Good morning, ladies and gents. Sport Clubs seems to have finally broken the dry spell cast on Tadawul’s main market debuts for a while now, as the share gained 24% on its first day. The performance bodes well for upcoming listings, with one more hopeful — Dar Al Majed — out with the IPO prospectus. We have the details in this morning’s news well.

WEATHER- Riyadh will blaze under searing sun tomorrow, with temperatures hitting a sweltering 44°C before dipping to 30°C after sunset. Jeddah’s mercury will climb, to 41°C at its peak, cooling to 30°C later in the day. In Makkah, the heat will peak at 43°C, then ease into a warm 34°C by evening.

NEWS TRIGGERS-

The General Authority for Statistics is set to roll out May’s international trade data tomorrow, according to the state statistics agency’s calendar. Oil exports dropped in Apri to their lowest level since June 2021, after markets received a double hit, between Trump announcing sweeping tariffs and Saudi Arabia leading a sharp acceleration in Opec+ output hikes. We expect the impact to continue affecting trade numbers in May.

PSAs-

#1- Riyadh’s new Infrastructure Projects Code (pdf) goes into effect on Thursday, 7 August, applying to the entire 400k sq km region including the capital and 22 governorates, the Riyadh Infrastructure Projects Center said in a statement.

About the code: The code, the first of its kind in the region, applies to all stakeholders and governs the full infrastructure lifecycle — from planning to maintenance — with standards for roads, sensitive areas, and underground services. It also introduces performance indicators to track safety, environmental issues, timelines, and stakeholder satisfaction.

#2- Manufacturing startups have until Friday, 25 July to apply for the Public Investment Fund’s (PIF) Accelerated Manufacturing Program, which is developed for innovative business to expand their presence in the Kingdom, the PIF said on X on Monday.

#3- Good news for fine dining enthusiasts: All luxury restaurants must now offer a full table service experience, including welcoming and seating customers, and a valet parking service, according to fresh regulations from the Municipalities and Housing Ministry, the Saudi Gazette reported yesterday. Restaurants will also be required to develop a digital reservation channel, hire a certified food health and safety specialist, and have only one branch per city to improve brand distinction.

WATCH THIS SPACE-

The Investment Ministry plans to host a Syrian-Saudi Investment Forum in Damascus this year, according to the ministry’s statement on X. A Saudi delegation will visit Syria to hold meetings, workshops, and sign cooperation agreements and MoUs in key sectors such as agriculture, industry, and real estate, Asharq Business reports.

Interested? The ministry called on companies seeking to invest in Syria to contact it directly to provide detailed information about sectors and activities targeted in Syria.

ICYMI- The US Treasury Department lifted sanctions on Syria in May, allowing US-based entities, as well as allies and partners, to invest and do business there.

Industrial conglomerate Rawabi Holding is tapping Alvarez & Marsal to advise on ways to free freeing up liquidity, Bloomberg reports, citing sources it says are in the know. The review includes renegotiating loans from Banque Saudi Fransi, as well as considering other refinancing options.

The debt situation: Rawabi's total financial obligations are at least USD 3 bn, including a USD 1.9 bn syndicated loan to subsidiary Rawabi Energy, according to Bloomberg data.

DATA POINTS-

King Khalid International Airport maintained its lead among international airports serving over 15 mn passengers annually in June, with an 82% compliance rate, the General Authority of Civil Aviation (Gaca) said on X. King Abdulaziz International Airport followed at a 73% rate.

Among airports handling 5-15 mn passengers a year, King Fahd International Airport and Prince Mohammed bin Abdulaziz International Airport both posted a 91% compliance rate. All international and domestic airports with fewer than 5 mn passengers met 100% of Gaca’s operational standards, with the exception of Al Jouf International Airport, which recorded a 91% compliance rate.

SPORTS-

Al QadsiahFC signed a EUR 65 mn, four-year contract with Italian striker Mateo Retegui, joining the Saudi Pro League side from Atalanta, according to a post on X. The contract is reportedly the highest bid offered in the Aramco-owned football club’s history, according to Asharq Al Awsat.

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THE BIG STORY ABROAD-

The US announced several trade agreements with Asian countries as we inch closer to the 1 August implementation date for reciprocal tariffs.

#1- The US and Japan reached a trade agreement setting reciprocal tariffs for Japan at 15%, in exchange for some USD 550 bn in Japanese investments in the US, US President Donald Trump said in a social media post (with no confirmation yet from the Japanese government). (Reuters | Wall Street Journal | Financial Times | Bloomberg | CNBC)

#2- Trump also agreed to a 19% tariff with the Philippines and Indonesia, with zero tariffs on US goods exported to both countries. (Reuters | Axios | CBS)

Meanwhile, China could be in for a deadline extension as officials are set to meet for talks in Stockholm next week, US Treasury Secretary Scott Bessent said. The discussions will also set out to “rebalance” the US-China relationship, Reuters reports.

Speaking of the US and China, Microsoft said Chinese hacking groups were involved in a major hack of its SharePoint software, which has affected hundreds — if not thousands — of firms and organizations hosting the software on-premise. (CNBC | Washington Post)

ALSO GETTING PLENTY OF INK- Black Sabbath frontman and heavy metal legend Ozzy Osbourne has died aged 76, just weeks after his retirement concert. The Internet is flooded with obituaries for the singer. (Guardian | Time | New York Times | BBC)

CIRCLE YOUR CALENDAR-

The International Beauty Expo will take place between 9-11 September at the Jeddah Superdome, according to a press release. The event will showcase key segments of the beauty and wellness industry, including cosmetics, fragrances, spas, and natural and haircare products. Over 10k visitors are expected to attend, including traders, professionals, and government entities.

AlUla Wellness Festival will run from 24 October to 1 November, according to a pressrelease. The nine-day festival will feature new highlights including a duathlon, half marathon, triathlon, and 24-hour team race, alongside 78 yoga sessions and 22 Les Mills fitness classes at landmarks like Maraya Rooftop and Elephant Rock.

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