Good morning, wonderful people. Things are starting to heat up in the Kingdom, with a flurry of news on real estate projects, IPOs, startup funding, and more.

The big stories today: Inflation continues to creep up, reaching 2.3% in March (but hey, at least rent inflation is at its lowest point in a year). Meanwhile, Majid Al Futtaim is making big moves in Riyadh with a SAR 17.5 bn mixed-use project, and real estate prices are up 4.3% in 1Q.

ALSO- United Carton Industries is finally kicking off its IPO next week. We’ve also got the scoop on Salic’s new grain supply company Sabil, the Saudi Film Festival’s return, and a SAR 5.5 mn pre-series A funding round for Sadq. Let’s dive in

HAPPENING THIS WEEKEND-

The Saudi Film Festival will take place from 17 to 23 April in Dhahran, showcasing 68 films, including feature films, shorts, and documentaries from Saudi Arabia, the Gulf, and beyond. We have the details in the news well below.

The F1 stc Saudi Arabian Grand Prix revs up this Friday, 18 April at the Jeddah Corniche Circuit and wraps up on Sunday. A friendly reminder that schools will be off on 20-21 April in Jeddah, Makkah, and Taif as the race takes over the streets. You can grab your tickets here.

Support races and entertainment: The race weekend will also feature support races like the FIA Formula 2 Championship and the all-female F1 Academy Series, according to a schedule from F1. Off track, expect performances from Egyptian rapper Marwan Pablo in addition to Usher, Major Lazer Soundsystem, and Jennifer Lopez.

WEATHER- Riyadh and Makkah will wake up to dusty breezes and patchy clouds, while Madinah basks under bright, sunny skies.

  • Riyadh: 32°C daytime / 21°C overnight
  • Makkah: 38°C daytime / 17°C overnight
  • Madinah: 34°C daytime / 18°C overnight

WATCH THIS SPACE-

Coffee chain Barns kicks off IPO prep: Jeddah-born coffee brand Barns is sounding out banks for a potential IPO on main market Tadawul, CEO Mohammed Alzain tells Bloomberg.

The pitch: The IPO could see it rake in USD mns, with proceeds earmarked for regional expansion. Barns wants to scale to 1k stores by 2030, up from 850, adding locations in the UAE, Oman, Kuwait, and Morocco to its existing footprint in Saudi, Bahrain and Egypt.

While the potential size and timeline of the offering remain wraps, a listing would see Barns join a flurry of pending Saudi debuts this year — even as market volatility and softer oil prices test investor appetite.

Saudi nationals may soon be exempt from short-stay visa requirements to the EU’s 27-member Schengen area, the EU Ambassador to Saudi Arabia Christophe Farnaud told Asharq Al Awsat. Saudis — along with other GCC nationals — have already been eligible since April 2024 for five-year, multiple-entry Schengen visas.

Saudi nationals ranked seventh globally for Schengen visa applications in 2023, with 428.9k applications submitted and a 6% rejection rate, according to SchengenVisa data.

DATA POINTS-

Consumer spending via point-of-sale (PoS) transactions in the Kingdom rose 16.7% w-o-w in the week ending Saturday, 12 April to c. SAR 12.3 bn, according to the Saudi Central Bank’s report (pdf). The number of weekly transactions also increased by 9.1% w-o-w to 209.1 mn.

The details: Food and beverages made up the biggest chunk of spending in terms of value during the week, rising 10.3% w-o-w to some SAR 1.8 bn. The figure nearly matched restaurants and cafes, which dropped by 21.4% w-o-w. PoS transactions on education posted the highest growth in terms of value, soaring 2413% w-o-w to SAR 256.9 mn, with students returning to schools after Eid El Fitr holiday.

Riyadh once again had the highest value of PoS transactions at SAR 4.3 bn, followed by Jeddah at SAR 1.8 bn.

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THE BIG STORY ABROAD-

No end in sight to the ongoing trade war: US President Donald Trump has floated yet more tariffs, this time on the critical minerals supply chain, for which he ordered a probe that could lead to the introduction of tariffs down the line.

The goal? To reduce imports of critical minerals — particularly from China, which dominates the industry — and boost local production for a sector that has big implications on defense capabilities, infrastructure development, and tech ambitions.

The good news is: Tariffs on critical minerals would be separate from country-specific tariffs, which could ultimately mean…. lower tariffs. (Financial Times | Bloomberg | Reuters)

Still reeling from earlier curbs: Nvidia, which said it will take a USD 5.5 bn hit this quarter on the back of new barriers on its exports to China. Its shares fell 6% in after-hours trading, dragging Nasdaq futures down 1%. (FT | CNBC | Bloomberg)

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