THIS MORNING: Is the Gulf patience with Washington wearing thin?

Good morning, folks. We’re starting this week with a brisk issue front-loaded with a macroeconomic theme — July’s inflation figures. Next, we capitalize on the Capital Market Authority’s leadership shuffle to lay out the authority’s efforts to spur local IPO activity. Rounding out today’s coverage is an examination of the Houthi attacks on the Kingdom’s export map.

The EnterpriseAM Egypt Forum is back — and we’re devoting the full day to the singular set of questions on everyone’s mind: What does AI actually mean for your company, your people, your economy, your own job — and your kids’ future?

Every session on stage answers one question: “So, what do I actually do about it?”

Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only.

Request your invitation here.

Gulf-Washington discontent?

Is the Gulf’s patience with Washington wearing thin? Gulf capitals are increasingly frustrated with the Trump administration’s handling of the situation with Iran, with Saudi Arabia, the UAE, Qatar, Kuwait, and Bahrain now united in their aggravation over Washington’s stop-start approach to the war, the Washington Post reports, citing unnamed Arab and Western officials. The president has repeatedly issued threats against Tehran only to walk them back, and some Gulf governments have reportedly begun debating the value of continuing to host large US military installations.

Regional discontent is now at its highest point since the start of US-Israeli strikes on Iran in February, one Gulf official told the newspaper.

Why? The conflict’s economic bill is due in the fall. The conferences, summits, and Formula One races that packed the regional calendar from October through December are in limbo. The Future Investment Initiative (FII) in late October is shaping up as the first real test, with questions over whether global CEOs and senior officials will show up in Riyadh with the war unresolved. A Western diplomat told the newspaper that postponing the FII would send the wrong message, making a tweaked-but-on-schedule edition the likelier outcome.

Al Qadsiah lands Man City’s Reijnders

One of the transfer window’s biggest transactions: Manchester City has agreed to sell Netherlands midfielder Tijjani Reijnders to Al Qadsiah for GBP 52 mn (SAR 263 mn), ESPN reports, citing unnamed sources. Personal terms are close to being finalized, and the transfer will be completed once the 28-year-old passes a medical.

Reijnders, who trained away from the City squad on Thursday, leaves the Etihad Stadium after a single season, having joined from AC Milan for GBP 46.5 mn last summer, meaning City is generating a small financial return on a player who scored seven goals in 47 appearances.

Another statement buy for the Aramco-owned club: The fee ranks among the largest in Saudi Pro League history and continues Al Qadsiah’s aggressive squad build under Brendan Rodgers, who took charge in December. The Dammam-based club, acquired by Aramco under the Kingdom's club ownership transfer program, has positioned itself as a genuine challenger to the PIF-owned big four.

Data point

USD 26 bn — that’s the value of 154.15 mn SpaceX shares the Public Investment Fund acquired in 2Q, Al Arabiya reported, citing a PIF filing. The fund’s portfolio remained otherwise unchanged from 1Q, including 72.8 mn Uber shares and 24.8 mn Electronic Arts shares, among other investments.

***

You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel and Hassan Allam Properties.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on [email protected].

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics industry, and the MENA <> India corridor?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.

***

The big story abroad

A key stumbling block in the regional war seems closer to being resolved, as Iran and Oman reportedly inch closer to hashing out shipping rules for the Strait of Hormuz. The two sides are working on a so-called “shipping map” to regulate traffic through the waterway while preserving each nation’s sovereignty. It is still unclear whether transit fees will be levied on shippers.

Meanwhile, strikes continue: Two Adnoc vessels were struck while transiting Hormuz on Thursday, while a third was struck on Friday. No injuries were reported.

Chipmaking giant Nvidia disclosed that it owns a USD 21 bn stake in SpaceX, held in around 123 mn shares, making it the firm’s sixth-largest investor, according to data from FactSet. Since SpaceX’s shares have fallen markedly since its June IPO, Nvidia’s stake would now be worth USD 17 bn.

AI misstep on Jane Street: New York-based quantitative trading firm Jane Street recorded a USD 15 bn loss tied to exposure to AI-focused hedge fund Situation Awareness, after being caught in last month’s AI sell-off. Jane Street disclosed the figure as part of an agreement to shift USD 11 bn in public debt to private investors. After accounting for the loss, the company brought in more than USD 40 bn in trading revenues.