Riyadh abolishes municipalities under new transformation program

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF reportedly taps banks for EUR-denominated green bond issuance

Good morning, ladies and gents. Riyadh’s appetite for reform is still going strong this year — the rapidly-developing capital is undertaking a municipal transformation program that abolishes sub-municipalities in favor of district and so-called Madinaty offices. Details are in our top story below.

Also in this morning’s news well: Diriyah is partnering with Majid Al Futtaim to spruce up Diriyah Square with international brands, while Bahrain’s Arcapita and Kuwait’s Arzan have their eyes on GCC real estate assets. We also sat down with Raman Subramanian, MSCI’s global head of index R&D and chair of its Index Policy Committee, to unpack GCC’s increasing weight in the Emerging Markets Index. Let’s dive in.

HAPPENING TODAY-

#1- A Saudi-Greek roundtable meeting will be held today in Greece to boost private sector relations and ramp up bilateral investments, the Saudi Gazette reported yesterday. The meeting is co-chaired by Saudi Industry and Mineral Resources Minister Bandar Al Khorayef and Greek Development Minister Takis Theodorikakos. The talks will include the growing non-oil trade, which hit USD 485.2 mn in 2024, along with the increasing Saudi exports to Greece.

#2- The Global EV & Mobility Technology (GEMTECH) Forum kicks off today in Riyadh. The two-day event will feature more than 60 speakers holding discussion panels focusing on the latest advancements in electric vehicle technology, battery innovation, charging infrastructure, and autonomous mobility solutions.

#3-TheRiyadh International Book Fair is on its sixth day today at Princess Nourah Bint Abdul Rahman University. The event, which runs through next Saturday, features some 2k publishing houses from over 25 countries, with book signings, children’s programs, and new business zones for publishers and literary agents also on the agenda.

WEATHER- Stormy skies ahead: Moderate to heavy thunderstorms are expected over Jazan and Asir today, bringing hail, strong winds, and a risk of flash floods. Lighter rain is likely in parts of Al Baha, Makkah and Al Jumum, with fog patches possible across those regions as well as in the Eastern Region, Al Jouf, and Tabuk.

Riyadh: 46°C high / 22°C low,
Jeddah: 34°C high / 29°C low
Makkah: 39°C high / 29°C low.

HAPPENING TOMORROW-

The Financial Academy Forum kicks off tomorrow at King Abdullah Financial District Conference Hall in Riyadh. The annual event will gather over 3k participants from the Saudi financial sector, along with government officials and experts to discuss innovation, AI, sustainability, and finance leadership.

WATCH THIS SPACE-

#1- The Public Investment Fund (PIF) reportedly mandated banks for its first EUR-denominated green bond issuance, Bloomberg reports, citing sources familiar with the matter. The Reg S senior unsecured bonds will be issued in three-year and seven-year tranches, rated Aa3 (Stable) by Moody’s and A+ (Stable) by Fitch, Zawya reports, citing IFR. The bonds will be issued under GACI First Investment Company’s EUR medium-term note program and guaranteed by the PIF.

ADVISORS- Crédit Agricole, JPMorgan, and Société Générale are reportedly joint global coordinators. Barclays is acting as a green structuring advisor, while BBVA, BNP Paribas, HSBC, IMI Intesa-Sanpaolo, and ING are joint active bookrunners.

2025 is shaping up to be a busy year for PIF debt. Last month, the fund sold USD 2 bn in USD-denominated bonds, after issuing some USD 4 bn in EUR-denominated bonds in January. The fund also closed a USD 7 bn murabaha credit facility — its first ever — during the same month.

#2- Acwa Power could bag a Kuwaiti solar plant: A consortium of renewables giant Acwa Power and Alternative Energy Projects Company is among the shortlisted bidders to develop Kuwait’s 500 MW Al Dibdibah and Al Shagaya Phase III solar independent power plant, according to a statement from the Kuwait Authority for Partnership Projects. Also shortlisted are Abu Dhabi’s Masdar and Kuwaiti conglomerate Fouad Alghanim and Sons General Trading and Contracting, France’s EDF Renewables, Hong Kong-based Jinko Power, and China’s Tianjin Zhonghuan New Energy.

Project details: Located about 100 km west of Kuwait City in Jahra Governorate, the project will operate under a 30-year power purchase agreement with the Electricity, Water, and Renewable Energy Ministry, TradeArabia reports. The top bidder will design, finance, build, operate, and maintain the plant, which will feed power into Kuwait’s national grid as part of the country’s wider renewables drive.

#3- A Saudi delegation led by Prince Mansour bin Mohammed Al Saud is visiting Pakistan this week to explore potential investments worth around USD 1 bn, Reuters reported yesterday, citing officials and experts. The visit — focused on private-sector cooperation — will target sectors including technology, sports, equipment, food, and agriculture. Pakistani officials are seeking Saudi investment in state-owned enterprises, a petrochemicals project, and possibly mining, including a stake in the Reko Diq copper mine.

Riyadh’s investments are likely to depend on Pakistan’s progress in economic reforms and improving business conditions, as previous Saudi pledges haven’t materialized. “Saudi Arabia wanted to put substantial money into Pakistan, but after seeing economic reforms,” said the researcher at the UK’s University of Birmingham Umer Karim. “Defence production was a likely investment target,” he added.

ICYMI- Saudi Arabia inked a strategic mutual defense pact with Pakistan last month — a move analysts see as Riyadh signaling it wants to diversify its security ties after the Israeli strikes in Doha.

#4- Lunate, Blackstone back GCC logistics endeavors: Abu Dhabi asset manager Lunate formed a strategic partnership with alternative asset manager Blackstone to develop a new platform to build a USD 5 bn portfolio of Grade A logistics assets across the GCC, according to statements here and here. More GCC-based strategic partners could join the platform later down the line to support the build-out, the statements said.

What’s in the cards? The platform, named Gulf Logistics Infrastructure Development Enterprise (Glide), will develop, acquire, and manage USD 5 bn worth of logistics assets across the region, with a focus on greenfield developments. It will also target sale and leaseback transactions with regional firms, it said.

The rationale: The move aims to address the gap in the availability of Grade A logistics facilities in the GCC — a market that has seen a significant rise in manufacturing and e-commerce sectors.

DATA POINTS-

Saudi ports handled 22.5 mn tons of cargo in September, up 8.6% from 20.7 mn tons a year earlier, the Saudi Ports Authority (Mawani) said in a statement yesterday. Liquid bulk reached 15.6 mn tons, dry bulk 5.7 mn tons, and general cargo 1.2 mn tons. Meanwhile, maritime traffic increased 1.1% y-o-y to 1k vessels, while passenger numbers surged 58.6% to 71.4k. Container throughput fell 2.8% y-o-y to 654.9k TEUs, with exports down 7.1% to 237.3 TEUs and imports 3% to 250.7 TEUs, while transshipments rose 4.7% to 166.8k TEUs.

OIL WATCH-

Saudi Arabia kept the price of its main crude grade bound to Asia unchanged for November, maintaining the official selling price (OSP) of Arab Light crude at a premium of USD 2.20 per barrel above the Oman-Dubai benchmark, Bloomberg reports, citing a price list.

Beyond expectations? Saudi was expected to raise November’s OSP for Arab Light to Asia by USD 0.20-0.40 a barrel from October, bringing it to USD 2.40–2.60 above the regional benchmark.

Riyadh is expected to hold back from larger price hikes, as it continues negotiations with buyers over the 2026 term supply. Elevated freight costs are also squeezing margins, limiting the room for Asian refiners to absorb higher crude prices, according to Bloomberg.

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THE BIG STORY ABROAD-

A big AI transaction is making headlines across the front pages of the international business press: OpenAI is getting hundreds of thousands of chips from Advanced Micro Devices (AMD), bringing AMD tens of bns of USD in revenue and giving the ChatGPT maker the option to buy up 10% of the chipmaker. Shares of AMD surged 34%, while Nvidia’s — which invested recently in OpenAI — slipped 1% on the news, as OpenAI reduces its reliance on the chipmaker. (Bloomberg | Reuters | Financial Times)

Meanwhile, political turmoil in France is also getting attention. French Prime Minister Sébastien Lecornu resigned after only 27 days in office and only a few hours after his cabinet announced. He’s the third prime minister to be elected since French President Emmanuel Macron dissolved parliament and called snap elections last summer. Tasked with passing an austerity budget amid a divided national assembly, with no party claiming majority, Lecornu — like his two predecessors — had his work cut out for him, while a cabinet that failed to provide a turning point from past politics and stoked criticism was the nail in the coffin.

Market reax: France’s CAC 40 stock index fell 2% on the news, while the EUR weakened 0.7%. The country is facing looming debt problems, with its debt-to-GDP ratio at twice the 60% permitted under EU rules. (Guardian | Reuters | Bloomberg)

CLOSER TO HOME- Israel-Hamas talks in Egypt seem to be progressing well, with Egyptian media reporting a “positive atmosphere” and US President Donald Trump saying Hamas is agreeing to important issues. (Reuters | New York Times | Guardian)

Riyadh redefines city services to better serve growing population

Riyadh Region Municipality launched the Riyadh Municipal Transformation Program, targeting to boost the city’s operational efficiency and keep pace with population growth and urban expansion, according to a statement. The initiative, launched on Saturday, aims to shift from the centralized model of managing urban affairs in the capital to a more decentralized approach to better serve “the unique characteristics of each geographical district of Riyadh,” according to the statement.

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

The details: The new system is designed to operate on three levels. Central agencies in the municipality will take over planning and supervision, while the previous 16 sub-municipalities are now merged into five new district offices spread across the North, South, Central, East, and West of the city to deliver over 200 operational services within the geographic scope. District offices are tasked with issuing building permits, commercial licenses, land services, along with managing indirect services, including activities related to cleaning, lighting, landscaping, park maintenance, general monitoring, and handling reports within the district.

The program also launched 12 new Madinity Offices overseen by related district offices, set to be expanded to 20 in the future. Residents can access services from any Madinty Office outside their zone, as they’re located in multiple city parks where population is dense to make it easier for beneficiaries to engage.

The drivers: The initiative eyes coping with the changing course of Riyadh throughout the years, as its population grew from 3 mn in 2001 to currently about 7.5 mn, and its area increased from 1k km in 2001 to some 4k km in 2024, Program Director Abdullah Al Ansari said in an interview with Rotana’s Ya Hala (watch, runtime: 23:33). The rapid pace of urban development and ongoing projects in Riyadh also created a need to reassess municipality operations to improve the quality of services, Al Ansari added.

Diriyah partners with Majid Al Futtaim to roll out VOX Cinemas, global retail outlets

Diriyah Company signed a partnership with Majid Al Futtaim to open a VOX Cinemas multiplex and seven lifestyle international brands at Diriyah Square, marking the company’s first major entertainment and lifestyle partnership in the district, it said in a statement on Sunday.

What we know: The new retail outlets will span around 5.5k sqm, while the VOX Cinemas multiplex will cover about 7.6k sqm, making a combined total of 13.2k sqm. The partnership will introduce the Kingdom’s first standalone retail store for Japanese beauty label Shiseido, along with flagship stores for lululemon, Crate & Barrel, and Abercrombie & Fitch, and new locations for AllSaints, CB2, and Hollister.

Diriyah Square will anchor 400 planned retail, dining, and leisure brands along a pedestrian-friendly area at the heart of the city. Last July, Italian construction firm WeBuild’s subsidiary Salini Saudi Arabia secured a new contract worth USD 600 mn (c. SAR 2.3 bn) to carry out the next phase of the square’s development in Riyadh. The contract covers the construction, finishing, and mechanical, electrical, and plumbing (MEP) works for more than 73 Najdi-styled buildings and public spaces across 365k sqm.

Diriyah has been busy: Diriyah Company launched Jabal AlQurain Avenue last week, a mixed-use hub for retail and F&B businesses and introduced Faena Residences, a branded residential project in Wadi Safar. It also awarded a SAR 5.8 bn (USD 1.5 bn) contract to China Harbour Engineering Company for the construction of the Arena Block district.

Bahrain’s Arcapita, Kuwait’s Arzan eye GCC real estate assets

Institutional investments are flowing into the regional real estate sector, with news of two regional institutional players also planning to deploy funds in GCC real estate assets.

#1- Bahrain’s Arcapita launches platform for GCC industrial assets: Bahrain-based alternative asset management firm Arcapita Group launched Lintara Properties, a new real estate asset management, development, and advisory platform focused on the UAE, Saudi Arabia, and Bahrain, according to a company statement. The platform will be led by CEO Isa Husam Al Khalifa (LinkedIn), formerly Arcapita’s MENA real estate director.

The details: Lintara will manage Arcapita’s existing and future GCC industrial real estate funds, including its current USD 1 bn logistics and industrial portfolio spanning more than 30 properties and 80 tenants, as well as a pipeline of industrial parks in Saudi Arabia and the UAE. It will oversee the full cycle from design and development to construction, leasing, and asset management.

REMEMBER- Arcapita has a foothold in Saudi: The Sharia-compliant real estate and private equity player is set to develop operate a modern class-A logistics complex in Riyadh, under an agreement signed with Alsulaiman Group ’s supply chain arm Flow Progressive Logistics in December 2024.

#2- Kuwait-based Arzan Investment Management (AIM) lined up financing from Oaktree Capital Management-backed funds to ramp up acquisitions of hospitality assets across big cities in the GCC, including Dubai according to a press release, which did not disclose the value of the facility.

War chest: The private credit commitment will give Arzan the firepower to buy more hotel and real estate assets across Gulf cities, building on two Dubai hospitality transactions valued at about USD 400 mn and a USD 1 bn regional pipeline. The story got ink in Bloomberg.

GCC now commands nearly 7% of EM index weight, up from zero a decade ago

The GCC has gone from having no weight in MSCI’s emerging markets (EM) index a decade ago to commanding nearly 7% today, according to Raman Subramanian (LinkedIn), MSCI’s global head of index R&D and chair of its Index Policy Committee.

The shift from retail-driven to institution-driven markets has been the cornerstone for long-term liquidity and credibility of regional stocks, Subramanian said. The UAE and Qatar were the first to join MSCI indices in 2014, followed by Saudi Arabia and Kuwait. Their inclusion fundamentally changed the way global investors view the region, putting the GCC alongside much larger economies in global benchmarks and making it impossible for fund managers to ignore, Subramanian said.

SOUND SMART- Inclusion in MSCI indices is critical because they can offer bns of USD in inflows — mostly from institutional investors, portfolio managers, and financial advisors. Investors use the indices as gauges of market performance and benchmarks against which to compare other stocks or markets and to build index-tracking funds, among other purposes. To be added as an emerging market stock, a company must first be listed in an MSCI-designated emerging market, meet minimum market cap thresholds, boast strong liquidity (with an annualized traded value ratio of at least 15%), and have no major restrictions on foreign ownership.

ICYMI- MSCI added DFM-listed real estate players Dubai Residential REIT and Union Properties to its Emerging Markets Small Cap Index during its latest rebalancing in August and removed Aramex. Meanwhile, ADX-listed Lulu Retail was added to the FTSE Mid Cap and FTSE Global All Cap indices in June, while ADX-listed Mair Group and ADNH Catering joined the FTSE Global Micro Cap Index.

Active fund managers are piling into regional assets, signaling the GCC’s growing market maturity, said Subramanian. Roughly USD 127 bn is benchmarked to GCC equities through MSCI indices, with active strategies accounting for the bulk of it at some USD 100 bn, now far outweighing passive trackers, he said. While inflows often begin passively, he noted, managers are increasingly taking selective active positions in companies across the region.

Just last month, the MSCI GCC Index had its best month in nearly two years, recording its sharpest gain in 21 months with a 4.9% rise to close at its highest level in almost three years, according to a Kamco Invest report (pdf).

The rally was led by Saudi Arabia (+7.5%), followed by Kuwait (+3.5%), Oman (+3.0%), and Bahrain (+1.0%). On the flip side, Dubai (-3.7%) led regional decliners, followed by Qatar (-1.5%) and Abu Dhabi (-0.8%). YTD, Kuwait leads the pack with a 19.5% gain, trailed by Oman and Dubai (both +13.2%).

What’s driving the rally? The seven-member bloc combines financial-heavy equity markets, global energy influence, and reform-driven non-oil economies, unlike most EMs which are either resource-driven (like Brazil and South Africa) or export-heavy (like China, South Korea, and Taiwan), Subramanian said. This mix, he explained, is why “investors no longer see the GCC simply through the lens of oil.” By offering diversification within EMs, the region is attracting investors looking for both growth and stability.

The USD pegs and the higher dividend yields paid by giants like Aramco, compared with many developed peers, also “create a compelling investment case within EM,” Subramanian argued. He added that a more diverse IPO pipeline is giving global funds reasons to invest beyond state-linked enterprises, especially as new private sector names in retail, pharma, and real estate are coming to market.

Investors also increasingly see the GCC as a single asset class, increasing their bargaining power and appeal. From a global perspective, investors are less concerned with choosing between Riyadh and Abu Dhabi and more focused on the region as a unified allocation. Saudi Arabia dominates the region’s profile with roughly 3.3% of the EM index and more than 200 listed companies, compared with around 150 in the UAE. “Saudi is also a much deeper market,” Subramanian said, but he noted that both markets are building strong IPO pipelines.

Transparency, ESG are key to bigger inflows: MSCI has been working with exchanges and businesses in the region to raise ESG standards and align them with international benchmarks, he said. He added that investors want better reporting, disclosure, and governance — and that ESG scores are becoming gateways to capital. Without stronger ESG practices, he cautioned, the GCC risks missing out on some of the fastest-growing pools of global capital.

The road to developed markets status takes more than scale: Saudi Arabia and the UAE are large economies, but Subramanian emphasized that size alone isn’t decisive. “It’s not about GDP, but about market microstructure,” he said. Clearing, settlement, and foreign ownership reforms remain essential, he said, adding that achieving developed market status could unlock bns in passive inflows, but only if reforms continue to advance.

Food Security Authority secures 450k tons of wheat for 2025

FOOD-

The General Food Security Authority (GFSA) awarded three companies contracts for the fourth batch of wheat imports for 2025, procuring 450k tons from suppliers in the EU, the Americas, Australia, and the Black Sea region, GFSA said on X yesterday. The shipments are scheduled to arrive between December 2025 and January 2026 on seven vessels — two at Jeddah Islamic Port, three at Yanbu Commercial Port, and two at King Abdulaziz Port in Dammam.

REMEMBER- GFSA awarded its third batch of wheat for the year in May, with 621 tons arriving on 10 shipments between August and October. GFSA completed its first 2025 wheat tender in February, securing some 920k tons on 15 shipments that arrived in May and July.

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

M&A WATCH-

#1- Tadawul-listed delivery app Jahezcompleted the first phase of its acquisition of Qatar-based e-commerce Snoonu, purchasing a 75% stake, or about 7.9 mn shares, it said in a disclosure to Tadawul yesterday. Jahez will later subscribe to an additional 1.6% stake, bringing its total ownership to 76.6%, while Snoonu founder Hamad Mubarak Al Hajri will retain 23.4%.

REMEMBER- Jahez inked a binding agreement in July to acquire a 76.6% stake in Snoonu in a SAR 919 mn (USD 245 mn) transaction. Under the agreement, Jahez would pay SAR 802 mn (USD 214 mn) in banknotes to buy a 75% stake from Snounu’s current shareholders. It will also issue 1.54 mn treasury shares (0.73% of its share capital) to Snoonu founder and CEO, and funnel another SAR 75 mn (USD 20 mn) into the company in exchange for a newly-issued 1.56% stake

#2- Taqat Mineral Trading Company received approval from the General Authority for Competition to fully acquire scrap recycling firm Bayan Al Naql, completing the transaction after meeting all regulatory requirements, it said in a disclosure to Tadawul yesterday. The two firms first signed a non-binding MoU in May 2024 for the full acquisition, which Taqat extended last September to remain valid until the end of the year.

MANUFACTURING-

Modon contracts Aldyar Alarabiya to build ready-to-use factories under SAR 142 mn agreement: The Saudi Authority for Industrial Cities and Technology Zones (Modon) sealed an agreement with Aldyar Alarabiya to build 89 ready-to-use factories on a 109k sqm area in Jeddah’s Modon Oasis with over SAR 142 mn in investments, it said on X on Sunday.

IN CONTEXT- The agreement aims to empower SMEs and builds on another SAR 129 mn contract inked in late 2024 to establish 90 factories with areas starting from 680 sqm per unit.

UTILITIES-

Marafiq to implement revised industrial water tariffs: The Power and Water Utility Company for Jubail and Yanbu (Marafiq) received approval to revise industrial water tariffs for areas managed by the Royal Commission for Jubail and Yanbu, with changes taking effect on 7 December, it said in a disclosure to Tadawul yesterday.

The new rates are set at SAR 8.04 per cubic meter for potable and process water, SAR 6.7 for truck fill and active construction, SAR 3.2 for sanitary wastewater, SAR 3.6 for industrial wastewater, and SAR 69.2 per 1k cubic meters for seawater cooling, Zawya reported yesterday.

DISPUTE WATCH-

Molan Steel seeks to void acquisition agreement with Yara International: Molan Steel filed a lawsuit against Yara International in the Riyadh Commercial Court, seeking to cancel an acquisition agreement and recover SAR 17 mn, it said in a disclosure to Tadawul yesterday. The company claims that Yara’s financial statements contained a “fundamental error” during the agreement’s signing in November 2024, which caused the acquisition to be overpriced.

What Molan Steel expects: Molan Steel wants the SAR 17 mn refunded and all related assets and liabilities removed from its books as of June 2025. After mediation failed, the company, following legal advice, said it does not expect to face any liability from the case.

Fed to lead rate-cutting wave as global monetary policy diverges

Central banks to extend rate-cutting cycle through year-end: The Federal Reserve and several major central banks are expected to continue lowering interest rates for the remainder of 2025, according to Bloomberg Economics. Some 15 banks are projected to cut borrowing costs, while most of Western Europe pauses to gauge inflation trends. Only the Bank of Japan is expected to raise rates.

The drivers: Common factors influencing these decisions include persistent inflation concerns, the economic impact of US trade tariffs under President Trump, and domestic political pressures. While the overall direction is toward lower borrowing costs, the pace is tempered by economic resilience and lingering price pressures, Bloomberg’s analysts say.

#1- Fed to deliver two more cuts amid political pressure: The US Federal Reserve is forecast to reduce rates twice more this year after its September cut, bringing the federal funds rate down to 3.75% by year-end from its current 4.25%. Markets expect quarter-point cuts at each of the two remaining 2025 meetings, as officials aim to balance labor market support with inflation risks tied to Trump’s tariff. “The Federal Open Market Committee is in a bind — cut too fast and tariffs could fuel inflation; move too slowly and the labor market weakens,” Bloomberg Economics’ Estelle Ou said.

#2- ECB, BOE hold steady as inflation lingers: The European Central Bank is expected to keep its deposit rate at 2% through next year, with policymakers signaling comfort with current levels as inflation steadies near target. The Bank of England is also expected to hold its 4% rate amid renewed inflation concerns, with Governor Andrew Bailey warning of caution ahead of November’s budget. Bloomberg Economics’ Dan Hanson sees the BOE’s terminal rate at 3.5%, noting cuts may resume only after clearer disinflation signs emerge.

#4- Japan set to tighten policy amid rising prices: The Bank of Japan could raise its benchmark rate to 0.75% this year from 0.5%, as inflation stays near 3%. Governor Kazuo Ueda’s hawkish tone and dissent within the board have strengthened expectations for a hike, possibly in October. “Even dovish board members now see a case for tightening — the BOJ probably thinks it’s safe to move,” said Bloomberg Economics’ Taro Kimura.

#5- Asia’s outlook is mixed: The People’s Bank of China is expected to deliver limited 4Q easing, trimming its 7-day reverse repo rate to 1.3% from 1.4% as it balances deflation risks with stock market stability. The Reserve Bank of India could cut rates twice before February, lowering its repo rate to 5.25% from 5.5% after a sharp downward revision to inflation forecasts. The Bank of Korea is also leaning toward further cuts, potentially reducing its policy rate to 2.25% from 2.5% as soon as this month or the next to support domestic demand.

#6- Canada, Australia to continue gradual easing: The Bank of Canada — which lowered its key rate to 2.5% in September — is expected to cut once more in December to 2.25% before pausing in 2026 as growth weakens under tariff pressures. The Reserve Bank of Australia is nearing the end of its easing cycle, with one final 25-basis-point cut expected in November to bring the cash rate to 3.35%, as policymakers assess inflation momentum, with Bloomberg projecting a gradual decline to 3.35% by the end of 2025.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with both Japan’s Nikkei and the Shanghai Composite up over 0.5%, while Hong Kong’s Hang Seng is inching down 0.7%. Wall Street futures are indicating a slightly lower opening after record highs for the S&P 500 and Nasdaq.

TASI	11,605	+0.7% (YTD: -3.6%)
MSCI Tadawul 30	1,515	+0.9% (YTD: +0.4%)
NomuC	25,540	+0.3% (YTD: -18.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	37,095	-0.3% (YTD: +24.7%)
ADX	10,063	-0.1% (YTD: +6.9%)
DFM	5,908	-0.2% (YTD: +14.6%)
S&P 500	6,740	+0.4% (YTD: +14.6%)
FTSE 100	9,479	-0.1% (YTD: +16.0%)
Euro Stoxx 50	5,629	-0.4% (YTD: +15.0%)
Brent crude	USD 65.47	+1.5%
Natural gas (Nymex)	USD 3.38	+0.7%
Gold	USD 3,992	+0.4%
BTC	USD 124,786	+1.1% (YTD: +33.5%)
Sukuk/bond market index	918.88	+0.1% (YTD: +1.9%)
S&P MENA Bond & Sukuk	150.83	0.0% (YTD: +7.8%)
VIX (Volatility Index)	16.37	-1.7% (YTD: -5.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.7% yesterday on turnover of SAR 6.2 bn. The index is down 3.6% YTD.

In the green: Marafiq (+10.0%), Saudi Re (+6.8%) and Ma’aden (+4.6%).

In the red: Sport Clubs (-3.0%), Bahri (-2.8%) and Etihad Etisalat (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 40.5 mn. The index is down 18.9% YTD.

In the green: Future Vision (+8.0%), Group Five (+7.6%) and CMCER (+7.1%).

In the red: Dar Almarkabah (-9.3%), Inmar (-9.0%) and Leaf (-7.5%).

CORPORATE ACTIONS-

Derayah Financial Company’s board approved the distribution of up to SAR 80.4 mn in interim dividends for 3Q 2025 at SAR 0.33 apiece, the firm said in a Tadawul disclosure yesterday. The distribution is scheduled to start on Thursday, 23 October.

The Capital Market Authority approved National Environmental RecyclingCompany’s (Tadweeer) plan to double its capital to SAR 232.3 mn through a one-for-one bonus share issue, the authority said in a statement yesterday. The increase will be funded from the company’s share premium, retained earnings, and statutory reserve accounts, raising total shares from 116.2 mn to 232.3 mn. An extraordinary general assembly meeting will be held within six months to finalize the move.

Munawala Cargo received the greenlight from Capital Market Authority to raise its capital by 50% to SAR 30 mn through a bonus share issuance, the authority said in a statement yesterday. The SAR 10 mn increase will be funded by transferring retained earrings, granting shareholders one bonus share for every two held. The move still needs shareholder and regulatory approvals.

CALENDAR

25 September-19 December (Thursday – Friday) 2025 Saudi Toyota Championship.

28 September-1 January: Title deed registration for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

OCTOBER

2-11 October (Thursday-Saturday): Riyadh International Book Fair 2025, Princess Nourah Bint Abdul Rahman University.

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

6-8 October (Monday-Wednesday): Saudi Lifestyle Week, Riyadh International Convention & Exhibition Center.

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

8 October (Wednesday): The Financial Academy Forum 2025, King Abdullah Financial District, Riyadh.

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

12 October-15 January 2026: Title deed registration for about 157.3k properties in 78 neighborhoods across the Eastern Province.

12 October-15 January 2026: Title deed registration for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and 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.

19 October (Sunday): Canadian Medical Center Company’s (CMCER) shares will halt for the transfer.

19-20 October (Sunday-Monday): Saudi Rail International, Riyadh Front Exhibition and Conference Center.

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.

21-22 October (Tuesday-Wednesday): Saudi Festival of Creativity (Athar), JAX District, Riyadh.

21-23 October (Tuesday-Thursday): 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.

5-8 November (Wednesday-Saturday): Binam Forum 2025, Riyadh Front Exhibition and Conference Center.

5-9 November (Wednesday-Sunday): Jewellery Salon Expo, 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.

10-12 November (Monday-Wednesday): BioFach Saudi Arabia, Riyadh International Convention & Exhibition Center.

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

16-17 November (Sunday-Monday): Jeddah Fintech Week 2025, Jeddah Hilton, Jeddah.

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.

23-27 November (Sunday-Thursday): Global Industry Summit by United Nations Industrial Development Organization, 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.

25-26 November (Thursday-Saturday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

25-29 November (Thursday-Monday): General Aviation Airshow 2025 – Sand & Fun, Riyadh.

27 November (Saturday): Deadline for title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

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.

30 November-1 December (Sunday-Monday): FII Priority Asia Summit, Tokyo.

DECEMBER

1-3 December (Monday-Wednesday): Industrial Transformation Saudi Arabia, Riyadh International Convention & Exhibition Center.

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.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, Riyadh.

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

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

25 December (Thursday): Deadline for title deed registration for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province.

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.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, 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.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

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 International Convention and Exhibition Center, 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

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

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

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center – Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

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

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), 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.
The Intervision international music competition will take place in Saudi Arabia.

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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