Most Important News

1. OECD Forecasts 1.8% Growth for Saudi Economy in 2025;
2. CMA Implements GCC Investment Funds Passporting Regime;
3. Nvidia Reclaims Top Market Cap Spot;

1. Market Summary

On Tuesday, Saudi Arabia's Tadawul All Shares Index(TASI.SA) fell by 17.66 points, or 0.16%, closing at 10,832.43. Meanwhile, the Kingdom's parallel market, Parallel Market Capped Index (NomuC)(NOMUC.SA), rose by 65.84 points to finish at 27,049.84.

By Tuesday's close, the Dow Jones Industrial Average(DJI.US) increased by 0.51% to 42,519.64 points. The S&P 500 index(SPX.US) rose 0.58%, reaching 5,970.37 points, while the NASDAQ(IXIC.US) climbed 0.81% to 19,398.96 points.

2. Quick News

OECD Forecasts 1.8% Growth for Saudi Economy in 2025

The OECD projects Saudi Arabia's economy to grow by 1.8% in 2025, accelerating to 2.5% in 2026. Global growth forecasts were revised down to 2.9% for both years, citing trade barriers and rising political uncertainty as key challenges.

CMA Implements GCC Investment Funds Passporting Regime

The Capital Market Authority (CMA) has launched the GCC Funds Passporting Regime, effective from early 2025. This framework standardizes investment fund registration and promotion across GCC states, enhancing cross-border operations and financial market integration. It mandates responsibilities for fund managers, streamlines fund movement, and requires compliance with host country laws. The initiative aims to boost market liquidity, competitiveness, and investment growth in the region.

Saudi Chemical Exports Rise 3% in March

Saudi Arabia's chemical exports grew 3% YoY to SAR 6.9 billion in March 2025. Compared to March 2024, exports increased by SAR 1.2 billion, or 20%. India and China were top importers, accounting for 16% and 12%, respectively.

US Raises Steel and Aluminum Tariffs to 50%

The White House announced that President Trump has increased tariffs on imported steel and aluminum by 50%, effective June 4, 2025. Tariffs on imports from the UK remain at 25%. Starting July 9, adjustments can be made based on the Environmental Policy Statement, including raising tariffs to 50% if the UK fails to comply with its provisions.

3. Stocks To Watch

KSA Stocks

Saudi National Bank Completes SAR1.73 Billion Sukuk Offering

The Saudi National Bank(1180.SA) announced the completion of its SAR1.73 billion additional Tier 1 sukuk issuance. Settlement is set for June 3, 2025. The sukuk offers a 6% annual yield until June 2030, with potential early redemption under specific conditions. The issuance includes 1,730 sukuk, each valued at SAR1 million, and allows for yield adjustments every five years.

Lock-up Period Ends for eXtra's United International Shares

The lock-up period for United Electronics Co.(4003.SA)'s sale of its 70% stake in United International Holding Co.(4083.SA) ended on June 2. Following the six-month post-IPO restriction, eXtra can now sell shares without CMA approval. eXtra holds 17,250,000 shares, representing 69% ownership.

Alinma Bank Reappoints Chairman and Vice Chairman

Alinma Bank(1150.SA) reappoints Abdulmalik Al-Hogail as Chairman and Saad Alkroud as Vice Chairman. The appointments, approved by SAMA, are for a three-year term starting May 21, 2025, until May 20, 2028.

Sumou Secures SAR 562.5M Madinah Project Contract

Sumou Real Estate Co.(4323.SA) signed a SAR 562.5M contract on June 3 for infrastructure and construction of the SEDCO Capital Sumou project in Madinah, covering 268,800 square meters. The 24-month agreement, with Jawhara Investment, starts once the General Real Estate Authority issues the project license. Sumou expects the project to positively impact its financial results from its commencement.

Cenomi Centers Receives A- Rating from Tassnief

Fawaz Abdulaziz Alhokair Co.(4240.SA) has been assigned a long-term rating of A- and a short-term rating of T-3 by SIMAH Rating Agency (Tassnief). These ratings indicate high creditworthiness and low credit risk.

Saudi German Health Extends Digital Transformation Contract

Middle East Healthcare Co.(4009.SA) announced an extension of its digital transformation contract with Afkar Al-Holoul Consulting (Megamind) for five more years, approved on June 2. The SAR 382.94M contract, originally signed in 2021, covers software implementation, maintenance, and license fees. The extension aligns with current market rates and operational needs, with no cost changes. Board members have indirect interests in Megamind, and shareholder approval is pending.

USA Stocks

Nuclear Sector Stocks Surge

The nuclear sector continued its strong performance, with Nine Energy Service(NINE.US) and Energy Fuels Inc Warrant 2016-20.09.2021 on Shs Energy Fuels(UUUU.WT.US) both rising nearly 15%, and Uranium Energy (UEC) gaining over 11%. This comes as Meta Platforms(META.US) signed a 20-year agreement with Constellation Energy Group Inc.(CEG.US), the largest nuclear power plant owner in the US, to meet the growing electricity demand driven by the AI boom.

CoreWeave Surges Amid New Agreement

On Tuesday, CoreWeave(CRWV.US)  jumped over 25%, marking a 238% increase since its listing. The company, closely linked to NVIDIA Corporation(NVDA.US), signed a new AI data center lease agreement with Applied Digital(APLD.US). These leases will provide CoreWeave with 250 megawatts of critical IT load, expected to generate around $7 billion in revenue for Applied Digital over the contract's duration.

Nvidia Reclaims Top Market Cap Spot

NVIDIA Corporation(NVDA.US) surpassed Microsoft Corporation(MSFT.US) on Tuesday, regaining its position as the world's highest market cap company for the first time since January. The AI chipmaker's stock rose over 3% to $141.40, with a nearly 24% surge in the past month. Despite export controls and tariff concerns, Nvidia's growth momentum continues unabated.

4. Saudi Stock Calendar