PIF agrees to buy more shares in Lucid in a private placement

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Sinner walks away with Six Kings title

Good morning, wonderful people. It’s a busy and diverse Sunday morning here in the Kingdom, as we kick off the week with news of fresh investments from the Public Investment Fund’s Ayan Third Investment in US luxury EV maker Lucid and a handful of IPO updates.

HAPPENING TODAY-

Qualified investors will be able to subscribe to Riyadh-based waste management company Shalfa Facilities Management’s Nomu IPO starting today through to next Monday, 28 October, according to a filing to Tadawul. The final allocation will take place on Thursday, 31 October.

^^ We have more details on the company’s IPO in this morning’s news well, below.

WEATHER- Riyadh is looking at a high of 36°C, and a low of 23°C today. Over in Dammam, the temperature will peak at 39°C, before dropping to 23°C. Meanwhile, Abha will see a high of 27°C, and a low of 16°C.

HAPPENING TOMORROW-

Shares of Jazan-based Sama Water will begin trading on Tadawul’s parallel market Nomu tomorrow, according to a Tadawul statement. Sama’s shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The company priced its IPO of a 20% stake at the top of its indicative price range at SAR 2.7 per share after its offering was 239.3x oversubscribed. The pricing will see Sama raise SAR 27 mn in proceeds, and give it a market cap of SAR 135 mn at listing.

SIGN OF THE TIMES-

Iraq suspends MBC Media Group’s license: Iraqi regulators revoked MBC Media Group's broadcasting license in the country yesterday, Iraq’s Communications and Media Commission said in a statement carried by the Iraqi News Agency. The move comes after “repeated incidents of insolence” against resistance forces fighting against Israel, the commission said. MBC had aired a report calling the former leaders of Hamas, Hezbollah, and Iran’s Quds Force as “faces of terrorism,” the New York Times reports.

The reaction at home: The General Authority for Media Regulation noted that the report also violated its media guidelines and is reviewing legal options to address this issue.

PSAs-

#1- Local and international companies have until Thursday, October 31, to submit their applications for exploration licenses for Saudi Arabia’s largest-ever mineralized belts, the Industry and Mineral Resources Ministry said. Final bids must be in by 21 December, following the selection of qualified bidders on 14 November. The awarded bids will be revealed on 14 January, 2025.

REFRESHER- The ministry is offering three exploration licenses in the Jabal Sayid mining site in Madinah, and two reserved in Al Hajjar mining site in Aseer. Both sites could include deposits of gold, silver, copper, zinc, and lead.

#2- Traffic rule violators now have until 18 April, 2025 to settle their dues at a 50% reduction, the Interior Ministry said. The deadline extension and discount apply to fines issued before April of this year.

WATCH THIS SPACE-

#1- Saudi to host Russia-Ukraine peace talks? Russian President Vladimir Putin has shown interest in Saudi Arabia as a potential host for peace talks between Russia and Ukraine, Arab News reports. Speaking at a presser at the BRICs forum Putin also praised the Kingdom’s diplomatic neutrality and its strong ties with both countries, reiterating Russia’s commitment to pursuing peaceful discussions.

#2- Is KAFD gearing up for a more intense drive to lure financial services companies? King Abdullah Financial District (KAFD) is said to be interested in raising as much as USD 750 mn to fuel its expansion. The company is mulling both an IPO on Tadawul and the creation of a real estate investment trust to which it would contribute a number of revenue-generating buildings. KAFD is backed by the Public Investment Fund.

Advisors: Our friends at HSBC have the mandate, alongside Citi and Al Rajhi Capital.

#3- Muvi Studios gears up for 11 Saudi films in 2025-2026: Muvi Studios, the film production arm of Saudi Arabia’s largest cinema chain, Muvi Cinemas, is set to produce 11 films slated for release in 2025 and 2026, Fouad Al-Khatib, the company’s art production manager told Aleqtisadiah.

ALSO- IMAX Corp is in advanced discussions with an undisclosed Saudi firm to produce a local feature film, CEO Richard Gelfond tells Arab News. The Canadian entertainment company aims to expand its content offerings and cinema footprint in the Kingdom, with plans to establish 50 IMAX screens over the next five years. Currently, IMAX operates 10 cinemas and is on track to add 22 more in collaboration with major exhibitors, including four new IMAX screens at Muvi Cinemas by 2025.

SPORTS-

#1- Tennis world no.1 Jannik Sinner beat Spain’s Carlos Alcaraz in the finals of the Six Kings Slam in Riyadh yesterday, walking away with the USD 6 mn prize pool. Sinner took two of three sets: 6-7 (5), 6-3, 6-3.

Nadal falls to Alcaraz, Djokovic as retirement approaches: Tennis legend Rafael Nadal lost 6-2, 7-6(5) at the event yesterday. The match — the 61st time for the two tennis greats to play against each other — is one of Nadal’s last times on the courts professionally, after he announced earlier this month that he plans to retire at the end of the year. Nadal also lost 6-3 to Alcarez on Thursday.

#2- The third edition of the Saudi Games 2024 wrapped on Friday, after attracting over 9k competitors across 52 sports, with an award pool of SAR 200 mn, according to state news agency SPA.

IN THE TOP SPOTS- On the closing day, Omar Hossam Al Saqqa from Al Intilaq took the men’s archery gold, while Lina Al Munajjim from Najd claimed the women’s title. In chess, Hesham Abdulrahman earned the men’s title, while Alaa Jamal claimed the top spot in the women’s division. Abdulrahman Mostafa from Al Hilal triumphed in squash, and Al Huda’s men’s team earned first place in handball with a narrow 27-26 victory over Al Khaleej.

Top three clubs’ medals standing:

Al Hilal: 20 gold, 16 silver, 15 bronze;
AlUla: 17 gold, 11 silver, 18 bronze;
Al Ittihad:10 gold, 8 silver, 15 bronze.

#3- Neymar is set to make a much-anticipated return for Saudi Pro League side Al Hilal next week, in an AFC Champions League Elite match after spending a year sidelined due to an ACL injury, Asharq Al Awsat reports. The Brazilian star — who signed with the Riyadh-based club in August 2023 — has been recovering from surgery following a meniscus and ACL tear in his left knee, which he sustained while on international duty.

OIL WATCH-

The Kingdom was a top consumer of Russian fuel oil and vacuum gasoil (VGO) last month, making it the second largest buyer after China, Reuters reports, citing LSEG data. In September, total fuel oil and VGO exports from Russian ports climbed 2% from August, reaching around 4.2 mn metric tons, out of which some 0.7 mn tons were Saudi-bound — that is a 10% m-o-m dip following the end of peak summer demand.

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THE BIG STORY ABROAD-

Netanyahu targeted in apparent assassination attempt: Israeli Prime Minister Benjamin Netanyahu’s summer home was the target of a drone attack yesterday. No one was injured in the attack as neither he nor his wife were home at the time. “The attempt by Iran’s proxy Hezbollah to assassinate me and my wife today was a grave mistake,” he said in a post on X.

The response: Israel struck what it said were military installations in southern Lebanon following the attack. Meanwhile, its strikes in northern Gaza yesterday killed at least 108 as it continued to tighten its grip on the enclave’s embattled north. Israel’s ongoing siege of Gaza’s largest refugee camp Jabaliya and encirclement of the nearby towns has seen food and medical supplies cut off amid continued Israeli attacks on civilian infrastructure.

AND- Boeing has reached a tentative agreement to offer striking machinists a 35% pay bump over the course of four years as the airline giant seeks to put an end to a five-week-long strike that has crippled production of some of its more popular aircraft. The offer includes a one-time USD 7k ratification bonus and increased employer contributions to worker retirement accounts, but is lower than the union’s targeted 40% pay bump and does not include the reinstitution of defined benefit pensions, another of the union’s key demands.

