Oil exports inch up in August after 14 months of downtrend

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fortune Global Forum sets the tone for FII9

Good morning. The news flow has picked up today, resulting in a packed issue that sets the tone nicely for the rest of the week. The mixed bag of news ranges from oil exports logging their first y-o-y increase after 14 months of downtrend, to SEC inking SAR 12.8 bn in agreements for two new gas-fired plants, to IPO updates from Al Masar and Cherry, as well as a downpour of earnings courtesy of Sabic Agri, Zain KSA, Bank Albilad, and more. Let’s dive in.

WEATHER- Dusty winds are still stirring across parts of Makkah and Madinah, while clouds with potential thunder clouds are expected over Jazan and Asir. The southern areas of the Eastern Province will probably get foggy during the night.

Riyadh: 33°C high / 23°C low,
Jeddah: 32°C high / 26°C low
Makkah: 37°C high / 27°C low
Dammam: 33°C high / 24°C low.

WATCH THIS SPACE-

Saudi ministers and CEOs were under the spotlight at Fortune Global Forum, which kicked off yesterday and concludes today in Riyadh. The speakers outlined the Kingdom’s growing global footprint and domestic development priorities, setting the tone for FII9 kicking off in a few hours.

Tourism Minister Ahmed Al Khateeb said Saudi Arabia already meets FIFA’s accommodation requirements for the 2034 World Cup, Reuters reports. The Kingdom will continue expanding hotel capacity and enhancing tourism offerings, but will keep the alcohol ban will remain in place, Al Khateeb added.

Al Khateeb emphasized that domestic tourism projects remain the government’s top focus, citing Red Sea Global’s plan to open 17 new hotels by next May. He also noted that no decision has been made on potentially investing in Egypt’s Ras Gamila area, saying it’s not on the Kingdom’s list of priorities at the moment.

ALSO- The PIF’s New Murabba project is eyeing potential investments in technology, real estate, and construction, Reuters quoted CEO Michael Dyke as saying during the forum.

AND- Investment Minister Khalid Al Falih said that 675 multinational companies have now established their regional headquarters in the capital, underscoring the success of the government’s RHQs program, Reuters reports. Al Falih added that Barclays will officially join the roster “in a couple of days,” addressing the bank’s CEO C.S. Venkatakrishnan during the event.

Citigroup is the latest to join the trend, inaugurating its regional headquarters in Riyadh’s Kingdom Center Tower, according to a statement seen by EnterpriseAM. The US bank secured a license from the Saudi Investment Ministry to set up a regional headquarters in Riyadh last November. The HQ will provide its MENA branches with strategic direction and management functions.

This comes just days after Citi’s CEO Jane Fraser was appointed as co-chair of the US-Saudi Business Council’s board, along with Olayan Group’s Lubna Olayan. Fraser is expected to speak at FII9, along with other finance heavyweights like JPMorgan Chase’s CEO Jamie Dimon and Goldman Sachs’s David Solomon.

Global private credit firms are rushing to fill Saudi Arabia’s widening financing gap as bank liquidity tightens under Vision 2030 spending, Bloomberg reported yesterday. The liquidity squeeze — driven by large-scale government spending on infrastructure, tourism, and housing — has constrained banks’ lending capacity, leading to the first decline in medium-term loans in three years.

Who’s circling? Goldman Sachs is partnering with the Public Investment Fund and relocating a senior executive to the region, while Golub Capital, Blue Owl, Saudi Awwal Bank, and Partners for Growth are ramping up their local private credit operations. Major investors like KKR and Apollo are “sniffing around,” but still assessing where the greatest funding prospects lie, Marc Pinto, global head of private credit at Moody’s Ratings, told the business information service.

A window is opening: “The liquidity constraints and capital situation of the domestic banks create a real [window] and it’s something that a lot of international banks are looking at,” Goldman Sachs’ Middle East and North Africa economist Farouk Soussa said.

DATA POINT- Medium-term loans from local banks slipped 5% in 3Q, marking the first quarterly drop since 2022, according to data compiled by Bloomberg.

“Banks are becoming more selective,” with only seven out of 10 applications getting loans, Bloomberg quoted Moody’s Ratings’ vice president and senior credit officer Ashraf Madani as saying. He anticipated this cautious approach to sustain and weigh on loan generation, dragging banks’ loan-to-deposit ratios from 115% this year.

With banks competing for funding, some are even referring transactions they cannot finance to private credit firms, according to David Beckett, head of origination and Middle East business development at SC Lowy. “There’s a lot of talk about how great financing needs are in Saudi Arabia, so I get the sense there are bigger [transactions] coming,” Pinto said.

DATA POINTS-

Saudi Arabia’s total fisheries production reached 246.9k tons in 2024, according to the General Authority for Statistics’s 2024 Fisheries and Aquaculture Statistics report (pdf). Marine fisheries recorded a total catch of 85.3k tons in 2024, up 14.2% y-o-y, while aquaculture production reached 161.6k tons, a 15.5% y-o-y increase. Imports of marine products rose 10.7% y-o-y to 179.9k tons, while exports increased 13.5% y-o-y to 46.6k tons.

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THE BIG STORY ABROAD-

All eyes are on US-Asia ties this morning, as the US and China look closer to agreeing a truce on tariffs that would do away with the US’ 100% tariff on Chinese imports and delay China’s rare earth export controls. US officials say a framework has already been hashed out for US President Donald Trump and Chinese President Xi Jinping to ratify when they meet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, on Thursday. (Reuters | Bloomberg | Financial Times | Wall Street Journal)

Trump is still covering his bases with agreements with other Southeast Asia partners that will relax trade barriers and expand rare earth elements’ access for the US. The agreements with Malaysia, Thailand, Vietnam, and Cambodia comes as the US looks to diversify its critical minerals supply chains. (Reuters | Bloomberg)

In M&A news, Swiss pharma firm Novartis is acquiring rare disease drugmaker Avidity for USD 12 bn — its largest acquisition yet. (Bloomberg | WSJ)

AND- The latest on the Louvre heist: French police arrested two suspects they say could be related to the theft of bns worth of jewels from Paris’ Louvre Museum last week. (Guardian | Reuters)

Oil exports rebound in August for the first time since May 2024

Oil exports inched up for the first time since May 2024 to hit SAR 69.8 bn in August, marking a 7% y-o-y increase, according to preliminary data (pdf) from the General Authority for Statistics. Oil exports’ share of total exports increased 0.3 percentage points y-o-y to 70.5% y-o-y in August.

REFRESHER- The Kingdom’s oil output increased since June after Opec+ agreed to accelerate oil production increments, adding 411k bbl / d to the global market.

Total merchandise exports rose 6.6% y-o-y, reaching SAR 99.1 bn during the month, leading to a 4.1% y-o-y rise in our trade balance to a surplus of SAR 24.2 bn.

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NON-OIL BREAKDOWN-

Non-oil merchandise exports, including re-exports, rose 5.5% y-o-y in August 2025, as re-exports jumped 32.9% y-o-y to SAR 11.4 bn lifted by an increase of 90.9% in machinery, electrical equipment, and parts. However, non-oil merchandise exports, excluding re-exports, dipped 6.7% y-o-y to SAR 17.9 bn in August.

The ratio of non-oil exports to imports fell to 39.1% in August, from 39.8% a year earlier, driven by a 7.4% increase in imports to SAR 74.9 bn.

Machinery, electrical equipment and parts topped the export list comprising 25.4% of the total non-oil exports, soaring 79.8% y-o-y to just under SAR 7.5 bn. Chemical products followed, accounting for 22.7% of non-oil exports, despite recording a 7.4% y-o-y decrease to just above SAR 6.6 bn.

On the imports side, machinery, electrical equipment, and parts also led the way, making up 29.8% of total imports, with a substantial increase of 24.7% y-o-y to SAR 22.3 bn during the month. Transportation equipment and parts followed, accounting for 14.1% of total imports, with a 6.1% y-o-y increase to SAR 10.6 bn.

China still holds the reins of the trade list, receiving 16.2% of the Kingdom's total exports, reaching SAR 16 bn. The UAE came in second on the export list at SAR 11.04 bn for 11.1% of total exports, followed by India at SAR 9.2 bn (9.2%). South Korea, Japan, US, Egypt, Poland, Bahrain, and Singapore rounded out the top 10 export destinations, collectively accounting for 67.4% of total exports.

In terms of imports, China maintained its position as the Kingdom's main source, taking up 26.4% of the total, amounting to SAR 19.8 bn, followed by the US at SAR 5.8 bn (7.8%) and the UAE at SAR 4.04 bn (5.4%). Germany, India, Japan, Italy, France, Egypt, and Oman rounded out the top 10 countries.

The main ports: Five customs ports handled the vast majority of goods entering the Kingdom, with Dammam’s King Abdulaziz Port on top, receiving 25.6% of total imports in August, followed by Jeddah Islamic Sea Port (21.9%), Riyadh’s King Khalid International Airport (13.2%), King Abdulaziz International Airport (12.1%), and Dammam’s King Fahad International Airport (5.8%).

SEC inks power purchase agreements for two gas-fired plants

More gas power incoming: The Saudi Electricity Company (SEC) signed two 21-year power purchase agreements with the Saudi Power Procurement Company (SPPC) for two gas-fired power plants with a combined capacity of 3.36 GW, according to a disclosure. The agreements are valued at SAR 12.8 bn, with the financial impact expected to show up starting this year.

The details: The PP13 and PP14 gas-fired power plants will have 1.68 GW of output each, and will remain fully owned and operated by SEC.

Saudi is doubling down on gas: The 3.01 GW Qurayyah independent power project expansion reached financial close last week, with SAR 10.8 bn (c.USD 2.9 bn) in financing. SEC and Acwa Power signed a SAR 13.4 bn power purchase agreement with SPPC for the project back in February.

..with no signs of slowdown: Acwa Power secured a SAR 12.8 bn (USD 3.4 bn) financing package to support the development, construction, ownership, and operation of Rumah 1 and Nairyah 1 in August, with a combined capacity of 3.6 GW. Meanwhile, the Rumah 2 and Nairyah 2 will add 3.6 GW of capacity — 1.8 GW each — to the kingdom’s grid under a 25-year power purchase agreement with SPPC.

Why? Gas-fired combined-cycle plants can hit efficiency rates of up to 60%, compared to just 30% for crude-fired units. Natural gas currently fuels around 65% of Saudi Arabia’s electricity generation, while oil makes up roughly 32% — down from roughly half in a decade.

Subscription for Almasar Education’s Tadawul IPO kicks off next week

Almasar Education — formerly known as Amanat Education — is taking a 30% stake to Tadawul’s main market in a secondary offering of 30.7 mn shares, it said in its prospectus (pdf). Dubai-based investment firm Amanat Holding, the sole owner, is offloading its interest in the education arm and raking in all the proceeds from the sale. The move comes a little under a month after it secured Capital Market Authority (CMA) approval for the IPO. Reuters reported last year that the offering could raise around USD 300 mn.

REFRESHER- Amanat tapped SNB Capital in November 2024 to arrange the listing, which has been in the works since May 2024, when Amanat announced plans to carve out its education platform into a separate holding company. Its board discussed the proposal in July of that year, and Almasar was formally launched as a standalone brand in March 2025, with headquarters in Riyadh.

Post-IPO structure: Amanat Holding is selling down its stake in Almasar from 100% to 70% and netting all the proceeds, except for SAR 38 mn which will cover IPO-related expenses. The remaining shares will remain on lockup for a period of 6 months.

Institutional bookbuilding opens next week: The institutional offering will put forward 100% of shares to investors between 2-6 November, with a maximum subscription of 5.1 mn shares each and a minimum of 100k. A 30% clawback for retail investors will be up for grabs in a three-day subscription period starting Tuesday, 18 November, during which they can apply for a minimum of 10 shares and up to 250k shares each. Final allocations are slated for Wednesday, 26 November.

Earnings snapshot: Almasar’s revenue jumped 23% y-o-y to SAR 153.8 mn in 1Q 2025, while its net income went up 6% y-o-y to SAR 48.8 mn over the same period. The company said it intends to distribute annual dividends, subject to profitability and cashflows.

Almasar Education operates across Saudi Arabia and the UAE, serving more than 23k students. Its portfolio includes the Human Development Company (60% owned), the largest private provider of special education needs in Saudi Arabia, covering education, medical and rehabilitation services. It also includes Middlesex University Dubai (100% owned), the first overseas campus of Middlesex University London and NEMA Holding (35% owned), which runs Abu Dhabi University and Liwa University across five campuses in Abu Dhabi, Al Ain, and Dubai.

The rationale: The offering comes as Almasar sees steady growth in its earnings and rising enrollment across its schools and centers, CEO Fadi Habib told Asharq Business, adding that demand for private and higher education in Saudi Arabia and the UAE remains supported by long-term national development plans.

The firm has been aggressively expanding here at home, doubling its day-care centers for students with special needs to 39, up from 21 in 2022, and increasing its schools to 14 from 10, Habib told the news outlet. Almasar earmarked SAR 115 mn in capex to lift day-care capacity to about 8k students, 50-70% of which is already invested, with 15 new schools and centers slated to open over the next two years.

Almasar is also banking on higher education as a driver for growth, looking to replicate the success of Middlesex University Dubai, where international students now account for half of enrollment, across Saudi campuses, Habib said.

Not the only Amanat IPO in the cards: Earlier in 2023, Amanat was said to have tapped EFG Hermes and First Abu Dhabi Bank (FAB) to prepare a potential listing of its healthcare arm, which could see it raise about USD 200 mn in IPO proceeds.

