Good morning, ladies and gents. Leap’s momentum continues for the second day with USD 7.5 bn in investments focusing on data centers. Meanwhile, Gastat is out with its Industrial production index for December, and Rawasi Albina issues a prospectus for its SAR 500 mn sukuk program. Let’s dive in.

HAPPENING TODAY-

FM Faisal bin Farhan arrived in Paris yesterday to lead Saudi Arabia’s delegation at the Artificial Intelligence Action Summit, according to state news agency SPA. The FM and the rest of the Saudi team are set to take part in meetings discussing AI’s future and its potential to serve the public interest.

WEATHER- A rainy Riyadh is looking at a high of 23°C and a low of 9°C today, while over in Jeddah the mercury is set to peak at 29°C and hit a low of 20°C. Meanwhile, Dammam will see light showers and a high of 22°C high and a 12°C low.

PSAs-

SCAI launches USD 1 mn AI league: PIF-owned Saudi Artificial Intelligence Company (SCAI) launched the AI League with a USD 1 mn total prize pool, state news agency SPA reports. The competition — sponsored by the Ministry of Sports and the Saudi Data and Artificial Intelligence Authority — looks to support Saudi’s FIFA World Cup 2034 preparations by leveraging AI methods.

WATCH THIS SPACE-

#1- Tabby is prepping for its IPO: Homegrown BNPL platform Tabby — one of the region’s first fintech unicorns — tapped HSBC Holdings, JPMorgan Chase & Co. and Morgan Stanley to advise on a potential IPO, Bloomberg reports citing sources it says are in the know. The company first announced plans to IPO last September, targeting a 2025-2026 window.

Discussions are in their early stages, with the size of the offer and the timeframe yet to be determined. Tabby — valued at USD 1.5 bn in its latest funding round — could reportedly raise additional funds before the offering.

#2- Phytome mulls move to Saudi: UK-based biotech firm Phytome Life Sciences plans to establish a regional HQ in the Kingdom, as it looks to double down on taking plant-based treatments to market and spur the development of biotech unicorns, CEO Sebastian Vaughan told Bloomberg.

The details: Phytome will launch a venture studio in Riyadh and establish local manufacturing facilities, while harnessing Saudi funding to produce treatments and materials developed by its UK-based research centers. No additional information on timeline or financials were disclosed.

Saudi backing: The company is currently in talks with Saudi family offices and international investors for fundraising. The move has also been backed by our Research Development and Innovation Authority, in line with the Kingdom’s targets to generate USD 34.6 bn (3% of GDP) from biotech by 2040, Bloomberg reported

#3- Erad Partners Capital is now able to manage investments in securities, after receiving Capital Market Authority approval, according to a statement.

DATA POINTS-

#1- The Kingdom invested SAR 1.3 bn in mineral exploration over the past five years, with drilling activity exceeding 500k meters in 2023, Deputy Minister for Mineral Resources Abdulrahman Al Balooshi told CNBC Arabia (watch, runtime: 2:55). Mineral exploration companies in the Kingdom increased from six to 133 between 2018 and 2023, backed by government incentives and increased access to geological data, Al Balooshi added.

REMEMBER- Saudi Arabia has big mining plans: The ministry launched a SAR 685 mnincentive package last year as part of efforts to expand the sector and tap reserves of gold, phosphate, and others. The ministry plans to offer 50k sq km of mineralized areas — including gold and copper reserves — for exploration this year, Al Balooshi confirmed.

#2- Cargo handling volumes at Saudi ports increased 16.7% y-o-y in January to 27.6 mn tons, according the Saudi Ports Authority (Mawani). Export containers were up 53.2% to 271.7k containers, while imported containers increased 39.6% y-o-y to 293.8k containers.

#3- The Transport General Authority distributed more than 1 mn operating cards for registered vehicles in 2024, the authority said on X. 815k cards were issued through the electronic Logisti platform, up 31% y-o-y, while 189k operating cards were issued through physical outlets.

***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.

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, the MENA logistics and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

The international scene is once again rife with potential conflict, after an unexpected announcement from Hamas threatened to reignite conflict in the region and put an end to the precarious ceasefire agreement in Gaza.

Gaza truce is hanging in the balance: Hamas said yesterday it will delay releasing Israeli captives indefinitely, citing Israel opening fire on Palestinians, as well as delays in allowing return to northern Gaza and delivering humanitarian aid. Israel denied any violations, and instructed its military to prepare “for any possible scenario.”

Trump butts in: While mediators and international powers are scrambling to save the situation, US President Trump advised Israel to cancel the agreement and “let hell break loose” if Hamas does not comply by Saturday noon. Trump also threatened to cut off aid to Egypt and Jordan if they refuse to take in forcibly displaced Palestinians. (Bloomberg | CNN | NYTimes | Reuters)

SPEAKING OF TRUMP- The latest trade salvo saw the president impose 25% tariffs on all imports of steel and aluminum, in a move that will impact Mexico and Canada as the US’ top foreign metal suppliers. The new measures are reportedly set to take effect on 4 March. (Bloomberg | CNBC | FT)

IN THE BUSINESS WORLD- Elon Musk and a group of co-investors submitted a whopping USD 97.4 bn bid to fully acquire ChatGPT maker OpenAI. “No thank you,” CEO Sam Altman responded in a post on X. Musk was one of OpenAI’s co-founders, before leaving in 2018. (CNBC | CNN | Reuters)

Tags: