Good morning, wonderful people. 2025 is barreling towards its last day, and the usual calm has been disrupted by two big stories in today’s news well.

The first? The finance ministry swapped debts for a stake in Binladen International Holding, effectively taking control after years of restructuring efforts of the debt-ridden group.

We’re also taking stock of labor market figures for the third quarter, which shows Saudi unemployment bounced back to 7.5%, signaling we’re not out of the woods yet (or not, depending on who you ask). Let’s dive in.

** PROGRAMMING NOTE- We’re off on Thursday for New Year’s Day, and will be back in your inboxes on Sunday, 3 January.

Watch this space

INVESTMENT — Egypt-based impact investor Catalyst Partners wants to scale its presence in Saudi, aiming to transition to a full-fledged investment bank in Riyadh, co-founder of Catalyst Partners Abdelaziz Abdel Nabi tells EnterpriseAM. Applications are pending approval from Sama and the Capital Markets Authority.

A bigger piece: The firm aims to shift from brokering deals to actively managing assets and scaling a lending portfolio in the Kingdom. “Currently, about 20% of our business comes from Saudi Arabia. We want to increase that to 50% or 60% within the next three years,” Abdel Nabi tells us.

Non-banking financial services are a priority for Catalyst: “We have a major focus on financial leasing and factoring to aggressively grow our [Saudi] portfolio,” Abdel Nabi said. The company plans to further market penetration by acquiring controlling stakes in companies working in the sector or getting licensed directly.

Hot on the heels of big moves for Catalyst’s SPAC: Catalyst Partners Middle East — Egypt’s first blank check company or SPAC — closed up 20% on its first day of trading on the EGX on Sunday. This is three months after the company completed its acquisition of Qardy and Catalyst Partners through share swaps.

Dive deeper: Check out EnterpriseAM Egypt’s conversation with the Catalyst Partners Chairman Maged Shawky.

BANKING — Sama is cracking down on lenders asking for promissory notes before issuing credit card products . A new circular (pdf) bans all banks and finance companies from requiring promissory notes (or any commercial papers) from retail customers when issuing credit cards. The directive goes into effect on 1 February.

Not just for new business: Lenders must provide Sama with a corrective action plan within 30 days to return or cancel existing promissory notes currently held against cardholders. They will have a maximum of six months to be done with the cleanup.

Why this matters: Banks will now be forced to rely solely on standard credit guarantees — such as salary assignments and Simah reports — rather than holding a promissory note over the customer’s head. Without promissory notes fast-tracking enforcement in case of defaults, lenders will have to engage in restructuring or settlement talks before they can trigger harsher measures.

Market watch

Saudi Arabia might cut crude oil export prices to Asia for the third consecutive month in February, unnamed sources told Reuters, citing weaker demand in spot markets amid rising supply. Refiners expect a drop in Arab Light prices of USD 0.10-0.30 per bbl, lowering premiums to USD 0.30-0.50 above the Oman/Dubai benchmark, extending the USD 0.60 per bbl loss from January.

By the numbers: Arab Extra Light crude may fall by USD 0.10-0.20, while Arab Medium and Arab Heavy grades could remain unchanged or dip by USD 0.10.

Estimates of oil prices have been in limbo as Opec+ spent the better half of the year unwinding cuts, and the International Energy Agency has been warning of a glut. Check our recent Year in Review story on the diverging outlooks for oil markets in 2026.

Happening tomorrow

The Six Flags Qiddiya City amusement park goes live tomorrow, the first entertainment asset to open its doors in Qiddiya City. The park — Six Flags’ first foray outside North America — offers 28 rides and a slate of headline attractions, including Falcon’s Flight, Rattler, and Spitfire.

Data point

SAR 1.7 tn — that’s how much MSMEs raked in total operating revenue in 2024, up 7% y-o-y, according to data (pdf) from Gastat. Wholesale and retail trade contributed 36.3% to the total, followed by manufacturing with 19.3% and construction with 15.7%. Meanwhile, total operating expenditure rose 5.7% y-o-y during the year to SAR 762.9 bn.

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The big story abroad

It’s only fitting that AI remains squarely in focus in the global business press as 2025 roars to a close.

#1- SoftBank Group is doubling down on the physical backbone of artificial intelligence, agreeing to acquire US-based digital infrastructure investor DigitalBridge Group in a USD 4 bn transaction that expands the Japanese conglomerate’s exposure to data centers, fiber networks, and other AI-critical assets.

Why it matters: The acquisition comes as SoftBank founder Masayoshi Son accelerates his push to position the group as a central player in what he calls “next-generation AI infrastructure.” Investors are racing to secure the computing power, connectivity, and energy capacity underpinning the AI boom.

#2- Nvidia has quietly completed a USD 5 bn investment in Intel, throwing another financial lifeline to the once high-flying US chipmaker.

MEANWHILE- It’s another geopolitics-heavy morning with sabre rattling heard from our corner of the world to the Taiwan Strait. Here’s what you need to know:

  • After a meeting with Netanyahu, Trump has promised to “knock the hell” out of Iran if it rebuilds its missile or nuclear programs. “I’m not concerned about anything that Israel is doing,” he told reporters at a joint presser in Florida.
  • Trump sidestepped questions about what’s next for Gaza.
  • Protests continue in Iran, with people taking to the streets in Tehran and other major cities to denounce the high cost of living.

AND- US stocks lagged emerging markets and just about everyone else this year. Here’s the breakdown:

  • S&P500 — up 17.4% YTD
  • MSCI All Country World ex-US — up 29%
  • MSCI Emerging Markets — up 31.8%
  • EGX30 — Up 40.3%

The S&P lagged China, Japan, Germany, and the UK as even “relatively unloved” markets made a comeback, the Financial Times notes.

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