Riyad Capital revises up 2025 GDP growth forecasts to 4.3%

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Cabinet approves new law for real estate expropriation

Good morning. It’s a brand new day with a busier-than-usual issue, featuring forecasts from Riyad Capital for our macroeconomic situation, a newly-launched SAR 7.8 bn project from the National Housing Company, and the latest steps towards listing Wajd Life and Sign World on Nomu. Let’s dive in.

HAPPENING TODAY-

The subscription window for Rawabi Marketing International’s IPO on Tadawul’s parallel market Nomu opens today, Tadawul said on X yesterday. Qualified investors are allowed to book up to 775k shares each, with the minimum subscription limit set at 10. Final allocations will be made on Sunday, 7 September.

REFRESHER- The IPO was priced at SAR 35 per share, with the firm poised to raise SAR 35 mn in proceeds, implying a market cap of SAR 542.6 mn at listing, according to our calculations. The firm is offering 1 mn shares to fund its expansion plan, which centers on building two new warehouses in Dammam and Jeddah

WEATHER- Thunderstorms and heavy rain are to continue over Jazan, Asir, Al Baha, Madinah, and Makkah today, with light to moderate showers expected in Najran, Riyadh, and the Eastern Province. Riyadh is expected to see a high of 43°C and a low of 32°C today, while Jeddah’s mercury will peak at 37°C and bottom out at 32°C. Makkah will see a 37°C high and 31°C low.

CABINET WATCH-

A new law for real estate expropriation for public interest and temporary seizure was approved by the Cabinet yesterday, according to the Official Gazette. The full text is set to be published in the Gazette soon.

What we know: Valuation of expropriated properties will be done by certified appraisers accredited by the Saudi Authority for Accredited Valuers (TAQEEM), plus 20% as compensation, Argaam quoted Governor of the State Properties General Authority Abdulrehman Al Harkan as saying. Temporary seizure will be compensated by fair rental value plus 20%, Al Harkan added.

ALSO- The meeting, chaired by King Salman bin Abdulaziz Al Saud, saw the approval of a new development strategy for Aseer, as well as greenlighting a number of cooperation MoUs.

WATCH THIS SPACE-

#1- Humain began developing its first data centers in Saudi Arabia with an expected launch in early 2026, CEO Tareq Amin told Bloomberg. Facilities in Riyadh and Dammam are slated to go online in 2Q 2026, each with an initial capacity of 100 MW.

The PIF-owned AI company plans to source semiconductors for its data centers from US manufacturers and has already secured regulatory clearance to acquire 18k of Nvidia’s newest chips, Amin said. The company will seek the US government approval for delivery soon, he added.

Humain is also set to launch a computer with built-in AI in the coming months, developed by the company’s engineers, Deputy CEO and Data & AI Models President Yaser Al Onaizan told Asharq yesterday (watch, runtime: 12:44). The company also plans to launch USD 10 bn fund to support tech startups and strengthen local expertise, as part of a larger strategy to partner with leading AI firms while investing or acquiring specialized companies absent from the local market, Al Onaizan said.

Humain is working with multiple US tech firms to build AI infrastructure, including a planned USD 10 bn JV with AMD. In addition, it is in early talks with Elon Musk’s xAI on a Saudi data center project, and it plans to jointly develop 500 MW of AI data centers with Nvidia over five years. The firm aims to add 1.9 GW of data center capacity by 2030.

The company is also partnering with California-based Groq to scale up its Arabic AI chatbot, Humain Chat, currently available only in Saudi Arabia but set to expand across the Middle East in October.

#2- BSF opens books on int’l tier 2 issuance: Tadawul-listed lender Banque Saudi Fransi (BSF) kicked off the issuance of USD-denominated tier 2 (AT2) capital notes yesterday, open to both local and international investors, with the offer period due to end today, according to a disclosure to the bourse. This comes a little over three months after it closed a USD 650 mn issuance of perpetual additional tier 1 (AT1) bonds.

About the offering: The notes carry a 10-year maturity and a five-year call, with size, yield, and final terms set to be determined based on market conditions. The Reg S-compliant paper falls under the bank’s medium-term note program. The paper is set to be listed on the London Stock Exchange.

ADVISORS- BSF tapped our friends at HSBC and Mashreq, alongside Abu Dhabi Commercial Bank, Citigroup Global Markets, DBS Bank, Emirates NBD Bank, Mizuho International, and Saudi Fransi Capital as joint lead managers on the transaction.

#3- Advanced Communications and Electronics Systems Company (Aces) is considering selling a stake, Bloomberg reported yesterday, citing people it said are familiar with the matter. The company — owned by its founders and Riyadh-based investment platform Ewpartners — hired EFG Hermes to advise on the potential transaction. Talks are still ongoing, and no final decision has been made, but both private equity firms and strategic investors have shown interest, according to the sources.

About Aces: The company provides services for telecom operators, airports, metros and stadiums across the region, sharing its digital networks with third-party providers.

DATA POINTS-

The Small and Medium Enterprises Loan Guarantee Program (Kafalah) has backed over SAR 304 mn in funding for 94 entertainment facilities as of 2Q 2025, Kafalah posted on X. The second quarter alone saw 32 facilities join the program, up 78% y-o-y, Alarabiya reported yesterday, citing Kafalah data.

OIL WATCH-

Saudi Arabia received some 1.1 mn tons of fuel oil and vacuum gas oil (VGO) from Russian ports in July, a marginal change from June, Reuters reports, citing traders and LSEG data. Meanwhile, India’s imports of the same products from Russia jumped 65% m-o-m in July to 600k tons.

Saudi Arabia’s power plants ramped up their use of high-sulphur fuel oil and crude during the summer months to cover peak demand, which is driven by high AC loads.

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THE BIG STORY ABROAD-

The fight over the Federal Reserve is taking over the front pages this morning, along with more tariff news and the ripples of the Gaza war in the world of investment and tech.

Not without a fight: Ousted governor Lisa Cook said she will not accept President Trump’s decision to fire her from the board. Cook is filing a lawsuit against the decision, the first of its kind in the independent institution’s history, with her lawyer arguing the alleged “deceitful and potential criminal conduct,” as Trump put it in his posts, has no basis in facts or law. Trump said yesterday he has a list of replacement candidates ready, and he is looking forward to having “a majority very shortly” on the Fed’s board.

US tariffs on India to go up: Additional tariffs amounting to 25% on India’s exports to the US are set to take effect today, after a showdown between Washington and Delhi over oil purchases from Russia failed to lead to a trade agreement. The US is India’s largest export partner, with over USD 86.5 bn in goods (some 20% of the total) exported to the US in the last fiscal year.

AND- The world’s largest sovereign wealth fund in Norway divested from manufacturing behemoth Caterpillar and five Israeli banks over ties to Israel’s unlawful activities in the West Bank. The fund had a USD 2.4 bn stake in Caterpillar by the end of 2024.

ALSO WORTH READING- Microsoft has reportedly enlisted the help of the FBI to track internal protesting over its ties with Israel, following a steady trickle of employee activism targeting its executives. (Bloomberg)

Riyad Capital revises up 2025 GDP growth to 4.3%

Riyad Capital revised upward its forecast for the Kingdom’s GDP growth this year to 4.3%, marking a notable increase by 0.8 percentage point from its earlier forecast, according to the Saudi Economic Chartbook report for 3Q 2025 (pdf). Meanwhile, the investment firm has kept its 2026 GDP growth outlook unchanged at 4.2% in 2026.

This projection is more upbeat than other projections, including the IMF, which expects the economy to expand by 3.6% this year and by 3.9% next year. Meanwhile, the World Bank maintained in June its growth forecasts for Saudi Arabia at 2.8% in 2025 and 4.5% in 2026, while a recent Reuters poll projects Saudi Arabia to record 3.8% growth this year.

Unpacking the drivers: Non-oil activities are set to maintain a robust growth path, with Riyad Capital projecting an expansion by 4.6% this year, before slowing to 4.3% in 2026. This would mark six consecutive years of growth above 4.0%.

