Most Important News

1. Industry Ministry Issues 37 New Mining Licenses in May;
2. GAS Seeks Transition to Main Market;
3. Fourth Milling Confirms Ongoing Government Support;

1. Market Summary

On Wednesday, Saudi Arabia’s Tadawul All Shares Index(TASI.SA) fell by 56.67 points, or 0.51%, closing at 11,038.74. In contrast, the Kingdom’s parallel market, Parallel Market Capped Index (NomuC)(NOMUC.SA), rose by 43.62 points, or 0.16%, to finish at 27,345.08.

Following the turmoil over Fed Chair Powell's rumored dismissal, US stocks experienced brief volatility before recovering. The major indices closed slightly higher: the S&P 500 index(SPX.US) rose 0.32% to 6263.7 points; the NASDAQ(IXIC.US) gained 0.25% to 20730.49 points; and the Dow Jones Industrial Average(DJI.US) increased 0.53% to 44254.78 points.

2. Quick News

Industry Ministry Issues 37 New Mining Licenses in May

The Ministry of Industry and Mineral Resources granted 37 new mining licenses in May 2025, raising the total active licenses to 2,468. According to the National Center for Industrial and Mining Information, the new licenses include 13 for building materials quarries, 9 for exploration, 8 for exploitation, 1 for reconnaissance, and 6 for surplus mineral ores.

Trump TACO Move Sparks Market Volatility

Rumors of Fed Chair Powell's dismissal spread after Trump's White House dinner with Republicans, aimed at advancing a cryptocurrency bill. On Wednesday, US stocks, the dollar, and gold prices plunged. Trump denied plans to fire Powell, stating it was unlikely unless fraud was involved. Wall Street supported Powell, stressing Fed independence. This incident was labeled a classic "Trump TACO" (Trump Always Chickens Out) maneuver, reflecting his pattern of retreating from bold claims.

3. Stocks To Watch

KSA Stocks

GAS Seeks Transition to Main Market

Gas Arabian Services Co.(9528.SA) ($GAS) has applied to move from the Nomu-Parallel Market to the Main Market, as announced on July 17. The application was submitted online per regulatory requirements, and updates will be provided as needed. The board approved this transition in January 2024. $GAS was initially listed on Nomu on February 7, 2022, with a capital of SAR 158 million.

Al Moammar Secures Major Project with Saudi Data Authority

Al Moammar Information Systems Co.(7200.SA) (MIS) announced winning a project with the Saudi Authority for Data and Artificial Intelligence valued at SAR 42,929,968, inclusive of VAT. The award was made on July 16, with the contract signing expected by August 17. The project involves providing and developing IT services, with no related parties or additional information disclosed.

Fourth Milling Confirms Ongoing Government Support

Fourth Milling Co.(2286.SA)(MC4) announced continued government support for subsidized wheat pricing as per existing policies. The commitment period ended on July 12, 2025, with no changes from the General Food Security Authority. The company appreciates efforts to enhance market stability and food security, reaffirming its commitment to maximizing the impact of subsidies. Updates will be disclosed as necessary.

MESC Secures AED 120M Facility from FAB

Middle East Specialized Cables Co.(2370.SA) (MESC) announced that its subsidiary, MESC Ras Al Khaimah, obtained an AED 120 million (US$33 million) Shariah-compliant credit facility from First Abu Dhabi Bank. The financing, maturing on May 31, 2026, is backed by a promissory note, insurance proceeds, and plant and machinery pledges. Effective July 16, 2025, the facility will support working capital, guarantees, and capital expenditures.

SAICO Reappoints Leadership and Forms Committees

Saudi Arabian Cooperative Insurance Co.(8100.SA) (SAICO) has reappointed Prince Ahmed Al-Saud as Chairman and Abdulaziz Abussuud as Vice Chairman, both non-executive roles. Abdulrahman Al-Saad was named Board Secretary. The company established several board-level committees, including Executive, Nominations and Remuneration, Risk Management, Investment, and Audit. The Audit Committee is chaired by Saleh Al-Helaissi, with Feras Al-Harbi and Khalid Al-Bawardi as independent members.

USA Stocks

Circle Surges as House Advances Crypto Bill Amid Legislative Stalemate

Stablecoin company Circle(CRCL.US) soared 19.39% following the procedural passage of a cryptocurrency bill in the US House on Wednesday. However, reports indicate that legislators aim to bundle three separate crypto laws, causing a legislative deadlock. Meanwhile, several US-listed companies holding Ethereum saw significant gains: SharpLink Gaming Ltd. - Ordinary Shares(SBET.US)jumped 29.03%, and BitMine Immersion Technologies Inc Ordinary Shares(BMNR.US) rose 12.11%.

Tesla Shares Rise Over 3% on New Model Y L Announcement

Tesla Motors, Inc.(TSLA.US) shares increased by more than 3% as it revealed the six-seater Model Y L in China, appearing in the Ministry of Industry and Information Technology's latest vehicle list. Tesla China indicated on Weibo that the model would launch in autumn. Insiders expect it to be available in the third quarter, with an estimated price of around CNY400,000. The Chinese market remains a key growth driver for Tesla.

4. Saudi Stock Calendar