Good morning. We are seeing a calm morning in the Kingdom with a few updates from the IPO and energy markets, as we’re gearing for the highly-anticipated visit by President Donald Trump and a bunch of senior US government and business figures next week. The calm is a sharp contrast from a regional and global scene that is seeing major escalations (and some surprising de-escalations) this morning. Let’s dive in.

WEATHER- The forecast is dust and lots of it: Dust storms are expected to continue today across parts of the Eastern Province, Najran, Riyadh, Madinah, and coastal Makkah, with thunderstorms, hail, and strong winds expected in Jazan, Asir, Al-Baha, and southern Makkah, limiting visibility to zero.

Riyadh is expected to see a high of 36°C and a low of 23°C today, while Jeddah’s mercury will go as high as 32°C and as low as 25°C. Meanwhile, Makkah will see a 40°C high and 23°C low.

WATCH THIS SPACE-

US business executives are set to accompany US President Donald Trump in his visit to the Kingdom, where they’ll attend the Saudi-US InvestmentForum on 13 May. Discussions at the forum — that will gather over 125 speakers and 2k delegates in King Abdul Aziz International Conference Center — will cover key sectors including energy, financial services, AI and tech, manufacturing, defense, healthcare, and venture capital.

A host of Saudi and US government and business figures are scheduled to speak in the summit. Featured speakers include Minister of Energy Prince Abduaziz bin Salman, Saudi National Bank CEO Tareq Al Sadhan, General Authority for Military Industries Governor Ahmad Al Ohali, Boeing CEO Kelly Ortberg, Ceer CEO James Deluca, and FIFA President Gianni Infantino.

Among those attending the event from the US will be BlackRock’s Larry Fink, Citigroup’s Jane Fraser, Blackstone’s Steve Schwarzman, Franklin Templeton’s Jenny Johnson, Alphabet’s Ruth Porat, and IBM’s Arvind Krishna, Bloomberg reported. Many of the firms participating in the forum already have established ties with Saudi Arabia, frequently joining Riyadh’s flagship Future Investment Initiative.

“American investors have played a key role in the Saudi economy representing around USD 54 bn of FDI stock in the Kingdom, nearly one in every four dollars of FDI in Saudi Arabia,” the forum’s website said.

IN CONTEXT- Riyadh announced a potential USD 600 bn investment package earlier this year, which Trump hopes to raise to USD 1 tn. The Kingdom plans to leverage Trump’s visit to hit its foreign direct investment target of securing over USD 100 bn annually by 2030, about five times more than last year’s total, according to Bloomberg.

It’s shaping up to be a busy week: The forum takes place a day before a rumored GCC-US summit that will reportedly host all regional leaders in a meeting with Trump. The summit — that would be held in Riyadh — will reportedly focus on boosting Gulf investments in the US, securing support for US-Middle East policy, and discussing investments, arms agreements, and AI, in addition to regional issues including the Israeli-Palestinian conflict and Iran-US nuclear negotiations.

Adnoc Distribution plans to open 40-50 new fuel stations in Saudi Arabia this year and has already secured contracts for 15 stations in 1Q 2025, tapping into the Kingdom’s “large and growing” fuel retail market, it said in a statement to the Abu Dhabi Exchange (pdf).

The company is gunning for 300 stations in Saudi within two years, CEO Badr Saeed Al Lakmi told Asharq Business. Adnoc Distribution’s network in the Kingdom grew 67% y-o-y to 115 stations in 1Q 2025.

SETTING THE RECORD STRAIGHT-

Consultancy firm McKinsey denied rumors circulating on social media suggesting a rift with its Saudi partners, stating in a LinkedIn post that such claims are “simply false.” The rumors circulated amid reports of a “comprehensive review” led by Neom’s acting CEO Aiman Al Mudaifer to reassess budgets and progress of various developments, particularly some tourism projects along the Red Sea.

ICYMI- The Public Investment Fund reportedly barred PwC from advisory contracts for a year starting in February, after the firm allegedly tried to hire ex-Neom audit chief Jason Davies. PwC has since removed several senior executives from its Middle East arm in a bid to make amends with the PIF, media reports said.

MEANWHILE- firms like Deloitte and EY have been expanding their Saudi presence, and are bidding for consultancy contracts on gigaprojects.

DATA POINTS-

Consumer spending via point-of-sale (PoS) transactions in the Kingdom posted a strong increase of 36.2% w-o-w in the week ending Saturday, 3 May to settle at SAR 15.5 bn, according to the Saudi Central Bank’s report (pdf). The number of weekly transactions also rose by 20.7% w-o-w to 241 mn.

The details: All sectors surveyed in the report recorded w-o-w gains, with the food and beverage sector making up the biggest chunk of spending in terms of value during the week, growing by 44.9% w-o-w to some SAR 2.4 bn. Restaurants and cafés came in second place, rising by 28.8% w-o-w to SAR 2.1 bn. This was followed by gas stations, which surged 26.1% w-o-w to just over SAR 1 bn, and health, which jumped 30.2% to SAR 953.3 mn.

Riyadh had the highest value of PoS transactions at SAR 5.3 bn, followed by Jeddah at SAR 2.1 bn.

Trademark applications in the Kingdom rose 15.7% y-o-y to 52.5k in 2024, while registered trademarks increased 13.5% to 31.8k, according to a Saudi Authority For Intellectual Property statistical report (pdf). The top three corporate filers were Kabushiki gaisha Shueisha with 542 applications, followed by Neom with 223, and Target Brands with 191.

By sector, restaurant and hospitality services accounted for the largest proportion at 9.3%, followed by commercial and administrative services at 7.3% and hardware and software products at 7.1%.

OIL WATCH-

Saudi Arabia hiked its crude oil selling price for buyers in Asia despite Opec+ decision to accelerate production for June, Bloomberg reports, citing a price list it said it had seen. Aramco bolstered the price of all its crude offerings — including the Arab Light grade — by USD 0.20 a barrel in June for all its largest Asian buyers, undercutting previous forecasts that pricing would be increased by USD 0.30.

Opec+ could ramp up production rates to as much as 2.2 mn bbl / d by November, sources from the group told Reuters.

MEANWHILE-Aramco’s cut May’s official selling prices for propane by USD 5 to USD 610 per metric ton, while butane rates dipped by USD 15 to USD 590 a ton, traders told Reuters

SPORTS-

Al Hilal’s Salem Al Dawsari claimedthe AFC Champions League Golden Boot with 10 goals, becoming the first Saudi national to claim the title, edging out Riyad Mahrez who failed to score in the final.

A silver lining in an otherwise tough weekend: The club parted ways with coach Jorge Jesus and watched rivals Al Ahli clinch their first AFC Champions League Elite title.

The Public Investment Fund (PIF) poured USD 4.6 bn into Liv Golf, with USD 1.9 bn since January 2024, Reuters reports. The league’ parent company Liv Investments raised its authorized capital twice this year, totaling USD 674.3 mn, with the PIF’s investments projected to exceed USD 5 bn by the end of 2025, according to the Money in Sport newsletter. Liv Golf reported USD 82 mn in revenue from January to October last year, the newswire added.

ICYMI- Last month, Liv Golf’s rival PGA Tour turned down a USD 1.5 bn investment by the PIF into PGA Tour Enterprises, reportedly for its rejection of a condition that Liv Golf should remain intact.

***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-

It’s all about conflicts escalating (and de-escalating) in the global press this morning.

Tensions are flaring on the Indian-Pakistani border, with Delhi mounting targeted aerialattacks against what it called “terrorist sites” inside Pakistan and the Kashmir province, killing 8 and injuring dozens. The attacks have been framed as a retaliation against deadly terrorist attacks that hit India last month.

Pakistani military officials said they shot down five Indian planes in response, and that troops are exchanging fire along the ceasefire line in Kashmir.

CLOSER TO HOME- Oman said in a surprise announcement it brokered a ceasefire last night between Yemen’s Houthis and the US, shortly after US President Trump confirmed strikes on the Houthis will stop in return for an end to attacks on US ships in the Red Sea. The ceasefire apparently blindsided Israel, just hours after waging airstrikes that took Yemen’s main airport out of service.

Trump also hinted at a “very, very big announcement” ahead of his scheduled trip to the Middle East next week, stopping short of providing any details but saying it’s “really positive.”

The teaser came during a tense-but-civil meeting in the Oval Office with Canadian PM Mark Carney, where Carney assured Canada is “not for sale,” to which the Donald responded, “time will tell.” The meeting aimed to bridge differences on tariffs and trade.

SPEAKING OF TRADE- US Treasury Secretary Scott Bessent is heading to Switzerland this week for the first officially confirmed trade negotiations with China, sparking hopes of de-escalation between the world’s two largest economies.

ALSO WORTH READING THIS MORNING-

  • Drone attacks by Sudanese paramilitary RSF on key infrastructure left Port Sudan without power. The widespread attacks also targeted army bases and fuel depots.
  • Conservative leader Friedrich Merz was elected Chancellor yesterday, needing a second round of voting after his loose coalition in the German parliament failed to secure enough votes in the first round.
Tags: