UAE’s Al-Futtaim takes big stake in Cenomi Retail

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WHAT WE’RE TRACKING TODAY

THIS MORNING: A new budget carrier on the way?

Good morning. Business seems unfazed by the scorching summer heat this morning, a flurry of agreements across the retail, transportation and energy sector signed yesterday.

In today’s issue: Al-Futtiam is taking a big stake in struggling Cenomi Retail, adding a regional heavyweight to Cenomi’s shareholder base while the Dubai-based group gains access to the Kingdom’s retail market. Meanwhile, an update from Riyadh Metro is topping this morning’s news well, with a USD 900 mn extension project for Line 2 awarded to none other than ANM consortium.

ALSO- Acwa Power is still at it, plotting a Saudi-Europe clean energy corridor with a slew of agreements and MoUs. We also talked with Sukna Capital CEO Fares Bardeesi on what Saudi SMEs need from the financial sector. But first..

IN MEMORIAM- Prince Al Waleed bin Khaled bin Talal, known as Saudi Arabia’s “Sleeping Prince,” passed away on Saturday, after enduring 20 years in a coma following a car accident in 2005. The funeral prayer was held yesterday at Riyadh’s Imam Turki bin Abdullah Mosque.

HAPPENING TODAY-

WEATHER- It’s another blazing day with Riyadh expected to see a high of 44°C and a low of 30°C today, while Jeddah’s mercury will go as high as 34 °C and as low as 28°C. Makkah will see a 41°C high and 31°C low.

⚠️A warning for the weekend: A severe heat wave is expected to hit central and eastern Saudi Arabia starting Friday and lasting through the weekend, with temperatures predicted to reach up to 50°C. Stay safe and make sure to hydrate.

The Media and Marketing Week kicked off yesterday in Riyadh, Jeddah, Madinah, and Khobar, assisting SMEs searching for potential investments, Monsha’at said in a statement. The week-long program includes over 45 daily meetings, 15 training workshops, and advisory sessions, with the participation of more than 65 entities from the media and marketing industries.

HAPPENING TOMORROW-

Sport Clubs Company is set to debut on Tadawul’s main market tomorrow, according to a Tadawul disclosure. 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 take effect.

REFRESHER- The firm floated a 30% stake in a hybrid offering, which saw its retail offering 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. Shares were priced at the top end of the indicative range at SAR 7.50 apiece.

PSAs-

#1- Businesses subject to VAT with more than SAR 40 mn in annual revenues have until 31 July 2025 to file their June and 2Q tax returns, the Zakat, Tax, and Customs Authority (Zatca) said in a statement yesterday. Late submissions may incur fines ranging from 5% to 25% of the declared taxes.

#2- Private companies can now apply to join a new technical sandbox for the Tawakkalna app, the Saudi Data and Artificial Intelligence Authority (SDAIA) said on X. The program allows companies to test and integrate their services onto the platform, providing access to its 34 mn users and direct technical and advisory support from SDAIA. The first phase will select up to 20 companies, holding valid licenses and offering services in Arabic.

**AN APOLOGY FROM ENTERPRISEAM- Many readers yesterday accidentally received EnterpriseAM Egypt in Arabic despite not having signed up for that edition. One of us made a mistake during the dispatch process — you have our apologies. When you sign up for EnterpriseAM (whether the UAE edition, Egypt, Saudi, or Logistics or all of the foregoing) our promise is to send you emails relevant only to that vertical — in the language of your choice.

MORNING MUST-READS-

#1- The fall consumer and business tech launch window is opening a lot earlier than usual — just what you’d expect from a year in which everything feels really, really accelerated:

Everything is computer: OpenAI’s ChatGPT announced a new feature (an “agent” in industry-speak) that can control an entire computer for you and carry out tasks. Its reliability is so far spotty and you have to check its work
Google will launch its Pixel 10 on 20 August, weeks earlier than usual.
Samsung’s latest foldable, the Galaxy Z Fold 7, is getting really good reviews. It’s thinner, lighter, hits just the right notes proportion-wise when closed — and costs a bloody fortune, The Verge warns.
Apple will be out with a foldable next fall, hoping to have the last word on the category and take it mainstream, Bloomberg ’s Mark Gurman writes in his weekly newsletter.

#2- There’s lots of concern about what deep interactions with AI can do to folks with mental health issues. The New York Times’ inimitable Kashmir Hill got the train rolling last month with They asked an AI chatbot questions. The answers sent them spiraling. Stepping into the breach this morning, the Wall Street Journal offers us He had dangerous delusions. ChatGPT admitted it made them worse.

WATCH THIS SPACE-

#1- A new budget carrier on the way? An Air Arabia-led alliance secured a license from the General Authority of Civil Aviation (GACA) to operate a new budget carrier that will be offering domestic and international flights from Dammam’s King Fahd International Airport, GACA said in a statement on X. The new airline will be a joint venture between the UAE’s Air Arabia and Saudi Arabia’s Kun Investment and Nesma Holding. No details about the investment ticket or the launch timeline were disclosed. The story also got ink from Reuters.

In the cards: The new airline aims to add 45 aircraft to its fleet, targeting to serve 24 domestic and 57 international destinations by 2030. It also aims to transport up to 10 mn passengers annually by the end of the decade, as well as generate nearly 2.4k direct jobs. The move seeks to bolster air connectivity and accessibility for the Kingdom’s Eastern region.

AND- Big things are cooking for the Eastern Province airports: GACA launched a SAR 1.6 bn Dammam airports strategy, which includes 77 infrastructure projects aimed at bolstering passenger experience and operational efficiency, according to a statement on X.

The details: The funding will be plugged into new master plans for King Fahd International Airport, Al Ahsa Airport, and Al Qaisumah International Airport. The new plan aims to facilitate over 19.3 mn passengers annually at King Fahd International Airport and air cargo capacity to over 600k tons per year by 2030.

#2- Naf for Feed and Industries’ share price inched up 0.13% to close at SAR 76.1 on its debut session, joining a growing pool of Nomu IPOs to post first-day gains since Anmat Technology bucked a wider trend of slumping IPOs on the parallel market earlier last month.

Shares are allowed to fluctuate within a 30% range, with a static band of 10% for the first three trading days. The Qassim-based animal feed production company floated a 20% stake in a secondary offering.

#3- Tadawul-listed Tourism Enterprise's (Shams) average closing price fell below the minimum threshold required by the exchange, according to a disclosure to Tadawul. The company has three months starting 20 July to rectify the situation.

The plan? Shams plans to merge its shares to bring the stock price back up to at least SAR 3 and call an extraordinary general assembly to vote on the board’s recommendation — unless the share price recovers within the compliance window. The merger will reduce the number of shares without affecting the company’s capital. If it fails to comply, Shams may face trading suspension, and its shares could be moved to over-the-counter trading.

Market Reax: The company’s share price gained 9.2% to SAR 0.95 at yesterday’s close.

SPORTS-

French Nice striker Gaëtan Laborde is reportedly joining Al Diriyah FC, after the club concluded the contract terms, Asharq Al Awsat reported yesterday, citing sources it said are in the know. The move supports the club’s goals for the upcoming season.

ICYMI- PIF-backed master developer Diriyah took ownership of Al Diriyah FC last year from the National Center for Privatization, as a part of a sports privatization program aimed at boosting investment in the industry.

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THE BIG STORY ABROAD-

Two stories — one close to home and one further east — are getting plenty of attention in the international press this morning:

#1- Israel killed around 67 people waiting for UN aid trucks in Gaza yesterday as starvation cases rise and more people die of hunger. Hundreds of thousands of displaced Gazans were also told to evacuate Deir al Balah in central Gaza, as ceasefire talks seem to have stalled despite claims from the US that the two sides were close to agreeing a temporary 60-day truce. Talks are still ongoing in Doha between Israel and Hamas. (Reuters | Guardian | Bloomberg)

#2- Japan’s ruling coalition is projected to have lost control of the Upper House in an election yesterday, deepening political instability in the country amid rising economic concerns, according to public broadcaster NHK. The loss marks yet another blow to the Shigera Ishibu-led government, which had already lost the lower house last year. Ishibu vowed to stay on as prime minister despite the results, and said the country needs to now prioritize trade talks with the US. The country faces a 25% tariff by 1 August if it does not reach a trade agreement. (Reuters | AP | Financial Times | Wall Street Journal)

CIRCLE YOUR CALENDAR-

The Sustainable Maritime Industry Conference (SMIC) 2025 will take place between 3-4 September at Jeddah’s Ritz-Carlton Hotel, the Transport General Authority said on X. The two-day event brings together over 5k participants, including decision-makers, ministers, ambassadors, and maritime industry leaders from 170 countries, with over 60 speakers who will discuss maritime sustainability and innovation.

UAE’s Al-Futtaim takes big stake in struggling retail operator Cenomi Retail

Al-Futtaim sets out to buy nearly half of Saudi’s Cenomi Retail: Dubai-based Al-Futtaim Group is in the process of acquiring a 49.95% stake in Tadawul-listed Cenomi Retail in a transaction worth as much as SAR 2.5 bn (USD 667 mn) after inking a share purchase agreement, according to a joint statement. There’s no publicly available information about how Al-Futtaim plans to fund the acquisition. The move is pending regulatory clearance from the Saudi General Authority for Competition.

This is a good fit — what’s surprising is that it’s happening at all: Saudi has traditionally been very protective of its retail market, particularly against what it sees as incursions by UAE operators. But Cenomi Retail has long been struggling and has been mired in a start-stop turnaround bid for years now to little effect. Cenomi Retail shed a portfolio of 16 brands in 2024 and had said it was in the market to offload more than a dozen others. It had previously signaled plans to bring in a strategic investor “to overcome existing challenges.” The acquisition by Al-Futtaim formalizes adding a regional heavyweight to its shareholder base.

Al-Futtaim will loan Cenomi Retail some SAR 1.3 bn to shore up the operator’s balance sheet and give it the firepower it needs to engineer a turnaround before it can start looking at growing once again.

Who’s cashing out? Al-Futtaim is buying shares from Cenomi’s founding shareholders, including members of the Alhokair family — namely Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair — as well as Saudi FAS Holding Company and FAS Real Estate Company.

A premium is the cost of growth in the Kingdom: The UAE-based conglomerate will buy shares in Cenomi Retail at SAR 44 a piece, the statement read, representing a 33% markup to its last closing price on the Saudi bourse.

The transaction could be good for Cenomi Centres, the mall operator controlled by Alhokair family, which has had a conflict of interest in having Cenomi Retail in its tenant pool. Shares of Centres closed up nearly 2% on Tadawul yesterday.

The acquisition could prove smart on Al-Futtaim’s part. Our retail market is still in its infancy, and Cenomi Retail has leases across the Kingdom and in other markets. That sets Al-Futtaim up nicely to shuffle the portfolio with a patchwork of leases on high-traffic retail locations already in place and a handful of new (and overlapping) brands on which to build.

Cenomi Retail was on the ropes financially heading into this transaction: Sustained losses had seen shareholder equity turn negative to the tune of SAR 991 mn according to its latest financial statements (pdf), while liabilities (SAR 5.43 bn) now outweigh assets (SAR 4.42 bn) on its balance sheet. The company was cash-strapped and remains highly leveraged after it made limited progress paying down debt.

Cenomi Retail was in the black in 1Q 2025: The franchiser posted SAR 1.8 mn in net income, compared to a SAR 151.7 mn net loss over the same quarter last year. Revenues rose 11.2% y-o-y to SAR 1.3 bn during the same period.

Market reax: Cenomi Retail’s stock shed 9.95% to close at SAR 29.70 yesterday.

Al-Futtaim has a broad retail portfolio with brands including Zara, Massimo Dutti, and Bershka across the UAE, Saudi, and Egypt as well as Malaysia, Thailand, and Singapore. Cenomi Retail’s brands include Aleph, Cinnabon, Pull & Bear, Subway, and Oysho, among others and has more than 1k stores across 11 countries.

ADVISORS- Lazard is advising Cenomi on the transaction, while JP Morgan is acting for Al-Futtaim.

The story was picked up by Bloomberg and Reuters.

IN OTHER M&A NEWS-

Nomu-listed Lana Medical acquired a 21% stake in Dawam International Industrial Company, a manufacturer of medical and health food supplements, according to a bourse filing. The transaction was funded through internal resources and was valued at no more than 5% of Lana’s 2024 revenues, which totaled SAR 84.1 mn.

Riyadh Metro Line 2 extension moves forward with a USD 900 mn RCRC contract

Riyadh Metro Line 2 extension project dished out: The Royal Commission for Riyadh City (RCRC) has inked a USD 800-900 mn contract with Saudi-based Arriyadh New Mobility (ANM) Consortium for the extension of Riyadh Metro’s Line 2, Meed reports. The timeline for the project was not disclosed.

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

ANM? The consortium — led by Italian construction group Salini Impregilo — is made up of homegrown Nesma, Italy’s Ansaldo STS, Japan’s Hitachi, Canada’s Bombardier, Spain’s Idorn, India’s Larsen and Toubro and Australia's WorleyParsons, according to their website.

The breakdown: The new phase is set to extend Line 2 by 8.4 km, with 7.1 km running underground and 1.3 km elevated. The extension will add five new stations — King Saud University (KSU) Medical City, KSU West, Diriyah East, Diriyah Central, and Diriyah South — with three set to be underground. The extended route will stretch from Line 2’s current end point at KSU and will feature a vital interchange with the upcoming Line 7 at Diriyah Central.

Not ANM’s first rodeo: The consortium previously snatched up Riyadh Metro’s Line 3 project for USD 5.21 bn back in 2013. The 41 km line — launched in January — runs from Jeddah Road to the Second Eastern Ring Road near Khashm Al Aan.

REMEMBER- Riyadh Metro is in full swing: Riyadh Metro Line 2 (King Abdullah Road) launched last December and is operated by Capital Metro Company. Metro Line 5 went online the same day, while Line 1 (Al Olaya-Al Batha route), Line 4 (King Khalid International Airport Road), and Line 6 (Abdulrahman bin Auf Road-Sheikh Hassan bin Hussein bin Ali Road) were all launched last year.

More to come: We’re expecting a contract to design and build Riyadh Metro Line 7 soon — with bids for the project having closed just last month. The line is set to be developed in two phases, with phase 1 spanning a 65 km stretch, linking 19 stations to key areas including Qiddiya Entertainment City and King Salman Park. Meanwhile, phase two — still in the design stage — will extend the line northeast to connect Diriyah Gate, New Murabba, and King Khaled International Airport.

Acwa plots Saudi-Europe clean energy corridor

Cross-border green energy in focus: Acwa Power inked multiple agreements and MoUs with European partners to lay the groundwork for a green hydrogen and renewables export corridor between Saudi Arabia and Europe, according to a ministry statement from the Energy Ministry. The move comes as part of the Kingdom’s ambition to position itself as a logistics and energy hub under the India-Middle east-Europe Economic Corridor (IMEC).

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Setting the ground-work: A multi-party MoU was signed with Italy’s Edison, TotalEnergies Renewables, the Netherland’s Zhero Europe, and Germany’s EnBW to assess market demand and the feasibility of large-scale renewables production in Saudi dedicated to export. The framework will also explore the technical viability of delivering electricity via long-distance corridors.

On the infrastructure front: Acwa also inked bilateral MoUs with infrastructure players including Italy’s CESI, Prysmian, GE Vernova, Siemens Energy, and France’s Hitachi to support the development of high-voltage direct current corridors and transmission infrastructure to enhance cross-border supply reliability and accelerate technical readiness for power export.

ALSO- A joint development agreement was inked with EnBW for phase one of the Yanbu Green Hydrogen Hub, which is expected to come online by 2030. The project will include captive renewable generation, desalination facilities, hydrogen electrolysis, ammonia conversion, and a dedicated export terminal.

ICYMI- Acwa Power and Germany’s SEFE signed an MoU earlier this year to establish the Saudi-German Green Hydrogen Bridge, aiming to export 200k tons of Saudi-made green hydrogen annually to Europe by 2030 earlier this year. Acwa Power signed a similar MoU with Italy’s Snam the month before to explore a green hydrogen supply chain from Saudi Arabia to Europe.

SMEs need more flexible financial structures to thrive -Sukna

The Saudi SME landscape is rapidly expanding and evolving, buoyed by government spending — and SME financing needs are expanding, too. Hot on the heels of getting approval for MENA’s first open-ended, sharia-compliant direct lending fund, we talked to Sukna Capital’s CEO Fares Bardeesi, to find out what SMEs need from financial structures — and what businesses can do themselves — to get the finances needed to keep the lights on and expand their operations.

The Kingdom is bent on giving SMEs the lifelines they need: Monshaat, the SME Bank, the National Development Fund, and Kafalah, among others, are making a lot of progress in ramping up SME lending, aiming to reach the 20% target laid out in Vision 2030. The share is still hovering around the 9% level as of 3Q, with the SME financing gap estimated at to exceed SAR 300 bn.

The hangup? Finance structures are yet to keep up. Traditional banks are designed to meet the needs of large corporates with standardized, collateral-driven products, Bardeesi told us. Meanwhile, most SMEs do not have formal credit records and operate with variable cashflows. They need faster, more flexible financing tailored to the realities of SME operations.

A more adaptive approach is needed: Financial institutions need to incorporate real-time data, cashflow-based underwriting, and sector-specific analysis to assess SME viability, Bardeesi said. Risk assessment and decision-making could also benefit from the use of technology by adopting automated data collection, predictive analytics, and digital onboarding.

Regulations are evolving: The Saudi Central Bank (Sama) and the Capital Markets Authority (CMA) have been introducing sandbox frameworks and licensing pathways that led to the rise of flexible lending structures, Bardeesi notes. “The recent approval of Sukna Capital’s open-ended credit fund is a strong example of how capital market regulation is already evolving to accommodate new structures — such as private debt funds and revenue-based financing vehicles — that are built specifically with SMEs in mind.”

More work needs to be done: Expanding risk-sharing tools such as first-loss mechanisms and co-investment models can drive private sector participation. Tax incentives and streamlined licensing for non-bank financial institutions will also be critical in scaling alternative lending, according to Bardeesi.

SMEs have a part to play too: Many SMEs lack formal reporting practices or systems to track financial performance, making it harder for lenders to assess their creditworthiness, Bardeesi told us. Adopting cloud accounting or cashflow monitoring tools can help improve visibility, with the help of government and ecosystem partners.

“Bankability isn’t only about having audited financials,” Bardeesi noted. Lenders — including Sukna Capital — are already focusing more on actual performance when making underwriting decisions, checking if companies can demonstrate predictable revenue, operational discipline, and showing sector-specific strengths. “If more of the market adopts that view, we’ll see a meaningful shift in how capital flows to high-potential SMEs,” Bardeesi said.

DATA POINT- Financing for micro, small, and medium enterprises (MSMEs) jumped 30.6% y-o-y in 1Q, reaching SAR 383.2 bn, according to the Sama’s latest monthly report (pdf). MSME credit accounted for 10.1% of total credit facilities in the Kingdom during the quarter, up from 8.9% in the same period last year. Medium-sized enterprises received the lion’s share with SAR 190.2 bn — a 18.4% increase y-o-y.

NIDLP sectors contribute 39% of non-oil GDP in 2024 at SAR 986 bn

NIDLP sectors contributed 39% of our non-oil GDP: The National Industrial Development and Logistics Program’s (NIDLP) sectors added SAR 986 bn to the Kingdom’s GDP in 2024, representing 39% of the non-oil GDP, according to the program’s latest report (pdf). The non-oil sector accounted for about 55% of the Kingdom’s real GDP during the year.

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The breakdown: Non-oil exports climbed 13.2% y-o-y to SAR 514 bn last year, backed by a record 42% increase in re-exports to SAR 90 bn, a 14% rise in exported services to SAR 207 bn, and a 4% increment in exported goods to SAR 217 bn. Exports of machinery and electrical equipment saw the largest y-o-y growth at 81%, recording SAR 42.9 bn, while exports of chemical products made the largest contribution at SAR 78.5 bn, despite a 2% y-o-y dip in growth.

More jobs came in: The NIDLP supported the creation of over 508k jobs, pushing total employment across NIDLP sectors to 2.4 mn and integrating some 81k Saudis — 42k men and 39k women — into the labor force.

ALSO- Industrial cities and special zones received a cumulative of SAR 1.4 tn in government investments last year, with the program also pulling in some SAR 665 bn in private investments. The Saudi Industrial Development Fund approved SAR 198 bn in cumulative loans by the end of 2024, while the Saudi Export-Import Bank (Saudi Exim) extended SAR 69.1 bn in cumulative credit over the same period.

ICYMI- Investments in sectors under the NIDLP were projected to hit SAR 600 bn by the end of 2024, up from SAR 524 bn a year earlier, with aspirations to reach SAR 1 tn by 2030.

Aldrees’ net income rises 21% y-o-y in 2Q

Aldrees Petroleum and Transport Services saw its net income increase 21% y-o-y in 2Q 2025 to SAR 99.7 mn, fueled by solid performance across its petrol and transport divisions and higher income from deposits and sukuk, which offset losses from an investment JV, it said in a disclosure to Tadawul yesterday.

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Revenue rose 35% y-o-y to SAR 6.2 bn over the same period, buoyed by an increase in the number of service stations and improved transportation rates.

During the first half of the year, the company’s bottom line rose 25% y-o-y to SAR 199.7 mn, while revenue jumped 34.4% y-o-y to over SAR 12 bn.

Hilton is building 50 hotels in the Kingdom

HOSPITALITY-

Some 50 new Hilton hotels and 21k rooms spread across 14 brands are currently under construction across the Kingdom, Hilton’s Chief Development Officer for MEA Carlos Khneisser told Asharq Al Awsat. The company aims to increase its footprint to 100 hotels, tapping into a growing tourism industry and making our country one of Hilton’s largest markets.

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In the pipeline: Hilton plans to expand in the Kingdom to 100 hotels and 27.5k rooms by the end of the year, up from its current 20 hotels and 6.5k keys, according to a press release. The global hospitality chain signed agreements to operate Al Ahsa’s first three resorts in March and the Waldorf Astoria Hotel earlier last month.

INFRASTRUCTURE-

The Najran Province will get nine new water and sanitation projects valued at over SAR 551 mn, adding more than 366 km of pipelines, the National Water Company (NWC) said in a statement yesterday.

The details: Seven water projects include over 357 km of water lines and pumping stations with a capacity of 53k cubic meters per day. The NWC will also launch two sanitation projects connecting existing networks in Najran through a new 9 km transmission line and rehabilitate the city's sewage treatment plant, which has a capacity of 60k cubic meters per day.

EDUCATION-

The Education Ministry partnered with Tuwaiq Academy to establish five tech schools for gifted students in Riyadh, Madinah, the Eastern Province, Qassim, and Jeddah, it said in a press release last Friday. The educational facilities are set to open their doors in the 2025-2026 academic year exclusively for first-year secondary students who are talented in tech, with the aim of enhancing their skills in AI, mechatronics, and cybersecurity, among others.

Hedge funds see their best net inflows since 2014 in 2Q

Global hedge funds attracted USD 24.8 bn in net inflows in 2Q 2025, the highest quarterly figure since 2Q 2014, according to the HFR Global Hedge Fund Industry Report. Hedge funds weathered early-quarter volatility, supported by an improving market risk climate amid US budget progress, stronger economic signals, trade talk developments, and easing geopolitical tensions, HFR said. Reuters also had the story.

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AUM hit another record: Total hedge fund capital climbed to USD 4.7 tn in 2Q, up by USD 212.7 bn from the previous quarter, making the seventh consecutive quarterly record high. This came on the back of risk-seeking investors who targeted the largest firms.

Big is getting bigger: The majority of the new capital was directed to the industry's largest firms, as managers with over USD 5 bn in assets attracted USD 22.9 bn in inflows, while those below that mark pulled in less than USD 2 bn.

How were the returns? The HFRI Fund Weighted Composite Index gained 4.3% during the second quarter, led by gains of Equity Hedge-managed assets, up 7.6%, and Event-Driven assets, up 5.3%. Meanwhile, assets managed by Macro strategies fell by 1.4%.

For the first half of the year, hedge funds saw their strongest inflows since 2015, attracting USD 37.3 bn, significantly up from USD 7.2 bn in the same period last year. Gains for the half averaged 3.9%, trailing behind the S&P 500’s 5.5% rise.

More inflows are on the way: “Institutions are likely to continue expanding allocations to funds which have demonstrated their strategy’s ability to deliver strong, uncorrelated performance gains through the dislocation and disruptive market cycles of the first half of 2025,” said HFR President Kenneth Heinz.

MARKETS THIS MORNING-

Asian markets are trading mixed this morning, after China kept interest rates unchanged. Shanghai Composite is up 0.5%, while Japan’s Nikkei is inching down by 0.2%. Meanwhile, Wall Street futures are keeping steady as investors await for more earnings, especially from big tech.

TASI	10,965	-0.4% (YTD: -8.9%)
MSCI Tadawul 30	1,405	-0.4% (YTD: -6.9%)
NomuC	27,163	-0.5% (YTD: -13.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	34,071	+0.7% (YTD: +14.6%)
ADX	10,262	+0.2% (YTD: +9.0%)
DFM	6,094	-0.2% (YTD: +18.1%)
S&P 500	6,297	0.0% (YTD: +7.1%)
FTSE 100	8,992	+0.2% (YTD: +10.0%)
Euro Stoxx 50	5,359	-0.3% (YTD: +9.5%)
Brent crude	USD 69.28	-0.4%
Natural gas (Nymex)	USD 3.57	+0.7%
Gold	USD 3,358	+0.4%
BTC	USD 118,022	+0.3% (YTD: +26.1%)
Sukuk/bond market index	912.71	+0.1% (YTD: +1.2%)
S&P MENA Bond & Sukuk	145.72	0.0% (YTD: +4.1%)
VIX (Volatility Index)	16.41	-0.7% (YTD: -5.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.4% yesterday on turnover of SAR 3.2 bn. The index is down 8.9% YTD.

In the green: Teco (+9.2%), Maadaniyah (+9.0%) and Arab Sea (+6.3%).

In the red: Cenomi Retail (-9.9%), SHL (-7.0%) and Alandalus (-6.3%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% yesterday on turnover of SAR 21.7 mn. The index is down 13.7% YTD.

In the green: Aljouf Water (+9.2%), United Mining (+4.9%) and Alshehili Metal (+4.5%).

In the red: WSM (-10.6%), NGDC (-6.1%) and NBM (-5.4%).

CORPORATE ACTIONS-

Derayah Financial will distribute SAR 80.4 mn in interim dividends for 2Q 2025 at SAR 0.33 apiece, it said in a Tadawul disclosure yesterday. The distribution will take place on Wednesday, 6 August.

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

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.

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

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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