Saudi Arabia leads push against IMO’s shipping levies

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF reportedly plans to tap Sukuk market for some USD 2 bn in the coming weeks

Good morning, wonderful people. We are rapidly approaching the summer, and business is starting to regain momentum as we’re seeing more activity in debt, M&A and IPO markets.

In this morning’s news well: Saudi Arabia is taking the helm in the fight against a new shipping levy proposed by the International Maritime Organization (IMO), a move that could impact the Kingdom's oil exports and shipping costs. Meanwhile, BRF and HPDC are breaking ground on a new food processing plant in Jeddah, aiming to boost the Kingdom's food security.

ALSO- The earnings season is picking up steam, with Riyad Bank and Banque Saudi Fransi reporting 1Q earnings. Let’s dive in

BUT FIRST- Would you like to have lunch with us on Monday, 5 May? If so, hit reply to this email to let us know you’re like to be considered and tell us a little bit about yourself and what you do as a professional.

Wait, lunch? Yes, lunch. We’re inviting a small group of readers to join us to talk over where the economy and business climate stand now and where they’re heading through 2030. Expect good food, good company, and frank talk about what we are convinced is the most exciting business opportunity in the world.

Seating is strictly limited and the gathering is invitation-only. The gathering will take place under Chatham House rules. We’ll be in touch over the course of the next week with the folks we’re inviting to drop them the details.

HAPPENING TODAY-

Indian Prime Minister Narendra Modi will arrive in Saudi Arabia today on a two-day visit, according to a statement by India’s External Affairs Ministry. This marks Modi’s third visit to the Kingdom — after previous trips in 2016 and 2019 — and follows Crown Prince Mohammed bin Salman’s visit to New Delhi in September 2023. The leaders are expected to discuss means for deepening bilateral relations and cooperation across key sectors like trade, investment, energy, defense, technology, and culture.

The International Monetary Fund (IMF) is set to release the full World EconomicOutlook(WEO) for April 2025 today at 4:00 PM Saudi time. The fund’s Kristalina Georgieva indicated last week the report will feature "notable markdowns" in growth projections due to rising trade tensions and instability in the trading system.

WEATHER- Storms may stir the skies above Riyadh, while clouds gather over Madinah and Makkah.

Riyadh: 38°C daytime / 26°C overnight
Makkah: 44°C daytime / 27°C overnight
Madinah: 38°C daytime / 22°C overnight

PSAs-

Registration for the DL-101 Intellectual Property Basic Course is now open until 13 May, the Saudi Authority for Intellectual Property (SAIP) announced in a post on X. The free, self-paced course — in partnership with the WIPO Academy — runs from 14 May to 16 June. It covers the fundamentals of international and Saudi intellectual property laws and regulations. Participants who pass the final exam will receive an internationally accredited certificate and be allowed to register in future advanced courses. You can register on SAIP’s website.

WATCH THIS SPACE-

The Public Investment Fund (PIF) is planning to raise USD 1.5–2 bn through a sukuk issuance in the coming weeks, as the Kingdom looks to fill budget gaps caused by falling oil prices, Reuters reports citing two sources it said are in the know. The PIF raised some USD 11 bn so far this year.

Banks are also expected to tap the debt market. Banque Saudi Fransi will reportedly issue an above benchmark bond this week, the sources told the newswire.

ICYMI- The Kingdom was the biggest issuer of bonds and sukuk in the GCC last quarter, raising USD 31.1 bn across 46 issuances. While Saudi debt sales were down 19.7% y-o-y, the Kingdom still accounted for the lion’s share of the market at 60.2% of the region’s total USD 51.51 bn from 125 transactions during the first quarter of the year.

Tadawul-listed Jarir Marketing is launching a consumer finance company set to begin operations in 2026, Chairman Mohammed Al Agil told Al Arabiya. The company will support Jarir’s ability to finance future purchases and strengthen competitiveness.

REMEMBER- Jarir’s financial results fell short of analyst expectations in 1Q 2025 with a net income of SAR 217.3 mn. A 2-3% rise in costs to cover 31% growth in buy-now-pay-later (BNPL) services led to lower income margins, Alagil explained.

The European Union is ready to resume free trade talks with the Gulf Cooperation Council, European Parliament Foreign Affairs Committee Chair David McAllister told Asharq Al Awsat. A proposal for negotiations launched by the European Commission on 1 April is awaiting approval.

ALSO- The exemption of Schengen visas for Saudis may face hurdles, said McAllister, as the EU must first develop a new strategy that gains approval from all members of the bloc. EU Ambassador to Saudi Arabia Christophe Farnaud said last week that Saudis are to be exempt from Schengen visas in the coming months.

MARKET WATCH-

Foreign institutions were net buyers on Tadawul to the tune of SAR 373.7 mn last week, according to the exchange’s weekly ownership and trading activity report (pdf). Qualified foreign investors topped the list among non-Saudi investors with purchases amounting to SAR 8.3 bn — representing 29.6% of total buys. GCC investors also booked a net buying position of SAR 64.1 mn, while local investors were bearish with net buys worth SAR 437.8 mn.

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THE BIG STORY ABROAD-

The global foreign press is split between two stories this morning: Pope Francis’ death and the latest sell-off on Wall Street.

Obituaries for Pope Francis, who died at 88 due to a stroke and cardiac arrest a day after Easter Sunday, are pouring in, with many looking at his role in reforming the Catholic Church. Focus is also turning to who will succeed him among his 252 cardinals, Reuters reports. Obituaries are everywhere: FT | Reuters | CNN | The Independent | Washington Post

Also getting plenty of ink this morning: A sell-off hit Wall Street on the first day back from the long weekend after US President Donald Trump renewed his criticism of US Federal Reserve Chair Jerome Powell, saying on his social media platform Truth that he must lower interest rates “NOW” to give the economy a boost. The S&P 500 ended the day down 2.4%, while the tech-heavy Nasdaq fell 2.6%. The USD also took a beating, falling 1.5% to a three-year low against a basket of major trading partners. (FT | Bloomberg | CNBC | WSJ | Reuters)

ALSO- It’s earnings week: Tesla will today kick off a more tense earnings season than usual for Big Tech as companies grapple with the impact of tariffs on their businesses and margins in their forecasts. Alphabet will follow with its earnings report on Thursday, while Apple, Meta, Microsoft, and Nvidia are expected to file earnings reports next week.

CIRCLE YOUR CALENDAR-

The Saudi Giga Projects Summit will take place between 12-14 May at The Venue in Riyadh, offering in-depth updates on the Kingdom’s giga developments. The Meed-organized event will cover construction progress, sector-wide prospects, and emerging technologies, offering a spotlight on key projects. More than 40 speakers, 150 company representatives, and 600 attendees will explore trends in supply chains, advanced manufacturing, and demand outlooks through a series of conferences, workshops, meetings, and closed receptions.

Saudi leads the fight against new IMO levy on shipping emissions

Saudi leads the fight against new IMO levy: A Saudi-led coalition of 15 states is at odds with the UN’s International Maritime Organization’s (IMOs) new two-tier levy on additional shipping emissions, Mees reports. GCC states unanimously voted against the decision, indicating they will pull their weight to torpedo the proposed plans ahead of a final vote in October.

Background: The IMO approved draft amendments to the International Convention for the Prevention of Pollution from Ships (MARPOL) that would force the global shipping industry — which is responsible for 3% of world’s GHG emissions — to reduce and pay for a portion of its emissions last week. The new rules — set to be formally adopted this October — will take effect by 2027 and apply to ships over 5k gross tonnes, covering 85% of international shipping’s emissions.

How it will work: The draft sets two escalating emissions targets, requiring gradual cuts to ships’ GHG fuel intensity. A stricter standard mandates a 17% cut by 2028 from 2008 levels, increasing to 21% by 2030 and 43% by 2035, the Financial Times reported on Friday. Ships that fail to meet this strict target would pay USD 100 per excess tonne of CO2 equivalent.

The softer target would see cuts by 4% by 2028 and 8% by 2030, increasing to 30% by 2035, but failure to meet this level would result in steeper fees of up to USD 380 per excess tonne. The system also allows for credit trading, with compliant vessels able to sell credits to those that fall short.

The proposed tax is expected to hit GCC countries from two angles, undermining demand for marine fuels derived from oil, and increasing the overall cost of shipping crude oil globally. As it stands, a standard 2 mn barrel of VLCC travelling from the Gulf to China could face charges of USD 1.6 mn in the first year of the tax’s implementation, according to MEES calculations based on Kpler data.

GCC countries are not happy: The coalition opposed the slightly higher original baseline and “[objected] to the selection of any price per unit of carbon” in a statement to the IMO seen by Mees. The statement indicated that a proposed tax would unproportionally “endanger exports from developing countries,” as it would lead to a hike in global prices for goods shipped by sea.

What they said: The statement proposes that the system of credits — as agreed upon in the draft — remains, rewarding those who exceed IMO targets with credits and penalizing those who do not with “gradual cost increases.”

MEANWHILE- IMO head Arsenio Dominguez is defending the levies, estimating it c ould generate USD 11-13 bn annually that would go to a newly proposed net-zero fund aimed at supporting clean fuel adoption, rewarding low-emission ships, and helping developing states upgrade high-emission fleets.

The GCC isn’t alone: Sixteen countries voted against the draft — nine of which were from our region, including Iran, Iraq, Jordan, Yemen, Oman, Bahrain, Saudi Arabia, Qatar, and the UAE. The draft was passed with support from 63 countries, including China and Brazil — which were previously reported in February to formally oppose the levy.

BRF + HPDC break ground on USD 160 mn Jeddah food plant

BRF + HPDC break ground on Jeddah factory: Brazil-based food processor BRF and PIF-owned Halal Products Development Company (HPDC) started building a new USD 160 mn processed food factory in Jeddah with an annual capacity of 40k tons, according to a press release.

The plant is being developed by BRF Arabia, a JV established in August 2023, with 70% owned by BRF and 30% owned by HDPC.

The details: The investment will be spread across 2025 and 2026, spending some USD 63 mn this year and USD 98 mn next year. The factory’s design will allow for a future expansion to double production. The project is expected to create over 500 direct jobs and will initially rely on raw materials from Brazil, slated to begin operations in mid-2026.

What they said: “This new plant reinforces our presence and structure in the Kingdom, [and Jeddah’s] strategic location allows for better access to the consumer market and business partners,” says CEO of BRF Arabia Marquinhos Molina.

REMEMBER- BRF Arabia completed its acquisition of a 26% stake in Addoha Poultry for SAR 316.2 mn (USD 84.3 mn) in January.

Adeer Real Estate prices Nomu IPO at SAR 85 a piece

Adeer Real Estate priced its upcoming Nomu IPO of a 20% stake (1 mn shares) at SAR 85 per share, it said in a prospectus (pdf). The company lined up the Capital Market Authority’s approval for the move in December.

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

Market cap + proceeds: The pricing sees the offering raising some SAR 85 mn in proceeds, bringing the company’s market capital to SAR 425 mn at listing, according to EnterpriseAM calculations. Of the proceeds, SAR 2.5 mn will go towards covering IPO-related expenses, while the rest will be distributed among the selling shareholders.

IPO timeline: The offering period will run from Sunday, 4 May to Thursday, 8 May. Qualified investors can subscribe to a minimum of 10 shares and a maximum of 250k shares. Final shares allocation is expected by 12 May, and surplus refunds are set to be executed within the next three business days.

Post-IPO structure + lockup: The company’s five substantial shareholders will see their combined ownership diluted to 80% from 100%, while Sumou Investment’s stake is expected to decline to 60% from 75%. They will not be able to sell their shares for a 12-month period starting from the first day of trading.

Earnings snapshot: Adeer reported a net income of SAR 38.5 mn in 1H 2024, up from SAR 27.8 mn in 1H 2023. The company logged SAR 69.7 mn in revenues during the same period, up from SAR 46.1 mn. 2023 closed out with SAR 50.3 mn in net income and SAR 108.4 mn in revenues.

ADVISORS- Musharaka Financial Company is quarterbacking the transaction as lead financial advisor and bookrunner, while Alsaleh, Alsahli & Partners Law Firm is providing legal counsel. Receiving agents include AlRajhi Capital, Derayah Financial, Alistithmar Capital, Albilad Capital, BSF Capital, Riyad Capital, SAB Invest, ANB Capital, Alinma Capital, AlJazira Capital, Yaqeen Capital, AlKhabeer Capital, Sahm Capital, GIB Capital, and SNB Capital.

Othaim Markets renews two lease contracts in Dammam. PLUS: Sumou to develop over 900 units in Makkah for SAR 680 mn

Abdullah Al Othaim Markets renews two lease contracts in Dammam: Tadawul-listed food retailer Abdullah Al Othaim Markets renewed two 15-year lease agreements with Abdullah Al Othaim Investment with a combined value of SAR 666.9 mn to continue operating in a commercial complex in Dammam. Both contracts will take effect in June 2028 upon the expiry of the current leases.

The first agreement covers the entire commercial complex, valued at SAR 633.7 mn — SAR 39 mn annually, with a 4% compounded increase every three years — it said in a disclosure to Tadawul.

The second contract covers a showroom in the same complex, valued at SAR 33.2 mn — with an annual rent of SAR 2.1 mn — according to a separate disclosure. Both contracts will be submitted to shareholders for approval.

ALSO- The food retailer inked a non-binding MoU with Al Musbah Group to acquire a 51% stake in Ebdaa Al Qasr Marketing, which owns and operates 11 branches of Manuel Market in Riyadh and Jeddah.

ICYMI- Abdullah Al Othaim Investment Company is planning to debut on the stock market this year, having tapped financial advisor Saudi Fransi Capital. Proceeds will fund three ongoing projects and 14 new projects.

IN OTHER REAL ESTATE NEWS-

Sumou Real Estate landed a SAR 680 mn contract to develop over 900 residential villas in Zone O2 of the Makkah Gate project, it said in a disclosure to Tadawul. Updates will be announced once the sub-development contract with the National Housing Company is signed, it added.

REMEMBER- The company signed two contracts in February with the Saudi Railway Company totaling SAR 64.4 mn to develop the Al Malaz project in Riyadh and the Arina project in Dammam. In January, Sumou Real Estate Company, Al Jazira Capital, and Sumou Global Investment signed a contract to establish a real estate investment fund to acquire and develop lands in the Kingdom, with a project pipeline valued at upwards of SAR 2 bn.

First Mills secures SAR 630 mn loan from Saudi Awwal Bank

First Mills taps SAB for a long-term bank facility: Homegrown milling firm First Mills lined up a SAR 630 mn long-term, shariah-compliant loan with the Saudi Awwal Bank to support the firm’s operational activities, development and expansion efforts, according to a statement to Tadawul. The facility is backed by promissory notes and will be available until the end of December 2035.

Where’s the money going? The facility will go towards financing debt repayments, working capital requirements, bank guarantee facilities, and letters of credit (when required), the statement adds.

Making moves: The General Authority for Industrial Cities and Technology Zones (Modon) signed an agreement with the First Mills to invest SAR 80 mn in a 54k sqm plot last month. The company received board approval to set up a SAR 123 mn flour milling unit in its Al Qassim plant back in December.

The bigger picture: First Mills reported a 13.9% y-o-y increase net income in 2024 to SAR 250.9 mn, buoyed by higher feed and flour sales, expanding margins for small-packed products, improvements in cost-efficiency, and optimization of liquidity management. Meanwhile, revenues for the year grew 8.8% y-o-y to SAR 1.1 bn, pushed by stronger feed and flour sales, higher gross income (up 10.4% y-o-y), and better product mixes and pricing strategies.

REMEMBER- First Mills was the first milling company to go public in May 2023 with a USD 266 mn IPO, as part of the government’s efforts to privatize the sector.

Riyad bank 1Q earnings beat analyst expectations

RIYAD BANK-

Riyad Bank saw its net income rise 19.9% y-o-y to SAR 2.5 bn in 1Q 2025, driven by a 10% y-o-y increase in total operating income combined with lower total operating expenses, it said in a disclosure to Tadawul. The results beat analyst expectations, which saw the bank's net income reaching SAR 2.3 bn during the quarter.

MEANWHILE- Riyad Bank’s total income from financing grew 11.8% y-o-y to SAR 5.66 bn in 1Q 2025, while total income from investments increased 13.8% y-o-y to SAR 694.2 mn.

On a quarterly basis, Riyad Bank’s net income was up 10.1% q-o-q, its total income from financing dipped 2.8%, and its total income from investments inched up 0.5%.

REMEMBER- In February, Riyad Bank fully redeemed its USD 1.5 bn Tier 2 fixed-rate bonds, five years ahead of their maturity. It also closed a SAR 2 bn additional tier 1 (AT1) capital sukuk offering under its SAR 10 bn AT1 sukuk program in January.

BANQUE SAUDI FRANSI-

Banque Saudi Fransi (BSF) saw its net income increase 16.4% y-o-y to SAR 1.34 bn in 1Q 2025, according to a disclosure to Tadawul. Total income from financing rose 7.9% y-o-y to SAR 3.6 bn, while total income from investments increased 21.3% y-o-y to SAR 643 mn.

On a quarterly basis, the bank’s net income rose 19.8%, compared to SAR 1.1 bn in 4Q 2024. Meanwhile, total income from financing inched up 0.6% q-o-q, while income from investments rose 2.6%.

Local businesses turn to rooftop solar to cut power bills

Local businesses turning to rooftop solar panels made headlines in the foreign press. The Financial Times eyed the surge in solar setups in the Kingdom as businesses look to cut electricity costs following the government’s scrapping of energy subsidies and the availability of cheaper China-made solar panels.

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

Experts attributed the Kingdom's solar energy shift to fiscal reforms, which drove up diesel prices by 44% y-o-y last year, along with cheaper Chinese solar panels, and USD 21.6 bn in Chinese clean technology from 2021 to last October.

“It’s paying back,” the salmon-colored paper quoted Fakeeh Care Group’s head Mazen Fakeeh as saying. The company’s solar setup in its Jeddah car park slashed its electricity bills in 2024 by over SAR 170k. The 103-year-old Tamar Group also saved over SAR 440k after installing solar panels over its logistics hubs’ rooftops in Jeddah and Riyadh, encouraging it to cover all its major distribution centers within two years, according Tamar’s chief supply chain officer Amr Elmansoury.

Who is more inclined to shift? Commercial entities — who pay the highest electricity rate in the Kingdom at SAR 0.3/kWh — stand to gain the most by adopting solar rooftops. “It just makes financial sense,” Faris Al Sulayman, co-founder of the solar startup Haala Energy, told the paper. Industrial users, on the other hand, are less incentivized to switch, given their lower rates at SAR 0.18/kWh, he added.

REMEMBER- All part of a bigger plan: The renewables push comes under Saudi Arabia’s National Renewable Energy Program, which aims to phase out oil burning to reach a 50/50 mix of renewables and gas by 2030. The Energy Ministry is targeting 20 GW of new capacity per year to reach 100-130 GW of output from renewable power by the end of the decade.

Aramco, BYD join forces for EV tech research

EVs-

Aramco + BYD to explore EV technologies: Saudi Aramco Technologies Company and BYD signed a joint development agreement to bring together their research and development teams to explore new energy vehicle technologies, according to a press release. The pair will target enhanced efficiency and environmental performance.

ICYMI- Aramco purchased in December a 10% stake in next-gen vehicles company Horse Powertrain — a JV between French carmaker Renault and China’s Geely. Aramco’s subsidiary Mukamalah Aviation partnered with US eVTOL manufacturer Joby Aviation last year to deploy eVTOLs in Saudi Arabia.

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

OIL WATCH-

Aramco taps KBR for SRU upgrade: Saudi Aramco has awarded Saudi FEED specialist KBR-AMCDE a contract to upgrade the Sulfur Recovery Units (SRU) at its Haradh and Hawiyah gas plants, according to a statement. The upgrade would increase sulfur recovery efficiency from around 95% to 99.9% and reduce sulfur emissions from 4.3k ppmv to 250 ppmv, aligning with regulations set by the Ministry of Environment, Water, and Agriculture. The company aims to reach net zero scope 1 and 2 emissions by 2050.

M&A WATCH-

AlareebHolding acquired 80% of Al Janbain Media Production to expand its presence in the audiovisual production sector, the company said in a post on Linkedin. The value of the transaction was not disclosed.

ICYMI- Earlier this month, Alareeb Holding acquired 80% of HR solutions provider VTCHR and 30% of local engineering consultancy services company Pioneer Landmarks for undisclosed amounts.

LOGISTICS-

Mawani expands Jeddah Islamic Port links: The Saudi Port Authority (Mawani) added CStar Line’s shipping service IMB1 to Jeddah Islamic Port, state news agency SPA reports. The new service, which boasts a capacity of 2.1k TEUs, will connect the Jeddah port to the ports of Nhava Sheva and Mundra in India, Evyap in Turkey, Novorossiysk in Russia, and Jebel Ali in the UAE.

ICYMI-Last month, Mawani added Culines’ JPS shipping service to Jeddah Islamic Port, connecting it to Port Sudan with a capacity of 450 TEUs.

EXPANSION-

Pepsico opened its expanded regional headquarters in Riyadh’s King Abdullah Financial District, covering 2.8k sqm and accommodating over 150 employees, according to a press release. The company also plans to set up a SAR 30 mn research and development center, including a culinary facility and sensory studio, this year in Saudi Arabia for product and packaging innovation.

Big footprint: The company invested over SAR 9 bn in Saudi Arabia in the last eight years, including a SAR 199 mn factory expansion in Dammam in 2023, and acquired land lease rights worth SAR 9.5 mn in Riyadh’s second industrial city from Naqi Water last year.

China's rare metals restrictions threaten car manufacturers

China’s export restrictions on rare earth metals could trigger disruptions for manufacturers of electric vehicles within a few months, the Financial Times reports. The full impact of these latest controls is still unclear, but carmakers are already raising concerns based on current stockpiles.

What’s happening? The new controls now encompass seven heavy and medium rare earths, such as dysprosium, terbium, and samarium, vital for manufacturing electric vehicles and wind turbines. These controls expand on measures that have been implemented by China since 2023 in response to US restrictions on chip technology, requiring exporters to obtain licenses for each overseas shipment and banning re-exports to the US.

The new controls came after US President Trump launched a probe into mineral and product imports last week, to assess the need for higher tariffs. Findings are due within 180 days, which could override the tariffs imposed last month.

Beijing’s strategy: The expanded measures are understood to be a response to the 145% tariff hike levied by the Trump administration on Chinese goods, in a bid to pressure US companies to lobby Washington into changing tariff policies, an unnamed senior automotive executive told the financial publication.

The implications could be severe: EV automakers were caught off guard, with suppliers holding only 2-3 months’ worth of magnets, causing “genuine problems” in the automotive supply chain, said Jan Giese, Frankfurt-based Tradiu’s Senior Manager for Minor Metals and Rare Earth Elements. An unnamed Japanese government official echoed the same concern, telling the salmon-colored paper that there’s not enough time to establish alternative supply chains before current stockpiles are exhausted.

“It’s really kind of tough all the way around,” S&P Global auto analyst Stephanie Brinley told Politico's E&E News. The projected 700k drop in US car sales this year makes it comparable to the tough markets of the 2009 recession and the 2020 pandemic, Brinely said.

IN CONTEXT- China holds a near monopoly on heavy rare earths processing, and the imposed export controls cover medium and heavy rare earths — materials that are difficult and costly to extract, both financially and environmentally — Giese told the Financial Times.

Breaking the monopoly: Japan and other nations are pinning hopes on Australia’s Lynas, as the rare earth mining company is set to expand its Malaysian processing site to produce dysprosium and terbium by mid-2025.

MARKETS THIS MORNING-

Asian markets are slightly inching down this morning, affected by Wall Street losses after Trump’s attacks on the Fed. Hong Kong’s Hang Send is down 0.6%, while Japan’s Nikkei is down 0.1%, and Shanghai Composite is slightly up 0.2%. Meanwhile, US futures are on the rise, signalling potential recovery when markets open.

TASI	11,549	-0.7% (YTD: -4.1%)
MSCI Tadawul 30	1,467	-0.5% (YTD: -2.8%)
NomuC	28,638	-1.2% (YTD: -9.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,063	+0.1% (YTD: +4.5%)
ADX	9,272	-0.1% (YTD: -1.6%)
DFM	5,104	+0.2% (YTD: -1.1%)
S&P 500	5158	-2.4% (YTD: -12.3%)
FTSE 100	8,276	0.0% (YTD: +1.3%)
Euro Stoxx 50	4,935	-0.6% (YTD: +0.8%)
Brent crude	USD 66.26	-2.5%
Natural gas (Nymex)	USD 3.04	+0.8%
Gold	USD 3442.90	+0.5%
BTC	USD 87,101.60	+2.7% (YTD: -7.0%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.7% yesterday on turnover of SAR 3.6 bn. The index is down 4.1% YTD.

