Good morning, everyone, and happy THURSDAY. The last day of the week is bringing the news cycle to full throttle, with the latest Riyad Bank Purchasing Managers’ Index showing stron non-oil activity expansion in August, the government closing a USD 5.5 bn sukuk issuance, and a UK-Saudi investment summit unveiling over GBP 360 mn in investments. Let’s dive in.

HAPPENING TODAY-

It’s the second and final day of the Sustainable Maritime Industry Conference (SMIC) The event draws 50 transport ministries, ambassadors and maritime leaders, along with 60 sponsors and 3k participants to the Ritz Carlton, Jeddah. Discussions will cover maritime decarbonization, digitalization and security, regulatory frameworks, and sustainable marine practices, alongside workshops and site visits.

WEATHER- Riyadh is bracing for a scorching 42°C with the mercury dipping to 31°C overnight. Jeddah’s coastal heat will peak at 39°C and bottom out at 31°C, while Makkah’s highs are set to hit 43°C before cooling to 31°C.

PSAs-

#1- The Public Transport Authority has issued new draft regulations for public and airport taxis, now open for public feedback, the Saudi Gazette reports. The proposed rules would allow in-vehicle advertising in non-distracting areas and permit pets to be transported in cages. They also specify when drivers may refuse service, such as cases involving smoking passengers or aggressive behavior.

Driver obligations: Drivers must use fare meters — failure to do so makes the trip free — and maintain both personal and vehicle cleanliness while complying with a dress code. Public taxis are allowed to carry passengers outside their licensed city, while airport taxis would be limited to one-way trips departing from the airport.

#2- Applications are now open for the 95th National Day seasonal discount licenses for retail and e-commerce stores, with discounts running from 16 to 30 September, the Commerce Ministry said on X on Tuesday. Retailers can apply electronically through the ministry’s portal, obtain and print licenses, and display them without affecting their annual discount quota. Consumers can verify discounts by scanning the unified QR code on license, which shows the type, percentage, duration, and store details.

WATCH THIS SPACE-

#1- PIF looking to fully exit Al Hilal? The Public Investment Fund (PIF) is said to be in early talks with Prince Alwaleed bin Talal to divest its entire 75% stake in Al Hilal Football Club to the b’naire royal and founder of Kingdom Holding, Bloomberg reports, citing people it says are in the know. The other 25% of the Riyadh-based club is owned by Al Hilal Non-Profit Foundation, established specifically for this purpose. The non-profit already receives much of its funding from Alwaleed, the business information service said.

ICYMI- PIF was handed control of Al Hilal, along with Al Ittihad, Al Ahli, and Al Nassr, in June2023 as part of the first phase of the Kingdom’s football privatization drive.

REMEMBER- We are two weeks away from the end of the deadline for submitting expressionsof interest for Al Najma and Al Okhdood to the Sports Ministry and the National Center for Privatization. The ministry is targeting about SAR 1.8 bn (USD 480 mn) in annual proceeds from this wave, which covers 14 clubs in total.

#2- National Signage Industrial Company’s (Sign World) stock gained 16.7% on its Nomu debut yesterday, closing at SAR 14, according to market data. The stock saw a high of SAR 15.1 in intraday trading and a low of SAR 11.7. More than 986.5 mn shares changed hands during the day, generating a total turnover of SAR 12.8 mn.

ICYMI- The firm took a 20% stake to market, raising SAR 18 mn in a primary offering which was 109% covered. Shares will be allowed to fluctuate within a 30% range and with a static band of 10%.

ALSO IN THE NOMU PIPELINE- Jamjoum Fashion Trading is guiding on a price range of SAR140-145per share for its 30% stake Nomu IPO. Wajd Life has also recently set its Nomu IPO price range at SAR 5.5-5.7 apiece. Meanwhile, Rawabi priced its shares at SAR 35 apiece. Property developer Hamad Mohammed Bin Saedan Real Estate set its IPO price at SAR 13.5. The Capital Market Authority has also recently approved the listing of online supplement store Alwazn Almithaly for Trading and two new equity funds on the parallel market.

#3- Global trade tensions and tariffs have had only a limited impact on the Kingdom’s financial and banking sector, with no disruption in banking operations, according to the Saudi Central Bank’s (Sama) statements to Aleqtisadiah. No decision has yet been made on launching a Saudi digital currency, Sama said.

The sector showed resilience in 1Q 2025, with a capital adequacy ratio of 19.3%, tier 1 capital at 18.1%, and non-performing loans at 1.2% of total lending. Liquidity indications also stayed strong, with the liquidity coverage ratio at 161.2% and stable funding at 110.8%.

OIL WATCH-

Opec+ could weigh another output hike when it meets on Sunday, Reuters reported yesterday, citing two sources familiar with the matter. This stands in contrast to Bloomberg’s survey, which found a strong consensus that Opec+ would hold supply steady. Seventeen respondents expected no change, while only six predicted a modest increase. Analysts said Riyadh was unlikely to push more barrels into the market immediately, as the Kingdom seeks to balance its market-share play against the risk of adding to a surplus and pressuring prices further.

Some analysts and an Opec+ source also told Reuters the cartel may hold off on fresh increases for October, Reuters added, clarifying that a final decision has yet to be made.

Another hike now would accelerate the unwinding of an additional 1.65 mn bbl / d of cuts — equal to 1.6% of global demand — more than a year ahead of schedule. The bloc has already added some 2.5 mn bbl / d since starting output hikes in April, reversing its 2023 supply curbs. Crude has stayed near USD 70/bbl, supported by Western sanctions on Russia and Iran, and by Opec+ supply falling short of pledges.

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THE BIG STORY ABROAD-

The S&P and the Nasdaq Composite inched up on Wednesday, with tech stocks buoyed by the court decision allowing Google to keep its Chrome browser. Economic data weighed on the indexes, however, after new US job numbers fell below 7.2 mn in July for the second time since the end of 2020, sparking fears that tariffs might have grinded the economy into a halt.

Meanwhile, US President Trump is doubling down on his tariff plan, asking the Supreme Court to take on and expedite ruling on a recent lower court decision that blocks most of his blanket tariffs. Courts have been handing Trump nothing but defeats recently, with the most recent ruling siding with Harvard University in its battle to restore USD 2 bn in research funding frozen by the White House earlier this year.

ALSO- a strongman show in Beijing: China’s President Xi Jinping hosted Russia’s Vladirimir Putin and North Korea’s Kim Jung Un in Beijing. Over 50k people gathered in Tiananmen Square to witness the huge military parade — marking 80 years since China’s victory over Japan — that saw the unveiling of laser weapons, robotic wolves, and nuclear missiles. Xi used the parade to deliver strong statements on “the choice” between peace and war, while Putin and Kim met for over 2 hours, discussing North Korea’s participation in the war on Ukraine.

Speaking of peace and war: The US conducted a strike in the southern Caribbean targeting what it claimed is a drug vessel that departed from Venzuela. The strike came a day after Venezuela’s President Nicolas Maduro warned he would respond to any military action with an “armed fight.”

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