Good morning. We have another light issue for you today as business remains slow in the Kingdom. In today’s issue, we break down the newly-instated VAT amendments from Zatca, and measure Almarai and Jarir Marketing’s first quarter earnings against analyst expectations.

ALSO- The Kingdom dominated primary bonds and sukuk issuances in the GCC last quarter. We have the details in today’s Planet Finance.

BUT FIRST- Would you like to have lunch with us on Monday, 5 May? If so, hit reply to this email to let us know you’re like to be considered and tell us a little bit about yourself and what you do as a professional.

Wait, lunch? Yes, lunch. We’re inviting a small group of readers to join us to talk over where the economy and business climate stand now and where they’re heading through 2030. Expect good food, good company, and frank talk about what we are convinced is the most exciting business opportunity in the world.

Seating is strictly limited and the gathering is invitation-only. The gathering will take place under Chatham House rules. We’ll be in touch over the course of the next week with the folks we’re inviting to drop them the details.

HAPPENING TODAY-

The IMF and World Bank’s spring meetup kicks off today amid the global economy grappling with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group brings together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds.

The mood of the meetup is already starting to become clear, with World Bank President Ajay Banga telling reporters last week that “uncertainty and volatility are undoubtedly contributing to a more cautious economic and business environment,” according to AFP.

Tensions between the Trump administration and the World Bank are expected to come into focus over the week, with the White House yet to commit to the USD 4 bn pledged to the international financial institution by his predecessor in the last months of his presidency. Brushing off suggestions of bad blood, Banga described ongoing negotiations with its largest financial backer as “constructive” and told reports that “they’re asking the right questions, and we’re trying to give them the right answers.”

We’re yet to hear who will be representing Saudi at the meetup. Last year saw Finance Minister Mohammed Al Jadaan, Sama Governor Ayman Al Sayari, and Saudi Fund for Development CEO Sultan Al Marshad, among others, attend the meetings.

You can check out the full schedule on the event’s official website.

ALSO- MENA’s first Instagram Creators Summit wraps up today, bringing together leading global content creators — who have amassed over 231 mn followers — for interactive sessions, keynote speeches, and discussions on the future of content creation. The event — organized by Meta in partnership with the Royal Commission for AlUla — features discussions about topics like social media, AI, Instagram tools, and the creator economy and provides the chance for networking with Meta product managers.

AND- The Saudi Film Festival in Dhahran runs until 23 April. The festival will showcase 68 films, including feature films, shorts, and documentaries from Saudi Arabia, the Gulf, and beyond. We have the details here.

🌩️ WEATHER- Expect thunderstorms in Riyadh, windy and cloudy conditions in Madinah, and cloudy skies in Makkah.

  • Riyadh: 36°C daytime / 23°C overnight
  • Makkah: 40°C daytime / 28°C overnight
  • Madinah: 38°C daytime / 25°C overnight

HAPPENING TOMORROW-

Indian Prime Minister Narendra Modi will arrive in Saudi Arabia tomorrow on a two-day visit, according to a statement by India’s External Affairs Ministry. This marks Modi’s third visit to the Kingdom — after previous trips in 2016 and 2019 — and follows Crown Prince Mohammed bin Salman’s visit to New Delhi in September 2023. The leaders are expected to discuss means for deepening bilateral relations and cooperation across key sectors like trade, investment, energy, defense, technology, and culture.

HAPPENING THIS WEEK-

The three-day Real Estate Development and Construction Exhibition kicks off this Wednesday at the Grand Millennium Jazan Hotel. The event brings together real estate leaders, investors, and decision-makers to advance urban development in the region.

PSAs-

The deadline to apply for phase 2 of the Exploration Enablement Program (EEP) has been extended to Thursday, 1 May, instead of the previously announced deadline of 1 April, the Industry and Mineral Resources Ministry said in a post on X. The evaluation period will run from 1 to 31 May, while approvals, signings, and announcements are scheduled to begin on Sunday, 1 June. You can find more information here.

WATCH THIS SPACE-

Roshn reportedly ignores settlement with ex-CEO: PIF-backed Roshn is reportedly yet to respond to settlement offer of less than USD 50 mn, made by CEO David Grover over two months ago for his wrongful dismissal lawsuit against the real estate giant, the Financial Times reported, citing emails it said it has seen. The claim — initially for USD 100 mn and now reported to reach USD 120 mn — has been rejected by two lower courts and will be heard by Saudi Arabia’s Supreme Labour Court at a yet to be disclosed date, after facing multiple delays.

Background: Following his dismissal in April 2024, British-born Grover claimed USD 100 mn in pay and other awards covering the remainder of his contract. The dismissal came after allegations that he failed to disclose a conflict of interest when renting his French properties to company staff, despite the company covering the costs. In court, Roshn claims Grover tried to conceal his interest — a claim which Grover denies.

FROM THE RUMOR MILL-

PwC is reportedly pushing out several senior executives from its Middle East arm to ease tensions with the Public Investment Fund, following a one-year ban after the firm tried to hire ex-Neom Chief Internal Audit Officer Jason Davies, The Sunday Times reports citing “firm insiders.” The firm’s head of assurance Mohamed ElBorno and head of partner affairs Emma Campbell are among those who will be reportedly let go.

Consultancy firms, including Deloitte and EY, reportedly started expanding their presence in the Kingdom last March to fill the vacuum left by the PIF barring PwC from advisory contracts. Some firms have already been invited to bid on consultancy contracts for gigaprojects, including Neom.

DATA POINTS-

#1- Saudi Arabia recorded the biggest leap in the 2025International Intellectual PropertyIndex, seeing its numeric score rise by 17.55% y-o-y to 28.46. The Kingdom’s overall rating rose from 36.6% in 2019 to 53.7% in 2025, marking a cumulative increase of 40% over six years.

The drivers: The rise was driven by policy reform, including a 15-year protection period for industrial designs, the creation of an IP prosecution office, and stronger enforcement of copyright and trademark rights online.

#2- Our smartphone imports grew 25.6% y-o-y to SAR 26.1 bn in 2024, Aleqtisadiah reported, citing data from the General Authority for Statistics (Gastat). The number of units imported increased 29.1% y-o-y to 22.9 mn, bringing the total number of imported devices over the past three years to c. 55.4 mn units worth SAR 64.4 bn.

SPORTS-

#1- Oscar Piastri snagged his third victory this season at the Grand Prix, taking the lead in the Drivers’ Championship. The race started with a bang as world champion Max Verstappen, starting from pole position, battled the Australian driver for the lead. Verstappen initially pulled ahead but received a five-second penalty for cutting the apex into the first corner, ultimately handing Piastri and the McLaren team the victory after his pit stop.

#2- We’re ready for a 64-team World Cup bid: The Kingdom would be ready to host an expanded 64-team World Cup in 2034 after FIFA approves the proposal, Reuters reports, citing statements by Sports Minister Abdulaziz Al Faisal during the F1 Grand Prix in Jeddah. The minister highlighted the Kingdom’s infrastructure and experience in managing large crowds during Hajj and Umrah as a positive precedent in hosting massive events.

The Kingdom is looking to unlock private sector investments to increase liquidity ahead of the 2034 FIFA World Cup, showcasing available investment and equipping investors with all “available information” in a bid to stoke appetite, Director of Sports Investment Development at the Investment Ministry Bassem Ibrahim said earlier this month.

#3- Jeddah gears up for the AFC Champions League Elite Finals this Friday, featuring seven knockout matches until 3 May. Top-seeded and top AFC champion Al Hilal SFC will meet South Korea’s Gwangju FC, Saudi league title-holder Al Ahli is set to take on Thai Buriram United, and Cristiano Ronaldo’s Al Nassr must measure against Japan’s Yokohama Marinos. The victors will progress to the semi-finals set for 29-30 April, with the final match scheduled for 3 May at King Abdullah Sports City Stadium.

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THE BIG STORY ABROAD-

It’s the quietest day in the global business press in weeks, with no new tariff announcements or executive orders from US President Donald Trump as the world seemed to take pause in time for Easter.

In political news, Ukraine and Russia have both accused each other of violating the 30-hour Easter ceasefire declared by Russian President Vladimir Putin. Despite Ukraine’s president Volodomyr Zelensky’s proposal to extend the ceasefire for 30 days, Putin said there will be no extension and accused Ukraine of breaking the ceasefire more than a thousand times, damaging infrastructure and resulting in civilian deaths. Meanwhile, Ukrainian forces reported 3k violations of the ceasefire.

Trump is still hopeful for a permanent ceasefire, and said the two sides could reach an agreement this week. (Reuters | FT | AP | BBC)

Also getting attention: The Israeli military admitted to “professional failures” in the killing of 15 unarmed emergency workers in Gaza last month, saying it will fire an officer for breaching orders, while changing key elements of the account from earlier versions. (Reuters | Guardian | FT)

PLUS- Iran and the US are set for another round of nuclear talks after the two sides seemed to make progress during their round of talks in Oman over the weekend, with the two sides agreeing to draw up a framework for an agreement. (Reuters | AP)

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