Good morning ladies and gents, and a Happy Founding Day. EnterpriseAM Saudi will be off on Sunday, 23 February, but will be back in your inboxes right on Monday with the latest in business and finance. We have a packed issue for you today, so let’s dive in.

HAPPENING TOMORROW-

#1- The three-day Saudi Media Forum at the Hilton Riyadh is set to conclude tomorrow. The event 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.

#2- The two-day Saudi Cup weekend kicks off tomorrow at Riyadh’s King Abdulaziz Racecourse and will wrap up by Saturday. The horse racing tournament will see upwards of USD 38.1 mn in prize money, while cuisine and cultural events will also be taking place off the track. Book your ticket here, but be sure to come decked in national or formal attire.

PSAs-

#1- WEATHER- ⚠️ Brace for thunderstorms: The General Directorate of Civil Defense issued redalerts for severe rainfall affecting Riyadh, Al Qasseem, Hail, Eastern, and Northern Borders provinces, according to separate posts on X. A rainy Riyadh is looking at a high of 23°C and a 12°C low, while a windy Jeddah will see its mercury peak at 30°C and hit a low of 20°C. Meanwhile, Dammam will see thunderstorms and a high of 23°C and a 13°C low.

#2- The amended labor law went into effect yesterday, according to a statement from the Human Resources and Social Development Ministry. The amendments, published in August, introduced changes to the rules on resignation and termination procedures, extended maternity leave, added new rules for calculating overtime, and updated policies for foreign workers’ contracts.

WATCH THIS SPACE-

#1- Donald Trump delivered an address at the first day of the PIF’s FII Priority summit in Miami, Florida this morning, calling Saudi Arabia “a special place with special leaders.” The US president thanked The Kingdom and the Crown Price Mohammed bin Salman for a “great job” on hosting Ukraine talks and releasing Americans detained on Russia, while blasting Ukraine’s Zelensky and promising more sweeping tariffs.

Who else was there: Elon Musk, richest man in the world and Trump’s close confidant, was in the audience next to Saudi ambassador to the US, Princess Reema Bandar Al-Saud. Attendees also included National Security Advisor Mike Waltz, White House Middle East Envoy Steve Witkoff, as well as prominent Saudi and US business leaders, including PIF Governer Yasir Al Rumayyan and TikTok CEO Shou Zi Chew.

IN CONTEXT- The three-day summit brings together global financiers and tech executives, who are flocking to Florida to make the most of Crown Prince’s earlier pledge to increase the Kingdom’s investment and trade portfolios with the US by USD 600 bn.

#2- Total investments at ِAramco’s Jafurah gas field are expected to exceed USD 100 bn over the next 15 years, while the gas production hub is expected to contribute some USD 23 bn to the Kingdom’s GDP every year, state news agency SPA reports, citing statements by Aramco CEO Amin Nasser at Al-Ahsa Investment Forum 2025. Production is expected to kick off this year at the rate of 200 mn mscf/day, to reach 2 bn mscf/day by 2030, Nasser added.

ALSO- The first phase of King Salman Energy Park (Spark) in Al Ahsa is now complete, with over 60 local and international investors contributing upwards of SAR 12 bn, Nasser added. The first and largest privately owned dry port is also being developed in the Eastern Province, set to begin operating in phases starting 2Q 2025, with a final capacity of 10 mn ton capacity once all stages are complete.

#3- PIF’s Scopely in talks to acquire Pokémon Go developer: US-based game developer Scopely — wholly-owned by PIF’s Savvy Games Group — is reportedly close to acquiring Niantic ’s video game division under a USD 3.5 bn transaction, Bloomberg reports citing unnamed sources. An agreement could be announced “in coming weeks” and would include the Pokémon title among other mobile games, the sources said.

Savvy is scaling up its gaming portfolio: PIF’s gaming arm snapped up Scopely for USD 4.9 bn last year in the “largest investment Savvy has made to-date,” CEO Brian Ward at the time. Savvy also signed an MoU with SBI Holdings last month to introduce Japanese gaming companies into its Esports ecosystem.

DATA POINTS-

#1- Consumer spending via point-of-sale (PoS) transactions in the Kingdom dropped 3.0% w-o-w for the week ending February 15 to just under SAR 13.3 bn, according to the Saudi Central Bank’s (Sama) report (pdf). The number of weekly transactions also declined by 1.3% to 216.7k.

The details: Food and beverages, as usual, made up the biggest chunk of spending in terms of value during the week, falling 2.9% w-o-w to some SAR 1.98 bn, with restaurants and cafes coming in second place at just over SAR 1.95 bn, marking a 1.5% drop from the previous week. Riyadh had the highest value of PoS transactions at SAR 4.74 bn, followed by Jeddah at SAR 1.92 bn.

#2- Saudi Arabia’s holdings in US Treasury bills and bonds were up 4% y-o-y at USD 137.5 bn in December 2024, with purchases worth USD 5.5 bn made during last year, according to US Treasury data. Investments were up 1.4% m-om in December. The uptick was driven by expectations that interest rates will remain higher for a longer period due to new inflationary policies from the new Trump administration, thereby supporting bond yields, Aleqtisadiah reports.

OIL WATCH-

Brazil is one step closer to joining Opec+: Brazil’s National Council for Energy approved joining the Opec+ Charter of Cooperation (CoC), according to a statement from Opev. Brazil will only participate in the CoC — a permanent forum for Opec and Opec+ countries to discuss oil related issues — and will not be party to binding obligations, the Associated Press reports citing Brazilian Mines and Energy Minister Alexandre Silveira as saying. Brazil will also not participate in the group’s decision-making.

***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-

Trump and Zelensky’s war of words is dominating the front pages this morning, as analysts fear it signals a dramatic shift in US foreign policy on Russia and a pivot away from the EU.

Move it or lose it: US President Donald Trump again slammed his Ukrainian counterpart Volodymyr Zelensky yesterday for misusing USD 350 bn aid from the US, saying he “better move fast” on reaching an agreement with Russia, or the “dictator” — as Trump called him — might not have a nation to lead. Zelensky had remarked earlier in the day that the US president “is living in this disinformation space” created by the Kremlin. (Associated Press | Washington Post | Reuters | FT)

Trump’s executive orders are not slowing down: The president said on Tuesday he will impose tariffs on autos “in the neighborhood of 25%” on 2 April, as well as similar tariffs on semiconductors and pharma imports with no clear timeline. The White House announced more executive orders will be signed in a few hours. (Reuters | Washington Post)

OVER IN TECH- Microsoft is out with “Majorana 1,” its first quantum chip. The multinational giant claims it had to create a new state of matter called the “topological state” to develop the chip, whose components were manufactured in the US. (CNBC | NY Times)

Tags: