Poll sees us Saudi growth lagging GCC peers

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi industry and mining minister talks up industrial cooperation with Brazil

Good morning, wonderful people, and happy hump day to you all. From aviation (thank you, Farnborough Airshow) to fresh takes on the economy and capital markets, we’ve got a packed issue for you this morning. Let’s jump right in:

WATCH THIS SPACE-

#1- Brazil’s status as an industrial powerhouse plays well with Saudi’s plans to develop 12 industrial subsectors under its national industry strategy, Industry and Mineral Resources Minister Bandar Al Khorayef told Asharq Business (watch, runtime: 5:07). “Brazil is a [major] industrial country with a pioneering experience. It was able to develop multiple industries over the past two decades and venture into new and successful experiences. The visit aims to explore shared [potential] between the two countries,” Al Khorayef, who is kicking off a weeklong visit to Brazil and Chile, said.

The Kingdom is banking on its nascent EV manufacturing industry amid a global transition to clean and renewable energy, Al Khorayef said. “Despite EV manufacturing being new to us, we still aim to manufacture 300k-350k vehicles annually. This primarily requires a focus on EV battery manufacturing with Saudi qualified to host investments and industries focused on supply chain for the batteries,” he said.

IN CONTEXT- Al Khorayef is leading a delegation that is currently in Brazil and will head to Chile later this week to look at potential investments in mining and manufacturing. The delegation will meet with government officials as well as execs from top mining, aviation and food companies — including Vale, Minerva Foods, JBS, BRF SA, Codelco, Antofagasta, and others — in both countries. The delegation’s trip to South America wraps up on Tuesday, 30 July.

REMEMBER- Saudi’s ongoing efforts to develop the industry is making it turn to Chile, which is the world’s second-largest producer of lithium. Al Khorayef said in April that Saudi will continue to source lithium from abroad as part of its plans for the emerging EV sector as securing domestic supplies were still at an early stage.

#2- We have an estimate on the value of the three renewable energy joint ventures the Public Investment Fund signed last week with major Chinese players: The agreements to localize the manufacturing of a number of wind and solar power generation components is worth over USD 3 bn, according to a statement from British law firm Mishcon de Reya, which represented local and privately owned renewable energy firm Vision Industries in the agreements.

REFRESHER- The PIF’s wholly-owned subsidiary Renewable Energy Localization Company (Relc) and Vision Industries signed with China’s second-largest wind turbine manufacturer, Envision Energy; solar module manufacturer JinkoSolar; and Lumetech, a subsidiary of China’s TCL Zhonghuan Renewable Energy.

SPORTS-

FROM THE RUMOR MILL- Boca Juniors’ Ezequiel Fernández may soon join Al Qadsiah, according to sports journalist César Luis Merlo. The newly promoted team reportedly raised their offer to USD 17.5 mn — higher than the 22-year old Argentian midfielder’s USD 15 mn exit clause.

A busy preseason: The Aramco-owned club secured last week Pierre-Emerick Aubameyang’s signing from Marseille, tying down the former Arsenal, Dortmund, and Barcelona player to a contract that runs until 2026.

HAPPENING TOMORROW-

Shares of Al Ashghal Almoysra will start trading on parallel market Nomu tomorrow, according to a Tadawul statement. The local contractor’s offering of a 20% stake was oversubscribed as it priced its IPO at the top range of SAR 50 per share.

What to expect: Shares will be allowed to trade within a ±30% band in daily price fluctuation limits and a ±10% band in static price fluctuation limits.

PSA-

WEATHER- Riyadh will see a daytime high of 46°C and low of 31°C today. It’s almost as hot in Makkah, where the mercury will peak at 45°C during the day before dropping to 33°C at night. Meanwhile, Jeddah will see a high of 43°C and a low of 31°C.

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THE BIG STORY ABROAD-

No surprises here — Kamala Harris is leading front pages everywhere after suddenly becoming the frontrunner for the Democratic nomination. Also getting attention: Israel is evacuating Khan Younis; ether ETFs are coming; and Google is keeping advertiser cookies.

Harris addressed her campaign staff yesterday as her candidacy earned the backing of key party officials, with former House speaker Nancy Pelosi the latest to give Harris her stamp of approval. Hollywood celebrities are also rallying around Harris and donating to the campaign — and Charli XCX seemingly triggered a viral meme campaign after tweeting that Harris “IS brat.” The campaign is leaning into it in a bid to attract Gen Z votes.

The sitting vice president aims to lock-in the delegates she needs to secure her nomination by tomorrow evening, Reuters reports. The Democratic National Committee has agreed to hold a virtual roll call to choose their nominee by Wednesday, 7 August. The formal convention will start on Monday, 19 August

The key question on everyone’s minds now: Who will Harris pick as her running mate? Bloomberg, the New York Times and Politico each have a list of folks they think are likely candidates.

MEANWHILE- The US Secret Service admitted its “failure” in protecting Trump during his assassination attempt, and Biden said dropping out of the race was “the right thing to do.”

OVER IN GAZA- While Prime Minister Benjamin Netanyahu heads to Washington to address congress tomorrow, Israel has ordered civilians to evacuate Khan Younis as it relaunches attacks against Hamas, sending hundreds of thousands to the humanitarian area in Al Mawasi by the coast and killing 70 Palestinians in the meantime. (Bloomberg | Reuters)

IN BUSINESS NEWS- Several stories are making the rounds:

#1- The ripple effects of the global tech outage on Friday could last weeks, experts say, as flights continue to face delays across the world and healthcare services face ongoing snarls.

#2- The US Securities and Exchange Commission approved the launch of ether ETFs six months after the successful launch of BTC ETFs, with trading expecting to kick off today, CNBC reports. The ETFs could attract some USD 15 bn to market in its first year and a half, analysts expect.

#3- Google is scrapping long-standing plans to replace third-party cookies — long used by advertisers — after receiving feedback that the transition would be disruptive and would impact all online publishers. Read Google’s full blog post about the decision here.

CIRCLE YOUR CALENDAR-

The Crawford vs Madrimov boxing showdown will take place on Saturday, 3 August at the Los Angeles BMO Stadium. The event is the highlight of the Los Angeles Riyadh Season Card which features five other bouts. You can check them out here.

Aramco is set to release its 1H 2024 results on Tuesday, 6 August, according to its website. You can tune into the audio webcast of its earnings call here. The oil giant’s net income dipped a bit more than 14% in 1Q 2024 to SAR 102.3 bn.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

The TotalEnergies CAF Super Cup Final 2024 between Egyptian rivals Al Ahly and Zamalek will be held in Riyadh on Friday, 27 September. The venue and kick-off time of the match will be announced at a later date.

This year’s edition of security-focused expo Intersec Saudi Arabia will run from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center.

International food and beverage expo InFlavour is returning to Riyadh on Tuesday, 1 October. The three-day event — which will be organized in collaboration with the Environment, Water and Agriculture Minister, Tahaluf, Pepsico, Al Rabie, Arasco and Nadec — will take place in Riyadh’s Front Exhibition and Conference Center.

Saudi’s economic growth to be among slowest in GCC this year, poll shows

The domestic economy is expected to grow 1.3% in 2024, marking the lowest rate of growth among GCC peers due to extended oil production cuts, according to the latest Reuters poll of 24 economists. The economists’ most recent forecasts are a downward revision from the 1.9% they had expected in April and the 3.0% they had projected in January.

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This matches up with the IMF’s recent forecasts: The International Monetary Fund (IMF) cut its forecast last week for Saudi economic growth to 1.7% this year, down 0.9 percentage points from its earlier forecast of 2.6% in April on the back of ongoing oil output cuts. This was the fund’s largest single downgrade on growth outlook for the major economies the IMF tracks. The Finance Ministry is targeting GDP growth of 4.4% for the current fiscal year, Finance Minister Mohamed Al Jadaan said in December.

IN CONTEXT- The Kingdom voluntarily cut oil production by 1 mn barrels per day to stabilize the global market as per its ongoing agreement with OPEC+ to slash oil production by a combined 3.7 mn barrels per day until October of this year.

What the pundits are saying: “Lower oil revenues are impacting non-oil growth. Saudi Arabia is in the process of an overhaul of Vision 2030 and adjusting investment spending … The impact on real GDP growth is clear — less investment means a more moderate growth outlook,” Ralf Wiegert, director of MENA economics at S&P Global Market Intelligence, told the newswire. Lower oil revenues for Saudi will likely lead to less investment in non-oil sectors (central to the government's diversification push), impacting overall expansion in 2024, economists said.

Things are looking more positive next year: The poll showed economists raising their forecasts for Saudi’s economic growth in 2025 to 4.5%, up from their 4.1% forecast in April. “The reason for that is a change in expected oil production, which we think will be increased earlier than previously projected — though not back to the level that prevailed until July 2023,” Wiegert said. The IMF sees the economy growing at 4.7% clip in 2025 — 1.3 percentage points below its April forecast.

How our peers will be faring: The UAE is expected to lead the GCC in economic growth with a 3.7% growth clip this year that will accelerate to 4.2% in 2025 due to an expected headstart in raising oil production and a focus on tourism. Qatar is projected to grow 2.2%, Oman will hit 1.6% growth, and Bahrain is penciled in for 2.6% expansion, while Kuwait is expected to remain in a recession this year.

Robust IPOs pipeline to maintain local capital market in 2H 2024, says HSBC

Our friends at HSBC expect the local capital market to maintain its momentum in 2H 2024 on the back of a strong pipeline of IPOs and potential investments available to local and foreign investors, HSBC Saudi CEO Faris AlGhannam told Argaam on the sidelines of the HSBC GCC Conference in London. AlGhannam also sees sustained activity in the local debt, sukuk, and bond markets during the back half of the year.

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Tadawul had a strong showing in 1H, surpassing the first half of 2023 thanks to ongoing reforms and diversification projects drawing in FDI, AlGhannam said. These developments are setting up the local stock market to be the largest and most liquid in the GCC this year, he added. Additionally, the Kingdom’s inclusion in major international indices since 2019 — such as MSCI, FTSE Russell and S&P Dow Jones and the EMBI sovereign bond index — has further boosted FDI, contributing to Tadawul posting 11% growth in 2023.

REMEMBER- Saudi accounted for the lion’s share of proceeds flowing into Gulf IPOs in 1H 2024, raising USD 2.1 bn in IPO proceeds during the period, investment bank Kuwait Financial Centre (Markaz) said in a report earlier this month. Out of a total of 23 offerings in the Gulf during the first half, 19 were in the Kingdom with three in the UAE, and one in Kuwait.

HSBC advised on more than half of the transactions that went to market in 1H 2024, according to AlGhannam. These include Fakeeh Care Group’s IPO, which was the largest IPO on Tadawul during the period. The bank also advised Aramco on its follow-on offering, which recently raised a total of USD 12.4 bn in proceeds by exercising the greenshoe option following the end of the stabilization period.

As for the pipeline? There’s lots more where that came from:

Electronics retailer eXtra plans to IPO the unit that owns and operates Tasheel, its consumer finance arm, on Tadawul. The transaction is expected to hit the market this fall.
The Fourth Milling Company (MC4) and Arabian Mills Food Products have been cleared by the CMA to go public on Tadawul;
Hotels and resorts operator Boudl has said it intends to go public;
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;
Perfume maker Arabian Oud is said to have appointed bankers ahead of a share sale;
PIF-backed lender Riyad Bank is considering the listing of its investment banking arm Riyad Capital ;
Budget airline Flynas is reportedly looking to go public this year;
Plastics products maker ASG Plastic Factory ia taking a 10.6% stake to Nomu;
Local contractor Al Ashghal Almoysra is set to debut a 20% stake on the parallel market.

