UIHC prices its Tadawul IPO

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi needs to add 115k homes per year for the next six years, Knight Frank says

Good morning, friends. We have a rather meaty issue for you today, leading with the launch of the Regional Voluntary Carbon Market Company’s new carbon trading platform on the sidelines of COP29 in Azerbaijan. Real estate is also a running theme this morning, with the latest from Cityscape Global and expectations of real estate demand in Saudi over the next several years.

HAPPENING TODAY-

Energy Minister Prince Abdulaziz bin Salman Al Saud is in Azerbaijan for COP29, which runs until Friday, 22 November in the country’s capital Baku, according to the Azerbaijan state news agency.

Inflation data for October is set to be released tomorrow. Inflation accelerated to 1.7%y-o-y in September, up from 1.6% in August. September’s reading marks the highest inflation rate since February. On a monthly basis, prices inched up 0.1%, driven by a 0.8% uptick in housing rents and prices.

NEWS TRIGGERS-

A handful of news triggers coming up in the next few weeks:

Trade balance for September (Sunday, 24 November);
Riyad Bank PMI for November (Tuesday, 3 December);
State budget approval and release (December).

WEATHER- Riyadh is looking at a high of 31°C and a low of 18°C today. Over in Jeddah, the mercury will peak at 34°C and hit a low of 26°C. Meanwhile, Madinah is looking at a high of 33°C and a low of 19°C.

WATCH THIS SPACE-

#1- Saudi Arabia needs to add 115k homes a year to its real estate market for the next six years to meet rising demand, which is on the up due to the Kingdom’s ambitious 70% homeownership target by 2030 and its sizable younger population trying to secure homes, Bloomberg reports, citing a report from Knight Frank. The Kingdom’s homeownership rate hit 63.7% at the end of last year.

Gov’t could have 300k ready by the end of 2025: The state-run National Housing Company has been tasked with building affordable housing options, with 200k homes in the pipeline and potential for that figure to reach 300k by the end of 2025, Knight Frank’s Chief Economist for MENA Christopher Payne estimates.

#2- A GCC-UK freetrade agreement could be signed later this year as talks enter the final stages, Bloomberg reports, citing sources it says are in the know. The GCC nations have been working on the draft agreement since 2022, which has seen seven rounds of talks so far. If finalized, the agreement could be followed by individual trade pacts between the UK and GCC countries.

More FTAs on the way: GCC-Japan freetrade talks are set to kick off this month, after the two parties agreed on terms of reference in October. Terms of reference for a freetrade agreement with Malaysia have also been agreed on, but talks are still pending the Malaysian government's approval to kick off.

#3- Nigeria is pursuing a USD 5 bn trade facility from Saudi Arabia to aid its economic reform plans, Bloomberg reports. President Bola Tinubu discussed the proposal with Crown Prince Mohammed bin Salman at the Arab-Islamic Summit in Riyadh.

#4- Imax could announce its first Saudi dialect production later this year, the company’s CEO Richard Gelfond told Arabian Business. “We have been talking about it. Even over the last five years, I have had multiple meetings with the Culture Ministry in Saudi about getting more relevant content,” he added.

DATA POINTS-

Saudi drivers pulled in over SAR 1.1 bn through ride-hailing apps in 9M 2024, the Transport General Authority said in a press release. The number of trips was up 21% y-o-y in 3Q, with some 51.8 mn rides booked across 46 licensed apps. Riyadh captured most of this growth, racking up 39% of all rides, followed by Makkah at 25%, and the Eastern Province at 16%.

OIL WATCH-

Opec slashes demand forecasts again: The group of oil producing nations cut growth forecasts for global oil demand for the fourth month in a row, according to its latest monthly report (pdf). Opec now sees demand rising 1.8 mn bbl / d y-o-y in 2024, down 107k bbl / d from previous estimates as data from China, India, and Africa came in below expectations.

The group cut its demand growth projections by almost a fifth since July, as crude prices plummet, Bloomberg said. Nevertheless, the group’s estimates are higher than those issued by other market analysts, including Saudi Aramco. Opec's projected growth rate is twice the number cited by rival International Energy Agency, Bloomberg explained.

Oil prices have fallen 18% since July, hitting USD 72 a barrel, as sluggish growth in China outweighs concerns about conflict-related disruptions in the Middle East, the business information service said. However, Donald Trump’s return to the White House may lead to shakeups in market outlook.

On the upside: Opec’s report notes that troublesome members have taken steps to improve compliance, with Kazakhstan folding in additional cuts below its quota to compensate for previous overproduction.

The next checkpoint: The group will hold its next meeting on Sunday, 1 December where it is expected to review plans for phasing out production cuts. Opec+ put off a planned output hike for December earlier this month, with the delay marking the second postponement for production restarts that were originally penciled in for October.

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THE BIG STORY ABROAD-

It’s another morning of the international press keeping track of the cabinet positions US president-elect Donald Trump is filling in before his term begins in January. The rundown:

Kristi Noem — Homeland Security (New York Times)
Pete Hegseth — Department of Defense (New York Times | Wall Street Journal)
John Ratcliffe — CIA (Politico | New York Times)

AND- Elon Musk and Roivant Sciences founder Vivek Ramaswamy are leading what Trump is calling the Department of Government Efficiency. Musk’s appointment comes after the Tesla CEO endorsed Trump’s presidency bid and ran a lottery pool for voters to encourage turnout. (Reuters | Bloomberg | Wall Street Journal | CNBC)

KEEPING TABS- Politico is keeping a running tab on the positions filled so far in Trump’s cabinet, while the Financial Times notes that the incoming president looked to loyalists to fill key positions, including Hegseth and Ratcliffe.

CIRCLE YOUR CALENDAR-

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

The Black Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District. The event will bring together over 50 speakers and 10k attendees to chew over some of the solutions for the applications of zakat, tax and customs.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

United International Holding Company prices IPO at SAR 133 apiece

United International Holding Company (UIHC) priced its IPO at the top of its indicative range at SAR 132 apiece, according to a statement (pdf). The final pricing will see selling shareholders lock in SAR 990 mn in total proceeds, giving the firm a market cap of SAR 3.3 bn at listing. The institutional tranche of the offering was sold out within minutes of opening last month, with investors submitting SAR 131 bn in bids, making the offering 132x oversubscribed, Bloomberg reports.

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REFRESHER- The financial services arm of United Electronics Company (eXtra) is taking a 30% stake to Tadawul’s main market. The offering will see eXtra pocket all of the proceeds after an estimated SAR 37 mn are put aside to cover IPO-related expenses, and SAR 190 mn go to repaying some of eXtra’s debt.

The offering has three cornerstone investors: UIHC and eXtra had secured binding commitments from Zamil Group Investment, AK Al Muhaidib & Sons, and Tawuniya, with each cornerstone investor subscribing to 390.6k shares. Collectively, the cornerstone investors have committed to snapping up 1.2 mn shares at the final IPO price, representing 4.7% of UIHC’s share capital and 15.6% of the offering.

What’s next? The two-day retail subscription kicks off on Tuesday, 19 November with the tranche allocated 10% of the offering. Individual investors are capped at a maximum of 250k shares, and a minimum of 10 shares each. The final allocation of shares is set to take place no later than Monday, 25 November. Excess funds, if any, will be refunded by Thursday, 28 November.

ADVISORS- Our friends at HSBC Saudi Arabia are quarterbacking the transaction as sole financial advisor and lead manager, while also acting as joint bookrunners and underwriters with the good folks at EFG Hermes KSA. The Law Firm of Salah Al Hejailan will provide counsel to the issuer, with Freshfields Bruckhaus Deringer providing counsel to the issuer outside of the Kingdom. Meanwhile, EY was appointed as financial due diligence advisor, and PwC as auditor. Receiving against include, SAB Invest, Al Rajhi Capital, BSF Capital, Alinma Investment, and Riyad Capital, among others.

Cityscape day 2: Housing Ministry to deliver residential units worth SAR 4.8 bn within a year

The Municipalities and Housing Ministry plans to deliver 16k new residential units worth SAR 4.8 bn within one year, the ministry revealed on the second day of Cityscape Global. This is in addition to a partnership between the PIF’s Saudi Investment Recycling Company (SIRC) and Eastern Amana introducing projects worth SAR 8 bn, according to separate posts on X (here and here).

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The details: The Eastern Province and SIRC will collaborate on a 1.6 mn sqm sustainable city worth SAR 7 mn, in addition to development projects for logistics spaces and industrial cities spanning 5 mn sqm at an investment ticket of SAR 800 mn (watch, runtime: 1:51).

