Real estate announcements, agreements worth SAR 180 bn at Cityscape

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Multi Business Group IPO offering period begins today + Are we getting a Golf Umrah?

Good morning, ladies and gents. We have a meaty issue for you this morning, bringing a nice balance of news updates and reports that zoom out to look at the real estate and startup spaces in the Kingdom. Cityscape Global in Riyadh leads our news well this morning, with SAR 180 bn of announcements and agreements coming out of the first day of the event.

^^ We have more details in this morning’s news well, below.

HAPPENING TODAY-

IPO WATCH- The offering period for Multi Business Group’s Nomu IPO kicks off today, and concludes on Monday, 18 November. The local contractor is guiding on a price range of SAR 13-15 per share for its offering of a 20% stake on Nomu. Qualified investors can book a minimum of 10 shares and a maximum of 750k apiece.

The Riyadh Global Medical Biotechnology Summit wraps up today. The three-day event — which is held at Faisaliah Tower’s Prince Sultan Grand Hall — brought together top health, tech, and investment organizations in a push towards revamping the Kingdom’s medical biotechnology sector. Organized by the National Guard’s Health Affairs in collaboration with the Investment Ministry, the summit spotlighted vaccine development, bio-manufacturing, genome research, and agricultural biotech, creating avenues for biotech innovation and investment.

NEWS TRIGGERS-

A handful of news triggers coming up in the next few weeks:

Inflation rate for October (Thursday, 14 November);
Trade balance for September (Sunday, 24 November);
Riyad Bank PMI for November (Tuesday, 3 December);
State budget approval and release (December).

WEATHER- Riyadh is looking at a high of 30°C and a low of 19°C today. Over in Jeddah, the mercury will peak at 34°C and hit a low of 27°C. Meanwhile, Madinah is looking at a high of 34°C and a low of 21°C.

WATCH THIS SPACE-

#1- The world’s first Golf Umrah? Almosafer’s Discover Saudi and the Muslim Golf Association (MGA) signed an MoU to launch the world’s first Golf Umrah travel package, according to a press release (pdf). Race to Makkah will offer inbound and domestic golf enthusiasts a three-day tournament at Royal Greens Golf and Country Club, following visits to Makkah and Madinah. Discover Saudi will provide accommodation and transport services to the event, which is expected to draw visitors from the US and UK after MGA’s recent expansion into the US.

#2- The National Water Company is gearing up to award the West of Medina sewage network projects by early March 2025, Zawya reports citing a source it says is familiar with the matter. The projects are slated for completion by late 2026, the source added. The tender — which was issued late last month — sets the bid submission deadline for Wednesday, 27 November.

#3- The Kingdom launched the Young Researchers Award at the UNCCD COP16 Science Pavilion, aiming to drive research on land degradation, desertification, and drought, according to a press release (pdf). With a prize pool of USD 70k, the initiative will reward seven early-career researchers (up to 35 years of age) across key areas like land restoration, sustainable agri-food systems, and climate resilience.

Submissions are open until Friday, 22 November at the UNCCD website. Awardwinners will be announced in a special ceremony as part of the event in Riyadh. They will receive USD 10k each — plus travel and accommodation — and mentorship from leading environmental experts.

#4- Sanabil Investments and 500 Global launched the eight round of the Sanabil Accelerator, selecting nine startups from over 430 MENA applicants in sectors such as agritech, healthtech, and fintech. The 12-week program, focused on scaling pre-seed and seed-stage startups, offers strategic mentorship, networking, and resources, culminating in a demo day on 4 December, 2024 at Riyadh’s Four Seasons Hotel.

