Tariffs likely to have a limited direct impact on our economy (but watch out for spillover)

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Riyadh Air receives Air Operator Certificate + Aramco makes steepest Asia oil price cut in over two years

Good morning. Tariffs are still leading the news cycle everywhere, as global markets are increasingly feeling the squeeze of US protectionist measures. Our economy might be well situated to withstand the direct impact, analysts argue, but spillover effects from global markets could still cause headwinds.

Also in this morning’s news well: Net foreign assets dropped for eighth consecutive month in February, Acwa Power starts commercial operations at two plants in Uzbekistan, and Forbes brings back Saudi b’naires into its 2024 list (after a 7-year hiatus).

UP FIRST- It’s the first day of the EFG Hermes One on One in Dubai. The One on One is the largest investor conference focused on emerging markets — and it’s difficult to imagine a more opportune time for companies and equity investors to chew the fat than now: Global markets are roiling in the wake of US President Donald Trump’s bid to reshape the post-Second World War economic order.

On stage this morning: Central Bank of Egypt Deputy Governor Ramy Aboul Naga will offer what’s being billed as an “inside view into Egypt’s economic reset” in a fireside chat. Next up will be a panel discussion in partnership with the Dubai Financial Market on the role of capital markets in bringing to life the UAE’s long-term vision. On stage will be DFM and Nasdaq Dubai CEO Hamed Ali and Dubai Economic Development Corporation CEO Hadi Badri. The DEDC is a unit of the Dubai Department of Economy and Tourism.

Fund and portfolio investors from around the world will join top company execs for the world’s biggest live poll of investor sentiment. The EFG Hermes Live Research Poll caps off the morning before participants break out for one-on-one meetings in which company execs meet face-to-face with investors.

BY THE NUMBERS- We expect this morning that fund managers representing more than 250 global institutions will meet this week with top execs from 220 companies spanning 12 countries.

Companies from our part of the world are the stars of the show. Among the top Saudi firms attending:

Alinma Bank
Almarai
And dozens more
Aramco
Care
Cenomi Centres and Cenomi Retail
Dr. Sulaiman Al Habib Medical Services
eXtra
First Mills
Jarir
Retal
Saudi Awwal Bank
Savola
SNB
STC
Tas’heel
Zain

HAPPENING TODAY-

The three-day Sports Investment Forum (SIF) kicks off today at the Ritz Carlton hotel in Riyadh, bringing together industry specialists and leaders to build cross-border partnerships. The forum’s objectives include showcasing advanced technologies, improving player and fan experiences, promoting sports academies, and using AI for sports analysis and smart stadiums.

WEATHER- Riyadh's getting sun today, but pack an umbrella for Makkah or Madinah as we might see rain.

Riyadh: 36°C daytime / 24°C overnight
Makkah: 40°C daytime / 28°C overnight
Madinah: 38°C daytime / 28°C overnight

HAPPENING THIS WEEK-

Tesla’s debut in the Kingdom takes place this Thursday at the Bujairi Terrace in Riyadh. The event will showcase the company’s electric vehicles, solar-powered products, and new technology, including an autonomous taxi and humanoid robot.

PSAs-

The next round of e-invoicing: Companies that recorded more than SAR 5 mn in revenues subject to VAT will need to integrate their e-invoicing solutions with Zatca’s Fatoora platform by 30 April, Zatca said in a post on X. This is the latest phase of an e-invoicing rollout that began in late 2021.

REMEMBER- Companies that recorded more than SAR 1.3 mn in revenues subject to VAT in 2022, 2023, or 2024 will need to integrate their e-invoicing solutions with Zatca’s Fatoora platform by 30 November, while those with more than SAR 1 mn mn must integrate by 31 December 2025.

ALSO- Businesses subject to withholding tax must file their March tax returns by Thursday, 10 April via Zatca’s website, according to a statement. Late submissions will face a 1% penalty for every 30 days of delay.

The subscription window for the April round of the government-issued retail sukuk program Sah closes at 3pm tomorrow, the National Debt Management Center said in a post on X. The instrument carries a 4.88% yield, with a minimum subscription of SAR 1k and a maximum of SAR 200k.

WATCH THIS SPACE-

Riyadh Air cleared for takeoff? Riyadh Air received its Air Operator Certificate (AOC) from the General Authority of Civil Aviation (Gaca), clearing the way for it to begin flying later this year, the authority said in a post on X.

Aircraft delays might still pose a problem: The Kingdom’s newest carrier pushed back its launch to 3Q 2025 from earlier this year, after facing delays in Boeing aircraft deliveries. The airline expects to receive as many as four Boeing 787 Dreamliners this year, and placed an order of 60 Airbus A321neos in October with deliveries scheduled between 2H 2026 and 2030.

CIRA Education’s eyes are on Saudi: Egypt’s leading education provider CIRA Education is studying potential investments in Kingdom as part of its plan to set foot in the market, according to an EGX disclosure (pdf). The company reportedly plans to finalize all expansion procedures before the start of the next academic year, Al Borsa reports, citing unnamed sources with knowledge of the matter.

Part of the plan: Earlier this year, the PIF-backed Social Impact Capital increased its stake in CIRA Education to 88.7% from 51.2%. The move was said to position CIRA for regional expansion.

Indian Prime Minister Narendra Modi is set to pay us a visit and meet with Crown Prince Mohammed bin Salman in the coming weeks, The Sunday Guardian reported yesterday, citing sources it says are in the know. The two leaders plan to discuss energy security, regional stability, economic partnerships, and trade disruptions resulting from US tariffs. A specific date is yet to be provided.

The Capital Market’s Authority (CMA) gave the thumbs up to Naf Feed to debut a 20% stake (good for 400k shares) on Tadawul’s parallel market Nomu, according to a statement.

DATA POINTS-

The Saudi Food and Drug Authority (SFDA) reported an 82% y-o-y increase in the number of licensed factories and warehouses in 2024, Al Jazirah reports, citing data from the Saudi Food and Drug Authority (SFDA). The food industry topped the list with 693 newly-licensed factories and 3.8k warehouses, followed by cosmetics with 42 factories and 857 warehouses, and animal feed with 29 factories and 270 warehouses.

OIL WATCH-

Aramco made its steepest oil price cut in over two years, slashing May prices for Arab light crude and other grades to Asia by USD 2.30 per barrel, Reuters reports, citing a company pricing list. This marks the second consecutive month of price cuts, setting prices at a four-month low.

IN CONTEXT- The price discount follows Opec+’s unexpected move over the weekend to hike output by 411k barrels per day, citing “healthy market fundamentals and the positive market outlook”. The decision comes after Kazakhstan reportedly continued to report record figures at the oil pump and Iraq failed to comply with production cuts.

SPORTS-

⚽ The Pro League title race heats up: Cristiano Ronaldo scored a brace away in a 3-1 victory against Al Hilal, while Al Ittihad lost two points following a 4-goal draw with Al Ahli. Al Nassr (54 points) stands in third place — trailing the Blue Wave by 3 points and table leaders Nadi Al Sha’ab by 8 points — as Al Qadisiyah fell off pace in the race for the third spot, after a stalemate at home with Al Ettifaq.

Also from matchday 26: Al Akhdoud pulled away from the relegation zone after seeing off Al Orobah away from home 1-0, hovering just above Al Fateh on goal difference — which managed a 1-1 draw against Al Feiha.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

It’s still all about the global market turmoil in the foreign press, with virtually every outlet leading with expectations of markets extending their slump tomorrow as futures fall.

US President Donald Trump and his administration has indicated they plan to stay the course on tariffs despite global concerns over a possible economic recession and the response from markets, sending S&P 500 futures contracts down 2.9% and Nasdaq futures down 3.9%. The two indices have wiped tns in market value since the tariffs were announced last week. The flat 10% global tariff has since kicked in on Saturday, while the country-specific reciprocal tariffs are kicking in on Wednesday.

Commodities also extended their losses last night, with Brent crude falling 3.1% to USD 63.53 and West Texas Intermediate slipping 3.4% to USD 59.9, below breakeven price for shale producers. Copper also fell more than 5% to USD 4.14. Meanwhile, Asian markets faced a brutal sell-off at market open, with Japan’s Nikkei plunging 8%, triggering a circuit breaker. We dive into the impact of the tariffs on regional markets as well in this morning’s Planet Finance, below.

Trump dismissed the global response and said that “sometimes you have to take medicine to fix something,” while Treasury Secretary Scott Bessent has said over 50 countries have reached out to the US for negotiations, while signaling that any talks would take time. Trump also didn’t seem too concerned about inflation, saying he doesn’t expect the US to “lose a tn USD for the privilege of buying pencils from China.” (Bloomberg | FT | NYT | CNBC)

CIRCLE YOUR CALENDAR-

The four-day EdgeX 2025 conference will take place on Sunday, 13 April at 12:55 pm at the Ritz Carlton, Riyadh. The event will showcase industry technologies, enrollment solutions, sustainable campus designs, and emerging EdTech startups. The full schedule — including skill-building workshops and discussion panels with industry leaders — is available here.

US tariffs on Saudi Arabia likely to have a limited effect, analysts say

The Trump administration's decision to impose a 10% tariff on all imported goods continues to cause global market turmoil. The direct impact on Saudi trade is expected to be limited due to the relatively low volume of exports to the US. Still, spillover effects from global volatility and declining oil prices remain a concern. Strong bilateral relations, including potential upcoming visits and investment deals, could help mitigate the economic impact.

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

IN CONTEXT- The Trump administration slapped a 10% tariff on the Kingdom on Saturday as part of a sweeping tariff on all imports to the US. Higher rates — up to 50% — on goods from 57 countries are set to kick in on 9 April. The scope and magnitude of the action have been felt worldwide, with trade experts like former White House trade adviser Kelly Ann Shaw describing the move as “the single biggest trade action of our lifetime” in comments to Reuters.

The tariff formula: US President Donald Trump personally chose a formula based on two variables, the trade deficit with each country and the total value of its US exports, the Washington Post wrote, citing two sources it said are familiar with the matter.

We’re already running a trade deficit with the US: Our trade deficit with the US increased 121.6% y-o-y to USD 443.3 mn in 2024, according to the Office of the US Trade Representative. The US exported USD 13.2 bn to the Kingdom in 2024, down 4.8% y-o-y. Meanwhile, imports — which will face the 10% tariff — reached USD 12.7 bn, a 19.9% y-o-y decline. White House officials justify targeting countries already running trade deficits with the US by saying they would run even larger deficits if their trade policies were fairer, Reuters reports.

The direct impact of US tariffs on Saudi trade is likely to be limited, given the relatively modest volume of Saudi exports to the US market, Al Mal Chief Investment Officer Faisal Hasan told Asharq Business. “As for economic activity in the region, it may not be significantly affected because the region's exports to the United States are not as strong as those seen in Canada, Mexico, and China,” he said.

More analysts concur: Gulf states, including Saudi Arabia, are seen as the least affected by Trump’s tariffs, with “moderate and reasonable” responses expected from traditional US allies in the region, US billionaire investment analyst Kenneth Fisher told Aleqtisadiah.

Strong bilateral relations could help shield our economy: Trump may be visiting the Kingdom as early as next month, with mid-May reportedly pegged as the potential timeframe for the trip. The visit will focus on finalizing USD 1 tn in Saudi investments in the US, after Crown Prince Mohammed Bin Salman already pledged an additional USD 600 bn package to increase its investment and trade portfolios with the US over the next four years back in January.

BUT- spillover risks from global volatility remain: Selling pressure in global markets could spill over due to the interconnected nature of the global economy, Hasan warned. Gulf markets, including Saudi Arabia, will also feel the effects primarily through investor sentiment and oil prices, which are tied to global demand, Divye Arora, head of portfolio management at Daman Investments, told Asharq, adding that if trade wars dampen global growth, oil demand will likely decline, putting downward pressure on prices.

Shifting investor strategy: Volatility may drive foreign investors away from equities and toward safer assets like bonds and money markets, according to Arora, who expects continued sell-offs over the next month or two.

Net foreign assets drop for eighth consecutive month in February

Net foreign assets in the Kingdom’s banking sector dropped for the eighth consecutive month, reaching an SAR 1.48 tn surplus by the end of February — the lowest level in the last twelve months and a 7.4% y-o-y drop, according to the Saudi Central Bank’s (Sama) latest monthly statistical bulletin (pdf).

The continued decline was driven by commercial banks, whose net foreign assets fell to a SAR 52.5 bn deficit, down from SAR 59.4 bn in February 2024. Meanwhile, Sama’s foreign assets inched slightly down to SAR 1.53 tn by the end of the month, making up the bulk of the sector’s external position.

MEANWHILE- Bank credit across all segments increased 14.9% y-o-y to SAR 3.04 tn in February. Personal loans continued to account for the lion’s share of all credit handed out by local banks during the month at, followed by corporate credit to the real estate sector, and financial and ins. activities.

Residential mortgages financed by banks also hit SAR 8.9 bn during the same period, up 28.3% y-o-y, with a total of 11.8k contracts. This includes SAR 5.6 bn for houses, SAR 2.9 bn for apartments, and SAR 436 mn for land contracts.

ALSO- Broad money supply (M3) grew 10.1% y-o-y to SAR 3.03 tn. Demand deposits (48.5%) topped the list of currency supply components, followed by time and savings deposits (34%), other quasi-cash deposits (9.7%), and banknotes in circulation outside banks (7.8%). Meanwhile, total liabilities reached SAR 5.24 tn, clocking a 7.2% y-o-y growth.

SOUND SMART- M3 is the broadest measure of money supply in a given economy. It includes cash, current accounts, and other money that can be quickly mobilized (what econ-nerds call M2) as well as large time deposits, institutional money market funds, short-term repurchase agreements, and larger liquid funds.

On the investment front: Government bonds rose for the eighth consecutive month to SAR 606.5 bn, up 1.3% m-o-m and 10.9% y-o-y, representing 73.8% of total public sector liabilities. At the same time, bank credit to public institutions increased 37.4% y-o-y to SAR 214.8 bn.

Commercial operations start at two Acwa Power plants in Uzbekistan

Commercial operations kicked off at Acwa Power’s 500 MW Dzhankeldy Wind Independent Power Project (IPP) and 500 MW Bash Wind IPP in Uzbekistan, according to disclosures to Tadawul (here and here). The impact of the operations is expected to be reflected in Acwa’s financials in 2Q 2025.

BACKGROUND- The company signed 25-year power purchase agreements with the National Electrical Grid of Uzbekistan for both projects, which included a 128 km transmission line for Dzhankeldy and a 160 km one for Bash. The OPEC Fund approved two USD 20 mn loans to finance the projects in April 2023.

Who owns what? Acwa offloaded a 35% stake in the USD 1.3 bn projects to China Southern Power Grid International, China Southern Power Grid’s global investment arm, for SAR 596 mn (c. USD 159 mn) in July 2024. The renewables giant currently holds a 65% stake in each of the projects.

Acwa has bigger energy projects in the country: Acwa has a total of 15 projects in Uzbekistan, worth around USD 13.9 bn. Acwa signed a SAR 18.2 bn (c. USD 4.9 bn) power purchase agreement with the National Electric Grid of Uzbekistan (Negu) to develop a new 5 GW wind farm — set to be the largest in Central Asia — in May. It also signed a SAR 985 mn (c. 262.6 mn) power purchase agreement to develop the 200 MW Nukus 2 wind project in April 2024 and a USD 2.4 bn agreement with the National Electric Grid of Uzbekistan for a 1.5 GW wind energy farm in January 2024. The company also achieved full commercial operation at its 1.5 GW Sirdarya Combined Cycle Gas-Turbine power plant in December 2024.

Tadawul closes 1Q in the red, Nomu gains

Tadawul showed a notable decline in market activity last quarter, reflecting a broader slowdown in trading. Key metrics like trading value and transaction volume saw significant drops compared to the previous year. We take a closer look below at the data from the latest quarterly report.

Tadawul saw a broad slowdown in activity last quarter, with the total value of shares traded dropping 37% y-o-y to SAR 362.6 bn in 1Q 2025, according to Tadawul’s quarterly statistical report (pdf). The number of transactions slid 19.1% y-o-y to 28.3 mn, while traded volumes fell 27.6% to 17.1 bn shares over the same period, with the bulk of trading activity concentrated in January. As of the end of March, some 253 companies were listed and trading on the main market.

Tadawul’s benchmark index TASI closed the quarter at 12k points, down 3% y-o-y, after reaching a quarterly high of 12.5k points in the first half of February. Equity Market capitalization fell 9.3% y-o-y to SAR 9.92 tn over the same period.

The real estate management & development index logged the highest YTD sectoral gain through to March, climbing 14.9% as investor appetite held firm for property-linked plays. The telecom services index followed with a 12.6% YTD rise, while banks gained 7.7%, buoyed by stable credit conditions and strong earnings.

Tadawul’s large cap index was the only capitalization-weighted benchmark to post gains last quarter, edging up 0.5% YTD as investors leaned into highly liquid stocks amid broader sectoral weakness. The medium cap index fell nearly 0.07.% YTD in March, while the small cap index saw the steepest YTD decline, falling 3.78% last month. Tadawul’s IPO index fell 4.88% YTD last month, while the TASI50 index — which serves as a benchmark for ETFs— was down 0.13% YTD.

Top movers: Al Rajhi Bank topped the market by value traded last quarter with SAR 23.71 bn worth of shares changing hands — representing 6.54% of total market turnover. Aramco followed with SAR 16.53 bn (4.56%), trailed by SNB, Nice One, and Alinma.

ICYMI- Five companies rang the bell on Tadawul last quarter, namely e-brokerage firm Derayah Financial and poultry producer Arabian Company for Agriculture & Industrial Investments Entaj Foods in February, real estate developer Umm Al Qura for Development and Construction last month, and Almoosa Health and Nice One Beauty in January. Meanwhile, Raoom Trading left Nomu for the main market.

MEANWHILE ON NOMU-

Capped index NomuC rose 19.43% y-o-y to close 1Q at 31.1k points. The index hit a quarterly high of 31.7k points in February, supported by sustained investor appetite for growth-oriented listings. Market capitalization on Nomu rose 16.2% to roughly SAR 59.1 bn. Meanwhile, trading value declined 18.89% y-o-y to SAR 2.7 bn. Trade volumes climbed 9.2% to nearly 260 mn shares, while transaction count jumped 54.68% to 292.1k.

The last quarter saw the listing of eight companies, namely Shmoh Almadi, Itmam Consultancy, Alshehli Company for Metal Industries, Basma Adeem Medical, Hedab AlKhaleej, Ratio Specialty, and Twareat Medical Care (TMC) via direct listing.

Earnings continue to pour in

TIBBIYAH-

Arabian International Healthcare Holding (Tibbiyah) moved into the red in FY 2024 with a net loss of SAR 66.6 mn, compared to a net income of SAR 38.1 mn in FY 2023, it said in an earnings release (pdf). Revenues rose slightly by 0.9% y-o-y to SAR 814.4 mn during the year, supported by the acquisition of Al Hammad Medical Services and better performance in the supplies division Premma.

ALSO- The company secured a SAR 100 mn debt waiver from its major shareholder Al Faisaliah Group, according to a separate disclosure to Tadawul. This reduction in short-term debt aims to reduce financing costs and improve cashflow.

ARTEX INDUSTRIAL INVESTMENT-

Tadawul-listed carpet manufacturer Artex Industrial Investment saw its net loss widen 93.1% y-o-y in FY 2024 to SAR 144.5 mn from SAR 74.8 mn, mainly due to a SAR 100 mn provision made after the Saudi Industrial Development Fund called a guarantee last November on a loan taken by Al Reef Sugar Refinery, in which Artex holds a 15% guarantee share of the loan value, it said in a disclosure to Tadawul. Revenues rose 7.6% y-o-y to SAR 562.2 mn during the year on the back of an 11% increase in local turnover and a 2% rise in exports.

CHEMANOL-

Methanol Chemicals (Chemanol) saw its net losses widen to SAR 272.3 mn in FY 2024, up from SAR 177.8 mn the year prior, it said in a disclosure to Tadawul. This was driven by rising feedstock costs and a 14% average decline in selling prices of its major products, offsetting a 13% increase in sales volume. The company’s losses further increased due to the acquisition of Aldar Chemicals and Chemicals Industries Company in May, which had poor financial performance and lacked future cashflow forecasts. Meanwhile, revenues were down 2.4% y-o-y at SAR 710.5 mn during the year.

SPPC-

SouthernProvince Cement’s (SPPC) net income increased 25.1% y-o-y to SAR 244 mn in FY 2024 on the back of higher average selling prices, lower cost of goods sold, and reduced selling and distribution expenses, it said in a disclosure to Tadawul. Revenues were down 12.6% y-o-y at SAR 935 mn over the same period, weighed down by lower sales volume.

TAMKEEN-

Tamkeen HR’s net income increased 44.3% y-o-y to SAR 86 mn in FY 2024 on the back of improved operating profit, despite higher expenses, capital gains from asset sales, and the reversal of unused provisions, it said in a disclosure to Tadawul. Revenues were up 45.5% y-o-y at SAR 721.6 mn during the year, driven by healthier performance at its corporate services segment, which offset a decline in its individual services segment.

SAUDI PAPER MANUFACTURING CO-

The Saudi Paper Manufacturing Company (SPM) saw its net income rise 14.1% y-o-y to SAR 83.2 mn in FY 2024 amid lower financing expenses and higher revenues, it said in a disclosure to Tadawul. The gains were partially offset by rising G&A costs and distribution expenses. Revenues grew 3.2% y-o-y to SAR 837.2 mn during the year on the back of increased paper roll turnover.

NATIONAL BUILDING AND MARKETING-

The National Building and Marketing’s net income grew 47% y-o-y to SAR 44.9 mn in 2024, driven by improved margins from higher selling prices and operational efficiency, along with a 101.8% increase in returns from the German Saudi Industrial (Gesico), it said in a disclosure to Tadawul. Revenues were up 16.8% y-o-y at SAR 818 mn during the year, thanks to increased gains from the iron sector (up 23.6% y-o-y) and the IT sector (up 40% y-o-y), despite a 10.7% y-o-y decline in the construction sector revenues.

ALSO- The company’s board greenlit a 150% capital hike to SAR 300 mn via a bonus share issuance, it said in a separate disclosure to Tadawul. The SAR 180 mn capital increase will be funded via the outfit’s retained earnings, with shareholders receiving 1.5 bonus shares for each share held. The fresh capital is earmarked for funding new projects, expanding operations, and improving the firm’s financial position. The move is still pending regulatory and shareholders’ approval.

Chubb Arabia taps Kamran Mazhar as CEO

Chubb Arabia Cooperative Ins. appointed Kamran Mazhar (LinkedIn) as its new CEO, following the end of the six-month term of its interim CEO Abdulaziz Abdul Karim Al Khereiji, who will move on to the position of an executive board member, it said in a disclosure to Tadawul. Mazhar previously served as Chief Operating Officer at Chubb Arabia and brings over two decades of experience in the ins. sector.

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

Tadawul-listed Red Sea International appointed Ghassan Salim Al Ashkar as Acting CEO, following the termination of former CEO Marwan Jan Sayegh’s contract, the company said in a disclosure to Tadawul. Al Ashkar has over 30 years of experience in financial leadership, including his role as Senior CFO at Jeddah Economic Company and previous positions at CPC Holding Company.

Forbes brings Saudi b’naires back to its list after seven-year hiatus

Saudi b’naires returned to Forbes World’s b’naire list for the first time since 2017, following a wave of IPOs and growing market transparency in the Kingdom. Some 15 Saudis made it to the list this year — up from 10 in 2017 — with a combined net worth of USD 55.8 bn.

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

Prince Alwaleed bin Talal is the only returnee, topping the list as the richest Saudi with an estimated net worth of USD 16.5 bn — thanks to his 78.1% stake in the Kingdom Holding Company. The remaining 14 are all newcomers, including Dr. Sulaiman Al Habib Medical Services Group founder Sulaiman Al Habib, and heirs of family fortunes such as the Al Muhaidib brothers who expanded their late father’s conglomerate to build a diversified regional holding.

BACKGROUND- Forbes had stopped listing Saudi b’naires due to concerns about lack of transparency, following the November 2017 roundup of prominent figures on the back of corruption allegations.

What changed? A surge in stock exchange listings and the increased availability of reliable financial data, along with the rise in foreign investment and the public offering of more state-owned companies, have increased transparency in the local market. A well-regulated economic environment was also cited by Forbes as enough to bring Saudi b’naires back to the list.

REGIONALLY- Saudi Arabia was the b’naire hot spot among Arab nations, accounting for 43.4% of all Arab b’naire wealth, according to Arab News. The UAE and Egypt followed with five b’naires each, led by Hussain Sajwani (USD 10.2 bn) in the UAE and Nassef Sawiris (USD 9.6 bn) in Egypt. The Mena region now counts 38 b’naires across nine countries, with a total fortune of USD 128.4 bn — more than double last year’s figure.

Here’s the full Saudi b’naire gallery:

Prince Alwaleed Bin Talal (128th) – USD 16.5 bn
Sulaiman Al Habib (227th) – USD 10.9 bn
Emad Al Muhaidib (948th)– USD 3.8 bn
Sulaiman Al Muhaidib (1015th) – USD 3.6 bn
Essam Al Muhaidib (1015th) – USD 3.6 bn
Mohammad Abunayyan (1141st) – USD 3.2 bn
Abdullah bin Sulaiman Al Rajhi (1462nd) – USD 2.5 bn
Abdullah Al Othaim (1462nd) – USD 2.5 bn
Abdullah Amer Al Nahdi (1573rd) – USD 2.3 bn
Waleed bin Ibrahim al Ibrahim (2356th) – USD 1.4 bn
Yousuf Mohammad Jamjoom (2623rd)– USD 1.2 bn
Khalid Abdul Rahman Saleh Al Rajhi (2623rd) – USD 1.2 bn
Hamad Ali Al Sagri (2790th) – USD 1.1 bn
Ammar Soliman Fakeeh (2933rd) – USD 1 bn
Mazen Soliman Fakeeh (2933rd) – USD 1 bn

Design tender launched for USD 7 bn Riyadh-Jeddah land bridge

MEGAPROJECTS-

The Kingdom launched a tender for the lead design consultancy services for its USD7bn Riyadh-Jeddah land bridge megaproject, Meed reports. The megaproject — which is set to develop over 1.5k km of new tracks across the Kingdom — is part of a broader scope to construct six new railway lines, including a 950-km rail line linking Riyadh and Jeddah and another 115-km route connecting Dammam and Jubail.

The tracks will bridge together seven logistics centers in the Kingdom, linking Jubail Industrial City, Dammam Port, Riyadh Dry Port, King Khalid Airport, Jeddah Dry Port, King Abdullah Port, and Yanbu Industrial City.

REFRESHER- The project is set to connect the Kingdom’s Red Sea coast to the coast of the Arab Gulf. The Saudi Railway Company (SAR) awarded a consortium in 2023 that includes US-based construction management firm Hill International, Italian consulting firm Italferr, and Spanish engineering firm Sener the contract to manage the construction of the project. SAR r eceived bids for the contract in October 2022.

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

M&A WATCH-

Mepco sets out to fully take over Al Medan Project Company: The Middle East Paper Company (Mepco) inked a share and purchase agreement (SPA) to buy up 100% of Al Medan Project Company for Corrugated Carton (MPFC) in a cash-plus-equity transaction, it said in a filing to Tadawul. The move is pending regulatory approval, with the SPA set to expire within nine months. MPFC produces and supplies corrugated carton and packaging materials across the country.

Transaction mechanism: The acquisition will see Mepco issue an undisclosed amount of new shares to the sellers with a lock-up period of 12 months, in addition to a SAR 91 mn cash-consideration.

ADVISORS- Mepco tapped SNB Capital as its financial advisor on the transaction, with Baker McKenzie providing counsel.

MENA markets suffer sharp losses amid tariff, oil woes

It’s a bruising start to the week for MENA equities as global markets recoiled from the Trump administration’s decision to impose a blanket 10% tariff on all imported goods, effective last Saturday. Slumping oil prices and mounting fears of a prolonged trade war sparked a broad-based selloff.

Tadawul takes the biggest hit on Aramco plunge: The Tadawul All Share Index (TASI) plunged 6.8% on Sunday — its worst session since May 2020. Saudi Aramco led the sharp losses, erasing more than USD 90 bn of market cap mid-session. Meanwhile, the Nomu parallel market also fell 6.50%.

Over in Egypt, the EGX30 lost 3.3% yesterday following a strong rally in recent months, with all the index’s components in the red.. The index is still up 3.02% YTD. Meanwhile, the UAE saw Dubai’s DFM falling 1.51%, and Abu Dhabi’s ADX slipping 0.76% on Friday. Investors will be watching for more downside during today's open, as markets had closed ahead of the official tariff rollout.

Elsewhere: Qatar’s QE Index dropped 4.23%, with almost every listed company closing in the red. Oman’s MSX30 fell 2.6%, while Jordan’s ASE dropped 2.1% amid its inclusion in the high-tariff group. Tunisia’s Tunindex edged down 0.13%, and Morocco’s MASI lost 0.15%.

IN CONTEXT- The base 10% tariff came into effect over the weekend, with steeper rates — up to 49% — on goods from 57 countries set to hit this Wednesday, 9 April. Much of the Arab world dodged the worst — including Saudi, the UAE, Egypt, Morocco, and others, who are only facing the 10% levy — others were less fortunate: Syria (41%), Iraq (39%), Libya (31%), Algeria (30%), Tunisia (28%), and Jordan (20%) are facing higher rates.

MARKETS THIS MORNING-

Asian markets are inching down this morning as the tariff shakedown continues to roil global markets. Hong Kong’s Hang Seng is down 9.3%, while Japan’s Nikkei is down 6.5% and the Shanghai Composite is close behind at 6.0%. Wall Street futures are also signalling more losses for the S&P 500, Nasdaq and Dow on market open.

TASI	11,077	-6.8% (YTD: -8.0%)
MSCI Tadawul 30	1,406	-6.6% (YTD: -6.9%)
NomuC	1,993	-6.5% (YTD: -9.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,640	-3.3% (YTD: +3.0%)
ADX	9,187	-0.8% (YTD: -2.5%)
DFM	4,951	-1.5% (YTD: -4.0%)
S&P 500	5,074	-6.0% (YTD: -13.7%)
FTSE 100	8,055	-5.0% (YTD: -1.4%)
Euro Stoxx 50	4,878	-4.6% (YTD: -0.4%)
Brent crude	USD 65.58	-6.5%
Natural gas (Nymex)	USD 3.84	-7.3%
Gold	USD 3,035.40	-2.8%
BTC	USD 78,047	-6.7% (YTD: -16.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 6.8% yesterday on turnover of SAR 8.4 bn. The index is down 8.0% YTD.

In the green: Nama Chemicals (+0.5%).

In the red: Chemanol (-10.0%), Riyadh Cement (-10.0%) and Wafrah (-10.0%).

THE CLOSING BELL: NOMU-

The NomuC fell 6.5% yesterday on turnover of SAR 70 mn. The index is up 9.0% YTD.

In the green:Paper Home (+9.2%), Quara (+8.2%) and Multi Business (+3.5%).

In the red: Obeikan Glass (-19.6%), AME (-15.4%) and TMC (-14.7%).

CORPORATE ACTIONS-

Aljazira Takaful Taawuni’s board recommended distributing SAR 19.8 mn in dividends for FY 2024 at SAR 0.30 per share, according to a disclosure to Tadawul. The distribution date will be announced after receiving shareholders’ approval.

CALENDAR

APRIL

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

10 April (Thursday): Tesla launch event, Bujairi Terrace, 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.

14-16 April (Monday-Wednesday): Umrah and Ziyarah Forum, King Salman International Convention Center, Madinah.

14-15 April (Monday-Tuesday): MESH Core Riyadh Conference for Innovation in Healthcare, 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- 3 May (Friday-Saturday): AFC Champions League Elite Finals, Jeddah.

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

29 April (Tuesday): Deadline to submit feedback on proposed amendments to the rules for special purpose entities (SPEs).

MAY

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

3 May (Saturday): Canelo Alvarez vs William Scull, Anb arena, Riyadh.

5 May (Monday): Opec+ meeting.

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

9 May (Friday): PFL Mena Season 2 Kick-off

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily