Saudi economy expands in 3Q 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: WTA Finals kick off in Riyadh

Good morning, wonderful people, and welcome to a busy Sunday to kick off a new month. We have news of another handful of agreements and announcements from the final day of the Future Investment Initiative forum, as well as positive news from the Kingdom’s GDP growth figures in 3Q 2024. Let’s jump right in.

HAPPENING TODAY-

#1- The WTA Finals are on their second day in Riyadh today and continue until next Saturday. Day one saw world no.1 Aryna Sabalenka beating China’s Zheng Qinwen 6-3, 6-4, and Italy’s Jasmine Paolini beating Kazakhstan’s Elena Rybakina 7-6, 6-4. Poland’s Iga Swiatek and Czech Barbora Krejčíková will face off at 2:30pm, while Coco Gauff and Jessica Pegula will go head-to-head in an all-American match at 5pm.

#2- The two-day Road Safety and Sustainability Conference and Exhibition kicks off today, bringing global experts together to discuss technological advancements, AI applications, and sustainability in the transport sector.

WEATHER- Riyadh is looking at a high of 31°C and a low of 20°C today. Over in Jeddah, the temperature will peak at 33°C and hit a low of 28°C amid moderate rainfall. Madinah will see heavy rainfall and thunderstorms, with a high of 32°C and a low of 22°C

PSAs-

#1- The next round of e-invoicing: Companies with more than SAR 2.5 mn in revenues subject to VAT in 2022 or 2023 will have to integrate their e-invoicing solutions with Zatca’s Fatoora platform before 31 July, 2025, Zatca said in a statement. This is the latest phase of an e-invoicing rollout that began in late 2021.

#2- The Kingdom is cracking down on counterfeit products: Traders attempting to sell counterfeit brands will be subject to a fine of up to SAR 1 mn and/or up to one year in jail, the Public Prosecution said on X.

WATCH THIS SPACE-

#1- BlackRock secured approval to establish its regional headquarters in Riyadh, a move which is expected to ramp up the company’s operations in the Middle East, Bloomberg reports, citing a statement. The world’s largest asset manager’s Saudi arm, BlackRock Saudi Arabia, was launched and authorized by the Capital Market Authority in 2018.

#2- Saudi Arabia’s Vision 2030 still requires an estimated USD 3 tn to fully materialize, Capital Market Authority Chairman Mohammed Al Quwaiz said, according to Asharq Al Awsat. Al Quwaiz highlighted the critical need to attract capital from both public and private sources, forecasting that the next major wave of private market growth will be driven by both local and international savings.

#3- Renewables giant Acwa Power could invest up to USD 5 bn in Vietnam, Vietnamese news agencies quote an unnamed Acwa executive as saying (here and here). The executive made the statement during a meeting in Riyadh between Investment Minister Khalid bin Abdulaziz Al Falih, Saudi business representatives, and Vietnamese Prime Minister Pham Minh Chinh. No details were provided on the specific sectors or timeline for the potential investments.

Saudi-Vietnamese MoU signed to boost cross-border investment, trade: Economy and Planning Minister Faisal Alibrahim and Vietnamese Industry and Trade Minister Nguyen Hong Dien signed an MoU to facilitate investment and trade between both countries by organizing joint conferences, seminars, exhibitions, and meetings, state news agency SPA reports. The agreement will also support the formation of joint ventures and economic partnerships and encourage the involvement of SMEs.

DATA POINTS-

Investment licenses increased 50% y-o-y in 1H 2024, with 184 global firms establishing regional HQs in the Kingdom during the period, Aleqtisadiah quotes Economy and Planning Minister Faisal Al Ibrahim as saying at the Future Investment Initiative forum.

BACKGROUND- The Investment Ministry raised the bar for the targeted number of international firms relocating their regional headquarters] to Saudi after surpassing the program’s 2030 objective, with a total tally of 517 international firms issued licenses for Saudi-based regional headquarters by 1H 2024.

OIL WATCH-

OPEC's oil production rose by 370k barrels a day (bbl / d) in October to reach 29.9 mn bbl / d despite lower output from Saudi Arabia, Iraq, and Iran, according to a Bloomberg survey. The output rise came as output from Libya picked up following a temporary shutdown due to conflicts with the Tripoli-based government over control of the central bank. Libya added 500k bbl / d after the oil fields went live again, reaching a total of 1.03 mn bbl / d.

REMEMBER- Opec+ decided last month to stay the course on its planned oil production target, including plans to phase out supply cuts by December, putting it on course for a 180k bpd hike by the end of the year. The group is scheduled to convene on 1 December to decide whether to hold production steady or adjust according to market conditions.

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THE BIG STORY ABROAD-

There are two stories vying for your attention this morning in the international press, including the latest from the US presidential elections as early voting gets underway and Berkshire Hathaway’s latest earnings.

#1- Kamala Harris is three percentage points ahead of Donald Trump among likely US voters in Iowa, a traditionally Republican-leaning state where Trump secured an eight-point victory over incumbent Joe Biden in 2020. Trump had also secured Iowa’s vote in the 2016 elections. The latest Des Moines Register/Mediacom Iowa Poll released overnight indicates that women voters are driving the unexpected outcome, with 57% independent women voters likely to vote for Harris — compared to 29% in favor of Trump. Among all independent voters, Harris maintained a 13-point lead over Trump. (Wall Street Journal | Financial Times | Reuters)

#2- Berkshire Hathaway’s cashpile has grown to USD 325.5 bn, after the conglomerate moved to sell off its holdings in Apple down to USD 69.95 bn in 3Q 2024 — equivalent to around one-quarter of its shares in the company, according to Berkshire’s 3Q 2024 earnings report (pdf). The selldown of its Apple position — part of a USD 34.6 bn sale of shareholdings in the three months ending in September — also saw Warren Buffet’s firm selling some USD 36.1 bn of its position in Bank of America during the quarter. (Bloomberg | Financial Times | Reuters | CNBC)

CIRCLE YOUR CALENDAR-

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

Saudi GDP rises 2.8% in 3Q 2024, breaking a four-quarter downward slide

The Kingdom’s real GDP grew 2.8% y-o-y 3Q 2024, breaking a four-quarter downward trend, according to flash estimates (pdf) by the General Authority of Statistics (Gastat). Final figures are slated for release on Sunday, 8 December, as per Gastat’s website. The story got ink from Reuters and Bloomberg.

Driving the growth: The rebound came on the back of a 4.2% y-o-y increase in non-oil activities, a 3.1% increase in government activity, and a 0.3% uptick in oil activities. Oil activity accounts for c. 40% of GDP and about 75% of government revenues.

On a quarterly basis: Seasonally adjusted real GDP grew 0.8% q-o-q, driven by a 1.3% increase in oil activities and a 0.5% increase in non-oil activities during the period. The quarterly growth was partly offset by a 0.3% decline in government activity.

The recovery in Saudi’s real GDP growth is attributed to growth in the non-oil sector, while oil cuts’ effects taper off, Bloomberg said. Opec+ had initially planned to begin phasing out supply cuts by December, but weak markets may see that date pushed forward. Meanwhile, a lack of discipline with production caps in the global cartel could push Saudi Arabia and other Opec+ members to abandon oil cuts altogether

Forecasts for economic growth in Saudi have trended down all year, with the Finance Ministry recently downgrading its yearly forecast to a 0.8% growth clip after government officials initially penciled in 4.5-5.0% growth for the year in January. The World Bank also slashed its estimate to 2.5% in April — which it maintained in June — after citing a 4.1% figure earlier in the year. Meanwhile, the IMF cut back an earlier 4% estimate to 2.7% in January, before slashing it again to 2.6% in April, and finally to 1.7% in July.

Saudi’s Vision 2030 is full steam ahead despite regional turbulence: Challenges in the geopolitical landscape are pushing the Kingdom to push “more steadfastly” with diversification plans, Economy Minister Faisal Al Ibrahim told CNBC on the sidelines of FII (watch, runtime: 0:40).

PIF announces new new USD 1 bn fund + multiple partnerships on final day of FII

The Public Investment Fund (PIF) and the Hong Kong Monetary Authority will establish a USD 1 bn investment fund, after the two signed a landmark MoU on the final day of the Future Investment Initiative (FII) forum in Riyadh last week, according to a press release.

The new fund is set to focus on manufacturing, renewables, fintech, and healthcare, with the goal of attracting companies from Hong Kong and the Greater Bay Area to set up operations in Saudi Arabia. In addition to supporting localization, the fund aims to boost foreign direct investment from Hong Kong by providing a platform for companies to expand internationally and tap into opportunities within the Kingdom.

IN CONTEXT- The PIF is shifting its strategy towards domestic investments, with plans to reduce overseas exposure from 30% to 18-20%, to support domestic diversification projects and encourage co-investment from foreign firms within the Kingdom.

PIF signs USD 51 bn-worth of MoUs with Japanese banks to fuel two-way capital flows

The Public Investment Fund (PIF) inked five MoUs valued at a combined USD 51 bn with major Japanese lenders, in a bid to fuel capital flows between the two countries through debt and equity, according to a PIF statement.

The banks involved: Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG Bank, Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Ins. (NEXI). The specifics of the agreements were not disclosed.

Priority sectors: “The MoUs are a key part of PIF’s strategy to boost financial collaboration globally, enhancing cooperation in finance, investment and sustainable development.”

Not the first time the PIF has looked to Asia this year: The sovereign wealth fund inked similar agreements with major Chinese banks last August, signing six MoUs worth up to USD 50 bn also intended for two-way capital flows and focused on the same sectors.

IN OTHER NEWS FROM PIF AND JAPAN-

Middle Eastern-focused Index fund for Japanese investors next year? PIF and Mizuho Financial Group plan to launch an index fund targeting Japanese institutional investors that want to invest in Middle East stocks by March 2025, Mizuho spokesman Naohiro Takahashi confirmed to Bloomberg. The fund seeks to lure investors with higher returns in Saudi Arabia, with the Kingdom’s current benchmark interest rate standing at 5.5% compared to Japan’s 0.25%.

REMEMBER- Mizuho is reportedly looking to open its regional headquarters in the Kingdom after receiving a license from the Investment Ministry. The firm has participated in debt capital market transactions for clients including PIF, the Finance Ministry, and Aramco, among others. It has had an investment banking license in Riyadh since 2009.

Salic eyes bigger stake in Olam Agri

PIF-backed Salic wants a bigger piece of Olam-Agri Holdings: Saudi Agricultural and Livestock Investment Co. (Salic) has made a non-binding offer to acquire its remaining stake in Singapore-based Olam Group’s agribusiness unit, Olam Agri Holdings, Olam said in a bourse filing (pdf).

The transaction could value Olam Agri at USD 4 bn, Bloomberg reported, adding that negotiations are in an advanced stage. Olam said it is currently evaluating the offer, but noted that the bid could fall through as no binding terms or agreements have been reached.

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BACKGROUND- Salic acquired a 35.43% stake in Olam Agri in 2022 in a transaction worth USD 1.24 bn, reducing Olam Group’s holding to 64.57%. In August 2023, Olam announced plans to pursue a dual listing in Singapore and Saudi Arabia by 1H 2024, though the timeline has been delayed due to “regulatory bottlenecks,” according to Reuters. Olam’s filing said it will “concurrently explore other strategic options” for its agribusiness listing.

IN OTHER M&A NEWS-

BinDawood Holding is acquiring Zahrat Al Rawdah Pharmacies, a wholly-owned subsidiary of UAE-based Gulf Pharma Industries’ (Julphar) retail and distribution arm, Julphar said in a statement. The agreement is slated for completion in 1Q 2025 and is subject to regulatory approvals, Argaam reported. Julphar’s subsidiary currently operates 173 Zahrat Al Rawdah pharmacies in the Kingdom.

Red Sea Global secures USD 1.5 bn for utility project with EDF-Masdar led consortium

Red Sea Global (RSG) reached financial close on a USD 1.5 bn agreement with EDF and Masdar-led consortium to develop utility infrastructure at its Amaala wellness destination, according to state news agency (SPA). The project is expected to cut carbon emissions by c. 350k tons per year, it said. The consortium comprises France-based EDF Group and Abu Dhabi’s Masdar, along with Korea East-West Power Company and Paris-based Suez Company.

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The details: The facility will be operated off-grid and powered by a 250 MW solar plant and a 700 MWh battery system. It will also include transmission and distribution lines and a desalination plant producing 37 mn liters of drinking water daily. The facility will also have wastewater treatment facilities, it added.

ADVISORS- First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank, and Alinma Bank, as well as other unnamed local and international financial institutions.

ALSO FROM RED SEA GLOBAL-

The PIF-owned developer plans to allocate another USD 27 by 2030 to accelerate its developments, after it spent a similar amount to complete a third of its Red Sea project, CEO John Pagano told Bloomberg. The Red Sea Project features 24 resorts, which are slated to be fully operational by the end of next year.

Panattoni + GFH partner to develop premium logistics facilities worth SAR 2 bn in Riyadh, Jeddah, and Dammam

New logistics facilities worth up to SAR 2 bn are coming to the Kingdom: European real estate developer Panattoni ’s Saudi arm has inked a partnership agreement with Bahrain’s GFH Financial Group to develop premium logistics facilities worth SAR 2 bn (USD 500 mn) in Riyadh, Jeddah, and Dammam over a five-year timeframe, Panattoni and GFH said in statements.

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Breakdown: The SAR 2 bn (USD 500 mn) investment will be deployed over the coming five years to develop 500k sqm of logistics and industrial infrastructure at the sites mentioned. An initial SAR 375 mn (USD 100 mn) is earmarked for the first phase of the project, which will see the development of a 50k sqm logistics park adjacent to Al Kharj road in South Riyadh that is intended to support the increasing demand for logistics solutions in Riyadh.

Panattoni will be in charge of designing and building up facilities, while GFH will provide funding for the project and also oversee tenant sourcing and leasing activities. GFH has already secured a leasing agreement with Qatar-based GWC Logistics that will see the company lease up to 200k sqm across the project as an anchor tenant.

Background: Panattoni first kicked off operations in Saudi last April, when it had also noted that its key focus would be on the three mentioned cities.

Riyadh Air secures SAR 5 bn Shariah-compliant credit facility from local and GCC banks

PIF-owned Riyadh Air secured a one-year SAR 5 bn Shariah-compliant revolving credit facility from a consortium of eight KSA and GCC-based banks, according to a press release. The agreement was signed on the sidelines of the Future Investment Initiative forum and is the carrier’s first credit facility ahead of its planned start of operations next year.

Breakdown: The agreement involves a SAR 3 bn revolving credit facility with a committed accordion option for an additional SAR 2 bn, the statement said. The funds will go towards acquiring new aircraft and covering short-term working capital requirements as Riyadh Air prepares to begin operations in 2025.

Meet the banks: The participating banks are Arab National Bank, Al Rajhi Bank, Gulf International Bank, Emirates NBD, Riyad Bank, Banque Saudi Fransi, Saudi Awwal Bank, and Saudi National Bank.

ICYMI: Riyadh Air placed an order with Airbus last week for 60 A321neo aircraft. The purchase is expected to set the company back some USD 4 bn, with deliveries expected between 2H 2026 and 2030.

IN OTHER DEBT NEWS-

Saudi National Bank (SNB) is gearing up to issue SAR-denominated Additional Tier 1 sukuk, it said in a statement to Tadawul. The issuance — the size and terms of which will be determined based on market conditions — is pending regulatory approval. SNB’s board gave the green light for the initiative in May. The proceeds of the offering will go towards strengthening the bank’s capital base

ADVISORS- SNB Capital will be quarterbacking the potential offer as the sole bookrunner, lead arranger, and lead manager.

BIM Ventures and Japan’s SBI Holding unveil JV with USD 2 bn AUM target

Riyadh-headquartered VC BIM Ventures and Japanese investor SBI Holdings launched a new joint venture, BIM Capital, which will target investments in private equity, venture capital, debt funds, and real estate development in Saudi Arabia and the Middle East, according to a press release.

More on the new fund: BIM Capital will focus on high growth sectors such as tech, emerging industries, and real estate, while exploring flexible financing options that include venture debt, private credit markets, and real estate development funds to support high-growth companies and projects while managing risks to secure high returns, the statement said.

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Investment targets: The JV seeks to attract USD 200 mn (SAR 750 mn) in foreign direct investment (FDI), while targeting total assets under management (AUM) exceeding USD 2 bn (SAR 7.5 bn).

More earnings roll in

AMERICANA-

Tadawul and ADX-listed Americana Restaurants’ net income dropped 54.3% y-o-y to SAR 140.3 mn in 3Q 2024, with the fall attributed to continued boycotts, depreciation, and the enactment of corporate taxes in the UAE, it said in a disclosure to Tadawul and earnings release (pdf). Revenues also decreased 15.3% during the same period to SAR 2.1 bn on the back of boycotts and a slowdown in consumer demand.

On a 9M basis: Americana’s net income fell 48.2% y-o-y to SAR 440.2 mn in the first nine months of the year while revenues were down 15.2% at SAR 6 bn.

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EAST PIPES-

East Pipes Integrated Company’s net income increased 442.7% y-o-y to SAR 112.8 mn in 2Q FY 2025, it said in a disclosure to Tadawul and an earnings report (pdf). Revenues were up 134.6% to SAR 540.2 mn over the same period.

JABAL OMAR DEVELOPMENT-

Jabal Omar Development posted a SAR 203.6 mn loss for 3Q 2024, down from net income of SAR 305.5 mn during the same quarter last year, on the back of rising depreciation, property impairments, provisions for credit losses, and increased financing costs, it said in a disclosure to Tadawul. Meanwhile, revenues increased 9.1% at SAR 256 mn due to the launch of two new hotels and an uptick in leasing activity at commercial malls.

On a 9M basis: The company reported SAR 151.3 mn in losses for the first nine months of the year, down from SAR 237.6 mn in net income in 9M 2023. Revenues were up 46.5% at SAR 1.5 bn during the nine-month period.

NATIONAL SHIPPING COMPANY-

The National Shipping Company of Saudi Arabia’s (Bahri) net income increased 127% y-o-y at SAR 509 mn in 3Q 2024, as fleet modernization and expansion drives boosted revenues and margins, according to an earnings release (pdf). Revenues rose 11% y-o-y to SAR 2.2 bn on the back of higher volumes due to increases in owned and chartered vessels as well as a surge in shipping rates. On a 9M basis, the company’s bottom line grew 40% y-o-y at SAR 1.2 bn while revenues increased 8% at SAR 7.27 bn.

REMEMBER- Bahri has been doubling down on fleet modernization, inking a USD 1 bn agreement for nine oil tankers (VLCCs) in August that is supported by a USD 756 mn Murabaha financing agreement with Alinma Bank. The shipping giant is also looking to build a fleet of 20-30 LNG tankers, CEO Ahmed Ali Al Subaey said in September.

SAUDI RE.

Saudi Re’s net income grew 1,073% y-o-y to SAR 399.7 mn in 3Q 2024, largely on the back of a one off gain from the sale of a SAR 365.9 mn stake in Paribas Holding, it said in a disclosure to Tadawul. Revenues increased 64.7% y-o-y over the same period to SAR 341.5 mn.

On a 9M basis: The company’s net income increased 351.3% y-o-y to SAR 475 mn in the first nine months of the year, while revenues were up 66.8% y-o-y to SAR 824.2 mn, according to a press release (pdf). The company saw strong underwriting performance in 9M, up 39% at SAR 140.7 mn.

Saudi-Brazilian venture eyes 26% stake in Addoha Poultry

M&A WATCH-

Saudi-Brazilian JV to acquire 26% of Addoha Poultry: BRF Arabia, a joint venture between Brazilian food processing company BRF SA and PIF-owned Halal Products Development Company, agreed to acquire a 26% stake in Addoha Poultry, one of the Kingdom’s biggest chicken suppliers, for SAR 316.2 mn (USD 84.3 mn), Bloomberg reports. BRF is set to tap the region’s chicken production sector for the first time upon completing the acquisition.

Some USD 58 mn of the investment will be allocated to expanding chicken production and industrial facilities, which are currently operating at near full capacity, Vice President for the Halal Market at BRF Igor Marti told Bloomberg.

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PRIVATE EQUITY-

Hassana jumps on Brookfields’ new Mideast fund wagon: Hassana Investment Company, the investment manager of the General Organization for Social Ins., could allocate USD 500 mn to Brookfield Asset Management 's new USD 2 bn regional private equity fund, according to a press release. The allocation would be similar to what Brookfield earmarked for the fund. This comes after the PIF inked a non-binding MoU with Brookfield last week to join the Brookfield Middle East Partners fund as an anchor investor, albeit it didn’t disclose its potential investment size. The story got ink in Reuters and Bloomberg.

About the fund: The Brookfield Middle East Partners fund plans to funnel at least 50% of its capital into Saudi Arabia, focusing on sectors such as industrials, consumer and business services, technology, and healthcare, and supporting international businesses looking to expand in the Kingdom.

ALSO- Hassana signed a separate MoU with US-based energy and infrastructure-focused investor EIG as it considers allocating up to USD 250 mn to EIG’s targeted USD 1 bn regional fund, as well as becoming an anchor investor, according to a press release.

REAL ESTATE-

Homegrown real estate developer Rikaz Properties launched a new arm called Zaya to expand its footprint in the Kingdom with an investment ticket of SAR 600 mn, according to a press release. The new company will focus on developing residential and commercial projects, including Skaya, Upscala, Uptown, along with several others in Dhahran, Khobar, and Riyadh.

IMF lowers MENA growth forecast amid regional conflicts and oil cuts

The Middle East region’s economic growth is expected to slow to 2.1% in 2024, down from an earlier estimate of 2.7%, according to the International Monetary Fund's (IMF) latest regional economic outlook (pdf). Next year’s growth forecast was also trimmed to 4%, driven by insufficient foreign direct investment amid regional wars and high debt levels in mid-income economies.

The IMF attributed the slowdown to regional conflicts, particularly the escalated tensions in Gaza, Lebanon, and Sudan, impacting stability and potentially creating “lasting economic losses,” according to the report — a projection echoed by IMF Mena and Central Asia director, Jihad Azour, in an interview with Bloomberg.

Some policy recs advise caution: States around the conflict zone, including Egypt, Jordan, and Iraq, “need to be protective to preserve their macroeconomic stability,” Azour said. However, “crucial structural reforms could face rising social discontent and political resistance, hindering policy execution and constraining growth.”

Oil cuts are also to blame: Oil production cuts imposed by Opec+ are also squeezing revenues for oil-reliant Mena economies, including Saudi Arabia, the UAE, and Iraq. The oil management alliance recently delayed a planned supply increase to December, citing weak demand from China and increased production elsewhere.

But the non-oil sector remains a bright spot: “Growth of the non-oil sector in the Gulf Cooperation Council has been resilient and has been driving the growth for the last couple of years,” Azour said.

The UAE is set to lead GCC growth in 2025, driven by an expected 4-5% growth in its non-oil economy thanks to the “effectiveness of the country’s economic policies,” Azour said separately, according to Wam. He highlighted investments in tech, renewables, and green initiatives as key growth drivers for the Emirates.

Less gloomy on the global front: The IMF revised downwards its forecast for global growth next year to 3.2%, a 0.1 percentage point downward revision from its July estimate, on the back of escalating geopolitical tensions and trade protectionism.

TASI	12,022	0.0% (YTD: +0.5%)
MSCI Tadawul 30	1,507	-0.3% (YTD: -2.8%)
NomuC	27,225	+1.3% (YTD: +11.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	30,658	+0.9% (YTD: +23.2%)
ADX	9,349	+0.2% (YTD: -2.4%)
DFM	4,621	+0.7% (YTD: +13.8%)
S&P 500	5,729	+0.4% (YTD: +20.1%)
FTSE 100	8,177	+0.8% (YTD: +5.7%)
Euro Stoxx 50	4,878	+1.0% (YTD: +7.9%)
Brent crude	USD 73.10	+0.4%
Natural gas (Nymex)	USD 2.66	-1.6%
Gold	USD 2,749	0%
BTC	USD 69,271	-0.2% (YTD: +64.4%)

THE CLOSING BELL: TADAWUL-

The TASI closed flat on Thursday on turnover of SAR 6.6 bn. The index is up 0.5% YTD.

In the green: Astra Industrial (+7.10%), Marafiq (+6%) and EIC (+5.4%).

In the red: APC (-5.8%), Americana (-4.60%) and AICC (-3.4%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.3% on Thursday on turnover of SAR 59.9 mn. The index is up 11% YTD.

In the green: Banan (+10.8%), Horizon Food (+10%) and Paper Home (+8.9%).

In the red: Naseej Tech (-16.6%), Al Rashid Industrial (-9.6%) and Mulkia (-4.50%)

CALENDAR

NOVEMBER

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

3-4 November (Sunday-Monday): Road Safety & Sustainability Conference: Innovating for Tomorrow, 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.

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

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.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

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

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.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

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.

The Ocean Race finishes in Amaala on the Red Sea.

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