SAR 50 bn of agreements announced at Global Health Forum

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Lulu Group isn’t coming to Tadawul

Good morning ladies and gentlemen. We have a rather busy news flow this hump day, including a raft of agreements and announcements from the Global Health Exhibition, which kicked off in Riyadh yesterday.

BUT FIRST- Supermarket chain LuLu Group has officially scrapped the Tadawul leg of its retail business’ upcoming IPO. LuLu issued its intention to float (pdf) yesterday, confirming its plans to offer up to a 25% stake (or c.2.6 bn shares) in an IPO on the ADX. The IPO could potentially raise some USD 1.7-1.8 bn (AED 6.24-6.61 bn), Zawya quoted sources it says are in the know as saying last week, while Bloomberg said the IPO could give the company a valuation of “at least” USD 5 bn.

REFRESHER- Last February, unconfirmed reports suggested that Lulu was considering a dual-listing on the Abu Dhabi Exchange and Tadawul. Zawya last week suggested that the company remains in discussions for a possible future Tadawul listing.

ADVISORS- Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and our friends at HSBC Holdings are joint coordinators and bookrunners, while Alrajhi Capital, EFG Hermes UAE, First Abu Dhabi Bank, and Goldman Sachs have been tapped as bookrunners. ADCB, Citigroup, Emirates NBD Capital, HSBC Holdings, and EFG Hermes UAE are also joint lead managers, while FAB and ADCB are joint lead receiving banks, along with Mashreq, Dubai Islamic Bank, Emirates Islamic Bank, and Emirates NBD, who are acting as receiving banks. Moelis & Co. is also acting as an independent financial advisor.

WEATHER- Riyadh is looking at a high of 34°C, and a low of 22°C today. Over in Jeddah, the temperature will peak at 36°C, before dropping to 28°C. Meanwhile, Abha will see a high of 24°C, and a low of 18°C.

HAPPENING TODAY-

#1- It’s day one of the annual Brics Summit in Russia: The heads of Brics nations are in the Russian city of Kazan for the three-day Brics Summit to discuss economic cooperation, trade, and global governance.

It remains unclear whether the Kingdom will be represented at the summit, or who is expected to be Saudi’s representative. Unconfirmed media reports last week suggested Crown Prince Mohammed bin Salman is skipping the summit and mandating Foreign Minister Faisal bin Farhan to attend the meeting instead. The Kremlin later said it “will supply additional information on who will represent Saudi Arabia, [and] whether it will be represented at this summit.”

#2- It’s day two of the World Bank and IMF annual meetings: The American capital is busier than usual today, with the world’s finance ministers, central bank governors, and other big names in finance and policy in town for the six-day International Monetary Fund and World Bank Group Annual Meetings. The meetings kicked off yesterday and will run until Saturday. Check out the full schedule on the event’s official website.

What to expect: Yesterday’s Planet Finance laid out the big themes to look out for and the global challenges structuring the conversation.

WATCH THIS SPACE-

Tighter rules on investment funds are up for public consultation: The Capital Market Authority is proposing tightening the rules on offering private and foreign investment funds — which typically come with fewer restrictions — to retail clients. The draft amendments are open for public consultation on the government’s Istitlaa platform until Tuesday, 5 November. The move is part of a broader push to boost individual investors’ protection.

The key change: Under the proposed amendments, fund managers would be required to collect equivalent or greater subscription fees from institutional and qualified clients before offering private and foreign investment funds to retail clients. This is meant to reduce retail exposure to higher-risk investments, ensuring a better balance between retail and institutional players.

PSAs-

Property owners can view their property deeds digitally through the Real Estate Registry’s newly-launched Tawakkalna app. The app also allows users to follow news and updates on the registry through the Wakib platform within the app, it said in a post on X.

SPORTS-

Al Nassr’s AFC Champions League Elite game with Iran’s Esteghlal has been moved to Dubai from Iran, due to security concerns amid the rising tensions in the region, the Associated Press reports. The match will kick off today at 7pm local time.

OIL WATCH-

Aramco is “fairly bullish” on China’s oil demand, as Beijing’s latest stimulus package promises to jumpstart the economy, Reuters reports citing statements made by CEO Amin Nasser at the Singapore International Energy Week. Nasser pointed out that China’s appetite for jet fuel and naphtha is on the up, driven by liquid-to-chemical projects that are vital for the production of EVs and solar panels. The story also got ink in Bloomberg.

Nasser sees oil consumption holding steady at over 100 mn bpd by 2050, pinning a slow-down in Asia’s clean energy transition along with its growing energy needs on the positive demand outlook. “This is a stark contrast with those predicting that oil will, or must, fall to just 25 mn bpd by then. Being short 75 mn barrels every day would be devastating for energy security and affordability,” he added.

Meanwhile, the IEA is sounding the alarm on weakening global oil demand, citing China’s economic slump and the rapid uptake of EVs as major factors, Bloomberg reports. Even though oil prices could see spikes from Middle East tensions, the agency’s Executive Director Fatih Birol made it very clear that supply is solid, with OPEC+ holding near-record spare capacity to keep the market steady.

IN CONTEXT- Oil prices bounced back yesterday after last week’s 8% drop. The uptick comes as traders track rising tensions in the Middle East, with Israel weighing in retaliation against Iran following recent Hezbollah attacks.

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THE BIG STORY ABROAD-

The US elections and attempts towards a ceasefire in Gaza and Lebanon are once again pushing business news to the bottom of digital front pages.

US Secretary of State Antony Blinken’s return to the Middle East in hopes of securing a ceasefire — for the eleventh time — is getting attention, as other US officials held talks in Beirut for conditions for a ceasefire. It’s not clear where Blinken will be holding ceasefire talks in the region.

The situation on the ground: Israel continued to strike Beirut and Syria yesterday, killing at least four near one of Lebanon’s largest public hospitals and two in a missile attack on a car in Syria. Crowds of Palestinians were evacuated from the Jabaliya refugee camp, where around 400 people have been killed over the past two weeks, while over in Lebanon, Israel is setting its sights on a hospital it says houses Hezbollah money — a claim yet to be backed up by any sort of evidence. (Reuters | Bloomberg | CNN | The Guardian)

Also still getting attention: The US elections money race, in which Kamala Harris is emerging as a victor with some USD 1 bn raised in three months, surpassing the USD 894 mn Donald Trump has gathered since January 2023 for his campaign. (Financial Times)

Elon Musk’s pledge to hand out USD 1 mn checks to voters signing for his free-speech and gun rights petition is also seeing some scrutiny in the foreign press, with legal experts weighing in on whether the move could be seen as an illegal way of paying people to vote.

CIRCLE YOUR CALENDAR-

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh tomorrow. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

The Human Resources and Manpower Expo kicks off on Sunday, 27 October at the Riyadh International Exhibition and Convention Center, expecting over 1k exhibitors and 22k visitors.

The five-day Jeddah International Motor Show revs up on Tuesday, 29 October, running through Saturday, 2 November. The event will showcase motorcycle and drift shows, sim and kart racing, a lineup of custom-tuned cars, and more.

WWE Raw is coming to RIyadh for the first time ever on 2-3 November, kicking off on the back of the WWE Crown Jewel event the day prior, Turki Alalshikh said in a post on X. You can book your Raw tickets here, and your Crown Jewel tickets here.

Global Health Forum sees SAR 50 bn worth of projects and agreements on day one

The Global Health Forum kicked off in Riyadh yesterday with the announcement of projects to the tune of SAR 50 bn (USD 13.3 bn), according to a press release (pdf). Information on the long list of healthcare agreements signed during the conference’s inaugural day is still trickling in as we head to dispatch. The forum is set to conclude tomorrow.

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A rundown of the agreements:

#1- PIF-backed Nupco inked a SAR 4 bn agreement with French and Danish pharma giants Sanofi and Novo Nordisk to localize the production of insulin and other healthcare essentials.

#2- Sulaiman Al Habib Group will invest upwards of SAR 10 bn to develop and operate healthcare projects, the press release said, without providing further details.

#3- Fakeeh Medical revealed a SAR 5 bn expansion of new and existing hospitals across Jeddah, Makkah, Madinah, and Riyadh.

#4- Al Mousa Health Group is looking to invest SAR 3 bn to set up five primary care centers and two hospitals.

#5- Dallah Healthcare is acquiring two hospitals in the Eastern Province and is set to establish a new hospital in Riyadh, at a combined investment of SAR 4 bn. The Al Salam Hospital and Al Ahsa Hospital in the Eastern Province will add 749 beds to Dallah Healthcare’s portfolio, while the new Riyadh hospital will have a capacity of 250 beds, according to a press release.

#6- King Fahad Medical City inked a SAR 3 bn agreement with Boston Oncology to establish a production hub for cancer-treating CAR-T cells, a revolutionary method that helps patients utilize their own immune systems to fight cancer, according to Mubasher:

On the sidelines: A handful of other agreements were signed on the sidelines of the event, according to state news agency SPA. These include a partnership agreement between the Health Ins. Council and Alfaisal University, an MoU between Imam Abdulrahman Alfaisal University and the National Institute for Health Research, and an MoU between the Health Ministry and the Ministerial Committee for Traffic Safety. The Public Health Authority and King Faisal Specialist Hospital also signed a cooperation agreement.

IN OTHER HEALTH NEWS- Three unnamed Canadian healthcare companies are planning to set up regional headquarters in Saudi Arabia at a forum hosted by the Federation of Saudi Chambers that saw participants from 26 Canadian healthcare firms, SPA reported separately.

Businesses sign SAR 800 mn-worth of agreements at Saudi Agricultural Exhibition

The Saudi Agricultural Exhibition 2024 saw SAR 800 mn worth of partnership agreements signed between local and international agricultural players, Mubasher reports. A total of 12 MoUs were inked at the event which brought together some 420 agricultural companies from over 29 countries.

The rundown:

Elryadah Development inked an SAR 288 mn MoU with Future Technicians Company;
Mahseel signed a SAR 37 mn MoU with Red Sea Company;
Tabuk Agricultural Development Company inked a SAR 40 mn MoU with Saudi Company for Greenhouse Management and Agricultural Marketing;
Saudi Company for Greenhouse Management and Agricultural Marketing signed a SAR 112 mn MoU with Delbhy and Plantae;
Vala Agricultural Company inked a SAR 33 mn MoU with Big Dutchman and Mopa;
Fedco inked a SAR 105 mn MoU with AgGrowth International (AGI) and Perry Engineering Excellence;
Fedco inked a SAR 172 mn MoU with Kh Witte Feed Mill Solutions and Van Aarsen International;
Kalk inked a SAR 20 mn MoU with Smart Agricultural Solutions Company (Ghars) and Cobo-Monster Amsterdam.

GCC banks can weather regional tensions -S&P

Saudi banks could face “manageable” external funding outflows of up to USD 30 bn in a high or severe stress outcome accounting for only 14% of external outflows for GCC banking, S&P Global said in a recent report. External liabilities are concentrated in Qatar, the UAE, and Bahrain’s offshore banking sector.

IN CONTEXT- The report looks at four potential scenarios for how regional tension could impact GCC banks, depending on how far the conflict between Israel, the US, Iran, and regional proxies escalates. The possible outcomes range from modest to severe stress.

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S&P’s stress tests show that most GCC banks are well-positioned to weather these challenges, even in severe stress scenarios. Central banks’ holdings of USD 284 bn in liquid assets mean commercial banks have a buffer to manage significant withdrawals. Regional governments are also likely to step in and shore up banks if asset liquidity is less than forecasted.

#1- Modest + moderate stress: In the modest stress scenario, S&P sees the conflict lasting no more than three months, with minimal disruption to GCC banking. Attacks on regional assets would be short-lived, and credit ratings would remain stable, with no significant outflows or spike in non-performing loans (NPLs). Under the moderate stress scenario, the impact on economic growth, energy prices, and trade routes would be temporary and manageable, with no major funding outflows or asset quality issues in the cards..

#2- Meanwhile, in the high stress scenario — if conflict escalates into prolonged regional instability — external funding outflows could hit USD 221 bn, or roughly 30% of the GCC banking system’s total external liabilities. Even then, banks have adequate external liquidity to handle the drain. However, the impact on asset quality could be more troublesome. Non-resident deposits could see up to 30% outflows, and the stock of NPLs could increase by 30%, or an NPL ratio of 5%. S&P projects that 13 of the top 45 banks in the GCC would display losses, with cumulative losses totaling USD 3.3 bn.

#3- Worst-case? The severe stress scenario envisions a full-scale conflict involving regional and global actors including the US and Gulf states. The resulting disruptions would severely impact energy prices, trade, and overall economic stability. S&P projects additional deposit outflows of USD 275 bn from local private sector deposits, with the Kingdom and the UAE seeing the most significant impacts due to the size of their banking systems. Despite the doomsday overtones, GCC banks are expected to be capable of weathering the storm due to liquidity and boosts from central banks.

Asset quality would deteriorate further in this worst-case scenario, with NPLs rising by 50%, leading to a cumulative NPL ratio of 7%. 25 of the top 45 banks in the GCC would likely report losses, amounting to USD 24.6 bn in total and some banks would be forced to liquidate portions of their investment portfolios. Despite this, S&P says GCC banks can still rely on their liquidity reserves and government support to manage these outflows.

Tamkeen HR prices Tadawul IPO at the top of its indicative range

Homegrown manpower provider Tamkeen HR priced its IPO top of the indicative range at SAR 50 apiece, according to a statement (pdf). The final pricing will see selling shareholders lock in some SAR 397.5 mn in total proceeds, giving the firm a market cap of SAR 1.3 bn at listing. The institutional tranche of the offering was sold out within hours of opening last week.

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REFRESHER- The labor agency is taking a 30% stake to Tadawul's main market in a secondary share sale, meaning the firm will not receive any of the IPO’s proceeds. Selling shareholders will take home net proceeds from the sale on a pro-rata basis, after SAR some 25 mn in IPO-related expenses are covered.

The two-day retail subscription kicks off today. Individual investors will be allocated 20% of the total shares on offer, and may book as much as 250k shares each with the lower limit set at 10 shares each.

What’s next? The final allocation of shares will take place on Monday, 11 November, with any excess subscription fees refunded by Wednesday, 13 November. The first day of trading has not yet been set.

ADVISORS- Saudi Fransi Capital is quarterbacking the transaction as lead manager, financial advisor, bookrunner and underwriter, with Stat Law Firm providing counsel to the issuer. Meanwhile, PwC will act as financial due diligence advisor and Euromonitor International is stepping in as market study consultant, and Baker Tilly MKM as auditor. Receiving agents include Saudi Fransi Capital, Al Rajhi Bank, SNB Capital, Riyadh Capital, Albilad Investment, and others.

SAUDI IPO PIPELINE AT A GLANCE-

Among the transactions now in the market or expected soon:

Fourth Milling Company (MC4) closed the retail tranche of its Tadawul IPO with a 3.9x oversubscription rate this week. The company is taking a 30% stake to market;
Arabian Mills is selling a 30% stake on Tadawul, with its institutional offering selling out within hours and closing 132x oversubscribed;
Nice One Beauty Digital Marketing Company has received regulatory approval to offer a 30% stake on Tadawul;
Shalfa Facilities Management is planning to offer a 15% stake on the Nomu parallel market;
Naqawa for Information Technology (Purity Tech) is taking a 25% stake public in an IPO on Tadawul’s parallel market Nomu;
Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
Aster DM Healthcare looks set to spin off its GCC assets and seek a dual listing on Tadawul and in the UAE;
PIF-backed lender Riyad Bank is considering the listing of its investment banking arm Riyad Capital;
Nupco — a unit of the PIF — has reportedly tapped Rothschild & Co as financial advisor for its potential Tadawul IPO;
Budget airline Flynas is reportedly looking to go public this year.

MBG files for an IPO on Tadawul’s parallel market Nomu

Local contractor Multi Business Group (MBG) is planning to sell a 20% stake on Tadawul’s parallel market Nomu, it said in a prospectus (pdf).The company is issuing 3 mn new shares and putting them up for grabs after lining up Capital Market Authority approval for the move back in September.

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Use of proceeds: MBG earmarked the proceeds to stock up on retail inventory for building materials, and shore up its working capital for ongoing projects, after covering SAR 2.8 mn in costs related to the offering.

The IPO — which will run from Tuesday, 12 November to Monday, 18 November — will be limited to qualified investors, as with all Nomu listings. They will be able to book up to 750k mn shares each, with the lower limit set at 10 shares. The final allocation is slated for Thursday 21 November and excess funds will be refunded by Monday, 25 November.

Ownership + lock-up: The company’s majority shareholder Adel Abdullah Suleiman Al Basri will see his direct and indirect ownership diluted from a 97.5% stake to 78% post-IPO. He will not be able to sell down their positions for a 12-month period from the first day of trading. Minor shareholders will see their positions reduced on a pro rata basis.

Snapshot of 1H 2024 earnings: MBG’s net income clocked in at SAR 4.5 mn in the first half of the year, turning last year’s 10k loss to a positive on the back of an uptick in revenues from the contracting and construction segments, according to its latest financial results in the prospectus. Meanwhile, revenues were up 28% y-o-y to SAR 53.1 mn over the same period.

About MBG: Founded in 2009, the Riyadh-based company operates in construction, manufacturing, transportation, storage, wholesale and retail trade, as well as motor vehicle and motorcycle repair. MBG also provides design and construction services including architectural finishing, interior decoration, and electrical and mechanical engineering for buildings.

ADVISORS- Amwal Financial is quarterbacking the transaction as financial advisor, with AlMaghthawi & Partners providing legal counsel. Derayah will act as lead manager for the offering. Receiving agents include Alinma Investment, AlRajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital and Alistithmar Capital, among others.

Al Yamaha Steel to supply steel towers to L&T for high-voltage infrastructure projects

Al Yamamah Steel lands two major contracts with L&T KSA: Local metal-maker Al Yamamah Steel Industries has inked two steel supply contracts with India-born conglomerate Larsen & Toubro Saudi Arabia (L&T), valued at a combined SAR 309.3 mn, it said in two separate filings to the exchange here and here. The agreements will see Al Yamamah provide steel towers to L&T for high-voltage transmission line projects here at home.

The first contract, worth SAR 170.5 mn, will see Yamamah procure steel towers for the construction of a 500 kV ultra-high-voltage line from the Central Region to the Western Region. This project is scheduled for kickoff in May 2025.

The second contract, valued at SAR 138.7 mn, involves supplying steel towers for the development of a 380 kV ultra-high-voltage line from Stara station to Wadi Al Dawasir station in the central region. The company will begin supplying the towers starting January 2025.

Riyad Bank’s net income up 27% y-o-y in 3Q 2024 at SAR 2.7 bn

Riyad Bank reported a net income of SAR 2.7 bn in 3Q 2024, up 27% y-o-y on the back of an increase in total operating income and a decrease in total operating expenses, it said in a disclosure to Tadawul. Total income from financing rose 18.0% during the period to SAR 5.5 bn, while total income from investments grew 7.7% to SAR 651.6 mn.

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On a 9M basis: Riyadh Bank’s bottom line grew 16.0% y-o-y to SAR 7.1 bn in 9M 2024. Income from financing rose 18.8% to SAR 15.8 bn, while income from investments increased 9.9% to SAR 1.9 bn.

Osool and Bakheet refinances SAR 50 mn loan with Banque Saudi Fransi,

DEBT WATCH-

Nomu-listed Investment firm Osool and Bakheet refinanced a SAR 50 mn Shariah-compliant loan with Banque Saudi Fransi, according to a disclosure to Tadawul.The loan will support the company’s Tawarruq financing and Islamic payment guarantees, and runs until 6 August 2025.

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BUSINESS-

Takamol Holding signed 16 agreements at Gitex Global 2024 in Dubai, according to a press release. This includes an agreement with Aramco to use Qiwa and Ajeer for workforce assignment verification, an MoU with Oracle to use its cloud services, and an agreement with Bank AlBilad to promote disability services and programs. In addition, Takamol partnered with General Assembly to launch AI and tech training programs, with Tiqmo to streamline salary payments via the Musaned platform, and with North Highland to support the public sector’s digital transformation.

Other agreements also involved Hafil, Klues AI, Dahua, Lloyd’s, CNTXT, Arka, Intaleq, and 51World, according to a LinkedIn post. The company also signed agreements with Expert Vision Consulting and Serco to mull potential cooperation in consulting services.

MINING-

Industry Ministry + MISA tap six companies for mining exploration program: The Industry and Mineral Resources Ministry along with the Investment Ministry (MISA) have signed off on 49 applications from six companies for the first batch of the Exploration Enablement Program, launched at the Future Minerals Forum in January of this year, MISA said. The selected companies can now mine for strategic minerals like copper, lithium, and gold across a total license area of 4k sq km.

The (gains) party on Wall Street could be winding down

In the decade ahead, returns from the S&P 500 aren’t expected to remain as high as they were in the past 10 years, according to two separate notes from Goldman Sachs and Deutsche Bank.

Where the market stands now: With a two-year bull market under its belt, the S&P recently delivered its best 9M performance in 27 years, rising c.21% during the January-September period, according to market data. Historically speaking, in the years that the index has delivered double-digit increases during the first three quarters of a year, it typically records a positive fourth quarter as well.

The rally could be winding down and US equities are likely looking at a much leaner decade ahead, Goldman Sachs strategists including David Kostin said in a note, according to Bloomberg. The investment bank sees S&P 500’s annualized nominal returns clocking in at just 3% over the next 10 years, well below the long-term average of 11% and a far cry from the 13% recorded in the last decade.

Bonds are the new black: The analysis suggests that equities will take a backseat as assets like bonds become more appealing. Goldman sees a 72% chance that the S&P 500 will underperform treasuries, and a 33% likelihood that it will lag behind inflation through to 2034, meaning investors should brace for lower-end stock market returns.

Local + global conditions make it “difficult to get further upside”: It’s unlikely that the S&P 500 will continue to register the same levels of return growth, Deutsche Bank analysts also said.

“With a soft economic landing increasingly priced in, it feels more difficult to get further upside growth surprises from here,” the analysts said, particularly when considering potential external shocks from geopolitical turmoil.

Big tech is delaying the slide, but won’t save the day: While the S&P 500 has bounced back by 23% this year, the boost was largely driven by a few tech giants. Goldman’s team anticipates broader returns in the years to come, predicting that the equal-weighted S&P 500 will outperform the market cap-weighted benchmark. Even if the tech-heavy rally continues, average returns won’t top 5% — remaining below the historical norm.

ALSO WORTH NOTING-

Europe wants its very own SEC: The European Securities and Markets Authority (Esma) is making a bid to become the EU’s equivalent of the US Securities and Exchange Commission (SEC), with Esma seeing the need for greater centralization in supervising the bloc’s capital markets, President Verena Ross tells the Financial Times. The Paris-based watchdog aims to tighten its grip on Europe’s stock exchanges and financial infrastructure, seeking to revitalize the region's markets and boost investor confidence amid rising demand for capital.

Not everyone’s on board: Smaller EU member states like Luxembourg and Ireland are pushing back, worried the plan could undermine their local markets which rely more on localized authority. Meanwhile, bigger players like France and Germany are all for the move, seeing the benefits of syncing regulations across borders. “Let’s evaluate in which areas it would make sense to move a step further to central EU supervision,” Ross added.

MARKETS THIS MORNING-

US futures are a sea of red this morning, extending yesterday’s downturn and dragging down early trading in Asia-Pacific markets. Japan’s benchmark Nikkei is firmly in the red this morning, while Hong Kong’s HSI is timidly in the green.

TASI	12,008	+1.1% (YTD: +0.3%)
MSCI Tadawul 30	1507	+1.3% (YTD: -2.8%)
NomuC	26,719	+0.6% (YTD: +8.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	30,445	+3.1% (YTD: +22.3%)
ADX	9,275	-0.1% (YTD: -3.1%)
DFM	4,478	+0.2% (YTD: +10.3%)
S&P 500	5,854	-0.2% (YTD: +22.7%)
FTSE 100	8,358	-0.3% (YTD: +8.1%)
Euro Stoxx 50	4,941	-0.9% (YTD: +9.3%)
Brent crude	USD 74.00	+1.3%
Natural gas (Nymex)	USD 2.31	+2.4%
Gold	USD 2,739	+0.3%
BTC	USD 67,697	-1.6% (YTD: +60.6%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.1% yesterday on turnover of SAR 5.8 bn. The index is up 0.3% YTD.

In the green: Al Baha (+8%), DWF (+6.9%) and Saudi Re (+6.8%).

In the red: MBC Group (-3.5%), Care (-3.2%) and Red Sea (-1.9%)

THE CLOSING BELL: NOMU-

The NomuC rose 0.6% yesterday on turnover of SAR 117.1 mn. The index is up 8.9% YTD.

In the green: Sama Water (+29.6%), First Avenue (+14.6%) and Burgerizzr (+7.2%).

In the red:Al Dawliah (-9.6%), Saudi Top (-4.7%) and FAD (-4.6%).

CALENDAR

OCTOBER

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.

22-24 October (Tuesday-Thursday): Seamless Saudi Arabia 2024, Riyadh Front Center, 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.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

27-30 (Sunday-Wednesday): Human Resources and Manpower Expo, Riyadh International Exhibition and Convention Center, Riyadh.

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

29 October - 2 November (Tuesday-Saturday): Jeddah International Motor Show, Superdome, Jeddah.

30 October - 3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

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

NOVEMBER

2 November (Saturday): WWE Crown Jewel, Riyadh.

3 November (Sunday): WWE Raw, Riyadh.

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

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

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

5-9 November (Tuesday-Saturday): Biban24 Forum, The Front Exhibition and Conference Center, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

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.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

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

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

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

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

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

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

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

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

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ 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.

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

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

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

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

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.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

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

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

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

22 February (Saturday): Founding Day.

MARCH 2025

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

MAY 2025

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

JUNE 2025

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

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

SEPTEMBER 2025

23 September (Tuesday): Saudi National Day.

2026

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

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

2027

The World Water Forum takes place in Riyadh.

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