HAPPENING TODAY-

#1- The three-day Saudi Signage and Labeling Expo and the inaugural Saudi Paper andPackaging Expo kick off today at the Riyadh International Convention & Exhibition Center. The co-located events feature 150 exhibitors from over 15 countries, providing attendees with access to the latest in digital displays, packaging solutions, and sustainable technologies.

#2- For our fellow tech nerds: The Google I/O developer conference kicks off in about 12 hours time and Microsoft’s Build gathering is running in parallel. Look for AI to be the star of both shows. Apple, which is struggling with generative AI, will hold its WWDC conference on 9 June, with a big overhaul of the look-and-feel of macOS, iPadOS and iOS likely headlining.

WEATHER- Expect ongoing strong winds, dust storms, and higher temperatures in parts of Madinah and Makkah. Visibility will be extremely poor, near zero, due to dust in parts of Qassim, Riyadh, and the Eastern Province. Riyadh is expected to see a high of 43°C and a low of 28°C today, while Jeddah’s mercury will go as high as 37°C and as low as 28°C. Makkah will see a 42°C high and 32°C low.

PSAs-

#1- Private sector players can bid for sports facility contracts in three major sports cities — Jeddah’s King Abdullah Sports City and Prince Abdullah Al Faisal Sports City, and Makkah’s King Abdulaziz Sports City — after the Sports Ministry launched the Sports Facilities Investment project, state news agency SPA reports. The prospects on offer include naming rights, stadium rentals, and facility management, among others, under five-year contracts. Companies can apply here.

#2- Markets will be closed for Eid week: The Tadawul will be closed to trading after the closing bell on Wednesday, 4 June and will reopen on Wednesday, 11 June in observance of Eid Al Adha, the exchange said in a statement.

WATCH THIS SPACE-

#1- PIF sets up new Paris office: The Public Investment Fund (PIF) inaugurated a new subsidiary office in Paris, it said in a press release yesterday. The fund’s new office in the French capital aims to strengthen the fund’s global presence and bilateral ties with France, which received some USD 8.6 bn in PIF investments between 2017 and 2024. The PIF launched subsidiary offices in London, New York, and Hong Kong back in 2022. Bloomberg also had the story.

#2- Tadawul-listed Alinma Bank is gearing up to issue USD-denominated sustainable additional tier 1 (AT1) securities as it looks to shore up its core tier 1 capital, it said in a disclosure to the exchange. The paper will be issued under the lender’s USD 1 bn AT1 capital certificate issuance program, Zawya reports, adding that the Reg-S 5.5-year non-callable perpetual fixed rate sukuk will be open to local and international investors.

ADVISORS- Alinma enlisted Alinma Capital, Abu Dhabi Islamic Bank, Emirates NBD, Goldman Sachs, JP Morgan, and Standard Chartered as joint lead managers.

#3- Alawaly Real Estate is gearing up for an IPO in Saudi Arabia and is currently working with “several advisors” to complete its internal preparations by the end of the year, CEO Sulaiman Alrumaih told Al Arabiya on the sidelines of the Cairo Aqarmap summit. The company is looking to finalize its IPO and go public next year, Alrumaih said.

The company has a real estate portfolio of about SAR 5 bn, mainly focusing on increasing housing units in Riyadh and Jeddah, as well as developing commercial and administrative properties. The company estimates that Riyadh needs 200k homes yearly, but only 100k–120k are being built, leaving a 50k–70k unit annual gap, Alrumaih said.

DATA POINTS-

#1- Saudi Aramco’s total market-based emissions rose 1.8% y-o-y in 2024 to 68.5 MMtCO2e, while its upstream carbon intensity increased 1% to 9.7 kg CO2e/boe, according to its 2024 annual sustainability report (pdf). However, upstream methane emissions dropped 11.4%, and upstream methane intensity fell by 0.01 percentage points to 0.04%.

The oil giant allocated USD 107 mn from its USD 1.5 bn Sustainability Fund in the past year, resulting in a total investment of USD 500 mn in 36 portfolio companies to date.

On environmental performance and biodiversity, Aramco reported a 5.4 percentage point rise in its net positive impact on biodiversity, reaching 91% in 2024. This improvement was largely driven by doubling its Biodiversity Protection Areas from 14 to 28.

#2- The Kingdom’s holdings of US treasury securities rose 4.1% m-o-m to USD 131.6 bn at the end of March, according to data from the US Treasury Department. The holdings hit their highest level YTD during the month, but remain below the 12-month average. The portfolio includes USD 103.9 bn (79%) in long-term bonds and USD 27.7 bn (21%) in short-term bonds, according to ArabNews.

#3- Over 1 mn pilgrims have benefited from the Kingdom’s Makkah route initiative since its launch, according to a press release from the Saudi embassy in Cairo. The program is currently operating across 11 airports in seven countries in 2025, including Malaysia, Indonesia, Pakistan, Bangladesh, Morocco, Turkey, and Ivory Coast, assisting pilgrims with biometric data collection, e-visa issuance, and luggage handling before departure.

SPORTS-

Neom Sports Club took home the 2024-2025 Saudi First Division Professional League Cup with a 17-point lead in the league table, securing promotion to the Roshn Saudi League after a 2-2 draw against Al Zulfi Club, state news agency SPA reports. The Tabuk-based club — formerly known as Al Suqoor — was acquired and rebranded by Neom in 2023. It achieved its first-ever promotion to the Saudi Pro League earlier this year.

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THE BIG STORY ABROAD-

Two stories are competing for top billing in the international business press this morning: US President Donald Trump’s announcement that Russia and Ukraine will begin “immediate” ceasefire talks, and Israel saying that it plans to take over the entirety of the Gaza Strip.

Russia and Ukraine will reportedly begin negotiations for a ceasefire and an end to the war between the two countries “immediately,” Trump said in a post on Truth Social following what he says was a two-hour-long phone call with Russian President Vladimir Putin. It remains unclear who — if anyone — will mediate the talks, with Trump adding that “the conditions for [the ceasefire] will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of.”

No new US sanctions on Russia (for now): The EU is set to enact fresh sanctions on Moscow to ramp up the pressure to end the war, but Trump is holding back from following suit, saying that increasing sanctions-related pressure on Russia could have an adverse outcome on the negotiations, Reuters reports. The story is also getting ink from the Wall Street Journal, Bloomberg, and the Financial Times.

In our neck of the woods: Israel is planning to take control of all of Gaza, Israeli Prime Minister Benjamin Netanyahu said yesterday as he announced an upcoming “unprecedented attack” on what he says are Hamas targets. The IDF ordered Palestinians in Khan Younis and two other areas to evacuate the area yesterday, with Netanyahu saying Israel is looking for a “complete victory.” Meanwhile, his Finance Minister Bezalel Smotrich said yesterday that the military’s new “operational method is completely different: not raids, but rather occupation, cleansing and holding the territory until Hamas is destroyed.” The IDF will “[destroy] everything that is left” of Gaza, Smotrich said. The story is getting ink from Bloomberg, Reuters, and the Financial Times.

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