New multiple-entry Umrah visa allows 90-day cumulative stays

Good morning, friends. Today’s most pressing (and escalating) story is the Houthi naval blockade on Saudi Arabia, which has already forced Saudi crude-laden vessels to turn around. The Yemeni militia warned shipping companies that any vessels using Saudi ports could be targeted anywhere within range of its forces. Riyadh faces a high-stakes dilemma: while silence risks projecting weakness and a full military response could spark a wider war.

That said, the show must go on. Alrashid Properties took on the full lifecycle of Knowledge Economic City's mixed-use Multaqa Residences. Over in the healthcare sector, Fakeeh Care finalized its SAR 1.6 bn acquisition of Al Fagih, diversifying its customer base to include out-of-pocket and lower tier ins. clients.

A new multiple-entry visa is here

The Hajj and Umrah Ministry launched a multiple-entry Umrah visa, allowing holders to enter the Kingdom multiple times for a cumulative stay of up to 90 days, state news agency SPA reports. The new visa is valid for one year from the date of issue, with pilgrims required to purchase a services package from an approved Nusuk provider for each trip that doesn’t exceed their remaining eligible stay.

Riyad Bank issues SAR 5 bn slice of sukuk program

Riyad Bank has launched a SAR 5 bn public sukuk offering, opening the subscription window for retail and institutional investors, under its SAR 10 bn AT1 sukuk program, according to a Tadawul disclosure. The issuance’s final size will be determined after the offer period, with subscription running from 21 July to 3 August.

The details: The perpetual sukuk carry a fixed annual return of 6.5%, payable quarterly, and are priced at their par value of SAR 1k apiece, with a minimum subscription of one sukuk. Riyad Bank may redeem the sukuk from the fifth year onward, subject to the terms and conditions of the issuance.

REMEMBER- Riyad Bank set up its sukuk program this month, aiming to issue perpetual shariah-compliant capital instruments as needed to support its capital base and liquidity management.

US advances Saudi uranium enrichment

US President Donald Trump signed off on a 30-year US-Saudi civil nuclear agreement, clearing the Kingdom’s path towards domestic uranium enrichment, the Wall Street Journal reports. The accord — worth USD tens of bns — grants US companies an exclusive role in developing nuclear infrastructure in Saudi Arabia, including a provision to potentially set up a uranium enrichment facility subject to a joint study.

One more approval required: The agreement faces impending congressional review, where it may face pushback from lawmakers opposed to Middle Eastern nuclear advancement. It will be difficult to block the agreement as overriding a potential presidential veto requires a two-thirds majority.

Catch up quick: Despite being fully negotiated in October, progress on the accord reportedly stalled amid the US-Iran war — ostensibly launched to curtail Tehran’s nuclear program — and anticipated congressional pushback over enrichment provisions and relaxed IAEA oversight. A draft Saudi agreement reportedly permitted limited enrichment and replaced standardized IAEA inspections with a bilateral US-Saudi safeguards arrangement.

Data point

11.4% — that’s how much the operating revenue Index rose y-o-y in May. Mining and quarrying posted the strongest increase at 38.7%, followed by financial and ins. activities (12.9%), manufacturing (9.6%), wholesale and retail trade (3.6%), and construction (2.5%). On a monthly basis, the index rose 2.0%, supported by gains in mining and quarrying, information and communication, wholesale and retail trade, and financial services

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The big story abroad

No single story is dominating the front pages this morning, though a few updates are making headlines.

Israel has pulled back its forces from southern Lebanon as a US-brokered truce takes effect. The truce is premised on Beirut exerting military authority over Iran-backed Hezbollah forces. This coincides with Lebanese President Joseph Aoun’s sit-down with US President Donald Trump yesterday, the first summit between the two nations' heads of state in roughly 20 years.

SpaceX is gearing up to unlock as much as USD 116 bn in stocks, as insider trading restrictions lift on 6 August, marking one of the largest share unlocks in history. The window allows early backers and private market buyers to exit with substantial returns, while potentially creating liquidity for short sellers to capitalize on bearish momentum.

LSE open 24/7? The London Stock Exchange revealed a plan to launch a separate venue offering overnight trading in 1H 2027, which will initially be open to funds tracking the UK and US markets. The move is being billed as a way to wrest attention from 24-hour crypto platforms.