Riyad Capital sees the economy expanding again this year and picking up steam in 2025

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Bandar Al Khorayef is drumming up investments in East Asia

id: 2024-09-01-04:02:33:515t

Welcome to September, wonderful people. We’re not quite sure where the summer — or nearly three-quarters of the year — have gone. It’s a relatively calm start to the week and a new month, with M&A largely leading the news cycle on this Sunday morning.

HAPPENING TODAY-

Industry and Mineral Resources Minister Bandar Al Khorayef will embark today on a one-week mission to East Asia, state news agency SPA reports. The trip aims to boost bilateral relations and drum up investments, including joint ventures, with China and Singapore.

On the agenda: High-level meetings with major Chinese firms including GAC Group, General Lithium, and Huawei, as well as visits to key locations in Hong Kong including Hutchison Ports, Cyberport, and Johnson Electric. In Singapore, the delegation is expected to make visits to the Tuas Port, and connect with the Agency for Science, Technology and Research (A*STAR), and the Singapore Manufacturing Federation.

[wwt1] #2- Saudis at the Paris 2024 Paralympics: Track and field athlete Abdulrahman Al Qurashi will compete in the 400m preliminaries at the Paris 2024 Paralympics today, state news agency SPA reports. Meanwhile, sprinter Nour Al Sina’a will race in the 100m final, while Ghalia Al Anzi will play British table tennis player Megan Shackleton in the round of 16.

#3- It’s hunting season in the Kingdom: The Fall hunting season kicks off today and is set to run until 30 November, according to the National Center for Wildlife. The winter season will run from 1 December through to 31 January, 2025. Applications for hunting permits are processed via the Fatri platform here.

HAPPENING THIS WEEK-

#1- Trading on Savola Group’s SAR 6 bn rights offering continues until this Thursday, the company said in a filing to Tadawul. The trading period allows shareholders and investors to buy and sell shares as part of the offering. Meanwhile, the subscription period where shareholders can choose to exercise their rights to purchase additional shares, as offered in the rights issue concludes on Tuesday, 10 September.

REMEMBER- The offering aims to boost Savola’s capital by adding 600 mn shares valued at SAR 10 apiece. The Tadawul-listed player will then reduce its capital before offloading its entire 34.5% stake in Almarai to its existing shareholders, pending regulatory and shareholder approvals.

#2- It’s PMI week: Riyad Bank’s purchasing managers’ index for Saudi Arabia is set to be released this Tuesday, 3 September at 7:15am KSA. Saudi’s PMI figure slipped to 54.4 in July, from 55.0 in June, showing continued growth in output levels and purchasing activity despite falling new orders.

Also releasing PMI data on Tuesday: Egypt, Kuwait, and Qatar. The UAE will follow on Wednesday, 5 September.

#3- The Saudi Arabia Snooker Masters continues until this Saturday, 7 September, at Green Halls in Riyadh. The third round kicks off today, while the round of 32 begins on Tuesday. World no.1 Mark Allen has already booked his spot in the round of 32, along with Mark Selby, reigning world champion Kyren Wilson, and former world champion Judd Trump and several others. Saudi’s 14-year-old Ziyad Al Qabbani lost against 17-year-old Brit Stan Moody in the first round on Friday, according to EuroSport. You can check out the full schedule here.

PSAs-

#1- In-person classes are suspended in Madinah today due to heavy rains overnight, with online classes continuing via the Madrasati platform for all students and staff in the region, the Madinah Education Administration said. Taibah University has also suspended in-person classes today for students at the main campus in Medinah and its branches in Al Hanakiya, Badr, and Khyber.

#2- The next round of e-invoicing: Companies that had more than SAR 4 mn in revenues subject to VAT in 2022 or 2023 will be required to integrate their e-invoicing solutions with Zatca’s Fatoora platform from 1 March, 2025, Zatca said in a statement. This is the latest phase of a e-invoicing rollout that began in late 2021.