Flynas, Sami, and regulator Gaca inked agreements on day one of London’s Farnborough Airshow

Aviation is in the spotlight this morning as Saudi players place orders at London’s Farnborough Airshow, which kicked off yesterday and runs until this Friday. Among the highlights: Reports Flynas and Sami have placed orders and word that regulations for air taxis could be in the works. Here’s the rundown:

#1- Budget carrier Flynas may be looking to order as many as 30 Airbus A330neo aircraft, Reuters reports, citing unnamed sources.

Following in the footsteps of Saudia? National carrier Saudia is set to receive the first deliveries from its USD 19 bn Airbus order in 2026, when it will receive 15-16 aircraft out of the 105 it ordered, Saudia Director General Ibrahim Al Omar said last week.

#2- General Authority for Civil Aviation President Abdulaziz Al Dualeij is leading the Saudi delegation to the event, the authority said on X. Look for a UK-Saudi roundtable on aviation to be on the agenda.

#3- PIF defense manufacturing champion Sami signed agreements with US arms maker Lockheed Martin and Airbus Helicopters, the helicopter manufacturing subsidiary of Airbus) to expand maintenance capacities at home, state news agency SPA reported. The agreement with Lockheed Martin involves certification of a maintenance and service center for the C-130 Hercules heavy transport aircraft. Sami’s centers were also certified for the maintenance of Airbus helicopters.

REMEMBER- The Kingdom has a target of localizing over 50% of its military equipment spending by 2030.

#4- Are eVTOL regulations in the pipeline? Civil aviation regulator Gaca signed an MoU with Germany-based air taxi developer Lilium to develop regulations for air taxis in the Kingdom, SPA said.

BACKGROUND- Saudia Group formalized last week an agreement with Lilium to purchase up to 100 flying air taxis for its private aviation unit. It signed a binding sales agreement for 50 aircraft with the option for up to 50 more. It’s the largest reported firm order yet by an airline that plans to add the aircraft to its fleet. The value of the whole order was estimated at USD 700 mn.

What’s Farnborough?The five-day aviation expo hosts senior airline executives and aircraft manufacturers, showcasing commercial and military aircraft. The event comes as the aviation industry faces multiple challenges, including supply chain snags and delays in delivering aircraft orders.

Logistics startup Oto closes a USD 8 mn series A round led by PIF-owned Sanabil Investments

Shipping management platform Oto closed a SAR 30 mn (USD 8 mn) series A round led by PIF-owned Sanabil Investments, it said in a press release (pdf). Sadu Capital, Iliad Partners, Propeller, and Soma Capital also participated in the round. Oto previously raised SAR 12.3 mn (USD 3.3 mn) in a seed funding round back in 2021 from MEVP, Derayah Ventures, and 500 Global, according to the press release.

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What we don’t know: Information about the equity size shareholders are offering to investors and the structure of the investment wasn’t disclosed. It’s also unclear how much each institution invested in the round.

Use of proceeds: The company plans to use the fresh funds “to expand and strengthen its presence in Saudi Arabia, the UAE, and Turkey.” Meanwhile, some of the proceeds will also be used to acquire more customers, and expand the team. “It will introduce new features and enhancements on its platform targeting SMEs, enabling it to further deliver faster, and more efficient shipping experiences to their customers.”

A snapshot of KPIs: “Oto has grown its client base and currently supports more than 10k local and international brands on their platform. On a year-on-year basis, the company has doubled its revenue and achieved significant growth in orders processed.”

About OTO: Founded in 2019, the startup provides “holistic shipping management solutions” to retailers through access to its innovative shipping gateway platform. Oto’s platform links users with over 250 regional and international courier and delivery services, offering them multi-channel retail, inventory, and point of sale options. The platform’s dashboard also permits integration with e-commerce platforms and ERP systems, in addition to the ability to sync orders, assign shipments, print labels, scan barcodes, manage operations and receive analytic reports.

IN OTHER STARTUP NEWS-

Egypt-born e-commerce marketplace for furniture and home supplies Kemitthas expanded into Saudi following an undisclosed funding round, according to a statement (pdf). “The recent funding will enable us to scale our operations, enhance our technology, and offer our unique shopping experience to Saudi consumers,” Kemitt Co-Found and CEO Mahmoud Fouad said. Kemmit has already launched a website in Saudi with over 25k SKUs.

Aramco to award Spanish-Chinese group a USD 2.2 bn contract for work on gas compression plants at Jafurah

Aramco could be handing out more work in Jafurah: Oil giant Aramco signed a letter of intent (LOI) with a joint venture that includes Spanish oil engineering firm Tecnicas Reunidas and Chinese state refining giant Sinopec to develop three gas compression plants at its Jafurah gas field, according to a statement (pdf). Tecnicas Renuidas will own 60% of the joint venture, with Sinopec holding the rest.

What we know: The USD 2.2 bn project includes the installation of a 230kV power connection at the gas plant substation area and for upgrading the water pump system. It should take 44 months to complete.

REMEMBER- Aramco signed earlier this month contracts worth over USD 25 bn as it pushes deeper into natural gas. The contracts are for the development of the second phase of its Jafurah gas field and the expansion of the Kingdom’s primary natural gas pipeline. The state-owned oil giant aims to see natural gas production in 2030 be 60% higher than it was in 2021.

Why Jafurah matters: The entire Jafurah gas field — the largest unconventional, non-oil-associated gas field in the Kingdom — is set to produce 630k barrels of gas liquids and condensates per day and over 420 mn standard cubic feet of ethane per day by 2030. Jafurah is also the largest shale gas development outside the United States. It is home to an estimated 229 tn cubic feet of gas and 75 bn barrels of condensates.

Earnings season is upon us: Solutions by stc, Aldrees report Q2 2024 results

#1- Solutions, the tech subsidiary of telecom operator STC, saw its net income up 33.2% y-o-y to SAR 453 mn in 2Q 2024, it said in a disclosure to Tadawul. Revenues inched up 2.6% y-o-y to SAR 2.8 bn over the same period. The company had not posted its full earnings package to its website by dispatch time this morning.

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Fueling growth: Solutions said the rise in net income was the result of higher revenues and as well as lower operating costs. It also paid less in zakat and taxes. Revenues grew on the back of an increase in managed IT and operational services despite its core ICT services and digital services seeing a decline.

For the year to-date: Solutions’ net income is up 25.3% y-o-y to SAR 806 mn in 1H 2024 while its revenues were up 3.8% y-o-y over the period to SAR 5.6 bn.

#2- Tadawul-listed Aldrees Petroleum and Transport Services Co.’s net income rose 17.4% y-o-y to SAR 82.4 mn in 2Q 2024, it said in a disclosure to Tadawul. Its revenues were up 28.5% y-o-y to SAR 4.6 bn over the same period. You can download the company’s 2Q results presentation here (pdf).

The drivers: Better sales from its petrol and transport division helped offset rising financing costs and zakat expenses during the period, according to the disclosure. It delivered better revenues as it grew its footprint with more operating stations and more transport trucks on the road.

For the year to-date: Aldrees’ net income is up 13.5% y-o-y to SAR 160 mn for 1H 2024, while revenues rose 28% y-o-y to SAR 9 bn.

Four salt ore explorations licenses awarded at Eastern Province

MINING-

The Industry and Mineral Resources Ministry awarded four salt ore exploration licenses to four companies for sites at the Ras Al Quraya complex in the Eastern Province, it said in a statement on X. The licenses were handed to Khalid Al Zahid and Sons, Ibrahim Al Issa and Partner Co. for Salt, Riyadh Salt Industry, and Rustan Industry.

Multiple applications: The extracted salt ore is used in various industrial activities along with the production of high-purity refined table salt and salt for food industries, the ministry said.

AVIATION-

National carrier Saudia received the fewest complaints in June among all airlines in the country, with 12 complaints filed per 100k passengers, according to a statement from the General Authority for Civil Aviation. Flynas came in second with 14 complaints per 100k passengers, followed by Flyadeal with 18 complaints per 100k passengers. A total of 900 complaints were submitted against carriers during the month, pertaining mostly to luggage, boarding, and ticketing services.