Oil sector growth upgraded: The firm revised its oil sector growth projections upward, citing the recent Opec+ decision to accelerate the unwinding of voluntary output cuts. The firm now anticipates the sector to expand by 5.3% this year and 5.4% in 2026. This revised outlook is based on the expectation that the country’s crude production will reach 10 mn barrels per day by as early as September.

REFRESHER- Opec+ approved earlier this month an oil production increase of 547k bbl/d for September, concluding a phase of its supply restoration strategy one year ahead of schedule and bringing Saudi Arabia’s quota to 9.75 mn bbl/d.

Saudi fiscal deficit seen shrinking under consolidation plan: The government is expected to adopt a policy of fiscal consolidation after a period of rapid fiscal expansion, during which the expenditure rose by a cumulative 32% between 2021 and 2024. Fiscal spending is anticipated to fall by about 4% this year, followed by a moderate increase of 3% in 2026, the report noted. This is forecast to result in a fiscal deficit of 4.3% of GDP this year, before narrowing to 3.4% next year.

The Kingdom’s current account shortfall is expected to widen to 3.7% of GDP this year, compared with 0.5% in 2024, primarily due to “lower oil exports and continued strong import growth.” However, the deficit is expected to gradually narrow to 3.3% of GDP in 2026, largely underpinned by a rebound in oil exports and greater improvement in travel and tourism revenues.

ICYMI- The country’s non-oil exports rose 5.6% y-o-y in 2Q 2025 to SAR 55.1 bn. Total non-oil exports — including re-exports — were up 17.8% y-o-y at SAR 87.9 bn during the quarter, as re-exports soared 46.2% y-o-y to hit SAR 32.8 bn.

Inflation is expected to remain restrained, with an annual average of 2.3% this year, before easing to 2.2% in 2026, Riyad Capital noted. This represents a downward shift from previous forecasts, when the firm expected inflation to rise to 2.5% in 2025, before cooling to 2.3% next year. Annual inflation cooled to 2.1% y-o-y in July, marking its lowest reading in five months.

ALSO- Riyad Capital expects the Saudi Central Bank to cut interest rates by overall 100 bps in total until the end of 2026, following in the footsteps of the US Federal Reserve.

NHC launches SAR 7.8 bn Al Ruba destination, adding 9k units in east Riyadh

The National Housing Company (NHC) launched a new residential destination in east Riyadh, Al Ruba, with total investments of around SAR 7.8 bn, bringing NHC’s total investments in the capital so far to SAR 146 bn, CEO Mohammad Albuty said on Monday (watch, runtime: 4:22).

About the project: The 5.7 mn sqm development will deliver over 9k residential units in a mix of villas, townhouses, and apartments, with villas priced between SAR 850k and SAR 1.7 mn and sizes ranging from 200 to 495 sqm, Corporate Communication General Manager Saleh Alanazi told Aleqtisadiah.

Beyond housing: The project includes three grand mosques, seven neighborhood mosques, 10 educational facilities, 14 commercial facilities, healthcare services, and around 800k sqm of green space, according to the project’s page.

NHC inked agreements with several private developers to build communities within the project, including Abdul Rahman Saad Al Rashid and Sons for the Jawharat Al Ruba project, Dar Wa Emaar Real Estate Investment and Development for Saraya Al Ruba, Ledar Investment for Dar Al Ruba, and Bahrain-based Kooheji Development for Rewan Al Ruba.

ICYMI- Dar Wa Emaar Investment and Real Estate Development partnered with the NHC in May to develop a 616-unit residential project in Dammam valued at SAR 750 mn over a 410k sqm plot.

IN OTHER REAL ESTATE NEWS-

KEC lines up SAR 305 mn loan: Knowledge Economic City (KEC) obtained a SAR 305 mn shariah-compliant loan from Riyad Bank to complete the Aliya Residential Apartments — Cluster D within the Al Alya’a mixed-use project, it said in a disclosure to Tadawul yesterday. The four-year facility is backed by land mortgages and promissory notes.

