{"id":96617,"date":"2025-05-04T00:00:00","date_gmt":"2025-05-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=96617"},"modified":"2025-12-14T20:55:14","modified_gmt":"2025-12-14T20:55:14","slug":"gdp-grows-2-7-in-1q-2025-gastat-updates-2023-figures-amid-wider-revisions","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/gdp-grows-2-7-in-1q-2025-gastat-updates-2023-figures-amid-wider-revisions\/","title":{"rendered":"GDP grows 2.7% in 1Q 2025 + Gastat updates 2023 figures amid wider revisions"},"content":{"rendered":"<section id=\"96619\" 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=\"96619\">\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\/2025\/05\/04\/opec-pushes-forward-with-production-increase-in-june\/\">\r\n                            THIS MORNING: Opec+ pushes forward with production increase in June                        <\/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\/2025\/05\/04\/opec-pushes-forward-with-production-increase-in-june\/\" 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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It\u2019s the first issue in May, and we\u2019re getting more and more data on how the economy, debt markets and listed companies performed in the first quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In this morning\u2019s news well: <\/strong>The Kingdom's GDP grew 2.7% y-o-y in the first quarter of 2025, primarily driven by non-oil sector expansion, while Gastat significantly revised the 2023 GDP figures. We also dive into IMF\u2019s latest Regional Economic Outlook insights on MENA and GCC growth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>The PIF raised USD 1.25 bn via sukuk, and Banque Saudi Fransi secured USD 650 mn in AT1 bonds. On the capital markets front, Asas Makeen is preparing for a Nomu IPO, while the earnings season is picking up steam with Tawuniya, Bank AlJazira, and Fourth Milling and more announcing 1Q earnings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST- <\/strong><strong>Three ma<\/strong><strong>jor indices have just landed in our Plane<\/strong><strong>t Finance table<\/strong>, to help you stay on top of the shifting fixed income landscape: our sovereign sukuk\/bond market index, the S&P MENA bond & sukuk index, and Bloomberg\u2019s VIX. These indices give a clear snapshot of Saudi\u2019s sovereign debt, regional bond and sukuk performance, and overall market volatility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND ON OUR RADAR- We will get an insight into the effect Trump\u2019s tariffs are having <\/strong><strong>on the Kingdom\u2019s non-oil <\/strong><strong>private sector activity this week<\/strong>, with the release of Riyad Capital\u2019s PMI data for April \u2014 the first such release since what the US head of state called Liberation Day.<\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adeer Real Estate kicks off its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a45bd5ec-f28b-4754-bde4-d4990a78e8fe\/%253cmark%253eadeer-real-estate%253c%2Fmark%253e-prices-nomu-ipo-at-sar-85-a-piece\" style=\"\" rel=\"noopener\">Nomu IPO<\/a><\/strong><strong> offering today.<\/strong> Adeer offers a 20% stake (1 mn shares) at SAR 85 per share, with qualified investors able to subscribe to a minimum of 10 shares and a maximum of 250k shares. The offering will wrap up on Thursday, 8 May, with final shares allocation expected by 12 May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Musharaka Financial Company is quarterbacking the transaction as lead financial advisor and bookrunner, while Alsaleh, Alsahli & Partners Law Firm is providing legal counsel. Receiving agents include AlRajhi Capital, Derayah Financial, Alistithmar Capital, Albilad Capital, BSF Capital, Riyad Capital, SAB Invest, ANB Capital, Alinma Capital, AlJazira Capital, Yaqeen Capital, AlKhabeer Capital, Sahm Capital, GIB Capital, and SNB Capital.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Riyadh is expected to see a high of 41\u00b0C and a low of 29\u00b0C today, while Jeddah\u2019s mercury will go as high as 32\u00b0C and as low as 27\u00b0C. Makkah will see a stormy 36\u00b0C high and 25\u00b0C low.<\/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\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Taxpayers may benefit from a waiver on fines for late registration, payment, filing, and <\/strong><strong>VAT corrections until Monday, 30 June<\/strong>, Zatca said in a <a target=\"_blank\" href=\"https:\/\/x.com\/Zatca_sa\/status\/1917908989636997173\" style=\"\" rel=\"noopener\">post on X<\/a>. To qualify, taxpayers must be registered, submit overdue returns, and settle outstanding tax debts.<\/p>\n<p class=\"tag-border-left\">OIL WATCH-<\/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>Opec+ will a<\/strong><strong>ccelerate oil produc<\/strong><strong>tion increments for the second month in a row, adding <\/strong><strong>411k barrels per day in June<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.opec.org\/pr-detail\/243563-03-may-2025.html\" style=\"\" rel=\"noopener\">statement<\/a>. That\u2019s a three-month worth of supply increments that will be delivered all at once next month. The oil group once again cited healthy market fundamentals as the driver behind the decision.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> The recent moves mark a strategic shift toward regaining market share after years of cutting production, former Opec employee and Rystad Energy A\/S geopolitical analyst Jorge Le\u00f3n told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/7e4a73da-f409-4d65-89cc-2528ebd35e56\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes. \u201cLast month\u2019s decision was a wake-up call. Today\u2019s decision is a definitive message,\u201d Leon said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move is also seen as a bid to punish overproducing members (Kazakhstan and Iraq)<\/strong> by sending crude prices tumbling, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-05-03\/opec-agrees-another-oil-supply-surge-for-june-delegates-say\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported, citing unnamed Opec+ delegates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ripple effects:<\/strong> The price drop threatens to pressure Opec+ economies, including Saudi Arabia, which needs prices above <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/42ac616e-1815-43ba-9bb8-1798ab0b8e24\/tariff-triggered-oil-slump-could-deepen-saudi-budget-strain\" style=\"\" rel=\"noopener\">USD 90<\/a> to balance its budget, according to IMF estimates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT- Riyadh is prepared to weather the storm: <\/strong>Saudi officials are reportedly briefing allies and experts that the Kingdom is ready to endure low oil prices without further supply cuts, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-arabia-signals-it-can-live-with-lower-oil-prices-sources-say-2025-04-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing sources it says are in the know.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The next meeting:<\/strong> \u201cWe do see a case for forgoing another triple-decker increase next month [but] we do not rule out another plot twist,\u201d RBC Capital Markets Helima Croft told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-moves-forward-its-meeting-saturday-sources-say-2025-05-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> separately. The group is expected to meet again 1 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What about Western producers?<\/strong> Despite a 16% drop in crude prices in April to a near four-year low, Western oil giants like Exxon and Chevron are pressing ahead with plans to boost their production by 7% and 9% this year, citing break-even costs of at least USD 60 per barrel, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-05-02\/big-oil-refuses-to-budge-on-production-ahead-of-opec-decision\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported separately.<\/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\"> 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> <\/strong><strong>The US ap<\/strong><strong>prove<\/strong><strong>d a USD 3.5 bn weapons sale to the Kingdom<\/strong>, including 1k advanced medium-range air-to-air missiles and support services, with US-based <a target=\"_blank\" href=\"https:\/\/www.rtx.com\/\" style=\"\" rel=\"noopener\">RTX<\/a> as the main contractor, according to a <a target=\"_blank\" href=\"https:\/\/www.dsca.mil\/Congressional-Notification-Archive\/Article\/4173146\/kingdom-of-saudi-arabia-aim-120c-8-advanced-medium-range-air-to-air-missiles\" style=\"\" rel=\"noopener\">statement<\/a> from the US Defense Security Cooperation Agency. The US Congress still needs to sign off on the transaction, which aims to boost Saudi defense without altering the regional military balance, the statement read.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The agreement, approved ahead of US President Donald Trump\u2019s mid-May visit to the Kingdom, aims to reinforce ties with the Kingdom and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-05-02\/us-approves-3-5-billion-weapons-sale-to-saudi-arabia\" style=\"\" rel=\"noopener\">put pressure on Iran<\/a>. Trump is also expected to unveil a broader <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/eae674cb-8492-468d-b537-734b52e1da4b\/us-reportedly-on-the-way-to-offer-us-a%253cmark%253e-usd-100-bn%253c%2Fmark%253e-arms-package\" style=\"\" rel=\"noopener\">USD 100 bn arms package<\/a> and advance potential USD 1 tn Saudi investments to the US.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> The former Biden administration <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6580c4ba-a10f-480f-8098-017383173b48\/us-state-dep%25e2%2580%2599t-confirms-lifting-weapons-sale-ban\" style=\"\" rel=\"noopener\">lifted a three-year ban<\/a> on the sale of offensive weapons to the Kingdom <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cf589d07-7857-44ff-9622-3d39b431d97a\/washington-could-soon-lift-its-ban-on-the-sale-of-offensive-weapons-to-riyadh\" style=\"\" rel=\"noopener\">in August<\/a>, saying that Riyadh upheld its end of an agreement with Washington on drawing back the conflict with the Houthis in Yemen.<\/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 POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi<\/strong><strong> Railways network carried more than 3.3 mn passengers (+24% y-o-y) and sold over <\/strong><strong>10k tickets during 1Q 2025<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/sarsaudirailway_aebaepaez-aezaemaeyaerabraepaesaebaehaewaexaeyaerabr2030-activity-7323627295498289153-YvAT?utm_source=social_share_send&utm_medium=member_desktop_web&rcm=ACoAAAoCoEEBdfXINxwhVEfDgQbluFCyXb7HJBA\" style=\"\" rel=\"noopener\">statement<\/a>. Meanwhile, the volume of goods transported across the web of rail lines exceeded 7.4 mn tons to clock a 17% y-o-y increase.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>During Ramadan season<\/strong>, our trains carried 1.2 mn passengers over 3.3k trips, with a daily high reaching 48k passengers.<\/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\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A packed King Abdullah Sports City Stadium saw Al Ahli secure a 2-0 victory<\/strong> \u2014 and its first AFC Champions League title \u2014 against Japan's Kawasaki Frontale yesterday. The crown makes Al Ahli the third Saudi team on the tournament\u2019s hall of honors, alongside Al Ittihad and Al Hilal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF- <\/strong><strong>Al Hilal and head coach <\/strong><strong>Jorge Jesus have parted ways by mutual consent<\/strong>, days after the team\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/428aaf94-cf15-442c-8a86-2f464f632f46\/riyadh-air-on-track-to-receive-its-first-aircraft-in-3q#:~:text=Al%20Ahli%20is%20officially%20the%20first%202025%20AFC%20Champions%20League%20finalist\" style=\"\" rel=\"noopener\">semifinal loss<\/a> to Al Ahli, the club said in a <a target=\"_blank\" href=\"https:\/\/x.com\/Alhilal_EN\/status\/1918432925017903601\" style=\"\" rel=\"noopener\">post on X<\/a>. Mohammed Al Shalhoub is stepping in as interim coach, with reports suggesting a foreign replacement will be hired before Al Hilal faces Real Madrid in the FIFA Club World Cup on 18 June, according to <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/jorge-jesus-al-hilal-8d569d146b2bb134392efdcc8bb3c811\" style=\"\" rel=\"noopener\">AP News<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong>Appointed in July 2023, Jesus led the club to a record 34-game streak and its 19th Saudi Pro League title, but trails Al Ittihad by six points this season with five matches left.<\/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\" rel=\"noopener\">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.<\/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=\"\" rel=\"noopener\">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=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> and  <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a>  industries?<\/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:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">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><a id=\"wwtt3\"><\/a> Warren Buffett blindsided investors with a surprise announcement that he wants to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/warren-buffett-billionaire-berkshire-hathaway-investor-738682bbc8f420889fc4adee92fef3ca\" style=\"\" rel=\"noopener\">step<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/warren-buffett-billionaire-berkshire-hathaway-investor-738682bbc8f420889fc4adee92fef3ca\" style=\"\" rel=\"noopener\">down<\/a><\/strong><strong> as CEO of Berkshire Hathaway by the end of the year<\/strong>, to be replaced by Vice Chairman Greg Abel. The 94-years old Wall Street icon has <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/05\/03\/warren-buffett-to-ask-board-to-make-greg-abel-ceo-of-berkshire-hathaway-at-year-end.html\" style=\"\" rel=\"noopener\">spent some 60 years<\/a> at the helm of Berkshire \u2014 which he turned from a textile manufacturer into a USD 1.2 tn conglomerate with a super-successful investment strategy that earned him the nickname \u201cOracle of Omaha.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OVER IN POLITICS- <\/strong>Australia\u2019s Anthony Albanese <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2025\/05\/03\/australia\/australia-election-results-albanese-dutton-intl-hnk\" style=\"\" rel=\"noopener\">secured a second term<\/a> in the prime minister\u2019s office, continuing a streak of gains for left-leaning parties after Mark Carney swapped up Canada\u2019s elections last week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CLOSER TO HOME- <\/strong>Israel is reportedly getting ready to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-05-03\/israel-poised-to-expand-gaza-offensive-call-up-more-reservists\" style=\"\" rel=\"noopener\">expand its military operations in Gaza<\/a> within days and call on tens of thousands of reservists. The news comes after an escalation in Syria that saw Israel hit unidentified targets <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2025\/may\/02\/israel-launches-airstrikes-near-syria-presidential-palace-in-damascus\" style=\"\" rel=\"noopener\">near the presidential palace<\/a> in Damascus on Friday, in a bid to \u201csend a message\u201d to the new government.<\/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\/oil-watch\/\">oil watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/opec-2\/\">OPEC+<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/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=\"96621\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n      <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n        <span class=\"has-primary-color stk-highlight\"> This publication is proudly sponsored by<\/span>\r\n    <\/h4>\r\n    <div class=\"issue-sponsor-slides-div\">\r\n        \r\n            <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide\">\r\n                <img data-recalc-dims=\"1\" 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href=\"https:\/\/hap.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/108985.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>The Luxury of Certainty<\/span>\r\n                <\/div>\r\n            <\/div>\r\n                <\/div>\r\n    <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"96622\" 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=\"96622\">\r\n            \r\n                <div 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\/2025\/05\/04\/gdp-grows-2-7-in-1q-2025-gastat-updates-2023-figures-amid-wider-revisions\/\">\r\n                            Saudi Arabia\u2019s economy grows 2.7% in 1Q 2025 + Gastat updates 2023 figures amid wider revisions                        <\/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\/2025\/05\/04\/gdp-grows-2-7-in-1q-2025-gastat-updates-2023-figures-amid-wider-revisions\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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<\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=GDP+grows+2.7%25+in+1Q+2025+%2B+Gastat+updates+2023+figures+amid+wider+revisions+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2025%2F05%2F04%2Fgdp-grows-2-7-in-1q-2025-gastat-updates-2023-figures-amid-wider-revisions%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\/2025\/05\/04\/gdp-grows-2-7-in-1q-2025-gastat-updates-2023-figures-amid-wider-revisions\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/95.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"96623\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/gdp-grows-2-7-in-1q-2025-gastat-updates-2023-figures-amid-wider-revisions\/95-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/95.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"95.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/95.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/95.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-96622\" class=\"content-area-description single-story post-96622 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam-ksa tag-gdp wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.ff0d9c6b-6d2e-4502-b532-dbe3de0ac691.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>Saudi Arab<\/strong><strong>ia\u2019s economy expanded 2.7% y-o-y in 1Q 2025<\/strong>, driven by a 4.2% increase in non-oil activities and a 3.2% rise in government services, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/61.pdf\" style=\"\" rel=\"noopener\">flash estimates (pdf)<\/a> from the General Authority of Statistics (Gastat). Oil activities declined 1.4% in 1Q 2025 as the Kingdom continued to implement voluntary output cuts under Opec+ agreement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a quarterly basis: <\/strong>The Kingdom\u2019s seasonally adjusted real GDP rose 0.9% q-o-q in 1Q 2025, largely driven by a 4.9% q-o-q jump in government activities and a 1.0% increase in non-oil activities. Oil activities fell by 1.2% compared to 4Q 2024, softening the overall momentum.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> The Finance Ministry is targeting GDP growth of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/791914d6-330c-43bb-be02-c77d4ed722bc\/gdp-grows-2.8%2525-in-3q-2024\" style=\"\" rel=\"noopener\">4.6% for FY 2025<\/a>, backed by non-oil activities and private sector participation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The International Monetary Fund (IMF) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cd3b3dff-ad01-4594-9bf6-0a2097b65bd7\/%253cmark%253eimf%253c%2Fmark%253e-slashes-the-kingdom%25e2%2580%2599s-growth-prospects\" style=\"\" rel=\"noopener\">cut<\/a> its forecast for Saudi Arabia\u2019s GDP growth by 0.3 percentage points to 3% this year and by 0.4 percentage points to 3.7% in 2026, compared to its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7cb585e6-9177-4969-a374-3b0811a98735\/%253cmark%253eimf%253c%2Fmark%253e-lowers-real-gdp-growth-projections-to-3.2%2525-in-2025\" style=\"\" rel=\"noopener\">January<\/a> estimates. The downward revisions reflect ongoing uncertainty around oil production levels and the pace of non-oil sector expansion. <\/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\">GASTAT REVISES 2023 GDP-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia\u2019s 2023 GDP was 14.1% higher than earlier estimates<\/strong>, which puts the economy\u2019s size at SAR 4.5 tn, up from SAR 3.94 tn, according to revised figures from Gastat under its comprehensive GDP update project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>The update shows that the non-oil sector now makes up 53.2% of GDP, a 5.7 percentage point increase from previous estimates, reflecting faster growth in construction, retail, transport, and services, as well as stronger contributions from small- and medium-sized enterprises, the authority said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sector breakdown: <\/strong>Construction saw the biggest upward revision, with activity rising 61%, followed by a 29.8% upward revision in wholesale, retail hospitality and restaurants, and a 25.6% boost in transport and communications. The revised numbers also show higher government and household spending than previously reported.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What changed? <\/strong>Gastat launched the revision project at the beginning of 2024, using updated survey data and new sources, including the comprehensive economic survey, the household income and expenditure survey, and the comprehensive agricultural survey. The authority also adopted a chain-linking method in line with global standards to provide more accurate real GDP growth estimates. This resulted in the number of tracked economic activities rising to 134, up from 85.<\/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\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gdp\/\">GDP<\/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=\"96624\" 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        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<div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1284.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"96625\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/vision-2030-reforms-buffer-saudi-from-global-uncertainty-imf\/1284-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1284.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1284.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1284.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1284.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-96624\" class=\"content-area-description single-story post-96624 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam-ksa tag-gdp tag-international-monetary-fund-imf tag-non-oil wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.9581e190-2bcc-4a3d-bd22-742bc1752eb1.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>Reform<\/strong><strong>s shield the Kingdom<\/strong><strong> from the brunt of oil shocks:<\/strong> Saudi Arabia will see strong growth over the next two years, despite challenges like trade wars and low oil prices, IMF Middle East and Central Asia Director Jihad Azour told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/05\/01\/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A7%D9%84%D9%86%D9%85%D9%88-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%B3%D9%8A%D9%83%D9%88%D9%86-%D9%82%D9%88%D9%8A%D8%A7%D9%8B-%D8%AE%D9%84%D8%A7%D9%84-%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84%D9%8A%D9%86-\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> commenting on the latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/36.pdf\" style=\"\" rel=\"noopener\">Regional Economic Outlook (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The drivers: <\/strong>Vision 2030 investments, job creation reforms, diversification, expanding women\u2019s participation, and record-low unemployment are helping reduce oil dependency and oil shock vulnerability, Azour said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT- Oil prices remain a major slice of the GDP pie:<\/strong> Azour noted that oil prices have dropped USD 7-10 below earlier estimates. A decline of USD 10 potentially cuts the balance of payments by 2.5-2.7%, and weighs down on budgets by 2.2-2.3% of GDP, leading to weaker surpluses and strained public finances in 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The World Bank cut Saudi Arabia\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1c49c85c-5f0f-4073-8183-9925e24a6fc6\/world-bank-slashes-our-economic-growth-forecasts-amid-global-recession-fears\" style=\"\" rel=\"noopener\">GDP growth forecasts<\/a> to 2.8% for 2025 and 4.5% for 2026. Meanwhile, the IMF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cd3b3dff-ad01-4594-9bf6-0a2097b65bd7\/%253cmark%253eimf%253c%2Fmark%253e-slashes-the-kingdom%25e2%2580%2599s-growth-prospects\" style=\"\" rel=\"noopener\">downgraded its forecast for the Kingdom<\/a> to 3% for 2025, down 0.3 percentage points from its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7cb585e6-9177-4969-a374-3b0811a98735\/%253cmark%253eimf%253c%2Fmark%253e-lowers-real-gdp-growth-projections-to-3.2%2525-in-2025\" style=\"\" rel=\"noopener\">January<\/a> estimates, and to 3.7% for 2026, down 0.4 percentage points. Saudi Arabia is now expected to show a larger deficit of 4% of GDP in 2025 and 4.3% in 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zooming out<\/strong><strong>: <\/strong>The IMF significantly lowered its 2025 growth forecast for the broader MENA region to 2.6% from 4%, citing geopolitical issues, oil market volatility, weak demand, and trade uncertainty. Oil exporters in the region are now expected to grow by 2.3% in 2025, down from 4%, while importing economies are projected to growth 3.4% over the same period, down from 3.9%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- GCC economies are projected to outperform the region with a 3% growth <\/strong><strong>in 2025<\/strong>, a downward from the previous 4.2% forecast due to extended Opec+ cuts and slower non-oil activity. Diversification in Saudi Arabia and the UAE will support medium-term resilience, the IMF said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Risks remain tilted to the downside<\/strong>, Azour told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/imf-trims-2025-middle-east-north-africa-growth-forecast-26-global-risks-mount-2025-05-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, citing global trade tensions, declining oil prices, and regional conflicts. \u201cUncertainty could impact the real economy, consumption, [and] investment,\u201d he said, though limited trade integration with the US may reduce direct tariff exposure. The report also flagged the conflict in Gaza and delayed reforms in Egypt as presenting headwinds regionally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What could help:<\/strong> \u201cTrade diversification, acceleration of structural reforms, and improvement of productivity are all elements that will help the non-oil sector to maintain a strong level of growth,\" Azour added.<\/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\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    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  class=\"\r\n                story-section            \"\r\n            id=\"96627\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/pif-closes-usd-1-25-bn-sukuk-offering-with-6-5x-oversubscription-banque-saudi-fransi-raises-usd-650-mn-in-at1-bonds\/\">\r\n                            PIF closes USD 1.25 bn sukuk offering with 6.5x oversubscription + Banque Saudi Fransi raises USD 650 mn in AT1 bonds                        <\/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\" 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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/649.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"96628\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/pif-closes-usd-1-25-bn-sukuk-offering-with-6-5x-oversubscription-banque-saudi-fransi-raises-usd-650-mn-in-at1-bonds\/649-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/649.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"649.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/649.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/649.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-96627\" class=\"content-area-description single-story post-96627 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-banque-saudi-fransi tag-debt-watch tag-enterpriseam-ksa tag-public-investment-fund-pif wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.b244530c-c9dd-40ad-98dd-fa1ab027c9e3.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s been a busy week for the Kingdom (and GCC) in the international debt markets<\/strong>, continuing the trend as the <a target=\"_blank\" href=\"http:\/\/enterprise.news\/ksa\/en\/news\/story\/dfdc0ae4-04e8-445e-9635-e8226036acd1\/budget-deficit-to-exceed-6%2525-of-gdp-this-year,-analysts-forecast\" style=\"\" rel=\"noopener\">largest emerging market issuer of debt<\/a> so far this year \u2014 and in 2024 \u2014 with new USD denominated issuances from the PIF and Banque Saudi Fransi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>The Public<\/strong><strong> Investment Fund (PIF) closed its<\/strong> <strong>USD 1.25 bn sukuk issuance<\/strong>, after the seven-year USD-denominated offering was more than 6.5x oversubscribed, receiving over USD 9 bn in orders, it said in a <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/news-and-insights\/press-releases\/2025\/pif-prices-usd-1-25-billion-international-sukuk-offering\/\" style=\"\" rel=\"noopener\">statement<\/a>. The sukuk will be listed on the London Stock Exchange\u2019s International Securities Market, as part of PIF\u2019s international sukuk issuance program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fresh proceeds<\/strong> will be allocated to general corporate purposes, the Aa3 Moody\u2019s-rated institution stated.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We knew this was coming:<\/strong> The PIF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cf2e8c2f-7398-4962-a2f9-9bc56dbf7d86\/%253cmark%253epif%253c%2Fmark%253e-reportedly-plans-to-tap-sukuk-market-for-some-usd-2-bn-in-the-coming-weeks\" style=\"\" rel=\"noopener\">earlier reported<\/a> its plan to issue USD 1.5-2 bn in sukuk within weeks, as the Kingdom looks to fill budget gaps caused by falling oil prices. The PIF had raised some USD 11 bn at that time.<\/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>#2- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/bsf.sa\/english\/home\" style=\"\" rel=\"noopener\">Banque Saudi Fransi<\/a><\/strong><strong> secured a USD 650 mn short-term unsecured debt as part of its <\/strong><strong>capital note program<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86864&anCat=1&cs=1050&locale=en\" style=\"\" rel=\"noopener\">filing to Tadawul<\/a> on Thursday. BSF announced its intention to offer additional tier-1 (AT1) bonds <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/428aaf94-cf15-442c-8a86-2f464f632f46\/riyadh-air-on-track-to-receive-its-first-aircraft-in-3q#:~:text=Banque%20Saudi%20Fransi%20is%20set%20to%20issue%20additional%20tier%201%20bonds%20in%20a%20bid\" style=\"\" rel=\"noopener\">last week<\/a>, opening the process to local and international investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The lender sold 3.25k USD-denominated bonds at USD 200k each, with an annual yield of 6.4%. Although the notes do not come with a specific maturity date, investors wishing to cashout may do so after six years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> AT1s are high-risk bonds banks use to shore up their capital. They pay interest but can skip payments, and if the bank runs into trouble, the notes can be written off or converted into shares. They have no maturity date and sit just above equity in the capital structure, offering higher returns in exchange for greater risk.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> The bank enlisted HSBC, Mashreq, Abu Dhabi Commercial Bank, Citigroup Global, Cr\u00e9dit Agricole Corporate and Investment Bank, Emirates NBD Bank, Merrill Lynch, Mizuho International, MUFG Securities, and Saudi Fransi Capital as joint lead managers.<\/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\/banque-saudi-fransi\/\">Banque Saudi Fransi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/public-investment-fund-pif\/\">Public Investment Fund (PIF)<\/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=\"96629\" 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=\"96629\">\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\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/asas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may\/\">\r\n                            Asas Makeen to open subscription for its Nomu IPO on 19 May                        <\/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\/2025\/05\/04\/asas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may\/\" 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\/2025\/05\/04\/asas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may\/')\">\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\/2025\/05\/04\/asas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may\/\">\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=Asas Makeen to open subscription for its Nomu IPO on 19 May&url=https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/asas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may\/\">\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\/2025\/05\/04\/asas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may\/&title=Asas Makeen to open subscription for its Nomu IPO on 19 May\">\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=Asas+Makeen+to+open+subscription+for+its+Nomu+IPO+on+19+May+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2025%2F05%2F04%2Fasas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may%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\/2025\/05\/04\/asas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/90.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"96630\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/asas-makeen-to-open-subscription-for-its-nomu-ipo-on-19-may\/90-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/90.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"90.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/90.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/90.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-96629\" class=\"content-area-description single-story post-96629 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-asas-makeen tag-enterpriseam-ksa tag-ipo-watch tag-nomu wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.e0513a0b-0e27-43f2-824d-80f4b285e875.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>Asas Make<\/strong><strong>en for Development and Real Estate Investment is set to float 10% of <\/strong><strong>its share <\/strong><strong>capital (good for 1 mn shares) on the Nomu <\/strong><strong>parallel market<\/strong>, the company said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/12.pdf\" style=\"\" rel=\"noopener\">its prospectus (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The IPO subscription period will run between 19-25 May, with the minimum subscription set at 10 shares per qualified investor and the maximum at c. 500k shares. The final allocation will be announced by 28 May, while the final offer price is yet to be disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It's a secondary share sale: <\/strong>All shares offered will be sold by the company\u2019s current shareholders, meaning Asas Makeen will not receive any proceeds from the offering. Some SAR 4 mn will be deducted from the proceeds to cover transaction-related expenses.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Following the IPO, existing shareholders will retain a 90% stake<\/strong>, maintaining control of the company. The only substantial shareholder will see his holding diluted to 86.4%, down from 96%, and will be under a 12-month lock-up period from the first day of trading.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Earnings snapshot: <\/strong>The company\u2019s net income rose 27.1% y-o-y to SAR 25.3 mn in 1H 2024, while its revenues declined 32.6% to SAR 89 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Yaqeen Capital is acting as lead manager and financial advisor on the transaction, while RSM is the auditor. <strong>Receiving agents include <\/strong>Alistithmar Capital, Alinma Capital, SNB Capital, Aljazira Capital, Riyad Capital, ANB Capital, Derayah, Alrajhi Capital, BSF Capital, SAB Invest, AlKhabeer Capital, Sahm, and GIB Capital.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other Nomu listings to watch out for in 2025:<\/strong><\/p>\n<ul>\n<li>Auto equipment distributor<strong> Service Equipment Company<\/strong> is guiding on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b73b8381-f2d5-4a60-a8e0-8d854b06aa4f\/%253cmark%253eservice-equipment%253c%2Fmark%253e-sets-ipo-price-range-ahead-of-its-nomu-listing\" style=\"\" rel=\"noopener\">a price range<\/a> of SAR 80-84 per share for its upcoming Nomu IPO of a 30% stake;<\/li>\n<li><strong>Al Khalidi Logistics<\/strong> lined up the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/72f5fb07-48d4-4728-aa16-5b4493066846\/nice-one%25e2%2580%2599s-two-day-retail-subscription-window-opens-today\" style=\"\" rel=\"noopener\">Capital Market Authority\u2019s (CMA) approval<\/a> in December to take a 7% stake to the parallel market;<\/li>\n<li><strong>Qudra for Communications and IT<\/strong> got the go-ahead from the CMA to list 5 mn shares \u2014 good for an 18.2% stake \u2014 on Nomu <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c75bd9e4-491a-4125-98c9-5b6a1efda40f\/ev-maker-lucid-will-export-92%2525-of-its-production-%2B-cma-approves-ipos-on-tadawul,-nomu\" style=\"\" rel=\"noopener\">last month<\/a> ;<\/li>\n<li><strong>Hawiya Auctions <\/strong>was also approved to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/529cbb2a-e0cd-4508-bc92-008a8649ca38\/demand-ran-hot-for-future-vision%25e2%2580%2599s-nomu-ipo\" style=\"\" rel=\"noopener\">offer a 12% staks<\/a> \u2014 2.4 mn shares \u2014 on Nomu;<\/li>\n<li><strong>The National Signage Industrial Company<\/strong>, a subsidiary of Tadawul-listed Arabian Contracting Services, was cleared <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6ea45baa-968f-4f7d-bd54-14ea11eb0dc2\/investors-eyes-minority-stake-in-arizona-mine-%2B-russia,-ukraine-back-to-riyadh-for-ceasefire-talks\" style=\"\" rel=\"noopener\">last month<\/a> to IPO a 20% stake \u2014 amounting to 1.5 mn shares \u2014 on Nomu;<\/li>\n<li><strong>School operator Dome International<\/strong> for Investment is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/9b63cd60-1d59-42ce-9733-b8f116eb3d54\/non-oil-merchandise-exports-up-4%2525-in-2024.-plus:-pif-sells-usd-1.25-bn-in-usd-denominated-sukuk\/9dfb4756-9a8e-481b-aa53-d9536b32b44d\" style=\"\" rel=\"noopener\">floating some 850k new shares<\/a> on Tadawul\u2019s parallel market Nomu, representing 14.53% of its post-IPO capital.<\/li>\n<\/ul>\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\/asas-makeen\/\">Asas Makeen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/nomu\/\">Nomu<\/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=\"96631\" 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=\"96631\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/debt-capital-market-to-exceed-usd-500-bn-by-year-end-fitch\/\">\r\n                            Debt capital market expected to exceed USD 500 bn by year-end - Fitch                        <\/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\/2025\/05\/04\/debt-capital-market-to-exceed-usd-500-bn-by-year-end-fitch\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/api.whatsapp.com\/send?text=Debt+capital+market+to+exceed+USD+500+bn+by+year-end+-+Fitch+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2025%2F05%2F04%2Fdebt-capital-market-to-exceed-usd-500-bn-by-year-end-fitch%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\/2025\/05\/04\/debt-capital-market-to-exceed-usd-500-bn-by-year-end-fitch\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1226.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"96632\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/debt-capital-market-to-exceed-usd-500-bn-by-year-end-fitch\/1226-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1226.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1226.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1226.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1226.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-96631\" class=\"content-area-description single-story post-96631 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-economy tag-enterpriseam-ksa tag-fitch-ratings tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.a9b1f6c2-ad5a-495e-8490-60ac8dbe7829.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>The Kingdom<\/strong><strong>\u2019s debt capital market is on track to cross the USD 500 bn <\/strong><strong>mark by year-end<\/strong>, buoyed by a widening budget deficit and a growing need to diversify funding in light of weaker oil prices, according to a <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/islamic-finance\/saudi-debt-capital-market-growing-quickly-faces-global-volatility-28-04-2025\" style=\"\" rel=\"noopener\">Fitch commentary<\/a>. Roughly 94% of rated Saudi sukuk sit in the A range, with most issuers holding a stable outlook, according to Fitch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>Saudi Arabia\u2019s debt capital markets grew 16% y-o-y to USD 465.8 bn outstanding in 1Q 2025, with sukuk accounting for 60.4%. Meanwhile, foreign investors ramped up their exposure to Saudi debt, holding 7.7% in 1Q, up from 4.5% at the end of last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the pundits are saying:<\/strong> Falling oil prices and growing budget gaps will lead to more debt being issued in 2025 and 2026. Banks, companies, and projects will likely turn to the debt capital markets for more varied funding, said Bashar Al Natoor, managing director and global head of Islamic finance at Fitch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi has a solid sukuk market: <\/strong>\u201cWe [Fitch] rate about 80% of the outstanding [USD] Saudi sukuk market, with almost all investment-grade and no defaults,\u201d Al Natoor said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi issuers topped the charts for USD debt in emerging markets (excluding China) last quarter.<\/strong> Globally, the Kingdom was also the largest issuer of USD-denominated sukuk in 1Q, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/94bc5dd8-1466-4e69-98e6-99e9c56e3818\/Saudi%20accounts%20for%20the%20lion%E2%80%99s%20share%20of%20GCC%20debt%20in%201Q\" style=\"\" rel=\"noopener\">dominated the GCC<\/a> debt capital markets, raising USD 31.2 bn across 46 bond and sukuk issuances. Saudi corporate issuances accounted for the lion\u2019s share of the market, raking in some USD 32.1 bn, against USD 19.4 bn in sovereign debt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE MACRO PICTURE- <\/strong>Fitch expects the government\u2019s budget deficit to widen to 5.1% of GDP in 2025, up from 2.8% last year, as oil revenues and Aramco dividends come under pressure. This falls below the government projection, which sees the deficit coming in at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a227c487-b94f-4b57-827f-4d12f96d3464\/%253cmark%253e%253c%2Fmark%253efinmin%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eapproves%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253esar%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e139%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ebn%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253epublic%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e%253cmark%253e-borrowing%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e%253cmark%253e-plan%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e%253cmark%253e-for%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e%253cmark%253e-2025%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">2.3% of GDP<\/a> this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Government debt is forecast to climb nearly 37% of GDP by the end of next year<\/strong>, up from 29.9% last year. The shift comes as Opec+ production cuts and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ded89f39-170f-4b13-9540-d9e19e315d07\/debt-pressures-to-pile-up-on-emerging-markets-amid-trade-uncertainty,-world-bank-economist-says\" style=\"\" rel=\"noopener\">tariff-driven global volatility<\/a> weigh down on crude prices \u2014 with Brent now forecast to average USD 65 per barrel through 2026, a far cry from the USD 83-85 the Kingdom needs to balance the books. <\/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\/debt-watch\/\">debt watch<\/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\/fitch-ratings\/\">Fitch Ratings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/investment-watch\/\">INVESTMENT WATCH<\/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=\"96633\" 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=\"96633\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/nqoodlet-lands-usd-3-mn-in-seed-funding-round-tuba-raises-usd-8-mn-in-pre-seed-round\/\">\r\n                            Nqoodlet lands USD 3 mn in seed funding round + Tuba raises USD 8 mn in pre-seed round                        <\/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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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/93.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/93.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-96633\" class=\"content-area-description single-story post-96633 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-500-sanabil-investment tag-al-waalan-investment tag-enterpriseam-ksa tag-fintech tag-healthcare tag-nqoodlet tag-startup-watch tag-tuba tag-waed-ventures wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.64510266-1bf1-49b2-83e8-a6b259653586.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>Homegrow<\/strong><strong>n fintech startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/nqoodlet.com\/\" style=\"\" rel=\"noopener\">Nqoodlet<\/a><\/strong><strong> secured USD 3 mn in a seed funding round <\/strong>led by Aramco\u2019s VC arm Wa\u2019ed Ventures, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/4\/1843.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. <a target=\"_blank\" href=\"https:\/\/www.omantel.om\/Personal\" style=\"\" rel=\"noopener\">Omantel<\/a>, 500 Sanabil investment, <a target=\"_blank\" href=\"https:\/\/oqal.org\/\" style=\"\" rel=\"noopener\">Oqal<\/a>, and Seed Holding, along with several strategic angel investors, also participated in the round.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will the money go?<\/strong> The fresh capital will be used to develop Nqoodlet\u2019s platform features, expand its GCC regional footprint, and grow its network of partners.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Nqoodlet: <\/strong>Founded in 2021 by Mohamed Milyani (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/milyani\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Yara Ghouth (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/yaragh\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), Nqoodlet offers an all-in-one financial platform that aims to streamline SME operations with smart corporate cards, real-time expense tracking, tax automation, and payment tools.<\/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>IN OTHER STARTUP NEWS- Homegrown healthcare startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/trytuba\/\" style=\"\" rel=\"noopener\">Tuba<\/a><\/strong><strong> raised USD 8 mn (SAR <\/strong><strong>30 mn) in a pre-seed round<\/strong> led by Al Waalan Investment, with participation of unnamed angel investors, according to a <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/ar\/2025\/05\/tuba-launches-saudi-arabia-8-million-investment\" style=\"\" rel=\"noopener\">press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will the money go?<\/strong>The company plans to use the proceeds to launch its operations in the Kingdom, develop technical infrastructure, and hire new staff as it seeks to capitalize on the digital transformation of the healthcare sector across the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe aim to create a significant shift using artificial intelligence<\/strong>, helping make healthcare management more efficient, equitable, and inclusive,\u201d founder and CEO Fayez Alanazi said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Tuba: <\/strong>Founded by Alanazi (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/fayezsayer\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) in 2024, Tuba leverages AI to improve healthcare management by delivering transparent, patient-centric solutions for both providers and users via its platform.<\/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\/500-sanabil-investment\/\">500 Sanabil investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/al-waalan-investment\/\">Al Waalan Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fintech\/\">fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/nqoodlet\/\">Nqoodlet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/startup-watch\/\">STARTUP WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tuba\/\">Tuba<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/waed-ventures\/\">Wa\u2019ed Ventures<\/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=\"96635\" 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=\"96635\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/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\/2025\/05\/04\/the-earnings-season-is-gaining-momentum-with-tawunia-bank-aljazira-and-more\/\">\r\n                            The earnings season is gaining momentum                        <\/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\/2025\/05\/04\/the-earnings-season-is-gaining-momentum-with-tawunia-bank-aljazira-and-more\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/74.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"96636\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/the-earnings-season-is-gaining-momentum-with-tawunia-bank-aljazira-and-more\/74-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/74.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"74.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/74.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/74.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-96635\" class=\"content-area-description single-story post-96635 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-enterpriseam-ksa tag-fourth-milling tag-halwani-bros-2 tag-tawuniya wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.51ae59ff-8382-48b5-a60f-390f129fbf9f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TAWUNIYA INS.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong><a target=\"_blank\" href=\"https:\/\/www.tawuniya.com\/\" style=\"\" rel=\"noopener\">The Comp<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.tawuniya.com\/\" style=\"\" rel=\"noopener\">any<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.tawuniya.com\/\" style=\"\" rel=\"noopener\">for Co<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.tawuniya.com\/\" style=\"\" rel=\"noopener\">operative Ins.<\/a><\/strong><strong> (Tawuniya) posted a net income of SAR 261.7 mn in <\/strong><strong>1Q 2025, up 33% y-o-y<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86856&anCat=1&cs=8010&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Revenue also rose 16.8% y-o-y to SAR 5.1 bn during the quarter on the back of strong growth across the company\u2019s main sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tawuniya is setting its sights on expanding in the facultative reins. sector<\/strong>, which it began last year, with a dedicated strategy to be announced by 3Q 2025, CEO Othman Al Kassabi told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/05\/01\/-%D8%A7%D9%84%D8%AA%D8%B9%D8%A7%D9%88%D9%86%D9%8A%D8%A9-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%B3%D9%86%D8%B9%D9%84%D9%86-%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%AA%D9%86%D8%A7-%D9%81%D9%8A-%D8%A7%D8%B9%D8%A7%D8%AF%D8%A9-%D8%A7%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D8%A7%D8%AE%D8%AA%D9%8A%D8%A7%D8%B1%D9%8A-%D9%87%D8%B0%D8%A7-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The company is also working with the Ins. Authority to develop the sector, which is expected to double within five years.<\/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\">BANK ALJAZIRA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bank <\/strong><strong>AlJazir<\/strong><strong>a<\/strong><strong> reported a 20.2% y-o-y increase in net income to SAR 361 mn in 1Q 2025<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86843&anCat=1&cs=1020&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Total income from financing grew 17.4% y-o-y to SAR 1.58 bn, while income from investment increased 1.2% y-o-y to SAR 496.9 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\">ELECTRICAL INDUSTRIES CO.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Electrical <\/strong><strong>Industries Company saw its net income jump 64.1% y-o-y to SAR 123.4<\/strong><strong> mn in <\/strong><strong>1Q 2025<\/strong>, pushed up by a shift toward higher-margin product sales despite higher operating costs, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86845&anCat=1&cs=1303&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Revenue dropped 6.5% y-o-y to SAR 506.7 mn during the period due to lower sales, as some shipments were postponed at the request of customers.<\/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\">SAUDI STEEL PIPE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.sspipe.com\/en\" style=\"\" rel=\"noopener\">Saudi Stee<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.sspipe.com\/en\" style=\"\" rel=\"noopener\">l Pipe<\/a><\/strong><strong>\u2019s net income slipped 9.2% y-o-y to SAR 69 mn in 1Q 2025<\/strong> amid rising selling, marketing, and distribution expenses, which were partially offset by an increase in gross profit and other income streams, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86850&anCat=1&cs=1320&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Revenue also fell 11.8% y-o-y during the quarter at SAR 454 mn due to lower sales volume.<\/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\">HALWANI BROS.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Halwani Bros re<\/strong><strong>porte<\/strong><strong>d a net income of SAR 11.5 mn in 1Q 2025, reversing course from a <\/strong><strong>SAR 4.6 mn net loss in the same period last year<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86848&anCat=1&cs=6001&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. However, revenue dropped 11% y-o-y to SAR 237.8 mn, due to the impact of currency devaluation on the company\u2019s Egyptian subsidiary, despite higher local sales.<\/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\">FOURTH MILLING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fourth Mil<\/strong><strong>ling<\/strong><strong>\u2019s net income rose 8.4% y-o-y to SAR 52.7 mn in 1Q 2025<\/strong> on the back of a 2.8% increase in sales and and a SAR 2.3 mn gain from lower deferred tax liabilities, which were partially offset by increased selling and admin expenses, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86860&anCat=1&cs=2286&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Revenue rose 2.8% y-o-y to SAR 170.1 mn, driven by an improved product mix, with flour sales up 4.3% and feed and bran remaining stable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- The company is investing SAR 265 m to expand its Al Kharj plant in 2025<\/strong>, adding a new flour mill and a feed mill to boost its daily flour capacity by 750 tons to 1.4k tons and daily feed by 240 tons, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86861&anCat=1&cs=2286&locale=en\" style=\"\" rel=\"noopener\">separate disclosure<\/a>. The projects will be funded through shariah-compliant bank facilities and internal funding, aiming to complete the feed mill plant in 2H 2026 and the flour mill in 2H 2027.<\/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\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fourth-milling\/\">Fourth Milling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/halwani-bros-2\/\">Halwani Bros.<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tawuniya\/\">Tawuniya<\/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=\"96637\" 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=\"96637\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/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\/2025\/05\/04\/stv-closes-usd-100-mn-shariah-compliant-investment-fund\/\">\r\n                            STV closes USD 100 mn shariah-compliant investment fund                        <\/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\/2025\/05\/04\/stv-closes-usd-100-mn-shariah-compliant-investment-fund\/\" 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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Launched on 30 April, the fund is backed by SAB Invest through its Alternative Financing Fund and supported by the National Technology Development Program (NTDP).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More details: <\/strong>The fund aims to help founders grow their businesses without giving up equity using an instrument called Non-Dilutive Investment in Callable Equity (Nice), all the while offering investors the chance to capitalize on tech ventures under a shariah-compliant framework. STV has already invested in companies like <a target=\"_blank\" href=\"https:\/\/www.morniksa.com\/?locale=en\" style=\"\" rel=\"noopener\">Morni<\/a>, <a target=\"_blank\" href=\"https:\/\/redboxsa.com\/en\/\" style=\"\" rel=\"noopener\">RedBox<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.invygo.com\/en-ae?srsltid=AfmBOopaRhMQrizPPRGFRvc5IpBQdJo_LcJrAG9qHbKmuAOxAv9OcQi9\" style=\"\" rel=\"noopener\">Invygo<\/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\">AVIATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh Air si<\/strong><strong>gned 11 agreements with travel and tech companies during the<\/strong><strong> Arabian <\/strong><strong>Travel Market in Dubai<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/travel-and-tourism\/2025\/05\/01\/-%D8%B7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A7%D9%84%D8%B1%D9%8A%D8%A7%D8%B6-%D8%AA%D9%88%D9%82%D9%91%D8%B9-11-%D9%85%D8%B0%D9%83%D8%B1%D8%A9-%D8%AA%D9%81%D8%A7%D9%87%D9%85-%D9%85%D8%B9-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D9%84%D8%AA%D9%88%D8%B3%D9%8A%D8%B9-%D8%B4%D8%A8%D9%83%D8%A9-%D9%88%D8%B5%D9%88%D9%84%D9%87%D8%A7-%D8%A7%D9%84%D9%89-125-%D8%AF%D9%88%D9%84%D8%A9\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reports. The agreements focus on technology integration to cover sales, distribution, and digital loyalty tools, aiming to ease operations and booking with Riyadh Air across more than 125 countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New partners include<\/strong> <a target=\"_blank\" href=\"https:\/\/amadeus.com\/en\" style=\"\" rel=\"noopener\">Amadeus<\/a>, <a target=\"_blank\" href=\"https:\/\/airretailer.com\/\" style=\"\" rel=\"noopener\">Air Retailer<\/a>, <a target=\"_blank\" href=\"https:\/\/www.dnata.com\/en\" style=\"\" rel=\"noopener\">dnata<\/a>, <a target=\"_blank\" href=\"https:\/\/www.sabre.com\/\" style=\"\" rel=\"noopener\">Sabre<\/a>, <a target=\"_blank\" href=\"https:\/\/tpconnects.com\/\" style=\"\" rel=\"noopener\">TP Connects<\/a>, <a target=\"_blank\" href=\"https:\/\/www.verteil.com\/\" style=\"\" rel=\"noopener\">Verteil Technologies<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.lji.io\/\" style=\"\" rel=\"noopener\">Loyalty Juggernaut<\/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\">REGULATION WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong>Real Estat<\/strong><strong>e General Authority approved a new guide for selling and leasing off-plan <\/strong><strong>real estate projects<\/strong>, published in Umm Al Qura on 2 May, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1809850\" style=\"\" rel=\"noopener\">Argaam<\/a> reports. The document provides guidance to real estate projects, developers, and other parties in 55 different scenarios, covering cases like application by private companies and individuals to the developers\u2019 registry, changes and updates to a developer\u2019s registry, and suspension or removal of registered developers. <\/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\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The National <\/strong><strong>Housing Company (NHC) opened interest registration for <\/strong><strong>the Tabuk Valley 2 <\/strong><strong>residential development<\/strong>, which spans 778k sqm and features 874 housing units, according to a <a target=\"_blank\" href=\"https:\/\/nhc.sa\/media-center\/news\/47567\/\" style=\"\" rel=\"noopener\">statement<\/a>. The project includes 38k sqm of green spaces with recreational areas, as well as essential services such as schools, a health center, mosques, and shopping centers<\/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\/flynas\/\">flynas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/national-housing-company-nhc\/\">National Housing Company (NHC)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/riyadh-air\/\">Riyadh Air<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-technology-ventures-stv\/\">Saudi Technology Ventures (STV)<\/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=\"96639\" class=\"issue-section markets\">\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=\"96639\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/04\/gcc-share-of-emerging-market-usd-debt-climbs-to-35-in-1q-fitch\/\">\r\n                            GCC share of emerging market USD debt climbs to 35% in 1Q -Fitch                        <\/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\/2025\/05\/04\/gcc-share-of-emerging-market-usd-debt-climbs-to-35-in-1q-fitch\/\" 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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Governments and corporates in the region are increasingly turning to capital markets to fund budgets, diversify financing, and support major infrastructure projects, the rating agency said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers:<\/strong> The GCC\u2019s total debt market size surpassed USD 1 tn across all currencies by the end of March, up 10% y-o-y. Quarterly issuance stood at USD 89 bn, up 11% from 4Q 2024 but down 3% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sukuk under pressure, conventional bonds rising: <\/strong>Islamic bonds made up 40% of total debt, though sukuk issuance slumped 51% y-o-y in 1Q to USD 18.2 bn. In contrast, conventional bond issuance rose 29%. Still, 83.5% of Fitch-rated GCC USD sukuk are investment-grade, with 57.8% rated in the A category and the majority carrying stable outlooks. Kuwait Financial Center Markaz <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/43.pdf\" style=\"\" rel=\"noopener\">pegged<\/a> the figure at USD 17.8 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sustainability-linked issuance is gaining ground: <\/strong>ESG-related issuance across the GCC has now exceeded USD 50 bn, driven by initiatives such as the UAE\u2019s Sustainable Islamic M-Bills and Qatar\u2019s green finance framework. Fitch also highlighted growing investor and regulatory support for green and socially responsible debt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market maturity varies across the bloc: <\/strong>The UAE and Saudi Arabia continue to lead in terms of market depth and development. In contrast, foreign investor participation in local currency DCMs in Kuwait, Bahrain, Qatar, and Oman remains limited due to the lack of Euroclear or Clearstream links. In Saudi Arabia, foreign holdings of local government debt rose to 7.7% in 1Q from 4.5% in 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> Fitch expects issuance momentum to continue, citing a \u201chealthy pipeline,\u201d supported by strong regional and Islamic investor liquidity. While the agency noted that \u201cthe region\u2019s credit quality remains resilient\u201d \u2014 with no rated sukuk or bonds defaulting in 2024 or 1Q 2025 \u2014 fiscal pressure could intensify due to global macro uncertainties. Brent crude is forecast to average USD 65 through 2026, a level that may widen deficits in Saudi Arabia and Bahrain. By contrast, Abu Dhabi, Qatar, and Kuwait are expected to remain fiscally buffered due to their sovereign wealth assets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Fitch had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/bcc62dfb-99ff-442a-84a5-2ae759bd9c39\/uae-set-to-become-the-most-active%253cmark%253e-debt%253c%2Fmark%253e-issuer-among-ems-this-year--fitch\" style=\"\" rel=\"noopener\">said earlier<\/a> the UAE will be the most active among emerging markets in 2025 \u2014 particularly in sukuk. The UAE\u2019s DCM grew 8.3% y-o-y to USD 309 bn in 1Q 2025, with issuances surging 109% y-o-y to USD 29.1 bn. The country ranked as the second-largest DCM in the GCC and fourth among emerging market USD debt issuers (ex-China), buoyed by sukuk growth, ESG momentum, and robust USD-denominated issuance.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\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>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\">11,544<\/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\">-1.1% (YTD: -4.1%)<\/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>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\">1,472<\/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\">-1.1% (YTD: -2.5%)<\/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>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\">28,130<\/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: -10.6%)<\/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>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\">5.0% 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\">4.5% reverse repo<\/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>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\">32,126<\/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: +8.0%)<\/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>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\">9,579<\/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: +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>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\">5,291<\/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: +2.6%)<\/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>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\">5687<\/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\">+1.5% (YTD: -3.3%)<\/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\">8596<\/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\">+1.2% (YTD: +5.2%)<\/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>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\">5285<\/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\">+2.4% (YTD: +8.0%)<\/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>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 61.29<\/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%<\/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 3.63<\/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\">+4.3%<\/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>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 3243.30<\/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\">+0.7%<\/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 96,210<\/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: +2.9%)<\/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>Sukuk\/bonds market index (Tadawul)<\/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\">913.7<\/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: +1.3%)<\/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\">143.7<\/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: +2.7%)<\/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>VIX (Fear gauge)<\/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\">22.7<\/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\">-7.8% (YTD: +30.7%)<\/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 TASI <\/strong>fell 1.1% <strong>on Thursday <\/strong>on turnover of SAR 5.1 bn. The index is down 4.1% 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> SPPC (+6.2%), Tawuniya (+5.2%) and EIC (+2.8%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Saudi Cement (-5.8%), Almoosa (-5.4%) and SAB (-5.1%).<\/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> fell 0.5% <strong>on Thursday <\/strong>on turnover of SAR 19.9 mn. The index is down 10.6% 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> Multi Business (+4.5%), FAD (+4.5%) and Almohafaza For Education (+4.0%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Clean Life (-6.4%), Leaf (-6.4%) And Aljouf Water (-5.9%).<\/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\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/foodsgate\/about\/\" style=\"\" rel=\"noopener\">Foods Gat<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/foodsgate\/about\/\" style=\"\" rel=\"noopener\">e Trading Company<\/a><\/strong><strong> lined up approval from the Capital Markets authority to <\/strong><strong>raise its capital to SAR 31.5 <\/strong><strong>mn <\/strong><strong>from SAR 21 mn <\/strong>by issuing one bonus share for every two existing shares, according to a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3786.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. The capital increase will be financed via retained earnings, raising the total number of shares to 3.15 mn.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fitch-ratings\/\">Fitch Ratings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n          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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>May: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wipo.int\/en\/web\/awards\/global\/how-to-apply\" style=\"\">World Intellectual Property Organization (WIPO) Global Awards 2025<\/a><\/span><span style=\"font-weight:400;\"> announces finalists.<\/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;\">4-8 May (Sunday-Thursday): Adeer Real Estate Nomu IPO offering period.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 May (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.opec.org\/pr-detail\/557-03-april-2025.html#:~:text=The%20eight%20OPEC%2B%20countries%20will,decide%20on%20June%20production%20levels.\" style=\"\">Opec+<\/a><\/span><span style=\"font-weight:400;\"> meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>6-7 May (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\" style=\"\">US Federal Reserve Open Market Committee<\/a><\/span><span style=\"font-weight:400;\"> meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9 May (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/pflmma.com\/mena-season\" style=\"\">PFL Mena<\/a><\/span><span style=\"font-weight:400;\"> Season 2 Kick-off.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-13 May (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.futurehospitality.com\/\" style=\"\">Future Hospitality Summit<\/a><\/span><span style=\"font-weight:400;\">, Mandarin Oriental Al Faisaliah, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-14 May (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/events.meed.com\/event\/saudigigaprojects\/\" style=\"\">2025 Saudi Giga projects Summit<\/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>12-15 May (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-smartmanufacturing.com\/\" style=\"\">Saudi Smart Manufacturing<\/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>12-15<\/span><span> May (Monday-Thursday): <\/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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 May (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.gunsnroses.com\/tour\" style=\"\">Guns N\u2019 Roses<\/a><\/span><span style=\"font-weight:400;\"> Show, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 May (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/seu.edu.sa\/en\/calenderpage46\/\" style=\"\">2024-2025 academic year<\/a><\/span><span style=\"font-weight:400;\"> ends.<\/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>4-9 June (Wednesday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.haj.gov.sa\/Home\" style=\"\">Hajj<\/a><\/span><span>.<\/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;\">6-10 June (Friday-Tuesday): Eid Al Adha.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>17-18 June (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\" style=\"\">US Federal Reserve Open Market Committee<\/a><\/span><span style=\"font-weight:400;\"> meeting and Summary of Economic Projections.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-25 June (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/toss-summit.com\/\" style=\"\">Tech-ecO-System Summit (ToSS)<\/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>30 June (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zatca.gov.sa\/ar\/MediaCenter\/News\/Pages\/news_1346.aspx\" style=\"\">Cancellation of Fines and Exemption of Financial Penalties Initiative<\/a><\/span><span style=\"font-weight:400;\"> by the Zakat, Tax and Customs Authority (Zatca) deadline.<\/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>July (Second week): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wipo.int\/en\/web\/awards\/global\/how-to-apply\" style=\"\">World Intellectual Property Organization (WIPO) Global Awards 2025<\/a><\/span><span style=\"font-weight:400;\"> awards ceremony, Geneva.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7 July-24 August (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/esportsworldcup.com\/en\" 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>29-30 July (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\" style=\"\">US Federal Reserve Open Market Committee<\/a><\/span><span style=\"font-weight:400;\"> meeting.<\/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;\">31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022\/2023 revenues to integrate e-invoicing solutions with Fatoora.<\/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>7 July-24 August (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/esportsworldcup.com\/en\" style=\"\">Esports World Cup<\/a><\/span><span>, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5-17 August (Tuesday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.fiba.basketball\/en\/events\/fiba-asiacup-2025-qualifiers\" style=\"\">2025 Fiba Asia Cup<\/a><\/span><span style=\"font-weight:400;\">, Jeddah.<\/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 (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/money2020middleeast.com\/\" style=\"\">Money 20\/20 Middle East<\/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>17-18 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\" style=\"\">US Federal Reserve Open Market Committee<\/a><\/span><span> meeting and Summary of Economic Projections. <\/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 (Tuesday): Saudi National Day.  <\/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>1-3 October (Wednesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sgbf.sa\/\" style=\"\">Saudi Green Building Forum<\/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>7-8 October (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gemtechforum.com\/\" style=\"\">Global EV & Mobility Technology (GEMTECH) Forum<\/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>17 October (Friday): Saudization for private healthcare roles enters its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.hrsd.gov.sa\/ar\/media-center\/news\/%D8%A8%D8%AF%D8%A1-%D8%AA%D8%B7%D8%A8%D9%8A%D9%82-%D9%82%D8%B1%D8%A7%D8%B1-%D8%B1%D9%81%D8%B9-%D9%86%D8%B3%D8%A8-%D8%A7%D9%84%D8%AA%D9%88%D8%B7%D9%8A%D9%86-%D9%84%D8%A3%D8%B1%D8%A8%D8%B9-%D9%85%D9%87%D9%86-%D8%B5%D8%AD%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5\" style=\"\">second phase<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>22-23 October (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.privatecapitalforum.com.sa\/\" style=\"\">Private Capital Forum<\/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>25-27 December (Saturday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fortune.com\/2024\/11\/15\/fortune-global-forum-2025-riyadh-saudi-arabia\/\" style=\"\">The Fortune Global Forum 2025<\/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>28-29 October (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\" style=\"\">US Federal Reserve Open Market Committee<\/a><\/span><span> meeting.<\/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>3-9 November (Monday- Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wtatennis.com\/tournament\/808\/wta-finals\/2025\/overview\" style=\"\">WTA Tour Finals<\/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>23-26 November (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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-26 November (Monday-Wednesday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wamsaudi.com\/\" style=\"\">The World Advanced Manufacturing & Logistics Saudi Expo<\/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>27-30 November (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wrc.com\/en\/calendar\" style=\"\">World Rally Championship Saudi Arabia 2025<\/a><\/span><span style=\"font-weight:400;\">, Jeddah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 November (Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zatca.gov.sa\/en\/MediaCenter\/News\/Pages\/news_1353.aspx\" style=\"\">Zatca<\/a><\/span><span style=\"font-weight:400;\"> 21st E-invocing integration wave deadline.<\/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;\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1-4 December (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.iaea.org\/events\/epr2025\" style=\"\">International Conference on Nuclear and Radiological Emergencies<\/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>1-4 December (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/isocarp.org\/61st-isocarp-world-planning-congress\/\" style=\"\">61st ISOCARP World Planning 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 style=\"font-weight:400;\">9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>31 December (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zatca.gov.sa\/en\/MediaCenter\/News\/Pages\/news_1353.aspx\" style=\"\">Zatca<\/a><\/span><span style=\"font-weight:400;\"> 22st E-invoicing integration wave deadline.<\/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;\">2026<\/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\">UN Trade and Development Global Supply Chain Forum <\/span><span style=\"font-weight:400;\">to take place in Saudi Arabia.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8-12 February (Sunday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worlddefenseshow.com\/en\" style=\"\">World Defense Show<\/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>26-29 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 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\">The World Water Forum <\/span><span style=\"font-weight:400;\">takes place in 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\">The Ocean Race<\/span><span style=\"font-weight:400;\"> finishes in Amaala on the Red Sea.<\/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\">Riyadh-Kudmi transmission line<\/span><span style=\"font-weight:400;\"> to be completed.<\/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>PIF + BSF tap debt markets | Asas Makeen to IPO on Nomu | Tawunia, Bank AlJazira earnings<\/p>\n","protected":false},"featured_media":96618,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-96617","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"24ac4fc2-0817-476f-8417-cb1e5e670c1e","teaser":"PIF + BSF tap debt markets | Asas Makeen to IPO on Nomu | Tawunia, Bank AlJazira earnings","photo_url":"https:\/\/ent.news\/2024\/2\/1215.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>GDP grows 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