Good morning, wonderful people. Saudi investments in the region are at the forefront of today’s issue, from new solar plants in Turkey worth USD 2 bn, to Acwa tightening its grip on Kuwait’s grid with a USD 4.1 bn power agreement, to news of a multi-USD bn investment package in Syria set to be announced in a few days’ time.

The big story today: Aramco closed its first debt issuance of the year, raising USD 4 bn to shore up its buffers, maintain dividend payments and power expansion plans. The high orderbook — put at some USD 22 bn — allowed the oil giant to tighten the spreads.

Happening today

WEATHER- Thunderstorms bringing rain and dusty winds are forecast over the Northern Borders, Eastern Region, Riyadh, Qassim, Hail, Madinah, and Makkah, while light rain and fog may form over the highlands of Al-Baha, Asir, and Jazan, as well as parts of Tabuk and the Eastern Region.

  • Riyadh: 25°C high / 17°C low.
  • Jeddah: 30°C high / 24°C low.
  • Makkah: 32°C high / 24°C low.
  • Dammam: 26°C high / 17°C low.

Watch this space

INVESTMENT — A multi-bn-USD Saudi investment package for Syria is set to be announced on Saturday, marking the largest economic commitment to the country since the US lifted sanctions in December, head of the Syrian Investment Authority Talal Al Helali told Reuters on the sidelines of the World Government Summit in Dubai.

Getting serious: The package targets projects in “telecommunications, and real estate, especially in the old towns,” Al Helali said, adding that most of the planned investments will be in ready-to-implement contracts, not non-binding MoUs. The Kingdom might also provide ins. coverage to encourage local companies to enter the Syrian market, an unnamed senior Syrian businessman told the newswire.

.. and a Syrian airline? The package will reportedly include investing in a new private Syrian airline, expected to launch with over a dozen aircraft, two unnamed sources said. Contracts to develop Aleppo International Airport are also in the cards.

Saudi has been a close friend of Syria ever since Assad was toppled in late 2024. The Saudi-Syrian Investment Forum held in July saw SAR 24 bn in agreements signed for investments in real estate, infrastructure, financial, energy, telecommunications, technology, tourism, manufacturing, and trade.

BANKING — Kingdom’s largest lender to tap SRTs? Saudi National Bank (SNB) is exploring “significant risk transfer” (SRT) transactions to unlock capital for more lending, Bloomberg reports, citing sources it said are in the know.

Sound smart: In SRTs, a bank pays a premium to investors to share the risk of a loan portfolio, allowing banks to free regulatory capital without selling loans.

Why? Easy liquidity in Saudi banking is hitting a wall, with a projected loan-to-deposit ratio reaching higher levels in 2026 than the 113% recorded in November. The shift should help sustain funding for mega-projects like Neom and the 2034 World Cup, Bloomberg notes.

Not just an SNB story: Abu Dhabi Commercial Bank (ADCB) is reportedly working with BNP Paribas on its own SRT, while global lenders like Deutsche Bank and HSBC are ramping up their own transactions.

REGULATION — The Real Estate General Authority has published draft amendments(pdf) to the executive regulations of the real estate registration system, aiming to streamline registration procedures and defining legal terms.

Important changes: The amendments abolish the Higher Committee for Real Estate In-Kind Registration. They also set a one-year limit from the date the property is registered for it to gain absolute legal finality, effectively capping ownership disputes.

Data point

56.3 — that’s the seasonally adjusted Purchasing Managers’ Index for Saudi Arabia in January, marking a third consecutive monthly decline from December’s 57.4 and a six-month low, according to the Riyad Bank Saudi Arabia PMI (pdf). While still comfortably above the 50.0 threshold that separates expansion from contraction, it fell just short of the 56.9 long-run average.

The breakdown: Output and new business continued to rise at a robust clip, with 23% of companies reporting growth linked to resilient domestic demand. New orders received a significant boost from growing foreign demand, with export orders rising at their fastest pace since October 2025 due to increased activity from GCC and Asian markets.

Purchases up, jobs down: Companies increased purchases to build inventories and benefited from improved lead times. However, job creation slowed to a 12-month low. Input prices rose due to higher costs for fuel, metals, technology, and wages, prompting firms to lift selling prices at a rate well above the historical average.

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The big story abroad

US downs Iranian drone as negotiations continue: The simmering US-Iran situation saw a minor flare up after US forces shot down an Iranian drone approaching an aircraft carrier in the Arabian Sea yesterday. US military officials claim the strike was in self defense, as the drone approached the USS Abraham Lincoln aggressively. Diplomatic talks between Washington and Tehran, however, are still ongoing, US President Donald Trump confirmed.

The skirmish rattled oil markets, sending Brent crude up 1.6% to USD 68 a barrel. With markets anticipating escalations, Brent volatility has reached a peak since the last regional conflict.

MEANWHILE, IN MARKET NEWS- Analytics and software stocks fell sharply after Anthropic debuted AI tools that automate legal and analytical work, dragging down tech-heavy Nasdaq by 1.4% and S&P 500 by 0.8%. Analytics heavyweights Gartner and S&P Global saw 21% and 11% drops, respectively. Investors warned that the selloff could spill over to AI hyperscalers, since software companies are among their largest customers.

PLUS- Walmart made history as the first retailer to cross the USD 1 tn valuation mark yesterday, after rising roughly 26% in the past 12 months.

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