REFRESHER- KEC signed a SAR 503 mn contract with China Gezhouba Group International Engineering Company last December for the construction and electromechanical and finishing works of seven residential towers under its Al Alya’a project.

Wajd Life Trading sets Nomu IPO price range at SAR 5.5-5.7 apiece

Medical equipment supplier Wajd Life Trading Company sets its indicative price range at SAR 5.50-5.70 per share for its IPO on Tadawul’s parallel market Nomu, the financial advisor and book runner Yaqeen Capital said in a Tadawul disclosure yesterday. The issuance will be equivalent to 20% of the issued share post-IPO capital. The top of the range would allow Wajd to raise SAR 14.3 mn in proceeds, giving it a market cap of SAR 71.3 mn at listing, according to our calculations.The final offering price will be determined after the book-building process is completed on Thursday.

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ICYMI-The company received the Capital Market Authority greenlight in March to float 2.5 mn shares on Nomu in a secondary offering, according to its prospectus.The proceeds from the offering will be earmarked for financing Wajd’s growth plans, including expanding its footprint, improving its operational efficiency, and bolstering its financials.

IPO timeline: Subscriptions will run for five days, from next Sunday until Thursday, 4 September, with the IPO limited to qualified investors. Investors will be able to book between 100 and 624.9k shares each. The final allocation of shares is scheduled for Tuesday, 9 September, while refunds are scheduled for Thursday, 11 September.

About Wajd: Founded in 2013, the company operates in medical and non-medical services, supplying and importing equipment, spare parts, and maintenance. It is officially licensed by the Saudi Food and Drug Authority (SFDA).

ADVISORS- Yaqeen Capital is quarterbacking the transaction as the company’s financial advisor and lead manager. Our friends at EFG Hermes KSA, along with Derayah Financial, Alinma Capital, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, Alibilad Capital, AlJazira Capital, Alistithmar Capital, ANB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Alosool Capital are all receiving agents.

Sign World Nomu IPO set at SAR 12 per share is almost 1.1x oversubscribed

NationalSignage Industrial Company (Sign World) Nomu IPO was 108.74% covered, booking orders at an offering price of SAR 12 apiece — set at the lowest of the offering range, the financial advisor Yaqeen Capital said in a Tadawul disclosure yesterday. The company is set to have raised SAR 18 mn in proceeds, giving it a market cap of SAR 90 mn at listing, according to our calculations.

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The details: Sign World is taking a 20% stake — good for 1.5 mn shares — to the parallel market, a primary offering witnessed qualified investors book a minimum of 10 shares and a maximum of c.375k apiece between Sunday, 17 August and Sunday, 24 August. The company secured the Capital Market Authority approval in March.

What’s next? Yaqeen Capital is set to reveal the date of the Nomu listing. Meanwhile, the final allocations are expected to come out today.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as the company’s financial advisor and lead manager. Our friends at EFG Hermes KSA, along with Alinma Capital, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, Alibilad Capital, AlJazira Capital, Alistithmar Capital, ANB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Alosool Capital are all receiving agents.

Capital markets cool in 2Q as equity flows slow, debt stalls

Saudi capital markets cooled in 2Q: Capital raised from stock offerings, excluding capital hikes, on Tadawul and Nomu showed only a small y-o-y uptick in 2Q 2025, while new public debt issues stayed thin in terms of both value and volume compared to the same period last year, according to the Capital Market Authority’s (CMA) latest quarterly bulletin (pdf).

ON EQUITY-

A modest pick-up over 2024, but well shy of early 2025 highs: Tadawul’s main and parallel markets were home to 13 public equity offerings in 2Q 2025, compared to 12 in 2Q 2024, pulling in a total of SAR 25.6 bn — a modest c.4% y-o-y gain. This marks a step down from 1Q 2025, when an equal number of public share sales raised a total of SAR 42.6 bn. Tadawul’s total market cap slipped to SAR 9.1 tn in 2Q 2025 from SAR 10.1 tn in the same period a year earlier.

Private placements came in at SAR 600.5 mn across four transactions in 2Q, up from SAR 348.4 mn across six transactions in the same quarter a year earlier.

Nomu continues to carry the weight of new listing activity. The CMA approved six IPOs in the parallel market in 2Q, bringing the YTD tally to 15, versus three IPOs on the main market in 2Q and 8 in 1H. Another 51 offerings were still under review at the quarter’s close, including 19 on the main market and 32 on Nomu.

Institutional ownership sustains its dominance: Institutions held 95.2% of total market cap in 2Q, with their holdings valued at SAR 8.7 tn, down y-o-y from 9.6 tn (95.6% of SAR 10.1 tn).

Meanwhile, Saudis piled into Wall Street: Trading in US equities by Saudi investors hit a record SAR 193.4 bn in 2Q, up 230% y-o-y, followed by Gulf markets at SAR 2.2 bn. The surge contrasts with a 27% y-o-y drop in local stock trading, underscoring how global exposure is rising as Tadawul volumes shrink.

ON DEBT-

Debt capital market stalls as private credit takes the reins: Debt issuance remained muted in the second half of the year, with just one debt instrument pulling in SAR 50 mn; no debt sales were recorded on the capital market in the same period last year. Private debt placements jumped to SAR 12.2 bn across 32 issuances in 2Q, up sharply from SAR 2.8 bn across 12 issuances in the same quarter last year.

IN CONTEXT- Why corporates are leaning heavily on private debt: With Tadawul under pressure, IPO windows narrowing, and public market liquidity thinning, borrowers may be turning to private channels for faster execution and more flexible structures. Investors, meanwhile, are chasing secured returns in a high-rate environment, making private credit the path of least resistance for funding Saudi corporates.

TASI VERSUS NOMU-

TASI averaged 11.2k points by the end of 2Q, slipping from 11.7k in the same period last year, underscoring the index’s weaker run. Value traded came in at SAR 325.5 bn in 2Q, down from SAR 447.5 bn in the same quarter last year, while average daily turnover on the main market reached SAR 5.5 bn in 2Q, down from SAR 8.1 bn a year earlier.

Meanwhile, Nomu averaged 27.3k points in 2Q 2025, slightly above its 26.1k level in the same period last year. Value traded was at SAR 2 bn in 2Q, down from SAR 2.7 bn in the same quarter last year. Average daily turnover on the parallel market came in at SAR 33.8 mn in 2Q, down from SAR 49.1 mn in 2Q 2024.

ICYMI- Tadawul’s 1Q rebound came before markets turned sour, offering a pre-crisis snapshot. By May, the strain was clear, and Tadawul’s benchmark TASI shed 4.8% in its worst month this year, ranking as the weakest performer among 92 global peers tracked by Bloomberg. The sell-off, driven by oil slipping toward USD 65 a barrel, fiscal jitters over giga-projects, the Israel-Iran conflict, and US tariff threats, left just 23 of 253 companies in the green.

Saudi Arabia issues guidelines for social impact investment certificates

Rules for company and non-profit investments in measurable social-impact projects were published last friday in the OfficialGazette by the National Center for Non-Profit Sector. The fresh regulations outline the path for acquiring a social impact investment certificate, aiming to encourage private and non-profit entities to direct capital toward initiatives that both tackle social challenges and deliver financial returns.

Certificate requirements: Under the new rules, organizations seeking a social impact investment certificate must show a clear social mission in their founding documents or obtain approval from the general assembly on socially-bound investments, submit a detailed community needs study, complete the center’s approved social impact investment business model form, provide annual impact measurement reports, and meet financial disclosure requirements.

Application process: Applications should be submitted online via the center’s website to be processed within 15 days, with the center obliged to provide justifications for any possible rejections while granting eligible organizations the right to resubmit after addressing the issues.

Duration and renewal: Certificates will be valid for three years, eligible for renewal if a request is submitted within 60 days of expiration, subject to the same criteria. Certificates may be canceled for failure to submit an annual performance report, liquidation of the organization, or other violations of rules.

Supervision and support: The new rules, set to take effect 90 days following their publication, authorize the center to partner with government, private, and non-profit entities to support certificate holders and publish a list of certified organizations on its website or via other channels.

