White Land Tax regs set up 2.5% base fee on undeveloped plots

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WHAT WE’RE TRACKING TODAY

THIS MORNING: National AI curriculum to hit schools starting this year

Good morning, wonderful people. We’re nearing mid-July, and the summer heat is extending to the Kingdom’s accelerated pace of regulatory reforms.

Leading this morning’s news well: The real estate market saw the new regulations for the White Land Tax law published for community feedback, proposing a base 2.5% fee on undeveloped lands, in a bid to incentivize development and drive down the rising prices of properties all over the Kingdom.

Meanwhile, capital markets are bustling with the news of the CMA approving new regulation amendments and products, including an overhaul of investment fund regulations, and the introduction of Saudi Depositary Receipts, opening up investment opportunities in foreign companies. PLUS: GCC-based investors can now invest in TASI directly.

ALSO- The Energy Ministry and the International Energy Agency are at odds about the Kingdom’s oil output in June. The agency claims we’re above quota, while the Ministry is reaffirming compliance and calling for using an alternative market to reflect which barrels actually hit the oil markets.

^^ Details on all of these , and more, are in today’s issue. Let’s dive in.

WEATHER- Riyadh is expected to see a high of 45°C and a low of 30°C, while Jeddah’s mercury will go as high as 41°C and as low as 31°C. Makkah will see a 42°C and a 32°C low.

NEWS TRIGGERS-

Gastat set to roll out fresh inflation data: The Consumer Price Index for June is to be released by the General Authority for Statistics (Gastat) on Tuesday. Inflation fell slightly to 2.2% y-o-y in May, down 0.1 percentage points from April.

ALSO- The Renewable Energy Statistics report for the years 2023 and 2024 is due on Monday.

PSAs-

#1- The Kingdom will introduce a national AI curriculum across all public education levels, starting in the 2025–2026 school year, Saudi Gazette reports. The move aims to give students practical AI skills from an early age through interactive, age-appropriate lessons. The new curriculum will apply to all stages of learning, from primary school to university and vocational programs, and will be included in national student assessments.

ALSO- Citizens are invited to join the “One Million Saudis in AI” initiative, offering free and remote training on AI principles, state news agency SPA reports. The program will be offered in Arabic, and participants will receive a certificate upon completion. Interested? Register at the Samai website.

#2- Businesses subject to excise taxes must submit May and June tax returns by 15 July, the Zakat, Tax, and Customs Authority (Zatca) said on X. Missing the deadline will lead to a 5% late penalty on the unpaid taxes for every 30 days of delay. Excise tax applies to products associated with health risks or harming the environment, including soft and energy drinks, and tobacco products.

WATCH THIS SPACE-.

#1- Aramco is in talks to buy 2 mn tons of liquefied natural gas (LNG) per year from US-based Commonwealth LNG, which plans to build an export facility in Cameron, Louisiana, Reuters reported on Wednesday, citing unnamed sources it says are in the know. No financial details were disclosed.

This comes as Aramco expands its LNG business in the US, which is expected to maintain its spot as the largest exporter of LNG worldwide by almost doubling its capacity over the next four years. The oil giant is exploring possible partnerships with other American projects, including Delfin LNG and Energy Transfer’s proposed Lake Charles facility, the sources added.

ICYMI- Aramco inked a 20-year LNG sale and purchase agreement (SPA) with US-based LNG development firm NextDecade Corporation in April for the offtake of 1.2 mn mtpa from its Rio Grande Train four LNG facility.

#2- Cenomi brings in Rothschild ahead of sukuk maturity: Tadawul-listed mall operator Cenomi Centers tapped Rothschild & Co to explore funding options ahead of a USD 875 mn sukuk repayment due in October of next year, Bloomberg reports, citing people it says are familiar with the matter.

The details: The company is said to be weighing a mix of debt and equity solutions, as it navigates credit pressure and a liquidity crunch tied to delayed payments from a key related tenant — Alhokair Fashion Retail (Cenomi Retail).

More room below: S&P downgraded Cenomi deeper into junk territory last month, citing rising receivables and related-party risk. The agency called the sukuk refinancing “manageable,” but warned that delays in executing a funding plan could erode liquidity, the business information service wrote.

#3- Chinese tech giant Huawei Technologies is fishing for customers in the Middle East, with Saudi Arabia and the UAE on the list of potential client, Bloomberg reports, citing sources it says are familiar with the matter. Huawei is offering small quantities of its older Ascend 910B processors to the region, with one source describing discussions with the Saudi Data & AI Authority (Sdaia) as “advanced” for a quantity of chips in the “low thousands.”

Washington is watching closely: Saudi Arabia’s engagement with Huawei is expected to remain under scrutiny, despite USD bns in agreements with US AI chip makers,. The US has previously voiced concerns about China’s growing influence in the Middle East.

AND- Setting the record straight: Elon Musk shot down news on a potential USD 170-200 bn fundraising round for xAI reportedly involving the Public Investment Fund (PIF), saying on X yesterday that “xAI is not seeking funding right now. We have plenty of capital.”

The potential fundraising was expected to see the PIF play a significant role, sources had earlier told the Financial Times. The sovereign fund already holds an indirect interest in xAI through its stake in Kingdom Holdings Company, which has an USD 800 mn investment in the AI firm.

#4- Non-oil GDP is expected to grow by 4.3% in 2025, pushed by a strong domestic demand and loan growth, Al Arabiya reports, citing a report by Jadwa Investment. The firm expects growth to reach 4.4% in 2026, driven by lower interest rates and further economic diversification.

MEANWHILE- Jadwa forecasts Brent oil prices to average USD 67/bbl in 2025 and USD 65 in 2026, while oil production is expected to rise to 9.45 mn bbl / d on average. Lower oil income is forecast to widen the budget deficit to 4.3% of GDP, still manageable thanks to low debt exposure and strong foreign reserves, the firm expects.

#5- Two-state solution conference is back on? The Saudi-French co-chaired UN conference in on the two-state solution for Israel and Palestine has been rescheduled for 28-29 July, with details set to come out soon, unnamed diplomats told Arab News. The meeting — originally scheduled for mid-June — was postponed last month following major Israeli military strikes on Iran.

BACKGROUND- The meeting is intended to address post-ceasefire security in Gaza, reconstruction, and establishing a Palestinian state. French President Emmanuel Macron is expected to move forward with recognizing a Palestinian state during the high-level conference, having urged the UK government this week to follow suit.

#6- Sequoia under fire after partner’s anti-Muslim remarks: Prominent investors and startup founders from the Middle East have joined a public petition against Shaun Maguire, a partner at US-based venture capital firm Sequoia Capital, who is facing intense criticism after he posted on X that NYC politician Zohran Mamdani is promoting an “Islamist agenda” and comes from a “culture that lies about everything.”

More and more business leaders are joining in: An open letter demanding his removal from client-facing roles and a zero-tolerance anti-discrimination policy has gathered almost 1.1k signatories from founders, investors, and operators across the tech world, including Tabby’s Hosam Arab, Lean Tech’s Hisham Al Falih, and Careem CEO Mudassir Sheikha.

Maguire later posted a 30-minute video attempting to clarify the comment, saying his critique was aimed at “political Islamism, not Islam.”

Where’s Sequoia in all this? So far, silent. The letter gives the firm until 14 July to issue a public response or face broader public and media escalation.

The story has gotten attention from the foreign press: CNBC | WSJ

DATA POINTS-

The government offered over 85k tenders valued at SAR 336.3 bn via the Etimad platform by the end of 2024, with some 34k tenders being awarded for a combined value of SAR 151.7 bn, according to the latest report (pdf) by the Local Content and Government Procurement Authority. High-value tenders amounted to 1.4k, representing 66.5% of total awarded tenders at a combined value of SAR 233.7 bn.

SPORTS-

#1- Liv Golf putts in with HSBC: Liv Golf signed a multi-year full-season partnership with HSBC, according to a statement. The contract includes support for community programs, financial literacy initiatives, and two teams — Crushers GC and Majesticks GC — in addition to sponsorship for LIV Golf’s “9 to Play” broadcast segment.

ALSO- Liv Golf reached an agreement for PIF-owned Roshn Group to become a Global Pillar Partner for the remainder of the current fixture and the 2026 season — totaling 19 events, according to a press release. The partnership focuses on youth golf programs, including the launch of the Rising Stars initiative to train 20 young Saudi players.

AND- Climbing back: LIV Golf submitted a new application to the Official World Golf Ranking (OWGR) for players to earn world ranking points, with the application currently under review, according to a statement. OWGR rejected a first bid two years ago, citing the “unconventional 54-hole format with no cuts while the events featured the same 48 players all season,” Reuters reports.

#2- A new star joins the Roshn league: Al Hilal signed French left-back Theo Hernandez from AC Milan on a three-year contract, paying some EUR 25 mn for the transfer, according to sports journalist Fabrizio Romano. The 27-year-old started his youth career at Atletico Madrid, making his professional debut at Deportivo Alaves (on loan) in 2016, later playing for Real Madrid, Real Sociedad, and AC Milan.

#3- UK-based BMW M Team Redline won its second Esports World Cup title at Rennsport, earning a USD 200k prize bag and 1k points in the overall club rankings to reach the top of the table, BMW Group said in a press release. The team was made up of Luke Bennett (GBR), Sebastian Job (GBR), Jeffrey Rietveld (NED), and Kevin Siggy (SLO), with 20-year-old Bennett named best player.

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THE BIG STORY ABROAD-

Trump’s latest tariff threats are once again dominating the foreign front pages: US President Donald Trump is threatening to slap new tariffs on imports from the EU and Mexico, escalating his protectionist drive ahead of the 1 August deadline for sweeping new trade measures. “Starting on 1 August 2025, we will charge the European Union a tariff of only 30% on EU products sent into the US, separate from all sectoral tariffs," Trump said in a letter on his Truth Social media. He also accused Mexico of failing to stop “the Cartels who are trying to turn all of North America into a narco-trafficking playground,” and threatened a similar 30% levy.

All eyes on 1 August: Trump last week sent letters to trade partners warning of new tariffs, with his administration saying the reciprocal measures could take effect as early as 1 August. The sweeping threat includes a 50% levy on copper imports, a potential 200% tariff on pharma products, and a 35% hike on Canadian exports. (Reuters | Bloomberg | FT | New York Times | CNBC | Associated Press)

CLOSER TO HOME- Talks in Doha aimed at brokering a 60-day ceasefire between Israel and Hamas are faltering over Israeli troop withdrawal terms, sources from both sides told Reuters. Hamas has rejected Israeli-proposed maps that would keep 40% of Gaza — Rafah and areas in the north and east — under Israeli control. Israel, for its part, blames Hamas for “stubborn” negotiating. Two Israeli sources told the newswire that Hamas wants Israel instead to withdraw to the lines that it had occupied before resuming their military aggression in March.

CIRCLE YOUR CALENDAR-

The Real Estate Brokerage Forum kicks off at the Riyadh International Convention and Exhibition Center on 20 July, the Real Estate General Authority said in a statement. The forum will feature discussions on legislative updates, empowerment prospects, and the role of real estate brokers. Registration is now open at the Rega website.

White Land Tax regs up for community feedback

New regulations for the White Land Tax Law’s fees have been posted on Istitlaa by the Municipalities and Housing Ministry, where they will be up for feedback until 25 July. The draft regulations (pdf) aim to discourage land hoarding and boost property supply.

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

Fee structure and application: The proposed regulations set a 2.5% base fee of the value of undeveloped urban plots exceeding 5k sqm, to which a progressive annual increase rate and a variable rate are added, with overall fees capped at 10%. The variable rate allows for flexibility, as it will be adjusted based on market conditions to ensure fair application.

The valuation of idle lands and their fees will be handled by a specialized appraisal committee, which will be formed by the Housing Minister and will include licensed appraisers from the Saudi Authority for Accredited Valuers (Taqeem). The committee will take into account economic indicators, such as the gap between housing supply and demand, real estate inflation, shortage of developed lands, and monopolization of undeveloped lands.

Incentivizing development: To encourage owners to either develop their properties or sell them to those who will, the fee ceases upon a property’s completion. Landowners can also receive a refund for fees paid if they complete development within the same payment period. The rules also allow for the fee to be suspended if obstacles prevent construction, and also leaves room for the Housing Ministry to grant time extensions.

What’s next? The new regulations are expected to be issued within a month, with a 90-day period granted for application after publication in the Official Gazette, Tariq Al Shuhayeb, adviser to the Housing Minister, told Al Arabiya on Thursday.

REMEMBER- The cabinet approved amendments to the White Land Tax Law in late April, increasing the annual fee on undeveloped land from a fixed 2.5% to a maximum of 10% of the property’s value. The changes also imposed a new tax on vacant, ready-for-use properties based on comparable annual rent, capped at 5% of the property’s market value.

We’ve had a battery of reforms pushed recently to stimulate the real estate market. Last week, the cabinet greenlit a new law enabling non-Saudis to own real estate property in the Kingdom. Other changes include allowing foreign investment in Makkah- and Madinah-based real estate companies, lifting development restrictions on 81.5 sq km of land in northern Riyadh, in addition to planning the release of 10k-40k affordable residential plots per year over the next five years.

Industrial production up 1.5% y-o-y in May

The Industrial Production Index (IPI) rose 1.5% y-o-y in May, fueled by growth in mining and quarrying, manufacturing, and waste management activities, according to preliminary data (pdf) from the General Authority for Statistics (Gastat).

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Mining and quarrying was the most active sector during the month, logging 2.1% y-o-y growth, with oil production rising to some 9.2 mn bbl / d, up from 9 mn bbl / d in the same period last year.

Manufacturing activity also saw a 0.9% y-o-y uptick, with the manufacture of chemicals and chemical products growing 14% y-o-y, followed by 3.2% growth in the manufacture of food products.

Utilities were a mixed bag: The sub-index for electricity, gas, steam, and air conditioning supply activity fell 7.7% y-o-y, while the sub-index for water supply, sewerage, waste management, and remediation activities climbed 15.5% y-o-y.

MEANWHILE- The oil activities index increased 0.5% y-o-y in May, and the non-oil activities index climbed 3.8%.

REMEMBER- Non-oil business activity in the Kingdom picked up in May on the back of an increase in new work amid improving demand and business sentiment. The seasonally adjusted headline figure came in at 55.8 in May, up slightly from 55.6 in April.

Tadawul expands investor base with fund regulation amendments, Saudi Depositary Receipts. PLUS: GCC investors can now invest directly in TASI

#1- The Kingdom is opening up its capital markets to more investors under a sweeping overhaul of its fund regulations, clearing fintechs to distribute fund units and approving new investment freedoms for REITs and public funds, the Capital Markets Authority (CMA) said in a statement.

The rationale: The amendments — following a three-phase consultation that began in June 2024 — aim to widen market access, enhance distribution, and support the growth of the asset management industry, the statement said.

What was relaxed?

Easier access to foreign funds: Local institutions licensed to conduct investment management activities can now distribute foreign funds to local clients as long as the offering is done via private placement and the foreign fund is based out of a CMA-recognized jurisdiction.
REITs investment ratios relaxed on Nomu: Traded real estate investment trusts listed on Tadawul’s parallel market Nomu can now invest in development-stage real estate projects from the time of launch, without having to comply with the usual investment ratio limits.
New channels: Investment fund platforms and e-money institutions can now distribute fund units through their websites and mobile apps.
New products unlocked: Public funds are now allowed to subscribe to privately offered debt instruments issued within the Kingdom.

New restrictions were introduced, though:

Money market and capital protection funds are now subject to tighter risk thresholds, with exposure to a single issuer capped at 10% of net asset value and 25% across all entities. Public funds that invest in debt instruments are also required to disclose credit ratings for their top ten debt holdings in quarterly reports.
Retail protections were also beefed up: Retail investors can no longer contribute more than 50% of total banknote subscriptions in private and foreign funds. That cap will also hold after any secondary transfers for closed-ended funds, meaning retail investors can’t end up holding a majority stake down the line.
Fund manager exits: New governance provisions require fund managers — both public and private — to seek regulatory approval before stepping down or being dismissed. Managers must transfer fund responsibilities to a CMA-approved successor within 60 days.

DATA POINT- CMA-approved investment funds accounted for the largest share of AUM in 2024, reaching SAR 700 bn — a 25% y-o-y increase. The authority approved 44 new funds over the year, including equity, waqf, money market, real estate, and ETFs.

#2- Saudi Depositary Receipts (SDRs) are set to launch on Tadawul, giving local investors access to foreign-listed shares without needing to open international trading accounts, according to separate statements from the CMA, and Tadawul. The move was first announced back in January.

SDRs? Think of SDRs as a mirror. Each receipt represents a share in a foreign company, held by a custodian on behalf of the local investor. The key twist? These receipts are listed, traded, and settled in SAR on the Saudi Exchange — no need for a foreign brokerage account or conversion into a foreign currency. Investors receive the same rights as shareholders in the underlying company, including voting rights and dividends.

Investors can also redeem the SDRs for the underlying foreign shares, giving them flexibility to switch between the company’s original overseas listing venue and that of Tadawul.

The ball is rolling: CMA-licensed financial firms have been in ongoing discussions with Tadawul on the issuance of SDRs, with approvals yet to be issued, Chief of Listing at Tadawul Nasser Alajaji told Al Arabiya. Some 6.9 mn investors — including institutions and individuals — will be allowed to trade SDRs on Tadawul, Alajaji added.

#3- The authority also approved amendments making it easier for clients to open investment accounts in the Kingdom, according to a separate statement. GCC-based retail investors can now invest directly in TASI by opening an investment account and taking their pick of a wider range of securities. This marks a change from previous regulations which restricted investments to debt markets, the Nomu parallel market, investment funds, and derivatives.

Moved on? No problem: Investors who opened investment accounts while residing in the GCC can continue investing in TASI shares even after they leave.

WATCH THIS SPACE- The Shura Council urged the CMA to study the creation of a dedicated platform for qualified investors to trade real estate mortgage-backed securities, state news agency SPA reports. The move would mark a significant shift from mortgages sitting on bank balance sheets to a tradable debt market, unlocking liquidity and paving the way for broader securitization.

IEA and Riyadh offer clashing oil output figures for June

IEA and Saudi Arabia at odds: Saudi Arabia pumped 9.8 mn bbl / d of oil last month, a 700k bbl / d increase from June, with 70% of the additional production exported, according to the The International Energy Agency’s (IEA) July Oil Market Report. The June figure is 430k barrels above the our Opec+ quota of 9.37 mn bbl / d, the agency says.

BUT- The Energy Ministry reaffirmed the Kingdom’s compliance with Opec+ quotas, citing a marketed supply of 9.35 mn bbl / d, it said on X on Friday. The Ministry acknowledged it briefly pumped extra oil into storage due to geopolitical tensions

It all comes down to the metric: The Ministry is asking independent oil trackers to report its June output using an alternative “supply-to-market” metric instead of standard production, Bloomberg reports, citing people it says are familiar with the matter. The IEA’s figures include oil moved into storage of around 450k bbl / d, which — if excluded — would place the Kingdom within its Opec+ quota.

Behind the discrepancy: The Kingdom sought to strategically increase shipments to international storage locations, including the Sumed pipeline in Egypt which received an additional 5 mn barrels in June, to reposition supplies during the regional conflict. Those barrels, the Kingdom argues, have not been released to the market and should therefore not be considered a breach of its Opec+ target.

IN CONTEXT- Gulf producers — including Iraq, Kuwait, and the UAE — rushed to export oil from the Persian Gulf following the outbreak of war between Israel and Iran, Bloomberg reports, citing IEA data. Meanwhile, Iran’s production declined by 400k bbl / d to 3.1 mn bbl / d due to the conflict.

Saudi potentially flouting quotas raised some eyebrows, as the Kingdom has been mounting increasing pressure on Opec+ cheats — hello, Kazakhstan — to compensate for months of pumping above quotas, with the accelerated hikes agreed by the cartel since April widely framed as a Saudi-led push to punish overproducers.

Surplus, surplus: The influx of crude is exacerbating a global market surplus caused by slowing demand and booming production from non-Opec+ countries, the IEA said. Oversupply has pushed oil futures down roughly 13% to around USD 69 a barrel since mid-June, overriding concerns about regional conflicts.

Looking ahead: The IEA has downgraded its 2025 forecast for global oil consumption, penciling in 700k bbl / d growth — the slowest pace in 16 years excluding the 2020 pandemic. The IEA projects inventories will swell by 2-3 mn barrels per day through 4Q 2025 and 1Q 2026.

Despite the gloomy forecast, the IEA noted that current conditions tell a different story. “Price indicators also point to a tighter physical oil market than suggested by the hefty surplus in our balances,” the agency noted, pointing to the differences between monthly futures contracts and “healthy” margins for refiners.

Prince Turki bin Salman’s Tharawat Holding catches int’l press attention

Tharawat Holding’s rising star as a gatekeeper for foreign investors in the Kingdom has earned it growing importance — and a spotlight from Bloomberg . Under the management of Prince Turki bin Salman, the firm’s close ties to the Royal Court has positioned it to complement the role of the Public Investment Fund in driving Vision 2030 programs.

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Founded in 2008, the firm helps direct foreign investment flows into sectors including infrastructure, mining, and defense, overseeing assets valued at north of USD 250 bn, the business news service reports, citing sources it says are in the know.

Saving mns: Tharawat manages the sprawling network of contractors tasked with bringing the Kingdom’s projects to life, with the aim of keeping costs in check. Presenting rival bids and vetting bidders has enabled the company to bring down costs of gigaprojects by hundreds of mns of USD, according to Bloomberg.

Uk’s Arup awarded design contract for a 2034 World Cup stadium

INFRASTRUCTURE-

PIF-owned firm New Murabba tapped London-based construction engineering firm Arup to design a new 45k-seat stadium, the company said on X on Thursday. The stadium is part of the USD 50 bn New Murabba development and will be a key venue for the 2034 Fifa World Cup. No financial details were disclosed.

More details: Arup will handle the design, planning, and operations advice, with the project expected to be finished by 2032, TradeArabia reports.

M&A WATCH-

#1- Shrimp Nation hooks Olive Rock for expansion: Local seafood restaurant concept chain Shrimp Nation sold a 30% stake for an undisclosed sum to UAE-based private equity firm Olive Rock Partners to fund its expansion across the Kingdom and beyond, according to a press release.

About Shrimp Nation: Founded by Mohammed Abualizz (LinkedIn) in 2018, Shrimp Nation operates 35 branches fusing local and international flavors across the Middle East region, including the Kingdom, Jordan, Egypt, Bahrain, and Qatar.

#2- Neo Space acquires Earth observation platform: PIF-owned space services provider Neo Space Group (NSG) finalized the acquisition of Earth observation platform UP42 GmbH from Airbus Defence and Space, according to a press release. Financial details were not disclosed.

REFRESHER- NSG entered into a definitive agreement with Airbus Defense and Space last December to acquire UP42, a platform that provides access to data and analytics from over 80 geospatial companies.

EXPANSION-

UK-based tech company 36Zero opened an office in Riyadh with support from regional business expansion platform AstroLabs, according to a press release. The tech company’s solutions help manage worker safety, project costs, and project tracking for large-scale infrastructure projects. The company has already worked on major Saudi projects like Neom and New Murabba and plans to build more partnerships with key players like Aramco, Ma’aden, and Diriyah Company within the next year.

CAPITAL MARKETS-

WinVeston Capital received the green light from the Capital Market Authority for the public offering of its Money Market Fund, according to a statement.

Fed officials see rate cuts ahead, disagree on timing and scale

Doves circling, but no consensus just yet: Most Federal Reserve officials see interest rate cuts coming this year but remain divided on when and by how much, minutes (pdf) from the Fed’s 17-18 June meeting show. While “most participants assessed that some reduction […] would likely be appropriate,” others cautioned against moving too soon, citing a still-resilient economy and inflation that remains above target.

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The keyword is tariffs: The divide is mostly due to a lack of certainty around the impact of tariffs on inflation. “While a few participants noted that tariffs would lead to a one-time increase in prices and would not affect longer-term inflation expectations, most participants noted the risk that tariffs could have more persistent effects on inflation,” the minutes said. Some also said inflationary effects could be “more limited” if firms adapt or trade agreements are struck.

REMEMBER- The majority of Fed policymakers expect two or more rate cuts this year, after they held benchmark rates steady in June at 4.25-4.50% for the fourth consecutive meeting.

Views are diverging on the next meeting: Some policymakers floated a cut “as soon as the next meeting” at the end of the month, while others saw no need for reductions at all this year. On the question of how much, several said the current rate “may not be far” from neutral, implying limited room for easing. Others pointed to softening inflation and labor market cooling, warning of “difficult tradeoffs” if inflation proves sticky while employment weakens.

The data sends mixed signals…: June job growth surprised to the upside with 147k new payrolls and a drop in unemployment to 4.1%, CNBC reports. Still, consumers are pulling back, with May retail sales falling 0.9% and personal spending dipping 0.1%.

…and Trump applies pressure: President Donald Trump continues to publicly lash out at Fed Chair Jerome Powell, demanding deep cuts and even calling for his resignation. Powell has pushed back, stressing the Fed will base its decisions on data, not politics.

TASI	11,277	0.0% (YTD: -6.3%)
MSCI Tadawul 30	1,445	0.0% (YTD: -4.3%)
NomuC	27,480	+0.1% (YTD: -12.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	33,324	+0.5% (YTD: +12.1%)
ADX	10,065	+0.2% (YTD: +6.9%)
DFM	5,855	+0.4% (YTD: +13.5%)
S&P 500	6,260	-0.3% (YTD: +6.4%)
FTSE 100	8,941	-0.4% (YTD: +9.4%)
Euro Stoxx 50	5,383	-1.0% (YTD: +10.0%)
Brent crude	USD 70.36	+2.5%
Natural gas (Nymex)	USD 3.31	-0.7%
Gold	USD 3,364	+1.2%
BTC	USD 117,423	-0.2% (YTD: +25.5%)
Sukuk/bond market index	911.63	+0.1% (YTD: +1.1%)
S&P MENA Bond & Sukuk	145.86	-0.1% (YTD: +4.2%)
VIX (Volatility Index)	16.40	+4.0% (YTD: -5.5%)

THE CLOSING BELL: TADAWUL-

The TASI remained unchanged on Thursday on turnover of SAR 4.9 bn. The index is down 6.3% YTD.

In the green: SHL (+9.9%), Cenomi Retail (+5.8%) and Sisco Holding (+4.2%).

In the red: Masar (-6.1%), Jabal Omar (-2.8%) and Jouf Cement (-2.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% on Thursday on turnover of SAR 33.2 mn. The index is down 12.7% YTD.

In the green: Mayar (+22.0%), Anmat (+10.2%) and Future Care (+9.7%).

In the red: Almujtama Medical (-6.0%), Alrasheed (-5.5%) and Saudi Top (-4.8%).

CORPORATE ACTIONS-

Alwaha REIT Fund-manager Wasatah Capital plans to raise SAR 47.9 mn, which would place the fund’s total capital at SAR 210 mn and give it steam to finance the acquisition of the Al Jawhara Residential Building in Riyadh, according to its prospectus (pdf). The additional units will be offered at SAR 10 per unit from July 15 to July 28, with investors allowed to subscribe to a minimum of 50 units each.

ADVISORS: AlJazira Capital was tapped as the lead manager. Receiving agents include AlJazira Capital, BSF Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Capital, Alistithmar Capital, Derayah Financial, Alinma Capital, ANB Capital, Yaqeen Capital, Al Khabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG Hermes Saudi Arabia, and Awaed Capital.

CALENDAR

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

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

17 July (Thursday): Deadline to register for the Kingdom’s first civil aviation hackathon

Avithon.

20 July (Sunday): Real Estate Brokerage Forum, Riyadh International Convention and Exhibition Center, 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.

AUGUST

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.

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.

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

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

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

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

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

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

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

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

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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