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- UAE Aluminium Exports to US Surge; Saudi Credit Upgraded, Entaj IPO in Saudi Today
UAE Aluminium Exports to US Surge; Saudi Credit Upgraded, Entaj IPO in Saudi Today
Monday, March 17, 2025
Happy Sunday everyone!
The Gulf’s trade and financial markets are making headlines today. UAE aluminium exports to the US surged ahead of new tariffs, as buyers rushed to secure shipments before the March 13 deadline. Saudi Arabia’s credit rating was upgraded to A+ with a stable outlook by S&P Global, reflecting strong economic diversification efforts. Meanwhile, Saudi poultry producer Entaj will make its stock market debut today.
Let’s dive in!
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UAE Aluminium Exports to US Surge Before Tariffs Take Effect
📰 What is it about?
The UAE’s aluminium exports to the US spiked in the first 11 days of March, reaching 68,560 metric tonnes, compared to 16,124 metric tonnes in all of March 2024.
The surge comes as buyers rushed to secure shipments before the new US tariffs took effect on March 13.
The UAE is the second-largest supplier of aluminium to the US, accounting for 8% of total consumption in 2024, behind Canada’s 70% share.
The new tariffs are part of broader US trade measures aimed at boosting domestic production.
💡 Why it matters?
Trade tensions between the US and Canada are escalating, with Canada retaliating by imposing 25% tariffs on US steel, aluminium, and other goods.
US importers may seek alternative suppliers due to uncertainties around Canada’s trade relationship with the US.
UAE producers, particularly Emirates Global Aluminium (EGA), benefit from lower production costs compared to Canadian suppliers, making them competitive despite the tariffs.
Aluminium prices have been volatile, with London Metal Exchange prices rising 5% this year to $2,675 per metric tonne.
🔜 What’s next?
US manufacturers may diversify supply chains, looking beyond Canada and the UAE to mitigate tariff risks.
The global aluminium market will remain volatile, with EGA forecasting price fluctuations and an expected increase in alumina capacity.
The impact of tariffs on US aluminium costs and domestic production will be closely watched in the coming months.
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Markets
EGX 30 | 31,338.34 | +0.15% |
DFMSI | 3,028.76 | Closed |
ADX | 9,418.67 | Closed |
Tadawul | 11,853.78 | +1.09% |
S&P Upgrades Saudi Arabia’s Credit Rating to A+ with Stable Outlook
📰 What is it about?
S&P Global has upgraded Saudi Arabia’s credit rating to A+ with a stable outlook, citing economic diversification and non-oil sector growth.
The Saudi Press Agency reported that the upgrade applies to both local and foreign currency ratings.
The decision reflects progress in economic reforms, development of capital markets, and efforts to manage external sovereign debt.
💡 Why it matters?
The Kingdom's Vision 2030 strategy is driving economic transformation, reducing reliance on oil.
Non-oil GDP growth is expected to average 4% between 2025-2028, demonstrating strong economic momentum.
Despite a projected fiscal deficit of 4.2% of GDP, Saudi Arabia’s net asset position remains strong.
The credit rating upgrade signals investor confidence and enhances the Kingdom’s financial standing globally.
🔜 What’s next?
Saudi Arabia is expected to continue strategic investments in non-oil industries to sustain long-term growth.
The global investment community will closely watch the Kingdom’s debt management strategy and fiscal sustainability.
Further credit rating improvements could follow if economic diversification efforts exceed expectations.
Poultry Producer Entaj Debuts on Saudi Stock Market Today Amid Strong Demand
What is happening?
The Arabian Company for Agricultural and Industrial Investment (Entaj) is listing on the Saudi Tadawul today with a share price of SAR50 ($13.30).
Entaj becomes the fourth company to list on the main Saudi market in 2025, following Nice One, Almoosa Health, and Derayah Financial.
The poultry producer issued 9 million ordinary shares in its IPO, representing 30% of its share capital.
The IPO was oversubscribed more than 200 times, raising SAR450 million ($120 million) and valuing the company at SAR1.5 billion ($400 million).
Entaj plans to distribute dividends to shareholders later this year.
Why it matters:
Saudi Arabia is aggressively pushing towards food self-sufficiency, aiming to produce 90% of its food domestically by 2030.
Poultry, as the most affordable source of protein, is a key focus for investments and expansion.
CEO Raja Alharbi emphasized poultry’s strong demand, stating that the sector is seeing significant growth in local production and investment.
IPOs in Saudi Arabia have seen massive investor interest this year, with Nice One and Derayah Financial both hitting the 30% daily trading limit on their debut.
What’s next?
Investors will be watching Entaj’s first-day trading performance, especially given the strong demand for recent IPOs.
The company is expected to expand its market presence in line with Saudi Arabia’s food security goals.
Future IPOs in agriculture and food production could gain momentum, reflecting the sector’s rising importance in the Kingdom’s economic strategy.