Closing Bell: Saudi main index closes in red at 11,907
MSCI Tadawul Index decreased by 16.87 points, or 1.12%, to close at 1,490.22
Parallel market Nomu surged, gaining 227.15 points, or 0.87%, to close at 26,205.65
Updated 17 October 2024
MIGUEL HADCHITY
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 131.24 points, or 1.09 percent, to close at 11,907.43.
The total trading turnover of the benchmark index was SR7.01 billion ($1.86 billion), as 28 of the listed stocks advanced, while 201 retreated.
The MSCI Tadawul Index decreased by 16.87 points, or 1.12 percent, to close at 1,490.22.
The Kingdom’s parallel market Nomu surged, gaining 227.15 points, or 0.87 percent, to close at 26,205.65. This comes as 46 of the listed stocks advanced, while 27 retreated.
The best-performing stock of the day was Red Sea International Co., with its share price surging by 4.30 percent to SR63.
Other top performers included Saudi Industrial Development Co., which saw its share price rise by 2.91 percent to SR30.10, and The Co. for Cooperative Insurance, which saw a 2.80 percent increase to SR147.
United Wire Factories Co. and Alkhorayef Water and Power Technologies Co. also saw a positive change at 2.64 percent and 2.34 percent to SR31.15 and SR166.40, respectively.
The worst performer of the day was Al-Baha Investment and Development Co., whose share price fell 6.90 percent to SR0.27.
ARTEX Industrial Investment Co. and Anaam International Holding Group also saw declines, with their shares dropping by 4.92 percent and 4.48 percent to SR17 and SR1.28, respectively.
Ataa Educational Co. and Abdullah Al Othaim Markets Co. also saw negative changes at 4.46 percent and 4.32 percent to SR79.30 and SR11.96, respectively.
On the announcements front, Value Capital, acting as the financial adviser and offering manager for the potential initial public offering of Shalfa Facilities Management Co., has announced the offering price of the company’s shares at SR61 per share.
According to a Tadawul statement, the offering consists of 630,000 ordinary shares, representing 15 percent of the company’s issued capital, which will be sold by existing shareholders.
All ordinary shares, representing 100 percent of the offering, will be allocated to qualified investors, the statement said.
The minimum number of shares each qualified investor can subscribe to is 10, while the maximum is 209,990.
The subscription period for qualified investors will begin on Oct. 20 and conclude on Oct. 28.
Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains
Updated 9 sec ago
Nirmal Narayanan
RIYADH: Saudi Arabia’s Tadawul All Share Index dropped marginally on Wednesday, shedding 16.34 points or 0.14 percent to close at 11,277.73.
The total trading turnover of the benchmark index was SR5.48 billion ($1.46 billion), with 140 of the listed stocks advancing and 109 declining.
The Kingdom’s parallel market Nomu, gained 104.43 points to close at 27,448.22.
The MSCI Tadawul Index edged down by 0.27 percent to 1,445.25.
The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm’s share price increased by 8.62 percent to SR26.70.
The share price of Saudi Real Estate Co. also rose by 7.68 percent to SR20.89.
Retal Urban Development Co. also saw its share price advance by 6.62 percent to SR16.10.
On the announcements front, Alinma Bank said that it completed the issuance of US dollar-denominated sukuk worth $500 million, under its Trust Certificate Issuance Program.
According to a press statement, the sukuk issue is expected to settle on July 15.
The share price of Alinma Bank declined by 1.19 percent to SR26.68.
Jahez International Co. for Information System Technology announced that it has signed an agreement to acquire a 76.56 percent stake in Snoonu Corporation Holding LLC, a Qatari-based technology and logistics firm that operates an e-commerce and on-demand delivery platform.
In a press statement, the company revealed that it will acquire 8.14 million shares, representing 75 percent of Snoonu’s share capital, from existing shareholders for $225 million.
Jahez will also subscribe to 723,960 newly issued shares in Snoonu, representing 1.56 percent of the stake, for $20 million.
The share price of Jahez edged up by 1.11 percent to SR27.44.
MENA mergers and acquisitions deals rise 149% to record $115.5bn in H1: LSEG
Deal volumes climbed 16% year on year, reaching highest level in three years
UAE drew $39.8 billion in M&A inflows, followed by Saudi Arabia at $3.5 billion
Updated 09 July 2025
Nirmal Narayanan
RIYADH: Mergers and acquisitions in the Middle East and North Africa region reached $115.5 billion in the first half of 2025, marking a 149 percent increase over the same period last year.
The London Stock Exchange Group said in its latest report that this marks the highest first-half total since it began tracking the data in 1980, highlighting the region’s resilience amid global economic headwinds.
Deal volumes in the region also climbed 16 percent year on year, reaching the highest level in three years.
The sharp uptick signals robust investor appetite despite macroeconomic uncertainty and builds on a solid 2024 performance, when MENA M&A deals rose 7 percent to $92.3 billion.
In February, US-based investment bank Morgan Stanley described the momentum as a “structural upswing” in deal volume and value, driven by regulatory reforms and strategic policy shifts across the region.
The rise in the Saudi Arabia’s IPO pipeline aligns with broader financial reforms. Shutterstock
“Deals involving a MENA target reached $48.0 billion, 18 percent more than the value recorded last year at this time and a level only exceeded once before, in 2019 when Saudi Aramco acquired a majority stake in SABIC,” LSEG said.
The analysis revealed that outbound M&A reached $64.5 billion, an all-time first-half record, while the number of outbound deals rose 8 percent.
The largest deal announced so far this year is Borealis AG’s $30.85 billion acquisition of Borouge PLC in the UAE, which is currently pending completion.
UAE and Saudi lead activity
The UAE was the top target country, drawing $39.8 billion in M&A inflows, followed by Saudi Arabia at $3.5 billion.
Earlier this year, global consulting firm EY said the two countries accounted for 318 M&A deals in 2024, worth $29.6 billion combined, citing improved capital markets, international investor interest, and regulatory liberalization as primary drivers.
In a sign of continued M&A momentum in Saudi Arabia, the General Authority for Competition approved a record 202 economic concentration requests in January, reflecting the Kingdom’s efforts to strengthen its competitive business environment.
Economic concentration approvals are required for mergers and acquisitions to ensure they do not create monopolies or disrupt market competition.
Sectoral breakdown
The materials sector dominated MENA-targeted M&A activity by value in the first half of the year, accounting for 67 percent of total deal value at $32.1 billion, largely driven by the UAE's ADNOC-OMV merger involving Borouge and Borealis, according to the latest LSEG report.
The financial sector followed with deals worth $3.3 billion, while the consumer products and services sector recorded $2.9 billion in transactions. The high technology and industrials sectors saw activity totaling $2.6 billion and $2.3 billion, respectively.
The UAE was the top target country, drawing $39.8 billion in M&A inflows. Shutterstock
M&A in the energy and power sector reached $2.2 billion during the same period.
London-based financial services group Rothschild led the MENA financial adviser league table for announced M&A deals in the first half, advising on transactions worth a combined $76.1 billion.
Equity capital markets
Equity and equity-related issuance in the MENA region totaled $7.6 billion in the first six months of the year, representing a 57 percent decline in value compared to the same period in the previous year.
Initial public offerings accounted for 59 percent of the total, while follow-on issuances made up the remaining 41 percent.
A total of 25 IPOs were recorded — two more than during the same period in 2024 — marking the highest such tally since 2008.
Collectively, these IPOs raised $4.5 billion, representing a 25 percent rise compared to the previous year.
“Low-cost airline flynas raised $1.1 billion in its stock market debut on Saudi Arabia’s main Tadawul exchange in May, the largest IPO in the region so far this year,” said LSEG.
A June report by Forbes Middle East said that Saudi Arabia’s equity capital market maintained strong momentum in the first half, with six companies raising a combined $2.8 billion through initial public offerings on Tadawul.
The rise in the Kingdom’s IPO pipeline aligns with broader financial reforms, as the Capital Market Authority has introduced new frameworks, including regulations for special purpose acquisition companies, to expand funding avenues and enhance private sector participation.
The LSEG report said proceeds raised from follow-on offerings reached $3.1 billion during the first quarter, largely boosted by Abu Dhabi's ADNOC Gas’s $2.8 billion share sale in February.
The energy and power sector led activity, with issuers raising a combined $2.8 billion, accounting for 38 percent of total equity capital raised in the region, followed by the real estate sector at 20 percent.
HSBC topped the MENA equity capital markets underwriting league table for the first half, with a 15 percent market share, followed by EFG Hermes at 11 percent.
Low-cost airline flynas raised $1.1 billion in its stock market debut on Saudi Arabia’s main Tadawul exchange in May. Shutterstock
Debt capital markets
MENA bond issuance totaled $86.8 billion in the first half, representing a 17 percent increase over the same period last year and marking the highest first-half total since 1980.
The number of bond issues also rose 17 percent year on year, surpassing all previous first-half records.
Saudi Arabia was the most active issuer, accounting for 52 percent of total bond proceeds, followed by the UAE at 25 percent, and Qatar at 8 percent.
Earlier this month, a report by S&P Global said Saudi Arabia’s domestic corporate bond and sukuk markets are poised for further growth, driven by Vision 2030 investments and ongoing regulatory reforms.
In April, Fitch Ratings reported that Saudi Arabia’s debt capital market reached $465.8 billion by the end of March, a 16 percent year-on-year increase, with sukuk making up 60.4 percent of the total.
The Kingdom’s debt market is expected to surpass $500 billion in outstanding value by the end of 2025, supported by strong economic fundamentals, diversified funding strategies, and continued progress under Vision 2030.
LSEG also said Islamic bonds in the region raised $32.2 billion in the first half — an all-time record for the period — representing a 14 percent increase over last year.
Sukuk accounted for 37 percent of total bond proceeds raised in the region, slightly down from 38 percent during the same period in 2024.
The materials sector dominated MENA-targeted M&A activity by value in the first half of the year, largely driven by the UAE’s ADNOC-OMV merger involving Borouge and Borealis. Shutterstock
HSBC led the MENA bond bookrunner rankings, handling $8.9 billion in proceeds, or a 10 percent market share in the first half.
Investment banking fees
LSEG estimated that $773.7 million in investment banking fees were generated in the MENA region, a 2 percent decline from the same period in 2024, but still the third-highest first-half total since 2000.
Debt capital markets underwriting fees rose 20 percent year on year to $278.9 million in the first six months.
However, equity market underwriting fees dropped to a two-year low of $169.9 million, reflecting an 18 percent year-on-year decline.
“Advisory fees earned from completed M&A transactions totalled $191 million, 52 percent more than the value registered last year at this time and the highest first-half total since 2022,” said LSEG.
According to the report, Saudi Arabia accounted for 41 percent of all MENA investment banking fees, followed by the UAE at 35 percent, and Qatar at 7 percent.
HSBC earned the most investment banking fees in the region, collecting $64 million, or an 8 percent share of the total fee pool.
Saudi POS spending up 5% in early July driven by hotel sector
Hotels led the growth, up 22.7% to SR260.74 million
Telecommunication division recorded 9.8% increase in transaction value to SR136.09 million
Updated 41 min 16 sec ago
Miguel Hadchity
RIYADH: Saudi Arabia’s point-of-sale transactions climbed 5 percent to SR14.3 billion ($3.81 billion) in the week ending July 5, driven by increased spending across multiple sectors.
The latest data from the Kingdom’s central bank, also known as SAMA, showed that hotels led the growth, registering the largest jump in transaction value, up 22.7 percent to SR260.74 million.
The sector also saw an 18 percent rise in the number of transactions, reaching 802 million.
According to SAMA’s bulletin, the telecommunication division followed, recording a 9.8 percent increase in transaction value to SR136.09 million.
Public utilities spending ranked next, rising 8.8 percent to SR56.92 million, with transactions up 7.2 percent to 740 million.
Food and beverages — responsible for the largest share of total POS value among the defined categories — recorded a 6.9 percent increase to SR2.13 billion.
Transportation spending rose 4.1 percent to SR776.28 million, while restaurants and cafes saw a 3.5 percent increase, totaling SR1.95 billion and claiming the second-biggest share of this week’s POS.
Miscellaneous goods and services claimed the third-largest share of the total transaction value, with an uptick of 8.6 percent to SR1.79 billion.
The smallest spending gains were in gas stations, rising by 1.1 percent to SR974.03 million, and electronics, which increased by 3 percent to SR187.56 million.
The health and furniture sectors also saw upward changes, increasing by 3.7 percent and 8 percent to reach SR871.34 million and SR289.99 million, respectively.
On the downside, spending on education dipped by 33.5 percent to SR141.12 million, followed by a 6 percent decrease in spending on jewelry.
Recreation and culture followed the trend, falling 2.3 percent to SR287.79 million.
Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.87 billion, a 3.9 percent increase from the previous week.
Jeddah followed with a 6.8 percent rise to SR2.06 billion, while Dammam ranked third, up 1 percent to SR680.17 million.
Tabuk saw the smallest increase, inching up 0.1 percent to SR278.76 million, followed by Khobar with a 0.5 percent uptick to SR387.48 million.
Hail recorded 4.21 million deals in transaction volume, up 6.4 percent, while Makkah reached 8.9 million transactions, rising 8.8 percent.
Saudi Arabia’s FII conference organizer plans IPO: report
RA&A working with banks to prepare for possible listing by next year
Richard Attias would remain shareholder after any potential transaction and stay on as chairman
Updated 09 July 2025
Nirmal Narayanan
RIYADH: Richard Attias and Associates, the organizer of Saudi Arabia’s Future Investment Initiative summit, is planning for a potential initial public offering, according to a report.
Founder and Chairman of RA&A Richard Attias told Bloomberg in an emailed response that the events and advisory firm is currently working with banks, including Evercore Inc., to prepare for a possible listing as soon as next year.
FII is widely considered as one of the flagship investment events in the Kingdom, where world leaders and industry experts gather to discuss opportunities and challenges across the global financial landscape.
Attias has been a prominent speaker at FII events, where Saudi Arabia showcases its Vision 2030 ambitions to position itself as an international business destination by the end of the decade.
Citing Attias, Bloomberg reported that “he would still remain a shareholder after any potential transaction and stay on as chairman of the board. No final decisions have been made.”
Participants attend the annual Future Investment Initiative conference in Riyadh on Oct. 29, 2024. AFP
Sanabil, the investment arm of the Kingdom’s Public Investment Fund, currently owns about 75 percent of RA&A, while Attias possesses the remaining stake.
He is currently the chairman of the executive committee at the FII institute, a non-profit run by Saudi Arabia’s sovereign wealth fund.
In February, the FII Institute hosted its Priority Summit in Miami, which featured an address from US President Donald Trump.
Trump’s keynote speech underscored the need for strategic investments that generate both financial returns and long-term social impact.
“Today, it is a tremendous honor to become the first American president to address the Future Investment Initiative Institute,” said Trump at the event.
US President Donald Trump speaks at FII PRIORITY Miami 2025 Summit at the Faena Hotel and Forum in Miami Beach, Florida, Feb. 19, 2025. AFP
He added: “I come today with a simple message for business leaders from all across the nation and all around the world. If you want to build the future, push boundaries, unleash breakthroughs, transform industries, and make a fortune.”
The eighth edition of FII, held in Riyadh last year, featured over 500 speakers and facilitated more than 200 sessions, including plenary discussions, breakouts, and conclaves, addressing economic stability, geopolitical tensions, and equitable development.
Since its launch in 2017, the FII Institute has been organizing annual events in Riyadh. Over the years, the program has emerged as one of the flagship conferences in the financial sector.
Founded in 2008, RA&A currently employs over 100 people worldwide, providing ideas, connections, and platforms to guide its clients, which include corporations, governments, NGOs, and nonprofits, according to its LinkedIn profile.
Iraq nears completion of Grand Faw Port, launches $600m Baghdad airport tender
Work on the flagship port project has reached key milestones
The $400–600 million airport investment will be fully privately financed
Updated 09 July 2025
Miguel Hadchity
RIYADH: Iraq’s transport landscape is set for a major upgrade as it nears completion of its Grand Faw Port and launches a $600 million tender to redevelop Baghdad Airport through private investment.
The Ministry of Transport said in a statement that work on the flagship port project has reached key milestones, despite ongoing challenges.
The progress on these infrastructure projects aligns with Iraq Vision 2030, which aims to diversify the economy, reduce oil dependency, and boost non-oil sectors like logistics and tourism for long-term growth.
Farhan Al-Fartousi, director general of the General Co. for Ports of Iraq, said that dredging work on the port’s navigation channel is 92 percent complete, while the container yard has reached 94 percent completion. The 63-km access road connecting the port to the national highway network is also finished.
“The submerged tunnel project is going according to what is planned, as the third piece has been successfully completed, and the engineering teams are preparing to start the process of bringing the fourth piece in the coming days, after completing all the necessary technical and logistical recalls,” the release said, citing Al-Fartousi.
The tunnel comprises 10 segments, stretching 2,444 meters in total, with 1,226 meters submerged underwater.
Iraq’s Vision 2030 prioritizes modernizing transport networks, enhancing regional connectivity, and leveraging public-private partnerships. File/AFP
The ministry is finalizing operational procedures for the port, which will soon be submitted to the Cabinet for approval. Once approved, 11 leading global port operators will compete for the management contract.
The ministry said that Container Terminal No. 1 will meet high technical specifications and be operated by a world-class firm, ensuring the port’s success as a strategic regional hub.
The transport ministry also unveiled plans for a public-private partnership to modernize Baghdad International Airport, in collaboration with the International Finance Corp., a World Bank affiliate.
The government has opted for a public-private partnership model to overcome budget constraints and alleviate fiscal pressures, according to a separate ministry statement.
The approach also aims to leverage private-sector expertise to accelerate infrastructure development, improve service quality, and create jobs while driving economic growth.
“This initiative aligns with a broader development strategy and does not entail relinquishing the state’s sovereign role. Rather, it aims to enhance operational efficiency and ensure the delivery of safe, high-quality services to travelers,” the statement said.
The IFC, serving as a non-profit adviser, is supporting Iraq in conducting feasibility studies and organizing a transparent international tender for the project.
Under the agreement, the government will retain control over sovereign functions such as immigration, customs, air traffic control, and fuel storage. The private operator will be responsible for terminal operations, security screening, infrastructure upgrades, logistics systems, ground handling, and air cargo services.
The $400–600 million investment will be fully privately financed, with the airport initially accommodating 9 million passengers annually before expanding to 15 million. Bidding closes in September, and the selected operator will share annual gross revenue with the government. The project is expected to generate at least 12,000 new direct jobs, the statement said.
The progress on Iraq’s Grand Faw Port and Baghdad Airport redevelopment aligns with the broader goals outlined in the country’s Vision 2030, which emphasizes infrastructure development as a pillar of economic diversification and private-sector growth.
The vision, spearheaded by the Ministry of Planning, prioritizes modernizing transport networks, enhancing regional connectivity, and leveraging public-private partnerships to overcome fiscal constraints, mirroring the airport project’s model.
The vision’s “Diversified Economy” pillar calls for advanced infrastructure to stimulate trade and job creation, while its governance reforms stress transparency in tenders, as seen in the IFC-backed airport bid.
