SEC completes USD 2.8 bn dual-tranche sukuk offering

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Trump, Putin to meet in Riyadh + World Bank sees GCC economies growing by 3.4% in 2025

Good morning, ladies and gents. We wrap up a big week for Saudi business and tech, that saw Leap 25 score over USD 25 bn in total investments and tech launches, as well as the two-day PIF’s Private Sector Forum which saw the unveiling of big tickets on its first day.

In today’s issue: SEC completes USD 2.8 bn dual-tranche sukuk offering, Tabby raises USD 160 mn in Series E round raising its valuation to USD 3.3 bn, and three Saudi companies join the MSCI Small Cap Index. Let’s dive in.

WEATHER- A rainy Riyadh is looking at a 23°C high and a 16°C low today. Jeddah is in for light showers, a 28°C high and 20°C low. Meanwhile, Makkah will also see rainstorms as well as a 29°C high and 21°C low.

HAPPENING NEXT WEEK-

The Capital Markets Forum — organized by Saudi Tadawul Group — kicks off on Tuesday, 18 February at Riyadh’s KAFD Conference Center, before moving to the Four Seasons Hotel Riyadh for the following two days.

** EnterpriseAM will be at the Forum in Riyadh next week, Tuesday to Thursday. Feel free to drop us a line at awahid@enterprisemea.com — we’d love to grab a coffee and chat about the latest in the industry.

WATCH THIS SPACE-

#1- US President Donald Trump and Russian President Vladimir Putin are set to meet in Riyadh “in the not-so-distant future” to iron out details for a Ukraine peace agreement, Trump said yesterday. The US president declined to confirm he will meet Ukraine’s Zelenskiy.

We knew this was coming: The Kingdom and the UAE were floated as possible venues for an upcoming meeting of the two presidents, Reuters reported earlier.

ALSO- Trump to address PIF’s summit in Miami this month: Trump is expected to deliver an in-person address at the PIF-hosted FII Priority summit in Miami, Reuters reports, citing anonymous sources. The event, which brings together global financiers and tech executives, will run from February 19 to 21.

It’s been an up-and-down few weeks for Saudi-Trump: Trump’s participation follows Saudi Arabia’s categorical rejection of his call to displace Palestinians from Gaza as part of a US takeover of the strip to turn it into “the Riviera of the Middle East”. The president’s participation in spite of regional tensions “demonstrates that the US-Saudi relationship is multi-dimensional and Riyadh is able to compartmentalize policies,” Neil Quilliam, associate fellow at the Middle East and North Africa Program of London-based think tank Chatham House, told Reuters.

#2- The World Bank sees GCC economies growing by 3.4% in 2025, and potentially rising further to 4.1% in 2026, buoyed by significant investments in non-oil sectors, the bank’s Vice President for the Middle East and North Africa Ousmane Dione told state news agency UAE’s state news agency Wam on the sidelines of the World Governments Summit (WGS) in Dubai. Oil-producing nations in the MENA region will see slowed growth during the year as a result of lowering their oil production, while oil importers will see further growth due to more diversified economies, he added.

Not everyone’s optimistic about the Kingdom’s growth prospects this year: Capital Economics expects Saudi Arabia’s GDP growth to “underwhelm this year” despite strong non-oil growth, as gains in the non-oil sector were “offset by oil GDP that contracted after extended oil output cuts,” according to a Capital Economics note seen by EnterpriseAM.

REMEMBER- Capital Economics expects the Saudi economy to grow 3.5% in 2025, while the IMF and the World Bank recently slashed the Kingdom’s 2025 growth projections to 3.2% and 3.4% respectively, citing extended Opec+ production cuts.

#3- Saudi takes helm of global anti-corruption network: Saudi Arabia officially assumed the presidency of the UN’s Global Operational Network of Anti-Corruption Law Enforcement Authorities (GlobE Network) for the 2025-2027 term, state news agency SPA reports. The Kingdom succeeds Spain in leading the network, which brings together over 219 law enforcement agencies from more than 120 countries to coordinate international efforts against corruption cases and instances of cross-border corruption.

#4- The Capital Market Authority cleared Sedco Capital to publicly offer its Sedco Capital Global Monthly Distributions Fund, according to a statement.

DATA POINTS-

#1- Orders handled by delivery apps in the Kingdom reached 290 mn in 2024, the Transport General Authority said in a post on X . Riyadh Province accounted for 45.3% of the 290 mn orders in 2024 at 130.5 mn orders, followed by Makkah Province at 65.4 mn (22.7%) and the Eastern Province at 43.2 mn (15%), according to

#2- Some 40% of 5G customers in Saudi Arabia are unsatisfied with best-effort 5G services due to connectivity issues in high-traffic areas, according to a report by Ericsson. Meanwhile, 27% of 5G users are willing to pay a 30% premium for performance guarantees on apps vulnerable to latency and uplink disruptions.

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THE BIG STORY ABROAD-

The war in Ukraine is in the spotlight this morning, as an unexpected rapprochement between the US and Russia opens the door for peace talks.

Russo-Ukranian talks to kick off: US President Trump agreed — in his first publicly announced phone call with Russian President Vladimir Putin — to start negotiations aimed at ending the war “immediately” and reaching a long-term settlement. The two presidents are set to meet later in Riyadh to iron out the details, Trump added.

Blindsiding allies: The announcement came hours after US Defense Secretary Pete Hagseth told the Nato that Ukraine’s aims to join the alliance are “unrealistic,” conceding that the country will probably have to accept losing territory.

Ever the businessman: The US also presented Ukraine’s president Volodymyr Zelenskiy with an economic partnership agreement, during a visit by Treasury Secretary Scott Bessent to Kyiv. Zelenskiy said the talks will include “Ukraine’s potential in natural resources,” a particular interest for Trump, who said earlier he would like to tap into Kyiv’s critical minerals as well as open its markets to US energy exports in exchange for military and economic support. (NY Times | Bloomberg | FT | Reuters | CNN | Semafor)

Tariffs push not slowing down: Trump could sign his reciprocal tariffs today, ahead of India’s Prime Minister Nerandra Modi landing in Washington, where the two are scheduled to discuss trade concessions to spare India potential tariffs. (CNBC)

Eyes are still on the region: Tensions are high closer to home, as Egypt’s president Abdel Fattah El Sisi has reportedly opted to stay away from the White House as long as the agenda includes talks on displacing Gazans. Meanwhile, Israel is reportedly pushing to retain a number of positions in Lebanon after the US shot down a request to keep most troops in the country in violation of the ceasefire agreement with Hezbollah. (Bloomberg | Reuters)

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EDITOR’S NOTE- This story was amended on Thursday, 13 February to correct Tabby’s valuation to USD 3.3 bn. A previous version of this story incorrectly stated that the company’s current valuation is at USD 33 bn.

SEC completes USD 2.8 bn dual-tranche sukuk offering

Saudi Electricity Company (SEC) completed a USD 2.8 bn dual-tranche sukuk offering on the London Stock Exchange, it said in a disclosure to Tadawul. The senior unsecured, USD-denominated issuance was structured through a special purpose vehicle (SPV).

The details: The offering featured a five-year tranche of USD 1.5 bn with an annual yield of 5.225% and a ten-year green tranche of USD 1.25 bn with an annual yield of 5.489%. Some 13.8k sukuk certificates were issued, each with a nominal value of USD 200k.

Use of proceeds: Proceeds from the offering will be used to fund SEC’s general business needs, including infrastructure and development costs, the disclosure said. Part of the proceeds will be allocated to renewable projects that align with the company’s Green Sukuk Framework, the statement added.

IN CONTEXT- The green tranche is SEC’s fourth offering under its Green Sukuk Framework, through which the company raised USD 3.8 bn since the program launched in 2020, state news agency SPA reports.

REMEMBER- SEC is actively working on funding its green initiatives: In January, SEC signed an MoU with Italy’s state export credit agency Sace to explore credit guarantees to SEC for new sustainable projects, to develop the Saudi electricity system in collaboration with Italy’s EPC and O&M service providers.

ADVISORS- HSBC, Standard Chartered Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mizuho, MUFG, SMBC, Intesa Saopaolo, Alistithmar Capital, BofA Securities, ICBC, BNP PARIBAS, Emirates NBD Capital, Natixis, Dubai Islamic Bank PJSC, Bank of China, and SNB Capital acted as joint lead managers.

Tabby raises USD 160 mn in Series E round, becoming Mena’s most valuable fintech

Tabby is Mena’s most valuable fintech: Riyadh-based BNPL unicorn Tabby raised USD 160 mn in a Series E round, which more than doubled its valuation to USD 3.3 bn, up from USD 1.5 bn, according to a press release. The round was led by Blue Pool Capital and Hassana Investment, with additional backing from STV and Wellington Management.

Use of proceeds: The fresh funds will be used to back Tabby’s rollout of products by expanding their financial services — including digital spending accounts, payments, cards, and money management tools, solidifying the company’s financial position ahead of a planned IPO.

REMEMBER- Tabby reportedly tapped HSBC Holdings, JPMorgan Chase, and Morgan Stanley earlier this month to advise on a potential IPO, with the company targeting a 2025-2026 window. The size of the offering and the exact timeframe are yet to be determined.

What’s Tabby been up to? Since its last funding round in October 2023, Tabby has nearly doubled its annualized transaction volume to over USD 10 bn, the statement reads. The company acquired local digital wallet Tweeq in September, and integrated UAE-based travel tech player Tumodo ’s services into its platform. As of 2025, Tabby has more than 15 mn registered users and over 40k sellers.

On the Mena stage: Tabby and its fellow fintech Tamara dominated Mena’s venture debt-backed lending in 2023, securing USD 600 mn of the USD 601 mn raised by fintech players, which accounted for 79% of Mena’s total venture debt-backed lending that year. Tabby’s services are also available in the UAE and Kuwait.

PIF’s Private Sector Forum scores big investments, wraps up today

The PIF Private Sector Forum wraps up today at the King Abdul Aziz International Conference Center. The two-day event brings together CEOs from PIF’s portfolio companies — including Riyadh Air, Alat, Diriyah, Ma’aden, and Ceer — and looks to bridge connections between the wealth fund, its portfolio companies, and private sector players, while promoting localization and enhancing supply chains in vital sectors. Here are some of the highlights from day one:

#1- Alupco to partner with PIF on SAR 1 bn manufacturing hub: Aluminum ProductsCompany (Alupco) will invest in a three-year SAR 1 bn manufacturing facility for fully automated doors and windows in partnership with the PIF, CEO Khaled Abdelmoneim told Al Arabiya on the sidelines of the PIF’s Private Sector Forum. The project is the first of its kind outside China and Germany, Abdelmoneim added.

What we know so far: Alpuco will hold a 75% stake in the new venture — set to be announced today — with the remainder controlled by PIF-backed Roshn, Abdolmoneim told Asharq Business, adding that half of the new manufacturing hub’s output will be slated for export markets.

ALSO- Alupco is gearing up for a Saudi IPO by mid-2026, Abdelmoneim told AlArabiya. The listing will not see the exit of any existing shareholders, Abdolmoneim added without providing further details.

#2- Homegrown EV manufacturer Ceer inked 11 partnerships worth a combined SAR 5.5 bn yesterday, 80% of which were with Saudi businesses, it said in a post on X. Details of the agreements were not disclosed.

#3- The Public Investment Fund is offering investment opportunities worth some SAR 40 bn to the private sector, in a bid to stimulate and attract investments across the entire value chain, Asharq Business reports, citing a statement from PIF Governor Yasir Al Rumayyan. The investment prospects will be offered up through a dedicated platform, Al Rumayyan adds.

#4- Big plans for private sector involvement in logistics: Transport and Logistic Services Minister Saleh Al Jasser unveiled plans to offer potential investments worth SAR 240 bn to the private sector, with the government pushing for private firms to cover 80% of investment in the logistics sector, Al Arabiya reports. Four airports are currently on offer, Al Jasser added, with tenders to establish and manage Abha Airport at their final bidding stages.

#5- Saudi robots to broach global markets by next May: The Kingdom is set to begin exporting Saudi-made industrial robots by next May, Arab News reports citing a statement by Alat CEO Amit Midha. The achievement will be enabled by Alat’s USD 150 mn venture with Japan’s Softbank to establish a fully automated manufacturing and engineering hub for industrial robots.

Zahid’s USD 1.2 bn takeover bid of Barloworld represents a fair value -Bloomberg

Proxy advisory firms Glass Lewis and Institutional Shareholder Service are reportedly advising Barloworld shareholders to accept Zahid Group’s ZAR 22.8 bn (USD 1.2 bn) takeover offer, stating that ZAR 120 apiece is a fair value, Bloomberg reports. Independent valuations from Rothschild also support the offer, estimating the stock’s worth between ZAR 105.53-119.43 apiece, despite some shareholders’ earlier refusal to sell for less than ZAR 130 per share.

REFRESHER- Jeddah-based heavy equipment distributor Zahid Group and Entsha placed a bid to fully acquire South African construction equipment outfit Barloworld in December 2024. The bid valued the stock at a premium of 30% to its last closing price before the news surfaced. The pair also offered to pay up a ZAR 3.10 dividend that Barloworld had announced previously, in order to sweeten the arrangement.

It all hinges on a vote: A final shareholder vote on Wednesday, 26 February will decide if the transaction secures the 75% approval threshold needed to go through. No higher offer is expected, making this a take-it-or-leave-it scenario for investors, the business news information service reports citing sources it says are in the know.

This is a related party transaction. Zahid has been steadily upping its shares in Barloworld over the last four years and currently holds 19% of the company. The Saudi firm’s investment in the South African firm looks to reap gains from an uptick in construction activity in the African market, with the market set to grow 27% by 2029 on the back of government outlays for infrastructure and strong consumer demand.

Saudi sees 15 projects worth SAR 6.6 bn awarded in January

Some 15 projects worth some SAR 6.59 bn were awarded in the Kingdom in January, the Saudi Contractors’ Authority (SCA) said in its Contracting Sector Overview report (pdf). Building and construction contracts accounted for more than half of total value, with SAR 3.77 bn allocated across seven projects. Power and water sector contracts totalled SAR 1.46 bn, distributed across seven projects, while one industrial project had a SAR 1.4 bn ticket.

Top owners: Erth Real Estate led in total project value, with a SAR 3.69 bn investment distributed across 4 projects. Saudi Electricity Company (SEC) had the largest number of new projects, with seven projects valued at a total SAR 1.46 bn. Meanwhile, mineral player Ma’aden had a single SAR 1.36 bn project.

Regional breakdown: Riyadh had the largest number of projects (9) and greatest total value for the month (SAR 4.82 bn). The Northern Province followed with a single SAR 1.36 bn initiative. The Eastern Province ranked fourth with a SAR 168.8 mn investment. Meanwhile, Al Jouf, Qassim, and Makkah each had projects worth SAR 75 mn, and Madinah had the smallest monthly share at SAR 22.5 mn.

What’s next? The Kingdom is set to see over 25 new projects awarded this month, with half focused on infrastructure and industry. More than half of the month’s projects are expected to be situated in Tabuk, Madinah, and Makkah. SEC, the Environment, Water and Agriculture Ministry, and the Royal Saudi Land Forces are some of the organizations expected to line up big tickets this month, the report said.

