US-Saudi nuclear agreement could be finalized within “months”

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WHAT WE’RE TRACKING TODAY

THIS MORNING: IPOs seem to be staying the course, unphased by tariffs

Good morning, ladies and gents. We have a calm issue for you today as the Ramadan local business slowdown seems to have extended for a couple of extra weeks.

In this morning’s news well: We seem to be closer than ever to nuclear cooperation with the US, with a broad energy cooperation agreement set to be signed in the upcoming weeks. Meanwhile, a Saudi business delegation is checking out investment opportunities in Egypt, with several firms expressing interest in real estate, industry, and manufacturing.

Back home, the Kingdom saw a 49% increase in commercial licenses issued in Q1 2025, and Stonehaven thinks construction costs are rising due to increased demand and supply chain issues. Let’s dive in.

HAPPENING TODAY-

The three-day Umrah and Ziyarah Forum kicks off today at the King Salman International Convention Center in Madinah. Focused on enhancing pilgrim services, the forum will explore technological advancements, digital transformation, and sustainable investments, featuring topics like smart solutions, healthcare initiatives, and modern transportation for pilgrims. The event will host over 150 exhibitors and specialized sessions.

The two-day MESH Core Riyadh Conference for Innovation in Healthcare kicks off today at the InterContinental hotel in Riyadh. The event, featuring a training program by US-based Mass General Brigham, aims to empower healthcare professionals with innovative solutions. It will include hands-on training, expert discussions, and networking prospects.

The Middle East Poultry Expo kicks off today at the Riyadh International Convention and Exhibition Center, hosting 320+ exhibitors from 40 countries. The event — running through Wednesday — serves as a trading hub to link local investors with global suppliers.

WEATHER- Makkah and Madinah are expected to be sunny, while Riyadh might see some rain, accompanied by windy conditions throughout the day.

Riyadh: 36°C daytime / 24°C overnight
Makkah: 36°C daytime / 19°C overnight
Madinah: 30°C daytime / 17°C overnight

PSAs-

Entry into Makkah starting Wednesday, 23 April will be limited to residents who have a valid work or Hajj permit, as well as those with a resident ID, the Interior Ministry said in a post on X. Only Hajj visa holders will be able to enter the holy city starting Tuesday, 29 April.

WATCH THIS SPACE-

Saudi IPOs are staying the course — at least for now — despite global market jitters and oil sliding below USD 65/bbl, bullish bankers tell Bloomberg. EFG is looking to bring six to seven more debuts to market — largely here at home — this year, in addition to a potential transaction in Kuwait, an unnamed senior banker told the news outlet.

“We’re still on track,” our friend Mostafa Gad, global head of investment banking at EFG Hermes, told the business news service, adding that no transactions were postponed or cancelled. JPMorgan has also not observed any major shifts in its regional pipeline for this year or even the next two years.

ICYMI- A handful of firms — including Flynas, Specialized Medical Company, Dar Al Majed Real Estate, Sport Clubs Company and Ejada Systems — lined up approval from the Capital Market Authority (CMA) just ahead of Eid, thereby formalizing their entry into the Kingdom’s hefty 2025 IPO pipeline.

LVMH-backed luxury date gifting, fine foods, and cafe brand Bateel International plans to triple its revenues and grow its store count to over 500 by 2029, up from just under 200, CEO Nurtac Afridi told Bloomberg in an interview.

The plan: The internally-funded expansion has already gained traction as customers in Seoul queued around Bateel’s newly opened store in November. The expansion plan includes marketing dates globally as a “healthy snack” and scouting for new locations across the world. Bateel also plans to build a new factory and triple the number of palms at its local plantation “as sales are already growing 25% per year,” Afridi said.

MARKET WATCH-

Foreign institutions were net sellers on Tadawul to the tune of SAR 2.19 bn last week, while GCC investors booked a net selling position of SAR 100.97 mn, according to the exchange’s weekly ownership and trading activity report (pdf). Local investors were bullish with net purchases worth SAR 2.3 bn.

DATA POINTS-

#1- Saudi Arabia’s space economy reached USD 8.7 bn in 2024, with the space market standing at USD 1.9 bn, according to the KSA Space Market Report 2025 (pdf) by the Communications, Space and Technology Commission. The report projects the space economy to reach USD 31.6 bn by 2035, and the space market to reach USD 5.6 bn, buoyed by favorable government policies and private investment.

SOUND SMART- Space economy refers to all activities that generate value from the space market, while space market is limited to segments like satellite manufacturing, launches, ground infrastructure, satellite communication, Earth observation, and navigation.

#2- Truck traffic on intercity roads rose 11% y-o-y to over 60 mn in 2024, Roads General Authority Official Spokesperson Abdulaziz Al Otaibi told Aleqtisadiah.

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THE BIG STORY ABROAD-

The whiplash from Trump’s on-again-off-again tariff policy is far from over: US President Donald Trump dealt another blow to Big Tech after giving them a brief respite for a day by exempting consumer electronics from his new tariff regime. He later signaled that smartphones, chips, and other consumer electronics will be subject to separate levies following a national security probe into the sector. US commerce secretary Howard Lutnick said the new tariffs could come in a month or two. (Bloomberg | Reuters | Financial Times | WSJ)

It looks like Wall Street will be cheering the news: Stock futures are up and Asian markets are rising on the first trading day following news of the reprieve, signaling a potential tech stock rally. Tech stocks had shed tns of USD on the back of the earlier announcement of the tariffs, with Apple, which lost some USD 775 bn before regaining half the losses, among the biggest victims of the sell-off. (FT)

CIRCLE YOUR CALENDAR-

Esports return to Riyadh with a record USD 70 mn prize pool: The Esports World Cup is set to run between 7 July and 24 August at Boulevard City, featuring 24 esports titles and boasting a record-breaking prize pool exceeding USD 70 mn, it said in a statement. Some USD 27 mn is allocated for the EWC Club Championship, while USD 38 mn will be allocated to game-specific championships — with winners set to bag USD 7 mn each.

ALSO- The 2025 edition will feature a club championship — including new additions such as competitive chess, Crossfire, and Valorant — and a gaming festival spreading across 50k sqm. Tickets are already available here.

The Saudi Venture Capital Company (SVC) will launch its two-day Private Capital Forum on Wednesday, 22 October in Riyadh's King Abdullah Financial District. The event will bring together over 50 speakers around more than 15 panels to discuss the private investment ecosystem, including venture investing, private equity, and debt.

Nuclear agreement with Saudi could be finalized within months, US Energy Secretary says

Saudi Arabia and the US will sign a broad energy cooperation agreement in the coming weeks, spanning partnerships, investments, and research, US Energy Secretary Chris Wright told Al Arabiya. The announcement came during a visit to Riyadh, where he met with Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz.

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The understanding should be a stepping stone towards a nuclear cooperation agreement set to be signed in within months, pending the signature of a 123 Agreement, Wright said.

SOUND SMART- The 123 Agreement takes its name from Section 123 of the US Atomic Energy Act of 1954 that regulates nuclear cooperation between the US and other countries. The act requires potential US partners to meet specific requirements, including maintaining IAEA safeguards and the physical security of nuclear material, before an agreement can be finalized.

This has been in the works for a while: We signed an energy cooperation roadmap earlier in May 2024 with US Energy Secretary Jennifer Granholm, including a pathway to a nuclear energy pact. Former US Secretary of State Antony Blinken also said in May that a bilateral agreement between Riyadh and Washington is “more or less complete” and “pretty much there.”

So, what's stalling an agreement? Negotiations on a US-Saudi nuclear cooperation agreement have been slow as Riyadh reportedly held back from promising that it would not enrich uranium or reprocess spent fuel, two key steps for countries that wish to start building their own nuclear weapons. Saudi has long maintained that it would head down the nuclear pathway if Iran were to successfully develop nukes.

Wright’s visit is part of a two-week Middle East tour that started in the UAE, ahead of an anticipated Gulf tour by US President Trump slated for sometime in mid-May.

Saudi players carefully kick tires on Egypt at investment forum

A Saudi business delegation is in the Egyptian capital this week to kick the tires on potential investments during the Egyptian-Saudi Investment Forum. The visit includes 100 Saudi investors and members of the Saudi-Egyptian Business Council led by the Federation of Saudi Chambers. A handful of business leaders provided color on their potential investment pipeline, while four smaller players signed memoranda of understanding.

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Players have been signalling interest in possibly expanding their investment footprint in Egypt, with Egyptian-Saudi Joint Business Council Chairman Bandar Al Ameri saying on the sidelines of the forum that Saudi companies could raise their investments in Egypt by as much as USD 15 bn over the next four years to USD 50 bn. As always with figures talked-up by business councils, take that as a suggestion of appetite and potential direction of travel, not a prediction.

THE PIPELINE- Batterjee Holding has earmarked USD 200 mn to invest in Egyptian real estate and industry, Chairman Mazen Batterjee told the press. Batterjee name-checked the pharma, food, building materials, and plastics industries as target sectors. Al Hadban Chairman Mahdi Al Habdan is quoted as having said his company is mulling investments worth as much as SAR 200 mn (c. USD 53.3 mn).

We also heard that an Egyptian-Saudi real estate fund could be in the cards. The fund could, if formed, manage a portfolio of investments under the purview of Egypt’s New Urban Communities Authority (NUCA) and Tourism Development Authority, Egyptian Housing Minister Sherif El Sherbiny said in a ministry statement.

Ease of doing business: NUCA will also set up an internal department to help facilitate make life easier for Saudi and Egyptian-Saudi projects on land NUCA controls, the minister added.

Saudi Arabia and Egypt are also exploring potential joint freezones, investment funds, and industrial zones, Egypt’s General Authority of Freezones and Investment (GAFI) head Hossam Heiba said at the forum, according to another statement.

The forum also saw a a number of preliminary agreements, according to a statement from GAFI:

Business City Group and GCC Capital Partners signed an MoU to attract foreign capital into Egypt across sectors including poultry production, food and agricultural manufacturing, private and international education, real estate development, and exports.
ASAS and Egypt’s Alcotec Engineering Industries inked an MoU to set up an aluminum cladding panels factory, set to have an annual production 3.6 mn sqm.
Al Yusr and Egyptian solar panels distributor Nanovolt agreed to cooperate in marketing, selling, and installing solar panels and related equipment in both Egypt and Saudi Arabia.
Yafel Real Estate Development and Investment signed an MoU with Egypt’s Horizon Trade to jointly manage and grow Yafel’s real estate business.

DATA POINT- Saudi investors have invested USD 8.9 bn in Egypt over the past 20 years across, according to GAFI.

Solid showing expected for banks, telcos, healthcare firms in 1Q

The first quarter of the year will see a mixed earnings bag across Saudi equities, according to a Riyad Capital research note seen by EnterpriseAM. With financials yet to hit the tape, the firm outlines what to expect this earnings season, drawing on a sample of Tadawul-listed names as companies begin reporting.

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Fat commissions are in the cards for Saudi banks: The banking sector is expected to post a 15% y-o-y increase in net income to SAR 19.1 bn across nine covered banks in 1Q. Al Rajhi Bank is forecast to clock the highest y-o-y gains in 1Q, up 34% to SAR 5.9 bn, while Saib is set to post the highest growth in net advances growth (+22% y-o-y to SAR 103.4 bn).

A gov’t lending sprint is supporting liquidity: Aggregate deposits are projected to grow at a modest y-o-y rate (+4% y-o-y to SAR 2.4 tn) in 1Q, but government liquidity remains supportive, with SAR 55.3 bn inflows in the first two months of the year. Banks also ramped up sukuk issuances and bond allocations ahead of a potential rate downcycle, the firm said.

On telcos: The report’s telecom picks — stc, Zain KSA, and Mobily — are projected to deliver an 8% y-o-y growth in net income to SAR 4.5 bn in 1Q, supported by seasonal tailwinds during Ramadan and an uptick in the number of subscribers. Revenues across the three major players are projected to grow 2% y-o-y to SAR 26.6 bn.

The top performers: Zain KSA is expected to see the highest y–o-y growth in net income buoyed by efficiency gains, logging a 124% increase to SAR 149 mn. Meanwhile, stc is forecast to remain the top earner, with a 5% y-o-y increase to SAR 3.7 bn.

Healthcare players are also in for a solid quarter: The two listed healthcare operators included in Riyad Capital’s analysis — Suleiman Al Habib Medical Group and Mouwassat Medical Services — are expected to report a 13% y-o-y increase in net income to SAR 817 mn in 1Q, driven by continued momentum in new facilities. Meanwhile, Revenues are forecast to rise 25% y-o-y to SAR 4.1 bn, despite a potential dip in patient volumes from Ramadan. Suleiman Al Habib is set to account for the lion’s share of net income, increasing 16% y-o-y to SAR 637 mn.

Construction costs climb in 2024 amid rising demand and supply challenges -Stonehaven

Construction costs in Saudi Arabia rose between 3.4% and 4.2% in 2024, similar to the MENA’s 4% increase, driven by material shortages, heightened labor demand, and inflation in raw materials and energy, according to Stonehaven’s KSA Construction Cost Benchmarking Report (pdf). Geopolitical instability and extreme weather events have further strained project timelines.

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Increasing bills: The Tender Price Index (TPI) has averaged 6.1% growth over the past four years and is projected to climb 7.4% in 2025, reflecting rising contractor expenses linked to labor and living costs.

Global tariffs could push costs up by 7% this year as materials become more expensive and gigaprojects draw more resources, Stonehaven said in a Linkedin post.

Digging deep into the drivers: Gigaprojects like Neom and Qiddiya are driving up construction costs through their heavy demand for skilled labor, materials, and specialized services. Imported material price volatility, supply chain disruptions, and global demand are compounding these pressures.

Not enough labor to go around: On top of the acute labor shortage, large-scale projects are under pressure from labor costs, which account for around 40% of the total project costs. Public-private partnerships are helping bridge the gap through training and upskilling programs — critical to meeting workforce demands for such gigaprojects, the report said.

By the numbers: Saudi has over USD 1.7 tn in active construction projects, while having some USD 1.5 tn for future projects – 39% of the total Mena pipeline — of which USD 582 bn is allocated to transportation, infrastructure, and utilities, while USD 950 bn is allocated to asset construction.

ICYMI- Contract awards hit a record USD 146.8 bn in 2024, up from USD 118.7 bn in 2023, according to Kamco Invest.

On the tech front: In 2025, digital transformation in the Saudi construction sector is expected to center on tools like BIM for better collaboration, AI for managing risk and costs, and modular construction for speed and sustainability, Stonehaven said in the report. The growing adoption of data analytics and IoT is enabling real-time decision-making, while robotics and automation are helping to ease labor shortages and boost productivity.

BUT- High upfront investment, training needs, and integration complexity remain adoption hurdles — requiring a long-term, collaborative approach.

Construction’s green thumb: The industry is adopting low-carbon materials, renewable energy, and efficient water and energy systems, the report read. Carbon footprint tracking and circular economy initiatives, such as recycling and lifecycle assessments, are becoming standard, with green certifications like LEED and Estidama gaining gravity.

Over 154k commercial registrations issued in 1Q 2025

The Commerce Ministry issued over 154k new commercial licenses in 1Q 2025, marking a 48.7% increase compared to the same period in 2024, according to the ministry’s quarterly business sector summary bulletin (pdf). The Kingdom implemented over 900 reforms to facilitate business operations, along with reviewing and updating more than 1.2k regulations.

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The overall picture: The Kingdom now boasts more than 1.68 mn active commercial registrations, up 4.5% y-o-y. Women took the lead, accounting for 47% of existing licenses, while youth-led ventures amounted to 38% of all registrations. We now host 447k registered companies and 1.2 mn commercial establishments, the bulletin read.

By region: Riyadh, Makkah, and the Eastern Province combined accounted for 71% of all of the issued commercial registrations for companies. Riyadh alone saw 60k new registrations, followed by Makkah with 26.3k, and the Eastern Province with 24.8k.

MEANWHILE- LLCs accounted for the majority of new company registrations (37.1k), with far fewer opting for general partnerships (123) and joint stock companies (103), the bulletin showed.

Promising sectors: The report flagged strong momentum in several high-growth sectors during the quarter, particularly non-residential construction with 116k licenses (+11% y-o-y), car services with 25.6k licenses (+23% y-o-y), and hotel registrations with 15k licenses (+31% y-o-y). Other sectors that showed strong momentum include travel agencies (+29% y-o-y), reality technologies (+39% y-o-y), film and video production (+24% y-o-y), cloud computing (+33% y-o-y), and telemedicine (+37% y-o-y).

AND- Saudi Arabia ranked among the top 10 fastest-growing e-commerce markets, standing at 41.3k existing registrations in 1Q 2025, up 6% y-o-y.

REMEMBER- The updated Commercial Registration and Trade Name Laws, set to take effect in early 2Q 2025, introduced key changes, including a unified national commercial register, a ban on duplicate trade names across sectors, and the inclusion of non-Arabic and alphanumeric characters, among others. The Cabinet signed off on the laws in September. Full details are available in our explainer.

Fresh amendments in the works to regulate listing of share types, classes not previously listed

Tadawul-listed companies could soon be able to submit capital increase requests for the issuance and listing of new shares of types and classes not previously listed, according to fresh amendments by the Capital Market Authority (CMA) (pdf). The proposed amendments are open for public feedback until 9 May through the Istitlaa platform.

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The rationale: The proposed draft aims to provide more comprehensive disclosures for different share types — including redeemable shares and share conversions — in a bid to simplify financing for companies, allowing them to meet their capital needs and offer more investment options. It also introduces new rules for raising capital by issuing unlisted share types while ensuring capital increases remain within authorized limits.

Issuing + listing new shares: Companies would be permitted to raise capital by issuing and listing a new type or class of shares that haven’t previously been listed as long as they fall within the limits of the authorized capital and don’t exceed 10% of the issued capital.

Securing regulatory approvals prior to board approval: The new shares must be offered to investors through a rights offering, and the company must secure approval from the CMA and other relevant regulators before the board of directors can approve the issuance. Additionally, the board must approve the issuance within six months of receiving regulatory approval from the CMA.

Detailed disclosures: The draft includes a requirement to disclose the different types and classes of shares and includes details and terms regarding redeemable shares and convertible shares in the prospectus, shareholder circular, and registration document.

Redefining substantial shareholders: The amendments look to redefine substantial shareholders as those who hold 5% or more shares and/or voting rights in the company. The draft also requires substantial shareholders to notify the Exchange if they hold 5% or more of the voting rights in the issuer's shares. The current regulations in place are limited to ownership or interest only.

AMAK forms consortium for Nuqrah mining bid

MINING-

Amak forms consortium to bid for Nuqrah VMS Belt mining license: Almasane Alkobra Mining (Amak) signed an agreement with Asas Mining and Arab Mining - Fujairah to form a consortium and jointly bid for the Nuqrah VMS Belt exploration license in Round 9 of mining bids, it said in a disclosure to Tadawul. The license covers the study, development, and exploitation of copper, zinc, gold, silver, and lead across 355 sq km in the Madinah, Hail, and Qassim regions.

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After receiving the license and regulatory approval, the parties plan to establish a joint venture, with Asas Mining holding 60% and Amak and Arab Mining Company Fujairah each holding 20%. The agreement remains in effect until the tender is awarded, and will terminate if the bid is unsuccessful or upon formation of the JV. No investment size or timeline was disclosed.

BACKGROUND- Amak snapped up multiple exploration licenses last year. They include a five-year chromium, copper, nickel, and manganese exploration license in Al Baha Province secured in December, a five-year quartz exploration license in Najran and Asir secured in August, and a five-year exploration license for manganese ore in Al Baha province secured in July. The firm also landed two exploration licenses in June worth a total of SAR 92 mn, covering Jabal Qaran and Al Hijra, which hold reserves of gold, copper, lead, and zinc.

MANUFACTURING-

The Industry and Mineral Resources Ministry extended the deadline for factories to update their information in the national industrial survey to 4 May, state news agency SPA reports. The update should be completed through the Sanaee platform, and it involves filling out a survey prepared by the National Center for Industrial and Mining Information.

LOGISTICS-

Mawani boosts links to Pakistan, UAE: The Saudi Ports Authority (Mawani) added AP Line ’s shipping service Al Pakistan Gulf to King Abdulaziz Port in Dammam, according to a statement. The new service, which boasts a capacity of 2.9k TEUs, will connect King Abdulaziz Port to the ports of Karachi in Pakistan and Jebel Ali in the UAE.

Is the USD losing its edge amid markets turbulence?

USD dominance under pressure? Fund managers are warning policy volatility and trade barriers are threatening the USD’s status as a safe haven for global capital, the Financial Times reports. The greenback fell to a three-year low against the EUR on Friday, following US President Donald Trump’s erratic policymaking and reciprocal tariff decisions.

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The slump is somewhat surprising, as the greenback typically strengthens during global financial stress, with investors seeking refuge in US treasury bonds.

The reasons? The weaker USD — alongside the rise in bond yields — may point to a “capital flight,” Fidelity International Senior Portfolio Manager Mike Riddell told the FT. “This suggests foreigners have been and are continuing to sell US stocks and sending their money elsewhere,” Axios reports, citing Howard Ward and John Belton, co-chief investment officers of value at Gabelli Funds.

The trend may also have to do with the US president floating the rule of law and threatening the Federal Reserve, Edward Fishman, a former top sanctions official at the US State Department, told the FT. He speculated that this could lead, over time, to the emergence of a “multi-polar” currency system where the EUR played a bigger role.

Selling America: With nearly USD 2 tn in annual foreign capital inflows, the US saw its share of global capital flows rise to 41% in 2024 — nearly double the pre-pandemic levels — Axios reports, citing gov’t data. However, the tariff-triggered sell-off of assets, including equities, bonds and the USD — a trend which ING interest rate strategists called “ sell America Inc. ” — may threaten redirecting these inflows elsewhere.

The drop led fund managers to doubt the USD’s market dominance and role as a global capital haven, raising concerns about the greenback serving as a reserve currency during market volatility. “There is [now] a very good case for the end of [USD] exceptionalism,” JPMorgan Asset Management Global Head of Fixed Income Bob Michele told the salmon-colored paper.

BUT- A weaker USD can be a boon for the US, some economists argue. “The reserve function of the [USD] has caused persistent currency distortions and contributed to … unsustainable trade deficits,” weighing down US competitiveness and manufacturing, said Stephen Miran, Chairman of the White House Council of Economic Advisers (watch, runtime: 1:04:00).

The recent tariffs are meant to correct these dated trade trends, Miran said, adding that a weaker greenback may redistribute the “burden of peace and security” while returning dynamism to the US economy.

MARKETS THIS MORNING-

Trump’s pause of tariffs on consumer electronics led Asian markets to climb this morning, with Hang Seng (Hong Kong) up 2.7%, Japan’s Nikkei up 1.6%, and Shanghai Composite up 0.9%. Wall Street futures also indicate modest gains on market open.

TASI	11,593	+0.8% (YTD: -3.7%)
MSCI Tadawul 30	1,473	+0.7% (YTD: -2.4%)
NomuC	29,141	+0.8% (YTD: -7.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,175	+1.2% (YTD: +4.8%)
ADX	9,158	+0.4% (YTD: -2.8%)
DFM	4,966	-0.2% (YTD: -3.7%)
S&P 500	5,363	+1.8% (YTD: -8.8%)
FTSE 100	7,964	+0.6% (YTD: -2.6%)
Euro Stoxx 50	4,787	-0.7% (YTD: -2.2%)
Brent crude	USD 64.76	+2.3%
Natural gas (Nymex)	USD 3.53	-0.8%
Gold	USD 3,245	+2.1%
BTC	USD 83,392.30	-2.3% (YTD: -10.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% yesterday on turnover of SAR 4.8 bn. The index is down 3.7% YTD.

In the green: Red Sea (+10.0%), EIC (+10.0%) and MESC (+9.9%).

In the red: SPM (-2.7%), Care (-2.1%) and Albaha (-2.0%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.8% yesterday on turnover of SAR 27.7 mn. The index is down 7.4% YTD.

In the green: Future Care (+6.7%), Tibbiyah (+6.2%) and Ladun (+5.8%).

In the red: Apico (-8.4%), SPC (-6.8%) and Naseej Tech (-5.5%).

CORPORATE ACTIONS-

Tadawul-listed Raoom Trading’s BoD signed off on the company’s 100% capital hike to SAR 125 mn by way of issuing bonus shares, according to a disclosure (pdf) to the exchange. The company will tap its retained earnings to grant existing shareholders one bonus share for every share they own in a bid to boost the firm’s liquidity and support its expansion plans.

Amwaj International’s BoD proposed a 33.3% capital hike to SAR 80 mn via a bonus share issuance, funded by SAR 20 mn from retained earnings, it said in a disclosure to Tadawul. The increase is aimed at supporting future growth and expansion, with shareholders set to receive one bonus share for every three held. The move is still pending regulatory and shareholders’ approval.

The Middle East Pharma Industries’ (Avalon Pharma) board greenlit a SAR 25 mn dividend distribution for 2H 2024 at SAR 1.25 per share, it said in a disclosure to Tadawul. The distribution date is set for 15 May.

Meet LinkedIn’s top employers for career growth in 2025

LinkedIn ranks top companies for career growth: Microsoft-owned business and employment social network LinkedIn released its 2025 Top Companies list for Saudi Arabia. The ranking attempts to spotlight the leading employers for career growth, emphasizing professional development, job stability, and long-term career success.

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The breakdown: Homegrown companies topped the list, with stc claiming the first spot and Saudi Aramco the second. The consulting and IT industry dominated the ranking after claiming three spots, while telecommunications and healthcare — which returned after missing the cut last year — both claimed two spots. The list also included three manufacturing companies from different industries.

Here is the full list:

#1- stc – Telecommunications

#2- Aramco – Oil and gas

#3- EY – IT services and IT consulting

#4- Ceer – Motor vehicle manufacturing

#5- Elm Company – IT services and IT consulting

#6- Procter & Gamble – Consumer goods manufacturing

#7- IBM – IT services and IT consulting

#8- PwC – Professional services

#9- Riyad Bank – Banking and financial services

#10- King Faisal Specialist Hospital and Research Center – Hospitals and health care

#11- Bupa – Hospitals and health care

#12- MATARAT Holding – Airlines and aviation

#13- SRMG – Media production

#14- Mobily – Telecommunications

#15- Siemens – Automation machinery manufacturing

CALENDAR

APRIL

14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

14-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

14-15 April (Monday-Tuesday): MESH Core Riyadh Conference for Innovation in Healthcare, 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.

14-16 April (Monday-Wednesday): 2025 Middle East Poultry Expo, Riyadh International Convention and Exhibition Center, 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.

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

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

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

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

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

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

NOVEMBER

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

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

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER

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

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

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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