Good morning. We wrap up the week with a mixed bag of news, leading with September’s inflation figures from Gastat. Inflation eased to 2.2% last month, but rent increases are still not letting up just yet. Meanwhile, the PIF unveiled a mixed-use project next to Makkah’s Grand Mosque, spanning 12 mn sqm.

ALSO- The Kingdom led MENA with 173 VC funding rounds in the first nine months of 2025, per Magnitt’s tally, and Knight Frank is out with its 1H report on the industrial and logistics sector. Let’s dive in.

HAPPENING TODAY-

#1- The Joy Forum kicks off today 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.

#2- Aviation Impact Middle East takes place today at Hyatt Regency Riyadh Olaya, bringing together senior leaders from airlines, airports, and OEMs, as well as government officials. The summit — organized by Aviation Business Middle East and powered by GE Aerospace — will feature panel discussions on airport development, aerospace clusters, fleet modernization, and sustainable aviation fuels.

WEATHER- Storm watch: Thunderstorms, hail, and gusty winds are set to hit Jazan, Asir, Al Baha, Makkah, the Eastern Region, and Najran today, with fog likely blanketing these areas and parts of Madinah and Hail.

  • Riyadh: 34°C high / 20°C low,
  • Jeddah: 35°C high / 27°C low
  • Makkah: 39°C high / 28°C low.

PSAs-

Public consultation on the classification of violations of landlord-tenant relationship regulations is now open on the Istitlaa platform, open until Wednesday, 29 October 2025. The proposed rules (pdf) introduce penalties ranging from warnings to a 12-month rent for landlords who raise rent in Riyadh or force evictions beyond the agreed terms. This follows the new approved law to freeze rent hikes for five years.

WATCH THIS SPACE-

#1- Aramco Trading is reportedly hiring copper traders amid plans to push into metals markets, as major energy firms expand their footprint in the metals market, Bloomberg reported yesterday, citing sources it said are in the know. The company hired copper trader Jack Gebler (Linkedin) and is looking to hire metal traders in Jedddah, and could resort to prepaying mines and smelters as it seeks to establish itself in the market, two sources claimed.

A growing trend: Energy trading firms have been entering the metals market since last year, including Mercuria Energy Group, Vitol Group, Gunvor Group, and PetroChina Company, according to Bloomberg.

#2- JP Morgan Chase and Co. received a license to set up a regional headquarters in the Kingdom, joining international financial giants like Goldman Sachs, Citigroup, Morgan Stanley, and BlackRock, Bloomberg reported yesterday. The Middle East and North Africa operations will continue to report into its London hub, an unnamed source told Bloomberg.

IN CONTEXT- The Regional Headquarters Program requires foreign firms to set up hubs in the Kingdom by 2026 to be eligible for government contracts.

#3- Nomu-listed Atlas Elevators General Trading is planning to issue SAR-denominated sukuk at an initial value of SAR 40 mn, each at a par value of 1k, it said in a bourse filing. The offering will kick off on Sunday, 19 October and run through July 2027. There’s no publicly available information about whether this will be a fixed-rate or a floating issuance.

Where will the money go? Proceeds from the sukuk will fund the expansion and relocation of Atlas’s affiliated manufacturing unit to Riyadh’s Second Industrial City, where the company plans to establish what it says will be the first automated escalator and conveyor belt plant in the Middle East.

IN CONTEXT- The move underscores a growing trend of Nomu-listed small and mid-cap firms turning to shariah-compliant debt as an alternative funding route. Just last month, fragrance maker Intelligent Oud (iOud) announced plans to launch a SAR-denominated Sukuk program to issue fixed-rate senior unsecured debt to fund expansion across its segments. Earlier in June, Leen Alkhair launched a SAR 20 mn sukuk issuance, following Aictec ’s SAR 6 mn offering, while Al Qemam for Computer Systems wrapped up a SAR 4 mn issuance.

OIL WATCH-

Oil to continue to account for around 30% of total energy demand by 2050, with primary energy demand projected to rise 23% by that year, Reuters quoted Opec’s Secretary General Haitham Al Ghais as saying during the Russian Energy Week. Growing populations, economic expansion, and rapid urbanization all indicate that global energy demand will continue to climb well beyond current levels, Al Ghais.

Opec has repeatedly argued that oil demand will remain strong for decades, diverging from projections like that of the International Energy Agency, which expects consumption to peak within the next few years.

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THE BIG STORY ABROAD-

The tenuous Israel-Hamas peace agreement is still dominating headlines, as Hamas returns more bodies of captives and says it has now returned all the bodies it is able to reach, and needs more time and specialized equipment to recover others. Meanwhile, Israel has threatened to return to war and “defeat Hamas” if it does not uphold its side of the agreement, which also includes Hamas’’ total disarmament. Some 19 bodies have yet to be returned. (Bloomberg | BBC | Financial Times)

Meanwhile, sources said work has already begun on an international stabilization force that would go to Gaza and stabilize security amid tensions between Hamas and Israeli militants in the strip. The US is in talks with officials from Indonesia, the UAE, Egypt, Qatar and Azerbaijan, on their involvement as part of the force. (Reuters)

ALSO GETTING ATTENTION- US President Donald Trump is threatening to launch military strikes in Venezuela, after authorizing the Central Intelligence Agency to conduct covert strikes there as part of a campaign against drug trafficking. (Wall Street Journal | Guardian | New York Times)

PLUS- Levels of carbon dioxide surged at record levels in 2024, as record additions of renewable energy capacity failed to put the world on track to meet its climate targets for 2030, a report by the International Renewable Energy Agency said. The ongoing burning of fossil fuels, along with a surge in wildfires, are to blame, IRENA said. (Reuters | Guardian)

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