Three Saudi companies join MSCI Small Cap Index

Three Saudi Tadawul-listed companies were added to the MSCI ACWI Small Cap Index, according to the MSCI Equity Indexes February 2025 Index Review (pdf). The additions included Advanced Petrochemicals, Al Majed Oud, and Mobile Telecom, reflecting the Kingdom’s ongoing diversification efforts, with representation across retail and telecom, in addition to petrochemicals. The new additions will take effect at market close on Friday, 28 February.

An easier entry lane? The MSCI Small Cap Index includes companies that fall below MSCI’s large and mid-cap size classifications but still meet size, liquidity, and accessibility requirements, offering exposure to smaller yet investable stocks. Meanwhile, the MSCI Frontier Markets Index is designed for companies in smaller, developing economies like Morocco, where inclusion criteria are less stringent than in emerging markets.

MSCI latest index reshuffle also brought notable changes to Mena equities. DFM-listed Emaar Development was added to the MSCI Emerging Markets Index in one of its top three additions by market cap this month, reinforcing the UAE’s growing market depth and liquidity. Additionally, two Emirati companies joined the MSCI ACWI Small Cap Index (pdf), namely ADX-listed NMDC Energy and Abu Dhabi National Hotels.

Also from the region: Morocco’s CFG Bank was added to the MSCI Frontier Markets Index, reflecting the North African market’s growing financial sector influence.

Favorable sectors: Additions in the region seem to be heavily weighted toward real estate, petrochemicals, telecom, and finance, aligning with the region’s broader economic diversification plans.

Why it matters: Being added to MSCI indices can greatly ramp up the companies’ market presence, liquidity, and investor attractiveness. It’s a sign of credibility, financial health, and alignment with global investment standards. Inclusion in MSCI indices follows a rigorous selection process based on market classification, size, liquidity, and foreign accessibility. To be added, a company must first be listed in an MSCI-designated Emerging Market country, meet minimum market cap thresholds, and boast strong liquidity (with an annualized traded value ratio of at least 15%), without having major restrictions on foreign ownership.

Americana Restaurants’ net income falls 38.8% y-o-y in 2024

Tadawul- and ADX-listed Americana Restaurants’ net income dropped 38.8% y-o-y in 2024 to USD 158.8 mn, it said in an earnings release (pdf). The decline was attributed to new store openings and corporate tax taking effect in the UAE. Revenues were also down 9% y-o-y at USD 2.2 bn over the same period, driven by a slowdown in consumer demand amid regional tensions and unfavorable foreign exchange rates, the release read.

In 4Q 2024, net income grew 26.3% y-o-y, while revenues grew 14.1% y-o-y. The release did not disclose exact numbers for net income or revenues, while Argaam reported net income in 4Q at SAR 155.2 (USD 41.4 mn) and revenues at SAR 2.2 bn (USD 600 mn).

ALSO- The company is distributing USD 127 mn in dividends to its shareholders at USD 0.02 per unit for FY 2024. The eligibility and distribution dates will be announced later, pending shareholders’ approval.

EDITOR’S NOTE- This story was amended on Thursday, 13 February to correct Americana Restaurants’ 4Q 2024 earnings as reported by Argaam. A previous version of this story incorrectly stated that Argaam put net income in 4Q at SAR 122.9 and revenues at SAR 1.94 bn.

Pieship, Rasmal, Hopea Pay close funding rounds

RASMAL-

Homegrown equity management solutions provider Rasmal secured USD 4.8 mn in a Pre-Series A round led by SHG at Leap 2025 to support the development of new services and tools aimed at streamlining investment processes and equity transfers, according to a statement on Linkedin.

About Rasmal: Founded in 2019 by Basil Alkuraya (Linkedin) and Nasser Al-Tamimi (Linkedin), Rasmal is a fintech specializing in automating cap table management and governance, fundraising and equity transfers, while also advising clients on investment management and investor relations. Rasmal is a member of Misk Foundation’s Saudi Unicorns Program.

PIESHIP-

Homegrown last-mile delivery platform Pieship secured SAR 7.9 mn in a seed investment round, according to a statement. The round was led by Nama Ventures, with participation from Seedra Ventures funds and unnamed angel investors.

The details: The funds will be used to support expansion plans into seven major Saudi cities, including Jeddah, Makkah, Madinah, Dammam, Al Khobar, Qassim, and Khamis Mushait, leverage AI to improve fleet management and deliveries, and launch new logistics services. To date, the startup has delivered 600k shipments and onboarded 1.2k captains.

About Pieship: Founded in late 2023 by Nasser Alharthi (LinkedIn), Mohamed Mohsen (LinkedIn), and Mosaad Alharthi (LinkedIn), Pieship is a Riyadh-based last-mile delivery and supply chain platform that provides real-time tracking, AI-powered route optimization, and a crowdsourced driver network while reducing operational costs for businesses and deliveries.

ALSO FROM STARTUP LAND-

#1- Healthcare fintech Hopea Pay raised SAR 1.5 mn in a pre-seed funding round led by Iwan Ventures, with participation from Odba VC and Beetleware, according to a LinkedIn post. “This funding will enable us to scale our technology and make healthcare financial solutions more accessible and efficient across the region,” Hopea Pay Founder and CEO Lewa Abukhait (LinkedIn) said.

#2- Syndicate Holding Group (SHG) has allocated over USD 50 mn for startup investments at Leap, Aleqtisadiah quotes CEO Mohammed Al-Qarafi as saying. The group closed seven agreements valued at between USD 2-5 mn across Pre-Seed, Seed, and Series A funding rounds, and looks to close a total of 15 investments financed by a USD 100 mn investment fund.

State media claps back at Netenyahu comments

The fallout continues: Netenyahu’s recent comments on a Palestinian state on Saudi land have angered state media, with the Financial Times highlighting the “unusually hostile barrage” from local news and editorials directed at the Israeli Prime Minister. State-backed media outlets — including Al Arabiya and Al Ekhbariya — have piled on the tirades, pointing to increasing frustration among the Saudi leadership with Netanyahu.

REMEMBER- Netanyahu hinted in an interview that Saudi could take in displaced Palestinians, adding he “would not make an agreement that would endanger the State of Israel.” Saudi officials have consistently maintained that normalization with Israel is conditional on a credible pathway towards establishing Palestinian statehood.

Saudi to get its first locally-constructed offshore rig

OIL WATCH-

Al Mamlaka 3 is set to be the first offshore rig constructed in Saudi Arabia under an agreement inked between International Maritime Industries (IMI) and Aramco Rowan Offshore Drilling, state news agency SPA reports. No information on the project’s financial ticket, timeline or location was provided.

ALSO- IMI’s 12 mn sqm shipyard at Ras Al Khair is inching closer towards full-scale operations, giving the company capacity to build six drilling rigs, 25 offshore support vessels, and 18 large commercial ships including bulk carriers and chemical and oil tankers on a yearly basis. The facility will also maintain and repair some 250 ships and 15 marine drilling platforms per year.

M&A WATCH-

#1- The Public Investment Fund (PIF) nabbed a 30% stake in Riyadh-based building materials supplier Masdar by subscribing to newly-issued shares via a capital increase, according to a statement. Masdar has earmarked the fresh funds to expand its operations, accelerate digitization, establish new partnerships, and increase engagement with local building market suppliers and businesses. No financial ticket was not disclosed.

#2- Local restaurant management and POS solutions provider Foodics fully acquired UK-based online ordering solutions provider SoloVenture for an undisclosed fee, it said in a statement. The platform will be integrated into the Foodics ecosystem.

Foodics also invested undisclosed amounts in three startups, including Greek AI-powered data analytics company Norma, SME accounting system Add, and F&B supply chain platform Arzaq Plus.

#3- Gulf Union inches closer to a merger with Gulf General: Gulf Union Al Ahlia Cooperative Ins. (GUAI) lined up approval from the Ins. Authority to move forward with its plans to merge with Gulf General Cooperative Ins (GGI), it said in a filing to Tadawul. The pair inked a binding agreement back in December that will see GGI transfer all its shares, liabilities, and assets to GUAI; in exchange, GUAI will issue 22.8 mn shares at a nominal value of SAR 10 apiece to GGI’s shareholders.

#4- Homegrown digital solutions provider Elm Company signed a term sheet to raise its stake in Smart National Solutions to 40%, it said in a statement. The move will streamline both companies’ efforts to integrate their digital solutions.

LOGISTICS-

PIF-owned Tasaru Mobility Investments, the National Shipping Company of Saudi Arabia (Bahri), and Germany’s Mosolf Group formed a logistical solutions JV for Saudi Arabia’s automotive and mobility sectors, according to a press release. Tasaru will provide capital, Bahri will handle maritime shipping, and Mosolf will lend technical knowledge. The statement did not disclose additional information about the JV’s name, financial details, or a timeline for the initiative.

TRADE-

A Saudi-Kenyan Business Council in the works: The Federation of Saudi Chambers (FSC) inked an agreement with the Kenyan National Chamber of Commerce and Industry to establish a Saudi-Kenyan Business Council during a visit to Nairobi, Kenya, state news agency SPA reports. The move comes in a bid to boost economic cooperation and facilitate trade and investment between both states. The joint council will focus on expanding cooperation, exchanging information, and organizing exhibitions and trade visits.

AUTOMOTIVE-

Masarat Mobility Park sets up new automotive hub in KAEC: Masarat Mobility Park — a Tasaru Mobility Investments, Zamil Group Real Estate, Abdullah Ibrahim Alkhorayef Sons, and Dar Al Himmah Projects JV — has kicked off the first phase of developments at a 2 mn sqm automotive and mobility hub in King Abdullah Economic City (KAEC), according to a press release.

The details: The facility will focus on trading, logistics solutions, and manufacturing, and will feature multimodal connectivity to sea, air, and road transport, as well as a future rail network. The project is expected to create jobs in automotive technology, logistics, and manufacturing. The park has secured “initial commitments” from unnamed global automotive players looking to move in.

REAL ESTATE-

Sedco Capital REIT Fund signed an MoU to purchase a SAR 750 mn portfolio of diversified assets from an unnamed seller, it said in disclosure to Tadawul. The assets — which are fully developed and income-generating — are spread across Riyadh, Al Khobar, Dammam, Hafar Al Batin, Al Ahsa, and Abha with a total land area of 152.1k sqm. The transaction — which is pending legal steps and financial due diligence — will be financed by the fund’s existing cashflows and credit facilities, as well as an in-kind contribution by the seller.

TECH-

US-based biotech firm Paradromics is partnering with Neom on brain-computer interface therapies, Bloomberg reports. The agreement will see a clinical research center set up at Neom, with human trials expected to kick off later this year in the US and possibly in the Kingdom, CEO Matt Angle said.

FINANCIAL SERVICES-

The Saudi Central Bank (Sama) authorized four fintechs to operate under its legislative sandbox, it said in a statement. These include Bayain Digital IT (open banking), Ma’ahar Al Tamkeen (debt crowdfunding), Sure Pay for (peer-to-peer financing), and Ldun (factoring services for SMEs).

Chinese tech stocks log big gains riding on DeepSeek’s historic debut

China’s tech stocks rallied in February as DeepSeek hype fueled investor appetite: Chinese tech stocks have been riding a wave of investor enthusiasm over the past month, with shares in some of the country’s biggest tech names rising on the back of last month’s unveiling of DeepSeek’s latest AI model that performed on par with its American rivals — but for a fraction of the development cost — writes the Financial Times. For many investors, DeepSeek has proved that Chinese tech companies can challenge US’ dominance in the sector, leading to bullish sentiment that has pushed China’s tech-heavy indices on an upward path.

Chinese tech indices have been performing especially well in comparison to their US counterparts: The Hang Seng Tech Index of the 30 largest Hong Kong-listed tech companies — including many from the mainland — was up around 25% from its 2025-low on 13 January and performing better than its US peer, the Nasdaq 100, which ticked up 1.9% over February.

Some Chinese stocks have seen their share price increase nearly 50%: Zooming in, the biggest seven US tech conglomerates inched down 0.5% collectively over the last month, while Chinese tech firms have seen their shares skyrocket following DeepSeek’s dramatic debut. Alibaba made the biggest leap, gaining 49% in value in the past month, bolstered by reports that Apple is considering partnering with the e-commerce giant to roll out AI-powered features for iPhone users in China. Other now global household names saw significant gains, including automaker BYD with a 40% increase over the past month and Xiaomi with a 31% increase in share price.

This is all happening as US tariffs on Chinese products come into effect: Many market observers had predicted a rocky period ahead for Chinese stocks with US President Donald Trump’s threats and now imposition of a 10% levy on incoming Chinese goods — all USD 450 bn of them. However, investor appetite for the country’s tech sector and the expectations of policy support seem to have kept the country’s stock exchanges comfortably in the green, with the mainland’s CSI 300 up over 4%.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning — Japan’s Nikkei is up 1.1%, the Shanghai Composite is up 0.1%, and the Kospi is looking at gains of 1%.

TASI	12,386	-0.3% (YTD: +2.9%)
MSCI Tadawul 30	1,540	-0.2% (YTD: +2.1%)
NomuC	31,304	-0.8% (YTD: -0.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,662	+0.3% (YTD: -0.3%)
ADX	9,659	+0.2% (YTD: +2.6%)
DFM	5,304	-0.6% (YTD: +2.8%)
S&P 500	6,052	-0.3% (YTD: +2.9%)
FTSE 100	8,807	+0.3% (YTD: +7.8%)
Euro Stoxx 50	5,406	+0.3% (YTD: +10.4%)
Brent crude	USD 74.96	-2.7%
Natural gas (Nymex)	USD 3.57	+1.3%
Gold	USD 2,929	-0.1%
BTC	USD 97,821	+1.5% (YTD: +4.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 5.6 bn. The index is up 2.9% YTD.

In the green: Cenomi Retail (+5.5%), Abo Moati (+3.4%) and GASCO (+3.0%).

In the red: ACIG (-4.2%), Marafiq (-3.7%) and Buruj (-3.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.84% yesterday on turnover of SAR 50.1 mn. The index is down 0.6% YTD.

In the green: TMC (+29.8%), Quara (+11.5%) and Alqemam (+9.8%).

In the red: First Avenue (-6.6%), Molan (-6.6%) and Paper Home (-6.3%).

CORPORATE ACTIONS-

#1- The Saudi Investment Bank (Saib) is distributing a SAR 498.9 mn dividend for 2H 2024, at SAR 0.40 per share, it said in a disclosure to Tadawul. Distribution is slated for Tuesday, 4 March 2025.

#2- Alinma Investment Company has changed its name to Alinma Capital, according to a Capital Market Authority announcement.

CALENDAR

EVENTS WITH NO SET DATE

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

FEBRUARY

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

12-13 February (Wednesday-Thursday): PIF Private Sector Forum, King Abdul Aziz International Conference Center, Riyadh.

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

14-15 February (Friday-Saturday): Jeddah E-Prix, Jeddah.

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.

18-20 February (Wednesday-Thursday): The Capital Markets Forum, KAFD conference centre, and the Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

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

19-21 February (Wednesday-Friday): FII Priority Miami, Miami, USA.

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 February (Monday):Public Sector Excellence Forum, Movenpick Hotel & Residence Riyadh.

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.

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

31 March (Monday): Deadline for applying to the World Intellectual Property Organization (WIPO) Global Awards 2025

APRIL

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

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

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

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.

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

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

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

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.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), 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.

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

JULY

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

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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