Union members are set to vote on the contract on Wednesday, the same day that Boeing is expected to release its 3Q 2024 earnings results. (FT | Reuters | Bloomberg | WSJ)

CIRCLE YOUR CALENDAR-

The three-day Seamless Saudi Arabia will take place at the Riyadh Front Center on Tuesday, 22 October. Business leaders and entrepreneurs from around the world will gather to discuss the latest trends shaping the digital commerce and fintech sectors. Notable speakers include representatives from the World Economic Forum, our friends at Cenomi, as well as Al Rajhi Bank, Riyad Bank, and Saudi Awwal Bank, among others.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

The Human Resources and Manpower Expo kicks off on Sunday, 27 October at the Riyadh International Exhibition and Convention Center, expecting over 1k exhibitors and 22k visitors.

The five-day Jeddah International Motor Show revs up on Tuesday, 29 October, running through Saturday, 2 November. The event will showcase motorcycle and drift shows, sim and kart racing, a lineup of custom-tuned cars, and more.

WWE Raw is coming to RIyadh for the first time ever on 2-3 November, kicking off on the back of the WWE Crown Jewel event the day prior, Turki Alalshikh said in a post on X. You can book your Raw tickets here, and your Crown Jewel tickets here.

PIF doubling down on Lucid as EV maker gears up for follow-on public offering

The Public Investment Fund’s (PIF) Ayar Third Investment is purchasing 374.7 mn shares in US luxury EV maker Lucid Group in a private placement, Lucid said in a press release (pdf) on Thursday. The private placement — part of a follow-on public offering from Lucid — will see Ayar Third Investment keep its ownership steady at around 58.8%.

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The offering: Lucid Group priced an underwritten follow-on public offering of 262.4 mn shares of its common stock, it said in the statement. The shares will be offered on Nasdaq, over-the-counter markets, or through negotiated sales — at market prices, fixed prices, or otherwise. The offering was expected to close on 18 October, pending standard closing conditions. Reuters had coverage.

The private placement is set to close by Thursday, 31 October, dependent on the public offering. If the underwriter exercises its option to buy up to 39.4 mn additional shares, Ayar will snap up more shares to maintain its stake, with a secondary closing to follow 10 business days after the option is triggered.

The sale comes as Lucid scrambles to shore up its finances and address steeper-than-expected losses, with its full 3Q earnings report due on 7 November.

Proceeds from the offering, along with Ayar’s private placement — which are expected to come at a combined USD 1.67 bn — will go toward capital expenditures, working capital, and other general corporate purposes.

Third time’s a charm? The fund invested USD 1.5 bn in Lucid back in August to keep the EV maker’s capex and working capital afloat. The lifeline was split between USD 750 mn in convertible stock via private placement and a USD 750 mn unsecured delayed draw term loan facility. This marked Ayar’s second investment in Lucid this year, following a USD 1 bn purchase of convertible preferred shares last March — both aimed at keeping the company in gear.

ADVISORS- BofA Securities is leading the public offering as the sole underwriter.

Al Rajhi’s fintech arm Ejada taps Goldman Sachs and Al Rajhi Capital for USD 1.5 bn IPO

Al Rajhi Bank’s tech arm hires Goldman Sachs for IPO: Ejada Systems, a local tech services firm owned by Al Rajhi Bank, hired Goldman Sachs and Al Rajhi Capital to arrange an IPO that could see the firm valued at up to USD 1.5 bn, Bloomberg reports, citing sources it says are familiar with the matter. Ejada is reportedly looking to sell a minimum 30% stake in an IPO that could happen in “the next few months,” the sources added. No final decisions have been made regarding the timeline or size of the offering.

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Meet Ejada: Ejada Systems provides IT services to local and regional public and private sector players, assisting clients in streamlining operations and increasing efficiency, according to its website. The company’s services portfolio includes analytics and business intelligence, enterprise resource planning, customer engagement, payment and finances, as well as services to help businesses meet compliance and regulatory requirements.

IN CONTEXT- Tech listings are a rare sight for the local IPO market despite the recent surge in the Saudi IPO market, Bloomberg notes. Fintech player Rasan was one of the few to go public this year, raising USD 224 mn in an IPO that saw high demand from investors. The outfit’s stock price rose sharply on its debut on Tadawul and is now up 70% from its IPO offering price.

SAUDI IPO PIPELINE AT A GLANCE-

Among the transactions now in the market or expected soon:

Fourth Milling Company (MC4) closed the retail tranche of its Tadawul IPO with a 3.9x oversubscription rate this week. The company is taking a 30% stake to market;
Arabian Mills is selling a 30% stake on Tadawul, with its institutional offering selling out within hours and closing 132x oversubscribed;
Nice One Beauty Digital Marketing Company has received regulatory approval to offer a 30% stake on Tadawul;
Shalfa Facilities Management is planning to offer a 15% stake on the Nomu parallel market;
Naqawa for Information Technology (Purity Tech) is taking a 25% stake public in an IPO on Tadawul’s parallel market Nomu;
Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
Aster DM Healthcare looks set to spin off its GCC assets and seek a dual listing on Tadawul and in the UAE;
PIF-backed lender Riyad Bank is considering the listing of its investment banking arm Riyad Capital;
Nupco — a unit of the PIF — has reportedly tapped Rothschild & Co as financial advisor for its potential Tadawul IPO;
Budget airline Flynas is reportedly looking to go public this year.

Abdul Latif Jameel Energy revives exit plans for its Spain-based solar developer Fotowatio

Abdul Latif Jameel Energy puts Fotowatio up for sale, eyes exit: Abdul Latif Jameel Energy has reportedly tapped JP Morgan for the potential sale of its wholly-owned Spain-based solar developer Fotowatio Renewable Ventures (FRV), Bloomberg reports, citing people it says are familiar with the matter. The divestment — which is set to kick off by year-end — could value the company at up to USD 2.2 bn.

Attempt #2: The homegrown energy giant took over FRV in 2015 and first tried to offload it in 2019, attracting interest from heavyweights including China Three Gorges and Shanghai Electric Power. But the sale hit a roadblock when covid-19 swept in, stalling the agreement, according to an earlier report by the business information service.

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Who’s buying? Large infrastructure funds and international investors are likely to be in the mix of potential suitors, one insider said, as the sale would be “one of the largest in Spain’s fast-growing renewables industry.”

About FRV: Founded in 2006, FRV boasts a 3.5 GW network of solar photovoltaic projects across nine markets, with an additional 24 GW currently under development, according to its website. It quickly became the first developer of large-scale solar energy projects in Spain.

Shalfa prices Nomu IPO at SAR 61 apiece, subscription starts today

Shalfa Facilities Management priced its secondary share sale of a 15% stake on Tadawul’s parallel market Nomu at SAR 61 apiece, according to a filing to Tadawul. Qualified investors will be able to subscribe to the offering starting today, through to Monday, 28 October. Each investor can book a minimum of 10 shares, and a maximum of 210k shares. The final allocation will take place on Thursday, 31 October.

Proceeds + market cap: The pricing could see the Riyadh-based waste management company raise up to SAR 38.4 mn in proceeds and would give it a market cap of SAR 256.2 mn at listing.

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REFRESHER- The offered shares will be sold by the three substantial shareholders — Mohamed Abdullah Ibrahim, Abdullah Mohamed Ibrahim, and Fahd Mohamed Ibrahim — who each own a third of the company’s 4.2 mn shares. The trio will see their collective stake reduced to 85% post-IPO, with each partner holding 28.3% of the company. The selling shareholders will pocket all proceeds from the offering, after some SAR 2.5 mn are used to cover IPO-related expenses. They will also abide by a 12-month lockup period starting on the start of trading, before they can execute any transactions on their shares.

Latest earnings: Shalfa’s net income rose to SAR 21.5 mn in 2023, up from 9.5 mn in 2022, and its revenues increased to SAR 260.4 mn in 2023, up from SAR 123.1 mn, according to the prospectus.

ADVISORS- Value Capital is the financial advisor and lead manager on the transaction. The receiving agents are Al Rajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, Alistithmar Capital, Alinma Investment, AlJazira Capital, ANB Capital, SAB Invest, Derayah Financial, Saudi Fransi Capital, Alkhabeer Capital, Yaqeen Capital, and Sahm Capital.

Jana Medical is taking a 25% stake to Nomu with proceeds slated for medical equipment procurement

Jana Medical is offering a 25% stake (equivalent to 642.5k shares) on Tadawul’s parallel market Nomu, according to a prospectus (pdf). The Capital Market Authority approved the move in June.

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Use of proceeds: SAR 2.9 mn will be deducted from total proceeds to cover offering-related expenses, with remaining funds allocated to medical equipment procurement initiatives that are estimated to cost around SAR 160.7 mn. Company resources, earnings, and bank facilities will be used to cover procurement costs that exceed the offering’s proceeds. Meanwhile, if the required funds cannot be acquired to cover procurement plans, the offering’s proceeds will be re-allocated towards less costly growth programs. Shareholders will not be allocated any proceeds from the offering.

Lock-up period: Major shareholders will be restricted from executing any transactions on their shares for 12 months beginning with the first day of trading.

Timeline: Qualified investors can book a minimum of 10 shares and a maximum of 157.4k apiece between Wednesday, 6 November, and Thursday, 14 November. Final allocations are set for Tuesday, 19 November, while any available refunds will be processed by Sunday 24 November. Trading date will be announced once all regulatory requirements have been met.

Jana Medical’s bottom line rose 3.7% y-o-y to SAR 5.4 mn in 2023, while revenues increased 42.5% y-o-y ti SAR 61.4 mn.

About Jana Medical: The firm and its subsidiaries are concerned with the import, supply, and manufacture of medical supplies in the Kingdom, according to its website. Some of Jana Medical’s clients include the Saudi German Hospital, Dr Sulaiman Al Habib, and King Saud University Medical City, among others.

ADVISORS- Afaq Capital is assuming the role of financial advisor, while Musharaka Capital is stepping in as lead manager and RSM Global as auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, Aljazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, Yaqeen Capital.

Alinma Bank extends Bahri USD 756 mn murabaha financing to modernize fleet

The National Shipping Company of Saudi Arabia (Bahri) secured a SAR 2.8 bn (USD 756 mn) Murabaha financing agreement with Alinma Bank, Bahri said in a press release and disclosure to Tadawul. The 10-year facility is backed by mortgaging very large crude carriers (VLCCs) and will cover about 70% of the acquisition costs for nine new VLCCs. Bahri is partly owned by PIF and oil giant Aramco.

Background: Bahri inked a SAR 3.75 bn (c. USD 1 bn) agreement in August to acquire nine VLCCs from global shipping outfit Capital Maritime and Trading Corporation, with the vessels scheduled for delivery in batches before the close of 1Q 2025. Bahri paid 10% of the total upfront, with the remaining 90% due upon delivery, adding that the purchase would be financed by a combination of banking facilities and internally generated funds.

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What they said: “The enhanced financial capabilities from this collaboration will fuel our efforts to improve our overall fleet competitiveness that will lead to enhancing the company’s revenues and profitability, aligning with our long-term strategic goals,” Bahri CFO Basil Abulhamayel said.

More on Bahri’s fleet modernization plans: The nine newly acquired VLCCs will enable the energy carrier to phase out older vessels, the statement said. CEO Ahmed Ali Al Subaey also outlined plans last month for the company to build 20-30 new LNG tankers capable of hauling LNG, hydrogen, and ammonia through JVs with unnamed partners. Al Subaey had referenced general plans to upgrade the company’s fleet in statements accompanying Bahri’s 2Q 2024 earnings.

IN OTHER DEBT NEWS-

Nomu-listed stationery and office supplies distributor Pan Gulf Marketing (PGM) secured a SAR 57.1 mn Shariah-compliant bank facility from Al Rajhi Bank, according to a disclosure to Tadawul. The one-year financing agreement is not backed by guarantees and is directed towards shoring up PGM’s working capital. No further information was disclosed.

Jaras Hospitality closes SAR 2.5 mn pre-seed funding round

Homegrown hospitality management digital solutions provider JarasHospitality closed a SAR 2.5 mn (USD 666k) pre-seed funding round, according to a press release. The fresh capital will be used to improve the company’s product-market fit which is still in its beta stage, and acquire more customers. Information about the involved angel investors and the breakdown and structure of the investment wasn’t disclosed.

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About Jaras: Founded in 2023 by Ahmed Al Zabidi (Linkedin), Jaras looks to streamline hotel bookings and financials through its integrated platform. The startup aims to empower operators and owners of hotel rooms, serviced apartments, and chalets to manage availability, track pricing, and generate detailed reports in one place. Operators and managers of listings can connect and manage their listings across multiple booking websites through Jaras’ platform. Some of their partners include Glamour Hotel, Holiday Plus, and Tu Jardin.

ALSO FROM STARTUPLAND-

Local startups were the most-funded in the region last month, raising some USD 170.8 mn over 23 transactions in September and accounting for 60% of the total amount raised by MENA startups, Wamda reported. The Kingdom was absent from the list of top-funded countries in the previous two months. Jeddah-based smart mobility startup Shift secured the region’s largest ticket for the month, receiving a SAR 310.8 mn (c. USD 82.8 mn) from Merak Capital.

Mukaab + US-Saudi regional plans

It was a quiet weekend for Saudi Arabia in the international foreign press, with a Bloomberg story putting the spotlight on the ambitious Mukaab project in Riyadh’s New Murabba. The skyscraper aims to house 400k residents across 18 neighborhoods, with its first phase set to wrap up by 2030 — just in time for Expo 30.

MEANWHILE- US officials and lawmakers are fast-tracking plans for a regional mega-agreement with Saudi Arabia after the death of Hamas leader Yahya Sinwar, linking Gaza’s reconstruction to a broader US-Saudi pact, The Intercept says.

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The gov’t looks to localize helicopter component + heavy-duty drone manufacturing

AVIATION-

Localizing helicopter component manufacturing: Industry and Mineral Resources Minister Bandar Alkhorayef sat down with Italy-based aerospace giant Leonardo Chairman Stefano Pontercorvo late last week to discuss localizing the production of helicopter components in the Kingdom, state news agency SPA reports. This includes aircraft structures, propellers, fins, and electronic flight systems.

Drones are also on the table: Alkhorayef also met with top executives from Drone Hopper, Reinosa Forgings & Castings, silicon metal producer Ferroglobe, vehicle designer IDIADA, and geophysical survey solutions provider Xcalibur, during a stopover in Madrid yesterday, SPA reported separately. Talks centered on possible collaborations to localize heavy-duty drone manufacturing, automotive parts, supplies for shipbuilding, as well as geological surveys.

ALSO- Alkhorayef discussed Spain’s mining expertise with officials in a bid to encourage Spain-based companies to tap into the Kingdom’s USD 2.5 tn mineral wealth, state news agency SPA reports (here and here).

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LOGISTICS-

Modon to launch self-storage facilities: The Saudi Authority for Industrial Cities and Technology Zones (Modon) inked a SAR 880 mn MoU with the Luxembourg-based family office Sadel Group to build self-storage facilities, in a bid to support the food industry supply chain in Jeddah’s industrial cities, Modon said in a post on X. Other signatories included the Investment Ministry, and the Transport and Logistic Services Ministry.

ECB trims interest rate for third time amid cooling inflation

The European Central Bank (ECB) lowered interest rates for the third time this year, cutting its key deposit rate by 25 bps to 3.25%. The ECB said the move aims to curb potential for “downside surprises” in the eurozone economy. The move is the bank’s first back-to-back rate cut in 13 years, five weeks after a previous rate cut.

The context: Inflation dropped below the eurozone’s 2% target to 1.7% in September, its lowest level in three years.

REMEMBER- Central banks are pivoting toward cutting rates as inflation slows down, with the US Federal Reserve spearheading the global policy-easing cycle, cutting interest rates by half a percentage point in September.

The rate cut is expected to spur growth for the region by giving “a boost to the German [and wider eurozone] economy, inspiring consumer spending, encouraging investment, and ultimately stimulating the economy,” Joe Nellis, an adviser to the financial consultancy MHA, told The Guardian. Germany, the region’s largest economy, faces the risk of a second year of contraction.

If inflation remains on its downward slide, an aggressive cut could be on the table. “A 50 bps cut at the next meeting in December is a possibility if the two inflation and PMI prints of October and November continue to surprise on the downside,” said Douglas Lytle, an editor at Bloomberg Intelligence.

ECB president Christine Lagarde signaled that the bank is unlikely to stick to “a particular rate path,” only keeping rates “sufficiently restrictive for as long as necessary” to achieve its 2% target.

Some pundits concur, seeing as the ECB “will likely want to keep flexibility about a December cut and will push back against the idea that this is the start of consecutive cuts,” ING said in a note ahead of the decision.

ALSO WORTH NOTING-

China’s economic growth weakens in 3Q: China's economy grew by 4.6% y-o-y last quarter, falling short of the government's 5% growth target, and hitting an 18-month low. (Financial Times)
El Salvador secured a USD 1 bn refinancing loan from JPMorgan Chase, backed by the US Development Finance Corporation. (Financial Times)
The IMF approved USD 340.7 mn for Ethiopia as part of a four-year USD 3.4 bn financing package, bringing total disbursements to date to USD 1.4 bn. (Bloomberg)

TASI	11,907	-1.1% (YTD: -0.5%)
MSCI Tadawul 30	1,490	-1.1% (YTD: -3.9%)
NomuC	26,206	+0.9% (YTD: +6.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	30,144	-1.3% (YTD: +21.1%)
ADX	9,288	+0.1% (YTD: -3.0%)
DFM	4,469	+0.2% (YTD: +10.1%)
S&P 500	5,865	+0.4% (YTD: +23.0%)
FTSE 100	8,358	-0.3% (YTD: +8.1%)
Euro Stoxx 50	4,986	+0.8% (YTD: +10.3%)
Brent crude	USD 73.06	-1.9%
Natural gas (Nymex)	USD 2.26	-3.8%
Gold	USD 2,730	+0.8%
BTC	USD 68,281	-0.2% (YTD: +61.5%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.1% on Thursday on turnover of SAR 7.0 bn. The index is down -0.5% YTD.

In the green: Red Sea (+4.3%), Sidc (+.2.9%) and Tawuniya (+2.8%).

In the red: Al Baha (-6.9%), Artex (-4.9%) and Anaam Holding (-4.5%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.9% on Thursday on turnover of SAR 112.9 mn. The index is up 6.8% YTD.

In the green: Al Dawliah (+13.3%), Knowledge Tower (+11.2%) and Al Babtain Food (+9.5%).

In the red: Al Qemam (-7.2%), Leaf (-6.8%) and Knowledgenet (-5.7%)

CORPORATE ACTIONS-

Mulkia Investment is distributing SAR 8.3 mn in dividends at SAR 0.08 apiece for unitholders of Mulkia Gulf Real Estate REIT for 3Q 2024, it said in a disclosure to Tadawul.

CALENDAR

OCTOBER

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

22-24 October (Tuesday-Thursday): Seamless Saudi Arabia 2024, Riyadh Front Center, Riyadh.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

27-30 (Sunday-Wednesday): Human Resources and Manpower Expo, Riyadh International Exhibition and Convention Center, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

29 October - 2 November (Tuesday-Saturday): Jeddah International Motor Show, Superdome, Jeddah.

30 October - 3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2 November (Saturday): WWE Crown Jewel, Riyadh.

3 November (Sunday): WWE Raw, Riyadh.

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

5-9 November (Tuesday-Saturday): Biban24 Forum, The Front Exhibition and Conference Center, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference.

14-15 February (Friday-Saturday): Formula E, Diriyah.

22 February (Saturday): Founding Day.

MARCH 2025

31 March- 3 April (Monday-Thursday): Eid al-Fitr.

MAY 2025

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

26 June (Thursday): 2024-2025 academic year ends.

SEPTEMBER 2025

23 September (Tuesday): Saudi National Day.

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.

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