Good morning, everyone, and happy THURSDAY. Our last issue in May is a packed with news of AI, energy and real estate investments that, from Humain, Acwa Power, Naif Alrajhi and Aljazira Capital. Let’s dive in.

WEATHER- A Red alert for Jazan with heavy rains, strong winds, zero visibility, flash floods, hail, and thunderstorms expected.

Riyadh is expected to see a high of 43°C and a low of 31°C today, while Jeddah’s mercury will go as high as 35°C and as low as 27°C. Makkah will see a 43°C high and 30°C low.

HAPPENING NEXT WEEK-

Shares of Axelerated Solutions will begin trading on Nomu parallel market on Sunday, 1 June, according to a Tadawul statement. The company’s shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The company priced its 10.7% stake Nomu IPO at SAR 27 per share, after its offering to qualified investors was 208% oversubscribed. The pricing would give Axelerated Solutions a market cap of SAR 756 mn at listing and should see it raise some SAR 3.8 mn in IPO proceeds.

PSAs-

New university admissions platform goes live: The Education Ministry launched the NationalUnified Admissions Platform to standardize university admissions across the Kingdom, according to state news agency SPA. The platform covers 28 public institutions, including 26 universities, the Technical and Vocational Training Corporation, and the Imdad Scholarship Program.

WATCH THIS SPACE-

#1- Homegrown budget carrier Flyadeal is gearing up to launch flights to Syria as early as July, after gaining the regulatory approvals to fly last week, CEO Steven Greenway told Reuters.

The airline is set to join several other carriers — like Qatar Airways, Turkish Airlines, and Royal Jordanian Airlines — who resumed flights to Syria following the fall of the Assad regime in December and the removal of US sanctions earlier this month. Rival UAE-based airline FlyDubai also said it plans to launch services to the country starting next month.

#2- Fire safety firm Reda Hazard Control is exploring a potential sale in what could mark a rare private equity play in the kingdom’s industrial space, Bloomberg reports, citing sources it says are in the know.

Reda has reportedly initiated talks with a handful of regional and international suitors, though no final decision has been made, the sources said. Reda also operates in Central and South Asia, North Africa and the US.

ADVISORS- The company is said to be working with Moelis & Co. as it weighs strategic options.

#3- Nomu-listed Saudi Azm for Communication and IT resubmitted a request to the exchange to transition to main market Tadawul, according to a disclosure. The company has previously received a rejection, as it failed to meet the required conditions. The company’s share price rose 3.4% to SAR 29 apiece at yesterday’s close.

What it takes: To move from Nomu to the main market, a company needs to meet stricter requirements. It must have a minimum market cap of SAR 300 mn and a solid financial track record of at least three years under consistent management. The company also needs to offer at least 30% of its shares to the public, have at least 200 public shareholders, and follow more rigorous financial disclosure rules.

#4- The travel and tourism sector is projected to contribute SAR 447.2 bn (c. USD 119.2 bn) to the Kingdom’s GDP this year, the World Travel & Tourism Council (WTTC) said in a statement.

The WTTC also expects the industry to employ some 2.7 mn people in 2025, and make a contribution to GDP above 10% on the back of “international and domestic spending.” It projects spending by foreigners to reach SAR 200 bn and that by locals to hit SAR 162.5 bn.

#5- The Kingdom joins China visa-free program: China added Saudi Arabia, along with Oman, Kuwait, and Bahrain, to its visa-free travel program, allowing citizens from the Gulf countries to stay in China for up to 30 days without a visa, according to a statement by the Chinese Ministry of Foreign Affairs. The program is running under a one-year trial period.

DATA POINTS-

#1- Car rental contracts rose over 22% y-o-y to more than 1.5 mn in 1Q 2025, according to a Transport General Authority post on X. Riyadh accounted for the highest share of contracts at 31.6%, followed by Makkah at 24.9%, the Eastern region at 15%, Madinah at 6.4% and Aseer at 6.1%.

#2- Some 1.18 mn pilgrims have arrived in the Kingdom as of Tuesday, the General Directorate of Passports said in a post on X. Around 1.1 mn pilgrims entered via airports, 60.4k via land, and 4.3k via sea.

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THE BIG STORY ABROAD-

It’s all about the Trump administration in the global front pages this morning.

Trump tariffs blocked: A US trade court blocked US President Donal Trump’s Liberation Day tariffs, invalidating them in a move that is expected to destabilize the president’s economic policies. “The court does not pass upon the wisdom or likely effectiveness of the President’s use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it,” the judge panel said. (Reuters | AP | Bloomberg | FT)

Imposing tariffs is a move that usually requires congressional approval. Congress has the sole authority to regulate trade with other countries, the court said.

We’ll keep our eyes peeled over the weekend for how markets react to the decision.

And that’s a wrap on Musk’s time in government: Elon Musk will be bidding farewell to the Trump administration, leaving his post as head of the Department of Government Efficiency. The bn’iare made the announcement on X, saying “as my scheduled time as a Special Government Employee comes to an end, I would like to thank President realDonaldTrump for the opportunity to reduce wasteful spending.” (Reuters | AP | Bloomberg)

OIL WATCH-

Saudi Arabia may cut its crude prices for Asian buyers in July to a six-month low as rising Opec+ supply continues to pressure benchmark prices, refiners told Reuters. The official selling price for flagship Arab Light crude could fall by USD 0.40-0.50 from June to USD 0.90-1 a barrel, according to refiners.

Prices for other Saudi grades — Arab Extra Light, Arab Medium, and Arab Heavy — are also expected to drop by USD 0.30-0.45 per barrel from the previous month.

REMEMBER- The Kingdom hiked its crude oil selling price for buyers in Asia by USD 0.20 a barrel for June, undercutting previous forecasts.

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