Key Takeaways

1. Saudi-UK Trade Thrives With 60+ Initiatives in 13 Sectors;
2. Middle East IPOs on Track for Sustained Growth, Led by Tadawul;
3. Fakeeh Care Group’s IPO Set at 57.5 Riyals/Share;

I. Market Recap

Saudi Arabia's Tadawul All Shares Index(TASI.SA) decreased by 1.13% and the Parallel Market Capped Index (NomuC)(NOMUC.SA) decreased by 0.75% on Tuesday. Al-Jouf Agricultural Development Co.(6070.SA) emerged as the top performer, while Saudi Public Transport Co.(4040.SA) witnessed the most significant drop.

As of Tuesday’s close, the S&P 500 index(SPX.US) increased by 0.48%, the NASDAQ(IXIC.US) rose by 0.75%, and the Dow Jones Industrial Average(DJI.US) increased by 0.32%.

II. Flash Headlines

Saudi-UK Trade Thrives With 60+ Initiatives in 13 Sectors

Saudi-UK partnerships span over 60 initiatives in 13 sectors, with trade increasing by a third since 2018. At the GREAT Futures Initiative Conference, Saudi Commerce Minister Majid Al-Qasabi reported trade exceeding £79 billion from 2018 to 2023. The UK holds over 1,100 investment licenses in Saudi, boosted by mega-projects and reforms. In 2022, UK investment in Saudi reached £4.3 billion.

Middle East IPOs on Track for Sustained Growth, Led by Tadawul

Middle East IPOs are set for a strong year after Q1 gains, with the Saudi Stock Exchange leading the activity in the GCC, reports PwC. Holding the majority of new listings in the region, Tadawul saw three IPOs raise $667 million in the primary market and six in the secondary market totaling $57 million.

III. Stocks To Watch

SA snapshot

Mouwasat Medical Services Qtrly Profit Rises

Mouwasat Medical Services Co.(4002.SA) reported a quarterly net profit of 171.58 million riyals, up from 166.61 million riyals the previous year. The company’s quarterly sales also increased to 722.78 million riyals from 664.22 million riyals year-on-year.

Arabian Pipes Signs off Contract With Saudi Aramco

Arabian Pipes Co.(2200.SA) has signed a contract with Saudi Aramco valued at approximately 107 million Saudi Riyals. The contract, which spans 10 months, is for the supply of steel pipes.

Fakeeh Care Group’s IPO Set at 57.5 Riyals/Share

Saudi Arabia’s Fakeeh Care Group set its IPO price at 57.5 riyals per share, the maximum in the indicative range, valuing the company at 13.3 billion riyals ($3.6 billion). The offering raised 2.9 billion riyals in a robust healthcare listing streak on the Saudi Exchange, following Dr Sulaiman Al Habib, Al Nahdi Medical, and Jamjoom Pharmaceuticals.

USA snapshot

Google Launches New Search Engine With Generative AI Features

Alphabet Inc. Class A(GOOGL.US) and Alphabet Inc. Class C(GOOG.US) announced on Tuesday the launch of a new version of their search engine that incorporates AI-generated search results. This marks one of the most significant overhauls since the iconic internet portal was established. Google revealed at its annual I/O developer conference that the AI-powered search engine with AI Overviews would roll out to US users this week and to more countries in the coming months.

Bridgewater’s US Stock Portfolio Peaks at $17.9B With Big Tech Bets

The 13F filing reveals that as of March 29, 2024, Bridgewater’s total US stock holdings reached $17.9 billion, the highest level in a year, showing a significant increase from $16.5 billion the previous quarter. Bridgewater added to its positions in Alphabet Inc. Class A(GOOGL.US) during the first quarter and took new long positions in Amazon.com, Inc.(AMZN.US) and Advanced Micro Devices, Inc.(AMD.US). The firm increased its weight in technology stocks the most, while decreasing its position in consumer stocks the most.

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This newsletter is written and edited by Selena from Sahm News Team