Good morning, wonderful people. Our big story in today’s brisk issue looks at signs of the shifting dynamics between the Public Investment Fund and the private sector at this year’s Private Sector Forum. Mining, utility, EV, and tech companies want partners who will put their money on Saudi’s manufacturing and localization push, as the fund updates its strategy for the next five years.

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We’re hiring a technology reporter: EnterpriseAM is looking for a tech reporter to own the beat across Egypt, the UAE, Saudi Arabia, and beyond.

This is a reporting job — not a desk job. You’ll be working sources, breaking stories, and writing about trendlines (not just headlines) in our voice and with the authority our readers expect. AI and digital infrastructure are huge features of the beat, but our interests are broad: fintech, telecoms, regulation, SaaS, and the bajillion ways tech is reshaping how businesses operate across the region.

We want someone who can pick up the phone or WhatsApp, get people talking, and turn what they say into stories that senior decision-makers need to read. We also expect you to attend industry events and maintain relationships with PR folks across the industry without selling out. If you’ve got 2-3 years of experience and the hunger to build a beat from the ground up, we want to hear from you. We’re also interested in hearing from veteran reporters. Spoken Arabic is strongly preferred.

The role is based in Cairo, though we’re open to remote for the right candidate. If you’re reading EnterpriseAM, you know what we’re about: A no-BS daily news outlet that tells busy execs, investors, founders, and ambitious people what they need to know about the trends shaping business, economy, finance, regulation, and public policy across our region. We write stories that have impact — about issues that matter — for a global audience of decision-makers.

Do we sound like the type of place where you want work? Send your CV and three clips to jobs@enterpriseamea.com. Also enclose a great cover letter that tells us who you are, what you do, and why you’d be a great fit for this job.

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Happening today

The subscription window for Kesay Clinics’ Nomu IPO opens today, after the IPO was priced at SAR 15 per share. The company stands to raise SAR 30 mn in gross proceeds from issuing 2 mn shares, giving the clinic operator a market cap of roughly SAR 600 mn, according to our calculations.

What’s next? Once the books close on 22 February, the final share allocations are expected to be announced on 25 February.

ADVISORS- Estidamah Capital is quarterbacking the transaction as financial advisor, with Derayah Financial serving as lead manager. RSM and Alzoman, Alfahad, & Alhajjaj Professional Services acted as auditors. Receiving agents include Alinma Capital, Alrajhi Capital, SNB Capital, BSF Capital, and Riyad Capital, among others.

WEATHER- Dust-filled winds will sweep across the Northern Borders, Al Jouf, Tabuk, Hail, Qassim, Madinah, and Riyadh, while fog blankets the highlands of Makkah, Al Baha, Aseer, and Jazan.

  • Riyadh: 32°C high / 19°C low;
  • Jeddah: 33°C high / 23°C low;
  • Makkah: 35°C high / 23°C low;
  • Dammam: 29°C high / 20°C low.

Watch this space

ENERGY — A Saudi-US alliance to tap Syria’s energy fields? Two Saudi and three US-based energy firms are planning to form a consortium to explore and produce oil and gas in northeastern Syria, Reuters reports, citing people it says are familiar with the matter. The group will include Acwa and Taqa, alongside Baker Hughes, Hunt Energy, and Argent LNG, covering four to five exploration blocs. An MoU is expected in the coming weeks, the sources said.

The Kingdom has taken the reins of Syria’s reconstruction after a Saudi delegation signed a sweeping slate of agreements worth bns of SAR in Damascus earlier this month. The agreements spanned telecoms, infrastructure, and real estate, along with rebuilding Aleppo International Airport and launching a new joint airline.

Data point

8.9% — that’s the y-o-y increase in the Kingdom’s Industrial Production Index (IPI) in December 2025, supported by growth across mining and quarrying, manufacturing, and utilities, according to data (pdf) from the General Authority for Statistics. The index inched down 0.1% m-o-m from a strong November.

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The big story abroad

Recent Wall Street gainers have one thing in common — they are not tech: Amid mountingfears over AI advancements superseding software firms, equities of formerly disfavored sectors have risen, namely supermarkets, energy companies, and manufacturers. Investors have poured USD 62 bn into funds focused on non-tech stocks in recent weeks, outgrossing the USD 50 bn they attracted in the whole of 2025.

Brokerages were not spared: Major US brokerages were also hit by the selloff — Charles Schwab, Morgan Stanley, and Raymond James saw shares sharply drop.

MEANWHILE- US retail figures lag, raise doubts over spending: US retail sales during the December holiday season remained flat, suggesting that consumers remain held back by high living costs and job market precariousness.

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