Good morning. This morning’s issue features a flurry of updates from IPOs, M&A transactions, and startups. Leading the news well is Jamjoom guiding on its Nomu listing at SAR 140-145, standing to raise over SAR 340 mn. Meanwhile, Mouwasat Medical is moving forward with a SAR 1.4 bn expansion plan that will see it opening up new hospitals and buildings.

ALSO- Kamco’s quarterly earnings report is showing a 16% y-o-y dip in 2Q, dragged down by the energy sector. Let’s dive in.

HAPPENING TODAY-

Marketing Home Group for Trading will debut on Tadawul’s main market today, according to a Tadawul disclosure. Shares will be allowed to fluctuate within a 30% range, with a static band of 10% for the first three trading days. Starting from the fourth day, shares will be allowed to trade at a 10% volatility as circuit breakers take effect.

REFRESHER- The firm floated a 30% stake in a secondary offering, with the retail tranche 200.2% covered and the institutional tranche nearly 10x oversubscribed. The company raked in SAR 408 mn in total proceeds from the offering, giving the company an implied market cap of SAR 1.36 bn at listing. Shares were priced at the top of the marketed range at SAR 85 apiece.

WEATHER- Thunderstorms and moderate rain are expected today in Asir and Al Baha, with lighter showers in Makkah, Najran, Jazan, and Eastern Province. Riyadh can expect a high of 42°C and a low of 33°C, while Jeddah will see temperatures peak at 37°C and drop to 31°C. Makkah‘s forecast is a high of 41°C and a low of 33°C.

HAPPENING TOMORROW-

NationalSignage Industrial Company (Sign World) will debut on Tadawul’s parallel market Nomu on Wednesday, according to a Tadawul disclosure. Shares will be allowed to fluctuate within a 30% range and with a static band of 10%.

REMEMBER- Sign World took a 20% stake — good for 1.5 mn shares — to the parallel market, a primary offering which was 108.74% covered, booking orders at an offering price of SAR 12 apiece, set at the lowest of the offering range. The company is set to have raised SAR 18 mn in proceeds, giving it a market cap of SAR 90 mn at listing, according to our calculations.

In the fourth issue of our Destination Sahel series, we’re bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

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PSAs-

#1- Businesses subject to withholding tax must file their August tax returns by Wednesday, 10 September via Zatca’s website, the authority posted on X. Businesses subject to excise tax must submit their July and August tax returns by Monday, 15 September, and businesses subject to VAT have until Tuesday, 30 September 2025 to file their August tax returns.

#2- Title deed registration for over 65.2k residential plots in 19 neighborhoods within Jeddah is now available until 27 November 2025, Real Estate Registry (RER) said on X last week. Property owners can register online through the RER website or by visiting a service center.

WATCH THIS SPACE-

#1- PIF-owned Savvy Games Group is lining up multi-bn USD acquisitions in China and wider Asia, CEO Brian Ward told the Financial Times. US-China trade tensions created an opening for the Riyadh-based group to partner with Chinese developers looking for international reach, Ward said.

Savvy is already among the world’s ten largest publishers, according to Ward. Expansion has been driven by its US arm Scopely, acquired for USD 4.9 bn in 2023, which subsequently purchased rights to Pokémon Go and several other titles from Niantic in a USD 3.5 bn transaction that closed in May.

Releases such as Monopoly Go and Pokémon Go have grown Savvy’s Asian player base, though the portfolio is still heavily weighted toward Western markets. To balance that tilt, the company is exploring targets in Japan, South Korea and emerging hubs across Southeast Asia and Latin America, Ward added.

#2- Quick-commerce startup Ninja is reportedly in talks with investment banks to advise on a potential IPO that could hit the market as early as 2026, Bloomberg reports, citing people it says are familiar with the matter. The three-year-old company asked banks to pitch for roles as underwriters and advisers, though no final decision has been made on timing or size, and a listing could be pushed to 2027.

ICYMI- Ninja became one of the kingdom’s newest unicorns earlier this year, after raising USD 250 mn from a Riyad Capital-led round at a USD 1.5 bn valuation. A Ninja IPO would further swell Riyadh’s tech pipeline, which already includes fintech heavyweights like Tabby and Emkan Finance.

ALSO- Red Sea unit one step closer to an IPO: Shareholders of Tadawul-listed Red Sea International signed off on plans for its subsidiary First Fix to float 12 mn shares, good for 30% of the company, on the bourse, it said in a filing to Tadawul. It is unclear whether this will take place on Tadawul’s main or parallel market. The planned IPO, which was first announced in June, will be made up entirely of shares sold by the unit’s minority owners, leaving Red Sea International’s controlling 51% stake intact.

#3- Baosteel presses ahead with USD 4 bn Saudi steel plate plant: China Baowu Steel Group unit Baosteel confirmed that its Saudi steel plate project will see USD 4 bn in initial investment, Asharq Business reports, citing a company announcement. The Ras Al-Khair facility — a JV with Aramco and the Public Investment Fund (PIF) announced in May 2023 — is slated to come online by end-2026. Baosteel will contribute USD 1 bn to the project, while Aramco and PIF will each invest USD 500 mn.

The plant will be built to supply the oil and gas, shipbuilding, and construction industries in the MENA region. It will have capacity for 2.5 mn tons of direct reduced iron (DRI) and 1.5 mn tons of steel plate annually. Ownership will be split with Baosteel holding 50%, and Aramco and PIF each taking 25%.

Bigger picture: Baosteel is also in talks with potential partners on further steel investments across Asia, the Middle East, and North Africa, part of a broader push to diversify beyond China as the domestic real estate crunch weighs on demand.

#4- The new zoning system under the Kingdom’s White Land tax law is expected to bring more land to market within the next 6 to 18 months, especially the top-tier land plots, subject to 10% and 7.5% charge, Head of capital markets at JLL Saudi Arabia Saud Alsulaimani told Al Arabiya on Sunday (watch, runtime: 8:05). Mid-tier plots, subject to 5% charge, could follow once new benchmarks for pricing in Riyadh are established, while the lowest tier, subject to a 2.5% charge, is likely to remain relatively inactive, he added.

The updated system classifies developable white lands based on urban priority, supply and demand dynamics, and availability of services — replacing the previous flat 2.5% tariff. This reflects the government’s aim to expand urban areas gradually as services become available and the city grows sustainably, Alsulaimani added.

ICYMI- The Housing Ministry published the final executive regulations for the Kingdom’s White Land Tax Law last month, setting out a system that classifies all urban idle land into five categories based on development priorities.

OIL WATCH-

Aramco halts supplies to India’s Nayara: Saudi Aramco and Iraq’s state oil company Somo have suspended crude oil sales to India’s Nayara Energy, following European Union sanctions imposed in July on the Russian-backed refiner, Reuters reports, citing sources it says are familiar with the matter. Nayara typically gets around 1 mn barrels of Saudi crude and 2 mn barrels of Iraqi crude each month, but it did not receive shipments from either in August, Reuters said, citing data from Kpler and LSEG.

The refiner’s last Saudi delivery was on 18 July, when the very large crude carrier (VLCC) Georgios discharged 1 mn barrels of Arab Light alongside a similar volume of Basrah Heavy, the newswire adds, citing LSEG shipping data.

With Gulf flows suspended, Nayara — majority-owned by Russian entities like Rosneft — sourced all of its August crude from Russia, according to LSEG data and industry sources cited by Reuters. A Russian Embassy official in New Delhi told the newswire last month that Rosneft is supplying the refiner directly.

ALSO- Saudi Arabia leaves September LNG prices untouched: Saudi Aramco kept its September official selling prices (OSPs) for liquefied natural gas unchanged, Reuters reported yesterday, citing unnamed traders. The oil giant left prices for propane unchanged at USD 520 per ton, and for butane at USD 490 per ton.

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THE BIG STORY ABROAD-

It’s an oddly quiet morning on the global business front pages, with only two stories worth noting.

#1- Gold prices rise to fresh highs as traders react to a weakening greenback and expectations of a Fed rate cut this month. The price of gold at the benchmark London Bullion Market Association hit a record USD USD 3,475 per ounce during an auction yesterday, while spot market prices are nearing their all-time high. Meanwhile, silver hit a 14-year high of USD 40.76 per ounce.

What’s driving the rally? Concerns over US inflation and the independence of the Fed, with US President Donald Trump pressuring Chair Jay Powell and firing governor Lisa Cook, have pushed traders towards the safe haven asset. Meanwhile, questions regarding the future of the USD in the financial system have pushed global central banks to purchase more gold in efforts to diversify their holdings. (Financial Times | Wall Street Journal)

#2- Nestle fired CEO Laurent Freixe after an investigation confirmed he breached the company’s code of conduct by engaging in an “undisclosed romantic relationship” with a direct subordinate. The move exactly a year after he took office. Head of Nespresso Philipp Navratil will replace him, effective immediately. (Financial Times | Reuters | AP | Bloomberg | CNN)

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