What about airports? King Abdulaziz International Airport received the fewest complaints in June among international airports, logging 16 complaints per 100k passengers while surpassing 6 mn in annual passenger traffic, the authority said. Meanwhile, Abha International Airport received the fewest complaints among international airports with less than 6 mn in annual passenger traffic, registering 8 complaints per 100k passengers.

DEBT WATCH-

Al Moammar renews credit facility with SAB: Tadawul-listed Al Moammar Information Systems has renewed a Shariah-compliant credit facility worth SAR 340.3 mn with Saudi Awwal Bank (SAB), it said in a disclosure to Tadawul.

CONSTRUCTION-

Renamed Municipalities Ministry will give its HQ a new look: Built Industrial, the contracting arm of Ladun Investment, has landed a SAR 628.1 mn contract to expand the headquarters of the Municipalities and Housing Ministry in Riyadh, it said in a disclosure to Tadawu l. The expansion will add an eight-floor expansion that includes two floors of underground parking and a pedestrian bridge connecting it to the existing building. The contract runs for 48 months.

Built Industrial has also lined up a SAR 120.6 mn contract from the Royal Commission for Jubail and Yanbu to construct buildings and warehouses for the first phase of industrial city giga-project Jazan City for Primary and Downstream Industries, according to a disclosure to Tadawul. The contract is expected to be signed on 16 October.

M&A-

Nomu-listed Osool and Bakheet Investment Company has signed a purchase agreement to acquire a 51% stake in IT firm Advanced Operations Technology (AOT) for SAR 5.1 mn, according to a disclosure to Tadawul. Osool and Bakheet wants to boost its technical capabilities as it pushes into fintech, it says. AOT provides IT services for businesses, including network management, custom software development, and hardware maintenance. AOT sold for about 2x its 2023 net income.

TOURISM-

An Equinox hotel is planned for luxury Neom resort Treyam, according to a statement by Neom. The resort will be located between Neom’s flagship The Line and southern Gulf of Aqaba. This follows plans for an Equinox hotel in Red Sea Global’s Amaala destination.

The bad habits of NBFIs are a growing threat to the global financial system, the Financial Stability Board warns

The FinancialStability Board (FSB) is urging global financial regulators to tighten their grip on non-banking financial institutions (better known as NBFIs). Klass Knot, the FSB chair whose name might make for a good Bond villain, expressed the worries in a letter to G20 finance ministers and central bank governors ahead of their Rio de Janeiro meeting later this week, the Financial Times reports. Knot wants regulators to step up both the rollout of tighter rules and enforcement. You can read the full letter here.

IN CONTEXT- No fire without a spark: The FSB, a key international watchdog, has been concerned about the risks posed by NBFIs since a March 2020 meltdown triggered when debt-laden hedge funds pile into cash (and sold down other assets) as the covid-19 crisis set it.

Detractors call NBFIs “shadow banks,” and Knot thinks they control AUM worth USD 218 tn — nearly half of all assets in the global financial system, exposing everyone to the risks posed by the heavily indebted sector, according to the salmon-colored paper.

THE CULPRIT- Higher leverage + less oversight and low transparency: NBFIs including hedge funds and finance companies have been “taking on additional leverage through off-balance sheet exposures, including foreign exchange swaps and forwards” that has “grown significantly over the past decade,” said Knot.

The problem: Unlike banks, which are heavily regulated, NBFIs often operate with higher leverage and less oversight, making them more susceptible to financial shocks.

The pitch: The FSB wants to see regulators demand NBFIs hold more liquid assets and engage in regular stress tests — and impose tighter rules on redemptions at money market funds.

Why the FSB matters: The body was set up in the aftermath of the 2008 global financial crisis to monitor and make recommendations about the global financial system. Its primary purpose is to coordinate national financial authorities and international standard-setting bodies to develop and promote the implementation of effective regulatory, supervisory, and other financial sector policies. It’s quasi-governmental: The FSB is made up of the central bank governors and finance ministers of major economies, along with international financial and economic bodies such as the IMF, and the World Bank. FSB has no legally binding powers of its own.

MARKETS THIS MORNING-

To indulge in the armchair analysis that the financial press loves to fall back on when looking at how markets are moving: Asian investors are mixed on the prospect of Kamala Harris as the Democratic nominee for this fall’s elections. Shares are up in early trading in Australia, Japan, and South Korea (all key US allies in Asia), while the Shanghai Composite is down and the Hong Kong’s Hang Seng is flat.

Wall Street welcomed Joe Biden’s decision to step down, with the Dow, S&P 500, and Nasdaq all rising. US and European equities futures were up in overnight trading.

TASI	12,175	-0.2% (YTD: +1.7%)
MSCI Tadawul 30	1,523	-0.4% (YTD: -1.8%)
NomuC	26,040	+1.1% (YTD: +6.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.0% repo	5.5% reverse repo
EGX30	28,992	+0.7% (YTD:+16.5% )
ADX	9,279	+0.4% (YTD: -3.1%)
DFM	4,179	-0.1% (YTD: +2.9%)
S&P 500	5,564	+1.1% (YTD: +16.7%)
FTSE 100	8,199	+0.5% (YTD: +6.0%)
Euro Stoxx 50	4,897	+1.5% (YTD: +8.3%)
Brent crude	USD 82.40	-0.3%
Natural gas (Nymex)	USD 2.23	-0.8%
Gold	USD 2,445	+0.1%
BTC	USD 67,918	+0.3% (YTD: +60.6%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 8.3 bn. The index is up 1.7% YTD.

In the green: Fakeeh Care (+7.0%), Sadr (+6.4%) and UCA (+5.4%).

In the red: Al Sagr Ins. (-4.8%), Miahona (-3.4%) and Acwa Power (-3.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.1% yesterday on turnover of SAR 34.7 mn. The index is up 6.2% YTD.

In the green: Quara (+9.0%), AlModawat (+8.5%) and Neft Alsharq (+8.1%).

In the red: Apico (-9.5%), View (-8.6%) and Horizon Food (-8.3%)

CORPORATE ACTIONS-

The board of Nomu-listed Lana Medical has recommended a 50% capital hike to SAR 54 mn by way of capitalizing retained earnings, according to a disclosure to Tadawul. The company will then give eligible shareholders one additional share for every two they own. The increase is still subject to regulatory approval and will require a vote of shareholders.

CALENDAR

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

24 July (Wednesday): Stc shareholders to vote on PIF acquisition of Tawal.

21-30 July (Sunday-Tuesday): International Chemistry Olympiad, King Saud University, Riyadh.

30 July- 5 August (Tuesday-Monday): Madinah Book Fair, Madina.

AUGUST

3 August (Saturday): Riyadh Season Card featuring Terence Crawford vs. Israil Madrimov, Los Angeles BMO Stadium.

4 August (Sunday): Last day to apply to the Digital Government Authority (DGA) awards.

6 August (Tuesday): Aramco to release 1H 2024 results.

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

18 August (Sunday): New academic year begins.

18-22 August (Sunday-Thursday): SANS Riyadh Cyber Leaders August 2024, Hyatt Regency Riyadh Olaya.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

3-5 September (Tuesday-Thursday): 24 Fintech, Front Exhibition & Conference Center, Riyadh.

9-11 September (Monday-Wednesday): International Manufacturing Congress, Riyadh.

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

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

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

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

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

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

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

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

29 September (Sunday) - 1 October (Tuesday): Jeddah Construct Expo, Jeddah.

OCTOBER

1-3 October (Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

1-3 October (Tuesday-Thursday): InFlavour international food and beverage expo, Front Exhibition and Conference Center, Riyadh.

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah.

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.

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

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

NOVEMBER

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

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

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

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

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

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

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

DECEMBER

1 December (Sunday): Opec+ to meet.

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

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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

FEBRUARY 2025

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

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

JUNE 2025

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

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

2027

The World Water Forum takes place in Riyadh.

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