Good morning, wonderful people. There may not be a metric ton of news out there, but there are a handful of big stories leading the news cycle on this fine Monday morning.

Banks across the Kingdom need to begin planning for how to offload foreclosed real estate assets, with the Saudi Central Bank now requiring them to submit plans and doing away with a previous system of one-off extension requests.

Meanwhile, the debt wheel is still spinning: Riyad Bank and Al Qemam are the latest to tap debt markets with SAR-denominated paper as Saudi National Bank and Saudi Electricity Company close their own USD-denominated issuances. Separately, a handful of companies are lining up bank facilities, including First Fix, which secured a loan ahead of its planned IPO.

ALSO WORTH YOUR TIME- We break down the newly-greenlit regulations on special economic zones, with an explanation of the value proposition and what the implementation journey looks like.

PSA- We messed up. An agency partner that helps us manage our email system screwed up an automation that sends welcome emails to new subscribers. The result? Many of you got welcome emails over the weekend to publications that some of you have been reading uninterrupted for as long as 11 years. We’re sorry for the unexpected appearance in your inbox — there’s nothing you need to do.

WEATHER- Scattered rain is expected across parts of Makkah, Riyadh, and the Western Region, while fog is forecast for Al Jouf, Makkah, Aseer, Al Baha, and Jazan, reducing visibility in these areas.

  • Riyadh: 24°C high / 14°C low.
  • Jeddah: 28°C high / 22°C low.
  • Makkah: 29°C high / 22°C low.
  • Dammam: 25°C high / 15°C low.

Happening this week

It’s Davos week: World leaders, bankers, and global business leaders are touching down in Switzerland this week for the World Economic Forum Annual Meeting, which runs tomorrow through Friday. You can go deeper on the meeting’s microsite here.

Saudi Arabia’s delegation, led by Foreign Affairs Minister Faisal bin Farhan, will include ministers and top officials including the investment, finance, commerce, and economy and planning ministers, as well as the Kingdom’s ambassador to the US Princess Reema Bandar Al Saud.

wwtt2] FOOD FOR THOUGHT — Communications firm Edelman’s annual pre-Davos poll indicates an increased distrust in governments and institutions, with people instead increasingly turning to their workplaces as a source of reassurance and predictability, Bloomberg reports. The biggest drags on trust? “Fears of inflation, potential job loss to AI and concerns about disinformation,” according to Edelman CEO Richard Edelman.

Data point

123k — that’s how many commercial registers were issued in the Kingdom in 4Q 2025, down from 160.5k in the same quarter a year earlier, according to the Commerce Ministry’s latest report (pdf). Riyadh led with 45.6k registrations, followed by the Eastern Province (20.1k) and Makkah (19.2k).

Total active registers: By the end of 2025, the Kingdom had roughly 1.8 mn active commercial registers, including 1.3 mn for institutions and 597.4k for companies. Riyadh remained the largest contributor with 651k registers, followed by Makkah with 384k.

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The big story abroad

A showdown between the US and the EU is set to take over Davos, as the EU readies a package of retaliatory tariffs — potentially EUR 93 bn’s worth — or restrict some US firms from the bloc’s market in response to US President Donald Trump’s 10% tariff threat to European countries over their opposition to his campaign to take over Greenland. Plans are being drawn up now to give EU countries leverage during talks that are set to take place at Davos this week, the Financial Times reports.

In other Trump-causing-anxiety-for-geopolitical-leaders news… the US has started inviting heads of states to join the US’ new “Board of Peace” which is being touted as an “international organization that seeks to promote stability, restore dependable and lawful governance, and secure enduring peace in areas affected or threatened by conflict.” The board — which would initially focus on rebuilding Gaza and then address other global conflicts — would become official once three member states agree to the draft charter for the proposed group.

Trump has already invited several European nations to join the board, along with Egypt and Turkey, while Argentina’s Javier Milei and Canada’s Mark Carney were also invited to be part of a Board of Peace for Gaza. Diplomats have raised concerns that this would be a “Trump United Nations” given Trump’s criticisms of the UN in the past.

The so-called board would also allow countries who pay a USD 1 bn fee a permanent spot on the board — otherwise, countries would join on a three-year term basis, Bloomberg reports.

MEANWHILE- Senegal clinched its second Afcon title after a dramatic game that saw it beat Morocco 1-0, even after players had walked off in protest of a controversial penalty that was awarded to Morocco in stoppage time. The penalty ended up being an easy save as Morocco’s star player Brahim Diaz attempted a Panenka-style chip, giving Senegal’s Papa Gueye a chance to score in extra time.

PLUS- The Syrian government and Kurdish-dominated militia the Syrian Democratic Forces have reached a ceasefire agreement after Syrian troops seized towns controlled by the SDF this week as Syrian President Ahmad al Sharaa works to extend his rule in the north. (Reuters)

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