Good morning, wonderful people, and happy hump day. It’s not a particularly busy day on the local front, as flynas reports its post-IPO earnings, showing a slightly lower bottom line in 2Q 2025 on the back of IPO-related costs. Meanwhile, financing funds could get a regulatory shakeup as the Capital Markets Authority opens up public consultations on new rules that expand these funds beyond their current private-placement-only structure.

WEATHER WARNING- Moderate to heavy thunderstorms, with hail, winds of up to 42 km/h, hail, and potential flash flooding are forecast to hit parts of Jazan, Asir, Al Baha, and Makkah, the National Center of Meteorology warned(pdf). Riyadh is expected to see a high of 44°C and a low of 31°C today, while Jeddah’s mercury will go as high as 41°C and as low as 32°C. Makkah will see a 44°C high and 34°C low.

PSAs-

Individuals can now apply for licenses for non-potable water production through non-network services, the Saudi Water Authority said in a post on X. Applicants can apply for the license after meeting technical and regulatory requirements. Interested parties can submit applications via the authority’s platform.

Some 57 proposed economic and development-related projects from 19 government bodies are up for public consultation on Istitlaa, with deadlines from 18 August to 2 September, the National Competitiveness Center said in a statement yesterday. Drafts include changes to health ins. rules, licensing requirements for amusement parks, updated penalties for contracting violations, and revised death reporting regulations.

SETTING THE RECORD STRAIGHT-

The National Shipping Company (Bahri) denied claims circulating on social media and some news outlets that it transported shipments to Israel, saying in a post on X that it has never carried any goods or shipments to Israel. The company stressed its adherence to local and international law, as well as Saudi Arabia’s policy on Palestine and Israel.

WATCH THIS SPACE-

#1- Sackville Capital Executive Chairman Nasir Alsharif has left the UK, making him the latest among many wealthy foreign UK residents (non-doms) exiting the country due to tax reforms that ended exemptions on foreign income, driving relocations to low-tax regions or home countries. The story was picked up by Bloomberg yesterday.

About Alsharif: Alsharif lived in the UK for at least three years while building Sackville Capital, which manages assets for a b’naire Saudi family and focuses on private markets. His career includes roles at Banque Saudi Fransi, Credit Suisse, Goldman Sachs — where he expanded its Saudi business — and Investcorp. He later led AWJ Holding and co-founded both Sackville in 2019 and London-based venture firm 9900 Capital.

International Human Resources expanded into tech and aviation as it seeks to meet rising demand for AI, cybersecurity, and data science skills, CEO Ali Al Harbi told Al Arabiya yesterday (watch, runtime: 5:23). The company is focusing on the growing retail and e-commerce markets, which include 4-5 mn online stores needing recruitment, call center support, and training.

MEANWHILE- The company has fulfilled the requirements to move from the parallel market Nomu to Tadawul’s main market except liquidity standards, which Al Harbi expects to resolve soon to complete the transition.

Jahez Group expects its international operations to be in the black by the end of 2025, having significantly reduced losses abroad, CFO Heni Jallouli told Ahsarq Business yesterday (watch, runtime: 10:38). The company also aims to finalize its acquisition of a 76.6% stake in Qatari firm Snoonu by late 3Q or 4Q of this year.

IN CONTEXT- The group’s subsidiary Jahez International Company for Information System Technology reported a 21.9% y-o-y drop in its 2Q 2025 net income, reaching SAR 23.6 mn. Jallouli attributed the drop to “tactical” investments and increased marketing expenses aimed at defending the company’s 30% market share amid intense competition in the Kingdom. Due to its growth-focused strategy, Jahez has not yet set a timeline for distributing dividends.

BinDawood Holding plans to open four new stores in the Kingdom in 2H 2025, along with 500 smaller-front stores nationwide over the next seven years, CEO Ahmad BinDawood told Asharq Business yesterday (watch, runtime: 12:32). The company is also set to acquire Toy Triangle in 3Q 2025, adding to its recent moves in the pharma and distribution sectors with the acquisitions of Zahrat Al Rawdah in February and Jumeirah Trading in July 2024.

DATA POINTS-

The Saudi League rose to the 13th most valuable football league globally, with a total market value of EUR 1.03 bn after Al Nassr’s recent signing of Iñigo Martínez (more about that down in our Sports section), according to Transfermarkt data.

The breakdown: The league, which has 29 days remaining in its transfer window to potentially break into the top 10, currently has 506 players with an average age of 26.6 years and an average market value of EUR 2 mn per player. Of these, 145 are non-Saudis, accounting for 28.7% of the total, with new signings Darwin Núñez and Matteo Retegui tied as the highest-valued players at EUR 45 mn each.

The Kingdom’s mining sector is now the 23rd globally in the Investment Attractiveness Index and the first in the Middle East, jumping from the 104th spot in 2013, according to Fraser Institute’s 2024 Survey of Mining Companies (pdf). The Kingdom also snapped the 20th spot in Policy Perception Index, up from 82 in 2013, indicating growing trust in Saudi mining policies. Recent explorations have earned the Kingdom the 33rd spot in the Best Practices Mineral Potential Index, reflecting the huge untapped mineral resources.

The ranking reflects the structural transformation the sector went through as part of Vision 2030, Industry and Mineral Resources Vice Minister Khalid Almudaifer said on X. The Kingdom established over the past few years a robust mining investment environment, supported by efficient regulations and an available geological database, including the most comprehensive geological maps of the Arabian Shield, he added.

Vehicle recalls in the Kingdom fell 48% y-o-y in 1H 2025 to 84k units, Aleqtisadiah reported yesterday, citing Commerce Ministry data. Meanwhile, only 115 EVs were recalled during the same period, down 59% y-o-y from 284 units. Despite the decline, recall campaigns edged up to 72 in 1H from 70 during the same period last year.

The breakdown: Hyundai topped the list with 38k recalled vehicles, followed by Toyota with 10k, Dodge with 9k, Genesis with 3.5k, Volkswagen Teramont with 3k, Chrysler with 2.4k, Mazda with 1.1k, GM with 749, Peugeot with 721, and Honda with 553.

OIL WATCH-

Saudi Arabia is expected to export less crude oil to China in September, down from August volumes that were at a more than two-year high, Reuters reports, citing trade sources. Aramco is projected to ship about 43 mn bbl to China next month, equivalent to 1.43 mn bbl / d, compared to 1.65 mn bbl / d in August, the newswire said, citing a tally of allocations to Chinese refiners.

REMEMBER- Saudi Aramco raised the price of its flagship Arab Light crude bound for Asia by USD 1 / bbl for September deliveries, taking the premium to USD 3.20 / bbl above the Oman-Dubai benchmark. That’s higher than the USD 0.90 hike traders had expected and marks the second straight month in which the Kingdom raised prices.

Companies planning to reduce imports include Asia’s top refiner Sinopec and its Fujian Refiner joint venture with Aramco, alongside PetroChina and Shenghong Petrochemical, the sources added.

China is expected to reach peak oil demand at 16.9 mn bbl / d by around 2027. China’s crude oil stockpiling is playing a role in shaping global oil markets this year, with reserves swelling by 1.42 mn bbl / d in June.

Chinese refiners have stuck to a familiar playbook this year, ramping up crude imports when prices dip and scaling back when they climb, according to AInvest. In 1H 2025, with Brent trading between USD 58.50 and USD 82.63 a barrel, imports rose to 12.14 mn bbl / d in 2Q as prices hit a four-year low. When prices rose earlier in the year, import volumes eased.

SPORTS-

Former FC Barcelona defender Iñigo Martínez (34) officially signed a one-year contract with Al Nassr on a freetransfer, the club said on X. He joins after two seasons at Barca, where he helped secure the 2024-25 La Liga, Copa del Rey, and Spanish Super Cup. Sports reporter Fabrizio Romano signaled last week that the transfer was nearing completion.

Al Nassr has more transfers lined up: Al Nassr has also opened talks with Bayern Munich to sign French winger Kingsley Coman and is targeting Brentford’s Yoane Wissa, facing competition from Newcastle, Tottenham, and Neom, L’Équipe reports.

Neom SC reportedly signed Everton midfielder Abdoulaye Doucoure on a freetransfer under a two-year contract, Romanosaid on X. The 32-year-old, who played 33 Premier League games last season with three goals and two assists, is valued at around EUR 7 mn, according to Transfermarkt.

Gerard Piqué’s Kings League MENA kicked off on Sunday during the 2025 Esports World Cup, it said onX. The initial teams include Saudi’s SXB and DR7, Morocco’s Ultra Chmicha, Egypt’s Turbo, Red Zone and 3BS from Jordan, and FWZ FC from Kuwait, state news agency SPA reported.

BACKGROUND- The Kings League MENA is the result of a partnership announced in May between the global Kings League and Surj Sports Investment. This regional version joins the global Kings League system, which already has championships in six other markets (Brazil, France, Germany, Italy, the Americas, Spain) and holds two annual world championships.

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THE BIG STORY ABROAD-

Washington and Beijing’s decision to extend their tariff truce for another 90 days is broadly leading the conversation in the international business press this morning. US President Donald Trump confirmed on Truth Social overnight that he signed an executive order to extend the pause, just hours before the US’ blanket tariffs on Chinese imports were scheduled to come into effect. “All other elements of the agreement will remain the same,” Trump said. The story is getting ink in Axios, Bloomberg, CNBC, and Reuters.

Meanwhile, the White House’s relationship with tech firms is also in the spotlight, after Trump confirmed reaching an agreement with Nvidia and Advanced Micro Devices allowing them to sell chips to China in exchange for a fee on these sales. Nvidia could separately be allowed to sell a version of another next-generation chip to China, Reuters reports. Intel is also getting ink after its CEO met with Trump yesterday, after the president called for Lip-Bu Tan’s “immediate” resignation from the company over his ties to China. (Reuters | CNBC | Financial Times)

CIRCLE YOUR CALENDAR-

The Global Infrastructure Forum will run between 15-17 September at the Riyadh International Convention and Exhibition Center. The three-day event will bring together over 25 countries, 300 exhibitors, and 50 experts for panel discussions, workshops, and exhibitions covering technology, investment, sustainability, and urban development.

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