{"id":96570,"date":"2025-05-01T00:00:00","date_gmt":"2025-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/01\/non-oil-sector-in-the-kingdom-remains-resilient-fitch\/"},"modified":"2025-05-01T00:00:00","modified_gmt":"2025-05-01T00:00:00","slug":"non-oil-sector-in-the-kingdom-remains-resilient-fitch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/01\/non-oil-sector-in-the-kingdom-remains-resilient-fitch\/","title":{"rendered":"Non-oil sector in the Kingdom remains resilient -Fitch"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, everyone, and happy THURSDAY<\/strong>. We wrap up the week on a high note, with a wealth of updates on trade, debt markets, public listings, and more.<\/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 non-oil exports rose by 4% in 2024, while oil exports saw a slight decline. Over in debt markets, the PIF successfully sold USD 1.25 bn in sukuk, as Saudi\u2019s borrowing momentum continues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>The cabinet approved amendments for the White Land Tax law amid wider real estate reforms, and the startup scene witnessed erad secure USD 16 mn in pre-series A funding. Meanwhile, Dome International plans to float a 14.5% stake on Nomu, adding to the busy pipeline of listings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF IPOS- <\/strong>We sat down with Baker McKenzie\u2019s Nadine Nassar and Robert Eastwood to unpack the legal playbook for going public in Saudi Arabia \u2014 from restructuring and prospectus drafting to compliance after the listing. Let\u2019s dive in.<\/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>BSF kicks off AT1 bond sale: <\/strong>Banque Saudi Fransi (BSF) opened books on a new six-year USD-denominated <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\" style=\"\" rel=\"noopener\">additional tier one (AT1) bond sale<\/a>, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86823&anCat=1&cs=1050&locale=en\" style=\"\" rel=\"noopener\">a filing<\/a> to Tadawul. Initial price thoughts are out at around 6.875%, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/capital-markets\/bonds\/ipts-out-for-banque-saudi-fransis-us-dollar-benchmark-at1-bond-bz3z4nab\" style=\"\" rel=\"noopener\">Zawya<\/a> reports. The offering, which falls under the lender\u2019s USD 3 bn capital note program, closes today. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>The lender 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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Thunderstorms may rumble through Makkah, while clouds linger over Madinah and Riyadh. <\/p>\n<ul>\n<li>Riyadh: 40\u00b0C daytime \/ 28\u00b0C overnight <\/li>\n<li>Makkah: 49\u00b0C daytime \/ 26\u00b0C overnight <\/li>\n<li>Madinah: 38\u00b0C daytime \/ 25\u00b0C overnight <\/li>\n<\/ul>\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=\"wwtt1\"><\/a> Non-oil sector in the Kingdom remains resilient in the face of global headwinds<\/strong>, Head of MEA in Fitch\u2019s Sovereign Ratings Group Paul Gamble told Asharq Business in an interview.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fitch ratings slightly bumped Saudi Arabia\u2019s growth forecast to 3.5% in 2025<\/strong>, forecasting non-oil GDP expanding by 4.2% as well \u2014 despite lower oil prices, Gamble added. The ratings agency projects a deficit of 5.1% this year, backed by lower oil price forecasts at USD 65. This is a wider deficit than its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9c9ce6ab-b0a2-4add-85a0-a556a887d55c\/fitch-sees-budget%253cmark%253e-deficit%253c%2Fmark%253e-widening-to-3.8%2525-of-gdp-this-year\" style=\"\" rel=\"noopener\">earlier forecast of 3.8%<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The World Bank cut its <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> for Saudi Arabia to 2.8% for 2025 and 4.5% for 2026, while the IMF revised its forecast downward by 0.3 percentage points to 3% for 2025 and by 0.4 percentage points to 3.7% for 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a> <\/strong><strong>PIF-owned <\/strong><strong>aircraft leasing firm Saudi Arabia\u2019s AviLease is planning to issue USD 2 bn in <\/strong><strong>sukuk by 2027, starting with a USD 750 mn tranche this year<\/strong>, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/80620\/%D8%A3%D9%81%D9%8A%D9%84%D9%8A%D8%B3-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%AA%D8%AC%D9%87-%D9%84%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D8%B5%D9%83%D9%88%D9%83-%D8%A8%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D9%8A-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%AD%D8%AA%D9%89-2027\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports citing CEO Edward O\u2019Brien. The new funding will add to the company\u2019s USD 2.25 bn in existing loans, bringing its liquidity to 30% of total assets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With a current fleet of 200 aircraft worth USD 8 bn<\/strong>, AviLease aims to grow its portfolio to 500 aircraft by 2030, capitalizing on strong domestic demand from airlines including Riyadh Air, Saudia, and flynas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a> <\/strong><strong>Seera Group\u2019s <\/strong><strong>travel platform Almosafer is preparing for <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/066727ce-7ed0-446d-86bf-64757c163dd4\/electrical-industries-co.-sees-net-income-double-%2B-modern-mills-reports-2024-results\" style=\"\" rel=\"noopener\">a public listing on Tadawul<\/a><\/strong><strong> by <\/strong><strong>late 2025 or <\/strong><strong>early 2026,<\/strong> CEO Muzzammil Ahussain told <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/business\/saudi-firm-almosafer-aims-for-ipo-launch-year-end-or-2026-early\" style=\"\" rel=\"noopener\">Khaleej Times<\/a>. The company began appointing advisors, though details on the size and structure of the IPO remain under wraps, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Almosafer reported a strong performance in 2024<\/strong>, with gross bookings exceeding SAR 6 bn, fueled by robust demand across domestic, regional, and international markets, according to Ahussain. Growth was particularly strong in the company\u2019s Hajj and Umrah services, while shifting travel trends \u2014 driven by the rise of low-cost carriers and relaxed visa requirements \u2014 helped ramp up demand for budget travel and alternative accommodations, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong> <strong>PIF-backed California firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/cloudkitchens.com\/\" style=\"\" rel=\"noopener\">CloudKitchens<\/a><\/strong><strong> is reportedly eyeing an IPO in Saudi or the UAE <\/strong><strong>(or both) for its Middle East unit<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-04-30\/travis-kalanick-s-saudi-pif-backed-cloudkitchens-explores-ipo-of-mideast-unit\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people it says are familiar with the matter. The ghost kitchen startup \u2014 cofounded by Uber\u2019s former CEO Travis Kalanick \u2014 tapped Goldman Sachs to work on its potential debut.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While no final call on size or timing has yet been made<\/strong>, the move would mark a major regional play for a company whose KitchenPark facilities already operate in the Kingdom, UAE and Kuwait. <\/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>Kawasaki dispatched Al Nassr three goals to one and advanced to the final of the AFC <\/strong><strong>Champions League<\/strong>. The Japanese side took the lead early in the game, scoring twice in the first half. The second half saw Al Alami attacking without delivering the final punch, leaving spaces in the back for Azzurro Nero to widen the lead.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> Kawasaki Frontale will face Al Ahli in the final match scheduled for Saturday, 3 May, at 7:30 PM.<\/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>The US is grabbing most headlines in the global business press. <\/strong>The biggest story of the day: The US\u2019 economy contracted by an annual 0.3% for the first time in three years last quarter, as President Donald Trump\u2019s trade war spurred a rush to imports. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/104ece93-c362-4d78-aaf9-ace4e314ec0c\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2025-04-30\/us-economy-shrinks-by-0-3-in-first-quarter\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/stockpiling-ahead-tariffs-likely-hurt-us-economy-first-quarter-2025-04-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/us-gdp-q1-2025-1f82f689?mod=hp_lead_pos7\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2025\/04\/30\/gdp-trade-trump-imports-economy-00317807\" style=\"\" rel=\"noopener\">Politico<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/economy-trump-gdp-tariffs-inflation-trade-28a0da24c803c4796eb32704cd0244cc\" style=\"\" rel=\"noopener\">AP<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Wall Street surprisingly shrugged off the news<\/strong>, with the S&P 500 recovering from earlier losses of 2% as investors bought the dip, anticipating intervention from the US Federal Reserve to bolster the economy. The Nasdaq slid 0.1%. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-04-30\/stock-market-today-dow-s-p-live-updates?srnd=homepage-middle-east&embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5a71b6dd-abb6-4888-8387-3e6747ca479e\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/04\/30\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Stocks are expected to extend their gains into tomorrow with futures rising on the back of a strong set of earnings<\/strong> from Microsoft \u2014 which beat analyst estimates on good Azure cloud performance and gave positive guidance for the rest of the year \u2014 and Meta, which also beat estimates as it pledged to double down on capital spending in AI infrastructure, shrugging off the impact of tariffs. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/04\/30\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/meta-microsoft-reports-lift-ai-related-stocks-2025-04-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- The US and Ukraine inked an economic partnership that will give the US access to the Eastern European country\u2019s natural resources<\/strong>, following weeks of negotiations that stalled amid tensions over a US-Russia ceasefire agreement the US is trying to broker. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-04-30\/us-and-ukraine-sign-agreement-on-access-to-natural-resources\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/kyiv-is-ready-sign-resources-deal-with-us-ukraine-government-source-says-2025-04-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1ae70f6c-6651-46e4-bc14-cfd6befc1474\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/04\/30\/world\/europe\/ukraine-minerals-deal-trump.html\" style=\"\" rel=\"noopener\">NYT<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: AviLease is planning to issue USD 2 bn in sukuk by 2027<\/p>\n","protected":false},"author":1,"featured_media":96571,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[27,10,3310,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-economy","tag-enterpriseam-ksa","tag-fitch","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"6e69fe20-d984-43b1-9a85-3103ab156bcb","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/12\/983.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Non-oil sector in the Kingdom remains resilient -Fitch","related_issue":[96568],"teaser":"PLUS: AviLease is planning to issue USD 2 bn in sukuk by 2027","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.8d2648e4-848d-4d00-a293-8c418c8f3180.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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