In the green: Alistithmar Reit (+9.9%), SPPC (+9.7%) and Nice One (+4.8%).

In the red: Dar Alarkan (-5.5%), EPCCO (-4.5%) and Riyadh Cables (-4.3%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.2% yesterday on turnover of SAR 20.6 mn. The index is down 9.0% YTD.

In the green: Alqemem (+6.8%), Knowledgenet (+6.2%) and Mulkia (+5.3%).

In the red: Alrasheed (-7.8%), Lamasat (-5.7%) and TMC (-5.6%).

CORPORATE ACTIONS-

Astra Industrial Group’s shareholders approved a SAR 240 mn dividend distribution for FY 2024 at SAR 3 per share, it said in a disclosure to Tadawul (pdf). The distribution date is set for 29 April.

AlmuneefCompany for Trade, Industry, Agriculture, and Contracting’s BoD recommended a SAR 9.5 mn dividend distribution for FY 2024 at SAR 0.25 per share, it said in a disclosure to Tadawul. The dividends are pending general assembly approval, where a distribution date will be set.

Basic ChemicalIndustries’s (BCI) BoD proposed a SAR 27.5 mn dividend distribution for FY 2024 at SAR 1.0 per share, it said in a disclosure to Tadawul. BCI’s general assembly still needs to sign off on the move and determine the distribution date.

Saudi Chemical Company Holding’s top brass recommended a SAR 42.2 mn dividend distribution for FY 2024 at SAR 0.05 per share, it said in a disclosure to Tadawul. The move is yet to get the general assembly’s approval, which will also set the payment date.

Qomel Company’s shareholders approved a 100% capital increase to SAR 70 mn, it said in a disclosure to Tadawul. The increase will be funded with SAR 32.6 mn from the share premium balance and SAR 2.4 mn from retained earnings, issuing 3.5 mn new shares to be distributed at a 1-for-1 ratio among shareholders.

Saudi + Egypt hold talks on investment and regional crisis

Foreign Minister Faisal bin Farhan received his Egyptian counterpart Badr Abdelatty yesterday in Riyadh for the annual meeting of the Saudi-Egyptian Political Consultation Committee and Follow-up Committee, according to a statement by the Egyptian Foreign Affairs Ministry. The visit comes on the back of the Egyptian-Saudi Investment Forum held last week in Cairo.

In focus: The ministers discussed the boosting of bilateral economic support and investment, launching of the Egyptian-Saudi Supreme Coordination Council, and aligning their Vision 2030 strategies. The talks also covered regional issues including Gaza, with both sides backing a ceasefire and rejecting the forced displacement of Palestinians. They also exchanged views on Sudan, Yemen, and Red Sea security.

CALENDAR

APRIL

17-23 April (Thursday-Wednesday): Saudi Film Festival, Dhahran.

21-26 April (Monday-Saturday): World Bank Spring Meetings, Washington.

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

25 April-3 May (Friday-Saturday): AFC Champions League Elite Finals, Jeddah.

27-28 April (Sunday-Monday): First Saudi Statistics Forum, Movenpick Hotel and Residences, Riyadh

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

29 April (Tuesday): Rules for special purpose entities (SPEs) feedback deadline.

MAY

May: World Intellectual Property Organization (WIPO) Global Awards 2025 announces finalists.

3 May (Saturday): Canelo Alvarez vs William Scull, Anb Arena, Riyadh.

5 May (Monday): Opec+ meeting.

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

9 May (Friday): PFL Mena Season 2 Kick-off.

11-13 May (Sunday-Tuesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

12-14 May (Monday-Wednesday): 2025 Saudi Giga projects Summit, Riyadh.

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

23 May (Friday): Guns N’ Roses Show, Riyadh.

29 May (Thursday): 2024-2025 academic year ends.

JUNE

4-9 June (Wednesday-Monday): Hajj.

6-10 June (Friday-Tuesday): Eid Al Adha.

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

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

30 June (Monday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

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

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

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

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

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

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

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

NOVEMBER

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

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

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

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

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

DECEMBER

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

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

31 December (Wednesday): Zatca 22st E-invocing integration wave deadline.

2026

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

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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