Good morning, wonderful people. The week is starting with a bang as the Biban Forum concluded its four-day run yesterday, with a total of over SAR 38 bn in agreements and MoUs signed for financing of SMEs in the Kingdom, paving the way for shrinking the longstanding SME financing gap.

Also leading today’s issue: Saudi’s ballooning budget deficit calls for fiscal consolidation, says Capital Economics. Meanwhile, Riyadh sets the scene for a new landlord-tenant relationship under fresh regs. We also take stock of the ins. Market’s performance in 3Q.

WEATHER- Misty skies are expected along parts of the Eastern Region today, with patches of dense fog reducing visibility at times, while strong winds will be sweeping through Makkah and Al Madinah. The rest of the Kingdom is to have clearer skies.

  • Riyadh: 30°C high / 14°C low.
  • Jeddah: 38°C high / 26°C low.
  • Makkah: 37°C high / 27°C low.
  • Dammam: 31°C high / 17°C low.

PSA-

Tomorrow is the last chance for businesses subject to withholding tax to file their October tax returns via the Zakat, Tax, and Customs Authority’s (Zatca) website. Late submissions will face a 1% penalty for every 30 days of delay.

WATCH THIS SPACE-

#1- Non-Saudis will be allowed to own properties in cabinet-approved geographical zones, under upcoming regulations from the Real Estate General Authority seen by Okaz. The authority is set to publish a geographical zones document detailing these zones in all other cities, complete with maps, allowed percentages, types of rights, and permit durations, Okaz says.

New fees and taxes totaling 10% (including real estate transaction tax) will be imposed on non-Saudis, the outlet reported. Penalties for violations — such as providing misleading information — can reach fines of up to SAR 10 mn and lead to the property being sold at public auction.

ICYMI- The new foreign property ownership law, published in July, allows five categories to own property: non-Saudi individuals, non-Saudi companies, Saudi companies with foreign partners, non-profit entities, and diplomatic missions. Ownership and usufruct rights in Makkah and Madinah are restricted to Muslims and Saudi companies within specific zones to be defined in the forthcoming document.

#2- SALSaudi Logistics Services is set to break ground on the SAR 4.2 bn Falcon City Logistics zone in Riyadh within the next two months, CEO Omar Hariri told Al Arabiya on Wednesday (watch, runtime: 07:15). The company expects to allocate 20% of the project’s value in 2026 for infrastructure development and complete the first phase by 2027, targeting full delivery by 2030, Hariri said. ِ portion of the project will follow a build-to-suit model, backed by long-term contracts of up to 25 years.

REFRESHER- The company finalized in October an agreement it had signed in March with Sela Company to lease 1.5 mn sqm of land in Riyadh’s Falcon City for 30 years to develop and operate a logistics zone. The project covers 1.6 mn sqm and includes a three-year grace period.

ALSO- SAL will unveil more details about its SAR-denominated sukuk program in 1H 2026, Hariri said. JP Morgan Saudi Arabia and SNB Capital were appointed as arrangers for the program, which will proceed following regulatory approvals, with further details to be announced once finalized.

#3- The Kingdom plans to privatize some of its roads, beginning with the Makkah-Jeddah highway, Aleqtisadiah reported, quoting Transport and Logistics Minister Saleh Al Jasser as saying in his address to the Saudi Federation of Chambers of Commerce on Thursday. Transportation projects available to investors are set to increase fourfold when the ministry’s privatization agency kicks off operations within weeks, Al Jasser added.

DATA POINTS-

#1- Passenger traffic through Saudi land ports surpassed 65.9 mn in 2024, according to the General Authority for Statistics’ latest Road Transport report (pdf). Arrivals accounted for 33.1 mn passengers (50.3%), while departures reached 32.8 mn (49.7%). King Fahd Causeway topped all land ports, handling nearly half of the total passenger movement at 49.9%, followed by Al Khafji Port at 11.6%.

January was the busiest month for land travel, accounting for 10.1% of the total passenger movement, followed by February at 9.3%. Meanwhile, September and October saw the lowest activity, each capturing 7.1%

#2- Saudi ports handled a record 127.8k exported containers (TEUs) in October, the Saudi Ports Authority (Mawani) said in a statement on Friday.

OIL WATCH-

#1- Saudi Arabia trimmed its official selling prices to Asia for December, pushing Arab Light to an 11-month low as Aramco cut the grade by USD 1.20 per barrel to a USD 1 premium over the regional Oman-Dubai benchmark, Bloomberg reports, citing a list it saw. Aramco also lowered Medium and Heavy grades by USD 1.40 per barrel and reduced Super Light and Extra Light by USD 1.20.

The company also cut all grades to North America by USD 0.50 per barrel while keeping prices unchanged in northwest Europe and the Mediterranean. The reduction came in slightly smaller than the USD 1.25 cut expected by refiners and traders, the business news service said.

#2-Opec’s oil production edged up by 50k bbl / d in October to 29.1 mn bbl / d, following its decision to increase the oil output for the month, according to Bloomberg -compiled data.

SPORTS-

#1- The Next Gen ATP Finals for men players under 20 will leave Jeddah after the third and final event in December 2025, two years earlier than planned, The Athletic reported, citing a source it said is in the know. The Saudi Tennis Federation reportedly activated an opt-out clause in its five-year deal for undisclosed reasons.

The ATP confirmed the departure, officially beginning the bidding process to find a new host city for the competition starting in 2026, according to a statement on Friday. This tournament was the first major tennis event held in Saudi Arabia.

This marks a rare reduction in the Kingdom’s otherwise expanding role in the sport, which includes the Public Investment Fund signing multi-year deals with ATP Tour to be the official naming partner of ATP rankings and ATP Tour events, along with its partnership to host the WTA Tour Finals from 2024-2027, and the recently launched ATP Masters 1000 event in the country by 2028.

#2-The Ladies Professional Golf Association (LPGA) and the Ladies European Tour (LET) are holding the Aramco Championship at Shadow Creek in Las Vegas in partnership with Golf Saudi, taking place from 30 March to 5 April 2026, LPGA said in a statement last week. 120 players will compete for a USD 4 mn prize at the event — part of the rebranded PIF Global Series.

***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-

Musk is getting his USD 1 tn package: Tesla shareholders approved CEO Elon Musk’s USD 1 tn pay package — the largest ever for a CEO and a figure larger than the size of most economies. This sets Musk up to become the world’s first t’naire, and to expand his stake in the EV maker to 25% or more over the next 10 years. The package is tied to targets including a significant expansion of Tesla’s market value, getting its robotaxis off the ground, and improving its car business as it continues to lose market share to Chinese competitors. (Bloomberg | Financial Times | Reuters | Wall Street Journal | New York Times)

ALSO- Swiss commodity trader Guvnor has withdrawn its USD 22 bn bid to take over Russian energy firm Lukoil’s international assets after the US blocked the transaction, criticizing the firm for being “the Kremlin’s puppet.” (FT | Reuters)

CLOSER TO HOME- Sudan’s Rapid Support Forces agreed to a ceasefire proposal put forward by the US, the UAE, Saudi Arabia, and Egypt, which would last three months and be followed potentially by an end to hostilities. The caveat? This is not the first ceasefire it has agreed to, with several previously failing to end the war against the Sudanese army which has now been ongoing for 30 months. The news comes following an escalation of violence after the RSF took over the city of El Fashir, with reports of mass killings and kidnappings. (Reuters | Guardian)

ALSO WORTH NOTING-

  • Pharma giant Pfizer snapped up obesity drug maker Metsera for USD 10 bn, after a bidding war with Danish rival Novo Nordisk. (CNBC)
  • Kazakhstan is set to join the Abraham Accords, US President Donald Trump said on Thursday, formalizing its already normalized ties with Israel. (Reuters)
  • Corporate America posted its best quarterly earnings in four years, despite tariffs. (Financial Times)

CIRCLE YOUR CALENDAR-

Entry tickets are now available for Beast Land, the entertainment zone running from 13 to 27 November near Boulevard City and Boulevard World. The zone — part of Riyadh season 2025 — features games, adventures and interactive shows inspired by the world-famous challenges of top Youtuber MrBeast.

Tags: