Good morning, wonderful people. All eyes are on Riyadh as it gears up for hosting FII9, set to kick off its four-day run tomorrow under King Abdul Aziz Conference Center’s golden domes. The gathering in Riyadh has been a platform to showcase the Kingdom’s diversification plans and attract foreign investments from big players all over the world.

The list of expected speakers and attendees goes into the hundreds. More than 20 state leaders are expected to attend, including Syrian President Ahmed Al Sharaa, Pakistan’s Shehbaz Sharif, Colombia’s Gustavo Petro, as well as China’s Vice President Han Zheng. There will be no shortage of finance heavyweights as well — from BlackRock’s CEO Larry Fink to JPMorgan’s Jamie Dimon, Citi’s Jane Fraser, and HSBC’s Georges Elhedery. Representatives of energy and tech giants are to include Intel’s Lip-Bu Tan and OpenAI’s CFO Sarah Friar, among many others.

Things may be different at the conference’s ninth year. The Kingdom is reportedly shifting the focus of the summit from big construction projects to high-ticket investments in AI, gaming, and high-tech manufacturing, unnamed sources told Bloomberg. Tareq Amin, CEO of PIF’s AI champion Humain and one of the featured speakers, has already teased major announcements from the company at FII9, coming weeks after a PIF-led consortium sealed a whopping USD 55 bn take-private agreement for US-based gaming giant Electronic Arts.

The shift seems to make sense, as some elements of gigaprojects — including Neom’s ski resort Trojena — are facing delays amid budget pressures and lower oil prices. Neom as a whole is facing some serious revisions against the Kingdom’s other projects and priorities, the sources added, and the numbers are telling the same story: less than 1% of gigaproject awards this year have gone into Neom, compared to over half in 2024, according to MEED Projects data cited by Bloomberg.

Saudi is not shying away from the possibility of rethinking its diversification trajectory. Finance Minister Mohammed Al Jadaan said earlier this month that the kingdom “will not have any hesitation of actually changing” any strategy or project that does not prove useful to its goals.

DATA POINT- The Kingdom is targeting USD 100 bn in annual FDI by 2030. Summits like FII and high-profile visits such as President Trump’s visit back in May bring us closer, but reaching this figure seems increasingly unlikely.

HAPPENING TODAY-

The Global Proptech Summit 2025 kicks off today in Mandarin Oriental Al Faisaliah, Riyadh. The two-day event explores the intersection between technology and the real estate sector, featuring over 100 speakers from 85 countries, with participation from global real estate companies, proptech firms, and investment platforms. The event includes a dedicated exhibition showcasing the latest innovations in property technology.

WEATHER– Winds are still whipping up dust and sand across parts of Makkah, Madinah, and Hail, keeping skies hazy. Thunder clouds might gather on parts of Jazan and Asir highlands.

  • Riyadh: 33°C high / 22°C low,
  • Jeddah: 33°C high / 26°C low
  • Makkah: 37°C high / 28°C low
  • Dammam: 34°C high / 23°C low.

PSAs-

Real estate registration opens for properties in Riyadh, Eastern Province, and Qassim: Title deed registration for 18.6k properties in 32 neighborhoods in Riyadh, 13.4k properties in 11 neighborhoods in the Eastern Province, and 15.2k properties in 28 neighborhoods in Qassim kicks off on 9 November and runs until 12 February, state news agency SPA reported. Owners can register through the Real Estate Registry platform or at service centers.

WATCH THIS SPACE-

#1- Saudi Venture Capital (SVC) plans to grow its investment portfolio to USD 3 bn by 2030, CEO Nabeel Koshak told Al Arabiya last Wednesday on the sidelines of the Private Capital Forum in Riyadh. Over 13 portfolio companies are preparing for IPOs on the Saudi market, Koshak added.

The focus of investments is now shifting toward health tech, education, and deep technologies such as AI. Koshak attributed this evolution — especially in FinTech — to regulatory sandboxes introduced by the Capital Market Authority and the central bank.

ALSO- Three e-commerce companies in Nuwa Capital’s portfolio plan to list on Tadawul within 18–24 months, Managing Partner Khaled Talhouni told Al Arabiya during the forum. The firm manages venture funds focused on early-stage startups with potential for later-stage rounds and has invested around USD 250 mn in Saudi Arabia — its primary market — with additional exposure across the Gulf. Its investments target high-growth sectors including FinTech, e-commerce, and healthcare.

The market outlook: Despite abundant prospects, capital remains scarce, Talhouni said, though rising allocations from sovereign wealth funds like PIF could lift annual VC investments from USD 2-3 bn to USD 7-8 bn in the near future.

#2- US-based real estate developer Hines plans to expand into Saudi Arabia next year, establishing a Riyadh office as part of its Middle East growth strategy, the company told Bloomberg in a statement. The Houston-based firm, which manages USD 92 bn in assets, is hiring locally and relocating executives to the Kingdom.

The game plan: Hines will target industrial, office, and mixed-use projects, capitalizing on government measures aimed at cooling property prices, increasing supply, and creating more room for investments. The expansion follows the company’s 2020 Dubai entry and will be led regionally by its global head of real estate Steve Luthman, with CIO David Steinbach overseeing investments.

#3- The National Bank of Egypt (NBE) is mulling expanding its footprint in the Kingdom with more branches to better serve its Saudi and Egyptian expatriate customers, CEO Mohamed Eletreby told Asharq Business (watch, runtime: 01:08). The bank’s board is in talks to decide on launching a digital bank and whether it will be part of the bank or an independent venture, Eletreby said, noting that NBE has already been providing digital services for about six years.

REFRESHER- The bank inaugurated its first branch in Riyadh earlierthismonth after obtaining the Saudi Central Bank’s approval to operate in the kingdom, focusing on corporate banking and trade finance services for companies operating in Saudi Arabia.

#4- Bankers are eyeing the Gulf as the next testing ground for private equity-backed listings, marking a shift that could reshape how buyout firms exit their regional investments, Bloomberg reports. Barclays and Emirates NBD Capital say early discussions are already underway with private equity owners exploring exits through the UAE and Saudi markets, as IPO markets deepen beyond state-linked and family-run firms into sectors such as healthcare, retail and services, though limited liquidity and valuation discipline still pose a threat.

What the pundits are saying: “There are now more discussions happening with a broader range of owners who see the region, especially the United Arab Emirates, as a viable listing destination […]. While the number of private equity-owned businesses here is still smaller than in more mature markets, activity has clearly increased,” said Nikita Turkin, head of Central and Eastern Europe, Middle East and Africa equity capital markets at Barclays.

Yes, but: One anticipated IPO was recently delayed, underscoring challenges for PE investors. Dubizzle’s IPO was meant to allow Bain Capital and Kingsway Capital to offload their stakes, but was delayed earlier this week. IPOs here also usually offer smaller 20-30% stakes, which compared to private equity firms’ controlling stakes of 50-57% limit how much they’ll be able to lock in from the exit, Emirates NBD Capital’s Hitesh Asarpota — who is less convinced a major wave of PE-backed IPOs is likely in the next 12-18 months — said. As a result, many funds are assessing alternative exit routes — such as accelerated book-builds — to unlock liquidity and reduce exposure.

#5- King Salman appointed Sheikh Saleh bin Fawzan Al Fawzan as the Grand Mufti of the Kingdom, succeeding Sheikh Abdulaziz bin Abdullah Al Al Sheikh, who had held the post since 1999 until his passing last month, state news agency SPA reported on Thursday. Sheikh Al Fawzan was also named as chairman of the Council of Senior Scholars and president of the General Presidency of Scholarly Research and Ifta, with the rank of minister.

SPORTS-

Liv Golf 2026 new signees will face new responsibilities other than the league’s 14 annual events, fan media outlet Flushing It reported on X last week. Starting next year, new players will reportedly be required to participate in at least two International Series tournaments on the Asian Tour, in a move that aims to boost the partnership between the two entities.

What’s in it for players? The International Series offers a pathway for promotion to Liv Golf, and paves the way for Liv players to earn Official World Golf Ranking points, Reuters reported. Not less than six roster spots remain vacant for Liv Golf 2026 season, which Riyadh will host from 5 to 7 February.

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THE BIG STORY ABROAD-

Trump announces higher tariffs on Canadians goods: US President Donald Trump announced a 10% increase in tariffs on Canada — imports from the country are currently subject to a baseline 35% tariff — in response to a television ad sponsored by Canada’s Ontario province, featuring former Republican US president Ronald Reagan criticizing tariffs as harmful to the economy. “Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” Trump said in a post on Truth Social. A day earlier, the US president had ended all trade negotiations with Canada because of the ad, which he referred to as “fraud” and “hostile”.(Reuters | AP | WSJ | NYT | Bloomberg | The Guardian)

ALSO IN THE US- Former US Vice President Kamala Harris may run for president once again, telling the BBC that a woman will likely become president in the coming years — “possibly” her. She added that she hadn’t decided yet whether to run for the 2028 presidential elections, but told the Associated Press a week earlier that running again in 2028 is “still on the table.”

CIRCLE YOUR CALENDAR-

The BibanForum will take place between 5-8 November at the Riyadh Front Exhibition and Conference Center. The four-day event, organized by Monsha’at, is expected to attract visitors from 150 countries, featuring discussion panels with 200 speakers, interactive workshops, and up to 1k exhibitions of breakthrough innovations targeting startups and SMEs.

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