Good morning, ladies and gents. Our packed issue today is heavy on macro data, as we dive into Gastat’s latest international trade figures. Non-oil exports slightly declined in 3Q, while our trade surplus hit a 17-month high in September. We also look at ICAEW’s forecasts for Saudi’s GDP growth this year and the next.

Also in this morning’s news well: Morocco’s Akdital is planning a USD 1.6 bn expansion in Saudi and the UAE, Almasar Education wrapped up its Tadawul IPO with the retail portion oversubscribed, and Cenomi Centers closed a USD 500 mn sukuk issuance. Let’s dive in.

WATCH THIS SPACE-

BlackRock plans to significantly ramp up its investments in the Kingdom and the Middle East over the next few years, with areas like infrastructure and AI creating strong room for growth, Managing Director of Financial Markets Advisory Kashif Riaz told Bloomberg. The firm has already funneled more than USD 35 bn into the Kingdom across equities, fixed income, and infrastructure, and has four investment teams based in Riyadh, he said.

The region is still at the beginning of its growth as an investment destination, and estimated future Saudi investments could “double to triple,” he noted. He also expects the role of private capital and financial markets to grow as the Kingdom seeks more external financing for its economic transformation projects.

Looking ahead: BlackRock is preparing new mutual funds, while working with Saudi authorities on developing market for a residential mortgage-backed securities.

ICYMI- BlackRock Saudi Arabia and the PIF unveiled new mutual funds during the FII9, offering them to local and global investors through the BlackRock Riyadh Investment Management platform. The funds focus on Saudi systematic active equities and MENA fixed income.

Real estate company Ajdan sent a delegation to Syria to discuss potential investments in tourism and housing, focusing on developing the Ebla Hotel and the Conference Palace, Syrian state news agency Sana reports. Ajdan is looking at how to upgrade these sites to meet both tourism demand and housing needs while also studying practical solutions for addressing the wider housing gap. Syrian Investment Authority head Talal Al Hilali said the country needs about 100k new housing units.

MEANWHILE- Syria needs around 25k hotel rooms, yet it currently has only about 4k rooms, Syrian Deputy Tourism Minister Ghiath Al Farrah noted, highlighting the scale of potential development. The Conference Palace can host up to 2.4k guests, he said.

Boosting ties: Syrian-Saudi investment ties are advancing from MoUs to implementation, with some USD 6.4 bn in agreements activated during a joint investment roundtable held last month in Damascus. The roundtable focused on exploring new potential investments in priority sectors, including energy, communications, banking, real estate development, mining, and digital transformation.

The Kingdom and Italy signed 22 investment agreements during the Saudi-Italian Investment and Business Forum, the Saudi Gazette reports. The event brought together more than 1.6k participants and 600 Italian companies, covering sectors like telecommunications, IT, trade, tourism, healthcare, agriculture, water, culture, and sports. Details on the agreements were not disclosed.

ICYMI- Italy and Saudi Arabia inked a raft of agreements worth USD 10 bn during Italian Prime Minister Giorgia Meloni’s trip to the Kingdom earlier this year. The two sides signed 26 MoUs across several sectors — including construction, renewable energy, cultural exchange, and digital technologies — at a roundtable meeting attended by government officials and private sector players.

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THE BIG STORY ABROAD-

Markets extended their rally yesterday, after new US economic data — including soft retail sales and lower consumer confidence in September — strengthened the case for a third rate cut next month. The Dow closed up 1.43%, while the S&P 500 was up 0.91%. Meanwhile, Nasdaq’s gains were limited to 0.67% on a 2.6% decline in Nvidia over Google competition fears. (Reuters | Financial Times | CNN | Semafor)

OVER IN GEOPOLITICS- A-US backed peace framework won Ukraine’s backing after a few days of intense negotiations, with “only a few remaining points of disagreement,” according to US President Trump. The amended proposal is unlikely to appeal to Moscow who seems uncompromising on its goals to solidify territorial gains and slash Ukraine’s military within an inch of its life. (CNN | Reuters | CNBC)

ALSO WORTH NOTING-

  • Trump’s Genesis Mission will build a digital platform to concentrate scientific data and pave the way for using AI in engineering, energy and national security. (Associated Press)
  • An Ethiopian volcano eruption sent ashes all the way to Delhi. (BBC)
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