Most Important News

1. Arabian Pipes Co. Announces Contracts Sign Off with Saudi Aramco;
2. CMA Reports 33 Outstanding IPO Applications in Q1 2026;
3. Solutions Secures Major Contract with stc;
4. Snowflake and Okta Earnings Spark Software Sector Rebound;

On the last trading day before Eid al-Adha, the Tadawul All Shares Index(TASI.SA) increased by 0.38%, closing at 11,027.54 points. Meanwhile, the Parallel Market Capped Index (NomuC)(NOMUC.SA) gained 0.55%, ending at 22,905.5 points.

On Friday, US stock markets saw modest gains, with the S&P 500 index(SPX.US) rising 0.22%, the Dow Jones Industrial Average(DJI.US) up 0.72%, and the NASDAQ(IXIC.US) increasing 0.21%. The S&P 500 index(SPX.US) achieved a nine-week winning streak, marking its longest consecutive weekly gain since December 2023.

AI server manufacturers surged, led by Dell Technologies, Inc. Class C(DELL.US) (+33%), Advanced Micro Devices, Inc.(AMD.US) (+11%), and Hewlett Packard Enterprise Co.(HPE.US) (+13%). SaaS stocks extended their strong rally, with ServiceNow, Inc.(NOW.US) (+14%), Salesforce.com, inc.(CRM.US) (+8%), Adobe Systems Incorporated(ADBE.US) (+7%), and Microsoft Corporation(MSFT.US) (+5%) posting notable gains. Meanwhile, space stocks saw a pullback, with AST SPACEMOBILE INC(ASTS.US) (-15%), Rocket Lab(RKLB.US) (-3%), and EchoStar Corporation Class A(SATS.US) (-1%) declining.

Trump Delays Final Decision on Iran Deal

Reports indicate Trump believes the US and Iran are close to an agreement, yet unresolved issues remain, including unfreezing Iranian funds. On May 29, Eastern Time, Trump held a two-hour meeting without concluding. He reiterated demands on social media: Iran must abandon nuclear ambitions, and the Strait of Hormuz must open. Iran refuted these claims, stating negotiations are ongoing without a final consensus.

Oil Prices Decline, Posting Sharp Weekly and Monthly Losses

Oil prices fell sharply on Friday, capping steep weekly and monthly losses as optimism grew over a potential resolution to the Middle East conflict and the reopening of the Strait of Hormuz. Brent crude dropped 12% this week, its worst weekly decline since early April, and fell 16% in May. West Texas Intermediate (WTI) crude slid 9.5% for the week and 14.5% for the month. U.S. President Donald Trump commented on Truth Social, urging Iran to abandon nuclear ambitions and signaling progress in resolving the crisis.

CMA Reports 33 Outstanding IPO Applications in Q1 2026  

Saudi Arabia's Capital Market Authority (CMA) reported 33 outstanding IPO applications in Q1 2026, down from 45 in Q4 2025. TASI accounted for 10 applications, while Nomu had 23. The CMA approved five IPOs—three for TASI and two for Nomu. TASI saw one listing, Saleh Abdulaziz Al Rashed and Sons Co., debuting in the Materials sector at SAR45 per share in March. Nomu had no listings. 

KSA Stocks

Arabian Pipes Co. Announces Contracts Sign Off with Saudi Aramco

Arabian Pipes Co.(2200.SA) announced signing contracts with Saudi Arabian Oil Co.(2222.SA) to manufacture and supply steel pipes, valued at approximately SAR 62 million. The contract, signed on May 21, 2026, spans 10 months and is expected to impact financial results in Q4 2026 and Q1 2027.

BinDawood Holding Reports Limited Data Breach

BinDawood Holding Co.(4161.SA) announced a limited breach of customer order data through its app, affecting BinDawood Superstores. The company assured that core systems and operations remain unaffected. The breach has been contained, according to a statement to Tadawul.

Bupa Arabia Renews Health Insurance Contract with SABIC

Bupa Arabia for Cooperative Insurance Co.(8210.SA) has announced the renewal of its contract with Saudi Basic Industries Corp.(2010.SA) (SABIC) to provide health insurance for SABIC employees and their families. The contract, effective from July 4, 2026, is expected to contribute over 5% of Bupa Arabia's 2026 annual Gross Written Premium (GWP). This renewal is anticipated to positively impact the company's financial results for 2026 and 2027.

SGS Secures SAR 6.3B Contract with Saudia

Saudi Ground Services Co.(4031.SA) announced it received a SAR 6.3 billion contract from Saudi Arabian Airlines (Saudia) to provide ground handling, ramp, and passenger services for both domestic and international flights across all airports in the Kingdom. The award letter was received on May 21, 2026, as stated in a Tadawul filing.

Solutions Secures Major Contract with stc

Arabian Internet and Communications Services Co.(7202.SA) has signed a SAR 484,785,324 contract with Saudi Telecom Co.(7010.SA) to enhance internet and communications networks. The 36-month project includes expanding internal networks, upgrading infrastructure for 5G services, and establishing new data centers in several cities. Financial impacts will be reflected from Q3 2026. Stc, owning 79% of Solutions, is a related party in this deal.

Saleh Al Rashed Signs Supply Agreement with FCC-AlMabani JV

Saleh Abdulaziz Al Rashed and Sons Co.(1324.SA) has signed a deal with the FCC-AlMabani joint venture to supply construction aggregates. The agreement, exceeding 5% of the company's 2025 revenues (SAR 36.98 million), is valid for four months and will boost revenue starting Q3 2026. Supplies will meet approved specifications and timelines, with no related parties involved.

Umm Al Qura Cement OGM Approves no Dividend for 2025

Shareholders of Umm Al-Qura Cement Co.(3005.SA) approved the board's recommendation not to distribute a cash dividend for 2025 during the ordinary general meeting on May 21. Additionally, the board was authorized to distribute interim dividends for the fiscal year 2026. 

USA Stocks

Snowflake and Okta Earnings Spark Software Sector Rebound

Strong earnings from Snowflake(SNOW.US) and Okta(OKTA.US) have eased fears of AI disrupting the software industry. Snowflake(SNOW.US) surged nearly 50% in four days after announcing a US$6 billion deal with Amazon and raising its full-year guidance. Okta(OKTA.US) jumped 30% in a single day, driven by rising demand for identity security in the age of agentic AI. The iShares Expanded Tech-Software Sector ETF(IGV.US)  rose 21% in May, its best monthly gain since October 2001.

NVIDIA Teases New PC Chip Ahead of ComputeX Conference

NVIDIA Corporation(NVDA.US) has hinted at the launch of a new Windows PC chip, potentially challenging Intel Corporation(INTC.US) and Advanced Micro Devices, Inc.(AMD.US). A cryptic social media post shared by Microsoft Corporation(MSFT.US) and Arm Holdings(ARM.US) suggests a shift towards the Arm architecture in the Windows PC market. This move could introduce a new competitor to Qualcomm's Snapdragon X series, impacting the current PC processor landscape. NVIDIA's announcement is expected at ComputeX, with CEO Jensen Huang's keynote scheduled for Monday.