Sport Clubs IPO defies Tadawul drag on first day

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Syrian-Saudi Investment Forum to be held in Damascus this year

Good morning, ladies and gents. Sport Clubs seems to have finally broken the dry spell cast on Tadawul’s main market debuts for a while now, as the share gained 24% on its first day. The performance bodes well for upcoming listings, with one more hopeful — Dar Al Majed — out with the IPO prospectus. We have the details in this morning’s news well.

WEATHER- Riyadh will blaze under searing sun tomorrow, with temperatures hitting a sweltering 44°C before dipping to 30°C after sunset. Jeddah’s mercury will climb, to 41°C at its peak, cooling to 30°C later in the day. In Makkah, the heat will peak at 43°C, then ease into a warm 34°C by evening.

NEWS TRIGGERS-

The General Authority for Statistics is set to roll out May’s international trade data tomorrow, according to the state statistics agency’s calendar. Oil exports dropped in Apri to their lowest level since June 2021, after markets received a double hit, between Trump announcing sweeping tariffs and Saudi Arabia leading a sharp acceleration in Opec+ output hikes. We expect the impact to continue affecting trade numbers in May.

PSAs-

#1- Riyadh’s new Infrastructure Projects Code (pdf) goes into effect on Thursday, 7 August, applying to the entire 400k sq km region including the capital and 22 governorates, the Riyadh Infrastructure Projects Center said in a statement.

About the code: The code, the first of its kind in the region, applies to all stakeholders and governs the full infrastructure lifecycle — from planning to maintenance — with standards for roads, sensitive areas, and underground services. It also introduces performance indicators to track safety, environmental issues, timelines, and stakeholder satisfaction.

#2- Manufacturing startups have until Friday, 25 July to apply for the Public Investment Fund’s (PIF) Accelerated Manufacturing Program, which is developed for innovative business to expand their presence in the Kingdom, the PIF said on X on Monday.

#3- Good news for fine dining enthusiasts: All luxury restaurants must now offer a full table service experience, including welcoming and seating customers, and a valet parking service, according to fresh regulations from the Municipalities and Housing Ministry, the Saudi Gazette reported yesterday. Restaurants will also be required to develop a digital reservation channel, hire a certified food health and safety specialist, and have only one branch per city to improve brand distinction.

WATCH THIS SPACE-

The Investment Ministry plans to host a Syrian-Saudi Investment Forum in Damascus this year, according to the ministry’s statement on X. A Saudi delegation will visit Syria to hold meetings, workshops, and sign cooperation agreements and MoUs in key sectors such as agriculture, industry, and real estate, Asharq Business reports.

Interested? The ministry called on companies seeking to invest in Syria to contact it directly to provide detailed information about sectors and activities targeted in Syria.

ICYMI- The US Treasury Department lifted sanctions on Syria in May, allowing US-based entities, as well as allies and partners, to invest and do business there.

Industrial conglomerate Rawabi Holding is tapping Alvarez & Marsal to advise on ways to free freeing up liquidity, Bloomberg reports, citing sources it says are in the know. The review includes renegotiating loans from Banque Saudi Fransi, as well as considering other refinancing options.

The debt situation: Rawabi's total financial obligations are at least USD 3 bn, including a USD 1.9 bn syndicated loan to subsidiary Rawabi Energy, according to Bloomberg data.

DATA POINTS-

King Khalid International Airport maintained its lead among international airports serving over 15 mn passengers annually in June, with an 82% compliance rate, the General Authority of Civil Aviation (Gaca) said on X. King Abdulaziz International Airport followed at a 73% rate.

Among airports handling 5-15 mn passengers a year, King Fahd International Airport and Prince Mohammed bin Abdulaziz International Airport both posted a 91% compliance rate. All international and domestic airports with fewer than 5 mn passengers met 100% of Gaca’s operational standards, with the exception of Al Jouf International Airport, which recorded a 91% compliance rate.

SPORTS-

Al QadsiahFC signed a EUR 65 mn, four-year contract with Italian striker Mateo Retegui, joining the Saudi Pro League side from Atalanta, according to a post on X. The contract is reportedly the highest bid offered in the Aramco-owned football club’s history, according to Asharq Al Awsat.

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THE BIG STORY ABROAD-

The US announced several trade agreements with Asian countries as we inch closer to the 1 August implementation date for reciprocal tariffs.

#1- The US and Japan reached a trade agreement setting reciprocal tariffs for Japan at 15%, in exchange for some USD 550 bn in Japanese investments in the US, US President Donald Trump said in a social media post (with no confirmation yet from the Japanese government). (Reuters | Wall Street Journal | Financial Times | Bloomberg | CNBC)

#2- Trump also agreed to a 19% tariff with the Philippines and Indonesia, with zero tariffs on US goods exported to both countries. (Reuters | Axios | CBS)

Meanwhile, China could be in for a deadline extension as officials are set to meet for talks in Stockholm next week, US Treasury Secretary Scott Bessent said. The discussions will also set out to “rebalance” the US-China relationship, Reuters reports.

Speaking of the US and China, Microsoft said Chinese hacking groups were involved in a major hack of its SharePoint software, which has affected hundreds — if not thousands — of firms and organizations hosting the software on-premise. (CNBC | Washington Post)

ALSO GETTING PLENTY OF INK- Black Sabbath frontman and heavy metal legend Ozzy Osbourne has died aged 76, just weeks after his retirement concert. The Internet is flooded with obituaries for the singer. (Guardian | Time | New York Times | BBC)

CIRCLE YOUR CALENDAR-

The International Beauty Expo will take place between 9-11 September at the Jeddah Superdome, according to a press release. The event will showcase key segments of the beauty and wellness industry, including cosmetics, fragrances, spas, and natural and haircare products. Over 10k visitors are expected to attend, including traders, professionals, and government entities.

AlUla Wellness Festival will run from 24 October to 1 November, according to a press release. The nine-day festival will feature new highlights including a duathlon, half marathon, triathlon, and 24-hour team race, alongside 78 yoga sessions and 22 Les Mills fitness classes at landmarks like Maraya Rooftop and Elephant Rock.

Sport Clubs IPO defies Tadawul drag with 24% climb on debut

Sport Clubs Company’s stock jumped 24% to close at SAR 9.3 apiece on its debut yesterday, bucking a wider trend of slumping Tadawul IPOs. More than 63.4 mn shares changed hands during the day, generating a total turnover of SAR 548.5 mn.

ICYMI: The Riyadh-based fitness firm floated a 30% stake in a hybrid offering, which saw its retail tranche 5.3x oversubscribed and its institutional tranche 44.1x oversubscribed. The company raked in SAR 257.3 mn in proceeds, set to fund expansion and upgrades.

What’s next: The gym operator’s shares will be allowed to fluctuate within a 30% range, with a static band of 10% for the first three trading days. Starting from the fourth day, shares will be allowed to trade at a 10% volatility as circuit breakers kick in.

Ending the dry spell? Tadawul’s last three main market listings — namely Specialized Medical Company, Flynas and United Carton Industries — all saw muted debuts despite a solid order book, amid broader market jitters and concerns over frosty valuations. All three are still trading below IPO levels as of yesterday’s close.

The main market struggled in the first half. TASI closed 1H in the red, shedding 7.2% in the first six months of the year and bucking a positive trend seen in some of the most relevant regional peers like Abu Dhabi’s ADX and Dubai’s DFM. The sharp fall was driven by regional geopolitical tensions, oil price fluctuations, and declining investor appetite for small- and medium-sized enterprise stocks.

ADVISORS- BSF Capital is quarterbacking the transaction as lead manager, financial advisor, bookrunner, and underwriter. Kirkland & Ellis International is providing counsel. PwC is serving as financial due diligence advisor, Dr. Mohamed Al-Amri & Co. Chartered Accountants as auditor, and Portas Consulting MEA as market consultant.

ALSO IN THE PIPELINE-

Dar AlMajed and Marketing Home Group are the latest to move beyond receiving the CMA’s approval;
Meanwhile, IT firm Ejada Systems, which missed its six-month IPO window, is set to resubmit an IPO application to the CMA;
Coldchain manufacturer Consolidated Grunenfelder Saady Holding got the regulators’ all-clear to float a 30% stake on Tadawul;
PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, Riyad Capital, and BNPL platform Tabby are among companies that tapped banks for potential IPOs;
F&B players Barns, Half Million, Deemah, and Hashi Bashi are said to be sounding out banks for potential debuts on the main market;
Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026;
PIF-backed CloudKitchens is reportedly eyeing an IPO in the Kingdom or the UAE (or both);
Meal subscription startup Calo is also said to be eyeing an IPO here at home by 2027.

Dar Al Majed is floating 30% stake on Tadawul

Dar Al Majed issues IPO prospectus: Dar Al Majed Real Estate — the brand operator behind Almajdiah — is taking a 30% stake to the main market via a secondary offering, according to its prospectus (pdf). Some 90 mn existing shares will be up for grabs in an offering open to both local and regional individual and institutional investors. Books open next week, with the listing date still under wraps.

About Dar AlMajed: Founded in 2014, the Riyadh-based company operates in real estate planning and investment. It has completed over 180 projects, delivering over 18k residential units to 70k residents across the Kingdom, according to its website.

Big fish get first pick: The entirety of shares will be offered to institutional investors, including 30% reserved for public funds. They will be able to book between 15 mn and 250k shares each from Tuesday, 29 July to Monday, 4 August.

…with a clawback for the public: Some 20% of the shares on offer will be open to retail investors between 14-18 August, provided there is sufficient demand. They can apply for up to 2.5 mn shares each, with a minimum of 10 shares. Final allocations will be made on Wednesday, 20 August.

Major shareholders pocket the proceeds: Offering existing shares means selling shareholders are to rake in net proceeds from the sale, excluding SAR 40 mn in IPO-related costs. Direct substantial shareholders will see their holdings reduced to a combined 51% stake post-IPO, down from 73%, subject to a six-month lockup period from the first day of trading.

Dar AlMajed joins a growing roster of real estate players turning to Tadawul for visibility, fresh capital, or shareholder liquidity. This momentum is likely being driven by rising housing demand, tighter bank credit, and the need to fund increasingly large project pipelines.

ICYMI- PIF-backed developer Umm Al Qura for Development and Construction took a 9.1% stake to market in a SAR 2 bn primary offering earlier this year. Meanwhile, property developer Alramz Real Estate has recently lined up regulatory approval to float a 30% stake on the main market, and Al Othaim Investment revealed plans to IPO later this year.

Show me the financials: The firm’s net income grew 74.1% y-o-y to SAR 230 mn in 9M 2024, while its revenue was up 45.6% y-o-y at SAR 1 bn as it capitalized on stronger property sales, including land and inventory.

ADVISORS- Saudi Fransi Capital is quarterbacking the transaction as financial advisor, lead manager, underwriter, and bookrunner, while Baker McKenzie is providing counsel. PwC is acting as financial due diligence advisor, while Colliers is serving as market consultant.

Receiving agents include our friends at EFG Hermes KSA, Al Rajhi Capital, SAB Invest, Alinma Capital, Riyad Capital, Aljazira Capital, Alisthimar Capital, ANB Capital, SNB Capital, Derayah Financial, Yaqeen Capital, Alkhabeer Capital, and Sahm, among others.

Adeer launches new Egyptian-Saudi EGP 70 bn real estate project with Paragon

Paragon, Adeer to develop EGP 70 bn mixed-use development in New Cairo: Adeer International — a subsidiary of Sumou Holding — and Egyptian property developer Paragon Developments have launched a joint development entity, which will work with Egypt’s Midar to develop a EGP 70 bn mixed-use project in New Cairo’s Mostakbal City, according to a press release (pdf).

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

What we know: The 500k sqm development will feature commercial, administrative, and hospitality components, and is being positioned as a smart, sustainable urban hub. The timeline of the construction and delivery was not disclosed.

Paragon has a presence with the Kingdom: The Egyptian developer opened its first regional office in Riyadh last month, aiming to deliver 200k sqm of office space by 2027, increasing to 500k sqm by 2030, in cities including Riyadh and Jeddah.

More on Somou’s first real estate investment fund in Egypt: Sumou Holding is looking to launch a USD 1 bn real estate fund in Egypt by late 2025 or early 2026, Chairman Ayedh Al Qahtani told Al Arabiya, adding more color to comments he made to Egyptian Prime Minister Moustafa Madbouly earlier this week.

The company has been in talks with the Egyptian Stock Exchange for nearly two years on regulatory changes that would make it easier for foreign and local developers to establish such funds. Al Qahtani expects Saudi investors to make up 30-40% of the fund’s investor base, with the rest split between Egyptians and other players.

ALSO- Egypt’s Mountain View is set to team up with Saudi companies to launch its second project in Riyad’s Fursan district in the near future, the company’s founder and Chairman Amr Soliman told Asharq Business (watch, runtime 08:19) yesterday. Mountain View's first project in southern Riyadh — whose details were unveiled last November — will kick off construction next year and is slated for completion within two years, Soliman stated. The project is being developed in partnership with local developers Maya Real Estate Development and Investment and Al Saedan Real Estate.

VC funding rebounds in 1H 2025 as mega-transactions soar -Magnitt

Saudi Arabia’s VC funding jumped 116% y-o-y in 1H 2025 to USD 860 mn, according to venture data platform Magnitt’s Saudi Arabia Venture Capital report (pdf). The funding was spread across 114 agreements, up 31% y-o-y and beating the 1H 2022 peak of 97 transactions. The rebound reversed slowdowns seen in the first halves of 2023 and 2024, driven by a record 70 agreements in 1Q 2025 and a 3.2x rise in 2Q funding y-o-y.

The drivers: Growth was driven by a 215% y-o-y increase in mega-transactions, which totaled USD 410 mn, alongside a 67% rise in non-mega funding. The volume of pre-seed and seed rounds also jumped 50% y-o-y.

The most-funded sectors: E-commerce/retail was Saudi Arabia’s most-funded industry, growing 78% y-o-y to USD 306 mn, driven by Ninja’s USD 250 mn round. Fintech was the runner-up, raking in USD 273 mn after a 275% y-o-y rise on the back of Tabby’s USD 160 mn Series E round. Excluding Tabby’s mega-transaction, the sector would record a 55% y-o-y growth. Funding also went to sustainability (USD 52 mn), EdTech (USD 40 mn, up 510%), and enterprise software (USD 38 mn, up 51%).

The most active sectors: FinTech led in transaction volume, increasing 150% y-o-y to close 30 agreements, thanks to early-stage series in the sector tripling to 24 agreements. E-commerces/retail came in second with 17 agreements (up 89%), followed by enterprise software with 14 (up 40%), transport and logistics with nine (down 25%), and Edtech with eight (up 60%).

Capital distribution has improved in 1H 2025, with the top five agreements accounting for 60% of total funding, down from 66% in 1H 2024. The ecosystem’s diversification was reflected in major tickets for PetroApp in sustainability (USD 50 mn), Ula.me in EdTech (USD 28 mn), and Merit Incentives in the enterprise software field (USD 28 mn), according to Magnitt.

Early-stage is still king: Early-stage investments dominated Saudi Arabia’s VC landscape, comprising 89% of all transactions — the highest proportion among top MENA markets. Later-stage activity remained nascent, with Series A transactions accounting for 6% and Series B for just 4% of the total.

Investor participation in Saudi startups hit a record 117 in 1H 2025, up 54% y-o-y, driven by growing international interest. Non-Middle East investors rose to 36%, with US investors’ share increasing to 18% from 11%. Despite their lead, local investors’ share dropped to 41%, while Emirati investors’ share fell to 12%. However, Egyptian investors made it to the top five with a 7% share.

M&A activity in the Kingdom surged in 1H 2025, with disclosed transactions rising to seven from two a year earlier. Local acquirers led five transactions across diverse sectors, with half the acquired startups under four years old — signaling a rising interest in early-stage M&As.

Topping the region: The Kingdom took up 56% of MENA’s total VC funding and captured 37% of its agreement flow, up from 30% in 1H 2024. We covered the regional 1H VC funding scene earlier this month.

Arab National Bank, Mobily and Sasco post 2Q results

ARAB NATIONAL BANK-

Arab National Bank’s (ANB) net income rose 8.5% y-o-y to SAR 1.34 bn in 2Q 2025, supported by higher net special commission income, investment gains, and fee and exchange income, according to a disclosure to Tadawul.

Total income from financing rose 5.9% y-o-y to SAR 3.1 bn, while total income from investments surged 28.1% y-o-y to SAR 794 mn.

In 1H, ANB’s net income increased 7.1% y-o-y to SAR 2.6 bn. The bank’s total income from financing saw a 3.9% y-o-y increase to over SAR 6 bn, while its total income from investments rose 16.4% y-o-y to SAR 1.4 bn.

MOBILY-

Etihad Etisalat (Mobily) saw its net income increase 25.6% y-o-y in 2Q 2025 to SAR 830 mn on the back of growth across all its revenue streams, an expanded overall subscriber base, and a reduction in net expenses and taxes, it said in a disclosure to Tadawul yesterday. The figure beat Bloomberg analyst forecasts, which stood at SAR 734 mn.

MEANWHILE- Revenues increased 8.1% y-o-y to SAR 4.8 bn over the same period.

In the first half of the year, Mobily’s bottom line grew 22.9% y-o-y to SAR 1.6 bn, and its top line rose 6.6% y-o-y to SAR 9.6 bn.

ALSO- Mobily’s Board greenlit a SAR 924 mn dividend payout at SAR 1.2 apiece for 1H 2025, it said in a separate disclosure. The distribution date is set for 19 August.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

SASCO-

Saudi Automotive Services Company (Sasco) reported a 131% y-o-y jump in net income at SAR 29.7 mn in 2Q 2025, according to a disclosure to Tadawul. Revenue rose 15.6% y-o-y to SAR 2.9 bn during the quarter.

The drivers: Growth was driven by higher sales volumes from a growing number of stations, stronger performance from Sasaco Palm and the transportation sector, and a rise in diesel prices, along with higher other income streams and lower general expenses.

On a 1H basis, Sasco’s bottom line increased 48.6% y-o-y to SAR 34 mn, while revenue rose 14.1% y-o-y to SAR 5.6 bn.

Wafrah taps Mohammed Almuzel as Managing Director

Wafrah for Industry and Development Company appointed Mohammed Almuzel (LinkedIn) as Managing Director, following the board’s decision to terminate the assignment of acting CEO Abdullah Mohamed Al Shehri, according to a disclosure to Tadawul. Almuzel brings over 15 years of experience in banking and investment, currently serving as VP of Investment and Treasury at a holding company. He sits on multiple boards and committees, with a track record in driving financial performance and strategic growth.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

OmniOps launches Saudi Arabia’s first sovereign AI platform Bunyan

AI Infrastructure technology provider OmniOps launched the Kingdom’s first sovereign Inference as a service platform, Bunyan, according to a statement (pdf). The platform enables companies to build AI-driven applications to automate workflows, aiming to provide AI capabilities for text, vision, and speech applications while ensuring data remains sovereign and compliant within the Kingdom.

About Bunyan: Bunyan is an end-to-end AI infrastructure stack that allows users to deploy custom AI models on hardware from Nvidia and Groq. The platform claims it can double AI inference speed, halve energy use, and cut latency by at least 40%. It also features a unified AI model catalog providing access to public and private large language models (LLMs), speech recognition, and computer vision technologies.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

DEVELOPMENT FINANCE-

The Saudi Fund for Development (SFD) signed two development loan agreements worth USD 32 mn with Bosnia and Herzegovina, it said in a press release on Monday. The agreements will fund the construction of a USD 19 mn scientific center in a science and technology park, spanning some 200k sqm, and equip a student housing facility at the Borisa Starović Public Institution Student Center for USD 13 mn.

A long line of support: To date, the SDF has provided the Balkan country over USD 163 mn to finance 27 development projects and has allocated more than USD 53 mn in four grants, contributing to its sustainable social growth and economic prosperity.

REAL ESTATE-

Roshn turns to Singapore for AI + entrepreneurship partnerships: Real estate developer Roshn Group signed agreements with two Singaporean organizations, AI Singapore and the Action Community for Entrepreneurship (Ace), it said in two separate statements. The collaboration with Ace will connect Roshn with Singaporean startups, while the agreement with AI Singapore will focus on jointly developing and testing AI applications for the real estate industry.

IN CONTEXT- The agreements were signed under Roshn’s ROSHNEXT program, which it launched in May. The initiative, which complements the Roshn Mobile Experience and Roshn Hackathon, aims to integrate new technologies and partners to collaboratively create innovative housing solutions.

RENEWABLES-

Tamimi goes solar with Yellow Door agreement: Tamimi Markets signed a solar lease agreement with UAE-based sustainable energy provider Yellow Door Energy to install rooftop solar panels at its distribution centers in Dammam and Jeddah, according to a press release. The total system capacity will reach 900 kWp, with 465 kWp installed at the Jeddah fulfillment center and 435 kWp across two Dammam facilities. Construction is underway, with completion slated for the end of 2025.

More details: Over 1.5 high-efficiency bifacial solar panels will cover 7.2k sqm of rooftop space and are expected to generate 1.5 mn kWh of clean energy in the first year, cutting carbon emissions by about 586 metric tons. Yellow door will handle the full setup and maintenance.

MINING-

The Industry and Mineral Resources Ministry allocated seven new sites for mining complexes in the Riyadh, Makkah, Aseer, and Al Baha regions, it said on X on Monday. In Riyadh, the allocations include a 37.9 sq km site in Rumah, a 30.6 sq km site in Al Duwadimi, a 10.4 sq km site in Afif, and a 2 sq km site in Al Majma’ah. Makkah was granted a 25 sq km site in Taif. In Aseer, the Al Hadbah and Al Qurain complex in Bisha was expanded to 72.8 sq km, while Al Baha received a newly designated 0.7 sq km site.

AI Al Baha ALSO ON OUR RADAR artificial intelligence Asas Makeen Asir Bosnia and Herzegovina DEVELOPMENT FINANCE fintech Flend Industry and Mineral Resources Ministry Makkah mining Qemat Hattaba Real Estate Riyadh Roshn Saudi Fund for Development (SFD) Singapore Startup Sukna Ventures Tamimi Markets

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PLANET FINANCE

Trump’s tariff blitz could choke China’s alternative exporting routes

The Trump administration is intensifying efforts to undercut China’s exports by targeting transshipment networks, raising tariffs and tightening supply-chain rules on goods routed through third countries, according to Bloomberg analysts. This strategy risks choking off 70% of China’s exports to the US — equivalent to over 2.1% of China’s GDP.

Since Trump’s first trade war during his first term, China has increasingly leaned on countries like Vietnam, Mexico, and parts of the EU for finishing goods or components bound for the US, in a bid to cushion the blow of US tariffs. China’s share of value-added manufacturing via third countries rose 22% in 2023, up from 14% in 2017, according to Bloomberg Economics.

Away from China or else: Trump’s administration is threatening to slap 25-40% tariffs on goods from Cambodia, Indonesia, Laos, Malaysia, and Thailand to enforce his terms — including curbing China’s exports — in trade negotiations ahead of his 1 August deadline. Vietnam was the first Asian country to yield, accept ing an agreement that puts a flat 20% tariff and a 40% levy on transshipped goods, and drawing Beijing’s criticism.

The war extends beyond Asia: The US reached an agreement with the UK in May that included security requirements for steel and pharmaceuticals, terms which were seen as an attempt to push Chinese products out of British supply chains. “Co-operation between states should not be conducted against or to the detriment of the interests of third parties,” China’s foreign ministry told the Financial Times at the time.

Business backpedal: Economists warn that enhanced tariffs or new supply‑chain mandates could significantly disrupt China’s export activity and dent long-term growth. There’s also concern that tighter rules could make international firms more hesitant to rely on Chinese components or production, harming business confidence and investment.

Yet enforcement faces its own challenges. The US definitions of “localized goods” remain vague, and verification protocols for origin remain underdeveloped, Bloomberg analysts said. The success of the policy will hinge on enforcement capabilities and compliance of third-country partners.

ALSO FROM PLANET FINANCE-

JP Morgan may soon let clients borrow using cryptocurrencies, a sharp shift from CEO Jamie Dimon’s earlier crypto criticism. While JP Morgan won’t hold crypto directly, it could partner with firms like Coinbase to manage crypto assets. The bank already lends against crypto-linked ETFs, and is expanding to actual tokens would outpace rivals like Goldman Sachs. (Financial Times)

MARKETS THIS MORNING-

Asian markets are in the green, led by Japan’s Nikkei which jumped 2.8% in early trading on news of a trade agreement with the US. Meanwhile, Wall Street futures are showing softer gains after another record closing for the S&P 500.

TASI	10,843	-1.3% (YTD: -9.9%)
MSCI Tadawul 30	1,390	-1.3% (YTD: -7.9%)
NomuC	26,740	-1.3% (YTD: -15.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	33,803	-1.0% (YTD: +13.7%)
ADX	10,179	-0.6% (YTD: +8.1%)
DFM	6,025	-0.3% (YTD: +16.8%)
S&P 500	6,310	+0.1% (YTD: +7.3%)
FTSE 100	9,024	+0.1% (YTD: +10.4%)
Euro Stoxx 50	5,290	-1.0% (YTD: +8.1%)
Brent crude	USD 68.74	-0.7%
Natural gas (Nymex)	USD 3.26	-1.9%
Gold	USD 3,443	+1.1%
BTC	USD 119,639	+2.1% (YTD: +27.9%)
Sukuk/bond market index	914.84	+0.2% (YTD: +1.4%)
S&P MENA Bond & Sukuk	146.28	+0.4% (YTD: +4.5%)
VIX (Volatility Index)	16.50	-0.9% (YTD: -4.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.3% yesterday on turnover of SAR 4.9 bn. The index is down 9.9% YTD.

In the green: Sport Clubs (+24.0%), Teco (+6.3%) and Riyadh Cables (+1.9%).

In the red: Cenomi Retail (-5.7%), SPPC (-4.9%) and Red Sea International (-4.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.3% yesterday on turnover of SAR 19.1 mn. The index is down 15.1% YTD.

In the green: Mufeed (+5.2%), iOud (+5.2%) and United Mining (+4.4%).

In the red: Food Gate (-9.8%), Alqemam (-9.7%) and Lana (-8.6%).

CORPORATE ACTIONS-

Thob Al Aseel’s board approved distributing SAR 40 mn in cash dividends for 1H 2025 at SAR 0.1 per share, according to a disclosure to Tadawul. The eligibility date is Sunday, 27 July, and payments will be made within 15 working days.

CALENDAR

JULY

8 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

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

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

31 July (Thursday): Deadline for companies with SAR 40 mn in revenues from goods and services during June and 2Q 2025 to integrate e-invoicing solutions with Fatoora.

31 July (Thursday): Deadline for companies to register for the ASICS Innovation Pitch competition.

AUGUST

5 August (Tuesday): Saudi Aramco to publish 2Q 2025 earnings.

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

15 October (Wednesday): Russian-Arab Summit.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

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

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

DECEMBER

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

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

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

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

OCTOBER

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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