Good morning, friends. It is another morning led by the impact of the regional war on our economy — non-oil private activity contracted for the first time in over five years.

Also in today’s issue: We look at how our aviation industry is holding up amid all that’s going on and the ins and outs of the Kingdom’s real estate tokenization rollout.

WEATHER- The downpour continues across most of the Kingdom today, with Asir, Jazan, and Najran in for the wettest weather while the Eastern Region, Northern Borders, Al-Jawf, Hail, Qassim, Riyadh, and Al-Baha will see milder showers.

  • Riyadh: 29°C high / 19°C low;
  • Jeddah: 31°C high / 25°C low;
  • Makkah: 37°C high / 29°C low;
  • Dammam: 27°C high / 20°C low.

PSAs

The Education Ministry will open registration for new primary and early childhood students on Sunday, Saudi Gazette reports. The process allows children born during the Covid period to enroll in formal education, provided they meet the approved age requirements.

Students aged six or older — born before 24 August 2020 — qualify for standard admission, while those under six by up to 90 days — born between 25 August and 22 November 2020 — are eligible if they have completed a full year of kindergarten.

Watch this space

OIL — Opec+ decided to boost oil output by 206k bbl / d for May yesterday, with Saudi Arabia alone contributing 62k bbl / d, according to a statement from the organization. The hike may only take effect on paper as key nations remain unable to raise production amid the US-Iran conflict, Reuters reports.

The move indicates a willingness to raise output once the Strait of Hormuz reopens, sources in the eight-member bloc told Reuters. The hike — which only amounts to 2% of the supply disrupted by Iran’s closure of the waterway — is expected to add “very few barrels to the market,” former Opec official Jorge Leon told Reuters.

The organization “expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability.”

ENERGY — Acwa limits dispatch at two solar projects over grid concerns: Acwa is temporarily limiting power dispatch at its Al Kahfah (1.4k MW) and ArRass2 (2k MW) solar IPPs following instructions from the grid operator over alleged reactive power fluctuations affecting grid stability, it said in a disclosure to Tadawul on Thursday.

The impact: Al Kahfah — which began commercial operations in November 2025 — has faced dispatch restrictions since 12 December, with partial output allowed from 11 February, resulting in an estimated SAR 95 mn of challenged revenue through March. ArRass2, operational since September, has been under limitation since 16 January 2026, with partial dispatch from 8 March, affecting roughly SAR 73 mn in revenue. Both projects are conducting independent technical assessments and coordinating with authorities to restore full operations.

INVESTMENT WATCH — Gulf investors backing Paramount’s Warner Bros’ takeover are expected to put pen to paper as soon as today, people familiar with the matter told the Wall Street Journal. The Public Investment Fund, Abu Dhabi’s L'imad Holding, and the Qatar Investment Authority are committing some USD 24 bn to Paramount, with PIF putting down the lion’s share — around USD 10 bn.

REMEMBER- The battle for Warner Bros Discovery reached a dramatic end in February, with Netflix walking away from its bid for the Hollywood studio and streaming giant, paving the way for Paramount to acquire the firm.

Data point

USD 907 mn — that’s how much Saudi Pro League clubs spent on signing players from abroad in 2025, up 95% y-o-y, Asharq Business reported, citing figures from FIFA.

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The big story abroad

It’s a pretty quiet morning in the global front pages, with the latest threats from Trump getting top billing.

US President Donald Trump has once again threatened to destroy Iran’s power infrastructure. Should Tehran keep the Strait of Hormuz shut, Trump has vowed to target civilian infrastructure — power plants and bridges — in a TruthSocial post leading to some critics pointing out that this would constitute a war crime.

Oil jumped following the President’s ultimatum. Brent futures rose 1.6% to USD 110.74 a barrel earlier today, while US West Texas Intermediate futures gained 0.6% to trade at USD 112.25.

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