Good morning, everyone. It’s a calm day with little to report on in the business world, save for a few updates to watch for. Saudi’s real estate push in Egypt is seemingly getting more and more serious, following confirmed reports that Sumour Holding is in early talks to snap up Egypt’s state-linked developer Midar, with some putting the rough number at USD 3.5 bn.

Also in this morning’s news well: Cenomi Centers is gearing up for SAR 4.5 bn local sukuk program, Liv Golf is struggling to turn into the black, and the UK’s Department of Trade gives us a progress update on the GCC freetrade talks. Let’s dive in.

HAPPENING TODAY-

The Eisar Conference kicks off today at the Fairmont Riyadh Hotel. The event gathers international organizations, legal experts, and senior executives to discuss modern frameworks for financial restructuring and reorganization, featuring keynotes, panels, and case studies on global corporate recovery and sustainability.

WEATHER- Stormy skies ahead: Heavy thunderstorms, hail, and strong winds are expected today across Jazan, Asir, Al Baha, and Makkah, bringing a risk of flash floods and fog formation in these areas. Dust-laden winds will persist over Riyadh, Madinah, Hail, Tabuk, Al Jouf, Najran, and the Northern Borders, while the southern Red Sea may see rain-bearing thunderclouds.

  • Riyadh: 36°C high / 22°C low,
  • Jeddah: 33°C high / 27°C low
  • Makkah: 37°C high / 28°C low.

WATCH THIS SPACE-

The Kingdom is preparing to launch a new on-demand delivery service through the government’s Tawakkalna platform in partnership with Jahez, CEO Hamed Albakr told Aleqtisadiah on Saturday. The service will allow users to send anything — from everyday items to gifts or event invitations — at any time, with Jahez handling the delivery operations while Tawakkalna serves as the main interface. Prices will be competitive and can be paid by either the sender or recipient.

ICYMI- Jahez completed the first phase of its acquisition of Qatar-based e-commerce Snoonu, purchasing a 75% stake, or about 7.9 mn shares. Jahez will later subscribe to an additional 1.6% stake, bringing its total ownership to 76.6%, while Snoonu founder Hamad Mubarak Al Hajri will retain 23.4%.

Real estate financing in the Kingdom has risen to SAR 900 bn so far this year, up from around SAR 800 bn by the end of 2024, Asharq Business reported yesterday, citing the Municipal and Housing Minister Majed Al Hogail during the Qatar Real Estate Forum in Doha. Housing loans now make up 27% of Saudi banks’ total portfolios, compared with 23% last year.

Al Hogail noted that real estate financing grew from SAR 200 bn in 2018 and is expected to reach SAR 1.3 tn by 2030, supported by major housing urban development projects under Vision 2030. Saudi homeownership rose to 65.4%, meeting its 64% target for 2024 and keeping the Kingdom on track to reach 70% by 2030.

Sharjah-based Gulftainer launched a new landbridge solution in Khorfakkan Commercial Terminal — slated to streamline the movement of cargo between the UAE and the wider GCC, specifically Kuwait, Qatar, and Saudi Arabia, according to a statement released on Friday. The landbridge offers heightened connectivity to domestic and regional markets — boasting a fleet of over 300 trailers and round-the-clock operations. Under the new solution, customers will be able to accelerate the movement of cargo due to increased visibility and control via real-time tracking.

SOUND SMART- A Landbridge? A landbridge is an intermodal transportation method that involves the movement of cargo via a combination of land, rail, and maritime corridors domestically, internationally, or across continents.

We have one in the works: A USD 7 bn Landbridge project is slated for completion by 2030 in Saudi Arabia. The landbridge will connect the Kingdom’s Red Sea coast to the Arabian Gulf and includes the development of six railway lines and seven logistics centers.

OIL WATCH-

Saudi Arabia ramped up crude oil shipments to Europe via Egypt’s Ain Sukhna terminal — the Red Sea export point of the Sumed pipeline — to 1.3 mn bbl / d in September, the highest level since April 2020, Mees reports, citing Kpler data. The Kingdom’s total crude exports climbed to 6.42 mn bbl / d last month — the highest in a year and a half.

IN CONTEXT- Back in April 2020, Saudi output hit a record 11.87 mn bbl / d as Aramco opened the taps to pressure other producers into agreeing to deep cuts. That wave saw exports to Europe spike to 1.64 mn bbl / d. While production last month reached 9.93 mn bbl / d — still a 27-month high — it was nearly 2 mn bbl / d below the pandemic peak.

September's surge partly reflects a recovery from August’s slump in exports to Western markets. It may also indicate higher crude stocks at Aramco’s storage hub in Egypt’s Sidi Kerir, though shipping data points to a clear increase in actual exports, Mees said. Crude outflows from Sidi Kerir, where Aramco is the main supplier, climbed to 1 mn bbl / d in September — their first return to such levels since February last year, according to Kpler’s figures.

Poland and Italy were the largest European destinations for Saudi crude from Sidi Kerir. Poland’s Gdansk refinery took in roughly 300k bbl / d, supported by Aramco’s 30% stake in the local refinery acquired in 2022. Shipments to Algerian Sonatrach’s Augusta refinery in Italy averaged about 110k bbl / d.

SPORTS-

Saudi-owned Jameel Motorsport’s duo — Australian Molly Taylor and Swedish Kevin Hansen — took home the inaugural Extreme H World Cup in Qiddiya City, according to a press release. The pair dominated the eight-car final, clutching the decisive four-lap race following earlier rounds of Time Trial, Head-to-Head, and Multi-Car Racing. The Extreme H World Cup is the world’s first hydrogen-powered race sanctioned by the Federation Internationale de l’Automobile.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel and Hassan Allam Properties.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, and the MENA logistics industry?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

Trump heads to the Middle East to finalize ceasefire agreement: US President Donald Trump is en route to Egypt and Israel to mark the US-brokered ceasefire and hostage exchange agreement between Israel and Hamas. The visit comes as the first phase of the agreement — including hostage releases and a partial Israeli withdrawal from Gaza — is being implemented. Trump will first visit Israel to meet with Israeli officials and address parliament before attending a Gaza-focused summit in Sharm El Sheikh which he will be co-hosting with Egyptian President Abdel Fattah El Sisi. (Associated Press | New York Times | BBC)

Meanwhile in Europe, Macron faces political turbulence: French President Emmanuel Macron announced a new cabinet as he and reappointed Prime Minister Sebastien Lecornu face pressure to form a stable government and prevent another collapse. Lecornu, who stepped down last week before being reappointed Friday, now needs to rally support from centrist allies to survive looming no-confidence votes in parliament. With Macron’s popularity slipping and his coalition reduced to a weak minority, both opposition and allied parties have criticized him for refusing to scale back his agenda. (Bloomberg | Financial Times | Reuters | AP | France 24)

And, tensions are rising between Washington and Beijing: China has accused the US of escalating the trade war after Trump announced plans to impose a 100% tariff on Chinese exports and widen export control starting November, the Financial Times reports. China’s Commerce Ministry criticized the US for blacklisting Chinese firms and abusing national security measures, warning it would take “corresponding measures” if the tariffs proceed.

CIRCLE YOUR CALENDAR-

The Joy Forum will kick off on 16 October at the SEF Arena in Blvd City, bringing together leaders from the entertainment, technology, media, and policy sectors. The two-day event will feature keynotes, panels, workshops, and an expo showcasing brands and innovations, while also serving as a platform for partnerships and networking. It is set to host over 40 speakers, 20 exhibitors, and more than 20 sessions with participants from over 30 countries.

Tags: