{"id":108786,"date":"2026-05-12T00:00:00","date_gmt":"2026-05-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=108786"},"modified":"2026-05-12T03:19:05","modified_gmt":"2026-05-12T03:19:05","slug":"post-hormuz-math","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/post-hormuz-math\/","title":{"rendered":"Post-Hormuz math"},"content":{"rendered":"<section id=\"108788\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"108788\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/this-morning-aramcos-infrastructure-investments-paid-off-in-crisis-time\/\">\r\n                            Infrastructure planning pays off for Aramco                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/this-morning-aramcos-infrastructure-investments-paid-off-in-crisis-time\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Hormuz reopens for business. It\u2019s also another earnings-heavy issue with the likes of Al Othaim Markets, Jarir Marketing, Sasco, and more showing their books for 1Q.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <a id=\"wwtt1\"><\/a> <\/strong><strong>SPEAKING <\/strong><strong>OF- Aramco chief Amin Nasser expressed pride in the oil giant\u2019s better-than-expected 1Q results<\/strong>, telling analysts in an earnings call that the company\u2019s wide-ranging investments in its infrastructure paid off in a time of crisis.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What made the difference? <\/strong>The robust East-West pipeline, which can export some 5 mn bbl \/ d through Yanbu\u2019s north and south terminals, a capacity that Aramco is working to increase even further, according to Nasser. Localized supply chains also meant local content was immediately deployed to fix disruptions and restore output. \u201cWe would have been delayed for months \u2014 if not years \u2014 if the restoration elements that we needed were not available and handy within the Kingdom,\u201d Nasser said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The strait is choking off a big chunk of supplies. <\/strong>Oil markets are losing 100 mn barrels every week the strait remains shut, Nasser estimated. Dipping into storage is threatening global stockpiles and masking how tight the market actually is, with most of the spare capacity locked behind Hormuz in the Arabian Gulf, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rationing could bring demand growth down to 700-900k bbl \/ d if the strait remains <\/strong><strong>closed. <\/strong>Still, demand is poised for a strong recovery if the strait fully opens, \u201csignificantly higher than initial estimates\u201d for 2026, Nasser said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have more on the oil giant\u2019s earnings (and what they mean for global trade) in this morning\u2019s Planet Finance.<\/p>\n<p class=\"tag-border-left\"> Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <a id=\"wwtt2\"><\/a> EXPANSION \u2014 JLL is setting up a sports and entertainment hub in Riyadh<\/strong>, the real estate services firm said in a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/jll-launches-international-hub-in-riyadh-g72m2p1r\" style=\"\">statement<\/a>. The new base will serve clients across the region and globally, offering everything from leasing and operations to development advisory and investment support for stadiums, arenas, theme parks, cinemas, and other entertainment venues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s running it?<\/strong> Ahmed Abas (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmed-abas-3802a43b\/\" style=\"\">LinkedIn<\/a>) has been appointed regional head of sports and entertainment for the Middle East and Africa. He\u2019s a PPP specialist with over 15 years in the region, and sits on the advisory boards of the Middle East Sports Investment Forum and the World Stadiums and Arenas Summit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why Riyadh?<\/strong> The Kingdom is becoming the epicenter of the region\u2019s sports and entertainment buildout as it gears up to host the 2034 Fifa World Cup. The government is aiming for the sector to contribute 3% of non-oil GDP by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a> <\/strong><strong>OIL \u2014 Saudi\u2019s crude<\/strong><strong> exports to China are set to drop sharply to some 13-14 <\/strong><strong>mn barrels in June from around 20 mn barrels in May<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-11\/saudi-arabian-oil-exports-to-china-set-for-deep-plunge-in-june\" style=\"\">Bloomberg<\/a> reports, citing traders it says are in the know. This is far below the pre\u2011war average of 40-50 mn barrels per month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why? <\/strong>The drop is mainly due to the Hormuz closure, which is forcing Aramco to ship June cargoes to China from the Red Sea\u2019s Yanbu terminal. Aramco\u2019s June official selling prices were also set above other Middle Eastern grades including Murban and Oman, the traders said. This is despite physical-market crude premiums starting to ease recently.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>TRAVEL \u2014<\/strong> <strong>No more visas to get into Russia: <\/strong>The Saudi-Russian mutual visa waiver officially <a target=\"_blank\" href=\"https:\/\/www.alwatan.com.sa\/article\/1180531\" style=\"\">entered<\/a> into force yesterday. The agreement \u2014 <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/02\/pif-to-double-japan-investments-by-2030\/\" style=\"\">inked<\/a> at the end of last year on the sidelines of the Saudi-Russian Investment and Business Forum \u2014 allows citizens of both countries to stay for up to 90 days for business or tourism, though it notably excludes work, residency, and Hajj.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>14.5 mn \u2014 <\/strong><strong>that\u2019s <\/strong><strong>the total cargo tonnage handled by Saudi ports in <\/strong><strong>April<\/strong>, Mawani <a target=\"_blank\" href=\"https:\/\/x.com\/MawaniKSA\/status\/2053423869420015895\/photo\/1\" style=\"\">said on X<\/a>. Transshipments accounted for 130k TEUs during the month, while livestock volumes stood at over 830k heads. Passenger traffic totaled 70.7k, vehicle throughput reached 53.9k, and container volumes came in at 508.8k. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\">logistics<\/a> industry, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\">MENA <> India<\/a> corridor?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/newsletters\/\" style=\"\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>News outlets are following the ups-and-downs of the regional conflict<\/strong>, the latest of which is President Donald Trump\u2019s <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-11\/us-iran-tensions-flare-as-trump-declares-ceasefire-is-weakened?srnd=homepage-middle-east\" style=\"\">characterization<\/a> of the ceasefire as \u201con massive life support.\u201d Trump called Tehran\u2019s counterproposal to end the monthslong war as \u201cunacceptable,\u201d with the major sticking point being Iran\u2019s stockpile of enriched uranium.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Washington has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/us-loan-533-million-barrels-oil-strategic-petroleum-reserve-2026-05-11\/\" style=\"\">released 53.3 mn barrels<\/a><\/strong><strong> of crude from its reserves <\/strong>to steady oil markets in light of the Iran war, loaning out the supply to nine companies, including ExxonMobil, Trafigura, and Marathon. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One step closer to Warsh\u2019s Fed: <\/strong>Trump\u2019s pick for Fed chair, Kevin Warsh, is <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/fed-chair-nominee-warsh-clears-hurdle-path-senate-confirmation-2026-05-11\/\" style=\"\">one step closer<\/a> to securing the position, following yesterday\u2019s so-called cloture vote by the Senate. Outgoing chief Jerome \u200cPowell\u2019s term ends on Friday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, in the entertainment business: <\/strong>Sony Music Group acquired the rights to more than 45k songs from alternative asset manager Blackstone under an almost <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0640f6f8-f7d0-405c-9372-a6dbfe44523c?syn-25a6b1a6=1\" style=\"\">USD 4 bn agreement<\/a>. The catalogue includes iconic tracks by Journey, Leonard Cohen, and others.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/jll\/\">JLL<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/oil-watch\/\">oil watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/saudis-fiscal-resilience-could-face-a-reality-check-when-hormuz-reopens\/\">\r\n                            Will Saudi\u2019s fiscal resilience hold up when Hormuz reopens?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/saudis-fiscal-resilience-could-face-a-reality-check-when-hormuz-reopens\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/108849.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"108849\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/saudis-fiscal-resilience-could-face-a-reality-check-when-hormuz-reopens\/vessels-in-the-strait-of-hormuz-near-bandar-abbas-iran\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/108849.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"Vessels in the Strait of Hormuz near Bandar Abbas, Iran\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/108849.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/108849.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-108791\" class=\"content-area-description single-story post-108791 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-budget tag-deficit tag-economy tag-enterpriseam-ksa tag-news-lead wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The fiscal math is getting harder for Riyadh.<\/strong> Saudi Arabia is heading into the rest of 2026 with an SAR 126 bn hole punched into its books in 1Q alone \u2014 the result of a 20% y-o-y jump in spending colliding with oil revenues that are quietly drifting in the wrong direction.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The official line is that this is a deficit by design <\/strong>\u2014 a countercyclical wager that the Kingdom can keep pouring money into gigaprojects and military commitments while Hormuz stays closed and Brent trades on a war premium. The question for the next three quarters is whether the design holds, or whether 1Q turns out to have been the easy part.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The base case the government is selling:<\/strong> A full-year deficit of around SAR 165 bn, or 3.3% of GDP, with non-oil revenues continuing the climb they\u2019ve been on \u2014 VAT, corporate taxes, tourism receipts, fees \u2014 and spending pulling back across 2Q to 4Q.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The early signals on the non-oil side are real: <\/strong>E-commerce sales were up 42.6% in 1Q, point-of-sale transactions hit SAR 189.7 bn, and non-oil exports surged 17.5% in January and February. But the spending side is where the plan starts to wobble.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The Brent question won\u2019t go away.<\/strong> As of last week, the benchmark is hovering just above USD 100 \/ bbl \u2014 off its end-of-April high of USD 126. Hormuz has been largely closed since late February, and a chunk of today\u2019s price is a straight-up war premium \u2014 the kind that evaporates the moment tankers start moving freely again.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Here\u2019s where it matters for Riyadh:<\/strong> Our fiscal breakeven now sits near USD 85 \/ bbl, well above the UAE and Qatar at USD 43-45. \u201cSaudi is the GCC member most exposed to where prices settle once Hormuz reopens,\u201d Celine Bteish, geoeconomist and former IMF analyst, tells EnterpriseAM. If prices land above USD 85, the Kingdom rebuilds buffers and the spending engine keeps humming.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>If they don\u2019t, the recalibration that\u2019s already underway gets sharper.<\/strong> More selective capital allocation, heavier debt issuance, and a continued push to shift financing off the sovereign balance sheet and onto global investors via capital market deepening, Bteish says.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The offset from current high oil prices is a clock, not a cushion. <\/strong>\u201cHigher oil revenues will not last long. Once the strait opens, oil prices will begin to decline gradually, so that offset will slowly lose momentum throughout the year,\u201d MENA Economist Hamzeh Al Gaaod tells us.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Add to that Opec+\u2019s diminished pricing power after the <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/04\/opec-raises-june-output-as-the-cartels-old-order-quietly-unravels\/\" target=\"_blank\" rel=\"noopener\">UAE\u2019s exit<\/a><\/strong>, and the read-across is that crude can support the books in the short to medium term, but not for longer, Al Gaood says.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The logistics story is more reassuring. <\/strong>Saudi has spent the war quietly building dual-route resilience. Red Sea flows out of Yanbu ramped up to roughly 4 mn bbl \/ d by mid-March from 770k bbl \/ d in early 2026, giving the Kingdom a credible alternative to Hormuz and a stronger pitch to buyers regardless of how the strait situation resolves. That matters for market share when global demand rotates back to normal patterns.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The spending problem is real though.<\/strong> Expenditure in 1Q ran 20% higher y-o-y at SAR 387 bn, with military outlays alone up 26% to SAR 64.7 bn. The 2026 budget is built on a public sector efficiency drive, but gigaprojects and defense commitments are pulling in the opposite direction.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>\u201cIf oil softens and spending overshoots, the deficit could approach SAR 250 bn<\/strong>, similar to the 2025 outcome,\u201d Pepperstone Market Strategist Ahmed Assiri tells us. The absorption capacity is there \u2014 government reserves are expected to hold steady at around SAR 390 bn, and public debt (at roughly 33% of GDP) remains comfortably inside international safe zones. But financing costs are climbing alongside debt volumes, which narrows the room to borrow cheaply later.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The bottom line:<\/strong> Non-oil activity now accounts for more than half of real GDP, which is the structural buffer that didn\u2019t exist a decade ago. The rest of 2026 is going to test how much of a buffer that really is. The budget\u2019s prospects rest on two things the Kingdom doesn\u2019t fully control: where Brent settles when the war premium fades, and whether global demand holds up enough for Saudi to capture the volume it needs. Strong demand, higher-for-longer prices, and disciplined 2Q-4Q spending is the scenario that lets the SAR 165 bn target survive contact with reality.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/budget\/\">Budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/deficit\/\">Deficit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/news-lead\/\">News Lead<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"108792 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"108792\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/108792\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-108792\" class=\"content-area-description single-story post-108792 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/web.facebook.com\/HassanAllamProperties\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/2\/325.jpeg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"108793\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"108793\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">REAL ESTATE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/retal-goes-regional-with-sar-3-1-bn-omani-development\/\">\r\n                            Retal goes to Oman                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/retal-goes-regional-with-sar-3-1-bn-omani-development\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The development will be Retal\u2019s first in the Sultanate, and comes as part of a wider regional expansion plan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The project covers zones 3, 15, and 17 of Sultan Haitham City across 1.3 mn sqm. Retal will serve as lead developer for the community, which will feature more than 2k villas and apartments alongside commercial and mixed-use facilities. It will develop the project under an off-plan sales model over an estimated nine years, with financial impact expected from 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The expansion comes as Retal navigates squeezed financials. <\/strong>Despite a 1.8% y-o-y rise in revenue to SAR 577.4 mn in 1Q 2026 from real estate funds and accelerated project completions, net income fell 12.9% y-o-y to SAR 59.3 mn, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=94981&anCat=1&cs=4322&locale=en\" style=\"\">separate filing<\/a>. A dip in operating income weighed on the bottom line, along with lower contributions from equity-accounted investment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The Oman project gives Retal a foothold in a flagship Omani \u201csmart city\u201d gigaproject, positioning it in a market that may be less cost-pressured than Saudi Arabia. The nine-year development effectively acts as a relief valve amid tightening margins. More favorable land-concession terms and financing conditions in Oman could support healthier economics compared to the highly competitive, high-cost Riyadh market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Retal is still busy back home:<\/strong> The developer is reportedly <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/16\/retal-to-fully-acquire-ajdan\/\" style=\"\">moving<\/a> to take full control of Adjan Real Estate in a cashless all-share acquisition that values the target at SAR 1.86 bn. Late last year, it <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/11\/23\/cityscape-global-wraps-up-with-sar-237-bn-in-real-estate-transactions\/\" style=\"\">launched<\/a> an SAR 1.9 bn real estate fund with Sab Invest to build a mixed-use project in Riyadh, and was <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/11\/19\/day-2-of-cityscape-keeps-momentum\/\" style=\"\">awarded<\/a> an SAR 5.2 bn housing development contract by The National Housing Company.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/real-estate\/\">Real Estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/retal-urban-development\/\">Retal Urban Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"108795 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"108795\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/108795\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-108795\" class=\"content-area-description single-story post-108795 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.tasheelfinance.com\/\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1942.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"108796\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"108796\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/al-othaim-jarir-sasco-and-many-more-post-1q-earnings\/\">\r\n                            Earnings galore                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/al-othaim-jarir-sasco-and-many-more-post-1q-earnings\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Revenues for the quarter came in just under SAR 3 bn, down 5.8% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the numbers:<\/strong> Higher operating costs across sales channels outweighed improved gross margins, stronger associate contributions, and higher finance lease income. Revenue was pressured by weaker branch sales amid shifting consumer behavior, while promotional cashback campaigns and supply-chain disruptions linked to the rollout of a new ERP system also weighed on performance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Jarir Marketing\u2019s sales boom<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Upticks in retail demand helped Jarir Marketing weather rising operational <\/strong><strong>costs in 1Q 2026<\/strong>, with the company posting a 16.7% y-o-y increase in net income to SAR 253.5 mn supported by a 14.4% y-o-y rise in revenue eto SAR 3 bn, according to its <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95253&anCat=1&cs=4190&locale=en\" style=\"\">Tadawul disclosure<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the numbers:<\/strong>The jump in sales across most sections, but especially smartphones, was enough to absorb a rise in selling and marketing, general and administrative, and non-operating expenses. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dividends:<\/strong> Jarir\u2019s board greenlit a SAR 252 mn dividend payout for 1Q 2026, equivalent to SAR 0.21 per share, to be distributed by Wednesday, 20 May, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95263&anCat=1&cs=4190&locale=en\" style=\"\">separate disclosure<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Sasco suffers despite stronger sales<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sasco\u2019s rising costs offset robust sales and <\/strong><strong>investment earnings. <\/strong>Saudi Automotive Services (Sasco) turned to the red with a net loss of SAR 23.7 mn in 1Q 2026, compared to a net income of SAR 4.3 mn in the same period last year, according to its <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95239&anCat=1&cs=4050&locale=en\" style=\"\">Tadawul disclosure<\/a>. Still, revenue increased by 9.5% y-o-y to SAR 3 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The decline was driven by higher cost of sales<\/strong>, elevated ECL, lower other income, and higher financing and zakat expenses \u2014 partially offset by stronger sales, gains on investment properties, greater investment income, and lower G&A and selling and marketing costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company expanded its operations across the Kingdom. <\/strong>Sasco\u2019s network grew 15% to 716 stations, and expanded its palm stores by 52% y-o-y to 324 stores, according to a separate <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/581.pdf\" style=\"\">press release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Flynas\u2019 net income falls despite higher revenue in 1Q<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Capacity growth supported Flynas\u2019 top line, but rising costs weighed on <\/strong><strong>profitability. <\/strong>The low-cost carrier saw its net income fall 20.3% y-o-y to SAR 117.9 mn in 1Q 2026, according to its <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95222&anCat=1&cs=4264&locale=en\" style=\"\">financial release<\/a>. Revenue rose 9.7% y-o-y to SAR 2 bn during the same period, buoyed by capacity expansion and continued passenger demand across the airline\u2019s network.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the numbers:<\/strong> The bottom-line dip was driven by higher fuel costs, alongside increased handling and navigation charges, elevated maintenance expenses from greater operating activity, and additional wet-lease costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Acquisitions pay off for BinDawood<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A push into high-margin segments powered ea<\/strong><strong>rnings for retail giant <\/strong><strong>BinDawood Holding in 1Q 2026. <\/strong>Net income increased 8.4% y-o-y to SAR 71.3 mn, absorbing higher finance costs tied to recent acquisitions and new lease obligations, while revenue rose 8.2% y-o-y to SAR 1.81 bn, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95200&anCat=1&cs=4161&locale=en\" style=\"\">Tadawul disclosure<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/558.pdf\" style=\"\">earnings release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growth came from several acquired and expanding fronts this quarter. <\/strong>BinDawood and Danube grocery stores benefited from stronger customer engagement and loyalty campaigns, while the pharmacy business continued expanding following the <a target=\"_blank\" href=\"https:\/\/www.bindawoodholding.com\/media\/bindawood-holding-acquires-zahrat-al-rawdah-deal-value-changed-to-sar-441-1m\/\" style=\"\">acquisition<\/a> of Zahrat Al Rawdah. Distribution also picked up pace after the integration of <a target=\"_blank\" href=\"https:\/\/www.bindawoodholding.com\/media\/strategic-expansion-bindawood-holding-acquires-51-of-toy-triangle-company\/\" style=\"\">Toy Triangle<\/a> and the addition of brands including Samsung, while the tech arm kept growing through Ykone\u2019s acquisition of <a target=\"_blank\" href=\"https:\/\/ykone.com\/newsroom\/press-releases\/ykone-mirror-mirror-one-group\/\" style=\"\">Mirror Mirror<\/a>. So far in 2026, the group has opened three new grocery stores and eight pharmacy locations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More takeovers in the pipeline: <\/strong>The acquisitions of <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/05\/bindawood-secures-gac-green-light-for-majority-stake-in-vaza-food\/\" style=\"\">Vaza Foods Company<\/a> and the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/25\/dream-of-the-desert-gets-italian-backing-bindawood-expands-in-uae-and-fipco-diversifies-into-construction\/\" style=\"\">Wonder Bakery<\/a> are both expected to close by the end of 2Q 2026, which will form a new food processing division.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dividends:<\/strong>The company\u2019s board <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95202&anCat=1&cs=4161&locale=en\" style=\"\">signed off<\/a> on an SAR 45.7 mn dividend payout for 2H 2025 at SAR 0.04 apiece, to be distributed on 21 June. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Regional tension, margin squeeze push Cenomi Retail into the red<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cenomi Retai<\/strong><strong>l swung to a net loss of SAR 47.3 mn in 1Q 2026 <\/strong>as geopolitical tension and a softer Ramadan season weighed on its domestic operations, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/562.pdf\" style=\"\">earnings release (pdf)<\/a>. While revenue grew 2.4% y-o-y to SAR 1.4 bn, the bottom line was hit by promotional intensity, rising logistics costs, and the absence of a one-off divestment gain recorded the previous year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>International markets remained a bright spot<\/strong>, with revenue climbing 15.4% y-o-y to SAR 347.8 mn, powered by nearly 20% like-for-like growth in Inditex brands abroad. Domestic conditions were tougher, with Saudi revenues down 0.4% y-o-y on the back of Ramadan\u2019s earlier timing and the war\u2019s effect on Zara and Inditex\u2019s performance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong> Zara and other core fashion brands saw their sales dip 7.1% amid geopolitical pressure \u2014 a 20.8% jump in electronics, beauty, and sports revenues helped cushion the blow. The F&B division also saw revenues slip 12.9% following the exit of several brands and temporary raw material shortages linked to the war\u2019s disruption of shipments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some benefits from a leaner footprint: <\/strong>Despite the headline loss, the group improved store productivity, with revenue per store rising 13.5% y-o-y as the group trimmed its network to 730 stores, focusing on higher-performing locations. Online sales also held steady, reaching SAR 117 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>Cenomi expects a progressive recovery in earnings throughout 2026, supported by operational tightening and selective expansion in projects like Westfield Riyadh and Jeddah. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Dallah Healthcare sees lower income despite revenue growth<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dallah Healthcare kicked off 1Q 2026 with a mixed performance<\/strong>, with strong revenue growth on one side and a sharp drop in net income on the other, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95159&anCat=1&cs=4004&locale=en\" style=\"\">Tadawul disclosure<\/a> and an <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/484.pdf\" style=\"\">earnings release (pdf)<\/a>. Net income fell 45.7% y-o-y to SAR 84.5 mn, while revenues grew 21.7% y-o-y to SAR 1 bn. The gap largely came down to a SAR 51 mn one-off investment gain recorded during 1Q 2025. Strip that out, and the underlying picture looks steadier.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Operationally, Dallah looks healthy. <\/strong>Patient visits rose 27.5% to 936k, driven mainly by the integration of Dallah Al Khobar and Dallah Al Ahsa hospitals. The Central Region continued to do the heavy lifting, reinforcing its role as the group\u2019s core growth engine.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong>By segment, medical facility services remained the biggest revenue contributor at SAR 748 mn, while pharma sales added SAR 225 mn. That mix of revenue streams helped soften the usual seasonal slowdown during the school holidays and Eid Al Fitr.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dividends:<\/strong>The healthcare group is <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95169&anCat=1&cs=4004&locale=en\" style=\"\">distributing<\/a> SAR 50.5 mn in dividends for the first quarter at SAR 0.5 apiece on 4 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">A tough 1Q for Arabian Drilling<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Arabian Drilling<\/strong><strong>\u2019s net income plunged 90.6% y-o-y to SAR 7.1 mn in <\/strong><strong>1Q 2026<\/strong>, as rig suspensions and the absence of last year\u2019s rig movement weighed on results, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95154&anCat=1&cs=2381&locale=en\" style=\"\">disclosure<\/a>. Revenue dipped 9.8% y-o-y to SAR 821.6 mn as operations were hit by lower utilization \u2014 which fell to 81.7% from 83.3% a year prior \u2014 with some offshore rigs temporarily suspended amid geopolitical tensions, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/563.pdf\" style=\"\">press release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Backlog builds despite near-term softness:<\/strong> Despite the domestic drag, the group\u2019s backlog grew 31% y-o-y to SAR 12.5 bn. Arabian Drilling <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/01\/14\/sisco-acquires-51-acquisition-of-pss-parsons-secures-key-role-in-new-murabba-project\/\" style=\"\">secured<\/a> three major land contract extensions during the quarter, and is awaiting the outcome of an 11-rig gas LSTK tender with SLB, expected in 2Q this year, alongside a three-month extension for the related rigs. The company also started its first drilling operation outside the Kingdom in April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The forward view:<\/strong> Performance is expected to remain under pressure in the near term, with 2Q revenues projected to decline by up to 12% due to the ongoing offshore suspensions. Consequently, full-year capex has been revised down to SAR 700 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the medium-term outlook is cautiously optimistic:<\/strong> \u201cWhile near-term dynamics related to offshore suspensions may temporarily constrain performance, we expect margin progression to resume as activity levels normalize,\u201d CFO Farid Mustafayev said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Red Sea back in black despite topline slip<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>R<\/strong><strong>ed S<\/strong><strong>ea Internat<\/strong><strong>ional swung back into the black in 1Q 2026<\/strong>, posting a net income of SAR 2.5 mn, up from a net loss of SAR 11.2 mn in the same quarter last year, it said in a disclosure to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95256&anCat=1&cs=4230&locale=en\" style=\"\">Tadawul<\/a>. Revenue dropped around 10% y-o-y to SAR 631 mn during the quarter on the back of slower execution of projects.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/abdullah-al-othaim-markets\/\">Abdullah Al Othaim Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/arabian-drilling\/\">Arabian Drilling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/bindawood-holding\/\">BinDawood Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/cenomi-retail\/\">Cenomi Retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/dallah-healthcare\/\">Dallah Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/flynas\/\">flynas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/jarir-marketing\/\">Jarir Marketing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sasco\/\">SASCO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"108798\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"108798\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/altea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia\/\">\r\n                            Nawaf AlOtaibi named CEO of Altea Partners Saudi Arabia                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/altea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/altea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/altea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Altea Partners taps Nawaf AlOtaibi as CEO of Altea Partners Saudi Arabia&url=https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/altea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/altea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia\/&title=Altea Partners taps Nawaf AlOtaibi as CEO of Altea Partners Saudi Arabia\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Altea+Partners+taps+Nawaf+AlOtaibi+as+CEO+of+Altea+Partners+Saudi+Arabia+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2026%2F05%2F12%2Faltea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/altea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/608.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"108799\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/altea-partners-taps-nawaf-alotaibi-as-ceo-of-altea-partners-saudi-arabia\/608-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/608.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"608.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/608.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/608.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-108798\" class=\"content-area-description single-story post-108798 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-altea-partners tag-enterpriseam-ksa tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>London-based merchant bank Altea <\/strong><strong>Partners <\/strong><strong>appointed <\/strong><strong>Nawaf AlOtaibi (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/nawaf-alotaibi-mba-963058b\/\" style=\"\">LinkedIn<\/a><\/strong><strong>) <\/strong><strong>as CEO of its Saudi arm<\/strong>, which is being set up in partnership with a local investment holding company and will operate onshore once regulatory approvals are secured, according to a <a target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/altea-partners-appoints-nawaf-alotaibi-as-chief-executive-officer-of-altea-partners-saudi-arabia-302764696.html\" style=\"\">press release<\/a>. AlOtaibi joins from BSF Capital, where he most recently headed wealth management. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>Altea Partners\u2019 expansion is part of a broader trend of global financial institutions establishing a footprint in Saudi Arabia. HSBC <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/\" style=\"\">secured<\/a> a regional headquarters license for its capital markets hub in December, joining <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/10\/22\/crown-prince-due-in-washington-in-november-to-close-out-investment-agreements\/\" style=\"\">Goldman Sachs<\/a> \u2014 the first major bank to do so \u2014 <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/24\/aramco-digital-mulls-usd-1-bn-stake-in-us-based-telecom-software-company-mavenir\/\" style=\"\">Citigroup<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/816c2136-452b-4201-adbb-837e14ec20dd\/fresh-executive-regs-for-product-specs-and-quality\" style=\"\">Morgan Stanley<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/288d3f69-0146-4215-9575-914b65b56c8b\/this-morning:-aramco-trading-eyes-copper-as-it-pushes-into-metals-markets\" style=\"\">JPMorgan<\/a>. <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/19\/this-morning-hormuz-closed-again\/\" style=\"\">Barclays<\/a> is also pushing for a 2026 launch.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/altea-partners\/\">Altea Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/moves\/\">MOVES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"108800\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"108800\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/baan-acquires-over-sar-830-mn-in-real-estate-assets\/\">\r\n                            More real estate for Baan                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/baan-acquires-over-sar-830-mn-in-real-estate-assets\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/baan-acquires-over-sar-830-mn-in-real-estate-assets\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/baan-acquires-over-sar-830-mn-in-real-estate-assets\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Baan acquires over SAR 830 mn in real estate assets&url=https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/baan-acquires-over-sar-830-mn-in-real-estate-assets\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/baan-acquires-over-sar-830-mn-in-real-estate-assets\/&title=Baan acquires over SAR 830 mn in real estate assets\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Baan+acquires+over+SAR+830+mn+in+real+estate+assets+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2026%2F05%2F12%2Fbaan-acquires-over-sar-830-mn-in-real-estate-assets%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/baan-acquires-over-sar-830-mn-in-real-estate-assets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/438.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"108801\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/baan-acquires-over-sar-830-mn-in-real-estate-assets\/438-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/438.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"438.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/438.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/438.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-108800\" class=\"content-area-description single-story post-108800 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-baan tag-enterpriseam-ksa tag-real-estate tag-riyad-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Baan Holding<\/strong><strong> acquired real estate assets worth SAR 830.1 <\/strong><strong>mn<\/strong> from Al Hokair Holding Group and Al Oula Real Estate Development, following approval from its general assembly and a related capital increase, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95235&anCat=1&cs=1820&locale=en\" style=\"\">Tadawul disclosure<\/a>. The two transactions have been settled by issuing new ordinary shares to Al Hokair and companies designated by Al Oula. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong> Baan acquired three hotels in Riyadh and Jeddah from Al Hokair \u2014 DoubleTree by Hilton Riyadh, Radisson Blu Corniche Jeddah, and Holiday Inn Jeddah Gateway \u2014 for SAR 651.6 mn and 239.4 mn new shares. From Al Oula, it acquired 86 residential units in the Ajdan Waterfront project in Al Khobar valued at SAR 178.5 mn, with 65.6 mn shares issued to Awj Al Mada Real Estate Development, Awj Al Majal Co., and Awj Al Shati Co.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As a result of the transaction<\/strong>, Baan\u2019s share capital rises 96.8% to SAR 620 mn, alongside a share premium of SAR 525.2 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Riyad Capital is cooking up a USD 400 mn real estate fund<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyad Capital<\/strong><strong> is setting up a USD 400 mn (SAR 1.5 bn) real estate <\/strong><strong>fund with <\/strong><strong>Princess Munira Al Saud and Naif AlRajhi Investment <\/strong>to develop a mixed-use project in Riyadh, according to a <a target=\"_blank\" href=\"https:\/\/www.riyadcapital.com\/press-releases?p_p_id=com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw&p_p_lifecycle=0&p_p_state=normal&p_p_mode=view&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_mvcPath=\/display_article.jsp&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_articleId=8334860&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_shareURL=https:\/\/www.riyadcapital.com\/press-releases?p_p_id=com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw&p_p_lifecycle=0&p_p_state=normal&p_p_mode=view&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_mvcPath=%2Fdisplay_article.jsp&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_articleId=8334860&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_backtoArticleURL=https%3A%2F%2Fwww.riyadcapital.com%2Fpress-releases%3Fp_p_id%3Dcom_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_mvcPath%3D%252Fview.jsp%26_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_cur%3D1%26_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_delta%3D5&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_backtoArticleURL=https:\/\/www.riyadcapital.com\/press-releases?p_p_id=com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw&p_p_lifecycle=0&p_p_state=normal&p_p_mode=view&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_mvcPath=%2Fview.jsp&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_cur=1&_com_rc_press_release_web_RcPressReleaseWebPortlet_INSTANCE_ybfw_delta=5\" style=\"\">press release<\/a>. The project spans 32k sqm and will include hospitality, office, residential, and retail components. Classified as a \u201ctransit-oriented development\u201d near Al Takhassusi metro station, it marks Riyad Capital\u2019s fourth such project.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/baan\/\">Baan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/real-estate\/\">Real Estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/aramcos-usd-32-5-bn-1q-is-a-verdict-on-infrastructure-redundancy\/\">\r\n                            Aramco\u2019s bypass operation                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/aramcos-usd-32-5-bn-1q-is-a-verdict-on-infrastructure-redundancy\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            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wp-post-image\" alt=\"\" data-attachment-id=\"108803\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/aramcos-usd-32-5-bn-1q-is-a-verdict-on-infrastructure-redundancy\/590-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/590.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"590.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/590.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/590.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-108802\" class=\"content-area-description single-story post-108802 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-aramco tag-earnings-watch tag-enterpriseam-ksa tag-oil-and-gas tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The world's largest oil company delivered the clearest earnings argument <\/strong><strong>yet for why redundancy is key in a chokepoint world. <\/strong>Aramco\u2019s 1Q numbers landed with a surge that, under geopolitical assumptions, should have been a war-disrupted miss \u2014 instead, the company earned more than <a target=\"_blank\" href=\"https:\/\/investor.exxonmobil.com\/company-information\/press-releases\/detail\/1204\/exxonmobil-announces-first-quarter-2026-results\" style=\"\">ExxonMobil<\/a>, <a target=\"_blank\" href=\"https:\/\/www.chevron.com\/newsroom\/2026\/q2\/chevron-reports-first-quarter-2026-results\" style=\"\">Chevron<\/a>, <a target=\"_blank\" href=\"https:\/\/www.shell.com\/content\/experience-fragments\/shell\/corporate\/quarterly\/master\/_jcr_content\/root\/tabs\/tab_1817701465\/text_copy_copy_94812\/links\/item0.stream\/1778115268202\/e177be427a9e32c1ade2cd6530cf0fdffce50c4f\/q1-2026-quarterly-press-release.pdf\" style=\"\">Shell<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.bp.com\/en\/global\/corporate\/news-and-insights\/press-releases\/first-quarter-2026-results.html\" style=\"\">BP<\/a> combined.<\/p>\n<p class=\"tag-border-left\">The chokepoint premium <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The numbers and narratives: <\/strong>The company reported USD 32.5 bn in net income \u2014 up 25% y-o-y and 34% q-o-q \u2014 ahead of LSEG consensus <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-aramcos-q1-profit-rises-25-higher-sales-2026-05-10\/\" style=\"\">estimate of USD 30.95 bn<\/a>, even as traffic through the Strait of Hormuz, which carries 20% of the world's energy trade, faced severe disruption during the first quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The explanation lies in infrastructure designed decades ago for a contingency scenario.<\/strong> The East-West Pipeline, which ramped up to its full 7 mn bbl \/ d capacity during the quarter (5 mn bbl \/ d for exports and 2 mn bbl \/ d for west coast refineries), allowed crude to bypass Hormuz entirely, and \u201chas proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints,\u201d CEO Amin Nasser said in Aramco\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/492.pdf\" style=\"\">earnings statement (pdf)<\/a>. In a conventional oil market, spare infrastructure drags on returns. In today\u2019s market, it manufactures them.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The scale of the inversion is striking.<\/strong> Iran's blockade of Hormuz removed nearly 1 bn barrels from global markets over the past two months, according to Nasser, with Brent <a target=\"_blank\" href=\"https:\/\/www.barchart.com\/futures\/quotes\/QAK26\" style=\"\">climbing through the quarter<\/a> and now trading above USD 100. Aramco itself absorbed direct attacks on energy infrastructure, with throughput restored within days. The Saudi giant still raised revenue to USD 124 bn, held a USD 21.9 bn dividend, and preserved supply reliability at 96.3% \u2014 largely by rerouting flows through the pipeline and its storage network.<\/p>\n<p class=\"tag-border-left\">The optionality trade<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Energy markets have long priced producers on efficiency<\/strong> \u2014 output growth, reserve life, refining margins, and capital discipline \u2014 treating redundancy as a drag. That logic is shifting as geopolitics moves into core pricing. Physical redundancy \u2014 pipelines, storage, and alternative export routes \u2014 is being re-rated as optionality. Call it the chokepoint premium: the value markets assign to a producer's ability to physically deliver barrels under stress, not just to produce them cheaply.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This quarter suggests the early stages of a broader repricing.<\/strong> In a market dominated by chokepoint risk, the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/04\/16\/how-routes-decide-and-will-define-fortunes-in-the-gulf\/\" style=\"\">survivability of export pathways<\/a> is becoming as important as upstream economics.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That shift is beginning to surface across the region. <\/strong>Egypt's <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/05\/egypt-positions-itself-as-a-logistics-bridge-for-the-gcc-amid-hormuz-strait-closure\/\" style=\"\">Sumed pipeline<\/a> \u2014 long regarded as legacy infrastructure following shifts in global crude trade flows \u2014 has regained relevance amid tensions, <a target=\"_blank\" href=\"https:\/\/www.egyptindependent.com\/egypts-sumed-oil-flows-jump-150-on-red-sea-trade-rerouting\/\" style=\"\">operating near full capacity<\/a> for the first time in years because it offers something markets are discovering they are short on: optionality. Adnoc\u2019s Abu Dhabi Crude Oil Pipeline from <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/06\/24\/how-much-of-the-uaes-oil-flows-through-the-strait-of-hormuz-and-what-are-the-alternatives\/\" style=\"\">Habshan to Fujairah<\/a> carries the same premium on a smaller scale, with a nameplate capacity of 1.5-1.8 mn bbl \/ d. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The K-shape, in barrels<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The same shock that made redundant producers richer is destabilizing dependent importers. <\/strong>India has already recorded more than <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/05\/01\/this-afternoon-enbd-nears-rbl-takeover-after-sebi-nod-india-plans-to-add-62-vessels-to-its-commercial-fleet\/\" style=\"\">USD 20 bn in equity outflows<\/a> this year as higher oil prices collided with one of the world\u2019s largest import bills. Across South Asia, Sri Lanka has <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/two-months-into-iran-war-economic-strain-mounts-across-emerging-markets-2026-04-27\/\" style=\"\">reintroduced subsidy mechanisms<\/a>, alongside seeking IMF relief, while Pakistan entered the shock with low foreign reserves and is grappling to cover imports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s financing conditions also tightened<\/strong> \u2014 as Gulf war risks pushed credit default swaps (CDS) <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/05\/fiscal-pressures-mount-for-egypt-as-cds-levels-rise\/\" style=\"\">spreads higher<\/a> and regional debt markets cooled, with MENA\u2019s bond issuance falling 12% y-o-y in 1Q. The same shock that turned spare infrastructure into a strategic asset is turning emerging-market borrowers without it into a credit risk.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Months, or 2027?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline depends entirely on Hormuz.<\/strong> Nasser <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-10\/aramco-profit-climbs-as-war-driven-oil-rise-offsets-export-hit\" style=\"\">told Bloomberg<\/a> that a quick reopening could mean recovery within months; anything beyond a few more weeks would push normalization into 2027. For producers with the right alternatives, next year looks less like a downside scenario and more like a structural feature. For importers without fiscal cover, it may be the year when temporary repricing becomes permanent.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asia-Pacific markets opened in the green this morning<\/strong>, echoing gains seen on Wall Street that pushed both the S&P 500 and Nasdaq to close at record highs. Market momentum is underpinned by a wave of solid US earnings, which have managed to insulate investor sentiment even as the US-Iran ceasefire remains on \u201clife support.\u201d <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,158<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">1,493<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>NomuC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">22,635<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: -2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.75 Sell<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4.25% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75% reverse repo<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">54,475<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +30.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,788<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: -2.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,820<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.4% (YTD: -3.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,413<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +8.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,269<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,895<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 104.21<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.92<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,749<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 81,864<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -6.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Sukuk\/bond market index<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">922.56<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +0.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">151.88<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: 0.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">18.38<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+6.9% (YTD: +22.9%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE CLOSING BELL: TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TA<\/strong><strong>SI <\/strong>rose 0.4% yesterday on turnover of SAR 7.7 bn. The index is up 6.4% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Sadafco (+10.0%), Almarai (+10.0%), and Nadec (+9.1%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Jahez (-7.1%), Senaat (-3.4%), and Dallah Healthcare (-3.1%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE CLOSING BELL: NOMU-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NomuC<\/strong> was flat yesterday on turnover of SAR 30.9 mn. The index is down 2.8% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Naas Petrol (+10.0%), Naseej for Technology (+8.5%), and Alshehili Metal (+7.0%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Sahat Almajd (-9.4%), Wajd Life (-7.8%), and Osool and Bakheet (-7.7%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"108804\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/108804\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-108804\" class=\"content-area-description single-story post-108804 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">24-28 May (Sunday-Thursday): Eid Al Adha holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 June (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aluminium-exhibition.com\/arabia\/en-gb.html\" style=\"\">Aluminum Arabia<\/a><\/span><span style=\"font-weight:400;\">, The Arena, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-24 June (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudifoodexpo.com\/\" style=\"\">Saudi Food Exhibition and Conference<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Front Expo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-24 June (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-pp.com\/\" style=\"\">Saudi Print & Pack<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-24 June (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/riyadhiiw.com\/\" style=\"\">Riyadh International Industry Week<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<br \/><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-24 June (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudipp.com\/\" style=\"\">Saudi Plastics & Petrochem<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-24 June (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-smartlogistics.com\/\" style=\"\">Saudi Smart Logistics<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>22-24 June (Monday-Wednesday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.futurehospitality.com\/sa\" style=\"\">Future Hospitality Summit<\/a><\/span><span style=\"font-weight:400;\">, Mandarin Oriental Al Faisaliah Hotel, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>6 July-23 August (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/posts\/mike-mccabe-600532_esportsworldcup-ewc2026-esports-activity-7383046360637456384-FXWl?utm_source=share&utm_medium=member_desktop&rcm=ACoAADcc9s0BqbX_KIfcdiR9Co3ThUUfykvz4-o\" style=\"\">Esports World Cup<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 August-1 September (Sunday-Tuesday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudientertainmentexpo.com\/?utm_source=google&utm_medium=organic&utm_campaign=seo\" style=\"\">Saudi Entertainment and Amusement Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Front Exhibition and Conference Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>31 August-3 September (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/onegiantleap.com\/\" style=\"\">Leap Tech Conference<\/a><\/span><span>, Riyadh Exhibition & Convention Center - Malham.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 September (Tuesday-Thursday) The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/globalaisummit.org\/en\/Pages\/About.aspx\" style=\"\">Global AI Summit<\/a><\/span><span style=\"font-weight:400;\">, King Abdulaziz International Convention Center, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 September (Wednesday): Saudi National Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28 September-1 October (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.icegov.org\/2026\/\" style=\"\">The International Conference on Theory and Practice of Electronic Governance (ICEGOV)<\/a><\/span><span style=\"font-weight:400;\">, Prince Sultan University, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-15 October (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldenergy.org\/experiences-events\/world-energy-congress\" style=\"\">World Energy Congress<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-28 October (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/achema-middle-east.ksa.messefrankfurt.com\/ksa\/ppc.html?utm_source=ppc-landingpage&utm_medium=cpc&utm_campaign=kreativeclan_brand_exact_MENA_GCC&utm_content=homepage&gad_source=1&gad_campaignid=23591771694&gbraid=0AAAABBPuheGu3HUwCgxv7inX_RLac-B3S&gclid=CjwKCAiA2PrMBhA4EiwAwpHyC5npsmz5GRyYSeppI3k19DPZWLNG42F9H46N02ivlImv5gKzFI9D5RoCQGUQAvD_BwE\" style=\"\">ACHEMA Middle East<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-29 October (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cipsmenaconferenceandawards.com\/\" style=\"\">Procurement and Supply Chain Futures Forum<\/a><\/span><span style=\"font-weight:400;\">, Mandarin Oriental Al Faisaliah Hotel, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-29 October (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.rscforum.com\/\" style=\"\">Real Estate Supply Chain Forum<\/a><\/span><span style=\"font-weight:400;\">, Mandarin Oriental Al Faisaliah Hotel, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25-29 November (Wednesday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/sandnfun.com\/en\/\" style=\"\">Aero Middle East and Sand & Fun<\/a><\/span><span style=\"font-weight:400;\">, Thumamah Airport, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Signposted to happen sometime in 2026:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">2H: Sabic\u2019s USD 6.4 bn Fujian project in China to start production;<\/span><\/li>\n<li><span>September: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudisignageexpo.com\/saudi-paper-packaging-expo-2026\/\" style=\"\">Saudi Paper and Packaging Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center;<\/span><\/li>\n<li><span style=\"font-weight:400;\">November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;<\/span><\/li>\n<li><span style=\"font-weight:400;\">November: The Esports Nations Cup, Riyadh; <\/span><\/li>\n<li><span>The World Economic Forum\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.weforum.org\/press\/2026\/01\/annual-meeting-2026-a-spirit-of-dialogue-ceb3ae9c08\/#:~:text=The%20Global%20Collaboration%20and%20Growth%20Meeting%20will%20be%20held%20in%20Jeddah%2C%20Saudi%20Arabia%20on%2022%2D23%20April%202026.\" style=\"\">Global Collaboration and Growth Meeting<\/a><\/span><span style=\"font-weight:400;\">, Jeddah;<\/span><\/li>\n<li><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.skymovemena.com\/\" style=\"\">SkyMove Air Cargo MENA<\/a><\/span><span style=\"font-weight:400;\">, Riyadh; <\/span><\/li>\n<li><span>The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/intervision.world\/en\/\" style=\"\">Intervision<\/a><\/span><span style=\"font-weight:400;\"> international music competition will take place in Saudi Arabia.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Signposted to happen sometime in 2027:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The World Water Forum <\/span><span style=\"font-weight:400;\">takes place in Riyadh;<\/span><\/li>\n<li><span style=\"font-weight:700\">The Ocean Race<\/span><span style=\"font-weight:400;\"> finishes in Amaala on the Red Sea;<\/span><\/li>\n<li><span style=\"font-weight:700\">Riyadh-Kudmi transmission line<\/span><span style=\"font-weight:400;\"> to be completed;<\/span><\/li>\n<li><span style=\"font-weight:700\">Capital Markets Forum<\/span><span style=\"font-weight:400;\"> takes place in March in Riyadh.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 2Q 2027:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The Hail Region Water Networks Project<\/span><span style=\"font-weight:400;\"> is expected to be completed.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FEBRUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1-3 February (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudigazette.com.sa\/article\/660923\/saudi-arabia\/saudi-arabia-to-host-erras-24th-annual-energy-regulators-conference-in-riyadh\" style=\"\">Energy Regulators Regional Association annual conference<\/a><\/span><span>, Riyadh.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Retal\u2019s Oman expansion | Aramco\u2019s safety nets |1Q results | Altea Partners\u2019 new CEO<\/p>\n","protected":false},"featured_media":108787,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-108786","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"48371fc8-0cf2-44e4-b655-2519aa7eba50","teaser":"Retal\u2019s Oman expansion | Aramco\u2019s safety nets |1Q results | Altea Partners\u2019 new CEO","photo_url":"https:\/\/ent.news\/2026\/5\/617.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Post-Hormuz math - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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