ADVISORS- Our friends at EFG Hermes co-managed bookbuilding alongside SNB Capital, who is quarterbacking the transaction as the financial advisor, bookrunner, and underwriter. Clifford Chance is providing counsel to the issuer, while Baker Mackenzie is advising the bookrunner. PwC is handling financial and tax due diligence, Euromonitor International is providing market research, and Deloitte is acting as the auditor.

Receiving agents include EFG Hermes, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Yaqeen Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Sab Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

ALSO IN THE PIPELINE-

Coldchain manufacturer Consolidated Grunenfelder Saady Holding was cleared to list 30% of its shares on Tadawul’s main market;
IT firm Ejada Systems, which missed its six-month IPO window, is set to resubmit an IPO application to the CMA;
PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, Riyad Capital, and BNPL platform Tabby are among companies that tapped banks for potential IPOs;
F&B players Barns, Half Mn, Deemah, and Hashi Bashi are said to be sounding out banks for potential debuts on the main market;
Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026;
Alternative hospitality platform Gathern, local contractor Mutlaq Al Ghowairi Contracting (MGC), PIF-backed CloudKitchens, fast delivery app Ninja, Meal subscription startup Calo, Emkan Finance, and Tamweel Aloula are all said to be considering Tadawul IPOs.

Cherry Trading sets its Tadawul IPO indicative price range at SAR 27-28 apiece

Car lessor Cherry Trading set its indicative price range at SAR 27-28 per share for its IPO on Tadawul main market, Al Arabiya reported, citing EFG Hermes KSA and BSF Capital’s disclosure on Tadawul. The top of the range would allow the company to raise SAR 252 mn in proceeds, giving it a market cap of SAR 840 mn at listing, according to our calculations. The final offering price will be determined after the book-building process is completed on Thursday, 30 October.

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REFRESHER- The car rental company lined up the Capital Market Authority’s approval for the move in June to take a 30% stake — good for 9 mn shares — to the Tadawul main market, according to its prospectus. The proceeds from the offering, excluding SAR 27 mn for IPO-related expenses, will be paid entirely to the selling shareholders. Cherry will not receive any funds from the offering.

IPO timeline: The entirety of shares will be offered to institutional investors, each able to book between 100k and 1.5 mn. Some 20% of the shares on offer will be open to retail investors between 12-13 November, provided there is sufficient demand. Retail investors will be able to apply for up to 250k shares each, with a minimum of 10 shares. Final allocations will be made on Wednesday, 19 November.

Post-IPO structure: Saudi Edarah Holding — Cherry’s largest shareholder — will sell down its 98.5% stake to 68.95%, with the remaining shares subject to a 6-month lock-up period beginning on the first day of trading. Meanwhile, the 1.5% stake held by Cherry CEO Abdulaziz Saleh Mohammed Al Sowail will be reduced to 1.05%.

ADVISORS- Our friends at EFG Hermes KSA, along with BSF Capital, are quarterbacking the transaction as the financial advisors, bookrunners, and underwriters. Other advisors include Stat Law Firm, Zeyad Sameer Khoshaim Law Firm, PwC, Euromonitor International, and KPMG.

Receiving agents include Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, Al Bilad Investment, Al Jazira Capital, Alistithmar Capital, Derayah Financial, ANB Capital, Yaqeen Capital, Al Khabeer Capital, Sab Invest, Saham Capital, GIB Capital, Musharaka Capital, and Awaed Alosool Capital.

PIF anchors Tadawul’s first broad-based equity ETF from Albilad Capital

PIF buys into Saudi’s first broad-based equity ETF: The Public Investment Fund (PIF) participated as an anchor investor in the newly-listed and first broad-based Shariah-compliant local exchanged-traded fund (ETF) on Tadawul from Albilad Capital, dubbed Albilad MSCI Saudi Equity Fund ETF, according to two separate statements (here and here). The open-ended fund tracks the MSCI Saudi Equity Index, covering over 250 stocks across the main and parallel markets.

The rationale: The move plays into PIF’s agenda to deepen liquidity and grow the Kingdom’s asset management market — which is on track to hit the USD 500 mn mark by 2030 according to an earlier Fitch report.

Albilad Capital completed theAlbilad MSCI Saudi Equity ETF IPO (pdf) earlier this month, raising SAR 316 mn, Argaam reported. Units were listed on Tadawul’s main market last week. The fund, which is classified as high-risk due to its 100% equity exposure and market volatility, fully replicates the MSCI Saudi Arabia Domestic Islamic Index formed of over 250 companies covering small, mid and large-cap stocks across the main and the parallel markets. Albilad Capital acting as both fund manager and market maker, Riyadh Capital as custodian, and PwC as auditor.

