Good morning, ladies and gents. We are back into your inbox with the latest in business and finance in rapidly shifting regional sands.

Leading this morning’s news well: The PIF finalized its SAR 7.5 bn play to take control of MBC, sending the media giant’s stock into new heights. Meanwhile, Aramco completed its second USD-denominated debt issuance this year.

ALSO- We got word from Riyadh Air, confirming to us that Saudi’s newest airline is slated for a 2025 launch despite aircraft delays. We also spoke to Madkhol Financial’s CEO Saad bin Atyan on the company’s newest offering Ratbi+, and Zilla Capital’s Managing Partner Moustafa El Shenety on their upcoming USD 150 mn fund geared towards Saudi healthcare.

WEATHER– Stormy week ahead: Thunderstorms and heavy downpours are forecast to persist across much of the Kingdom through Thursday, affecting Jazan, Asir, Al Baha, and Makkah in particular. Riyadh and Najran will see lighter showers, while parts of the Eastern Province may see scattered rain.

  • Riyadh: 42°C high / 31°C low,
  • Jeddah: 35°C high / 30°C low
  • Makkah: 39°C high / 32°C low.

PSAs-

Applications are now open for the privatization of the Military Uniforms & Accessories Factory (MUAF) in Riyadh and Al Kharj, in partnership with the Military Industries Corporation, the Industry and Mineral Resources Ministry, and the National Center for Privatization (NCP), the NCP said on X on Thursday. Submissions are accepted through the NCP website until 16 October.

We knew this was coming: The cabinet approved the project document to privatize MUAF on Tuesday.

WATCH THIS SPACE-

#1- PIF-owned Red Sea Global will reportedly take over the Sindalah tourist island from the USD 500 bn Neom project, the Financial Times reported, citing two sources it said are in the know. The move frees Neom which is reportedly undergoing a “comprehensive review,” reassessing budgets and progress of various developments facing headwinds, led by acting CEO Aiman Al Mudaifer, who took reins after the departure of CEO Nadhmi Al Nasr last November.

About Sindalah: The island was inaugurated last October for VIPs and a number of investors in a soft launch, enjoying the luxurious yacht marina and a golf club. The island was initially scheduled for opening earlier last year.

#2- PIF ban triggers massive layoffs at PwC? PwC Middle East has laid off some 60 partners and 1.5k employees after the Public Investment Fund (PIF) imposed a 12-month ban on new advisory contracts in February, the Financial Times reported, citing people familiar with the matter.

The ban exacerbated a broader consultancy slowdown in Saudi Arabia as spending on gigaprojects is recalibrated, with cuts largely hitting consulting staff tied to these projects. The double hit caused PwC’s regional revenue growth to plummet to 0.4% for the fiscal year ending in June 2025, from the 26% growth recorded the previous year.

A leadership shake-up is also underway: Effective this October, PwC UK’s managing partner Laura Hinton will lead the Middle East business alongside incumbent senior partner Hani Ashkar, according to a staff email cited by the salmon-colored paper. Hinton is expected to become the sole senior partner within a year. Rumors had circulated in July on Hinton’s potential appointment.

Zooming out: The regional layoffs reflect wider pressures on the parent firm, which shed over 2k staff in the UK last year amid a broader market slowdown. Despite the cuts, PwC says overall regional headcount is stable thanks to hiring in other high-demand areas.

#3- Nomu logs another underwhelming debut: Shares of Nomu-listed Jamjoom Fashion Trading — the brand operator behind Nayomi and Mehyar — closed flat at SAR 145 a piece on their first day of trading. Some 110k stocks changed hands, generating turnover of SAR 16 mn across 606 trades, according to market data. The soft opening came just days after Wajd Life Trading shed more than 8% on its Nomu debut.

The SAR 345.7 mn IPO was main-market-grade in terms of proceeds. The company took a30% stake to Tadawul’s parallel market in a secondary offering that was 4.5x oversubscribed.

#4- Saudi Arabia will extend SAR 1.38 bn (USD 368 mn) in budget support to Yemen’s internationally recognized government in Aden, through the Saudi Development and Reconstruction Program, Reuters reported yesterday, citing a source it said is in the know. The funding is meant to ease currency weakness and rising prices, with Riyadh having previously offered SAR bns in aid and deposits to support the Aden administration’s finances.

REMEMBER- We have a major project along the Yemeni border: A SAR 2.2 bn smart foodcity is being developed in Najran Economic City at the Al Wadiah border crossing to strengthen ties with Yemen. The 1 mn sqm project will be developed over three years and will feature a dry port, cold storage, livestock quarantine areas, and packaging plants. Partners and investors have not yet been disclosed.

DATA POINTS-

The Kingdom’s non-oil trade balance surplus with the GCC countries widened 119% y-o-y during 2Q 2025 to SAR 11.96 bn, according to preliminary data from the General Authority for Statistics (Gastat). The UAE topped the list of non-oil trade with SAR 40.4 bn, followed by Oman at SAR 5.3 bn, Bahrain at SAR 4.7 bn, Kuwait at SAR 2.4 bn, and Qatar at SAR 1.6 bn.

SPORTS-

Al Ahli pulled off a dramatic comeback to draw 3-3 with Al Hilal in the Saudi Pro League after being three goals down at halftime. Theo Hernández and Malcom put Al Hilal in control, with Malcom scoring twice, but Ivan Toney struck twice later on and Merih Demiral netted in stoppage time to level the match. Both sides now have five points from three games, with Al Hilal sitting above Al Ahli on goal difference.

ALSO- Al Nassr opened its Asian campaign with a 5-0 victory over Tajikistan’s Istiklol in Riyadh on Wednesday. Goals were scored by Kingsley Coman, Abdulrahman Ghareeb, Wesley, Ângelo Gabriel, and Sadio Mané as Cristiano Ronaldo sat out the match.

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THE BIG STORY ABROAD-

Trump just slapped a USD 100k toll on the American Dream for immigrants, unveiling the steepest hike yet for H-1B visas and rolling out a “Gold Card” residency scheme that lets mn’aires buy their way into the US. The new rules — which target the work permits used by Silicon Valley to hire foreign engineers and scientists — also allow companies to pay USD 2 mn per worker to sponsor them.

The backlash has been swift: US immigration lawyers warn the six-figure fee could “effectively kill” the H-1B program, while Indian officials — whose nationals make up about three-quarters of approvals — said they will “consult on the best path forward.” Nasscom, India’s IT industry lobby, said the policy would create “considerable uncertainty” for US innovation and Indian workers alike. (Bloomberg | Financial Times | Reuters | New York Times | Associated Press | Wall Street Journal | Politico)

AND- ABC’s sudden suspension of late-night host Jimmy Kimmel after his comments about the killing of Charlie Kirk has sent shockwaves through America’s media world, with the Trump-appointed Federal Communications Commission chair openly threatening to pull broadcast licences from stations that don’t toe the line. Protesters gathered outside Kimmel’s Hollywood studio while major networks scrambled to adjust their programming, underscoring what one media scholar called a “continued lurch to the right” in US broadcasting. (Reuters | BBC | The Guardian)

ALSO MAKING HEADLINES- The White House says an agreement is near that would give US investors — led by Oracle — control over TikTok’s US operations, including the prized algorithm that drives the app’s video feed. (Associated Press | BBC | New York Times | Axios | Bloomberg)

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