Good morning, ladies and gents. Only two days remain before we start the annual search for Ramadan’s crescent in the sky. The run-up to the holy month is as calm as it can get.

In today’s brisk issue: Inflation slowed down in January to its lowest level in 11 months, Retal is moving to swallow its parent company’s real estate arm, and 2025 earnings from Sulaiman, eXtra, and more.

WEATHER-

  • Riyadh: 26°C high / 15°C low;
  • Jeddah: 31°C high / 24°C low;
  • Makkah: 33°C high / 23°C low;
  • Dammam: 25°C high / 15°C low.

Watch this space

GAMING — Savvy Games on brink of record Moonton buy? PIF-owned Savvy Games is in advanced negotiations to acquire Shanghai-based Moonton Technology from Chinese giant ByteDance in a transaction valued between USD 6-7 bn, Reuters reports, citing sources it says are in the know. The companies have reportedly agreed on broad terms, with an agreement potentially signed as soon as this quarter.

The background: ByteDance snapped up the gaming studio in 2021 at a valuation of USD 4 bn, and later shelved plans to sell the Mobile Legends developer in 2024, amid a wider step back from gaming as it failed to grab market share from gaming giant Tencent Holdings.

Gotta catch ‘em all: Moonton would join a Savvy portfolio that already includes Scopely, the Monopoly Go maker acquired for USD 4.9 bn in 2023, Niantic’s gaming division — maker of Pokemon Go — which Scopely acquired for USD 3.5 bn last year, and ESL faceit, the esports tournament giant bought for USD 1.5 bn three years ago.

IPO WATCH — GFH is taking its healthcare exit to Riyadh: Bahraini investment bank GFH is looking to IPO its healthcare investment arm Healian on Tadawul over the next 12-18 months, CEO Hisham Alrayes told Bloomberg (watch: runtime: 5:41). This comes as the Kingdom’s healthcare multiples are “very, very attractive” and continue to trade at a premium even as broader valuations cool, he added.

This has been in the works for a while: Alrayes previously confirmed that GFH, which is listed in Abu Dhabi, Dubai, Bahrain, and Kuwait, was weighing an IPO here at home after earlier plans to list a real estate fund on Tadawul stalled.

Defensive appetite runs deep on Tadawul: While Saudi equities have seen some compression over the past year, the exchange remains the logical regional venue for a healthcare name to list, given its liquidity depth and investor appetite for defensive growth plays, a financial market strategist told EnterpriseAM.

About Healian: The company expanded in November 2021 when GFH acquired a majority stake in UAE-based Multi-Specialty Healthcare Partner Holding, which operates over 30 clinics and pharmacies across Abu Dhabi, Al Ain, and other emirates, spanning dental, cosmetic, and dermatology services, primary care, women’s health, and pediatric rehabilitation.

The planned listing comes as Saudi’s IPO pipeline heats up for premium assets. Earlier this week, PIF majority-owned Richard Attias & Associates — the organizer of the Future Investment Initiative — reportedly tapped banks for a Riyadh IPO that could value the firm at USD 1 bn.

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The big story abroad

The Netflix-Paramount-Warner Bros dance is back in the news after Bloomberg broke the news that Warner Bros Discovery is mulling a renewed hostile bid from Paramount Skydance which could potentially nix a prior agreement with Netflix. Paramount has vowed to pay the termination fee — at USD 2.8 bn — owed to Netflix if the streaming giant’s bid is turned down, as well as backstop Warner Bros’ debt refinancing. Netflix’s bid of USD 27.75 per share for Warner Bros’ namesake studio and HBO Max streaming business was accepted late last year.

ALSO WORTH NOTING THIS MORNING- The automotive industry is reeling from a USD 65 bnhit following a sweeping reversal of US climate policy. The downturn has disproportionately affected the companies that wagered the most on EVs, with global automotive player Stellantis being hit the hardest after suffering a USD 26 bn write down.

AND- The CHF has appreciated recently — driven by geopolitical turmoil and the greenback’s recent dip — against the EUR and USD and is undermining the competitiveness of Swiss exporters. The haven currency has already recorded a 3% rise in 2026 and has especially pressured small and medium-sized companies, trade associations have said. Switzerland’s exported goods and services make up more than 70% of its GDP.

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