Riyadh

REAL ESTATE- Sumou Real Estate Company secured a SAR 135 mn contract to carry out infrastructure works in Jeddah’s South Obhur neighborhood, it said in a disclosure to Tadawul yesterday. The project covers a 960k-sqm area and will be carried out in cooperation with Diyar Real Estate Development Fund, which is managed by Sedco Capital. REFRESHER- Sumou Real Estate Company, asset management firm Al Jazira Capital, and Sumou Global Investment signed a contract in January to establish a real estate investment fund to acquire and develop lands in the Kingdom, with projects valued at upwards of SAR 2 bn. (** Tap or click the headline above to read this story with all of the links to our background and outside sources.)Would-be homeowners in 24 residential projects can access low-interest financing to fund their home purchases, after the Real Estate Development Fund (REDF) inked an agreement with the National Commercial Bank and the National Housing Company, state news agency SPA reported yesterday. The agreement covers 40k residential units, with the interest rates being as low as 2.99%. ICYMI- This new initiative joins a host of financing offerings by the REDF including a new mechanism announced (last May to disburse housing support for Self-Construction and Land and Loan beneficiaries whose home construction has been unfinished for over three years. The fresh mechanism allows up to six payments to complete construction and restore housing support retroactively.Diriyah Company has launched the sale of Aman Residences and Amansamar in Wadi Safar, featuring a collection of five- and six-bedroom unltra-luxury villas and private estates within the Amansamar community, it said in a statement yesterday. The offered residences have access to the Royal Diriyah Equestrian and Polo Club, a championship golf course among other amenities.REMEMBER- PIF-backed ultra-luxury hotel operator Aman Group voiced its plans in March to raise up to USD 2 bn to expand in the Middle East and Africa, including 23 hotel projects and expanding Aman Residences. The company is developing three Janu properties in the region, including hotels in historic Saudi locations in AlUla and Diriyah, and has sold around half of the three dozen mansions under construction in Riyadh’s Diriyah district for USD 35-39 mn each.DEBT WATCH-SHL Finance secured a SAR 200 mn shariah-compliant facility from the Saudi Investment Bank to expand its sales volumes via loans to customers, it said in a filing to the bourse yesterday. The five-year facility was backed by a promissory note and assignments of receivables.REFRESHER- SHL secured a similar renewed shariah-compliant loan from Bank Aljazira in April aimed at driving the company’s expansion and sales growth. A month earlier, the company renewed a SAR 1.9 bn shariah-compliant credit facilities agreement with Arab National Bank. M&A WATCH-Al Kuzama Trading signed a preliminary, non-binding MoU to acquire 60% of Raed Foods Catering Company, it said in a disclosure to Tadawul yesterday. The 70-day agreement — which can be extended — is set to lead to a final decision, contingent on due diligence, valuation, and regulatory approvals. The financial details will be determined after a final agreement is reached.AVIATION-Riyadh Air inked a five-year partnership with aviation solutions provider SATS Saudi Arabia to provide cargo handling services at key airports across the Kingdom, the airline said in a statement yesterday. The agreement includes the Riyadh Air hub at King Khalid International Airport, Dammam’s King Fahd International Airport, and Jeddah’s King Abdulaziz International Airport. Under the partnership, SATS will be tasked with developing world-class hub management capabilities for Riyadh Air.ICYMI- Home-grown Avilog Logistics Services acquired a 49% stake in the Saudi arm of Singapore-based logistics firm SATS last Just, with the goal of supporting SATS Saudi Arabia’s expansion plans, including the establishment of a new cargo facility in Jeddah and the implementation of multi-modal operations across the Kingdom. The initial agreement was signed back in November.TRANSPORT-Riyadh’s Cooperative Association agreed with Saudi Arabia Railways (Sar) to establish and operate a new passenger train station in Al Zulfi, Sar said on X yesterday. The partnership will add a seventh station to the Northern Railway network, which links Riyadh to Al Qurayyat and enhance services for Riyadh residents.

BANKING- Mastercard has launched its first Middle East Cyber Resilience Center in the Kingdom, Mastercard’s General Manager for Saudi Arabia, Bahrain, Jordan, and the Levant Saud Swar told Asharq Al Awsat on Thursday. Riyad Bank is the center’s first partner, collaborating on training, risk assessment, and adopting global standards. The center is also intended to support national programs like FinTech Saudi and the National Cybersecurity Authority.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)The center’s operations focus on three areas, including training personnel through Arabic certifications and university partnerships, defining performance benchmarks for organizations, and testing readiness with simulated cyberattack workshops. Mastercard plans to eventually expand the center’s services beyond finance into sectors like health, transportation, and critical infrastructure.AVIATION-Riyadh Air partners with Amadeus: PIF-owned Riyadh Air signed a global distribution agreement with Spain-based travel technology firm Amadeus, giving it access to a network of travel agents in over 190 countries, Amadeus said in a press release on Thursday. Amadeus will also distribute Riyadh Air’s future New Distribution Capability content to offer more customized packages and manage indirect sales. Financial details remain undisclosed.REFRESHER- Saudi’s newest airline delayed its takeoff from earlier this year to 3Q 2025, citing Boeing delivery setbacks. The airline voiced plans in June to serve 100 cities by 2030, aiming to add a destination every two months once it’s operational. The carrier has already secured landing slots for its debut routes and will unveil its first destination and ticketing plans in the upcoming months.SPORTS-The Public Investment Fund (PIF) and Golf Saudi have launched 3D mapping platform PIF Future Fairways, offering golf enthusiasts an immersive experience, according to a statement released last Wednesday. The platform will be accessible to the public at PIF Global Series tournaments throughout 2025 and into the 2026 season, including the PIF Championship in London (8-10 August), Aramco Houston Championship (5-7 September), Aramco Shenzhen Championship in China (6-8 November).The platform was also used to unveil three new golf courses within the PIF’s giga-projects on the Red Sea coast, including Shura Links on Shura Island, Laheq Golf Course on the Red Sea coast, and Trojena Northern Golf Course in the Neom Highlands. The initiative is part of a broader plan to more than triple the number of golf courses in Saudi Arabia by 2030.DEBT WATCH-PIF-owned Saudi Real Estate Refinance Company (SRC) signed an agreement to acquire a real estate finance portfolio from Arab National Bank (ANB), it said on X on Thursday. Extending their existing partnership, the acquisition aims to increase liquidity for primary lenders like ANB, allowing them to expand home financing options to citizens. No financial details were disclosed.ICYMI- SRC had also agreed to buy a mortgage portfolio of undisclosed value from Bank Albilad last month for the same reasons and had also acquired a SAR 3.4 bn real estate financing portfolio from the Saudi National Bank in March. FINANCIAL SERVICES-The Saudi Central Bank (Sama) licensed AL-AN Alkhaligia to offer consumer microfinance services through financial technology, bringing the total number of licensed finance companies in the Kingdom to 67, it said in a statement on Thursday.REMEMBER- The Saudi Central Bank launched last month a new e-commerce payments interface to integrate the mada payment system into the global payment networks, offering additional payment options to users and allowing banks to offer financing solutions to e-commerce businesses.REAL ESTATE-First Avenue awarded development contract for Al Shati project in Jeddah: First Avenue for Real Estate Development, in partnership with La Perle Real Estate Fund, will develop a 7.8k sqm mixed-use project in Jeddah’s Al Shati District, featuring commercial, residential, and hospitality units, it said in a filling to the bourse last Wednesday. More details: Under a 36-month contract, First Avenue — holding a 38.6% stake in the fund — will oversee design, permitting, construction, and marketing, earning 12% of final project costs. The total project value is yet to be determined in a later stage.

SABIC- Saudi Basic Industries Corp. (Sabic) reported its third consecutive quarterly net loss, posting a loss of SAR 4.1 bn for 2Q 2025 and reversing a net income of SAR 2.2 bn in the same quarter a year earlier, the chemicals giant said in an earnings release (pdf) yesterday. The results came short of analysts’ expectations of a net income of SAR 1.1 bn from Bloomberg and SAR 504 mn from LSEG data reported by Reuters.The drivers: The unexpected loss was driven by a SAR 3.8 bn impairment from a UK cracker closure, a SAR 1 bn loss from impairment charges of one of its European associates, a SAR 517 mn rise in finance costs, and a SAR 284 mn Zakat expense, which reversed last year’s SAR 545 mn benefit.Revenue inched down 0.4% y-o-y during the quarter to SAR 35.6 bn, buoyed by higher sales volume and SAR 863 mn in licensing and engineering revenue, despite lower average selling prices.The macro currents didn’t help: Sabic faced significant margin pressure due to persistent oversupply and weak demand in its key chemical segments which has kept operating rates below historical averages, CEO Abdulrahman Al Fageeh said.Over the first half of the year, Sabic reported a net loss of SAR 5.3 bn, down from a net income of SAR 2.4 bn over the same period last year. However, revenue inched up 2.6% y-o-y to SAR 70.2 bn.REMEMBER- In 1Q, the company had launched a transformation program to add USD 3 bn in annual value by 2030 through cost-cutting and restructuring amid a broad review of its business. Key initiatives include closing its UK cracker unit, evaluating a potential IPO for its National Industrial Gases (Gas) subsidiary, and maintaining its annual capital expenditure plan of USD 3-3.5 bn.Looking ahead, the market is expected to stabilize in 3Q 2025 on the back of a stable demand in most sectors with improvements in electronics, personal care, and healthcare, Al Fageeh said in a press conference yesterday (watch, runtime: 24:49). However, Bloomberg analysts anticipate ongoing margin pressure from oversupply, though this may be partially offset by Sabic’s diversified portfolio and fixed-cost structure.In the interim, Sabic’s projects are advancing, with the Petrokemya project beginning trials in 3Q 2025 and the Fujian plant set to launch trial operations in 2H 2026. The company has also launched 58 new products this year and now uses AI tools in 42% of its manufacturing facilities.ALSO- Sabic’s board greenlit a SAR 4.5 bn dividend payout for 1H 2025 at SAR 1.5 a piece, it said in a separate disclosure. The distribution date is set for 9 September.RIYADH CABLES-Riyadh Cables Group’s net income soared 75.3% y-o-y to SAR 279.4 mn in 2Q 2025, primarily due to a sales revenue surge, the company said in a Tadawul disclosure yesterday. Meanwhile, revenue widened 32.7% y-o-y to SAR 2.7 bn on the back of an increase in the volume of quantities sold.On a 1H basis, the group’s bottom line jumped 63.1% y-o-y to SAR 535.6 mn, while its top line increased 27.6% y-o-y to SAR 5.2 bn.LUBEREF-Saudi Aramco Base Oil Company (Luberef) saw its net income drop 18% y-o-y to SAR 245.2 mn in 2Q 2025, weighed down by weaker base oil sales volumes and lower by-products crack margins, despite an increase in base oil crack margins, it said in a disclosure to Tadawul yesterday. Similarly, revenue slipped 17.6% y-o-y to SAR 2.2 bn over the same period on the back of reduced prices for base oil and by-products.On a 1H basis, the company’s bottom line fell 13.2% y-o-y to SAR 466.7 mn, while its top line was down 10.9% y-o-y to SAR 4.4 bn.Dividends: Luberef’s board approved a SAR 168.3 mn dividend distribution for 1H 2025 at SAR 1 per share, it said in a separate filing. The distribution date is set for 15 October.BAHRI-The National Shipping Company of Saudi Arabia (Bahri) saw its net income dip 44.4% y-o-y to SAR 407.5 mn in 2Q 2025, it said in a disclosure to Tadawul yesterday. The figure was pulled down by weaker performances by Bahri Chemicals and Bahri Integrated Logistics due to lower global shipping rates, lower other income, higher finance costs, and G&A expenses compared to the same quarter last year.MEANWHILE- Revenue slid 9.3% y-o-y to SAR 2.5 bn, primarily due to a decline in global shipping rates across Bahri Chemicals and Bahri Oil.On a 1H basis, the company’s bottom line fell 20.7% y-o-y to SAR 940.3 mn, while its top line decreased 7.9% y-o-y to SAR 4.6 bn.SAUDI CHEMICAL CO.-Saudi Chemical Company Holding’s net income went down 4.5% y-o-y to SAR 69.5 mn in 2Q 2025, weighed down by an increase in selling expenses, expected credit loss on trade receivables, and finance costs, it said in a Tadawul disclosure yesterday. Meanwhile, revenue grew by 9.3% y-o-y to SAR 1.8 bn, thanks to a sales volume increase.On a 1H basis, the company’s bottom line slipped 7.6% y-o-y to SAR 151.7 mn, while its top line inched up 4.6% y-o-y to SAR 3.4 bn.DAR ALARKAN-Dar Alarkan Real Estate Development saw its net income climb 44.5% y-o-y to SAR 238.6 mn in 2Q 2025, driven by an increase in lease revenue, lower finance costs, and gains from Islamic murabaha deposits, it said in a disclosure to Tadawul yesterday. Revenue declined by 11.4% y-o-y to SAR 852.1 mn, pulled down by lower property sales.On a 1H basis, the company’s bottom line increased 40.5% y-o-y up to SAR 448 mn, while its top line inched down 2.3% y-o-y to SAR 1.8 bn.UMM AL QURA FOR DEVELOPMENT-Umm Al Qura for Development and Construction’s net income rose 26.3% y-o-y to SAR 236.7 mn in 2Q 2025, driven by higher revenues from land sales, the company said in a disclosure to Tadawul yesterday. Revenue fell by 16.1% y-o-y to SAR 669.2 mn.On a 1H basis, the company’s bottom line surged 106.3% y-o-y to SAR 396.3 mn, while its top line jumped 53.9% y-o-y to SAR 1.2 bn.ICYMI- Masar Destination plots have been flying off the shelves: Umm Al Qura sold five land plots in Makkah’s Masar Destination in late July for over SAR 1.6 bn to Saqeefat Al Asima, an affiliate of Mohammad Abdul Aziz Al Habib and Partners Real Estate Company. Since mid-June, the company sold a combined 13k sqm of land for over SAR 891 mn across four separate transactions.ALMOOSA HEALTH-Almoosa Health Group returned to the black with a net income of SAR 51.8 mn in 2Q 2025, compared to SAR 1.3 mn in net loss during the same period last year, it said in a Tadawul disclosure yesterday. The company attributed the turnaround to higher revenues from increased patient volumes, improved operational efficiency, and lower finance expenses following a loan settlement in 1Q.MEANWHILE- Revenue grew by 22.6% y-o-y to SAR 349 mn, driven by higher inpatient and outpatient volumes and the expansion of specialty service offerings.On a 1H basis, the company reported some SAR 103 mn in net income, a substantial increase from SAR 12.5 mn over the same period last year. Revenue rose 19.6% y-o-y to about SAR 672 mn.Dividends: The healthcare provider’s board greenlit the distribution of SAR 15.5 mn in cash dividends for 2Q 2025 at SAR 0.35 per share, starting Wednesday, 20 August, according to a separate disclosure to Tadawul.TASNEE-National Industrialization Company’s (Tasnee) net income dipped into the red in 2Q 2025, recording a SAR 65.8 mn net loss, compared to SAR 52.8 mn in net income over the same quarter last year, it said in a disclosure to Tadawul yesterday. Meanwhile, revenue went down 19.7% y-o-y to SAR 808.9 mn in the same period.On a 1H basis, the company’s net income rebounded from a net loss of SAR 19.2 mn in 1H 2024, posting a net income of SAR 830 mn in 1H this year. Revenue slipped 5.5% y-o-y to SAR 1.7 bn over the same period.Looking ahead, the year is shaping up to be a challenging one thanks to ongoing uncertainty in global markets, Tasnee’s CEO Fawaz Al Fawaz told Al Arabiya yesterday, adding that losses could continue into the second half of the year if conditions remain unchanged.

Good morning, everyone, and welcome to the accidental macroeconomics edition of EnterpriseAM Saudi. Our news well is dominated by GDP growth figures from Gastat, the latest quarterly budget performance report from the Finance Ministry, and S&P’s forecasts for the Kingdom’s financial health over the next few years.The gist? Non-oil activity propped up the economy in 2Q, and growth is expected to remain solid through 2028 as diversification efforts bear fruit, but we should make ourselves comfortable with twin deficits as they’re not going anywhere soon.Also in today’s issue: An Acwa Power-led consortium secures SAR 12.8 bn for two 3.6 GW IPP projects, and Rawabi Marketing is moving ahead with floating 1 mn shares on Nomu.BUT FIRST- We spent the weekend low-key freaking out about AI, and our weekend reading did little to assuage our malaise: AI is coming for consulting, and McKinsey is freaking out, the Wall Street Journal warns us. Smart folks are starting to get really worried not just about the safety of our jobs, but about whether we can even trust AI not to kill us. Per Bloomberg “Would a chatbot kill you if it got the chance? It seems that the answer — under the right circumstances — is probably.” And over in the pages of the FT, novelists are losing it, worrying about the future of creativity in a gen AI world.Palate cleanser: Samuel L. Jackson in a delightfully profane ad for wind energy player Vattenfall.HAPPENING TODAY- Eight Opec+ countries are scheduled to meet today to decide on oil production levels for September. The oil cartel has reportedly agreed in principle to add another 548k bbl / d next month, an unnamed delegate told Bloomberg yesterday.The last hike? The increase would complete the reversal of a previous 2.2 mn bbl / d cut, bringing the group’s production to some 33 mn bbl / d by September. Goldman Sachs expects Opec+ to stop increasing output after September, citing rising US oil production and slowing global demand. A separate, larger cut of 3.65 mn bbl / d remains in effect until the end of 2026.We took a deep dive on Opec+’s output increase and what it means for us.WEATHER- It’s another blazing day in the Kingdom, with Riyadh expected to see a high of 44°C and a low of 34°C today, while Jeddah’s mercury will go as high as 40°C and as low as 33°C. Makkah is in for thunderstorms, with a 42°C high and 35°C low.NEWS TRIGGERS-Aramco is expected to publish its 1H 2025 earnings on Tuesday, 5 August, according to the company’s website. The oil giant is forecasted to post SAR 92.8 bn in net income for the quarter, up from SAR 106.2 bn recorded in the same period last year, according to Argaam.REFRESHER- The company posted a 4.6% y-o-y drop in net income to SAR 97.5 bn (USD 26 bn) in 1Q 2025, exceeding analyst estimates by some SAR 3.4 bn amid weaker oil prices caused by global economic uncertainty.Tuesday will be busy: Riyad Bank’s Purchasing Managers Index for July is also set to come out on the same day. Non-oil business activity in the Kingdom accelerated in June, driven by expansions in new client demand and a surge in hiring.PSAs- #1- Businesses subject to withholding tax must file their June tax returns by Sunday, 10 August via Zatca’s website, according to a post on X. Meanwhile, Businesses subject to VAT have until Sunday, 31 August 2025 to file their July tax returns.#2- Registration is now open for Monsha’at’s Jadeer Tour in Khobar, the authority said on X on Thursday. The two-day event begins on Monday, 11 August, in the city’s SME Support Center, offering attendees the opportunity to learn about the Jadeer service and receive valuable training and support for their businesses. WATCH THIS SPACE- #1- The USD 1.2 bn state-backed Arab Investment Company (TAIC) is divesting its legacy portfolio as it pivots toward private markets, CEO Abdullah Bakhraibah told Bloomberg. The move aims to lift average annual returns to 9% from 5%, following a strategic review that weighed closing the firm against a full overhaul.Going “exit mode”: TAIC is liquidating its holdings in short-term lending, letters of credit, government bonds, and treasury bills as it shifts to a “commercially-driven investor,” Bakhraibah — who joined the company in 2023 from State Street Corp — said. The freed-up capital will be redeployed mainly into private markets, public equities and venture investments, targeting sectors like healthcare, education, and technology, industrials, and artificial intelligence. The firm plans at least 20 new transactions this year across shareholder countries and is exploring potential partnerships with the PIF and Kuwait’s sovereign wealth fund.About TAIC: Founded in 1974, the firm is one of the region’s first sovereign wealth funds, owned by 17 Middle Eastern countries, with Saudi Arabia and Kuwait among its largest shareholders. #2- Riyadh Air soon to fly in London’s sky? PIF-owned Riyadh Air will reportedly launch flights on 26 October connecting Riyadh and London Heathrow Airport, using its Boeing 787-9 Dreamliner fleet, Aviation Business reported. The move follows securing a daily slot at Heathrow swapping with British Airways, marking its first-ever international destination in Europe.Could we see the launch before 3Q ends? Saudi’s newest carrier has pushed back its launch to 3Q 2025 from earlier this year after facing delays in Boeing aircraft deliveries. The airline voiced plans in June to serve 100 cities by 2030, aiming to add a destination every two months once it’s operational. The carrier also announced it has snapped up the necessary landing slots for its first destinations, and is set to reveal its first route and ticket sale mechanism in the upcoming months.#3- 23 people were injured when an amusement park ride collapsed in the Al Hada area of Taif on Wednesday, Al Arabiya reported. The 360 Big Pendulum ride broke mid-air, causing the section carrying passengers to crash to the ground, which pushed authorities to shut down the park and launch an investigation into the accident.OIL WATCH- Saudi Arabia’s oil drilling rig count has fallen for the sixth consecutive month to 20, its lowest level in over two decades, and a significant drop from 46 rigs in early 2024 as the nation pivots its investment focus from oil to natural gas, Bloomberg reports, citing Baker Hughes data.Out with the old: The 18-month downward trend has largely been driven by Riyadh's decision to abandon plans to increase Saudi Aramco's oil production capacity to 13 mn bbl/d, maintaining it at the current 12 mn. With several major oilfield expansion projects now complete or nearing completion, the need for new oil rigs has diminished, Qamar Energy founder Robin Mills said.In with the new: Over half of the Aramco’s upstream spending is now directed towards gas projects, the star of which is the USD 100 bn Jafurah gas project, whose first phase is expected to start this year, Aramco CEO Amin Nasser said in May. The Kingdom aims to replace approximately 1 mn barrels of crude oil used for domestic power generation with natural gas by 2030 and is also exploring options for future gas exports. Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel and Hassan Allam Properties.Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.DID YOU KNOW that we also cover Egypt, the UAE, and the MENA logistics industry?Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.***🌍 THE BIG STORY ABROAD- It’s finally August — aka Tariff Month — and US President Donald Trump has published a list of new tariffs set to be implemented next Friday. Trading partners are sorted into three groups depending on trade surplus, with most of the Gulf falling to the first group hit by the minimum 10%.Among the highest tariffs: Canada will be slapped with a 35% tariff, higher than the earlier announced 25%, as diplomatic friction between the country continues and after it said it would recognize a Palestinian state; Switzerland was slapped with a 39% tariff; and India will be subject to a 25%.The story is everywhere in the foreign press: Bloomberg | Reuters | Financial Times | CNBC | New York Times ALSO- Trump shoots the messenger: Worse-than-expected job growth numbers prompted the president to fire the Bureau of Labor Statistics commissioner Erika McEntarfer, a Biden appointee who “faked the Jobs Numbers before the Election to try and boost Kamala’s [Harris’] chances of Victory,“ he claimed.The Fed is also closer to danger: The decision coincided with an opening for Trump to target the Fed by appointing one more governor, after governor Adriana Kugler resigned on Friday. Trump had lashed out at chairman Jerome Powell for not capitulating to interest rate cuts demands, calling him “TOO ANGRY, TOO STUPID, & TOO POLITICAL,” and calling on the Fed’s board to assume control of the independent institution.Markets are not liking the volatility: Dow Jones closed down 1.2% on Friday, while the S&P declined 1.6% and the Nasdaq Composite shed 2.2%.ALSO GETTING ATTENTION- Apple and Amazon published their earnings on Thursday:Apple benefited from a boost in iPhone sales as customers rushed to lock in pre-tariff prices, with overall sales rising 10% y-o-y. CEO Tim Cook said the company will be hit with USD 1.1 bn in costs from the tariffs in 3Q 2025 alone. (Wall Street Journal | Reuters)Amazon’s shares fell more than 7% after hours as its cloud computing unit failed to meet earnings expectations, with net income margins contracting, after rivals Microsoft and Alphabet both reported impressive performance for their cloud units. (Reuters) CIRCLE YOUR CALENDAR-Riyadh is set to host the first-ever CoMotion Global 2025 in the Middle East between 7-9 December. The three-day event will bring together global leaders in sectors like sustainability, urban technologies, and smart mobility to showcase the Kingdom’s mega projects and investments in smart infrastructure via panel discussions, presentations, and networking windows, state news agency SPA reported on Thursday.

IPO WATCH- Sinad Holding will subscribe to about 6.7 mn shares as a cornerstone investor in Dar Al Majed Real Estate’s IPO, it said in a Tadawul disclosure yesterday. Sinad will hold 2.2% of Al Majed’s capital under the binding agreement, following approvals from its shareholders and Al Majed’s board. The move is part of Sinad’s investment portfolio diversification strategy to optimize its shareholders' returns.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)IN CONTEXT- Dar Al Majed took a 30% stake to Tadawul’s main market in a secondary offering of 90 mn existing shares, which saw its institutional tranche fully booked within minutes of opening on Tuesday, setting the offer price within the SAR 13.5-14 range per share. At the top of the range, the share sale could see the property developer raise up to SAR 1.26 bn in proceeds, implying a market cap of SAR 4.2 bn at listing.EXPANSION-Chinese on-demand food delivery platform Keeta added 11 new cities to its Saudi footprint, expanding its nationwide reach to 20 cities, it said in a LinkedIn statement yesterday. The new hubs are in Hail, Tabuk, Abha, Khamis Mushait, Jazan, Najran, Al Jubail, Buraydah, Hafar Al Batin, Yanbu, and Taif. Keeta made its debut in Saudi Arabia in September 2024 with its Al Kharj launch.REAL ESTATE-The Saudi Real Estate Refinance Company (SRC) signed an agreement with Bank Albilad to buy a mortgage portfolio, it said on X on Monday. The agreement will help SRC expand its funding capacity and support future plans to package and sell home loans to investors. The value of the agreement was not disclosed.ICYMI- SRC, the real estate finance arm of the Public Investment Fund, acquired a SAR 3.4 bn real estate financing portfolio from the Saudi National Bank back in March as part of the Kingdom’s efforts to modernize and expand its real estate finance sector.LOGISTICS-The Saudi Ports Authority (Mawani) added Wan Hai Lines’ AR2 Asia Redsea shipping service to Jeddah Islamic Port, linking it to 10 regional and global ports, it said in a statement on Tuesday. The new service — with a capacity of 3.7k TEUs — will connect Jeddah with the ports of Shanghai, Ningbo, Nansha, and Shekou in China, Klang in Malaysia, Aqaba in Jordan, Sokhna and Alexandria in Egypt, and Izmit and Kumport in Turkey.AVIATION-Riyadh Air partners with an Air France-KLM subsidiary to maintain its Boeing Dreamliners: EPCOR, a subsidiary of Air France Industries KLM Engineering & Maintenance, will look after Riyadh Air ’s APS5000 auxiliary units powering the Boeing 787 Dreamliner fleet under a long-term maintenance, repair, and overhaul agreement it signed with the PIF-owned airline, according to a press release.

AUTOMOTIVE- Self-driving cars are on Riyadh’s roads: The Transport General Authority has launched the initial 12-month operational phase of Riyadh’s autonomous vehicles project, it said on X. During the period, the self-driving taxis will operate on designated routes with 13 stations, covering seven locations that connect King Khalid International Airport, major highways, and specific city center destinations, according to a separate X post. The vehicles’ maximum speed will be capped at 100 km/h. (** Tap or click the headline above to read this story with all of the links to our background and outside sources.)A public-private powerhouse: The project launched in cooperation between several public and private entities, including the Interior Ministry, Saudi Data and AI Authority (SDAIA), General Authority for Survey and Geospatial Information, Saudi Standards, Metrology and Quality Organization (SASO), Uber, WeRide, and AiDriver.REMEMBER- In preparation for autonomous vehicles deployment, the General Authority for Roads (GRA) updated its Roads Code last week. The new framework mandates infrastructure upgrades, including durable pavement layers and real-time communication systems for roads and parking.GAMING-PIF-owned Savvy Games Group has partnered with King Abdulaziz University to offer specialized diplomas in games production and esports management, according to a press release. The initiative — which is part of Savvy Academy’s Level-Up program — kicks off with the new academic year aiming at sharpening the skills of the local talents and lowering reliance on foreign expertise.IN CONTEXT- Earlier this year, Savvy Games Group and SBI Holdings inked an MoU that will see SBI Holdings introduce Japanese gaming companies to Savvy’s Esports ecosystem, facilitating their entry into the Saudi and Mena markets.M&A WATCH-Aictec receives no-objection certificate for stake in Sign Max: Advance International for Telecommunications and Information Technology (Aictec) received General Authority for Competition approval to move forward with its acquisition of a 25% stake in Sign Max Advertising for SAR 3 mn, according to a disclosure to Tadawul. Aictec and Sign Max had signed an MoU for the move in June.ADVISORS- Aictec tapped Crowe Solutions Consulting as the financial advisor for the acquisition.LOGISTICS-The Saudi Ports Authority (Mawani) added CMA CGM’s LRX shipping service to Jeddah Islamic Port, linking it to four regional ports, it said in a statement. The new route — with a capacity of 2.8k TEUs — will connect Jeddah to Latakia in Syria, Iskenderun and Mersin in Turkey, and Beirut in Lebanon.

Acwa Power’s Saad 2 PV project in Riyadh kicks off partial production, with 759.3 MW now in commercial operation, it said in a disclosure to Tadawul yesterday. The total capacity of the project is about 1.13 GW, meaning over 30% of the capacity has yet to come online. No timeline was provided for the remaining capacity.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)BACKGROUND- Acwa drew a USD 2.3 bn loan to finance three solar projects, including the Saad 2 PV plant, the 2 GW Ar Rass 2 solar farm, and the 1.42 Al Kahfah solar project, which will generate enough electricity to power the equivalent of 750k households. Acwa holds a 50.1% stake in these projects, while PIF-backed Badeel owns the remaining 49.9%.IN CONTEXT- Saad 2 is one of six solar projects set to come online this year by the summer as energy demand peaks, adding some 6.16 GW of renewable energy capacity. The renewables push comes under the Kingdom’s National Renewable Energy Program (NREP), which aims to phase out oil burning to reach a 50/50 mix of renewables and gas by 2030.

AI Infrastructure technology provider OmniOps launched the Kingdom’s first sovereign Inference as a service platform, Bunyan, according to a statement (pdf). The platform enables companies to build AI-driven applications to automate workflows, aiming to provide AI capabilities for text, vision, and speech applications while ensuring data remains sovereign and compliant within the Kingdom.About Bunyan: Bunyan is an end-to-end AI infrastructure stack that allows users to deploy custom AI models on hardware from Nvidia and Groq. The platform claims it can double AI inference speed, halve energy use, and cut latency by at least 40%. It also features a unified AI model catalog providing access to public and private large language models (LLMs), speech recognition, and computer vision technologies.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)DEVELOPMENT FINANCE-The Saudi Fund for Development (SFD) signed two development loan agreements worth USD 32 mn with Bosnia and Herzegovina, it said in a press release on Monday. The agreements will fund the construction of a USD 19 mn scientific center in a science and technology park, spanning some 200k sqm, and equip a student housing facility at the Borisa Starović Public Institution Student Center for USD 13 mn.A long line of support: To date, the SDF has provided the Balkan country over USD 163 mn to finance 27 development projects and has allocated more than USD 53 mn in four grants, contributing to its sustainable social growth and economic prosperity.REAL ESTATE-Roshn turns to Singapore for AI + entrepreneurship partnerships: Real estate developer Roshn Group signed agreements with two Singaporean organizations, AI Singapore and the Action Community for Entrepreneurship (Ace), it said in two separate statements. The collaboration with Ace will connect Roshn with Singaporean startups, while the agreement with AI Singapore will focus on jointly developing and testing AI applications for the real estate industry.IN CONTEXT- The agreements were signed under Roshn’s ROSHNEXT program, which it launched in May. The initiative, which complements the Roshn Mobile Experience and Roshn Hackathon, aims to integrate new technologies and partners to collaboratively create innovative housing solutions.RENEWABLES-Tamimi goes solar with Yellow Door agreement: Tamimi Markets signed a solar lease agreement with UAE-based sustainable energy provider Yellow Door Energy to install rooftop solar panels at its distribution centers in Dammam and Jeddah, according to a press release. The total system capacity will reach 900 kWp, with 465 kWp installed at the Jeddah fulfillment center and 435 kWp across two Dammam facilities. Construction is underway, with completion slated for the end of 2025. More details: Over 1.5 high-efficiency bifacial solar panels will cover 7.2k sqm of rooftop space and are expected to generate 1.5 mn kWh of clean energy in the first year, cutting carbon emissions by about 586 metric tons. Yellow door will handle the full setup and maintenance.MINING-The Industry and Mineral Resources Ministry allocated seven new sites for mining complexes in the Riyadh, Makkah, Aseer, and Al Baha regions, it said on X on Monday. In Riyadh, the allocations include a 37.9 sq km site in Rumah, a 30.6 sq km site in Al Duwadimi, a 10.4 sq km site in Afif, and a 2 sq km site in Al Majma’ah. Makkah was granted a 25 sq km site in Taif. In Aseer, the Al Hadbah and Al Qurain complex in Bisha was expanded to 72.8 sq km, while Al Baha received a newly designated 0.7 sq km site.

Riyadh Metro Line 2 extension project dished out: The Royal Commission for Riyadh City (RCRC) has inked a USD 800-900 mn contract with Saudi-based Arriyadh New Mobility (ANM) Consortium for the extension of Riyadh Metro’s Line 2, Meed reports. The timeline for the project was not disclosed.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)ANM? The consortium — led by Italian construction group Salini Impregilo — is made up of homegrown Nesma, Italy’s Ansaldo STS, Japan’s Hitachi, Canada’s Bombardier, Spain’s Idorn, India’s Larsen and Toubro and Australia's WorleyParsons, according to their website.The breakdown: The new phase is set to extend Line 2 by 8.4 km, with 7.1 km running underground and 1.3 km elevated. The extension will add five new stations — King Saud University (KSU) Medical City, KSU West, Diriyah East, Diriyah Central, and Diriyah South — with three set to be underground. The extended route will stretch from Line 2’s current end point at KSU and will feature a vital interchange with the upcoming Line 7 at Diriyah Central.Not ANM’s first rodeo: The consortium previously snatched up Riyadh Metro’s Line 3 project for USD 5.21 bn back in 2013. The 41 km line — launched in January — runs from Jeddah Road to the Second Eastern Ring Road near Khashm Al Aan.REMEMBER- Riyadh Metro is in full swing: Riyadh Metro Line 2 (King Abdullah Road) launched last December and is operated by Capital Metro Company. Metro Line 5 went online the same day, while Line 1 (Al Olaya-Al Batha route), Line 4 (King Khalid International Airport Road), and Line 6 (Abdulrahman bin Auf Road-Sheikh Hassan bin Hussein bin Ali Road) were all launched last year.More to come: We’re expecting a contract to design and build Riyadh Metro Line 7 soon — with bids for the project having closed just last month. The line is set to be developed in two phases, with phase 1 spanning a 65 km stretch, linking 19 stations to key areas including Qiddiya Entertainment City and King Salman Park. Meanwhile, phase two — still in the design stage — will extend the line northeast to connect Diriyah Gate, New Murabba, and King Khaled International Airport.

Riyadh is buzzing this summer with a jam-packed lineup of concerts, festivals, and family fun. From high-stakes esports tournaments to food festivals and cultural fairs, there is something for everyone to enjoy. Plan your days with our roundup of the biggest happenings in the Kingdom, complete with dates, locations, and ticket information. 🎮 At the heart of the excitement is the biggest gaming tournament in the world, the Esports World Cup 2025, taking over Boulevard City from 8 July to 24 August. With over 2k professional players and a staggering USD 70 mn in prizes, it’s a must-see event suitable for the whole family, offering live concerts, immersive zones, and family-friendly activities. Tickets are going for as low as SAR 40 and up to SAR 999, depending on the experience you choose. Get your tickets at the event’s website.🎊 The competition electrifies Boulevard City by day, and well into the night as well with AFT_r, the official afterparty series lighting up The Venue from 9pm to 2am. Tickets start at SAR 199 and are available for you to pick up at NoFoMo and Platinumlist.Week 1 kicks off with Ty Dolla Sign, Lost Frequencies, Bayou, and Leen on 18 July;Week 2 brings Metro Boomin, Quavo, Don Diablo, Jeed, and Saud starting 24 July;Week 3 features Central Cee, R3HAB, Dafencii, Asayel, and Shaolin takes off on 31 July;Week 4 closes with a bang headlined by the Black Eyed Peas, Meduza, Zyne, and Sharkk on 7 August.🎸 The fun continues with Riyadh’s live music scene and a string of concerts at King Saud University throughout July and August. Our very own Sultan Khalifah kicks things off with his signature sound on 17 July. The nostalgia continues with beloved composer and singer Tarek Al Arabi Tourgane, offering family-friendly shows on 17 and 18 July. Then comes the soulful voice of Abdulaziz Al Duwaihi on 31 July, followed by Lebanese hitmaker Marwan Khoury on 1 August. Tickets start at SAR 200. Get yours at the Platinumlist platform.🎵 ALSO- Mark your calendar for Euphoria Presents Space Motion Live at Saudi Media City on 8 August. Headlined by the genre-blending DJ Space Motion and supported by BKR, Ingiter, Kriis, and Silvio Saade, this Afro-tech event promises an unforgettable audio-visual journey through deep beats and pulsing rhythms. Tickets start at SAR 250 and are available on the Platinumlist platform.🍗 The city’s food scene will also shine this summer. The Street Food Festival, running from 7 July to 25 July in Boulevard City, will offer a delicious and diverse open-air dining experience. Open daily from 6pm to 1am, the festival will serve traditional Saudi cuisine and modern fusion dishes, with late-night bites, live cooking shows, and plenty of Instagrammable moments. Entry is free, making it a no-brainer for families, couples, and hungry explorers.🎨 Riyadh’s cultural shine promises to be equally strong. The Prince Faisal bin Fahd Arts Hall will host “The Intergenerational Lens of Social Change” Summer Exhibition from 27 July to 25 September, featuring works by over 50 artists. The exhibit — organized by the Misk Art Institute — is free of charge, offering a quiet and inspiring escape from the city’s buzz.Whether you’re in the mood for beats, bites, or big thrills, Riyadh is serving up its most exciting summer yet. Stay tuned, stay cool, and dive into the energy of a city that knows how to celebrate summer — Saudi style.