Osool and Bakheet waive preferential terms with AOTC shareholders

M&A WATCH-

Nomu-listed Osool and Bakheet Investment Company signed a waiver agreement with Samia and Abdulrahman Al Yahya, cancelling the 10-year preferential terms granted upon selling their shares to the company last year in the Advanced Operations Technology Company acquisition, it said in a Tadawul disclosure yesterday.

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BACKGROUND- Osool and Bakheet acquired a 51% stake in Advanced Operations Technology Company for SAR 5.1 mn under a purchase agreement in July 2024, after granting Al Yahyas preferential terms for 10 years, including giving subscription rights of SAR 2 mn for Samia and of over SAR 3.3 mn for Abdulrahman, with both buying the company’s shares upon being listed at a 20% decrease of the offering price.

CAPITAL MARKETS-

The Middle East FinancialInvestment Company received the Capital Market Authority’s approval for the public offering of its Mefic Capital Murabaha Fund, the authority said in a statement on Monday.

Nvidia’s earnings out later today could make or break the AI trade

Wall Street’s AI rally faces a critical test this week as chipmaker Nvidia gears up to release its earnings later today, the Financial Times reports. Nvidia has become the poster child for the artificial intelligence boom that has reshaped markets since late 2022. Investors see the company’s performance — and its guidance — as a proxy for AI’s broader economic promise.

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Nvidia doesn’t just set the direction for AI and AI-related stocks, but the whole of the S&P 500. The company — now the most valuable publicly listed firm in the world with a market capitalization of USD 4.4 bn — has been the single biggest contributor to the S&P 500’s almost 10% YTD gain.

The company’s earnings could shape the direction of the market for weeks and even months to come, with traders bracing today for a high-volatility moment that could either reignite market momentum or trigger a pullback. “It’s not just a single stock,” said Pictet Asset Management Portfolio Manager Arun Sai. “It’s very unusual — people read through it to the economy as a whole.”

There’s concern that Nvidia shares are already overvalued, with shares of the chipmaker trading at 40x its expected earnings, according to FactSet. The tech-heavy Nasdaq 100 as a whole is trading at 28x forward earnings — well above its 25-year average of 22x.

Investor jitters intensified last week after a downbeat MIT reportand a warning from OpenAI CEO Sam Altman, who said “investors are over excited” about AI and that “some are likely to lose a lot of money.” The comments have cast a shadow over a sector many fear may be approaching a bubble territory — putting even more weight on Nvidia’s earnings. “They are the locomotive of this AI train,” said Citigroup’s Jon Zauderer. Futurum Group’s Daniel Newman added that “an unexpected surprise would be the ultimate and fastest way to send the market into a tailspin.”

But despite doubts, expectations are still sky-high, with the consensus being that Nvidia reports USD 46 bn in revenue for its July quarter — a 53% y-o-y increase. While that’s slower than the 69% growth it posted last quarter, and well off the 250%+ pace of early 2024, some analysts say the market will focus more on relative performance. “People will be more focused on growth relative to peers, and right now they are doing very well in that regard,” said Morgan Stanley’s Joseph Moore.

MARKETS THIS MORNING-

Asian markets are mostly in the green in early trading this morning, with the Hang Seng leading gains, up 0.3%. Japan’s Nikkei and the Shanghai Composite are also up, while the Kospi is flat.

TASI	10,875	-0.2% (YTD: -9.7%)
MSCI Tadawul 30	1,404	-0.3% (YTD: -7.0%)
NomuC	26,184	-0.1% (YTD: -16.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	35,358	-1.3% (YTD: +18.9%)
ADX	10,167	-0.4% (YTD: +7.9%)
DFM	6,103	-0.5% (YTD: +18.3%)
S&P 500	6,466	+0.4% (YTD: +9.9%)
FTSE 100	9,266	-0.6% (YTD: +13.4%)
Euro Stoxx 50	5,384	-1.1% (YTD: +10.0%)
Brent crude	USD 67.22	-2.3%
Natural gas (Nymex)	USD 2.75	+1.0%
Gold	USD 3,441	+0.2%
BTC	USD 111,884	+1.6% (YTD: +19.6%)
Sukuk/bond market index	911.12	0.0% (YTD: +1.0%)
S&P MENA Bond & Sukuk	148.46	0.0% (YTD: +6.1%)
VIX (Volatility Index)	14.62	-1.2% (YTD: -15.7%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 7.3 bn. The index is down 9.7% YTD.

