Good morning. It’s another calm day as we inch closer and closer to the busy last week of October, which will see Riyadh host the star-studded Future Investment Initiative, as well as the Global Health Exhibition.

Leading this morning’s news well: Renewables giant Acwa Power sealed in over SAR 10 bn in financing for the Qurayyah project expansion, and Banque Saudi Fransi is the latest to join the sukuk bonanza, kicking off a fresh AT1 sale yesterday. Let’s dive in.

HAPPENING TODAY-

Saudi Rail International wraps up today at the Riyadh Front Exhibition and Conference Center. The two-day event brought together local and global players to explore the latest trends in the railway and transport industry, featuring more than 250 exhibiting brands and 200 speakers from around the world.

WEATHER- Thunder alert: Heavy thunderstorms are on the move across Jazan, Asir, Al Baha, and Makkah today, bringing torrential rain, hail, and flash flood risks. Fog could blanket these regions and stretch toward parts of the east as night falls. Meanwhile, dusty winds will whip through Riyadh and the Eastern Region, keeping skies hazy.

  • Riyadh: 35°C high / 21°C low,
  • Jeddah: 35°C high / 27°C low
  • Makkah: 38°C high / 27°C low.

WATCH THIS SPACE-

Saudi Arabia’s economy is forecast to post 4.2% growth in 2025, boosted by an increase in oil output, falling behind the UAE’s projected 4.6% expansion, according to a Reuters poll of economists. This represents an upward revision by 0.4 percentage points from Reuters’ previous poll in July. For 2026, the economists see our economy growing 4.1%, unchanged from July.

The upgrade follows recent upward revisions: The World Bank revised growth up to 3.2%, while the IMF expects a 4% growth in 2025. Both fall behind FinMin’s latest projections, which expect our GDP to expand at a 4.6% clip in 2026, up from 4.4% this year, on the back of growth in non-oil activities.

Regionally, most GCC economies are projected to expand this year and the next, supported by higher oil production, according to Reuters. ”So far, revenues have held up... If OPEC+ is successful in recovering market share this will give them greater pricing power and control over global supply-demand dynamics, which will allow them to [maximize] revenues in the longer term,” Reuters quoted Goldman Sachs’ MENA economist Farouk Soussa as saying.

The second phase of Saudization for four healthcare professions in the private sector came into effect on Friday, the Human Resources and Social Development Ministry said in a statement. Under the new rules, clinical nutrition and physical therapy roles must meet an 80% Saudization rate, medical laboratory professions 70%, and radiology 65%. The minimum monthly wage for the sectors is set at SAR 7k for specialists and SAR 5k for technicians.

DATA POINTS-

The Kingdom topped Arab countries in cinema revenues in 2024, generating USD 225.5 mn, Asharq Business reported yesterday, citing data from the Film Commission’s annual report. The UAE followed with USD 211.4 mn, and Kuwait ranked third with USD 49.2 mn.

SPORTS-

Riyadh will host the Women Tennis Association’s (WTA) Finals from 1 to 8 November with prizes totaling USD 15.5 mn at King Saud University Indoor Arena. Elena Rybakina (9th in the race), Jasmine Paolini (8th), and Mirra Andreeva (7th) will compete in Riyadh for the last two remaining spots in the eight-player tournament, Reuters reports.

REFRESHER- In May 2024, the Public Investment Fund became the WTA's first-ever naming partner of the WTA Rankings under a “multi-year partnership,” just weeks after Riyadh was named host of the WTA tennis finals from 2024-2026 in April.

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THE BIG STORY ABROAD-

Israel has reinstated a ceasefire in Gaza after airstrikes killed 26 people in Gaza yesterday, prompted by an attack in Rafah that killed two Israeli soldiers. Israel had briefly halted the truce and stopped aid entry into Gaza, accusing Hamas of a “blatant” violation. Following US pressure, the Israeli side announced that aid will once again start entering Gaza. (Reuters | BBC | AP | The Guardian)

ELSEWHERE IN THE WORLD- Eight crown jewels were stolen from the Louvre Museum in Paris after four thieves broke into the museum during opening hours and robbed it. The thieves had targeted nine objects but dropped the ninth one during their escape. A specialized French police unit is currently investigating the robbery. (Reuters | AP | NYT | CNN | BBC)

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