NHC is also making moves: The National Housing Company (NHC) signed a preliminary MoU with South Korea’s Naver Cloud Corporation to set up a joint investment portfolio valued at over SAR 2 bn, which will work to introduce Naver’s business models to the Kingdom, according to a statement. NHC closed sales transactions worth SAR 2.2 bn during the first day of the forum, according to another post on X.

The Qassim Province signed investment agreements worth a combined SAR 180 mn, split between an administrative, hospitality, and retail tower (SAR 91 mn); a development and operation contract for parking facilities (SAR 51 mn); establishing a specialized markets city (SAR 25 mn); and a contract for the operation and maintenance of King Abdullah Park (SAR 13 mn), according to a post on X.

Other notable agreements:

Tatweer and NHC signed an MoU for the development of a mixed-use project in Jeddah at an investment ticket of SAR 1.5 bn, according to a press release ;
Azhar Company signed an agreement with China's Holon to establish a factory for producing pre-fabricated, modular housing units, its CEO Jamal Rajab told Al Eqtisadiah. The factory is slated to have a production capacity of 10k sqm per day.

Saudi launches carbon trading platform on sidelines of COP29

The Kingdom launched a new carbon trading platform, with an inaugural 2.5 mn tons of carbon credits for projects across 17 countries available for auction starting yesterday, according to a press release (pdf) from the Regional Voluntary Carbon Market Company (RVCMC). The platform — which was first established in 2022 — is 80% owned by the Public Investment Fund (PIF), with Tadawul Group holding the remaining 20%. The story got ink from Bloomberg and S&P Global.

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Trading kicked off yesterday and saw participation from 23 Saudi and international companies including Aramco Trading, Ma’aden, Flynas, SABIC, PIF, Luberef, SNB, Eastern Province Cement, Red Sea Global, and others. International players taking part in the inaugural transactions included US-based Energroup and climate portfolio manager Valitera. The core basket clearing price stood at SAR 37.50 per tonne of carbon credits.

RVCMC’s launch comes one day after negotiators from across the world hammered out new rules for carbon trade at COP29 following years of deadlock, laying the groundwork for a global emissions market administered by the UN, EnterpriseAM Climate reported. RVCMC has run two carbon credit auctions before, in Riyadh and Nairobi.

Market specs: RVCMC features institutional-grade infrastructure for secure trades and price discovery mechanisms, supplied by Xpansiv. The platform includes auction, RFQ, block trade, open connectivity, and Islamic finance options, with plans to add spot market capabilities in 2025.

RVCMC applies new guidelines to address greenwashing claims that have stifled previous carbon market initiatives, Bloomberg said. This means that credits from renewable energy projects and clean cooking stoves will no longer make the cut. The platform is also deploying two teams dedicated to due diligence on each credit-generating project, while accreditation must also be secured from independent verifiers Sylvera or BeZero. “It’s a lot of overhead on companies but this is the only way we can protect our buyers and provide some confidence to them,” Bloomberg cites the platform’s CEO Rihm ElGizy as saying.

More than three quarters of the credits on offer are connected to projects in the Global South, including Bangladesh, Brazil, Ethiopia, Malaysia, Pakistan, and Vietnam, the statement said. About a fifth of the auctioned credits are “removal credits,” which are designed to pull greenhouse gasses out of the atmosphere rather than simply cut emissions, in line with international standards. These include landfill gas projects which capture methane emissions, a reforestation drive in Ethiopia that will also boost local incomes, and a US-based construction technology project that looks to embed captured CO2 in concrete.

This is the region’s second go at a carbon offset market: Abu Dhabi was first out of the gate with a carbon exchange in the Middle East, but the platform — dubbed ACX — shut down just one year after launch and moved shop to Singapore due to limited market pull and policy gaps, EnterpriseAM UAE reported previously. A lack of mandates requiring regional firms to offset their emissions and a downturn in the global carbon offset market on the back of widespread greenwashing claims contributed to ACX’s failure to generate traction.

IN OTHER CLIMATE NEWS- A partnership between local cement supplier Saudi Readymix and Finnish tech firm Betolar has rolled out two low-emission concrete products for use in the Kingdom’s construction sector, according to a press release. The low-carbon concrete solutions look to bolster the construction sector’s push to contribute to national sustainability goals.

Hyundai E&C lands USD 725 mn Saudi transmission line contract with SEC

Hyundai Engineering and Construction (E&C) secured a USD 713.9 mn contract from the Saudi Electricity Company for high-voltage transmission lines, Korea’s Yonhap news agency reports, citing a regulatory filing. The agreement will see Hyundai E&C build out a 369-km section of the 500-kilovolt 1,089-km high-voltage direct current (HVDC) transmission line connecting Riyadh with Kudmi in the southwestern Saudi Arabia.

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More on the project: The new line — slated for completion by January 2027 — represents the first HVDC double bi-pole transmission structure in the Kingdom and leverages new technologies to increase stability while cutting energy loss, Yonhap said. The contract is a turnkey order that will see Hyundai E&C oversee all stages of the project, including design, procurement, and construction, Trade Arabia said, adding that the project represents the largest-ever overseas transmission line order undertaken by a South Korean construction firm.

Hyundai E&C is doing plenty in Saudi: The engineering firm secured a contract last year to build another HVDC transmission line linking Neom with the southwestern port city of Yanbu. Reports also emerged earlier this year indicating that a Hyundai E&C-led consortium will be working on the second phase of Aramco’s Jafurah Gas Field in a USD multi-bn contract.

Zain KSA secures license for 600 MHz spectrum to support 5G network

Zain KSA adds 600 MHz to its spectrum portfolio: Zain KSA acquired a 15-year license for an additional 30 MHz in the 600 MHz spectrum band for SAR 624 mn to shore up its 5G coverage, according to a disclosure to Tadawul. The spectrum will be available for use from January 2025. The 600 MHz band offers wider geographic coverage and stronger building penetration.

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Financing structure: The license, awarded at the Communications, Space, and Technology Commission (CST) Spectrum Auction, will be paid in annual installments of SAR 48 mn over 13 years, starting July 2026.

Why it matters: Spectrum plays a critical role for mobile network operators in the Kingdom as customer demand for high-speed data continues to rise. By acquiring additional spectrum, telecom providers can boost network capacity, delivering faster and more dependable data speeds that enhance user satisfaction. Additionally, it enables the development of technologies like standalone 5G (5G-SA), the Internet of Things (IoT), and private networks, aligning with the Kingdom's goals to strengthen the digital economy.

Putting Saudi on the map: With this auction, Saudi is the first country in Europe, Africa, and the Middle East to license the 600 MHz band for mobile networks, according to a statement from the CST. The auction aims to contribute over SAR 25 bn to the Kingdom’s GDP by 2030 and boost licensed mobile frequencies by 27%, from 1.11k MHz to 1.4k MHz.

Also from the auction: STC acquired 40 MHz in the 600 MHz band, and 100 MHz in the 3.8k MHz band. Mobily secured 20 MHz in the 700 MHz band, and 100 MHz in the 3.8k MHz band.

Wealthy Muslims + expats eye properties in Saudi Arabia

Around 82% of high-net-worth Muslims worldwide are interested in purchasing property in Saudi Arabia, according to a KPMG survey (pdf). Makkah is the top choice, attracting 30% of prospective buyers, followed by Riyadh at 25% and Madinah at 19%. Among those focused on residential properties, 84% favor locations in the holy cities, with 33% budgeting between USD 2.5 mn and USD 10 mn for their purchase.

Meanwhile, 77% of expatriates are interested in owning property in Saudi Arabia, though only 9% are prepared to spend over SAR 3.5 mn — just under the SAR 4 mn minimum required to qualify for a Saudi Green Card. Among prospective buyers, 75% prefer properties in residential communities, with 68% favoring apartments, particularly branded residences with 1-3 bedrooms.

KSA apartment yields beat GCC benchmarks in 3Q: Jeddah topped regional apartment rental yields in 3Q 2024, with a 2-bedroom (2BR) unit averaging 11.7%. That’s nearly double average apartment yields in Doha, Dubai, and Abu Dhabi, which ranged between 5-6%. Meanwhile, a 3BR unit in Jeddah yielded 9.7% in rental yields and a 4BR 7.4%. In Riyadh, apartment yields were similarly high, ranging between 9.1-11.5%, while Dammam (6.2-6.6%) and Khobar (5.3-7.4%) yields are closer to regional averages.

