Most Important News

1. Saudi Arabia sets new unemployment rate target of 5% by 2030;
2. Saudi Arabia, Pakistan in talks on refinery upgrades, greenfield project;
3. Tamkeen Debuts on Saudi Exchange “Tadawul,” Surges 30% on First Day;

1. Market Summary

Saudi Arabia's Tadawul All Shares Index(TASI.SA) decreased by 1.24% and the Parallel Market Capped Index (NomuC)(NOMUC.SA) decreased by 1.43% on Wednesday. Tamkeen Human Resource Co.(1835.SA) emerged as the top performer, while Saudi Cable Co.(2110.SA) witnessed the most significant drop.

As of Wednesday’s close, the S&P 500 index(SPX.US) decreased by 0.38%, the NASDAQ(IXIC.US) fell by 0.59%, and the Dow Jones Industrial Average(DJI.US) decreased by 0.31%.

2. Quick News

Saudi Arabia sets new unemployment rate target of 5% by 2030

Saudi Arabia has adjusted its Vision 2030 unemployment target from 7 percent to 5 percent by 2030, an update announced by the Minister of Human Resources and Social Development, Ahmed Al-Rajhi, at the Budget Forum 2024. Al-Rajhi stated that Saudi unemployment has decreased from 12.8 percent in 2018 to 7.1 percent, surpassing the previous goal six years early. This revised target reflects the country’s commitment to strengthening its labor market and advancing economic diversification.

Saudi Arabia, Pakistan in talks on refinery upgrades, greenfield project

Saudi Arabia plans to enhance its strategic partnership with Pakistan through discussions on refinery upgrades and a new greenfield refinery for producing petroleum products, as stated by Pakistan’s Minister of State for Petroleum, Musadik Malik. Malik, speaking at the World Investment Conference in Riyadh, highlighted potential energy collaboration, including a bilateral agreement to connect the power grids of both countries. The partnership involves exploring future energy needs, particularly in renewables, and Malik mentioned two projects under consideration: the modernization of existing refineries and the construction of a new greenfield refinery.

3. Stocks To Watch

KSA Stocks

Eastern Development Company’s Q3 Profits Skyrocket by 3313%, Achieves Turnaround in 2024

Ash-Sharqiyah Development Co.(6060.SA) reported a significant increase in third-quarter net profits for 2024 on the “Tadawul” website, with a rise to about 6 million riyals from 175.82 thousand riyals in the same quarter of the previous year, marking a 3313% increase. The surge in net profit is attributed to gains from acquiring a subsidiary. Additionally, the company achieved profitability in the first nine months of 2024, with a net profit of 8.78 million riyals, reversing the losses from the same period in 2023.

Tamkeen’s trading on the Saudi Stock Exchange “Tadawul” started yesterday, with a 30% increase on the first day

Aljazira Capital reports that while Tamkeen Human Resource Co.(1835.SA) is on a robust profit growth path in a burgeoning market, rising competition could pose a challenge. The company’s corporate sector revenues grew by 19% annually from 197 million Riyals in 2021 to 277 million Riyals in 2023, alongside individual sector revenues expanding at a 16% annual rate from 162 million Riyals to 219 million Riyals over the same period.

USA Stocks

U.S. antitrust regulators have initiated a broad investigation into Microsoft, including its AI products

The United States Federal Trade Commission (FTC) has launched an antitrust investigation against Microsoft Corporation(MSFT.US), covering various aspects including cloud computing, software licensing, cybersecurity products, and artificial intelligence products. According to insiders, after more than a year of informal interviews with competitors and business partners, the antitrust enforcement agency has drafted a detailed request compelling Microsoft to hand over information. A source stated that this request, which spans hundreds of pages, has been sent to Microsoft following the signature of FTC Chair Lina Khan.

Dell’s shares dropped over 12% due to third-quarter revenue and forecasts missing expectations

Dell Technologies Inc.(DELL.US)’s financial results for the third quarter of fiscal year 2025 show a revenue of $24.366 billion, a 9.51% increase year-over-year, but below the expected $24.65 billion. During the period, by business segment, the Customer Solutions business, including enterprise and consumer PC sales, experienced a 1% year-over-year revenue decline to $12.1 billion, missing the average analyst forecast. Meanwhile, the Infrastructure Solutions business saw a year-over-year revenue increase of 34% to $11.4 billion, slightly above the analysts’ average expectation of $11.3 billion.

4. Saudi Stock Calendar