CONSTRUCTION- ERC launches tender for first Expo 2030 contract: Expo 2030 Riyadh Company (ERC), a wholly-owned subsidiary of the Public Investment Fund, has started receiving bids for a contract to build site offices for the first phase of construction at the Expo 2030 venue in Riyadh, Meed reported yesterday. The tender was issued on 29 May, with bids expected in early July.IN CONTEXT- The PIF launched the ERC last month to manage the construction and operation of the Expo 2030 facilities, which is forecast to contribute approximately USD 64 bn to the Kingdom’s GDP during its development and another USD 5.6 bn while operational.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)M&A WATCH-STC invests in Tarmeez: The Saudi Telecom Company’s (STC) venture capital arm Tali Ventures acquired an undisclosed minority stake in the Riyadh-based debt investment platform Tarmeez Capital, Tarmeez’s CEO Nasser Alsaadoun told Bloomberg reported yesterday.Looking ahead: Tarmeez aims to grow its portfolio to SAR 16 bn within two years and plans to raise up to SAR 1 bn for its first private credit fund, Alsaadoun added. It is also considering a stock market listing within three years.About Tarmeez: Founded in 2022, the company mainly arranges Islamic sukuk agreements, with around SAR 2.3 bn in financing arranged so far. FINANCIAL SERVICES-Osool & Bakheet Investment received the green light from the Capital Market Authority to offer arranging services in the securities sector, it said in a disclosure to Tadawul yesterday. This expands the licensed services offered by the company, which include trading in securities, managing investments and funds, and providing custodial services.AVIATION-Flynas will launch three direct weekly flights between Riyadh and Moscow starting 1 August, it said in a statement on Sunday. Flights will operate on Mondays, Wednesdays, and Fridays between King Khalid International Airport and Moscow’s Vnukovo International Airport.

MANUFACTURING- Juthor Paper Manufacturing broke ground on its sixth tissue production line at King Abdullah Economic City, TM6, it said on LinkedIn last Thursday. The new facility is expected to boost the Middle East Paper Company’s subsidiary’s annual output capacity to 120k tons, producing 2.1k meters per minute.ICYMI- Juthor tapped Austria-based technology provider Andritz AG to manufacture, supply and install the sixth production line with an annual capacity of 60k tons, under a two-year contract signed last November.AVIATION-Saudia plans to launch three weekly year-round direct flights between Riyadh and Moscow starting in October, it said on LinkedIn last Friday. The new route will be introduced in partnership with the Air Connectivity Program and in coordination with the SkyTeam airline alliance.We knew this was coming, following remarks made by Transport and Logistics Service Minister Saleh Al Jasser earlier this month that national airlines would soon be flying to Russia.The more the merrier: This month alone has seen Saudia inaugurate direct flights to four new global destinations — Al Alamein in Egypt, Salalah in Oman, Vienna in Austria, and Venice in Italy.INS.-S&P Global Ratings upgraded the Gulf Ins. Group’s credit rating to A with a stable outlook, up from A-, it said in a disclosure to Tadawul last Thursday. S&P also expects the ins. player to maintain solid operational performance and capital adequacy over the next two years and maintain its strong standing in MENA, the disclosure saidTRANSPORT-Riyadh Metro opened a new station, Hassan bin Thabet Street, on its orange line (Line 3), the Riyadh Public Transport Authority said on X on Friday. The 41 km line — which runs from Jeddah Road to the Second Eastern Ring Road near Khashm Al Aan — saw six new stations opening up this year, including the Railway Station and the Jarir District Station in April, as well as the Dharat Al Badiah, Al Jarradiyah, Al Hilla, and First Industrial City stations in January.

M&A WATCH- Abdullah Al Othaim Markets ended talks to acquire a 51% stake in Ebdaa Al Qasr Marketing after both parties failed to reach a final agreement, it said in a disclosure to Tadawul yesterday. Al Othaim had signed a non-binding MoU in March with Al Musbah Group to acquire a 51% stake in Ebdaa Al Qasr Marketing — the brand operator of high-end supermarket chain Manuel Market — which was valid for 90 days.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)REAL ESTATE-Hawyia Auctions sold residential plots worth SAR 919.5 mn in Riyadh’s Al Raed district as part of the Al Jawhara masterplan auction, it said in a disclosure to Tadawul yesterday. Hawyia Auctions’ shares started trading on Tadawul’s Parallel Market Nomu last Sunday, after its IPO on was 310.7% oversubscribed.HOSPITALITY-King Abdullah Sports City is getting two new hotels: The Sports Ministry signed Koushan Real Estate Development, IHG Hotels and Resorts, and Zuhair Fayez to build, manage, and operate two new international hotels within King Abdullah Sports City in Jeddah, state news agency SPA reported on Tuesday. The 16k sqm development will include 585 rooms, a fan zone, health clubs, pools, international restaurants, and conference facilities.IN CONTEXT- The Ministry pitched 36 potential investments at the Sports Investment Forum (SIF) in April, including four state-owned sports assets across four major cities and another 32 assets to develop sports club facilities and services. This is part of the Kingdom’s plan to unlock private sector investments to shore up investment ahead of the 2034 FIFA World Cup.MEDIA-Homegrown B2B platform CoProduction Salon signed a three-year strategic agreement with the Saudi Media Forum to host its next edition in Riyadh, starting with the upcoming Future of Media Exhibition, it said in a press release yesterday. The Salon will connect producers, platforms, and investors through a structured B2B format that includes data analysis, project marketing, and financing matchmaking.About the Forum: The Saudi Media Forum gathers leading local and international media professionals to discuss strategic partnerships, digital media, green technology in media, podcasting, the 2034 World Cup, and the impact of AI on media.STARTUP WATCH-The Sidra Hackathon wrapped up earlier this week with SAR 500k in total prizes awarded to the top three teams, which were competing on developing sustainable solutions, according to an emailed statement (pdf) to EnterpriseAM. The event was held at Riyadh’s Princess Nourah bint Abdulrahman University, with 86 teams participating and 10 reaching the final round.The awardees: First place and SAR 250k went to Drop of Palm Trees, a project that uses AI- and IoT-powered mats to improve irrigation efficiency. NanoClean took second place and SAR 150k for its solar- and nanotech-based system that cleans up oil spills and converts them into biofuel. The third-place prize of SAR 100k went to Masar, which developed a smart water management system for agriculture. FINANCIAL SERVICES-Derayah Financial appointed Bahrain-based Shariyah Review Bureau as Sharia advisor to ensure full compliance of its operations, products, and activities, it said in a disclosure to Tadawul yesterday. The Bureau will set up a supervisory committee to conduct audits and report findings annually to Derayah’s board.

ERC will now manage Expo 2030: The Public Investment Fund (PIF) launched the Expo 2030 Riyadh Company (ERC) to manage the construction and operation of the Expo 2030 facilities, according to a statement. The new company is “swiftly launching operations” and will partner with local and international private sector firms for construction, cultural programming, and event management.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)Talal Al Marri (LinkedIn) will serve as the company’s CEO, according to a press release. Al Marri held several senior positions at Aramco, including President and CEO of Aramco Europe.Big impact: Expo 2030 is forecast to contribute approximately USD 64 bn to the Kingdom’s GDP during its development and another USD 5.6 bn while operational, according to the statement. The site will also feature optional permanent pavilions for participating countries.REMEMBER- The Expo 2030 master plan details a 6 mn sqm site located around Wadi Al Sulai, north of Riyadh, with 2 mn sqm of gated area for exhibitions and activities. The event is scheduled to take place from 1 October 2030 to 31 March 2031 and is projected to attract more than 40 mn visits.Getting ready: Riyadh has over 426k new hotel rooms planned ahead of the event, targeting USD 80 bn in private tourism investment by 2030. Meanwhile, National air carrier Saudia plans to double its fleet ahead of the event by adding 191 aircraft, while Humain partnered with Cisco to develop AI-driven digital infrastructure.ALSO FROM THE PIF-PIF-backed AI startup Humain established a new division for advertising, video games, and film called Humain Create, in partnership with US-based generative AI startup Luma AI, according to a post on X.The details: Announced at the Cannes Lions International Festival of Creativity on Thursday, the new division will provide Luma AI it with computing resources to deliver AI software for the production of photorealistic images and videos for game developers, marketers, and beyond. Financial details of the partnership were not disclosed.What they said: The project will deliver “Hollywood quality video and interactive experiences at incredible speeds,” Bloomberg quoted Luma CEO Amit Jaim as saying.

Riyadh officially confirmed as Expo 2030 host: Saudi Arabia received the final stamp of approval from the Bureau International des Expositions (BIE) on Tuesday to officially host Expo 2030 in Riyadh. The green light means Saudi Arabia can now move into the implementation phase, including sending out official invitations to international participants for the event, scheduled to run between 1 October 2030 and 31 March 2031.The details: The Expo is an International-Registered Exhibition with a core theme of “Foresight for Tomorrow,” aiming to tackle global challenges, showcase innovative solutions for a sustainable future, and highlight Saudi Arabia’s advancements to the world. The exhibition is expected to draw some 42 mn visits to see contributions from over 195 countries and 29 organizations, housed within 230 pavilions, according to its official website.The Expo site, located around Wadi Al Sulai north of Riyadh, will span approximately 2 mn sqm of gated area for exhibitions and activities, divided into five distinct districts — the Prosperous People, KSA, Transformational Tech, Global Collaboration, and Sustainable Solutions districts. The site is located one metro stop away from the new King Salman International Airport, with only 10 minutes separating the two.Getting ready: Riyadh has over 426k new hotel rooms planned ahead of the event, targeting USD 80 bn in private tourism investment by 2030. Meanwhile, National air carrier Saudia plans to double its fleet ahead of the Expo by adding 191 aircraft, while Humain partnered with Cisco to develop AI-driven digital infrastructure.ALSO- The Kingdom is working on launching a dedicated Expo App for concierge and travel information, an Expo Visa for simplified entry, and shuttle services to key hubs.Following the Expo, the host site will undergo a post-Expo transformation into a Global Village, serving as a permanent innovation and knowledge hub, according to the website.Big tickets: The Kingdom allocated a budget of USD 7.8 bn for the event in its candidacy brochure (pdf), while government officials estimated back in 2023 that infrastructure and development investments to prepare for the event will be over USD 90 bn.Contributing to the deficit? Large public investments building up to events like Expo 2030, the 2034 World Cup, and the Asian Winter Games in 2029 were cited as a major contributor to an average deficit of 4.2% of GDP between 2025-2028, S&P Global Ratings said in its March credit assessment. Recent fluctuations in oil prices have reportedly prompted comprehensive reviews of the Kingdom’s biggest planned investments, including Neom, in a bid to keep deficits and debt levels at a minimum.BUT- Officials are saying recent government reassessments will still see Riyadh prioritize spending on time-sensitive events like the Expo and the World Cup.

The Kingdom’s startup scene made strides in the Startup Genome 2025 Global Startup Ecosystem Report (pdf), with three hubs making it to the top 10. Riyadh ranked third in the MENA region and jumped to the 21–30 range among the world’s top 100 emerging startup ecosystems. Meanwhile, Jeddah landed in sixth place in the region, while the Al Khobar-Dammam hub landed ninth.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)By the numbers: The capital now has the third most valued startup ecosystem in the region at USD 10 bn, while pulling in the third-largest early-stage funding volume at USD 508 mn from 2H 2022 until the end of 2024. Riyadh nurtured three unicorns, compared to a global average of four, while seed rounds logged a median of USD 1.3 mn over the same period, above the global average at USD 889k.The drivers: Riyadh’s rank jump was pushed by high marks in the Performance category, reflected in strong growth by the fintech, cybersecurity, and logistics and supply chain sub-sectors, on the back of strong market research among other factors, according to the report.ALSO- A mix of private and public entities helped prop up the Saudi startup scene, chief among them the Investment, ICT, and Environment, Water, and Agriculture ministries, Monsha’at, and the MISK Foundation, along with BIM Ventures.Looking ahead: The report highlights a burgeoning engineering-led startup development in Dhahran, pushed by the innovation output of King Fahd University of Petroleum and Minerals.ICYMI- Saudi investors were the most active in the region last year, accounting for 175 agreements and surpassing the US, the UAE, and Egypt, while Saudi startups attracted a total of USD 653.8 mn in funding in 2024, driven by three unicorns and four Y Combinator startups.

AVIATION- Riyadh Air ordered 50 Trent XWB engines from Rolls-Royce to power the 25 Airbus A350-1000 aircraft it had recently purchased, Rolls-Royce said in a statement yesterday. The agreement also included Rolls-Royce’s TotalCare service, shifting maintenance cost and time-on-wing risks to Rolls-Royce.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)ICYMI- Riyadh Air locked in an order for 25 Airbus A350-1000 aircraft during the Paris AirShow — with a possibility of increasing the order to 50 A350-1000, while PIF-owned aircraft lessor AviLease also tapped for 10 A350F freighter jets and 30 A320neo Family aircraft with an option to expand the total purchase order to 77 jets. While the total value of the orders were not disclosed, analysts estimated it could reach up to USD 16 bn, Bloomberg reported.DEBT WATCH-#1- Aictec sells SAR 6 mn Sukuk: Advance International Company for Communication and Information Technology (Aictec) closed a SAR 6 mn murabaha sukuk offering at SAR 1k apiece via Dinar Investment platform, it said in a disclosure to Tadawul yesterday.The details: The 6k sukuk have variable maturity dates, ranging from three up to 36 months, while their annual return rates start at 12.8% for the three-month tranche and reach up to about 16% for the 36-month offering.#2- Riyadh-based Quara Finance secured a SAR 100 mn Sharia-compliant loan from SHL Finance for three-years, it said in a disclosure to Tadawul. The loan is secured by a promissory note and an assignment of receivables covering the facility with an excess of 20%. The new liquidity will be used to increase sales volume.ICYMI- Quara Finance joined the parallel market Nomu early last year after offering an 8.8% stake. INFRASTRUCTURE-Tadco is getting new electrical transmission station: Tabuk Agricultural Development Company (Tadco) contracted Saudi Electricity Company’s subsidiary National Electricity Transmission to build a 64 megavolt-ampere (MVA) electrical transmission station for its farm in Tabuk, it said in a disclosure to Tadawul on Sunday. The agreement — with an undisclosed investment ticket — runs until the project’s completion or the end of 2026.An upgrade: Switching the farm from liquid fuels to the main electrical grid would qualify this project for the Kingdom’s Liquid Displacement Program, which aims to cap annual oil burn by over 1 mn bbl / d and usher in more gas and renewables in a bid to eliminate oil burn entirely by 2030.MANUFACTURING-The Saudi Industrial Development Fund (SIDF) signed a partnership agreement with Invest Industrial Group, aiming to draw global institutional capital to the Kingdom and localize advanced industries, state news agency SPA reports. The cooperation will focus on heavy equipment and machinery, automation, medical devices, food, and sustainable consumer products to improve access to global supply chains for local small- and medium-sized businesses.STARTUP WATCH-Joa Capital participated in a USD 1.5 mn pre-seed funding for UAE-based Software Company Prop-AI, led by Plus VC and accompanied by Select Ventures, Oraseya Capital, and Plug & Play, according to a press release. Prop-AI will use the liquidity to expand regional data integration, continue developing AI tech, and strengthen partnerships with real estate developers, brokerages, and financial institutions throughout the MENA region.About Prop-AI: Prop-AI is an AI-powered platform founded in 2023 by Ranime El Skaff (LinkedIn) and Christian Kunz (LinkedIn) to provide actionable insight and investment-grade tools to real estate investors.CLIMATE-Voluntary Carbon Market Company (VCMC) partnered with Neom’s water and energy subsidiary Enowa to deliver some 30 mn carbon credits by 2030, state news agency SPA reports. The agreement aims to back financing for climate action projects in the Global South and elsewhere through the acquisition of high-integrity carbon credits.

AviLease to acquire 40 Airbus jetsk: PIF-owned aircraft lessor AviLease tapped European manufacturer Airbus to acquire 10 A350F freighter jets and 30 A320neo Family aircraft at the Paris International Airshow, according to a statement. The order is estimated to be worth some USD 3.5 bn, Reuters reports, citing estimated prices from analysts Cirium Ascend.Room for more: The pair has also signed off on the option to potentially expand the total purchase order to 77 jets — adding 12 A350F freighters and 25 A320neo Family carriers. The delivery timeline was not disclosed.We knew this was coming: AviLease was expected to close an agreement with Airbus for 40 airplanes during the show. The USD multi-bn orders for Airbus jets aim to balance its suppliers and support its aviation growth ambition.Airbus offers competitive edge: The A350F freighter model is touted to have an expanded loading capacity, longer range capabilities, and a reduced fuel burn by a minimum of 20%. The aircraft offers a 46-ton lighter take-off weight than the competing model, due to its lighter airframe.The PIF-owned lessor currently boasts a fleet of 200 aircraft worth USD 8 bn — which it plans to grow to 500 by 2030 by capitalizing on strong domestic demand from airlines, including Riyadh Air, Saudia, and flynas. The PIF also placed a USD 4.8 bn order last month for 20 Boeing 737-8 jets for AviLease, with an option to add 10 more.Riyadh Air also locked in an order for 25 Airbus A350-1000 aircraft during the show — with a possibility of increasing the order to 50 A350-1000, according to a statement. The value of the order was not disclosed.Riyadh Air is set to be the first Saudi carrier to fly the A350-100. The aircraft model has the capacity to operate using up to 50% sustainable aviation fuel (SAF).Bullseye forecast: Riyadh Air was reportedly in talks with Boeing and Airbus for months over an order of up to 50 additional widebody jets as it looks to expand its fleet. The airline is looking to secure scarce delivery slots for Airbus A350-1000 and Boeing 777X aircraft.Take off is approaching: Our newest carrier pushed back its launch to 3Q 2025 from earlier this year, after facing delays in Boeing aircraft deliveries.

The Kingdom’s retail market saw a strong recovery in 2024, with consumer spending increasing by 7% y-o-y to SAR 1.4 tn (USD 376 bn), according to Knight Frank’s Spring 2025 Saudi Arabia Retail Market Overview (pdf).(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)The drivers: Growth was spurred by a 9% rise in PoS transactions, reaching SAR 668 bn, while e-commerce activity increased 26% y-o-y, reaching SAR 197.4 bn, indicating a dynamic shift toward digital purchasing.Riyadh is leading the retail expansion, with the city’s total retail supply space hitting 4 mn sqm in 1Q 2025, bolstered by major openings like the 65k sqm upscale Solitaire Riyadh. An additional 540k sqm of retail space is expected in 2025, projected to bring the total stock to 5.2 mn sqm by 2026 — a 20% increase in two years. The capital city has 2.2 mn sqm of planned retail developments by 2030, accounting for the largest share among 4.9 mn sqm of developments in the Kingdom’s five largest cities.Driving the boom: Riyadh’s retail boom, driven by population growth and rising disposable incomes, saw food and beverage lead the retail activity, representing 29.7% of all PoS transactions at SAR 198.6 bn. The city’s retail boom is spurring developers to focus on experiential retail, with over half of new projects integrating entertainment zones, dining, and cinemas. This growth is also fueling luxury retail expansion as global brands up their presence in Riyadh, making omnichannel strategies vital due to e-commerce and digital payment growth.The retail boom is pushing rents up, with average rental rates increasing by 4% y-o-y over the year ending March 2025 to SAR 2.8k per sqm for regional and international malls. Meanwhile, occupancy rates climbed 5% y-o-y to 92% in 1Q 2025.Things are slower but steady in Jeddah and Dammam: Jeddah’s retail market expanded by an additional 225k sqm of space in 2024, bringing the city’s total retail stock to 2.9 mn sqm. Despite the new supply, rents in regional malls rose 2% y-o-y to SAR 2.5k per sqm, while occupancy rates inched down 1% y-o-y to 86%. Meanwhile, Dammam added 31k sqm of new supply in 2024, bringing its total retail space to 1.4 mn sqm. Occupancy in the city was steady at 90%, with slight rent increases in regional malls of 0.4% y-o-y to SAR 2.3k per sqm.Looking ahead: By 2026, Knight Frank expects Jeddah’s retail footprint to grow by 245.5k sqm, while Dammam is projected to expand by 484.4k sqm, which could place downward pressure on rents and occupancy rates in the Dammam Metropolitan Area.Projects in the spotlight: Projects like Qiddiya, the Avenues Riyadh, and Jawharat Riyadh are expected to further transform the urban retail scene with lifestyle-focused spaces. Major destinations like Riyadh Park and Al Nakheel Mall continue to thrive due to strong tenant interest and foot traffic, enhanced by integrated entertainment options.

AUTOMOTIVE- Homegrown hydrogen mobility firm Hyperview Saudi signed an MoU with DHL Global Forwarding to pilot hydrogen-powered trucks in Jubail, according to a press release. Over three months, the HTO2.1 model will be tested for performance, efficiency, and emissions reduction under real-world conditions. The trial also examines the readiness of local hydrogen refueling infrastructure.ICYMI- Hyperview announced last February it will establish the Kingdom’s first hydrogen-powered truck factory and the Middle East’s first autonomous driving hardware factory in Jeddah under an MoU signed with the Public Investment Fund. The project will kick off with a USD 50 mn investment for its initial phase and targets to produce 1k hydrogen trucks and 300k self-driving hardware units annually.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)TECH-Aramco Digital and India’s LTIMindtree have launched a new IT services company in the Kingdom, according to a statement. The joint venture, LTIM Aramco Digital Solutions for Information Technology Company (NextEra), is backed by Aramco’s Namaat Industrial Investments Program and will focus on AI, cloud services, digital engineering, sustainability, and customer-centric solutions.We knew this was coming: Aramco Digital had a USD 12.3 mn MoU with LTIMindtree back in March to establish the new digital and IT services joint venture.RETAIL-NHC + Naver Cloud partner to invest in local super map JV: The National Housing Company’s digital arm NHC innovation and South Korea’s Naver Cloud signed a contract to establish an AI-powered advanced smart city solution joint venture called Naver Innovation, aiming to manage a portfolio exceeding SAR 2 bn, according to a statement.The details: The JV will initially provide urban planning information, such as flood forecasting and population distribution analysis under a local map service, with plans to develop it into a digital twin app for major cities later on, according to a press release. No investment ticket was disclosed.REMEMBER- The NHC launched NHC Innovation last January to manage its 10 digital platforms serving 20 mn users and handling 500 mn operations per year, with SAR 250 bn in financial transactions in 2024.AVIATION-Saudia signed a two-month wet lease agreement with Filipino airline Cebu Pacific toprovide its budget carrier flyadeal with two Airbus A320 aircraft, complete with pilots, crew, and maintenance during July and August, Reuters reported yesterday, citing a press conference. No ticket was disclosed.ALSO- The budget airline is planning to operate long-haul routes and expand into Southeast Asia under its partnership with Cebu, tapping work migrants and Haj pilgrims to connect the Philippines, Malaysia, and Indonesia to the GCC, CEO Steven Greenway was quoted as saying by the newswire.INFRASTRUCTURE-Egis to supervise Phase 1 of Riyadh integrated logistics project: French engineering firm Egis was appointed as Package Administration and Supervision Consultant for the Riyadh Integrated Special Logistics Zone (SILZ), according to a press release. The firm will oversee the delivery of core infrastructure, including roads, utilities, landscaping, and buildings during Phase 1.About SILZ: Launched in 2022, SILZ is the Kingdom’s first Special Economic Zone and the national logistics platform program’s inaugural project. It spans over 3 sq km in the vicinity of King Khalid International Airport, aiming to capture some 4.5 mn tons of air freight worth of electronics, medicine, aviation parts, luxury goods, and aircraft components.MARITIME-The Saudi Ports Authority (Mawani) added SeaLead’s new RESIN shipping service to Jeddah Islamic Port, it said in a statement. The new service, which has a 1k standard container capacity, will link the Jeddah port with the ports of Nhava Sheva Port in India, Sokhna Port in Egypt, Djibouti Port, and Jebel Ali Port in the UAE.Mawani by numbers: Ports supervised by Mawani handled 625.4k TEUs in April 2025, up 13.4% y-o-y. The growth was driven by a 22.5% y-o-y jump in imported containers to 259.4k TEUs and an 8% rise in exported containers to 233.8k TEUs. REGULATION WATCH-The eligibility age for housing support is now 20 years instead of 25, following the cabinet's latest updates to the Sakani Program's regulations, the program said in a post on X.More details: Requirements for divorced wives and mothers to support housing applications were removed, and the necessary divorce period for eligibility will now be set by executive regulations, eliminating the prior two-year waiting period for divorced mothers.

AVIATION- #1- PIF-backed Riyadh Air picked Saudi Awwal Bank (SAB) and HSBC to handle its Middle East and Asia payment systems, Saudi Gazette reports. The two companies will manage the airline’s financial operations, including payments and e-commerce transactions, with SAB taking on operations at home and HSBC supporting the wider Middle East and Asia markets.ICYMI- Riyadh Air tapped US-based travel technology company Sabre as its first global distribution partner last week, enabling it to provide personalized travel offers to travel agents, corporate buyers, and customers through Sabre’s New Distribution Capabilities (NDC) and traditional content.#2- Air France’s first direct flight between Paris and Riyadh landed at King Khaled International Airport on Tuesday, it said in a press release. The French air carrier is currently operating three weekly flights, planning to add another two starting Wednesday, 18 June.M&A WATCH-AWJ Investment, a subsidiary of AWJ Holding, acquired a 40% stake in Oud Real Estate, kicking off a partnership focused on developing branded residential, commercial, and hospitality projects in key urban centers like Riyadh and Jeddah, with investments of SAR 8 bn over the next five years, AWJ Holding said in a statement. The value of the transaction was not disclosed.The rationale: The partnership builds on AWJ’s financial resources and Oud Real Estate’s development experience to deliver authentic Saudi destinations with contemporary urban living. The move also aims to accelerate Oud’s expansion plans and reinforce its position in the luxury real estate sector, the company’s Managing Director Mohammed Al Duraibi said.TECH-Two Saudi-US tech agreements sealed: Homegrown data center firm DataVolt signed agreements with US-based companies Vertiv, a multinational provider of critical infrastructure and services, and global energy tech company Baker Hughes, on the sidelines of the Saudi-US Investment forum on 13 May, it said in two posts on LinkedIn (here and here).The details: The agreement with Vertiv aims to develop scalable, energy-efficient data center infrastructure in the Kingdom, while Baker Hughes will collaborate with DataVolt to advance sustainable energy solutions for its future digital infrastructure.ICYMI- The White House revealed plans earlier this month for DataVolt to invest USD 20 bn in US-based AI data centers and energy infrastructure, alongside commitments from companies like Google, Oracle, Salesforce, AMD, and Uber totalling USD 80 bn in joint technology investments in the Kingdom and the US.FOOD-Jazan City for Primary and Downstream Industries signed an MoU valued at more than SAR 100 mn with China’s Shandong Seahisun to grow the city’s food industry and increase local exports and market presence in China, the Royal Commission for Jubail and Yanbu said in a post on LinkedIn.What we know: The investment — announced at the Saudi-Chinese Forum last Friday — also includes the construction of a meat and poultry processing plant in Jazan’s Animal Protein Zone, with an annual export target exceeding 50k tons. No timeline for the projects was disclosed.IN CONTEXT– The Saudi-Chinese Forum for Product Export and Agricultural Sustainability saw the signing of 57 agreements worth over SAR 14 bn (USD 3.7 bn). Among them was an agreement to establish an industrial city in Jazan for basic and transformational industries, designed to strengthen supply chains and foster agri-linked manufacturing and investment.DEBT WATCH-Sinad Holding Company renewed and increased shariah-compliant baking facilities with the Saudi Investment Bank for a total of SAR 400 mn, according to a disclosure to Tadawul. The breakdown: The funding includes SAR 200 mn in renewed short-term facilities and an additional SAR 200 mn in medium-term facilities to back working capital and investments.The arrangement, backed by a promissory note and stock pledge, expires on 30 September and carries an option for annual renewal.DEFENSE-The Kingdom gets a new defense manufacturer: BAE Systems Arabian Industries officially launched yesterday, setting up shop at AlArid Business Centre, it said in a statement. The company was formed by merging BAE Systems Saudi Development and Training with the Saudi Maintenance and Supply Chain Management in January to localize defense manufacturing and develop the Kingdom’s military industrial base.REMEMBER- The Kingdom eyes a target of localizing over 50% of its military equipment spending by 2030. Saudi Arabian Military Industries (Sami) inked 11 agreements and MoUs last year with global defense firms during the World Defense Show in Riyadh.

Airports record hikes across the board in 2024: Passenger traffic at the Kingdom’s airports rose 15% y-o-y in 2024 to 128 mn passengers, according to data released by Gastat (pdf). Air cargo at the nation’s airports increased 34% y-o-y during the year to reach 1.2 mn tons.A closer look: International passengers arriving at Saudi airports rose 14% y-o-y last year to 69 mn passengers, while domestic flight passengers increased 16% y-o-y to 59 mn. A daily average of 189k international passengers and 162k domestic travelers landed in the Kingdom’s airports during the year.Jeddah’s King Abdulaziz International Airport handled the largest passenger traffic in 2024, welcoming 49 mn passengers, up 14% y-o-y. Riyadh’s King Khalid International Airport saw an 18% y-o-y rise in passenger traffic during the year, registering 37.6 mn passengers, while Dammam’s King Fahd International Airport recorded a 15% y-o-y boost with 12.8 mn passengers.Domestic flights were on the up: The Kingdom’s airports saw their domestic flights grow 12% y-o-y to 474k in 2024, while international flights logged a 10% y-o-y increase to 431k. Saudi airlines operated nearly 412k domestic flights and 152k international flights last year.King Abdulaziz International Airport boasted the largest capacity for the second year running, being able to host up to 50 mn passengers, marking an 11% y-o-y upgrade. The airport utilized 98% of its capacity last year. King Khalid International Airport followed with a 39 mn-passenger capacity, up 5% y-o-y. The airport used 96% of its capacity during the year. The Kingdom’s total aircraft fleet rose 11% y-o-y to 361 in 2024, with the commercial aviation fleet having the largest share with 258 aircraft.

M&A WATCH-#1- Riyadh Development Company (Ardco) exited the JV Tanal for Development and Real Estate Investment, after signing a waiver agreement to transfer its capital share (69.4%) to Sumou Holding, according to a disclosure to Tadawul. In exchange, Ardco retrieved its share in Tanal’s capital (SAR 69.4k) in addition to SAR 20.8k in statutory reserves after collecting some SAR 819 mn in profits during the partnership.About Tanal for Development and Real Estate Development: The JV was established with a capital of SAR 100k in 2019 as a Special Purpose Vehicle to invest in the infrastructure development of a 3 mn sqm land plot in Al Rimal district in Riyadh.#2- Intelligent Oud (iOud) signed a six-month, non-binding MoU with Afaq Food Fund to acquire Thannah Trading via a share swap on Saturday, it said in a disclosure to Tadawul. The Nomu-listed fragrance manufacturer and the Afaq Financial Company managed investment fund agreed to tap Amwal Financial as a financial advisor and lead manager for a transaction that aims to expand the presence of iOud in the hospitality sector. No further details of the acquisition were disclosed.DISPUTE WATCH-Al Baha files for SAR 100 mn recovery against ex-board members: Al Baha Investment and Development has filed a SAR 100 mn compensation claim with the Capital Market Authority and the Securities Disputes Resolution Committee against former board members who served between February 2010 and February 2013, over a disputed asset sale that led to financial losses and a stock suspension for Al Baha, it said in a disclosure to Tadawul. The recovery includes the reversal of a SAR 84 mn provision and SAR 16 mn in damages. Legal outcomes remain uncertain at this time.DATA-Saudi Statistician program re-launched for second edition, the General Authority for Statistics (Gastat) said in a statement. The initiative aims to fund talented Saudis for higher studies in statistics, applied statistics, and data science at top international universities. Accepted candidates will have basic training in statistical programming and personal and technical skills then undergo a job rotation before moving on to academic scholarships.

ZAIN KSA- Mobile Telecommunication Company Saudi Arabia (Zain KSA) saw its net income rise 38.8% y-o-y to SAR 93 mn in 1Q 2025, according to a disclosure to Tadawul. The figure came below Bloomberg’s analysts expectations of SAR 128.3 mn for the quarter.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)MEANWHILE- Revenue grew 6.1% y-o-y to SAR 2.7 bn during the quarter, driven by growth in the consumer segment, particularly from 5G services, and contributions from subsidiary Tamam.MARAFIQ-The Power and Water Utility Company for Jubail and Yanbu (Marafiq) reported a 72.6% y-o-y surge in net income, reaching SAR 117.9 mn, it said in an earnings release. This growth was primarily driven by a 102.1% rise in operating income from success fees on the Al Haer sewage treatment plant, and lower finance and zakat expenses. However, these gains were partially offset by a 20.4% increase in fuel costs and a 15.8% rise in utility purchases for its subsidiary Tawreed.MEANWHILE- Revenue grew 6.6% y-o-y to SAR 1.7 bn, supported by higher sales volumes across all key sectors.!_SUBHED_! ALDAWAA MEDICAL SERVICES-Aldawaa Medical Services posted a 10.3% y-o-y rise in net income to SAR 105.2 mn in 1Q 2025, driven by stronger operating income and improved cost control, it said in a disclosure to Tadawul. Similarly, revenue increased 8.9% y-o-y to SAR 1.7 bn driven by stronger sales across all channels and seasonal campaigns.SADAFCO-Saudia Dairy and Foodstuff (Sadafco) reported a net income of SAR 126.1 mn in 1Q 2025, a marginal decrease of 0.1% y-o-y, according to a disclosure to Tadawul. Nevertheless, revenue rose 8.5% y-o-y to SAR 778.6 mn during the quarter, driven by a 60% rise in sales, as well as maintaining the company’s market share in milk, tomato paste, and ice cream categories.SAVOLA-Savola Group’s net income declined 45.8% y-o-y to SAR 189.2 mn in 1Q 2025, primarily due to the absence of profit share from its distributed investment in Almarai, it said in a disclosure to Tadawul. Revenue increased 6.3% y-o-y to SAR 7.6 bn in the same period, driven by a 4% rise in retail revenues from store expansions and Panda Retail’s CXR program, alongside higher revenues in the Food Processing segment.SHAKER GROUP-Home appliances importer and distributor Al Hassan Ghazi Ibrahim Shaker Co. (Shaker Group) saw its net income drop 15.6% y-o-y to SAR 27.2 mn in 1Q 2025, which was partially offset by lower finance costs, according to an earnings release (pdf). Revenue fell 3.1% y-o-y to SAR 400.4 mn, driven by a decline in home appliances sales, which was partially offset by a rise in HVAC solutions sales.RIYADH CABLES-Riyadh Cables Group saw its net income jump 51.6% y-o-y to SAR 256.2 mn in 1Q 2025, it said in a disclosure to Tadawul. Revenue climbed 22.5% y-o-y during the same period to SAR 2.5 bn, mainly due to higher sales.NAHDI MEDICAL-Nahdi Medical posted a 9.6% y-o-y rise in net income to SAR 255.2 mn in 1Q 2025, it said in an earnings release (pdf). The growth was supported by a 16.6% increase in operating income, despite increased operating expenses from strategic investments and higher non-operating expenses.MEANWHILE- Revenue jumped 16.7% y-o-y to SAR 2.6 bn in the same period, steered by robust performance across all segments, including a 15.2% rise in the retail business, strong growth in healthcare and UAE businesses, and favorable Ramadan season results.LUMI-Lumi Rental saw its net income rise 18.9% y-o-y to SAR 53.1 mn in 1Q 2025, as operating performance improved and finance costs decreased, it said in an earnings release (pdf). Revenue grew 7.2% y-o-y to SAR 411.5 mn over the same period on strong lease and rental divisions.WATANIYA INS.-Wataniya Ins. saw its bottom line shed 77.1% y-o-y to SAR 6.2 mn in 1Q 2025, primarily due to a 76.5% decline in net ins. service results, it said in a disclosure to Tadawul. Nevertheless, ins. revenues rose 10.3% y-o-y to SAR 452.2 mn during the quarter on the back of stronger premiums from business growth in the previous year.GULF INS-Gulf Ins. Group reported a net income of SAR 27.1 mn in 1Q 2025, recovering from a net loss of SAR 20.2 mn in the same quarter last year, according to a disclosure to Tadawul. Meanwhile, ins. revenues rose 1.4% y-o-y to SAR 367.6 mn. The turnaround was primarily driven by a rise in net ins. service results, particularly in the property and casualty segment.LEEJAM SPORTS-Leejam Sports reported a 24.5% y-o-y drop in net income to SAR 71 mn in 1Q 2025, weighed down by added costs from 30 new fitness centers, it said in a disclosure to Tadawul. Revenue rose 8.5% y-o-y to SAR 369 mn during the quarter, supported by 10% growth in subscriptions and membership, though tempered by Ramadan falling entirely within the quarter, a shift to short-term subscriptions, and greater Xpress center contributions.ARABIAN CEMENT-Arabian Cement’s net income fell 56.5% y-o-y to SAR 23.6 mn in 1Q 2025 on the back of lower average selling prices and higher tax expenses tied to prior years’ differences at a subsidiary, it said in a disclosure to Tadawul. However, revenue gained 4.6% y-o-y to SAR 238.1 mn during the same period, driven by increased sales volume.

EVIQ to roll out EV charging solutions for Lotus owners under a freshly formed partnership: The Electric Vehicle Infrastructure Company (EVIQ) — the JV between the PIF and the Saudi Electricity Company — has partnered with luxury car maker Lotus, via its distributor Al Walan Trading, to enhance EV infrastructure for Lotus owners, according to a press release.The agreement will see EVIQ install dedicated charging stations at Lotus showrooms, provide home chargers with Lotus vehicle purchases, integrate services with Lotus apps, and launch EV awareness campaigns across the Kingdom.EVIQ in the fast lane: Last month EVIQ, Mercedes-Benz KSA, and Juffali Automotive Company partnered to develop a high-speed EV charging network across the country and raise public awareness about electric vehicles. This adds to many partnerships by EVIQ with Ceer, Sasco, Lucid, BYD, and Zeekr to develop EV infrastructure in the Kingdom. EVIQ opened its first fast EV charging station in Riyadh in January 2024 and plans to deploy over 5k chargers across the country by 2030.ENTERTAINMENT-Riyadh Season signed YouTuber MrBeast for its 2025 edition, according to a Facebook post from the General Entertainment Authority Chairman Turki Al Alshikh. Under the contract, MrBeast will produce exclusive content, introduce his MrBeast Park and challenges to the Kingdom, and join the season’s opening ceremony. MrBeast is YouTube’s most-subscribed creator, known for organizing complex challenges and charitable initiatives, with 390 mn subscribers as of May 2025.ADVERTISING-Arabian Contracting Services lands SAR 309.6 mn Jeddah billboard agreement: Arabian Contracting Services’ subsidiary Faden Media signed a SAR 309.6 mn, seven-year contract with the Jeddah Municipality to establish, operate, and maintain 15 advertising billboards on major roads in Jeddah, according to a disclosure to Tadawul. The contract includes a 4.2-month preparation period.AND- Arabian Contracting Services inked another agreement with the Royal Commission for Riyadh City to lease the internal advertising spaces within the King Abdulaziz Public Transport Project, covering trains and buses, it said in a separate disclosure. The contract, valued at SAR 563.2 mn, spans 10 years and includes some 3.7k billboards.INS.-Al Etihad Cooperative Ins. maintained its A3 Ins. Financial Strength Rating (IFSR) by Moody’s, with a stable outlook, it said in a disclosure to Tadawul. The rating reflects the company’s strong market position, solid asset quality, robust capital adequacy, and consistent profitability, including a 7.7% five-year average return on capital and a 95.2% combined ratio, the credit rating agency said.