Saleh Abdulaziz Al Rashed & Sons Company, a Saudi provider of construction materials, mining and industrial spare-parts solutions, has set a price range for its initial public offering (IPO) and launched institutional book building, the company said on Sunday.

The offer price range has been set at SAR43 to SAR45 per share, implying a market capitalisation at listing of between SAR800m and SAR837m.

The institutional book-building process opened on February 1 and will close at 3pm Saudi time on February 5.

Saleh Abdulaziz Al Rashed’s offering comprises 5.58 million shares

The final offer price will be determined following the completion of the book-building process.

Saudi Arabia’s Capital Market Authority approved the company’s application to register its share capital and proceed with the offering on September 22, 2025.

The Saudi Exchange, Tadawul, granted conditional approval for the listing on June 24, 2025.

The offering comprises 5.58 million shares, representing 30 per cent of the company’s total issued share capital of 18.6 million ordinary shares.

All shares offered will be sold by existing shareholders, and the company will not receive any proceeds from the IPO.

Net proceeds will be distributed to selling shareholders after deducting offering-related expenses.

Saleh Abdulaziz Al Rashed & Sons has a total share capital of SAR186m, divided into shares with a nominal value of SAR10 each.

Dubai Duty Free has kicked off 2026 with its strongest January performance on record, posting sales of Dhs858.21 million ($235m), an 18.53 per cent increase compared to January 2025.

The result makes January 2026 Dubai Duty Free’s third-highest sales month ever, behind only December 2025, which recorded Dhs922.77m ($252.81m), and November 2025 at Dhs876.56m ($240.16m).

The retailer also recorded its highest daily sales for the month on January 31, reaching Dhs35.6m ($9.76m).

Commenting on the performance, Dubai Duty Free managing director Ramesh Cidambi said, “We are extremely pleased to begin 2026 with our strongest January performance ever, following a record-breaking 2025.”

Strong growth across key categories

Several product categories delivered robust double-digit growth during the month. Gold led major categories with sales rising 45.74 per cent to Dhs104m ($28.55m), while fashion increased 36.68 per cent to nearly Dhs82m ($22.53m). Electronics posted a 36.61 per cent increase, generating Dhs65m ($17.74m).

Precious jewellery recorded the highest percentage growth, up 69.51 per cent year-on-year, with sales of Dhs28m ($7.63m).

Other categories also recorded solid gains. Perfumes rose 13.61 per cent to Dhs147m ($40.29m), confectionery increased 15.35 per cent to Dhs80.69m ($22.11m), cosmetics grew 7.67 per cent to Dhs40m ($10.97m), watches climbed 30.94 per cent to Dhs33m ($9.10m), and Delicatessen rose 8.36 per cent to Dhs27.77m ($7.61m).

Dubai Chocolate continued its strong growth trajectory, with January sales reaching Dhs36m ($10m). A total of 83 tonnes were sold during the month, nearly double the 42 tonnes sold in January 2025, when sales stood at Dhs24m ($6.59m).

Fashion boutiques delivered standout performance, particularly in Concourses A and B, where sales rose 56%. The segment achieved record average daily sales of AED3.4 million (US$931,500), alongside a record average transaction value of Dhs8,820 ($2,416).

By region, Europe and Russia led sales growth with increases of 35 per cent and 36 per cent respectively. Africa followed with 29 per cent growth, while the Americas rose 22.5 per cent. The Indian subcontinent recorded an 11 per cent increase, the Far East grew 10.5 per cent, and the Middle East posted growth of 5.3 per cent.

The strong January performance underscores Dubai Duty Free’s continued momentum entering 2026, building on its record-breaking sales performance in 2025.

Read: Dubai Duty Free sales hit Dhs8.680bn in 2025: See top sellers

The UAE’s non-oil foreign trade exceeded $1tn for the first time in 2025, five years ahead of government targets, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said.

“I reviewed the results of the foreign trade report. For the first time in its history, the UAE’s non-oil foreign trade has exceeded $1tn (Dhs3.8tn), an increase of 26.8 per cent compared to the previous year,” Sheikh Mohammed said in a post on X. “Our non-oil exports, according to a new report I reviewed, exceeded Dhs813bn, achieving exceptional growth of 45.5 per cent year-on-year.”

According to a report published on state news agency, WAM, Sheikh Mohammed said the figures had been targeted for achievement by 2031. “We have realised 95 per cent of them five years ahead of schedule. Our investment environment is complete, our international partnerships have doubled, our partnerships with the private sector have been strengthened, and global confidence in the UAE has been firmly established, thanks be to God,” he said.

He added, “We congratulate all our national teams. Our message to them is to double their efforts and further entrench partnerships with the private sector to build a better economic future.”

UAE’s non-oil foreign trade grows 27 per cent y-o-y

According to the data, the UAE’s non-oil foreign trade reached approximately Dhs3.8tn ($1.03tn) in 2025, growing 27 per cent compared to 2024 and 44.3 per cent compared to 2023.

Trade expanded by 65 per cent compared to 2022 and by 97.4 per cent compared to 2021, nearly doubling its value from four years earlier and exceeding twice the level recorded in 2019.

In Q4 2025, non-oil trade reached Dhs1.1tn for the first time every quarter, representing growth of 33.1 per cent year on year.

Non-oil exports during the quarter totalled Dhs234.4bn, up 53.2 per cent from the same period in 2024 and 12 per cent from the third quarter of 2025.

By the end of 2025, exports accounted for 21.6 per cent of the UAE’s total non-oil trade, compared with 18.8 per cent in 2024, 16.5 per cent in 2022 and 14.1 per cent in 2019.

