PIF wants to build the region’s biggest telecom infrastructure play

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WHAT WE’RE TRACKING TODAY

THIS MORNING: “Hundreds” of bankers flying in to Neom this week for show-and-tell

Good morning, friends. We’ve got a packed issue this morning with everything from the PIF cooking up the next big thing in the region’s telecoms industry, to Aramco’s appetite for China, more investments in Egyptian companies, Acwa Power cementing its reach in Azerbaijan, and IPO news in both the news well and Planet Finance.

UP FIRST- The Public Investment Fund has acquired a controlling stake in stc-owned Telecoms Towers Company, better known as Tawal, in an agreement that will see PIF consolidate its telecoms assets under what’s being positioned as the region’s largest telecom infrastructure company with capital of SAR 1.2 bn.

^^ We have more on the story at the head of this morning’s news well, below, along with an a look back at what PIF got up to in 1Q.

HAPPENING TODAY- Global talks on eliminating plastic waste get underway this morning in Ottawa, Canada. Negotiators hope to move closer to an agreement by year’s end on what would be the first-ever global pact setting limits on plastic pollution and setting out goals to reduce it.

Some 3.5k people are set to attend, including diplomats, business leaders, and lobbyists, Reuters adds.

Saudi Arabia, Iran and China are being called the Like-Minded Countries, which have so far opposed language on production caps, scheduled reduction target, or requirements to disclose the chemicals used in production, the newswire writes.

WATCH THIS SPACE-

#1- “Hundreds” of bankers will fly to Neom this week as the USD 500 bn development seeks new funding options and looks to drum up business, Bloomberg reported yesterday, citing sources it says are in the know. They said Neom’s CEO Nadhmi Al Nasr plans to show visiting bankers progress on the city’s flagship project The Line.

On the agenda: Bankers will see actual work being done in the futuristic city instead of virtual reality videos showcased by Neom during previous roadshows in the US and UK. Neom just came off the road in China — officials have been particularly interested in driving interest from Hong Kong, Beijing, and Shanghai.

BACKGROUND- Bloomberg reported recently that the buildout of The Line was moving slower than planned. Officials at Neom replied quickly, bringing in top execs from some 100 global construction firms last week to assure them the buildout is proceeding on schedule — and that more business is in the pipeline.

AND- Neom is looking to diversify its funding sources away from the PIF, which has poured most of the funding into the project in the form of equity. Its plans include a SAR-denominated bond sale in what could be the giga-project’s first-ever sukuk sale.

#2- First-time Saudi and GCC visa applicants will be allowed to stay longer in the Shengen zone: The European Commission will roll out relaxed rules for Schengen visas for Saudis and several other GCC countries, Okaz reported yesterday. they include five-year multiple-entry visas for applicants from Saudi, Bahrain and Oman, with the longer visa validity also offered to first-time applicants, according to Arab News.

This is not entirely what GCC officials wanted — they have been looking to strike an agreement with the EU that would see Gulf citizens exempted from Schengen visas entirely. GCC Secretary General Jasem Al Budaiwi said that talks with the EU on the Schengen visa waiver scheme “requires a series of long procedures on the European side.”

Also in Luxembourg yesterday: GCC and EU officials talked about boosting strategic and security cooperation, state news agency SPA. Foreign Minister Prince Faisal bin Farhan also met with several of his European counterparts on the sidelines of the forum (here, here and here)

#3- Tomorrow is the bid deadline for hosting the tenth Masters 1000 event on the ATP Tour. Saudi, Dubai, Doha, Abu Dhabi, and Australia were invited to bid, BBC reports. That will be followed by a two-day meeting of the ATP Board, which can either select the host or run a final round of bidding.

If we’re successful, the first Masters 1000 here will be in 2027, and we’ll be waiting until 2H 2025 for specific dates.

#4- The first batch of Iranian umrah pilgrims in nine years traveled to Saudi yesterday, Iran’s state-owned media agency IRNA reported yesterday. Some 85 Iranians traveled to Madinah yesterday to mark the resumption of flights between the two countries as ties improve. It comes months after flights between Saudi and Iran were delayed in December on the back of what Tehran officials said were technical issues.

Why this matters: It’s a significant sign that relations are improving. Iranians were previously only allowed to perform hajj, but officials said they would permit umrah visits after Riyadh and Tehran reestablished ties in March 2024.

#5- China Eastern Airlines will fly into Riyadh starting next Saturday, the General Authority of Civil Aviation (GACA) said in a post on X yesterday. The Chinese carrier will run three weekly flights between Shanghai Pudong Airport and Riyadh’s King Khalid International Airport, we noted last month.

ALSO- Budget carrier Flynas will resume in late June service between Riyadh and Al Jouf, state news agency SPA reported yesterday.

#6- Local fintech Thuluthain has gotten Capital Market Authority permission to test robo-advisory as part of its product offering, the CMA said in a statement yesterday. No further details were provided.

#7- Fee collection for environmental permits is now expected to take not more than a few seconds, down from a 10 day-long wait through the deployment of Virtual Robotic Process Automation (RPA), state news agency SPA reported yesterday. The automated system helps process 8-10k requests daily, helping eliminate human error.

PSAs-

Seven more days for businesses on the hook for VAT to submit their tax returns: VAT-liable businesses with annual revenues exceeding SAR 40 mn have until Tuesday, 30 April, to submit their tax returns for March 2024, and those with revenues less than SAR 40 mn have to do the same for their 1Q 2024 tax returns, according a statement by the Zakat, Tax, and Customs Authority (ZATCA). Non-complying businesses will face fines ranging from 5% to 25% of the tax owed.

WEATHER- Expect light showers with a high of 33°C and a low of 22°C in the capital, according to our favorite weather app. It’s more of the same in Al-Taif, while the AlUla folks will be enjoying a sunny day with clear skies all along.

THE BIG STORY ABROAD-

It’s a pleasantly slow morning in the international business press.

Yesterday saw opening arguments in Donald Trump’s criminal hush-money trial — today will see prosecutors argue that The Donald is also in contempt of court for refusing to abide by a gag order against attacking prosecutors, jury members, and witnesses.

It’s not a great time to be in professional services (outside of Saudi): PwC is looking to cut in half (compared to last year) the number of people it makes partners in the United States. Blame slowing demand for advisory services. McKinsey, meanwhile, is at the forefront of a movement among big consulting firms to cull underperformers. A “brutal round of career reviews” is now in process at the high-flying firm.

The noise about tech stocks is about to go to 11: Tesla reports its 1Q earnings today, Meta follows suit tomorrow, while Google parent Alphabet and Microsoft both release on Thursday. They’re all filing financials after a rough couple of weeks for tech stocks in New York.

US colleges are having a moment as student protests of Israel’s war against Gaza (and US backing for it) continues to grow. Egypt-born Columbia President Dame Minouche Shafik has suspended in-person classes to allow a cooling off period after she sent police to arrest over 100 protestors. Police have separately arrested over 50 protesters at Yale and Harvard is closing campus gates to non-students. Activists have organized “tent cities” at all three.

SIGN OF THE TIMES- The UAE’s Emirates still needs “some more days” to clear a backlog of “rebooked passengers” from more than 400 canceled flights and some 30k pieces of luggage left at the airport after last week’s once-a-century (isA) storm.

OUR NEXT FORUM IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

** Interested in attending? Tap or click here to let us know. Seating is limited.

PIF aims to create region’s largest telecom infrastructure company

The Public Investment Fund is acquiring a controlling stake in stc-owned Telecoms Towers Company, better known as Tawal, according to two separate statements, here and here. The move still needs approval from stc’s general assembly and regulatory clearance.

This is a related-party transaction: Stc is majority owned by the PIF with a 64% stake. The agreement will also trigger the launch of a completely new entity under which the PIF’s telecoms assets will be consolidated, the statements read.

Becoming the region’s largest telecom infrastructure company: The PIF and stc will work together to consolidate Tawal and Golden Lattice Investment (Glic) under a new entity that is expected to own and manage a portfolio of around 30k towers across five countries. The new entity will have annual revenues in the USD 1.3 bn range, the PIF statement reads.

About Glic: GLIC owns and manages 8k telecom towers across the Kingdom and is majority owned by the PIF. Prince Saud Bin Fahad bin Abdulaziz and Sultan Holding Company hold minority stakes in Glic.

This has been in the works since 2022: A PIF consortium bought a 60% stake in Zain KSA’s Glic back in 2022 for SAR 3 bn, which landed the consortium a 60% majority stake in the telecom towers company. Later that year, The PIF made a non-binding offer to buy a 51% stake in Tawal with a view to combining the two.

How it’s going down: A share swap + cash-settlement: The acquisition of Tawal will be done by means of a share swap where stc along with the minority owners of Glic will get ownership shares in the new entity, while stc will also receive SAR 8.7 bn that it plans to use to finance its “growth and expansion strategy along with maximizing its shareholders’ return.”

Who will own what? The PIF will hold a majority stake of 54%, followed by stc (43%), along with with minority shareholders holding a combined 3%. Stc will also have to inject SAR 533 mn into the new entity for its shareholding amount to settle at 43%, bringing the capital of the new entity at SAR 1.2 bn, according to our calculations.

Talking valuation: Tawal is valued at SAR 22 bn, and Glic is valued at SAR 3 bn — both valuations are excluding the companies’ cashflow and debt obligations.

Here’s what you need to know about the Saudi Public Investment Fund’s very busy first quarter of 2024

The Public Investment Fund (PIF) has been doubling down on key investments in priority sectors as part of its bid to diversify the Kingdom’s economy away from oil. Its mandate to go big now sees it ramping up its annual deployment capacity with the goal of hitting USD 70 bn a year starting 2026, up from the current annual pace of USD 40-50 bn.

Its spending spree easily placed it atop the sovereign fund league table for 2023, with investments up 33% y-o-y to USD 21.6 bn through 49 transactions. PIF dethroned Singapore's sovereign Government of Singapore Investment Corporation (GIC) for the first time in five years in the ranking.

The PIF had a relatively busy 1Q: Since the start of the year, the PIF has been on track to secure the top SWF spot for a second consecutive year with multiple investments across sectors including oil, technology, and gaming.

It doubled the size of its stake in Aramco: The PIF grabbed a bigger piece of Aramco in March ahead of a potential secondary share sale by the state-owned oil giant. The private transaction — which was worth about USD 164 bn — saw the government offloading an 8% stake in Aramco to the fund. The transfer brought the PIF’s direct and indirect ownership of the oil giant to 16%, providing it “with over USD 9 bn in annual dividend revenue from Aramco”.

And banking on sustainable tech manufacturing: The PIF’s new advanced manufacturing investment platform Alat unveiled in February four new global partnerships under a plan to create a sustainable manufacturing hub in the Kingdom. It plans to invest USD 100 bn through 2030. The partnerships include a USD 150 mn investment by Alat with Japanese technology investment giant Softbank to create an industrial automation venture that will manufacture advanced industrial robots.

While still maintaining its love for EVs: PIF unit Ayar Third Investment Company is set to buy an additional USD 1 bn worth of stock in US luxury EV manufacturer Lucid Motors. The EV maker raised USD 3 bn in capital in 2Q 2023 of which USD 1.8 bn came from the PIF. The potential proceeds will finance the company’s capex and working capital, among other things.

And a push for world-scale AI play + gaming: PIF executives have been reportedly exploring the setup of a USD 40 bn fund to invest in AI, making the fund the world’s largest investor in AI. The fund could start investing as early as the second half of this year. It would invest in everything AI, from chipmakers and AI companies to data centers. PIF-owned Savvy Games Group said it is eyeing more investments in mobile game development after its online board game Monopoly Go gained major traction, grossing some USD 2 bn in sales.

Cybersecurity was also on the PIF’s radar: The PIF’s Saudi Information Technology (Site) signed an agreement with South Korean IT solutions provider AhnLab to establish a cybersecurity joint venture. They’re looking to market cybersecurity solutions to government agencies and the private sector in Saudi and across the region and into North Africa. A wholly owned unit of Site is set to acquire a stake in the Seoul-based firm through a KRW 74.4 bn (c. USD 55.3 mn) capital injection on 27 June.

What we expect to see in the coming months: Sabic’s sale of steel subsidiary Hadeed to the PIF — which could draw in USD 1.7 bn to USD 1.9 bn upon its completion — is set to close during the first half of the year. PIF-backed Manara is reportedly close to a USD 1 bn investment in Barrick Gold’s Reko Diq copper and gold mining project in Pakistan. It is also vying for a stake in Zambia's First Quantum Minerals copper mines Sentinel and Kansanshi.

And beyond: The Public Investment Fund (PIF) is reportedly in early talks to acquire national carrier Saudia as soon as next year to add it to its aviation assets portfolio. Saudia’s ownership will be taken over by PIF from the government with the intention of improving its efficiency and net income. It could be either privatized or merged with Riyadh Air — a second flagship carrier being set up by PIF, they added.

The spending spree is sending the PIF considering more global bond sales and IPOs as it looks to build up the liquidity it needs to invest faster. The fund raised USD 7 bn since the start of the year in two global debt sales. Pieces of PIF’s portfolio companies may soon be up for grabs as part of the fund’s plan. This could include anything from Saudi Telecom (Stc) to Maaden and Tadawul Group. Some of those lined up for share sales by the PIF this year include leading pharma player Nupco and Saudi Global Ports. The plan comes as the PIF’s liquid assets fell to its lowest level since 2020 to USD 15 bn as of September.

Aramco could grab a 10% stake in China’s Hengli Petrochemical

Aramco is in talks to acquire a 10% stake in China’s Hengli Petrochemical, according to a statement by the oil giant yesterday. It signed an MoU with parent Hengli Group to explore the potential acquisition, which is subject to due diligence and regulatory approvals. No financial details or timeline on the proposed transaction was provided, but the minority stake could be valued at USD 1.5 bn based on the Chinese refiner’s current share price.

The rationale: Aramco wants to expand its downstream expansion strategy in “key high-value markets, advance its liquids-to-chemicals program, and secure long-term crude oil supply agreements,” according to the statement.

About Hengli Petrochemical: The company owns and operates a number of oil production facilities across several Chinese provinces, including a 400k bpd refinery and petrochemicals complex in Liaoning.

Aramco has been banking on Chinese refineries for some time: The state-owned oil company signed a MoU earlier this year with Chinese privately-owned refiner Rongsheng Petrochemical to explore the possibility of buying stakes in each other’s units. The MoU came months after Aramco closed in last year the acquisition of a 10% stake in Rongsheng Petrochemical for USD 3.4 bn through its Netherlands-based subsidiary, Aramco Overseas Company.

And more: Aramco said last year that it aims to become a strategic investor in Jiangsu Shenghong Petrochemical through a possible 10% stake in the refiner which owns and operates a 320k bpd integrated refinery and petrochemicals complex. The interest in Jiangsu Shenghong came weeks after it signed a MoU with Shandong Yulong Petrochemical to discuss a potential 10% stake acquisition in the refiner which processes c. 400k bpd of crude oil.

Taking Beijing’s side: The growing commercial ties between Aramco and China sent the oil company’s CEO Amin Nasser taking Beijing’s side against accusations that China is dumping low-cost solar panels and EVs on Europe, Financial Times reported.

What Nasser said: “China really helped by reducing the cost of solar energy,” he said during the World Energy Congress in Rotterdam. “A lot of what happened in solar panels is because of what China did in terms of reducing [prices]. We can see the same now in electric vehicles. Their cost is one-third to one-half the cost of other electric vehicles. So we need globalization and collaboration if we are going to achieve our energy targets by 2050.”

Mohammed Hadi Al Rasheed sets IPO price at SAR 22-28 a piece

Mohammed Hadi Al-Rasheed is going public: Riyadh-based construction and mining firm Mohammed Hadi Al-Rasheed is gearing up to float 1.44 mn ordinary shares — good for a 12% stake— on parallel market Nomu, according to its prospectus (pdf).

The details: Al-Rasheed’s is guiding on a price range of SAR 22 to SAR 28 per share, according to a disclosure to Tadawul. Qualified investors can place their orders from Sunday, 28 April, to Monday, 6 May. Each investor can purchase a minimum of 10 shares and a maximum of 600k shares. The final share allocation is scheduled for Sunday, 12 May.

Use of proceeds: Selling shareholders will take home the proceeds from the transaction after covering some SAR 2.8 mn in transaction-related expenses.

Lock-up period: Al-Rasheed has three main shareholders whose ownership will settle at a combined 66.7% stake after the sale, down from a previous 75.8%. Substantial shareholders will not be able to execute any transactions on their shares for a 12 months period from the start of trading.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisor, while RSM is acting as legal council. The underwrites include Derayah, Al Jazira Capital, Albilad Capital, SNB Capital, Alinma Investment, Alistithmar Capital, Riyad Capital, and ANB Capital.

We have a solid IPO pipeline for Nomu: The parallel market’s pipeline this year includes schools operator Horizon Educational, Riyadh-based advisor Yaqeen Capital (itself a top advisor on Nomu IPOs), medical supplies outfit Qomel, Leaf Global Environmental Services, petroleum derivatives manufacturer Petrol Naas and Arabian United Float Glass.

Value Makers Studio led the seed funding round of Egypt-based Waffarha

Value Makers Studio (VMS) led a seven-figure seed funding round for Egypt-based coupon app Waffarha, according to a press release. There’s no publicly available information about the funding structure, the of the stake accumulated by VMS, or clarity on the currency of the seven-figure raise. Egypt’s fintech giant Fawry holds a 30% stake in Waffarha.

This strategic partnership with a local player plays well into Waffarha’s plan to expand into the local market, get a grip on the customer persona of the Saudi consumers while targeting them with appealing marketing campaigns. The venture studio aims at helping early-stage startups succeed in the local market.

Use of proceeds: The funds are earmarked to finance the company’s expansion strategy including in the Kingdom, along with growing its team, and enhancing its tech offering.

Waffarha provides discounted offers for products and services in multiple sectors including F&B, entertainment, health & beauty, and hospitality through its network of 1k merchants and 3k stores. Waffarha also has a B2B segment that offers white-label loyalty solutions to partners and vendors.

More and more Egyptian startups are pushing into the Saudi market, the latest of which is Bluworks. The blue-collar HR-tech startup raised USD 1 mn in a pre-seed funding round led by Khawarizmi Ventures.

Acwa Power to decarbonize parts of Azerbaijan’s state oil company, Socar

Acwa power and Azerbaijan’s state oil company Socar have agreed to work together to decarbonize of some of Socar’s downstream assets through the production of green hydrogen, according to a joint press release. Information about the value and timeline for the project has not yet been disclosed.

The details: The project’s initial phase will focus on Socar’s carbamide fertilizer facility. The two will also conduct feasibility studies on green fertilizers, with Acwa Power taking the lead on renewable-energy production.

What they said: "The cooperation with ACWA Power represents a significant step forward in Azerbaijan's transition towards a low-carbon economy and underscores the commitment of both organizations to sustainable development practices", said Anar Mammadov, vice president of Socar.

Acwa Power has a strong foothold in Baku’s renewables industry: The water desalination giant is currently building what’s talked up to be Azerbaijan's and the region's largest 240 MW wind power plant with USD 345 mn in investments, the statement reads. The project is expected to generate 1 mn MWh of electricity to offset 400k tons of CO2 emissions annually. The company also signed a roadmap agreement in October 2023 to develop a 200 MW onshore wind farm with battery storage facilities in the landlocked country. This is in addition to a cooperation agreement inked in February 2023 that will see the company set up a 1.5 GW offshore wind energy project. Earlier in 2022, Acwa broke ground on another 240 MW in Azerbaijan with a reported investment ticket of USD 300 mn.

Islamic Development Bank to invest USD 4.5 bn in 57 projects in MENA and Asia

The Islamic Development Bank (IsDB) plans to invest USD 4.5 bn in as many as 57 sustainable and infrastructure projects across member states this year, chairman Muhammad Al Jasser told Aleqtisadiah. This is up from USD 4.3 bn that the Jeddah-based multilateral lender committed to 40 projects last year, he said.

Already in the pipeline: The IsDB has already approved allocating USD 533 mn in fundingsince the start of the year for projects in Africa and Asia. These include a transportation project in Nigeria and agriculture projects in Benin, Cameroon, Senegal and Tajikistan. It also approved an energy project in Malaysia and a solar plant in Uzbekistan.

The breakdown: Some 58% of total funds for this year will be channeled into the energy and transportation sectors, according to Jassir. The agriculture and education sectors will then follow with 19% and 9%, respectively. The remainder of the funds will be distributed between rural and water and urban development, health and finance. MENA will account for 32% of total investments with Asia and the rest of Africa getting 34% and 32%, respectively. The bank has also included South America, which will account for 2% of investments this year.

The IsDB’s annual meeting in Riyadh next week will serve as a window for member countries to mull economic ties and maximize cooperation with participating financial institutions, Al Jasser said. The meeting, which will also include the IsDB’s Golden Jubilee to mark the bank’s 50th anniversary, will see participation from policymakers, the private sector, financial institutions and the private sector. It will run from Saturday, 27 April until Wednesday, 30 April.

A new shipping service in Dammam. Plus: healthcare, tech and manufacturing

LOGISTICS-

Mawani adds new shipping service to Dammam: The Saudi Port Authority (Mawani) has added a new weekly service, operated by the Mediterranean Shipping Company (MSC), to King Abdul Aziz Port in Dammam, it said in a statement yesterday. The new shipping service, dubbed East Africa Express, will connect Dammam’s port to India’s Mundra Port, Pakistan’s Qasim Port, and UAE’s Abu Dhabi and Jebel Ali Ports. It will offer a capacity of up to 11k TEUs.

HEALTHCARE-

Tadawul-listed National Medical Care has landed a three-year SAR 381 mn contract with Prince Sultan Military Medical City, it said in a disclosure to Tadawul yesterday. The agreement — which is still subject to regulatory approval — will see the healthcare provider provide medical services to the armed forces hospital’s long-term care patients.

ALSO- National Medical Care’s board has recommended a dividend payout of SAR 89.7 mn at SAR 2 per share for FY2023, it said in a separate disclosure. The distribution date is yet to be announced.

TECH-

Smarter construction management is coming to the market: Homegrown IoT-based construction workforce management solution Wakecap signed partnership agreement with US-based AI construction technology company OpenSpace, according to a statement. The partnership hopes to convince local contractors that remote progress monitoring and tracking will help them better track and manage projects.

MANUFACTURING-

Al Yamamah Steel Industries has begun commercial operations of the first phase of its Jeddah pipes plant expansion, it said in a disclosure to Tadawul yesterday. The start of operations at the first phase of the SAR 33 mn plant expansion comes a few years after the steel producer’s board signed off the plan in 2021. The first phase was first set to begin operations in the second quarter of 2022, before being pushed back to Q2 2024 last year.

Saudi led the MENA equity capital market league table in a quiet 1Q 2024

It was a quiet first quarter for equity and equity-related issuances in MENA, with some USD 1.2 bn raised in the three months ending March 2024, according to data from the London Stock Exchange Group picked up by Zawya. That’s down 6% year-on-year.

IPOs accounted for 80% of equity capital market activity, with follow-on offerings making up the rest.

Saudi transactions led the way, accounting for seven of eight capital raises (two of them on Nomu) but the UAE had the single largest. In total, the region saw IPOs worth a combined USD 931 mn in 1Q 2024, while rights issues and other follow-on offerings make up the balance of the USD 1.2 bn raised. The big three IPOs:

Dubai parking operator Parkin — USD 428.7 mn (DFM)
Modern Mills — USD 314 mn (Tadawul)
Avalon Pharma — USD 130 mn (Tadawul)

{** Tap or click here to read this story with all of the links} to our background pieces as well as external resources.

The current Saudi pipeline is looking robust, with the following offerings on deck for Tadawul’s main market:

Electronic retailer eXtra is looking to float a 30% stake UIHC, which operates its consumer finance arm under the Tasheel brand;
PIF-backed lender Riyad Bank is considering the listing of its investment banking arm Riyad Capital;
Hotels and resorts operator Boudl has filed to go public;

Labor agency Smasco is in the chute;
Water treatment company Miahona has gotten approval for an offering of 30% of its shares;
Dr Soliman Abdul Kader Fakeeh Hospital (DSFH) has gotten regulatory approval to go public;
Fourth Milling Company will list before the end of June;
Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
Hypermarket operator Lulu is said to be eyeing a dual listing on Tadawul and ADX;
Aster DM Healthcare looks set to spin-off its GCC assets and seek a dual listing on Tadawul and in the UAE.

Our friends at HSBC as well as Emirates NBD led the underwriting league table with equal market shares, the data shows.

NYSE 24/7?

Are you ready to trade New York equities around the clock? The New York Stock Exchange is polling “market participants” about their appetite for 24 / 7 stock trading. Regulators are separately looking into an application that could make the move possible.

Getting in step with the times? Or the fall of the last bastion of work-life balance in finance? “Stock exchanges have become something of a laggard in a world where other big markets, including US treasuries, major currencies, and leading stock index futures, can be traded around the clock from Monday to Friday,” writes the Financial Times.

