THIS MORNING: Houthis strike cargo vessel in Bab Al Mandab

Good morning, friends. We have a brisk read for you today, leading with the latest from Aramco Stadium, the integrated sports and entertainment hotspot set to open its doors in the Eastern Province by November. Also, we sat down with Ibrahim Darraz, managing partner and cofounder of Infinite Business Solutions, to understand how the firm is adapting to the AI-enabled financial world.

PLUS- We check in on Jabal Omar Development, where Waleed Ali Al Harthi is set to take up the mantle of CEO next month.

We also dig into the latest batch of 2Q earnings from Cenomi Retail, Al Othaim Markets, Saudi German Health, and Senaat.

Destination Sahel Issue III drops this week, and we’re diving into how the North Coast is adapting to a changing market.

Developers are recalibrating as buyer behavior shifts, luxury retail is carving out a bigger piece of Sahel’s economy, and the wellness and sports scene has become a summer destination on its own.

In this issue, we get into what’s actually changing on the ground, from how developers are adjusting their pitch to where to shop and how to stay active this season.

Tap or click here to subscribe to the Egypt edition, coming straight to your inbox today.

WAR WATCH-

A small cargo ship identified by Reuters as Egyptian owned was attacked by Yemen’s Houthi militants in the Bab Al Mandab strait, according to the Yemeni Coast Guard Authority. Six crewmembers were reportedly killed and 11 injured, BBC reports. The ship’s crew comprised Pakistani and Indonesian nationals, the Yemeni authority said. The Houthis — who declared a naval blockade on Saudi Arabia late last month — have not claimed responsibility for the strike.

PSAs

The Royal Commission for Riyadh City (RCRC) is opening applications for year two of its Real Estate Balance Program (Tawazoun), state news agency SPA reports, running from 3pm Sunday, 16 August through Tuesday, 15 September via its website. The program makes 10k-40k pre-planned residential plots available annually at no more than SAR 1.5k per sqm, well under market rates.

Eligibility is limited to married citizens or singles over 25 with no prior property ownership and at least three years of Riyadh residency, the RCRC says, adding that early registration doesn’t improve an applicant’s odds. Citizens who qualified and entered the lottery in year one are automatically rolled into year two’s applicant pool. The authority is also warning applicants to use its official platform only, flagging unofficial links circulating around the program.

IN CONTEXT- Year one’s December lottery allocated just over 10k plots across eight Riyadh districts, and the RCRC has since awarded a Ladun-Al Ayuni consortium SAR 2.4 bn to build out the infrastructure. Tawazoun is one piece of a broader Riyadh housing-supply push that also includes an expanded white land tax and this week’s Cabinet amendment opening government land to private developers.

Microlending with macro backing

Egypt’s PIF-backed E-finance is looking to fully acquire Cairo-based microfinance provider Tamweely Financial Services, which could cost EGP 4.5-5 bn, according to two unnamed sources. An agreement is expected to be signed this month, with the transaction pending approvals from Egyptian authorities.

Data point

SAR 1.12 tn — that was the value of foreign direct investment in Saudi Arabia at the end of 1Q 2026, up 12% y-o-y, Saudi Gazette reports, citing data released by the Saudi Central Bank (Sama). FDI accounted for 32% of the Kingdom’s total foreign investment, which rose 18% y-o-y to SAR 3.53 tn. Portfolio investments, including equity, fund shares, and debt securities, accounted for SAR 1.47 tn, while other investments stood at SAR 940.7 bn.

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The big story abroad

As the principal players in the regional war harden their stances, Pakistan’s Defense Minister Khawaja Asif has said that the US and Iran are nearing an agreement over the Strait of Hormuz. “Things are shaping up in favor of peace,” Asif said, without elaborating. Meanwhile, US forces fired on a Panama-flagged vessel transiting the Gulf of Oman, which US Central Command said was violating the blockade on Iran.

All the worse for Panama: The turmoil in Hormuz has resulted in a 16-fold price jump for transiting the Panama Canal this month, with daily auctions averaging about USD 1 mn. A warming of surface temperatures in the Pacific Ocean — known as the El Niño-Southern Oscillation — has also contributed to steeper transit costs, as the phenomenon coincides with lower water levels.

And in the AI world: US-based VC firm Accel has raised USD 3.5 bn to back emerging AI startups across the world, which will be deployed via four dedicated funds. A USD 1.35 bn global fund will target large early-stage rounds, with the remaining capital split by region — USD 800 mn for Silicon Valley, USD 800 mn for Europe and Israel, and USD 550 mn for India.

Paramount mulls Hollywood exit as Warner Bros. merger stalls: Paramount CEO David Ellison reportedly threatened to move the company out of California to pressure the state’s attorney general, who is suing to block the Warner Bros. merger. California Attorney General Rob Bonta called the bid an attempt to blackmail regulators into not resisting the transaction, a USD 110 bn buyout backed by Gulf sovereign wealth funds.