Good morning, wonderful people, and welcome to the 500th issue of EnterpriseAM Saudi. We’re celebrating the milestone of having written to you for 500 mornings during a busy week for the Kingdom, as it hosts a slew of high-profile events, shows, and visits.

Our focus today is on AlUla Conference for Emerging Market Economies, as the first day saw finance ministers, central bankers, and global policymakers debate the new realities of a rapidly-changing global landscape. The consensus? Emerging markets need to put up their defenses, manage their debts, shore up their reserves, and forget about relying on a stable global economy for their own growth.

Happening today

#1- The UK’s Prince William begins a three-day visit to Saudi Arabia today, his first trip to the Kingdom. The British royal is being deployed at the UK government’s request to strengthen high-priority ties with Crown Prince Mohammed bin Salman, a royal source told the BBC.

What to expect: Updates on the imminent UK-GCC freetrade agreement and potential progress on the Kingdom joining the development and production of the Tempest stealth fighter jet under the UK-Japan-Italy Global Combat Air Program.

#2- Riyadh hosts the Public Investment Fund’s Private Sector Forum today and tomorrow at the King Abdulaziz International Conference Center. The forum highlights multi-bn USD investment windows across 13 priority sectors, such as tourism and renewable energy.

#3- The World Defense Show continues today and runs through Thursday, 12 February in Riyadh, bringing together defense officials, military leaders, and industry executives from across the globe. The event will be inaugurated by Defense Minister and Vice Chairman of the GAMI Board Prince Khalid bin Salman.

What went down during day one: GE Aerospace and the Middle East Propulsion Company inked three agreements aimed at boosting the Royal Saudi Air Force’s operational readiness. In addition, US planemaker Boeing is looking to manufacture aircraft parts in Saudi Arabia for local use and exports, the company’s Senior Vice President Brendan Nelson told Asharq Business.

WEATHER- Thunderstorms bringing heavy rain, hail, and gusty winds are forecast over parts of the Eastern Region, with fog settling in low-lying areas. Dust-filled winds will sweep across Al Jouf and the Northern Borders.

  • Riyadh: 29°C high / 14°C low;
  • Jeddah: 32°C high / 21°C low;
  • Makkah: 33°C high / 22°C low;
  • Dammam: 28°C high / 15°C low.

Watch this space

ECONOMY — The Kingdom is preparing an updated strategy for the USD 2 tn economic diversification agenda, Finance Minister Mohammed Al Jadaan told Bloomberg on the sidelines of the AlUla Conference for Emerging Markets, which kicked off yesterday in Riyadh.

What we know: The government started internal discussions this week on how to communicate priorities for the next five years, with tourism, manufacturing, logistics, and technology as central pillars, although the minister stopped short of saying when the revised strategy would be formally released.

IN CONTEXT- A “comprehensive review” of Saudi’s project pipeline is underway, gathering pace earlier this year, with the deferral of the 2029 Asian Winter Games, media reports on cuts to Neom’s The Line, and, more recently, reports that Riyadh’s Mukaab has been put on hold. “We continue really to reprioritize, rework our policies, making sure that we enhance as we go to ensure that we enable the private sector to lead the economy,” Al Jadaan said.

The government expects the deficit to narrow to 3.3% this year from 5.3% in 2025, while total financing needs are projected at around USD 58 bn in 2026. “We have quite a wide network of channels that we can tap in case we need more than what we have planned for,” Al Jadaan said.

** We have more insights from the conference in our Big Story Today, below.

INVESTMENT WATCH — Investcorp Saudi Arabia and SNB Capital launched a strategicpartnership framework focused on wealth management, investment banking, and asset management. The firms intend to source and execute high-value agreements in Saudi Arabia and abroad, focusing on private equity and real assets.

DEVELOPMENT FINANCE — The Islamic Development Bank launched a new fund aimed at supporting 27 countries classified as “the least developed,” the bank’s President Muhammad Al Jasser told Asharq Business on the sidelines of the AlUla Conference for Emerging Market Economies. The fund will focus on nations that are least capable of financing infrastructure projects and will utilize its own developmental assessment standards.

Data point

USD 101 mn — that’s how much Saudi clubs spent on contracting international players during the January 2026 window, down 51.4% y-o-y from USD 208 mn but still the second-highest winter spending on record, Asharq Business reports, citing Fifa data. The Kingdom was the seventh-largest spender on signing foreign players globally, leading Arab clubs in both spending and earnings during the winter window.

Sports

Australian left-hander Elvis Smylie clinched the LIV Golf Riyadh title on his league debut, finishing 24 under par with a final-round 8-under 64 to edge Jon Rahm by one stroke, LIV Golf said in a statement. The 23-year-old earned USD 4 mn from the USD 20 mn purse and helped Ripper GC capture the team title, with the squad posting a league-record 69-under total.

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.

Subscribe here

***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, the MENA logistics industry, and the MENA <> India corridor?

***

The big story abroad

Global headlines are focused on Asian markets’ broad rally, riding the wave of incumbent Japanese Prime Minister Sanae Takaichi’s landslide victory in snap elections yesterday. In anticipation of Takaichi’s reflationary agenda — more spending and tax cuts — markets responded bullishly, sending Japan’s Nikkei climbing 4.2% to an all-time high.

Gold rebounded on the news: Partially boosted by Takaichi’s victory, gold rose above USD 5kper ounce, jumping as much as 1.7% in early trading and recovering half of the losses it sustained since dropping from a historic high late last month. Helping the recovery is also promising backing from the likes of Deutsche Bank, Goldman Sachs, and the Chinese central bank.

Super Bowl LX is getting plenty of attention this morning after the Seattle Seahawks won the game with 29 points, securing their second-ever title. The defeated Patriots lost their chance at their seventh title.

Tags: