Most Important News

1. Saudi Cabinet Approves Key Decisions on Energy, Labor, and Building Codes;
2. Tamkeen Issues Prospectus to IPO 30% Stake on TASI;
3. Saudi Fisheries Co. to Establish New Aquaculture Subsidiary in Riyadh;
4. Nvidia Announces Q4 Release of Energy-Efficient Blackwell Chips at AI Summit, Shares Rise 4.05%;

1. Market Summary

The  Tadawul All Shares Index(TASI.SA)  in Saudi Arabia experienced a notable uptick on Tuesday, gaining 113.55 points, or 0.95%, to settle at 12,027.17. Conversely, the Parallel Market Capped Index (NomuC)(NOMUC.SA) encountered a downturn, shedding 105.82 points to close at 24,543.25.

At the close, the S&P 500 index(SPX.US)  index rose 0.97%; the NASDAQ(IXIC.US) index gained 1.45%; and the  Dow Jones Industrial Average(DJI.US) increased by 0.3%.

2. Quick News

Saudi Cabinet Approves Key Decisions on Energy, Labor, and Building Codes

The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved several key decisions in its recent session. These include organizing the World Energy Council Executive Assembly and Conference with the Saudi Ministry of Energy, extending a labor dispute resolution process for another year, transferring the licensing authority of administrative consulting for individuals to the Ministry of Human Resources and Social Development, and amending the Saudi Building Code to make occupancy certificates a prerequisite for full electricity release.

PIF Explores Buying 10% Stake in DAZN for $1B: Report

The Public Investment Fund (PIF) is exploring a potential $1 billion acquisition of a 10% stake in UK-based sports-streaming group DAZN, Reuters reports, citing informed sources. While discussions have been ongoing since late last year, they remain in early stages with no certainty of a deal. DAZN is also in talks with at least three other investment funds, eyeing an overall valuation between $10 and $12 billion. Launched in 2016, DAZN currently operates in over 200 countries and saw a 41% revenue increase to $2.1 billion in 2022.

Fed Officials Set Tone for Future Rate Cuts: 'Balanced,' 'Cautious,' and 'Data-Driven'

Two female Federal Reserve officials support continued rate cuts after last month's significant 50 basis point reduction. They label future actions as balanced, cautious, and Data-Driven. Fed Governor Lisa Cook advocates a balanced approach to reducing inflation without unnecessarily slowing the economy and employment. Boston Fed President Susan Collins believes in maintaining a favorable current economic environment and expresses increased confidence in future inflation decline, highlighting the risk of unnecessary economic slowdown.

3. Stocks To Watch

KSA Stocks

Tamkeen Issues Prospectus to IPO 30% Stake on TASI

Tamkeen Human Resources, a leading Saudi HR solutions provider, is set to launch an IPO on the Saudi Exchange’s Main Market. The Capital Market Authority (CMA) approved the company's offer of 7.95 million shares, or 30% of its issued share capital, with the price to be determined post-building. Tamkeen, with a capital of SAR 265 million, specializes in HR, recruitment, and household worker leasing. Read in detail>>

Savola Requests Dismissing Herfy's Board Member Mohammed Alshetwey

Herfy Food Services Co.(6002.SA)  stated that it received a request from Savola Group(2050.SA) , which holds a 49% stake, to convene a general assembly for the dismissal of board member Mohammed Alshetwey. Herfy confirmed it will adhere to the necessary procedures and provide updates accordingly. Read in detail>>

Saudi Chemical Unit Signs Non-Binding MoU with Cypriot’s Remedica

Saudi Chemical Co.(2230.SA) pharmaceutical division, Aja Pharma, has signed a non-binding MoU with Cypriot company Remedica Ltd. to develop and enhance pharmaceutical products. Announced during the CPHI Worldwide Exhibition in Milan, the partnership aims to innovate and enter new markets by focusing on cardiovascular, diabetes, infections, and oncology treatments in tablet and injection forms. 

Saudi Fisheries Co. to Establish New Aquaculture Subsidiary in Riyadh

Saudi Fisheries Co.(6050.SA)  announced that its Board of Directors approved the establishment of a fully-owned limited liability company, specializing in aquaculture, with a capital of 100,000 riyals and headquartered in Riyadh. This decision, made on October 8, 2024, aligns with the company's strategy to restructure its activities and investments. The new entity will be set up once the necessary approvals and licenses are obtained from relevant authorities. Further developments will be disclosed as they occur.

Modern Mills Secures SAR 871 Million Murabaha Financing with Saudi National Bank

Modern Mills for Food Products Co.(2284.SA) announced on October 8, 2024, that it has secured a SAR 871 million Murabaha financing agreement with Saudi National Bank ( The Saudi National Bank(1180.SA) ). The 14-year and 3-month deal aims to restructure the company's existing debt, settle obligations with Al Inma Bank, and support future expansion and working capital. The agreement is backed by promissory notes and is expected to improve Modern Mills' cash flow and strategic positioning. There are no related parties involved.

USA Stocks

Nvidia Announces Q4 Release of Energy-Efficient Blackwell Chips at AI Summit, Shares Rise 4.05%

On October 8, Tuesday, at the "AI Summit DC" in Washington, DC, Nvidia Corp. (NVIDIA Corporation(NVDA.US) ) executives announced that their next-generation Blackwell chips, boasting excellent energy efficiency, will ship to customers in the fourth quarter. At the close, Nvidia shares rose 4.05%.

Microsoft Azure First to Deploy Nvidia Blackwell Servers, Shares Rise 1.26%

On Tuesday, Microsoft Corp. (Microsoft Corporation(MSFT.US) ) Azure disclosed that it has received servers equipped with Nvidia's GB200 suite, becoming the first cloud service provider worldwide to use the Blackwell system. At the close, Microsoft shares rose 1.26%.

Meta Unveils Generative AI Video Tools; Shares Up 1.39%

On Tuesday, October 8, Meta Platforms Inc. (Meta Platforms(META.US) ) announced the launch of generative AI video tools, with plans to roll them out widely by early next year. Meta stated that over 1 million advertisers used their generative AI tools last month to create 15 million ads, enhancing ad campaign conversion rates by 7.6%. At the close, Meta shares rose 1.39%.

4. Saudi Stock Calendar