SOUND SMART- Why it’s a first: The Albilad MSCI Saudi Equity ETF is the first locally listed, broad-based equity fund to track an MSCI Saudi benchmark, giving investors exposure to the full domestic market (from large caps to smaller growth stocks) under a Shariah-compliant structure. Previous ETFs in the Kingdom were either sector-focused or linked to narrow thematic indices.

One more notch in Albilad’s ETF lineup: The new listing brings Albilad Capital’s total number of ETFs on the Saudi market to seven, with products spanning fixed income, commodities, global equities, and sector-focused funds, making it one of the most active issuers in the space. Albilad now manages about SAR 6 bn in ETF assets, representing 64% of Saudi ETFs and 52% across the GCC.

IN CONTEXT- The investment follows PIF’s earlier backing of the SPDR JP Morgan Saudi Arabia Aggregate Bond ETF, which debuted in Singapore last month after listings in Frankfurt, London, and Milan. PIF had seeded the fund with USD 200 mn, giving global investors exposure to Saudi sovereign and quasi-sovereign debt, including USD- and SAR-denominated sukuk.

Squadio raises SAR 11 mn to boost AI-powered team solutions

Home-grown talent hiring company Squadio secured SAR 11 mn in a pre-Series A funding round, with participation from Wa’ed Ventures, 500 MENA, Seedra Ventures, and the National Technology Development Program, it said on LinkedIn yesterday.

Where will the money go? The company plans to channel the new funding across several strategic areas, including supporting product development, integrating AI agents into its Team-as-a-Service model, and growing its talent pool, Squadio’s Head of Business Development Esraa Galal (LinkedIn) told EnterpriseAM. Squadio also plans to inject a part of this capital into its marketing and business development initiatives to support its regional expansion.

Which countries are a priority? The company currently focuses on the kingdom as its main hub for growth due to its robust technology ecosystem, digital talent, and technology solutions, Galal said. Saudi Arabia’s tech and digital talent market is growing rapidly, increasing demand for skilled professionals and creating opportunities for Squadio, she added. The company also plans to deepen its presence in the UAE, while considering expanding into Kuwait as its next step.

What’s next? Squadio plans to focus on scaling operations and deepening its technological capabilities in 2025, Galal said. The company aims to automate more of its internal processes, expand its client base, and further embed AI into the client and talent experience. It also intends to introduce AI agents that complement human teams, while strengthening partnerships with local and international organizations, she noted.

About Squadio: Established in 2019 by Khaled Senawy (LinkedIn) and Monther Kattan (LinkedIn), Squadio is a Team-as-a-Service (TaaS) platform that supports businesses in building, managing, and scaling remote technology teams, according to its website. The company provides services such as tech talent recruitment, technical consulting, and HR management.

3Q results keep pouring in

SABIC AGRI-NUTRIENTS-

Sabic Agri-Nutrients’ net income jumped 56% y-o-y to SAR 1.3 bn in 3Q 2025, driven by 24% higher sales, the company said in a disclosure to Tadawul yesterday. Revenue grew 23.6% y-o-y to SAR 3.5 bn over the same period, thanks to a 26% increase in average selling prices.

On a 9M basis, Sabic reported SAR 3.3 bn in net income, up 40.5% y-o-y, while revenue rose 22.9% y-o-y to SAR 9.9 bn.

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Dr. SULAIMAN AL HABIB-

Dr. Sulaiman Al Habib Medical Services Group’s net income edged up 1.1% y-o-y to SAR 602.3 mn in 3Q 2025, with higher revenues dampened down by new hospitals’ fixed operating costs, it said in a Tadawul disclosure. Revenue climbed 16.4% y-o-y to SAR 3.5 bn over the same period, driven by increased hospital patient volumes and pharma sales.

On a 9M basis, the healthcare provider saw its bottom line rise 2.9% y-o-y to SAR 1.8 bn, while its top line expanded about 24% y-o-y to SAR 10 bn.

Dividends: The group’s board agreed to distribute SAR 423.5 mn in dividends for 3Q 2025 at SAR 1.21 apiece, starting 17 November, according to a separate disclosure.

ZAIN KSA-

Mobile Telecommunication Company Saudi Arabia (Zain KSA) saw its net income rise 2% y-o-y to SAR 153 mn in 3Q 2025, it said in a disclosure to Tadawul. Revenue increased 6.5% y-o-y to SAR 2.8 bn over the same period, driven by the company’s consumer segment, wholesale gains, and contributions from its subsidiary Tamam.

On a 9M basis, Zain KSA’s bottom line was up 15.8% y-o-y at SAR 373 mn, while its top line increased 5.5% y-o-y to SAR 8.1 bn.

BANK ALBILAD-

Bank Albilad saw its net income rise 9.1% y-o-y to SAR 766.5 mn in 3Q 2025 — surpassing Bloomberg analysts’ expectations of SAR 738.8 mn — the bank said in a Tadawul disclosure. The growth was buoyed by a 6% increase in total operating income, which was partially offset by a 3% rise in operating expenses.

The bank’s total income from financing went up 2.5% y-o-y to SAR 1.9 bn over the same period, while its total income from investments grew 19.2% y-o-y to SAR 433.2 mn.

On a 9M basis, Albilad’s net income increased 10.7% y-o-y to SAR 2.2 bn. Total income from financing saw a 4.6% y-o-y increase to over SAR 5.5 bn, while total income from investments rose 13.7% y-o-y to SAR 1.2 bn.

SAUDI TADAWUL GROUP HOLDING-

SaudiTadawul Group Holding’s net income dropped 41.1% y-o-y to SAR 82.7 mn in 3Q 2025 — falling short of Bloomberg analysts’ forecast of SAR 83.7 mn — a Tadawul disclosure showed yesterday. The decline came on the back of an 11.5% dip in operating revenues and an 8.2% increase in operating expenditures related to the group’s growth plans.

Revenue fell 11.5% y-o-y to SAR 317.8 mn over the same period, driven by lower trading and post-trade services revenues due to a 26.9% decrease in the average daily trading values, partially offset by a 7.1% increase in revenues from non-trading linked services.

On a 9M basis, the group’s bottom line slid 40.8% y-o-y to SAR 299.4 mn, while its top line fell 12.3% y-o-y to SAR 964.9 mn.

YANSAB-

Yanbu National Petrochemical Co. (Yansab) recorded a 43.2% y-o-y drop in net income to SAR 74.2 mn in 3Q 2025, it said in a Tadawul disclosure yesterday. Revenue fell 19.2% y-o-y to SAR 1.3 bn over the same period. The decline was attributed to lower average sales prices despite a drop in production costs.

On a 9M basis, Yansab’s bottom line shed 70.9% y-o-y to SAR 132.4 mn, while its top line went down 9.7% y-o-y to SAR 4.2 bn.

NADEC-

The National Agricultural Development Company (Nadec) saw its net income fall 2.4% y-o-y to SAR 110.7 mn in 3Q 2025, mainly reflecting the absence of SAR 6.7 mn in joint venture income recorded a year earlier, according to a disclosure to Tadawul. Revenue grew 6.6% y-o-y to SAR 843.6 mn during the quarter, thanks to a 66.3% increase in the protein sector, along with growth in the agri sector.

On a 9M basis, Nadec’s net income inched up 0.8% y-o-y to SAR 329.4 mn, while its revenue rose 10.1% y-o-y to SAR 2.7 bn, supported by increases in protein and agri sales.

KEEP AN EYE OUT-

Americana Restaurants will approve its financial statements on Thursday, 30 October;
Almoosa Health will announce its 3Q 2025 results on Sunday, 2 November;
Saudi Telecom Company (stc) and Saudi Basic Industries (Sabic) will post their 3Q results on Monday, 3 November.
Saudi Aramco is set to announce 3Q 2025 financial results on Tuesday, 4 November, with expectations to reach SAR 89 bn in net income for the quarter, compared to SAR 97.6 bn over the same period last year.

Halwani Bros appoints Mohamed Samir Abdelfattah as its new CEO

Halwani Bros tapped Mohamed Samir Abdelfattah as its new CEO, effective 10 November, it said in a Tadawul disclosure yesterday. Abdelfattah brings over 35 years of experience, spending 30 of which in executive roles at Procter & Gamble in marketing, sales, and management across multiple local and regional markets and eventually becoming president for Southeast Asia, the Middle East, and Africa. He also serves as a member of several regional boards of directors.

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MedGulf and Buruj finalize merger

M&A WATCH-

#1- The Mediterranean and Gulf Ins. and Reins. Company’s (MedGulf) shareholders signed off on the merger with Buruj Cooperative Ins., according to a Tadawul disclosure yesterday. Buruj’s shares will be delisted from Tadawul, and new MedGulf shares will be allocated to Buruj shareholders. Tadawul halted trading on Buruj stocks yesterday to start the delisting process, according to a Tadawul disclosure.

REMEMBER- The transaction values Buruj at SAR 584.6 mn and will create the fourth-largest ins. player in the Kingdom by gross written premiums (GWP), with a combined SAR 4.1 bn in GWP and an estimated 5.4% market share based on 2024 data.

