Most Important News

1. Saudi Arabia Ranks High Among Emerging Markets: HSBC;
2. ACWA Power Completes Rights Subscriptio;
3. Lucid Warns of Rising Car Prices Due to Tariffs;

1. Market Summary

On Tuesday, Saudi Arabia’s Tadawul All Shares Index(TASI.SA) fell by 118.18 points, or 1.05%, closing at 11,095.41. The parallel market, Parallel Market Capped Index (NomuC)(NOMUC.SA), also dropped 55.43 points, ending at 27,301.46.

U.S. stock markets closed mixed, the S&P 500 index(SPX.US) briefly surpassed 6300 points for the first time but ended down 0.4% at 6243.76. The NASDAQ(IXIC.US) Index rose 0.18% to 20677.8, while the Dow Jones Industrial Average(DJI.US) fell 0.98% to 44023.29.

2. Quick News

Saudi Arabia Ranks High Among Emerging Markets: HSBC

Camille Asmar from HSBC noted that GCC markets, including Saudi Arabia, have shown resilience amid global volatility. Saudi Arabia's ranking has risen on emerging market indices, surpassing Brazil. At HSBC's GCC Exchanges Conference, Asmar highlighted unique opportunities in the GCC's SME sector and privatization efforts, which attract international investors due to reduced geopolitical risks.

Saudi Arabia Raises $1.34 Billion via July Sukuk Issuance

Saudi Arabia’s National Debt Management Center raised SR5.02 billion (US$1.34 billion) through its July sukuk issuance, marking a 113.6% increase from June. The issuance was divided into four tranches, maturing between 2029 and 2039. Sukuk, offering partial ownership in underlying assets, are a popular alternative to bonds. S&P Global forecasts robust growth in the global sukuk market, with issuances reaching up to $200 billion in 2025.

US Treasury Secretary Optimistic on U.S.-China Trade Talks

US Treasury Secretary Bessent indicated that the deadline for the U.S.-China tariff truce is flexible, easing market concerns. Negotiations are reportedly progressing well, with talks expected in the coming weeks. NVIDIA Corporation (NVDA.US) has stated that the US government has approved its H2O chip export license to China, which Besent confirmed as part of ongoing negotiations with the Chinese government. He emphasized the positive negotiation atmosphere, highlighting mutual interests.

3. Stocks To Watch

KSA Stocks

ACWA Power Completes Rights Subscription Period

The subscription period for ACWA POWER Co.(2082.SA)'s rights shares concludes today, July 16. The company aims to boost capital by 4.63%, increasing from SAR 7.33 billion to SAR 7.66 billion. Offering 33.93 million shares at SAR 210 each, the issue totals SAR 7.13 billion. Proceeds will finance growth, projects, and acquisitions. The trading period ended July 13, with financial advisors including SNB Capital and JPMorgan Saudi Arabia.

Al Yamamah Steel Secures SAR 68.7M Wind Tower Contracts

Al Yamamah Steel Industries Co.(1304.SA) announced on July 15 the signing of two contracts with SEPCOIII Electric Power Construction Co., Ltd., Branch, totaling SAR 68.66 million. The contracts involve supplying steel wind towers to Al Ghat Wind Farm for SAR 35.70 million and Waad Al Shamal Farm for SAR 32.96 million. Deliveries start in August, with financial impacts expected in Q3 2025.

Jamjoom Pharma to Announce Q2 2025 Financials on July 24

Jamjoom Pharmaceuticals Factory Co.(4015.SA) will release its Q2 2025 financial results on July 24 before the Saudi Exchange opens. An earnings call is scheduled for 3 PM KSA time on the same day. Analysts estimate the net profit at SAR 123.32 million. The presentation will be available on the company's investor relations webpage.

USA Stocks

CoreWeave Unveils $6 Billion AI Data Center Investment

Cloud startup CoreWeave(CRWV.US) plans to invest $6 billion in a cutting-edge AI data center in Pennsylvania. This initiative aims to bolster advanced AI capabilities. Following the announcement, CoreWeave(CRWV.US) shares closed up 6.21%.

Tesla Shares Dip Amid Executive Departures

Tesla Motors, Inc.(TSLA.US) closed down nearly 2% at US$310.78 after reports that its North American sales chief, Troy Jones, has left the company. Earlier this month, Omead Afshar, senior VP for North American and European sales and manufacturing, also departed. CEO Elon Musk has since taken direct oversight of sales in these regions.

Lucid Warns of Rising Car Prices Due to Tariffs

Lucid(LCID.US) Group's interim CEO, Marc Winterhoff, has warned that tariffs imposed by US President Donald Trump will raise car manufacturing costs, affecting prices for US consumers. Speaking from Panasonic Holdings' new EV battery plant in Kansas, Winterhoff emphasized the challenges posed by global supply chains. Lucid is collaborating with Panasonic to source more US-based raw materials, but will not use the plant's cells until next year. Despite a partnership since 2022, tariffs have increased costs, previously mitigated by government incentives.

4. Saudi Stock Calendar