Saudi Arabia Cools Blistering Property Surge to Lure Expats to Riyadh From Dubai - Bloomberg
Saudi Arabia is making dramatic changes to its real estate market as Crown Prince Mohammed bin Salman seeks to solve one of Riyadh’s biggest hurdles: A property crunch that’s hindering its ability to compete with the financial hubs of Dubai and Abu Dhabi.
From an unprecedented five-year freeze on rents to a quadrupling of taxes to encourage the construction of more homes and offices, reforms have been rolled out rapidly — all with a goal of improving the quality of life in a city the prince has placed at the center of his Vision 2030 diversification blueprint.
Local Saudis who are being priced out of the market are central to the government’s efforts and have long been key to its strategy for creating a more prosperous economy. Yet this time round, there’s an added audience — international conglomerates and foreign talent.
The ability to attract them is pivotal to Saudi Arabia’s vision of expanding into areas like private credit, artificial intelligence and alternative investing. Apartment prices in Riyadh have nearly doubled over the past five years, according to Knight Frank. Yet the city has struggled to deliver modern housing with amenities on a large enough scale for the executives it needs to compete as an international hub.
“When rent becomes 40% of income, not 15% or 20%, the city loses competitiveness,” said Elias Abou Samra, chief executive officer of Rafal Real Estate Development. “The real estate industry has to become a platform for Vision 2030, not a show-stopper.”
In recent months, Riyadh has begun throwing the kitchen sink at the soaring market in a bid to halt what MBS himself has called an unacceptable increase in prices.
In the first half of the year, apartment rents in Riyadh climbed 15% and villa rates climbed 8%, according to CBRE Group Inc., with locals and foreigners alike increasingly feeling the pressure.
Homes for rent in compounds, or gated communities with stores, pools, gyms and no dress code, usually have long waiting lists and prices ranging from $4,000 to $6,000 a month for a basic two-bedroom apartment.
While cheaper housing is available, a lot of Riyadh’s supply is made up of older properties. One broker who recently took an expat CEO house hunting in Riyadh said they struggled to find what he was looking for despite a long search.
Rates are also surging in the United Arab Emirates, particularly in Dubai, where home prices have jumped 70% since the end of 2019, according to Jones Lang LaSalle Inc. But unlike Riyadh, Dubai and Abu Dhabi have a vast supply of penthouses, villas and apartments equipped with high end amenities across a broad price and rental range. Demand for real estate in Dubai has surged since 2020, because of the government’s handling of the pandemic and liberal visa policies that attracted foreign buyers.
Bayut, a listing website, shows two bedroom apartments in the towers around Dubai’s financial center being rented from rates starting at around $3,000 a month.
Some of the pain in Riyadh’s property market has been self inflicted, brought on by goals to grow the population to 10 million by 2030 from about 8 million, while also luring hundreds of new firms to set up headquarters in the capital. Companies are offered tax breaks and promised an easier line of communication to players like the almost $1 trillion sovereign wealth fund if they commit to setting up a regional HQ in Riyadh.
Better and cheaper homes may not be enough to draw foreign workers for now. Expats often say that Riyadh offers limited choices on schools and healthcare, although the city has worked to offer new options and even opened a metro.
The five-year rent freeze is already helping to advance relocation offers for clients of AstroLabs, which helps companies set up in Saudi Arabia, according to Alex Nicholls, its director of expansion.
But some analysts warn the freeze has the potential to backfire in the long term by causing a slump in property investment. SNB Capital sees negatives for developers and real estate investment trusts with leased assets.
“That’s the way to disaster if you try to start to tackle and manipulate rents directly,” UBS Group Economist Matthias Holzhey said on Bloomberg Television. There are “other measures that have limited impact but may still slow down rental growth,” the economist said.
Even before the most recent moves, Riyadh’s property market had begun showing signs of cooling as it became less affordable. Supply has also been ramping up.
Not as eye-catching as the rent freeze but likely one of the more potent of recent reforms is the crown prince’s overhaul of rules around empty land in Riyadh.
Saudi Arabia shocked the industry this year with a new tax regime stipulating that anyone with more than 5,000 square meters of undeveloped land in high priority areas would see their annual tax rate quadruple to 10% — unless they start to build. The kingdom also slapped a levy of as much as 5% on land with vacant or unused buildings.
Put together, the moves are expected to boost the supply of land, homes and offices.
“In the last 10 days we were approached by at least five large landowners who are asking us to develop together,” Ziad El Chaar, chief executive of Dar Global — which has large developments inside Saudi Arabia and is also an international partner of the Trump Organization — said in an interview.
The Riyadh skyline and new metro line.Photographer: Tasneem Alsultan/Bloomberg
At question now is how the expected wave of new projects would be financed in current economic conditions: Saudi Arabia more than doubled its 2025 deficit forecast last week, while banks face tight liquidity conditions and slower lending growth.
That may open opportunities for private credit and real estate investment funds, private equity investors and family offices to step in with financing.
“Because of the capacity constraints, there will be something for everyone,” said Marc Pinto, global head of private credit at Moody’s Ratings.
Thursday, 9 October 2025
#AbuDhabi’s ADQ Nears $4 Billion Loan, Taps Greater China Banks - Bloomberg
Abu Dhabi’s ADQ Nears $4 Billion Loan, Taps Greater China Banks - Bloomberg
Abu Dhabi’s sovereign wealth fund ADQ is close to securing a $4 billion syndicated loan, primarily from lenders based in Greater China, in the latest Middle East deal tapping Asian bank liquidity.
The loan has mainly attracted banks in China, Macau and Taiwan, according to people familiar with the matter. A representative for ADQ declined to comment.
ADQ’s financing underscores a broader trend of Gulf economies syndicating loans in Asia as they seek to diversify funding sources amid ambitious expansion plans. The borrowers are also capitalizing on strong demand from Asian banks to lend to highly-rated entities such as ADQ, which has AA ratings, given subdued loan activity in their home markets this year.
Middle Eastern borrowers have raised $5.2 billion in syndicated loans across the Asia Pacific so far in 2025 — a seven-year high and a 53% increase from the same period last year, according to Bloomberg-compiled data. Qatar Gas Transport Co. is currently marketing a $1 billion syndicated loan for which Mizuho Bank Ltd. is the sole mandated lead arranger and bookrunner, Bloomberg News reported earlier.
The ADQ syndicated facility agreement is set to be signed soon, the people said, who asked not to be identified discussing private matters.
The loan was initially marketed to banks with tenors of three and five years, but is set to close with only the longer maturity, based on preferences of participating lenders, the people said. The five-year facility pays an interest margin of 85 basis points over the benchmark Secured Overnight Financing Rate, they added.
Bank of China Ltd., DBS Group Holdings Ltd., Industrial & Commercial Bank of China Ltd., JPMorgan Chase & Co., HSBC Holdings Plc and Standard Chartered Plc are the bookrunners of the loan, the people said.
Abu Dhabi’s sovereign wealth fund ADQ is close to securing a $4 billion syndicated loan, primarily from lenders based in Greater China, in the latest Middle East deal tapping Asian bank liquidity.
The loan has mainly attracted banks in China, Macau and Taiwan, according to people familiar with the matter. A representative for ADQ declined to comment.
ADQ’s financing underscores a broader trend of Gulf economies syndicating loans in Asia as they seek to diversify funding sources amid ambitious expansion plans. The borrowers are also capitalizing on strong demand from Asian banks to lend to highly-rated entities such as ADQ, which has AA ratings, given subdued loan activity in their home markets this year.
Middle Eastern borrowers have raised $5.2 billion in syndicated loans across the Asia Pacific so far in 2025 — a seven-year high and a 53% increase from the same period last year, according to Bloomberg-compiled data. Qatar Gas Transport Co. is currently marketing a $1 billion syndicated loan for which Mizuho Bank Ltd. is the sole mandated lead arranger and bookrunner, Bloomberg News reported earlier.
The ADQ syndicated facility agreement is set to be signed soon, the people said, who asked not to be identified discussing private matters.
The loan was initially marketed to banks with tenors of three and five years, but is set to close with only the longer maturity, based on preferences of participating lenders, the people said. The five-year facility pays an interest margin of 85 basis points over the benchmark Secured Overnight Financing Rate, they added.
Bank of China Ltd., DBS Group Holdings Ltd., Industrial & Commercial Bank of China Ltd., JPMorgan Chase & Co., HSBC Holdings Plc and Standard Chartered Plc are the bookrunners of the loan, the people said.
#Saudi Wealth Fund Said to Slow Pace of Work on Local Share Sales - Bloomberg
Saudi Wealth Fund Said to Slow Pace of Work on Local Share Sales - Bloomberg
Saudi Arabia’s sovereign wealth fund is slowing work on several planned share sales, according to people familiar with the matter, potentially impacting one stream of funding for the kingdom’s multitrillion-dollar economic transformation.
Weak market sentiment has weighed on valuations and recent trading debuts in Riyadh. That’s partly prompted the Public Investment Fund to take a more measured approach on potential listings, including Saudi Global Ports Co., Saudi Tabreed District Cooling Co., Nupco and Saudi Information Technology Co., the people said.
Some of those deals are now likely to be pushed into 2026, the people said, declining to be identified discussing private information. At least one of these share sales, Saudi Global Ports, was expected to come to market as soon as this year, Bloomberg News has previously reported.
The PIF is also waiting for appetite to recover before proceeding with large follow-on share sales, according to one of the people. The fund could move ahead with listings when markets conditions become favorable again.
Representatives for the nearly $1 trillion wealth fund and Singapore’s PSA International Pte, which co-owns Saudi Global Ports with PIF, declined to comment.
Riyadh’s benchmark Tadawul index is down about 4% for the year, making it one of the Middle East’s worst performers. That’s despite a sharp increase last month, when Bloomberg News reported that the market regulator is proposing reforms to attract investors, including easing foreign ownership limits.
The PIF is the main vehicle driving Crown Prince Mohammed bin Salman’s $2 trillion Vision 2030 plan, and has previously sold down holdings in portfolio companies to raise cash. Late last year, it raised about $1 billion by selling a stake in the kingdom’s main mobile-phone operator, Saudi Telecom Co.
The wealth fund has stakes in companies ranging from Saudi Electricity Co. and Acwa Power Co. to bourse operator Saudi Tadawul Group Holding Co. It also owns a majority stake in the $69 billion commodities firm Saudi Arabian Mining Co. as well as holdings in lenders including Saudi National Bank, Riyad Bank and Alinma Bank.
In all, its domestic portfolio is valued at about $430 billion, according to data compiled by Bloomberg, with oil giant Aramco accounting for about two thirds of that.
Crown Prince Mohammed has in the past said the fund shouldn’t hold investments in local firms “forever,” and the PIF has raised billions of dollars from share sales across its portfolio. A decision to slow the pace of such deals would be a further hiccup for the kingdom, which is already facing mounting pressure from lower oil prices and a widening budget deficit.
To be sure, Saudi Arabia has been more reliant on debt markets for its fundraising efforts and now ranks as one of the most active issuers in emerging markets, with a nearly $20 billion haul this year. The PIF, meanwhile, has raised over $9 billion from bond and sukuk sales, and $7 billion from an Islamic loan.
In the latest sign of the kingdom’s efforts to diversify its sources of funding, Bloomberg News reported this week that the Saudi Ministry of Finance is in talks with banks including large Wall Street lenders to raise as much as $10 billion in a rare loan deal.
Still, diversifying the Riyadh bourse is a core pillar of Vision 2030 and the PIF’s listing program has been central to deepening local capital markets and encouraging both state-backed and private-sector share sales. For portfolio companies, the fund typically participates in consultations but firms eventually decide the final timing of their share sales.
Saudi Global Ports, district cooling company Saudi Tabreed and medical procurement firm Nupco have all hired banks for possible listings, while SITE has started work on its IPO, Bloomberg News has reported. None of those firms have received regulatory approval to list yet.
Other PIF-backed firms, including the organizer of the Future Investment Initiative and a cloud kitchen startup run by former Uber chief executive Travis Kalanick, are also exploring share sales.
But few have actually made it to the market. Oil driller ADES Holding Co. listed in 2023, while Umm Al Qura for Development & Construction Co., where the fund holds a 19.6% stake, raised $523 million from an IPO earlier this year. Secondary sales activity, too, has been muted since the PIF pared back its holding in Saudi Telecom.
Meanwhile, Saudi Arabia has been the busiest IPO venue in the Gulf so far this year, with almost $3.7 billion raised, but only three of the ten biggest listings are trading above their offer price.
Chaired by the crown prince, the PIF has created about 100 companies spanning sectors from tourism to artificial intelligence. The fund is looking to boost total annual deployment to $70 billion a year after 2025 and has emphasized that its investments in absolute dollar terms will continue to rise abroad even as it focuses at home.
Despite the kingdom’s cash constraints, the PIF continues to show an appetite for large deals. It recently emerged as the largest contributor to the $36 billion in equity being put in to finance the buyout of Electronic Arts Inc.
Saudi Arabia’s sovereign wealth fund is slowing work on several planned share sales, according to people familiar with the matter, potentially impacting one stream of funding for the kingdom’s multitrillion-dollar economic transformation.
Weak market sentiment has weighed on valuations and recent trading debuts in Riyadh. That’s partly prompted the Public Investment Fund to take a more measured approach on potential listings, including Saudi Global Ports Co., Saudi Tabreed District Cooling Co., Nupco and Saudi Information Technology Co., the people said.
Some of those deals are now likely to be pushed into 2026, the people said, declining to be identified discussing private information. At least one of these share sales, Saudi Global Ports, was expected to come to market as soon as this year, Bloomberg News has previously reported.
The PIF is also waiting for appetite to recover before proceeding with large follow-on share sales, according to one of the people. The fund could move ahead with listings when markets conditions become favorable again.
Representatives for the nearly $1 trillion wealth fund and Singapore’s PSA International Pte, which co-owns Saudi Global Ports with PIF, declined to comment.
Riyadh’s benchmark Tadawul index is down about 4% for the year, making it one of the Middle East’s worst performers. That’s despite a sharp increase last month, when Bloomberg News reported that the market regulator is proposing reforms to attract investors, including easing foreign ownership limits.
The PIF is the main vehicle driving Crown Prince Mohammed bin Salman’s $2 trillion Vision 2030 plan, and has previously sold down holdings in portfolio companies to raise cash. Late last year, it raised about $1 billion by selling a stake in the kingdom’s main mobile-phone operator, Saudi Telecom Co.
The wealth fund has stakes in companies ranging from Saudi Electricity Co. and Acwa Power Co. to bourse operator Saudi Tadawul Group Holding Co. It also owns a majority stake in the $69 billion commodities firm Saudi Arabian Mining Co. as well as holdings in lenders including Saudi National Bank, Riyad Bank and Alinma Bank.
In all, its domestic portfolio is valued at about $430 billion, according to data compiled by Bloomberg, with oil giant Aramco accounting for about two thirds of that.
Crown Prince Mohammed has in the past said the fund shouldn’t hold investments in local firms “forever,” and the PIF has raised billions of dollars from share sales across its portfolio. A decision to slow the pace of such deals would be a further hiccup for the kingdom, which is already facing mounting pressure from lower oil prices and a widening budget deficit.
To be sure, Saudi Arabia has been more reliant on debt markets for its fundraising efforts and now ranks as one of the most active issuers in emerging markets, with a nearly $20 billion haul this year. The PIF, meanwhile, has raised over $9 billion from bond and sukuk sales, and $7 billion from an Islamic loan.
In the latest sign of the kingdom’s efforts to diversify its sources of funding, Bloomberg News reported this week that the Saudi Ministry of Finance is in talks with banks including large Wall Street lenders to raise as much as $10 billion in a rare loan deal.
Still, diversifying the Riyadh bourse is a core pillar of Vision 2030 and the PIF’s listing program has been central to deepening local capital markets and encouraging both state-backed and private-sector share sales. For portfolio companies, the fund typically participates in consultations but firms eventually decide the final timing of their share sales.
Saudi Global Ports, district cooling company Saudi Tabreed and medical procurement firm Nupco have all hired banks for possible listings, while SITE has started work on its IPO, Bloomberg News has reported. None of those firms have received regulatory approval to list yet.
Other PIF-backed firms, including the organizer of the Future Investment Initiative and a cloud kitchen startup run by former Uber chief executive Travis Kalanick, are also exploring share sales.
But few have actually made it to the market. Oil driller ADES Holding Co. listed in 2023, while Umm Al Qura for Development & Construction Co., where the fund holds a 19.6% stake, raised $523 million from an IPO earlier this year. Secondary sales activity, too, has been muted since the PIF pared back its holding in Saudi Telecom.
Meanwhile, Saudi Arabia has been the busiest IPO venue in the Gulf so far this year, with almost $3.7 billion raised, but only three of the ten biggest listings are trading above their offer price.
Chaired by the crown prince, the PIF has created about 100 companies spanning sectors from tourism to artificial intelligence. The fund is looking to boost total annual deployment to $70 billion a year after 2025 and has emphasized that its investments in absolute dollar terms will continue to rise abroad even as it focuses at home.
Despite the kingdom’s cash constraints, the PIF continues to show an appetite for large deals. It recently emerged as the largest contributor to the $36 billion in equity being put in to finance the buyout of Electronic Arts Inc.
Aramco completes deal to up stake in struggling JV Petro Rabigh | Reuters
Aramco completes deal to up stake in struggling JV Petro Rabigh | Reuters
Saudi Aramco (2222.SE), opens new tab said on Thursday it had completed the acquisition of a 22.5% stake in its refining and petrochemicals joint venture Petro Rabigh (2380.SE), opens new tab from Japan's Sumitomo Chemical (4005.T), opens new tab for 2.63 billion riyals ($701.8 million), part of a turnaround plan for the loss-making venture.
The agreement raises Aramco's stake in Petro Rabigh to about 60% and is part of a drive to improve performance at the joint venture, which has posted significant losses in recent years amid a challenging global market for petrochemicals.
Petro Rabigh last turned a full-year profit in 2021 and has accumulated net losses of 12.4 billion riyals between 2022 and the first half of this year, according to Reuters calculations.
The turnaround plan for Petro Rabigh comes as Aramco, Saudi Arabia's long-time cash cow, navigates a period of reduced profits due to lower oil prices. The company in August reported a 22% drop in second-quarter profit, and flagged cost-cutting measures across the company as well as its intention to divest non-core assets to unlock capital for higher-return investments.
Petro Rabigh's turnaround plan also includes the waiver of $1.5 billion in shareholder loans and a future joint capital injection of 5.26 billion riyals, split equally between Aramco and Sumitomo.
"The board welcomes the steps and measures agreed to be taken by Saudi Aramco, which highlight its support, as a substantial shareholder, for the long-term prospects of Petro Rabigh," the joint venture said in a filing.
The deal reduces Sumitomo's stake to 15%.
Aramco said the move allowed it to strengthen its downstream value chain, securing the placement of its crude oil and converting more of it into high-value products.
As part of the agreement, Aramco and its affiliates will take over the marketing rights for Petro Rabigh's products.
Saudi Aramco (2222.SE), opens new tab said on Thursday it had completed the acquisition of a 22.5% stake in its refining and petrochemicals joint venture Petro Rabigh (2380.SE), opens new tab from Japan's Sumitomo Chemical (4005.T), opens new tab for 2.63 billion riyals ($701.8 million), part of a turnaround plan for the loss-making venture.
The agreement raises Aramco's stake in Petro Rabigh to about 60% and is part of a drive to improve performance at the joint venture, which has posted significant losses in recent years amid a challenging global market for petrochemicals.
Petro Rabigh last turned a full-year profit in 2021 and has accumulated net losses of 12.4 billion riyals between 2022 and the first half of this year, according to Reuters calculations.
The turnaround plan for Petro Rabigh comes as Aramco, Saudi Arabia's long-time cash cow, navigates a period of reduced profits due to lower oil prices. The company in August reported a 22% drop in second-quarter profit, and flagged cost-cutting measures across the company as well as its intention to divest non-core assets to unlock capital for higher-return investments.
Petro Rabigh's turnaround plan also includes the waiver of $1.5 billion in shareholder loans and a future joint capital injection of 5.26 billion riyals, split equally between Aramco and Sumitomo.
"The board welcomes the steps and measures agreed to be taken by Saudi Aramco, which highlight its support, as a substantial shareholder, for the long-term prospects of Petro Rabigh," the joint venture said in a filing.
The deal reduces Sumitomo's stake to 15%.
Aramco said the move allowed it to strengthen its downstream value chain, securing the placement of its crude oil and converting more of it into high-value products.
As part of the agreement, Aramco and its affiliates will take over the marketing rights for Petro Rabigh's products.
Most Gulf markets gain on US rate cut hopes, Gaza ceasefire | Reuters
Most Gulf markets gain on US rate cut hopes, Gaza ceasefire | Reuters
Most stock markets in the Gulf ended higher on Thursday supported by hopes of further U.S. interest rate cuts this year and a ceasefire deal in Gaza that could ease geopolitical tensions in the region.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.2%, led by a 0.8% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.1% increase in Saudi Arabian Mining Company (1211.SE), opens new tab.
Market participants cheered Israel and Hamas agreeing to the first phase of U.S. President Donald Trump's plan for Gaza on Wednesday, a ceasefire and hostage deal that could open the way to ending a bloody two-year-old war that has upended the Middle East.
The Gaza ceasefire agreement offers a window of opportunity for significant economic and investment transitions in the Middle East. It presents a chance to rebuild regional confidence and redirect capital toward growth and development rather than caution and risk aversion, said Rania Gule, senior market analyst at XS.COM.
"While the current phase allows investors to move tactically toward higher-risk assets, prudence and disciplined portfolio management remain essential to ensure that this opportunity is leveraged safely and sustainably."
The Qatari index (.QSI), opens new tab gained 0.3%, with telecom firm Ooredoo (ORDS.QA), opens new tab advancing 1.6%.
Federal Reserve officials agreed that risks to the U.S. job market were high enough to warrant a rate cut, but remained wary amid stubborn inflation, per minutes of the September 16–17 meeting released on Wednesday.
Markets are pricing in a 25-basis-point cut each in October and December, with probabilities of 93% and 78%, respectively, according to the CME FedWatch tool.
The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher. However, gains were limited by losses in Abu Dhabi National Oil Company's (ADNOC) listed subsidiaries, including ADNOC Drilling (ADNOCDRILL.AD), opens new tab, which declined 3.6%.
Abu Dhabi state oil giant ADNOC said on Wednesday that its six publicly listed subsidiaries will distribute 158 billion dirhams ($43.02 billion) in dividends by 2030.
Most stock markets in the Gulf ended higher on Thursday supported by hopes of further U.S. interest rate cuts this year and a ceasefire deal in Gaza that could ease geopolitical tensions in the region.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.2%, led by a 0.8% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.1% increase in Saudi Arabian Mining Company (1211.SE), opens new tab.
Market participants cheered Israel and Hamas agreeing to the first phase of U.S. President Donald Trump's plan for Gaza on Wednesday, a ceasefire and hostage deal that could open the way to ending a bloody two-year-old war that has upended the Middle East.
The Gaza ceasefire agreement offers a window of opportunity for significant economic and investment transitions in the Middle East. It presents a chance to rebuild regional confidence and redirect capital toward growth and development rather than caution and risk aversion, said Rania Gule, senior market analyst at XS.COM.
"While the current phase allows investors to move tactically toward higher-risk assets, prudence and disciplined portfolio management remain essential to ensure that this opportunity is leveraged safely and sustainably."
The Qatari index (.QSI), opens new tab gained 0.3%, with telecom firm Ooredoo (ORDS.QA), opens new tab advancing 1.6%.
Federal Reserve officials agreed that risks to the U.S. job market were high enough to warrant a rate cut, but remained wary amid stubborn inflation, per minutes of the September 16–17 meeting released on Wednesday.
Markets are pricing in a 25-basis-point cut each in October and December, with probabilities of 93% and 78%, respectively, according to the CME FedWatch tool.
The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher. However, gains were limited by losses in Abu Dhabi National Oil Company's (ADNOC) listed subsidiaries, including ADNOC Drilling (ADNOCDRILL.AD), opens new tab, which declined 3.6%.
Abu Dhabi state oil giant ADNOC said on Wednesday that its six publicly listed subsidiaries will distribute 158 billion dirhams ($43.02 billion) in dividends by 2030.
** Egypt was closed for a public holiday
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