In the green: SRMG (+8.3%), DWF (+7.2%) and Al Andalus (+6.2%).

In the red: HB (-5.6%), Acwa Power (-3.9%) and SIIG (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 35.0 mn. The index is down 16.8% YTD.

In the green: Almodawat (+14.2%), Alashgal Almoysra (+14.2%) and Future Vision (+10.0%).

In the red: Albabtain Food (-7.2%), Alkuzama (-6.3%) and Multi Business (-6.3%).

CORPORATE ACTIONS-

Perfect Presentation for Commercial Services (2P) received the green light from the Capital Market Authority (CMA) to raise its capital to SAR 330 mn through a capitalization issue, CMA said in a statement yesterday. The SAR 30 mn capital increase will be paid off by 2P’s retained earnings, and is still pending shareholders’ approval and other regulatory requirements.

Al Kuzama trading Company’s board recommended a dividend payout of SAR 5.4 mn for 1H 2025 at SAR 1.40 apiece, it said in a disclosure to Tadawul yesterday. The distribution date is yet to be announced.

CALENDAR

26-28 August (Tuesday-Thursday): Franchise Go Forum, Siraj Convention Center, Riyadh.

24 August-27 November: Title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

27 August-3 September (Wednesday-Wednesday): Rawabi Marketing International IPO retail subscription period.

31 August (Sunday): Deadline for companies with SAR 40 mn in revenues from goods and services during July 2025 to integrate e-invoicing solutions.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

1-3 September (Monday-Wednesday): Saudi Drone Exhibition, Riyadh Front Exhibition & Conference Center.

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

3-4 September (Wednesday-Thursday): The first International Forum for Talent in Higher Education, Jeddah University’s Conference Center.

5 September (Friday): The Visual Arts Commission will hold two public dialogues in Seoul during Frieze Seoul Week under its Art & Ideas program.

7 September (Sunday): Final allocations are due for Rawabi Marketing International IPO.

9-11 September (Tuesday-Wednesday):The Saudi Food and Drug Authority and the UN’s Food and Agriculture Organization’s Hack4safeFood, Riyadh.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

15-17 September (Monday-Wednesday): Global Infrastructure Forum, Riyadh International Convention and Exhibition Center.

16-18 September (Tuesday-Thursday): Kids & Toys Expo, Riyadh Front Exhibition & Conference Center.

16-18 September (Tuesday-Thursday): Gifts & Homeware Expo, Riyadh Front Exhibition & Conference Center.

16-18 September (Tuesday-Thursday): Stationery & Paper Expo, Riyadh Front Exhibition & Conference Center.

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

23 September (Tuesday): Saudi National Day.

29 September-1 October (Monday-Wednesday): Intersec Saudi Arabia, Riyadh International Convention and Exhibition Centre, Riyadh.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

5 October-8 January 2026: Title deed registration for 3.2k properties in Al Yasmin district, Hail.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

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

15 October (Wednesday): Russian-Arab Summit.

16 October (Thursday): Aviation Impact Middle East, Hyatt Regency Riyadh Olaya .

17 October (Friday): Saudization for private healthcare roles enters its second phase.

21 October (Tuesday): The Visual Arts Commission will hold a public talk and a live performance in Paris through Asia NOW under its Art & Ideas program.

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

27-30 October (Monday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

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

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

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

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

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

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

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

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

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

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

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

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

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

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

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

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

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

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

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

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

APRIL

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

OCTOBER

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

Signposted to happen sometime in 2026:

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.

Signposted to happen sometime in 2027:

The World Water Forum takes place in Riyadh.
The Ocean Race finishes in Amaala on the Red Sea.
Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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