Looking ahead: The merger is a strategic move to strengthen solvency and create a larger player in the Saudi ins. Market, MedGulf CEO Omar Al Mahmoud told Al Arabiya. The new entity — Saudi Arabia’s largest ins. merger to date — will drive expansion in retail and SME segments, support digital transformation, and improve margins through cost synergies and regulatory exemptions, Al Mahmoud added.

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#2- Dallah Healthcare eyes fully acquiring Care Shield: Dallah Healthcare signed a non-binding MoU with Growth Avenue Investment Company — a wholly owned subsidiary of Maharah Human Resources Company — to acquire its 41.36% stake in Care Shield Holding Company (Kingdom Hospital and Consulting Clinics), according to two disclosures to Tadawul (here and here).

What’s next? The agreement allows Dallah to conduct due diligence and negotiate a binding agreement before the MoU’s expiry on 30 November. If completed, Dallah would become the sole owner of Care Shield. Dallah has appointed Khoshaim & Associates to provide counsel. The size of the transaction has yet to be determined.

IN RELATED NEWS- Fakeeh Health eyes a majority stake in another Dallah unit: Fakeeh Health entered preliminary talks to acquire a majority stake in Dr. Mohammed Bin Rashid Al Faqih & Partners Company, in which Dallah holds a 31.21% stake, according to two disclosures to Tadawul (here and here). The discussions remain at an early stage and are under review by Dallah’s board. Fakeeh Health’s board also approved the start of negotiations for the potential acquisition.

DEBT WATCH-

Leen Alkhair Trading Company launched its SAR 10 mn murabaha sukuk offering, with the subscription period running until 7 December, it said in a disclosure to Tadawul. The SAR-denominated offering is available to both individual and corporate investors registered on the Dinar Investment Company platform, which is acting as the sole arranger for the issuance. The sukuk has a par value of SAR 1k, which is also the minimum subscription amount. The program offers various maturity terms, ranging from 3 to 30 months.

Cooling US inflation makes the case for Fed rate cuts

Softer US inflation boosts case for Fed rate cuts: The US’ core consumer price index (CPI)(pdf) rose just 0.2% m-o-m and 3.0% y-o-y in September, its slowest pace in three months and 0.1 percentage points below Wall Street’s estimates on both measures, Bloomberg reported on Friday. The report is “tepid enough to seal the deal for a 25-bp rate cut later this month, and another one in December,” economists Anna Wong and Chris G. Collins noted.

Headline inflation showed a similar picture, increasing 0.3% m-o-m and 3% y-o-y, also coming in just shy of expectations by 0.1 percentage points.

The moderation in prices was primarily driven by softer services and shelter costs. Housing costs saw their smallest increase since early 2021, with owners’ equivalent rent — a component that accounts for roughly a quarter of the CPI — rising just 0.1%. Goods inflation also eased amid a decline in used car prices. Still, services prices (excluding housing and energy) — a measure the Fed watches closely — remained firm, signaling sticky underlying pressures.

Uneven impact: The Fed’s Beige Book noted rising input costs across industries, though the effect is varied. Companies like Procter & Gamble reported minimal impact, while others — including O’Reilly Automotive — responded by raising prices. Tariff-exposed categories such as apparel and furnishings saw sharper gains, with apparel prices climbing at their fastest pace in a year.

Growing tariff concerns: While the impact of tariffs has been milder than expected, economists warn of renewed price pressures as President Trump’s latest duties on household goods take effect. Firms have so far absorbed most cost increases but are likely to pass them on to consumers soon as margins tighten, Pantheon Macroeconomics’ Oliver Allen told Bloomberg. “We anticipate a cumulative shock from tariffs totaling 0.8 percentage points by early 2026,” EY-Parthenon’s chief economist Gregory Daco told Reuters.

AND- US government shutdown delayed the report and threatens future data. While economists are confident in the September data, which was collected before the shutdown, the Bureau of Labor Statistics has not collected new data since, and a White House-affiliated account stated there will “likely NOT be an inflation release next month for the first time in history.”

ALSO FROM PLANET FINANCE- Gold prices shed USD 138.8 per ounce last week, closing on Friday at USD 4.1k, Bloomberg reported on Saturday. The biggest weekly dip since 2013 — and one of the largest ever in USD terms — followed a period of record highs driven by frantic retail buying. The outlook is still bullish, as analysts and investors see the decline as a “healthy correction” and a “buy the dip” window for central banks and physical buyers.

MARKETS THIS MORNING-

Japan’s Nikkei is leading Asian markets’ gains this morning, up 2.1% in early trading after breaking the 50k level for the first time, ahead of Trump’s meeting with Prime Minister Takaichi this week. Meanwhile, Wall Street futures are in the green ahead of an anticipated Fed rate cut and a week of Big Tech earnings.

TASI	11,594	-0.2% (YTD: -3.7%)
MSCI Tadawul 30	1,508	-0.3% (YTD: -0.1%)
NomuC	25,039	0.0% (YTD: -20.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	38,102	+1.1% (YTD: +28.1%)
ADX	10,202	+0.1% (YTD: +8.3%)
DFM	6,066	+0.8% (YTD: +17.6%)
S&P 500	6,792	+0.8% (YTD: +15.5%)
FTSE 100	9,646	+0.7% (YTD: +18.0%)
Euro Stoxx 50	5,675	+0.1% (YTD: +15.9%)
Brent crude	USD 66.08	+0.2%
Natural gas (Nymex)	USD 3.37	+2.0%
Gold	USD 4,100	-0.9%
BTC	USD 115,249	+3.2% (YTD: +23.2%)
Sukuk/bond market index	915.13	-0.3% (YTD: +1.4%)
S&P MENA Bond & Sukuk	152.49	0.0% (YTD: +9.0%)
VIX (Volatility Index)	16.37	-5.4% (YTD: -5.7%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 3.3 bn. The index is down 3.7% YTD.

In the green: CMCER (+5.9%), Sasco (+5.7%) and Liva (+5.0%).

In the red: UCA (-5.3%), Tadawul Group (-3.4%) and BSF (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC closed flat yesterday on turnover of SAR 27.5 mn. The index is down 20.5% YTD.

In the green: Munwala (+9.1%), Rawasi (+9.1%) and Service Equipment (+9.0%).

In the red: Bena (-10.0%), Lamasat (-9.7%) and Food Gate (-7.8%).

CALENDAR

25 September-19 December (Thursday - Friday) 2025 Saudi Toyota Championship.

28 September-1 January: Title deed registration for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

OCTOBER

12 October-15 January 2026: Title deed registration for 31.7k properties in 14 neighborhoods in the Eastern Province.

12 October-15 January 2026: Title deed registration for about 157.3k properties in 78 neighborhoods across the Eastern Province.

12 October-15 January 2026: Title deed registration for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

21-23 October (Tuesday-Thursday): 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.

27-30 October (Monday-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.

28 October (Tuesday): The Middle East Industry Congress – HVACR Next Generation, InterContinental Durrat Al Riyadh Resort & Spa in Riyadh.

NOVEMBER

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

2-3 November (Sunday-Monday): The Forbes Middle East Women’s Summit, Fairmont Riyadh Hotel.

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

5-6 November (Wednesday-Thursday): The Digital Government Forum, JW Marriott Hotel in Riyadh

5-8 November (Wednesday-Saturday): Binam Forum 2025, Riyadh Front Exhibition and Conference Center.

5-9 November (Wednesday-Sunday): Jewellery Salon Expo, Riyadh.

7-8 November (Sunday-Monday): The Visual Arts Commission will conclude its Art & Ideas program with a two-day symposium in Riyadh.

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

9 November (Sunday): The deadline for applications for the second batch of the Standard Incentives for the Industrial sector deadline.

10-12 November (Monday-Wednesday): BioFach Saudi Arabia, Riyadh International Convention & Exhibition Center.

13 November (Thursday): Crown Prince Mohammed bin Salman’s visit to Washington.

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

16-17 November (Sunday-Monday): Jeddah Fintech Week 2025, Jeddah Hilton, Jeddah.

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

19-22 November (Wednesday-Saturday): PIF Saudi International Golf Championship, Riyadh Gold Club.

20 November (Thursday): Deadline for title deed registration for 14.6k properties across 21 neighborhoods in Qassim.

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

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

23-27 November (Sunday-Thursday): Global Industry Summit by United Nations Industrial Development Organization, 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.

25-26 November (Thursday-Saturday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

25-29 November (Thursday-Monday): General Aviation Airshow 2025 - Sand & Fun, Riyadh.

27 November (Saturday): Deadline for title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

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.

30 November-1 December (Sunday-Monday): FII Priority Asia Summit, Tokyo.

DECEMBER

1-3 December (Monday-Wednesday): Industrial Transformation Saudi Arabia, Riyadh International Convention & Exhibition Center.

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.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, Riyadh.

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

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

16-17 December (Tuesday-Wednesday): Global Airports Forum (GAF) 2025, Riyadh International Convention and Exhibition Center, Riyadh.

25 December (Thursday): Deadline for title deed registration for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province.

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.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, 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.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

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

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, 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

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

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

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

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

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

November: UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.
The Intervision international music competition will take place in Saudi Arabia.
6 July-23 August (Monday-Sunday): Esports World Cup, 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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