Meet the startups: Saudi Arabia is represented by Equiptal, which optimizes idle construction machinery; Sahl, which streamlines digital compliance for sensitive data; Scooply, offering gamified F&B workforce training; and Yasmina, a licensed provider of embedded insurance for online businesses. From the UAE, Hakeem Health provides a 24/7 prescription delivery app; Neo Mobility offers electric fleet solutions for delivery and taxi firms; Orbii AI supports B2B lenders with credit decision-making; and Smart Bricks, which maximizes real estate investment returns through AI-powered data analysis. From Egypt, Cultivaet provides farmers with data-powered agricultural practices.

OIL WATCH-

Saudi Arabia remains among Russia’s top fuel oil and vacuum gasoil buyers, despite shipments to the Kingdom falling 9% m-o-m to 0.65 mn tons in October on the back of falling demand as summer heat subsides, Reuters reports.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Cenomi.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

It’s another morning where the international news cycle is broadly led by US president-elect Donald Trump as he starts working on the cabinet that will kick off his second stint at the White House.

Among the highlights: Trump tapped Florida Rep. Mike Waltz, who is a war veteran, to be his national security adviser and take on a portfolio that includes Russia’s war with Ukraine, Israel attacking multiple countries at the same time in a multi-front military campaign, and rising military buildup in China, among others, the Wall Street Journal reports. The president-elect also picked New York Congresswoman Elise Stefanik as the US’ ambassador to the UN and immigration hardliner Tom Homan as “border czar” to oversee border crossings and deportations, according to the WSJ. Meanwhile, Susie Wiles will be chief of Staff, Reuters and the New York Times report. The Associated Press and Reuters also have rundowns of who’s been selected and the other candidates Trump is currently considering.

GAZA UPDATE- Israel killed another 37 Palestinians in Gaza in the past 24 hours, including seven near Khan Younis and 20 people in Nuseirat, “including some in a tent encampment,” Reuters reports.

Meanwhile, US-mediated talks for an Israeli ceasefire in Lebanon are “making progress,” despite Qatar recently saying that separate talks for a ceasefire in Palestine have stalled. Israeli Foreign Minister Gideon Saar has pointed to Russia as a potential part of enforcing the ceasefire in Lebanon by mitigating the flow of weapons to Hezbollah through Syria. Reuters, Bloomberg, and the Guardian have the story.

CIRCLE YOUR CALENDAR-

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

The Black Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District. The event will bring together over 50 speakers and 10k attendees to chew over some of the solutions for the applications of zakat, tax and customs.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

Cityscape Global sees SAR 180 bn in announcements on real estate developments

Cityscape Global’s first day kicked off with real estate announcements and agreements to the tune of SAR 180 bn, according to a post on X. The National Housing Company (NHC) accounted for the lion’s share of new projects, inking agreements worth upwards of SAR 142 bn. The Saudi spin-off of the global real estate forum runs until Thursday, 14 November.

DATA POINT- Saudi real estate has seen USD 168 bn in investments so far this year, Saudi Municipalities and Housing Minister Majid bin Abdullah Al Hogail said at the conference.

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

NHC’s new housing developments took center: The state-owned developer signed 31 agreements with 23 firms during the forum’s first day at a total investment SAR 50 bn to develop 62k residential units, it said in a statement. The new developments will be distributed across Riyadh, Makkah, Madinah, and Eastern Provinces, NHC CEO Mohamed Albuty said (watch, runtime: 12:12).

Also from NHC: The Housing Ministry’s investment arm lined up SAR 10.5 bn in contracts for multi-use real estate developments throughout the Kingdom, including retail, hospitality, office, sports and recreation, and housing spaces, Albuty said. NHC also secured a SAR 1.4 bn agreement with Dr Sulaiman Al Habib Medical Group for healthcare facilities across four development sites, as well as an agreement with the Specialized Medical Center for a 200-bed hospital worth SAR 668.8 mn. The firm also sent a call for investors and developers, announcing open contracts for a SAR 75 bn investment pipeline set to kick off next year.

Other agreements and announcements from day 1:

Retal Urban Development unveiled six new multi-use projects, at investments worth upwards of SAR 14 bn;
Mohammed Al Habib Real Estate announced a SAR 5 bn real estate project, dubbed Enar, located in central Riyadh;
Tilal is allocating SAR 6 bn to a 268k sqm mixed-use project in Al Khobar;
Diriyah Company earmarked SAR 1 bn for investments in premium housing units, villas, and hotels in concert with the Ritz Carlton, Raffles Hotels and other brands;
Kaden launched Jeddah Front, a 1 mn sqm project with a SAR 10 bn investment ticket ;
US-based developer flow — founded in 2022 by former WeWork CEO Adam Neumann — launched a SAR 1.1 bn real estate fund with Sico Capital and local developer Safa,
Real estate developer Mountain View unveiled its USD 320 mn 500-villa One compound in northern Riyadh.

Modon inks contracts worth SAR 2 bn with Al Baddad for new manufacturing hubs in Makkah and Al Kharj

Modon secures SAR 2 bn investments for new industrial hubs in Makkah + Al-Kharj: The Saudi Authority for Industrial Cities and Technology Zones (Modon) closed two major contracts with KSA and UAE-headquartered Al Baddad to establish new manufacturing hubs in Makkah and Al Kharj prioritizing export-oriented production, at a total investment exceeding SAR 2 bn, according to a press release.

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

Makkah’s Second Industrial City will host a SAR 1.75 bn, 1.3 mn sqm complex. The facility will use high-tech production lines, focused on advanced industries. The project looks to generate 5k jobs and boost national exports with 60% of its output earmarked for markets in Africa, Europe, North America, Syria, Lebanon, Jordan, and Iraq. The development will take place in parallel with infrastructure works across Makkah’s second industrial city that include a new power plant.

A second 307k sqm hub will be established at Al Kharj’s Second Industrial City at a SAR 375 mn investment. The complex will support construction and events industries, creating 1k jobs. It will produce iron, aluminum, glass, and PVC products, with 60% of production slated for export to Kuwait, Bahrain, Oman, and Qatar.

Who’s doing what: Al Baddad will lead the development of infrastructure and the construction of ready-made and prefabricated buildings at the new developments. Meanwhile, Modon will provide oversight as part of its general mandate to facilitate public-private partnerships at industrial cities.

The new complexes will manufacture a variety of goods, including iron, aluminum, and glass products, prefabricated and ready-made buildings, cotton textiles, carpets, home decor, furnishings, personal care products, household appliances, and central and split air conditioning units. The manufacturing hubs will also provide comprehensive Hajj and Umrah services, including accommodation, transport, and logistics.

ALSO FROM MODON- The authority inked an investment agreement with Oman’s Osara Real Estate Development to set up 52 ready-built factories at Jeddah’s Second Industrial City, according to a separate statement.

Jeddah and Riyadh lead 3Q 2024 rental yields and property prices

KSA apartment yields beat GCC benchmarks in 3Q: Jeddah topped regional apartment rental yields in 3Q 2024, with a 2-bedroom (2BR) unit averaging 11.7%, according to real estate platform Sakan’s Saudi Arabia Residential Property Report (pdf). That’s nearly double average apartment yields in Doha, Dubai, and Abu Dhabi, which ranged between 5-6%. Meanwhile, a 3BR unit in Jeddah yielded 9.7% in rental yields and a 4BR 7.4%. In Riyadh, apartment yields were similarly high, ranging between 9.1-11.5%, while Dammam (6.2-6.6%) and Khobar (5.3-7.4%) yields are closer to regional averages.

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

Villa rental yields: Mid-sized villas (351-600 sqm) averaged higher yields of 4.9% to 7.1%, compared to small villas (below 350 sqm) which ranged between 4.9% and 5.6% yields. The highest yields were seen in West Riyadh's mid-sized category at 7.1%, followed by mid-sized villas in Jeddah at 6.5%. Meanwhile, the lowest yielding villas were in East Riyadh, where both small and mid-sized properties generated yields of 4.9%.

IN CONTEXT- Saudi Arabia's real estate price index rose 2.6% y-o-y in 3Q 2024, driven by a 1.6% increase in residential real estate prices and gains of 1.9% in apartments and 1.5% in villas. Sakan’s report notes the demand for high-quality residential properties—especially 3BR apartments in key neighborhoods—is driving up prices, with foreign ownership liberalization and buyer-friendly mortgages ramping up pressure on supplies.

Speaking of, what are rents like these days? Demand for housing by an influx of expats is driving up rent prices, the report notes. Riyadh, particularly North Riyadh, topped the Saudi market in 3Q 2024, with 3BR apartments averaging SAR 98.3k annual rents. Dammam had the lowest rental incomes, with 2BR apartments racking up SAR 22.9k per year. Meanwhile, large villas in Northern Riyadh were the most expensive properties in terms of rent, averaging SAR 242k per year. Small villas were considerably cheaper, averaging SAR 68.7k a year in West Riyadh.

REMEMBER- Rent has been a major driver of consumer inflation in the Kingdom, with house rental prices — the heaviest weighted component in the domestic consumer basket — rising 11.2% y-o-y in September on the back of a 10% surge in apartment rentals.

Property prices in 3Q: 5BR units in Riyadh were the highest-selling apartment types in 3Q, averaging SAR 1.3 mn per unit, while 2BR units in South Jeddah were the cheapest at SAR 320.8k. Mid-size villas in Riyadh were also the costliest, averaging SAR 5.75 mn per unit, with small villas in Jeddah coming in as the least expensive category, averaging SAR 880k per unit. The median price for all villas listed across the Sakan platform during the third quarter was SAR 1.7 mn.

Market snapshot: The Kingdom saw real estate transactions exceeding SAR 127.3 bn in 1H 2024, with the majority involving residential properties. Residential transactions are also the fastest growing segment of the real estate market by transaction value. Real estate accounted for nearly 6% of GDP in 4Q 2023.

How far will SAR 1 mn take you in the Saudi apartment market? Dammam offers the most space for money, with SAR 1 mn buying a 333 sqm apartment, followed by South Riyadh (329 sqm) and East Jeddah (294 sqm). North Riyadh had the most expensive offers per sqm, with the same budget buying 131 sqm-sized apartments.

What’s moving the needle in the Saudi real estate sector? Strong economic fundamentals, population growth, and robust demand for mortgages on the back of declining interest rates are driving demand for Saudi real estate, S&P Global reports. Visa and regulatory reforms are also expected to boost FDI in residential real estate. Meanwhile, private developers face challenges from rising construction costs and competition for financing from other non-oil diversification projects.

The government has also been rolling out policies to achieve a 70% home ownership target by 2030, including buyer-friendly mortgages to encourage Saudi citizens to acquire housing. The Kingdom needs to build out an additional 1.2 mn housing units by 2030 in order to hit the target.

Foreigners are also getting incentives: The Premium Residency Visa program targets residential sector investments by foreigners. Foreigners can obtain the “Saudi Green Card” when acquiring properties valued at SAR 4 mn or more.

Lean Tech secures USD 67.5 mn in series B funding

Homegrown software developer and fintech infrastructure provider LeanTechnologies has locked in USD 67.5 mn in a series B funding round led by Silicon Valley’s General Catalyst, according to a press release. The round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others. The capital injection brings the Riyadh-based startup’s total funding to date to over USD 100 mn, the release read.

This marks General Catalyst’s first venture into Saudi, CNBC reports. The VC has some USD 30 bn worth of assets under management and is backed by heavyweight tech companies including Snap, Stride, and AirBnb.

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

Lean will use the funds to scale its pay-by-bank and open banking solutions, aiming to streamline operations for regional businesses. The company also plans to deepen its partnerships, expand the team, and broaden its product offerings.

SOUND SMART- Open banking is a system that allows consumers to securely share their banking data with third-party providers, enabling financial services like account-to-account (A2A) payments and pay-by-bank options. A2A payments let users transfer money directly from one bank account to another without needing an intermediary like credit or debit cards. A popular use case for pay-by-bank is A2A channels where consumers pay merchants directly from their bank accounts, bypassing card networks like Visa and Mastercard entirely. This approach can be more secure, reducing processing fees, and simplifying the payment experience for businesses and customers alike.

About Lean: Founded in 2019 by Hisham Al Falih (Linkedin), Aditya Sarkar (Linkedin), and Ashu Gupta (Linkedin), Lean provides financial infrastructure through Application Programming Infrastructures (APIs) that allow businesses in Saudi Arabia and the UAE to access customer bank data and enable direct bank payments. The company has verified nearly 1 mn bank accounts over the past five years, and has processed A2A payment volumes of over USD 2 bn from its operations in the UAE. Its clientele includes Damac, Careem, Tabby and Tamara, among others, with plans to expand into other key MENA markets by 2028.

Saudi startups secured the second highest funding in the MENA region in October

Saudi Arabia-based startups raised a combined USD 50 mn across 21 transactions in October, down from USD 170.8 mn in the previous month, putting the Kingdom in second place in the MENA region after the UAE in terms of the size of funds raised, according to data compiled by Wamda and Digital Digest.

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

Homegrown prop-tech startup Ejari closed the largest ticket in the region during the month, after it secured SAR 55 mn (USD 14.7 mn) in a seed funding round. Other notable rounds include restaurant management startup Al Menu raising SAR 38 mn (USD 10.1 mn), Mobility startup invygo closing a USD 8 mn series A extension round, and fintech B2B startup Mala Inc. raising USD 7 mn in a pre-seed funding round.

The regional angle: Total funds raised across some 56 transactions eased 13% y-o-y to USD 134 mn last month, a 52% m-o-m decrease. The UAE ranked first with USD 61.8 mn raised across 15 transactions, followed by Saudi, and Kuwait with USD 13.5 mn raised between two transactions.

Proptech has dethroned fintech for the month: Property tech startups raised USD 38 mn over five transactions, ending the fintech sector’s four-month reign — moving it down to the second most funded sector at USD 26.4 mn across six transactions. These were followed by e-commerce (USD 14.6) and edtech (USD 11).

Roshn adds a total of 204 mn sqm to its mixed-use projects under its latest revamp

REAL ESTATE-

PIF real estate arm Roshn Group rebranded as a multi-asset developer as it seeks to diversify its residential-focused portfolio by tapping mixed-use projects, it said in a press release. The company’s expanded portfolio will include 200 mn sqm of residential property and over 4 mn sqm of commercial, retail, and hospitality spaces, in addition to other assets in education, healthcare, transport, logistics, warehousing, and leisure.

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

MANUFACTURING-

Zamil Steel Group plans to set up a new factory in Egypt to produce heavy metal structures, Egypt General Manager Khaled Saad said at an event yesterday. The factory, which will include three production lines with a production capacity of up to 36k metric tons per year, will be geared towards meeting high local demand and will export 50% of its output at a later stage, Saad said. The investment cost of the new factory, which will be self-financed, will be determined next year after the company assesses the necessary equipment and machinery for the project, according to Saad.

Zamil is already active in Egypt + the region: Zamil Steel owns two factories in Egypt, including in 6th of October and Sadat City, with total investments of about USD 70 mn to produce 1.2 mn tons of metal structures. The company has been active in Egypt for 25 years and expects to produce 72k tons in the country by the end of 2024. Zamil has also tapped new markets in Turkey and plans to expand to Benin in the next year, with long-term plans to tap the European market at a later stage, starting with Hungary, Saad said.

