retail subscription period was initially scheduled to start tomorrow. The final allocation of shares is now slated for Tuesday, 24 June, instead of the earlier 4 June date, the document said.

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

ICYMI- SMC’s institutional offering sold out within hours of opening earlier this month, with demand clearing the book across the full price range. The private healthcare provider is guiding on a price range of SAR 24-25 per share for its main market IPO, which will see it put a 30% stake on offer in a secondary share sale.

Proceeds + market cap: At the top of the range, the IPO could raise up to SAR 1.9 bn (USD 500 mn) for selling shareholders, giving the Riyadh-based private healthcare provider a market cap of SAR 6.3 bn (USD 1.7 bn) at listing.

One of the largest IPOs this year: While Flynas’ SAR 4.1 bn listing is expected to secure the title for the biggest IPO of the year, SMC’s offering is poised to be the third-largest listing on the main market so far this year — landing between Umm Al Qura for Development’s SAR 2 bn IPO in March and Almoosa Health’s SAR 1.7 bn debut in January.

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-

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5

IPO WATCH

Time Entertainment sets Nomu IPO price range at SAR 76-80 apiece

Event organizer Time Entertainment Company is guiding on a price range of SAR 76-80 per share for its Nomu IPO of a 20% stake (good for 200k shares), according to a filing to Tadawul. At the top of the range, the selling shareholders stands to rake in SAR 16 mn in proceeds, implying a market cap of SAR 80 mn at listing.

This is a secondary offering, meaning that the four selling shareholders will take home all of the proceeds from the sale on a pro-rata basis, after some SAR 2.4 mn are set aside to cover IPO-related expenses. Selling shareholders will remain on lockup for 12 months from the first day of trading.

What’s next? Subscriptions open today and will run until Sunday, 1 June, during which qualified investors can book between 10-49.9k shares each. The final allocation is slated for Tuesday, 3 June.

ADVISORS- Al Khair Capital is quarterbacking the transaction as financial advisor and lead manager. Alsaleh, Alsahli & Partners Law Firm is serving as legal advisor with RSM as the bookrunner. Receiving agents include Derayah Financial, Albilad Capital, Alkhabeer Capital, AlJazira Capital, ANB Capital, BSF Capital, Alinma Capital, GIB Capital, Alistithmar Capital, Riyad Capital, SAB Invest, Yaqeen Capital, Sahm Capital and SNB Capital.

ALSO IN THE NOMU PIPELINE-

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6

IPO WATCH

Al Kuzama’s IPO reels in strong investor demand

Restaurant operator Al Kuzama Trading Nomu primary offering was 108.4% oversubscribed by qualified investors during the subscription period that wrapped last week, according to a disclosure to the exchange. The company priced its offering at SAR 107 per share, the top of the indicativerange. The offering raised SAR 45.2 mn, giving it a market cap of SAR 422 mn at listing.

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

The firm is floating 10.7% of its post-IPO capital. Some SAR 3 mn of the proceeds will be used to cover IPO-related expenses, with the remainder allocated to bolstering the company’s working capital and funding its expansion across the Kingdom over the next three years.

What’s next? Final share allocation is scheduled for today, while the listing date is yet to be confirmed.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisors, with RSM as serving as accountant. Receiving agents include Derayah Financial, Al Rajhi Capital, and SNB Capital, among others.

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7

ALSO ON OUR RADAR

Six Saudi firms join FTSE’s Global equity roster. PLUS: A new oil discovery with Kuwait

CAPITAL MARKETS-

#1- Six Saudi companies will join FTSE Rusell’s global equity indices following its quarterly review of our market, effective on 19 June, Al Arabiya reports. Almajed Oud will be included in the mid-cap index, while our friends at Tasheel, along with Nice One, Arabian Mills, Fourth Milling, and Tamkeen will be added to the small-cap index. All six will be added to the broader FTSE Global Equity Index.

MEANWHILE- Global index builder MSCI will raise the foreign inclusion factor for Aramco to 0.025% in its global indices starting 30 May. It will also add Jabal Omar Development and Makkah Construction and Development to its Emerging Markets Index. In addition, it will update its small-cap index to add Nice One, Arabian Drilling, Almoosa Health Group, Knowledge Economic City, and United International Holding while removing Al Jouf Agricultural, Herfy, and Sanad Holding.

#2- Asas Capital gets the go-ahead to start advising on securities: Dubai-based Asas Capital received the green light from the Capital Market Authority (CMA) to offer arranging and advising services in the securities market, according to a statement from the CMA. The company met all the regulatory requirements since receiving its license back in July.

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

OIL & GAS-

Saudi Arabia and Kuwait made a new oil discovery in the North Wafra Wara-Burgan field, with the North Wafra well (Wara Burgan-1) pumping out oil at a rate exceeding 500 barrels per day (bbl / d), according to a statement from the Energy Ministry. This marks the first discovery since production resumed in the partitioned zone and the adjacent offshore area in mid-2020.

IN CONTEXT- Wafra ’s joint operations span 5k sq km in a partitioned zone between Saudi Arabia and Kuwait, operated jointly by Kuwait Gulf Oil Company (KGOC), representing the State of Kuwait, and Saudi Arabian Chevron (SAC), representing the Kingdom of Saudi Arabia.

AUTOMOTIVE-

Uber partners with Abdul Latif Jameel to develop its next-gen fleet operations platform in Saudi: Uber Technologies inked an MoU with Abdul Latif Jameel to explore developing a scalable fleet operations platform in the Kingdom, including autonomous vehicles (AVs), Abdul Latif Jameel said in a press release. Abdul Latif Jameel will provide local expertise, while Uber will contribute its global mobility technology.

REMEMBER- Uber CEO Dara Khosrowshah announced at the Saudi-US Investment Summit that self-driving cars would launch in Saudi Arabia this year. During the same event, Uber, along with other US tech companies, committed to investing a combined USD 80 bn in joint technology investments in the Kingdom and the US. On a separate note, Uber Technologies was the PIF’s largest Wall Street investment during 1Q 2025, receiving USD 5.3 bn at the end of March 2025.

LOGISTICS-

Evergreen links Dammam to nine key ports: The Saudi Port Authority (Mawani) added Evergreen’s shipping service ARPG to Dammam’s King Abdulaziz Port, connecting it to nine ports, according to a statement from Mawani.

The new service, which boasts a capacity of 9.5k TEUs, will connect King Abdulaziz Port to the ports of Klang in Malaysia, Laem Chabang in Thailand, Vung Tau in Vietnam, Kaohsiung in Taiwan, Yantian, Ningbo, and Shanghai in China, Umm Qasr in Iraq, and Jebel Ali in the UAE.

ICYMI- Mawani added AP Line’s shipping service Al Pakistan Gulf to King Abdulaziz Port last month, connecting it to the ports of Karachi in Pakistan and Jebel Ali in the UAE, with a capacity of 2.9k TEUs. Mawani also inked a contract with Dammam-based Sultan Logistics Company last month to develop a 197k sqm logistics zone in the port, valued at SAR 200 mn, to strengthen the port’s operational efficiency.

INS.-

The Ins. Authority stripped 28 ins. firms of their licences, it said in a statement. These revocations are based on the Cooperative Insurance Companies Control Law and associated regulations, following regulatory actions initiated in August 2024. The move aims to safeguard the rights of the insured and support financial stability.

Some of the companies whose licenses were revoked include Shire Ins. Agency, Al Bulurat Ins. Brokerage Services, Al Sabil Asia Ins. and Reins. Brokerage, Al Aman Ins. and Reins. Brokerage, and Future Vision Ins. Brokerage. The full list of affected companies is spelled out in the authority’s statement.

TRADE-

The Commerce Ministry launched a new digital commercial registration certificate for businesses in the Kingdom that is designed to consolidate all business activities under a single national license, eliminating traditional expiration dates while offering instant data access via a QR code, the Ministry said in a post on X on Sunday.

IN CONTEXT- The cabinet approved a new Commercial Registration Law and Trade Name Law in September, aimed at simplifying procedures and making it easier to do business. Under the updated law, companies are required to have a singular commercial register covering all of their activities in the Kingdom.

MANUFACTURING-

Arabian Pipes was awarded a SAR 104 mn, nine-month contract to manufacture and supply steel pipes to Aramco, according to a disclosure to Tadawul published yesterday. Arabian Pipes landed a similar contract with Aramco in August for SAR 107 mn, spanning 11 months.

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8

PLANET FINANCE

China could soon have some global banking giants of its own to match Wall Street

China’s banking system is going through a complete overhaul as the Chinese government pushes to consolidate the country’s banking sector into a smaller and more concentrated set of banking giants and brokerages that can stand toe-to-toe with the likes of Bank of America, Citibank, and JPMorgan, writes the Financial Times.

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

The move comes as part of a push to buttress the economy against shocks and enhance global competitiveness, while the country continues to grapple with the aftershocks of a severe property crisis and navigates an increasingly complex geopolitical landscape, particularly its ongoing rivalry with the US.

Less is more when it comes to Chinese President Xi Jinping’s approach to the banking sector, having previously called for efforts to help create “a few top-ranked investment banks and investment entities.” This push has seen nearly one out of every 20 rural banks close in just the last 12 months, according to cited data from the country's financial watchdog.

