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.