S&P Global upgrades our credit rating to A+

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Our sovereign sukuk issuances to slow down in 2025 + A new PIF-funded cricket league in the works?

Good morning, ladies and gents. We’re officially past the halfway mark of Ramadan (time flies, doesn’t it?). Today’s issue bears good news for business, as S&P Global upgraded our credit rating to A+, on the back of economic diversification, non-oil growth, and development of the capital market.

Also in the morning’s news well: Umm Al Qura IPO retail tranche closed 20x oversubscribed, Saudi Electricity Company is getting a 1.8 GW power plant from South Korea’s Doosan Enerbility, and LIV Golf grants UK’s Dazn exclusive broadcasting rights. Details on these stories, and more, are below.

HAPPENING TODAY-

It’s inflation day: The General Authority for Statistics (Gastat) is set to release its monthly consumer price index today, along with the wholesale price index and the average prices for commodities and services report, according to its release calendar.

REMEMBER- Inflation accelerated slightly to 2.0% y-o-y in January, up from 1.9% in December, in what marked a continued overall upward trend for the Kingdom’s inflation figures over the last five months. Capital Economics expects the Kingdom’s headline inflation rate to hover around 2% y-o-y until 4Q, before cooling off around the 1% mark. Meanwhile, the IMF sees inflation holding steady at 1.9% this year and 2.0% in 2026, and Al Rajhi Capital sees inflation remaining stable at 2.1% in 2025 before marginally cooling to 2.0% in 2026.

⚠️WEATHER PSA- Moderate to heavy rains are expected to hit some regions of the Kingdom until tomorrow, the National Center of Meteorology warned in a report (pdf).

Riyadh: 23°C daytime / 15°C overnight
Makkah: 38°C daytime / 25°C overnight
Madinah: 32°C daytime / 22°C overnight

HAPPENING THIS WEEK-

#1- Shares of Arabian Company for Agricultural and Industrial Investment (Entaj Foods) will hit Tadawul’s main market tomorrow, according to a statement. The company’s shares will be allowed to fluctuate within a ±30% band, with a static fluctuation band of ±10% on the first three days of trading. Starting from the fourth day, shares will be allowed to trade at ±10% as circuit breakers take effect, and the static fluctuation limit will be removed.

SOUND SMART- A static price fluctuation limit is applied after the share market value varies 10% upwards or downwards. Once this threshold is reached, a volatility auction is triggered and a new threshold is set.

REFRESHER- The Riyadh-based poultry producer priced its IPO at the top of the range it was guiding on — at SAR 50 per share — after the institutional tranche of the offering was 208.4x oversubscribed. Entaj is floating a 30% stake in a secondary offering, whereby its sole owner Arabian Agriculture Services (Arasco) is raking in some SAR 450 mn in proceeds.

#2- Pakistan’s Prime Minister Shehbaz Sharif is expected to visit Saudi Arabia this week for a three-day trip, which will include talks with Crown Prince Mohammed bin Salman to discuss Saudi investments in Pakistan, trade ties, and regional stability, according to Pakistan’s Ary News. No further information was disclosed.

WATCH THIS SPACE-

#1- Saudi Arabia’s sovereign sukuk issuances are expected to slow down in 2025, despite the Kingdom’s budget deficit expected to widen this year, Moody’s Assistant Vice President Abdullah Al Hammadi told Al Arabiya (watch, runtime: 5:58). The slowdown — which comes as other key markets, including Malaysia, are also expected to see lower issuance volumes — is expected as the Kingdom refinanced maturities for 2026 and 2027, thus, reducing debt obligations in 2025 to some USD 4 bn and the need to take on fresh debt, he explained. Global sukuk issuances are expected to slow down to between SAR 210-220 bn in 2025, according to Moody’s projections.

Oil prices will tip the scales: Oil prices will play a key role in Saudi Arabia’s financial decisions in 2025, with the Kingdom reserving flexibility to issue sukuk or bonds to offset swings in the oil market. Moody’s projects oil price to hover around USD 75 / bbl, added Al Hammadi.

REMEMBER-Oil prices settled “ close to multi-month lows ” earlier this month following Opec+’s decision to move ahead with plans to increase production in April, raising questions over whether Saudi Arabia will proceed with the planned output hikes.

#2- Indonesia is set to lift a decade-long ban on labor migrants to Saudi Arabia after the two countries sign an MoU that will see the Kingdom providing improved labor protections, Indonesian Migrant Workers Protection Minister Abdul Kadir Karding told Bloomberg. The MoU — expected to be signed this month — will provide up to 600k job openings, including 400k housekeeping positions and 200k in additional formal jobs, with a minimum monthly wage of SAR 1.5k. The first labor migrants may arrive in the Kingdom as early as June.

IN CONTEXT- Saudi Arabia was among the 21 Middle Eastern countries affected by Indonesia’s 2015 ban on migrant worker deployment overseas. Karding estimates that 25k undocumented Indonesian immigrants still entered Saudi Arabia yearly since the ban was installed.

MARKET WATCH-

Tadawul’s benchmark index TASI closed last week in the red, falling 0.72% to close at 11.73k points on Thursday, according to a Tadawul report. Trading value reached SAR 28.6 bn across 1.45 bn shares in over 2.42 mn transactions. TASI’s market cap stood at SAR 9.6 tn.

Top gainers: Derayah Financial — which rang the opening bell on Tadawul last week — saw its share price rise 31% to SAR 39.30, followed by Dar Alarkan (+11.9%), and Artex (+10.4%).

Worst performers: Kingdom Holding’s share price posted the steepest decline during the week, falling 11.8%, followed by Savola Group (-11.4%), and Red Sea International (-10.8%).

DATA POINTS-

#1- The Saudi Pro League saw its market value grow 2.1x to SAR 4 bn since football privatization kicked in, with top clubs like Al Ittihad, Al Ahli, Al Nassr, and Al Hilal transferred to the PIF in June 2023, Maaal reports. Al Hilal is currently the most-valued club in the Kingdom at EUR 178.5 mn, followed by Al Nassr (EUR 175.6 mn), and Al Ahli (EUR 169.9 mn).

#2- The number of local restaurants and food trucks in Saudi Arabia grew 11% y-o-y to exceed 137k in 2023, while cafes and coffee shops increased 21.4% y-o-y to 64k, according to Aleqtisadiah.

OIL WATCH-

Saudi Aramco is expected to ship between 34-36 mn bbl of oil to China next month, the lowest amount since June 2024, Bloomberg reports, noting that there is no clarity on whether the decline is due to lower demand or reduced supply. Reuters cites trade sources as saying the decline is partly due to maintenance at China’s Sinopec-owned refineries, reducing processing capacity by 700k barrels per day (bbl / d) from mid-March to May.

Saudi Arabia was looking to boost its oil exports to Asia — particularly China and India — in a race against Russia to uptake a larger share of the region’s market, after Opec+ decided to gradually increase output earlier this month. Aramco also lowered its crude oil prices for Asian buyers in April for the first time in three months, cutting Arab Light by USD 0.40 cents to USD 3.50 a barrel above Omani and Dubai average prices.

IN CONTEXT: Aramco’s monthly sales to Asia, especially China, are crucial for refineries in the Eastern region. The volume of these long-term contract shipments determines the amount of crude Asian refineries must source from the spot market, including suppliers like Iraq, the UAE, and West Africa.

Offsetting the deficit: Opec+ has set a record for refined product exports, offsetting crude output cuts and reaching 5.51 mn barrels per day in 2024, up 7% y-o-y, Reuters reports. Gulf Opec+ members, including Saudi Arabia, expanded their refining capacity, boosting market share, while higher diesel exports helped capture a larger share of the European market despite a 5% drop in crude exports.

SPORTS-

A new PIF-funded cricket league is in the works: Saudi Arabia is reportedly prepared to invest some USD 500 mn in a new Twenty20 (T20) global cricket league, with the PIF’s Surj Sports Investments pegged as its “main financier,” writes the Sydney Morning Herald, citing sources it says are familiar with the plan. The plan is still pending approvals from Cricket Australia and the ICC, which is chaired by India’s Jay Shah.

SOUND SMART- T20 is a fast-paced format of the game where each team plays just a single inning limited to 20 overs (six legal deliveries bowled by a single bowler).

Grand Slams, but make it for cricket: Modeled after the tennis Grand Slams, the new T20 league will see eight teams compete against each other in four different locations over the year. The matches will be tucked in the cricket calendar’s vacant window between international and domestic fixtures, the Aussie news agency cites sources as saying. The concept was developed by Australian former Cricket NSW Director Neil Maxwell in association with the Australian Cricketers’ Association to generate a new revenue stream and provide financial support for test cricket beyond India, Australia, and England.

The pitch: The proposed league is being touted as a move away from the traditional funding structures — broadcasters and International Cricket Council (ICC) distributions — which have disproportionately favored cricket’s superpower India, writes the Herald. The new tournament is meant to encourage smaller nations to “play less unprofitable cricket” in exchange for a share in any income raised by the league.

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THE BIG STORY ABROAD-

The latest decisions from the Trump administration are making headlines once again — that includes potential travel bans and attacks on the Houthis.

The Trump administration is considering broad travel restrictions affecting citizens from over 40 countries. The draft proposal — currently under internal review — would impose full or partial visa suspensions on citizens from 43 countries, but the final version is still subject to approval by the administration. The proposed restrictions split the countries into three tiers, the first tier will see a full visa suspension — it includes countries like Syria, Yemen, Sudan, Somalia, and Libya. The second includes sharp visa restrictions and the third could be subject for partial visa suspension if their governments do not make efforts to address Trump Administration concerns within 60 days. (Reuters | The Guardian | New York Times)

AND- The US launched large-scale military strikes on Houthi-controlled areas in Yemen, following an order from US President Donald Trump, in retaliation for the Iran-backed militant group’s repetitive attacks on vessels in the Red Sea, Trump said in a post on his social media platform Truth. The Houthi-run health ministry said 13 civilians were killed in Sanaa, while Houthi-affiliated Al Masirah TV reported six deaths in Saada. The Houthis’ political bureau condemned the attack as a “war crime” and vowed to “respond to escalation with escalation.” (Reuters | New York Times | AP | BBC | CNBC)

MEANWHILE- G7 threatens Moscow with more sanctions: The G7 is pushing Russia to follow Ukraine in agreeing to a 30-day ceasefire or risk further sanctions — including further caps on oil prices. The draft, which still requires ministerial approval, emphasized the need for “robust and credible security arrangements” to ensure Ukraine can deter future aggression. (Financial TImes | The Guardian | Reuters)

S&P Global Ratings upgrades Saudi Arabia’s credit rating to A+

S&P Global Ratings upgraded Saudi Arabia’s long-term foreign and local currency issuer credit rating to A+ from A, with a stable outlook, according to a statement. The ratings agency maintained its A-1 short-term foreign and local currency unsolicited sovereign credit rating, while the transfer and convertibility (T&C) assessment was revised to AA-, from A+. Reuters and Bloomberg also had the story.

The rationale: The revised ratings came on the back of the Kingdom’s progress in economic diversification, expansion of the non-oil sector to 70% of GDP, and development of the domestic capital market. S&P expects these factors to offset the risks associated with rising sovereign and external debt “to pursue Vision 2030 goals and debt servicing costs.”

What could drive a further rating upgrade: S&P said it may consider another upgrade within two years if structural reforms and non-oil economic growth significantly boost GDP per capita and attract more private and foreign investment, reducing dependence on public spending.

And what could bring the rating down: A downgrade can occur if debt accumulation across government and other sectors outpaces expectations, straining public finances and weakening Saudi Arabia’s external position. “This could be the case if we saw a combination of a sharp ramp-up in investment projects funded by debt, along with a slowdown in growth, higher borrowing costs, and unfavorable movements in oil prices,” the ratings agency said.

The fiscal risk: Despite diversification progress, fiscal risks persist due to oil price sensitivity, with S&P forecasting prices to decline to USD 70 / bbl over 2025-2028, and the country’s fiscal deficit to widen to 4.8% of GDP in 2025 from 2.8% in 2024. However, gradual borrowing will sustain the Kingdom’s net external creditor status, maintaining a 32% net asset position through 2028.

ICYMI- Last week, the PIF signed a USD 3 bn MoU with Italy’s state export credit agency Sace to help maintain the Kingdom’s debt, adding to previous EUR 3 bn in loan guarantees.

OTHER KEY INDICATORS-

Real GDP growth is expected to come in at 4.0% this year, before picking up to 4.6% in 2026, 3.7% in 2027, and %3.6 in 2028, driven by investments in construction, logistics, and manufacturing.

REMEMBER- GDP grew 1.3% y-o-y in 2024, exceeding the government’s 0.8% forecast, while 4Q growth hit 4.5% y-o-y GDP, the fastest in two years, supported by oil and non-oil activity. The Finance Ministry expects GDP growth of 4.6% in 2025, 3.5% in 2026, and 4.7% in 2027, fueled by non-oil expansion, job creation, and foreign investment.

Inflation is expected to “stay modest at 1.9% over the next four years,” controlled by price caps and the SAR being pegged to the USD, despite rising housing costs and supply pressures. In comparison, inflation averaged 1.7% in 2024.

Fiscal deficit: The credit rating agency sees the government running deficits averaging 4.2% of GDP during 2025-2028 on the back of large public investments, particularly in the run-up to major global events hosted in Saudi Arabia, including the Asian Winter Games in 2029, Expo 2030, and the FIFA World Cup 2034.

Sovereign debt: Government debt is expected to rise gradually to 36.2% of GDP by 2028, up from about 25.4% in 2024.

Umm Al Qura IPO retail tranche closes 20x oversubscribed

Umm Al Qura for Development and Construction saw the retail offering of its Tadawul IPO close 20x oversubscribed, after some 1.1 mn investors booked SAR 3.9 bn in orders, according to a statement (pdf). The company is taking a 9.1% stake to market in a SAR 2 bn primary offering, with the retail tranche accounting for 10% of the total issuance.

REFRESHER- PIF-backed Umm Al Qura’s institutional offering was 241x oversubscribed, with total orders hitting SAR 473 bn, pushing the firm to price its IPO at SAR 15 apiece — the top of its indicative price range — which gives it an estimated market cap of SAR 21 bn at the time of listing.

Ringing the bell: Upon listing, the company’s shares will be allowed to fluctuate within a 30% band on the first three days of trading, after which price fluctuations will be capped at 10% as circuit breakers take effect. The first day of trading has yet to be determined.

ADVISORS- Albilad Capital is quarterbacking the transaction as lead manager, while also being joint financial advisor, joint bookrunner, and co-underwriter alongside GIB Capital, and AlRajhi Capital. Alinma Investment is also joint bookrunner and co-underwriter. Lazard was appointed as advisor to Umm Al Qura. Receiving agents include SNB Capital, SAB Invest, BSF Capital, ANB Capital, and Derayah Financial, among others.

Saudi Electricity Company taps South Korea’s Doosan for 1.8 GW power plant

SEC taps Doosan to develop power plant: Saudi Electricity Company (SEC) signed a USD 610.7 mn contract with South Korean energy solutions firm Doosan Enerbility to develop the PP12 combined cycle power plant, according to a statement. The project is part of Saudi Arabia’s plan to add 6 GW of power annually to meet growing energy demands and support long-term goals.

The details: The PP12 power plant will be built about 150 km northwest of Riyadh and will have a capacity of 1.8 GW. The plant will use advanced gas combined cycle technology, which improves efficiency by using both gas and steam turbines.

Who else is involved? Doosan Enerbility is partnering with Chinese construction and engineering company SEPCO3 to carry out the project, with Doosan responsible for design, equipment supply, and commissioning.

ICYMI- SEC has been active lately: The company inked a SAR 13.4 bn power purchase agreement with Acwa Power in February for the Qurayyah independent power project expansion in the Eastern Province.

Dallah shareholders approve capital increase ahead of Al Ahsa, Al Salam hospitals acquisition

Dallah draws closer to Al Ahsa, Al Salam acquisitions: Dallah Healthcare’s shareholders approved a 3.9 mn shares capital hike to finance the acquisition of Al Ahsa Medical Services and Al Salam Medical Services from Ayyan Investment, whose shareholders also greenlit the move, according to separate statements from Dallah and Ayyan.

REFRESHER- Dallah Healthcare inked a binding share purchase and subscription agreement with Ayyan Investment for the acquisition in August 2024. The transaction will see Dallah acquire Ayyan’s 97.4% stake in Al Ahsa for SAR 409 mn and its 100% stake in Al Salam for SAR 251 mn through a capital increase by issuing new shares in Dallah to Ayyan.

Earnings snapshots: Al Ahsa’s net income declined 71.39% y-oy to SAR 1.46 mn in 2024. Meanwhile, Al Salam’s net losses shrank to SAR 160.58 mn last year from SAR 218.71 mn, according to Ayyan’s latest financial statement (pdf).

Lending at Saudi banks expected to outpace GCC peers in 2025 -Fitch

Saudi banks projected to outpace GCC peers in 2025: Growth in Saudi banks’ lending activity is expected to average 12% y-o-y in 2025 on the back of further interest rate cuts and stronger liquidity, according to estimates from Fitch Ratings. The increase is expected to outmatch that of other GCC banks. The story also got ink from Al Arabiya.

The average increase in gross financing at local banks rose to 14% last year, up from 11% in 2023, led by the Saudi Investment Bank (22%), Saudi Awwal Bank (20%), and Bank Aljazira (19%), according to Fitch.

ICYMI- Bank credit grew 14.4% y-o-y to SAR 3.0 tn in 4Q 2024, according to Sama figures, with personal loans accounting for the lion’s share.

Local banks saw their net income grow 7.5% q-o-q to SAR 21.5 bn in 4Q 2024 on the back of interest rate cuts boosting net interest margins (NIM), the rating agency said. Meanwhile, their aggregate net income grew 14.3% y-o-y to SAR 80 bn in 2024, supported by fast growth and lower cost of risk, with return on equity reaching up to 15%.

The drivers: Average NIM increased to 3.2% in 4Q as borrowing costs dropped by 12 basis points (bps) following the Saudi Central Bank’s (SAMA) 50 bps rate cut in 4Q. Banks with higher levels of retail financing performed better, with Saudi National Bank (SNB) seeing its NIM rise to 3% in 4Q 2024, up from 2.7% in 3Q 2024. Meanwhile, Al Rajhi Bank and Bank Aljazira reported a 20 bps q-o-q jump in NIM to 3.4% and 2.3%, respectively.

ALSO- External liabilities were stabilized at SAR 400 bn in 4Q 2024. Net foreign assets hovered around 0.5% of total assets during the same period, with Fitch expecting them to gradually rise in 2025 on the back of increasing reliance on external funding, while remaining below 2%.

Saudi Printing & Packaging names new CEO

SaudiPrinting & Packaging Co. (SPPC) tapped Abdennour El Mosor as its new CEO, the company said in a disclosure to Tadawul. El Mosor’s appointment came after the resignation of Francis Ferguson, who now serves as an advisor to the board of directors. El Mosor has over 30 years of experience in operations leadership and strategic development, having worked at global companies such as Greif Inc.

Saudi Ground Services’ bottomline up 54.6% in 2024

Saudi Ground Services’ net income grew 54.6% y-o-y to SAR 327 mn in FY 2024, buoyed by rising gross income and lower finance and Zakat costs, according to a disclosure to Tadawul. Meanwhile, the company recorded a 9.2% y-o-y growth in revenue during the year to SAR 2.68 bn, driven by higher demand for domestic and international flights as well as an increase in the number of Umrah pilgrims.

ALSO- The passenger and aircraft handler debuted its first digital employee to automate routine tasks, aiming to save 10k work hours annually and boost operational efficiency, state news agency SPA reports.

The Kingdom tightens purse strings on foreign consultants spending

Saudi Arabia’s slowdown in consulting spending is getting ink from Bloomberg and the Financial Times as the focus shifts from strategy to execution, adding to the worldwide pressure on the consulting market. The consulting market is set to see a 13% uptick this year, down from 14% in 2024, pushing firms to adapt, the salmon-colored paper reports, citing Source Global Research.

Foreign consultants face pushback: Firms like Boston Consulting Group, Roland Berger, and PwC are feeling the impact, with some moving staffers to other locations, Bloomberg reports, citing an unnamed source. PwC, which earned USD 2.5 bn in Middle East revenue in 2024, was reportedly banned from new Public Investment Fund consulting contracts for a year, leading many to advocate for boosting local hiring and looking for cost-effective alternatives.

Looking ahead: Analysts predict that Saudi Arabia will seek out a different type of companies instead of decoupling from the consulting market entirely, Bloomberg reports. Execution consultants may be given a boost as the kingdom moves from conceptualizing its vision to executing megaprojects, including preparations for the 2029 Asian Winter Games and the 2034 FIFA World Cup, the business news information service wrote.

LIV Golf grants UK’s Dazn exclusive broadcasting rights

SPORTS-

PIF-backed LIV Golf granted UK’s Dazn its exclusive broadcasting rights in various countries, including Canada, France, Germany, and Japan, among others, it said in a statement on Friday. The multi-year partnership also brings LIV Golf+ into Dazn’s platform as a free, ad-supported streaming service, with plans to add a future paid subscription option. No timeline or investment ticket was disclosed.

REMEMBER- Dazn Group and PIF’s Surj Sports Investment are in talks to establish Dazn Mena, a Saudi sports broadcasting JV, aiming to capitalize on the Kingdom’s growing sports sector. This follows Surj’s acquisition of a minority stake in Dazn Group earlier in February.

M&A WATCH-

Riyadh-based VC Impact46 offloaded its 17.2% stake in Tadawul-listed fintech Rasan Information Technology through a SAR 918 mn accelerated bookbuild, securing a 10x return on its initial investment made in 2021, it said in a statement. The company sold some 13.30 mn shares at SAR 69 apiece to unnamed investors via private placement — a 13% discount to the Thursday closing price of Rasan shares.

ADVISORS- HSBC Saudi Arabia acted as the transaction’s sole global coordinator and bookrunner for Impact46.

STARTUP WATCH-

Aramco unit supports German DAC startup: Aramco Ventures is participating in the seed funding round by the German direct air capture (DAC) startup Ucaneo, according to a statement by Aramco Ventures published last Tuesday. Ucaneo raised EUR 6.8 mn to accelerate its development of Germany’s largest DAC demonstration plant, set to launch in early 2026. Ucaneo’s technology uses electricity and a specialized solvent to capture carbon, with the goal of making carbon removal more affordable. Aramco’s share of the total investment secured by Ucaneo was not disclosed.

HEALTHCARE-

Tibbiyah subsidiary lands SAR 493.4 mn contract with Nupco: Genalive, a 50% joint venture between Arabian International Healthcare Holding (Tibbiyah) and BGI, secured a SAR 493.4 mn contract with the National Unified Procurement Company (Nupco) to supply 933.8k medical tests, according to a disclosure to Tadawul. The tests will be distributed to 83 government, military, and university hospitals across Saudi Arabia, serving nearly 1 mn patients.

DEFENSE-

The Royal Saudi Air Force will get F110 engines for its F-15 and F-16 aircraft, under a contract signed between GE Aerospace and the US Air Force, valued at up to USD 5 bn. The contract — which also includes the air forces of Jordan, Bulgaria and other countries — covers the production and delivery of the engines over a five-year period, including a modernized engine monitoring system computers and spare engine accessories

AVIATION-

Air France will run direct flights between the Saudi capital and Paris starting 19 May, the French flag carrier said in a statement. The route will initially include three weekly flights on Mondays, Wednesdays, and Fridays, before adding two more flights on Sundays and Tuesdays starting 2 June.

Russian assets back in demand amid ceasefire hopes

Middle Eastern investors are driving an uptick in demand for Russian assets, particularly USD-denominated bonds issued by energy giant Gazprom, as hopes for an end to Russian sanctions return amid ceasefire talks, Bloomberg reports. The number of transactions has remained limited due to limited supply, with bondholders either unwilling to sell or demanding high prices, which has pushed down yields on EUR- and USD-denominated Russian bonds, unnamed sources told the business news information service.

What’s fueling the interest? US President Donald Trump’s expressed intentions to broker an agreement to end the Russia-Ukraine war has fueled speculation about a potential easing of sanctions. Investors see this as a chance to buy discounted Russian assets in anticipation of a market rebound.

Investors are also exploring RUB-related investments through non-deliverable forwards — derivatives that provide indirect access to Russian markets without violating sanctions. Major investment banks, including Goldman Sachs and JPMorgan Chase, are reportedly facilitating such transactions.

Despite the optimism, Russian assets carry significant financial, legal, and reputational risks. If sanctions are not lifted — or are later reimposed — investors can face serious losses. Trump has sent mixed signals, warning of possible new banking sanctions on Russia while also preparing for negotiations. Even if sanctions were eased, Russia’s economy has increasingly become a war economy, raising concerns that foreign investments could indirectly support its military efforts, one expert noted.

The Kremlin also isn’t rushing to welcome back Western businesses, as the country imposed tough conditions on foreign firms after the war began, often forcing them to sell assets at high losses or to Kremlin-approved buyers. As a result, any return of Western investors may come with stringent terms, including demands for technology transfers and local production requirements.

ALSO FROM PLANET FINANCE-

Gold passed the USD 3k mark for the first time ever by the end of trading last week, with the precious metal set to return to trading tomorrow with a price of USD 3001.10 per ounce. Mounting Trump tariff tensions has pushed investors toward the safe-haven asset, driving the value of the yellow bricks up 13.6% since the start of the year.

TASI	11,726	+0.2% (YTD: -2.6%)
MSCI Tadawul 30	1,479	+0.2% (YTD: -2.0%)
NomuC	31,136	-0.1% (YTD: -1.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,291	+0.8% (YTD: +5.2%)
ADX	9,419	+0.1% (YTD: 0.0%)
DFM	5,141	-0.9% (YTD: -0.4%)
S&P 500	5,639	+2.1% (YTD: -4.1%)
FTSE 100	8,632	+1.1% (YTD: +5.6%)
Euro Stoxx 50	5,404	+1.4% (YTD: +10.4%)
Brent crude	USD 70.58	+1.0%
Natural gas (Nymex)	USD 4.10	-0.2%
Gold	USD 3001.10	+0.3%
BTC	USD 84,357	-0.1% (YTD: -9.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% on Thursday on turnover of SAR 6.2 bn. The index is down 2.6% YTD.

In the green: Rasan (+9.9%), Chemical (+5.9%) and Srmg (+5.7%).

In the red: Nice One (-5.0%), Bahri (-4.3%) And Alandalus (-3.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% on Thursday on turnover of SAR 29.7 mn. The index is down 1.1% YTD.

In the green: Alrashid Industrial (+24.0%), Neft Alsharq (+14.3%) and Aljouf Water (+12.5%).

In the red: NBM (-15.3%), Amwaj International (-8.8%) and SMC (-4.9%).

CORPORATE ACTIONS-

Mulkia Investment’s board plans to boost the company’s capital by 20% to SAR 78 mn via a bonus share issuance, it said in a disclosure to Tadawul. The SAR 13 mn capital increase will be funded from Mulkia’s retained earnings with shareholders receiving one bonus share for every five shares held. The increase is pending regulatory and general assembly approval.

ALSO- Mulkia board recommended a SAR 16.3 mn dividend payout for FY 2024 at SAR 2.5 per share, it said in a separate disclosure. The distribution date has yet to be determined.

Astra Industrial Group’s board recommended distributing SAR 240 mn in dividends for FY 2024 at SAR 3 per share, it said in a filing to the exchange. Eligibility and distribution dates are yet to be announced.

First Milling’s BoD greenlit a SAR 71.6 mn dividend distribution for 2H 2024 at SAR 1.29 apiece, according to a filing to the exchange. The distribution date is set for 22 April.

Saudi, Russia doubles down on Opec+ ties

Saudi Arabia and Russia reaffirmed their commitment to the Opec+ agreement and discussed strengthening cooperation in a phone call between Crown Prince Mohammed bin Salman and Russian President Vladimir Putin, according to a statement by the Kremlin. The pair also reviewed efforts to resolve the Ukraine crisis, with Riyadh highlighting its role in facilitating dialogue and supporting peace initiatives.

CALENDAR

MARCH

1-30 March: Ramadan.

16 March (Sunday): Surplus refunds for Umm Al Qura for Development and Construction’s Tadawul IPO.

17 March: Settlement date for Saudi National Bank’s USD-denominated Formosa bonds.

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

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

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.

17-23 April (Thursday-Wednesday): 11th edition of the Saudi Film Festival, Dhahran.

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

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

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.

4-13 December (Thursday-Saturday): Red Sea International Film Festval, Jeddah.

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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