#3- Another extension for social ins. late fee waiver initiative: The General Organization for Social Ins. extended its late fees waiver initiative for another six months, it said on X. The extension gives business owners additional time to pay overdue contributions without incurring penalties, as long as they settle their outstanding dues.

#4- The Saudi Food and Drug Authority is seeking feedback from the public on its updated table of violations and penalties under the Food Law by Sunday, 15 September, Argaam reports. The changes aim to ensure that fines reflect the severity of violations, enhance penalty effectiveness, and support food safety goals. For food manufacturing violations involving prohibited substances, fines are capped at SAR 500l for large establishments, SAR 400k for medium-sized ones, and SAR 300k for small businesses. Handling expired food incurs fines running between SAR 12k-20, depending on the size of the business.

#5- The Capital Market Authority has convicted 14 board members and employees of RaydanFood for false reporting and insider trading, violating the Capital Market Law, it said in a bulletin. The convicted individuals have been ordered to pay over SAR 77 mn in avoided losses and have been fined an additional SAR 50.6 mn for the charges of false reporting and insider trading. Four individuals received 90-day prison sentences, while 11 were barred from working in CMA-supervised entities for up to three years. Raydan’s share price dropped 2.5% to SAR 28.8 at Thursday’s close.

#6- Farm owners can now register online for the Liquid Fuel Displacement Program via the Environment Ministry’s Naama website, state news agency SPA reported. The program allows off-grid farms that rely primarily on diesel for electricity generation to connect directly to the national power grid. The program targets to replace up to 1 mn barrels of liquid fuels across the agriculture, industry, and utilities sectors by 2030.

WATCH THIS SPACE-

#1- Webook going public? Homegrown ticket booking platform Webook is mulling a potential IPO, General Entertainment Authority Chairman Turki Al Sheikh was quoted as saying by local news outlets (here and here). Webook sold some 11 mn tickets in under a year, with sales value topping SAR 1 bn, according to the reports. The platform’s user base has reached over 5 mn people from across 160 countries.

#2- The franchise tour starts in Qassim next week: Some 56 companies are currently exploring potential franchises as part of Monsha’at’s franchise tour initiative, which aims to establish more than 200 franchise brands by 2026, Aleqtisadiah reports. The program targets five cities in 2024, starting in Al Khobar and Abha, with the next round scheduled for Qassim on 9-10 September. Hail and Jeddah will follow this year, before seven more cities join next year.

DATA POINTS-

#1- Remittances from expats living in Saudi rose 21.5% y-o-y to SAR 12.9 bn in July, according to the Saudi Central Bank’s (SAMA) monthly bulletin (pdf) . Remittances by Saudi nationals to other countries dipped 0.2% y-o-y to SAR 5.81 bn during the month.

#2- The Saudi Pro League is now valued at EUR 1.08 bn, according to data from Transfermarkt. Al Hilal currently has the highest market valuation at EUR 219.5 mn, followed by Al Ahli (EUR 179.3 mn) and Al Nassr (EUR 153.8 mn). As for players, Al Ittihad’s Moussa Diaby is the league’s most valuable player at EUR 55 mn.

#3- The Transport General Authority issued more than 283k professional driver cards in 1H 2024, rising 179% y-o-y, the authority said on X. The total figure includes 253k cards issued through the electronic Logisti platform, marking a 220% y-o-y increase.

#4- The Saudi General Authority of Foreign Trade (GAFT) referred 915 investment and export opportunities to the Investment Ministry and the Saudi Export Development Authority last year, down from 948 in the previous year, Argaam reports, citing GAFT data.

OIL WATCH-

OPEC+ is likely to stick to its October production boost, Bloomberg reports, citing delegates it says are involved in the discussions. The group plans to increase output by 180k barrels a day, continuing their gradual recovery from the voluntary cuts made in 2022. Despite market jitters and whispers of a potential pause due to China’s demand slump, the group is not showing signs of pushing back on hikes, the officials said.

SPORTS-

#1- You might spot Toney this week at Al Ahli: English striker Ivan Toney has officially joined Al Ahli under a GBP 40 mn contract, Al Ahli confirmed on X. The footballer’s move to the Saudi Pro League was rumored for weeks but remained unconfirmed as he considered alternative offers that would give him a chance to play in the Premier League. Toney’s move to Al Ahli was finalized on the Premier League’s transfer deadline day. The New York Times and Reuters took note, among several others.

ALSO COMING TO SAUDI- West Ham’s Kurt Zouma completed his transfer to Al Orobah on loan, West Ham said on X. The central defender’s move also got ink from the New York Times and the BBC.

#2- Neom SC reportedly lands in Egypt to get Al Ahly’s Percy Tau onboard: Officials from club Neom SC landed in Egypt in an effort to secure the signature of Al Ahly’s South African striker, Percy Tau, Egyptian sports journalist Omar Rabie said on X.

#3- Coco Gauff rallies behind Riyadh WTA finals: US tennis champion Coco Gauff expressed her support for the WTA finals set to be held in Riyadh this November as a chance for rising athletes in Saudi and the region to find inspiration in the sport, Saudi Gazette reports. “Hoping that there is a player or a kid from Saudi who can say, ‘This WTA Finals changed my outlook or made me realize I had a dream in this sport.’ That’s what tennis is all about — bringing our community to new parts of the world,” the 19-year-old said.

#4- The Saudi table tennis team earned a record 17 medals at the West Asia Championship in Jordan from 26-31 August, including 8 gold, 2 silver, and 7 bronze, setting the highest medal count in the tournament’s history, SPA reports.

#5- Saudi Arabia is set to host the Asian Racing Conference (ARC) in 2026, Arab News reports. The Jockey Club of Saudi Arabia was handed the event flag by the Japan Racing Association at the ongoing ARC in Sapporo. The major horse racing event will see 1k competitors in Riyadh.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about the UAE, 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, and 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-

As is often the case on Sundays, there’s no one story dominating the (digital) front pages of the international business press, with the press’ obligatory updates on the seemingly never-ending US presidential election competing for space with tech oligarch Musk’s feud with the Brazilian government and depressingly familiar reports of horrors from Israel’s nearly year-old war on Gaza.

OVER IN US ELECTION NEWS- Things are looking increasingly up for the Democrats post-Biden, with Democratic presidential hopeful Kamala Harris has gained an edge of around 2 percentage points on Republican candidate Donald Trump among likely voters in seven key US swing states, according to a Bloomberg News/Morning Consult poll. Harris is tied with or beating Trump in all seven states and has virtually erased the lead Trump enjoyed over Joe Biden prior to ending his bid for the Democratic Party’s nomination. Meanwhile, a new Reuters/Ipsos poll has found Harris leading Trump among registered voters nationwide by a margin of 4 percentage points, up from the 1 percentage point lead registered by the polling agency in late July.

Despite Harris’ overall bump in polls, the Democratic candidate is facing a stepped-uppressure campaign from pro-Palestinian activists following a televised interview Thursday in which the presidential nominee reiterated that she would not cut military aid to Israel if elected president. Activists have pledged to disrupt Harris campaign events in the coming weeks.

MEANWHILE IN TECH WORLD- X goes dark in Brazil as feud with Musk escalates: X saw mass service disruption yesterday in Brazil after CEO Elon Musk’s refusal to appoint a legal representative for the company’s operations in Brazil led the country’s Supreme Court to issue an order for X’s suspension late Friday. While supporters of the left-wing government’s drive to make social media companies more accountable for online content applauded the court’s move, right-wing politicians blasted the decision as an attack on conservative politicians, many of whom communicate with their supporters on social media. (Bloomberg | The Associated Press | Reuters)

AND IN OUR CORNER OF THE WORLD- Around 2k medical and community workers are set to begin carrying out a polio vaccination campaign in Gaza that will see some 640k children targeted for vaccination during daily eight-hour pauses in hostilities across the enclave. The campaign comes after the World Health Organization confirmed that a two-year-old had been paralyzed by the poliovirus, the first case of the disease recorded in Gaza in 25 years. At least 90% of children will need to be vaccinated twice over the coming four weeks in order for the campaign to be successful, according to WHO officials — a tall order given the destruction that Israel has wreaked upon the enclave.

Israeli forces killed at least 48 people in Gaza during the hours before the campaign commenced, with fighting ongoing in central and southern Gaza in the early hours Sunday. Meanwhile, Israeli forces pushed forward with their assault on the West Bank city of Jenin, with Israeli attacks reportedly killing at least 18 Palestinians in one of the largest Israeli operations in the West Bank in months.

CIRCLE YOUR CALENDAR-

The EFG Hermes London Conference kicks off next week: EFG Hermes will hold its annual conference in London on 9-12 September, giving investors “unique and unparalleled access to leading equities in MENA and key frontier emerging markets.”

The two-day Data Center Xpo summit will kick off in Riyadh on Tuesday, 3 September.

The Crown Prince Camel Festival runs until Tuesday, 10 September at the Taif Camel Racing Track, featuring 610 rounds of racing and a purse of SAR 56 mn.

SRMG Academy’s technology journalism course will kick off in Riyadh on Sunday, 15 September. The five-day, TikTok-backed program will run until 19 September.

Fenaa Alawwal cultural center will kick off the contemporary art forum Muntada FAA on Sunday, 15 September at the Diplomatic Quarters in Riyadh. The forum runs until Thursday, 19 September.

Smart Cities Saudi Expo 2024 runs 24-26 September at the Riyadh International Convention & Exhibition Center.

The two-day Kingdom Business and Luxury Travel Congress will kick off on Wednesday, 25 September, at the Crowne Plaza Riyadh RDC Hotel and Convention.

Riyad Capital pencils in 1.5% GDP growth this year

The local economy is set for a recovery in the second half of the year, with GDP growth expected to turn positive despite the economy contracting for four consecutive quarters, according to Riyad Capital’s forecasts(pdf). The firm sees GDP bouncing back to growing at a 1.5% clip this year, before accelerating to 5.6% in 2025.

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

What gives? The expected improvement is largely due to a resurgence in the oil sector after previous output cuts. Saudi crude oil production is expected to increase to 10 mn bbl / d by 4Q 2025, starting next quarter. This is up from the current 8.9 mn bbl / d. “We forecast the average Brent oil price to fall in a range between US 80 and USD 90 in 2024 and 2025,” Riyad Capital said in the report.

Also helping things along: The rebounding oil sector comes in addition to strong growth in the non-oil sector, which is expected to grow 4.6% y-o-y this year and 5.2% in 2025, up from a 4.4% expansion last year.

Riyad Capital’s projections are on par with other outfits: Research firm CreditSights expects the Saudi economy to recover in 2H 2024, with GDP forecasted to grow 1.7% this year and 4.7% in 2025. The IMF also sees the economy growing at 1.7% this year. Meanwhile, a Reuters poll in July revised down earlier growth projections for the year to 1.3% on extended oil production cuts.

Penciling in lower interest rates: “Sama is projected to cut its official repo rate and reverse repo rate by an overall 175 bps until the end of 2025,” Riyad Capital said, provided the US Federal Reserve makes three rate cuts this year, and four more cuts in the next. Riyad Capital is also expecting the Saudi Central Bank to push down its 3M Saudi Arabian Interbank Offered Rate (Saibor) to 5.4% by the end of the year, and 4.35% by the end of 2025, down from the current 6.0%. This is especially if the Fed starts to cut rates at its next Federal Open Market Committee meeting, which will wrap up on Wednesday, 18 September.

On the fiscal front: The fiscal deficit is expected to come in at 1.9% of GDP this year, and narrow to 1.8% in 2025.

Jadaya Agricultural acquires 100% of Food Developing Trading

We have a slew of M&A stories this morning, including Jadaya Agricultural closing on a 100% acquisition of the Food Developing Trading Company, Aramco inching closer to acquiring an additional stake in Petro Rabigh, and Ataa Education selling two of its subsidiaries.

Jadaya Agricultural has become the sole owner of Food Developing Trading Company(FDTC) after acquiring 100% of FDTC, according to a disclosure to Tadawul. Jadaya has previously held an 81% stake in FDTC. The transaction was completed through a share swap agreement where the owners of poultry sales and distribution company will get a 0.7% stake in Jadaya.

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

Aramco inches closer to becoming the majority shareholder of Petro Rabigh: Saudi Aramco, Japan’s Sumitomo Chemical, and Petro Rabigh have signed the waiver agreement that will see Petro Rabigh relieved of its revolving shareholder loans worth USD 1 bn, according to a disclosure to Tadawul. These loans were set to mature this year. Petro Rabigh is a joint venture between Aramco and Japan’s Sumitomo Chemical.

ICYMI: Saudi Aramco is acquiring an additional 22.5% stake in Petro Rabigh, after signing a binding sale and purchase agreement. Sumitomo Chemical will sell down its position in Petro Rabigh to hand Aramco the stake for SAR 7.0 apiece, bringing the total value of the sale to SAR 2.6 bn (USD 702 mn). The transaction will bring Aramco’s stake in Petro Rabigh to c.60%, while Sumitomo will continue to hold a 15% stake. The remaining 25% stake will remain listed on Tadawul as freefloat shares.

Ataa to sell two subsidiaries: Our friends at Ataa Education’s board of directors approved an offer to sell Creative Development and Al Faisal International Academy to the Digital Future Company, Ataa said in a Tadawul filing. The two companies are subsidiaries of Ataa-owned Arabian Education and Training Group. No financial details were provided.

Al Khaleej Training gears up to acquire a private school in Riyadh: Al Khaleej Training and Education has entered into a revised sale and purchase agreement to acquire 80% of Adwaa Al-Hedeya for Boys and Girls Private School through a share swap, it said in a disclosure to Tadawul. Al Khaleej will boost its capital by 34.9% in order to give the selling shareholder, Ethraa Holding, a 25.8% stake in Al Khaleej.

Saudi Advanced Industries (Saic) has pulled the plug on a proposed takeover of Dar Al Balad, it said in a filing to Tadawul. The two companies scrapped a non-binding MoU after failing to reach an agreement that would have seen Saic acquire 100% of Dar Al Balad ahead of plans to grow the outfit and take it public within two years. No further information was disclosed.

King Salman overhauls military command, with new senior appointments

Shakeup in military’s top brass: A series of royal decrees have been issued to change the heads of Saudi Arabia’s joint forces, navy, and land forces, according to state news agency SPA.

New appointments:

Joint forces: Fahd bin Hamad bin Abulaziz Al Salman has been appointed commander of the joint forces, and promoted to the rank of lieutenant general. The outgoing commander will go into retirement.
Land forces: Fahd bin Saud bin Dhuwaihir Al Juhani has been named chief of staff of the land forces, and promoted to lieutenant general;
Naval forces: Mohammed bin Abdulrahman bin Hamed Al Gharibi has been appointed chief of staff of naval forces, and promoted to lieutenant general;

New roles for outgoing leaders:

The outgoing chief of staff of land forces, Lieutenant General Fahd bin Abdullah bin Mohammed Al Mutair, will assume an advisory role with the office of the defense minister.
The outgoing former chief of staff of the navy, Lieutenant General Fahd bin Abdullah bin Saleh Al Ghufaili, is set to take on a new role as deputy chief of the general staff.

Riyadh national parks open for investments

INVESTMENT WATCH-

Gov’t opens the door for investments in Riyadh region’s national parks: The National Center for Vegetation Cover Development and Combating Desertification is now receiving seasonal investment bids for developments in national parks across the Riyadh Region, it said in a post on X. The center is looking for investments in camping, caravans, restaurants and cafes, temporary sports clubs, and paragliding. Parks included in the initiative are Thadiq, Saad, Jabala, Al Ghat, and Aba Samri.

FINANCE-

#1- New financing player for hotels + SMEs: Hotel and hospitality SME funding player Avana and Oaktree Capital are launching a new fintech startup, Ezdaher, to provide “Shariah-compliant B2B funding for hotel projects” in the Kingdom, according to a press release. The first phase of Ezdaher’s launch will see the new fintech player disbursing SAR 22 mn “to directly fund the hospitality and SME sectors,” the statement reads. Avana and Oaktree had set up a USD 250 mn joint venture earlier last month as a precursor to Ezdehar’s launch.

#2- Fresh mortgage finance program: The Real Estate Development Fund has partnered with Bank Albilad to implement a new financing solution for under-construction housing units, SPA reports. This solution allows beneficiaries to pay monthly installments equivalent to their housing support or up to SAR 400 until the unit is handed over, with a maximum period of three years. Beneficiaries are also eligible for non-refundable support of up to SAR 150k and the fund will cover real estate transaction taxes on first homes, up to SAR 1 mn of the unit’s value.

TECHNOLOGY-

IT solutions firm Al Moammar Information Systems was awarded a SAR 105 mn maintenance contract by the Royal Commission for Jubail and Yanbu to upgrade the latter’s digital infrastructure, according to a disclosure to Tadawul. The final contract will be signed on 3 November.

REGULATION WATCH-

Allocating state properties to nonprofits: The State Properties General Authority approved fresh regulations for allocating state properties to nonprofits, it said in a post on X. This aims to better regulate the allocations, boost the capabilities of the nonprofit sector, and optimize the use of state-owned properties. Cabinet had signed off on the move in May.

MINING-

The Royal Commission for Jubail and Yanbu and Ma’aden have signed a three-year agreement to support investors through the Ma’aden’s Tharwah local content program, Mubasher reports. The Commission will allocate land and buildings for industrial projects and promote investment opportunities, while Ma’aden will encourage investments in mining and related industries, assist with feasibility studies, and help localize industrial services within the Commission’s cities.

Companies look to next year for IPO plans amid market uncertainty

The IPO market is struggling this year, with several companies postponing their plans to next year due to volatility and uncertainty, the Wall Street Journal cites bankers, lawyers, and corporate executives as saying.

Expectations of a slowdown in September — usually a busy month for IPOs — point to underlying concerns among investors that volatility could continue through the end of the year amid the upcoming US presidential election in November and potential interest rate cuts by the Federal Reserve.

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

By the numbers: IPOs in the US have raised some USD 25 bn this year, faring well below the USD 55 bn annual average over the past decade. Both Chinese autonomous-driving technology company WeRide and ticket-resale platform StubHub pushed back their IPO plans, while AI chip maker Cerebras is among those considering pushing its IPO to late 2024 or holding off until next year.

Market turbulence has dampened investor confidence, with many companies that went public in the past two and a half years now trading below their IPO prices, with the exception of Reddit’s successful IPO earlier in March, up more than 70% from its USD 34 IPO price.

There’s still hope for smaller companies: The Russell 2000 index of smaller companies has outperformed the S&P 500 by more than five percentage points since late June. “Since the majority of IPOs are for relatively small companies — under USD 5 bn in value at the time of their offerings — the recent gains for this group is encouraging,” the WSJ said.

