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Saudi Arabia's Tadawul index closed muted as investors weighed rising May inflation, a construction-sector rebound, and US-Iran conflict updates.

Asia Markets

Tadawul Shares End Week Higher; Saudi Arabia's Q2 Real GDP Declines

Saudi equities rebounded as they ended the last trading day of July higher, with the market shrugging off the downbeat preliminary data in Saudi Arabia's latest economic release.At the close of Thursday trading, the Tadawul All Share Index closed 0.43% in the green. Tabuk Agricultural Development Co. (SASE:6040), d/b/a Tadco, was the biggest gainer at 10%.Flash data from the General Authority for Statistics showed that real GDP declined 4.8% year over year in the second quarter amid a drop in oil activities during the period. Quarter-over-quarter, the Saudi economy fell 4.9%.In international news, and as expected, the US Federal Reserve decided to keep interest rates in the 3.50% to 3.75% range, with investors expecting a rate hike in September and December."Our US economists' baseline remains that the Fed raises rates by 50bps this year (25bps hikes in September and December). But they think the FOMC is unlikely to take much comfort in yesterday's market reaction, with the rise in long-end rates coupled with the decline in forward real yields suggesting doubts about an imminent return of price stability. I would also add that while aggregate US credit conditions are far from restrictive, aggressive curve steepening could exacerbate existing pockets of vulnerability, such as the lacklustre housing market, as highlighted in my money and credit update earlier this week," Deutsche Bank Research said in a note.Back at home, a new wave of earnings reports were published with Fourth Milling Co. (SASE:2286) and Arabian Mills for Food Products (SASE:2285) posting higher attributable net profit and revenue for the first half of 2026. Multi Business Group (SASE:9619), on the other hand, logged mixed results as it reported a decline in revenue and an increase in net profit.Fourth Milling and Multi Business rose 2.34% and 2.11% at closing, while Arabian Mills ticked down 0.04%.Meanwhile, Abdulaziz and Mansour Ibrahim Albabtin (SASE:9549), d/b/a Al Babtain Food, shares soared 9.88% as it entered into a binding deal to sell its 3% stake in Chocolate Lake for Chocolate and Confectionery Manufacturing to Indulgent Food International Holding.

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Oil Sector Slump Pulls Saudi Arabia's Second-quarter GDP Down
US Markets

Oil Sector Slump Pulls Saudi Arabia's Second-quarter GDP Down

Saudi Arabia's economy contracted 4.8% year over year in the second quarter due to a steep drop in oil activities, flash data from the country's General Authority for Statistics showed Thursday.The contraction reversed the 3% real gross domestic product growth in the first quarter, driven by a 24.7% decline in oil-related operations, which offset modest annual gains of 0.9% in government services and 0.6% in non-oil sectors.By sector, oil activities knocked 5.4 percentage points off real GDP growth. In contrast, non-oil activities added 0.4 percentage points, while government activities and net taxes on products contributed 0.1 percentage points each.Meanwhile, the kingdom recorded a 4.9% quarter-on-quarter fall in seasonally adjusted real GDP for the second quarter, extending the 1.2% downturn in the previous three-month period.The quarterly decline reflected a 21.5% plunge in oil activities and a 0.5% dip in non-oil-related operations, counterbalanced by a minor 0.2% uptick in government activities.The oil industry dragged seasonally adjusted quarterly GDP growth down by 4.5 percentage points, alongside minor negative contributions from the non-oil sector and net product taxes, which eroded gains by 0.3 and 0.1 percentage points, respectively. On the flip side, government activities registered a slight positive contribution of 0.03 percentage points.

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International

Saudi Arabia's Quarterly GDP Down 4.9% in Q2, Flash Data Shows

Saudi Arabia's seasonally adjusted real gross domestic product fell 4.9% on a quarterly basis in the second quarter, compared with a 1.2% decline in the prior three-month period, flash data from the General Authority for Statistics showed Thursday.Annually, the Saudi Arabian economy contracted 4.8% during the three-month period, after a 3% increase in the previous quarter.

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Asia Markets

Saudi Equities Plunge on Wednesday as Middle Eastern Conflict Widens

Saudi Exchange-traded shares tumbled on Wednesday as the widening Middle Eastern conflict pushed the Tadawul All Share Index 1.25% in the red.The US and Saudi Arabia launched joint attacks on Iran-backed targets in Iraq, signaling the potential widening of the war. The strikes were made as retaliation for drone attacks on oil targets in the Saudi Arabian nation, media reports said."After a heavy sell-off in the oil market over the last three days, prices popped higher in early morning trading, with Brent up more than 4% at the time of writing. Renewed strength comes after the US said it intercepted a surprise attack on US troops. Saudi Arabia intercepted drones from Iranian-backed groups in Iraq, which were targeting Saudi energy infrastructure," ING said in a note. "These developments throw cold water on the idea of a swift de-escalation in the Persian Gulf."Further to this, Iran reportedly rejected Oman's proposal on the operations of the Strait of Hormuz, Reuters reported, citing an Iranian official. The source said that the proposal was "unreasonable" since it would not serve the Middle Eastern country's interests.Meanwhile, market watchers are also turning their attention to the US Federal Reserve's rate decision, which is just hours away. Policymakers are expected to hold.Back at home and on the corporate front, SAL Saudi Logistics Services (SASE:4263), First Milling Co. (SASE:2283), and Riyadh Cables Group (SASE:4142) posted their financial results for the first half of 2026. All three stocks reported higher revenue and attributable net profit for the six months ended June 30.SAL Saudi Logistics and First Milling rose 4.53% and 3.55%, respectively. Riyadh Cables, on the other hand, declined 0.87% at closing.

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Asia Markets

Tadawul Shares End Tuesday Lower; Nice One Beauty Digital Marketing Drops

The Tadawul All Share Index closed Tuesday 0.85% in the red as investors keep their eyes on the latest updates regarding the operations of the Strait of Hormuz.Oman reportedly presented a joint regional mechanism proposal for the management of the Strait of Hormuz, Reuters reported, citing a Gulf source. The source said that the regional-backed proposal would not give Iran sole control of the strait, with fees only being voluntary contributions for navigation."And while Iran's Foreign Ministry suggested that no formal negotiations were taking place with the US, we saw continued reporting of talks between Iran and Oman on re-opening the Strait of Hormuz. There was also some more concerning news, not least with Houthi attacks on Saudi oil facilities over the weekend. But overall, the focus on talks sent front-month Brent crude -8.70% lower, while 6-month Brent futures were down -3.29% to $79.67/bbl," Deutsche Bank Research said in a note.Back at home, Mobile Telecommunication Co. Saudi Arabia (SASE:7030), d/b/a Zain KSA, reported mixed results for the first half of 2026. The telecommunications company logged an 84.09% jump in attributable profit, while revenue fell marginally for the six months ended June 30.Nice One Beauty Digital Marketing (SASE:4193), on the other hand, swung to a net loss for the six months ended June 30, with the e‑commerce company's revenue declining 6.396% in the reporting six-month period.Zain KSA edged up 0.49%, while Nice One Beauty dropped 8.43%.Meanwhile, the board of Ayyan Investment Co. (SASE:2140) recommended decreasing its capital to 757.6 million Saudi riyals to offset its accumulated losses and reduce excess capital. Shares of the real estate investor closed 9.99% in the red.

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Asia Markets

Tadawul Shares Start US Fed Week Subdued; Saudi Tadawul Group Ticks Down

Saudi equities ended Monday trading muted, with the Tadawul All Share Index closing 0.02% in the green as markets shifted their focus to the US Federal Reserve's highly anticipated interest rate decision on Wednesday.The Fed is widely expected to hold the interest rates steady at its 3.50% to 3.75% range. Market watchers are also anticipating US Fed Chair Kevin Warsh's comments regarding clues on the group's next rate moves."A lack of de-escalation over the next 48 hours should also keep pressure on the Federal Reserve to sound hawkish on Wednesday. In our preview, we explain why we expect rates to remain on hold, but also why oil has firmly reclaimed a central role in shaping monetary policy expectations. We also suspect that Chair Kevin Warsh's dislike of forward guidance raises markets' perceptions of meeting-day surprise risks. That could encourage precautionary USD buying ahead of the announcement. Markets currently price 8bp for this meeting and 41bp by year-end," ING said in a note.In other news, oil prices declined as Iran and the US paused their back-and-forth attacks against each other. However, the Middle Eastern country noted that it is not looking to restart peace talks with the US, media reports said.Back at home, Sport Clubs Co. (SASE:6018) entered into a lease deal for the future opening of two new Body Masters and Body Motions-branded sports clubs in Saudi Arabia. Shares of the fitness center operator closed 0.89% in the green.Meanwhile, Saudi Tadawul Group (SASE:1111) ticked down 0.83% as it logged a decline in its net profit and revenue for the six months ended June 30. The bourse operator mainly attributed the decline to a decrease in operating revenues in the first half.

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Saudi Arabia Trade Surplus Widens in May Amid Rising Oil Exports
US Markets

Saudi Arabia Trade Surplus Widens in May Amid Rising Oil Exports

Saudi Arabia's merchandise trade surplus widened further to 26.02 billion Saudi riyals in May, as oil exports increased and imports declined, data from the General Authority for Statistics showed Sunday.The surplus surged by 328.8% compared with the previous year and was up from April's revised amount of 22.76 billion riyals.Merchandise exports rose 3.9% year over year to 93.78 billion riyals, with a 19.5% rise in oil sales, lifting the commodity's share of overall exports to 75.6% from 65.7% in May 2025. Machinery, electrical equipment, and parts accounted for 22% of non-oil exports, though the segment's exports plunged by 31.6% compared with the prior year.China was the largest buyer of the kingdom's goods for the month, taking 12.3% of overall exports, followed by South Korea at 9.6% and the United Arab Emirates at 7.5%.Meanwhile, merchandise imports fell 19.5% to 67.76 billion riyals on an annual basis. Machinery and electrical equipment were also Saudi Arabia's top import, at 26.4% of the total, despite falling 28% year on year.China also served as the country's primary source of imports, providing 22% of all goods, with the US and Egypt accounting for 10.7% and 8.4%, respectively.

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International

Saudi Arabia's Trade Surplus Up MoM in May

Saudi Arabia's merchandise trade surplus came in at 26.02 billion Saudi riyals in May, up from the prior month's revised 22.76 billion riyals, data from the General Authority for Statistics showed Sunday.Merchandise exports totaled 93.78 billion riyals, up 3.9% year over year, while merchandise imports fell 19.5% to 67.76 billion riyals.

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Asia Markets

Tadawul Shares Start Week Lower; Saudi Arabia's May Exports Climb, Imports Decline

The Tadawul All Share Index started the week 0.34% in the red as the escalating conflict in the Middle East dampened investor sentiment on Sunday.Yemen's Houthis launched attacks on Saudi Arabian oil installation structures on the Red Sea coast. The attacks struck Jizan- and Yanbu-based infrastructure that was owned by Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, media reports said. Aramco shares closed 0.89% lower at closing.Saudi Arabia's merchandise exports in May increased 3.9% year over year, while non-oil exports dropped 26.1%. Imports, meanwhile, declined 19.5% during the period, according to a report by the General Authority for Statistics. The report also confirmed China as the kingdom's main merchandise trading partner."The ratio of non-oil exports (including re-exports) to imports decreased in May 2026, reaching 33.8% compared with 36.8% in May 2025. This decrease was driven by a 26.1% decrease in non-oil exports, alongside a 19.5% decrease in imports over the same period," the report said. "'Machinery, electrical equipment and parts' were among the most important non-oil export goods, accounting for 22.0% of the total non-oil exports, and decreasing by 31.6% compared with May 2025."On the corporate front, Modern Mills for Food Products Co. (SASE:2284) and Dr. Sulaiman Al Habib Medical Services Group (SASE:4013) posted higher attributable net profit and revenue for the six months ended June 30. Modern Mills closed 0.49% in the red, while Dr. Sulaiman Al Habib Medical Services shares were 3.44% higher.Meanwhile, Anmat Technology for Trading (SASE:9639) shares closed flat as it secured a project worth 113.8 million Saudi riyals to deliver and install specialized equipment to the Ministry of Defense.

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Equities

Kuwait Petroleum Corp. Unit Enters $16 Billion Partnership to Form JV for Network Pipeline Lease

Kuwait Petroleum Corp.'s Kuwait Oil Co. entered into a $16 billion pipeline network lease-and-lease-back deal to form a joint venture with a consortium led by Blackstone, Brookfield and KKR.The state-owned oil and gas company said July 25 that the 20.5-year agreement will cover 13 of its pipelines and will grant the subsidiary the network's operational and maintenance rights in exchange for a volume-based tariff.As part of the deal, Kuwait Oil will own a 51% stake in the new entity, with the consortium holding the remaining interest. Additionally, Kuwait Oil will secure $7.85 billion after the deal's finalization.

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Asia Markets

Tadawul Equities Close Week Higher; Saudi Arabia, US Enter Nuclear Deal

Saudi Exchange-traded shares closed the week in the green as Saudi Arabia's new peaceful nuclear partnership with the US pushed the Tadawul All Share Index 0.27% higher on Thursday.The US and Saudi Arabia struck a deal known as a 123 agreement, along with a bilateral safeguards agreement, to boost their cooperation on energy and technologies. The agreement is still subject to the review of the US Congress."The agreement also builds on the longstanding energy cooperation between the two countries, supporting efforts to diversify energy sources, advance cutting-edge technologies, and expand opportunities for cooperation and investment in ways that serve the mutual interests of the two friendly countries," Saudi's Ministry of Energy said.In other news, market watchers are also focusing on the latest updates on the US and Iran conflict. The US launched attacks on Iranian targets, marking the 12th consecutive day of strikes. The attacks targeted Iranian military sites, storage facilities, and air defense assets.On the corporate front, Electrical Industries Co. (SASE:1303) shares jumped 9.93% as it reported a 54.6% rise in net profit and a 32% increase in revenue for the six months ended June 30. The improved net profit was attributed to higher sales and a greater number of sold products with higher profit margins.Meanwhile, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, and the Public Investment Fund's joint ownership of Humain secured the European Commission's clearance as the regulator said the deal would not raise competition concerns. Aramco shares closed 0.98% higher at closing.Looking ahead to next week, the local economic calendar will see the release of the kingdom's May export and import figures on July 26, with the preliminary GDP growth rate data for the second quarter to follow on July 30.

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Asia Markets

Tadawul Shares End Wednesday Higher; Saudi Arabia's June Annual Construction Costs Rise

The Tadawul All Share Index closed Wednesday 0.72% in the green as it shrugged off the market jitters regarding the uncertainties over the widening Middle Eastern conflict.US Secretary of State Marco Rubio said that the country is still looking to discuss with Iran to end the war, media reports said. Rubio's statement comes as the US launched attacks on its Iranian targets for the 11th consecutive day.Back at home, and according to the General Authority of Statistics, the kingdom's construction cost index grew 2.7% annually in June after a 2.6% rise in May. Month over month, the construction costs edged up 0.1%."CCI for the residential sector recorded an annual increase of 2.6%. This was driven by a 4.5% increase in the costs of renting equipment and machinery, driven by a 6.2% increase in the costs of renting equipment and machinery with operators," the report said. "CCI for the non-residential sector recorded an annual increase of 3.1% compared to the corresponding month of 2025, due to an increase in the costs of renting equipment and machinery by 6.7%, driven by an 8.4% increase in the rental of equipment and machinery with operators, a 3.0% increase in labor cost."On the corporate front, Al Moammar Information Systems (SASE:7200) shares edged up 0.04% as it entered into a memorandum of understanding to study and review the potential establishment of data centers in Riyadh, Dammam, and Jeddah.Meanwhile, National Environmental Recycling (SASE:9540), d/b/a Tadweeer, and Jamjoom Pharmaceuticals Factory (SASE:4015) posted their financial statements for the first half of 2026. Both companies reported higher attributable net profit and revenue for the six months ended June 30.Tadweeer closed 1.32% higher, while Jamjoom closed 0.34% lower.

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International

Saudi Arabia's Annual Construction Costs Climb 2.7% in June

Saudi Arabia's construction cost index increased 2.7% year over year in June, following a 2.6% rise in the previous month, according to data from the General Authority for Statistics released Wednesday.The latest jump was largely attributed to higher construction costs in the residential and non-residential sectors.On a monthly basis, construction costs in the kingdom were 0.1% higher, against the prior 0.2% uptick.

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Equities

Market Chatter: Saudi Arabia's Red Sea Crude Exports Reach Record Highs Ahead of Blockade Threat

Saudi Arabian exports of crude from the Red Sea reached a record of 5.9 million barrels per day in the week up to July 17, Bloomberg News reported Tuesday, citing a compilation of tanker tracking.The record comes just before Yemen's Houthis warned of a blockade of Saudi shipments. Vessels are still headed to Saudi Arabia's Red Sea ports despite the threats, the news outlet noted.The Saudi Oil Ministry did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia Markets

Tadawul Shares End Tuesday Lower Amid Houthis-declared Naval Blockade on Saudi Arabia

The Tadawul All Share Index closed 0.40% in the red on Tuesday as Iran-aligned Houthis declared a naval blockade on Saudi maritime traffic in the Red Sea, threatening global energy supplies and trade in the Middle East.Crude oil soared to $90.778 per barrel as traders balanced escalating conflict and volatility in the Middle East amid news of a potential 10-day ceasefire proposed by mediators to resume negotiations between Iran and the US."With the Gulf's primary maritime outlet largely closed, the market is increasingly dependent on Saudi Arabia's East-West pipeline and Red Sea terminals to maintain export flows. Any disruption at Bab el-Mandeb would therefore threaten not only Saudi shipments but one of the few remaining routes capable of compensating for the severe reduction in Hormuz traffic," Rystad Energy senior vice president and head of geopolitical analysis Jorge Leon commented. "If a ceasefire does not materialize and Hormuz remains largely closed while the Houthi threat to Red Sea shipping intensifies, the risk of a significant rebound in oil prices would be substantial."At home, AlJazira Capital expects Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, to report "steady" second-quarter results with net income expected to jump 39.7% year over year, while revenue is anticipated to rise 12.6%. The Saudi state-owned oil giant's shares declined 0.37% at close.On the earnings front, Alinma Bank (SASE:1150), Al Rajhi Bank (SASE:1120), and the Saudi National Bank (SASE:1180) reported higher year-over-year attributable profit and total operations profit for the first half of 2026. Alinma Bank and Al Rajhi Bank's shares closed 4.43% and 1.84% in the red, respectively, while the Saudi National Bank ended trading 0.62% in the green.Saudi Awwal Bank (SASE:1060), on the other hand, logged a higher net profit for the six months ended June 30, while total operations profit fell year over year. The Saudi Arabia-listed lender's shares fell 0.80% at closing.

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Asia Markets

Tadawul Equities Closes Monday Subdued; Saudi Arabia's Q2 Real Estate Price Index Rises

The Tadawul All Share Index ended Monday higher at 0.23% in the green as investors tuned into Saudi Arabia's latest economic releases.Making headlines is Iranian ⁠Foreign Ministry spokesperson Esmaeil Baghaei's statement that intermediaries are in talks to potentially pursue diplomacy regarding its conflict with the US. Baghaei added that the possible move will be based on the country's national interests.Back at home, the General Authority for Statistics said that the real estate price index of Saudi Arabia rose 1.3% year over year in the second quarter. The growth was attributed to higher prices across the residential and agricultural sectors."REPI witnessed an increase of 3.0% on a quarterly basis during Q2 of 2026, compared to the previous quarter (Q1 of 2026). The REPI was affected by the increase in the prices of the residential sector by 3.7%, driven by the increase in the prices of residential lands by 6.1%, the prices of apartments by 0.9%, while the prices of villas decreased by 2.1%, and the prices of residential floors by 1.1%," the statistics agency said in its report.Meanwhile, preliminary figures showed that the kingdom's operating revenue and employee compensation indices increased 11.4% and 9.8% year over year in May, respectively. However, issued building permits in the reporting period declined 33.3% to 5,056 from 7,584 a year ago.On the corporate front, Knowledge Economic City Co. (SASE:4310) shares ticked up 4.77% as it tapped Alrashid Properties as the developer of the Multaqa Residences project in Madinah, Saudi Arabia.

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Saudi's Annual Property Prices Climb in Q2; Issued Building Permits Drop in May
US Markets

Saudi's Annual Property Prices Climb in Q2; Issued Building Permits Drop in May

Annual real estate prices in Saudi Arabia climbed 1.3% year over year in the second quarter, while the kingdom's issued building permits fell in May, according to economic data published Monday.Data from the country's General Authority for Statistics showed the price appreciation was attributed to a 2.6% increase in residential sector prices and an 11.3% jump in the agricultural industry, contrasted with a 3.2% annual decline in commercial sector prices.Quarter-on-quarter, Saudi's real estate price index rose 3% versus a 0.2% dip in the previous three-month period.The growth was driven by a 3.7% price hike in the residential sector, a 1% gain in the commercial industry, and a 1.3% increase in the agricultural segment.In a separate same-day release, the General Authority for Statistics also reported a 33.3% year-over-year plunge in issued building permits in May, reversing a 28.2% surge the previous month.Month over month, the kingdom's issued building permits decreased to 5,056 from April's 6,803.

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International

Saudi Arabia Logs 33.3% Fall in May Issued Building Permits

Issued building permits in Saudi Arabia plunged 33.3% annually in May, following a 28.2% jump in the previous month, according to preliminary data from the General Authority for Statistics released Monday.On a monthly basis, the short-term business indicators statistics showed a 25.7% decline in issued building permits.

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International

Saudi Annual Business Operating Revenue Up 11.4% in May

Saudi Arabia's operating revenue index climbed 11.4% year over year in May, after a 10.6% growth in April, according to preliminary data from the General Authority for Statistics released Monday.On a monthly basis, the short-term business indicators statistics report showed that operating revenue was up 2.9%.

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International

Saudi Real Estate Prices Climb 1.3% Annually in Q2

Saudi Arabia's real estate price index grew 1.3% year over year in the second quarter, following a 1.6% decline in the previous three months, according to data from the General Authority for Statistics released Monday.The increase was attributed to higher prices across the residential and agricultural sectors, offset by a fall in commercial prices.On a quarterly basis, real estate prices jumped 3%, compared with a 0.2% drop earlier.

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