Good morning. It’s all about US President Trump’s historic visit to Riyadh in both the local and global press.

The visit had it all: a comprehensive partnership agreement spanning defense, security, minerals and more; a whopping USD 600 bn in investments committed from Riyadh in the US, set to increase to USD 1 tn; and a fiery speech that saw Trump lavishly praise the Kingdom’s transformation and diplomatic efforts, while taking direct shots at Iran and proxies.

What’s next? Trump is set to attend a summit with GCC leaders in Riyadh today — which will reportedly include brief meetings with Syrian President Ahmed Al Sharaa and Lebanon’s PM Joseph Aoun — before heading out to Qatar, and then the UAE tomorrow.

Topics expected to top the agenda include investment, arms transfers, and AI, in addition to regional issues like the Israeli-Palestinian conflict and the Iran-US negotiations over Tehran’s nuclear program.

The itinerary is still a work in progress: The Donald signalled that he might attend the Russia-Ukraine talks set to be held in Turkey on Thursday, which might see him push some meetings around to make room for a sit-down with Putin and Zelenskyy. The detour seems unlikely, but with Trump you can never say never.

** We have the details on everything Trump in today’s issue. Let’s dive in.

WEATHER- Dust storms are blowing on in Riyadh, Qassim, Hail, Madinah, Tabuk, Al-Jouf, and the Northern Borders, with thunderstorms expected in Najran, Jazan, and Asir.

Riyadh is expected to see a high of 40°C and a low of 27°C today, while Jeddah’s mercury will go as high as 41°C and as low as 29°C. Makkah will see a 44°C high and 30°C low.

PSAs-

Vacant properties are now subject to taxes: The amendments to the White Land Tax law have officially come into effect almost a month before planned, after its publication in Umm Al Qura’s Monday issue (pdf). The reforms are aimed at tackling land hoarding and improving housing supply across the Kingdom. Do you want to know more? Visit our explainer here.

IN CONTEXT- Saudi Arabia launched a set of real estate reforms aimed at expanding land availability, improving rental regulations, and reining in soaring property prices in Riyadh. A royal directive mandated the government to lift land freezes in the north of the capital and overhaul the White Land Tax Law, as well as introduce new rental regulations to balance the landlord-tenant relationship.

OIL WATCH-

Saudi Aramco is set to supply nearly 48 mn barrels of crude oil to China in June, the same as this month’s deliveries, Reuters reports, citing trade sources. The deliveries tally May’s — which represented a 35.5% m-o-m increase from April per our calculations — the highest since 2024 and the first allocation increase to China since the beginning of this year.

ALSO- Oil prices stabilized on Tuesday as Trump indicated progress in nuclear talks between the US and Iran over the weekend, Bloomberg reports. Brent crude futures settled just under USD 65 a barrel, while West Texas Intermediate closed just above USD 61 a barrel after inching up 1.5% in the previous session. Crude has fallen as US-China tensions eased amid the 90-day truce between the top two crude consumers — dropping over 10% since the US first announced its tariffs sweep back in April.

SPORTS-

The King’s Cup final between Al Ittihad and Al Qadisiyah will take place on May 31 at 9 PM at the Al Inma Stadium, Jeddah’s King Abdullah Sports City, state news agency SPA reports. French coach Laurent Blanc is aiming to line up a 10th tournament victory for his Jeddah-based side, while the Eastern Knights are attempting to obtain the trophy for the first time in the club’s history.

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