Saudi’s PMI softens again in July, but remains firmly in expansion territory

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco to release earnings today as global sell-off shakes equity markets

Good morning, ladies and gentlemen. It’s been a grim 24 hours for equity markets, with USD tns wiped off from global markets after a sell-off that took hold at the start of the week.

THE BIG STORY ABROAD-

Equity markets have endured after a “brutal” sell-off that wiped USD 6.4 tn from global stock markets, triggered by concerns about the US economy potentially slowing faster than expected while the Fed keeps policy rates unchanged.

REMEMBER- Last Friday, the US released its July payroll data, showing slower job growth and unemployment rising to 4.3%. The news caused a big selloff, with stocks and bonds taking a hit. Earlier reports about weak manufacturing and construction only made things worse.

Where the day ended: US markets all ended in the red, despite paring back some of their losses during the day as “encouraging” US services data helped to steady markets. Treasury yields also clawed back some losses following the fresh data. Still, all three major US indexes were down more than 2.5%:

S&P 500: -3.0%
Dow: -2.6%
Nasdaq Composite: -3.4%

Tech shares were among the worst performers, with Nvidia closing down 6.4%, Apple falling 4.8%, and Tesla dropping 4.2%.

Our part of the world wasn’t spared: It was also a sea of red in Middle Eastern markets, with the DFM closing down 4.5%, the ADX falling 3.4%, the EGX falling 2.3%, and Tadawul closing down 2.1%.

Panic mode on: Wall Street’s “fear gauge” — Cboe Volatility Index (VIX) — settled around 38, after peaking at 65, its highest point since the early days of the pandemic. A VIX level above 30 is considered high, indicating significant market fear or uncertainty. While a level below 20 is typically considered low.

Over in the forex and crypto markets:

JPY: Rose to a seven-month high against the USD.
Malaysia's MYR: Hit its highest level against the greenback since April 2023.
BTC dropped to USD 54k on Monday, down from USD 62k on Friday.

WHERE THINGS STAND TODAY- The Nikkei is up in early trading, rising more than 8% within minutes of trading opening this morning to pare back some of its losses from yesterday. The index was down 12.4% yesterday, marking its worst crash since 1987, which added to worries about global market instability.

The story is single-handedly leading the conversation everywhere this morning: Financial Times | Bloomberg | Reuters | WSJ | CNBC

MEANWHILE- Bangladeshi Prime Minister Sheikh Hasina fled to India yesterday after stepping down following weeks of violent anti-government demonstrations.

Unrelated to this week’s sell-off, Aramco’s shares have had a tough year: Aramco’s shares are down nearly 19% YTD, despite a rally in global oil stocks, weighed down by lower production volumes to comply with OPEC+ output cuts, Bloomberg writes. By comparison, some of the world’s biggest oil companies by revenue have jumped this year — PetroChina is up 18.9% YTD, ExxonMobil is up 12.4% YTD, and Shell is up 1.5% since the start of the year.

BUT- Investors still love Aramco: “Even after this year’s drop in the stock price, investors still value the Saudi company at 14.8 times estimated earnings, about double the valuation of BP Plc and Shell,” the business information service notes.

SPEAKING OF ARAMCO- The company is set to release its 1H 2024 results today, according to its website. You can tune into the audio webcast of its earnings call here. The oil giant’s net income dipped a bit more than 14% in 1Q 2024 to SAR 102.3 bn.

⚠️WEATHER WARNING- Torrential rains continue all over the Kingdom until Friday, with expectations these conditions could persist until the end of next week, according to a warning issued by the National Center for Meteorology (pdf). Jizan already had its fair share of rain and flooding over the weekend.

PSAs-

Businesses subject to withholding tax have to submit their July tax forms by Sunday, 11 August, to avoid a late payment fine of 1% for every 30 days of delay, Zatca said in a statement.

WATCH THIS SPACE-

India-based food manufacturer iD Fresh Foods plans to establish a manufacturing plant in Saudi this year, the company’s CEO for India said in an interview with Deccan Herald. No further information was disclosed. The company produces a range of ready-to-cook food products and currently sells in off-shore markets including Saudi Arabia, UAE, Oman, the UK, and the US, according to its website.

OIL WATCH-

Libya's largest oil field, Sharara, was shut down yesterday, Bloomberg reports citing two unnamed sources it says are familiar with the operations. While the reasons for halting production remain unclear, Libya’s internationally recognized government called it “political blackmail,” without giving further information. Meanwhile, local media suggests it might be due to socio-economic protests or the involvement of Libyan National Army leader, Saddam Haftar. It’s unclear when customers should expect the field to come back online.

By the numbers: The field had a daily output of 270k barrels per day, according to the business information service. This is expected to have a major impact on the country’s total oil output, which has been steady at around 1.2 mn barrels per day in recent months.

Sharara is a joint venture between Libya’s state oil firm National Oil, France’s TotalEnergies, Spain’s Repsol, Austria’s OMV AG and Norway’s Equinor.

OLYMPICS-

Day 10 was nowhere near as eventful as day 9, but here are some of the highlights.

Swedish pole vaulter Armand Duplantis — aka Mondo — was the star of the Paris Olympics yesterday. Mondo secured the pole vault gold and broke his own record suspending the bar 6.25m.

Keep an eye out for Saudi equestrians Ramzy Al Duhami and Abdulrahman Al Rajhi, who qualified for the individual jumping final happening today.

The medal standings now at the Paris Olympics:

United States (21 gold, 79 overall)
China (21 gold, 53 overall)
France (13 gold, 48 overall)
Australia (13 gold, 33 overall)
Great Britain (12 gold, 42 overall)

Want to see when your favorite sport is on? Check out the official schedule here.

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CIRCLE YOUR CALENDAR-

Small and medium enterprises regulator Monsha’at will hold a franchise tour of five cities on 12-13 August (Monday and Tuesday). The tour, which starts in Khobar and includes stops in Abha, Qassim, Hail and Jeddah, will showcase success stories in the sector. The tour then picks up with seven stops scheduled for an installment next year.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The NewGlobal Sport Conference 2024 is happening on Saturday and Sunday, 24-25August, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year’s theme is the Future of Fandom, highlighting fans’ role in building brand equity and revenue.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

Saudi’s non-oil private sector activity expansion softens again in July

Non-oil business activity in the Kingdom continued to grow in July, as output levels, purchasing activity, and new exports rose, despite a lull in new orders and growing competitive pressures, according to the Riyad Bank Saudi Arabia PMI (pdf). The headline figure dipped to 54.4 in July, from 55.0 in June.

Soft but steady: Despite falling for a third month straight, the reading remains firmly above the 50.0 mark that separates contraction from growth. July’s reading is also the lowest since January 2022.

New order intakes increased at their lowest rate in some 2.5 years on the back of growing input costs, while selling prices dropped due to strong internal competition and capacity pressures caused by an ongoing heatwave. Output growth eased to its lowest level in six months and new orders hit their lowest mark in two and a half years despite demand conditions pushing up sales and output growth.

Purchasing activity surged at the steepest rate in three months, buoyed by growing client demand as firms look to solidify their stock inputs. Employment figures also rose modestly in July in a bid to maintain backlogs in the Kingdom’s non-oil sector despite capacity stresses due to the heatwave. Delivery speed continued to improve. Balanced input prices, cost of purchases and staff costs eased inflationary pressures, by stabilizing output prices.

On a positive note: New exports also grew, indicating that “Saudi businesses are successfully penetrating international markets, which bodes well for diversification of the economy,” Riyad Bank Chief Economist Naif Al Ghaith said.

FROM THE REGION-

The UAE’s PMI slipped to 53.7 in July, from 54.6 in June, recording the slowest pace of expansion in almost three years, according to S&P Global’s PMI (pdf).

Egypt’s PMI dipped slightly to 49.7, from 49.9 in June, marking its second-highest level in three years despite remaining in contraction territory, according to S&P Global’s Egypt PMI (pdf).

Kuwait’s headline figure remained almost unchanged in July at 51.5, recording modest improvement in business conditions in July as new orders, output, and purchasing activity all grew at a faster rate compared to the month prior, according to Kuwait’s S&P Global PMI (pdf).

Qatar’s non-energy private sector signaled strong growth as boosts to new orders, output, and purchasing buoyed the index, according to Qatar Financial Center’s PMI (pdf). Qatar’s headline number dipped to 51.3 in July, falling from a 23-month high of 55.9 recorded in June.

Six football clubs are up for grabs by local, foreign investors in a new wave of privatization

The next round of football club privatization gets underway: Investors have until Thursday, 19 September, 4pm KSA to express their interest and request qualification for bidding in the latest round of football club privatization, with six clubs on offer, the Sports Ministry said in a statement (pdf). This is part of the second phase of a privatization program which was announced in December last year in a bid to drum up investment in the industry.

What’s on the table? Six football clubs are up for grabs by local and global investors: Al Zulfi, Al Nahda, Al Okhdood, Al Ansar, Al Orouba and Al Kholoud.

More will be offered at a later stage: The second batch of the program’s second phase will include Al Shoulla, Hajar, Al Najma, Al Riyadh, Al Rawda, Jeddah, Al Taraji and Al Sahel. Those clubs will be offered to investors.

By the numbers: The ministry was said to be looking to raise some SAR 1.8 bn (c. USD 480 mn) annually from this wave of privatization, given that the first phase helped rake in “significant commercial revenue growth” for the Saudi Pro League.

REMEMBER- The first phase of the program saw top football clubs Al Ittihad, Al Ahli, Al Nassr, and Al Hilal transferred to the PIF in June 2023 under the program launched by Crown Prince and Prime Minister Mohammed bin Salman. Under the plan, the four clubs were transformed into companies with the PIF holding a 75% stake, with the remaining 25% being up for grabs via their general assemblies. The first stage of the scheme helped the four clubs sign some of the world’s top football stars (think Cristiano Ronaldo, Karim Benzema and others), with the league’s clubs collectively spending almost USD 1 trn in last year’s summer transfer window.

A flurry of earnings

We may have hit peak earnings season this morning — particularly with the country’s banks — as companies release their 2Q 2024 earnings. Among those reporting their results: Cenomi Centers, Al Hammadi Holding, Luberef, Ades Holding, Arabian Drilling, Dallah Healthcare, Banque Saudi Fransi, Alinma Bank, Al Rajhi, Bank Albilad, Bank Aljazira, Arab National Bank, and Mouwasat Medical.

CENOMI CENTERS-

Our friends at Cenomi Centers reported a net income of SAR 353.8 mn in 2Q 2024, up 5% y-o-y, according to an earnings release (pdf). Revenues were also up 3.8% to SAR 586.5 mn. The Kingdom’s largest lifestyle destinations operator and developer attributed the strong 2Q report to contributions form U Walk Jeddah, along with an increase in media sales, occupancy rates, and net gains from investment properties including “major progress on the Jawharat Riyadh and Jawharat Jeddah flagship developments.” This in addition to a hike in revenues from non-core business activities.

On a 1H basis: The retail giant’s bottom line rose 25.6% to SAR 590 mn during the first half of the year, compared with the same period in 2023, after adjusting for the company’s SAR 50.6 mn write off non-amortized financing costs and 2024 sukuk in 1H 2023. The top line increased 2.7% y-o-y to SAR 1.2 bn in 1H 2024.

Occupancy + footfall: ”Our occupancy rate remains robust at 92.5% whilst we continue to focus on a proactive tenant rotation to ensure we continually deliver the best retail mix. This is resonating with our customers as footfall has increased by 4.6% year-on-year with 66 mn customer visits, continuing a record-level momentum,” said CEO Alison Rehill-Erguven.

What’s in the pipeline for Cenomi’s flagships: Construction at the company’s Jawharat Jeddah and Jawharat Riyadh have exceeded 90% completion rates, up from 35% in April of this year. Initial unit handovers are penciled in for early 2025 and full operation scheduled for the 4Q 2025. Jawharat Riyadh is expected to reel in 20 mn visitors annually, and 15 mn visitors at Jawharat Jeddah, with both investments expected to lead Cenomi’s performance.

AL HAMMADI HOLDING-

Al Hammadi Holding reported a net income increase of 44% y-o-y to SAR 117.9 mn in 2Q 2024, attributing the boost to a one-time gain of SAR 55.3 mn from the sale of a land plot completed during the quarter, the company said in a disclosure to Tadawul.

Seasonal fluctuations impact revenues: The company’s top line declined 4.8% y-o-y to SAR 263.5 mn, on the back of fewer outpatient visits due to both Eids taking place during the quarter, as well as a drop in pharma sales to subsidiaries.

On a 1H basis:The healthcare group’s net income rose 11.4% y-o-y to SAR 182 mn in 1H 2024, while revenues were down 6% y-o-y at SAR 540.5 mn.

ALSO- The company is distributing SAR 56 mn in dividends for 2Q 2024 at SAR 0.35 per share, it said in a separate disclosure to Tadawul. Distribution is scheduled for Wednesday, 21 August.

LUBEREF-

Saudi Aramco Base Oil Co. (Luberef) saw its net income fall 34.3% y-o-y to SAR 299 mn in 2Q 2024, while revenues grew 4.4% during the quarter to SAR 2.7 bn, it said in an earnings release (pdf). Luberef’s net income dropped 40.3% y-o-y to SAR 538 mn in 1H 2024 “due to a decline in base oil and by-products crackmargins,” while revenues saw an 11.4% increase to SAR 4.9 bn.

Freecash flow declined 20% y-o-y to SAR 879 mn in 1H 2024. FCF is a measure of a company's financial performance and represents the liquidity that a company generates from its operations after subtracting capex needed to maintain or expand its asset base. It shows how much liquidity is available to be distributed to investors, repay debt, or reinvest in the business.

What’s next? “Our strategic HVGO project is progressing according to plan. The pipeline is currently undergoing pre-commissioning, with anticipated online operations by mid-August. This investment will enhance our production slate and drive profitability,” CEO Samer Al Hokail added.

Dividends: Luberef’s board approved the distribution of SAR 605.7 mn in dividends for 1H 2024, at SAR 3.6 per share, the company said in a separate disclosure to Tadawul. Distribution is set for Tuesday, 15 October.

ADES HOLDING-

Egypt-born Ades Holding saw its net income rise 90% y-o-y to SAR 202 mn in 2Q 2024, it said in an earnings release (pdf). Revenues were up 48.7% to SAR 1.5 bn during the same period. On a 1H basis, Ades’ bottom line more than doubled y-o-y to SAR 403 mn, while revenues grew 54.3% y-o-y to SAR 3.1 bn.

Driving the rally: The company attributes its higher performance in 1H of this year to an increase in revenues from its businesses in Saudi Arabia, Kuwait, Algerian, and Tunisia. It also reported revenue contributions from India and Indonesia. Meanwhile, revenues from its businesses in Egypt and Qatar declined y-o-y during the first half of this year.

A closer look at domestic operations: All 19 rigs of the mega tender here at home were operational as of March 2024, a significant increase from just seven rigs in the first half of 2023. Ades also secured a 10-year extension for a standard jackup rig last July, which is set to begin this quarter.

ALSO- Ades Holding will distribute SAR 237.5 mn in dividends for 1H 2024, at SAR 0.2 per share, it said in a disclosure to Tadawul.

ARABIAN DRILLING-

Arabian Drilling’s net income fell 85.6% y-o-y to SAR 20 mn in 2Q 2024, despite a 19% increase in revenues to SAR 939 mn, it said in an earnings release (pdf). The decline is attributed to a SAR 105 mn one-off noncash assets impairment charges, start-up costs for unconventional land rigs, and higher finance and depreciation expenses.

On a 1H basis:Arabian Drilling’s net income fell 41% y-o-y to SAR 166.4 mn in 1H 2022, while Revenues rose 21.4% to SAR 1.9 bn.

ALSO- Arabian Drilling will distribute SAR 120.2 mn in dividends for 1H 2024, at SAR 1.35 per share, it said in a separate disclosure to Tadawul. Distribution will be on Thursday, 22 August.

DALLAH HEALTHCARE-

Dallah Healthcare saw its net income rise 111% y-o-y to SAR 112 mn in 2Q 2024, it said in a disclosure to Tadawul. Revenues rose 14% y-o-y to SAR 765 mn, driven by increased operational capacity and higher patient count at the group’s hospitals. On a 1H basis, Dallah’s bottomline rose 56.5% y-o-y to SAR 231 mn in 1H 2024, while revenues were up 11.7% to SAR 1.5 bn.

ALRAJHI BANK-

Al Rajhi Bank reported a net income of SAR 4.7 bn in 2Q 2024, up 13.2% y-o-y, it said in a disclosure to Tadawul. Its total income from financing rose 18% y-o-y to SAR 9.5 bn, while total income from investments grew 39.5% to SAR 1.8 bn.

Al Rajhi Bank’s bottom line grew 9.7% y-o-y to SAR 9.1 bn in 1H 2024. Income from financing rose 19.2% to SAR 18.7 bn, while income from investments increased 40.4% to SAR 3.4 bn.

BANQUE SAUDI FRANSI-

Banque Saudi Fransi (BSF) saw its net income increase 5.2% y-o-y to SAR 1.1 bn in 2Q 2024, it said in a disclosure to Tadawul. BSF attributed the gains to a 6.2% decrease in operating expenses on the back of lower impairment charges. The bank’s total income from financing grew 24.5% to SAR 3.6 bn during the period, while total income from investment rose 66% y-o-y to SAR 616 mn.

On a 1H basis:BSF saw its net income increase 6% to SAR 2.3 bn in 1H 2024, the disclosure said. Meanwhile, total income from financing grew 24.3% to SAR 6.8 bn, while total income from investment rose 60% to SAR 1.1 bn.

ALSO- BSF is distributing SAR 1.2 bn in dividends for 1H 2024, at SAR 1.0 apiece, it said in a separate disclosure. Distribution is set for Monday, 26 August.

ALINMA BANK-

Alinma Bank reported SAR 1.4 bn in net income for 2Q 2024, up 15.6% y-o-y, it said in a disclosure to Tadawul. Total income from financing grew 25.7% at SAR 3.5 bn, while total income from investment surged 18% at SAR 473 mn. The bank’s bottom line increased 24.4% y-o-y to SAR 2.7 bn in 1H 2024, the disclosure said. Meanwhile, income from financing rose 31% to SAR 6.8 bn, while income from investments increased 25.3% to SAR 933 mn.

ALSO- Alinma is distributing SAR 621.4 mn in dividends for 2Q 2024, at SAR 0.25 per share, it said in a separate disclosure. Distribution is set for Sunday, 1 September.

BANK ALBILAD-

Bank Albilad’s net income came in at SAR 671 mn in 2Q 2024, up 14.5% y-o-y, it said in a disclosure to Tadawul. Its total income from financing rose 14.1% to SAR 1.7 bn, while total income from investments grew 15.5% to SAR 366 mn. Bank Albilad’s bottom line grew 14.7% y-o-y to SAR 1.3 bn in 1H 2024. Income from financing rose 16.8% to SAR 3.4 bn, while income from investments increased 22 % to SAR 735 mn.

BANK ALJAZIRA-

Bank Aljazira reported a net income of SAR 318 mn in 2Q 2024, up 22% y-o-y, it said in a disclosure to Tadawul. Its total income from financing rose 30% to SAR 1.4 bn, while total income from investments grew 23% to SAR 520 mn.

Bank Aljazira’s bottom line grew 33% y-o-y to SAR 618 mn in 1H 2024. Income from financing rose 34% to SAR 2.8 bn, while income from investments increased 30% to SAR 1 bn.

ARAB NATIONAL BANK-

Arab National Bank (ANB) reported a net income of SAR 1.2 bn in 2Q 2024, up 25% y-o-y, it said in a disclosure to Tadawul. Its total income from financing rose 17% to SAR 2.9 bn, while total income from investments grew 9% to SAR 620 mn. ANB’s net income grew 20% to SAR 2.5 bn in 1H 2024. Income from financing rose 20.7% to SAR 5.8 bn, while income from investments increased 10.4% to SAR 1.2 bn.

MOUWASAT MEDICAL SERVICES-

Mouwasat Medical Services’ net income inched up 1.4% y-o-y to SAR 152.7 mn in 2Q 2024, it said in a disclosure to Tadawul. Meanwhile, revenues rose 10% y-o-y to SAR 690 mn over the same period. Net income increased 2.2% y-o-y to SAR 324.3 mn in 1H 2024 while revenues grew 9.4% to SAR 1.4 bn.

New appointments at Knight Frank MENA, Saudi Cable

Real estate consultancy Knight Frank MENA tapped Ian Sinclair (LinkedIn) to head its project and development services in the Kingdom, it said in a post on LinkedIn. Sinclair boasts 40 years of experience in the industry, and 12 in the GCC region. He has managed a portfolio of projects worth USD 50 bn, including work on Neom and Diriyah.

Saudi Cable scraps CEO position in cost-cutting push: Saudi Cable has reassigned CEO responsibilities to Khalid bin Asaad Khashoggi, adding to his current role as managing director, it said in a disclosure to Tadawul. The company has eliminated its CEO position and relieved former CEO Fawaz bin Mubarak Al Muqbe of his duties as it looks to avoid bankruptcy. Khashoggi was previously CEO of Oak Company and vice chairman of Thimar Holding Company, among other roles.

Savola inches closer to a SAR 6 bn rights offering. Plus: Real estate, debt, manufacturing, aviation news

CAPITAL MARKETS-

Savola Group has issued a prospectus (pdf) for a SAR 6 bn rights offering to boost its capital. The capital increase aims to strengthen the company’s financial position, fund its future investments by repaying loans, and distribute shares in Almarai to shareholders through a capital reduction post-rights offering. The funds from the rights offering will be allocated to pay down c. SAR 6 bn in long-term loans.

REAL ESTATE-

PIF-owned real estate developer Roshn has listed around 1.3k units for sale as part of the fourth phase of its flagship residential development in Riyadh Sedra, state news agency SPA reported. Roshn launched the fourth phase of Sedra in March, offering 1.3k units in the first batch. Sedra’s fourth phase is scheduled to feature a total of 4.9k units.

MANUFACTURING-

#1- Arabian Pipes was awarded a SAR 107 mn, 11-month contract to supply steel pipes to Aramco, according to a disclosure to Tadawul.

#2- Al Jouf Agricultural Development Company is set to double production capacity at its French fries factory with investments worth SAR 87 mn, a disclosure to Tadawul showed. The agricultural products producer will break ground on the project during this quarter and wrap it up in 3Q 2026, with commercial production slated for 4Q 2026.

AVIATION-

India’s budget airline Air India Express plans to launch a direct weekly flight between Kerala and Riyadh starting Monday, 9 September, according to a media report.

DEBT WATCH-

Fund manager Mefic Capital has lined up SAR 400 mn financing facility from Saudi Awwal Bank to pay off SAR 347.5 mn in outstanding debt owed by its Mefic REIT Fund, it said in a statement. The new facility has a seven-year tenure.

FINANCIAL SERVICES-

Al Rajhi Capital has received regulatory approval for the public offering of its Endowment Fund, according to a statement.

Optimism over crypto sours as BTC, ETH plummet amid stock market slump

Bad news for crypto bros: Cryptocurrencies are the latest victims of plummeting stock markets, as investors flee risky assets for safer harbors. BTC had tumbled by 8.9% over the last 24 hours as of midnight yesterday, while the second largest cryptocurrency ETH fell 11.9% in the same period, marking some of the largest single-day drops seen in years.

This souring of sentiment marks a sharp reversal of the optimism that had recently permeated crypto markets following the US Securities and Exchange Commission in January approving ETFs that track the spot prices of BTC and ETH. Crypto also got a boost last month as US presidential candidates Donald Trump and Kamala Harris jockeyed to position themselves as the “pro-crypto” candidate. Trump’s appearance at the BTC 2024 convention even pushed BTC above USD 70k for the first time in over a month — despite his one-time branding of the cryptocurrency as a “scam.”

Your reminder that crypto is not a safe haven: While crypto’s fall is largely the result of the same pressures that are impacting assets everywhere, its risk profile makes it particularly susceptible to market downturn. “It's a big reminder that BTC and crypto in general are risk assets and sit at the pointy end of the risk spectrum,” market analyst at IG Tony Sycamore tells Reuters.

TASI	11,504	-2.1% (YTD: -3.9%)
MSCI Tadawul 30	1,448	-1.9% (YTD: -6.6%)
NomuC	25,701	-1.6% (YTD: +48%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	27,841	-2.3% (YTD: +11.8%)
ADX	8,975	-3.4% (YTD: -6.3%)
DFM	4,046	-4.5% (YTD: -0.3%)
S&P 500	5,186	-3.0% (YTD: +8.7%)
FTSE 100	8,008	-2.0% (YTD: +3.6%)
Euro Stoxx 50	4,572	-1.5% (YTD: +1.1%)
Brent crude	USD 76.30	-0.7%
Natural gas (Nymex)	USD 1.96	+1.0%
Gold	USD 2,452	+0.3%
BTC	USD 53,920	-8.9% (YTD: +27.3%)

THE CLOSING BELL: TADAWUL-

The TASI declined 2.1% yesterday on turnover of SAR 10.6 bn. The index is down 3.9% YTD.

In the green: Tawuniya (+3.9%), Dallah Health (+3.2%) and Elm (+2.1%).

In the red: Ayaan (-10.0%), Walaa (-10.0%) and ACIG (-9.9%).

THE CLOSING BELL: NOMU-

The NomuC declined -1.6% yesterday on turnover of SAR 45.5 mn. The index is up 4.8% YTD.

In the green: NGDC (+9.2%), Armah (+5.6%) and Quara (+4.3%).

In the red: Obeikan Glass (-12.0%), Keir (-8.7%) and Ghida Alsultan (-7.7%)

CALENDAR

AUGUST

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

12-13 August (Monday-Tuesday): Monshaat Franchise Tour, Al-Khobar.

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh.

18 August (Sunday): New academic year begins.

18-22 August (Sunday-Thursday): SANS Riyadh Cyber Leaders August 2024, Hyatt Regency Riyadh Olaya.

24-25 August (Saturday-Sunday): New Global Sport Conference 2024 (NGSC24), Four Seasons Hotel Riyadh.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

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

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

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

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

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

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

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

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

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

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

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

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

OCTOBER

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

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

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

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

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.

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

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

NOVEMBER

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

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

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

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

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

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

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

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

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

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

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

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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

FEBRUARY 2025

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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