Saudi’s private sector employed 12.1 mn people in 2024 + New nationalization targets kick off this year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Amerigo Vespucci comes to Jeddah

Good morning, wonderful people. We have another relatively busy issue for you this morning, leading with the latest private sector employment figures, as well as new Saudization targets for the year ahead.

HAPPENING TODAY-

The Italian Navy’s historic sailing ship the Amerigo Vespucci will bring its world tour totheJeddah Yacht Club & Marina for four days starting today. The visit will feature the Villagio Italia exhibition, showcasing Italian design, gastronomy, and culture, with musical performances, art displays, and conferences on tourism, sustainability, and inclusion. Entrance to the exhibit is without charge, but visitors must pre-register.

The International Conference on Asset, Facilities, and Maintenance Management is on its second day today at the Ritz-Carlton in Jeddah and wraps tomorrow. The week-long conference and meet-up looks to showcase new innovations and developments in assets and facilities management while advocating for the increased application of AI, IoT and Big Data, as well as the adoption of sustainable practices.

The International Conference on Asset, Facilities, and Maintenance Management is also on its second day and wraps tomorrow at the Ritz-Carlton in Jeddah. The event gathers global experts to discuss the latest trends in electrical systems, transportation, water systems, cybersecurity, smart maintenance, and digital transformation.

WEATHER- It’s thunderstorms for Riyadh today with a high of 20°C and a low of 11°C, while a windy Jeddah will see a high of 29°C and a low of 20°C. Madinah’s mercury will peak at 24°C, with a low of 14°C.

PSAs-

#1- Industrial investors can now use Modon’s early booking service to secure ready-built factories or supporting facilities that are under construction, Modon said in a post on X. Applications can be filed through Modon's portal.

#2- Moody’s Investors Services Middle East Limited has been renamed to Moody’s Investors Services KSA Branch, according to a statement from the Capital Market Authority. The name change comes in compliance with the Capital Market Law’s implementing regulations.

REMEMBER- The Cabinet signed off a new Commercial Registration Law and Trade Name Law, which are set to take effect on 2 April after their publication in the Kingdom’s official Gazette in October. Among other changes, it introduced a ban on duplicated trade names for businesses, even if they operate in different sectors or on different commercial activities and requires companies to have a singular commercial register covering all of their activities in Saudi.

WATCH THIS SPACE-

#1- Saudi and Italy are looking to form a strategic partnership council, after Crown Prince Mohammed bin Salman and Italian Prime Minister Giorgia Meloni signed an agreement during Meloni’s visit to the Kingdom, state news agency SPA reports. Meloni arrived in Jeddah on Saturday for a visit, following the recent signing of a five-year MoU between the two countries to bolster energy cooperation, including the potential supply of Saudi-made hydrogen to Europe via Italy.

#2- Aslak names financial advisor for upcoming acquisition: United Wire F actories (Aslak) tapped Alkhair Capital to be its financial advisor for the potential acquisition of a 40% stake in Al Raeda Industrial Investment, it said in a disclosure to Tadawul.

REFRESHER- This follows a non-binding MoU signed last month to acquire a 40% stake in Al Raeda Industrial Investment through a share swap. The move will see Al Raeda’s shareholders receive newly-issued shares in Aslak, according to an exchange ratio that will be agreed on following the completion of valuation and due diligence processes. Aslak has six months to finalize the terms and lock in the transaction.

#3- Southern regions were hit by a blackout on Saturday, with the SEC attributing the outage — which affected Jazan, Asir, and Najran — to a sudden shutdown of power stations, the Saudi Gazette reported. The Saudi Electricity Regulatory Authority instructed the SEC to investigate the incident and submit its findings, the report said. Power was restored shortly after midnight yesterday, the SEC said, although some users claimed the outage continued in some areas.

#4- The Real Estate Development Fund plans to launch a new repayment mechanism for self-construction finance beneficiaries this year, Aleqtisadiah reports, citing an unnamed source who refused to elaborate further on the mechanism.

DATA POINTS-

#1- CEOs in Saudi are highly optimistic about 2025: Some 98% of Saudi-based CEOs are confident about revenue growth this year, with 70% expecting to increase their workforce during the year, according to PwC’s annual CEO survey. Some 81% of Saudi CEOs have adopted AI during 2024 and 64% plan to carry out at least one acquisition within the next three years, the survey showed.

THE REGIONAL VIEW- Investors are also confident about the region’s growth prospects this year: Growth in the Middle East is expected to be stronger in 2025 than it was in 2024 on the back of “continued solid expansions in the non-oil economies in key countries such as Saudi Arabia and the United Arab Emirates,” as well as “some likely increase in oil production,” according to the Association of Chartered Certified Accountants’ Global Economic Conditions report (pdf).

Confidence in the region among chief financial officers and accountants was among the highest in the world in 4Q 2024, coming only second to South Asia in terms of overall economic confidence among the 1.8k surveyed. The study also showed that new orders in the region grew by 10 index points in 4Q 2024, outperforming all other markets surveyed — further pushing confidence in the region’s growth prospects for the year.

#2- The Tadawul All Share Index (TASI) rose 0.8% w-o-w, with SAR 33 bn in turnover bytheend of last week, according to a weekly report from the exchange.

Al Rajhi was the most traded in terms of value, ending the week with SAR 1.7 bn in turnover. Nice One came in second at SAR 964.8 mn in trade volume, followed by SNB with SAR 872.6 mn in turnover. Saudi Cable was the top gainer, seeing its shares rise by 25.1%, followed by Thimar (+18%) and Jouf Cement (+15.6%).

Investor mix: Saudi institutional investors turned over SAR 7.7 bn-worth of shares, while Saudi individual investors’ turnover came in at SAR 40.1 bn. Meanwhile, turnover from qualified foreign investors came in at SAR 15.3 bn and GCC institutional investors’ turnover was SAR 1.1 bn, according to Tadawul’s weekly stock market ownership and trading activity report (pdf).

SPORTS-

#1 FROM THE RUMOR MILL- Al Ittihad reportedly in for a Barcelona academy player: Al Ittihad, currently in second place in the Saudi Pro League, is reportedly looking to add Barcelona’s Unai Hernandez for as little as USD 6 mn, Goal reports. Hernandez’s contract runs out on 30 June this year, with the Catalan club looking to bolster its finances ahead of a potential move to acquire Marcus Rashford, who is seemingly set for a move away from Manchester United.

ALSO- SPL clubs seem to be sizing up a move for Barcelona’s Pedri in a monumental move that could also land Real Madrid’s Vinicius Júnior in the Kingdom, SportBible reports.

#2- LeBron James has partnered with AlUla to launch a new team, Team AlUla, at the PIF-backed UIM E1 World Championship, the world’s first all-electric raceboat series, according to a press release (pdf). The team debuted in the 2025 season, starting with the E1 Jeddah GP that ran from Friday 24 January to Saturday 25 January.

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THE BIG STORY ABROAD-

US President Donald Trump continues to make headlines with a fresh set of tariffs slapped on Colombia and calls for Gazans to settle in Egypt and Jordan to make way for a “clean-out” of Gaza.

Trump slapped a 25% tariff on all imports from Colombia — set to be raised to 50% in a week — along with a travel ban on Colombian government officials and financial sanctions after Colombia sent back two US military aircraft carrying deported migrants from the country. The deportation came as part of Trump’s sweeping crackdown on illegal immigration, which included a broad ban on asylum, since taking office. Colombia responded with its own 25% tariff on US imports. (Reuters | Bloomberg | WSJ | BBC)

In separate news, Trump called for Palestinians displaced from Gaza to be resettled in Jordan and Egypt either temporarily or permanently. Trump noted to reporters following a call with Jordan’s King Abdullah Saturday that he wanted both Jordan and Egypt to take in more displaced Palestinians, saying in reference to Gaza that “we should just clear out the whole thing.” The idea was rejected by Jordan and the Palestinian authority, and Trump officials later on Sunday suggested that Gazans would receive guarantees that they would eventually be allowed to return in a bid to downplay the suggestion.

OVER IN LEBANON- Israeli forces opened fire on a group of protestors in Lebanon demanding their withdrawal in line with the agreed 60-day deadline as part of the ceasefire, killing at least 22 and injuring 124 people, AP reports. The White House later issued a statement that the deadline for Israeli troops’ withdrawal has been extended to 18 February, after Israel said it is waiting for the Lebanese army to deploy to all areas of South Lebanon to ensure that Hezbollah does not reestablish its presence there, despite statements from the army that it cannot deploy there unless Israeli troops withdraw.

Saudi’s private sector employed 12.1 mn people in 2024 + New nationalization targets

The private sector employed a total of 12.1 mn workers in 2024, with expatriates accounting for 80% at 9.6 mn and Saudis at 2.5 mn, Alwatan reports citing Human Resources and Social Development Ministry data.

The gender gap: Saudi women accounted for 41% of local workers at 1.1 mn in 2024, while males made up 59% at 1.4 mn. Among expats, men dominated with 96% (9.2 mn), while women only comprised 4% of foreign workers (420.6k). Women workers were mainly based in Riyadh, with 48% of women nationwide working in the capital.

Riyadh is the hub: The capital had the highest overall workforce concentration, hosting 45% of all local workers in 2024 at 1.1 mn, followed by the Eastern Region at 23% (574.3k), and Makkah at 20% (481.9k). Meanwhile, nearly half expat workers were based in Riyadh at 47% (4.5 mn), followed by the Eastern Region (18%), and Makkah (17%).

Al Baha was on the other end of the spectrum, with only 0.3% of local workers nationwide, accounting for just 6.4k workers. Northern Borders closely followed with 0.3% (7k), while Al Jouf’s share was 0.4% (10.3k).

ALSO FROM THE MINISTRY-

Nationalization rates are set to be increased in 269 professions across various sectors, following new directives from the Human Resources and Social Development Ministry, according to a post on X. Targeted sectors include dentistry, pharma, accounting, and engineering.

The new localization push will see different targets and directives for various sectors:

The engineering sector’s localization rate will be raised to 30%, with a focus on increasing local employment across 184 job categories, effective starting 27 July.

Dentistry is targeting a 45% localization rate in the first phase starting 27 July, to be increased to 55% in the second phase slated for 27 January 2026.

Accounting will see government programs increase Saudi representation across 44 job categories. In the first phase of the program, firms with more than five accountants will need to achieve 40% localization rate, effective starting 27 October 2025, with the rate increasing by 10 percentage points annually to hit a 70% Saudization target by October 2028 in the program’s fourth phase. The fifth phase, set to begin in late 2029, will focus on firms with 3 to 4 accountants, aiming for a 30% localization rate.

The pharma sector’s directives focus on businesses with five or more workers, with the program aiming to achieve a 35% Saudization rate at community pharmas and medical complexes, 65% for pharma-related activities in hospitals, and 55% for other activities. The decision will be effective starting 27 July.

Private sector debt to remain stable over the next 1-2 years -S&P Global

The Kingdom’s private sector debt is set to remain below 100% of GDP over the next 1-2 years, according to a report by S&P Global. Despite an uptick in borrowing to bankroll new investments, private sector and sovereign debt is expected to remain “manageable,” the report said.

The rationale: Leveraging rates are expected to grow over the medium to long-term. While this could increase Saudi’s exposure to external market conditions, falling interest rates and favorable market conditions will help offset negative effects.

By the numbers: Saudi government and private sector issuers raised upwards of USD 130 bn in USD-denominated bonds over the past five years, alongside over USD 144 bn in local SAR issuances, according to the report. Government borrowing accounted for around 60% of these issuances.

Banks are expected to take on a larger role going forward. Recent issuances included Al Rajhi Bank and Banque Saudi Fransi’s wrapping up of an AT1 sukuk offering totaling USD 2.25 bn earlier this month. Arab National Bank (ANB) also plans to issue SAR-denominated sukuk via private placement, among other moves on the debt market by Saudi banks.

REMEMBER- Bank credit is expected to grow 10% this year, spurred by corporate lending to fund diversification projects. Meanwhile, lower interest rates and growing demographics are expected to boost mortgage lending, the credit ratings agency said in a separate report last week.

Is a Saudi RMBS market on the cards? Banks have some USD 175 bn in mortgages on their balance sheets at fixed interest rates, financed by short term deposits. As interest rates fall, banks would stand to make gains by offloading these mortgages on secondary markets, leading to the potential rise of a residential mortgage-backed securities (RMBS) market — assuming that legal and regulatory blocks are removed and risks are low, S&P argues. Activity on an RMBS market could give banks further capital to support diversification-related investments.

Enhancing Marketing Excellence: A Strategic Partnership between AUC Onsi Sawiris School of Business Executive Education and AMICO Group

The AUC Onsi Sawiris School of Business Executive Education (ExecEd) has partnered with AMICO Group to deliver innovative educational solutions that empower healthcare professionals to navigate the complexities of the industry.

Since its founding in Saudi Arabia in 1984, AMICO Group has established itself as a leader in healthcare, driving continuous growth and expanding into new markets. Through this partnership, ExecEd complements AMICO’s expertise with academic rigor and practical insights, creating programs that address the unique challenges of healthcare marketing.

Strategic Marketing and Business Acumen Program

The first phase of this collaboration was the Strategic Marketing and Business Acumen Program, designed for middle-level management. The 18-hour training program emphasized the importance of strategic marketing in healthcare. Over three days, participants explored essential topics such as market orientation, internal and external analysis, market segmentation, and brand strategy. These concepts are contextualized within the healthcare sector through practical case studies.

Reflecting on the program’s value, Lucie Hazarian, Chief Operating Officer of AMICO Group, remarked, “Upon the completion of the Strategic Marketing and Business Acumen program conducted by the Executive Education instructors at the Onsi Sawiris School of Business, our team expressed the utmost enthusiasm about the content and material covered during the module.”

Hazarian also emphasized how the partnership aligns with AMICO Group's overall mission of continuous education, describing it as a valuable boost to the career development of the participating managers.

Participants explored the various levels of marketing strategy, from corporate to clinical marketing, equipping them with tools to analyze and respond effectively to the healthcare business environment. The program concluded with a capstone project, where participants developed and presented comprehensive marketing plans tailored to their organization's specific needs in the healthcare arena.

The Marketing Foundation Program

The second phase of this collaboration introduced the Marketing Foundation Program, designed for junior marketers as a crucial introduction to healthcare marketing principles. This program focused on building a strong foundation in the marketing mix, covering areas such as product innovation, pricing strategies, and distribution channels specific to healthcare.

A defining feature of the program was the application of theoretical knowledge to real-world case studies, enabling participants to craft effective marketing strategies that resonate with healthcare providers and patients alike.

Participants praised the program for expanding their understanding of marketing. Nicholas Antaki, a sales executive in dermatology from Lebanon, stated, “The training was eye-opening, especially for those of us without a solid background in marketing. The instructor was insightful, always illustrating abstract concepts with real-life stories.”

A Lasting Impact on Healthcare Marketing

As AMICO Group continues to support healthcare specialists with innovative solutions and advanced technology, its collaboration with AUC Onsi Sawiris School of Business Executive Education is set to create lasting improvements in healthcare marketing practices, equipping professionals with the tools to excel in an ever-evolving industry.

For more information on the programs we provide at ExecEd, reach out to us or visit our website here.

King Khalid International Airport in Riyadh leads Gaca rankings for fifth consecutive month

King Khalid International Airport on top, again: King Khalid International Airport in Riyadh maintained the top position in December among international airports handling 15 mn or more passengers annually, marking its fifth month at top spot, according to aviation regulator Gaca’s monthly report. King Abdulaziz International Airport in Jeddah also retained its spot as runner-up.

The breakdown:

In the 5-15 mn passenger category, King Fahd International Airport in Dammam tied for first place with Prince Mohammed bin Abdulaziz International Airport in Madinah;
In the 2-5 mn passenger category, both Abha International Airport and King Abdullah bin Abdulaziz Airport in Jizan recorded a 100% compliance rate;
Arar International maintained the lead among airports with fewer than 2 mn annual passengers;
Turaif Airport led the domestic airports category, surpassing Gurayat airport.

The methodology: The aviation regulator assesses 11 factors related to passenger experience, including waiting times for travel procedures, baggage collection, passport and customs controls, accessibility for travelers with limited mobility, and other internationally recognized criteria.

Derayah’s net income up 34.2% y-o-y in 3Q 2024

Derayah Financial’s net income rose 34.2% y-o-y to SAR 108.3 mn in 3Q 2024, while revenues increased 22.4% to SAR 209.8 mn over the same period, according to earnings reports Argaam says it has seen.

On a 9M basis: The brokerage firm’s bottomline increased 56.6% y-o-y to SAR 336.3 mn in the first nine months of 2024. Meanwhile, revenues grew 47.3% y-o-y to SAR 644 mn, driven by a 31% y-o-y increase from brokerage returns and more robust gains from murabaha, asset management, and investment segments, Argaam reports.

ICYMI- Derayah is set to become t he Kingdom’s first brokerage to go public on Tadawul, with the firm taking a 20% stake to the main market in a secondary share sale that will see 49.95 mn company shares up for grabs. Derayah is set to announce pricing and start institutional book building in 2 February.

National Transformation Program Center taps Fawaz Alrabeh as new CEO

The National Transformation Program appointed Fawaz Alrabeh (LinkedIn) as the new CEO of the National Transformation Program Center, according to state news agency SPA. Alrabeh has held various leadership roles within the program, including his most recent role as CEO of the Performance Sector, where he led development and implementation of strategic plans for Vision 2030 initiatives.

Asir is getting eight new road projects at a cumulative cost of SAR 752 mn

INFRASTRUCTURE-

#1- More roads for Asir: The government launched eight new road projects in the Asir Region spanning a total of 145 km at an estimated cost of SAR 752 mn, state news agency SPA reports.

Here’s a breakdown of the projects, according to a post on X from the Roads General Authority:

A SAR 215 mn project will see the duplication of the 10 km long road of Al Farshah - Al Raboah - Al Jurbah - Dhahran Al Janub;
A SAR 126 mn project will see the construction of the 14 km long road of Bahr Abu Sukaynah - Al Haridhah;
A 125 mn project that will see the duplication of the 30 km long road of Khamis Mushait - Bisha;
An SAR 84 mn project that involves the duplication of the 40 km long road of Bisha - Ranyah;
A SAR 70 mn project that involves resuming the duplication of the 5 km long road of Abha - Taif;
A SAR 57 mn project that involves resuming the construction of the intersection between Mansak’s Highway 40 and King Abdullah road, as well as the intersection between King Abdullah road and Ahad Rafidah road;
A SAR 49 mn project that involves resuming the construction of 16 km long roads of Muhayil - Saeedat Alswaleha, and Al Mouqatara - Akhafah - Qarn Mikhled;
A SAR 26 mn project that involves the resuming the construction of the 17 km long road of Khamis Mushait - Al Emara - Shear.

#2- The Saudi Public Transport Company signed a one-year SAR 113.85 mn contract with the Development of Madinah Authority to operate shuttle transportation services for the Pilgrims Experience Program in Madinah, it said in a disclosure to Tadawul.

REAL ESTATE-

First Avenue to add two properties to the La Perle Real Estate Fund: First Avenue for Real Estate Development signed a contract with La Perle Real Estate Fund to sell the La Perle West project in Jeddah's Al-Shatei district and a nearby land for a combined value of SAR 126 mn, which it will obtain as units in the fund, it said in a disclosure to Tadawul. La Perle West, sold for SAR 93 mn under the transaction, is a six-story office tower that also features commercial spaces. The transaction will see First Avenue net some SAR 19.5 mn in capital gain this year.

REMEMBER- First Avenue entered into a non-binding agreement earlier this month with AWJ Real Estate Development to set up the La Perle Real Estate Fund, in which it will have a 40%-50% stake. The fund aims to acquire and develop commercial, office, and hospitality projects — with a focus on West La Perle, East La Perle, La Perle Residential Land, and La Perle Hotel Land.

ALSO- The real estate developer will make SAR 57 mn in brokerage fees as part of a brokerage agreement it signed with Sarh Al Lu’lu’a Real Estate Company, it said in a separate filing to the exchange. The agreement runs for 30 days.

INS.-

S&P Global Ratings affirmed Walaa Cooperative Ins. Company’s long-term issuer financial strength rating at A-, with a stable outlook, the credit rating agency said in a note. Strong business growth and high regulatory solvency levels underpinned S&P’s forecast. S&P also affirmed both the company’s long-term regional and national scale financial strength ratings at AAA.

LOGISTICS-

Port operator Red Sea Gateway Terminal (RSGT) plans to invest up to USD 200 mn in Bangladesh’s Chittagong Port’s Patenga Container Terminal — which it already manages — to expand its handling capacity, unconfirmed Bangladeshi media reports cite RSGT Chairman Aamer Alireza as saying at Davos.

The Saudi terminal operator inked a 22-year concession agreement with the Chittagong Port Authority back in December 2023. The firm has reportedly placed a USD 25 mn order for hybrid container handling cranes from China and is looking to make another order for the same figure in the weeks to come, says the news outlet.

SUSTAINABILITY-

Novus Crete Alliance launched to drive sustainable construction: The Petroleum Demand Sustainability Program signed an MoU with the Public Investment Fund, Saudi Investment Recycling, Neom, Sika, and Climate Crete to launch the Novus Crete Alliance, with the aim of reducing the construction sector’s carbon footprint by developing sustainable concrete, state news agency SPA reports.

The initiative looks to develop local know-how in the development of sustainable concrete by using local resources such as seawater, recycled materials, and glass fiber reinforced polymer. The Petroleum Demand Sustainability Program will also develop standards and codes for the use of seawater concrete.

Hedge fund assets rose to USD 4.5 tn in 2024 amid greater inflows

Hedge funds’ assets under management (AUM) hit USD 4.5 tn in 2024, rising 9.8% y-o-y, Reuters reports citing HFR. This USD 401.4 bn increase — the highest since 2021 — was largely driven by robust performance across various strategies, despite a challenging investment environment.

More money in: Hedge funds attracted USD 10.47 bn in net inflows in 2024, marking the first annual positive net flow since 2021, although 4Q saw USD 12.6 bn in outflows. AUM have grown by 56% since 2015, with the increase coming mostly on the back of fund performance rather than new inflows as the industry struggled to lure in new money from investors. Meanwhile, outflows exceeded inflows by USD 166.8 bn over the past decade.

How were the returns? Funds delivered a 9.83% average return in 2024, with positive outcomes across equity, macro, event-driven, and relative value strategies, according to data from the HFRI Fund Weighted Composite index, cited by Reuters. However, the average return dwarves that of the S&P 500 during the same period, standing at 23.3%

Investors are more interested now: A Bank of America survey of 256 firms managing over USD 1 tn in hedge fund assets showed that half of investors plan to increase allocations this year, up 2% from early 2024, while 37% will not make changes, Reuters reported separately. Investors withdrawing completely from hedge funds dropped to 7% in 2024, compared to 12% in 2023, with dissatisfaction mainly tied to underperformance (73%) and concerns over changes to investment strategies or portfolio simplification.

Looking ahead: “Total global hedge fund industry capital rose to a fifth consecutive quarterly record as managers, institutions and investors positioned for sweeping policy changes which are likely to have significant and far-reaching implications for US and global financial market structure, regulation and capital,” HFR president Kenneth J. Heinz told Reuters.

MARKETS THIS MORNING-

Asian markets were mostly in the green this morning after China published its PMI data. Hong Kong (Hang Seng) rose 0.8%, and Shanghai Composite rose 0.3%, while Japan’s Nikkei declined 0.6%. Meanwhile, Wall Street futures are down as investors anticipate earnings week.

TASI	12,386	+0.3% (YTD: +2.9%)
MSCI Tadawul 30	1,545	+0.1% (YTD: +2.4%)
NomuC	30,896	+0.2% (YTD: -1.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,035	+0.1% (YTD: +1.0%)
ADX	9,564	+0.2% (YTD: +1.5%)
DFM	5,226	-0.4% (YTD: +1.3%)
S&P 500	6,101	-0.3% (YTD: +3.7%)
FTSE 100	8,502	-0.7% (YTD: +4.0%)
Euro Stoxx 50	5,219	0.0% (YTD: +6.6%)
Brent crude	USD 78.50	+0.3%
Natural gas (Nymex)	USD 4.03	+2.1%
Gold	USD 2,806.60	+0.5%
BTC	USD 104,415.50	-0.7% (YTD: +11.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 5.1 bn. The index is up 2.9% YTD.

In the green: Kingdom (+9.8%), Al Baha (+9.3%) and SFICO (+7.8%).

In the red: Jouf Cement (-3.6%), APC (-2.5%) and Rasan (-1.9%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.2% yesterday on turnover of SAR 53.8 mn. The index is down 1.8% YTD.

In the green: Al Waha Reit (+8.4%), SPC (+8.3%) and Al Dawliah (+7.8%).

In the red: Knowledge Tower (-10.5%), Qomel (-6.6%) and Osool and Bakheet (-6.6%)

CALENDAR

JANUARY

27-29 January (Monday-Thursday): Amerigo Vespucci and Villaggio Italia, Jeddah Yacht Club 7 Marina.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

28-29 January (Tuesday-Wednesday): Federal Open Market Committee meeting.

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

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

31 January (Friday): Deadline for businesses to update their registered customs items.

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

FEBRUARY

1 February (Saturday): UFC Fight Night: Adesanya vs Imavov, The Venue, Riyadh.

2 February (Sunday): Flyadeal launches direct flights to Karachi, Pakistan, departing from Riyadh and Jeddah twice a week.

2 February: Derayah Financial announces Price Range and begins institutional book building for its Tadawul IPO

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

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

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

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

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

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

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

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

19-20 February (Wednesday-Thursday): The Capital Markets Forum, The Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

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

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH

1-30 March: Ramadan (TBC).

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

APRIL

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

MAY

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

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

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

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

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

JUNE

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

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

JULY

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

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

AUGUST

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

NOVEMBER

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

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

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear Emergencies, Riyadh.

December: The Fortune Global Forum 2025, Riyadh.

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

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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