And some brokers already simulate 24 / 7 weekday trading in a Rube Goldberg-type system that sees “trades either matched with their internal holdings, or conducted via a ‘dark pool’ trading venue such as Blue Ocean, where shares are often traded with Asian retail investors in their daytime,” the paper notes.

MARKETS THIS MORNING-

Asian shares are mixed in early trading this morning and futures suggest a soft opening for European markets and on Wall Street later today.

TASI	12,509	-0.1% (YTD: +4.5%)
MSCI Tadawul 30	1,567.2	-0.2% (YTD: +1.1%)
NomuC	26,596.2	-1.3% (YTD: +8.4%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	28,144	-1.7% (YTD: +13.1%)
ADX	9,076	-0.6% (YTD: -5.2%)
DFM	4,168	-0.2% (YTD: -2.7%)
S&P 500	5,011	+0.9% (YTD: +5.1%)
FTSE 100	8,024	+1.6% (YTD: +3.8%)
Euro Stoxx 50	4,937	+0.4% (YTD: +9.2%)
Brent crude	USD 87.00	-0.3%
Natural gas (Nymex)	USD 1.80	+0.3%
Gold	USD 2,342	-0.2%
BTC	66,904	+3% (YTD: +143.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 8.9 bn. The index is up 4.5% YTD.

In the green: Al Rajhi Takaful (+9.9%), LIVA (+9.9%) and Gulf Central (+9.2%).

In the red: Saudi Cable (-4.9%), AlKhaleej Training (-4.8%) and Sharqiyah Development (-4.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.3% yesterdayon turnover of SAR 38 mn. The index is up 8.4% YTD.

In the green: Dar AlMarkabah (+9.7%), Mayar (+7%) and AlQemam (+5%).

In the red:Raoom (-7.3%), NGDC (-5.6%) and Tadweer (-5.2%)

CORPORATE ACTIONS-

Shareholders of Riyadh Cables have approved a dividend payout of SAR 224.6 mn at SAR 1.5 per share for FY 2023, it said in a disclosure (pdf ) to Tadawul.

CALENDAR

APRIL

21-27 April (Sunday-Saturday): Innovation Week 2024 at KACST, Riyadh.

21-24 April (Sunday-Wednesday): International Conference on Renewable Energy Generation and Application 2024, Dhahran.

24-25 April (Wednesday-Thursday): Middle East Change Management Conference 2024, Riyadh.

27-29 April (Saturday-Tuesday): RiseUp Saudi at KACST, Riyadh.

27-30 April (Saturday-Wednesday): IsDB Group Annual Meetings, Riyadh.

27-30 April (Saturday-Wednesday): Saudi International Luxury Week 2024, Jeddah.

28-29 April (Sunday-Monday): World Economic Forum Special Meeting, Riyadh.

28-29 April (Sunday-Monday): International Conference on Economics Finance and Accounting 2024, Riyadh.

28-30 April (Sunday-Tuesday): Saudi Mechanical Engineering Technology Conference and Exhibition 2024, Al Khobar.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

30 April-2 May: Automechanika Riyadh 2024 at Riyadh International Convention and Exhibition Center.

30 April (Tuesday): GC Summit Saudi Arabia 2024, Riyadh.

30 April (Tuesday): HR Leaders Conference Riyadh 2024, Riyadh.

MAY

2-5 May (Thursday-Sunday): Townhall Expo, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Logistics, Riyadh.

13-15 May (Monday-Wednesday): Smart Future Expo, Riyadh.

13 May (Monday): Saudi Giga Projects, Riyadh.

14-15 May (Tuesday and Wednesday): Saudi Great Futures, Riyadh.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

20-21 May (Monday-Tuesday): Future Projects Forum, Four Seasons Hotel, Riyadh.

20-22 May (Monday-Wednesday): Future Aviation Forum 2024, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

4-7 June (Tuesday-Friday): Saudi Sports Show, Riyadh.

4-7 June (Tuesday-Friday): Aqarat Expo, Riyadh.

5 June (Wednesday): World Environment Day.

14-22 June (Friday-Saturday): Banks and capital markets closed for Eid Al Adha holiday.

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

23 September (Monday): National Day (national holiday)

NOVEMBER

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

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

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

DECEMBER

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY

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

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