JuthorPaper Manufacturing — a unit of Middle East Paper (MEPCO) — tapped Austria’s Andritz AG to manufacture, supply and install a sixth tissue production line with an annual capacity of 60k tons, the parent company said in a filing to Tadawul. The freshly-penned two-year contract, which is valued at up to 25% of MEPCO’s 2023 revenue, tasks Andritz AG with delivering and implementing a complete tissue paper production setup.

MEGAPROJECTS-

Neom tapped global architecture and engineering firms for phase one of The Line’s development, according to a press release. Austria-based Delugan Meissl Associate Architects will lead the master planning and urban design, US-based Gensler will act as a city planning consultant, and the UK-based Mott MacDonald will oversee the city’s infrastructure. Progress on the city’s infrastructure is moving at a fast pace, with over 120 foundation piles being cast into the ground each week, the statement read.

INFRASTRUCTURE-

State-owned Water Transmission Company (WTCO) re-tendered the Ras Mohaisen-Baha-Makkah Independent Water Transmission System (IWTS) project, boosting capacity to 515k cubic meters per day up from 185k, Zawya reports. The project — spanning 300km — will follow a Design, Build, Finance, Lease, and Transfer model, with a lease term of up to 35 years under a public-private partnership. Submissions for expressions of interest are open until Tuesday, 19 November.

Background: The IWTS project — which plays into the government’s plans to bridge the water demand-supply gap — was originally handled by the Saudi Water Partnership Company as an Independent Water Transmission Pipeline project; the procurement baton has now been passed to WTCO.

ENERGY-

Arabian Drilling secured a 10-year extension for a Saudi Aramco land rigs contract, which is expected to add SAR 440 mn to the company’s backlog, according to a statement (pdf) from Arabian Drilling. The extension will come into effect after the ongoing contract expires in 4Q 2024.

BTC is up 30% since Americans took to the polls

BTC has climbed above USD 88k for the first time, marking a fresh record for the cryptocurrency that has witnessed a surge of investor interest since Donald Trump was reelected to the Oval Office on 5 November. In just 12 days, BTC is up 30.5% and saw its biggest gains yesterday as Republicans continued to inch closer to an increasingly likely House majority, rising 10.1% in the previous 24 hours at the time of writing.

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

Options traders are even forecasting BTC to hit the USD 100k mark by the end of the year, with crypto exchange Deribit recording investors lining up to price in the ambitious target. Cumberland Labs’ Chris Newhouse heralded the market entering an “undeniable bull market for the next few years” in comments to Bloomberg.

The presidential-elect’s pro-crypto agenda is driving the rally, with crypto investors looking towards Trump’s talk of solidifying the US’ position in the industry, vow to make a strategic crypto stockpile, and changing the regulatory tone around digital assets — in stark contrast to the Biden administration. BTC Inc’s David Bailey described Trump’s being elected as a chance to “advance transformational legislation” in the sector.

A historically crypto-friendly Congress is also pushing up confidence in digital assets, as a Republican majority in the Senate and likely soon the House will welcome pro-digital asset lawmakers — many of which would have received some of the USD 100 mn from the industry to support their election campaigns.

The greenback, Wall Street stocks, and what are now being called “Trump trades” have also had a strong 12 days, with the S&P 500 hitting fresh records, US stocks recording their best week of the year last week, and the USD strengthening against its peers.

But much of the optimism may be misplaced, with Citi’s Drew Pettit arguing that amid the “euphoria territory,” many are “skipping the argument that bad things may happen,” reports the Financial Times. The US economy could soon be set to see the return of rising inflation, steep deficits, warn economists, as mass deportations, tariffs, monetary policy interference, and tax cuts proposed by Trump could push the country’s economy off course — and with it the recent enthusiasm for Trump trades.

MARKETS THIS MORNING-

The post-election rally doesn’t seem to spreading to the Asian markets in early trading this morning, with the Hang Seng starting the day in the red at -0.5, followed by the Kopsi at -0.4%, while the Shanghai index is up 0.1% and the Nikkei leading the pack in the green at 0.7%.

TASI	12,106	0.0% (YTD: +1.2%)
MSCI Tadawul 30	1,521	+0.2% (YTD: -1.9%)
NomuC	29,161	-0.3% (YTD: +18.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	31,621	+0.7% (YTD: +27.0%)
ADX	9,436	-0.1% (YTD: -1.5%)
DFM	4,652	+0.3% (YTD: +14.6%)
S&P 500	6,001	+0.1% (YTD: +25.8%)
FTSE 100	8,125	+0.7% (YTD: +5.1%)
Euro Stoxx 50	4,854	+1.1% (YTD: +7.4%)
Brent crude	USD 71.89	-2.7%
Natural gas (Nymex)	USD 2.94	+10.3%
Gold	USD 2,627.00	-2.5%
BTC	USD 88,008.80	+10.1% (YTD: +107.7%)

THE CLOSING BELL: TADAWUL-

The TASI was unchanged yesterday on turnover of SAR 7.5 bn. The index is up 1.2% YTD.

In the green: Al Andalus (+5.5%), Rasan (+5.2%) and Dar Al Arkan (+5.1%).

In the red: Miahona (-4.7%), Riyadh Cement (-4.4%) and Jamjoom Pharma (-4.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.3% yesterday on turnover of SAR 105.9 mn. The index is up 18.9% YTD.

In the green: NGDC (+19.9%), Al Wasail Industrial (+7.7%) and Tadweer (+6.7%).

In the red: Osool And Bakheet (-8.4%), Al Jouf Water (-7.5%) and Al Dawliah (-6.2%)

Arab-Islamic summit calls for Gaza + Lebanon ceasefires

The Arab-Islamic Summit concluded with a unified call for an immediate ceasefire in Gaza and Lebanon, urging the international community to enforce relevant UN resolutions, state news agency SPA reports. In his opening remarks, Crown Prince and Prime Minister Mohammed Bin Salman condemned Israel’s genocide in Palestine, calling on the IDF to halt its military operations, France24 notes.

The narrative hasn’t changed: The summit closed with a reinforced commitment to Palestinian statehood based on the 1967 borders with East Jerusalem as its capital. The Crown Prince highlighted the Kingdom's collaboration with the European Union and Norway in establishing the Global Alliance for the Implementation of the Two-State Solution, calling for more nations to join this initiative.

An olive branch to Iran: Against a backdrop of escalating tensions, the Crown Prince emphasized Saudi Arabia’s shift towards rapprochement with Iran, encouraging international respect for Iran’s sovereignty, the New York Times reports. This stance signals a shift in Saudi foreign policy, with the kingdom engaging more diplomatically with Tehran, after years of regional rivalry.

CALENDAR

NOVEMBER

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

3 November-19 December (Sunday-Thursday): Measles and Rubella vaccination campaign, Najran.

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.

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.

11-17 November (Monday-Sunday): Launch of China’s USD 2bn bond issuance in Saudi.

12-18 November (Tuesday-Monday): Offering period for Multi Business Group’s (MBG) Nomu IPO.

14 November (Thursday): Inflation rate for October.

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.

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

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

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

21 November (Thursday): Cenomi Centers 2Q 2024 dividend distribution.

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

24 November (Sunday): Balance of trade for September.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

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

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

26-28 November (Tuesday-Thursday): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

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

26-28 November (Tuesday-Thursday): Saudi Electricity 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+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

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.

3 December (Tuesday): Riyad Bank PMI for November.

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

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

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

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

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

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

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

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

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

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

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

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

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): Federal Open Market Committee meeting.

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 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

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

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

MAY 2025

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

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

JUNE 2025

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

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

JULY 2025

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

SEPTEMBER 2025

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER 2025

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

DECEMBER 2025

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

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.

The Ocean Race finishes in Amaala on the Red Sea.

Sections

About

Privacy & Support

Get EnterpriseAM daily