New rules coming for Saudi School Sports Federation

The education minister will begin setting out rules and guidelines for the Saudi School Sports Federation, after the Council of Ministers gave the green light during its weekly meeting yesterday, state news agency SPA reports. No further details were provided.

Cabinet also agreed to several agreements, including an MoU on economic cooperation with Austria, an air transport services agreement with Mozambique, and an MoU with the Islamic Development Bank on initiatives relating to the Oil Sustainability Program.

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Nadhmi Al Nasr leaves Neom

Neom tapped Aiman Al Mudaifer (bio) as its acting CEO, replacing the outgoing Nadhmi Al Nasr, it said in a statement. Al Mudaifer has been serving as the head of the PIF’s local real estate division since 2018. He also held executive positions at Al Akaria, Shomoul Holding, and Al Andalus Real Estate. The leadership change will “ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” the Neom board said. The story is also getting ink from Bloomberg and the Wall Street Journal.

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Mohammed bin Salman condemns Israel’s actions in Gaza

Leading the conversation on Saudi in the foreign press this morning is Crown Prince Mohammed bin Salman’s condemnation of Israel’s genocide in Palestine during the Arab-Islamic Summit held in Riyadh earlier this week. The Crown Prince’s use of the term “genocide” to describe Israel’s ongoing assault on Gaza got ink in CNN, BBC, The Independent, and the Washington Post.

The summit also called for a freeze on Israel’s UN membership, while rallying for Palestine’s full UN membership, Saudi Gazette reports. This is in addition to demanding an international investigation into the atrocities committed by Israel in Gaza. Arab and Muslim leaders also urged a halt on all weapon transfers to Israel, warning of escalating tensions that now spill into Lebanon, Iraq, and Syria.

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Armah Sports secures a SAR 180 mn credit facility from Bank Aljazira

DEBT WATCH-

Armah Sports locked in a SAR 180 mn shariah-compliant credit facility from Bank AlJazira, it said in a filing to Tadawul. The seven-year Murabaha loan comes with a two-year grace period, and will fund the Nomu-listed company’s expansion with new fitness clubs across the Kingdom. Bank AlJazira also agreed to lower financing rates on Armah’s existing loan by roughly 22%, thanks to the company’s stable financing footing, according to the disclosure. Armah expects these savings to cut financing costs by around 5% starting next year.

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M&A WATCH-

Saudi National Bank (SNB) pulled the plug on the planned sale of its majority stake in Samba Pakistan, after months of due diligence and exploring potential buyers, according to a filing to the Pakistan Stock Exchange (pdf). Earlier this year, Bank Alfalah, one of Pakistan’s top banks, expressed interest in acquiring an 84.5% stake in Samba, with regulatory green lights for due diligence, but the transaction was scrapped.

LOGISTICS-

Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) added Emirates Shipping Line’s EIX service to Jeddah Islamic Port, it said in a statement. The new service, which has a 1.8k standard container capacity, will link the Jeddah port with the ports of Mundra in India, Alexandria in Egypt, and Mersin and Iskenderun in Turkey.

AVIATION-

Flyadeal adds flights to two Egyptian cities: Local budget airline flyadeal launched two new routes, one connecting Madinah to Egypt’s capital Cairo, and another connecting Jeddah to Sohag in Upper Egypt, the budget airline said on LinkedIn (here and here). This raises the airline’s weekly flights between the Kingdom and Egypt to 44, up from 39. The statement didn’t clarify the flights’ frequency on each of the new routes.

China braces for trade war 2.0, with some MENA markets poised to gain

China is bracing for a renewed trade war with the US — but the fallout could offer a silver lining for our corner of the world: As China faces another round of tariffs from US president-elect Donald Trump’s incoming administration, some expect the world’s second largest economy to double down on its export industries. While economists believe such a move would allow China absorb a significant portion of the tariffs’ hit to its GDP, the combined effect could have an added upside for some of us here in the MENA region — cheaper imported Chinese goods coupled with stronger regional currencies to buy them with.

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Beijing’s most likely response to US tariffs? Opening the fiscal taps. An overwhelming majority of economists surveyed this week by Bloomberg expect the Chinese government to widen its budget deficit next year, with an emphasis on shoring up key sectors like housing and advanced manufacturing. China could also seek to develop their trade ties with other trade partners — though they may risk backlash as cheaper Chinese exports undercut domestic manufacturing.

Analysts also widely expect China to allow its currency to devalue: China’s CNY is already feeling the heat of incoming tariffs, with the CNY falling to 7.25 against the USD on Tuesday — the weakest it’s been since August. The economists surveyed by Bloomberg penciled in a fall of anywhere between 7.3-8 to the greenback next year, with analysts split over whether China will attempt to prop up the currency in a bid to discourage capital outflows.

China’s counterpunch: US agricultural exports, including soybeans, beef, and corn, are likely to be the first targets of Chinese counter-tariffs, reprising tactics from China’s last trade war with Trump. These moves are also likely to hit the hardest in farms and factories in the US’ Midwest and south, which are key constituencies of support for the incoming president.

While they’re duking it out, MENA could benefit: JP Morgan analysts speaking to Reuters expect a stronger USD, higher US bond yields, and shifting trade policies to set the stage for a rally in MENA markets. The bank highlighted that USD-pegged economies in the MENA region — including Saudi Arabia, Qatar, the UAE, Oman, and Bahrain — stand to benefit more than other emerging markets, as they will have stronger currencies with which to buy relatively cheaper Chinese goods. Egypt and other non-USD-pegged economies in the region could also see the benefits of lower import prices, which given the relatively low development of manufacturing in the region are less likely to hurt overall growth.

MARKETS THIS MORNING-

Asian markets are starting the day in the red in early trading this morning, broadly tracking losses in US markets as the post-election Trump trade euphoria fizzled out yesterday. Korea’s Kospi is down -1.5%, while Japan’s Nikkei is at -1.4% and Hong Kong’s Hang Seng is -1.0%.

TASI	12,048	-0.5% (YTD: +0.7%)
MSCI Tadawul 30	1,516	-0.3% (YTD: -2.2%)
NomuC	29,110	-0.2% (YTD: +18.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	31,582	-0.1% (YTD: +26.9%)
ADX	9,420	-0.2% (YTD: -1.7%)
DFM	4,701	+1.1% (YTD: +15.8%)
S&P 500	5,984	-0.3% (YTD: +25.5%)
FTSE 100	8,026	+1.2% (YTD: +3.8%)
Euro Stoxx 50	4,745	-2.3% (YTD: +4.9%)
Brent crude	USD 71.85	-0.1%
Natural gas (Nymex)	USD 2.91	+0.2%
Gold	USD 2,606.30	-0.4%
BTC	USD 88,175.20	+0.3% (YTD: +109.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.5% yesterday on turnover of SAR 5.8 bn. The index is up 0.7% YTD.

In the green: Jouf Cement (+4.8%), Malath Ins. (+4.4%) and Elm (+3.9%).

In the red: Cenomi Retail (-4.4%), Rasan (-4.2%) and Red Sea (-4.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 90.9 mn. The index is up 18.7% YTD.

In the green: Al Qemam (+7.8%), First Avenue (+7.2%) and Waja (+7.0%).

In the red: Paper Home (-5.4%), Mulkia (-5.3%) and Enma Al Rawabi (-4.9%)

CALENDAR

NOVEMBER

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

3 November-19 December (Sunday-Thursday): Measles and Rubella vaccination campaign, Najran.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

11-17 November (Monday-Sunday): Launch of China’s USD 2bn bond issuance in Saudi.

12-18 November (Tuesday-Monday): Offering period for Multi Business Group’s (MBG) Nomu IPO.

14 November (Thursday): Inflation rate for October.

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

21 November (Thursday): Cenomi Centers 2Q 2024 dividend distribution.

22 November (Friday): Submission deadline for UNCCD Young Researchers Award at COP16.

23 November (Saturday): 600, Jeddah Yacht Club and Marina.

24 November (Sunday): Balance of trade for September.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

26-28 November (Tuesday-Thursday): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

3 December (Tuesday): Riyad Bank PMI for November.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

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

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

28-29 January (Tuesday-Wednesday): Federal Open Market Committee meeting.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

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

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

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

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

MAY 2025

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

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

26 June (Thursday): 2024-2025 academic year ends.

JULY 2025

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.

SEPTEMBER 2025

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

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

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

NOVEMBER 2025

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

DECEMBER 2025

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.

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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