This is not merely a culling of weaker players, but part of a deliberate, top-down strategy to create a more resilient and powerful financial sector. In parallel, S&P Global Ratings data indicates a significant wave of mergers among Chinese securities firms, affecting entities managing over a fifth of the sector's assets since late 2023.

The move will not just affect China, but Chinese banks’ role in the world economy more broadly as the world’s second most populous country looks to increase the use of the CNY as a trade currency. Being able to effectively fund its Belt and Road initiative is also surely part of Beijing's calculations as China continues to position itself as an attractive global partner to nations historically more aligned with Western powers.

And this includes the MENA region, especially countries more suited to being classified as emerging markets. A bolder and more assertive Chinese financial sector could see Chinese capital playing a greater role in the region for both the public and private sectors, especially given the country’s interest in energy and logistics — often sidelined by Western lenders.

But despite progress, there’s still a long way to go — possibly a “decade-long process rather than a couple of years,” S&P Global Rating’s Ryan Tsang told the salmon-colored paper. The county’s diverse and mostly uncentralized banking sector is still home to more than 3.6k rural banks — accounting for just under 95% of Chinese lenders, despite managing only 13.3% of total assets, according to the FT.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning. Japan’s Nikkei is down 0.2% and the Kospi is down 0.4%.Meanwhile, the Hang Seng is in the green, looking at gains of 0.3%, and the Shanghai Composite is flat.

TASI

11,076

+0.7% (YTD: -8.0%)

MSCI Tadawul 30

1,417

+1% (YTD: -6.1%)

NomuC

26,781

-0.9% (YTD: -14.9%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

5.0% repo

4.5% reverse repo

EGX30

31,923

-0.3% (YTD: +7.3%)

ADX

9,659

-0.1% (YTD: +2.6%)

DFM

5,484

+0.4% (YTD: +6.3%)

S&P 500

5,803

-0.7% (YTD: -1.3%)

FTSE 100

8,718

-0.2% (YTD: +6.7%)

Euro Stoxx 50

5,395

+1.3% (YTD: +10.2%)

Brent crude

USD 64.74

-0.1%

Natural gas (Nymex)

USD 3.26

-2.1%

Gold

USD 3,371

-0.7%

BTC

USD 109,418

+1.8% (YTD: +16.9%)

Sukuk/bond market index

913.02

-0.1% (YTD: +1.2%)

S&P MENA bond & sukuk

142.8

+0.2% (YTD: +2.1%)

VIX (Fear gauge)

20.57

-7.7% (YTD: +18.6%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.7% yesterday on turnover of SAR 4.3 bn. The index is down 8% YTD.

In the green: Acwa Power (+10%), Astra Industrial (+4.4%) and SIIG (+3.6%).

In the red: Raoom (-4.3%), Jabal Omar (-4.1%) and Zoujaj (-4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 40 mn. The index is down 14.9% YTD.

In the green: Taqat (+11.1%), Dkhoun (+6.2%) And Naseej Tech (+6.2%).

In the red: Food Gate (-8.8%), Rawasi (-8.4%) And Leen Alkhair (-8.4%).

CORPORATE ACTIONS-

Kingdom Holding’s shareholders approved a SAR 1 bn dividend distribution for FY 2024 at SAR 0.3 a share, it said in a disclosure to Tadawul. The distribution will be made quarterly, with shareholders required to be registered by the end of trading on 12 June for the first payment, 31 July for the second, 1 October for the third, and 31 December for the fourth.

Shareholders of Alkhorayef Water and Power Technologies (AWPT) approved a SAR 52.5 mn dividend distribution for FY 2024 at SAR 1.5 apiece, it said in a disclosure to Tadawul. The distribution will kick off on Thursday, 19 June.

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CALENDAR

22-27 May (Thursday-Tuesday): Anmat’s Nomu IPO subscription period.

26-29 May (Monday-Thursday): Hawyia Auctions Nomu IPO offering period.

27-28 May (Tuesday-Wednesday): Aseer Investment Forum, King Khalid University in Al Faraa, Abha.

27 May-1 Jun (Tuesday-Sunday): Al Khaldi’s Nomu IPO subscription period

27-29 May(Tuesday-Thursday): Saudi Warehousing and Logistics Expo, Riyadh International Convention and Exhibition Center.

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

30 May (Friday) King’s Cup final (Al-Ittihad vs Al-Qadisiyah), Al-Inma Stadium, King Abdullah Sports City, Jeddah.

JUNE

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

5-10 June (Thursday-Tuesday): Markets close for Eid Al Adha.

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.

15 October (Wednesday): Russian-Arab Summit.

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

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

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

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

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

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.

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