TASI	12,145	+0.2% (YTD: +1.5%)
MSCI Tadawul 30	1,516	+0.2% (YTD: -2.3%)
NomuC	26,161	-0.2% (YTD: +6.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,774	+0.2% (YTD: +23.6%)
ADX	9,285	+0.6% (YTD: -3.1%)
DFM	4,326	-0.2% (YTD: +6.5%)
S&P 500	5,648	+1.0% (YTD: +18.4%)
FTSE 100	8,377	0.0% (YTD: +8.3%)
Euro Stoxx 50	4,958	-0.2% (YTD: +9.7%)
Brent crude	USD 76.93	-2.4%
Natural gas (Nymex)	USD 2.13	+0.5%
Gold	USD 2,527.60	-1.3%
BTC	USD 58,955.70	-0.2% (YTD: +39.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% on Thursday on turnover of SAR 12.2 bn. The index is up 1.5% YTD.

In the green: Allianz Saudi Fransi (+6.5%), Kingdom Holding (+5.0%) and National Company for Learning and Education (+4.4%).

In the red: AlRajhi Takaful (-4.3%), Saudi Pharma Industries (-3.2%) and Amiantit (-3.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% on Thursday on turnover of SAR 85.3 mn. The index is up 6.7% YTD.

In the green: Al Razi Medical (+9.7%), Naba Alsaha Medical (+7.0%) and Lime Industries (+6.8%).

In the red: Saudi Top for Trading (-10.9%), Arabian Plastic Industrial (-8.9%) and Knowledge Tower (-7.9%)

CORPORATE ACTIONS-

#1- Allied Cooperative Ins. Group has submitted an application with the CMA to increase its capital by SAR 209 mn via a rights issue, bringing its capital to SAR 500 mn, it said in a disclosure to Tadawul.

#2- Saudi Ground Services will distribute SAR 188 mn in dividends at SAR 1 per share for 1H 2024, it said in a disclosure to Tadawu l. Distribution is set for Monday, 30 September.

#3- National Environmental Recycling is mulling a decision that would see it double its capital to SAR 116.2 mn by issuing bonus shares, according to a filing to Tadawul. The move would be financed through capitalizing SAR 58 mn of the company’s retained earnings.

#4- Electrical Industries’ board signed off on a three-year minimum dividend payment policy, according to a filing to Tadawul. The company will distribute no less than SAR 0.125 per share to its shareholders on a semi-annual basis over the next three years, beginning in 2H 2024 and ending in 1H 2027. Additional dividend payments will be considered depending on the company’s financial outlook.

Crown Prince Mohammed Bin Salman meets European Council President Charles Michel

Crown Prince and Prime Minister Mohammed bin Salman met with European Council President Charles Michel in Riyadh, state news agency SPA reported. The pair discussed means to boost existing partnerships between the Kingdom and the EU, as well as joint measures to foster security and stability in the region.

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

CALENDAR

AUGUST

10 August-10 September (Saturday-Tuesday): Crown Prince Camel Festival, Taif Camel Racing Track.

30 August-7 September (Friday-Saturday): Saudi Arabia Snooker Masters, Riyadh.

SEPTEMBER

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

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

3-4 September (Tuesday-Wednesday): Data Center Xpo, Voca, Riyadh.

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

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

9-12 September (Monday-Thursday): EFG Hermes London Conference, Emirates Stadium, London.

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

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

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, 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.

15-19 September (Sunday-Thursday): SRMG Academy Technology Journalism Workshop, Riyadh.

15-19 September (Sunday-Thursday): Muntada FAA, 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.

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

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

24-26 September (Tuesday-Thursday): Smart Cities Saudi Expo 2024, Riyadh Front Exhibition & Conference Center.

25-26 September (Wednesday-Thursday): Kingdom Business and Luxury Travel Congress, Crowne Plaza Riyadh RDC Hotel and Convention.

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

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

29 September (Sunday): Start of Digital Chip Design Technologies training program.

OCTOBER

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

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

12 October (Saturday): Riyadh Season.

12 October (Saturday): Shakur Stevenson x Joe Cordina, Riyadh.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

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

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

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

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

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

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

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

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

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.

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

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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

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

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

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily