The ceasefire won’t restore Gulf investor sentiment yet

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WHAT WE’RE TRACKING TODAY

Knowledge Economic City is gearing up for foreign demand

Good morning, friends. We have two big stories for you this morning — analysts tell us what the framework agreement between the US and Iran means for investor sentiment, and we dive into the foreign ownership map and what it tells us about non-Saudi real estate ownership.

KEC is getting ready for foreign demand

For the developers named in the real estate foreign ownership zones, the regulations turn a long-term bet into a live opportunity. Knowledge Economic City — one of the Madinah zones — was built from the start as a destination for institutional investment anchored by hospitality, COO and acting CEO Hazem Elbanna tells EnterpriseAM. The framework, he says, “strengthens confidence in Madinah as a promising investment destination and provides greater certainty for long-term investment.”

Three KEC developments are foreigner-ready. The Islamic World District, a hospitality-led destination of hotels, branded residences, and retail aimed at Madinah’s year-round pilgrim traffic; Al Alyaa, an established residential community with homes, schools, and green space pitched at both investors and end-users; and the Hilton-branded residences at Multaqa AlMadinah, an internationally branded mixed-use play.

The back-end work is already underway. KEC is realigning its sales, legal, and customer-journey processes to verify investor eligibility and clear transactions under the new rules — the operational lift every developer in the zones now faces. Elbanna's advice to peers is to build a “simple, compliant and customer-centric ownership journey” early, because that will be a differentiator in competing for international buyers.

What KEC wants next: Continued clarity on how the regulations are implemented across the designated zones, and a fully digital ownership journey from eligibility through to registration — the same end-to-end execution gap that will determine how quickly any of this converts into transactions.

SPEAKING OF CLARITY- We have a beefy explainer on the newly announced foreign ownership zones in the news well, below.

Beverage and coffee firms eye Ethiopia for expansion

Dammam-based Jo Drinks Factory and Soil Roasters are eyeing Ethiopia for manufacturing and sourcing, the Ethiopian News Agency reported following a visit by Ethiopian Deputy Head of Mission Ambassador Awel Wegris Mohammed to their production facilities in the Second Industrial City.

The plans: Jo Drinks is looking to manufacture in Ethiopia for local and export markets, with Ethiopian Airlines as a target client. Meanwhile, Soil Roasters, which imports Ethiopian specialty beans, plans to cut out intermediaries and source directly from Ethiopian producers and cooperatives. Both companies have been invited for a pre-investment visit.

Data point

SAR 71.3 bn — that’s the q-o-q increase in the Kingdom’s services exports in 1Q 2026, a 7.9% increase, according to Gastat’s latest report (pdf). Meanwhile, services imports fell 6.9% q-o-q to SAR 111.4 bn.

The drivers: Growth was driven by travel services, which accounted for 62% of the total at SAR 44.3 bn, with personal travel making up 96.6% of the category. Transportation services ranked second at SAR 10.9 bn, with air transport representing 39.9% of that total. On the import side, transportation services held the largest share at 29% (SAR 31.8 bn), followed by travel services at 19% (SAR 21.3 bn).

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The big story abroad

With no fresh update on the US-Iran talks, no single story is dominating the front pages this morning.

Cook stays: The US Supreme Court ruled to block President Donald Trump’s attempted sacking of Federal Reserve governor Lisa Cook. While the 5-4 decision is being billed as a victory for Fed independence, the court ruled in a separate decision that Trump may axe members of independent federal agencies.

Another high-profile shakeup in the media world: Mass media giant Comcast has plans to spin off its media and entertainment arm NBCUniversal and its European media business arm Sky. The split reportedly aims to increase investor appeal by letting shareholders choose between Comcast’s steady broadband business and the new media group.

Meanwhile, in the AI world: The rush to fund energy infrastructure for data centers has triggered a massive surge in US power and utility dealmaking. Data center growth is driving “a seemingly unstoppable trend line” in power demand. So far in 2026, data center investment skyrocketed to USD 151.5 bn, more than doubling y-o-y.

And, in a first, the Dow Jones Industrial Average surpassed the 52k mark yesterday, as tech companies start off the week strong. This coincided with Google-owner Alphabet’s debut on the index — its shares jumped 4.8% to lead gains.

Why a ceasefire won't fix Gulf investor sentiment until the threat architecture changes

The US-Iran agreement signed earlier this month did not answer the questions that started the war, and yet markets are reacting like it did. Brent is back near pre-war levels, tankers are loading at Ras Tanura again, and the Gulf's risk premium has quietly drained out of the screens. Analysts watching the money say that gap, not the headline calm, is what will decide whether capital actually comes back.

The working scenario for the next year is uncomfortable but is becoming more and more likely: no political resolution, attacks on the Gulf still on the table, Iran’s ballistic program intact, and Israel’s territorial ambitions essentially unchecked. The question for anyone deploying into Saudi Arabia is whether sentiment and inflows recover anyway over the short and medium term, or if the region is absorbing a long-term re-rating it won’t shake off.

“Markets are acting as if the war is over and oil prices are back to pre-war levels, but this doesn’t [ensure] an end to frictions,” Omar El Shenety, managing partner at Zilla Capital and head of the financial markets unit at the Egyptian Center for Economic Studies, tells EnterpriseAM. The agreement is a good milestone for the region, he adds, but “it doesn’t seem like a confirmed end or resolution to the war and associated turbulence.”

Already we’re seeing signs of fraying. Within days of signing the agreement, an Iranian drone hit a cargo ship in the strait, the US struck some 10 Iranian targets near Hormuz, and Iran fired on US-linked sites in Bahrain and Kuwait. US President Donald Trump was warning hours ago that Iran “will no longer exist” if strikes continue, and Tehran was threatening to walk, before both sides agreed to stop the hostilities (again).

The MoU and the Switzerland talks didn’t close the core questions, including Iran’s enrichment rights, its highly enriched uranium stockpile, the scope of IAEA inspections, and the sanctions timeline. Instead, “they’ve deferred it by 60 days with a more formal wrapper around the uncertainty,” Aseel Al Aranki, research and analysis department manager at River Prime, tells EnterpriseAM.

More telling, the two sides publicly disagree on what they signed. Iran denied committing to inspector access on the same day Washington called it a milestone. Israel, not a party to the agreement, has signaled it intends to keep troops in southern Lebanon indefinitely. The likeliest outcome of the 60-day window is a partial pact, which is a problem. “[An agreement] that kicks the nuclear and ballistics questions further down the road [leaves] the fundamental threat architecture in place,” Al Aranki says.

The damage is already structural, regardless of what diplomacy produces. The IEA has called the Hormuz closure the largest supply disruption in the history of the global oil market, and the IMF has slashed its 2026 growth forecasts to a 1.4% contraction for Saudi Arabia, with all other GCC countries facing even steeper contractions, Al Aranki notes. Infrastructure damage across more than 80 Gulf energy facilities runs to an estimated USD 58 bn on her count, with the Ras Laffan LNG complex alone potentially needing up to five years to fully repair. “These aren’t rounding errors — they represent a generational setback for some of these economies,” she says.

Where the Kingdom sits

Riyadh’s Red Sea access, the East-West pipeline, and its geographic depth leave it better insulated than Hormuz-dependent neighbors. “If there's a Gulf recovery trade, Riyadh captures a disproportionate share of it,” Al Aranki says. Still, the Kingdom carries the same long-term re-rating if the Iran question stays open.

The sharper risk is self-inflicted timing. “The Kingdom has had a very ambitious vision and there are question marks now about the gigaprojects and their continuity. Investors will be waiting to see the revised version of this vision and the destiny of such gigaprojects,” El Shenety says.

REMEMBER- The war landed on top of an already-underway gigaprojects recalibration. The PIF's 2026-2030 strategy shifted from acceleration toward discipline, Neom was broken up and rephased, The Line scaled back, and the fund booked an USD 8 bn write-down on its gigaprojects. Furthermore, the conflict has pushed Riyadh further toward a security-first, returns-first posture.

Why it matters

Gulf sovereign capital has been resilient. The PIF, Adia, and Mubadala have largely held their pace, and that is the headline most of Wall Street is reading. The signal beneath it is the one that counts: the PIF has already cut its international allocation from 30% to 20%, redirecting capital home — a shift the war accelerated and gave political cover, and one global markets have not fully priced. “The war didn’t cause this shift entirely, but it accelerated it and gave it political cover,” Al Aranki says.

Foreign inflows are the harder story. Strikes on critical infrastructure, elevated maritime ins., and a wave of retail and construction bankruptcies in the Kingdom in 1Q are the variables anyone deploying fresh capital is watching. Sentiment will recover when the threat architecture changes, and so far it hasn’t, according to Al Aranki.

Short term, a real but shallow recovery is underway. Hormuz reopening and oil-price stabilization strip out the acute crisis premium, and sovereign continuity reads positively. “The Gulf, especially Saudi Arabia, will stay a very attractive region for investors across many sectors, but most global investors will be cautious in the short term,” El Shenety says. Global capital, he added, is “waiting to see the strategic priorities of Gulf countries and the revised national agendas before they jump in again.”

Medium term, the 60-day window is a recurring risk event. If talks collapse or the ceasefire breaks — both plausible given the disagreements already in the open — Gulf risk reprices fast. Al Aranki frames it as a positioning question rather than a forecast: “I’d want meaningful hedges on any medium-term Gulf positioning until there’s clarity on at least the nuclear file.”

The long term is a different story. The Gulf model’s exposure — Hormuz dependency, desalination, and food imports — has been demonstrated in a way investors and sovereigns won’t unsee. As long as Iran retains ballistic capability and the Israeli-Iranian confrontation stays open, foreign capital prices a higher permanent risk premium on Gulf exposure.

What’s next

Things to watch for: The 60-day clock from the 17 June MoU runs to mid-August. Watch for whether the Switzerland track produces movement on the nuclear issue, any break in the Lebanon ceasefire, and the revised gigaproject roadmap investors are waiting on before committing fresh capital.

Mapping the real estate foreign ownership zones

Saudi Arabia has drawn its foreign ownership map — and it tells very different stories depending on which city you’re looking at. The Cabinet approved the executive regulations and geographic zones for non-Saudi real estate ownership last Monday, five months after the law itself entered into force in January without a zone list. The Saudi Properties digital platform is already open for applications.

The zones define more than just location. Each zone specifies what type of right is available — full ownership, usufruct, or other property rights — and may carry its own conditions and permitted ownership percentages. The type of right available in a given zone depends on both the zone and the buyer category.

The zone confirmation is the moment the market has been waiting for. The law “opens Saudi’s real estate market to a new pool of international capital, creating a significantly larger total addressable market for domestic developers to target,” Matthew Green, head of research at CBRE MENA, tells EnterpriseAM. The zones also give the market “much-needed clarity on the specific projects and scope of coverage, clearing a pathway for greater foreign participation.”

Awkward timing? The zone map was initially due in 1Q, but arrived as the conflict was already softening near-term investment appetite. Knight Frank partner and MENA research head Faisal Durrani tells us it lands as the residential sector records a sharp slowdown in transaction volumes, compounded by the regional conflict on top of pre-existing affordability pressure.

REMEMBER- The foreign ownership framework has three moving parts. The law itself — in force since January 2026 — defines who may own, what they may own, and under what conditions. The executive regulation sets out the procedures — registration, identity verification, disclosure, payment, fees, and penalties. The Geographic Zones Document (pdf) is the final piece of the puzzle, mapping where foreign ownership is permitted and what type of right is available in each location.

The Riyadh & Jeddah playbooks

Riyadh’s list reads like a PIF portfolio. The approved zones are Qiddiya, New Murabba, Diriyah Gate, King Salman Park, the King Abdullah Financial District (KAFD), Sedra, the Sports Boulevard and arts district, and King Salman International Airport — plus a Transit-Oriented Development (TOD) site. These are overwhelmingly government-controlled mega-projects, not the general Riyadh residential or commercial market. The capital’s zones are “largely concentrated around the city’s high-growth northern and eastern expansion corridors and prime financial districts — a more targeted approach focusing on new large-scale projects, with a more institutional slant,” Green says.

The playbook is familiar. Riyadh’s restricted scope “mirrors the approach adopted by several regional markets when they first opened their real estate sectors to international buyers,” Durrani says. Starting with strategically important projects lets the authorities manage the pace of the opening, test demand from international buyers, and support absorption across the Kingdom’s flagship developments, he tells us. As the framework matures and investor confidence grows, “there may be scope to expand access to a broader range of residential locations across the city and the Kingdom.”

The TOD addition is worth noting. Green says the inclusion of TODs — many of which fall outside the boundaries of the gigaprojects — extends the practical scope of the law beyond what many expected. They give buyers exposure to metro-linked mixed-use and residential districts beyond the headline projects, Durrani said.

SOUND SMART- The TOD model aims to create a walkable, connected community centered around public transport access and featuring hotels, residential units, and commercial spaces.

MEANWHILE- Jeddah opens considerably wider. The approved zones include the city center plus 55 development zones — a more granular and commercially varied list with more entry points for international buyers. Green sees the wider Jeddah list as deliberate, spreading beyond flagship projects like Jeddah Central into a mix of established and emerging coastal developments, “perhaps targeting a slightly different investor profile to Riyadh.” Durrani ties the wider door to geography, arguing that “Jeddah’s historic position as the gateway to the Holy Cities of Makkah and Madinah is the likely reason for the somewhat broader initial international buyer access.”

The holy cities

Makkah and Madinah are the most complex part of the framework. Both cities have named zone lists. Makkah's include Abraj Makkah, Al Manar, Burj Ajyad, King Salman Gate, Tilal Village, Jabal Omar, Dhakhir Makkah, Dahiyat Sumou, Masar, and Makkah Zones 1 and 2. Madinah’s include Al-Ghurra, Madinah Zones 1 and 2, Al-Mahwa, Darat Al Hijra, Downtown Madinah, Diyar Al- aqar, Rua Al Madinah, Knowledge Economic City, and Mishraf.

Two categories are shut out entirely. Non-Saudi companies incorporated outside the Kingdom are completely excluded from Makkah and Madinah with no exceptions. Non-Saudi nonprofit entities are similarly barred. Saudi companies with foreign shareholding may own there, but face hard caps — non-Saudi ownership across the company cannot exceed 49%, and no individual non-Saudi shareholder may hold more than 5%.

Yes to funds, no to corporate buyers: The framework imposes no ownership percentage restrictions on funds and SPVs, a distinction that aims to “promote the entry of institutional capital into the holy cities over foreign retail investors and non-Saudi operated company platforms,” according to Green. The government is also looking to drive higher investment liquidity and diversify away from the Saudi REIT-dominated capital structure that currently prevails, he says.

Joint ventures and partnership structures remain attractive regardless, “due to the potential for sharing pools of capital, accessing low-interest debt facilities, and benefiting from privileged access to development land and other off-market investment [prospects],” Green adds.

The holy city zones are not a conventional real estate play. The named projects are hospitality, pilgrimage-economy, and mixed-use developments. The buyer profile is Muslim high-net-worth individuals from the Gulf and beyond — Indonesians, Malaysians, Pakistanis, and diaspora communities — for whom property near the Haramain is driven by religion and the prospect of retiring in the holy cities, not investment returns, Durrani says. As Durrani puts it, these are “very different reasons to the way the global Muslim community views Riyadh, which is largely an investment play.”

Knight Frank’s data bears this out: A Knight Frank survey released earlier this year found Makkah was the primary target for Muslim respondents (59%), as well as Indian buyers (56%) and Algerian buyers (45%). Meanwhile, Madinah leads among UK (59%) and Malaysian (58%) buyers.

Who can buy

The framework creates distinct tiers of access, each with different geographic scope and conditions.

Iqama holders get the broadest practical access of any non-GCC category. They can own inside the geographic zones in all cities, and can also own one residential property for personal use outside the zones in any city except Makkah and Madinah. That out-of-zone right puts the general residential market within reach of Saudi Arabia’s roughly 13 mn expatriates.

Premium Residency holders get the same zone access and the same one-property-outside-zones right. One clause worth noting is that the framework states explicitly that buying property does not reduce or affect any rights or benefits attached to their Premium Residency status.

Non-resident non-Saudis are confined to the geographic zones entirely — no out-of-zone right under any circumstances. Three prerequisites must be in place before they can even file an application — a digital ID obtained through a Saudi embassy or consulate abroad, a Saudi bank account in their name, and a Saudi contact number linked to that digital ID.

GCC nationals get the broadest individual access of any non-Saudi category. Inside the zones, all cities apply with Islam required for Makkah and Madinah. Outside the zones, they can own for residence or investment in all cities except the holy cities.

The mechanics of getting in

Costs add up: The existing 5% Real Estate Transfer Tax applies to all transactions. The new framework adds a disposal fee of up to 5% on transfers by non-Saudis — potentially bringing the total tax burden on a resale to around 10% of property value, before agent fees and registry costs.

The transparency requirements are real: All buyers register through the Saudi Properties portal, corporate buyers disclose their beneficial ownership structures, and any post-purchase ownership change of 5% or more must be reported within 15 days — an obligation that fires repeatedly for PE-backed platforms or any vehicle with active capital movement. Foreign companies carry the heaviest load, requiring full Investment Ministry registration, disclosure of all direct and indirect owners, a legal representative with a Saudi-issued identity, and a local bank account in the company’s name.

FMTECH appoints Mike Thompson as its new CEO

PIF-owned facilities management company FMTECH appointed Mike Thompson (LinkedIn) as its new CEO following the recent close of JLL’s acquisition of a stake in FMTECH, according to a press release. Thompson, who spent nearly 20 years at JLL, most recently as Americas Workplace Management Lead, succeeds CEO Marwan Bouez (LinkedIn), who is transitioning to a board seat in FMTECH.

Riyadh Air heads to Cairo, Nofoth eyes Al Waal Al Bari stake

Riyadh Air flies to Cairo: Riyadh Air launched its Riyadh-Cairo route on Thursday, its fourth destination, with a second daily service that took off yesterday, according to a press release. Both services operate on Boeing 787-9 Dreamliners.

Moving fast: The Cairo launch is the latest in Riyadh Air’s rapid sequence of firsts over the past few weeks — its inaugural domestic Riyadh-Jeddah service, its first commercial international flight to London Heathrow, a daily Dubai service as its third destination, and US airspace clearance from the Transportation Department for scheduled and charter service between the Kingdom and the US.

Nofoth to take a big sip out of Al Waal Al Bari Beverages

Nofoth Food Products inked a non-binding MoU to acquire a 70% stake in Al Waal Al Bari Beverages, according to a Tadawul disclosure. The transaction remains subject to the outcome of due diligence, required regulatory and contractual approvals, and the signing of final binding agreements. It’s part of the firm’s 2026-2030 strategy to expand and diversify its food and beverage portfolio.

The company expanded its footprint in recent months, transitioning into Tadawul in January after securing the CMA’s approval to transfer from Nomu last year. This reflects a wider trend among smaller companies looking to move to the main market, where greater liquidity, stronger investor visibility, and broader institutional interest can support their growth ambitions.

State Street can now manage Saudi funds

US-based investment management giant State Street can now manage investment funds from inside Saudi Arabia. State Street’s local subsidiary has secured a Managing Investment and Operating Funds license from the Capital Market Authority, according to a press release.

REMEMBER- State Street — which opened its Riyadh regional headquarters in October 2025 — holds USD 127 bn in assets under custody in the Kingdom and manages an additional USD 60 bn in local assets, as of October 2025, for clients it has served for over 25 years. The firm plans to introduce new Saudi-focused ETFs and custodian services by 2027 and to add 12 staff members to its 30-person team over the current and next year to tap into the Kingdom’s accelerating ETFs and alternative assets market.

AlJazira Bank redeems USD 500 mn sukuk

AlJazira Bank has fully redeemed its USD 500 mn Tier 1 Capital Sukuk at 100% of issue yesterday, according to a Tadawul disclosure. The transaction has covered all 2.5k certificates at a par value of USD 200k each.

REMEMBER- AlJazira Bank recently closed a new USD 500 mn AT1 capital certificates offering at 6.50% per annum, with issuance covering 2.5k certificates at a par value of USD 200k each — executed under the bank’s USD 1.5 bn global AT1 program. The move comes as part of a broader wave of Saudi banks compressing months of refinancing activity into a narrow pre-summer window as spreads for investment-grade names have tightened back inside pre-war levels.

Mubadala, Adia, and the world’s biggest sovereign funds have a new playbook: fewer stocks, more data centers

The world’s biggest sovereign wealth funds are pulling money out of listed equities and rotating hard into private markets — and Gulf names are leading the charge. Abu Dhabi’s Mubadala already has 59% of its assets in private equity, infrastructure and real estate, while Singapore’s Temasek holds 49% of its portfolio in unlisted assets.

This trend is only going to accelerate, according to Invesco’s annual sovereign wealth study (pdf), which covered 90 funds with combined AUM of USD 17.2 tn. The study showed a net 17% of SWFs plan to cut listed equity exposure this year — a sharp reversal from recent years — and some 28-35% plan to add to private equity, private credit, and infrastructure.

The culprit is a toxic backdrop of inflation, geopolitical tensions, and equity market concentration. The top 10 stocks in the S&P 500 now represent 38% of the index — double their weight a decade ago — and large passive allocations have quietly become leveraged wagers on a handful of US megacap tech names. Several funds told Invesco they had started asking whether the diversification they assumed from broad-market exposure was actually present. The bond-equity relationship that traditionally cushioned public market drawdowns has also broken down since the 2021-2022 inflation shock, removing the other leg of the classic resilient portfolio.

AI is both the problem and the catalyst. The same theme driving index concentration is generating the private market dealflow. The capital requirements for the AI build-out — from data centers to energy systems — are vast and sitting mostly outside listed markets. One Middle Eastern fund told Invesco the AI wave is currently best captured in private credit and infrastructure. The average infrastructure allocation across the SWF sample has nearly doubled to 9% since 2022. Gulf funds, with their scale and governance flexibility, are better placed than most to keep rotating.

Case in point: Abu Dhabi Investment Authority (Adia) recently backed Rajasthan-based precision equipment manufacturer KRN Heat Exchanger’s qualified institutional placement, a firm positioned to benefit from rising demand for cooling equipment linked to data centers, manufacturing expansion, and climate-control infrastructure. In addition, the Abu Dhabi sovereign wealth fund previously invested USD 500 mn in AlphaGen, a US power infrastructure portfolio of over 11 GW specifically structured to support data centers. It also acquired a stake in data center developers Landmark Dividend and Vantage Data Centers. Meanwhile, Mubadala backed Yondr, and the Public Investment Fund launched Humain build across the AI value chain.

MARKETS THIS MORNING-

Asian equities are looking at moderate gains in early trading this morning, echoing gains felt across Wall Street a day earlier in a tech-fueled rally. Japan’s Nikkei is up 0.5%, putting it on track for its best quarter ever — “as institutional investors are ‌expected ⁠to adjust their portfolios ahead of the end of the quarter today, volatile price movements are possible,” Sony Financial Group analysts said in a note.

TASI	10,792	-1.1% (YTD: +2.9%)
MSCI Tadawul 30	1,436	-1.2% (YTD: +3.5%)
NomuC	23,069	-0.2% (YTD: -1.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	49,826	-1.0% (YTD: +19.1%)
ADX	9,839	-0.4% (YTD: -1.5%)
DFM	5,993	-0.4% (YTD: -0.9%)
S&P 500	7,440	+1.2% (YTD: +8.7%)
FTSE 100	10,484	-0.2% (YTD: +5.6%)
Euro Stoxx 50	6,232	+0.2% (YTD: +7.5%)
Brent crude	USD 73.15	+1.6%
Natural gas (Nymex)	USD 3.18	-0.2%
Gold	USD 4,030	-0.2%
BTC	USD 60,441	+2.3% (YTD: -31.0%)
Sukuk/bond market index	912.96	-0.1% (YTD: -0.7%)
S&P MENA Bond & Sukuk	152.60	0.0% (YTD: +0.5%)
VIX (Volatility Index)	17.65	-4.1% (YTD: +18.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.1% yesterday on turnover of SAR 4.4 bn. The index is up 2.9% YTD.

In the green: Naseej (+10.0%), Saudi Vitrified Clay Pipes (+10.0%), and Saudi Arabia Refineries (+10.0%).

In the red: Baan Holding (-7.3%), Petro Rabigh (-4.7%), and Riyadh Cables (-4.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 17.5 mn. The index is down 1.0% YTD.

In the green: Hamad bin Saedan (+10.0%), Digital Research (+9.1%), and Albabtin Food (+8.5%).

In the red: Keir International (-29.9%), Saudi Parts Center (-9.8%), and Multi Business Group (-9.4%).

CORPORATE ACTIONS-

Tawuniya’s shareholders approved the distribution of SAR 300 mn in dividends for 2025, equivalent to SAR 2 per share, according to a Tadawul disclosure (pdf). The distribution will take place on 19 July.

CALENDAR

AUGUST

30 August-1 September (Sunday-Tuesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

31 August-3 September (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

8-10 September (Tuesday-Thursday): The WTM Spotlight Riyadh, Riyadh Front Exhibition & Conference Center (RFECC), Riyadh.

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

30 October-1 November (Friday-Sunday): The New Global Sport Conference, sofitel hotel & convention centre, Riyadh.

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

2027

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

26-29 April (Monday-Thursday): World Energy Congress, Riyadh.

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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