Non-oil exports reached Dhs813.8bn in 2025, rising more than 45.5 per cent from 2024 and 85 per cent from 2023. Export values were more than three times those recorded in 2019 and more than double the levels seen in 2021 and 2022.

Exports exceeded targets under the “We the UAE 2031” vision by Dhs13.8bn.

Impact of CEPAs

Exports to countries with comprehensive economic partnership agreements that had entered into force by the end of 2025 totalled Dhs175.5bn across 14 countries, growing 18.2 per cent and accounting for 21.6 per cent of total non-oil exports.

Key non-oil exports included gold and jewellery, aluminium, cigarettes, refined petroleum oils, ethylene polymers, copper wires, precious metal compounds, polypropylene polymers and perfumes.

These categories collectively recorded growth of 64.5 per cent compared to 2024.

Re-exports reached Dhs830.2bn ($226bn) in 2025, up 15.7 per cent year on year and higher by 21.3 per cent compared to 2023 and 29 per cent compared to 2022.

Non-oil imports exceeded Dhs2.1tn ($577.6bn) in 2025, rising 25.7 per cent from 2024. Imports grew 27.2 per cent with the UAE’s top 10 trading partners and 23.3 per cent with the rest of the world.

Leading imports included gold, mobile phones, cars, petroleum oils, jewellery, diamonds and computers.

During Q4 2025, non-oil exports totalled Dha234.4bn, equivalent to the UAE’s full-year non-oil export value in 2019.

Read: Dubai’s GDP hits Dhs355bn in first 9 months of 2025, up 4.7%

Oil prices fell nearly 5 per cent on Monday, heading for the steepest single-session decline in more than 6 months, after US President Donald Trump said Iran was “seriously talking” with Washington, signalling de-escalation with an OPEC member.

Brent crude futures were down $3.30, or 4.8 per cent, at $66.02 per barrel at 0528 GMT. US West Texas Intermediate crude fell $3.23, or nearly 5 per cent, to $61.98 per barrel.

Both contracts are dropping sharply from multi-month highs as risks of a military strike receded after Trump’s weekend comments.

He had repeatedly threatened Iran with intervention if it did not agree to a nuclear deal or continued killing protesters. The persistent threats have underpinned oil prices throughout January, said Priyanka Sachdeva, an analyst at Phillip Nova.

“The recent pullback has also been reinforced by renewed strength in the US dollar, which typically makes dollar-denominated oil more expensive for non-US buyers, further weighing on prices,” Sachdeva said.

On Saturday Trump told reporters Iran was “seriously talking,” hours after Tehran’s top security official Ali Larijani said arrangements for negotiations were underway.

Trump’s comments, along with reports that the naval forces of Iran’s Revolutionary Guards have no plans for live-fire exercises in the Strait of Hormuz, are signs of de-escalation, said IG market analyst Tony Sycamore.

“The crude oil market is interpreting this as an encouraging step back from confrontation, easing the geopolitical risk premium built into the price during last week’s rally and prompting a bout of profit-taking,” he said.

At a meeting on Sunday, OPEC+ agreed to keep its oil output unchanged for March. In November the grouping had frozen further planned increases for January through March 2026 because of seasonally weaker consumption.

“Geopolitical risks mask a fundamentally bearish oil market,” Capital Economics said in a note on January 30.

“The historical example of last year’s 12-day war (between Israel and Iran), and a well-supplied oil market, will still bear down on Brent crude prices by end-2026.”

Read: Iran concerns, weak dollar push oil prices to four-month high

Gold and silver extended falls on Monday after CME Group raised margin requirements following a sharp selloff in precious metals last week on US President Donald Trump’s nomination of Kevin Warsh to be the next Federal Reserve chair.

Spot gold logged its sharpest one-day drop since 1983 on Friday with a fall of more than 9 per cent, and had lost a further 3.6 per cent to $4,686.51 per ounce by 0504 GMT. US gold futures for April delivery were down 0.8 per cent at $4,707.60 per ounce.

Spot silver plunged 27 per cent in the previous session in its worst daily fall on record and has lost an additional 6.7 per cent to $78.96 an ounce on Monday.

“The Warsh nomination, whilst likely being the initial trigger, did not justify the size of the downward move in precious metals, with forced liquidations and margin increases having a cascading effect,” said KCM Chief Trade analyst Tim Waterer.

CME Group announced hikes in margins on its metal futures on Saturday and the changes are set to take effect after market close on Monday.

COMEX gold futures margins (1oz) are raised from 6 per cent to 8 per cent, while COMEX 5000 silver futures (SI) are set to increase to 15 per cent from 11 per cent. Platinum and palladium futures will also see increases in margin requirements.

An increase in margin requirements is generally negative for the affected contracts, as the higher capital outlay can dampen speculative participation, reduce liquidity, and pressure traders to unwind positions.

Analysts noted that leveraged investors were getting wiped out, forcing them to sell other assets to cover silver and gold margin calls. Asian stock markets were sliding and US equity futures dropped 1 per cent.

“Warsh may still lower rates soon after he gets into office, but he is the not the ‘ultra dove’ nomination that the market had largely priced in,” Waterer said.

“His policy approach has been generally supportive of the dollar and by inference, negative for gold, due to his focus on inflation and dim views on quantitative easing and excessive Fed balance sheets.”

Investors still expect at least two rate cuts in 2026. Non-yielding bullion tends to perform better in low-interest-rate environments.

The crash in precious metals seems to have temporarily ended the record-breaking price rally that saw gold scale a record high of $5,594.82 an ounce on Thursday and silver notch an all-time peak at $121.64.

Analysts at J.P. Morgan said despite the recent volatility, they expected the rally to remain intact in the longer term.

“We remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets,” they said in a note.

Read: Dubai Gold District launched: What buyers, retailers need to know