Good morning, all. We hope you’re staying safe and doing well amid all that’s happening at home and regionally. Iran launched attacks targeting US bases in Riyadh and the Eastern Province yesterday as part of a wider campaign that targeted bases in the GCC and other neighboring nations.

What does this mean? The region could be looking at an all-out war, which will have global implications. We’re already seeing chatter of oil hitting USD 100 a barrel for the first time in years, airspace closures and flight disruptions, and changes to global logistics routes.

WEATHER- A misty day with light rain and fog in parts of Jazan, Asir, Al-Baha, Makkah, Riyadh, and Eastern regions, accompanied by dusty winds.

  • Riyadh: 25°C high / 15°C low;
  • Jeddah: 27°C high / 19°C low;
  • Makkah: 29°C high / 18°C low;
  • Dammam: 27°C high / 15°C low.

Watch this space

PIF — The Public Investment Fund has reportedly reshuffled senior roles to fill in an Al Saif-shaped gap. Jerry Todd has been named acting head of investment strategy while continuing to lead the national development division, Bloomberg reported, citing people familiar with the matter. CFO Yasir Al Salman will also assume oversight of global capital finance alongside his current role.

Why it matters: Putting Todd in charge of both national development and investment strategy, consolidates the link between investment strategy and national development priorities. Meanwhile, expanding Al Salman’s remit to include global capital finance signals tighter management of funding and liquidity as the fund prepares its next five-year plan focused on higher-return sectors and a shift away from capital-intensive construction projects.

ICYMI- Fahd Al Saif, formerly head of global capital finance and investment strategy, was appointed Saudi Arabia’s investment minister last month and is tasked with helping the Kingdom reach its USD 100 bn annual FDI target by 2030.

IPO — The retail offering of Saleh Abdulaziz Al Rashed & Sons was 161% covered, drawing about SAR 121.5 mn in orders from over 38k investors, according to a press release (pdf). Each subscriber will get a minimum allocation of 10 shares, with the remaining unallocated portion to be distributed on a pro-rata basis at an average of 55.7%.

This follows an institutional tranche that saw a strong demand, getting 67.7xoversubscribed with total orders reaching nearly SAR 17 bn. The SAR SAR 251 mn offering, led by ANB Capital, was priced at SAR 45 apiece at the top of the range, giving construction materials and mining specialist a market cap of some SAR 837 mn at listing.

FASHION — JAY3LLE plans to expand into international markets including New York, London, and East Asia, leveraging the global popularity of golf to seed the brand abroad, CEO Noura Faisal Al Saud told Asharq Business (watch, runtime: 2:33). The rollout begins with pop-up stores in Riyadh before moving to international fashion hubs and high-growth golf markets like China, South Korea, and Japan, with longer-term plans to open permanent retail outlets both locally and internationally, she added.

Following the initial pop-up phase in Riyadh, London, and New York, the fashion label aims to establish permanent retail outlets to anchor its international presence.

Why it matters: The move serves as a test of whether Saudi lifestyle brands can compete in Western and Asian markets by aligning with high-net-worth sporting subcultures. JAY3LLE is focusing on the golf-adjacent market, tapping into a niche increasingly linked to Saudi capital through the Kingdom’s major investments in LIV Golf.

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The big story abroad

The killing of Iran’s leader Ali Khamenei is on every front page this morning after Iran confirmed the news hours after US President Donald Trump broke it. We have the details of the US-Israeli strikes that killed Khamenei as well as the Iranian response, plus what it all means for us here at home in the news well, below.

MEANWHILE IN BUSINESS NEWS- The escalating conflict between Anthropic and the US government made global headlines this weekend. After refusing to cooperate with the Pentagon in offering AI services, Anthropic has decided to challenge in court Washington’s decision to label the startup a security risk — a designation that bars it from government contracts. The company had raised alarms regarding the potential for the US government to leverage its AI tools — such as Claude — for mass surveillance and fully autonomous weaponry.

AND- Multinational conglomerate Berkshire Hathaway’s 4Q 2025 earnings made waves, as its net income flagged as ins. operations took a hit and a long-term investment in Occidental Petroleum was written down. The quarter marked Warren Buffet’s final tenure as CEO, a role now assumed by Greg Abel — Buffet has stayed on as Chairman. Abel assured shareholders that the firm will maintain Buffet’s investment philosophy and not shy away from dealmaking.

Circle your calendar

The Saudi Entertainment and Amusement Expo will take place 19-21 May at the Riyadh Front Exhibition and Conference Center. The three-day event will run alongside the Saudi Light and Sound Expo and the newly launched Middle East Museums and Heritage Expo, bringing together over 350 exhibitors, 23k industry professionals, and more than 75 speakers.

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