Good morning, wonderful people. Consolidation in the ins. sector is leading this morning’s packed issue, after Medgulf signed a binding agreement to absorb Buruj, together making the sector’s fourth biggest player. We also dive into Capital Economics’ analysis of why our inflation rates have been (enviably) so low in the last few years, and why they’re poised to stay that way.

ALSO- Big players in telecoms and petrochems — including STC, Zain, Sabic and more — are out with their 2Q earnings. We break down the numbers in today’s news well, below.

HAPPENING TODAY-

The Jadeer tour kicks off today at the SME Support Center in Jeddah, as part of an effort to help small and medium enterprises enter supply chains with major national companies, Monshaat said on X on Saturday. The two-day event features over 400 exclusive procurement options, instant qualification for Jadeer certification, and more than 32 specialized workshops led by six large companies. Advisory sessions in areas like strategic planning, HR, and operations will also be held, ahead of upcoming stops in Al Khobar, Riyadh, and Madinah.

WEATHER- Riyadh is expected to see a high of 45°C before easing to a warm 31°C after dusk, while Jeddah’s heat will peak at 41°C, settling to a balmy 32°C as the evening rolls in. In Makkah, temperatures will climb to 42°C at their hottest, tapering off to 33°C by nightfall.

HAPPENING THIS WEEK-

Local sports tech startups have until Thursday to register for the ASICS Innovation Pitchcompetition, which offers a prize pool of SAR 35k for the top three winners. The competition is launched in partnership with the Saudi Sports for All Federation following a three-year partnership agreement signed with ASICS back in January.

PSAs-

New Saudization rates for dentistry, pharma and engineering sectors came into effect starting yesterday, the Human Resources and Social Development Ministry said in a statement. The decision was first announced in January in a larger plan to increase nationalization rates in 269 professions across various sectors.

Localizing dentistry jobs will run through a two-phase plan, starting at 45% before rising to 55% in January 2026, with a minimum wage of SAR 9k. It applies to firms with at least three dental professionals.

Pharma professions now require 35% Saudization in community pharmacies and medical centers, 65% in hospitals, and 55% in other pharmacy-related roles — all with a minimum wage of SAR 7k. The new rates apply for facilities with five or more employees.

Engineering roles must meet a 30% Saudization rate with SAR 5k in minimum wage, applicable to private sector companies with five or more employees, covering 184 targeted job categories.

WATCH THIS SPACE-

The Kingdom and France will lead the push for the two-state solution at the UN ministerial conference in New York this week, as part of the Kingdom’s ongoing support for a just and lasting peace, Foreign Minister Faisal bin Farhan told state news agency SPA yesterday.

France is set to formally recognize Palestine at the UN General Assembly on 21 September, with hopes that more European countries will follow, Reuters reported. A proposed roadmap toward a two-state solution — covering security, reconstruction, and governance — will also be presented at the meeting, France’s foreign minister said.

ALSO- The newswire claims that European diplomats are in talks with some Arab countries on an initiative that would see Europe recognize the state of Palestine during the meeting, in return for Arab countries condemning Hamas and publicly calling for its disarmament.

AND- Aid trucks are making their way from Egypt to Gaza: Aid trucks loaded with food and basic supplies began moving from Egypt into Gaza yesterday, Al Qahera News reports. This comes a day after Israel said that it had resumed airdropping aid into Gaza.

The news comes as Israel claims it will “stop fighting” for up to 10 hours each day in some areas of Gaza to allow food distribution. Jordan and the UAE, meanwhile, have begun airdropping food aid on Gaza, where starvation is a fact of daily life and famine is now the watchword. Some in the west, meanwhile, continues to debate what constitutes famine.

Nomu-listed Canadian Medical Center (CMC) filed to transition to Tadawul’s main market, according to a disclosure. The move was first announced in March of last year when it hinted at an ambitious expansion plan that included moving into new segments of the industry including telemedicine, physiotherapy, outpatient clinics, the local emergency medical services market, as well as plans to open new branches in Jubail and Tabuk. CMC appointed Al Rajhi Capital as financial advisor to quarterback the move.

What it takes: To transition from Nomu to the main market, a company must have been listed on Nomu for at least two years and satisfy all main market listing conditions — except for market capitalization, where a lower threshold of an average SAR 200 mn over the past six months applies.

The General Authority of Foreign Trade (Gaft) is running an anti-dumping probe into imports of ductile iron pipes originating from or exported by India, according to an initiation notice (pdf). The investigation will include cast iron pipes and hollow tubes with diameters ranging from 100-1k mm.

BACKGROUND- The action follows a complaint by Saudi Arabian Amiantit ’s subsidiary Saudi Arabian Ductile Iron Pipe Manufacturing Company, along with another Saudi company, against imports by India of hollow pipes and tubes of cast iron, according to a Tadawul disclosure released last Thursday.

Faster debt offerings are here: The Capital Market Authority (CMA) will now fast-track the review of public debt offering applications if the issuer has a credit rating from a CMA-approved agency, it said in a statement yesterday. The move — which will be in place through the end of 2026 — aims to make it easier for companies to raise funds through debt instruments and encourage more issuers to seek credit ratings, helping investors better assess risk and make informed decisions.

DATA POINTS-

Ride-hailing apps in the Kingdom recorded over 32 mn trips in 2Q 2025, up 104% y-o-y, the Transport General Authority said on X yesterday. Riyadh accounted for the highest share at 41%, followed by Makkah at 22.5% and the Eastern Province at 15.7%. Active male drivers rose to 263k, while female drivers reached 15.3k.

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THE BIG STORY ABROAD-

The US and the EU have narrowly averted a trade war after reaching an agreement that will see the bloc face a 15% tariff on exports to the US. The agreement came following months of talks and just a few days before a Friday deadline will see higher tariffs take effect.

There are still points of contention: European Commission President Ursula von der Leyen said the tariffs covered all exports, including automobiles, drugs, and chips, hitting back at Trump’s claim that the agreement did not cover pharma and metals. The US is working on a probe into pharma that could see it implement a global tariff on drugs later. Conventional wisdom is that we’ll see a low tariff imposed this year — and a much higher one next year after firms have regrouped. (Bloomberg | Financial Times | Reuters | Wall Street Journal | New York Times)

ALSO- It’s going to be a big week on Wall Street and in Washington, DC, with CNBC’s Jim Cramer saying it could set the tone for markets through the rest of the summer. Here’s what to watch out for:

  • The Federal Reserve’s open markets committee meets tomorrow and the day after. It’s widely expected to stay the course and hold rates steady despite continued pressure from Trump. Its concern: tariff-driven inflation;
  • It’s Big Tech week on the earnings front, with Apple, Amazon, Meta, and Microsoft all expected to begin reporting 2Q results from Wednesday;
  • Friday will see the US publish its latest jobs report and kick into gear higher tariffs for all trading partners with which it has not reached a trade agreement.

CIRCLE YOUR CALENDAR-

The first-ever Riyadh Comedy Festival will run from 26 September to 9 October at Boulevard City, featuring over 50 of the world’s renowned comedians, the General Entertainment Authority said in a press release. The largest of its kind festival will include a diverse lineup of daily shows ranging from stand-up and live talk shows to workshops and interactive activities, aimed at audiences of all ages, state news agency SPA reports.

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